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The presentation has been prepared by Guiness Securities Limited for “JHANDEWALAS FOODS LIMITED .” (“The Company”) in context of forthcoming Initial Public Offer (IPO) of the Company.

In preparing this document, we have relied upon and assumed, without any independent verification, the accuracy and completeness of all information provided by Issuer Company. This document contains certain assumptions, which the company considers reasonable at this time and which are subject to change. Any calculations or forecasts produced within this document are indicative and subject to change.

This Investor Presentation has been prepared by Guiness Securities Ltd in consultation with JHANDEWALAS FOODS LIMITED and does not constitute a prospectus or placement memorandum or an offer to acquire any securities. This presentation or any other documents or information (or any part thereof) delivered or supplied should not be deemed to constitute an offer.

For details on IPO (specially risk factors), recipients are requested to refer to the Prospectus available at: http://www.bseindia.com/markets/publicIssues/DisplayIPO.aspx?id=1507&type=FPO&idtype=1&status=F&IPONo=3580&startdt=12%2f29%2f2017

Guiness Securities Limited

Guiness Securities Limited

JHANDEWALAS FOODS LIMITED Incorporated in August 14, 2006, the Company is currently involved in manufacturing of ghee. The company also manufacturer of mangodi on job work basis and the marketers of Poha, Saffron and Dalia. These products are marketed under our own brand name “Naman’s” and “Godhenu”.

Promoters

• RAAKESH B. KULWAL

• JINKO DEVI KOOLWAL

Contact Details

• +91-141-2703309

• www.jhandewalas.com

[email protected]

Registered Address

• B-70, 1st Floor, Upasana House, Janta Store, Bapu Nagar, Jaipur- 302015, India

»He is a Promoter & Managing director of the company.

»He holds a degree in Master of Business Administration in Marketing and

Finance from S.P. Jain Institute of Management & Research, Mumbai.

»Aged 44 years

»He has 20 years of experience in this business.

»She is a Promoter & Non - Executive director of the company.

»Aged 70 years

Guiness Securities Limited

Guiness Securities Limited

GHEE

Dalia Mongodi

Saffron Poha

Products (unit per year)

Existing Proposed

2015 2016 2017 2018 2019 2020

Ghee

Total Production Capacity

9150 9150 9150 9150 9150 9150

Capacity Utilisation 4290 4424 4485 4861 6667 7565

Capacity Utilisation (%)

46.89 48.35 49.02 53.13 72.86 83.01

Guiness Securities Limited

Guiness Securities Limited

The Company has been certified by Food Safety and Standards Authority of India (FSSAI) for its quality management systems. Command premium from last many years

Guiness Securities Limited

The Company’s distribution network enables them to effectively respond to market demand, evolving consumer preferences and competitive pressures. As of October 31, 2017 their distribution network included 175 nos. of distributors and 3000 nos. of retailers.

1. The Company is currently involved in manufacturing of ghee.

2. The Company is also manufacturer of mangodi on job work basis and the marketers of Poha, Saffron and Dalia.

3. The products are marketed under their own brand name “Naman’s” and “Godhenu”.

4. The company has a one manufacturing unit, located at Jaipur, Rajasthan. Along with this, the unit also have an in-house laboratory for testing the quality of products.

5. The Company has been certified by Food Safety and Standards Authority of India (FSSAI) for the quality management systems of our Company in relation to our products.

6. The Company maintains hygenic norms and use good quality raw materials for manufacturing of our products. With a client-centric approach, the Company strives hard for utmost contentment of the customers.

7. Major customers of the company are Gurupriya Milk Foods Pvt Ltd, Satya Narayan Kakerwala, M.S Trading Company, Ashok Kumar Ghanshyam Das, Mayaram Pawankumar, Gopiram Jagdish Kumar, etc.

8. As on date of this Prospectus, the Company has employed 84 employees (including skilled, semi-skilled and unskilled).

Guiness Securities Limited

Guiness Securities Limited

Guiness Securities Limited

(In Lakhs)

Particulars As at March,

June-17 2013 2014 2015 2016 2017

EQUITY AND LIABILITIES Shareholder's Funds Share Capital 104.26 104.26 312.78 312.78 312.78 312.78

Reserves and Surplus 599.72 715.27 683.81 777.51 1015.87 1074.39 Non Current Liabilities Long-term Borrowings 335.03 333.37 315.03 518.61 467.04 500.94 Deferred tax liabilities (Net) 34.27 39.68 38.23 39.20 36.81 40.42 Other Long Term Liabilities 0.00 1.67 0.00 368.64 114.08 85.79 Long-term Provisions 5.90 9.17 14.85 15.62 20.12 19.31 Current Liabilities Short-term Borrowings 894.42 2015.73 2479.43 2676.22 2884.15 3078.16 Trade Payables 766.07 581.27 923.19 782.97 794.62 700.83 Other Current Liabilities 64.14 43.52 28.93 271.28 296.19 238.20 Short-term Provisions 28.42 54.49 58.39 57.49 146.62 174.65

Total 2832.24 3898.41 4854.64 5820.33 6088.28 6225.48 ASSETS

Non Current Assets Fixed assets Tangible Assets 517.26 598.70 557.37 546.00 561.51 567.46 Less: Accumulated Depreciation 52.92 76.91 120.52 145.11 185.02 194.85 Capital Work in progress 4.96 - - - - - Net Block 469.30 521.79 436.85 400.89 376.48 372.61 Non Current Investments 0.00 0.00 0.00 0.00 0.00 0.00 Deferred Tax Assets (Net) 0.00 0.00 0.00 0.00 0.00 0.00 Long-term Loans and Advances 8.18 2.54 2.29 9.80 10.98 10.98 Other Non Current Assets 0.22 0.70 2.31 1.85 1.39 1.39 Current Assets Inventories 555.20 968.70 1933.35 2072.42 2453.53 2140.04 Trade Receivables 1726.91 2198.13 2281.27 3080.24 3078.08 3416.64 Cash and Cash Equivalents 34.39 99.25 63.93 164.29 77.21 174.13 Short-term Loans and Advances 18.88 71.86 78.99 66.70 63.23 98.56 Other Current Assets 19.16 35.42 55.64 24.15 27.37 11.14

TOTAL 2832.24 3898.41 4854.64 5820.33 6088.28 6225.48

Guiness Securities Limited

(In Lakhs)

Particulars For the Year Ended March,

June-17 2013 2014 2015 2016 2017

INCOME Revenue from Operations 11,518.21 15,143.01 13,995.71 14,266.96 14,859.66 3,375.65

Other Incomes 69.77 61.21 155.17 8.17 6.24 1.69 TOTAL INCOME 11,587.98 15,204.22 14,150.88 14,275.13 14,865.90 3,377.34

EXPENDITURE Cost of materials consumed 9,681.49 14,896.51 12,937.00 13,662.13 13,496.83 3,017.27 Purchase of Stock-in-Trade 1114.42 60.87 151.94 154.71 284.43 34.09

Changes in inventory of Stock in Trade 281.63 (429.41) 135.68 (499.44) (206.72) 39.55

Employee Benefits Expense 80.05 97.13 150.93 164.48 186.89 34.43 Finance Costs 207.75 255.23 317.87 391.86 482.56 117.48

Depreciation And Amortization Expense 19.15 23.99 38.49 38.67 39.91 9.82 Administartive and other Expenses 117.34 119.05 184.62 211.77 200.02 34.42

TOTAL EXPENSES 11,501.82 15,023.38 13,916.54 14,124.20 14,483.92 3,287.05

Profit before exceptional and extraordinary items and tax 86.15 180.84 234.35 150.93 381.98 90.29

Exceptional/Prior Period item/Extraordinary Item 43.69 - (6.47) - - - Profit Before Tax 129.84 180.84 227.88 150.93 381.98 90.29 Tax Expenses

Current Tax 23.62 54.01 57.54 56.58 145.47 28.15

Interest on IT Earlier Year - 0.16 0.91 (0.33) 0.09 -

Deferred Tax Liability / (Asset) 29.25 5.41 (1.45) 0.97 (2.39) 3.61 MAT Credit Entitlement - 4.45 - - - -

Short/(Excess) Tax adjustment of prior years - 1.26 (1.26) - 0.45 -

MAT Credit (Entitlement)/Set-Off - - (4.45) - - - Restated profit after tax for the period from continuing operations

76.97 115.54 176.58 93.70 238.36 58.52

Profit/ (Loss) from Discontinuing operation - - - - - - Tax expenses of discontinuing operations - - - - - -

Restated profit for the period 76.97 115.54 176.58 93.70 238.36 58.52

Guiness Securities Limited

Valuation: If we annualize financials of June, then the latest earnings is (EPS: 7.48) then P/E at the asking price is 24.12

Particulars For the year ended March 31,

June-17 2013 2014 2015 2016 2017

Profit after tax as restated ( In Lakhs) 76.97 115.54 176.58 93.70 238.36 58.52

Number of equity shares outstanding at the end of the year/period ( In Lakhs)

10.43 10.43 31.28 31.28 31.28 31.28

Net Worth ( In Lakhs) 703.98 819.53 996.59 1090.29 1328.66 1387.17

Earnings Per Share

Basic & Diluted(Rs.) 2.46 3.69 5.65 3.00 7.62 1.87

Return on Net Worth (%) 10.93 14.10 17.72 8.59 17.94 4.22

Net Asset Value Per Share (Rs) 67.52 78.60 31.86 34.86 42.48 44.35

Guiness Securities Limited

703.98 819.53

996.59 1090.29

1328.66 1387.17

0.00

200.00

400.00

600.00

800.00

1000.00

1200.00

1400.00

1600.00

2013 2014 2015 2016 2017 Jun-17

Net worth (In Lakhs)

11,587.98

15,204.22 14,150.88 14,275.13

14,865.90

3,377.34

-

2,000.00

4,000.00

6,000.00

8,000.00

10,000.00

12,000.00

14,000.00

16,000.00

2013 2014 2015 2016 2017 Jun-17

Total Income (In Lakhs)

The Company has a significant track record i.e. its Revenue has been consistent since last 3 Financial Years and its PAT margins grown 3 folds in FY 16-17 vs FY 12-13.

76.97

115.54

176.58

93.70

238.36

58.52

-

50.00

100.00

150.00

200.00

250.00

300.00

2013 2014 2015 2016 2017 Jun-17

Net Profit ( In Lakhs)

Guiness Securities Limited

Particulars REVENUE PAT

EPS PE Ratio* RONW % NAV

MKT CAP**

(in Cr) (in Cr) (in Cr)

Parag Milk Foods Limited 1707.81 10.02 1.22 204.47 1.50 79.19 2511.66

Prabhat Diary Limited 1148.27 27.30 2.82 52.13 4.90 57.06 2196.25

Hatsun Agro Product Limited 4205.28 133.97 8.80 85.32 38.60 22.81 12,924.42

*PE Ratio has been calculated on market price as on 27th December 2017. **Market Capitalisation has been calculated as on 27th December 2017.

KEY: PAT - Profit After Tax EPS - Earning Per Share PE Ratio – Price to Earnings Ratio RONW - Return on Net-Worth NAV – Net Asset Value MKT CAP- Market capitalisation

Guiness Securities Limited

Guiness Securities Limited

• The Indian food processing industry accounts for 32 per cent of the country’s total food market, one of the largest industries in India and is ranked fifth in terms of production, consumption, export and expected growth.

• It contributes around 14 per cent of manufacturing Gross Domestic Product (GDP), 13 per cent of India’s exports and six per cent of total industrial investment.

Contribution to GDP

&

Employment

• The Indian gourmet food market is currently valued at US$ 1.3 billion and is growing at a Compound Annual Growth Rate (CAGR) of 20 per cent Market Size

• Food Processing Industry accounts for almost 32 per cent of the total food market in India. India's organic food market is expected to increase by three times by 2020. (source: http://foodprocessingindia.co.in/about-us )

Robust Growth

Guiness Securities Limited

• Favourable climate for agriculture; wide variety of crops

• Large livestock base aids dairy and meat processing sector

• Inland water bodies, long coastline help marine products

• Vision 2015 plan targets trebling of food processing sector

• Mega food parks, Agri Export Zones to attract FDI and aid infrastructure

• Approval of National Mission on Food Processing.

• India’s greater integration with the global economy

• Increasing exports with advantage of proximity to key export destinations

• Expected spike in global demand as emerging markets grow at a fast pace.

• Rising disposable incomes

• Growing middle class, urbanisation, a young population

• Changing lifestyles and food habits

Strong domestic demand

Rising export

opportunities

Supply-side advantage

Policy support

Guiness Securities Limited

Particulars Details

Issue Open 29th December 2017

Issue Close 4th January 2018

Issue Type FIXED PRICE

Issue Size 1600.50 LAKHS

Face Value Rs 10

Issue Price Rs 55

Market Lot 2000

Listing On BSE SME

Lead Manager

GUINESS CORPORATE ADVISORS PVT LTD

Registrar BIG SHARE SERVICES PRIVATE

LIMITED

Besides the above mentioned prime objective of the

issue, the company also seeks to achieve the benefits of

listing on the SME platform of BSE Ltd which will

enhance the corporate image and brand name of the

Company.

1. Funding of working capital requirements of the Company 2. Issue Expenses

Guiness Securities Limited

Thank You Jhandewalas Foods Limited