The Research Report is only for reference purposes for residents in India, but not for the purposes of advising or recommending on any investment.

The Research Report is only for reference purposes for residents in India, but not for the purposes of advising or recommending on any investment. Kotak Securities Limited or its affiliates are not seeking any business relationship with any viewer of this report nor does Kotak Securities or its affiliates assume any liability for acting on this report nor does it take any responsibility to update information provided in this report.

Minda Corp. (MDA) Automobiles Harnessing growth. Minda Corporation reported consolidated net profit of 292 mn in 3QFY16, which was 22% higher than our estimates due to better-than-expected EBITDA margins and lower tax rate. The company continues to gain market share in the passenger vehicle wiring harness segment, which led to 60% yoy revenue growth in Minda Furukawa JV in FY2016 so far. We maintain our BUY rating on the stock with an unchanged TP of 110. Our positive view on the stock is underpinned by (1) Minda s technology tie-ups with global suppliers that give it access to MNC OEMs, (2) its ability to gain market share across segments and (3) robust growth potential from new products such as steering roll connectors and sensors. BUY FEBRUARY 11, 2016 RESULT Coverage view: Attractive Price (`): 91 Target price (`): 110 BSE-30: 22,952 C ompany data and valuation summary Minda Corp. Stock data Forecasts/Valuations 2016 2017E 2018E 52-week range (Rs) (high,low) 103-65 EPS (Rs) 4.7 6.2 8.0 Market Cap. (Rs bn) 19.0 EPS growth (%) 13.1 31.4 28.6 Shareholding pattern (%) P/E (X) 19.2 14.6 11.4 Promoters 63.2 Sales (Rs bn) 25.1 32.2 38.0 FIIs 1.4 Net profits (Rs bn) 1.0 1.3 1.7 MFs 3.2 EBITDA (Rs bn) 2.4 3.2 3.8 Price performance (%) 1M 3M 12M EV/EBITDA (X) 9.9 7.5 6.1 Absolute (2.7) 11.7 0.0 ROE (%) 19.3 21.1 22.3 Rel. to BSE-30 5.3 25.8 0.0 Div. Yield (%) 0.6 0.7 0.8 Strong results led by robust growth at Minda Furukawa and the standalone locksets business Minda reported consolidated revenues of 6.6 bn (+23% yoy) led by (1) 60% yoy revenue growth in Minda Furukawa led by market share gains in the wiring harness business, (2) steady growth in the standalone lockset business and (3) consolidation of Minda Stoneridge from October 2015. Minda Furukawa now has around 10-11% market share in passenger vehicle wiring harness segment as compared to 7% in FY2015; this is led by market share gains at Maruti and Renault/Nissan group. The company has also gained market share with other OEMs such as TVS, Bajaj Auto and Ashok Leyland across different product segments. Gross margins improved by 120 bps qoq led by decline in commodity prices, which led to 6% outperformance at EBITDA level compared to our estimates. As per the management, increase in employee expenses due to higher provisioning for bonus impacted consolidated margins by around 100 bps this quarter. The company reported adjusted net profit of 292 mn, which was 22% above our estimates aided by lower-than-expected tax rate. We remain confident of medium-term growth outlook of the company Minda is well-placed to deliver 20% revenue CAGR over the next five years led by (1) market share gains in wiring harness and locksets, (2) expansion of product offerings with existing customers and (3) industry opportunity of US$500 mn from new products such as steering roll connectors and automotive sensors. We expect the company to sustain EBITDA margins at around 10%. With strong FCF generation, net debt to equity will likely decline to 0.5X by FY2018E from 0.85X currently. We expect Minda to report RoE/RoCE of 22%/19% in FY2018. Fine-tune our earnings estimates; reiterate BUY with unchanged target price of 110 We have increased our FY2016E net profit estimates by 7% due to increase in our standalone EBITDA margin estimates. Our FY2017-18E EPS estimates remain largely unchanged. Given strong growth prospects, valuations are reasonable at 11.4X FY2018E EPS. We maintain our BUY rating with unchanged target price of 110, which is based on 15X September 2017E EPS. Nishit Jalan nishit.jalan@kotak.com Mumbai: +91-22-4336-0873 Hitesh Goel hitesh.goel@kotak.com Mumbai: +91-22-4336-0878 Kotak Institutional Equities Research kotak.research@kotak.com Mumbai: +91-22-4336-0000 For Private Circulation Only. FOR IMPORTANT INFORMATION ABOUT KOTAK SECURITIES RATING SYSTEM AND OTHER DISCLOSURES, REFER TO THE END OF THIS MATERIAL.

Automobiles Minda Corp. Other key takeaways from the conference call Minda Furukawa s 3QFY16 revenues increased to 1.11 bn as compared to 0.69 mn in 3QFY15. For 9MFY15, revenues were 3.46 bn (70% from Maruti), which implies 60% yoy growth ( 2.16 bn in 9MFY15). Minda Furukawa s market share has increased to 10-11% this year as compared to 7% last year. Minda is negotiating pricing increase from Maruti (for S-Cross) and Renault Group, which might materialize in the next quarter. The company has started supplying steering roll connectors to Maruti and Honda while other OEMs are importing to meet requirements currently. In our view, Minda Furukawa should be able to penetrate into other OEMs over the next few quarters as manufacturers will need to increase localization content to control costs. The company consolidated financials of Minda Stoneridge JV from this quarter where company acquired 51% stake in October 2015. 3QFY16 revenues of Stoneridge JV were 670 mn versus 540 mn yoy. EBITDA margin was 9.5% and net profit was around 30 mn. The company expects FY2016E revenues at 3 bn and expects this to increase to 4 bn in FY2017E led by increased revenues from automotive sensors. EBITDA margin should also improve as capacity utilization increases for the sensors plant (30-35% currently). Revenues from commercial vehicle segment increased by 102% yoy led by (1) 350 mn due to consolidation of Stoneridge, (2) 250 mn due to new order for ABS wiring harness from Ashok Leyland and VECV and (3) increase in MHCV industry volumes. After-market revenues increased by 20% yoy in 9MFY15. The company has finalized plans to set up a new plant in Mexico to cater to new order it has received from VW Group (initial annual revenue order of EUR25 mn). Total capex for this facility would be EUR8 mn, which will be incurred over the next two years; 50% of this will be funded through debt. Exhibit 1: Minda Corp s standalone 3QFY16 results were largely in line with our estimates Minda Corporation standalone results, March fiscal year-end, 3QFY16 ( mn) (%chg.) 3QFY16 3QFY16E 3QFY15 2QFY16 3QFY16E 3QFY15 2QFY16 9MFY16 9MFY15 % chg. FY2016E Net sales from operations 1,771 1,633 1,795 8.5 (1.3) 5,140 4,841 Other operating income 24 30 33 (20.5) (27.5) 86 100 Net sales 1,795 1,762 1,663 1,828 1.8 7.9 (1.8) 5,227 4,941 5.8 6,887 Raw materials (1,069) (1,093) (1,048) (1,110) (2.1) 2.0 (3.6) (3,176) (3,081) (4,174) Staff costs (273) (225) (206) (217) 21.2 32.5 25.5 (703) (604) (935) Other expenses (251) (240) (239) (241) 4.4 5.0 3.9 (707) (730) (954) Total expenses (1,593) (1,558) (1,493) (1,568) 2.2 6.7 1.6 (4,586) (4,414) (6,063) EBITDA 202 205 170 259 (1.3) 18.8 (22.1) 641 527 21.5 825 Depreciation (46) (46) (43) (45) 0.7 8.7 2.4 (137) (130) (181) EBIT 156 159 128 214 (1.8) 22.2 (27.3) 504 397 26.9 644 Other income 7 9 9 9 34 31 43 Interest expense (9) (10) (19) (10) (11.0) (52.9) (13.6) (34) (60) (50) Profit before tax 154 158 117 213 (2.2) 31.3 (27.5) 504 368 37.0 637 Tax expense (42) (47) (37) (59) (10.8) 14.1 (29.0) (145) (116) (185) Profit after tax 112 110 80 153 1.5 39.3 (26.9) 359 252 42.5 452 Adj PAT 112 110 80 153 1.5 39.3 (26.9) 359 252 42.5 452 # of shares 209 209 209 209 209 209 209 EPS (Rs/share) 0.5 0.5 0.4 0.7 1.5 39.3 (26.9) 1.7 1.2 2.2 Tax rate (%) 27.4 30.0 31.5 27.9 28.8 31.6 29.0 As a % of revenues Raw material 59.6 62.0 63.0 60.7 60.8 62.3 60.6 Staff costs 15.2 12.8 12.4 11.9 13.4 12.2 13.6 Other expenses 14.0 13.6 14.4 13.2 13.5 14.8 13.8 EBITDA margin (%) 11.3 11.6 10.2 14.2 12.3 10.7 12.0 EBIT Margin 8.7 9.0 7.7 11.7 9.6 8.0 9.3 2 KOTAK INSTITUTIONAL EQUITIES RESEARCH

Minda Corp. Automobiles Exhibit 2: Minda Corp s consolidated 3QFY16 EBITDA was 6% above our estimates Minda Corporation consolidated results, March fiscal year-end, 3QFY16 ( mn) (%chg.) 3QFY16 3QFY16E 3QFY15 2QFY16 3QFY16E 3QFY15 2QFY16 9MFY16 9MFY15 % chg. FY2016E Net sales from operations 6,501 5,256 6,104 23.7 6.5 17,822 14,582 Other operating income 64 103 58 (38.2) 10.2 186 206 Net sales 6,565 6,850 5,359 6,162 (4.2) 22.5 6.5 18,008 14,788 21.8 25,139 Raw materials (3,969) (4,247) (3,255) (3,800) (6.6) 21.9 4.4 (11,078) (8,924) (15,486) Staff costs (1,142) (1,120) (883) (1,008) 1.9 29.3 13.3 (3,011) (2,486) (4,207) Other expenses (773) (840) (661) (769) (7.9) 17.0 0.6 (2,181) (1,947) (3,012) Total expenses (5,884) (6,207) (4,799) (5,577) (5.2) 22.6 5.5 (16,269) (13,358) (22,705) EBITDA 681 643 560 586 6.0 21.6 16.3 1,739 1,431 21.5 2,435 Depreciation (214) (220) (146) (192) (2.7) 46.3 11.6 (557) (392) (772) EBIT 467 423 414 394 10.5 12.8 18.6 1,183 1,039 13.9 1,663 Other income 31 50 24 52 112 84 179 Interest expense (96) (120) (116) (98) (19.8) (16.9) (1.9) (292) (339) (401) Extraordinary income/(losses) 29 60 (51.2) 115 24 115 Profit before tax 431 353 323 408 22.1 33.6 5.7 1,118 808 38.4 1,556 Share of profit of associates 9 3 43 Minority interest (23) (25) (31) 1 (39) (31) (90) Tax expense (92) (88) (61) (118) 4.7 52.7 (21.9) (273) (188) (389) Profit after tax 315 240 240 291 31.6 31.4 8.6 809 631 28.1 1,077 Adj PAT 292 240 240 248 22.0 21.8 18.0 723 613 17.9 991 # of shares 209 209 209 209 209 209 209 EPS (Rs/share) 1.4 1.1 1.1 1.2 22.0 21.8 18.0 3.5 2.9 4.7 Tax rate (%) 21.4 25.0 18.7 29.0 24.4 23.3 25.0 As a % of revenues Raw material 60.5 62.0 60.7 61.7 61.5 60.3 61.6 Staff costs 17.4 16.4 16.5 16.4 16.7 16.8 16.7 Other expenses 11.8 12.3 12.3 12.5 12.1 13.2 12.0 EBITDA margin (%) 10.4 9.4 10.5 9.5 9.7 9.7 9.7 EBIT Margin 7.1 6.2 7.7 6.4 6.6 7.0 6.6 Revenues by segment 2/3 Wheelers 1,982 2,144 1,910 (7.5) 3.8 5,582 6,015 (7.2) Commercial veicles (CVs) 1,841 911 863 102.1 113.4 3,602 2,873 25.4 Passenger vehicles (PVs) 2,085 1,768 2,773 17.9 (24.8) 7,023 3,950 77.8 After Market 657 536 616 22.5 6.5 1,801 1,530 17.7 Tool Sales 420 Revenues by product category Safety Security & Restraint Systems 2,429 2,090 2,465 16.2 (1.5) 7,059 6,099 15.7 Driver Information & Telematics Systems 3,283 1,983 2,650 65.5 23.9 7,992 5,189 54.0 Interior Systems 853 1,286 1,048 (33.6) (18.5) 2,957 3,501 (15.5) Revenues by geography India 5,318 3,751 4,930 41.8 7.9 14,155 10,260 38.0 Europe 919 1,233 986 (25.4) (6.8) 2,961 3,447 (14.1) South East Asia 328 375 246 (12.5) 33.2 892 1,081 (17.5) Exhibit 3: Consolidated net debt to equity has declined to 0.85X as of December 2015 Quarterly debt and cash balances, March fiscal-year ends, 2015-16YTD ( mn) Dec-15 Sep-15 Jun-15 Mar-15 Short-term borrowings 3,702 3,388 2,594 3,212 Long-term borrowings 1,460 1,531 1,566 1,807 Gross debt 5,162 4,919 4,160 5,019 Cash 471 395 472 441 Net debt 4,691 4,524 3,688 4,578 Net worth 5,538 5,172 4,910 4,666 Net debt to equity (X) 0.85 0.87 0.75 0.98 Source: Company data, Kotak Institutional Equities KOTAK INSTITUTIONAL EQUITIES RESEARCH 3

Automobiles Minda Corp. Exhibit 4: We expect Minda to deliver 20% revenue CAGR over FY2016-20E Revenue break-up across segments, March fiscal year-ends, 2013-20E ( mn) Revenue CAGR (%) 2013 2014 2015 2016E 2017E 2018E 2019E 2020E 2013-15 2016-20E Revenues (Rs mn) Standalone business 5,842 6,039 6,368 6,752 7,733 8,850 10,358 11,381 4.4 13.9 2-wheeler lock kits for OEM 2,399 2,683 3,114 3,637 4,251 4,722 15.2 Locksets for after-market 1,141 1,090 1,282 1,474 1,592 1,720 1,857 2,006 8.0 Die casting (Products sold outside group) 1,008 1,046 1,322 1,619 2,189 2,386 22.9 Exports 662 823 872 741 815 897 987 1,085 Others 807 807 888 977 1,075 1,182 Minda SAI 3,624 4,413 5,088 5,295 6,006 6,976 8,111 9,216 18.5 14.9 Minda Furukawa 1,848 4,507 6,233 7,851 11,394 13,508 31.6 Minda KTSN 4,048 4,548 4,515 3,838 3,838 4,222 4,222 4,222 5.6 2.4 PT Minda Automotive Indonesia 1,064 798 798 838 880 924 3.7 Minda Vietnam Automotive 255 255 255 267 281 295 3.7 Minda Automotive Soluction (Replacement) 1,642 1,597 1,938 2,221 2,455 2,727 2,967 3,232 8.6 9.8 Minda Schenk 8,368 Minda Stoneridge 1,321 3,806 4,812 5,909 7,198 52.8 Minda VAST 1,866 2,895 3,294 3,765 4,260 22.9 Revenues 23,525 16,794 21,076 26,853 34,018 39,837 47,887 54,235 (5.3) 19.2 Less: Eliminations 2,176 1,152 1,744 1,913 2,031 2,180 2,341 2,514 Other operating income 387 297 375 200 256 301 364 414 Consolidated net revenues 21,736 15,939 19,706 25,139 32,242 37,957 45,910 52,135 (4.8) 20.0 Domestic 8,657 10,568 13,000 19,508 26,536 31,733 39,541 45,609 22.5 23.7 Exports 662 823 872 741 815 897 987 1,085 14.8 10.0 Overseas entities (Largely Europe) 12,417 4,548 5,834 4,891 4,891 5,327 5,382 5,440 (31.5) 2.7 Revenues by business segment (Rs mn) Safety security & restraint systems 5,764 6,681 7,913 9,979 12,104 13,796 15,909 17,577 17.2 15.2 Driver information & telematics systems 4,056 4,644 7,116 11,123 16,045 19,639 25,415 29,922 32.5 28.1 Interior systems 11,529 4,317 4,303 3,838 3,838 4,222 4,222 4,222 (38.9) 2.4 Contribution to revenues (%) Safety security & restraint systems 27 43 41 40 38 37 35 34 Driver information & telematics systems 19 30 37 45 50 52 56 58 Interior systems 54 28 22 15 12 11 9 8 Notes: (a) 2013-15 revenue CAGR is impacted by sell-off of Minda Schenk. Exhibit 5: Our FY2017-18E EPS estimates remain largely unchanged Earnings revision table, March fiscal year-ends, 2016-18E ( mn) New estimates Old estimates % change 2016E 2017E 2018E 2016E 2017E 2018E 2016E 2017E 2018E Standalone Net sales 6,887 7,887 9,027 6,867 8,134 9,370 0.3 (3.0) (3.7) EBITDA 825 933 1,073 787 933 1,078 4.9 0.0 (0.4) Margin (%) 12.0 11.8 11.9 11.5 11.5 11.5 Adj net profit 452 506 593 412 496 587 9.7 2.1 1.1 Standalone EPS 2.2 2.4 2.8 2.0 2.4 2.8 9.7 2.1 1.1 Consolidated Net sales 25,139 32,242 37,957 25,790 32,821 38,660 (2.5) (1.8) (1.8) EBITDA 2,435 3,158 3,774 2,393 3,137 3,755 1.7 0.7 0.5 Margin (%) 9.7 9.8 9.9 9.3 9.6 9.7 Adj net profit 991 1,302 1,675 929 1,298 1,651 6.7 0.3 1.4 Consolidated EPS (Rs) 4.7 6.2 8.0 4.4 6.2 7.9 6.7 0.3 1.4 4 KOTAK INSTITUTIONAL EQUITIES RESEARCH

Minda Corp. Automobiles Exhibit 6: We expect standalone net profit to grow at 16% CAGR over FY2016-19E Standalone financial summary, March fiscal year-ends, 2011-19E ( mn) 2011 2012 2013 2014 2015 2016E 2017E 2018E 2019E Profit model (Rs mn) Net sales 4,842 5,597 5,982 6,168 6,491 6,887 7,887 9,027 10,565 EBITDA 654 609 556 594 686 825 933 1,073 1,237 Other income 40 81 123 69 47 43 52 61 65 Interest and finance charges (130) (130) (138) (112) (78) (50) (50) (46) (33) Depreciation (119) (143) (168) (217) (174) (181) (212) (241) (272) Pre-tax profits 445 416 373 334 482 637 723 848 997 Extraordinary items (23) (22) Income tax (103) (15) (83) (94) (140) (185) (217) (254) (299) Net profits 342 402 267 218 341 452 506 593 698 Adjusted net profit 342 402 285 286 340 452 506 593 698 Earnings per share (Rs) 1.8 1.9 1.4 1.4 1.6 2.2 2.4 2.8 3.3 Balance sheet (Rs mn) Total equity 1,842 2,676 2,897 3,068 3,315 3,631 3,985 4,399 4,887 Total borrowings 487 1,083 1,008 918 589 589 539 389 239 Current liabilities 1,096 1,081 1,123 1,189 895 936 1,027 1,165 1,341 Other liabilities 46 139 109 114 119 119 119 119 119 Total liabilities and equity 3,471 4,979 5,136 5,290 4,917 5,274 5,669 6,071 6,585 Cash 459 758 160 239 93 197 293 389 466 Total fixed assets 1,017 1,132 1,475 1,423 1,281 1,450 1,588 1,647 1,775 Investments 599 887 1,035 1,763 1,855 1,855 1,855 1,855 1,855 Current assets 1,396 2,031 2,311 1,773 1,608 1,692 1,853 2,101 2,409 Other long-term assets 0 170 155 91 80 80 80 80 80 Total assets 3,471 4,979 5,136 5,290 4,917 5,274 5,669 6,071 6,585 Free cash flow (Rs mn) Operating cash flow, excl. working capital 555 502 493 541 637 640 716 819 938 Working capital (156) (545) (259) 625 (142) (43) (70) (109) (133) Capital expenditure/acquisitions (176) (277) (514) (201) (205) (350) (350) (300) (400) Investments (178) (288) (293) (728) (91) Free cash flow 222 (320) (279) 965 291 247 296 410 405 Ratios (%) EBITDA margin 13.5 10.9 9.3 9.6 10.6 12.0 11.8 11.9 11.7 Gross margin 37.3 38.7 39.9 38.9 39.2 38.4 37.5 37.0 36.7 Debt/equity (X) 0.3 0.4 0.3 0.3 0.2 0.2 0.1 0.1 0.0 Net debt/equity (X) 0.0 0.1 0.3 0.2 0.1 0.1 0.1 (0.0) (0.0) Core RoAE 48.2 25.3 15.0 18.1 24.6 27.9 25.9 25.4 25.0 Core RoACE 37.4 31.1 16.2 13.3 20.1 23.7 23.8 25.4 27.0 KOTAK INSTITUTIONAL EQUITIES RESEARCH 5

Automobiles Minda Corp. Exhibit 7: We expect consolidated net profit to grow at 23% CAGR over FY2016-19E Consolidated financial summary, March fiscal year-ends, 2011-19E ( mn) 2011 2012 2013 2014 2015 2016E 2017E 2018E 2019E Profit model (Rs mn) Net sales 7,322 13,855 21,736 15,939 19,706 25,139 32,242 37,957 45,910 EBITDA 758 1,349 1,087 1,257 1,855 2,435 3,158 3,774 4,560 Other income 40 204 362 304 227 179 199 226 220 Interest and finance charges (174) (268) (424) (275) (395) (401) (441) (377) (361) Depreciation (172) (455) (771) (478) (603) (772) (865) (958) (1,090) Pre-tax profits 452 830 254 808 1,085 1,441 2,050 2,664 3,328 Extraordinary items (176) (30) 147 24 115 Income tax (105) (138) (175) (172) (272) (389) (512) (666) (932) Share of JVs 6 10 44 Minority interest (2) 10 14 (90) (235) (323) (434) Net profits 347 519 60 793 895 1,077 1,302 1,675 1,962 Adjusted net profit 347 658 67 725 876 991 1,302 1,675 1,962 Earnings per share (Rs) 1.8 3.1 0.3 3.5 4.2 4.7 6.2 8.0 9.4 Balance sheet (Rs mn) Total equity 2,693 3,530 3,462 3,894 4,666 5,606 6,756 8,252 10,003 Minority interest 33 51 241 331 567 890 1,324 Total borrowings 2,046 4,759 5,319 5,523 5,018 6,018 5,518 4,718 4,518 Current liabilities 2,127 3,211 3,596 3,451 4,022 5,095 6,301 7,413 8,926 Other liabilities 85 390 301 253 269 269 269 269 269 Total liabilities and equity 6,951 11,922 12,729 13,122 14,216 17,320 19,411 21,542 25,040 Cash 655 972 575 540 441 1,062 787 612 1,271 Total fixed assets 2,646 4,978 5,342 5,418 5,861 6,539 6,874 7,316 8,225 Investments 38 189 0 245 289 289 289 289 289 Current assets 3,612 5,580 6,583 6,765 7,423 9,228 11,259 13,123 15,053 Other long-term assets 0 203 229 154 202 202 202 202 202 Total assets 6,951 11,922 12,729 13,122 14,216 17,320 19,411 21,542 25,040 Cash flow (Rs mn) Operating cash flow, excl. working capital 676 1,082 1,295 861 1,427 2,290 2,794 3,294 3,823 Working capital (66) (1,314) (617) (326) (88) (732) (825) (752) (417) Capital expenditure/acquisitions (187) (1,565) (1,150) (321) (455) (1,449) (1,200) (1,400) (2,000) Investments (118) 249 Free cash flow 424 (1,797) (472) 213 884 108 769 1,141 1,406 Ratios (%) EBITDA margin 10.4 9.7 5.0 7.9 9.4 9.7 9.8 9.9 9.9 Gross margin 37.3 38.7 39.9 38.9 39.2 38.4 37.5 37.0 36.7 Debt/equity (X) 0.8 1.3 1.5 1.4 1.1 1.1 0.8 0.6 0.5 Net debt/equity (X) 0.5 1.1 1.4 1.3 1.0 0.9 0.7 0.5 0.3 RoAE 20.3 21.2 1.9 19.7 20.5 19.3 21.1 22.3 21.5 RoACE 13.7 15.4 2.0 10.4 12.3 14.0 16.9 19.1 20.7 6 KOTAK INSTITUTIONAL EQUITIES RESEARCH

Disclosures "I, Nishit Jalan, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report." Kotak Institutional Equities Research coverage universe Distribution of ratings/investment banking relationships 70% 60% 50% Percentage of companies covered by Kotak Institutional Equities, within the specified category. Percentage of companies within each category for which Kotak Institutional Equities and or its affiliates has provided investment banking services within the previous 12 months. 40% 30% 20% 10% 0% 32.9% 34.1% 17.9% 15.0% 6.4% 2.3% 1.7% 0.0% BUY ADD REDUCE SELL * The above categories are defined as follows: Buy = We expect this stock to deliver more than 15% returns over the next 12 months; Add = We expect this stock to deliver 5-15% returns over the next 12 months; Reduce = We expect this stock to deliver -5-+5% returns over the next 12 months; Sell = We expect this stock to deliver less than -5% returns over the next 12 months. Our target prices are also on a 12-month horizon basis. These ratings are used illustratively to comply with applicable regulations. As of 31/12/2015 Kotak Institutional Equities Investment Research had investment ratings on 173 equity securities. Source: Kotak Institutional Equities As of December 31, 2015 Ratings and other definitions/identifiers Definitions of rating BUY. We expect this stock to deliver more than 15% returns over the next 12 months. ADD. We expect this stock to deliver 5-15% returns over the next 12 months. REDUCE. We expect this stock to deliver -5-+5% returns over the next 12 months. SELL. We expect this stock to deliver <-5% returns over the next 12 months. Our target prices are also on a 12-month horizon basis. Other definitions Coverage view. The coverage view represents each analyst s overall fundamental outlook on the Sector. The coverage view will consist of one of the following designations: Attractive, Neutral, Cautious. Other ratings/identifiers NR = Not Rated. The investment rating and target price, if any, have been suspended temporarily. Such suspension is in compliance with applicable regulation(s) and/or Kotak Securities policies in circumstances when Kotak Securities or its affiliates is acting in an advisory capacity in a merger or strategic transaction involving this company and in certain other circumstances. CS = Coverage Suspended. Kotak Securities has suspended coverage of this company. NC = Not Covered. Kotak Securities does not cover this company. RS = Rating Suspended. Kotak Securities Research has suspended the investment rating and price target, if any, for this stock, because there is not a sufficient fundamental basis for determining an investment rating or target. The previous investment rating and price target, if any, are no longer in effect for this stock and should not be relied upon. NA = Not Available or Not Applicable. The information is not available for display or is not applicable. NM = Not Meaningful. The information is not meaningful and is therefore excluded. KOTAK INSTITUTIONAL EQUITIES RESEARCH 7

Corporate Office Overseas Affiliates Kotak Securities Ltd. 27 BKC, Plot No. C-27, G Block Bandra Kurla Complex, Bandra (E) Mumbai 400 051, India Tel: +91-22-43360000 Kotak Mahindra (UK) Ltd 8th Floor, Portsoken House 155-157 Minories London EC3N 1LS Tel: +44-20-7977-6900 Copyright 2016 Kotak Institutional Equities (Kotak Securities Limited). All rights reserved. 1. Note that the research analysts contributing to this report may not be registered/qualified as research analysts with FINRA; and Kotak Mahindra Inc 369 Lexington Avenue 28th Floor, New York NY 10017, USA Tel:+1 212 600 8856 2. Such research analysts may not be associated persons of Kotak Mahindra Inc and therefore, may not be subject to NASD Rule 2711 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. 3. Any U.S. recipients of the research who wish to effect transactions in any security covered by the report should do so with or through Kotak Mahindra Inc and (ii) any transactions in the securities covered by the research by U.S. recipients must be effected only through Kotak Mahindra Inc at nilesh.jain@kotak.com. This report is distributed in Singapore by Kotak Mahindra (UK) Limited (Singapore Branch) to institutional investors, accredited investors or expert investors only as defined under the Securities and Futures Act. Recipients of this analysis / report are to contact Kotak Mahindra (UK) Limited (Singapore Branch) (16 Raffles Quay, #35-02/03, Hong Leong Building, Singapore 048581) in respect of any matters arising from, or in connection with, this analysis / report. Kotak Mahindra (UK) Limited (Singapore Branch) is regulated by the Monetary Authority of Singapore. Kotak Securities Limited and its affiliates are a full-service, integrated investment banking, investment management, brokerage and financing group. We along with our affiliates are leading underwriter of securities and participants in virtually all securities trading markets in India. We and our affiliates have investment banking and other business relationships with a significant percentage of the companies covered by our Investment Research Department. Our research professionals provide important input into our investment banking and other business selection processes. Investors should assume that Kotak Securities Limited and/or its affiliates are seeking or will seek investment banking or other business from the company or companies that are the subject of this material and that the research professionals who were involved in preparing this material may participate in the solicitation of such business. Our research professionals are paid in part based on the profitability of Kotak Securities Limited, which include earnings from investment banking and other business. Kotak Securities Limited generally prohibits its analysts, persons reporting to analysts, and members of their households from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. Additionally, Kotak Securities Limited generally prohibits its analysts and persons reporting to analysts from serving as an officer, director, or advisory board member of any companies that the analysts cover. Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest. Additionally, other important information regarding our relationships with the company or companies that are the subject of this material is provided herein. This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. We are not soliciting any action based on this material. It is for the general information of clients of Kotak Securities Limited. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Before acting on any advice or recommendation in this material, clients should consider whether it is suitable for their particular circumstances and, if necessary, seek professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide for future performance, future returns are not guaranteed and a loss of original capital may occur. Kotak Securities Limited does not provide tax advise to its clients, and all investors are strongly advised to consult with their tax advisers regarding any potential investment. Certain transactions -including those involving futures, options, and other derivatives as well as non-investment-grade securities - give rise to substantial risk and are not suitable for all investors. The material is based on information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied on as such. Opinions expressed are our current opinions as of the date appearing on this material only. We endeavor to update on a reasonable basis the information discussed in this material, but regulatory, compliance, or other reasons may prevent us from doing so. We and our affiliates, officers, directors, and employees, including persons involved in the preparation or issuance of this material, may from time to time have long or short positions in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. Kotak Securities Limited and its non US affiliates may, to the extent permissible under applicable laws, have acted on or used this research to the extent that it relates to non US issuers, prior to or immediately following its publication. Foreign currency denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of or income derived from the investment. In addition, investors in securities such as ADRs, the value of which are influenced by foreign currencies affectively assume currency risk. In addition options involve risks and are not suitable for all investors. Please ensure that you have read and understood the current derivatives risk disclosure document before entering into any derivative transactions. Kotak Securities Limited established in 1994, is a subsidiary of Kotak Mahindra Bank Limited. Kotak Securities is one of India s largest brokerage and distribution house. Kotak Securities Limited is a corporate trading and clearing member of BSE Limited (BSE), National Stock Exchange of India Limited (NSE), MSEI and United Stock Exchange of India Limited (USEIL). Our businesses include stock broking, services rendered in connection with distribution of primary market issues and financial products like mutual funds and fixed deposits, depository services and Portfolio Management. Kotak Securities Limited is also a depository participant with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). Kotak Securities Limited is also registered with Insurance Regulatory and Development Authority as Corporate Agent for Kotak Mahindra Old Mutual Life Insurance Limited and is also a Mutual Fund Advisor registered with Association of Mutual Funds in India (AMFI). Kotak Securities Limited is registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014. We hereby declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered in last five years. However SEBI, Exchanges and Depositories have conducted the routine inspection and based on their observations have issued advise letters or levied minor penalty on KSL for certain operational deviations. We have not been debarred from doing business by any Stock Exchange / SEBI or any other authorities; nor has our certificate of registration been cancelled by SEBI at any point of time. We offer our research services to primarily institutional investors and their employees, directors, fund managers, advisors who are registered with us Details of Associates are available on our website i.e. www.kotak.com Research Analyst has not served as an officer, director or employee of Subject Company. We or our associates have received compensation from the subject company in the past 12 months. We or our associates have managed or co-managed public offering of securities for the subject company in the past 12 months. We or our associates have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. We or our associates have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. We or our associates have received any compensation or other benefits from the subject company or third party in connection with the research report. Research Analyst or his/her relative s may have financial interest in the subject company. Kotak Securities Limited or its associates have financial interest in the subject company. Research Analyst or his/her relatives does not have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of Research Report: Kotak Securities Limited does not have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of Research Report. Associates of Kotak Securities Limited may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of Research Report. Subject Company has been client during twelve months preceding the date of distribution of the research report. A graph of daily closing prices of securities is available at www.nseindia.com and http://economictimes.indiatimes.com/markets/stocks/stock-quotes. (Choose a company from the list on the browser and select the three years icon in the price chart). Kotak Securities Limited. Registered Office: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051. CIN: U99999MH1994PLC134051, Telephone No.: +22 43360000, Fax No.: +22 67132430. Website: www.kotak.com. SEBI Registration No: NSE INB/INF/INE 230808130, BSE INB 010808153/INF 011133230, MSEI INE 260808130/INB 260808135/INF 260808135, Research Analyst INH000000586, AMFI ARN 0164 and PMS INP000000258. NSDL: IN-DP- NSDL-23-97. CDSL: IN-DP-CDSL-158-2001. Compliance Officer Details: Mr. Manoj Agarwal. Call: 022-4285 6825 or Email: ks.compliance@kotak.com