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Artemis Electricals Ltd. IPO Research Note. Should you subscribe?

Artemis Electricals Ltd. IPO research Note. Should you subscribe?

Artemis Electricals Ltd (AEL) has come up with an IPO at a price band of Rs. 50- Rs. 60. AEL is engaged in the business of manufacturing and trading of (LED) Lights and LED lighting accessories. Should you subscribe?

Issue Highlights:

  • Artemis Electrical Limited, incorporated in the year 2009 is engaged in manufacturing and trading of Light Emitting Diode LED Lights and LED lighting accessories. The company manufactures indoor and outdoor LED Lightning and allied products.

 

  • Artemis Electricals manufactures LED Lamps, Disco lamps, sea link lamps, side lamps, street lamps, and star lamps.

 

  • The company also manufactures and sells solar charge controllers, solar power LED batten lights, Solar down.

 

  • The application of products is in areas like general lighting, architectural, office, industrial, shop, hospitality, residential, and outdoor.

 

  • The Company has its manufacturing plant located at Vasai which provides finished products directly to Original Equipment Manufacturer (OEM) who in terms apply in their brand and sell to the ultimate customer or they supply in the open market. The company can manufacture 50,000 units spread over 10 different product lines.

 

  • The company will focus on getting Government tenders for both its LED and Solar business. The company will be providing 10 years warranty to the government on its products.

 

  • The company has received Letter of Award on December 21, 2017, from Karnataka State Electronics Development Corporation Limited (KEONICS) (A Government of Karnataka Enterprise) to Supply LED Street light for SLNP in Gram Panchayats of Andhra Pradesh. The contract was worth Rs. 1.4915 crores, which was received from KEONICS for the manufacture and supply of 10,000 24W LED street lights.

 

Highlights of the issue

Issue opens April 24, 2019
Issue closes April 30, 2019
Commencement of trading on Stock Exchange May 8, 2019
Issue price Band Rs. 55 – Rs 60 per share
Issue size Rs. 42 Cr.
Face value Rs. 10
Minimum lot 2000 shares
Total shares 7,000,000 Eq Sh of 10
Listing BSE SME

Issue Allocation:

Particulars No. of share 
QIB
NIB 3,322,000
Retail 3,322,000
Market Maker Reservation 356,000


Book Running Lead Managers

·         FedEx Securities  Private  Limited

 

Registrar to the Issue

·         Cameo Corporate Service Ltd

 

Financial Highlights:

                                                                                                       (Rs. in crores)

Particulars FY16 FY17 FY18 7MFY19
Revenue 45.3121 47.2387 89.4763 52.4126
EBITDA 2.4622 3.1019 15.0341 9.7263
EBITDA Margin (%) 5.4% 6.6% 16.79% 18.6%
Operating Profit Margin (%) 5.36% 5.56% 14.80% 12.82%
Profit Before Tax 2.0857 2.8604 14.1468 8.2203
Net Profit 1.5476 1.7704 9.5290 5.9275
NAV 4.13 4.77 10.15 13.50
RONW(%) 23.19% 20.96% 53.20% 24.80%
EPS (Post-bonus) 0.96 1.00 5.38 3.35
Net Worth 13.7666 13.4884 12.9958 23.9011

 

Artemis Electricals Ltd. IPO Research Note. Should you subscribe?
Net Profit Margin

 

The object of the Issue:

  1. Long term working capital requirements of Rs. 22.0673 crores
  2. Purchase of machinery/equipment of  082 crores
  3. General corporate purposes

 

Promoters of the Company:

 

Pravin Kumar Agarwal:

He is the promoter, chairman and Executive Director of Artemis Electricals. Prior to working in the company, he was in the field of Hospitality and Aviation industry. He is involved in the decision making and management of the Company. He is Chairman and Executive Director of the company since inception.

 

Ramniranjan Bhutra:

He is the Non-Executive Director of Artemis w.e.f. January 25, 2018. He is Chartered Accountant from the Institute of Chartered Accountant of India (ICAI) by profession. He provides opinion and guidance to the Company for operational issues and is involved in the planning of new business development abroad.

 

Artemis Electricals Ltd. IPO Research Note. Should you subscribe?
Board of Directors of Artemis Electricals

 

The business of the company:

Artemis Electricals is engaged in the business of manufacturing and trading of Light Emitting Diode (LED) Lights and LED lighting accessories. The company is dependent on the third party for the manufacturing of LED bulbs. They manufacture and trade indoor and outdoor LED luminaries such as Street lights, Solar Powered Home LED lighting Systems and LED-based Street Lights, Garden lights, pavement/walkthrough indication lights, downlights etc. The application of products is an area like general lighting, architectural, residential, office, industrial, shop, hospitality, and outdoor.

 

Product Basket

The Product basket consists of solutions across the LED luminary spectrum i.e. LED emitter to LED driver & LED luminaries including Solar Powered Home LED lighting Systems and LED-based Street Lights. The LED drivers are manufactured in a facility located in Vasai, mainly using SMD components on an automatic pick-n-place machine.

 

Artemis Electricals Ltd. IPO Research Note. Should you subscribe?
Product bifurcation

 

The Company has its manufacturing plant located at Vasai which supplies finished products directly to Original Equipment Manufacturer (OEM) who in terms apply in their brand and sale to the ultimate customer or they supply in the open market.

 

Solar Segment of Artemis Electricals:

Artemis also manufactures and sells in solar charge controllers, Solar Powered LED batten lights, Solar Powered LED Street Light, Solar powered LED bulbs, solar-powered LED Lanterns, solar powered fans etc. Artemis is further working towards different areas under this segment of lightning along with solar power.

 

Products of Artemis Electricals Ltd:

Apollo LED Down Light

LED Light
Artemis Electricals Ltd. IPO research Note. Should you subscribe?

 

Apollo LED Down Light comes in three variants: 12 watts, 15 watts & 18 watts. These lights are used for Commercial and Residential areas. the Appollo LED lights save up to 70% Energy as compared to CFL light with similar luminous flux. It has Long Life high-power and high-efficiency package LED. Along with this Optimized Thermal Management. No UV, No Infrared.

 

Technical Specifications:

• Power Type: Constant Current Driver

• Power Factor: >0.95

• THD: <10%

• Efficiency: >85%

Moon LED Surface Down Light

LED Lights
Flat moon LED
Moon LED Surface Down Light comes in many variants ranging from 6 watts to 18 watts.

Features:

·   Saves up to 70% Energy as compared to CFL light with similar luminous flux.

·   Long Life high-power and high-efficiency package LED.

·   Optimized Thermal Management.

· Eco-Friendly Materials Used (recycle up to 5 times)

 

Technical Specifications:

 Power Type: Constant Current Driver

Power Factor: >0.95

THD: 85%

 

LED Aluminium body Panel Lights

LED Light
led-down-light
 

LED Aluminium body Panel Lights comes in four variants: 5 watts, 12 watts, 18 watts & 24 watts. These LEDs are used in the Commercial and Residential areas

 

Technical Specifications:

• Power Type: Constant Current Driver

• Power Factor: >0.95

• THD: <15%

• Efficiency: >85%

 

 

LED Plastic body Panel Lights

LED Light
LED Plastic body Panel
 

 

LED Plastic body Panel Lights comes in three variants: 12 watts, 15 watts & 18 watts. These LEDs are used in the Commercial and Residential areas

 

Technical Specifications:

Power Type: Constant Current Driver

Power Factor: >0.95

 THD: 85%

LED Spot Light

 

 

LED Light
LED Spot Light
 

LED Spot Light comes in many variants ranging from 6 watts to 30 watts

 

Technical Specifications:

 Power Type: Constant Current Driver

Power Factor: >0.95

THD: <10%

LED PVC Batten

 

LED Light
LED PVC Batten
 

This product comes in various numbers of variants ranging from 5 watts to 18 watts. These LEDs are used in Commercial and Residential lighting.

 

Features:

·   Up to 70% Energy saving compared to CFL light with similar luminous flux.

·   Long Life High-power and high-efficiency package LED.

·   Optimized Thermal management, Uniform Light.

·   Humming free operation.

·   The Driver for this LED is made with high quality& reliable components, ensuring in the long life of Driver.

·   Housing is made of PC, ensuring high durability.

·   High impact resistance PC grade diffuser for uniform light distribution.

·   Electrical protection: Output short circuit, Input over voltage shut down, Non-isolated driver.

·   Eco-friendly materials used (Recycle up to 5 times)

·   No UV; No Infra Red

 

Technical Specifications:

·   Power Type: Constant Current Driver

·   Power Factor: >0.95

·   THD: <10%

·   Efficiency: >85%

LENZ’ (2X2) Downlight

 

LED Light
LENZ’ Downlight
 

 LENZ’ (2X2) Downlight comes in 36 watts. LENZ’ Downlight is used in Commercial complexes, Showrooms, Airport lounges, computer centre, Bank, Hospitals, conferences halls, Design offices, Laboratories, etc.

Features:

·   Optimized Thermal management.

· Eco-friendly materials used (Recycle up to 5 times).

·   Coated with polyester powder.

·   No UV, No Infra Red.

·    Retrofits in the standard 575mm cut-out.

 

Technical Specifications:

·   Power Type: Constant Current Driver

·   Power Factor: >0.95

·   THD: 85%

MAX’ Industrial LED Batten

 

 

Artemis Electricals Ltd. IPO Research Note. Should you subscribe?
MAX Industrial LED Batten
 

MAX’ Industrial LED Batten comes in many variants in the range of 20 watts to 40 watts. MAX’ Industrial LED Batten light is used in Homes / School / Colleges, Shops / Office interior, Parking/Corridors/Basements

 

Features:

·   Long Life High-power and high-efficiency package LED

·    Optimized Thermal management, Uniform Light

·    Humming free operation.

·    Driver is made with high quality& reliable components, ensuring in the long life of Driver.

·   Channels are made of CRCA extrusion, ensuring high durability, Coated with polyester powder

·   High impact resistance Polycarbonate lux grade diffuser for uniform light distribution.

·   Electrical protection: Output short circuit, Input over voltage shut down, isolated driver.

· Eco-friendly materials used (Recycle up to 5 times)

·   No UV; No Infra Red

LED Solar Street Light

Artemis Electricals Ltd. IPO Research Note. Should you subscribe?
LED SOLAR STREET LIGHT
LED SOLAR STREETLIGHT comes in many variants in the range of 9 watts to 90 watts. LED Solar street light is used in Boundary Lighting, Small Roads, Rural Road, Parks & Garden, Security lighting, etc.

 

Technical Specifications:

·      Operating Voltage: 12Vdc/24Vdc

·      Efficiency of Driver: 90%

 

Issue Details:

The Initial Public offer is up to 70, 00,000 equity shares. The company is coming with a maiden IPO where they will be issuing fresh equity share for the investors.  The minimum application size is fixed at 2,000 equity shares. The IPO opens on April 24, 2019, and closes on April 30, 2019. The company intends to raise Rs.  38 Cr – Rs. 42 Cr via book building issue. The shares will trade on BSE SME.

 

 

Shareholding pattern of Artemis Electricals Ltd.

  Pre-Issue
  No. of Equity Shares % of pre-issue capital
Promoter
Yashvikram Infrastructure Private Limited 57,27,645 32.35%
Pravin Kumar Agarwal 22,71,806 12.83%
Total 79,99,451 45.18%
Promoter Group
Sudhir Agarwal 40 Negligible
Jyotsna Agarwal 5,53,014 3.12%
Alok Kumar Agarwal 40 Negligible
Ayesspea Holdings & Investment Pvt. Ltd 22,91,174 12.94%
Garuda Aviation Services Pvt. Ltd 53,70,700 30.34%
Total 82,14,968 46.40%
Promoter and Promoter Group 1,62,14,419 91.58%

 

Shareholding pattern

Shareholder Pre-Issue Post-Issue
Promoter 91.58% 54.74
Public 8.42% 36.84%
Total 100% 100%

 

Share Capital Structure

Authorized Capital Equity shares at Rs. 10 260,00,000 equity share accounts to 26 Cr
Issued Subscribed and Paid-up share-capital Equity shares at Rs. 10 1,77,03,690 equity share accounts to 17 Cr.

 

Overview of the Sector:

The Company is engaged in the business of manufacturing and trading of Light Emitting Diode LED Lights and LED lighting accessories. A Light-emitting diode (LED) is a semiconductor light source when the current flows through, it emits light. Electron is a semiconductor that recombines with electron holes. That releases energy in the form of photons. This whole effect is known as electroluminescence.

 

India is the second most populous country in the world and 5th major electricity consumer. India has a widened demand-supply gap in electricity. LED is one of the most energy-efficient and rapidly developing lightning technologies. LED light bulbs are more durable and can run for almost 22 years and offer a better quality of light as compared to any other lighting.  Furthermore, the market for energy-efficient products such as LED lights is bound to grow. Other drivers of LED business growth in India are the Smart Cities project, and the increasing demand for a smart, connected lifestyle and energy-efficiency measures. The LED lighting market in India is projected to register a CAGR of over 30% during 2016-2021.

 

Government Initiative:

Street Lightning National Programme (SLNP)

Under this scheme of government over 21 lakh conventional street lights have been replaced with LED street lights across India. Energy Efficiency Services Limited, a Public Energy Services Company under the supervision of the Ministry of Power, Government of India (GoI) is the implementing agency for SLNP. The installation of LED street lights has resulted in Annual energy savings of 295 million unit kWh, shunned capacity of over 73MW & reduction of 2.3 lakh tonnes of CO2 annually. The project has been implemented across 23 states and union territories of India.

 

 

State Number of Street lights Energy Saved per year (kWh)
Rajasthan 7,04,891 99,054,808
Andhra Pradesh 5,86,037 82,352,849
Delhi  2,64,185 37,124,579
Gujarat 2,00,536 28,180,321
Goa 94,856 13,329,639

 

UJALA Scheme:

 

UJALA (Unnat Jyoti by Affordable LEDs for All) was launched by the Union Minister of State (IC) for Power, Coal and New & Renewable Energy for the LED-based Domestic Efficient Lighting Programme (DELP). UJALA is successfully running across 12 states in India that are Rajasthan, Maharashtra, Karnataka, Kerala, Uttar Pradesh, Himachal Pradesh, Delhi, Andhra Pradesh, Puducherry, Jharkhand, Bihar and Uttarakhand. While more states are expected to join the initiative in the near future. This scheme is made with the aim of converting

 

The initiative by the government and ever-increasing demand for LED and solar based light bulbs has great potential for growth in future.

 

Key Strengths:

  • Cordial relations with Customers.

 

  • Knowledge of Industry – Commercial &Technical.

 

  • Established manufacturing facility.

 

  • Low overhead cost. And low B2B cost

 

  • Availability of comprehensive value chain in-house:

The Company is into manufacturing of LED luminaires for indoor as well as outdoor requirement. In addition to this, one of the Group Company manufactures high power LED emitters (light source). Electro Plast is engaged in fabrication, powder coating and moulding etc. Electro Force is engaged in the tool room, moulding and press tool components. Electro Pack is engaged in packaging operations. This entire set of activities completes the value chain by providing the synergy of backward as well as forward integration for the company.

 

  • Government Initiatives:

The Company has received Letter of award for Supply of LED street light for SLNP in Gram Panchayats of Andhra Pradesh on December 21, 2017, against the tender to supply street lights. The contract is worth Rs. 1.4915 crores which are received from KEONICS (Karnataka State Electronics Development Corporation Limited) for the manufacture and supply of 10,000 24W LED street lights. Tenders like these will boost the revenue of the company.

 

Key Risks:

  • Raw Material Cost:

The cost of raw materials consumed constitutes a large portion of the total expenses of the company which can impact on the bottom line. The increase in the price of the core raw materials or commodities could result in increased manufacturing costs. Historically, the company has passed the increased raw material costs to its customers in the form of price increases in the products; however, inability to pass on the increased costs of raw materials to the customers may adversely affect the margins of the company.

 

  • working capital requirement:

The business model of the company is working capital intensive and involves a significant amount in trade receivables and inventories. The working capital for FY18 stood at Rs. 11.38 crores and trade receivables stood at 51.92% of total assets and inventories was 3.87% of total assets of the company. If the company fails to maintain sufficient cash flow, credit facility and other sources of funds, in a timely manner, or at all, to meet the requirement of working capital or pay out debts, could adversely affect our financial condition and result of the company’s operations.

 

  • Inability to update technology.

Any rapid change in the customers’ expectation on account of changes in technology or introduction of new products or for any other reason and failure on the part of the company to meet their expectation could adversely affect the business, result of operations and financial condition

 

  • Majority of the revenues are dependent on a few customers:

The top ten customers accounted for approximately 95.87% of the net sales in FY18. Although the company has long-standing relationships with the customers, any reason including a decrease in demand, recall or discontinuance of a specific product; could have an adverse effect on the financial condition and revenues of the company. In addition, as a consequence of their reliance on these customers, any adverse change in their financial condition may also have an adverse effect on their cash flows and business prospects

 

Business Strategy:

  • Brand Image
  • Invest in Infrastructure & Technology
  • Expand The Company’s customer base going forward.
  • Focus on Revenue Growth on a YoY basis.
  • Improving functional efficiency
  • Leveraging the Company’s Marketing skills & Relationship
  • Enhancing existing product base and quality

 

Peer comparison:

According to the RHP, the company has no listed peer group similar companies in India which are purely engaged in the business of manufacturing and trading of Light Emitting Diode LED Lights and LED lighting accessories. Also, they consider there are no listed entities which are having relative turnover and are focused solely in the segment in which they operate.

 

Financial Summary:

  • During FY16 Artemis Electricals posted a net turnover of Rs. 45.33 crores/ Net profit of Rs. 1.54 crores. In FY17, the turnover posted by the company stood at Rs. 47.23 crores/ Net profit stood at Rs. 1.77 crores. In FY18 the turnover accounted for Rs. 89.51 crores/ Net profit was Rs. 9.52 crores. 7MFY19 turnover stood at Rs.52.41 crores/ Net Profit accounted to Rs. 5.92crores.

 

  • In the last 5 financial years (FY14 to FY18) the net turnover of the company grew at a CAGR of 91.67%. The Profits grew at a CAGR of 179.94 % In 5 years.

 

  • The EBITDA margin stood at 5.4% in FY16, 6.6% in FY17 and 16.79% in FY18 and in 7MFY19 it was 6% respectively.

 

  • The ROE was 35% in FY16, 46% in FY17 and 81% in FY18 for 7MFY19 it was 38%.

 

  • The RoCE of the company was 54.52% in FY16, 80.94% in FY17 and 75.8% in FY18 and in 7MFY19 it was 53.19% respectively.

 

Artemis Electricals Ltd. IPO Research Note. Should you subscribe?
Artemis Electricals Ltd. IPO Research Note. Should you subscribe?

 

 

Restated Summary of Cash Flow Statement (Rs In crores)

Particulars FY16 FY17 FY18 7MFY19
Cash Flow from Operating Activities 0.8015 0.7691 3.3013 1.2814
 Cash Flow Investing Activities  (1.5864)  (0.8654)  (14.8075) 1.2404
Cash Flow from Financing Activities 0.0429 0.0668 11.4843 (1.2287)
Cash & Cash Equivalent at the end of the year 0.0769 0.0474 0.0255 1.3186

 

 

Restated Summary Statement of Profit and Loss

                                                                                                                                (Rs. In crores)

Profit and Loss Statement FY16 FY17 FY18 H1FY19
Income
Revenue from Operations 45.3121 47.2387 89.4763 52.4126
Other Income 0.0266 0 0.0368 0.0026
Total 45.3387 47.2387 89.5131 52.4152
Expenditure
Cost of Material Consumed 40.6556 40.1949 74.0349 40.6881
Changes in Inventories of Finished Goods -1.5106 1.0772 -5.1078 -1.8059
Employee Benefit Expenses 0.9626 1.148 1.4648 1.0228
Finance Costs 0.2076 0.0061 0.3691 0.5312
 Depreciation and Amortisation Expense 0.1689 0.2354 0.5183 0.9746
 Other Expenses 2.7688 1.7167 4.087 2.7839
Total 43.2529 44.3783 75.3663 44.1947
Profit before Tax and exceptional items 2.0858 2.8604 14.1468 8.2205
Exceptional Items 0 0 0 0
 Net Profit before Tax 2.0858 2.8604 14.1468 8.2205
Less: Provision for Taxes
Current Tax 0.68 1.0733 4.4848 2.2956
MAT Credit Entitlement -0.1224 0 0 0
Deferred Tax -0.0195 0.0167 0.133 -0.0028
Net Profit After Tax & Before Extraordinary Items 1.5477 1.7704 9.5290 5.9277
Extra Ordinary Items 0 0 0 0
Net Profit after Tax 1.5477 1.7704 9.5290 5.9277

 

Restated Summary Statement of Assets and Liabilities

                                                                                                                      (In crores)

Balance Sheet FY16 FY17 FY18 7MFY19
Equity and Liabilities
Shareholders’ Funds
 Share Capital 4.437 4.437 4.437 13.3110
Reserve & Surplus 2.2373 4.0077 13.5367 10.5901
Non Current Liabilities
 Long Term Borrowings 0.3493 0.4222 10.7628 9.3781
 Deferred Tax Liabilities (Net) 0.0059 0.0226 0.1556 0.1529
Long Term Provisions 0.0506 00.786 0.1083 0.122
Current Liabilities
 Short Term Borrowings 0 0 1.5128 2.00
Trade Payables 1.1461 7.972 20.0251 18.7747
Other Current Liabilities 4.9942 1.1234 10.6658 3.0277
Short Term Provisions 0.5685 1.6272 6.1219 7.4905
Total 13.7889 19.6907 67.3260 64.847
Assets
Fixed Assets:
 Tangible Assets 1.1899 1.3315 16.3138 15.5339
Intangible Assets 0 0 0 0
Long Term Loans & Advances 3.0194 3.5079 2.8277 1.3927
Current Assets
Inventories 2.8977 4.271 19.2122 21.0959
Trade Receivables 6.2989 10.0370 25.0190 16.9615
Cash and Bank Balances 0.077 0.0474 0.0255 1.3186
Other Current Assets 0.306 0.4959 3.9277 8.5444
Total 13.7889 19.6907 67.3259 64.847

 

Ratios:

P/E ratio 17.91x
P/Bv 4.44
Debt/Equity 0.51x
Working capital turnover ratio 9.07%

 

Investment Rationale:

At the upper price band of Rs. 60,

  • Artemis Electricals will be trading at 11.5x FY18 annualized earning
  • On the basis of NAV, the issue is priced at a price to book of 5.70x annualized earnings of FY18.

 

Equity Right View:

At the price band of Rs. 60, the stock is quoting at a P/E multiple of 11.5x. The company’s ROE is at 15.76%. The company is planning to bid for government-led LED contracts of more than Rs. 100 crores. Until now the company had undertaken small contracts on behalf of the government. So far the company has not bagged any big government contracts, thus it becomes speculative for their future endeavours to bag huge contracts. Further, while bidding for the orders they will be competing with the companies who were their customers. Also, the business of the company is working capital intensive with the requirement of a significant amount of trade receivables and inventories which will affect the operations and liquidity of the company. Thus, we maintain an AVOID recommendation on this stock.

 

Equity Right View-            

Artemis Electricals Ltd. IPO Research Note. Should you subscribe?

 

Artemis Electrical Limited analysis is provided by Equity Right and Equity Right Research Team.

 

For more details about AEL, offer details, financial performance and valuations feel free to contact our research team at contact@equityright.com.

 

Equity Right Research provides IPO recommendations in 3 tiers i.e. subscribe, avoid or neutral.

 

Research Team –

Sr. Research Analyst – Mr Parag Shah.

parags@equityright.com

Research Associate- Ms Varsha K

varshak@equityright.com

 

 

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