Gramco im 27 april 2012
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Transcript of Gramco im 27 april 2012
© Intellecap. All rights reserved • www.intellecap.net • [email protected] Proprietary and Confidential
Gramco Infratech
Investment Advisor - Intellecap
1
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Disclaimer
2
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Index
3
Sr.No Index Page No
1 Executive Summary 4
2 Industry Overview 7
3 Company Details
Gramco-Company Snapshot 14
Comprehensive Post Harvest Management Solutions Company 15
..helping “Iron Out” the duplication in the system 16
And yet follow a differentiated business model 17
Quality Infrastructure 18
And an Integrated Back End IT program… 19
…aiding expansion in a phased manner 20
Expansion Strategy 21
Creating Social Impact in the Post-harvest Value Chain 22
Led by an experienced Promoter 23
Proposed Organization Structure 24
4 Financial and Non Financial Summary 25
© Intellecap. All rights reserved • www.intellecap.com Proprietary and Confidential 4
Executive Summary
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Key Investment Highlights
5
Favorable Macroeconomics
Early Mover Advantage
Quality storage and processing
facility close to the farm
Strong Promoter Background
Extremely Supply Constrained
Industry
Demand-Supply gap in the agri-warehousing sector is estimated to be 17 Mn MT Logistics is a fast growing industry and warehousing is the most profitable within the logistics segment Implementation of GST is expected to ease the inter-state movement of agricultural commodities Warehouse Act 2007 would make warehouse receipts negotiable and increase acceptability of warehouse
finance among both banks and farmers
Existing farmers and agri business players face shortage of quality post harvest infrastructure. Key to success lies in establishing early relationships with farming communities and agri business houses
Meticulously planned warehouses with infra-red cameras installed at strategic locations for constant surveillance.
Focusing on servicing the last mile & viably handling farm produce closest to growing locations Facilities planned to reduce manual handling to the minimum possible thus saving costs Developed on .NET 3.5 framework and SQL 2008 backend platform to help enable scale up. Multi lingual
functionality using unicode and barah keyboard ensuring scale up in most Indian languages.
Promoter group brings with them knowledge of local markets and relationships with agri-business houses which is crucial to the success of this business model
The promoter has an excellent understanding of the crops in the regions that Gramco will operate
India loses more than INR 580,000 Mn worth of agricultural food items every year due to lack of post harvest infrastructure, which represents a huge market opportunity for Post Harvest Management Solution companies
Integrated Model to create long term relationship with
the farmer
Input Supply- walk-in store in every location Procurement and processing Collateral management once 10-15 warehouses are operational Seeds Program – to provide quality seeds to farmers through a contract farming programme Local Weather updates- has already tied up with AccuWeather
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Transaction Overview
Funding Requirement USD 2.5 million ~ INR 130 Mn
Number of Investors and current ownership
1-2, 100% owned by the promoter family
Expected Stake Significant Minority
Role of Investor Strategic direction through board representation Passive Role in Management
Financial Return Expected ROE ~ 36% in FY ’18
Exit Route Strategic Sale- Gramco will build a network of ~70 high quality locations in the next 5 years and these will be attractive to large companies in the agri-business sector
IPO within 7 years
Uses of Funds Expansion of Warehouse network from 2 currently to 41 in the next 3 years Expansion into allied activities for post harvest management. Investment in real and tangible assets
Strengths Promoter has 15+ years of experience , well known amongst the local farm community. He was formerly the co-founder of Gram Mandi, a online market place for agricultural produce
Highly fragmented and unorganized industry represents a massive growth opportunity
Threats Competition from Established Players Regulatory Risks
Opportunities and Additional Revenue Lines
Wholesale of FMCG products to village stores Collateral management in tie-up with commodity exchanges Partner with spot exchanges and act as an aggregator Partner with the Government in its procurement programmes
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Industry Overview
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Indian Logistics Industry : Overview
Highlights of the Sector Highly Fragmented Industry
Indian Logistics Industry is valued at INR 4,068 Bn
Logistics costs account for 13-14% of GDP which is higher
than that of developed nations at 10-11%. Key reason for
this is the relatively higher level of inefficiencies in the
system
Highly fragmented market with only 8% organized market
share
Strong demand leading to large scale investments from
logistics and warehousing players
Dismal state of warehousing currently
Inefficient facilities
Lack of Technology
Lack of skilled labor
Small and distributed warehouses due to current tax
structure
Most warehouses are primarily stocking points and are
very small in size
Indirect tax regime incentivizes companies to maintain separate warehouses in every state
Each company has 25-30 warehouses across India
Resulting in facilities which are often small and nothing more than poor quality godown
These facilities are typically managed by local C & F agents (Clearing and Forwarding), having poor knowledge of latest warehousing technology
Resulting in high inventory levels and low service standards (damages etc.)
Source :Skill gaps in the Indian Logistics Sector : White Paper , KPMG
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Warehousing is the most profitable business in logistics,
expected to grow at 35-40% p.a 3rd Party Logistics service to witness sharp growth
Supported by Key Growth Drivers
Warehousing accounts for 20% of total activity in the logistics sector
Source : Industry Report , Knight Frank Global 2008
Source : http://www.indiainfraguru.com/logistics/warehousing.html
Expansion Demand
Reorganization Demand
Growing Domestic Trade Infrastructure initiatives by
Public and Private Players
Outsourcing to private players Implementation of VAT and GST
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Agri Business represents a massive Logistics Opportunity
Retail companies struggling to integrate backward
Organized retail was valued at USD 300 Bn in 2008 and expected to grow at a CAGR of 11% till FY 2015
Food and Vegetable (F&V) segment is loss making for the organized players
Key Challenge faced is managing the supply chain
None of the retail chains have been able to manage the supply chain efficiently
Duplication of costs that prevail in the system due to inefficient supply chain management
Limited grading and sorting facilities implies that standardizing the produce becomes difficult
Ensuring right quality of produce at the right price is the key
Most retailers in the organized segment have struggled to cope with the large number of intermediaries
Extending the supply chain and managing linkages to farmers has been plagued by inability to deal with a fragmented set of suppliers
Urgent need for intermediaries who can reliably link the farm to the markets after undertaking basic processing of the product
Warehouse capacity not growing in line with demand
Mandis : Malpractices by commission
agents No grading of produce Limited Price Transparency Located at a considerable
distance from farms
Private Warehouses: Highly unorganized Fragmented market Located close to the Mandis Catering to large traders
Government Procurement [MSP Linked] Storage in godowns of FCI,SWC
and CWC Warehouses in bad condition Capacity of only 60 Mn Tonnes 10% post harvest loss
FCI not building significant additional capacity
Additional capacity growing at a slow rate 91,050 tonne in 2009-10 177,300 tonne in 2010-11
60% farm produce retained by the farmer
Local Procurement
Food grain 216 Tonnes Oilseeds 23 Mn Tonnes F&V 103 Mn Tonnes
Storage in small rooms
Open storage High storage loss of 5-10%
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…across various Industry Segments
Warehousing Needs
Public Agri Processors Others Private Agri Processors &
Traders Agri - Inputs Agri Outputs
Food Corporation of India
National Agricultural Cooperative Marketing
Federation of India Ltd. And others
Farm Equipment's
Pesticides and Fertilizers
Seeds
Wheat
Soya
Rice
Cattle feed and other ancillary
products
Disintermediation across Industry Segments
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Favorable regulatory environment leading to increased private
attention
Increased Interest from Private Players
Sector has just begun to attract PE attention
Name Headquarters
SohanLal Commodity New Delhi
Shree Shubham Logistics Mumbai, Maharashtra
Adani Agro Logistics Ahmedabad, Gujarat
NCMSL Mumbai, Maharashtra
Star Agri Mumbai, Maharashtra
Legal and Regulatory Framework
Key Initiatives
Shift to GST Tax Regime
Warehousing Act
Government looking at PPP models
Infrastructure Developments
Major transition from Central Sales Tax to the existing VAT regime coupled with the introduction of Single-tax Goods & Services Tax (GST) allowing for convenience in inter state movement of goods
The Warehousing Act, 2007 introduced a negotiable warehouse receipt (NWR) system
Negotiability will make warehouse funding more attractive for the banks
Incentivizes the farmer to obtain money by pledging agri outputs
Food Corporation on India (“FCI”) has been giving 10 year leases to private warehouse players
Possibility of Private Players to tie up with Government bodies
Development of Commodity Exchanges –Gramco can act as a facilitator to link farmers to the exchanges
Company Investor Amount (USD Mn)
Sohan Lal Nexus/Mayfield
7.1
NCMSL IFC/Rabo 20
Star Agri IDFC PE 30.0
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Company - Details
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Gramco - Company Snapshot
About the Company Business Highlights
Founded in 2009 with an initial capital of INR 15 Mn
Provides integrated post harvest management solutions including warehousing, value addition, seed multiplication program, Inputs and Procurement
Present at 2 locations near Indore in Madhya Pradesh; plans to scale up to 70 locations in the next 5 years
Also provides allied services like cleaning and testing
5000 tonne warehousing capacity between the current two locations, plans to operationalize another location with a 5000 tonne capacity by Q4 FY 2013
Tied up with Bank of India to provide warehouse finance to farmers
Proximity to the farm (catchment area has a radius of 15km) compared to most others players who are located 30-40 kilometers away
Provides multiple services to the farmers thus building long term relationships and ensuring client stickiness
Forging Key Alliances in early stages of its growth; tied up with a leading Oil seed processor & edible oils company for procuring seeds. Promoters have strong relationships with other prospective buyers across the chain Bank. Tie up with Bank of India for WR pledge finance; in talks with other players in the eco system
On ground infrastructure to be backed by a comprehensive IT platform which will assist in monitoring all aspects of operations
Tied up with AccuWeather to provide daily/hourly weather feed for 29,000 locations across India. Company is developing a unique application – marrying weather and farm activity.
A mixture of owned and leased locations to assist in quick scale-up of operations
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Comprehensive Post – Harvest Management Solutions Company
Four Key Revenue Streams
Div
ersi
fied
Rev
enu
e Li
nes
Procurement Warehousing Trading Agri-Input Sales
Cleaning Income Pledge and Warehousing
Finance Seeds Program
Ancillary Revenue Streams
Direct Procurement for agri business houses/retailers Revenue : Commission on the procured quantity .
Quality warehouses with processing facilities Revenue : Capacity shortages will ensure utilization of ~80%
Procurement of goods and trading on its own books Revenue : Huge upside potential due to seasonality of the farm produce
Financing the farmer on collateral of his stock Revenue : Fee from the farmers on the total amount financed.
Procured quantity and warehouse capacity utilized is the key driver Revenue : Fee based income on the amount of goods procured and cleaned
Acts as a last mile reach enabler for companies producing/manufacturing farm inputs Revenue : % commission and markups on the agri inputs supplied
Engage in contract farming arrangement with farmers to provide quality seeds Revenue : Through sale of seeds bought back from contract farmers
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..helping “Iron-Out” the Duplication in the System
Farm Produce Mandi Trader Processing
House/Company Godown
Retail Outlets
INR 25-60 transportation cost per quintal
Loading Unloading Charge of INR 6-7 per quintal
Traditional Market Approach
Loading Unloading charge of INR 4-5
Local Distribution Charges Handling, Wastage, Spillage charges add upto INR 10-15
Gramco Approach
Total costs add upto INR 45 – 87 plus local distribution and transportation charges applicable Mandi Onwards
Farmers Gramco Warehouses Company
Godown/Processing House
Retail Stores
INR 10- 15 transportation cost per quintal
INR 15-25 depending on location Local Distribution Charges
Total Costs add upto INR 25-40 plus local distribution expenses, resulting in significant cost and time savings for retailers/processing houses
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And yet follow a differentiated business model
NCMSL Star Agri ITC Choupal Gramco
Key selling point
Promoted by NCDEX
and the banks, the
credibility is high
Excellent connections in the
trading community
Internal customer base for
produce
Massive reach – 10 states and
40,000 villages
Closer to the farm than any other
player. Excellent ties with
processors. Located in the heart of
major industrial / cash crop belt
Who is the primary client?
Traders and banks Traders and banks Internal ITC business groups and
the farmer
Agri-Processors and the farmers
Business Model
Focus primarily on
warehousing and
collateral management.
Provide support to the
commodity exchanges and
traders by providing
warehousing facilities and also
dematting stocks held by it so
that the dematted receipts
can be traded.
A more integrated model with a
hub located close to the
town/city and a e-choupal
located in the village. E-Choupal
serves as an information
dissemination point rather than
as a service point
Locations provide an integrated set
of services & are located, so that
farmer can access them easily.
Offering state of the art services
with total transparency .
Scalability Leased storage capacity
and limited set of
services implies high
scalability . Focused on
Hedging community &
speculators
Scalable as it follows the
rented model, poses
restrictions on the number of
services that the company
might add
Sagar Choupals are highly capital
intensive, located mainly on
Highways. E-choupals are highly
scalable as it follows a low capex
model in e-choupal.
Scalable with the ability to provide
full set of services as the company
shall follow a buy plus lease model .
Services Storage and
Preservation
Collateral
Management
Procurement and
Supply Chain
Warehousing
Storage
Logistics
Collateral Management
Cleaning and Testing
Social and Farm Forestry
Watershed Development
Agricultural Productivity
Women Empowerment
Livestock Development
Procurement
Warehousing
Agri Input Sales
Seeds Program
Pledge financing
Processing
Gramco’s focus is on the key link in the agri-supply chain i.e., farmer, which will enable it to control other links in the chain
Scalability is the function of cash flow management and capital expenditures by the Company, Gramco plans to follow a combination of Buy-Lease models that shall help it to increase revenue lines and also rapidly scale
Gramco has limited competition in the category that it operates given its unique business model
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Quality Infrastructure
State of Art technology put in place to provide the best quality outputs
Gramco shall serve as “one stop shop” for all farmer needs
Funnel shaped hopper from which the contents are passed into the elevators
From the Elevator the material is then passed on to the cleaner and finally stored in a Silo
Typical Gramco Warehouse Unit
Use of Infra Red Cameras to avoid pilferage and track movements
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and an Integrated Back End IT Program…
Technology Implementation across locations to monitor growth
MIS developed on the .NET 3.5 Framework
Key Features Include :
Language Independence Simplified Deployment (Ease of
Installation & Maintenance) Enables Safe and Secure
Transactions
3 Inter-Linked Core Modules
Web Modules Desktop Modules Kiosk Modules
Installed on Warehouse Managers Computer, source of
input for all transactions
Report Generator, providing customized information for the
end user
Main Module to be hosted locally and on
the server
Warehouse Manager
Mandi Manager
Pricing Manager
Commodity Manager
Finance Manager
Basic Registration Details
Commodity Inward/Outward Flow
Receipts
Inspection Accounts
Farmer Accounts
Account Module
Insurance Module
Weather Forecast Reports
Farming Practices
Farmer Assistance
Lo
cal R
eso
urc
es
on
Eac
h M
od
ule
(In
dic
ativ
e Li
st)
Each time a new farmer is registered in the Gramco System , an unique ID card is issued.
‘ The id card Stores key relevant data of
the customer Quickens the internal processes each
time the Farmer enters the warehouse system
Enables the farmer to keep track of his goods and income from Gramco
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…aiding expansion in a phased manner
~75,000 tonnes warehouse capacity
15 Operational warehouses
41 operational warehouses
205,000 tonne warehouse capacity
Expansion into ancillary services
70 warehouses with a strong presence in Western India
Tie up with all major players involved in the agri industry
350,000 Tonnes of warehouse capacity
Short Term Goals ( FY ‘14)
Medium Term Goals ( FY ‘16)
Long Term Goals ( FY ‘18)
Headquarters
Short Term Expansion Plans
Medium Term Expansion Plans
Long Term Expansion Plans
Zonal/Regional Offices
FY 2014 Expansion plans within Madhya Pradesh
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Expansion Strategy
21
Service driven model which leverages existing warehouse infrastructure without any additional investment
Strong growth in commodity futures markets creates scope of rapid expansion
Collateral management
Leasing land for warehouse
network expansion Increasing shareholder returns through reduced CAPEX intensity
Reducing risk inherent in identifying, owning and monitoring land in diverse locations
Selling warehouse capacity to state
agencies Maximizing capacity utilization by supplementing direct farmer produce with orders from state warehousing corporations
Reducing volatility in rental incomes with consistent capacity utilization by tying up with high volume customers
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Creating Social Impact in the Post-harvest Value Chain
22
Increases farmer bargaining power in the market by preventing distress sales during harvest season
Provides rudimentary value addition activities like cleaning, sorting and grading services that can fetch higher prices for farmers
Boosts farmer income by allowing them to store their produce during harvest time, when prices are low; receive credit, using the product as collateral; and wait until prices are more favorable for selling
Facilitates linkages of farmer organizations to local and national markets as appropriately competitive
So
cia
l Im
pa
ct
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Led by an Experienced Promoter
Promoter Profile
Mr. Raman Singh Saluja, Founder & Managing Director Gramco
15 + years of experience across industries like manufacturing, renewable energy , international trade
and agriculture sector
Co Promoted Agro Web Online Private Limited (Gram Mandi) between 2000 -02. This was an online
effort and first of its kind to integrate agri supply chain
Headed the diversification in clean energy for Sterling Structurals, a local steel mill. Negotiated a
technology transfer/collaboration agreement for assembly of high capacity WEG between Sterling and
Norwin A/S of Denmark.
He also has the distinction of been appointed as the Nodal Officer for Madhya Pradesh, by
Government of India, Ministry of Agriculture, under MANAGE. His responsibilities included to
promote & implement program to train agri graduates in MP for setting up Agri clinics. A role which
he executed successfully between 2001-2003
Youngest amongst the 18 invitee members of the Steering Committee formed by TERI under the - Tata
Energy Research Institute's Repository of Environmental Activities & Technologies (TREAT), in 1998/99
with an objective to draft recommendations to assist in advising the government in framing policies
and mechanisms for development of CDM under Kyoto Protocol
MBA from Institute of Management Studies, Indore. and B.A from D.A.V college Chandigarh. Did his
schooling from one of India’s best residential schools Daly College, Indore 1977-89.
Raman Singh Saluja
comes from a successful
business family with a
track record of building
organizations from
scratch
Managed expansion for
Gram Mandi, achieved
procurement worth INR
140 Mn in less than 18
months; the other
promoter of Gram Mandi
is part of the family which
runs the largest oilseed
processor in India
Family, Co Promoter of
one of the largest private
steel mills in Sri Lanka
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Proposed Organizational Structure
Proposed Organization Structure Proposed Team Structure
Head Office based out of Indore will be a lean office to house the heads of corporate functions such as Financial Resources, Human Resources and Information Technology
Head Office
Regional Office
Warehouses/ Locations
Are the point for service delivery. They are the key to relationship building with the farmers
Regional presence shall help in scaling operations within different states
Managing Director (Raman Singh Saluja)
Finance Head
Support Staff
Operational Head
Warehouses & Seeds
Support Staff
Technology Head
Support Staff
Regional Manager
Assistant Manager
Support Staff
Corporate Office
State/Regional Office Warehouse
Warehouse Manager
Site Supervisor
Mall In charge
Support Staff
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Financial and Non Financial Summary
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Key Operational Indicators
Financial Indicators
FY 2013 E
FY 2014 E
FY 2015 E
FY 2016 E
FY 2017 E
FY 2018 E
Income (INR Mn)
33 176 585 1,230 1,878 2,637
Expenses (INR Mn)
43 196 580 1,162 1,721 2,391
PBT (INR Mn) -10 -19 6 68 156 246
PAT (INR Mn) -10 -19 6 75 136 209
PAT Margin -30% -11% 1% 6% 7% 8%
Net worth (INR Mn)
123 103 259 334 470 679
D:E 47% 217% 147% 207% 191% 166%
RoE -8% -17% 3% 25% 34% 36%
RoA -1% 1% 6% 11% 13% 15%
Outreach Indicators
FY 2013 E
FY 2014 E
FY 2015 E
FY 2016 E
FY 2017 E
FY 2018 E
Operational Warehouses
2 15 28 41 55 70
Total Employees
25 114 203 292 392 485
Sales/Employee (INR Mn)
1.3 1.5 2.9 4.2 4.8 5.4
-10 -19 6
68
156
246
-10 -19 6
75
136
209
-50
-
50
100
150
200
250
300
FY 2013 E FY 2014 E FY 2015 E FY 2016 E FY 2017 E FY 2018 E
PBT (INR Mn) PAT (INR Mn)
-8%
-17%
3%
25%
34% 36%
-1% 1%
6%
11% 13% 15%
-20%
-10%
0%
10%
20%
30%
40%
FY 2013 E FY 2015 E FY 2015 E FY 2016 E FY 2017 E FY 2018 E
ROE ROA
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Contact Details
Mumbai 512 Palm Spring, Link Road, Malad (West), Mumbai 400 064 Tel: +91 22 40359222 Email: [email protected]
Hyderabad 5th Floor, Building no 8-2-682/1, Road No 12, Banjara Hills, Hyderabad 500 034 Tel:+91 40 4030 0216 Email: [email protected]
Delhi 261 Kohat Enclave, Pitampura, Delhi 110 034 Tel: +91 11 47093361 Email: [email protected]
USA Mountain View, 1909 Rock St, #7, Mountain View, CA 94043, Tel: +1 650 207 0880 Email: [email protected]
27
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