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Arohan Financial Services Ltd.

Arohan Financial Services Limited is a leading NBFC-MFI with operations in financially under-penetrated Low Income States of India. The company provides income generating loans and other financial inclusion related products to customers who have limited or no access to financial services. As of September 30, 2020, their GLP was ₹4,857 crore. They were the largest NBFC-MFI in Eastern India and the 5th largest NBFC-MFI in India based on GLP as of September 30, 2020. Between Fiscal 2017 to Fiscal 2020, they had the 2nd highest GLP CAGR of 68% among the top 5 NBFC-MFIs in India, as well as the highest customer growth among the top 5 NBFC-MFIs at 49% CAGR between Fiscal 2018 to Fiscal 2020.

Dodla Dairy Ltd.

Dodla Dairy Limited is an integrated dairy company based in south India primarily deriving all of their revenue for Fiscal 2020 and for the 6 months period ended September 30, 2020 from the sale of milk and dairy based VAPs in the branded consumer market. Amongst private dairy players with a significant presence in the southern region of India, they are the 3 rd highest in terms of milk procurement per day with an average procurement of 1.02 million litres of raw milk per day (“MLPD”) as of December 31, 2020 and 2nd highest in terms of market presence across all of India amongst private dairy players with a significant presence in the southern region of India. Their operations in India are primarily across the 5 Indian states of Andhra Pradesh, Telangana, Karnataka, Tamil Nadu and Maharashtra. Their overseas operations are based in Uganda and Kenya. Their Indian operations are undertaken under their brands “Dodla Dairy”, “Dodla” and “KC+”. The overseas operations are undertaken under their brands “Dodla Dairy”, “Dairy Top” and “Dodla+”. They process and sell retail milk (full cream, standardised, toned and double toned) and produce dairy based value added products (“VAPs”) such as curd, Ultra-High Temperature processed (“UHT”) milk, ghee, butter, flavoured milk and ice cream amongst others. They also manufacture and sell cattle feed to farmers through their procurement network

Seven Islands Shipping Ltd.

As of December 2020, Seven Islands Shipping Limited is the 3rd largest seaborne logistics company in India by deadweight tonnage. In 2020, the company held a significant market share in Indian time charters of crude oil imports. They are among the few Indian shipping companies that have delivered positive net profits in each of the past 3 Fiscals and their Return on Average Equity and Return on Average Capital Employed is among the highest in the seaborne logistics industry in India. All their 20 vessels are registered and flagged in India and operate as Indian owned and Indian flagged vessels.

The company is present in the liquid products trade where liquid products like white oils, black oils, lube oil and liquid chemicals are transported in product vessels classified as Small vessels, Medium Range or MR vessels and Long Range or LR vessels. They are also engaged in the crude oil logistics business where crude oil is transported in vessels classified as Aframax, Suezmax and Very Large Crude Carriers or VLCCs.

Sigachi Industries Ltd.

Sigachi Industries Limited manufactures chlorinated paraffin and hydrochloric acid. In the year 1990, they diversified its product portfolio to manufacture microcrystalline cellulose (“MCC”). In the year 2000, with an aim to diversify the business activities, the company started manufacturing premium grade microcrystalline cellulose by successfully commissioning a spray drier and a multi-fuel furnace, which in turn also increased its manufacturing capacity from 720 MTPY to 1080 MTPY. Presently, they manufacture 50 different grades of MCC at their manufacturing units, situated at Hyderabad and Gujarat with an aggregate installed capacity of 11,880 MTPY.

The company also entered into operations and management agreements with Gujarat Alkalies and Chemicals Ltd (GACL) for operating and managing the manufacturing units owned by GACL and for contract manufacturing of sodium chlorate, stable bleaching powder and poly aluminium chloride in the said units. The company operates 3 manufacturing units namely, Unit – I situated at Hyderabad and Unit – II and Unit – III are situated at Jhagadia and Dahej, respectively located in Gujarat

National Commodity & Derivatives Exchange Ltd

National Commodity & Derivatives Exchange Limited (“Exchange”) is a leading agricultural commodity exchange in India, with a market share of 78%, 81.5%, 79.9% and 78.1% in the agricultural commodity segments, based on average daily turnover (by value) (“ADTV”) for the 6 month period ended September 30, 2019, Fiscal 2019, Fiscal 2018 and Fiscal 2017, respectively. The Exchange has maintained its leadership position since 2005, in the agricultural commodity derivatives market, in terms of ADTV. Further, the Exchange is a professionally managed company, which is driven by technology.

Zomato Limited

Zomato Limited is one of the leading Food Services platforms in India in terms of value of food sold, as of December 31, 2020. During Fiscal 2020, 41.5 million average MAU visited their platform in India. As of December 31, 2020, they were present in 526 cities in India, with 350,174 Active Restaurant Listings. Their mobile application is the most downloaded food and drinks application in India in each of the last 3 years since 2018 on iOS App store and Google Play combined, as per App Annie’s estimates. Company’s technology platform connects customers, restaurant partners and delivery partners, serving their multiple needs. Customers use their platform to search/discover restaurants, read/write reviews and upload photos, order food

book tables and make payments while dining-out. They provide restaurant partners with marketing tools to acquire customers. The company also operate Hyperpure, wherein they supply ingredients and kitchen products to restaurant partners. They provide their delivery partners earning opportunities. Their mobile application is the most downloaded food and drinks application in India in each of the last 3 years since 2018 on iOS Appstore and Google Play combined, as per App Annie’s estimates.

Aditya Birla Sun Life Asset Management Company Ltd.

Aditya Birla Sun Life AMC Ltd has been ranked as the largest non-bank affiliated AMC in India by QAAUM since March 31, 2018, and among the four largest AMCs in India by QAAUM since September 30, 2011. They managed total AUM of ₹2,736.43 billion under their suite of mutual fund (excluding their domestic FoFs), portfolio management services, offshore and real estate offerings, as of December 31, 2020. They have established a geographically diversified pan-India distribution presence covering 284 locations spread over 27 states and 6 union territories. Their distribution network is extensive and multi-channeled with a significant physical as well as digital presence.

Glenmark Life Sciences Ltd.

Glenmark Life Sciences is a leading developer and manufacturer of select high value, non-commoditized active pharmaceutical ingredients (“APIs”) in chronic therapeutic areas, including cardiovascular disease, central nervous system disease, pain management and diabetes. The company also manufactures and sells APIs for gastro-intestinal disorders, anti-infectives and other therapeutic areas. They are also increasingly providing contract development and manufacturing operations (“CDMO”) services to a range of multinational pharmaceutical and specialty pharmaceutical companies. They are a research and development (“R&D”)-driven API manufacturer, focused on undertaking dedicated R&D in their existing products and in areas where there is growth potential in the future.

Jana Small Finance Bank Ltd.

Jana Small Finance Bank is one of the top four SFBs in India in terms of AUM and deposit size and have the second most geographically diversified portfolio with a pan-India presence as at the end of Fiscal 2020. They have the fastest growing deposit franchise among the SFBs in Fiscal 2020. They offer a range of digital products, services and platforms and their core banking is supported by integrated multi-channel operations. Their deep understanding of the financial needs of the underbanked and underserved customers allows them to continue focusing on serving their financial needs

G R Infraprojects Ltd

G R Infraprojects Limited is an Integrated Road EPC company with experience in design and construction of various road/highway projects across 15 States in India and having recently diversified into projects in the railway sector. Company’s principal business operations are broadly divided into three categories: (i) civil construction activities, under which they provide EPC services; (ii) development of roads, highways on a BOT basis, including under annuity and HAM; and (iii) manufacturing activities, under which they process bitumen, manufacture thermoplastic road-marking paint, electric poles and road signage and fabricate and galvanize metal crash barriers.

Shriram Properties Ltd.

Shriram Properties Limited is one of the leading residential real estate development companies in South India, primarily focused on the mid-market and affordable housing categories. They are among the 5 largest residential real estate companies in South India in terms of number of units launched between calendar years 2015 and 2020 across Tier 1 cities of South India including Bengaluru and Chennai. They are present in the mid-market premium and luxury housing categories as well as commercial and office space categories in their core markets.

Clean Science and Technology Ltd

Clean Science and Technology Limited manufactures functionally critical specialty chemicals such as Performance Chemicals (i.e. MEHQ, BHA and AP), Pharmaceutical Intermediates (i.e. Guaiacol and DCC), and FMCG Chemicals (i.e. 4- MAP and Anisole). Their products are used as polymerization inhibitors, intermediates for agrochemicals and pharmaceuticals, anti-oxidants, UV blockers, and anti-retroviral reagents, which are functionally critical in a wide range of industries, including in the manufacture of paints and inks, agro-chemicals, pharmaceuticals, flavours and fragrance, food and animal nutrition (feed), and personal care (cosmetics) products. The company was established on ‘green’ or eco-friendly manufacturing processes led by differentiated catalytic technologies.

Tatva Chintan Pharma Chem Ltd

Tatva Chintan Pharma Chem Ltd is a specialty chemicals manufacturing company engaged in the manufacture of a diverse portfolio of Structure directing agents (“SDAs”), Phase Transfer Catalysts (“PTCs”), electrolyte salts for super capacitor batteries and PASCs. The company is the largest and only commercial manufacturer of SDAs for zeolites in India and enjoys the second largest position globally. The company is also one of the leading global producers of an entire range of PTCs in India and one of the key producers across the globe.

Exxaro Tiles Ltd

Exxaro Tiles Limited is engaged in manufacturing and marketing of vitrified tiles used majorly for flooring solutions. They commenced business as a partnership firm in 2007-08 as a manufacturer of frit, which is one of the raw materials used in manufacturing of tiles and have over the years, diversified, expanded and evolved into a manufacturer for vitrified tiles. The company mainly deals in two product categories i.e. Double Charged Vitrified Tiles and Glazed Vitrified Tiles. As on date, they supply products mainly in 6 sizes. They have 1000+ designs in their product basket, which are marketed under their brand “Exxaro”.

Rolex Rings Ltd.

Rolex Rings Limited is one of the top five forging companies in India and a manufacturer and global supplier of hot rolled forged and machined bearing rings, and automotive components for segments of vehicles including passenger vehicles, commercial vehicles, 2-Wheeler vehicles and off-highway vehicles and electric vehicles. They supply domestically and internationally to large marquee customers including some of the leading bearing manufacturing companies, tier-I suppliers to global auto companies and auto OEMs. They are one of the key manufacturers of bearing rings in India and cater to most of the leading bearing companies in India.

Paras Defence and Space Technologies Ltd

Paras Defence and Space Technologies Limited is an Indian private sector company engaged in designing, developing, manufacturing and testing of a wide range of defence and space engineering products and solutions. They are one of the leading ‘Indigenously Designed Developed and Manufactured’ category private sector company in India which caters to four major segments of Indian defence sector i.e. defence and space optics, defence electronics, electro-magnetic pulse protection solution and heavy engineering. They are also the sole Indian supplier of critical imaging components such as large size optics and diffractive gratings for space applications in India.

Utkarsh Small Finance Bank Ltd

Utkarsh Small Finance Bank Limited is among the most profitable SFBs in India and among the leading SFBs in terms of return on assets and had the highest return on equity among SFBs in India in Fiscal 2020. They are headquartered in Varanasi, Uttar Pradesh. Their operations are spread across India and are present in 18 States and Union Territories with 528 Banking Outlets and 8,729 employees, as of September 30, 2020. As of September 30, 2020, 27.08% of their Banking Outlets were located in Unbanked Rural Centres (“URCs”) as against the regulatory requirement of 25% of banking outlets of SFBs to be located in URCs. Their operations are focused in rural and semi-urban areas and as of September 30, 2020, they had 2.74 million customers (both deposit and credit). Small finance banks’ AUM registered a growth rate at a CAGR of 30% during Fiscal 2017 and Fiscal 2020. The top three SFB’s accounted for approximately 61% of the aggregate AUM as of March 31, 2020, which increased from 55% as of March 31, 2017

Shyam Metalics and Energy Ltd

Shyam Metalics and Energy Limited is a leading integrated metal producing company based in India with a focus on long steel products and ferro alloys. They are amongst the largest producers of ferro alloys in terms of installed capacity in India, as of February 2021. They have the ability to sell intermediate and final products across the steel value chain. As of March 31, 2020, they were one of the leading players in terms of pellet capacity and the 4th largest player in the sponge iron industry in terms of sponge iron capacity in India.

Krishna Institute Of Medical Sciences Ltd

Krishna Institute of Medical Sciences Limited (“KIMS”) is one of the largest corporate healthcare groups, in AP and Telangana in terms of number of patients treated and treatments offered. KIMS provides multi-disciplinary integrated healthcare services in Tier 1 and Tier 2 cities, operating 9 multi-specialty hospitals under the “KIMS Hospitals” brand, with an aggregate bed capacity of 3,064 beds including over 2,500 operational beds, as of December 31, 2020. They offers a comprehensive range of healthcare services across over 25 specialties and super specialties, including cardiac sciences, oncology, neurosciences, gastric sciences, orthopaedics, organ transplantation, renal sciences and mother and child care.

Sona BLW Precision Forging Ltd.

Sona BLW Precision Forging Limited is one of India’s leading automotive technology companies, designing, manufacturing and supplying highly engineered, mission critical automotive systems and components such as differential assemblies, differential gears, conventional and microhybrid starter motors, BSG systems, EV traction motors (BLDC and PMSM) and motor control units to automotive OEMs across US, Europe, India and China, for both electrified and non-electrified powertrain segments. The company has 9 manufacturing and assembly facilities across India, China, Mexico and USA, of which 6 are located in India. They are a technology and innovation driven company. With a strong focus on research and development, they develop mechanical and electrical hardware systems, components as well as base and application software solutions, to meet the evolving demands of their customers

India Pesticides Ltd.

India Pesticides Limited is an R&D driven agro-chemical manufacturer of Technicals with a growing Formulations business. They are among the fastest growing agro-chemical companies in India in terms of volume in Fiscal 2020. They are also the sole Indian manufacturer and among top 5 manufacturers globally for several Technicals, such as, Folpet and Thiocarbamate Herbicide. Since commencing their operations in 1984, they have diversified into manufacturing herbicide and fungicide Technicals and APIs. They also manufacture herbicide, insecticide and fungicide Formulations.

Aadhar Housing Finance Ltd.

Aadhar Housing Finance Limited is the largest Affordable HFC in India in terms of AUM, as of March 31, 2020. They are approximately 1.5 times larger than the 2nd largest peer set company based on AUM as on March 31, 2020. Compared to their peers, they have the largest customer base as on March 31, 2020 and have the highest disbursement for financial year ended March 31, 2020. Further as at March 31, 2020, they have the most geographically diversified AUM as well as the highest efficiency in terms of operating expenditure ratios. They are an entirely retail-focused affordable housing finance company, serving economically weaker and low-to-middle income customers, who require small ticket mortgage loans.

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