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note of the IPO of Ravi Kumar Distilleries Ltd.

Issue Highlights

Price Band                                           : Rs 56-64 per share                                              

Minimum Bid Lot Size                         : 100 Equity Share

IPO open during                                  : December 08 – 10, 2010

Book Running Lead Manager               : Comfort Securities Pvt. Ltd.

To list on                                             : NSE & BSE

IPO Grading                                         : 2 / 5 (CARE)

PE                                                        : 35x (based on base price)*

                                                            : 40x (based on cap price)*

Market Cap post-listing                        : Rs153.6Cr or $34.17mn (based on the cap price)

Market Cap of Free Float                      : Rs73.6Cr or $16.37mn (based on the cap price)

* based on FY10 EPS.

IPO of 11.5mn equity shares of Rs10/- each, aggregating to Rs73.6Cr or $16.37mn (at the cap price).

Executive Summery

•     Ravi Kumar Distilleries Ltd. (RKDL) is engaged in the business of manufacturing and trade of Indian Made Foreign Liquor (IMFL) under its own brand portfolio as well as under tie-up arrangements with other companies.

•     RKDL started with initial capacity of 7,20,000 cases per annum and a bond capacity of 6300 cases of excise bonded warehouse. The company subsequently increased its installed capacity to presently at 14,25,000 cases per annum and 26000 cases of excise bonded warehouse.

•     RKDL has established several brands successfully across segments and flavors thereby enjoying brand recall from customers. IMFL products under its own brand portfolio as well as under various tie-up arrangements with other Companies include Capricorn, 2 Barrels, Chevalier, Konarak, and Green Magic amongst others.

•     Due to very existence in the Industry for past 10 years, RKDL has developed its brand on technical front. The company has developed state-of-the-art Quality Control and in-house R&D Department and has already developed technology in the field of manufacturing a wide range of IMFL products.