Ajay Munot Experience 2011

Strictly Private & Confidential

Ajay Munot

Strong Investing and Operating

experience across Infrastructure and

Real estate sectors

1992-2010

Principal investing (Listed Equities)- Enam Holdings is one of India’s largest and

most successful principal investors in India with its book exceeding USD 1 Billion

and has generated an CAGR of over 25% p.a across several market cycles

through a disciplined and rigorous long only – style investing process in Indian

Equities involving hold periods of 3 – 5 years for multiple investments.

Assisted in Equity analysis and detailed understanding of Business models/

valuations of several companies/ sectors such as Power/Energy, Capital goods,

T&D, Construction/EPC, Infra Developers, Utilities, Cement, Sugar, NBFC etc

Real Assets-PE styled Investing – Responsible as JV Partner for raising Investing

vehicles focused on equity/ mezzanine investments into Infra & real estate Assets

and/or Enablers/Service providers across sectors such as Energy, Transportation,

etc. Met up with Placement agents and Distributors across

USA/UK/HK/Singapore.

Enam Group also runs a successful Investment/capital markets banking,

distribution and Institutional brokerage platform- Enam Securities that provided

Research (over 50 analysts), Deal/news flows and corporate access. Agreed to

be sold to Axis Bank for USD 450Mn by March 2011. Also runs a PMS/ AMC for

listed cash equities with USD 350 Mn AUM with 25% returns. www.enam.com

Investing Experience

Educational

Qualifications:

B. Com,(Distinction)

Rankholder in C.A

(17th all india) and

Bach of Law (1st Rank)

Stanford Exec Program

an d IIM (Ahmd) Middle

level Management

Wor k Experience:

Managing Director

ENAM Holdings

June 2009- present

Entrepreneurship/ Leadership: Kalpataru Power became the fastest growing

Indian Mid-cap company in 2006 with a 8 year CAGR of 50% pa from USD 30 Mn

in 2001 to USD 700 in 2009. At time of leaving, the Group had order backlog of

over US$ 1.5bn with 3,800 strong team and peak market capitalization of US$ 1

bn and strong 20% ROEs. www.kalpatarupower.com; www.jmcprojects.com

Organisation development: Was instrumental in setting up all new divisions/

ventures and building a strong Parivar (family) culture across the Group.

Deal-Making / Turnaround: Managed the acquisition of a 42% stake in JMC

Projects in Feb 2005 and successfully turned it around from a revenue of US$ 40

mn to US$ 300 mn in 4 years. Over 3x (300%) ROI in 3 years.

EPC Construction: Supervising EPC/construction projects in excess of US$ 2

billion across transmission & distribution projects, gas pipelines, civil construction

of factories/buildings, roads, bridges, power plants etc. Implemented T&D

projects across Africa, Middle East and exported towers. Travelled extensively.

Bidding / Asset development: Bidding for BOT projects in Transmission, City

Power distribution franchisees, Solar Thermal (50 mw) /PV as well as Roads &

Thermal sector. Led the sustainable development of 2 biomass plants of 8 MWs

Fund Raising / IR / Banking: Successfully managed India’s first QIP of US$ 75 Mn

in 2006, several Rights offers/ Investor Roadshows and syndication of project

finance/working capital and term loans of over INR 30 bn (US$ 650 mn)

Operating Experience

Kalpataru Power Group

Executive Director

2000– 2009

JMC Projects

Lead Group Director

2005-2009

Kalpataru Real Estate

and Industrial Group

1992-2000

39 Years

Member, Young

President’s Organization

Travelled extensively

across world

2 2 36

15

36 37

25

39

0

5

10

15

20

25

30

35

40

45

FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10

0

100

200

300

400

500

600

700

800

900

FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10

31 58 76 121187

355

588

718

886

5 9 16107

445

1,079

647

192

613

0

300

600

900

1,200

FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10

0

20

40

60

80

100

120

FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10

4 6 8 14

30

63

79 81

108

Kalpataru Power – Infra/ Power experience 2001-2009

Source: Company Reports, Capitaline

Revenues ($ mn) EBITDA ($ mn)

Net Profit after tax ($ mn) Market Cap ($ mn)

Power Transmission | Power Distribution | Renewables | Real Estate | Oil & Gas Pipelines | Agri Logistics

Consolidated (incld JMC) Consolidated (incld JMC)

Consolidated (incld JMC)

•Over 3,800 professionals

•Over $1.5 bn order-backlog

•Projects in Africa, Middle East

Over $2 bn EPC and

Infra development

experience from

2001 - 2009

0

50

100

150

200

250

300

FY06 FY07 FY08 FY09 FY10

58

112

204

292 292

JMC Projects – Civil/ EPC experience 2005-2009

Source: Company Reports, Capitaline

Revenues ($ mn)

0

5

10

15

20

25

30

FY06 FY07 FY08 FY09 FY10

2

9

17

25 26

EBITDA ($ mn)

Kalpataru Power

JMC Projects

Power Transmission

& Distribution EPC

Infrastructure EPC/

Construction

Asset/ BOT

Development

TL Projects

(Domestic)

TL Projects

(International)

Rural

Electrification &

Distribution

Oil & Gas

Pipelines

Factories &

Buildings

Roads &

Bridges

Power Projects

– Civil Works

Water Pipeline

& Sewerage

Biomass

Energy /

Renewables

Agri Logistics /

Warehousing

Real Estate &

related Infra /

BOT projects

51%+

Factories & Buildings | Roads & Bridges | Civil Works (Power plants)

Kalpataru Power acquired controlling stake in JMC Projects, a loss making company in Feb 2005 at market Capitalization of

$5 Mn and Revenues of $40 Mn It represents one of the fastest and dramatic turnarounds in India

In short span of 7 years, became one

of India’s top # 10 Real Assets Player

Post Takeover-JMC become 6th fastest growing Small Cap company- BT

6

ENAM

Kalpataru has one of the world’s largest tower fabrication plant with the capacity of over

100, 000 MTs p.a . Also has state of the art design and testing facilities.

Since 2005 - completed the electrification of over 3,000

villages across India- For Distribution utilities.

Over 8,500 kms of TL lines (upto 800 kv) strung

Over 1,000 kms of pipelines laid across terrains- for GAIL, HPCL , Reliance, IOCL

Kalpataru Group- India’s

leading Infrastructure

and Real Estate Group

40 Years of Real estate

development in Mumbai

JMC Projects– one of India’s largest civil players

Bajaj Auto, Pune GE Capital, Uppal, Delhi Power Grid Corp, Gurgaon RITES, Gurgaon

Udaivillas / Oberoi Hotels,

Udaipur

Asian Heart Care Institute, Mumbai

Indian Institute of

Management, Ahmedabad

Infosys Technologies,

Hinjewadi, Pune

Wipro, HyderabadHewlett Packard, Bangalore Cognizant Technology, Pune Syntel International, Pune

Delhi Metro Rail / DMRC, Delhi GVKJ Power Plant for

Alstom ProjectsFlyover, Hyderabad

JMC has executed from 2005-09- Factories & Building projects for Welspun, Siemens, Dr

Reddys, Easai Pharma, Wipro, Delhi Metro, Mantri, Prestige, Tulsiani-Sumer, Stadiums for

CW Games, Jaypee, Bagmane, Kalpataru, Jaypee Greens; Road jobs for NHAI/MPRDC,

Bridges at Santacruz, Panvel, Pune; Power Projects for BHEL, NTPC, Alstom, Reliance