indiadue - Excel Funds

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indiadue - Excel Funds
IN IA
DUE DILIGENCE TRIP
INDIA
DUE DILIGENCE TRIP
Passport
to India
Table of Contents
President’s Message
1
Quick Facts about India
2-3
Day 1
4-5
Day 2
6-7
Day 3
8-9
Day 4
10
Locations & Point of Contacts
11
The Golden Triangle
12
What we love about this itinerary
13
Day 4 (continued)
14-15
Day 5
16-17
Day 6
18-19
Day 7
20-21
Day 8
22-23
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Dear Friends,
Thank you for joining Excel Funds on its due diligence trip to India. I wish to extend
a warm welcome to the fastest growing economy in the world.
During our trip, you will get to see and experience India’s vibrant economy, meet
leading companies, and rub shoulders with key decision-making officials.
Over the next few years, India is poised to become a global powerhouse, fuelled
by accelerating economic growth; unprecedented reforms initiated by its new,
business-friendly Prime Minister, Narendra Modi; increasing foreign investments;
and a young, highly educated and upwardly mobile middle class.
As an Excel supporter, we want to bring you to the action so that you can witness
India’s transformation for yourself.
As Canada’s only pure emerging markets fund company, we remain committed to
bringing Canadian investors new and exciting investment opportunities in emerging
markets.
I would like to thank you for your continued support and look forward to working
with you to grow your business.
I hope our trip is richly rewarding.
Yours sincerely,
Bhim D. Asdhir
President & CEO
Quick Facts about
INDIA
A democracy with a parliamentary system of governance, India is a multi lingual
and secular society with a vibrant economy and a vast pool of skilled manpower.
Land Area: 3.29 million square kilometers
Capital: New Delhi
Government: Democratic, Parliamentary
Languages Spoken: India is a multilingual society with
18 principal languages Hindi is the language of a large
percentage of people, while English is the preferred
business language
Major Religion: Majority are Hindus, though a significant
number are Muslims, Christians Sikhs, Buddhists, etc
Electricity: India uses 220 volt (50 cycles) electricity.
Banking: India has mature banking services in major cities.
Currency: The unit of currency is the Indian Rupee (INR) (CAD $1 = 50 INR approximately,
exchange rate fluctuates). Currency can be changed at banks, hotels or money changers.
Climate: Tropical monsoon with warm summers and mild winters. The average temperature
ranges from 25˚C to 39˚C in summer and from 15˚C to 28˚C in winter.
Mumbai Time Zone: IST (Indian Standard Time): GMT + 5.30.
Telephone calling code: The international Mumbai calling code is: +91 22.
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Why India is a great investment opportunity
►► India’s macro-economic fundamentals are stronger than ever
►► India’s business friendly majority government is committed to the country’s
future
►► India is experiencing a stable political and economic environment, buoyed
by lower current account and fiscal deficits, falling inflation and a stronger
currency
►► India’s equity valuations are forecasted to remain attractive on strong
earnings growth
►► India’s stock market is among the best performing major global stock markets
►► India’s young, highly educated workforce and growing middle class will drive
sustainable growth
►► With 250 million consumers and growing, India is forecasted to become the
largest consumer market in the world
►► India is experiencing increasing foreign institutional and foreign direct
investment inflows
Day 1
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Tuesday March 24, 2015
INDIA
DUE DILIGENCE TRIP
Itinerary
7:30am-9:00am
Breakfast at Hotel Joined by: BJP Party
9:00am-9:30am
Travel to Birla Sun Life Offices
9:30am - 10:00am
Meeting with Mr. Kumar Mangalam Birla, Chairman
10:00am - 11:00am
Meeting with Mr. A. Balasubramanian CEO
11:00am - 12:00pm
Meeting with Dr. Ajit Ranade Chief Economist
12:00pm - 1:30pm
Lunch and meeting with Reserve Bank of India at
Birla Sun Life Offices
3:00pm – 6:00pm
Colaba Street Shopping
7:30pm – 9:30pm
Dinner at with senior management teams: Idea Cellular,
Ultratech Cement, Grasim, Hindalco - Venue TBD
The Aditya Birla Group is an Indian multinational conglomerate, headquartered in
the Aditya Birla Centre in Mumbai, India. It operates in 40 countries and has more than
120,000 employees worldwide. The group had revenues of approximately US$45 billion
in 2014. With gross revenues of US$45 billion (in 2014) it is the third largest Indian
private sector conglomerate behind Tata Group .
Kumar Mangalam Birla is Chairman of the Aditya Birla Group, one of the largest conglomerates in India.
The group is India’s third largest business house. Mr. Mangalam is also the Chancellor of the Birla Institute of
Technology & Science. Under his leadership the Aditya Birla Group has expanded into Telecom, Software, BPO
and other areas, while consolidating its position in existing businesses. Under his tenure since 1995, the group’s
turnover has grown from $2 billion to approximately $40 billion. It has operations in more than 40 countries and
employs almost 130.000.
A. Balasubramanian is the Chief Executive Officer and Chief Investment Officer at Birla Sun Life Asset
Management Company Limited. Mr. Balasubramanian previously served as the Head of Sales and Distribution
at the firm. Prior to that, he had served as the Head of Fixed Income Group and a Portfolio Manager at the
firm. He is a Director of Association of Mutual Funds in India and has also been a part of the SEBI Committee on
Review of Eligibility Norms.
The Taj Mahal Palace Hotel
Dr. Ajit Ranade is President and Chief Economist of the Aditya Birla Group. Previously, he was Chief Economist
at ABN AMRO Bank. His professional career spans academic and corporate assignments, including teaching in
universities in India and U.S. He served as Independent Director of Multi Commodity Exchange of India Ltd. and
on various committees of the Reserve Bank of India. He is a member of the Board of India Today Economists,
Chairman of the CII West Zone Sub Committee on Economic Affairs and the Research Advisory Panel of the
Indian Institute of Banking and Finance. He is a co-founder and trustee of Association for Democratic Reforms
which is an Indian civil society group vying for transparency in the politics of India.
The Taj Mahal Palace Hotel
Part of the Taj Hotels, Resorts and Palaces, this hotel is considered the flagship property of the group and contains
560 rooms and 44 suites. There are some 1,500 staff including 35 butlers. From a historical and architectural
point of view, the two buildings that make up the hotel, the Taj Mahal Palace and the Tower are two distinct
buildings, built at different times and in different architectural designs.
The hotel, which many claim offers the highest level of service in India, has hosted many notable guests, from
presidents to captains of industry and stars of show business.
Day 2
Wednesday March 25, 2015
Itinerary
7:30am-9:00am
Breakfast at Hotel
9:00am-9:30am
Travel to Bombay Stock Exchange
9:30am-11:00am
Tour Bombay Stock Exchange
11:00am – 11:30am
Travel to Securities and Exchange Board of India
11:30am – 12:30pm
Tour Securities and Exchange Board of India (SEBI)
12:30pm – 1:30pm
Lunch
1:30pm – 2:00pm
Travel
2:00pm – 3:00pm
Meeting with Indusind Bank
3:00pm – 4:00pm
Meeting with Yes Bank
4:00pm – 5:00pm
Meeting with Mahesh Patil & Maneesh Dangi (Co-CIOs)
5:00pm – 5:30pm
Travel back to hotel
7:00pm – 9:30pm
The Roof Top Bar at The Taj Mahal Palace Hotel Joined by: Investors / Business Heads of Birla
SEBI: The Securities and Exchange Board
of India is the regulator for the securities
market in India. It was established in the
year 1988 and given statutory powers on
12 April 1992 through the SEBI Act, 1992.
IndusInd Bank Limited
is a Mumbai based Indian new generation
bank
YES Bank
is among India’s top five largest full
service commercial banks, often referred
to as a new age private sector bank.
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Bombay Stock Exchange
Bombay Stock Exchange (BSE) is an Indian stock exchange located in Mumbai, Maharashtra, India.
Established in 1875, it is considered to be one of Asia’s fastest stock exchanges, with a speed of 200
microseconds and one of India’s leading exchange groups and the oldest stock exchange in the South Asia
region. Bombay Stock Exchange is the world’s 10th largest stock market by market capitalization at $1.7
trillion as of 23 Jan 2015. More than 5,000 companies are listed on BSE, making it the world’s top exchange
in terms of listed members.
Day 3
Thursday March 26, 2015
Itinerary
7:30am - 9:00am
Breakfast at Hotel
9:30am - 10:30am
Meeting with HDFC (at Business Chambers, Taj Mahal Palace Hotel)
11:00am - 12:00pm
Meeting with TCS (at Business Chambers, Taj Mahal Palace Hotel)
12:30pm - 2:00pm
Lunch
2:00pm - 3:00pm
(at Business Chambers, Taj Mahal Palace Hotel)
3:00pm - 4:00pm
Meeting with L&T (at Business Chambers, Taj Mahal Palace Hotel)
4:00pm – 5:00pm
Meeting with PVR (at Business Chambers, Taj Mahal Palace Hotel)
5:30pm – 7:00pm
Marine Drive Queens Necklace – carriage ride down
the main avenue by the waterfront
7:30pm – 9:30pm
Meeting with Motherson Sumi
Cocktails and Dinner at: Khyber Restaurant
Joined by: Industry experts who will share their
perspective on Indian markets; the last 25 years and
the next 20 years.
Housing Development Finance Corporation
Limited or HDFC
is an Indian financial conglomerate based in
Mumbai, India. It is a major player for housing
finance in India.
Tata Consultancy Services Limited (TCS)
is a global IT services, business solutions and
outsourcing company headquartered in Mumbai,
and a subsidiary of the Tata Group conglomerate.
Motherson Sumi Systems Limited (MSSL)
is the flagship company of the Samvardhana
Motherson Group. MSSL is a leading automotive
mirror and wiring harness manufacturer for
passenger cars.
Larsen & Toubro Limited (L&T)
is a technology, engineering, construction and
manufacturing company. It is one of the largest and
most respected companies in India’s private sector.
PVR Cinemas
is the largest cinema exhibition company in the
country presently stands at a count of 462 screens
in 104 properties in 44 cities.
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Marine Drive Queens Necklace
The official name for this road, though rarely used, is Netaji Subhash Chandra Bose Road.
The promenade is lined with palm trees. At the northern end of Marine Drive is Chowpatty
Beach. This is a popular beach famed for its Bhel puri (local fast food). Many restaurants
also line this stretch of the road. Further down this road lies Walkeshwar, a wealthy
neighbourhood of the city, also home to the Governor of Maharashtra.
Most of the buildings which were built by wealthy Parsis sport an art deco look that was
popular in the 1920s and 1930s. Real estate prices along the esplanade are high. Many hotels
dot the drive, most prominent among them being the 5-star Oberoi (formerly the Oberoi
Hilton Tower however reverted to the original name as of early 2008), The Intercontinental,
Hotel Marine Plaza, Sea Green Hotel and a few other smaller hotels. Marine Drive is the
preferred connecting road between the central business district located at Nariman Point
and the rest of the city.
Day 4
Friday March 27, 2015
Itinerary
7:30am-9:00am
Breakfast at Hotel
11:00am – 11:30am
Hotel Check-Out
11:30am – 1:30pm
Travel to Chhatrapati
Shivaji International Airport Mumbai
Chhatrapati Shivaji International Airport Mumbai
Chhatrapati Shivaji International Airport, formerly Sahar International Airport, is the primary
international airport serving the Mumbai Metropolitan Area, India.
Locations
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& Point of Contacts
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The Taj Mahal Palace Hotel
Apollo Bunder,
Mumbai, 40001, India
+91 22 6665 3366
Birla Sun Life Offices
Aditya Birla Centre
3rd Floor, S K Ahire Marg,
Worli, Mumbai, India
+91 22 6652 5000
Bombay Stock Exchange
Phiroze Jeejeebhoy Towers, Dalal Street, Kala Ghoda,
Fort, Mumbai, Maharashtra 400001, India
+91 22 2272 1234
ICICI Bank Towers
Bandra-Kurla Complex
Mumbai 400 0051
+91 (22) 2653 1414
Infosys
85, ‘C’,
Mittal Towers, 8th Floor
Nariman Point
Mumbai - 400 021
+ 91 22 2284 6490
Tata Motors
Bombay House
24, Homi Mody Street, Fort,
Mumbai, 400 001
+91 22 6665 8282
Chhatrapati Shivaji International Airport Mumbai
Maharashtra
400 0099
+91 22 6685 1010
SEBI
Plot No. C 4-A , G Block, Near Bank of India, Bandra
Kurla Complex, Bandra East, Mumbai, Maharashtra
400051, India
Emergencies from Abroad
For consular emergency involving a Canadian citizen, please contact the High Commission at 011-4178-2000
for immediate assistance. You can also contact the Emergency Watch and Response Centre in Ottawa at
[email protected]
After-Hours Emergency Contact
Call collect from any country to +1 (613) 996-8885 to reach the Emergency Watch and Response Centre.
TTY: (613) 944-1310 E-mail: [email protected]
Telephone Contacts for Emergencies in India
Police: 100
Fire Brigade: 101
Consulate General of Canada in Mumbai
Indiabulls Finance Centre
21st Floor, Tower 2
Senapati Bapat Marg
Elphinstone Road (West)
Mumbai 400013
Telephone: 91 (22) 6749 4444
Fax: 91 (22) 6749 4454
Email: [email protected]
Ambulance: 102
Tourist Police Tel: 022 2262 1855
Hours of Operation
Monday - Friday 09:00 - 17:15
Consular Section – Hours of Operation
Monday – Friday 09:30 - 12:30
Delhi
The
Golden Triangle
Jaipur
Agra
What We Love About This Itinerary
The spectacular forts of Jaipur
The famous Taj Mahal as only a
select few experience it
Breathtaking architecture and urban vibe in Delhi
Day 4
MUMBAI to JAIPUR
Friday, March 27th, 2015
On arrival in Jaipur you will be met by your EYHO India host and chauffeured to the Taj
Rambagh.
Founded in 1728 by Maharaja Sawai Jai Singh, Jaipur is where modernity and tradition exist
side by side. The walled city, vibrant with colours, houses the City Palace, an astronomical
observatory and a bustling bazaar where artisans fashion puppets, silver jewellery, lac
bangles and other handicrafts in their workshops. At a short distance is the Amber Fort
Palace at Amber.
This historical city was constructed by Mughal emperor Akbar in the 16th century and
served as the empire’s capital from 1571 until 1585. Though the court took 15 years to
build, it was abandoned after only 14 years because the water supply was unable to
sustain the growing population. It is recognised as a UNESCO World Heritage Site.
Upon arrival check into your hotel “Taj Rambagh”. In the finest tradition of Rajput
hospitality, the Rambagh Palace offers its guests a taste of royal living – a luxury and
extravagance that was once the sole preserve of kings. It’s elegantly appointed rooms,
marbled corridors and majestic gardens echo with history, and every corner has a story
to tell. “The Jewel of Jaipur”, Ram Bagh Palace, which has been a home to generations of
royals, and was converted into a hotel in 1972.
Later in the evening head out to the City Palace to enjoy your theme Gala Dinner with a
royal welcome.
Spend two nights at Taj Rambagh. Accommodation is in a Palace room with ensuite
facilities.
Insider’s Tips
►► Get a feel of the old movie halls at the Raj Mandir
►► Go for a rickshaw ride in the old city
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Day 5
JAIPUR
Saturday, March 28th, 2015
Today morning after a leisurely breakfast you will be taken for a guided sightseeing of the
following.
Private guided tour of stunning Amber Fort with elephant ride to the top. Amber Fort
is located 11 km from Jaipur. It was the ancient citadel of the ruling Kachhawa clan of
Amber, before the capital was shifted to present day Jaipur. Amber Fort is known for its
unique artistic style, blending both Hindu and Muslim (Mughal) elements, and its ornate
and breathtaking artistic mastery.
City Palace - The City Palace, a wonderful combination of Mughal and Rajput forms of
architecture, is now partly a museum housing miniature paintings, manuscripts, Mughal
carpets, musical instruments, royal costumes and weapons, giving invaluable insight into
Jaipur’s royal past. Some of the instruments at the astronomical observatory are still used
today to forecast the weather and the turns of nature.
Hawa Mahal - The focal point of the city of Jaipur is the Hawa Mahal or the Palace of
Winds, a five storey high Baroque- like structure built to enable the veiled ladies of the
harem to observe the street scenes below and remain unnoticed.
For lunch we suggest Samode Haveli or Raj Palace.
The afternoon is free for shopping or for your own activities.
In the evening we head to Dera Amer to play a game of camel polo followed by dinner
around folk musicians. The culinary inclined can also try their hand at cooking

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Day 6
DELHI - AGRA
Sunday, March 29th, 2015
After a leisurely breakfast you will be driven to Agra (Approximately 4 hours drive)
Enroute visit the Fatehpur Sikri.
Fatehpur Sikri is a fine example of a Mughal walled city with defined private and public
areas and imposing gateways. Its architecture, a blend of Hindu and Islamic styles, reflects
Akbar’s secular vision as well as his style of governance.
Agra is where Emperor Shah Jahan engraved his immortal love for his Empress in marble,
the Taj Mahal. Agra is still famous for handicrafts products such as inlay work on marble,
carpets, jewellery, zari and embroidery work.
You will be met upon arrival and chauffeured to Hotel. Check into your hotel “Oberoi
Amarvilas” and have the most memorable experiences, located just 600 meters from the
magnificent Taj Mahal considered the finest example of Mughal architecture, which you
will explore late afternoon when the light is just perfect for photography.
Lunch at the Bagh in Bharatpur or we can also carry packed lunch from the Rambagh
Spend one overnight at The Oberoi Amarvilas. Accommodation is in a Premier Room with
ensuite facilities.
Insider’s Tips
►► View Taj Mahal from the river bed if time allows you
►► Please note Taj Mahal is closed for public viewing on Fridays

Oberoi Amarvilas hotel
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Day 7
AGRA - DELHI
Monday, March 30th, 2015
Start the day with a visit to the Taj Mahal by sunrise. The Taj Mahal is said to be one of
the most elegant and harmonious buildings in the world. It is the manifestation of the
wealth and luxury of Mughal art as seen in its architecture, garden design, painting, and
calligraphy.
Later return to the hotel for breakfast
After breakfast and checkout visit :
Agra Fort which is the most important fort in India, as all the great Mughal rulers lived
here, and the country was governed from here.
After visiting the Agra Fort head to Delhi (approximately 4 hours drive)
On arrival in Delhi you will be met and assisted with your check to The Imperial, New Delhi.
The Imperial, New Delhi’s landmark Hotel, is located on Janpath, the erstwhile Queensway.
The restored 1930’s Victorian – style building is a perfect confluence of old-world charm
and modern day conveniences.
Dinner will be at Spice Route at the hotel or Vedas)
Spend one night at the The Imperial, New Delhi. Accommodation is in a Heritage Room
with ensuite facilities.
Insider’s Tips
►► Make a trip to Khan Market and visit the bookshops like Bahri Sons
►► Step in to Amarpali to shop for tribal jewellery
►► Visit Meher Chand market to look at the traditional handicraft
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Day 8
DELHI
Tuesday, March 31th, 2015
After a scrumptious breakfast take a rickshaw ride in Chandni Chowk which was once the
grandest of markets in India.
Jama Masjid, the Friday congregational mosque, known as the largest and glorious
mosque in India. It was the last architectural extravaganza of the Mughal Emperor;
Shahjahan built in the year 1656 AD.
Lunch will be at Indian Accent at the Manor or The Virk at Taj Mahal Hotel.
India Gate situated on the Rajpath in New Delhi, India Gate (originally called the All India
War Memorial) is a monument built by Edwin Lutyens to commemorate the Indian soldiers
who died in the World War I and the Afghan Wars. The foundation stone was laid on 10
February 1921 by the Duke of Connaught. The names of the soldiers who died in these
wars are inscribed on the walls. It was completed in 1931. Since 1971, the Amar Jawan
Jyoti (The Flame of the Immortal Warrior) burns eternally under the monument and marks
the Unknown Soldier’s Tomb.
Rashtrapati Bhawan (Hindi for Presidential Palace) is the official residence of the President
of India, located in New Delhi, Delhi. Until 1950 it was known as “Viceroy’s House” and
served as the residence of the Governor-General of India.
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During the Delhi Durbar year of 1911 it was decided that the capital of India would be
shifted from Calcutta to Delhi. This was announced on December 12 by King George V.
As the plan for New Delhi took shape, the Governor-General’s residence was given an
enormous scale and prominent position. The British architect Edwin Landseer Lutyens,
a key member of the city-planning process, was also given the prime architectural
opportunity of designing the building. Vice Regal Lodge was largely completed by 1929
and (along with the rest of New Delhi) officially inaugurated in 1931.It is interesting to
note that the building which was completed in seventeen years and in the eighteenth year
of its completion, India gained independence.
Qutub Minar: The Qutub Minar, in New Delhi, measures 72.5 meters and is the world’s
tallest brick minaret. Construction commenced in 1193 under the orders of India’s first
Muslim ruler Qutub-ud-din Aibak.The Qutub Minar is notable for being one of the earliest
and most prominent examples of Indo- Islamic architecture. It is listed as a UNESCO World
Heritage Site.
Alternately you can visit the Humayun Tomb.
Later in the evening we will head to ITC Bhukhara. The food at Bukhara is cooked in clay
ovens or tandoor in the traditional style of the Indian North-West Frontier region. This
style of cooking requires great expertise on the part of the chefs, since the meat is not
accompanied by any sauce or gravy, but is only pre-marinated and cooked before serving.
Later you will be chauffeured to the Delhi International airport to connect for your flight
back home.
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2810 Matheson Boulevard East
Suite 800
Mississauga, ON
L4W 4X7
For more information on how Excel Funds can assist you
with your emerging markets investments, please call
1-855-392-3530 or visit www.excelfunds.com.