The Leela Palace, Udaipur

Corporate
Corporate Presentation
Presentation
June 2013
June 2014
Hotel Leelaventure Limited: Introduction
A leading player in the growing luxury hotels segment in India, with
a well-recognized brand name
8 existing five star deluxe properties, all in premium locations
spread across India, of which 6 are owned
Company presently adopting asset light strategy. More hotels being
taken on Management
Strong business fundamentals and operating matrix as compared
to industry average making its hotels RevPAR leaders in most of
the markets it operates in
Alliances with Preferred Hotel Group, Global Hotel Alliance, ESPA,
Le-Cirque and Megu
Experienced management team with rich industry experience and
proven execution capabilities
2
Evolution of Hotel Leelaventure Limited
2013
The Leela Palace, Chennai
begins operations
\
2011
The Leela Palace, New Delhi
begins operations
2009
The Leela Palace, Udaipur
begins operations
2011
2009
2006
The Leela, Kovalam
Under management contract,
After sale
Leela, Gurgaon under
Management contract
Acquired Kovalam Hotels and rechristened it
as The Leela Kovalam
2008
The Leela Palace, Bangalore undergoes
expansion
1996
Added 60 new rooms to the Leela, Goa and
established a 9-hole mini golf course
2001
The Leela Palace, Bangalore begins
operations
1986
1991
Leela Penta, Mumbai begins
Operations
The Leela, Goa begins operations
1981
Inception of Hotel Leelaventure
3
Well Recognized Brand Name
The Leela Palace New Delhi
•
The Presidential Suite named as one of The Nation’s Top 25
Presidential Suites, Travel + Leisure India & South Asia - 2013
Capt. C. P. Krishnan Nair
•
Lifetime Achievement Award conferred on Capt. C.P.
Krishnan Nair, Condé Nast Traveler Readers’ Travel
Awards, India - 2011
The Leela Palace Udaipur
•
The Maharaja Suite named as one of The Nation’s Top 25
Presidential Suites, Travel + Leisure India & South Asia 2013
The Leela Palace Chennai
•
•
The Best New Hotel, Travel + Leisure India & South
Asia, Readers Choice Awards - 2014
One of the Best New Hotels, Travel + Leisure USA, ‘IT’
List – 2013
The Leela Palace Bangalore
•
India’s Leading Conference Hotel - 2010
•
India’s Leading Business Hotel - 2007, 2008, 2009
•
•
The Leela Palace Udaipur
•
•
One of the Best Leisure Hotel and Best Hotel Spa, Condé
Nast Traveler Readers’ Travel Awards, India - 2012
One of the Best New Hotels in the World, Conde Nast
Traveler, USA – 2010, 2012
The Leela Palace Chennai
•
•
The Leela Palace Bangalore
Asia’s Leading Resort - 2007, 2008
•
•
Nominated for World’s Leading Presidential Suite – 2010
•
The Leela Kovalam
•
Asia’s Leading Resort – 2010
The Leela Palace New Delhi
•
“Best of the Best” Hotel in the World, Robb Report USA –
2012
The Leela Palace Udaipur
•
•
Best Five Star Deluxe Hotel – 2008-09
Favorite Business Hotel in India, Condé Nast Traveler
Readers’ Travel Awards, UK - 2010
One of World’s 681 Best Places to Stay, Condé Nast
Traveler Gold List, USA – 2010
The Spa by ESPA voted as one of the World’s Top
Sybaritic Spas, Condé Nast Traveler Hot list, USA - 2010
The Leela Ambience Gurgaon
•
10th Best Hotel in India, Condé Nast Traveler Reader’s
Choice Awards, USA - 2013
The Leela Palace Bangalore
•
•
One of the World’s Best New Hotels, Condé Nast
Traveler Hot List, UK - 2013
The Leela Mumbai
One of the World’s Top Resorts and The Most Exclusive
Retreat on Earth, Robb Report USA - 2012
The Leela Kovalam
National
Tourism Award
One of the top Hotels in the World, Condé Nast Traveler
Gold List, USA - 2014
The Spa by ESPA voted Favourite Hotel Spa, Condé Nast
Traveler Readers’ Travel Awards, India - 2013
The Leela Goa
The Leela Mumbai
World Travel
Awards
The Leela Palace New Delhi
Ranked amongst India’s Hottest Wedding Destinations,
Forbes – 2007
4
Best in Class Alliances and Tie-ups
Alliances
Credentials
Relationship with Leela
•
Global leader in the luxury hospitality industry
•
Provides marketing, sales, reservation and technological support.
•
Facilitates reservations, sales and marketing
•
Provides sales contact with large consortia namely– Amex, CWT, BCD and Hogg
Robinson, PHG’s Airlines and Credit Card partnerships
services to more than 650 independent hotels in
over 65 countries
•
•
•
33 Global Sales Offices assist in promoting transient business for all hotels
•
Helps improve brand awareness among international travelers
World’s largest alliance of independent hotel
•
Leverage GHA’s international services
brands
•
Provides access to key market sales support, hotel cross-promotional activity, trade show
Currently comprises nearly 335 hotels with over
65,000 rooms across 61 countries
representation
•
Access to frequent flier program partnerships, loyalty programs, public relations and
advertising campaigns
•
World renowned brand for spas and skincare
•
products
•
One of New York’s well known culinary
Delhi . ESPA products and treatments are offered at The Leela Mumbai
•
Le Cirque provides its world renowned culinary experience at The Leela Palace, New
Delhi and The Leela Mumbai.
destination known for its Italian and French
cuisine
ESPA manages the Group’s Spas at The Leela Palace Udaipur, The Leela Palace New
•
Le Cirque Signature - exclusive French-Italian dining experience has opened at The
Leela Mumbai and is slated to open at The Leela Palace Bangalore and The Leela
Palace Chennai
•
New York based high end Japanese restaurant
•
Both its menu and design concept are a blend of
•
Megu operates its specialty Japanese restaurant at The Leela Palace New Delhi
traditional and contemporary Japanese
5
Strong Management Team with Proven Capabilities
Conferred the ‘Padma Bhushan’ Award by the
Government of India, 2010
The Green Hotelier, 2010 awarded by Gulf
Connoisseur
Late Capt. C P Krishnan Nair
Founder Chairman
Promoted The Leela Group of Hotels
in 1986
Vivek Nair
Chairman & MD
Over 34 years of
experience in the
hotel industry
Hon. Secretary and
immediate Past
President of
Federation of Hotels
& Restaurants
Association of India
(FHRAI).
The Hotelier of the Century Award by International
Hotel and Restaurant Association (IH&RA),
(Switzerland) in 2010 for Capt. Nair’s contribution to
the hospitality industry in India during 50 years
Dinesh Nair
Co Chairman & MD
With the Company
since its inception
34 years of
experience in
management,
administration and
marketing
functions
Venu Krishnan
Deputy Managing Director
Lifetime Achievement Five Star Diamond Award
2009 awarded by The American Academy of Hospitality
Sciences
Elected to Global 500 Roll of Honour by United
Nations Environment Programme presented in 1999 in
recognition of outstanding practical achievements in
the protection and improvement of environment
Lifetime Achievement Award at Conde Nast
Traveller India’s Readers’ Travel Award conferred
in Decenber 2011
Krishna Deshika
Director Finance & CFO
Rajiv Kaul
President
Over 37 years of
experience in project
implementation,
legal, commercial
and administrative
functions
34 years of
experience in
finance, accounts,
company secretarial,
legal and
commercial functions
Over 35 years of
experience in The
hotel industry
Led the project
implementation team
for the Goa Hotel in
1991
Associated with JSW
group for 15 years,
Millipore India for 2
years and HMT
Limited for 14 years
Holds a Diploma in
Hotel Management
and an MBA in
Hospitality
Management
Previously worked
with Oberoi and Taj
groups
6
Evolving Pan – India Footprint
Location
No.of
Rooms
The Leela
Mumbai
390
The Leela
Goa
206
The Leela Palace
Bengaluru
357
The Leela Palace
Udaipur
80
The Leela Palace
New Delhi
260
The Leela Palace
Chennai
326
Hotel
Owned and Managed
Gurgaon
New Delhi
Udaipur
Total
Mumbai
1619
Managed
Goa
Bengaluru
Chennai
Kovalam
The Leela Ambience
Gurgaon
The Leela Raviz
Kovalam
411
183
Total
594
Grand Total
2213
Location of Existing Hotels
7
The Leela, Mumbai
Operational since 1986, The Leela Mumbai continues to be one of
the popular luxury hotels in Mumbai
Proximity to the International & Domestic airports and business
hubs like the Bandra Kurla Complex (BKC) makes it an attractive
location
The Hotel is built on land of 18000 sq mtrs (4.45 acres) leased
from AAI and 7525 sq mtrs (1.85 acres) leased from the Promoter
Company
Facilities and Dining
Room Mix
No. of Rooms
Facilities
500
Grand Ball Room of 11742 sq. ft. divisible in 5 parts
29
1
390
58
400
5 Meeting Rooms
Spa, Sate-of-art fitness centre and Warren Tricomi Salons
302
300
Dining
CITRUS – 24 hour brasserie offering multi cuisine specialty
200
Jamavar – Indian specialty cuisine
100
The Great Wall – Chinese specialty cuisine
0
Premiere
Rooms
Royal
Club Rooms
Suites
Maharaja Suite
Total
Le Cirque Signature – Italian specialty cuisine
6 Degrees - The cosmopolitan bar
8
The Leela, Mumbai
ARR and Occupancy
Revenue Breakup
INR Mn
2,000
1,750
INR
34%
1,500
750
878
920
854
500
250
757
9%
583
600
615
0
FY11
Room Revenue
FY12
Other Revenue
35%
9,000
25%
20%
1,000
10,000
30%
25%
1,250
40%
FY 13
594
6,000
5,000
5%
4,000
Gross Op. Profit as % of Rev
8,535
8,207
90%
7,717
80%
7,000
10%
FY 14
8,526
8,000
20%
15%
100%
76%
72%
70%
73%
69%
60%
50%
40%
FY11
FY12
ARR
FY13
FY14
Occupancy
9
The Leela, Goa
The Leela Goa is operational since 1991 and underwent significant
expansion in 1994 and renovation in 2011.
The Leela Goa has 206 luxuriously appointed guestrooms and suites
Spread over 50.46 acres and located in Cavelossim on the Mobor beach
in South Goa between Sal River and Arabian Sea, the hotel is designed
to reflect the Indian and Portuguese heritage
The Hotel is built on 38.58 acres of land owned by the Company and
11.88 acres of land leased from the Promoter Company
Facilities
Room Mix
Ballroom of 6585 sq ft, 1 Conference room and 2 Boardrooms
No. of Rooms
Golf course, Tennis Courts, Spa and and other facilities
250
26
200
15
4
1
206
Aqua: Entertainment lounge and discotheque
66
150
100
Warren Tricomi Salon – ultimate experience in luxury hair and beauty care
Dining
The Restaurant - All day dining and multi cuisine restaurant
94
The Riverside – the Italian restaurant
50
Susegado – Seafood restaurant
0
Lagoon Conservatory Lagoon
Terrace Premiere
Suite
Rooms
Rooms
Club
Suites
Royal
Villas
Presidential
Suite
Total
The Yali Lounge
The Pool Bar
10
The Leela, Goa
Revenue Breakup
ARR and Occupancy
INR
INR Mn
1,250
60%
500
85%
13,854
1,000
750
18,000
45%
50%
15,000
41%
36%
528
250
34%
738
809
225
FY11
FY12
367
FY13
FY14
0
Room Revenue
Other Revenue
71%
71%
70%
71%
6,000
20%
Gross Op. Profit as % of Rev
80%
75%
73%
30%
341
11,115
12,000
9,000
478
271
40%
15,199
13,742
65%
60%
3,000
55%
FY11
FY12
ARR
FY13
FY14
Occupancy
11
The Leela Palace, Bangalore
The Leela Palace, Bangalore commenced operations in 2001
with 256 guest rooms and expanded to 357 guest rooms in
FY08
The hotel is located in close proximity to the city centre and
recreates the architectural style of the Mysore Palace in a
modern art deco form
The Leela Palace Bangalore stands majestically amidst seven
acres of lush gardens and a sparkling lagoon in the garden city
of Bangalore
The Hotel is built on land of 6 acres leased from promoter
Company and 0.9 acre of land and building leased by an
Investor
Room Mix
Facilities and Dining
No. of Rooms
Facilities
500
Grand Ball Room of 4400 sq. ft.
80
375
44
28
1
357
Spa by ESPA
20
250
12 Board Rooms and Meeting Rooms
184
Dining
CITRUS - 24 hour brasserie offering Mediterranean cuisine, multi-
125
cuisine buffet
0
Deluxe
Rooms
Conservatory
Rooms
Royal
Premiere
Rooms
Royal
Club
Rooms
Suites
Maharaja
Suite
Total
Jamavar – Fine dining signature Indian restaurant
Zen - offers pan Asia cuisine
Library Bar – International martinis and cigar lounge
12
The Leela Palace, Bangalore
ARR and Occupancy
Revenue Breakup
INR Mn
2,000
INR
48%
50%
80%
16,000
43%
42%
1,500
1,000
39%
1,045
1,000
1,015
40%
0
635
11,673
11,109
69%
67%
64%
4,000
60%
654
20%
FY11
Room Revenue
11,521
67%
500
685
11,594
70%
8,000
926
30%
665
12,000
FY12
FY 13
FY 14
Other revenue
Gross Op. Profit as % of Rev
0
50%
FY11
FY12
ARR
FY13
FY14
Occupancy
13
The Leela Palace, Udaipur
Operational since April 2009, The Leela Palace Udaipur offers a
spectacular view of Lake Pichola, the City Palace and the Aravalli
mountains
All 80 guestrooms and suites are on the waterfront of Lake Pichola
The hotel is built on 8.2 acres of land owned by the Company
Room Mix
Facilities
No. of Rooms
The Marwar ballroom of 2461 sq ft and Mewar ballroom of 1872 sq ft
4
85
2
1
1
80
and 4 Boardrooms / meeting rooms
Spa by ESPA
60
56
Gym with steam room and Sunrise and Sunset Yoga
16
Dining
35
The Dining Room – International cuisine
10
Lake View Heritage
Rooms with Lake View
Balcony Rooms with
Balcony
Luxury
Suites
Duplex
Suites
The Royal
Suite
The
Maharaja
Suite
Total
Sheesh Mahal – fine dining Indian cuisine
Library Bar
24 hour private dining
14
The Leela Palace, Udaipur
ARR and Occupancy
Revenue Breakup
INR Mn
INR
350
34%
300
193
250
200
167
150
148
100
5%
50
0
74
FY11
Room Revenue
242
32%
24%
19%
45%
24,000
39%
22,000
20,000
34%
21,004
30%
24%
19,092
20,923
16%
137
115
92
8%
0%
FY13
Other Revenue
FY14
Gross O p. Profit as %N
16,000
40%
35%
30%
18,000
4%
FY12
40%
19,479
25%
20%
14,000
15%
12,000
FY11
FY12
ARR
FY13
FY14
Occupancy
15
The Leela Palace, New Delhi
Located in the exclusive Diplomatic Enclave with close
proximity to Rashtrapati Bhavan, the Secretariat, as well
as the central business district and historical monuments
Spread over 3 acres of land, owned by the Company
All suites and guestrooms are over 550 sq. ft.
Room Mix
Facilities
Grand Ball Room of 4300 sq ft and Royal Ball Room of 1176 sq ft
No. of Rooms
280
39
240
2
1
1
258
8 Meeting rooms and Boardrooms
Spa by ESPA
81
200
160
15
Dining
119
The Qube – all day dining restaurant
120
Jamavar – Royal Indian cuisine
80
Megu - modern Japanese cuisine
40
0
Le-Cirque - French & Italian gourmet cuisine
Gra nde
Royal
Deluxe
Pre mie re
gue strooms Rooms
Royal
Club
Rooms
Suites
Gra nde Royal Suite Mahara ja
Suite
with Po ol
Suite
with po ol
Tota l
The Library - Bar
16
The Leela Palace, New Delhi
ARR and Occupancy
Revenue Breakup
INR
INR Mn
1,500
36%
1,250
710
1,000
750
500
250
521
549
1%
FY12
Room Revenue
785
25%
736
FY13
Other Revenue
787
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
FY14
Gross Op. Profit as % of Rev
16,000
14,000
80%
58%
15,843
60%
51%
12,000
14,814
35%
70%
14,403
50%
40%
10,000
30%
20%
8,000
FY12
FY13
ARR
FY14
Occupancy
17
The Leela Palace, Chennai
The Leela Palace, Chennai, located in Adyar in Chennai,
overlooking the azure blue sea of the Bay of Bengal
The seafront hotel reflects the grandeur of the Chettinad Palace
architecture
Majority of the 326 guest-rooms and suites overlooking the Bay of
Bengal
The hotel is built on 4.8 acres of land owned by the Company
Room Mix
No. of Rooms
Facilities
360
16
13
1
1
1
326
57
300
pre-function area
24
240
Grand Ballroom of 15400 sq. ft. and Royal Ballroom of 8535 sq. ft. with
2 Meeting Rooms and 7 Board Rooms
213
Dining
180
Spectra - All day dining restaurant
120
Jamavar – Indian restaurant
60
China XO - Chinese restaurant with alfresco dining
Rooftop Italian restaurant (will start in the FY15)
0
Deluxe
Rooms
Pre mie re
Rooms
Royal
Club
Rooms
Suites
Deluxe
Luxury
Apa rtment Apa rtment
Royal
Suite
Mahara ja
Suite
Tota l
Library Blue - Bar
18
The Leela Palace, Chennai
Revenue Breakup
ARR and Occupancy
INR
INR Mn
900
-3%
750
283
600
450
300
150
0
52
-45%
523
FY13 (79 days)
FY14
100
Other Revenue
Room Revenue
10%
0%
-10%
-20%
-30%
-40%
-50%
-60%
Gross Op. Profit as %N
9,000
8,000
50%
8,924
33%
40%
30%
7,000
7,317
24%
6,000
20%
10%
5,000
0%
FY13 (79 Days)
ARR
FY14
Occupancy
19
The Leela Ambience, Gurgaon/NCR
Revenue Breakup
INR Mn
2,200
52%
2,000
40%
37%
1,600
1,400
48%
41%
1,800
1,292
38%
1,218
1,101
1,077
812
843
906
883
FY11
FY12
FY 13
FY 14
1,200
28%
1,000
800
600
18%
400
8%
Room Revenue
Operational since April 2009
Other Revenue
Gross Op. Profit as % of Rev
The property is owned by the Ambience Group
Hotel Leelaventure operates the hotel through a management contract
ARR and Occupancy
Room Mix
INR
No. of Rooms
450
90
375
300
293
21
6
1
411
11,000
86%
10,000
321
9,000
75%
10,052
9,746
7,000
150
77%
80%
8,000
225
100%
83%
9476
9,586
60%
40%
6,000
75
20%
5,000
0
Guestrooms Executive
Suites
Deluxe
Suites
Presidential
Suite
Total
Serviced Grand Total
Residences
4,000
0%
FY11
FY12
ARR
FY13
FY14
Occupancy
20
The Leela Raviz, Kovalam
Revenue Breakup
INR Mn
750
50%
600
41%
407
450
366
36%
415
32%
417
45%
37%
40%
35%
300
150
30%
271
258
309
274
0
20%
FY11
This resort earlier owned by Hotel Leelaventure was sold in 2011
25%
FY12
Room Revenue
FY13
Other Revenue
FY14
Gross Op. Profit as % of Rev
Has 183 rooms and suites, spread over 44 acres of land
Kovalam being one of the main tourist attractions in Kerala, it enjoys high ARRs and
Occupancy during the tourist season from November to March
ARR and Occupancy
Room Mix
INR
10,500
No. of Rooms
80%
250
200
41
2
1
183
9,000
67%
68%
64%
66%
70%
49
150
100
6
7,500
84
60%
8,155
50
8,911
9,648
9,455
6,000
50%
4,500
40%
0
Beach View
Superior
Rooms
Club
Rooms
Garden
View
Rooms
Club Suites Presidential
Suites
Duplex
Suite
Total
FY11
FY12
ARR
FY13
Occupancy
FY14
21
Asset light Strategy for Future Growth
MOUs / Management Contracts executed / under consideration
1. Agra – A Leela Palace Hotel with 100 guestrooms facing the Taj Mahal proposed to be built with a J.V. Partner, on 6.5 Acres of land owned by
the Company and to be managed by Leela. The total investment would be about ` 350 Crores including ` 100 Crores already invested for the
land by the Company.
2. Jaipur, Rajasthan – Management Contract signed for a 58 villa resort under development. The total investment would be about `.135 Crores
with a Leela Group company investing `.18 Crores towards 29% equity in the SPV.
3. Bengaluru, Karnataka – Agreement signed with the Bharatiya Group for managing a Leela Hotel, near the International Airport, with 250
guestrooms, and a Convention Centre for 1500 persons, MOU signed for the Leela Residences with 150 units. The property is under
construction and is part of 120 acres modern township.
22
Deleveraging Through Monetization of Non-core Assets
Pune
Chennai
34,102 sq mts of land near the golf club on the main road to the
Next to the Leela Palace Hotel
Airport, jointly owned by the Company and Leela Lace Holdings
Office space with saleable area of 271,674 sq ft
Private Limited, one of the promoters
ready for fit outs
Company shelved initial plans of building luxury hotel, after
Agreement to Sale signed.
significant new supply came up in the area
Sale transaction to conclude on receipt of
Agreement with Sky Realty Projects Private Limited (“Sky Realty”)
Completion certificate
on a 50:50 gross revenue sharing basis. Sky Realty to develop
high-end residential cum commercial property
Construction work has commenced
Pune
Bangalore
Hyderabad
Hyderabad
Surplus land of 8,027 sq mts next to Leela Palace
3.85 acres of land in a prime locality at Banjara Hills
Company has signed a Joint Development
Company shelved initial plans of building a luxury hotel after
Agreement with M/s Prestige Developers for
developing high-end residences
Bangalore
Chennai
significant new supply came up in the area
This is being sold
23
Profit and Loss Statement
INR Mn
2013-14
2012-13
2011-12
2010-11
2009-10
Room Revenue
3,801
3,561
3,088
2,599
2,556
Food & Beverage Revenue
2,525
2,038
1,746
1,251
1,256
Other Operating Services
383
504
587
520
469
Income from Rental & related
Services
172
187
172
157
145
Sale of Power
154
124
118
113
65
7,034
6,414
5,711
4,640
4,491
Other Income
647
184
166
270
292
Total Income
7,682
6,598
5,877
4,910
4,783
619
510
430
306
306
1,976
1,866
1,731
1,043
954
665
651
506
385
439
Other Expenses
2,473
2,378
2,859
1,608
1,550
Total Expenditure
5,733
5,405
5,526
3,342
3,249
EBITDA
1,949
1,193
351
1,568
1,534
Depreciation
1,807
1,387
1,022
630
683
Interest
5,016
4,053
3,213
561
245
-
33
4,178 (1)
185
-
(4,873)
(4,214)
294
563
606
(459)
121
107
185
196
(4,415)
(4,335)
187
378
410
Income
Income from Operations
Expenditure
Consumption of raw materials
Employee Cost
Fuel, Power and Light
Exceptional Items / Income
Profit Before Tax
Provision for Tax
Net Profit
1. Note 1. Profit from sale of Kovalam Hotel and operational profit till the date of sale.
24
Shareholding
Shareholding Pattern
Share Price Performance Summary for FY 2013-14
Individuals and Others
16.6%
Share Price
(INR)
Foreign Institutional
Investors 0.8%
Promoters
62.7%
Bodies Corporate
14.4%
Mutual Funds/ Other
Financial Institutions 5.5%
As on
As on 31st March 2014
15.85
52 week high
22.00
9 May 13
52 week low
14.00
21 Nov 13
Market Capitalization (INR Mn)
7,158
Market Capitalization (USD Mn)
119.3
As on March 31, 2014
Source: Bombay Stock Exchange
Share Price Performance – Last 1 year
INR
30
Volume in 100 Thousand
30
25
25
20
20
15
15
10
10
5
5
0
Apr/13
0
May/13
Jul/13
Aug/13
Volume
Oct/13
Nov/13
Jan/14
Feb/14
Hotel Leelaventure
Source: National Stock Exchange
Note:
1.
2.
1 US$= INR 60
Market Capitalization as on 31st March,,2014
25
Thank You
Disclaimer :
Statements made in this Presentation describing the Company’s objectives, projections, estimates, predictions and expectations may
be ‘forward-looking statements’, within the meaning of applicable securities laws and regulations. As ‘forward-looking statements’ are
based on certain assumptions and expectations of future events over which the Company exercises no control, the Company cannot
guarantee their accuracy nor can it warrant that the same will be realized by the Company. The Company assumes no responsibility
to publicly amend, modify or revise any forward looking statements on the basis of any subsequent developments or events or for
any loss any investor may incur by investing in the shares of the Company based on the ‘forward-looking statements’.
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