Majestic Research Services

and Solutions Ltd.

Company Presentation
November 2016

1
 Disclaimer

This presentation and the accompanying slides (the Presentation), which have been prepared by Majestic Research Services and Solutions Limited
(the Company/MRSS India), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to
purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment
whatsoever. No offering of securities of the MRSS India will be made except by means of a statutory offering document containing detailed information
about the Company.

This Presentation has been prepared by MRSS India based on information and data which MRSS India considers reliable, but MRSS India makes no
representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and
reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may
consider material. Any liability in respect of the contents of or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding MRSS Indias market opportunity and business prospects that are
individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to
known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include the effect of economic and
political conditions in India, and outside India, new regulations and government policies that might impact the business of MRSS India, the general
state of the Indian economy and the managements ability to implement its strategy. The MRSS Indias actual results, levels of activity, performance or
achievements could differ materially and adversely from results expressed in or implied by this Presentation. MRSS India assumes no obligation to
update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties based on
this Presentation are not adopted by the MRSS India and MRSS India is not responsible for such third party statements and projections.

2
 Content

1 MRSS Introduction 4

2 Business overview 6

3 Industry Trends 11

4 Techniques We Use 17

5 Our Clients 20

6 Our Promoters & Executive Board 22

7 Financial Highlights 27

8 The Road Ahead 35

9 Awards and Ratings 39

3
MRSS Introduction

4
 Brief Introduction

MRSS INDIA subsidiary of Majestic MRSS Pvt. Ltd. is largest domestic full-service independent Market Research
Agency in India

Service offerings across value chain including a wide range of Qualitative and Quantitative Research Services in India
and internationally.

Expertise in communities. mobile and online panels for quicker and richer contact with consumers.

Rely exhaustively on usage of technology for data acquisition thereby ensuring reliability, external validity and faster
turnaround time.

Lead by experienced management, domain experts and researchers

5
Business overview

6
 Growing Importance of Market Research

Audiences are Clients information

Consumers are buying
increasingly screen, and insights needs
in new ways, across new
platform and are increasing
channels
device agnostic

7
 Our Business Model : Workflow

MRSS India has a robust business model with defined workflows to ensure a timely and efficient delivery of Services.

Presentation/ Project
Business RFQ Proposal execution
Development

MRSS India generates The pre-engagement MRSS India prepares a Once the mandate is won, the
new clients by a variety of process begins with presentation/proposal consisting of: experienced qualitative and/or
methods including: MRSS India receiving quantitative teams in the
a Request For respective geographies will run
Quotation (RFQ) from the project.
potential customers. Design &
Its brand name Study
Word of mouth methodology of
in the market deliverables
study
Reduction in credit risk

Targeted
Regular Remaining
pitching to 50% payment
participation in Project Costing Study duration 50% payment
short listed upfront
events on completion
potential clients

The Company usually The engagement success is usually

approaches larger dependent on the quality of the
international corporates. proposal, price, relationship with client
and the track record of the firm.

Source: Management disclosures

8
 Our Service Offerings : Presence Across Domains

Comprehensive suite of end to end service offerings

MRSS India offers a broad suite of customized solutions that cater to business at various stages of product development or l aunch. The Company focuses on market research,
advertising research, brand research and consumer research, but also offers an array of other research services to assist companies in de veloping more successful products and
stronger brands. From pre-production market sizing to post-product launch monitoring, MRSS India has the appropriate resources and regional expertise to provide tailored solutions for
its clients.

1 2 3 4
Pre-product Advertising & product
development stage Product development & optimization positioning Post-product launch monitoring

New Product Mobile & Real-

Sensory & Brand Tracking &
Market Scoping Development & Time Data
Ideation Communications Monitoring
Testing Analytics

Consumer
3D Volumetrics
Sensory Brand health tracking
Perception analyser
Wakoopa
(Path to Purchase)

Consumption
landscaping Sensory Lab
Consumer Mystery shopping

Curious Mobile
Advt. Effectiveness Analytics
Usage & Emotion measurement Eye tracking
Conjoint analysis studies
attitude studies

9
 Broad Suite of End-to-End Research Service Offerings

Services offered Value to clients

Pre-product End-to-end service

Market scoping
development stage offerings

Sensory & Ideation Wide array of research

Product development & methods
optimization
New product development & testing

Specifically tailored
Advertising & product solutions
positioning Brand communications

Quantitative and Qualitative

Tracking & Monitoring Outputs
Post-product launch
monitoring
Mobile & real-time data analytics

Source: Management disclosures

10
Industry Trends

11
 Industry Trends

Global Market Research Turnover 2015, US$Mn Region-wise Breakup

Middle East Latin

1% America
48000
4% Africa
1%

46000
46245 North
America Asia Pacific
44% 13%
44000 44350
43575

42000

40000
39672

38000
Europe
37%

36000
2012 2013 2014 2015

Latin America Africa Asia Pacific

Europe North America Middle East

Source : Esomar 2016 Report

12
 Asia Pacific is one of the most optimistic regions

Region-wise Growth Rates 2015 India Market Research Turnover (US$Mn)

270
15.00% 267

265
263
10.70%

10.00% 260
258

255
252
5.30% 5.10%
5.00% 250 249

3.30% 3.20% 3.50%

2.70%
245

0.00% 240
Latin Africa Asia Europe North Middle World 2011 2012 2013 2014 2015
America Pacific America East

Source : Esomar 2016 Report

13
 India Ranked 17th as Per Market Size

Market Research Spend as % of Total Advertisement Spend

180000 30%

160000
25%
140000 25%

120000 20%

100000
15%
80000

60000 13% 10%

12% 11%

40000
4% 5%
20000 4%

0 0%
India China France Germany USA United Kingdom

Ad Spend MR Turnover MR as % of Ad Spend

Source : Esomar 2016 Report

14
 India Ranked 17th as Per Market Size

Spend By Client Type (%) Spend By Client Type : Manufacturing (%)

Others 5%

Pharma
Research Institutes 13% 4%
Automotive
Advt. Agencies 1% 12%
Consumer
Media & Ent. 4% Durables
4%
Govt. & Non-Profit 5%

Telecom & ICT 9%

Utilities 1%

Consumer
Financial Services 3% Non-
Durables
Retail (incld. Oil) 10% 80%

Manufacturing 49%
Consumer Non-Durables Consumer Durables
0% 20% 40% 60%
Automotive Pharmaceutical

Source : Esomar 2016 Report

15
Techniques We Use

16
 Quantitative Techniques

Face to Face Interview Online Survey SMS Based Survey Perception Analyser Eye Tracker

CATI & CAPI Neuroscience Digital Behaviour Tracking Communities Sensorial MR

Facial Social Media Listening

Indoor Audience Management
Recognition

17
 Qualitative Techniques

In Store Ethnographic
Interviews Approaches
05 06
Online Focus
In-Home Interviews Groups
04 07

Conflict Groups Gang Surveys

03 08

Extended Creativity
Groups 02 09 Exit Interviews

Focus Group 01 10 Dyad/Triad

Discussions

18
Our Clients

19
Across Industry Verticals

20
Our Team

21
 Our Promoters & Executive Board

Sarang Panchal Managing Director

A dynamic personality from the field of Market Research. Professional experience in Procter & Gamble India Ltd, MRAS,
Dun & Bradstreet. Last role with AC Nielsen where he spent over a decade, and left as MD South Asia and Greater
China 2007-08. An alumnus of Jamnalal Bajaj Institute of Management Studies. Has worked as a partner with MRAS
Burke, Smart Spaces. A member of Market Research Society, London, Managing Committee at MRSI, the Brand
Protection Committee at FICCI

Raj Sharma Chairman & CFO

A visionary and entrepreneur working in the field of Market Research from the last 20 years with a mission to excel in the
Industry with trust and confidence. Co-founder of Majestic Group, Asias Largest Independent Full Service Market
Research Firm. Extremely good understanding of global markets - Extensive interactions with the US from the east to
the west coast. International Features Editor for QRCA VIEWS, a publication of QRCA (Qualitative Research
Consultants Association). Associations with ESOMAR, AEMRI, MSPA, WAPOR, AIAI, FICCI, CII, ePHMRA, AQR

Sandeep Bhatia Executive Director

Executive Director of Majestic Group with exceptional experience in the field of marketing with fortune 500 companies
Juris Doctor (JD) from Duke Law School BA in Economics from UCLA. Close relationships with several FTSE 100 and
Fortune 500 companies. Has close relationships with some of the largest Market research firms in the world including
various arms of The WPP group, The VNU group and The Omnicom Group

22
 Our Team

Mr. Rajesh Kumar (Head of Public Sector Practise)

Rajesh has a Market Research career spanning 36 years, spent in reputed organizations like L&T, Voltas & Tata
Motors. Joined Tata Motors in 1986 and was responsible for setting up Market Research Department from scratch. He
has conducted surveys on Need-based segmentation of SUV & MUV markets, and on forecasting relative shares of
cars operating on different fuels for different fuel prices.

Mr. Chandramauli Guin (Head Government Practice)

Chandramouli Guin has 20 years of rich experience in market research & business advisory services across industry,
trade & development sectors in India for leading private enterprises, government and international funding agencies.
His core competency lies in Skill Development, Textile, Agriculture and allied industries, Automobiles, Infrastructure,
Oil and Gas, Power, Chemicals and Petro Chemicals, Consumer Durables, Environmental Science, Food Processing
FMCG (limited), Pharmaceuticals, Housing and Real Estate, Travel & Tourism industry etc.

Dr. Manish Ganvir (Vice President - Insight sciences)

Dr. Manish has 13 years of rich experience in areas of market research and consumer insights. His experience spans
both qualitative and quantitative researches in sectors such as Auto, FMCG, Insurance, Media, OTC and Pharma. He
has expertise in marketing / advertising campaigns, NPD, media buying and activation. He also has training in
sensory evaluation and has managed evaluation and expert sensory panels.

23
 Our Team

Satish Belani (Measurement Science Guru)

Satish has over 25 years of work experience in Market Research Analytics, multivariate & Conjoint analysis. He was
the Director Operations, South Asia at Nielsen and responsible for all Data analysis delivery, training, recruitment and
helping client service in project design and management. He is a IBM certified SPSS Modeler (A Data Mining
Software) Professional. A member on MRSI panel to develop new SEC system. In Nielsen he won Global Excellence
Award for Pricing Research on Reverse BPTO (Brand Price Trade Off).Satish has a degree in M. Phil & specialization
in Laser Physics from Mumbai University and research at BARC. He has also completed a certificate course in Data
Analysis for Marketing Decisions from IIM (A).

Iftekhar Shaikh (Senior Research Manager)

Iftekhar has 9+ years experience in the core market research with successful track record of delivering best research
solutions to Indian and MNC clients.Expertise in B2C, B2B & Agri Research Analysis, Consulting, Relationship
Management and business development.Main areas of focus being projects related to Brand Awareness, , Market
analysis, Opportunity assessment, Customer satisfaction studies, Consumer U&A, Customer segmentation,,
Competitive intelligence and Strategy formulation.Prior to joining MRSS India, Iftekhar has worked with leading
companies like Nielsen and Market Probe.

Jyoti Katke (Head Client Servicing)

Jyoti comes with a wealth of research and leadership experience across sectors. Jyoti has over 14 years of research
experience across sectors working with Market Research companies like Nielsen and Market Probe.Her range of
experience includes handling research projects for industry segments such as BFSI, Auto, Agri, Chemicals and
petrochemicals, Engineering, Pharma, Paper and packaging, Textile and several other service industries and
successful handling of 200+ clients in a span of 15 years. Jyoti 's main activities are to utilize her project management
skills from a large variety of research methodologies to manage one of MRSS Indias customized research teams, to
build value added research services for MRSS Indias current and potential clients.

24
 Our Team

Dr. Srikant Patel (Head Social Research Practice)

Dr. Srikant has over 20 years of work experience in Social Research. He started his career with Free University of
Berlin as a Senior Research Associate. Subsequently he joined Nielsen and IMRB-International. Prior to joining MRSS
India, he was heading the National Statistics Division of IMRB-International. His range of experience includes servicing
key clients like the World Bank, UN agencies, INGOs, Bills and Melinda Gates Foundation, Ministry of Health and
Family Welfare, Ministry of Rural Development, DFID, International Centre for Research on Women, University of North
Carolina, Plan India, Centre for Good Governance, Office of the Registered General of India, IPE Global, Cairns Energy
India Ltd., etc. His key expertise includes conceptualization, developing research design, formulating methodologies,
planning and project management.

Meghna Mathur (Project Head)

Meghna has over 12 years of work experience in IT, Media research and Planning. Her expertise spans across IT
Programming and consulting, Media research and campaign planning. She has worked extensively on TV
measurement system, indepth quantitative analysis of TV viewing habits and competition. She has also been involved
with the holistic campaign planning across print, TV, digital and radio for Telecom, FMCG and Media

Jyotsana Bohra (Engagement Manager - Qualitative)

Jyotsana has 9 years of research experience in Pharmaceutical industry, ranging from making presentation on critical
customer and market trends, analyzing customer needs, perceptions and behavior through combination of proprietary
and syndicated customer research studies. She is involved in end-to-end process of Market Research studies, right
from developing research questionnaires, analyzing and interpreting the data to preparing deliverables with useful
insights from the findings.

She has done B.Sc in Biology from Lachoo Memorial College of Science and Technology Rajasthan and her Post
Graduate Programme in Finance and Marketing from Indian Institute of Planning and Entrepreneurship Management,
New Delhi.

25
Financials

26
Financial Snapshot

STATEMENT OF PROFIT & LOSS FOR THE HALF-YEAR ENDED 30th SEPTEMPER 2016

27
 Financial Highlights

Standalone Revenue (Rs. Million) Profit After Tax (Rs. Million)

120.00 25.00
111.30

100.00
94.71 20.00 19.00

16.89
80.00
15.00

60.00 55.08 53.95

10.00
40.00 7.72

5.33
5.00
20.00

0.00 0.00
FY15 FY16 H1FY16 H1FY17 FY15 FY16 H1FY16 H1FY17

28
 Financial Highlights

EBITDA (Rs. Million) EBITDA Margin (%)

35.00
29.92 29.5%
30.00 27.93 30.0% 26.9%
25.00 23.6%
19.0%
20.00 20.0%
15.00 12.74
11.47
10.00 10.0%
5.00
0.00 0.0%
FY15 FY16 H1FY16 H1FY17 FY15 FY16 H1FY16 H1FY17

Profit Before Tax (%) Profit After Tax (%)

30.0% 27.1% 20.0%
17.8%
25.3% 17.1%
25.0%
20.7% 15.0% 14.3%
20.0%
14.1% 9.7%
15.0% 10.0%

10.0%
5.0%
5.0%

0.0% 0.0%
FY15 FY16 H1FY16 H1FY17 FY15 FY16 H1FY16 H1FY17

29
 Financial Highlights

Return on Networth (%) Return on Capital Employed (%)

30.0% 28.4% 50.0%

25.0% 39.9%
40.0%
20.1%
20.0%
15.7% 30.0% 27.7%
14.5%
15.0%
20.0% 17.7% 18.1%
10.0%

5.0% 10.0%

0.0% 0.0%
FY15 FY16 H1FY16 H1FY17 FY15 FY16 H1FY16 H1FY17

Earnings Per Share (Rs.) Book Value Per Share (Rs.)

8 25
20.4
20
6 16.3
5.0
4.1 15 13.5
12.3
4
10
2.2
1.8
2
5

0 0
FY15 FY16 H1FY16 H1FY17 FY15 FY16 H1FY16 H1FY17

30
Share Holding Pattern

Share Holding Patter As on 30th September 2016

Public 27.17%

Promoter & Promoter

Group 72.83%

31
The Road Ahead

32
 Industry Outlook

A B C D

Consumers admit to With digital India Global Market for India sitting on cusp
technology initiative, Industry has market research is of digital revolution:
dependence huge potential to grow growing Ravi Shankar Prasad
exponentially due
to digital revolution

33
 Future Growth Drivers

ORGANIC ( Linear) ORGANIC (Non Linear) INORGANIC

Syndicated Research: Acquisitions

Tripling Human Resource
Productisation of Services.

Market research online

Acquiring New Technologies
communities

Industrial research reports

Social Research and

opinion polls

Business to Government
Sector.

34
Strong potential for growth in the region

Plans to implement strategic initiatives for growth

Tripling Human
Resources
And Acquiring New
Technologies

B2G segment

2
4
Forming strategic
alliances and
acquisitions

Syndicated
Research

35
Awards and Ratings

36
 Future Growth Drivers

MRSS India ranked in

Raj Sharma, top 50 most valuable
Chairman, MRSS consultant companies by
INDIA Ltd. won 'Insight Success'.
Digital Entrepreneur
award at the Mobile
& Digital Marketing
CMO - Digital Summit
Innovation
Digital Market Award.
Research Agency
of the year at the
Mobile & Digital
SMERA Rating of Marketing Summit
SE-1A
( Highest
performance and
financials ratings )

37
 Future Growth Drivers

Objective :
To become the largest and most profitable Independent Asian MR agency by FY 2018

Strategic intent :
Continue to drive sustainable exponential growth in revenues and profits over next decade.

38
Thank You
MRSSIndia
Tel: 91-22-2652 7276 / 91-9819845085
Email: investors@mrssindia.com
Website: www.mrssindia.com

Images used in this presentation are for representation purpose only. 39