Equity Research: RR Kabel Ltd.

RR Kabel Limited is a strong player in FMEG sector along with diversified product portfolio and improving export data and domestic demand.

R R Kabel Limited (RRKL) is one of the leading companies in the Indian consumer electrical industry (comprising wires and cables and fast moving electrical goods (“FMEG”)), with an operating history of over 20 years in India. The Indian consumer electrical industry was estimated at Rs.1,811.50 billion in Fiscal 2023 and is expected to grow at a compounded annual growth rate (“CAGR”) of 10% until Fiscal 2027 to reach a market value of approximately Rs.2,665.00 billion. It is one of the leading companies in the Indian consumer electrical industry. RRKL sell products across two broad segments - (i) wires and cables including house wires, industrial wires, power cables and special cables; and (ii) FMEG including fans, lighting, switches and appliances. Its product’s end use determines whether the sale is through a business-to-business (“B2B”) or B2C channel. It undertakes the manufacturing, marketing and sale of (i) its wires and cable products under ‘RR Kabel’ brand, and (ii) a variety of consumer electrical products, including fans and lights under the ‘RR’ brand, which is licensed by it. It also manufacture, market and sell fans and lights under the ‘Luminous Fans and Lights’ brand, which is licensed by it. Its ‘RR Kabel’ brand has over 20 years of operating history, while the ‘RR’ and the ‘Luminous Fans and Lights’ brands, which are licensed by it, have over 7 years and over ten years of operating history, respectively.

RRKL wires and cables segment has been in operation since Fiscal 1999 and includes a wide range of products such as house wires, industrial wires, power cables and special cables. It was the first company in India to introduce low smoke zero halogen (“LS0H”) insulation technology in its wires and cables products, and to introduce unilay core technology (heat resistant and flame retardant) products. It has actively diversified and expanded its product portfolio in adjacent areas such as FMEG, both organically and inorganically. In May 2022, RRKL acquired the corresponding home electrical business (“HEB”) of Luminous Power Technologies Private Limited (“Luminous”) and also obtained a limited and exclusive license to use the ‘Luminous Fans and Lights’ brand for fan and light products for an initial period of two years subject to extension of six months at a time for a maximum of four times and, that includes a right to use 61 registered trademarks, and a portfolio of lights and premium fans, to strengthen its FMEG portfolio. It also started manufacturing switches in Fiscal 2021. This has enabled RRKL to build a wide FMEG portfolio that benefits from its brand. Its global distribution footprint encompasses both domestic sales within India and export sales across the world:

Domestic: It has an extensive pan-India distribution presence and as on June 30, 2023, it has 3,450 distributors, 3,656 dealers and 114,851 retailers, on a non-exclusive basis. As part of its distribution strategy, it strives to provide its end-users a seamless experience through several touchpoints. Distributors purchase products from it and on-sell its products to end-users through retailers. Dealers purchase products from the Company and either, directly or through retailers, on-sell to end-users. The dealers, distributors and retailers, directly and indirectly, cover electricians. In addition, it has a focused approach to expand its geographical market share in India by identifying micro and nano markets.

Exports: RRKL export its range of wires and cable products directly as well as through distributors across the world. During Fiscals 2021 to 2023 and three months ended June 30, 2023, it sold its products to 63 countries in North America, APAC, Europe and Middle East. For the three months’ period ended June 30, 2023, 99% of its export revenue was derived from distributors, and 1% was derived from original equipment manufacturers (“OEMs”). It exports majority of its products under its brand ‘RR Kabel’ and manufacture under private labels for select customers. It has long-standing relationships with 10 distributors in these markets who cover the majority of its exports.

RRKL has a dedicated team of 60 employees focused on research and development, of which 22 employees exclusively work on research and development involving FMEG products. Further, it has a strong focus on quality, and its central quality and test laboratory for wires and cables in its facility at Waghodia, Gujarat (“Waghodia Facility”) is accredited by the National Accreditation Board for Testing and Calibration Laboratories (“NABL”) and as of June 30, 2023 is capable of performing 694 tests on its products. In addition, it has quality control departments at its remaining facilities for process monitoring, raw material testing and type testing of products. It also has a dedicated quality control department for quality testing of switches at its Waghodia Facility. It owns and operates two integrated manufacturing facilities which are located at Waghodia, Gujarat, being the Waghodia Facility, and Silvassa, Dadra and Nagar Haveli and Daman and Diu (“Silvassa Facility”) in India, which primarily carry out manufacturing operations in respect of wire and cables and switches. Additionally, it owns and operates three integrated manufacturing facilities which are located at Roorkee, Uttarakhand (“Roorkee Facility”), Bengaluru, Karnataka (“Bengaluru Facility”) and Gagret, Himachal Pradesh (“Gagret Facility”) in India, which carry out manufacturing operations in respect of FMEG products. Its Waghodia Facility is one of the largest consumer electrical manufacturing facilities in India as of March 31, 2023, with an annual manufacturing capacity of 2.1 million CKM of wires and cables.

Shareholding Pattern:

Industry Research:

India is the third largest producer and the second largest consumer of electricity in the world. Consumer electrical industry* is one of the important aspects of the Indian economy, contributing approximately 8% to the country’s manufacturing production, approximately 1.5% to India’s GDP and approximately 1.5% to India’s exports. Consumer electrical industry entails heavy electrical products such as W&C and light electrical products such as FMEG. A wire is a single conductor, whereas a cable is a group of conductors, used for, among other things, transmitting electricity and telecommunication signals. FMEG includes electrical goods and appliances such as fans, lightings, electric heaters, and other household appliances.

The consumer electrical industry consisting of W&C and FMEGs was estimated at approximately ₹ 1,61,500 crore in Fiscal 2022 and is expected to grow at a CAGR of approximately 11% till Fiscal 2027 to reach a market value of approximately ₹ 2,66,500 crore. The industry is highly competitive with the presence of many national and regional players (manufacturers, traders, suppliers, and importers etc.), competing on the basis of factors such as products, price, customer service, post sales services, quality and delivery. Key players in W&C industry like RR Kabel are expanding into FMEG segment because of its high adjacency with established W&C segment. They seek to grow and strengthen their market position in FMEG market in India and abroad by leveraging their brand’s recall and existing distribution network, including electricians.

W&C primarily used for distribution and transmission of electrical power are an important constituent, representing nearly 40% of the W&C and FMEG industry in India. In Fiscal 2022, the total domestic market for W&C industry was estimated at approximately ₹ 65,000 crore, which is expected to grow at a CAGR of 13% till Fiscal 2027 to reach a market value of approximately ₹ 1,20,000 crore.

In Fiscal 2022, the total domestic market for FMEG industry was estimated at approximately ₹ 96,500 crore, representing approximately 60% of the total consumer electrical industry. This is expected to grow at a CAGR of 9% till Fiscal 2027 to reach a market value of approximately ₹ 1,46,500 crore.

Rural electrification, increase in absorption of residential and commercial real estate, increase in per capita consumption of electricity, Government of India’s (“GoI”) infrastructure development support through increased capital outlay and government funded schemes, favorable trade policies to increase exports through initiatives such as production linked incentive (“PLI”) and Remission of Duties and Taxes on Exported Products (“RoDTEP”) schemes, successful execution of Bureau of Energy Efficiency (“BEE”) star norms and increase in demand from consumers to upgrade or replace existing products are some of the key factors, that are expected to drive the growth of the consumer electrical industry in India.

Key Growth Drivers of Consumer Electrical Industry in India:

National Infrastructure Pipeline (“NIP”): GoI has announced an outlay of approximately ₹ 111 lakh crore in the infrastructure sector between Fiscal 2020 and Fiscal 2025 to help make India a US$ 5 trillion economy by Fiscal 2026. For Fiscal 2024, the projected infrastructure investments under NIP are around ₹ 15.4 lakh crore.

Capex by GoI: Capital investment of approximately ₹ 10 lakh crore on infrastructure sector (approximately 3.3% of GDP) has been announced by GoI in the Indian union budget 2023-24. Additionally, a capital outlay of ₹ 2.4 lakh crore has been provided for railways. The principal areas identified for capital expenditures include roads, railways and metros, which require high supplies of W&C and FMEG products. With the expansion of transport infrastructure, Technopak expects there to be a corresponding increase in demand for electrical goods such as W&C, lighting and switchgears, thereby creating a market opportunity for W&C and FMEG manufacturers.

PMAY: The GoI under the ‘Housing for All’ scheme, has aimed to build approximately 12 million houses for urban and approximately 28.5 million house in the rural parts of India. Under PMAY (Urban), the total capital assistance committed by GoI to build approximately 12 million units of houses was approximately ₹ 2.02 lakh crore, of which approximately 7.4 million units of houses have been completed by releasing ₹ 1.14 lakh crore till April 2023 and the remaining approximately 4.6 million units of houses are expected to be completed by CY 2024. Under PMAY (Gramin), the total capital assistance transferred, or fund utilized by the government till April 2023 to build approximately 28.5 million units of houses is approximately ₹ 2.98 lakh crore, of which approximately 22.2 million units of houses have been completed and the remaining approximately 6.3 million units are expected to be completed by CY 2024. Approximately 11 lakh houses (approximately 4.6 lakh houses in urban and approximately 6.3 lakh houses in rural) are under construction or to be constructed in coming years under the PMAY by CY 2024. Further, the budget outlay for PMAY has been increased by 66% to over ₹ 79,000 crore, as per the Indian union budget 2023-24.

Rural Electrification: The betterment of road connectivity of villages and rural areas with the towns and cities has improved the standard of living of rural households. With this, the demand for basic electricity needs has also grown over time in rural areas, thus increasing the demand of new supply of electrical goods. The Deendayal Upadhyaya Gram Jyoti Yojana (“DDUGJY”) introduced by GoI was launched on December 3, 2014, with an objective to provide electricity supply to rural India and electrify the non-electrified villages in India. Further, the Pradhan Mantri Sahaj Bijli Har Ghar Yojana – Saubhagya (“Saubhagya”) was launched in October 2017 by GoI for electrification of rural and urban poor households in India. As per the report by Ministry of Power, GoI, a total 2.9 crore households have been electrified till March 2023 out of which seven states namely, Assam, Chhattisgarh, Jharkhand, Karnataka, Manipur, Rajasthan, and Uttar Pradesh reported 100% household electrification as on March 31, 2021. More than 11.8 lakh households still remain to be electrified, which is expected to be completed over the next few years.

Investment Rationale:

Scaled B2C business in the large and growing wires and cables industry: 

Wires and cables, primarily used for distribution and transmission of electrical power, are an important constituent, representing nearly 40% of the consumer electrical industry in India (comprising wires and cables and FMEG). In Fiscal 2023, the total domestic market for wires and cables industry was estimated at Rs.748.00 billion and is expected to grow at a CAGR of 13% until Fiscal 2027 to reach a market value of Rs.1,200.00 billion. The key growth drivers for the wires and cables industry in India include rural electrification, increase in per capita consumption of electricity in India, expansion in the residential and commercial real estate sector, transition towards clean and green energy, global shift from ‘China-based manufacturing’ to China plus one strategy and several government initiatives supporting infrastructure and housing such as ‘Housing for All’ scheme (Pradhan Mantri Awas Yojana). The emergence of new age sectors such as the construction of Multimodal Logistics Parks (“MMLPs”) as a part of the Gati Shakti National Master Plan, local data centers and airports is expected to drive the increase in demand of wires and cables such as flexible cables, control and instrumentation cables etc. and FMEG products in India. RRKL is well-positioned to capture a significant share of this growth due to its existing market share, brand recognition, diversified product portfolio, ability to innovate, its scale of operations, sizeable and certified manufacturing facilities and infrastructure, quality and safety of its products and the reach of its distribution network.

RRKL manufacture and sell a diverse portfolio of products across categories, giving it an opportunity to cross sell its products. its products in the wires and cables segment include ‘Firex LS0H’, ‘Superex’, ‘Unilay’, medium and high voltage power cables and control cables. It also manufactures a range of special application cables that can be customized as per customer specifications. Since its incorporation as a B2C manufacturer of wires and cables, it has diversified into the FMEG segment and are transforming the company to a diversified consumer electrical company. In particular, the success of its diverse portfolio of products has been driven by its focused research and development efforts, as well as the global certifications and accreditations awarded to them. As a result of the Company’s focus on quality in manufacturing, certain products manufactured at its Waghodia Facility have over 30 global accreditations and registrations, including from BASEC, UL, CSA, VDE, Intertek, TUV Rheinland and BIS. As on June 30, 2023, it has a dedicated team of 60 employees focused on research and development, of which 22 employees exclusively work on research and development involving FMEG products. During the three months ended June 30, 2023, it has launched 6 and 28 new products in the wires and cables and FMEG segments, respectively. Further, as of June 30, 2023, RRKL has 15 and 55 products under development for wires and cables and FMEG segments, respectively, of which no products under wires and cables segment and 12 products under FMEG segment

Extensive domestic and global distribution network:

RRKL’s distribution footprint encompasses both domestic sales and exports:

Domestic: RRKL has an extensive pan-India distribution presence and as on June 30, 2023, it has 3,450 distributors, 3,656 dealers and 114,851 retailers. As part of its distribution strategy, it strives to provide its end-users a seamless experience through several touchpoints. Distributors purchase products from it and on-sell its products to end-users through retailers. Dealers purchase products from RRKL and either, directly or through retailers, on-sell to end-users. The dealers, distributors and retailers, directly and indirectly, cover electricians. It has one of the largest network of electricians, covering 271,264 electricians across India, as of March 31, 2023. As on June 30, 2023, it has 789 employees in its sales and marketing team, who manage and coordinate with distributors, dealers and retailers. It has also established an “Individual Bungalow team” in certain Metros and Tier I cities, to help identify new constructions of individual bungalows and contact the end-users. To strengthen RRKL’s distribution network, it has undertaken several initiatives. It launched an initiative ‘Project KaRRma’ in Fiscal 2020 in two phases to achieve a higher market share in housing wires by expanding retail outlets, electricians, sales force and product portfolio. It intends to double the market share and retail outreach in domestic house wires, by increasing its micro and nano market reach. It also launched another five-year long initiative ‘Project Lakshya’ in Fiscal 2020, comprising two phases beginning with an object to organically and inorganically grow its fans and lights product portfolio, and thereafter integrating the HEB of ‘Luminous Fans and Lights’ brand. RRKL aims to integrate the Luminous HEB by enhancing synergies at the back and front end from manufacturing to sales, including by design integration and integration of functions, such as warehousing, logistics, procurement and sales integration. As on June 30, 2023, RRKL has 21 warehouses across 17 states and union territories in India. It intends to consolidate its warehouses over time. Its warehouses are strategically located to optimize its distribution by transport with the objective to achieve optimal balance between lead time to service and total distribution cost. In addition, it has a focused approach to expand its geographical market share in India by identifying micro and nano markets for a specific product.

Exports: The Company has extended its business strategy to export markets and focus on recurring B2C exports. In calendar year 2022, it was one of the leading exporter of wires and cables from India, in terms of value, representing approximately 9% market share of the exports market from India. It exports its range of wires and cable products directly as well as through distributors across the world. During Fiscals 2021 to 2023 and three months ended June 30, 2023, it sold its products to 63 countries in North America, APAC, Europe and Middle East. In particular, it has increased its exports to well-regulated markets such as the United States. It increased its exports to the United States from 5.16% of its export revenue in Fiscal 2021 to 11.59% of its export revenue in three months ended June 30, 2023. RRKL sell the majority of its products under its brand ‘RR Kabel’ and manufacture under private labels for select customers and has long- standing relationships with 10 distributors in these markets who cover the majority of its exports. Revenue from outside India contributes 26.94% of its revenue from operations for the three months period ended June 30, 2023. It is well-positioned to benefit from the global shift from China-based manufacturing to China plus one strategy resulting in a share gain for Indian manufacturers in the global market.

Well recognized consumer brands: 

RKL is the fastest growing consumer electrical company amongst its peers in India, growing at a CAGR of 43.4% between Fiscal 2021 and Fiscal 2023. Its focus on safety, quality and continuous innovation, together with its distribution network, connect with electricians and digital and physical marketing efforts has enabled it to develop brand recognition in the consumer electrical industry. It has invested in implementing brand initiatives, such as Kabel Nukkad and Kabel Mela, to enhance its brand visibility over the last few years. RRKL’s brand also provides the opportunity to cross-sell its FMEG products to its wires and cables customers. Its marketing and sales efforts are spread across multiple touch points where customers discover its brands and product offerings, which create opportunities for cross-selling its products on the back of its brands’ focus on safety, quality and innovation. The Company has have also mapped the distribution network of its wires and cables products, and identified and worked with distributors and retailers to carry its FMEG products. Its connections with electricians through incentive driven marketing provides it with a unique competitive advantage and ensures long-term stickiness. It focuses on a strategic advertising mix between outdoor advertising such as temples and police stations and advertising campaigns with a broad reach, namely, through print, television and sponsorships.

Technologically advanced and integrated precision manufacturing facilities:

RRKL owns and operate five integrated manufacturing facilities –Waghodia Facility, Silvassa Facility, Roorkee Facility, Bengaluru Facility and Gagret Facility, each located in India. These facilities are accredited to Indian and international standards, capable of precision manufacturing of its range of products. Its Waghodia and Silvassa Facilities have the capability to manufacture a wide variety of wire and cable products including house wires, industrial wires, power cables and special cables. Its manufacturing facilities give it the ability to manufacture 100% of its requirements for wires and cables in-house. The percentage of overall rejection for wires and cables is low at 0.12% in three months ended June 30, 2023. The acquisition of HEB of ‘Luminous Fans and Lights’ in May 2022 allowed RRKL to expand into the premium FMEG segment through its access to manufacturing capabilities for premium FMEG products. For its FMEG segment, it manufactures switches at its Waghodia Facility. Further, it manufactures fans at its Gagret Facility and both fans and certain of its professional and trade lighting products at its Roorkee Facility at low production costs. Its manufacturing facilities give it the ability to manufacture up to 37% of FMEG products (by value) in-house and given that they are premium products, manufacturing them in-house provides it with a competitive advantage as it can closely control quality and cost. Its Gagret Facility has a design and in-house testing facility for measuring air delivery of fans and its Roorkee Facility has in-house testing facilities for LED fixtures, which enables to launch new and improved designs and functionality periodically. RRKL’s manufacturing facilities are subjected to rigorous quality control checks, accreditation requirements, and periodic inspections from various regulatory agencies that has issued it product and system certifications. The accreditation of its products is an essential requirement for its products to be marketed and exported to various highly regulated jurisdictions. It is able to obtain these accreditations due to its stringent quality checks and focus on safety. In addition, its manufacturing facilities have obtained several certifications for compliance with quality standards. In addition, it has quality control departments at its remaining facilities for raw material testing, process monitoring, and type testing of products. Its manufacturing facilities and warehouses are strategically located to achieve shorter time to market, greater cost competitiveness (through close proximity to raw material suppliers) and responsiveness of its inventory positions to changes in portfolio market as a result of proximity, thereby allowing them to cater to domestic and international markets. RRKL has also taken steps to ensure the risk of raw material is diversified with multiple suppliers and imports. In particular, it has backward integrated its manufacturing process by producing several key raw materials, polyvinyl chloride (“PVC”) compound, LS0H compound, cross-linked polythene (“XLPE”) compound and solar cable compound in-house at its Waghodia and Silvassa Facilities.

Expanding distribution and establish leadership position for wires and cables segment in India:

By expanding RRKL’s distribution network in India, it will benefit from greater connections and exposure to potential customers, thereby positioning itself to grow its market share in the domestic branded wires and cables and the general consumer electrical industry. Over time, it intends to classify its geographical presence in the same manner for all of its products. It also aims to consolidate and grow its business in India through various initiatives including, consolidating and growing its business in ‘winner’ states; and increasing its footprint and market share in ‘growing’ and ‘opportunity’ states. It has identified the geographical regions where it does not have a significant market presence and are increasing its distribution and sales efforts in these regions to grow its market share. In ‘winner’ states, RRKL is identifying micro and nano markets, at the pin code (for districts, cities and villages) and taluka levels (for sub divisions of districts), within these regions to focus its distribution coverage, sales force coverage and marketing efforts. It is also growing its existing presence on e-commerce platforms to develop an omni-channel presence. It is expanding its product mix in established markets to take advantage of the shift to branded play in these markets and changing consumer preferences for branded products that offer quality and safety features. It also intends to grow its on-shelf brand presence by expanding its existing offerings to “Star Dealers” (multi-brand outlets in high footfall areas) as well as independent retailers.

Management Profile:

Tribhuvanprasad Rameshwarlal Kabra is the Executive Chairman of our Company. He has completed his secondary level school education from Hindi High School, Mumbai. He has extensive experience in the electrical industry. Previously, he was associated with Shramik Winding Wires Private Limited as a director. He was appointed to our Board of Directors with effect from May 13, 1997.

Shreegopal Rameshwarlal Kabra is the Managing Director of our Company. He has completed his secondary level school education from Hindi High School, Mumbai. He has extensive experience in the electrical industry. Previously, he was associated with the International Copper Association as the chairman of wire and cable product council and the Indian Electrical and Electronics Manufacturers’ Association as the president. He was appointed to our Board of Directors with effect from June 27, 2014.

Mahendrakumar Rameshwarlal Kabra is the Joint Managing Director of our Company. He has completed his secondary level school education from Hindi High School, Mumbai and holds a licentiate diploma in mechanical engineering from Veermata Jijabai Technological Institute Mumbai. He has extensive experience in the electrical industry. Previously, he was associated with MEW Electricals Limited as a director. He was appointed to our Board of Directors with effect from February 6, 1995.

Mitesh Daga is a Non-Executive Nominee Director of our Company. He holds a degree of bachelor’s of technology in chemical engineering from Indian Institute of Technology, Delhi and is also a holder of chartered financial analyst charter issued by the CFA Institute. He is the managing director at TPG Capital India Private Limited. Previously, he was associated with Advent India PE Advisors Private Limited, Zephyr Peacock Management India Private Limited and Capital One Services (India) Private Limited. He was appointed to our Board of Directors with effect from September 6, 2018.

Bhagwat Singh Babel is an Independent Director of our Company. He holds a degree of bachelor’s in technology in electrical engineering from Banaras Hindu University and a diploma of membership from the Institution of Engineers (India). He is on the board of directors of Secure Meters and was also on the board of Udaipur Urja Initiatives Producer Company Limited and the Indian Electrical and Electronics Manufacturers’ Association. He was appointed to our Board of Directors with effect from August 24, 2017.

Ramesh Chandak is an Independent Director of our Company. He holds a degree of master’s in commerce from Nagpur University and has also completed a program on ‘leading change and organizational renewal’ from Harvard Business School. He is also a practicing member of the Institute of Chartered Accountants of India. Previously, he has served as the president of the Indian Electricals and Electronics Manufacturers’ Association and is a trustee of the Victoria Memorial School for the Blind, Mumbai. He has been honoured with the ‘CA Business Leader Corporate’ award from the Institute of Chartered Accountants of India in 2008. He was appointed to our Board of Directors with effect from April 29, 2023.

Vipul Sabharwal is an Independent Director of our Company. He holds a degree of bachelor’s in arts from University of Delhi and holds a master’s of management studies degree from University of Bombay. Previously, he was associated with Luminous Power Technologies Private Limited as managing director, Whirlpool of India Limited as vice president of sales, service and brand, Nokia India Private Limited and Gillette India Limited as general sales director. He was appointed to our Board of Directors with effect from August 23, 2022.

Jyoti Davar is an Independent Director of our Company. She holds a degree of bachelor’s in commerce from University of Delhi and holds a master’s of arts degree from University of Delhi. Previously, she was associated with the Federation of Indian Chambers of Commerce & Industry as assistant secretary general and is currently designated as the deputy secretary general. She was appointed to our Board of Directors with effect from December 16, 2022.

Financials:

Balance Sheet

Profit & Loss

Cash Flow

Key Risks:

1. The costs of the raw materials that RRKL uses in its manufacturing process are subject to volatility. Increases or fluctuations in raw material prices may have a material adverse effect on its business, financial condition, results of operations and cash flows.

2. Any shortages, delay or disruption in the supply of the raw materials RRKL uses in its manufacturing process may have a material adverse effect on the business, financial condition, results of operations and cash flows.

3. Any disruption, breakdown or shutdown of manufacturing facilities may have a material adverse effect on the business, financial condition, results of operations and cash flows.

4. Any disruption, breakdown or shutdown of original equipment suppliers may have a material adverse effect on the manufacturing capabilities and in turn its business, financial condition, results of operations and cash flows.

5. Inability to maintain the stability of distribution network in India across distribution channels and attract additional distributors, dealers and retailers may have a material adverse effect on the results of operations and financial condition.

6. Distribution to the overseas market is dependent on a few distributors and significant changes to business arrangements with these distributors may impact results of operations, cash flows and financial condition.

7. RRKL is exposed to risks arising from credit terms extended to its customers comprising distributors, dealers, retailers and end users.

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