*High Entry Barrier/Global Peer Comparison*

KAVERI SEEDS CO LTD

1) Germination of Seed is 8 year process. Hence KSCL ( largest Seed co in India) benefits most from such high entry barrier

2) Globally, Seed companies trade at PERatio of 40-50 Vs 13-15 in India.

It is estimated that next year, large seed player like KSCL ( and small equity) are scheduled for BIG UPGRADE ( to command PE Ratio of 25-30)

TP 1000-1100 by 2017 end

Rs 2000 in 18 months