i. Mr. Shantanu Srivastava, aged 67 years, is Promoter and Managing Director. He has done his Mechanical Engineer from the Indian Institute of Technology, Kanpur. He has worked as a diplomat at the Indian Embassy in Hanoi, Vietnam for over 5 years during the early part of his career. He is the Founder Chairman of Indian Business Chamber in Vietnam (INCHAM) in 1998. He is also known for his contributions to promotion of India – Vietnam and India – ASEAN business relations. He was the Chairman of India – ASEAN Business Promotion Council at ASSOCHAM and member of India – Thailand CEO’s Forum. India’s top daily newspaper Hindustan Times has named him as “the Man who put Vietnam on India’s Business Map” in the year 2007. He has received several prestigious awards including the ‘Friendship Order of Vietnam’ from the President of Vietnam for his contribution to promotion of India - Vietnam cooperation and people to people contact. ii. Mrs. Neelam Gupta, aged 40 years, Executive Director and CFO of the Company. She is in charge of back-end operations of the company. She is M.Com from C.S.J.M. Kanpur University, P.G.D.C.A from Board of Technical Education, Lucknow and M.B.A from Symbiosis, Pune. She enriches the company with a combination of 16 years of experience in the corporate world and new, innovative ideas of the younger generation. Having joined the company in 2008, she is now heading the Finance & Accounts Division and Project Management Division. She has helped the company in achieving and furthering larger goals over the years and in building a strong team across cultures at Ishan’s Foreign Offices located in different parts of the world. iii. Mr. Mandyam Komandur Srinivas, aged 66 years, is a B. E. Electrical from Bangalore University. He is an accomplished engineer with experience and expertise accumulated over four decades in Marketing and Project implementation in the Electrical and Renewable Energy Sectors. 21 years in Marketing of Electrical equipment of Crompton Greaves, for Trade, Industry and Utilities. He had the leadership role in indigenization of machine components for a motor manufacturing company in Italy. As the Head of India operations, set up the complete manufacturing facility for manufacturing special motors in India and established the team for Design, Engineering, Supply Chain, Manufacturing and Marketing. He has collaborated with GE, Transportation Group from USA for making special drill motors. Has travelled extensively to 52 countries across the globe to secure business and build EPC projects of small Hydro Power Plants in 30 countries.

Review and Recommendation of Ishan International Limited 3/10 1. Established in 1995, the initial business was of pharmaceutical machinery and raw materials for pharmaceuticals ingredients and the company later diversified into heavy engineering. 2. In 1999, they established their 1st overseas office in Vietnam. Between 1999 and 2021, they have set up the overseas offices in Philippines, Indonesia, Hanoi (Vietnam), Ho Chi Minh City (Vietnam) and Kenya (in process). 3. They sell heavy engineering machineries to EPC companies and various other industries like Hydro Power Plants, Sugar and Jaggery Plants, Pharmaceuticals Plants, API Plants. 4. There is no growth in the revenue in the last 3 years. 5. EBITDA margins looks cooked ups before the IPO. 6. Asking P/E is 45 which looks high as compared to peers.

Ishan International Limited 607, Chiranjiv Tower, Nehru Place, New Delhi 110019 Phone: +919315603745 Email: cs@ishangroup.co.in Website: http://www.ishanglobal.com/