i. Shalin Shah, aged 48 is the Managing Director and Promoter of our Company. He obtained degree in Civil Engineering from L.D. Engineering College, Ahmedabad in the year 2001. He has more than 20 years‘ experience in various Business like trading, real estate, oil and gas exploration etc. and has vast exposure in the fields of management, finance, accounting, information technology and legal. Currently, he is also the Managing Director of our flagship Company, Gujarat Natural Resources Limited, a BSE listed company engaged in the business of oil & gas exploration. He is also a Promoter and Director of our Holding Company Ashoka Metcast Limited and our other Group Companies. He has been guiding force behind the growth and business strategy of our Company. ii. Ashok Shah, aged 77 years, is the Non-Executive Director of our Company. He has obtained his degree in Bachelor of Science from Ahmedabad and Bachelor‘s Degree of Science in Chemical Engineering from University of Missouri, USA in the year 1968. He had worked as Plant Manager in M/s. IBM Corporation, USA for more than a decade. He had also worked as Area Manager in M/s. Prudential Insurance Co., USA (North Western region) for more than 8 years. He also was recognized Licensed Broker associated with NYSE in Merryll Lynch Corp., USA. He has over 5 decades of experience in diversified business. He also belongs to our Promoters Group and Director of our Holding Company Ashoka Metcast Limited and our other Group Companies. As a Non- Executive Director of the Company, he is responsible for providing his expertise for growth and expansion of our Company. iii. Rushabh Shah, aged 39 years is a Non- Executive Independent Director of our Company. He was appointed on the Board of our Company w.e.f. January 22, 2022. He has completed his Bachelor‘s of Commerce and Bachelor‘s of Legislative Law from Gujarat University in the year 2003 and 2006 respectively. He is a practicing advocate by profession and is registered with the Bar Council of Gujarat since 2006. He has more than 15 years of experience in handling Civil and Criminal Litigations, Arbitrations, appearances at tribunals and courts, Government agencies commissions, etc.

Review and Recommendation of Rhetan TMT SME IPO is 3/10 1. The company owns and operates a Steel Rolling Mill with a 30,000 MTPA installed capacity.  They manufactures TMT Bars and Round Bars for the construction industry. 2. The products are used in construction of dams, bridges, residential and commercial towers and major infrastructure projects in Gujarat. 3. They have a manufacturing plant in Gujarat which is spread over 15000 Sq. Yards. The manufacturing unit is about 45 kilometres from Ahmedabad in the Industrial area of Kadi, near the Ahmedabad-Mehsana highway. Both Ahmedabad and Mehsana have large markets for steel products, so the location is strategic. 4. The Promoter Director – Mr. Shalin Shah has completed his Civil Engineering from L.D. Engineering College, Ahmedabad and he has over three decades of experience in various businesses. 5. In 2020, the India special steel market was valued at $7.00 billion. It is expected to reach $38.8 billion by 2035, with a CAGR of 10.9 percent from 2021 to 2035. As a result, the company has a good growth opportunity in the market. 6. Revenue has grown from 20 Crores in Fy20 to 67 Crores in Fy22.  However, they are not generating any cash from operations. Most of the money is stuck in working capital i.e. Inventory and Receivables. Without cash it is difficult to survive. 7. Company has debt of ~25 Crores and Net-worth of ~23 Crores. So, D/E is > 1. 8. In Fy22, they have clocked an EPS of Rs.1.10 per share. Asking Price of Rs.70 is very high.

Rhetan TMT Limited 7th Floor, Ashoka Chambers, Rasala Marg, Mithakhali, Ahmedabad- 380006 Phone: 9499850261 Email: rhetantmt@gmail.com Website: http://www.rhetan.com