i. Mr. Mahendra Bindal, aged 59 years, is the Managing Director of our Company. He was appointed as Managing Director with effect from May 17, 2022. He holds a bachelor’s degree in commerce and Business Administration. He is a dynamic leader with more than 19 years of experience in the telecom Sector. As a leader, He always delivers value to the customers and endeavour in fulfilling / exceeding their expectations. He is the founding member & the First Director of Steelman Telecom Limited. His experience spans over one decade of running Business entities across Telecom and Information and Communications Technology (ICT) Sector. His acumen in Business is well respected across the Telecom & ICT Sector in India. His focus on Technology, Customer Experience and Introducing new Services has been well acknowledged in the industry. He has been instrumental in taking the company through various phases of the Telecom Transformation and instrumental in placing Steelman as a known Service Company. ii. Mr. Girish Bindal, aged 58 years, is the Chairman and Executive Director of our Company. He is an Innovative thinker with Broad Based Expertise of more than 19 years in Telecom and Information and Communications Technology (ICT) Sector. He has proven ability to quickly analyse key business drivers and develop strategies to grow the bottomline. He is a high integrity energetic leader known for ability to envision and create successful outcomes in complex situations. He is Self-Motivated with exceptionally good negotiating skills and has a solid understanding of Technology and Business Management. Mr. Girish handles the office situated in Bhubaneshwar; he is responsible for the overall operations of the Company. In the Company, he is responsible for providing strategic and guidance to the members of the board, to keep them aware of developments within the industry and ensure that the appropriate policies are developed to meet the company’s mission and objectives and to comply with all relevant statutory and other regulations. He is a high integrity energetic leader known for ability to envision and create successful outcomes in complex situations. iii. Ms. Saloni Bindal, aged 35 years, is the Non-Executive Director of our Company. She was appointed as NonExecutive Director w.e.f. July 01, 2022. She has completed her Bachelor of Commerce. She has been a successful Business Manager engaged in multiple roles throughout her career. Her experience spans across domains like Finance, Marketing, EHS and Driving various Transformation projects across departments. Currently she is engaged as Senior Manager with EDP Software Limited managing Healthcare Solutions Group.

Review and Recommendation of Steelman Telecom SME IPO by IZ team is 3/10

1. Steelman provides services for Network Survey and Planning, Installation and Commissioning, Network Testing and Optimization, Network Solutions and Managed Services for network maintenance. So, in short they help telecom companies in Operation and maintenance. There are lot of companies in India which are doing this work. So, no moat in the business. 2. They install BTS, Microwave Antenna, or other related equipment to increased mobile coverage for telecom players. 3. Steelman has shown good growth in the revenue in the last 3 years. That is the revenue has increased from 87 Cr in Fy20 to 100 Crores in Fy22. 4. In FY22, ~9 Crores is stuck in Working Capital due to which the cash flow from operation is negative in Fy22. 5. As on 31.03.2022, the total debt on books is ~15 Crores and Net-worth is ~14 Crores, so, D/E is more than 1. 6. EPS of FY22 is 4 per share. So, P/E is 24x. The peer Indus tower is trading at P/E of 9x and HFCL is trading tat 35x. But there is no point of comparison because the size of Steelman is very small in comparison to Indus and HFCL. 

Steelman Telecom Limited Rishi Tower, Premises No. 02-315, Street No. 315, New Town, Kolkata- 700156 Phone: 8443022233 Email: info@steelmantelecom.in Website: http://www.steelmantelecom.com/