/-, S. V. Bapat & Co.

rg\l CHARTERED ACCOUNTANTS

Office : 3, SagarApartments, S. No. 11/1tu3, Erandawana, Near LaxmiNarayan Nagar, Pune - 411 004.
Tel.: 2546 0562 Email : svb@svbapatandco.com

Date: 05/07 l2OL8

investments in Equity Shares

This is to certify that Mr. Rahul Rathi has made
based on Purnartha PhilosoPhY
Investment Philosophy of Purnartha is as follows
:

1'TolnvestinPurnarthaUniverseconsistingofnon.cyc|icalcompanies:
a)whicharelikelytogrowatl.Sxto3xVolumegrowthconsistentlyacross
allcycles.(onaconservativeside,lndia'srealGDPGrowat5%)
b)Having reasonably Large owner holding
(that is owners have skin in the game)
c) Having low drawdowns and faster recovery
d)Whicharedebtfree(growthfundedbyclientsratherthandebt)

FollowingaretheyearlyreturnsofinvestmentsmadebyMr.RahulRathi
based on lnvestment Philosophy of Purnartha

Nlr. Rahul Rathi

rtfoli orf Mr.
Performance Ana lysis of Porttollo
Ouarterlv Return 1zo;
Quarter Annual
Quarter Quarter Quarter
Year Ending 31st Growth (%)
Ending 30th Ending 30th Ending 31st
September December March
June
1st April 2009
6.92 34.88 1.41.94
s1.38 10.82
2009-10
(s.37) (6.21.) 13.54
2010-1L 2.57 24.73
(2.e8) 8.05 10.84
20L',["-12 7.28 \1.44)
22.33 16.81 (2.76\ 50.03
2012-13 7.97
33.84 38.06 109.2 0
6.10 6.71
2013-1"4
7.39 20.03 93.95
20L4-1.5 22.00 23.33
2.58 (2.34) (8 7e)
{,L1.17\ 2.49
2015-16
(12.92\ 32.95 51.96
20L6-17 20.80 8.66
1"L,L2 (3.8s) 31.63
20]-7-L8 6.25 15.95
2018-19 4.1.5

For S. V. BaPat & Co'

Accountants

ffi
( Chartered )

W
Saniay V. BaPat
Partner
M. No.033931