INDIA

Q4 2023

RICHARDS INDUSTRIALS EQUILIBAR

3170 Wasson Road 320 Rutledge Rd.
Cincinnati, Ohio Fletcher, North Carolina
45209 • United States 28732 • United States

(Confidential) 1
 CURRENT STATE RICHARDS
Net Sales Cost S. Margin
2021 $ 1,711,720.06 $ 1,349,765.22 21% • Richards in India directly since 2015
2022 $ 2,098,023.24 $ 1,610,607.05 23%
• Last years we have seen growth focused on SF, JV and ony project from LF.
2023 $ 1,180,698.19 $ 913,741.49 23%
(blank) $ 752,595.23 $ 750,214.57 0% Profit has been fluctuating around 23%
Grand Total $ 5,743,036.72 $ 4,624,328.33 19% • Product Famileis:
• Key focus so far in Steriflow business (80% o sales in past 3 years).
• Jordan Valves - large opportunity in O&G Chemical, but the price
and competitors (Emerson (Local Made), Nirmal(India)) in the India.
We do not quote in large project RFQ. NDE Testing of our standard
valves is out of market expectations. Equivalent to SF product
opportunity.
• LowFlow – The market size on Lowflow is considerable lower. Key
competition are (Tescom(Local manufacture), Badger(Important), or
local made Samson, other India). Bundle RFQ are seen today (JV+LF
and SF+LF).
• Bestobell – steam trap can be interesting – this would be one
Row Labels 2021 2022 2023(blank) Grand Total
STERIFLOW $ 1,429,344 $ 1,598,497
$ 907,349 $ 594,511 $ 4,529,700.75 opportunity for us to develop – local manufactures are major
JORDAN VALVE $ 201,103 $ 76,564 $ 191,771 $ 92,626 $ 562,064.04 competitors. Spec work is path to increase the window to market.
LOW FLOW $ 59,959 $ 391,852 $ 18,128 $ 1,307 $ 471,245.50
BESTOBELL STEAM $ 13,080 $ 29,759 $ 63,102 $ 48,542 $ 154,483.43 Large account is BHEL
HEX VALVE $ 7,000 $ 730 $ 8,853 $ 16,583.00 • Marwin+Hex – Low opportunity in the market is saturated with
MARWIN $ 6,636 $ 6,636.00 large number of competitors
LOWFLOW $ 1,234 $ 622 $ 348 $ 120 $ 2,324.00
Grand Total $ 1,711,720 $ 2,098,023 $ 1,180,698 $ 752,595 $ 5,743,036.72
Richards Industrials
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 CURRENT STATE EQUILIBAR
Row Labels Sum of Final Sales
2020 $ 82,694.78
2021 $ 73,176.84
• Sales have increased from $80K to $135K Year in the
2022 $ 123,652.31
2023 $ 134,656.60 past 4 years.
Grand Total $ 414,180.53 • The Profit level of India orders are at the same level as
other regions in the world
• Expect to end 2023 at $150K best year ever
• Families:
• Reasearch Series is the largest in the past years
• EPR resell is also really relevant
• GS series comes 3rd
• No presence with FDO in the region

• No surprise the major applications in the research area

in reactors and catalysis. Chemical, Energy are the 2
largest industries we play in EQ in India.

Row Labels 2020 2021 2022 2023 Grand Total

MFG : Research $ 47,782.76 $ 31,256.61 $ 38,312.12 $ 67,776.25 $ 185,127.74 • Rep structure in India for EQ needs to be clarified with
Resale : EPR $ 23,328.12 $ 19,585.41 $ 17,511.41 $ 19,489.12 $ 79,914.06 our office in India and provide more visibility.
MFG : GS $ 5,846.39 $ 18,234.58 $ 12,337.43 $ 4,546.90 $ 40,965.30
Other: Repair Kits $ 3,944.10 $ 1,437.24 $ 10,566.66 $ 21,799.92 $ 37,747.92

(Confidential) 3
RICHARDS INDUSTRIALS EQUILIBAR
3170 Wasson Road 320 Rutledge Rd.
Cincinnati, Ohio Fletcher, North Carolina
45209 • United States 28732 • United States

(Confidential) 4
 CURRENT STATE INDIA
OEM
Top Existing
1. Biozeen ($0.2M)
2. Praj Hipurity ($0.15M)
3. Pharmalab ($0.07M) Today In 5 year
4. Sartorius ($0.05M)
$0.8M $1.7-2.0M
Top 5 Potential OEMs
5. Biotree (Adca and Forbes PRV, Steam traps) ($0.2M)
6. Nilsan (Leistung, Mascon BPRV & PRV) ($0.1M)
 7. Adam Fabriwerk (Forbes PRV) ($0.15M)
8. Equipment Fabricators (Forbes PRV) ($0.1M)
 9. Omega Scientific Instruments (Forbes) ($0.1M)
 10. DD. Enterprises (Forbes) ($0.1M) – Potential when customer drive SF spec

 What is Working What’s not working


• Steriflow Quality and Longevity without failures
• Delivery time on 93C, 96, 95, NRV
• Representative / India Office team are very responsive for
after sales support.
• Price for families 93C (India made) 96,95,NRV are within
10-20% price premium from competition – tier 2 and tier
3 end users is not a place we can play.
(Confidential)
• 93C for tier 2 customers (50% business in India) no not
require high end quality bellow. Forbes offers 2°C
subcooling – SF 1.7°C
• Current stock in place in India is below market need for
PRV, NRV, SF-BPRV
• Vertical NRV, PRV, 9020 are USA made and over spec for
the India market (USA made, import duty price is out of
market)
• Reps not trained in latest development – needs to be
part of cadence
5
 CURRENT STATE INDIA
END USER
Top Existing:
1. Serum Institute of India ($0.05K)
2. Zydus Cadila ($0.02M) Today In 5 year
3. Reliance Life Sciences ($0.01K)
$0.2M $0.5M
Top 4 Potential End Users:
4. Biocon ($0.2M )
5. Bharat Biotech ($0.1M)
 6. Indian Immunologicals Ltd ($0.1M)
   7. FDC ($0.05M)
1

What is Working What’s not working
• Quite a few of major OEMs opting to go with Forbes PRV and Steam traps in
• End users recognizing Steriflow product shelf
 their bulk systems due to consistent pricing from Forbes (price consistency
life after using the PRVs, Steam traps leading to on 93 for last 2 years)
repeat orders of MK96, NRV and MK93. • OEM Spec work is mandatory to win in the steam trap and PRV market in
• Delivery of bulk MK93 Steam traps from India India
location very helpful in keeping end users happy. • Some End users using Plant steam PRV and Control valves and for pressure
above 5 bar they take PRV with IBR approval which we cannot provide (IBR
• End users do not issue PO – they are specs by Certification missing fom current RI foundries ) Forbes provides them the
the OEM. Mostly repeat requirements are complete turnkey project with equipment like Steam generators, PRVs, ST,
floated by end users except clients like Serum SRV, Piping which we cannot provide.
and Biocon.

(Confidential) 6
 CURRENT STATE INDIA
EPC

1. Spectrum Pharmatech Consultants Today In 5 year

2. Green Leap (Local makes)
3. Chrisleen $0.1M $0.2M
4. Crescon projects and Services
5. Hyde Engineering and Consulting
6. Knexir Consultants
7. Jacobs Engineering

What is Working What’s not working

• Steriflow is already one of the prime brands considered
in pharma for consultants for PRV, BPRV, NRV & Steam
traps. For systems spec‘d by Knexir or Jacobs, Steriflow is
the main vendor.
• Unlike Jordan, EPC doesnt participate in the project after
spec stage. They will advise the make and decision is
upto OEM and Enduser.
What is NOT working?
• Needs more penetration with consultants for SRVs.
Consultants not insterested due to the pricing.
• Due to current price, OEM and consultants are not sending
RFQs. Reps advised our SRV price should be 15% lower to
compete with LESER and get regular RFQ.
• Not utilizing international references in EPCs in India
• IIR Access Missing to drive locally the Reps

(Confidential) 7
 CURRENT STATE INDIA

REPS

Today In 5 year
1. Edge Solutions (Steriflow)

2. SJS Automations (Jordan)

3. Dhruv Engineers (Jordan & Lowflow) $0,87M $1.5-1.7M
 
4. Kasturi Enterprises (Steriflow)
5. Vayusodh (Complete range)
 6. Ahsan Automations (Steriflow, Bangladesh)




What is Working What’s not working

 • What is NOT working? Vayusodh and Ahsan renewal needs to
 • be relooked, their performance has been underwhelming.
Edge having good rapport with customers of their territory
 and excellent knowledge of our products and applications.
• Lack of initiation, planning visits for RI.
 • Apart from sales, SJS & Edge can handle customer service
• Bangladesh not active
 request of PRV, Steam traps, NRV on their own.
• North India rep not providing support on projects

(Confidential) 8
 CURRENT STATE INDIA

COVERAGE

What do we need to do in terms of India Coverage for SF ?



• North India Rep is not following up projects as per
 
 OEM expectations. Need to relook into their contract by Sept

end leverage Equilibar
 End User  

• Bangladesh rep not following up projects as per

EPC   expectations. Need to relook into their contract by Sept

1

 Channel  end.
 
  • We would need to add a rep in the East India region in 1


 year time frame as we see some Steriflow projects

 coming up there.

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 CURRENT STATE INDIA

TOP PROJECTS

 Row Labels Sum of TIV_USD


 Aurobindo Antibiotics Private Limited $ 339,500,000.00

Zydus Lifesciences Limited $ 272,900,000.00

Ipca Laboratories Limited $ 178,730,000.00

Lyfius Pharma Private Limited $ 169,750,000.00

Auroactive Pharma Private Limited $ 169,730,000.00

Mankind Pharma Limited $ 160,260,000.00


1. Edge Solutions (Steriflow)
Jubilant Generics Limited $ 151,280,000.00

 2. SJS Automations (Jordan)

3. Dhruv Engineers (Jordan & Lowflow)


 4. Kasturi Enterprises (Steriflow)
5. Vayusodh (Complete range)
6. Ahsan Automations (Steriflow, Bangladesh)

(Confidential) 10
 ACTION LIST FOR FUTURE STATE - STERIFLOW
Product Market Focus GO-TO-Market
1. Edge best performing but needs support on projects.
1. BIOTREE #1 OEM in India for RIU to re-gain o IIR update for all regions.
1. Most important business in India is MK93 - Made in C
o 93 (Forbes) 96 (Forbes + Adca) o Need help from US office with visits to enhance
India but bellows imported from USA O a
h engagement
o (2023 Price = 8300 INR  Target 7000 INR. E 2. Adam Fabriwerk #2
o $0.8M FY23  $1.5-1.7M FY26 M n
(+900K) o 93 (Forbes) 96 (Forbes) 2. Vayusodh handling the North region not
n
2. PRV (96) e pursuing the available Pharma end users and
3. Nilsan Nishotech #3
requirements. Need to have a meeting with them
o (2023 Price = $1500 Target $800 (1“)
o 93 (Forbes)
l
o $0.25M FY23  $0.7M FY26 along with Megan and Jim Sir to discuss their
(+$200K)
o 95 (Forbes+Mascon) future. Make sure they know expectations of
3. NRV (SVC) – Imported from US made (extension
them from us from the area are not being met.
need for better downwards flow temperature rating)
o Exhibitons: Steriflow participating in PMEC every year.
o (2023 Price = $334 Target $200 1. BIOCON #1
E Last Steriflow US representation was in 2019. Need to
n o NRV (Alfa) 96 (Forbes) M
o $0.15M FY23  $0.4M FY26 (+$250K) meet key decision makers once a year to get project
d a
4. Sample cooler SC60 body is being made in India but r information, strengthening relationship and convert the
2. BHARAT BIOTECH #2
U k big RFQ to orders; Forbes does this every 3 months with
taken to USA for assembling the fittings on it. Need
s
o 93 (Forbes) e key end users and OEMs.
to look into the possibility of doing the process e t Edge participating in 3 additional exhibitions to promote
r 3. INDIAN IMMUNOLOGICALS LTD #3 i
completely in India. Steriflow.
n
o Marketing LinkedIn/Youtube
o 96 (Forbes) g
Need to create MK93, NRV, MK96/MK95 operating videos
like we created for SRV and promote the same on
Linkedin .

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 CURRENT STATE INDIA – COMPETITON
STERIFLOW JORDAN EQUILIBAR
Name In country Strength Weakness Name In country Strength Weakness Name In country Strength Weakness
manuf manuf manuf

EMERSON YES (Chennai) • Strong rep

Forbes YES (Pune) • Strong rep network Tescom YES (Chennai) • Strong rep • Cannot
network network handle
• Local
• Local manufactut • Local low Cv like
manufactuting ing manufact Equilibar
uting BPRV

Nirmal YES • Local Mfg • Not

(Asangoan) • Negligible registered
Spirax-Sarco NO • Good reorders • Steam NDE rates in ONGC
from end users. traps prices • Complianc vendor list
higher than e to non-
RI std • No direct
products operated
regulators
higher than
2in.
Adca NO • Better PRV prices Longer lead
for some of the time due to
PRV sizes mfg outside Samson Yes (Pune)
India • Local mfg
• Negligible
NDE rates

Lesser NO Cheaper prices for

SRV

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Appendix
 5 YEARS VISION

• What is the target we shall aspire?

• Where is the product lines we need to focus?
• What customer do we need to focus? What are the end users we
need to convince? What international end users do we need to
use references to enter in India? To be worked in
• What OEM we need to win? Which we shall lose? each product line
• What products we need to improve?
• What needs to happen for us to be successful?
• Price
• Costs?
• Knowledge
• Services?
• Network

(Confidential) 14