tag:blogger.com,1999:blog-6240670823672485782024-03-06T12:02:32.326-08:00Prudent Investing : Towards smarter investmentsRudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.comBlogger34125tag:blogger.com,1999:blog-624067082367248578.post-22422114416511122382018-11-03T20:15:00.001-07:002018-11-03T20:35:06.426-07:00History of Corporate "Misadventures" in India<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">During the past decade of investing in Indian stock markets, I have came across many instances of corporate "misadventures" through my own experiences and interactions with fellow investors over blogs, forums and social media.</span></div>
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<span style="font-family: "georgia" , "times new roman" , serif;">For new investors coming to the Indian markets, it is often important to not to repeat some of the mistakes of the past and pay costly tuition fees in the process. I have refrained from adding any personal comments and used only public sources here - for obvious reasons, as the readers might well understand.</span></span><br />
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<span style="font-family: "georgia" , "times new roman" , serif;">This list is no way exhaustive, but goes on to gives one a glimpse of the extent of "misadventures" possibly present and to understand - what not to choose in our investment picks.</span></span><br />
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<span style="font-family: "georgia" , "times new roman" , serif;">As you read through these, do let me know other similar stories where you were either impacted by or was able to safely navigate out of. </span></span><br />
<span style="font-family: "georgia" , "times new roman" , serif; font-size: large;"><br />
Happy investing!</span><br />
<span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></div>
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<span style="color: white;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Company<o:p></o:p></span></span></div>
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<span style="color: white;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Industry<o:p></o:p></span></span></div>
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<span style="color: white;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Event
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<span style="color: white;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Links<o:p></o:p></span></span></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">1<o:p></o:p></span></span></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Teledata<o:p></o:p></span></span></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Technology
<o:p></o:p></span></span></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2007<o:p></o:p></span></span></div>
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<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://medium.com/@herryjaw/teledata-and-esys-vikas-goel-fraud-of-billion-dollor-52b96629b7cb" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2<o:p></o:p></span></span></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Pyramid
Saimira<o:p></o:p></span></span></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Entertainment
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2008<o:p></o:p></span></span></div>
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<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.business-standard.com/article/pti-stories/pyramid-saimira-case-sebi-bans-nirmal-kotecha-for-14-yrs-from-mkts-118032201370_1.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">3<o:p></o:p></span></span></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Unitech<o:p></o:p></span></span></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Real
Estate<o:p></o:p></span></span></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2008<o:p></o:p></span></span></div>
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<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://economictimes.indiatimes.com/news/company/corporate-trends/the-rise-and-stunning-fall-of-unitech/articleshow/61990781.cms" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">4<o:p></o:p></span></span></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Satyam<o:p></o:p></span></span></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">IT
Services<o:p></o:p></span></span></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2009<o:p></o:p></span></span></div>
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<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.hindustantimes.com/business/satyam-scam-all-you-need-to-know-about-india-s-biggest-accounting-fraud/story-YTfHTZy9K6NvsW8PxIEEYL.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">5<o:p></o:p></span></span></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">IRB
India<o:p></o:p></span></span></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Infrastructure<o:p></o:p></span></span></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2009<o:p></o:p></span></span></div>
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<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://timesofindia.indiatimes.com/city/pune/cbi-chargesheets-irb-chief-17-others-for-cheating-bid/articleshow/61954186.cms" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">6<o:p></o:p></span></span></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Subiksha<o:p></o:p></span></span></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Retail
Chain<o:p></o:p></span></span></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2009<o:p></o:p></span></span></div>
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<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.thehindu.com/news/cities/chennai/ed-arrests-subhiksha-founder-in-790-crore-bank-fraud-case/article22884139.ece" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
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</tr>
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<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">7<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">LIC
Housing Finance<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">NBFC<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2010<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="http://www.indianexpress.com/news/loan-scam-lic-housing-ceo-arrested-on-bribery-charges/715424/" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">8<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Welspun
Corp<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Steel
Pipes<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2010<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="http://www.hindustantimes.com/India-news/Mumbai/I-T-dept-raids-Welspun-premises-in-four-states/Article1-613169.aspx" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">9<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Concurrent
India Infrastructure<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Infrastructure<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2010<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="http://www.moneylife.in/article/concurrent-fools-investors-with-false-announcement-on-sikkim-power-project/6290.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 10;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">10<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Compact
Disc (India)<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Entertainment
<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2010<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.moneylife.in/article/compact-disc-india-a-seedy-book-of-secrets/4824.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 11;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">11<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Glodyne
Technoserve<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">IT
Services<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2010<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.sebi.gov.in/sebi_data/attachdocs/1485856852799.pdf" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">12<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Micro
Technologies (India)<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">IT
Services<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2010<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.moneylife.in/article/micro-technologies-to-be-wound-up-to-repay-depositors/39495.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">13<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">EdServ
Softsystem<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Education
<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2010<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://economictimes.indiatimes.com/markets/ipos/fpos/ipo-scam-sebi-bans-edserv-cmd-and-four-others-for-three-years/articleshow/51782449.cms" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 14;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">14<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Onmobile<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Technology
<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2011<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="http://www.forbesindia.com/article/boardroom/why-arvind-rao-and-onmobile-went-down-a-dark-road/33420/1" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 15;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">15<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Educomp
Solution<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Education
<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2011<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="http://www.forbesindia.com/article/real-issue/the-rise-and-fall-of-educomp/34993/1" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">16<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Everonn
Education<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Education
<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2011<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="http://articles.economictimes.indiatimes.com/2011-08-31/news/29949552_1_everonn-education-p-kishore-income-tax-official" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">17<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Prithvi
Info Systems<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Technology
<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2011<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.moneylife.in/article/prithvi-information-solutions-involved-in-17-million-fraud/36934.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">18<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Riddhi
Siddhi Gluco Biols<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Agro
Commodities<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2011<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="applewebdata://49204AD3-DCCB-47C8-A99B-70A561AED664/%20https:/www.moneylife.in/article/riddhi-siddhi-shareholders-in-the-dark-on-sale-of-starch-biz-to-french-firm/13336.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 19;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">19<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">K
S Oils<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Agro
Commodities<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2011<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.moneylife.in/article/private-equity-funds-slip-as-ks-oils-slides/19065.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 20;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">20<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Moser
Baer<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">IT
Hardware<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2011<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.moneylife.in/article/warburg-pincus-dud-investment-in-moser-baer-an-honest-mistake/25716.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 21;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">21<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Octant
Interactive Solutions<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">IT
Software<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2011<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="http://www.moneylife.in/article/five-x-a-demerged-arm-of-octant-industries-leaves-investors-in-limbo/20693.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 28.0pt; mso-yfti-irow: 22;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 28.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">22<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Ess
Dee Aluminium<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Packaging
Solutions<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2011<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.moneylife.in/article/small-investor-requests-sebi-to-take-action-in-india-foils-merger-case/21662.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 23;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">23<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Cranes
Software<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Technology
<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2011<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="http://cbi.gov.in/firs/2017/2017_pdf/2017_bsnfc_bangalore_firs/RC0782017E0008.pdf" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 24;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">24<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Photoquip
India<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Photographic
<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2011<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.moneylife.in/article/microcap-investing-how-even-astute-investors-can-get-taken-for-a-ride/51431.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 28.0pt; mso-yfti-irow: 25;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 28.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">25<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">CORE
Education and Technologies<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Education
<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2011<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.sebi.gov.in/enforcement/orders/dec-2017/adjudication-order-in-respect-of-core-education-and-technologies-ltd-_37182.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">26<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Deccan
Chronicle<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Media,
Newspapers<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2012<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="http://forbesindia.com/article/boardroom/saving-deccan-chronicle/33693/0" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 27;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">27<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Opto
Circuits<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Medical
Devices<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2012<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="http://www.scribd.com/doc/116531317/Analysis-of-Opto-Circuits-Annual-report-2012-pdf" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 28;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">28<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Subex<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">IT
Software<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2012<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="http://www.forbesindia.com/article/boardroom/the-rise-and-fall-of-subex-founder-subash-menon/34109/1" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 28.0pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 28.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">29<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Parekh
Aluminex<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Packaging
Solutions<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2012<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://prudentequity.com/index/proudentdetail/id/6" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">30<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Amar
Remedies<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Manufacturing<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2012<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://prudentequity.com/index/proudentdetail/id/11" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 31;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">31<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Eldeco
Housing<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Real
Estate<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2012<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://prudentequity.com/index/proudentdetail/id/11" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 32;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">32<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">CEEBCO<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Manufacturing<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2013<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.moneylife.in/article/what-is-really-going-on-in-cebbco/32169.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 28.0pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 28.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">33<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">MCX
(NSEL Scam)<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Commodity
Exchange<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2013<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="http://www.iosrjournals.org/iosr-jbm/papers/ies-mcrc-volume-3/29.pdf" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 34;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">34<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Kitex
Garments<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Textiles<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2015<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://capitalmind.in/2016/02/what-went-wrong-with-kitex-garments/" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 35;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">35<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Vakrangee<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">IT
Services<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2015<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.moneylife.in/article/vakrangees-chequered-history/53932.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 36;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">36<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">PNB<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Banking<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2015<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/pnb-fraud-how-the-professionals-pulled-off-the-con/articleshow/62922878.cms" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 37;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">37<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">ICSA
(India)<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">IT
Software<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2015<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.business-standard.com/article/pti-stories/sebi-imposes-rs-4-58-crore-fine-on-seven-entities-115101501214_1.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 38;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">38<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Tanla
Solutions<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Technology
<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2016<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.quora.com/Why-is-Tanla-Solutions%E2%80%99-share-price-going-down-Is-it-good-to-hold-for-the-long-term" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 39;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">39<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Ricoh
India<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">IT
Hardware<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2016<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="http://www.moneycontrol.com/news/current-affairs/ricoh-india-case-identical-to-satyam-fraud-anil-singhvi_6712421.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 40;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">40<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Geodesic<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">IT
Software<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2016<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="http://www.dnaindia.com/money/report-eow-arrest-three-geodesic-directors-for-fccb-diversion-2168237?curator=alphaideas&utm_source=alphaideas" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 41;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">41<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Vasan
Healthcare<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Medical
Services<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2016<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.livemint.com/Companies/0XHIPMIRMI5BeUMeZQEhoN/What-really-happened-at-Vasan-Healthcare.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 42;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">42<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Manpasand<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Food
Products<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2016<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="http://2point2capital.com/blog/index.php/2016/12/06/the-curious-case-of-manpasand-beverages/" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 43;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">43<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Videocon<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Conglomerate<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2016<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.firstpost.com/business/videocon-loan-case-icici-bank-gave-rs-650-cr-loan-to-dhoots-group-company-that-had-a-turnover-of-just-rs-75-cr-4416037.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 44;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">44<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Fortis<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Healthcare<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2017<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.bloombergquint.com/global-economics/2018/08/16/billionaires-and-the-guru-how-an-indian-family-lost-2-billion" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 45;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">45<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">EROS
International<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Entertainment
<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2017<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.fool.com/investing/2017/07/28/why-shares-of-eros-international-plunged-today.aspx" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 46;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">46<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Best
Steel Logistics<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Trading<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2017<o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.moneylife.in/article/stock-manipulation-best-steel-logistics/52248.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 47;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">47<o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Kesoram
Industries<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Conglomerate<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2018<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.moneylife.in/article/did-directors-of-kesoram-industries-indulge-in-insider-trading-and-short-change-minority-shareholders/54689.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-yfti-irow: 48;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 23.0pt;" width="31"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">48<o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Lloyd
Electric & Engineering <o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Manufacturing<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2018<o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="http://www.tankrich.com/management-intentions-can-calculated-excel/" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
</td>
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<tr style="height: 17.0pt; mso-yfti-irow: 49;">
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">49<o:p></o:p></span></span></div>
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">8K
Miles<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">IT
Software<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2018<o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.bloombergquint.com/business/fraud-forgery-and-other-suspicious-transactions-involving-8k-miles" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
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<tr style="height: 17.0pt; mso-yfti-irow: 50; mso-yfti-lastrow: yes;">
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<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">50<o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 150.0pt;" width="200"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Archit
Organosys<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.0pt;" width="132"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">Chemicals<o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 46.0pt;" width="61"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;">2018<o:p></o:p></span></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" width="92"><div class="MsoNormal">
<u><span style="color: #0563c1; mso-ansi-language: DE; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: small;"><a href="https://www.moneylife.in/article/stock-manipulation-archit-organosys/52644.html" target="_parent"><span style="color: #0563c1;">Read More</span></a><o:p></o:p></span></span></u></div>
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Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com0tag:blogger.com,1999:blog-624067082367248578.post-22195540631593779802018-10-21T09:40:00.001-07:002018-11-03T20:22:59.873-07:00Portfolio Construction & Position Sizing <div dir="ltr" style="text-align: left;" trbidi="on">
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<!--StartFragment-->
<br />
<div class="MsoNormal">
<span style="font-family: "georgia" , "times new roman" , serif; font-size: 12pt;">Whenever you
bump into fellow investors, the conversations often steer into – “Aur Kya dekh
rahe ho ? Kya aacha lag raha hai” (What new stocks are you looking into ? What
is looking promising ?)</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">Our obsession
to always chase the “Next Big” idea is often detrimental to our portfolios and
wealth creation. In doing so we often miss out on the far most critical aspect
of investments – that of portfolio construction and position sizing. <o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">As we have
seen from numerous investors through their investment journey – that it is
often one/two large winners which are pivotal in their overall wealth creation
and makes good a lot of mistakes – both of omission and commission alike. </span></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">Many
veteran investors also list a common trait – of selling their winners too early
and missing out on the huge runaway. <o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">It was a great
opportunity to connect to a highly revered investor of Indian equities, who
have had huge multi-bagger returns not only at the stock level, but at the
overall portfolio level in the past two decades. <o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">The following
is an attempt to capture key insights from the discussion and share this with the
broader community of investors. <o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<h2 style="text-align: left;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">Portfolio Construction:</span></span></b></h2>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">Your
portfolio should ideally contain only three types of opportunities. <br style="mso-special-character: line-break;" />
<!--[if !supportLineBreakNewLine]--><br style="mso-special-character: line-break;" />
<!--[endif]--><o:p></o:p></span></span></div>
<div class="MsoNormal">
<span style="font-family: "georgia" , "times new roman" , serif;"><span lang="EN-US"><b>A) Compounders [</b><span style="background: yellow;">Allocation: 50%<b>]</b></span></span><span lang="EN-US" style="mso-ansi-language: EN-US;"> – Well discovered businesses, with steady
operations and large size of opportunity growing at 20% available at decent
valuations. The key to understand the importance of this bucket and the
allocation. Here P/E discovery is matured and earnings fuel all the returns. <o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">“Even if other parts of the portfolio – do not
yield any results in a 5-year period, having 50% allocated to 2x+ bond yield
will ensure your equity portfolio at least matches risk free returns”<o:p></o:p></span></span></i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">B) <b style="mso-bidi-font-weight: normal;">Fast Growers</b> [<span style="background: yellow; mso-highlight: yellow;">Allocation: 35%]</span> – These are fast growers –
rapid growth in sales with rising operating margins, here both legs of market
cap growth – Earnings and P/E re-rating can come to your aid and create tangible
wealth in a meaningfully short period of time. <o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;"><i>"This part
of the portfolio is also ideal for focussed cyclical baskets, opportunities
that can yield high returns in short bursts to create future growth capital."<o:p></o:p></i></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">C) <b style="mso-bidi-font-weight: normal;">Seeds</b> [<span style="background: yellow; mso-highlight: yellow;">Allocation: 15%]</span> – Seeds are new emerging ideas, promising
yet unproven ideas, which needs to be tested further before they can graduate to
the buckets A) or B) <o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<h2 style="text-align: left;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">Portfolio Allocation & Position Sizing:</span></span></b></h2>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">Initial Allocation:<o:p></o:p></span></span></b></div>
<div class="MsoNormal">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">For
companies in bucket A) and B) start with an initial allocation of 5% (can be
for a single stock or the commodity/cyclical basket of stocks) and exceptionally up to
10% only for bucket A). As we would see further down, we would end up upward averaging and increasing allocation to biggest winners.<br style="mso-special-character: line-break;" />
<!--[if !supportLineBreakNewLine]--><br style="mso-special-character: line-break;" />
<!--[endif]--><o:p></o:p></span></span></div>
<div class="MsoNormal">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">For stocks
in bucket C) start with a initial max allocation of 2%. As they graduate to Bucket
A) or B) their allocations can be revisited thereupon.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">Position Sizing:<o:p></o:p></span></span></b></div>
<div class="MsoNormal">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">It is of
paramount importance to let your winners run freely but at the same time it is
critical to prevent too much dependence of portfolio on few stocks. <br /><br /><o:p></o:p></span></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: "georgia" , "times new roman" , serif;"><span lang="EN-GB"><span style="mso-list: Ignore;">·<span style="font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><!--[endif]--><span lang="EN-GB"><b>Allow position up to 15%:</b> If
the recent unexpected growth is led by a tailwind – China factor, Anti-Dumping
Duties, sectoral rises etc.<br /><br /><o:p></o:p></span></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: "georgia" , "times new roman" , serif;"><span lang="EN-GB"><span style="mso-list: Ignore;">·<span style="font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><!--[endif]--><span lang="EN-GB"><b>Allow position up to 25%:</b> If
the recent growth is led by something truly unique and organic to the company –
strong brands, distribution moat etc. <o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<h2 style="text-align: left;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">Portfolio Maintenance </span></span></b></h2>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "georgia" , "times new roman" , serif;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="mso-ansi-language: EN-US;">Weed Removal:</span></b><span lang="EN-US" style="mso-ansi-language: EN-US;"> During the wealth creation phase one needs to be
really brutal in terms of allowing any non-performance. Typically examine the
quarterly performance of the your investment candidates – against the
hypothesis and key assumptions in your valuation framework and act decisively. <o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">Based on
the homework and management action in face of perceived risk and mitigations,
be quick to act and get out completely if reality is deviating significantly
from your hypothesis. <u>Doing so will forcefully free up capital for
allocation more to your top-performers<o:p></o:p></u></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "georgia" , "times new roman" , serif;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="mso-ansi-language: EN-US;">Quarterly Bonus: </span></b><span lang="EN-US" style="mso-ansi-language: EN-US;">The impact of not upward averaging your key
winners is perhaps one of the most underrated aspects. Whenever you see
businesses and management performing extremely well – ahead of and surpassing
your expected levels – always incrementally add to your winning positions. This
completely breaks any price anchoring you might have had and when done together
with weed removal – forcefully moves capital to better allocation within your
portfolio.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "georgia" , "times new roman" , serif;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="mso-ansi-language: EN-US;">Bucket Changes – </span></b><span lang="EN-US" style="mso-ansi-language: EN-US;">It might often happen you like 2 or more opportunities
from the same sector or just because you already had a large position in that
sector, the new stock – despite all the positives – could only secure a seed position
for itself. <o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">The weed
removal can often pave the path for removal of overvalued candidates faltering
on expected growth in A) or B) to be replaced from a promising candidate from
C). <o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<h2>
<b><span lang="EN-US"><span style="font-family: "georgia" , "times new roman" , serif; font-size: large;">Annual Portfolio Re-Balancing </span></span></b></h2>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">Annual Portfolio Review and Re-Balancing<o:p></o:p></span></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">Typically,
in a bull market, Bucket A) will underperform while in a bear market Bucket B)
and C) would fall back on returns. Rebalancing portfolio once a year is
extremely important to protect the irrational exuberance and lock some of the
volatile gains into core compounders.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 46.8pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 479px;">
<tbody>
<tr style="height: 14.95pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 14.95pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.95pt;" valign="bottom" width="119"><div class="MsoNormal">
<br /></div>
</td>
<td nowrap="" style="background: #4472C4; border-left: none; border: solid windowtext 1.0pt; height: 14.95pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.85pt;" valign="bottom" width="80"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: white;"><span style="font-family: "georgia" , "times new roman" , serif;">Allocation<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #4472C4; border-left: none; border: solid windowtext 1.0pt; height: 14.95pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.05pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: white;"><span style="font-family: "georgia" , "times new roman" , serif;">Bull Market CAGR<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #4472C4; border-left: none; border: solid windowtext 1.0pt; height: 14.95pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 111.1pt;" valign="bottom" width="148"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: white;"><span style="font-family: "georgia" , "times new roman" , serif;">Bear Market CAGR<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 14.95pt; mso-yfti-irow: 1;">
<td nowrap="" style="background: #D9E1F2; border-top: none; border: solid windowtext 1.0pt; height: 14.95pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.95pt;" valign="bottom" width="119"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif;">Compounders<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.95pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.85pt;" valign="bottom" width="80"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif;">50%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.95pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.05pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif;">20%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.95pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 111.1pt;" valign="bottom" width="148"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif;">30%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 14.95pt; mso-yfti-irow: 2;">
<td nowrap="" style="background: #D9E1F2; border-top: none; border: solid windowtext 1.0pt; height: 14.95pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.95pt;" valign="bottom" width="119"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif;">Fast
Growers<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.95pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.85pt;" valign="bottom" width="80"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif;">35%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.95pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.05pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif;">60%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.95pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 111.1pt;" valign="bottom" width="148"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif;">20%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 14.95pt; mso-yfti-irow: 3;">
<td nowrap="" style="background: #D9E1F2; border-top: none; border: solid windowtext 1.0pt; height: 14.95pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.95pt;" valign="bottom" width="119"><div class="MsoNormal">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif;">Seeds<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.95pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.85pt;" valign="bottom" width="80"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif;">15%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.95pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.05pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif;">30%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.95pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 111.1pt;" valign="bottom" width="148"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif;">15%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 14.95pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td nowrap="" style="background: #4472C4; border-top: none; border: solid windowtext 1.0pt; height: 14.95pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.95pt;" valign="bottom" width="119"><div class="MsoNormal">
<span style="color: white;"><span style="font-family: "georgia" , "times new roman" , serif;">Overall
Return<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.95pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.85pt;" valign="bottom" width="80"><div align="right" class="MsoNormal" style="text-align: right;">
<b><span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif;">100%<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.95pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.05pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="text-align: right;">
<b><span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif;">36%<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.95pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 111.1pt;" valign="bottom" width="148"><div align="right" class="MsoNormal" style="text-align: right;">
<b><span style="color: black;"><span style="font-family: "georgia" , "times new roman" , serif;">24%<o:p></o:p></span></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">The annual
rebalancing is best done post the AGM session once the full year performance
can be analysed in greater details and the next year can be planned
accordingly. <o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">Coming back
to our discussion, the single biggest contributor of portfolio returns are by
no means – stock selections. It is the ability to cut your losses early and
upward average to ride your winners with meaningful allocation. <o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US" style="mso-ansi-language: EN-US;"><span style="font-family: "georgia" , "times new roman" , serif;">I will
leave you with this <a href="https://microcapclub.com/2018/10/presentation-investing-is-hard/">beautiful
presentation</a> from Ian Cassel and this great quote from Bill O‘ Neil<o:p></o:p></span></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
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Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com0tag:blogger.com,1999:blog-624067082367248578.post-67163706778721168242016-06-01T01:23:00.000-07:002017-06-17T13:54:31.854-07:00Stock Story : J K Lakshmi Cement<div dir="ltr" style="text-align: left;" trbidi="on">
<h1>
<span style="font-family: "trebuchet ms" , sans-serif; font-size: small;">Introduction<o:p></o:p></span></h1>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">One critical aspect of infrastructure growth is Cement. As
infrastructure activity, be it urban infrastructure, roads development or rural
housing picks up, it creates an uptick in cement demand. So this is one of the
leading sectors to track revival in economic activity.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">Before going into investing, it is important to know the
cement manufacturing process and familiarize yourself with the likes of “Kiln”
and “Clinker” . A ready primer is available </span><a href="http://www.understanding-cement.com/manufacturing.html" style="font-family: 'Trebuchet MS', sans-serif;">here</a>.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">Typically veteran investors would always advice to avoid to
“invest” in a “cyclical” sector like cement, as this being a mere commodity is
subject to the vagaries of supply – demand dynamics. Typically at the start of
the infra growth cycle you would see stable capacities and increasing demand
>> which would lead to demand outpacing supplies – leading to volume and
value growth for some time >> new capacities come on stream and demand –
supply gap normalizes >> till the point demand catches up and prices
crash. And the cycle repeats all over again.</span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">A look at Ultratech Cement’s price chart during the infra
cycle of (2005-2009) helps one understand the typical story a bit better. So
prices which rose from say Rs 350 in 2005 to Rs 1135 in 2007-08 and crashed
back to Rs 350 all over again at the end of the cycle. So this is how most
cement stocks behave in a typical cycle. Thus if one can get in early, there is
potential of strong returns, provided one times the exit accordingly. Cement,
or for that matter any other cyclical stocks <u>are NOT </u>BUY-and-HOLD
candidates.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjoyXDKKUMG0NBWJPBttb06inZZaYpZpJ9RpIjWrmllKJYdCRzNOc-BaUnGiMWBbk3j2Ru6SmlpmfBVaqGWnMv73-fB5VRm7UXnAdj6MLrQw1Sk9FdikVF5XENLgd8lIQqxD_1AXxeBUg8/s1600/01.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="243" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjoyXDKKUMG0NBWJPBttb06inZZaYpZpJ9RpIjWrmllKJYdCRzNOc-BaUnGiMWBbk3j2Ru6SmlpmfBVaqGWnMv73-fB5VRm7UXnAdj6MLrQw1Sk9FdikVF5XENLgd8lIQqxD_1AXxeBUg8/s640/01.png" width="640" /></a></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="background-color: white; font-family: "trebuchet ms" , sans-serif;"> Ultratech Cement : Stock price during 2005-2009</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">Another interesting aspect of cyclical investing is reverse
P/E. Contrary to regular stocks, where buying into lower P/E and selling into
higher P/E is the norm, in case of cyclical stocks one takes just the opposite
route. So buy when P/E is the highest and sale when P/E is the lowest. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">This is because towards the beginning of the cycle, economic
de-growth has bottomed out, earnings are most depressed, debt is at the highest
levels hence P/E appears to be optically higher. While at the higher end of the
boom cycle, earnings are at its peak which optically deflates the P/E to record
low levels.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">Again let’s study Ultra Tech cement, as in our current
example.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 85.25pt;" valign="top" width="114"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.55pt;" valign="top" width="94"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Mar-2005<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.9pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Mar-2006<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.9pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Mar-2007<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Mar-2008<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Mar-2009<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 85.25pt;" valign="top" width="114"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Sales (Cr)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.55pt;" valign="top" width="94"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">2,607<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.9pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">3,299<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.9pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">4,910<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">5,509<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">6,383<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 85.25pt;" valign="top" width="114"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Profit(Cr)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.55pt;" valign="top" width="94"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">3<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.9pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">230<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.9pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">782<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">1,008<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">977<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 85.25pt;" valign="top" width="114"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">EPS<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.55pt;" valign="top" width="94"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">0.12<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.9pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">18.22<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.9pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">62.28<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">80.09<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">77.63<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 85.25pt;" valign="top" width="114"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Price (Mar end)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.55pt;" valign="top" width="94"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">352<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.9pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">620<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.9pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">770<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">760<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">520<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 85.25pt;" valign="top" width="114"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">P/E (Mar end)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.55pt;" valign="top" width="94"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">2933<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.9pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">34.02<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.9pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">12.36<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">9.48<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.95pt;" valign="top" width="104"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">6.69<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">Of course, the 2008-2009 period is a bit of exception due to the
market meltdown from the US housing bubble led crisis, however the numbers
serve just fine as an illustrative example of the point narrated just before.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">With this very brief primer on cement industry let’s get
started on to the stock we are here to discuss today – one of the prominent
names from Midcap cement space — J K Lakshmi Cement.<o:p></o:p></span></div>
<h2 style="text-align: left;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: small;"><br /></span></h2>
<h2 style="text-align: left;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: small;">About</span></h2>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">JK Lakshmi Cement Ltd. (JKL hence forth) formerly known as
JK Corp, is a flagship company of the Hari Shankar Singhania group. It commenced
its cement operations in 1982, with an installed capacity of 0.5 million tonne (MT, a metric we would be using frequently to refer capacity henceforth)
in Jaykaypuram (wherefrom it got its name!), Sirohi district, Rajasthan.<o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Today JKL caters to 13 states across North, West and Eastern
India with a network of over 3800 dealers. Apart from cements, it has forayed
into readymade concrete(RMC), plaster of paris(PoP), cement blocks.
Interestingly all products are available to order on e-commerce sites. <a href="http://www.snapdeal.com/search?keyword=JK%20lakshmi&santizedKeyword=&catId=8642&categoryId=0&suggested=false&vertical=&noOfResults=48&clickSrc=go_header&lastKeyword=&prodCatId=&changeBackToAll=false&foundInAll=false&categoryIdSearched=&cityPageUrl=&url=&utmContent=&dealDetail=&sort=rlvncy&q=Brand%3AJK%20Lakshmi%20Cement%20Ltd%7C">Link</a><o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: small;">Vital Stats </span></h2>
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<b><span style="font-family: "trebuchet ms" , sans-serif;">As on Date 27.05.2016. <o:p></o:p></span></b></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><b>Source: </b><a href="https://www.screener.in/company/JKLAKSHMI/">https://www.screener.in/company/JKLAKSHMI/</a>
<b><o:p></o:p></b></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="background: white; color: #404040; line-height: 107%;">Market Cap. : ₹ 4,068.44 Cr.</span><span style="color: #404040; line-height: 107%;"><br />
<span style="background: white;">Current Price : ₹ 345.75</span><br />
<span style="background: white;">Book Value : ₹ 113.62</span><br />
<span style="background: white;">Stock P/E : 239.17</span><br />
<span style="background: white;">Dividend Yield : 0.58%</span><br />
<span style="background: white;">Face Value : 5.00</span><br />
<span style="background: white;">52 Week High/Low : ₹ 387.80 / ₹ 253.95<o:p></o:p></span></span></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="background: white; color: #404040; line-height: 107%;">Days Receivables Outstanding: 61.11</span><span style="color: #404040; line-height: 107%;"><br />
<span style="background: white;">Debt to equity : 1.43</span><br />
<span style="background: white;">WCap to Sales : -0.09%<o:p></o:p></span></span></span></div>
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<span style="background: white; color: #404040; line-height: 107%;"><span style="font-family: "trebuchet ms" , sans-serif;">Price to Book ratio : 3.04<o:p></o:p></span></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="background: white; color: #404040; line-height: 107%;">Sales growth 5Years : 9.13%</span><span style="color: #404040; line-height: 107%;"><br />
<span style="background: white;">Profit growth 5Years : -12.17%<o:p></o:p></span></span></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="background: white; color: #404040; line-height: 107%;">OPM last year : 9.8%</span><span style="color: #404040; line-height: 107%;"><br />
<span style="background: white;">NPM last year : 0%</span><br />
<span style="background: white;">Return on equity : 9.45%</span><br />
<span style="background: white;">Return on capital employed: 9.49%<o:p></o:p></span></span></span></div>
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<span style="background: white; color: #404040; line-height: 107%;"><span style="font-family: "trebuchet ms" , sans-serif;">Promoter shareholding : 45.94%<o:p></o:p></span></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: small;">The Story – JK Lakshmi over last few years</span></h2>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">M<b>ar-06<o:p></o:p></b></span></div>
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<b><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Mar-07<o:p></o:p></span></b></div>
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<b><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Mar-08<o:p></o:p></span></b></div>
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<b><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Mar-09<o:p></o:p></span></b></div>
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<b><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Mar-10<o:p></o:p></span></b></div>
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<b><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Mar-11<o:p></o:p></span></b></div>
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<b><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Mar-12<o:p></o:p></span></b></div>
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<b><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Mar-13<o:p></o:p></span></b></div>
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<b><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Mar-14<o:p></o:p></span></b></div>
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<b><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Mar-15<o:p></o:p></span></b></div>
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<b><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Mar-16<o:p></o:p></span></b></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Net Sales <o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">582.50<o:p></o:p></span></div>
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<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">843.80<o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">1107.6<o:p></o:p></span></div>
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<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">1224.5<o:p></o:p></span></div>
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<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">1493.4<o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">1319<o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">1711<o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">2054.9<o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">2056.6<o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">2315<o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">2619.9<o:p></o:p></span></div>
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<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">YOY Gr %<o:p></o:p></span></span></i></div>
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<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">45%<o:p></o:p></span></span></i></div>
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<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">31%<o:p></o:p></span></span></i></div>
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<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">11%<o:p></o:p></span></span></i></div>
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<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">22%<o:p></o:p></span></span></i></div>
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<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">-12%<o:p></o:p></span></span></i></div>
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<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">30%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">20%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">0%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">13%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">13%<o:p></o:p></span></span></i></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 62.75pt;" valign="bottom" width="84"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Op Profit<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 26.65pt;" valign="bottom" width="36"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">120.9<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">256<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">351.3<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">317.15<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">424.60<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">183.34<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">326.80<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">428.70<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">302.00<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">352.60<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">270.10<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 62.75pt;" valign="bottom" width="84"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Op Margin % <o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 26.65pt;" valign="bottom" width="36"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">21%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">30%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">32%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">26%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">28%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">14%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">19%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">21%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">15%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">15%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">10%<o:p></o:p></span></span></i></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 62.75pt;" valign="bottom" width="84"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">PAT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 26.65pt;" valign="bottom" width="36"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">55.4<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">178.1<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">223.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">178.5<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">241.1<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">59<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">109<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">192<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">93<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">167.4<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">6<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 62.75pt;" valign="bottom" width="84"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">PAT Margin %<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 26.65pt;" valign="bottom" width="36"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">10%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">21%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">20%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">15%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">16%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">4%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">6%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">9%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">5%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">7%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0;"><span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">0%<o:p></o:p></span></span></i></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 62.75pt;" valign="bottom" width="84"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">Equity<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 26.65pt;" valign="bottom" width="36"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">39.8<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">57.1<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">61.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">61.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">61.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">61.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">61.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">61.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">61.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">61.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">61.2<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 14.2pt; padding: 0in 5.4pt; text-align: right; width: 62.75pt;" valign="bottom" width="84"></td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 14.2pt; padding: 0in 5.4pt; text-align: right; width: 26.65pt;" valign="bottom" width="36"></td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 14.2pt; padding: 0in 5.4pt; text-align: right; width: 35.9pt;" valign="bottom" width="48"></td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 14.2pt; padding: 0in 5.4pt; text-align: right; width: 35.9pt;" valign="bottom" width="48"></td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 14.2pt; padding: 0in 5.4pt; text-align: right; width: 35.9pt;" valign="bottom" width="48"></td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 14.2pt; padding: 0in 5.4pt; text-align: right; width: 35.9pt;" valign="bottom" width="48"></td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 14.2pt; padding: 0in 5.4pt; text-align: right; width: 35.9pt;" valign="bottom" width="48"></td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 14.2pt; padding: 0in 5.4pt; text-align: right; width: 35.9pt;" valign="bottom" width="48"></td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 14.2pt; padding: 0in 5.4pt; text-align: right; width: 35.9pt;" valign="bottom" width="48"></td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 14.2pt; padding: 0in 5.4pt; text-align: right; width: 35.9pt;" valign="bottom" width="48"></td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 14.2pt; padding: 0in 5.4pt; text-align: right; width: 35.9pt;" valign="bottom" width="48"></td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 14.2pt; padding: 0in 5.4pt; text-align: right; width: 35.9pt;" valign="bottom" width="48"></td>
</tr>
<tr style="height: 14.2pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 62.75pt;" valign="bottom" width="84"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">ROCE %<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 26.65pt;" valign="bottom" width="36"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">8%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">18%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">21%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">16%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">18%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">5%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">8%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">12%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">7%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">6%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">0%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-yfti-irow: 10; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 62.75pt;" valign="bottom" width="84"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">RONW %<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 26.65pt;" valign="bottom" width="36"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">26%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">38%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">34%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">20%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">24%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">4%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">9%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">14%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">7%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">12%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.9pt;" valign="bottom" width="48"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: x-small;">4%<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: "trebuchet ms" , sans-serif;"><br />JK Lakshmi - the last few years in numbers.</span></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: left;">
<br /></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: "trebuchet ms" , sans-serif;"><b>FY2010</b>, was
probably the best year in recent history with company realizing pick operating
margins and profitability, another thing to note for cement companies is their
balance sheets look pristine during these peak years (like FY10 for JKL with a
D/E of 0.2 from as high as 1.32 in FY07) and they take up further expansions!<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: "trebuchet ms" , sans-serif;">Like JKL emerged on major expansions i) 0.55 MT split
grinding unit at Jhajjar, Haryana to be operational by Dec 2011 and ii) a major
greenfield expansion of 2.7 MT in Durg, Chattisgarh at a cost overlay of 1200
Cr to be operational by FY12 end.</span></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">As seen with typical cyclical industry, the healthy growth
of 10.2% for cement industry in India as a whole in FY2010 lifted all players –
big and small – into big expansions only to face the oversupply and poor demand
in the next few years. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">Also cement is a very local industry, as in higher supplies
in the western market cannot be transferred to eastern India, as transport
costs become unviable. So once supply outpaces demand, prices crash. Then why
is that prudent managements go on expansion spree knowing of these issues very well?<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">The answer lies perhaps in long term potential. <b>AR 2011</b> cites a McKinsey survey mentioning
the following <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<i><span style="font-family: "verdana" , sans-serif;">“…..Cement demand which traditionally has shown strong correlation
with overall economic growth both in India as well as internationally by all
account is expected to reach to in excess of 500 million tons in a year by the
year 2020 and in excess of 1500 million tons a year by the year 2030.<o:p></o:p></span></i></div>
<div class="MsoNormal">
<i><span style="font-family: "verdana" , sans-serif;"><br /></span></i></div>
<div class="MsoNormal">
<i><span style="font-family: "verdana" , sans-serif;">Global trends studied for more than 20 years in developing world
indicate that per capita cement consumption and cement demand grow in tandem
with economic growth till per capita income reaches $ 15000. Average Annual Per
capita income in India in terms of Purchasing Power Parity stood at approx. $
3000 in the year 2009 and with expected average annual economic growth of 8 –
8.5% till the year 2030, it shall be little over $ 15000 in 2030. <o:p></o:p></span></i></div>
<div class="MsoNormal">
<i><span style="font-family: "verdana" , sans-serif;"><br /></span></i></div>
<div class="MsoNormal">
<i><span style="font-family: "verdana" , sans-serif;">Hence therefore it can reasonably be concluded that except
for some minor aberrations and course corrections, cement as a commodity shall
remain on strong growth trajectory for next 15 – 20 years….”</span></i><span style="font-family: "trebuchet ms" , sans-serif;"><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">Thus the management clearly justifies (!!!) the supply gluts
as something temporary in nature and embarks on the expansion plan. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><b>Move to FY2012</b>,
company moved well on expansion plans as revenues improved slightly over FY10
and showed high jump over the lower base of FY11. The 0.55 MT unit in Haryana got
completed by April 2012, raising production capacity to 5.3 MT. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">The greenfield expansion in Durg got pushed both by cost and
timelines. Company however added two additional split location grinding units
mainly positioning for eastern India markets.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">Also, post BIFR approval of the rehabilitation scheme for
the Udaipur unit, earlier declared sick, JKL decided an overall revival plan
adding the 1.2 MT capacity for effective use over next two years.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">JKL continue to add the value added products with further
expansion to ready made concrete (RMC) plants taking number to 14 and capacity
to 7 lac cubic meter per annum.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><b><br /></b></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><b>During FY2013</b>,
the industry continue to reel under the supply glut with capacity additions
being 17 MT and demand growth of only 13 MT over the last fiscal. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">JKL again forays into value additive products in FY13, with
the introduction of Aerated Autoclaved Concrete (AAC) Blocks with the brand
name "JK SMART BLOX". <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">This is an interesting development on value addition and
prevalent in developed markets, here is further insight on AAC<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">“….</span><span style="font-family: "verdana" , sans-serif;"><i>The AAC blocks, though relatively new in the country, are
being extensively used in the developed countries and are a preferred
alternative to the traditional red clay bricks (made by using top layer of
precious agriculture land). These AAC blocks are light in weight and offer high
thermal insulation. With these inherent characteristics, this product will
offer recurring lifelong savings in the power consumption besides savings in
construction time and labor cost</i></span><span style="font-family: "trebuchet ms" , sans-serif;">…”<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">The dismal growth and supply glut <b>continued well over in
FY2014</b>, the MD’s commentary lucidly captures the situation, <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">“…</span><i><span style="font-family: "verdana" , sans-serif;">The capacities built by cement companies during the last
3-4 years, with the hope of continued double-digit growth, ended up only
widening the demand and supply gap leading to fierce competition and
unremunerative pricing in the market place. Consequently, the margins of cement
companies fell and we were no exception….”</span></i><span style="font-family: "trebuchet ms" , sans-serif;"><o:p></o:p></span></div>
<div class="MsoNormal">
<i><span style="font-family: "verdana" , sans-serif;"><br /></span></i></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">The much touted Greenfield project at Durg finally was
<b>completed during FY2015</b> at an overall cost of Rs 1700 Cr. It lead to 27% jump in
capacity to 8.4 MT. The initial capacity commissioned is 1.7 MT which can later be expanded to the planned 2.7 MT and beyond.</span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">Company had again ventured into value addition with the
introduction of JK Lakshmi PRO+ - a premium cement brand majorly for the new
eastern market and also for existing markets in West and North.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">Company was able to reach <b>stable utilization for the Durg
plant in FY2016</b> on the 1.7 MT capacity. However, company had to face challenges
on the realization front due to higher logistics and fuel cost. The
volumes shown a jump of 23% in FY16.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 498px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 110.0pt;" valign="bottom" width="147"></td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="bottom" width="58"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: "trebuchet ms" , sans-serif;">FY11<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: "trebuchet ms" , sans-serif;">FY12<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: "trebuchet ms" , sans-serif;">FY13<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: "trebuchet ms" , sans-serif;">FY14<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: "trebuchet ms" , sans-serif;">FY15<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: "trebuchet ms" , sans-serif;">FY16<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "trebuchet ms" , sans-serif;">Sales volume (MT)<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="bottom" width="58"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif;">4.3<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif;">4.89<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif;">5.28<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif;">5.63<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif;">5.96<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif;">7.32<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<i><span style="color: #0070c0; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "trebuchet ms" , sans-serif;">YOY Gr %<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="bottom" width="58"></td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "trebuchet ms" , sans-serif;">14%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "trebuchet ms" , sans-serif;">8%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "trebuchet ms" , sans-serif;">7%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "trebuchet ms" , sans-serif;">6%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "trebuchet ms" , sans-serif;">23%<o:p></o:p></span></span></i></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "trebuchet ms" , sans-serif;">Net Realization<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="bottom" width="58"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif;">3062<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif;">3498<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif;">3889<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif;">3653<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif;">3874<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif;">3579<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<i><span style="color: #0070c0; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "trebuchet ms" , sans-serif;">YOY Gr %<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="bottom" width="58"></td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "trebuchet ms" , sans-serif;">14%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "trebuchet ms" , sans-serif;">11%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "trebuchet ms" , sans-serif;">-6%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "trebuchet ms" , sans-serif;">6%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "trebuchet ms" , sans-serif;">-8%<o:p></o:p></span></span></i></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "trebuchet ms" , sans-serif;">EBITDA/tonne<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="bottom" width="58"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif;">431<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif;">656<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif;">808<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif;">536<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif;">587<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: "trebuchet ms" , sans-serif;">369<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 110.0pt;" valign="bottom" width="147"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<i><span style="color: #0070c0; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "trebuchet ms" , sans-serif;">YOY Gr %<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="bottom" width="58"></td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "trebuchet ms" , sans-serif;">52%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: #0070c0; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "trebuchet ms" , sans-serif;">23%<o:p></o:p></span></span></i></div>
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<i><span style="color: #0070c0; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "trebuchet ms" , sans-serif;">-34%<o:p></o:p></span></span></i></div>
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<i><span style="color: #0070c0; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "trebuchet ms" , sans-serif;">9%<o:p></o:p></span></span></i></div>
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<i><span style="color: #0070c0; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "trebuchet ms" , sans-serif;">-37%<o:p></o:p></span></span></i></div>
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<o:p><span style="font-family: "trebuchet ms" , sans-serif;">Production metrcs for last few fiscal years</span></o:p></div>
<h2 style="text-align: left;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: small;">Outlook - The road ahead</span></h2>
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<span style="font-family: "trebuchet ms" , sans-serif;">One can listen to the Q4FY16 Concall commentary <a href="http://www.jklakshmi.com/wp-content/uploads/2016/05/Audio-Link-1.pdf">here </a>: <o:p></o:p></span></div>
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<li><span style="font-family: "trebuchet ms" , sans-serif;"><span style="text-indent: -0.25in;"><b>Expansion in Odisha:</b> </span><span style="text-indent: -0.25in;">Although land acquisition and approvals are in place. Company is facing
resistance from local population for the grinding unit at Odisha and instead focusing
on expansion at Durg.</span></span></li>
</ul>
<ul style="text-align: left;">
<li><span style="font-family: "trebuchet ms" , sans-serif;"><span style="text-indent: -0.25in;"><span style="font-size: 7pt; font-stretch: normal;"> </span></span><span style="text-indent: -0.25in;"><b>Expansion in Durg: </b></span><span style="text-indent: -0.25in;"><br />JKL now plans to increase the Durg plant’s capacity to 2.4 MT from current 1.7
MT by Q4FY17 and further to 2.7 MT by Q2FY18. Capex estimated at 50 Cr.<br /><div style="text-indent: -24px;">
<br />
Durg plant is operating at EBITDA
break even for now and move to cash profit level from further savings in power
and logistics cost.<br />
<span style="text-indent: -0.25in;"><br /></span><span style="text-indent: -0.25in;">Power Saving: currently on grid power. Waster
heat recovery of 7 MW at cost of 90 Cr will replace 30% requirement. Expected
to be commissioned by Q3FY17.</span><span style="text-indent: -0.25in;"><span style="font-size: xx-small;"><br /></span>Logistics: Railway sliding completion planed by
FY18 will help in better savings.</span></div>
</span></span></li>
<li><div style="text-indent: -24px;">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
</li>
<li><span style="font-family: "trebuchet ms" , sans-serif;"><span style="text-indent: -0.25in;"><span style="font-size: 7pt; font-stretch: normal;"> </span></span><span style="text-indent: -0.25in;"><b>Expansion in Udaipur:</b></span>The current capacity of 0.9 MT is of no
use and it is depending on JKL’s other plants for Clinker. Once the 1.2 MT
clinker comes online by Q3FY17, the capacity can be used effectively. Ongoing
capacity ramp up on grinding unit expected to 1.6 MT.<br /><br />Out of the total planned capex of 700 Cr, 450 Cr is spent and balance to be
completed by Q3FY17. Funds from internal accrual and equity raised.<br /> </span></li>
<li><span style="font-family: "trebuchet ms" , sans-serif;"><span style="text-indent: -0.25in;"><b>Grinding Unit at Surat: </b></span><span style="text-indent: -0.25in;">Grinding unit with capacity of 1 MT shall be completed by Q2FY17</span></span></li>
<li><span style="font-family: "trebuchet ms" , sans-serif;"><span style="text-indent: -0.25in;"><b>Debt Scenario: </b></span><span style="text-indent: -0.25in;">Company is reaching peak gearing of 1.43x (Gross) and 1.25x (Net Debt). Hence
management seeks consolidation of Balance sheet for some time before setting on
further brownfield expansion. Company plans to repay 200 Cr debt every year.<br /><div style="text-indent: -24px;">
</div>
</span></span></li>
<li><span style="font-family: "trebuchet ms" , sans-serif;"><span style="text-indent: -0.25in;"><b>Future Expansion: </b></span><span style="text-indent: -0.25in;">JKL has potential for brownfield expansion in all 3 places – Sirohi, Durg and
Udaipur taking overall capacity from 13 MT by FY18 to 20 MT over the next few
years as need arises.<br /><div style="text-indent: -24px;">
</div>
</span></span></li>
<li><span style="font-family: "trebuchet ms" , sans-serif;"><span style="text-indent: -0.25in;"><span style="font-size: 7pt; font-stretch: normal;"> </span></span><span style="text-indent: -0.25in;"><b>RMC Capacity and sales:</b> RMC volumes at 450 lac
cubic meters and sales of 150 Cr has been stagnant YoY.</span> </span></li>
</ul>
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<h2 style="text-align: left;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: small;">More about investing in Cement:</span></h2>
<div>
<span style="font-family: "trebuchet ms" , sans-serif; font-size: small;">Read <a href="https://www.edelweiss.in/sector/sectordetails.aspx?sector=Cement">here </a>for more info on Cement sector and right metrics to value cement stocks. </span></div>
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Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com0tag:blogger.com,1999:blog-624067082367248578.post-19732599324681210302016-04-24T01:04:00.001-07:002016-06-01T19:07:05.971-07:00Stock Story : Dharamsi Morarji Chemicals Co Ltd<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "trebuchet ms" , sans-serif;">Today we are here to discuss on a small chemical company by
the name of “The Dharamsi Morarji Chemical Company Limited” (DMCC, henceforth).
<o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: large;"><br /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: large;">Vital Stats</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">As on Date 23.04.2016. <o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><a href="https://www.screener.in/company/506405/">Source</a>: </span></div>
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<br /></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="background: white; color: #404040; line-height: 107%;">Market Cap.: 137.66 Cr.</span><span style="color: #404040; line-height: 107%;"><br />
<span style="background: white;">Current Price: 65.75</span><br />
<span style="background: white;">Book Value: 14.53</span><br />
<span style="background: white;">Stock P/E: 8.85</span><br />
<span style="background: white;">Dividend Yield:0%</span><br />
<span style="background: white;">Face Value: 10.00</span><br />
<span style="background: white;">52 Week High/Low: 99 / 15.80</span><br />
<span style="background: white;">Days Receivables Outstanding : 201.32</span><br />
<span style="background: white;">Debt to equity: 1.18</span><br />
<span style="background: white;">WCap to Sales: 0.29%<o:p></o:p></span></span></span></div>
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<span style="background: white; color: #404040; line-height: 107%;"><span style="font-family: "trebuchet ms" , sans-serif;">Price to Book ratio: 4.46<o:p></o:p></span></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="background: white; color: #404040; line-height: 107%;">Sales growth 5Years: 15%</span><span style="color: #404040; line-height: 107%;"><br />
<span style="background: white;">Profit growth 5Years: loss to Profit</span><br />
<span style="background: white;">OPM last year: 14%</span><br />
<span style="background: white;">NPM last year: 12% (not paying taxes due to
earlier losses)</span><br />
<span style="background: white;">Return on equity: 27.41%</span><br />
<span style="background: white;">Return on capital employed: 16.91%<o:p></o:p></span></span></span></div>
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<span style="background: white; color: #404040; line-height: 107%;"><span style="font-family: "trebuchet ms" , sans-serif;">Promoter shareholding: 48.73%<o:p></o:p></span></span></div>
<h1>
<span style="font-family: "trebuchet ms" , sans-serif; font-size: large;">About</span></h1>
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<span style="font-family: "trebuchet ms" , sans-serif;"><a href="http://www.dmcc.com/about-us/company">Source</a>: (Emphasis mine)<o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: small; font-weight: normal; line-height: 17.12px;">The Dharamsi Morarji Chemical Company Limited (DMCC), established in 1919, was the first producer of Sulphuric Acid and Phosphate fertilizers in India. Over the years, the brand of the Company (“Ship”) came to be recognized as the quality standard for Single Superphosphate (SSP).</span><span style="font-family: "trebuchet ms" , sans-serif; font-size: small; font-weight: normal;"><span style="background: yellow; color: windowtext; line-height: 107%;"><br /></span></span></div>
<div style="text-align: left;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: small; font-weight: normal;"><span style="background: yellow; color: windowtext; line-height: 107%;">Until recently,</span><span style="color: windowtext; line-height: 107%;"> DMCC was known primarily as a fertilizer producer, with over
75% of revenue from SSP. As a strategy, <span style="background: yellow; mso-highlight: yellow;">DMCC structured itself to Specialty Chemicals</span>.
With focused Research and Development efforts, <span style="background: yellow; mso-highlight: yellow;">processes for downstream sulphur-based chemicals were
commercialized</span>. Simultaneously, the Marketing team engaged with
customers in India and overseas to meet their requirements.<br /> <o:p></o:p></span></span><span style="font-size: small; font-weight: normal;"><span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></span></div>
<div style="text-align: left;">
<span style="font-size: small; font-weight: normal;"><span style="font-family: "trebuchet ms" , sans-serif;">Through a
painful restructuring process, </span><span style="background-color: yellow; font-family: "trebuchet ms" , sans-serif;">DMCC exited
the manufacturing of fertilizers almost entirely</span><span style="font-family: "trebuchet ms" , sans-serif;">. What is visible now is
a culmination of efforts by the entire team: sustainable performance with zero
dependence on Government policy, net foreign exchange earnings, and </span><span style="background-color: yellow; font-family: "trebuchet ms" , sans-serif;">sales to over 25 countries in 5 continents.</span><span style="font-family: "trebuchet ms" , sans-serif;"> </span></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><b>Core Technology</b><o:p></o:p></span></div>
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<ul style="text-align: left;">
<li><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">Sulfonation & Sulfation</span></li>
<li><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">Chlorosulfonation</span></li>
<li><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">Friedel Craft Reaction</span></li>
<li><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">Esterification</span></li>
<li><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">Methylation</span></li>
<li><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">Ethylation</span></li>
</ul>
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<h1>
<span style="font-family: "trebuchet ms" , sans-serif; font-size: large;">The Story – In a Nutshell</span></h1>
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<span style="font-family: "trebuchet ms" , sans-serif;">One of the oldest fertilizer companies in India, was mostly
into fertilizer making. Given the vagaries of the govt. subsidiary dependent fertilizer
business was forced to Corporate Debt Restructuring. Company took a long and
painful step and has finally come out of the loss making and working capital
straining Fertilizer business. Have sold some old plants and assets related to
that. Now focusing strongly on growth opportunities in specialty chemicals
catering to export markets. <o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Because of CDR in 2006-07, company has huge accumulated
losses. Have redeemed strategic investments it received during troubled times.
Banks have converted substantial equity and still have 8.8L preference shares
and preference dividend to be redeemed from the company. There will be no<span style="background: yellow; mso-highlight: yellow;"> free cash flows for some time</span>.<o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Company is carrying forward substantial losses and also
Deferred Tax Assets, so no taxes to be paid for some time. The turnaround and
price action around that has happened as stock price moved 8x (almost 10x
considering the 52W peak). Henceforth, company’s focused progress into specialty
chemicals and deleveraging of liabilities will determine the price going ahead.<o:p></o:p></span></div>
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<h1>
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="font-size: large;">Recent News and Price Surge</span><span style="font-size: small;"><o:p></o:p></span></span></h1>
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<span style="font-family: "trebuchet ms" , sans-serif;"><b>Last 1 year:</b> 3X<o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><b>Last 3 years:</b> 8X<o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkkS4vaJDyea5uDqaE4akUeoDWy3HBppRR-vcYmIt0a_Gkl3KPwCHU1vy-qW9UrFZBppyeUZ53Vi6HAj2JLcrEN77yYS9Iu_dptPZayFZMOpMruhufCBuJXVn2pK2zjFj9J2pPn8A17XQ/s1600/01.gif" imageanchor="1"><img border="0" height="152" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkkS4vaJDyea5uDqaE4akUeoDWy3HBppRR-vcYmIt0a_Gkl3KPwCHU1vy-qW9UrFZBppyeUZ53Vi6HAj2JLcrEN77yYS9Iu_dptPZayFZMOpMruhufCBuJXVn2pK2zjFj9J2pPn8A17XQ/s640/01.gif" width="640" /></a></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">No Recent News. <a href="https://www.google.co.in/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=dharamsi+morarji&safe=off&tbm=nws">Check for latest news</a></span></div>
<h1>
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="font-size: large;">Last
5 Years:</span><span style="font-size: small;"><o:p></o:p></span></span></h1>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCqZuZ204mUaZf3RdFVneGD_7j-yEUn-kra4C-sq7gGD7br2ZAtiaVQX6-BeowmMoIgbHjiBlgR5Xk3hxxnY_65IGXtNGpMmT8-WcN9Mwc-0pcgsVqvBUESYZNFAt6RhavC52553sf-vw/s1600/02.jpg" imageanchor="1"><img border="0" height="273" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCqZuZ204mUaZf3RdFVneGD_7j-yEUn-kra4C-sq7gGD7br2ZAtiaVQX6-BeowmMoIgbHjiBlgR5Xk3hxxnY_65IGXtNGpMmT8-WcN9Mwc-0pcgsVqvBUESYZNFAt6RhavC52553sf-vw/s640/02.jpg" width="640" /></a></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><span style="font-size: large;"><br /></span></span></h1>
<h1>
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="font-size: large;">What happened in Fiscal FY2014 ?</span><span style="font-size: small;"><o:p></o:p></span></span></h1>
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<span style="font-family: "trebuchet ms" , sans-serif;">Sales (net of excise duty) grew from 85.6 Cr to 101.3 Cr
majorly brought about by Specialty Chemicals which grew from 45Cr to 63 Cr or
by 40%. Exports grew from 32 Cr (FY13) to 47 Cr(FY14). <o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">In short company’s sales were boosted by exports of
specialty chemicals from 2 products commercialized from own R&D earlier,
which were accepted by clients. Also cutting down on SSP fertilizers with
strained working capital helped. <span style="background: yellow; mso-highlight: yellow;">Company has significant carry forward losses and not paying tax.</span><o:p></o:p></span></div>
<h2>
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="font-size: large;"><br /></span></span></h2>
<h2>
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="font-size: large;">Observations (AR FY2014):</span><span style="font-size: small;"><o:p></o:p></span></span></h2>
<div>
<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">1)</span><span style="font-family: "trebuchet ms" , sans-serif; font-stretch: normal; text-indent: -0.25in;">
</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">The Company’s fertilizer business viz. </span><span style="background: yellow; font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">Single Superphosphate (SSP)
could not be continued on its own inter-alia, due to strained liquidity and
shortage of Working Capital</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">. The turnover of Commodity Chemicals during
the current Financial Year ended 31st March, 2014 was marginally higher at Rs
30.03 crores as compared to the turnover of Rs. 29.73 crores during the
previous Financial Year.</span></div>
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<span style="background: yellow; font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;"><br /></span></div>
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<span style="background-color: white; font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">2)<span style="font-stretch: normal;"> </span></span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">The
turnover of Specialty Chemicals during the current Financial Year ended 31st
March, 2014 was Rs. 63.17 crores as compared to Rs.44.78 crores in the previous
year. The Export turnover of the Company during the current Financial Year
ended 31st March, 2014 was Rs. 46.66 crores compared to Rs.31.70 crores for the
previous Financial Year</span><span style="background: yellow; font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">.
Your Company continues to make efforts to develop new markets and customers.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;"><br /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">3)</span><span style="font-family: "trebuchet ms" , sans-serif; font-stretch: normal; text-indent: -0.25in;">
</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">The SSP Fertiliser Industry continues under the
stresses and strains of the huge working capital requirement arising </span><span style="background: yellow; font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">mainly out of the delays in
receipt of the subsidy amounts from the Central Government and other related
procedural issues</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;"><br /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">4)</span><span style="font-family: "trebuchet ms" , sans-serif; font-stretch: normal; text-indent: -0.25in;">
</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">While the bulk chemicals are an intrinsic part
of our operations and are essential for the growth of the specialty chemical
segment, </span><span style="background: yellow; font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">the profitability
of the bulk/commodity chemical is limited due to continuing competition and
logistical restrictions</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">. Therefore in case of bulk/commodity chemicals,
our focus is on cost reduction, effi cient sourcing, overall supply chain
optimization and developing value added/ pure grades of bulk/ commodity
chemicals which would have a niche domestic market.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;"><br /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">5)</span><span style="font-family: "trebuchet ms" , sans-serif; font-stretch: normal; text-indent: -0.25in;">
</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">In the specialty chemicals business, your
Company has </span><span style="background: yellow; font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">commercialized
two products which had been developed earlier by the Company’s in house
Research and Development team</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">. (Note : Spend on R&D is miniscule
0.10% of sales)</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;"><br /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">6)</span><span style="font-family: "trebuchet ms" , sans-serif; font-stretch: normal; text-indent: -0.25in;">
</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">The Company </span><span style="background: yellow; font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">expects to increase the capacity utilization of its
Chemical Plants at Roha</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">, by carrying out some internal financial and
business restructuring and improving the availability of working capital finances.
</span><span style="background: yellow; font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">Your Company is setting up
flexible manufacturing facilities termed “Multipurpose Plants” which can be
utilized for several different products</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">, the transition between products
being rapid, the new products can be commercialized at short notice.</span></div>
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<h2>
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="font-size: large;"><br /></span></span></h2>
<h2>
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="font-size: large;">Observations (AR FY2015):</span><span style="font-size: small;"><o:p></o:p></span></span></h2>
<div>
<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">1)</span><span style="font-family: "trebuchet ms" , sans-serif; font-stretch: normal; text-indent: -0.25in;">
</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">The Corporate Debt Restructuring undertaken by
the Company a few years ago is reaching its logical conclusion and the
accumulated losses of the Company have reduced over the last 3 years. </span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;"><br /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">2)</span><span style="font-family: "trebuchet ms" , sans-serif; font-stretch: normal; text-indent: -0.25in;">
</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">The turnover of </span><span style="background: yellow; font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">Commodity Chemicals</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;"> during the current Financial
Year ended 31st March, 2015 was higher at </span><span style="background: yellow; font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">Rs. 39.88 crores as compared to the turnover of Rs. 30.03
crores during the previous Financial Year.</span></div>
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<span style="background: yellow; font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;"><br /></span></div>
<div>
<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">3)</span><span style="font-family: "trebuchet ms" , sans-serif; font-stretch: normal; text-indent: -0.25in;">
</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">The turnover of </span><span style="background: yellow; font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">Specialty Chemicals</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;"> during the current Financial
Year ended 31st March, 2015 was Rs.74.46 crores as compared to Rs. 63.17 crores
in the previous year. The Export turnover of the Company during the current
Financial Year ended 31st March, 2015 was Rs. 51.76 crores as compared to Rs.
46.66 crores for the previous Financial Year.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;"><br /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">4)</span><span style="font-family: "trebuchet ms" , sans-serif; font-stretch: normal; text-indent: -0.25in;">
</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">The Company’s fertilizer business viz. Single
Superphosphate (SSP) could not be continued on its own due to various economic
considerations, and hence there is no turnover of SSP fertilizers during the current
fi nancial year ended 31st March, 2015.</span></div>
<div>
<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;"><br /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">5)</span><span style="font-family: "trebuchet ms" , sans-serif; font-stretch: normal; text-indent: -0.25in;">
</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">The Management of your Company has also decided
to lay emphasis on </span><span style="background: yellow; font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">improving
technical expertise in Sulphur and Ethanol chemistry. </span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">Efforts are being
made to have long term alliance with key customers to develop tailor made
processes/products to meet their specifications and </span><span style="font-family: "trebuchet ms" , sans-serif;">expectations.</span></div>
<div>
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div>
<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">6)</span><span style="font-family: "trebuchet ms" , sans-serif; font-stretch: normal; text-indent: -0.25in;">
</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">Your Company has already set up flexible
manufacturing facilities termed as “ Multi-purpose plant ” which can be
utilised for manufacture of various Specialty Chemicals which are the future
growth areas. Your management is therefore </span><span style="background: yellow; font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">contemplating further investment</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;"> in this segment.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;"><br /></span></div>
<div>
<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">7)</span><span style="font-family: "trebuchet ms" , sans-serif; font-stretch: normal; text-indent: -0.25in;">
</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">The Company has also set up a </span><span style="background: yellow; font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">Solar Plant in Roha with an
initial capacity of 500 KW</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;"> which will gradually be increased over a
period of time. The solar energy is expected to partially replace expensive
grid power with cheaper green energy and reduce marginally the Company’s energy </span><span style="font-family: "trebuchet ms" , sans-serif;">cost.</span></div>
<div>
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div>
<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">8)</span><span style="font-family: "trebuchet ms" , sans-serif; font-stretch: normal; text-indent: -0.25in;">
</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">R&D Expenses incresed from 10L(FY2014) to
1.01Cr(FY15, 0.85% of sales)</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;"><br /></span></div>
<div>
<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">9)</span><span style="font-family: "trebuchet ms" , sans-serif; font-stretch: normal; text-indent: -0.25in;"> </span><span style="text-indent: -0.25in;"><span style="font-family: "trebuchet ms" , sans-serif;">Principal Business:</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<ul style="text-align: left;">
<li><span style="font-family: "trebuchet ms" , sans-serif;">Production of Benzene Sulfonyl Chloride
(31% of turnover)</span></li>
<li><span style="font-family: "trebuchet ms" , sans-serif;">Sulphuric Acid (24% of turnover)</span></li>
</ul>
<br />
<div class="MsoNormal">
<o:p><span style="font-family: "trebuchet ms" , sans-serif;"> </span></o:p><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">10)</span><span style="font-family: "trebuchet ms" , sans-serif; font-stretch: normal; text-indent: -0.25in;">
</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">Preference Shares outstanding : 8.80L</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "trebuchet ms" , sans-serif;">a.<span style="font-stretch: normal;">
</span><!--[endif]--><span style="background: yellow; mso-highlight: yellow;">600000, 8% Redeemable Cumulative non- convertible Preference Shares</span>
of Rs.100/- each aggregating to Rs.600 Lacs were to be redeemed in 5 Equal
yearly installment of Rs.120 Lacs each commencing from Financial Year 2008-09. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "trebuchet ms" , sans-serif;">b.<span style="font-stretch: normal;">
</span><!--[endif]-->The Preference Share-holders have agreed for
further extention of time for the redemption of the said Preference shares any
time upto 31 st March, 2018.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l0 level2 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "trebuchet ms" , sans-serif;">c.<span style="font-stretch: normal;">
</span><!--[endif]-->The cumulative dividend on these Preference
Shares aggregating to Rs.576 Lacs (Previous year Rs.528 Lacs) is to be paid as
and when declared by the Company<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level1 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "trebuchet ms" , sans-serif;">a.<span style="font-stretch: normal;">
</span><!--[endif]--><span style="background: yellow; mso-highlight: yellow;">280000, 2.5% Redeemable Cumulative non- convertible Preference Shares</span>
of Rs.100/- each aggregating to Rs.280 Lacs are redeemable in 16 Equal yearly
installment of Rs.17.5 Lacs each commencing from 1st April 2012.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level1 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "trebuchet ms" , sans-serif;">b.<span style="font-stretch: normal;">
</span><!--[endif]-->further extention of time for the redemption of
the said Preference shares any time upto 31 st March, 2022.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 1.0in; mso-add-space: auto; mso-list: l1 level1 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "trebuchet ms" , sans-serif;">c.<span style="font-stretch: normal;">
</span><!--[endif]-->The cumulative dividend on these Preference
Shares aggregating to Rs. 50.81 Lacs (Previous year Rs. 43.81 Lacs) is to be
paid as and when declared by the Company.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
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<span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">11)</span><span style="font-family: "trebuchet ms" , sans-serif; font-stretch: normal; text-indent: -0.25in;">
</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">Consequently, there is virtual certainty of
realization of “Deferred Tax asset” mainly resulting from unabsorbed
depreciation and carried forward losses. </span><span style="background: yellow; font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;">Accordingly, the recognized “Deferred Tax Asset” of Rs.
2654.15 Lacs as at 31.03.2009,</span><span style="font-family: "trebuchet ms" , sans-serif; text-indent: -0.25in;"> without any addition, is being carried
forward.</span></div>
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<h1>
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="font-size: large;">Notes</span><span style="font-size: small;"><o:p></o:p></span></span></h1>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">Work in progress. To be revisited after few quarters. More
clarity awaited from 2016 Annual Report.<o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<h2 style="text-align: left;">
<span style="font-family: "trebuchet ms" , sans-serif; font-size: large;">Food for thought</span></h2>
</div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;">Consider the consolidated financials for last 10 years.</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhasLrQAEUDNJYEeIrFunRdlLjARgD2Q02UP-BhmXziNw9XqneBhZmzZTAYc1dfazUWtxIwsWZ6BRiQZH4P7-BodaaaRaGFcGQg-VZEUuC62hPUI-Kxg1kD8vzrEQkuJ9qIglmYoI2wH7s/s1600/03.jpg" imageanchor="1"><img border="0" height="492" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhasLrQAEUDNJYEeIrFunRdlLjARgD2Q02UP-BhmXziNw9XqneBhZmzZTAYc1dfazUWtxIwsWZ6BRiQZH4P7-BodaaaRaGFcGQg-VZEUuC62hPUI-Kxg1kD8vzrEQkuJ9qIglmYoI2wH7s/s640/03.jpg" width="640" /></a></span></div>
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<o:p><span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></o:p></div>
</div>
Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com2tag:blogger.com,1999:blog-624067082367248578.post-90828422389627373952014-06-16T00:21:00.003-07:002014-06-16T00:21:39.493-07:00Portfolio stocks: Annual stock performance against Earnings and Expectations. <div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: Trebuchet MS, sans-serif;">Post the NDA win at the center the euphoria has touched upon almost all stocks, with most small and midcaps rallying 50-100%. Here's a quick look at the performance of portfolio & watchlist stocks over the past one year period.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLSyDG05CDMW6KFqks_34oiihmYx2anmmVprpDIudsHXwuiEsC0dXyvIhjtO3aaaC7JNDUmwRbKKmbjT5alG2K8kcf7JiarD6XEFI67n9HHOwqiA2GkQ1EvryGNwyeWG4MFGuFrurhVkk/s1600/vallue.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLSyDG05CDMW6KFqks_34oiihmYx2anmmVprpDIudsHXwuiEsC0dXyvIhjtO3aaaC7JNDUmwRbKKmbjT5alG2K8kcf7JiarD6XEFI67n9HHOwqiA2GkQ1EvryGNwyeWG4MFGuFrurhVkk/s1600/vallue.JPG" height="296" width="640" /></a></div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">Note: Adjusted EPS is arrived at by adjusting for one off expenses and revenue items. As obtained from<a href="http://www.screener.in/"> screener.in</a></span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">The stock price growth being a resultant product of earnings growth and expectations growth, some stocks have rallied on the basis of superior earnings growth supported by moderate PE expansion (Ajanta, PI Industries) while in case of others there is huge increase in expectations (Astral, Mayur) with moderate earnings growth. </span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">Perhaps the showcase example from this lot is that of Kitex Garments, which shows a strong earnings growth(95%) coupled with huge P/E expansion(98%) is the best recipe for success. The stock posted a 1 year trailing returns of 286% !!!</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">Also, stocks with muted earnings growth and high expectation look expensive but only on a trailing basis. Their low earnings base will help them post superior earnings growth, which at the existing P/E too will yield superior returns. Case in point being Hawkins Cookers.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">One might argue that trailing P/E being meaningless as the market tend to discount forward earnings only. However, in cases like Astral Poly - where a lot of expectations are already priced in - significant upside in price terms can only be realized if the company is able to sustain and build upon the already expanded P/E backed by superior earnings.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com2tag:blogger.com,1999:blog-624067082367248578.post-45848274094247778082014-02-14T04:14:00.002-08:002014-02-14T04:39:20.177-08:00The "business" of investing and the role of asset backed leverage<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: Trebuchet MS, sans-serif;">Our fellow investor and blogger Dhwanil <a href="http://valueinvestinginpractice.blogspot.in/2013/11/investing-in-stocksa-much-better.html">in this excellent post</a> has highlighted the merits of considering investments in good businesses as an overall better venture than setting up your own business. </span><br />
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">It is often repeated by seasoned investors to stay away from borrowed money of any sort and invest only the surplus you don't need into equities. This might be true if you consider equities as just another asset class of highest risk and return, however if this is your primary source of earnings and a business, will you shy away from use of leverage in a prudent manner ? Let's explore.</span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">Most of the growing businesses, where we are invested employ leverage in some form of other, either for longer duration asset building or meeting short term working capital needs. Many large FMCG giants and brand plays thrive on the ultimate leverage of "float" or "OPM" (Other people's Money). Read <a href="http://fundooprofessor.wordpress.com/2012/12/06/httpsdl-dropbox-comu28494399blog%20linksfloats_and_moats-pdf/">this brilliant post by Prof. Bakshi</a> to understand this.</span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">In case of businesses, the optimum level of debt is often determined by the capacity of the company to service the debt in terms of principal and interest payments, in good and specially during bad times. Prudent level of financial leverage is necessary specially as interest payments are tax deductible. We as individuals do not have the luxury of such tax deductible interest payments in our business of investing, hence leverage should be weighted in the context of merits and increased risks alone.</span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<h3 style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Loan Against Securities (LAS): Asset backed leverage</span></h3>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">LAS or Loan Against Securities is a commonly available form of financing where you pledge your securities and get an overdraft limit to a certain cutoff percentage which is usually 50% or lower. For e.g. if one owns HDFC bank shares worth 2 Lac, he can pledge those and get a limit of around 1 Lac, which can be used as fresh capital for the investment business. </span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">This is akin to pledging your plant and machinery as collateral in obtaining a working capital loan, here the core assets of the business are "part ownership in other businesses" which is pledged. </span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">Here is the product info and details from <a href="http://content.icicidirect.com/Newsitecontent/ProductService/LAS.asp">ICICI Bank</a> and <a href="http://www.axisbank.com/personal/loans/loan-against-security/loan-against-security-features.aspx">Axis Bank</a> who offers this facility at decent rates of interest. Note that all stocks are not acceptable as pledge. Hence, make sure to go through the latest available list of approved securities ( which are periodically revised) to see if you have enough pledge worthy stocks in your portfolio. Here's the <a href="http://www.icicibank.com/Personal-Banking/loans/loan-against-securities/approved-scrips.html">latest list</a> from ICICI Bank.</span><br />
<br />
<h3 style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Servicing the Debt: Serve the interest every month.</span></h3>
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span>
<span style="font-family: 'Trebuchet MS', sans-serif;">Now the key concern here is the debt servicing. Like in case of many businesses, you can make monthly interest payments and pay the principal at the end. Businesses need to make sure that the Interest Coverage ratio is high, meaning even during worst times their cash flows should meet the interest payments effectively.</span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">The biggest advantage of regular cashflows (as in salary/ rent received etc. ) is that you are free from the volatility of business cycles and hence can deduce a monthly interest payment as a moderate percentage of your monthly cashflow. It will be safe to target a monthly Interest Coverage ratio of 16-20 times, so that interest outflow in 5-6% of your net monthly cash flow.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">Serving the interest will make sure the loan do not compound on itself and you do not pay further interests on interest, a key differentiator over longer tenure.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<br />
<h3 style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Optimum debt with enough margin of safety</span></h3>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<span style="font-family: 'Trebuchet MS', sans-serif;">As we know Leverage is a double edged sword, hence protecting the downside is of critical importance. Assume that only 60-70% of your portfolio holding is pledge worthy only. Hence, max loan you can take, with a 50% haircut is only 30-35% of your net equity portfolio. </span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span>
<span style="font-family: 'Trebuchet MS', sans-serif;">So portfolio value : 10 Lac</span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;">Pledge worthy portfolio value: 7 Lac (70%)</span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;">Maximum loan limit: 3.5 Lac (50% haircut)</span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;">Assume loan availed as 2 Lac (20% of total portfolio, around 57% of the max loan limit)</span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span>
<span style="font-family: 'Trebuchet MS', sans-serif;">Now assume the worst case, a look at <a href="http://capitalmind.in/wp-content/uploads/2014/02/image.png">last 20 years of annual Nifty returns</a> shows a worst possible drop of 52%. Assume a 60% drop in stocks, </span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span>
<span style="font-family: 'Trebuchet MS', sans-serif;">So portfolio value now : 4 Lac</span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;">Pledge worthy portfolio value: 2.8 Lac (70%)</span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;">Maximum loan limit: 1.4 Lac (50% haircut)</span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;">Loan availed : 2 Lac. </span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span>
<span style="font-family: 'Trebuchet MS', sans-serif;">Hence, the value of pledge worthy portfolio is still double the loan availed. Of course, the loan limit is now : 1.4 Lac, hence bank will ask for more collateral or sell off your stocks. Note however, that total portfolio value in general and un-pledged stocks in particular can be sold off to meet the liabilities. </span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span>
<span style="font-family: 'Trebuchet MS', sans-serif;">Also we are considering a once in 20 years event. Note that the reduced portfolio value still meets the criteria to take up to 14% leverage. <b>Thus 10-20% at max will be the prudent leverage or a max gearing ratio (D/E of 0.2) will be considered safe.</b></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span>
<br />
<h3 style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Is it worth the risk ?</span></h3>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<span style="font-family: 'Trebuchet MS', sans-serif;">The obvious question comes in mind, that does the returns justifies this risk and all the headache of all paperwork, maintaining collateral, serve monthly interests and all. </span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span>
<span style="font-family: 'Trebuchet MS', sans-serif;">Let us see. Here are the indicative returns on investment of Rs 1000, without leverage, with leverage at 10% and with leverage at 20%.</span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span>
<br />
<div style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;"><b>Capital : Rs 1000, No leverage</b></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 504px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 20.0pt;" valign="bottom" width="27"></td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">Capital<o:p></o:p></span></span></div>
</td>
<td colspan="6" nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 288.05pt;" valign="bottom" width="384"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: Trebuchet MS, sans-serif;">Return CAGR<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 20.0pt;" valign="bottom" width="27"></td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">1000<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">15%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">18%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">21%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">24%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">27%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">30%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" rowspan="6" style="height: 15.0pt; mso-rotate: 90; padding: 0in 5.4pt 0in 5.4pt; width: 20.0pt;" width="27"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: Trebuchet MS, sans-serif;">Tenure (Years)<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">3<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">1,521<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">1,643<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">1,772<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">1,907<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">2,048<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">2,197<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">5<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">2,011<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">2,288<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">2,594<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">2,932<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">3,304<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">3,713<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">7<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">2,660<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">3,185<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">3,797<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">4,508<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">5,329<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">6,275<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">10<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">4,046<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">5,234<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">6,727<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">8,594<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">10,915<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">13,786<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">12<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">5,350<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">7,288<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">9,850<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">13,215<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">17,605<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">23,298<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;">
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">15<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.8pt;" valign="bottom" width="54"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">8,137<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">11,974<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">17,449<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">25,196<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">36,062<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.45pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">51,186<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<div style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;"><b><br /></b></span></div>
<div style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;"><b>Capital : Rs 1000, 10% leverage</b></span></div>
<div style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;"><b><br /></b></span></div>
</div>
<div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 564px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 24.55pt;" valign="bottom" width="33"></td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Capital<o:p></o:p></span></div>
</td>
<td colspan="6" nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 252.2pt;" valign="bottom" width="336">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: 'Trebuchet MS', sans-serif;">Return CAGR<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 76.25pt;" width="102">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: 'Trebuchet MS', sans-serif;">@ 13%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 24.55pt;" valign="bottom" width="33"></td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif;">1100<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.95pt;" valign="bottom" width="60">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">18%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">21%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">24%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">27%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">30%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C0504D; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 76.25pt;" valign="bottom" width="102">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Cost of
Funds<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" rowspan="6" style="height: 15.0pt; mso-rotate: 90; padding: 0in 5.4pt 0in 5.4pt; width: 24.55pt;" width="33">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: 'Trebuchet MS', sans-serif;">Tenure (Years)<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">3<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.95pt;" valign="bottom" width="60">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">1,673<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">1,807<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">1,949<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">2,097<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">2,253<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">2,417<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 76.25pt;" valign="bottom" width="102">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">39<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">5<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.95pt;" valign="bottom" width="60">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">2,212<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">2,517<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">2,853<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">3,225<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">3,634<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">4,084<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 76.25pt;" valign="bottom" width="102">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">65<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">7<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.95pt;" valign="bottom" width="60">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">2,926<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">3,504<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">4,177<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">4,958<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">5,862<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">6,902<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 76.25pt;" valign="bottom" width="102">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">91<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">10<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.95pt;" valign="bottom" width="60">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">4,450<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">5,757<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">7,400<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">9,454<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">12,007<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">15,164<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 76.25pt;" valign="bottom" width="102">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">130<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">12<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.95pt;" valign="bottom" width="60">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">5,885<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">8,016<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">10,835<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">14,536<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">19,366<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">25,628<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 76.25pt;" valign="bottom" width="102">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">156<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;">
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">15<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.95pt;" valign="bottom" width="60">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">8,951<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">13,171<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">19,194<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">27,715<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">39,669<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">56,304<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 76.25pt;" valign="bottom" width="102">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">195<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
</div>
<div>
<div style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;"><b>Capital : Rs 1000, 20% leverage</b></span></div>
<div style="text-align: left;">
<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 564px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 24.55pt;" valign="bottom" width="33"></td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Capital<o:p></o:p></span></div>
</td>
<td colspan="6" nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 252.2pt;" valign="bottom" width="336">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: 'Trebuchet MS', sans-serif;">Return CAGR<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 76.25pt;" width="102">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: 'Trebuchet MS', sans-serif;">@ 13%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 24.55pt;" valign="bottom" width="33"></td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif;">1200<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.95pt;" valign="bottom" width="60">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">18%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">21%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">24%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">27%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">30%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C0504D; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 76.25pt;" valign="bottom" width="102">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Cost of
Funds<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" rowspan="6" style="height: 15.0pt; mso-rotate: 90; padding: 0in 5.4pt 0in 5.4pt; width: 24.55pt;" width="33">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: 'Trebuchet MS', sans-serif;">Tenure (Years)<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">3<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.95pt;" valign="bottom" width="60">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">1,825<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">1,972<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">2,126<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">2,288<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">2,458<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">2,636<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 76.25pt;" valign="bottom" width="102">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">78<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">5<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.95pt;" valign="bottom" width="60">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">2,414<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">2,745<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">3,112<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">3,518<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">3,965<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">4,456<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 76.25pt;" valign="bottom" width="102">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">130<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">7<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.95pt;" valign="bottom" width="60">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">3,192<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">3,823<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">4,557<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">5,409<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">6,395<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">7,530<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 76.25pt;" valign="bottom" width="102">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">182<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">10<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.95pt;" valign="bottom" width="60">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">4,855<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">6,281<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">8,073<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">10,313<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">13,098<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">16,543<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 76.25pt;" valign="bottom" width="102">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">260<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">12<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.95pt;" valign="bottom" width="60">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">6,420<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">8,745<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">11,820<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">15,858<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">21,126<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">27,958<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 76.25pt;" valign="bottom" width="102">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">312<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;">
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.0pt;" valign="bottom" width="93">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">15<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.95pt;" valign="bottom" width="60">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">9,764<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">14,368<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">20,939<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">30,235<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">43,275<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.45pt;" valign="bottom" width="55">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">61,423<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 76.25pt;" valign="bottom" width="102">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif;">390<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
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<span style="font-family: Trebuchet MS, sans-serif;">Thus, one can see, a small leverage will add a significant boost to your overall returns over the longer term. </span></div>
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<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
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<span style="font-family: Trebuchet MS, sans-serif;"><b style="text-decoration: underline;">Note:</b> The minimum cost of this facility is around 13%. Hence one should only consider using this option when the potential returns are much higher than the cost of funds. </span></div>
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<span style="font-family: Trebuchet MS, sans-serif;">Where it is readily useful</span></h3>
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<span style="font-family: 'Trebuchet MS', sans-serif;">There are often scenarios, where there some sudden news driven sharp corrections. Being at the mercy of month end cash flows, it is often not possible to take a large position at one go. LAS often comes handy in such situation, where one can load up 10-15% of one's portfolio in a particular stock at one go.</span></div>
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<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div>
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<span style="font-family: Trebuchet MS, sans-serif;">One can later pay off the debt through monthly saving and contributions to equity. Since this is a debt with no payment commitments, foreclosure charges the overdraft facility is more helpful than other similar debt obligations. </span></div>
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<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">Another important case is while applying in IPOs/FPOs etc. Since you will most likely apply using ASBA, only a small part of the overall application money would be used in all practicality. Hence, you can avail LAS funds and return the excess back, without disturbing any of your long term debt or equity investments. </span></div>
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<span style="font-family: Trebuchet MS, sans-serif;"><b><br /></b></span></h3>
<h3 style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;"><b>The business of stocks</b></span></h3>
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<span style="font-family: Trebuchet MS, sans-serif;"><b><br /></b></span></div>
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<span style="font-family: 'Trebuchet MS', sans-serif;">Coming back to where we started off, optimum leverage with adequate margin of safety and interest coverage will enable us to buy larger stakes in businesses we like to own. Further if we are not averse to the use of optimum leverage in our portfolio companies, why oppose to using that in our own business ?</span></div>
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<span style="font-family: 'Trebuchet MS', sans-serif;">Views invited.</span></div>
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Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com2tag:blogger.com,1999:blog-624067082367248578.post-70694879104914745842014-01-10T00:42:00.002-08:002014-01-10T05:24:42.257-08:00Shilpa Medicare: Preferred vehicle to ride the Oncology bandwagon<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: Trebuchet MS, sans-serif;">Let's discuss today about the stock I am most bullish on at current levels for the year ahead - Shilpa Medicare. </span><br />
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">Shilpa has been one of the many brilliant discoveries of <b>Ayush Mittal </b>(of Dalal-Street fame) who have been <a href="http://dalal-street.in/?s=Shilpa+medicare"><span style="color: blue;">tracking this since July '09</span></a> and already sitting pretty on a five bagger. Well done Ayush :)</span></div>
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<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">Before we get started on this, would ask readers to go through the following links on the pharma sector at <span style="color: blue;"><a href="http://www.equitymaster.com/detail.asp?date=7/26/2003&story=4&title=Identifying-a-domestic-pharma-stock-Dos-and-donts"><span style="color: blue;">EquityMaster</span></a> </span>and <a href="http://www.valuepickr.com/resources/pharma-sector/pharma-sector-faq"><span style="color: blue;">ValuePickr </span></a>(use the follow up reads too). </span></div>
<div>
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div>
<div>
<span style="font-family: 'Trebuchet MS', sans-serif;">Pharma as you know is a very complex sector and we have seen many debacles in the past one year. <a href="http://www.livemint.com/Companies/lj3FmJ60v2W66Ulm9WCLBP/Sun-Pharma-to-pay-3190-cr-to-Pfizer-in-patent-settlement.html"><span style="color: blue;">Sun Pharma's patent settlement</span></a> with Pfizer, USFDA ban on <a href="http://www.business-standard.com/article/companies/wockhardt-s-chikalthana-unit-gets-us-fda-import-alert-113112700129_1.html"><span style="color: blue;">Wockhardt</span> </a>and <a href="http://articles.economictimes.indiatimes.com/2013-09-17/news/42148711_1_import-ban-mohali-plant-mohali-facility"><span style="color: blue;">Ranbaxy</span></a> are some of the major debacles which cost their shareholders heavily. Thus one must be aware of the risks before assuming this to be a "safe" or "defensive" sector.</span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span>
<span style="font-family: 'Trebuchet MS', sans-serif;">Within the Pharma space, Oncology or Cancer drugs are showing the fastest growth.Sites one <a href="http://www.grailresearch.com/pdf/ContenPodsPdf/Oncology_Changing_Market_Dynamics.pdf"><span style="color: blue;">report</span></a>, </span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">"</span><span style="font-family: Georgia, Times New Roman, serif;"><i>...</i><i>Oncology products have grown at more </i></span><i><span style="font-family: Georgia, Times New Roman, serif;">than <span style="background-color: yellow;">double the rate of global </span></span></i><i><span style="font-family: Georgia, Times New Roman, serif;"><span style="background-color: yellow;">pharmaceuticals</span>, with a CAGR of </span></i><i><span style="font-family: Georgia, Times New Roman, serif;">8.39% during 2004–’08. </span></i><i><span style="font-family: Georgia, Times New Roman, serif;"> Reasons for the robust growth of the </span></i><i><span style="font-family: Georgia, Times New Roman, serif;">oncology market are :</span></i><br />
<i><span style="font-family: Georgia, Times New Roman, serif;"><br /></span></i>
<i><span style="font-family: Georgia, Times New Roman, serif;"> • Increased use of targeted </span></i><i><span style="font-family: Georgia, Times New Roman, serif;">therapeutics, including more patients </span></i><i><span style="font-family: Georgia, Times New Roman, serif;">accessing modern</span></i><br />
<i><span style="font-family: Georgia, Times New Roman, serif;"> targeted </span></i><i><span style="font-family: Georgia, Times New Roman, serif;">therapies in emerging markets </span></i><br />
<i><span style="font-family: Georgia, Times New Roman, serif;"> • Premium pricing for targeted brands </span></i><i><span style="font-family: Georgia, Times New Roman, serif;">as compared to cytotoxic therapies </span></i><br />
<i><span style="font-family: Georgia, Times New Roman, serif;"> and antihormonal therapies </span></i><br />
<i><span style="font-family: Georgia, Times New Roman, serif;"> • Longer treatment duration for </span></i><i><span style="font-family: Georgia, Times New Roman, serif;">patients due to longer survival and </span></i><i><span style="font-family: Georgia, Times New Roman, serif;">adjuvant treatment </span></i><br />
<i><span style="font-family: Georgia, Times New Roman, serif;"> • Earlier detection of disease with the </span></i><i><span style="font-family: Georgia, Times New Roman, serif;">availability of new screening </span></i><i><span style="font-family: Georgia, Times New Roman, serif;">procedures....."</span></i></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">Another <a href="http://articles.economictimes.indiatimes.com/2013-05-09/news/39143930_1_oncology-market-cancer-cases-targeted-therapy"><span style="color: blue;">ET report</span></a> suggests similar potential for Indian Oncology market, </span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Georgia, Times New Roman, serif;"><i>"<span style="background-color: white; color: #404040; line-height: 18px;">Chemotherapy, biologics, targeted therapy, hormonal therapy, and supportive care are the different types of available cancer treatment in India. Among this chemotherapy recorded the highest market value of approximately Rs 700 crore in 2012. </span><span style="background-color: yellow; color: #404040; line-height: 18px;">Oncology market in India is forecasted to grow to Rs 3,831 crore by 2017</span><span style="background-color: white; color: #404040; line-height: 18px;">," a study by Frost & Sullivan said.</span>"</i></span><br />
<span style="font-family: Georgia, Times New Roman, serif;"><i><br /></i></span>
<span style="font-family: Trebuchet MS, sans-serif;">Within the Oncology space, Shilpa offers one of the best bets in terms of seasoned capabilities and smaller market cap to ride this opportunity better as an investor. Starting from very humble beginnings in 1987 the company has shaped up well with strong R&D laden pipeline of 30+ products in the Oncology space. </span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<br />
<h3 style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Oncology portfolio</span></h3>
<span style="font-family: Trebuchet MS, sans-serif;">Shilpa currently boasts of 25+ products strong present <a href="http://www.vbshilpa.com/products_oncology.html"><span style="color: blue;">Oncology portfolio</span></a> along with regulatory approvals across the world (and many pending). There are also 15+ oncology APIs under development. The key difference with other similar generic capabilities is the complexity involved in these. This space thus has much lower competition and hence higher margins. Also because of limited competition the post patent price erosion here is much lesser, hence provides opportunity of margins for both API manufacturers and generic marketers.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<br />
<h3 style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">AntiRetroVirals</span></h3>
<span style="font-family: Trebuchet MS, sans-serif;">There is an alarming increase in patients of HIV/AIDs belonging to underdeveloped economies. </span><span style="font-family: 'Trebuchet MS', sans-serif;">In June 2013, <a href="http://articles.economictimes.indiatimes.com/2013-06-27/news/40233442_1_shilpa-medicare-gilead-sciences-hiv-medicines"><span style="color: blue;">Shilpa has signed an agreement</span> </a>with The United Nations-backed Medicines Patent Pool (MPP) and Gilead Sciences to increase access to medicines for HIV/AIDS treatment.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">As part of this agreement, Shilpa will now be able to produce five key HIV medicines i.e. Tenofovir, Emtricitabine, Cobicistat, Elvitegravir and a combination of the four, known as "the Quad" for sale in over 100 countries, depending on the medicine. Post technology transfer Shilpa will be able to produce these at an even lower cost.</span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span>
<br />
<h3 style="text-align: left;">
<span style="font-family: 'Trebuchet MS', sans-serif;">Formulation Foray</span></h3>
<span style="font-family: Trebuchet MS, sans-serif;">Backed by strong R&D capabilities from its centers at Raichur and Vizag the company is forward integrating to own formulations. The state of the art formulations unit at Pharma Park Jadcherla (SEZ) in AP will cater to Shilpa's own formulations also along with contract research and bulk API production for other partners. </span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">Company currently has API units at Raichur (<a href="http://www.vbshilpa.com/raichur_unit1.html">Unit I</a> and 100% Export oriented <a href="http://www.vbshilpa.com/raichur_unit2.html">Unit II</a>, while Unit III is coming up). It has formulation units at <a href="http://www.vbshilpa.com/formulation_jardchela.html">Jadcherla</a> while one coming up besides the API units at <a href="http://www.vbshilpa.com/formulation_raichur.html">Raichur</a></span><br />
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<h3 style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Key Subsidiaries</span></h3>
<span style="font-family: Trebuchet MS, sans-serif;">The subsidiaries form an important part of the Shilpa. Here's a brief snapshot of the subsidiaries.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
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<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 1.0pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 567px;">
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<td style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 80.0pt;" width="107"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Subsidiary<o:p></o:p></span></div>
</td>
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<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Details<o:p></o:p></span></div>
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<tr style="height: 105.0pt; mso-yfti-irow: 1;">
<td style="background: #B8CCE4; border: solid windowtext 1.0pt; height: 105.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 80.0pt;" width="107"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">1. Raichem Lifesciences (P) Limited (RLSPL) (Merged with parent
in FY13)<o:p></o:p></span></div>
</td>
<td style="background: #B8CCE4; border-left: none; border: solid windowtext 1.0pt; height: 105.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 345.25pt;" width="460"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Incorporated as the marketing unit for their formulation foray
(in Oral, Injectibles and Lyophilised segments), it became a 100% subsidiary
in FY13. The SEZ at Jedcharla was
conceived under Raichem Lifesciences. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">The subsidiary was involved in marketing activity since FY10. It
incurred overall losses (59.27 lacs in FY11, 59.14 lacs in FY12) which was
spending on establishing the marketing network. Finally with the completion
of Jedcharla SEZ, it was merged to parent in FY13 w.e.f. 01-04-2011. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">The commercial operations after the initial stabilization period
(trial runs, dossiers being sent for final regulatory approvals etc.) is
expected to commence from Q3FY14 onwards.<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 135.0pt; mso-yfti-irow: 2;">
<td style="background: #B8CCE4; border-top: none; border: solid windowtext 1.0pt; height: 135.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 80.0pt;" width="107"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">2. Raichem Medicare Pvt limited<o:p></o:p></span></div>
</td>
<td style="background: #B8CCE4; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 135.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 345.25pt;" width="460"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Raichem Medicare(P) Ltd. was incorporated in FY09 considering
the good demand for Shilpa's Custom Synthesis products and capacity
constraints in the existing production facilities. A 50:50 JV was formed with
the "Industria Chimica Emiliana S.r.l, Italy" and "Prodotti
Chini Alimetari S.p.A, Italy". <br />
<br />
During FY11, with further investment of Rs.164.98 lacs in Raichem Medicare
Private Limited (RMPL) it became a subsidiary of the company. The proposed
Unit III at Raichur, Karnataka is coming up adjacent to Shilpa's main plant
in Raichur with total outlay of 40 crores. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">It earned a profit of Rs 23 lacs in FY13 from surplus funds. Civil
construction has started and company also place orders for major equipment
and machineries. It will be operational by FY 14 end-FY15.<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 77.35pt; mso-yfti-irow: 3;">
<td style="background: #B8CCE4; border-top: none; border: solid windowtext 1.0pt; height: 77.35pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 80.0pt;" width="107"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">3. Loba Feinchemie, Austria<o:p></o:p></span></div>
</td>
<td rowspan="2" style="background: #B8CCE4; border-bottom: solid black 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 77.35pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 345.25pt;" width="460"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Shipa acquired Loba Feinchemie, Austria through Zatortia holdings
in 2007. Up to 2013 they invested total 23.29 crores as equity. The company
turned cash positive in FY10 and profitable in FY12.<br />
<o:p></o:p></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 384px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="background: #4F81BD; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Year <o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY 09<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY 10<o:p></o:p></span></div>
</td>
<td style="background: #4F81BD; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY 11<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY 12<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY 13<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Sales<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">31.16<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">29.72<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">31.24<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">36.53<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">40.25<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">PBT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">-8.77<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">-2.29<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">-0.47<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">1.99<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">1.72<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Loba Feinchemie, Austria has APIs, Laboratory Chemicals &
Customs Synthesis manufacturing facilities and the strong marketing network
in European countries. The marketing network (with their forthcoming
formulations foray) and access to regulated markets was primary reason for
this acquisition rather than immediate profitability. <o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 75.0pt; mso-yfti-irow: 4;">
<td style="background: #B8CCE4; border-top: none; border: solid windowtext 1.0pt; height: 75.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 80.0pt;" width="107"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">3A. Zatortia holdings ( Holding company of Loba) <o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 135.0pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td style="background: #B8CCE4; border-top: none; border: solid windowtext 1.0pt; height: 135.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 80.0pt;" width="107"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">4. Nu Therapeutics Private Limited (NTPL)<o:p></o:p></span></div>
</td>
<td style="background: #B8CCE4; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 135.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 345.25pt;" width="460"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Shilpa acquired 25.08% of equity stake in Nu Therapeutics
Private Limited (FY09) a formulation developing company with an option to
acquire up to 50.1% of equity shares as a strategic investment.It acquired
further stake in FY11 to 67% ( Total equity outlay of 7.7 Cr as on FY 13 ). <br />
<br />
Nu therapeutics possess novel oral fast dissolving thin strip technology. It
commenced production in FY12 and earned cash profit. FY 13 Revenues and
profits were 2.5 Cr and 3.06 lac respectively. While expansion plan has been
chalked out with land acquired, machines installed, it is awaiting for the
approval of Government for its new products. This technology might be future
growth driver for Shilpa.<br />
<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<br />
<h3 style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Financials</span></h3>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">Here's a look at the last 5 years financials, as seen from below, profits has been almost stagnant over the past 5 years, while revenues have grown 45%. Company has maintained consistent dividend payout over the past. </span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 602px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Figures in Rs Cr<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY 09<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY 10<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY 11<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY 12<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY13<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Sales Turnover<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">169<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">270<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">296<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">324<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">378<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Other Income<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">1<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">2<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">5<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">5<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Stock Adjustments<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">0<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">13<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">-9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">18<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">-3<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Total Income<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">170<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">285<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">292<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">351<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">380<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">( - ) Raw Materials<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">94<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">150<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">154<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">202<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">212<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">( - ) Excise Duty<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">2<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">5<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">6<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">6<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">7<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">( - ) Power & Fuel Cost<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">5<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">6<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">11<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">( - ) Other Manufacturing Expenses<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">2<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">10<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">11<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">( - ) Employee Cost<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">24<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">28<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">33<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">34<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">43<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">( - ) Selling and Administration Expenses<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">11<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">13<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">19<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">( - ) Miscellaneous Expenses<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">12<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">-1<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">-1<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">4<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 12;">
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Profit before Interest, Depreciation & Tax<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">23<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">82<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">80<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">70<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">75<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 13;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">( - ) Interest & Financial Charges<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">6<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">6<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">3<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">2<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">2<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 14;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Profit before Depreciation & Tax<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">17<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">76<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">77<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">68<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">72<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 15;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">( - ) Depreciation<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">13<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">13<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">14<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">15<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 16;">
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Profit Before Tax<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">8<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">64<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">64<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">53<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">57<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 17;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">( - ) Tax<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">21<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">15<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">12<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">10<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 18;">
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Profit After Tax<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">-1<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">43<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">49<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">41<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">47<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 19;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Equity Dividend (%)<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">25<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">35<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">40<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">45<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">65<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 20;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Earning Per Share (Rs.)<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">0.0<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">19.3<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">20.4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">16.7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">19.1<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 21; mso-yfti-lastrow: yes;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.8pt;" valign="bottom" width="277"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Book Value<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">27<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">46<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">91<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">113<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">131<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">Looking at the common size metric, the company enjoys fairly handsome operating margins while the other costs would come down significantly with enhanced operations and further margin improvement from their formulations foray.</span></div>
<div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 532px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"></td>
<td colspan="5" nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 191.7pt;" valign="bottom" width="256"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">Common Size Metric<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">Figures in Rs Cr<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">FY 09<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">FY 10<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">FY 11<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">FY 12<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">FY13<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">Sales Turnover<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">99%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">95%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">101%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">92%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">100%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">Other Income<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">1%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">1%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">2%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">3%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">1%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">Stock Adjustments<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">0%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">5%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">-3%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">5%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">-1%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">Total Income<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">100%<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">100%<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">100%<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">100%<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">100%<o:p></o:p></span></span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">( - ) Raw Materials<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">55%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">52%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">53%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">58%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">56%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">( - ) Excise Duty<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">1%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">2%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">2%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">2%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">2%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">( - ) Power & Fuel Cost<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">3%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">2%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">2%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">3%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">3%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">( - ) Other Manufacturing Expenses<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">1%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">1%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">2%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">3%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">3%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">( - ) Employee Cost<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">14%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">10%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">11%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">10%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">11%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">( - ) Selling and Administration Expenses<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">4%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">4%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">3%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">4%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">5%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 12;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">( - ) Miscellaneous Expenses<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">7%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">0%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">0%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">2%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">1%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 13;">
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">Profit before Interest, Depreciation & Tax<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">14%<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">29%<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">27%<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">20%<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">20%<o:p></o:p></span></span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 14;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">( - ) Interest & Financial Charges<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">4%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">2%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">1%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">1%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">1%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 15;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">Profit before Depreciation & Tax<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">10%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">27%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">26%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">19%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">19%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 16;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">( - ) Depreciation<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">6%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">4%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">4%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">4%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">4%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 17;">
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">Profit Before Tax<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">5%<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">22%<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">22%<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">15%<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">15%<o:p></o:p></span></span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 18;">
<td nowrap="" style="background: #DCE6F1; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">( - ) Tax<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">5%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">7%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">5%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">3%<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">3%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 19; mso-yfti-lastrow: yes;">
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">Profit After Tax<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">-1%<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">15%<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">17%<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">12%<o:p></o:p></span></span></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 35.55pt;" valign="bottom" width="47"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-size: 10pt;"><span style="font-family: Trebuchet MS, sans-serif;">12%<o:p></o:p></span></span></b></div>
</td>
</tr>
</tbody></table>
</div>
<div>
<br /></div>
<h3 style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">R&D Spends </span></h3>
<span style="font-family: Trebuchet MS, sans-serif;">It is highly critical for the company to maintain quality R&D spend in terms of research as well as regulatory filings. The company has in fact improved R&D spend significantly over the last 5 years.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 483px;">
<tbody>
<tr style="height: 15.75pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="background: #4F81BD; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 122.0pt;" valign="bottom" width="163"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Figures in Rs Cr<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY 09<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY 10<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY 11<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY 12<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY 13<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 1;">
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 122.0pt;" valign="bottom" width="163"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Sales(Net of Excise)<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">166<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">265<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">290<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">318<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-top: solid windowtext 1.0pt; border: none; height: 15.75pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">371<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 2;">
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 122.0pt;" valign="bottom" width="163"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">PAT<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">-1<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">43<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">50<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">42<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">47<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 3;">
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 122.0pt;" valign="bottom" width="163"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">R&D Spend<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">0.5<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">2.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">1.9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">19.3<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">21.7<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 4;">
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 122.0pt;" valign="bottom" width="163"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> R&D Capex<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">0.1<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">0.3<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">0.3<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">10.6<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">5.5<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 5;">
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 122.0pt;" valign="bottom" width="163"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">As %age of PAT<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">0.0%<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">5.2%<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">3.9%<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">46.4%<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">45.7%<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 122.0pt;" valign="bottom" width="163"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">As %age of Sales<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">0.3%<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">0.8%<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">0.7%<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">6.1%<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">5.8%<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<br />
<h3 style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Forex Woes</span></h3>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">Shilpa's quarterly numbers are often plagued by huge forex losses, but over a larger period there's hardly any significant dent to profits. Hence any short term aberrations from forex woes might provide additional entry points to long term investors here. As we see from below Forex adjusted NPM is hardly 1% above the reported average NPM.</span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 483px;">
<tbody>
<tr style="height: 15.75pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="background: #4F81BD; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 122.0pt;" valign="bottom" width="163"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Figures in Rs Cr<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY 09<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY 10<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY 11<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY 12<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #4F81BD; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY 13<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 1;">
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 122.0pt;" valign="bottom" width="163"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Forex Loss/(Gain)<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">10<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">(4)<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">3 <o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">(1)<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 2;">
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 122.0pt;" valign="bottom" width="163"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">As %age of PAT<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">-988%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">10%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">-8%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">7%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">-2%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 3;">
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 122.0pt;" valign="bottom" width="163"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Forex Adjusted PAT<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">9<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">47<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">46<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">44<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">46<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 4;">
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 122.0pt;" valign="bottom" width="163"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Reported NPM<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">-1%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">16%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">17%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">13%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">13%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 122.0pt;" valign="bottom" width="163"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Forex Adjusted NPM<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">6%<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">18%<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">16%<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">14%<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DCE6F1; height: 15.75pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">13%<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
</div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<br />
<h3 style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Robust Balance Sheet</span></h3>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">Now comes the most interesting part. Since till now Shilpa was more of a API and CRAMs play there is high correlation between completed capex resulting into high sales over the immediate future. With </span><span style="font-family: 'Trebuchet MS', sans-serif;">Jadcherla</span><span style="font-family: 'Trebuchet MS', sans-serif;"> SEZ gearing up for commercial production and foray into higher margin formulations investors might be in for exciting times.</span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: -.25pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 601px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="background: #2DA2BF; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;" valign="bottom" width="213"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Line Item<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #2DA2BF; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Mar-09<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #2DA2BF; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Mar-10<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #2DA2BF; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Mar-11<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #2DA2BF; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Mar-12<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #2DA2BF; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Mar-13<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #2DA2BF; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 51.0pt;" valign="bottom" width="68"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Sep-13<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;" valign="bottom" width="213"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Change in Net Block (Y/Y)<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">64%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">2%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">-1%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">14%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">8%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 51.0pt;" valign="bottom" width="68"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">58%*<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 160.0pt;" valign="bottom" width="213"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Change in Sales (Y/Y)<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">74%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">59%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">10%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">10%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">17%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 51.0pt;" valign="bottom" width="68"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">34%*<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; line-height: 107%;">* compared to FY13E on Mar-31<o:p></o:p></span></div>
</div>
<br />
<span style="font-family: Trebuchet MS, sans-serif;">However, one major concern for a company of Shilpa's size undergoing this major capex (100Cr+ , over 50% of the then net block) is working capital management and debt servicing. </span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">But the Sep-30, 2013 balance sheet is a delight on both counts. The company has managed working capital beautifully, and D/E has in fact come down in the last 6 months. Also the operating cash flows over the past 6 years have always been robust. </span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span>
<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: -.25pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 569px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="background: #2DA2BF; border-left: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-left-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 88.0pt;" width="117"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td nowrap="" style="background: #2DA2BF; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Mar-08<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #2DA2BF; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Mar-09<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #2DA2BF; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Mar-10<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #2DA2BF; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Mar-11<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #2DA2BF; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Mar-12<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #2DA2BF; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Mar-13<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #2DA2BF; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 51.0pt;" width="68"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Sep-13<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: none; border-top: solid #4F81BD 1.0pt; height: 15.0pt; mso-border-left-alt: solid #4F81BD .5pt; mso-border-top-alt: solid #4F81BD .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 88.0pt;" valign="bottom" width="117"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Sales<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 95.81 <o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 166.43 <o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 264.91 <o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 290.29 <o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 318.18 <o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 371.32 <o:p></o:p></span></b></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 51.0pt;" valign="bottom" width="68"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">249.59<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-bottom: none; border-left: solid #2DA2BF 1.0pt; border-right: none; border-top: solid #2DA2BF 1.0pt; height: 15.0pt; mso-border-left-alt: solid #2DA2BF .5pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 88.0pt;" valign="bottom" width="117"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Working Capital<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 39.04 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 21.17 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 24.95 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 124.87 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 34.69 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 84.43 <o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 51.0pt;" valign="bottom" width="68"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 67.00 <o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="background: #B8CCE4; border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: none; border-top: solid #4F81BD 1.0pt; height: 15.0pt; mso-border-left-alt: solid #4F81BD .5pt; mso-border-top-alt: solid #4F81BD .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 88.0pt;" valign="bottom" width="117"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Wcap as %Sales<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B8CCE4; border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">41%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B8CCE4; border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">13%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B8CCE4; border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">9%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B8CCE4; border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">43%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B8CCE4; border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">11%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B8CCE4; border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">23%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B8CCE4; border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 51.0pt;" valign="bottom" width="68"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">27%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-bottom: none; border-left: solid #2DA2BF 1.0pt; border-right: none; border-top: solid #2DA2BF 1.0pt; height: 15.0pt; mso-border-left-alt: solid #2DA2BF .5pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 88.0pt;" valign="bottom" width="117"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Op Cash Flow<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 6.93 <o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 29.74 <o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 53.52 <o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 42.61 <o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 56.73 <o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b><span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 43.50 <o:p></o:p></span></b></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 51.0pt;" valign="bottom" width="68"></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="background: #B8CCE4; border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: none; border-top: solid #4F81BD 1.0pt; height: 15.0pt; mso-border-left-alt: solid #4F81BD .5pt; mso-border-top-alt: solid #4F81BD .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 88.0pt;" valign="bottom" width="117"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">as %age of PAT<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B8CCE4; border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">61%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B8CCE4; border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">NA<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B8CCE4; border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">126%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B8CCE4; border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">87%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B8CCE4; border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">138%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B8CCE4; border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">92%<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 51.0pt;" valign="bottom" width="68"></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-left: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-left-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 88.0pt;" valign="bottom" width="117"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Total debt<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 88.28 <o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 112.43 <o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 77.27 <o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 57.39 <o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 46.32 <o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 115.53 <o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 51.0pt;" valign="bottom" width="68"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 83.78 <o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-bottom: none; border-left: solid #2DA2BF 1.0pt; border-right: none; border-top: solid #2DA2BF 1.0pt; height: 15.0pt; mso-border-left-alt: solid #2DA2BF .5pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 88.0pt;" valign="bottom" width="117"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Net Block<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 87.85 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 144.51 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 147.55 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 146.25 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 166.61 <o:p></o:p></span></div>
</td>
<td nowrap="" style="border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 180.67 <o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 51.0pt;" valign="bottom" width="68"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;"> 286.01 <o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;">
<td nowrap="" style="background: #B8CCE4; border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: none; border-top: solid #4F81BD 1.0pt; height: 15.0pt; mso-border-left-alt: solid #4F81BD .5pt; mso-border-top-alt: solid #4F81BD .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 88.0pt;" valign="bottom" width="117"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Debt/Equity<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B8CCE4; border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">1.00<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B8CCE4; border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">0.78<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B8CCE4; border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">0.52<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B8CCE4; border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">0.39<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B8CCE4; border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">0.28<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B8CCE4; border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">0.64<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #B8CCE4; border-top: solid #2DA2BF 1.0pt; border: none; height: 15.0pt; mso-border-top-alt: solid #2DA2BF .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 51.0pt;" valign="bottom" width="68"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">0.29<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<br />
<h3>
<span style="font-family: Trebuchet MS, sans-serif;">Projections: Future growth ahead. </span></h3>
<span style="font-family: 'Trebuchet MS', sans-serif;">Equipped with the above here's a take on the earnings ahead. </span><span style="font-family: 'Trebuchet MS', sans-serif;">Here are the key assumptions for the proposed model to project future earnings.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<br />
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 663px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 94.5pt;" valign="bottom" width="126"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><u><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Assumptions:<o:p></o:p></span></u></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 402.8pt;" valign="bottom" width="537"></td>
</tr>
<tr style="height: 21.1pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 21.1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 94.5pt;" valign="bottom" width="126"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Operating
Margin<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 21.1pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 402.8pt;" valign="bottom" width="537"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Move toward FY11 levels post full cap-ex to OPM of 25-27%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 24.25pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 24.25pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 94.5pt;" valign="bottom" width="126"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Depreciation<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 24.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 402.8pt;" valign="bottom" width="537"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Considered over full Net Block as on Mar-13, Sep-13. Should
reduce from FY15 onwards<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 26.5pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 26.5pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 94.5pt;" valign="bottom" width="126"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Interest<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.5pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 402.8pt;" valign="bottom" width="537"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Charged considering higher outgo and debt outstanding Mar-13,
Sep-13<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 28.75pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 28.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 94.5pt;" valign="bottom" width="126"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Tax<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 402.8pt;" valign="bottom" width="537"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Considered at 25% for rest of FY14, 30% for FY15<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<br />
<h3 style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Future Earnings</span></h3>
</div>
<div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: -.25pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 363px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="background: #C0504D; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 98.0pt;" valign="bottom" width="131"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Period<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C0504D; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" width="75"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY13<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C0504D; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;" width="79"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY14E<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C0504D; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;" width="79"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">FY15E<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 98.0pt;" valign="bottom" width="131"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Total Income <o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" width="75"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">383.43<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;" width="79"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">546.54<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;" width="79"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">759.80<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 98.0pt;" valign="bottom" width="131"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">EBIT <o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" width="75"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">59.26<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;" width="79"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">108.33<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;" width="79"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">171.03<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 98.0pt;" valign="bottom" width="131"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Net Profit <o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" width="75"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">47.46<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;" width="79"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">80.16<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;" width="79"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">117.57<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 98.0pt;" valign="bottom" width="131"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<i><span style="color: blue; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">% Net margin<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="background: #EBF1DE; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" width="75"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: blue; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">12.4%<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="background: #EBF1DE; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;" width="79"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: blue; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">14.7%<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="background: #EBF1DE; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;" width="79"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<i><span style="color: blue; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">15.5%<o:p></o:p></span></i></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 98.0pt;" valign="bottom" width="131"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Projected EPS <o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" width="75"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">19.37<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;" width="79"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">21.78<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;" width="79"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">31.95<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 98.0pt;" valign="bottom" width="131"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">Reported EPS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" width="75"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;" width="79"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: 10pt;">20.10<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 59.0pt;" width="79"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
</tr>
</tbody></table>
</div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">As discussed above, the Forex losses can swing quarterly numbers but won't materially impact the overall PAT. The reported EPS here thus deviates from Projected EPS because of recent forex loss of 9.58 Cr (in Q2FY14). </span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">Based on a trailing P/E assumption of 18x-20x for Shilpa we arrive at the <b>June -2015</b> price target of<b> Rs</b> <b>570 - 640 </b>levels. On a 18 months time frame this is 62-73% CAGR opportunity based on current market price of <b>Rs 280. </b></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><b><br /></b></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><b>Views invited. </b></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><b><br /></b></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">Disclosure: Invested.</span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
</div>
Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com12tag:blogger.com,1999:blog-624067082367248578.post-19477790050845067362014-01-08T05:09:00.000-08:002014-01-13T22:45:22.217-08:00Year End Portfolio Review: Costly mistakes and Lost opportunities.<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: Trebuchet MS, sans-serif;">Deviating from the usual practice of March end review(FY end) this time I am resorting to a year end review of sorts, more to reflect on the costly mistakes and huge opportunity cost incurred over the past 9 months (Apr - Dec '13). </span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">As one can see from the updated <a href="http://prdntinvestor.blogspot.in/p/portfolio.html"><span style="color: blue;">portfolio</span></a> five stocks has been ousted from the then 10 stock portfolio which between them had ~34% of portfolio allocation. Will discuss more on the mistakes rather than new additions and replacements (that might get a new post later on). </span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;"><u style="background-color: yellow; font-weight: bold;">Unichem Labs (11% allocation):</u> What was attractive here was the superior balance sheet strength, strong existing domestic brand portfolio with a sharp turnaround exhibited over FY10-12. The fresh proceeds of 160 Cr from Indore SEZ sale to Mylan further provided fresh cash to fuel capex needs and raised the potential dividend payouts. </span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">The lack of a definitive domestic strategy and non-performing subsidiaries overseas didn't augured well for the current period. The management hunger for explosive growth is somewhat missing and despite the superior balance sheet support the turnaround didn't played out as expected. The price erosion from the impact of drug price control order(DPCO) coupled with further margin erosion from significant de-stocking (major dealers were not resorting to purchases because their margins got significantly reduced when Unichem products came under National List of Essential Medicines (NLEM)) led to muted sales and profit growth in H1FY14. </span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">These temporary blips led to the stock under performing most of its pharma peers, which were doing good despite the sectoral blues with differentiated strategies and/or other tailwinds.The biggest issue here was the <b style="text-decoration: underline;">opportunity cost incurred</b><b>. </b>The ideal way to ride this would have been to have a small allocation and ramp up when the growth traction and execution was seen in place.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">This could augur very well for H2FY14 and beyond, but loses its position in pf to better alternatives from the mid cap pharma basket ( ~20% allocated between Shilpa/Alembic/Ajanta) where higher growth and superior execution is seen.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;"><b style="background-color: yellow; text-decoration: underline;">Amara Raja Batteries (8% allocation):</b>This would rather find increased allocation given the superior growth in the duopoly battery market and the challenger snatching market share from the incumbent (Exide). </span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">However, as a part owner of businesses (as opposed to being an investor only) one ought to be comfortable with the management of companies first above everything else. </span><br />
<span style="font-family: Trebuchet MS, sans-serif;">Prof. Bakshi on his blog <a href="https://dl.dropboxusercontent.com/u/28494399/Blog%20Links/Corporate_Governance_in_Indian_Family-Owned_Businesses.pdf"><span style="color: blue;">wrote an excellent piece on understanding and owning family owned businesses</span></a>. The ARBL management seemed typical OO3 and seemed best to avoid in spite of the company providing strong growth and future visibility. </span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">The initial position was taken on the premise of a strong foreign entity (Johnson Controls) being their partner, will restore some control on the capital stewardship and management compensation. However political clout laden promoters sometimes think too big of themselves. I would prefer rather not be a partnering with this kind of a management.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;"><b style="background-color: yellow; text-decoration: underline;">Kajaria Ceramics (8% allocation):</b>Reducing Kajaria was more to do with price rather than any fundamental reasoning. With limited resources at our disposal one should always pit the best ideas against each other in terms of risk and reward. The allocations should go to the winners. Fundamentally this remains as a top pick. The recent equity dilutions might strain the EPS growth in the shorter term. The 2013 AR is a must read for anyone willing to track and invest in the sector.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">Kajaria/Cera remains excellent stocks and great proxy plays on the Indian Real Estate sector. The companies have learned hard from the RE down cycle in 2008-09 and managing receivables/client spread way better in the current scenario. This remains a buy on reduce and augurs well a long term portfolio pick. </span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;"><b style="background-color: yellow; text-decoration: underline;">Dishman Pharma (5% allocation):</b> I discussed the turnaround story in Dishman in <a href="http://prdntinvestor.blogspot.in/2012/12/stock-focus-dishman-pharmaceuticals.html"><span style="color: blue;">Dec '12</span></a> followed by an analysis and strong upside potential in <a href="http://prdntinvestor.blogspot.in/2013/06/stock-update-dishman-pharmaceuticals.html"><span style="color: blue;">Jun '13</span></a>. The stock has since recovered a lot from the then Rs 65 (Jun '13) to Rs 106 </span><span style="font-family: 'Trebuchet MS', sans-serif;">at present </span><span style="font-family: 'Trebuchet MS', sans-serif;">( up 63% in less than 6 months) and might be on way to its price target, however I decided to sell. </span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">As I highlighted in the risks, heavy promoter pledging coupled with high debt position and management inefficiency in debt reduction doesn't bode well for the company and its investors .Further in October '13 there was news of <a href="http://www.moneycontrol.com/news/business/i-t-survey-for-rs-42cr-land-deal-will-take-action-dishman_969106.html"><span style="color: blue;">IT raid on Dishman premises</span></a>. Overall the management action doesn't give one enough confidence to make this a short term vehicle to ride the CRAMs opportunity. There might be more negative surprises in store here. I booked losses here and moved on to other ideas. </span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">The long term low ROEs itself suggests the unsuitability as a longer term pick. However even as a turnaround bet, the management integrity was key, which was lacking. </span><br />
<br />
<b style="background-color: yellow; font-family: 'Trebuchet MS', sans-serif; text-decoration: underline;">CEEBCO(2% allocation):</b><span style="font-family: Trebuchet MS, sans-serif;"> The flurry of brokerage up gradations, Tata capital as anchor investors holding steady, huge order flow from TATAs were blinders to a serious mistake. The huge capital loss (the initial position was in double digits) and lack of margin of safety for the sake of participation in a <a href="http://prdntinvestor.blogspot.in/2012/11/stock-focus-commercial-engineers-body.html"><span style="color: blue;">rather special situation (!!!!)</span> </a>proved detrimental.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">CEEBCO was another case of glorified fraud perpetuated by Ajay Gupta. All brokerages painted a rosy picture and came out with one strong recommendation after another. Coupled with the doldrums of HCV/MCV sector and huge fraud company came up with huge losses in the last quarter of FY13. </span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;"></span><br />
<span style="font-family: Trebuchet MS, sans-serif;">To put things into perspective, the company announced losses to the tunes of Rs 60 Cr in last 3 quarters (Q4FY13 - Q2FY14) while FY09-FY12 (16 Quarters) total profits amount to Rs 68 Cr. There were huge line items of other expenses, provided for one off items, quarter after quarter.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">The father in law Kailash Gupta tried to recover the pledged shares, forced Ajay to "gift" his stake to him and what not. Off late company is trying to survive by disposing of any non core assets, but given the magnitude of fraud and pathetic macro scenario it's difficult to foresee whether this would survive or not.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<br />
<h3 style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Looking Forward</span></h3>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<span style="font-family: Trebuchet MS, sans-serif;">The focus in 2014, therefore would be <b>on quality of growth and to partner with able managements.</b> The error of omission would certainly be more acceptable than error of commission, and given the plenty of opportunities in the mid/small cap space it augurs well to ride on to handful of growth engines and steady compounders rather than trying to participate in everything. </span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">Here's wishing everyone a Very Happy and Successful investing journey for 2014. </span><br />
<span style="font-family: Trebuchet MS, sans-serif;">Do share your thoughts and learning from the past year.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
</div>
Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com0tag:blogger.com,1999:blog-624067082367248578.post-51079950119478371232013-07-13T13:41:00.003-07:002013-07-13T13:41:39.947-07:00Stock Update : Hawkins Cookers - Revisiting FY14 and FY15 growth ahead & Excerpts from AR 2013<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal">
We talked about Hawkins earlier in November, 2012 <a href="http://prdntinvestor.blogspot.in/2012/11/stock-focus-hawkins-cookers-compelling.html">here.</a> Post the
resolution of pollution issues in Hoshiarpur<span style="font-size: 9.0pt; line-height: 107%; mso-bidi-font-family: AvantGardeITCbyBT-Book;"> </span>factory<span style="font-size: 9.0pt; line-height: 107%; mso-bidi-font-family: AvantGardeITCbyBT-Book;">
</span>and labor problems in Jaunpur factory, the optimism has not quite played
out in the subsequent two quarters (Dec-12 and Mar-13) yet, however we believe
that for FY14 and FY15 Hawkins remains amongst the top picks. Let's see.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Here’s a quick take on the FY13 AR and we try to look at projections for FY14 and FY15 in light of the inputs from AR. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<h3 style="text-align: left;">
<b>Salient pointers from AR</b></h3>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 38.25pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><b>Jaunpur factory:</b> The labor problem is not
fully resolved yet. The agreement with 85% workers were validated as late as <span style="color: #1d0df3;">January 2013</span>. On the production front, produce was
up <span style="color: #1d0df3;">35% YoY </span>from this plant. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 38.25pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><b>Hoshiarpur factory:</b> The NOC and Consents
were received by the Company through PPCB’s Orders dated October 22, 2012, and <span style="color: #1d0df3;">February13, 2013</span>. So a full stream operation can
be expected from Mar ’13 onwards only. <span style="color: #1d0df3;">Production
is up 24% for Jan – May ’13 </span>(compared to same period YoY).<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 38.25pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><b>Focus back on growth:</b> Post resolution of
above issues management can now once again focus on brand-building and <span style="color: #1d0df3;">growth through introduction of new products </span>as well
as the growth of existing products.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 38.25pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><b>New product launches:</b> Pressure cooker
contributed 81% of sales for FY13. The AR introduces a <span style="color: #1d0df3;">new
induction pressure cooker at 2300 Rs per unit, launched in July 2013</span>. The
contribution of new products in overall sales remains to be seen, however this
can be a margin lever going forwards.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 74.25pt; mso-add-space: auto; mso-list: l0 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]-->9 new product launches contributed to 3.2 lakh
units of sales in FY13 compared to</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 74.25pt; mso-add-space: auto; mso-list: l0 level2 lfo1; text-indent: -.25in;">
5 new product launches contributing to 1.4 lakh units of sales in FY12.</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 74.25pt; mso-add-space: auto;">
<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 38.25pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><b>RM price volatility: </b>Management clearly
indicates that 3.3% price reduction in Aluminium is more than offset by a
higher depreciation in INR vs. USD. In addition, <span style="color: #1d0df3;">Hindalco,
the key supplier have increased Aluminum prices by 6.4%</span>. To nullify
this, management has taken a <span style="color: #1d0df3;">price rise of 7% from
April 1, 2013.</span> <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 38.25pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><b>Growth in exports:</b> On the other
operations, <span style="color: #1d0df3;">Exports have grown 57% YoY to 23.27 Cr
in FY13 </span>as compared to 14.83 Cr in last year. Exports now contribute
5.21% of sales. <o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 38.25pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-style: italic; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><b>Increased dividends, more of a signaling effect:</b>
After almost 3 years, management increased dividends even at the cost of <span style="color: #1d0df3;">payout rising to 78%. </span>The AR reads, <i>“Our
recommendation takes into account the profitability, circumstances and
requirements of the business.”<o:p></o:p></i></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 38.25pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-style: italic; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><b>Management compensation: </b>With increased
profit sharing for CEO and other executive directors the <span style="color: #1d0df3;">management compensation is now at 6% of PAT</span><i><o:p></o:p></i></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 121.1pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 332px;">
<tbody>
<tr style="height: 15.5pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border: none; height: 15.5pt; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 178.25pt;" valign="bottom" width="238">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Executive Directors<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border: none; height: 15.5pt; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.8pt;" width="94">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
in Rs Cr<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.5pt; mso-yfti-irow: 1;">
<td nowrap="" style="height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 178.25pt;" valign="bottom" width="238">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
S. Dutta Choudhury<o:p></o:p></div>
</td>
<td nowrap="" style="height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.8pt;" valign="bottom" width="94">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
1.42<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.5pt; mso-yfti-irow: 2;">
<td nowrap="" style="height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 178.25pt;" valign="bottom" width="238">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
M. A. Teckchandani <o:p></o:p></div>
</td>
<td nowrap="" style="height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.8pt;" valign="bottom" width="94">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
0.99<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.5pt; mso-yfti-irow: 3;">
<td nowrap="" style="height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 178.25pt;" valign="bottom" width="238">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
K. K. Kaul<o:p></o:p></div>
</td>
<td nowrap="" style="height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.8pt;" valign="bottom" width="94">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
0.90<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.5pt; mso-yfti-irow: 4;">
<td nowrap="" style="height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 178.25pt;" valign="bottom" width="238">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Non- Executive Directors<o:p></o:p></div>
</td>
<td nowrap="" style="height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.8pt;" valign="bottom" width="94">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
0.64<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.5pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: solid windowtext 1.0pt; border: none; height: 15.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 178.25pt;" valign="bottom" width="238">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b>Total
Management Compensation<o:p></o:p></b></div>
</td>
<td nowrap="" style="background: #FFFF99; border-top: solid windowtext 1.0pt; border: none; height: 15.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.8pt;" valign="bottom" width="94">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b>3.95<o:p></o:p></b></div>
</td>
</tr>
<tr style="height: 15.5pt; mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td nowrap="" style="height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 178.25pt;" valign="bottom" width="238">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b>As percentage
of PAT<o:p></o:p></b></div>
</td>
<td nowrap="" style="background: #FFFF99; height: 15.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.8pt;" valign="bottom" width="94">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b>6.1%<o:p></o:p></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 38.25pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-style: italic; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><b>Advanced payments from Customers: </b>Advanced
from Customers under Note 9 shows a YoY <span style="color: #1d0df3;">decline to
3.85 Cr from 8.65 Cr.</span><i><o:p></o:p></i></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 38.25pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-style: italic; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><b>Inventory: </b>Inventory break up shows a
significant rise in Cookware (up from 1.43 Cr to 4.37 Cr) <span style="color: #1d0df3;">pointing towards some sluggishness in Cookware sales</span>,
while there's a reduction in RM held in inventory (down from 17.48 Cr to 13.26
Cr).<i><o:p></o:p></i></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 38.25pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><b>Weakening demand pull:</b> <span style="color: #1d0df3;">Increase in receivables </span>from 31.19 Cr to 41.24 Cr
shows a <span style="color: #1d0df3;">32% rise </span>as compared to a miniscule <span style="color: #1d0df3;">4.8% rise in trade payabales</span>, shows weakening
demand pull amidst competition.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 38.25pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><b>Poor cookware demand: </b>Sales mix changed
for pressure cooker and cookware to 81%: 14% (FY13) as compared to 79%:14%
(FY12). While pressure cooker sales grew 19.4% YoY to 363 Cr, cookware sells
grew only 10% to 61 Cr. This coupled with inventory buildup in cookware (which
is an outsourced production as compared to manufacture of pressure cookers in-house)
shows sluggish demand.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 38.25pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><b>Increased Cost, Reduced margins: </b>From
other expenses (Note 23) some important aspects which emerges are:<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 74.25pt; mso-add-space: auto; mso-list: l0 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #1d0df3;">Increase in
subcontracting cost by 19% </span>from 25.33 Cr to 30.09 Cr mainly due to
supply side constraints for the greater part of FY13.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 74.25pt; mso-add-space: auto; mso-list: l0 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]-->While overall sales have grown by 16%, <span style="color: #1d0df3;">increase in discounts offers by 19% </span>from 32.34 Cr
to 38.63 Cr points towards pressure on profit margins.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 74.25pt; mso-add-space: auto; mso-list: l0 level2 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #1d0df3;">Expenses on dealer
conferences increased 5 fold</span> from 1.65 Cr to 8.01 Cr. Company is expected
to increase dealer network now that supply side constraints are taken care of.<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 38.25pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><b>Increased service reach:</b> Increased reach
of authorized service center networks to 706 units with a pan India presences.<o:p></o:p></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 0in; mso-add-space: auto;">
<br /></div>
<h3 style="text-align: left;">
<b>Projecting Sales for FY14 and FY15 </b></h3>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
The sales growth of 19% in cookers comprised with 80%
weightage in sales comprised of a 10% pass through of RM price rise, the rest
from additional value growth (improved sales mix of high end cookers) and
volume growth for last quarter (Mar 2013).<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As indicated by a 34% growth from Jaunpur, 24% growth from Hoshiarpur
we assume an overall 20% volume growth in cookers for FY14. The 7% price hike
is mostly a pass through of higher costs and RM price hike from Hindalco. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Assuming further price hikes and launch of higher margin cookers, we assume a
5% value growth. So in total we assume a 25% sales growth in cookers, with 80%
weightage, points towards a 20% sales growth.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
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<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="background: #C0504D; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Particulars (Rs Cr.)<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C0504D; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">FY12<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C0504D; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">FY13<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C0504D; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"> YoY (%)<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C0504D; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">FY14<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C0504D; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 52.0pt;" width="69">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"> YoY (%)<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C0504D; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">FY15<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C0504D; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"> YoY (%)<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b>Sales
(incl. Excise)<o:p></o:p></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b>384<o:p></o:p></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b>447<o:p></o:p></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b>16%<o:p></o:p></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b>542<o:p></o:p></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 52.0pt;" valign="bottom" width="69">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b>21%<o:p></o:p></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b>662<o:p></o:p></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b>22%<o:p></o:p></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Pressure Cookers<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
304<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
363<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
19%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
454<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 52.0pt;" valign="bottom" width="69">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
25%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
567<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
25%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Cookware<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
56<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
61<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
10%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
67<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 52.0pt;" valign="bottom" width="69">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
10%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
74<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
10%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Others<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
16<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
15<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
-5%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
14<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 52.0pt;" valign="bottom" width="69">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
-5%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
14<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
-5%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Other Op Income<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
8<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
8<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
-6%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
7<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 52.0pt;" valign="bottom" width="69">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
-5%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
7<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
-5%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="background: #C0504D; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Contribution<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 52.0pt;" valign="bottom" width="69">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Pressure Cookers<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
79%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
81%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
84%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 52.0pt;" valign="bottom" width="69">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
86%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Cookware<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
14%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
14%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
12%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 52.0pt;" valign="bottom" width="69">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
11%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Others<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
4%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
3%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
3%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 52.0pt;" valign="bottom" width="69">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
2%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Other Op Income<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
2%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
2%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
1%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 52.0pt;" valign="bottom" width="69">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
1%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11;">
<td nowrap="" style="background: #C0504D; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Particulars (Rs Cr.)<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 52.0pt;" valign="bottom" width="69">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 12;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Net Sales (excl. Excise)<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
368<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
425<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
16%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
515<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 52.0pt;" valign="bottom" width="69">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
21%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
628<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
22%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 13;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Other Incomes<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
4<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
5<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
27%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
6<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 52.0pt;" valign="bottom" width="69">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
25%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
7<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
25%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 14; mso-yfti-lastrow: yes;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Total Income <o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
371<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
430<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
16%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
521<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 52.0pt;" valign="bottom" width="69">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
21%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
636<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
22%<o:p></o:p></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Projecting the sales growth, with typical seasonality in
annual sales, as observed in the last 10 years, we arrive at the following
figures<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 564px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="background: #C0504D; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 148.25pt;" valign="bottom" width="198">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Particulars<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C0504D; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 17.95pt;" valign="bottom" width="24">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Jun<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C0504D; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.55pt;" valign="bottom" width="66">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Sep<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C0504D; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Dec<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C0504D; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Mar<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C0504D; border-right: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Annual<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C0504D; border-right: solid windowtext 1.0pt; border: none; height: 15.0pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Dividends<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 34.15pt; mso-yfti-irow: 1;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 34.15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 148.25pt;" valign="bottom" width="198">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
10 Years Average Annual
Sales Contribution (%)<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 34.15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 17.95pt;" valign="bottom" width="24">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
18%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 34.15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.55pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
25%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 34.15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
26%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 34.15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
31%<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-left: none; border: solid windowtext 1.0pt; height: 34.15pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
100%<o:p></o:p></div>
</td>
<td nowrap="" style="height: 34.15pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 148.25pt;" valign="bottom" width="198">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b>FY 14E<o:p></o:p></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 17.95pt;" valign="bottom" width="24">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.55pt;" valign="bottom" width="66">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 148.25pt;" valign="bottom" width="198">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Total Income (Cr)<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 17.95pt;" valign="bottom" width="24">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
95.20<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.55pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
131.02<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
135.93<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
159.20<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
521.35<o:p></o:p></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 148.25pt;" valign="bottom" width="198">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Net Profits (Cr)<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 17.95pt;" valign="bottom" width="24">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
7.10<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.55pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
13.13<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
10.13<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
15.90<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
46.26<o:p></o:p></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 148.25pt;" valign="bottom" width="198">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Earnings Per Share (Rs)<o:p></o:p></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 17.95pt;" valign="bottom" width="24">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
13.43<o:p></o:p></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.55pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
24.82<o:p></o:p></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
19.16<o:p></o:p></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
30.06<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
87.42<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
60.00<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 148.25pt;" valign="bottom" width="198">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b>FY 15E<o:p></o:p></b></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 17.95pt;" valign="bottom" width="24">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.55pt;" valign="bottom" width="66">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 148.25pt;" valign="bottom" width="198">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Total Income (Cr)<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 17.95pt;" valign="bottom" width="24">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
116.14<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.55pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
159.81<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
165.80<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
194.17<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
635.92<o:p></o:p></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 148.25pt;" valign="bottom" width="198">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Net Profits (Cr)<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 17.95pt;" valign="bottom" width="24">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
9.76<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.55pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
17.47<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
13.87<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
21.15<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
62.24<o:p></o:p></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9; mso-yfti-lastrow: yes;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 148.25pt;" valign="bottom" width="198">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Earnings Per Share<o:p></o:p></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 17.95pt;" valign="bottom" width="24">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
18.45<o:p></o:p></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.55pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
33.03<o:p></o:p></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
26.22<o:p></o:p></div>
</td>
<td nowrap="" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
39.99<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
117.70<o:p></o:p></div>
</td>
<td nowrap="" style="background: #F2DCDB; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
80.00<o:p></o:p></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So in effect, the better sales growth and improved operating
leverage with an increased product mix results in a better growth in bottom
line. <o:p></o:p></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: .25pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 348px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" width="164"></td>
<td nowrap="" style="background: #C0504D; border-bottom: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">FY13<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C0504D; border-bottom: none; border-left: none; border-right: solid windowtext 1.0pt; border-top: solid windowtext 1.0pt; height: 15.0pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">FY14E<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #C0504D; border-bottom: none; border-left: none; border-right: solid windowtext 1.0pt; border-top: solid windowtext 1.0pt; height: 15.0pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">FY15E<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="background: #F2DCDB; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Sales Growth<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
16%<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
21%<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
22%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
PAT Growth<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
13%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
36%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
35%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="background: #F2DCDB; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
EPS Growth<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
13%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
36%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
35%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Current Market Price<o:p></o:p></div>
</td>
<td nowrap="" style="background: #FFFF99; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
2,200<o:p></o:p></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"></td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56"></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
35x trailing P/E<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
2257<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
3,060<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
4,119<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Dividends<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
50<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
110<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
190<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b>Price
with dividends<o:p></o:p></b></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b>3,170<o:p></o:p></b></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<b>4,309<o:p></o:p></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="background: yellow; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: red; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Returns (CAGR)<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: red; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">44%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: yellow; height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: red; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">40%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Return on Date<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
Jul-14<o:p></o:p></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 42.0pt;" valign="bottom" width="56">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
Jul-15<o:p></o:p></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Since as of writing this (14th July, 2013) the stock is trading cum dividend (Rs 50) we have
added that in price with dividends as well future payouts for 1 and 2 year
timeframes. Also, paying 35x trailing for a 35% grower seems to be on the higher
side of expectations. Hence, we look at a P/E de-rating scenario too.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Keeping everything else unchanged, a P/E de-rating to 26x or
lower significantly reduces the upsides.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 292px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="background: #C0504D; border-bottom: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" width="164">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Trailing P/E (x)<o:p></o:p></span></div>
</td>
<td colspan="2" nowrap="" style="background: #C0504D; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 96.0pt;" width="128">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: white; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Returns (CAGR)<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" width="164">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
Jul-14<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
Jul-15<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
23x<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
-4%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
15%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
26x<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
8%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
22%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
29x<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
20%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
28%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
32x<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
32%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
34%<o:p></o:p></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 123.0pt;" valign="bottom" width="164">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
35x<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
44%<o:p></o:p></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64">
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
40%<o:p></o:p></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As pointed out earlier, there are some sluggish pointers to growth
such as slowing cookware sales with cookware inventory buildup, reduced advances, higher
discounted sales etc. However if the production recoveries are anything to go by
there’s significant upside for the next two years. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Given the extremely high P/E assigned by market
@CMP coupled with extremely low liquidity investors are advised to consider the bear case and
plan an exit strategy as well, if things do not go as per expectations. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Let’s look forward to July 30<sup>th</sup> for the FY13 AGM and
FY14 Q1 results. Happy Investing!!!<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
</div>
<div class="MsoNormal">
Disclosure : Invested with highest allocation to Hawkins in
portfolio. <o:p></o:p></div>
</div>
Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com5tag:blogger.com,1999:blog-624067082367248578.post-37210726792911371482013-06-11T06:38:00.002-07:002013-06-11T06:39:09.540-07:00Stock Update : Dishman Pharmaceuticals - Turnaround on a slow but steady path.<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Post our last update on Dishman, let’s revisit the
turnaround story again. Most of the optimism has been turned into pessimism especially
on following counts:<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpFirst" style="text-align: left; text-indent: -0.25in;">
</div>
<ul style="text-align: left;">
<li><span style="font-family: 'Trebuchet MS', sans-serif; text-indent: -0.25in;"><u>Continued high pledging from promoters</u> ( rising
consistently over the last 4 quarters as the stocks plummeted)</span></li>
<li><span style="font-family: 'Trebuchet MS', sans-serif; text-indent: -0.25in;"><u>Management ineffectiveness in selling of the SEZ
land and debt reduction</u> from that front.</span></li>
<li><span style="font-family: 'Trebuchet MS', sans-serif; text-indent: -0.25in;"><u>China facility continues to bleed.</u> Dishman has
strong intention to sell off the unit, though it continues to operate it till
it finds a suitable buyer, and bear the losses.</span></li>
</ul>
<!--[if !supportLists]--><br />
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Let us look at how the company fared on the number’s front.
<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Post FY12, we now have a full year’s numbers, let’s see how
the company did<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div style="text-align: left;">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; width: 655px;">
<tbody>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 203pt;" valign="bottom" width="271"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="" style="background-color: #5b9bd5; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">FY 08<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: #5b9bd5; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" width="64"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">FY 09<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: #5b9bd5; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" width="64"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">FY 10<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: #5b9bd5; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" width="64"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">FY 11<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: #5b9bd5; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" width="64"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">FY 12<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: #ed7d31; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" width="64"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">FY13<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 203pt;" valign="bottom" width="271"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">Sales Turnover<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">100%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">100%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">100%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">100%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">100%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ededed; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">100%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 203pt;" valign="bottom" width="271"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Raw Materials<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">39%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">30%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">30%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">38%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">35%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ededed; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">30%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 203pt;" valign="bottom" width="271"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Other Expenses<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">10%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">20%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">18%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">14%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">18%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ededed; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">20%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 203pt;" valign="bottom" width="271"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Employee Cost<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">26%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">25%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">27%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">27%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">26%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ededed; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">28%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 203pt;" valign="bottom" width="271"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">EBITDA<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">25%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">25%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">25%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">21%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">21%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ededed; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">23%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 203pt;" valign="bottom" width="271"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Interest & Financial Charges<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">4%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">5%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">4%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">5%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">6%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ededed; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">6%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 203pt;" valign="bottom" width="271"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">EBDT<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">21%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">21%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">21%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ededed; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">18%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 203pt;" valign="bottom" width="271"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Depreciation<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">6%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">6%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">6%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">7%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">7%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ededed; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">7%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 203pt;" valign="bottom" width="271"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Profit Before Tax<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">9%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">8%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ededed; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">11%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 203pt;" valign="bottom" width="271"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Tax<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">0%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">1%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">2%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">1%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">3%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ededed; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">4%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 203pt;" valign="bottom" width="271"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Profit After Tax<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">14%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">13%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">8%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fce4d6; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">5%<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ededed; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Trebuchet MS, sans-serif;">8%<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Trebuchet MS, sans-serif;">So as we see the company has course corrected post FY12, point to note is the improved margins at EBITDA level, reduced finance costs and the improvements hitting the bottom line with NPM rising to FY11 levels of close to 8%.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Trebuchet MS, sans-serif;">One quick look at the SHP, it cautions us about the increasing pledge from the promoters, while at the same time, the turnaround is getting traction seen from increasing stake from FII ( up from 3.29% to 9.1% in a year)</span></div>
<div style="text-align: left;">
<br />
<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 12.1pt; width: 591px;">
<tbody>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #4472c4; background-position: initial initial; background-repeat: initial initial; border: 1pt solid windowtext; height: 15pt; padding: 0in 5.4pt; width: 203pt;" valign="bottom" width="271"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">Shareholding Group<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: #4472c4; background-position: initial initial; background-repeat: initial initial; border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">Mar-13<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: #4472c4; background-position: initial initial; background-repeat: initial initial; border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">Dec-12<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: #4472c4; background-position: initial initial; background-repeat: initial initial; border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">Sep-12<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: #4472c4; background-position: initial initial; background-repeat: initial initial; border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">Jun-12<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: #4472c4; background-position: initial initial; background-repeat: initial initial; border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">Mar-12<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 15pt; padding: 0in 5.4pt; width: 203pt;" valign="bottom" width="271"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">Promoter and Promoter Group<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">61.37%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">61.36%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">61.36%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">61.36%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">61.36%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 15pt; padding: 0in 5.4pt; width: 203pt;" width="271"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">Pledged (as a %age of Promoter Holdings)<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">17.72%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">9.65%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">7.82%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">6.00%<o:p></o:p></span></span></i></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">4.99%<o:p></o:p></span></span></i></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 15pt; padding: 0in 5.4pt; width: 203pt;" valign="bottom" width="271"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">FII<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">9.10%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">8.40%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">6.41%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">3.17%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">3.29%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 15pt; padding: 0in 5.4pt; width: 203pt;" valign="bottom" width="271"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">DII<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">6.15%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">6.05%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">6.42%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">7.11%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">6.40%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 15pt; padding: 0in 5.4pt; width: 203pt;" valign="bottom" width="271"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">Bodies Corporate<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">9.24%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">10.21%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">11.74%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">13.85%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">15.90%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid; height: 15pt; padding: 0in 5.4pt; width: 203pt;" valign="bottom" width="271"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">Retail<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">14.14%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">13.98%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">14.07%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">14.51%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">13.05%<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<span style="font-family: 'Trebuchet MS', sans-serif;"></span><br />
<div>
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></span></div>
<span style="font-family: 'Trebuchet MS', sans-serif;">
Looking at the results in details:</span><br />
<div style="text-align: left;">
<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: -0.75pt; width: 402px;">
<tbody>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #4472c4; background-position: initial initial; background-repeat: initial initial; border: 1pt solid windowtext; height: 15pt; padding: 0in 5.4pt; width: 165.05pt;" valign="bottom" width="220"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">Year to March (INR Crs.)<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: #4472c4; background-position: initial initial; background-repeat: initial initial; border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 11.8pt;" width="16"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">FY12<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: #4472c4; background-position: initial initial; background-repeat: initial initial; border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 43.75pt;" width="58"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">FY13<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: #4472c4; background-position: initial initial; background-repeat: initial initial; border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 81.15pt;" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">YoY Growth<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 165.05pt;" valign="bottom" width="220"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">Net Revenues <o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 11.8pt;" valign="bottom" width="16"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">1124<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 43.75pt;" valign="bottom" width="58"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">1272<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 81.15pt;" valign="bottom" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">13%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 165.05pt;" valign="bottom" width="220"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">( - ) Materials Cost<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 11.8pt;" valign="bottom" width="16"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">385<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 43.75pt;" valign="bottom" width="58"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">376<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 81.15pt;" valign="bottom" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">-2%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 165.05pt;" valign="bottom" width="220"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">Gross Profit <o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 11.8pt;" valign="bottom" width="16"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">739<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 43.75pt;" valign="bottom" width="58"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">896<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 81.15pt;" valign="bottom" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">21%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 165.05pt;" valign="bottom" width="220"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">( - ) Employee Expenses<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 11.8pt;" valign="bottom" width="16"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">294<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 43.75pt;" valign="bottom" width="58"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">351<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 81.15pt;" valign="bottom" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">19%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 165.05pt;" valign="bottom" width="220"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">( - ) SG &A Expenses<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 11.8pt;" valign="bottom" width="16"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">221<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 43.75pt;" valign="bottom" width="58"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">255<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 81.15pt;" valign="bottom" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">15%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 165.05pt;" valign="bottom" width="220"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">EBITDA <o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 11.8pt;" valign="bottom" width="16"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">224<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 43.75pt;" valign="bottom" width="58"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">290<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 81.15pt;" valign="bottom" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">29%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 165.05pt;" valign="bottom" width="220"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">EBITDA margin <o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 11.8pt;" valign="bottom" width="16"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<i><span style="font-family: Trebuchet MS, sans-serif;">19.93%<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 43.75pt;" valign="bottom" width="58"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<i><span style="font-family: Trebuchet MS, sans-serif;">22.80%<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 81.15pt;" valign="bottom" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 165.05pt;" valign="bottom" width="220"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">( - ) D&A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 11.8pt;" valign="bottom" width="16"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">77<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 43.75pt;" valign="bottom" width="58"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">84<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 81.15pt;" valign="bottom" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">9%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 165.05pt;" valign="bottom" width="220"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">EBIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 11.8pt;" valign="bottom" width="16"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">148<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 43.75pt;" valign="bottom" width="58"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">206<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 81.15pt;" valign="bottom" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">39%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 165.05pt;" valign="bottom" width="220"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">Other income <o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 11.8pt;" valign="bottom" width="16"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">13<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 43.75pt;" valign="bottom" width="58"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">18<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 81.15pt;" valign="bottom" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">38%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 165.05pt;" valign="bottom" width="220"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">EBIT incl. other income<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 11.8pt;" valign="bottom" width="16"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">161<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 43.75pt;" valign="bottom" width="58"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">224<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 81.15pt;" valign="bottom" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">39%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 165.05pt;" valign="bottom" width="220"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">( - ) Net finance expense
<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 11.8pt;" valign="bottom" width="16"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">73<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 43.75pt;" valign="bottom" width="58"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">79<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 81.15pt;" valign="bottom" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">8%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 165.05pt;" valign="bottom" width="220"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">Profit before tax <o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 11.8pt;" valign="bottom" width="16"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">88<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 43.75pt;" valign="bottom" width="58"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">145<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 81.15pt;" valign="bottom" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">65%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 165.05pt;" valign="bottom" width="220"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">( - ) Provision for taxes
<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 11.8pt;" valign="bottom" width="16"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">31<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 43.75pt;" valign="bottom" width="58"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">45<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 81.15pt;" valign="bottom" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">45%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 165.05pt;" valign="bottom" width="220"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">Adjusted net profit <o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 11.8pt;" valign="bottom" width="16"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">57<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 43.75pt;" valign="bottom" width="58"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">100<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 81.15pt;" valign="bottom" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">75%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 165.05pt;" valign="bottom" width="220"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">Basic shares outstanding
(Cr)<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 11.8pt;" valign="bottom" width="16"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">8.07<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 43.75pt;" valign="bottom" width="58"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">8.07<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 81.15pt;" valign="bottom" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">0%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 165.05pt;" valign="bottom" width="220"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">EPS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 11.8pt;" valign="bottom" width="16"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">7<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 43.75pt;" valign="bottom" width="58"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">12.4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 81.15pt;" valign="bottom" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">77%<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Trebuchet MS, sans-serif;">For the whole year the company has posted 13% sales growth which has reflected to a whopping 75% growth in net profits thanks to margin levels like CRAMs business from Carbogen Amcis ( Margins recovered to 16.4% from 7.7% earlier) and also the high margin Vitamin D business (registered 43% growth).<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div style="text-align: left;">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; width: 522px;">
<tbody>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #4472c4; background-position: initial initial; background-repeat: initial initial; border-color: windowtext; border-style: solid dotted dotted solid; border-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 161.75pt;" valign="bottom" width="216"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">Revenue Split ( INR Cr)<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: #4472c4; background-position: initial initial; background-repeat: initial initial; border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid dotted dotted none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 1in;" valign="bottom" width="96"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">FY13<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: #4472c4; background-position: initial initial; background-repeat: initial initial; border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid dotted dotted none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 76.5pt;" valign="bottom" width="102"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">FY12<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: #4472c4; background-position: initial initial; background-repeat: initial initial; border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid dotted none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 81pt;" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">YoY Growth<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none dotted dotted solid; height: 15pt; padding: 0in 5.4pt; width: 161.75pt;" valign="bottom" width="216"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">CRAMs (64%)<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none dotted dotted none; height: 15pt; padding: 0in 5.4pt; width: 1in;" width="96"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: Trebuchet MS, sans-serif;">813.26<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none dotted dotted none; height: 15pt; padding: 0in 5.4pt; width: 76.5pt;" width="102"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: Trebuchet MS, sans-serif;">716.46<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid dotted none; height: 15pt; padding: 0in 5.4pt; width: 81pt;" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 22pt;">
<span style="font-family: Trebuchet MS, sans-serif;">14%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none dotted dotted solid; height: 15pt; padding: 0in 5.4pt; width: 161.75pt;" width="216"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 22pt;">
<span style="font-family: Trebuchet MS, sans-serif;">Indian CRAMs<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none dotted dotted none; height: 15pt; padding: 0in 5.4pt; width: 1in;" width="96"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 22pt;">
<i><span style="font-family: Trebuchet MS, sans-serif;">336.10<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none dotted dotted none; height: 15pt; padding: 0in 5.4pt; width: 76.5pt;" width="102"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 22pt;">
<i><span style="font-family: Trebuchet MS, sans-serif;">319.46<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid dotted none; height: 15pt; padding: 0in 5.4pt; width: 81pt;" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 44pt;">
<span style="font-family: Trebuchet MS, sans-serif;">5%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none dotted dotted solid; height: 15pt; padding: 0in 5.4pt; width: 161.75pt;" valign="bottom" width="216"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 22pt;">
<span style="font-family: Trebuchet MS, sans-serif;">Carbogen Amcis<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none dotted dotted none; height: 15pt; padding: 0in 5.4pt; width: 1in;" width="96"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 22pt;">
<span style="font-family: Trebuchet MS, sans-serif;">477.20<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none dotted dotted none; height: 15pt; padding: 0in 5.4pt; width: 76.5pt;" width="102"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 22pt;">
<span style="font-family: Trebuchet MS, sans-serif;">397.00<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid dotted none; height: 15pt; padding: 0in 5.4pt; width: 81pt;" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 44pt;">
<span style="font-family: Trebuchet MS, sans-serif;">20%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none dotted dotted solid; height: 15pt; padding: 0in 5.4pt; width: 161.75pt;" valign="bottom" width="216"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">Marketable
Molecules (36%)<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none dotted dotted none; height: 15pt; padding: 0in 5.4pt; width: 1in;" width="96"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: Trebuchet MS, sans-serif;">454.31<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none dotted dotted none; height: 15pt; padding: 0in 5.4pt; width: 76.5pt;" width="102"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-family: Trebuchet MS, sans-serif;">405.60<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid dotted none; height: 15pt; padding: 0in 5.4pt; width: 81pt;" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 22pt;">
<span style="font-family: Trebuchet MS, sans-serif;">12%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none dotted dotted solid; height: 15pt; padding: 0in 5.4pt; width: 161.75pt;" valign="bottom" width="216"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 22pt;">
<span style="font-family: Trebuchet MS, sans-serif;">Vitamin D<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none dotted dotted none; height: 15pt; padding: 0in 5.4pt; width: 1in;" width="96"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 22pt;">
<span style="font-family: Trebuchet MS, sans-serif;">243.40<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none dotted dotted none; height: 15pt; padding: 0in 5.4pt; width: 76.5pt;" width="102"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 22pt;">
<span style="font-family: Trebuchet MS, sans-serif;">170.59<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid dotted none; height: 15pt; padding: 0in 5.4pt; width: 81pt;" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 44pt;">
<span style="font-family: Trebuchet MS, sans-serif;">43%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-left-color: windowtext; border-left-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none dotted solid solid; height: 15pt; padding: 0in 5.4pt; width: 161.75pt;" valign="bottom" width="216"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 22pt;">
<span style="font-family: Trebuchet MS, sans-serif;">Others</span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none dotted solid none; height: 15pt; padding: 0in 5.4pt; width: 1in;" width="96"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 22pt;">
<span style="font-family: Trebuchet MS, sans-serif;">210.90<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none dotted solid none; height: 15pt; padding: 0in 5.4pt; width: 76.5pt;" width="102"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 22pt;">
<span style="font-family: Trebuchet MS, sans-serif;">235.01<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: none solid solid none; height: 15pt; padding: 0in 5.4pt; width: 81pt;" width="108"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-indent: 44pt;">
<span style="font-family: Trebuchet MS, sans-serif;">-10%<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Trebuchet MS, sans-serif;">Looking ahead the company can see improvements from the following points<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpFirst" style="text-indent: -0.25in;">
</div>
<ul style="text-align: left;">
<li><b style="font-family: 'Trebuchet MS', sans-serif; text-indent: -0.25in;">Debt reduction : </b><span style="font-family: 'Trebuchet MS', sans-serif; text-indent: -0.25in;">The company reduced debt by 100 Cr in FY13 to 818 Crs (Mar 2013) vs INR 916 crs (Mar 2012). The D/E reduced from 1.0x to 0.78x. There is only maintenance capex required for FY14 and FY15. Company plans to reduce 100 Cr of debt from cash flows, and another 100 Cr from SEZ land sale. Maintenance capex to the tune of 40 Cr is required for FY14.</span></li>
<li><b style="font-family: 'Trebuchet MS', sans-serif; text-indent: -0.25in;">Improvement in cash conversion: </b><span style="font-family: 'Trebuchet MS', sans-serif; text-indent: -0.25in;">Company need to maintain higher inventory days ~300 days thereby blocking capital. Its debtor days reduced to 38 days while payable days increased to 288 days reducing the cash conversion cycle further.</span></li>
<li><b style="font-family: 'Trebuchet MS', sans-serif; text-indent: -0.25in;">Riding on Anti-Cancer drugs:</b><span style="font-family: 'Trebuchet MS', sans-serif; text-indent: -0.25in;"> </span><span style="font-family: 'Trebuchet MS', sans-serif; text-indent: -0.25in;">Dishman has orders of $10-15mn for FY14 from Novartis, Merck and Astra Zeneca for anti-cancer products. Currently, the company operates two modules. Two more molecules are being added to contribute in FY14.</span></li>
</ul>
<span style="font-family: 'Trebuchet MS', sans-serif;">Looking at optimistic projections:</span><br />
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<div style="text-align: left;">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: -0.5pt; width: 408px;">
<tbody>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #4472c4; background-position: initial initial; background-repeat: initial initial; border: 1pt solid windowtext; height: 15pt; padding: 0in 5.4pt; width: 143pt;" valign="bottom" width="191"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">Year to March (INR Crs.)<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: #4472c4; background-position: initial initial; background-repeat: initial initial; border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 48pt;" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">FY13<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: #4472c4; background-position: initial initial; background-repeat: initial initial; border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 48pt;" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">FY14<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: #4472c4; background-position: initial initial; background-repeat: initial initial; border-bottom-color: windowtext; border-bottom-width: 1pt; border-right-color: windowtext; border-right-width: 1pt; border-style: solid solid solid none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 67.25pt;" width="90"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: Trebuchet MS, sans-serif;">YoY Growth<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 143pt;" valign="bottom" width="191"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">Net Revenues <o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">1272<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">1,386<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 67.25pt;" valign="bottom" width="90"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">9%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 143pt;" valign="bottom" width="191"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">( - ) Materials Cost<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">376<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">395<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 67.25pt;" valign="bottom" width="90"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">5%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 143pt;" valign="bottom" width="191"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">( - ) Employee Expenses<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">351<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">393<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 67.25pt;" valign="bottom" width="90"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">12%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 143pt;" valign="bottom" width="191"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">( - ) SG &A Expenses<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">255<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">286<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 67.25pt;" valign="bottom" width="90"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">12%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 143pt;" valign="bottom" width="191"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">EBITDA <o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">290<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">313<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 67.25pt;" valign="bottom" width="90"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">8%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 143pt;" valign="bottom" width="191"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">EBITDA margin <o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<i><span style="font-family: Trebuchet MS, sans-serif;">22.80%<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<i><span style="font-family: Trebuchet MS, sans-serif;">22.57%<o:p></o:p></span></i></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 67.25pt;" valign="bottom" width="90"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 143pt;" valign="bottom" width="191"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">( - ) D&A<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">84<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">94<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 67.25pt;" valign="bottom" width="90"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">12%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 143pt;" valign="bottom" width="191"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">( - ) Net finance expense
<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">79<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">63.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 67.25pt;" valign="bottom" width="90"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">-20%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 143pt;" valign="bottom" width="191"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">Other income <o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">18<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">18<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 67.25pt;" valign="bottom" width="90"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">0%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 143pt;" valign="bottom" width="191"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">PBT incl. other income<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">145<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">174<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 67.25pt;" valign="bottom" width="90"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">20%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 143pt;" valign="bottom" width="191"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">( - ) Provision for taxes
<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">45<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">52<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 67.25pt;" valign="bottom" width="90"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">16%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 143pt;" valign="bottom" width="191"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">Adjusted net profit <o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">100<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; border-style: solid none none; border-top-color: windowtext; border-top-width: 1pt; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">122<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 67.25pt;" valign="bottom" width="90"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">22%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 143pt;" valign="bottom" width="191"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">Basic shares outstanding
(Cr)<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">8.07<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">8.07<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 67.25pt;" valign="bottom" width="90"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">0%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 143pt;" valign="bottom" width="191"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Trebuchet MS, sans-serif;">EPS<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">12.4<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #ddebf7; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">15.07<o:p></o:p></span></div>
</td>
<td nowrap="" style="background-color: #fff2cc; background-position: initial initial; background-repeat: initial initial; height: 15pt; padding: 0in 5.4pt; width: 67.25pt;" valign="bottom" width="90"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">21%<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="text-align: left;">
<br /></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: 'Trebuchet MS', sans-serif;">The management expects an overall 9% sales growth with 10%
growth from Carbogen Amcis. Here the main pointers are towards cost control and
debt reduction. Looking at the robust operational cash flows + maintenance
capex only + proceeds from SEZ land sale ( And/Or disposal of China facility)
there can be savings in finance cost, and financial leverage to aid the bottom line.</span></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">At a FY14E EPS of 15.07 assuming a 8x multiple, one can look
at a one year forward price of 120+ by June 2014, which corresponds to a upside
of 85% in 1 year based on CMP of Rs 65 ( as on 11-Jun-2013)<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: Trebuchet MS, sans-serif;">Disclosure: Long positions. <o:p></o:p></span></div>
<div style="text-align: left;">
</div>
<div class="MsoNormal" style="text-align: left;">
<br /></div>
</div>
</div>
Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com0tag:blogger.com,1999:blog-624067082367248578.post-54641050724075067332012-12-11T11:33:00.001-08:002012-12-11T11:47:12.923-08:00Stock Focus: Dishman Pharmaceuticals - A Strong Turnaround<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="font-family: "Trebuchet MS",sans-serif;">
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<span style="font-size: small;"><span style="line-height: 115%;">Dishman
Pharma is majorly into CRAMS (Contract Research and Manufacturing Services). The
other part of the business named as MM (Marketable Molecule) comprises of bulk
drugs, intermediates, Quats and speciality chemicals and outsourced/traded
goods.</span></span></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br />
<span style="font-size: small;"><span style="line-height: 115%;">Apart from Indian units it has manufacturing
and R&D facilities in Switzerland, UK and Netherlands and a green field manufacturing
facility at Shanghai, China.</span></span></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><span style="line-height: 115%;">While the
going was good during 2006-09, Dishman benefited mostly from higher outsourcing from pharma majors
both in production and contract research. Expecting a higher growth ahead major players expanded capacity by organic &
inorganic routes.And then the troubles began....</span></span></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><span style="line-height: 115%;"><br /></span></span></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><span style="line-height: 115%;"><br /></span></span></div>
<h2 style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
<span style="font-size: large;">The troubled years: FY 2010 – FY 2012</span></h2>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><span style="line-height: 115%;">The problems
started post 2009, with the ongoing global recession and spurt of M&A led
consolidation, led to a slump in order inflows. As pharma majors focused on cost
cutting and inventory rationalization CRAMS players with all their expanded
capacities were hit hard. </span></span></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><span style="line-height: 115%;">Also R&D cut down led to decrease in Contract
research opportunities. It was a tough time to be into CRAMS. For Dishman
everything was running fine till 2009 when it was hit hard due to above
problems. </span></span></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><span style="line-height: 115%;">In <span style="background: none repeat scroll 0% 0% yellow;">2009-2010</span> Dishman posted
negative growth in revenues (fell from 1,070 Cr to 920 Cr) and profits (fell
from 146 Cr to 117 Cr). The company was already servicing heavy debt from the earlier
acquisition of Carbogen Amcis in 2006. Now the slump along with ongoing
capacity expansions was disastrous.</span></span></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
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<span style="font-size: small;"><span style="line-height: 115%;">During
2009-10, Company started a Vitamin-D manufacturing facility at Veenendaal, the
Netherlands (Nov, 2009) the specialty Oncology API facility at Bavla, Gujarat
(Jan, 2010). The Chinese facility for APIs and API intermediates came up in
Shanghai, China. Another significant development was the US FDA approval for
Dishman's API production facility at Ahmedabad (Feb 2010)</span></span></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><span style="background: none repeat scroll 0% 0% yellow; line-height: 115%;">During 2010-11</span><span style="line-height: 115%;">, the situation worsened. While consolidated sales grew (from
920 Cr to 1037 Cr) profits slumped drastically (from 117 Cr to 80 Cr). Revenue
split was 66% CRAMS and 34% in MM. Drastic increase in RM costs and higher
finance costs impacted profits severely.</span></span></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><span style="line-height: 115%;">Company
added a new manufacturing unit at Bavla for Vitamin D, manufacturing unit for Antiseptics
and Disinfectants, new High-Potency(Hi-Po) manufacturing (Unit-9). It developed non-infringing
process for about 10 APIs of various therapeutic categories. In MD&A for
FY11, company expected significant growth for CRAMS industry going forward till
2013. And it was followed by an even disastrous 2011-12.</span></span></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><span style="background: none repeat scroll 0% 0% yellow; line-height: 115%;">During 2011-12</span><span style="line-height: 115%;">, while consolidated sales grew (from 1,037 Cr to 1,130 Cr)
profits slumped drastically yet again (from 80 Cr to 57 Cr). Revenue split of
64% for CRAMS and 36% for MM. The decrease this time was accounted due to
higher tax expenses as the tax concession available to EOU units in India were
not available (from FY12 onwards) and the tax rebate available (on carry
forward loss to one of their subsidiaries) was fully adjusted against the
profits.</span></span></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><span style="line-height: 115%;">In <span style="background-color: yellow;">Jan 2012</span>,
Dishman’s Swiss subsidiary Carbogen Amcis <b>acquired Creapharm Parenterals</b>, a
subsidiary of France based Greapharm Group. Creapharm specialized in liquid,
semi-solid and injectable aseptic dosage form. It came to be known as Carbogen
Amcis SAS. </span></span></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><span style="line-height: 115%;">Company
received US FDA approvals for Veenendaal facility (Netherlands). Major expansion
units viz. Hypo facility (Unit 9), Disinfectant Division (Unit 10) and Vitamin
D3 (Unit 13) went live at Bavla facility.</span></span></div>
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<br /></div>
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<br /></div>
<h2 style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: large;">Decoding the disaster: Financials </span></h2>
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<span style="font-size: small;"><span style="line-height: 115%;">A look at
the common size P&L for the past five years gives us enough insights into
the business slump as we see rise in RM costs (2009-12) higher interest burden
from debt servicing (2009-12) and depreciation from capital expansion eating
into net profit margins (slumped from 14% in FY09 to 5% in FY12)</span></span></div>
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<br /></div>
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<br /></div>
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<span style="font-size: small;"><span style="color: white;">FY
08</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(79, 129, 189); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" width="64"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: small;"><span style="color: white;">FY
09</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(79, 129, 189); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" width="64"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: small;"><span style="color: white;">FY
10</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(79, 129, 189); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" width="64"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: small;"><span style="color: white;">FY
11</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(79, 129, 189); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" width="64"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: small;"><span style="color: white;">FY
12</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 231pt;" valign="bottom" width="308"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Sales Turnover </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">100%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">100%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">100%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">100%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">100%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 231pt;" valign="bottom" width="308"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Raw Materials </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">39%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">30%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">30%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">38%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">35%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 231pt;" valign="bottom" width="308"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Excise Duty</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">0%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">1%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">1%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">1%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">1%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 231pt;" valign="bottom" width="308"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Power & Fuel Cost</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">3%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">3%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">3%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">3%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">4%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 231pt;" valign="bottom" width="308"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Other Manufacturing Expenses </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">3%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">4%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">5%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">4%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">4%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 231pt;" valign="bottom" width="308"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Employee Cost </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">26%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">25%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">27%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">27%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">26%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 231pt;" valign="bottom" width="308"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Selling and Administration Expenses </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">11%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">10%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">11%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">9%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">9%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 231pt;" valign="bottom" width="308"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Miscellaneous Expenses </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">1%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">3%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">1%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">1%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">3%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 231pt;" valign="bottom" width="308"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Profit before Interest, Depreciation &
Tax</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">25%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">25%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">25%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">21%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">21%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 231pt;" valign="bottom" width="308"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Interest & Financial Charges </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">4%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">5%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">4%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">5%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">6%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 231pt;" valign="bottom" width="308"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Profit before Depreciation & Tax</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">21%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">21%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">21%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">15%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">15%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 231pt;" valign="bottom" width="308"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Depreciation</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">6%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">6%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">6%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">7%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">7%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 231pt;" valign="bottom" width="308"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Profit Before Tax</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">15%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">15%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">15%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">9%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">8%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 231pt;" valign="bottom" width="308"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Tax</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">0%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">1%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">2%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">1%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">3%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 231pt;" valign="bottom" width="308"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Profit After Tax</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">15%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">14%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">13%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">8%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">5%</span></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<h2 style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: large;">....and the turnaround: FY2013</span></h2>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><span style="line-height: 115%;">It was a
struggle for existence, and over this period Dishman did some things right which helped
it to finally turn around in FY2013. </span></span></div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Trebuchet MS",sans-serif; text-indent: -0.25in;">
<span style="font-size: small;"><span style="line-height: 115%;"> </span><b><span style="line-height: 115%;"><span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></b></span></div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Trebuchet MS",sans-serif; text-indent: -0.25in;">
<span style="font-size: small;"><b><span style="line-height: 115%;"><span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></b><b><span style="line-height: 115%;">Restructuring at Carbogen Amcis : </span></b><span style="line-height: 115%;">With a slump in global R&D spend
the company did quite right to curtail research services (CRS – Contract
Research Services) which has the problem of higher manpower cost as compared to
CRAMS. At Carbogen Amcis the research staff was reduced to 80. In addition Dishman re-instated
earlier CEO, Mr. Mark Griffith, who played a major role in turning around the unit and focusing on debt reduction.</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Trebuchet MS",sans-serif; text-indent: -0.25in;">
<span style="font-size: small;"><b><span style="line-height: 115%;"> <span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></b><b><span style="line-height: 115%;">Building capacities: </span></b><span style="line-height: 115%;">Dishman did one thing right.<b> </b>They
were well prepared to play the CRAMS game better when demand returns by
expanding capacities at the right time in the right place. The HiPo
(High-Potency) facilities for Oncology at Bavla were completed by this time.
Company invested around 500 Cr in total, around 200 Cr in Hi-Po, 125 Cr in
Sanghai facility in China and another 175 Cr for Vitamin D3 and Disinfectant
facility. </span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Trebuchet MS",sans-serif; text-indent: -0.25in;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Trebuchet MS",sans-serif; text-indent: -0.25in;">
<span style="font-size: small;"><b><span style="line-height: 115%;"> Gaining from <span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"></span></span></b><b><span style="line-height: 115%;">Demand –Supply mismatch: </span></b><span style="line-height: 115%;">The company came to a sweet spot with
respect to certain chemicals from the marketable molecules segment. It is now
the sole manufacturer of Benzethonium Chloride globally. Also it is one of the
only couple of players to manufacture Vitamin D3 (facing global scarcity from
RM supply constraint). In such situations, company can leverage high margins
from an otherwise manufacturing unit.</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Trebuchet MS",sans-serif; text-indent: -0.25in;">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Trebuchet MS",sans-serif; text-indent: -0.25in;">
<span style="font-size: small;"><span style="line-height: 115%;"> <span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span><b><span style="line-height: 115%;">Contract ramp-up from key client Abbott
(earlier Solvay): </span></b><span style="line-height: 115%;">Sol</span>vay
(now Abbott) has been one of the key clients. <span style="line-height: 115%;">Dishman primarily supplies Eprosartan (Teveten) API to Abbott
with long term contracts. The contract revenue grew at CAGR of 36.1% to Rs
174.0 Cr over FY2007-09. However, due to Solvay-Abbott merger and inventory
rationalization during FY2010, the order flow declined. Now that inventory rationalization
has normalized world over, healthy growth is once again expected from Abbott
for FY2013 and onwards.</span></span></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><span style="line-height: 115%;">With the
major Cap-Ex behind them company now could focus on debt reduction from
increased order flows and cash generation. Thus profit margins which once
slumped to 5% would gain again to high double digits boosted by better earnings
and debt reduction. The company has repaid 52 Cr of debt in H1FY13 and expects
another 50 Cr to be repaid by the end of this fiscal year.</span></span></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><span style="line-height: 115%;">Post
consolidation in the pharma industry and looking at the impending patent cliff
(losing patents on major revenue generating blockbuster drugs) the pharma
giants have again started outsourcing heavily putting CRAMS players in a sweet
spot.</span></span></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><span style="line-height: 115%;">The growth
numbers over the last 12 months point to a healthy recovery and turnaround more
so over the last 6-months (Apr-Sep 2012)</span></span></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; font-family: "Trebuchet MS",sans-serif; margin-left: 4.65pt; width: 511px;">
<tbody>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 95pt;" valign="bottom" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><b><span style="color: black;">Half-Year periods</span></b></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(79, 129, 189); border: 1pt solid windowtext; height: 15pt; padding: 0in 5.4pt; width: 48pt;" width="64"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: small;"><span style="color: white;">Mar-11</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(79, 129, 189); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" width="64"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: small;"><span style="color: white;">Mar-12</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(79, 129, 189); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" width="64"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: small;"><span style="color: white;">YoY
grw</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(79, 129, 189); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" width="64"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: small;"><span style="color: white;">Sep-11</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(79, 129, 189); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" width="64"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: small;"><span style="color: white;">Sep-12</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(79, 129, 189); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" width="64"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: small;"><span style="color: white;">YoY
grw</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border: 1pt solid windowtext; height: 15pt; padding: 0in 5.4pt; width: 95pt;" valign="bottom" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Net Sales Turnover</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">586.17</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">616.29</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">5%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">507.78</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">608.96</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">20%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 95pt;" valign="bottom" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Other Income</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">13.82</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">10.28</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">2.68</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">2.87</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 95pt;" valign="bottom" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Total Income</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">599.99</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">626.57</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">510.46</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">611.83</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 95pt;" valign="bottom" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Total Expenses</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">495.59</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">484.67</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">-2%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">415.02</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">458.31</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">10%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 95pt;" valign="bottom" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">EBITDA</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">104.4</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">141.9</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">36%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">95.44</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">153.52</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">61%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 95pt;" valign="bottom" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><i><span style="color: black;">EBITDA margin</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">18%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">23%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">19%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">25%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 95pt;" valign="bottom" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Depreciation</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">35.84</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">37.15</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">39.37</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">39.76</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 95pt;" valign="bottom" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">EBIT</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">68.56</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">104.75</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">53%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">56.07</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">113.76</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">103%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 95pt;" valign="bottom" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Interest</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">38.13</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">26.69</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">-30%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">46.25</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">36.37</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">-21%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 95pt;" valign="bottom" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><i><span style="color: black;">Int/EBIT</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">56%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">25%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">82%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">32%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 95pt;" valign="bottom" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">PBT</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">30.43</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">78.06</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">157%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">9.82</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">77.39</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">688%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 95pt;" valign="bottom" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Tax</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">6</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">30.1</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">1.06</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">12.12</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 95pt;" valign="bottom" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">PAT</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">24.43</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">47.96</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">96%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">8.76</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">65.27</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">645%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 95pt;" valign="bottom" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><i><span style="color: black;">PAT Margin</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">4%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">8%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">87%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">2%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">11%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">521%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 95pt;" valign="bottom" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Equity</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">16.14</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">16.14</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">16.14</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">16.14</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 95pt;" valign="bottom" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Earning Per Share</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">3.03</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">5.94</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">96%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">1.09</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">8.09</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">642%</span></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<h2 style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: large;">Latest Developments:</span></h2>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Trebuchet MS",sans-serif; text-indent: -0.25in;">
<span style="font-size: small;"><span style="line-height: 115%;">·<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span><b><span style="line-height: 115%;">Order inflows: </span></b></span></div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Trebuchet MS",sans-serif; text-indent: -0.25in;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Trebuchet MS",sans-serif; margin-left: 1in; text-indent: -0.25in;">
<span style="font-size: small;"><span style="line-height: 115%;">o<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span><span style="line-height: 115%;">Company
has signed major supply agreements with Abbott (100mn Euro deal on EM and
Fenofibrate), Astellas (18mn Euro deal with Carbogen Amcis), Celegene (Euro 20mn),
Astra Zeneca etc. </span></span></div>
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<span style="font-size: small;"><span style="line-height: 115%;">o<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span><span style="line-height: 115%;">Sales
of Eprosartan (from Abott) has gained traction in Q2FY13 and generated revenues
of USD 5 mn. The company expects to get INR 70-75 Cr of revenues from
Eprosartan supply.</span></span></div>
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<span style="font-size: small;"><span style="line-height: 115%;">·<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span><b><span style="line-height: 115%;">SEZ Land sell-off:</span></b></span></div>
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<span style="font-size: small;"><span style="line-height: 115%;">o<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span><span style="line-height: 115%;">Dishman’s
management decided to de-notify the SEZ plan. It has given the mandate to 2‐3
consultants to sell the SEZ plant and is expected to garner around 100 Cr which
will be used to repay debt.</span></span></div>
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<span style="font-size: small;"><span style="line-height: 115%;">·<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span><b><span style="line-height: 115%;">Capacity utilization:</span></b></span></div>
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<span style="font-size: small;"><span style="line-height: 115%;">o<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span><span style="line-height: 115%;">Unit
9 (Oncology) capacity is entirely sold out although the revenue impact is
likely to be visible only from FY14 onwards (expected $15-20m in FY14) Presently
supplying clinical quantity (R&D need) to Merck for one of their
experimental oncology drug from this facility. Astellas, Cephalon and Lexicon
have shown interest in using this facility.</span></span></div>
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<br /></div>
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<span style="font-size: small;"><span style="line-height: 115%;">o<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span><span style="line-height: 115%;">Vitamin
D3 facility will also start contributing from coming quarters. Due to worldwide
shortage Vitamin D3 margin expected is high.</span></span></div>
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<br /></div>
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<span style="font-size: small;"><span style="line-height: 115%;">o<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span><span style="line-height: 115%;">For
the disinfectant unit, negotiations are on to enter into JV with one of the
global disinfectants player (>$3bn sales).</span></span></div>
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<span style="font-size: small;"><span style="line-height: 115%;">o<span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span><span style="line-height: 115%;">China
unit has started supply of 3 products and contributes $ 4mn at EBITDA level. Arpriprazole
is expected to be filed from China by March 2013. Expected to breakeven by next
year.</span></span></div>
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Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com1tag:blogger.com,1999:blog-624067082367248578.post-26003101739584470802012-12-04T12:32:00.000-08:002012-12-14T01:57:17.605-08:00Of Brand Moats and Product Life Cycles<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><span style="font-weight: normal;">Today we will discuss more about two things. Brand moats and Product Life Cycles and their relevance in stock picking. </span></b></div>
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<b><span style="font-weight: normal;">Brand moats create strong entry barriers and sustainable product demand. So even if a perfect substitute of a certain product is available in the marketplace users will still prefer to wait for their particular 'brand' because of perceived superiority and comfort in their favorite brand. So this creates <b>a huge entry barrier</b> which is very difficult, if not impossible for new entrants to break.</span></b></div>
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<b><span style="font-weight: normal;">Let's understand this with an example from </span></b><a class="url fn" href="https://plus.google.com/108613066096844700159" itemprop="author" rel="author">Prabhakar Kudva</a> in his <a href="http://investment-in-sight.blogspot.in/2012/09/wealth-creator-series-2-glaxo.html">blog</a>, where he is talking about GSK and their popular brand Horlicks,<b><span style="font-weight: normal;"> </span></b></div>
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<b><span style="font-weight: normal;">"</span></b>...<i>Consider this. If you're a parent and you want to your kid to drink milk
twice a day, would it be mixed with anything but Horlicks/Bournvita or
Complan? </i></div>
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<i>No other random brand will do. </i></div>
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<i>The <b>parents </b>especially nowadays
<b>are super sensitive</b> about what their kids consume. Not only that even
<b>kids are very conscious</b> of their <b>favorite brand</b> and <u>once they like one
brand nothing else will do.</u> </i></div>
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<i>These are competitive advantages built over
decades to create brands like Horlicks which ensure that no other
competitor can just come in and take away market share.</i></div>
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<i>Like Buffett
says even if i give you 10,000 Cr and ask you to make all the kids who
drink Horlicks drink something else in the next 5 years, you won't be
able to do it.....</i>."</div>
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<b><span style="font-weight: normal;"><br /></span></b>
<b><span style="font-weight: normal;"><br /></span></b>
<b><span style="font-weight: normal;">So evidently we have seen that companies with strong brands will command a premium in the market place for the simple reason of sustainability of market share. It doesn't take a genius to guess that Coke or Pepsi would continue selling in large numbers or a Gillette will supply large number of razors in 2020 as well. </span></b></div>
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<b><span style="font-weight: normal;">Next we come to the second aspect of it, Product life cycle (PLC). What's critical to understand is that along with the </span></b>brand moat product life cycle or PLC creates a critical differentiating factor when one comes to the replacement demand.<br />
<br />
<b> </b><br />
In simple terms -<br />
along with selling your <b>old/established</b> products to <b>new</b> customers (category A)<br />
and <b>new</b> products to <b>old</b> customers (category B),<br />
<u>how frequently</u> are you selling your <b>old</b> products to your <b>old </b>customers(category C)<b> </b><br />
- that will make a <u>key difference</u>.<b><br /></b></div>
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Amongst
the companies with strong brand moat, the ones with the <b>shortest PLC</b> ( FMCG - HUL,
ITC, Nestle, P&G, GSK) will have the <b>highest premium</b>. The market premium narrows down as we move to players with shorter PLC (Razors - Gillette) to medium PLC (Inner wear - Page Industries, Footwear - Bata) to moderately long (Cookware - Hawkins/Prestige, Car batteries - Exide/Amara Raja) to longest
PLC (Tiles /Pipes/Sanitary ware). </div>
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The shorter the PLC in effect creates that much better demand visibility or in other words brings in that much higher predictability of sales and earnings, which is why the market gives them a premium as compared to sales of a exotic tour operator (like Cox & Kings where the category itself is discretionary to a large extent ). </div>
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Hence, while researching for stock ideas we need to focus on companies that are curving out niches for them by establishing strong brands and have the added support of shorter PLCs.</div>
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Another key aspect to highlight is new product launches even in new categories, which piggybacks on existing established brands for their success. And it works way better than new launches, shows <a href="http://www.thehindubusinessline.com/industry-and-economy/marketing/fmcg-brand-extensions-work-better-than-new-launches-nielsen/article4147062.ece?ref=wl_industry-and-economy">a recent Nielsen study</a></div>
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<i>"....Is it possible for consumers to accept a hair oil brand as a skin care lotion? </i></div>
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<i>Parachute Advansed, the leading hair oil brand from Marico, has managed
to make this transition based on insights from research firm – Nielsen. </i></div>
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<i><span style="font-family: "Trebuchet MS",sans-serif;">
<b>Extensions of existing FMCG brands</b> <u>are five
times more successful</u> than launching a new brand in India, claims a
study done by Nielsen...</span></i><br />
<br />
<i><span style="font-family: "Trebuchet MS",sans-serif;">....</span><span style="font-family: "Trebuchet MS",sans-serif;">shows that in addition to promoting brand equity, brand extensions can
grow incremental sales up to 38 per cent and contribute as much as 30
per cent to the parent brand’s sales</span></i><i><span style="font-family: "Trebuchet MS",sans-serif;">...."</span></i><br />
<br />
<span style="font-family: "Trebuchet MS",sans-serif;">Strong established brands can be used to venture into new categories. As done by Horlicks (biscuits), Nestle (Maggi extensions) or even a non FMCG player like Prestige (Induction Cookers). </span><br />
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Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com0tag:blogger.com,1999:blog-624067082367248578.post-57319311851887878672012-11-16T11:46:00.001-08:002012-11-16T11:46:17.823-08:00Stock Update: Disa India Limited<div dir="ltr" style="text-align: left;" trbidi="on">
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I recently wrote about Disa India <a href="http://prdntinvestor.blogspot.in/2012/11/stock-focus-disa-india-limited.html">here</a>. As discussed during the write up one should not base their investment thesis on something as fragile as a de-listing play. </div>
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There were market rumors that company may use an Offer for sale (OFS) - the new SEBI initiated mechanism allowing promoters to sell stake in a separate window other than regular markets - to pare down the stake to 75% and use the proceeds to fund their upcoming Bangalore center. </div>
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Well it seems the rumor was true. Disa India today <a href="http://t.in.com/4tZV">formally announced </a>their plans of OFS to pare down their stake to SEBI mandated 75% from the existing 86.487%.</div>
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<i>DISA Holding A/S (the "Seller") has submitted to BSE a Notice of <b>Offer
for Sale</b> an aggregate of upto <u>173,483 equity shares</u> of face value of Rs.
10/- each of Disa India Ltd. (the "Company and such equity shares
referred to as "Sale Shares") aggregating to <u>11.487% </u>of the total paid
up share capital of the Company as on November 15, 2012 by Promoter
through a sale on the separate window provided by the BSE Ltd for this
purpose.<br /><br />The Sale shall take place at the separate window of the
BSE Ltd and shall commence on <u>November 20, 2012 at 9.15 a.m. </u>and shall
close the same day at 3.30 p.m. Indian Standard Time ("Sale Date").</i></div>
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We had discussed earlier the robust balance sheet and viability of continued growth in the business going ahead. Hence, this sale changes nothing on the business front except that this presents an excellent opportunity to enter the stock at lower price points. </div>
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The stock might see major correction on Monday (19th Nov, 2012) as speculators who had entered for de-listing play earlier would rush to exit. Hence it creates an opportunity for some one with a 3-5 year horizon to enter this stock at much lower prices on Monday or participate in the Offer-for-sale on Tuesday (20th Nov, 2012).</div>
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Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com0tag:blogger.com,1999:blog-624067082367248578.post-75532705644188859542012-11-12T11:04:00.000-08:002012-11-12T11:05:01.523-08:00Can we hedge against RM volatility from combination plays ?<div dir="ltr" style="text-align: left;" trbidi="on">
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This includes two of my recent purchases, Balkrishna Industries (BKT) and Gujarat Reclaim & Rubber (GRP). </div>
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While looking at natural rubber prices being a key monitorable for BKT , one might wonder whether any combination play might help up remove this volatility.</div>
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This is because natural rubber being the key raw material, effects the pricing and margins of tyre manufacturers like BKT. So higher natural rubber prices should hit margins and hit profitability. ( Negative correlation)</div>
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Whereas high prices of natural rubber are good for the reclaim rubber industry as it leads to increased substitution of natural rubber with reclaim rubber. Hence, high natural rubber prices are good for GRP. (Positive correlation)</div>
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Therefore I was thinking can a combination play on BKT and GRP hedge us naturally against natural rubber price volatility (to some extent, if at all). Point to note here is that each of them merit investment by their own accord given their superior fundamentals and growth ahead. However, we are trying to analyze an additional angle from the portfolio perspective.</div>
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<u>Chart 1: Monthly Rubber Prices ( Oct 2007 - Oct 2012) </u></div>
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<u>Chart 2: BKT Operating Margin Trend ( Sep 2007 - Sep 2012) </u></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5lNcrZPbWGdz0T_I2P9T2ucOorKKVqVjUeSB2IXJw3iczrPyK_FFbaSiSFT4NMkUw9AwJ_n9J6BWr8aLLd0JluNGN4cYvW0lwHDnLAS0NJVrHu9R32XJBRyu3eXUPzzjWv1VqsNR7OKs/s1600/bkt-opm.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="324" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5lNcrZPbWGdz0T_I2P9T2ucOorKKVqVjUeSB2IXJw3iczrPyK_FFbaSiSFT4NMkUw9AwJ_n9J6BWr8aLLd0JluNGN4cYvW0lwHDnLAS0NJVrHu9R32XJBRyu3eXUPzzjWv1VqsNR7OKs/s640/bkt-opm.png" width="640" /></a></div>
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<u>Chart 3: GRP Operating Margin Trend ( </u><u>Sep 2007 - Sep 2012</u><u>) </u></div>
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From the charts it is evident that while Balkrishna Industries (BKT) <u>has a proper negative correlation</u> with rubber prices which is seen directly from the margin trend, <u>there is no proper positive correlation of natural rubber prices with GRP</u>. </div>
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<span style="font-family: "Trebuchet MS",sans-serif;">So the combination play won't work as natural hedge. However, GRP margins being unaffected during even lower rubber price cycles, both stocks should do well in period of softening natural rubber prices. </span><br />
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Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com1tag:blogger.com,1999:blog-624067082367248578.post-52804926812005060522012-11-11T08:11:00.002-08:002012-11-11T10:05:40.935-08:00Pearls of Wisdom: Basant Maheshwari on Hawkins<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: small;">I received a few negative responses regarding the <u>intent</u> of sharing the Hawkins post on <a href="http://www.theequitydesk.com/forum/active_topics.asp">TED</a>. This is to re-iterate, that </span>the whole point of blogging is to better interact with other
fellow investors and develop counter arguments and dissections on your
investment themes.</div>
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<b>Hawkins</b> has been one of the prominent ideas of <a href="http://www.theequitydesk.com/basantscorner/about-basant.asp">Sri Basant Maheshwari</a>, a much discussed and well documented stock idea since <u><b>September 2006</b></u> when it was <a href="http://www.theequitydesk.com/forum/forum_posts.asp?TID=353&PN=1">first discussed on TED.</a></div>
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<span style="font-size: small;">The <a href="http://prdntinvestor.blogspot.in/2012/11/stock-focus-hawkins-cookers-compelling.html">Hawkins post</a> was necessary to highlight that the company is in a somewhat special situation which calls for a compelling buy based on earnings forecast for the next 12 months. Most investors are skeptic of investing in growth stocks at high price and high P/E multiples (TTM).</span></div>
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<span style="font-size: small;">Going through the Hawkins thread yields great notes of wisdom from <b>Basantji </b>on these points. Here we look at <u>few of his quotes</u> with respect to stock investments in general (and in few cases Hawkins in particular). I encourage you to go through the complete thread on Hawkins at TED.<i><br /></i></span></div>
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<span style="font-size: small;"><i><u>No position is too big</u> for a stock that is <u>going up</u> and <u>no position is too small</u> for a stock that is <u>headed down</u>. </i></span></div>
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<span style="font-size: small;"><i><br />Analyzing the variability of a business can be learnt through experience and that experience is a never ending process, <u>the easiest way to go about it is focus on a few variables like RoE, Moat, entry barriers, Capex, demand drivers, Management etc</u>. One of the more easier ways out is to <u>read as much as you can about the great man called Buffett</u>, personally we are all in the learning mode and will continue to remain so because <u>investing is an art and not science</u> but my thought is that <u>the path less traveled has the maximum fruit.</u> Everyone can get the Eps, Pe, yield, Book value through some free website and that is what makes the other path less traveled.</i></span></div>
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<span style="font-size: small;"><i><br /><br />While analysing companies I try and work out numbers such as <u>sales per rupee of Fixed Assets and Sales per rupee of WC</u>. Once you do that you see that smaller amounts of fixed assets and WC have generated large amounts of sales .</i></span></div>
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<span style="font-size: small;"><i><br /><br />The first thing is <u>forget the past</u> and <u>disassociate yourself from where this stock has come from</u>. Just think that you are not aware that a stock has been a 7 bagger in the last 12 months, that will make your analysis easier.</i></span></div>
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I normally look forward because <u>TTM (Trailing Twelve Months) is already in the price</u> and if you
can <u>identify the difference between the consensus and your estimates in
the forward earnings</u> you are on track to make decent money.</i></span></div>
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<span style="font-size: small;"><i>The <u>big money is made in foresight and not in hindsight</u>. Everyone knows that <u>forecasting comes with errors</u> but that <u>does not mean that you keep looking at the rear-view mirror only.</u></i></span></div>
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<span style="font-size: small;"><i>So if a stock had moved up hugely over the last one year t<u>he real beneficiaries</u> have been the ones <u>who had an
element of forecasting</u> because <u>they could have bet hard and heavy</u> but
<u>had you bought it as another stock in the portfolio</u> it would have
<u>created enough excitement and joy but not wealth.</u></i></span></div>
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<span style="font-size: small;"><i><br />Also <u>cooker has been a low repeat business</u> ever since it was invented. The key areas to look out for is <u>new customers for existing products(cookers)</u> and <u>new products for existing customers (Non stick cookware)</u> and not just <u>repeat sales to existing customers (which will also come).</u></i></span></div>
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<span style="font-size: small;"><i><br />Not sure why people were <u>surprised by the dividend</u> a general glance at past annual capex, working cap profile and management strategy would have suggested that <u>this company has no genuine use for cash and hence it will be thrown back</u>. <u>Capital allocation is an offshoot of management bandwidth</u> so we can't draw a straight line across all consumer companies.</i></span></div>
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<span style="font-size: small;"><i><br />Sometimes <u>investors lose the big picture</u> by becoming prey to the paralysis of analysis. I have said many times before that Hawkins is better then competitors because of the sheer cash that it throws back. <u>Very few companies have cash eps higher then eps by 30pc and this is one of them. </u></i></span></div>
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<span style="font-size: small;"><i><br /><u>At each price we wanted to buy it 10pc lower somehow this psychological price anchoring has no answer</u>. We should be looking at <u>where this stock is going rather then where it has come from. </u></i></span></div>
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<span style="font-size: small;"><i><u><br />Strong distribution and Marketing cannot provide high pricing power</u>. They can provide volumes. For example a cement company with deep distribution set up cannot sell cement at Rs 20 more per bag just because it has a wide distribution network. Just because the unorganized competitors are weak in terms of marketing power, scale and distribution <u>doesn't enable these companies to make high margins</u> on their products.</i></span></div>
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<span style="font-size: small;"><i><br />As Buffett says "It takes 20 years to build a reputation and 5 minutes to lose it <u>if you think about that you will do things differently".</u></i></span></div>
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<span style="font-size: small;"><i><br />The <u>P/E is decided by the collective wisdom of the market</u> and it is futile to take any confirmed call on that though we do make educated guesswork on the drivers of Pe and how they influence the valuation but <u>as investors we should be more concerned about earnings</u> than valuations, <u>the former influences the latter and not the other way round. </u></i></span></div>
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Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com2tag:blogger.com,1999:blog-624067082367248578.post-40044640679557821322012-11-10T13:01:00.001-08:002012-11-18T23:23:56.605-08:00Stock Focus: Disa India Limited<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: small;">In finding which stocks to invest in, the starting point very often is discussions in forums/other investment blogs/recommendations/hearsay etc.</span></div>
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<span style="font-size: small;">One rather good way to start the stock selection process is quantitative filtering or screening based on broad based or custom conditions. Sadly very few efficient and free screens are available for the Indian universe of stocks.</span></div>
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<span style="font-size: small;">Ayush Mittal ( of <a href="http://dalal-street.in/">Dalal Street</a> fame) and his brother Pratyush have designed this wonderful site called <a href="http://www.screener.in/">screener.in</a> which fills a much needed void for retail investors. Do try it out for yourselves.</span></div>
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<span style="font-size: small;">One such<a href="http://www.screener.in/screens/546/the-value-buys/"> custom screens</a> at screener.in based on the following parameters threw up some interesting names</span></div>
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<span style="font-size: small;"> Year-on-year improvement in operating margins</span></div>
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<span style="font-size: small;"> Year-on-year improvement in Net profit margins</span></div>
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<span style="font-size: small;"> Average dividend payout of at least 10% over last 3 years </span></div>
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<span style="font-size: small;"> At least 15% growth in Sales</span></div>
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<span style="font-size: small;"> At least 20% growth in profits</span></div>
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<span style="font-size: small;"> Debt to equity ratio should be less than 0.3 times</span></div>
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<span style="font-size: small;"> Market capitalization greater than 30 Crs and less than 5,000 Crs</span></div>
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<span style="font-size: small;"> Last 10 years operating margins at least greater than 12%</span></div>
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<span style="font-size: small;"> Debtor days should be less than 90 days</span></div>
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<span style="font-size: small;"> At least 20% return on equity generated</span></div>
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<span style="font-size: small;"><u>Stocks screened:</u></span></h3>
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<span style="font-size: small;">Abbott India Ltd.<br />Amara Raja Batteries Ltd<br />Benares Hotels Ltd<br />Cochin Minerals & Rutile Ltd<br />Disa India Ltd<br />Accelya Kale Solutions Ltd.<br />Mayur Uniquoters Ltd. </span></div>
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<span style="font-size: small;">Interestingly, it contains both Amara Raja and Mayur Uniquoters which are at present amongst my top holdings. Hence the other names must also be looked into. Talk about <a href="http://www.safalniveshak.com/confirmation-bias-whats-your-internal-yes-man-saying/">confirmation bias</a> :P</span></div>
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<span style="font-size: small;">One name which is relatively unknown is Disa India Limited. While searching for research on this stock found some references in Prof. Neeraj Marathe's <a href="http://neerajmarathe.blogspot.in/">blog</a>.</span></div>
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<span style="font-size: small;">Prof. Marathe has been following and investing in Disa India Ltd for some time now. He had presented the idea in his <a href="http://neerajmarathe.blogspot.in/2011/04/disa-india-interesting-case.html">April 2011 post</a>, followed by the <a href="http://neerajmarathe.blogspot.in/2011/05/disa-india-ltd-agm-notes.html">AGM note</a> that year, a followup post in <a href="http://neerajmarathe.blogspot.in/2012/03/disa-india-follow-up-post.html">Mar 2012</a> and this year's <a href="http://neerajmarathe.blogspot.in/2012/05/disa-india-ltd-agm-notes.html">AGM note</a>.</span></div>
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<span style="font-size: small;">Of the two aspects marked by Prof. Marathe <u>let us completely ignore the de-listing part.<b> </b></u>After <a href="http://articles.economictimes.indiatimes.com/2012-09-04/news/33582197_1_blue-dart-express-dhl-plans-dhl-express-india">what happened to Blue Dart </a>basing your investment hopes on a possible de-listing candidate does not hold good. As recent as today, the disinvestment plans of <a href="http://economictimes.indiatimes.com/markets/stocks/market-news/japan-based-ricohs-buyback-offer-to-delist-its-indian-arm-fails-bse-data/articleshow/17164416.cms">Japan's Ricoh has failed</a> causing a major headache for speculators in that stock.</span></div>
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Disa India : The stock story</span></h2>
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<span style="font-size: small;">So first and foremost we ignore the de-listng part. The obvious second thing that attracts investors in this stock is the dividend yield which is 7.38% even at current price of Rs 2701.</span><br />
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<span style="font-size: small;">Here again <u>we ignore the safety of this yield</u>. Do not put much stress on the 2000% dividend ( a 200 Rs dividend on an annual EPS of Rs 150) paid last year. As explained by Prof. Marathe, it was more of an attempt to distribute the surplus cash to the promoters rather than rewarding minority shareholders.</span></div>
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<span style="font-size: small;">So let us focus on the stock itself. A cursory look at the financials reveal that the company has exceptional RoE (45+) coupled with zero debt and high debtor turnover pointing to a business moat. Also the company incurs low capex hence it can steadily distribute high dividends.</span><br />
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<span style="font-size: small;">Let me follow Abhishek's stock template and try to look in deeper. </span></div>
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<div class="MsoNormal" style="border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0in;">
<span style="color: blue;">Describe the business in a few
sentences. What does the company do? Who are its primary customers? </span></div>
</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in;">
DISA
India is a leading Equipment Manufacturer in India, offering advanced Foundry
& Surface Preparation process technology. The Company supplies foundry
systems by integrating the range of molding machines and sand mixers. The Company’s products include molding machines, sand mixers and air
filters.</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in;">
It
has two manufacturing plants, located in Tumkur and Hosakote, Karnataka. R&D
Facility located in Bangalore caters to the development needs of the group
companies, worldwide.</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in;">
In
2009, DISA Group merged with the Wheelabrator Group (the world leader in
surface preparation technology) to form the world’s leading metallic parts
enhancement company. The combined entity is now called the Norican Group.</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in;">
The
main customers are foundries across the country. The company is seeing a clear
trend of foundries being upgraded from the basic manual or semi-manual lines
towards high pressure automated lines. </div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in;">
The
foundry industry in India has geographical clustering; the five major clusters
are in Belgaum, Batala/Jalandhar, Coimbatore, Kolhapur and Rajkot.</div>
<div class="MsoNormal" style="margin-left: 0.25in;">
<br /></div>
<div style="border: solid windowtext 1.0pt; margin-left: .25in; margin-right: 0in; mso-border-alt: solid windowtext .5pt; mso-element: para-border-div; padding: 1.0pt 4.0pt 1.0pt 4.0pt;">
<div class="MsoNormal" style="border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0in;">
<span style="color: blue;">Is the sector that the company is in
growing? Is there a headwind or a tailwind present?</span></div>
</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in;">
The
Indian foundry industry is the second largest producer of casting with a production
of ~9.1million MT of various grades of castings as per International standards.
Plan to reach 20 million MT by 2020.</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in;">
<u>Type
of produce include:</u>
ferrous, non-ferrous, aluminum alloy, graded cast iron, ductile iron, steel
etc. Grey iron castings constitute ~70% of total castings produced.</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in;">
<u>Application
in:</u>
Automobiles, railways, pumps compressors and valves, diesel engines,
cement/electrical/textile machinery, aero, sanitary pipes & fittings .</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in;">
Indian
Foundries are currently facing a <u>major demand boom</u>, but against a
background of <u>severe crunch in availability of labor and power</u>. This is now driving a clear
move of upgrading towards High Productivity Automated High pressure moulding
Lines.</div>
<div class="MsoNormal" style="margin-left: 0.25in;">
<br /></div>
<div style="border: solid windowtext 1.0pt; margin-left: .25in; margin-right: 0in; mso-border-alt: solid windowtext .5pt; mso-element: para-border-div; padding: 1.0pt 4.0pt 1.0pt 4.0pt;">
<div class="MsoNormal" style="border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0in;">
<span style="color: blue;">What is the current market share of the
company? Where from will the next growth come?</span></div>
</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in;">
Disa
India is the market leader in manufacturing modern foundry equipment with a 70%
market share in India.</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in;">
There
are more than 5,000 foundry units in India. Out of this nearly 80% fall under
the category of small-scale industry and are manual. Growth for Disa is seen on both
fronts; new foundries as well as automation of existing manual foundries. </div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .25in;">
Wheelabrator
now contributes about 25% of the sales. Higher future growth can be expected
with introduction of new machines in this segment. </div>
<div class="MsoNormal" style="margin-left: 0.25in;">
<br /></div>
<div style="border: solid windowtext 1.0pt; margin-left: .25in; margin-right: 0in; mso-border-alt: solid windowtext .5pt; mso-element: para-border-div; padding: 1.0pt 4.0pt 1.0pt 4.0pt;">
<div class="MsoNormal" style="border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0in;">
<span style="color: blue;">Who are the primary competitors? Why is
this company a better investment than them?</span></div>
</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in;">
Competitors
like Sinto, Koyo, some Indian manufacturers, etc. do exist. However given the
strong R&D, timely capacity expansions and collaborations the management
believes company will be able to grow comfortably ahead of competition.</div>
<div class="MsoNormal" style="margin-left: 0.25in;">
<br /></div>
<div style="border: solid windowtext 1.0pt; margin-left: .25in; margin-right: 0in; mso-border-alt: solid windowtext .5pt; mso-element: para-border-div; padding: 1.0pt 4.0pt 1.0pt 4.0pt;">
<div class="MsoNormal" style="border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0in;">
<span style="color: blue;">What is the owners’ and managements’
stake in the company? </span></div>
</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in;">
The
Norican Group, a Denmark based entity, owns 86.5% of the stock. As indicated
they tried delisting in the past in 2007. The 'discovered price' came to
Rs.2960 per share. This was rejected by the management and delisting failed.</div>
<div class="MsoNormal" style="margin-left: 0.25in;">
<br /></div>
<div style="border: solid windowtext 1.0pt; margin-left: .25in; margin-right: 0in; mso-border-alt: solid windowtext .5pt; mso-element: para-border-div; padding: 1.0pt 4.0pt 1.0pt 4.0pt;">
<div class="MsoNormal" style="border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0in;">
<span style="color: blue;">Are management's salaries too high?</span></div>
</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in;">
The
MD, Mr. Viraj Naidu takes a total compensation of Rs 81.46 lakhs on a PAT of
22.66 Cr which is at 3.6%. The fees of other independent directors are
negligible. </div>
<div class="MsoNormal" style="margin-left: 0.25in;">
<br /></div>
<div style="border: solid windowtext 1.0pt; margin-left: .25in; margin-right: 0in; mso-border-alt: solid windowtext .5pt; mso-element: para-border-div; padding: 1.0pt 4.0pt 1.0pt 4.0pt;">
<div class="MsoNormal" style="border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0in;">
<span style="color: blue;">How ethical is the management?</span></div>
</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in;">
From
Prof. Marathe’s interaction in two consecutive AGMs, he suggests</div>
<div class="MsoNormal" style="margin-left: 0.25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .25in;">
<i>“…I
would rate the company's management very very highly. The overall body language
was positive. The management is always open to answering all reasonable
questions, without making any tall claims, etc. No-nonsense and to-the-point….”</i></div>
<div class="MsoNormal" style="margin-left: 0.25in;">
<br /></div>
<div style="border: solid windowtext 1.0pt; margin-left: .25in; margin-right: 0in; mso-border-alt: solid windowtext .5pt; mso-element: para-border-div; padding: 1.0pt 4.0pt 1.0pt 4.0pt;">
<div class="MsoNormal" style="border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0in;">
<span style="color: blue;">How much debt is there in the balance
sheet? Is it increasing, decreasing or remaining constant? </span></div>
</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in;">
The
company is debt free since 2009. It has 60 Cr cash in hand ( as on Dec 2011)<br />
<br />
<b><u>Update: 19th-Nov-12:</u> </b>As seen from the half yearly results in June 2012, the cash balance has reduced significantly after the payment of Rs 200 dividend per share for CY2011. Latest cash balance is 16.55 Cr ( as on 30 Jun '12)</div>
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<br /></div>
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<span style="color: blue;">Is the debt level normal for the sector
the company is operating in (i.e. how much is the debt-equity ratio of its
nearest competitors)?</span></div>
</div>
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<br /></div>
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Not
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<br /></div>
<div style="border: solid windowtext 1.0pt; margin-left: .25in; margin-right: 0in; mso-border-alt: solid windowtext .5pt; mso-element: para-border-div; padding: 1.0pt 4.0pt 1.0pt 4.0pt;">
<div class="MsoNormal" style="border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0in;">
<span style="color: blue;">How much cash is there on the BS? What
is the cash per share?</span></div>
</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in;">
Cash
& Investments <strike>are at 60 Cr</strike> are at 16.55 Cr (30 Jun '12). Based on a no of outstanding shares of 15.10
lakhs the cash per share <strike>is Rs 396.70</strike> is Rs 109.52 (30 Jun '12)<strike></strike></div>
<div class="MsoNormal" style="margin-left: 0.25in;">
<br /></div>
<div style="border: solid windowtext 1.0pt; margin-left: .25in; margin-right: 0in; mso-border-alt: solid windowtext .5pt; mso-element: para-border-div; padding: 1.0pt 4.0pt 1.0pt 4.0pt;">
<div class="MsoNormal" style="border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0in;">
<span style="color: blue;">Is the Net worth rising over the years?</span></div>
</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in;">
Net
worth has increased significantly from 18.65 Cr in 2007 to 55.59 Cr in 2010.
After the exceptional 2000% dividend (Rs 200 per share) in 2011 the net worth has
reduced to 43.15 Cr in 2011.</div>
<div class="MsoNormal" style="margin-left: 0.25in;">
<br /></div>
<div style="border: solid windowtext 1.0pt; margin-left: .25in; margin-right: 0in; mso-border-alt: solid windowtext .5pt; mso-element: para-border-div; padding: 1.0pt 4.0pt 1.0pt 4.0pt;">
<div class="MsoNormal" style="border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0in;">
<span style="color: blue;">Has the company increased its sale, net
profit, operating margins and net margins over the years?</span></div>
</div>
<br />
<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 43.5pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 447px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="nowrap" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 60.9pt;" width="81"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="bottom" width="96"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">CAGR Sales</span></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="bottom" width="96"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">CAGR Profit</span></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 67.5pt;" valign="bottom" width="90"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">Avg. RoE</span></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">Avg. OPM</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 60.9pt;" valign="bottom" width="81"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black;">10 Years:</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="bottom" width="96"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">28.09%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="bottom" width="96"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">53.57%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 67.5pt;" valign="bottom" width="90"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">48.32%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">19.49%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 60.9pt;" valign="bottom" width="81"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black;">5 Years:</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="bottom" width="96"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">18.15%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="bottom" width="96"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">22.10%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 67.5pt;" valign="bottom" width="90"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">46.28%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">21.51%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 60.9pt;" valign="bottom" width="81"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black;">3 Years:</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="bottom" width="96"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">21.40%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="bottom" width="96"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">24.38%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 67.5pt;" valign="bottom" width="90"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">37.57%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">20.55%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 60.9pt;" valign="bottom" width="81"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black;">1 Year:</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="bottom" width="96"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">25.22%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="bottom" width="96"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">58.03%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 67.5pt;" valign="bottom" width="90"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">45.92%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">20.96%</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="margin-left: .25in;">
<br />
<br /></div>
<div style="border: solid windowtext 1.0pt; margin-left: .25in; margin-right: 0in; mso-border-alt: solid windowtext .5pt; mso-element: para-border-div; padding: 1.0pt 4.0pt 1.0pt 4.0pt;">
<div class="MsoNormal" style="border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0in;">
<span style="color: blue;">Has the company increased it RoE, RoCE,
(RoA for financial companies) over the years or at least maintained it? How
does it compare to its competitors?</span></div>
</div>
<br />
<br />
<table align="left" border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 6.75pt; margin-right: 6.75pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-table-anchor-horizontal: margin; mso-table-anchor-vertical: paragraph; mso-table-left: center; mso-table-lspace: 9.0pt; mso-table-rspace: 9.0pt; mso-table-top: 5.7pt; mso-yfti-tbllook: 1184; width: 588px;"><tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td nowrap="nowrap" style="border: 1pt solid windowtext; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 185.25pt;" valign="bottom" width="247"></td>
<td nowrap="nowrap" style="border: 1pt solid windowtext; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 63.75pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">Dec-07</span></div>
</td>
<td nowrap="nowrap" style="border: 1pt solid windowtext; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">Dec-08</span></div>
</td>
<td nowrap="nowrap" style="border: 1pt solid windowtext; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">Dec-09</span></div>
</td>
<td nowrap="nowrap" style="border: 1pt solid windowtext; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">Dec-10</span></div>
</td>
<td nowrap="nowrap" style="border: 1pt solid windowtext; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">Dec-11</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="nowrap" style="border: 1pt solid windowtext; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 185.25pt;" valign="bottom" width="247"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">Operating
Profit Margin (%)</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 63.75pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">27.66</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">21.28</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">22.97</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">21.55</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">24.12</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="border: 1pt solid windowtext; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 185.25pt;" valign="bottom" width="247"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">Adjusted Net
Profit Margin (%)</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 63.75pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">17.11</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">12.32</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">12.86</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">12.89</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">14.72</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="border: 1pt solid windowtext; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 185.25pt;" valign="bottom" width="247"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">Return On
Capital Employed (%)</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 63.75pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">75.75</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">66.68</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">41.33</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">48.61</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">70.79</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="border: 1pt solid windowtext; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 185.25pt;" valign="bottom" width="247"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">Return On Net
Worth (%)</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 63.75pt;" valign="bottom" width="85"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">67.61</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">48.59</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">27.74</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">31.46</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; text-align: center; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black;">45.90</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<br />
<br />
<br />
<br />
<br />
<br />
<div style="border: solid windowtext 1.0pt; margin-left: .25in; margin-right: 0in; mso-border-alt: solid windowtext .5pt; mso-element: para-border-div; padding: 1.0pt 4.0pt 1.0pt 4.0pt;">
<div class="MsoNormal" style="border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0in;">
<i><span style="color: blue;">Is the company operating cash flow
positive? Is the operating – investment cash flow positive? Is the company net
free cash flow positive? Is the Operating cash flow higher than earnings per
share?</span></i></div>
</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br />
Operating
cash flow is almost similar or slightly lesser than earnings per share. Since
business is not capital intensive, generates optimum levels of positive free
cash flow.</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 23.4pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 599px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="nowrap" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 209.0pt;" valign="bottom" width="279"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black;">Particulars </span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black;">Dec-07</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black;">Dec-08</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black;">Dec-09</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black;">Dec-10</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black;">Dec-11</span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 209.0pt;" valign="bottom" width="279"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black;">Cash Flow From Operating Activities</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">13.85</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">7.33</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">10.9</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">14.33</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">17.55</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 209.0pt;" valign="bottom" width="279"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black;">Cash Flow from Investing Activities</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">1.87</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">-1.72</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">1.48</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">-0.74</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">-4.09</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 209.0pt;" valign="bottom" width="279"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black;">Cash Flow From Financing Activities</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">-13.59</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">-35.58</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">-0.1</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">-0.05</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">-0.07</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="nowrap" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 209.0pt;" valign="bottom" width="279"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><br /></td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><br /></td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><br /></td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><br /></td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><br /></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="nowrap" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 209.0pt;" valign="bottom" width="279"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black;">Operating cash flow / share</span></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">92.33</span></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">48.87</span></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">72.67</span></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">95.53</span></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black;">117.00</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 209.0pt;" valign="bottom" width="279"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black;">Earnings Per Share (Rs.) </span></div>
</td>
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<span style="color: black;">86.23</span></div>
</td>
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<span style="color: black;">79.27</span></div>
</td>
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<span style="color: black;">65.3</span></div>
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<span style="color: black;">100.07</span></div>
</td>
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<span style="color: black;">150.07</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div style="border: solid windowtext 1.0pt; margin-left: .25in; margin-right: 0in; mso-border-alt: solid windowtext .5pt; mso-element: para-border-div; padding: 1.0pt 4.0pt 1.0pt 4.0pt;">
<div class="MsoNormal" style="border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0in;">
<span style="color: blue;">Does the company pay tax, dividends
every year?</span></div>
</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br />
The
company has been a regular tax player. It paid a large 2000% dividend in 2007.
Preserved all cash during the downturn of 2008-09 and again gave large 2000%
dividend in 2011.<br />
<br /></div>
<div style="border: solid windowtext 1.0pt; margin-left: .25in; margin-right: 0in; mso-border-alt: solid windowtext .5pt; mso-element: para-border-div; padding: 1.0pt 4.0pt 1.0pt 4.0pt;">
<div class="MsoNormal" style="border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0in;">
<span style="color: blue;">Is the Free Cash Flow per share higher
than dividends paid?</span></div>
</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br />
Company
pays large one time dividends by dipping into reserves. They prefer to hold cash during uncertain times.Points towards prudent management.</div>
<div style="border: solid windowtext 1.0pt; margin-left: .25in; margin-right: 0in; mso-border-alt: solid windowtext .5pt; mso-element: para-border-div; padding: 1.0pt 4.0pt 1.0pt 4.0pt;">
<div class="MsoNormal" style="border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0in;">
<span style="color: blue;">Is the business capital intensive?</span></div>
</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br />
RoA
is 45.9% (PAT of 22.67 Cr on average assets of of 49.37 Cr) meaning business is not at
all capital intensive. [Learner note: For debt free companies. RoA = RoE, so in essence we verified the RoE for CY11.]</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br />
The
company is expanding existing facilities with the launch of new facility at
Bangalore. All Cap-Ex can be comfortably met from internal accruals without
need for debt.<br />
<br /></div>
<div style="border: solid windowtext 1.0pt; margin-left: .25in; margin-right: 0in; mso-border-alt: solid windowtext .5pt; mso-element: para-border-div; padding: 1.0pt 4.0pt 1.0pt 4.0pt;">
<div class="MsoNormal" style="border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0in;">
<span style="color: blue;">What is the expected valuation?</span></div>
</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br />
EPS
growth expectations are at 20% for 2012 and 15% for 2013. One can expect an EPS
of 180 Rs per share for CY12 and 207 Rs per share for CY13.</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br />
The
Jan-Sep 2012 results are not so promising. Net profits are at 83.04 Cr and 9M
EPS of 48.48. Although the Dec quarter is the decisive quarter with bulk of
revenue and profits, the 9M figures are not promising.<br />
<br /></div>
<div style="border: solid windowtext 1.0pt; margin-left: .25in; margin-right: 0in; mso-border-alt: solid windowtext .5pt; mso-element: para-border-div; padding: 1.0pt 4.0pt 1.0pt 4.0pt;">
<div class="MsoNormal" style="border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0in;">
<span style="color: blue;">Is the PE ratio below 15? Is the PEG
above 1.0?</span></div>
</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br />
Disa
is <u>currently trading at</u> a P/E of 20.77 (CMP=2701, LTM EPS=130.4). However
excluding cash of <strike>396 Rs per share </strike>109 Rs per share, it is <u>available at</u> P/E of 19.87. </div>
<div class="MsoNormal" style="margin-left: .25in;">
<br />
Based
on (CMP-Cash) price of <strike>2305 per share</strike> 2592 per share, it is <u>available at</u> 12.52x forward
CY13E EPS. The PEG is less than 1 (0.83).<br />
<br />
<b><u>Update: 19th-Nov-12:</u> </b>As seen from HYCY12 results, the company has exhausted major part of the cash in hand (60 Cr in Dec '11) and is left with only 16.54 Cr (Jun '12) which reduces the comfort of cash and makes the stock fairly expensive.<br />
<br /></div>
<div style="border: solid windowtext 1.0pt; margin-left: .25in; margin-right: 0in; mso-border-alt: solid windowtext .5pt; mso-element: para-border-div; padding: 1.0pt 4.0pt 1.0pt 4.0pt;">
<div class="MsoNormal" style="border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; padding: 0in;">
<span style="color: blue;">Why do you think the stock is underpriced?
Is there an expectation to double the investment in 2-3 year timeframe? If not,
why bother?</span></div>
</div>
<div class="MsoNormal" style="margin-left: .25in;">
<br />
Based
on the strong growth in castings (doubling of capacity from 9.1mn MT in 2011 to
20 mn MT in 2020) and conversion of manual foundries to automatic (currently
only 20%) strong growth is expected over next 3-4 years. Also, new launches and
cost reductions from Wheelabrator collaboration may add to profits.</div>
<div class="MsoNormal" style="margin-left: 16.5pt;">
<br />
The
stock is available at attractive levels (net of cash per share). It is low
capex, high RoE business with a debtless cash rich balance sheet backed by
strong promoters and market leadership. Any possible upsides from delisting
play will add to the upside.</div>
</div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><br /></span></div>
</div>
Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com0tag:blogger.com,1999:blog-624067082367248578.post-84407708058182670592012-11-10T04:37:00.001-08:002012-11-10T04:39:09.472-08:00Cox & Kings : Result Update<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;">I discussed Cox & Kings in April, 2012 <a href="http://prdntinvestor.blogspot.in/2012/04/cox-kings-buy-when-everyones-is.html">here</a>. There was so much pessimism regarding the Holiday Break acquisition and the stock was at 52W low. </span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;">The first two quarters of FY13 were crucial in the sense, whether the consolidated numbers would add value to the shareholders or all profits be eaten away by the huge debt burden from the acquisition. </span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;">It seems that the conviction has paid off and the company has delivered a stellar set of numbers in the last two quarters at the consolidated level, despite paying heavy interest costs. Let's jump to the numbers now.</span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
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<w:LsdException Locked="false" Priority="70" SemiHidden="false"
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<w:LsdException Locked="false" Priority="71" SemiHidden="false"
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<w:LsdException Locked="false" Priority="72" SemiHidden="false"
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<w:LsdException Locked="false" Priority="73" SemiHidden="false"
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<w:LsdException Locked="false" Priority="60" SemiHidden="false"
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<w:LsdException Locked="false" Priority="61" SemiHidden="false"
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<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
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<w:LsdException Locked="false" Priority="67" SemiHidden="false"
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<w:LsdException Locked="false" Priority="68" SemiHidden="false"
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<w:LsdException Locked="false" Priority="69" SemiHidden="false"
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<w:LsdException Locked="false" Priority="70" SemiHidden="false"
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<w:LsdException Locked="false" Priority="71" SemiHidden="false"
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<w:LsdException Locked="false" Priority="73" SemiHidden="false"
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<w:LsdException Locked="false" Priority="19" SemiHidden="false"
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UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
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UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
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<style>
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:"";
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin-top:0in;
mso-para-margin-right:0in;
mso-para-margin-bottom:10.0pt;
mso-para-margin-left:0in;
line-height:115%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:"Calibri","sans-serif";
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:Vrinda;
mso-bidi-theme-font:minor-bidi;
mso-bidi-language:AR-SA;}
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</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; font-family: "Trebuchet MS",sans-serif; margin-left: 4.65pt; width: 627px;">
<tbody>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: 1pt solid windowtext; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: white;">Qtr/Half Year</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: white;">Sep-11</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: white;">Sep-12</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(79, 129, 189); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: white;">YoY growth</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: white;">H1 Sep-11</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: white;">H1
Sep-12</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(79, 129, 189); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: white;">YoY growth</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Net Sales Turnover</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">136.72</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">688.96</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">293.65</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">1220.86</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Other Income </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">9.79</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">-12.74</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">14.61</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">-5.71</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><b><span style="color: black;">Total Income </span></b></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><b><span style="color: black;">146.51</span></b></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><b><span style="color: black;">676.22</span></b></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">361.6%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><b><span style="color: black;">308.26</span></b></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><b><span style="color: black;">1,215.15</span></b></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">294.2%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Total Expenses </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">84.38</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">352.95</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">318.3%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">177.62</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">622.78</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">250.6%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">EBIT</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">62.13</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">323.27</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">420.3%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">130.64</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">592.37</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">353.4%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: blue;">% Operating margin</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">45.4%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">46.9%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">3.3%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">44.5%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">48.5%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">9.1%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Interest
</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">19.66</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">86.52</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">340.1%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">30.34</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">178.14</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">487.1%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Exceptional Items</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">-1.87</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">0.48</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">PBT </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">40.60</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">236.75</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">100.78</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">414.23</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Tax </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">13.04</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">99.85</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">35.12</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">145.68</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><b><span style="color: black;">Net Profit </span></b></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><b><span style="color: black;">27.56</span></b></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><b><span style="color: black;">136.90</span></b></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">396.7%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><b><span style="color: black;">65.66</span></b></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><b><span style="color: black;">268.55</span></b></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">309.0%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: blue;">% Net margin</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">20.2%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">19.9%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">-1.4%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">22.4%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">22.0%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">-1.6%</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Basic EPS </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">2.01</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">10.03</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">399.0%</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">4.78</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">19.67</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">311.5%</span></span></div>
</td>
</tr>
</tbody></table>
<div style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
What's heartening to see is that the company has managed to maintain margins. The next two quarters will again be subdued due to the seasonal nature of the business. </div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
The biggest concern naturally at this point is very high
leverage. (H1FY13 D/E of 2.32x down from FY12E D/E of 2.98x) . The company recently raised $138million
from Citi Venture Capital International (CVCI Private Equity) for a
stake in its wholly owned subsidiary - Prometheon Holdings (UK). </div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
Although this dilutes earnings but is a right step towards addressing
the high debt as the interest payouts were denting the bottom line. Overall the company is on the right path and should benefit from any fall in interest rates and reduction of debt burden.</div>
</div>
Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com4tag:blogger.com,1999:blog-624067082367248578.post-62402633445596243362012-11-10T03:44:00.000-08:002012-11-11T12:00:07.822-08:00Stock Focus: Hawkins Cookers - A compelling buy<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;">Here's a quick update on the portfolio front. </span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;">I have been bullish on Whirlpool of India as written <a href="http://prdntinvestor.blogspot.in/2012/09/whirllpool-of-india-long-term-play-on.html">here </a>and in the <a href="http://prdntinvestor.blogspot.in/2012/10/whirlpool-of-india-result-update.html">result updat</a>e too. However, with the limited capital at our disposal one needs to constantly evaluate all possible opportunities on a relative basis and choose the one which offers best future return on current investment. </span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"> So based on that relative merit basis, I have exited Whirlpool of India and switched the investment to a new stock. Let's see why. </span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;">The one stock which looks a compelling buy at present levels in <b>Hawkins Cooker</b>s. In their 25th Oct 2012 announcement to BSE the company declares, </span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><i>"......we have to advise all concerned that <u>we have received a No Objection
Certificate dated October 22, 2012 from the Punjab Pollution Control
Board</u> for our <u>Hoshiarpur factory</u> <u>for manufacturing 5,200 pressure
cookers and their components per day</u>, as applied for by the Company.<br /><br />Further
to the mention made in our Directors’ Report dated July 02, 2012 we have to
report that the I<u>ndustrial Relations situation in our factory in Jaunpur
district has been largely resolved</u> by the signing of a Wage Agreement
between the Company and <u>85% of the workmen</u> and the registration of the
said Agreement on October 20, 2012 by the Assistant Labour Commissioner,
Varanasi."</i></span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"> Recall the <a href="http://www.hawkinscookers.com/3.6.DNA_AGM_12.html">chairman's speech at AGM 2012</a>, </span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><i><span style="line-height: 120%;">"Meanwhile,
the Company is continuing its operation in its Hoshiarpur factory on the same
restricted basis as it has been producing for the last eight months. As a consequence, the results for June quarter
2012 are disappointing. </span></i></span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><i><span style="line-height: 120%;">Had
we <u>similarly produced 27% more pressure cookers in the Hoshiarpur Factory</u> in
the June quarter 2012 than what was produced by the factory in June quarter
2011, and the factory is quite capable of doing so as its stands today, the
<u>Company would have had an extra 154,000 pressure cookers to sell</u> in June quarter
2012. Our <u>pending orders as of the end
of June quarter 2012 were 148,000 pressure </u>cookers.</span></i></span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><i><span style="line-height: 120%;">With the said extra production from Hoshiarpur
Factory, <u>we would have been able to reduce the pressure cooker pending orders
to about 10,000 units</u> and increase the sales in June quarter 2012 by 138,000
units. This sales increase <u>would have
given us an extra revenue of about </u></span><u>Rs </u><span style="line-height: 120%;"><u>18 crores</u> and an <u>estimated extra net profit of about </u></span><u>Rs </u><span style="line-height: 120%;"><u>3 crores</u>. On this analysis, our <u>sales for June quarter
2012 would have been over </u></span><u>Rs <span style="line-height: 120%;">100 crores and our net profit would have been about Rs </span><span style="line-height: 120%;">8.3 crores</span></u></i></span><span style="font-size: small;"><i><u><span style="line-height: 120%;"> </span></u></i></span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div class="boardCommentContent" style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;">So based on that let us focus on what the company can achieve over the next one year. Remember, we need a benchmark when everything was working fine for the company not the troubled last few quarters. So we take FY10 as the benchmark for this.</span><br />
<span style="font-size: small;"><br /></span>
<span style="font-size: small;"><u><b>UPDATE (12th Nov): </b></u>Hawkins have a typical seasonality in sales, as pointed from the last 10 years quarterly numbers. We need to incorporate that seasonality in our projections.</span><br />
<span style="font-size: small;"><br /><u>TABLE 1: 10 years quarterly sales break up for Hawkins Cookers</u></span><br />
<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 4.65pt; width: 440px;">
<tbody>
<tr style="height: 15.75pt;">
<td nowrap="nowrap" style="height: 15.75pt; padding: 0in 5.4pt; width: 21pt;" valign="bottom" width="28"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: 1pt solid windowtext; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: white; font-size: small;">FY12</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: 1pt solid windowtext; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: white; font-size: small;">FY11</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: 1pt solid windowtext; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: white; font-size: small;">FY10</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: 1pt solid windowtext; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: white; font-size: small;">FY09</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: 1pt solid windowtext; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: white; font-size: small;">FY08</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: 1pt solid windowtext; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: white; font-size: small;">FY07</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: 1pt solid windowtext; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: white; font-size: small;">FY06</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: 1pt solid windowtext; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: white; font-size: small;">FY05</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: 1pt solid windowtext; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: white; font-size: small;">FY04</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: 1pt solid windowtext; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: white; font-size: small;">FY03</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: medium none; height: 15.75pt; padding: 0in 5.4pt; width: 38pt;" valign="bottom" width="51"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: white; font-size: small;">10 Yr Av</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: medium none; height: 15.75pt; padding: 0in 5.4pt; width: 31pt;" valign="bottom" width="41"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: white; font-size: small;">5Yr Av</span></div>
</td>
</tr>
<tr style="height: 15.75pt;">
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: 1pt solid windowtext; height: 15.75pt; padding: 0in 5.4pt; width: 21pt;" width="28"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: white; font-size: small;">Mar</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">28%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">31%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">28%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">31%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">30%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">34%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">33%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">29%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">32%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">34%</span></div>
</td>
<td nowrap="nowrap" style="border: 1pt solid windowtext; height: 15.75pt; padding: 0in 5.4pt; width: 38pt;" valign="bottom" width="51"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">31%</span></div>
</td>
<td nowrap="nowrap" style="border: 1pt solid windowtext; height: 15.75pt; padding: 0in 5.4pt; width: 31pt;" valign="bottom" width="41"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">30%</span></div>
</td>
</tr>
<tr style="height: 15.75pt;">
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: 1pt solid windowtext; height: 15.75pt; padding: 0in 5.4pt; width: 21pt;" width="28"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: white; font-size: small;">Dec</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">24%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">24%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">26%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">25%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">26%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">25%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">26%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">31%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">28%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">25%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 38pt;" valign="bottom" width="51"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">26%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 31pt;" valign="bottom" width="41"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">25%</span></div>
</td>
</tr>
<tr style="height: 15.75pt;">
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: 1pt solid windowtext; height: 15.75pt; padding: 0in 5.4pt; width: 21pt;" width="28"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: white; font-size: small;">Sep</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">27%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">26%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">26%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">25%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">24%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">25%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">25%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">21%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">24%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">24%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 38pt;" valign="bottom" width="51"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">25%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 31pt;" valign="bottom" width="41"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">26%</span></div>
</td>
</tr>
<tr style="height: 15.75pt;">
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: 1pt solid windowtext; height: 15.75pt; padding: 0in 5.4pt; width: 21pt;" width="28"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: white; font-size: small;">Jun</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">21%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">19%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">19%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">18%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">20%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">16%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">15%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">19%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">16%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 24pt;" valign="bottom" width="32"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">17%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 38pt;" valign="bottom" width="51"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">18%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15.75pt; padding: 0in 5.4pt; width: 31pt;" valign="bottom" width="41"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">19%</span></div>
</td>
</tr>
</tbody></table>
<span style="font-size: small;"><br /></span>
<span style="font-size: small;"> <u>TABLE 2</u><u>: Projections for next 4 quarter</u></span></div>
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UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
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UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
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UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
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/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:"";
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin-top:0in;
mso-para-margin-right:0in;
mso-para-margin-bottom:10.0pt;
mso-para-margin-left:0in;
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mso-bidi-theme-font:minor-bidi;
mso-bidi-language:AR-SA;}
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<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 4.65pt; width: 505px;">
<tbody>
<tr style="height: 14.85pt;">
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: -moz-use-text-color windowtext; border-style: none solid; border-width: medium 1pt; height: 14.85pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: white;">Quarter</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: -moz-use-text-color windowtext -moz-use-text-color -moz-use-text-color; border-style: none solid none none; border-width: medium 1pt medium medium; height: 14.85pt; padding: 0in 5.4pt; width: 56.25pt;" valign="bottom" width="75"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: white;">5 Yr Avg</span></span></div>
</td>
<td style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: -moz-use-text-color windowtext -moz-use-text-color -moz-use-text-color; border-style: none solid none none; border-width: medium 1pt medium medium; height: 14.85pt; padding: 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: small;"><span style="color: white;">Reported </span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: -moz-use-text-color windowtext -moz-use-text-color -moz-use-text-color; border-style: none solid none none; border-width: medium 1pt medium medium; height: 14.85pt; padding: 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: small;"><span style="color: white;">Constraint</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: -moz-use-text-color windowtext -moz-use-text-color -moz-use-text-color; border-style: none solid none none; border-width: medium 1pt medium medium; height: 14.85pt; padding: 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: small;"><span style="color: white;">Total</span></span></div>
</td>
<td style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: -moz-use-text-color windowtext -moz-use-text-color -moz-use-text-color; border-style: none solid none none; border-width: medium 1pt medium medium; height: 14.85pt; padding: 0in 5.4pt; width: 1.5in;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: small;"><span style="color: white;">From
Annualized</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="border: 1pt solid windowtext; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: small;"><span style="color: black;">Mar-13</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 56.25pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">30%</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">0</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 1.5in;" valign="bottom" width="144"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">156.19</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: small;"><span style="color: black;">Dec-12</span></span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 56.25pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">25%</span></span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">0</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 1.5in;" valign="bottom" width="144"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">132.95</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: small;"><span style="color: black;">Sep-12</span></span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 56.25pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">26%</span></span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">113.84</span></span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">18</span></span></div>
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<span style="font-size: small;"><span style="color: black;">131.84</span></span></div>
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<span style="font-size: small;"><span style="color: black;">134.65</span></span></div>
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<span style="font-size: small;"><span style="color: black;">Jun-12</span></span></div>
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<span style="font-size: small;"><span style="color: black;">19%</span></span></div>
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<span style="font-size: small;"><span style="color: black;">82.52</span></span></div>
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<span style="font-size: small;"><span style="color: black;">18</span></span></div>
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<span style="font-size: small;"><span style="color: black;">100.52</span></span></div>
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<span style="font-size: small;"><span style="color: black;">100.52</span></span></div>
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<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 56.25pt;" valign="bottom" width="75"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 49.5pt;" valign="bottom" width="66"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% yellow; border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 1.5in;" valign="bottom" width="144"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">524.31</span></span></div>
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<span style="font-size: small;"> </span><br />
<span style="font-size: small;">So Dec-12 and Mar-13 are projected based on annualized figures on a no-constraint basis. While Jun-13 and Sep-13 are based on 15% annualized growth over no-constraint productions in Jun-12 and Sep-12 respectively.</span><br />
<span style="font-size: small;"><br /></span>
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<span style="font-size: small;"><span style="color: white;">FY13</span></span></div>
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<span style="font-size: small;"><span style="color: white;">FY14</span></span></div>
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<span style="font-size: small;"><span style="color: white;">Growth</span></span></div>
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<span style="font-size: small;"><span style="color: black;">Sep-13</span></span></div>
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<span style="font-size: small;"><span style="color: black;">100.52</span></span></div>
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<span style="font-size: small;"><span style="color: black;">115.60</span></span></div>
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<span style="font-size: small;"><span style="color: black;">15%</span></span></div>
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<span style="font-size: small;"><span style="color: black;">Jun-13</span></span></div>
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<span style="font-size: small;"><span style="color: black;">134.65</span></span></div>
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<span style="font-size: small;"><span style="color: black;">154.85</span></span></div>
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<span style="font-size: small;"><span style="color: black;">15%</span></span></div>
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<br />
<span style="font-size: small;"> So we arrive at the next 4 quarters of sales as follows:</span><br />
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mso-style-parent:"";
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin-top:0in;
mso-para-margin-right:0in;
mso-para-margin-bottom:10.0pt;
mso-para-margin-left:0in;
line-height:115%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:"Calibri","sans-serif";
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
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mso-bidi-theme-font:minor-bidi;
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<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 4.65pt; width: 276px;">
<tbody>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: 1pt solid windowtext; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: white;">Dec-12</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: white;">Mar-13</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 58pt;" valign="bottom" width="77"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: white;">Jun-13</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 53pt;" valign="bottom" width="71"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: white;">Sep-13</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">132.95</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 48pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">156.19</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 58pt;" valign="bottom" width="77"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">115.60</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(253, 233, 217); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 53pt;" valign="bottom" width="71"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">154.85</span></span></div>
</td>
</tr>
</tbody></table>
<br />
<span style="font-size: small;">Based on that and achieving near optimum levels of OPM and NPM as compared to FY2010 we have the following:</span><br />
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<m:naryLim m:val="undOvr"/>
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<![endif]-->
<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 4.65pt; width: 627px;">
<tbody>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: 1pt solid windowtext; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: white;">Quarter</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: white;">Dec-12</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: white;">Mar-13</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: white;">Jun-13</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: white;">Sep-13</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: white;">Next 12M</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: white;">FY 2010</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Net Sales Turnover</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">132.95</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">156.19</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">115.60</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">154.85</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">559.59</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">286.22</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Other Income </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">1.09</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">1.11</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">1.14</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">1.16</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">4.50</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">3.07</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Total Income </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">134.04</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">157.30</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">116.73</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">156.01</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">564.09</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">289.29</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Total Expenses </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">113.01</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">131.20</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">95.95</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">128.53</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">468.68</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">230.01</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><i><span style="color: blue;">% Expenses</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">85.00%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">84.00%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">83.00%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">83.00%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">83.75%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">80.36%</span></i></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">EBITDA </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">21.03</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">26.10</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">20.79</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">27.48</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">95.41</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">59.28</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><i><span style="color: blue;">% Operating margin</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">15.82%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">16.71%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">17.98%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">17.75%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">17.05%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">20.71%</span></i></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Depreciation </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">0.60</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">0.60</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">0.61</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">0.61</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">2.42</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">1.71</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">EBIT </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">20.44</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">25.50</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">20.18</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">26.87</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">92.99</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">57.59</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Interest </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">0.75</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">0.77</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">0.80</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">0.82</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">3.15</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">1.69</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">PBT </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">19.69</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">24.73</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">19.38</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">26.05</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">89.84</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">55.88</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Tax </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">6.38</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">8.01</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">6.28</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">8.44</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">29.11</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">19.04</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Net Profit </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">13.31</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">16.71</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">13.10</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">17.61</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">60.73</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">36.84</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><i><span style="color: blue;">% Net margin</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">9.93%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">10.63%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">11.22%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">11.29%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">10.77%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: blue;">12.73%</span></i></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Basic EPS </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">25.16</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">31.61</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">24.78</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">33.30</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">114.85</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(235, 241, 222); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">69.67</span></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 98pt;" width="131"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="border: 1pt solid windowtext; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Current Price</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">2090</span></span></div>
</td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">EPS (Next 12M)</span></span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">114.85</span></span></div>
</td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% yellow; border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Forward P/E</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% yellow; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">18.20</span></span></div>
</td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">EPS (Last 12M)</span></span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">57.87</span></span></div>
</td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Growth (1yr Fwd)</span></span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">98%</span></span></div>
</td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
</tr>
<tr style="height: 15pt;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% yellow; border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">P/E to Growth</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% yellow; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 15pt; padding: 0in 5.4pt; width: 62pt;" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">0.18</span></span></div>
</td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><span style="font-size: small;"><br /></span></td>
</tr>
</tbody></table>
<span style="font-size: small;"> </span><br />
<br />
<span style="font-size: small;">So it is clearly evident, on a forward basis, the stock is relatively inexpensive and merits fresh investment with the strong visibility of growth.</span><br />
<span style="font-size: small;"><br /></span>
<span style="font-size: small;">Looking at the operating and net margins of the past, it seems there is only Upside risk in the projections and EPS can cross <strike>130+</strike> ( 120-125+) given better quarters. So based on <strike>122+</strike></span><span style="font-size: small;"><strike> EPS</strike>
115 Rs EPS over the next 4 quarters coupled with a 50 Rs dividend, the stock should
yield more than 50% returns from current levels.</span><br />
<span style="font-size: small;"><br /></span>
<span style="font-size: small;">Hawkins truly presents an unique combination (most ethical promoters + superb
product demand + established brands + robust RoE/RoCE + strong cash
flows + scalability + high dividend payout + high growth ahead ) which is rare
to find in Indian markets. Hence, don't want to give this opportunity a miss.</span><br />
<span style="font-size: small;"><br /></span>
<span style="font-size: small;">Recent article from <a href="http://economictimes.indiatimes.com/news/news-by-industry/cons-products/durables/better-days-ahead-for-hawkins/articleshow/17157633.cms">ET supports this view.</a></span><br />
<span style="font-size: small;"><br /></span>
<span style="font-size: small;">Welcome your comments and response on this. </span></div>
</div>
Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com4tag:blogger.com,1999:blog-624067082367248578.post-51020002662268347682012-11-07T08:40:00.000-08:002012-11-13T13:17:34.733-08:00Stock Focus: Commercial Engineers & Body Builders Company Ltd<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="font-family: "Trebuchet MS",sans-serif;">
Puff! That's a long name for a company to track and invest. So we will restrict ourselves to the acronym CEBBCO.</div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
So here is a special situation unfolding in this company. Our investment theme is primarily based on this special situation. The 2012 Annual Report clearly depicts the special situation the company is into with details.</div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
</div>
<div style="font-family: "Trebuchet MS",sans-serif;">
Let's get started by going through Abhishek's take on CEBBCO <a href="http://valueinvstr.blogspot.in/2012/10/stock-idea-cebbco.html">here</a>. Thanks Abhishek for getting me initiated on this.</div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<h3 style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
Government encouraging sale of fully built commercial vehicles</h3>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
<br />
Body built for commercial vehicles from unorganized players are generally suited for over loading which eventually takes a toll on country’s infrastructure. To address this issue Government of India is encouraging sale of fully built commercial vehicles by charging 2% lesser excise duty on fully built vehicles (FBVs) as compared to sale of just<br />
chassis.</div>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
<br /></div>
<div style="text-align: left;">
<div style="font-family: "Trebuchet MS",sans-serif;">
CEBBCO being the largest commercial vehicle body builder with approx 35% market share, will be the biggest beneficiary of the government scheme. The industry stats remains that penetration of FBVs in the Medium and Heavy Commercial Vehicle (MHCV) segment is currently only 20%, and OEMs plan to take this to 100% by end of 2017.</div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
So while the growth prospect for the MHCV segment is not good, the same for growth looks superb for FBV players. Let us understand this with numbers.</div>
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<span style="font-size: small;"><span style="color: white;">FY12</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(79, 129, 189); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: white;">FY13E</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(79, 129, 189); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: white;">FY14E</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(79, 129, 189); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: white;">FY15E</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(79, 129, 189); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: white;">FY16E</span></span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(79, 129, 189); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: white;">FY17E</span></span></div>
</td>
<td style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(79, 129, 189); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 38.6pt;" width="51"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: white; font-size: small;">CAGR (fy12-17)</span></div>
</td>
</tr>
<tr style="height: 25.5pt;">
<td style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 77.25pt;" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">MHCV
carriers (units)</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 52.3pt;" width="70"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">198,400</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">252,000</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">274,680</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">260,946</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">273,993</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">301,393</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">331,532</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">364,685</span></span></div>
</td>
<td style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 38.6pt;" width="51"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><br /></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 77.25pt;" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><i><span style="color: black;">yoy
growth (%) </span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 52.3pt;" width="70"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><br /></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">27.0%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">9.0%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">-5.0%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">5.0%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">10.0%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">10.0%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">10.0%</span></i></span></div>
</td>
<td style="background: none repeat scroll 0% 0% yellow; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 38.6pt;" width="51"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="color: black; font-size: small;">5.8%</span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 77.25pt;" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><br /></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 52.3pt;" width="70"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><br /></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><br /></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><br /></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><br /></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><br /></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><br /></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><br /></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><br /></span></div>
</td>
<td style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 38.6pt;" width="51"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><br /></span></div>
</td>
</tr>
<tr style="height: 15pt;">
<td style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 77.25pt;" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">FBV
penetration (%) </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 52.3pt;" width="70"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">10.3</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">10.5</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">20</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">30</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">40</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">50</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">60</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">70</span></span></div>
</td>
<td style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 38.6pt;" width="51"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><br /></span></div>
</td>
</tr>
<tr style="height: 25.5pt;">
<td style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 77.25pt;" width="103"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><span style="color: black;">Potential
of FBV market</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 52.3pt;" width="70"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">20,495</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">26,410</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">54,936</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">78,284</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">109,597</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">150,696</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">198,919</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><span style="color: black;">255,280</span></span></div>
</td>
<td style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 25.5pt; padding: 0in 5.4pt; width: 38.6pt;" width="51"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><br /></span></div>
</td>
</tr>
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<span style="font-size: small;"><span style="color: black;">yoy
growth (%) </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 52.3pt;" width="70"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-size: small;"><br /></span></div>
</td>
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<span style="font-size: small;"><i><span style="color: black;">28.9%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">108.0%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">42.5%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">40.0%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">37.5%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">32.0%</span></i></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(220, 230, 241); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 43.3pt;" width="58"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: right;">
<span style="font-size: small;"><i><span style="color: black;">28.3%</span></i></span></div>
</td>
<td style="background: none repeat scroll 0% 0% yellow; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 38.6pt;" width="51"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-size: small;">36.0%</span></div>
</td>
</tr>
</tbody></table>
<br /></div>
<h3 style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
Replacement market a big opportunity</h3>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
<br /></div>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
The replacement market is 10x bigger opportunity for CEBBCO than the OEM market. Although the product life cycle (PLC) of the chasis is long (~15 years) that of the body of commercial vehicle is ~3-5 years. This ensures a replacement market growing in tandem with automobile sales growth. Currently CEBBCO is utilizing Tata Motor’s dealership for distribution in the replacement market and has started rolling out own network.</div>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
<br /></div>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
According to the company estimates, around 40 lakh vehicles would require replacements. In 1QFY13, it started its dispatch to this market, selling 615 units The EBITDA margin in this segment is also<br />
substantially high at 30-35% as compared to the EBITDA margin of 17% in the OEM segment.</div>
<h3 style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
</h3>
<h3 style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
Railways: New entrant but robust growth ahead</h3>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
<br /></div>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
India needs ~29,000 wagons every year (India Railway Vision 2020 document) for the next 10 years. CEBBCO the latest entrant in wagon manufacturing has extended its expertise to cater to the entire rolling stock programme of the Indian Railways including components and wagon refurbishments.</div>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
<br /></div>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
Deori railway plant has received RDSO approval which is now eligible to bid for new wagons for the Indian Railways. The company has already received order for 247 wagons worth Rs 48 Cr from Braithwaite, a subsidiary of the Indian railways. The company expects to receive 250-500 wagons on a trial order in the next railway tender. CEBBCO targets to produce 1200 wagons by FY14. </div>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
<br /></div>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
Refurbishment also increases the life of a wagon by 12 years, while reducing its weight by around one tonne<br />
because of the use of stainless steel. Incidentally, the wagon opportunity in India is estimated at Rs 60bn.</div>
<h3 style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
</h3>
<h3 style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
Benefits from the TRIFAC scheme to add value</h3>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
<br /></div>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
CEBBCO benefits from the Trade and Investment Facilitation Corporation Ltd.(<a href="http://www.mptrifac.org/FAQ.htm">TRIFAC scheme</a>.) Under this scheme, the company can get a subsidy of 75% on the incremental sales tax payable during the year. The company expects to receive Rs 230 Cr (Rs 100 Cr under CV expansions and Rs 130 Cr for the railway project at Deori) in the next five to seven years. </div>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
<br /></div>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
The sales tax subsidy will be adjusted in the subsequent year at the time of sales tax assessment. The company would receive the amount typically towards the end of every year. </div>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
<br /></div>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
<br /></div>
<h3 style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
Promoter Holding; Tata Group backing; Strong quarterly numbers</h3>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
<br /></div>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
The promoters hold 56% and Tata Capital as anchor investors hold 11% with the balance 33% with other stakeholders.</div>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
<br /></div>
<div style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
The growth optimism is nicely getting reflected in the quarterly performances of the last two quarters of FY13 so far.</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
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table.MsoNormalTable
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<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 4.65pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 627px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: 1pt solid windowtext; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Quarter</span></div>
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<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Sep-11</span></div>
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<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Sep-12</span></div>
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<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(79, 129, 189); font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">YoY growth</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(192, 80, 77); border: 1pt solid windowtext; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">H1 Sep-11</span></div>
</td>
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(192, 80, 77); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">H1<span style="mso-spacerun: yes;">
</span>Sep-12</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(79, 129, 189); font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">YoY growth</span></div>
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<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Net Sales Turnover</span></div>
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<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">117.21</span></div>
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<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">153.78</span></div>
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<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">199.45</span></div>
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<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">322.78</span></div>
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<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: windowtext windowtext windowtext -moz-use-text-color; border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
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<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Other Income </span></div>
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<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">0.79</span></div>
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<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">0.75</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1.74</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1.93</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Total Income </span></b></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">118</span></b></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">154.53</span></b></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">31.0%</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">201.19</span></b></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">324.71</span></b></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">61.4%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Total Expenses </span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">102.32</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">122.6</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">19.8%</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">170.97</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">259.17</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">51.6%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">EBITDA<span style="mso-spacerun: yes;">
</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">15.68</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">31.93</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">103.6%</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">30.22</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">65.54</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">116.9%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: blue; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">% Operating margin</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: blue; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">13.3%</span></i></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: blue; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">20.7%</span></i></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">55.5%</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: blue; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">15.0%</span></i></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: blue; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">20.2%</span></i></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">34.4%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Depreciation<span style="mso-spacerun: yes;"> </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1.47</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">4.19</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2.72</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">8.25</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">EBIT<span style="mso-spacerun: yes;">
</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">14.21</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">27.74</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">27.5</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">57.29</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Interest<span style="mso-spacerun: yes;">
</span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1.8</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">3.76</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">3.56</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">6.8</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">PBT<span style="mso-spacerun: yes;"> </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">12.41</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">23.98</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">23.94</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">50.49</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Tax<span style="mso-spacerun: yes;"> </span></span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2.92</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">7.69</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">7.52</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">15.96</span></div>
</td>
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<br /></div>
</td>
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<tr style="height: 15.0pt; mso-yfti-irow: 12;">
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<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Net Profit </span></b></div>
</td>
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<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">9.49</span></b></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">16.29</span></b></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">71.7%</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">16.42</span></b></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">34.53</span></b></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">110.3%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 13;">
<td nowrap="nowrap" style="-moz-border-bottom-colors: none; -moz-border-image: none; -moz-border-left-colors: none; -moz-border-right-colors: none; -moz-border-top-colors: none; background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext; border-right: 1pt solid windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 98pt;" valign="bottom" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: blue; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">% Net margin</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: blue; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">8.0%</span></i></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: blue; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">10.5%</span></i></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">31.1%</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: blue; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">8.2%</span></i></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: blue; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">10.6%</span></i></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">30.3%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 14; mso-yfti-lastrow: yes;">
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<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Basic EPS </span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1.73</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2.96</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">71.1%</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2.99</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(242, 220, 219); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">6.28</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% rgb(216, 228, 188); border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "Trebuchet MS",sans-serif; height: 15pt; padding: 0in 5.4pt; width: 62pt;" valign="bottom" width="83"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">110.0%</span></div>
</td>
</tr>
</tbody></table>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<span style="font-family: "Trebuchet MS",sans-serif;">All in all, looks well set to churn out robust numbers and strong profitability over the next 2-3 years. </span></div>
</div>
Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com1tag:blogger.com,1999:blog-624067082367248578.post-24465684041287814852012-10-31T08:42:00.001-07:002012-11-13T13:18:29.421-08:00Whirlpool of India: Result update<div dir="ltr" style="text-align: left;" trbidi="on">
I earlier posted about Whirlpool <a href="http://prdntinvestor.blogspot.in/2012/09/whirllpool-of-india-long-term-play-on.html">here</a>. The company yesterday declared their Q2FY13 numbers.<br />
<br />
Results prima facie appears great with close to 97% year-on-year rise in profits. Since retiring debt the interest expense has reduced and other income has started contributing more towards the bottom line. Also company is free from compulsion of dividend on preferred equity.<br />
<br />
Let us have a look at last 5 years numbers and see the latest trend in latest 5 quarters.<br />
<br />
Last 5 years financials: (source: www.screener.in)<br />
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/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
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<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 4.65pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 431px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="nowrap" style="background: yellow; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Year</span></b></div>
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<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Mar-08</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Mar-09</span></b></div>
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<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Mar-10</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Mar-11</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Mar-12</span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Sales</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1800.63</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1943.32</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2541.03</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">3072.19</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">3042.67</span></div>
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</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Operating Profit</span></div>
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<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">96.96</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">144.11</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">245.18</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">271.39</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">229.5</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">%margin</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">5.38%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">7.42%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">9.65%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">8.83%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">7.54%</span></i></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Other Income</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">5.16</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2.77</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">15.26</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">15.45</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">9.35</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">EBIDT</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">102.12</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">146.88</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">260.44</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">286.84</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">238.85</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Interest</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">17.24</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">17.32</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">8.27</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">5.65</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">4.38</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">%EBIDT</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">16.88%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">11.79%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">3.18%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1.97%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1.83%</span></i></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Depreciation</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">37.35</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">39.01</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">39.68</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">44.51</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">49.7</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Tax</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">-3.51</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">15.68</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">61.78</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">73.21</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">57.58</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Net profit</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">32.32</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">70.52</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">145.02</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">166.03</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">123.73</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">%margin</span></i></div>
</td>
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<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1.79%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">3.63%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">5.71%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">5.40%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">4.07%</span></i></div>
</td>
</tr>
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<br />
And the last 5 quarters: (source: www.screener.in)<br />
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/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
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<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 4.65pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 428px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="nowrap" style="background: yellow; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 81.0pt;" valign="bottom" width="108"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Quarter</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">11-Sep</span></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">11-Dec</span></div>
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<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">12-Mar</span></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">12-Jun</span></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">12-Sep</span></div>
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</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 81.0pt;" valign="bottom" width="108"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Sales</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">551.4</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">592.99</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">629.07</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">872.14</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">611.17</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 81.0pt;" valign="bottom" width="108"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Operating Profit</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">38.98</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">40.86</span></div>
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<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">60.44</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">100.76</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">47.63</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 81.0pt;" valign="bottom" width="108"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">%margin</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">7.07%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">6.89%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">9.61%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">11.55%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">7.79%</span></i></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 81.0pt;" valign="bottom" width="108"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Other Income</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2.49</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1.98</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">3.47</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">6.07</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">7.28</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 81.0pt;" valign="bottom" width="108"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">EBIDT</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">41.47</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">42.84</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">63.91</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">106.83</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">54.91</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 81.0pt;" valign="bottom" width="108"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Interest</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">0.96</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">0.94</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1.2</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">0.91</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">0.55</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 81.0pt;" valign="bottom" width="108"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">%EBIDT</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2.31%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2.19%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1.88%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">0.85%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1.00%</span></i></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
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<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Depreciation</span></div>
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<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">11</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">11.91</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">14.23</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">14.01</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">15.77</span></div>
</td>
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<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 81.0pt;" valign="bottom" width="108"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Tax</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">15.15</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">8.82</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">11.32</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">27.36</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">10.21</span></div>
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<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 81.0pt;" valign="bottom" width="108"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Net profit</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">14.36</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">21.17</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">37.16</span></div>
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<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">64.55</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">28.38</span></div>
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</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 81.0pt;" valign="bottom" width="108"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">%margin</span></i></div>
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<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2.60%</span></i></div>
</td>
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<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">3.57%</span></i></div>
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<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">5.91%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">7.40%</span></i></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">4.64%</span></i></div>
</td>
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<br />
It clearly shows that company has recovered drastically from the high debt days where Interest expense were eating into 17% of EBITD to a mere 1% now.<br />
<br />
Also, 2012 being an aberration the company has now reverted back to growth from the lows of FY12. As clearly evident in half yearly numbers<br />
<br />
(Source: http://www.edelweiss.in/market/Financials.aspx?co_code=328&tb=HalfYearly)<br />
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table.MsoNormalTable
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<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 4.65pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 449px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="nowrap" style="background: yellow; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 97.0pt;" valign="bottom" width="129"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Half-Yearly </span></b></div>
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<td nowrap="nowrap" style="background: #DCE6F1; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Sep-10</span></b></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Mar-11</span></b></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Sep-11</span></b></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Mar-12</span></b></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Sep-12</span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 97.0pt;" valign="bottom" width="129"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Net Sales Turnover </span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,665.68</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,415.99</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,585.26</span></div>
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<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,451.37</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,736.64</span></div>
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<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 97.0pt;" valign="bottom" width="129"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Other Income </span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">16.66</span></div>
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<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">9.14</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">5.39</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">6.91</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">13.35</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 97.0pt;" valign="bottom" width="129"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Total Income </span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,682.34</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,425.13</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,590.65</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,458.28</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,749.99</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 97.0pt;" valign="bottom" width="129"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Total Expenses </span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,516.10</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,301.97</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,461.99</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,351.55</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,588.26</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 97.0pt;" valign="bottom" width="129"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">EBITDA </span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">166.24</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">123.16</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">128.66</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">106.73</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">161.73</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 97.0pt;" valign="bottom" width="129"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">%margin</span></i></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">9.88%</span></i></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">8.64%</span></i></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">8.09%</span></i></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">7.32%</span></i></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">9.24%</span></i></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 97.0pt;" valign="bottom" width="129"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Depreciation </span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">21.51</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">23</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">23.56</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">26.14</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">29.77</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 97.0pt;" valign="bottom" width="129"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">EBIT </span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">144.73</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">100.16</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">105.1</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">80.59</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">131.96</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 97.0pt;" valign="bottom" width="129"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Interest </span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1.46</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">4.19</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2.23</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2.15</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1.45</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 97.0pt;" valign="bottom" width="129"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">%EBITDA</span></i></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1.01%</span></i></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">4.18%</span></i></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2.12%</span></i></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2.67%</span></i></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1.10%</span></i></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 97.0pt;" valign="bottom" width="129"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">PBT </span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">143.27</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">95.97</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">102.87</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">78.44</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">130.51</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 12;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 97.0pt;" valign="bottom" width="129"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Tax </span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">48.53</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">24.68</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">37.44</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">20.14</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">37.57</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 13;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 97.0pt;" valign="bottom" width="129"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Net Profit </span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">94.74</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">71.29</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">65.43</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">58.3</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">92.94</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 14;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 97.0pt;" valign="bottom" width="129"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">%margin</span></i></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">5.63%</span></i></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">5.00%</span></i></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">4.11%</span></i></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">4.00%</span></i></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">5.31%</span></i></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 15;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 97.0pt;" valign="bottom" width="129"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Equity </span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">126.87</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">126.87</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">126.87</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">126.87</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">126.87</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 16;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 97.0pt;" valign="bottom" width="129"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Basic EPS </span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">6.84</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">5.62</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">5.15</span></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">4.6</span></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" valign="bottom" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">7.33</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 17; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 97.0pt;" valign="bottom" width="129"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">%growth (YoY)</span></i></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">-</span></i></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">-</span></i></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">-25%</span></i></div>
</td>
<td nowrap="nowrap" style="background: #F2DCDB; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">-18%</span></i></div>
</td>
<td nowrap="nowrap" style="background: #DCE6F1; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.0pt;" width="64"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<i><span style="color: red; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">42%</span></i></div>
</td>
</tr>
</tbody></table>
<br />
Based on above the company is well poised to post 3400 Cr+ revenues and 170 Cr+ net profits for FY13.This corresponds to an annualized EPS of 13.75+<br />
<br />
Extrapolating the current growth on FY14 yields an EPS of 17.88+ meaning the stock is trading at 14x forward FY14E numbers.<br />
<br />
Other interesting trends evident from the numbers are the increase in trade payables from 514 Cr to 626 Cr and simultaneous decrease in trade receivables from 137 Cr to 112 Cr which points towards improving brand moat and higher product demands. <br />
<br />
The operational cash flows has been robust with increase in cash & cash equivalents from 85.9 Cr to 218.2 Cr at the end of Q2FY13.<br />
<br />
What is closely monitorable now is that how the company fares in the forthcoming Dewali season against fierce competition. A clear trend should emerge post Mar-2013<br />
<br />
Disc: long positions.<br />
<br />
<br /></div>
Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com1tag:blogger.com,1999:blog-624067082367248578.post-50555497287555374452012-10-11T09:32:00.001-07:002012-10-11T09:42:01.487-07:00Fixed Income : Playing the interest rate reduction cycle<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: small;">Now that interest rates have started declining fixed
deposits will no longer be the best possible options. Moreover after the recent
diesel hike, inflation will spurt again <b><u>making post tax real returns
negative.</u></b></span></div>
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<br /></div>
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<span style="font-size: small;">[ Consider this: You earn 9% on your 1 year FD while the
average annual inflation is at 7%. Suppose further you pay tax at the highest
bracket of 30% so you end up saving (1-Tax rate)*return = 0.7*9%= 6.3% while
purchasing power of money is getting reduced at the rate of 7%. Hence post tax
real returns are negative 6.3% - 7% = -0.7% ]</span></div>
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<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;">So where to park your cash, you don’t want the insecurities
and volatility arising from equities, want something safe and secure, yet want
the best returns from your bucks.</span></div>
<h3 style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
</h3>
<h3 style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
Enter BONDs </h3>
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So you have heard about bonds and bond funds. We never
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So what are these bond funds ? Where do they invest all the
money ? </div>
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<br /></div>
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Let us look at the portfolio of one of the largest such
funds in the Indian market</div>
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<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">As on<span style="mso-spacerun: yes;"> </span>30/09/12 </span></b></div>
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<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 176.25pt;" valign="bottom" width="235"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Debentures<span style="color: black;"></span></span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 85.5pt;" valign="bottom" width="114"><div align="right" class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">61.4%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 176.25pt;" valign="bottom" width="235"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">GOI Securities </span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 85.5pt;" valign="bottom" width="114"><div align="right" class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">14.0%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 176.25pt;" valign="bottom" width="235"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Commercial Paper </span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 85.5pt;" valign="bottom" width="114"><div align="right" class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">7.4%</span></div>
</td>
</tr>
<tr style="height: 16.5pt; mso-yfti-irow: 4;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 176.25pt;" valign="bottom" width="235"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Cash/Net Current Assets </span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 85.5pt;" valign="bottom" width="114"><div align="right" class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">6.5%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 176.25pt;" valign="bottom" width="235"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Structured Obligation </span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 85.5pt;" valign="bottom" width="114"><div align="right" class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">5.0%</span></div>
</td>
</tr>
<tr style="height: 16.5pt; mso-yfti-irow: 6;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 176.25pt;" valign="bottom" width="235"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Certificate of Deposit </span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 85.5pt;" valign="bottom" width="114"><div align="right" class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2.4%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 176.25pt;" valign="bottom" width="235"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Floating Rate Debenture </span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 85.5pt;" valign="bottom" width="114"><div align="right" class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2.2%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 176.25pt;" valign="bottom" width="235"><div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">State Development Loan </span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 85.5pt;" valign="bottom" width="114"><div align="right" class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1.3%</span></div>
</td>
</tr>
</tbody></table>
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<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
To understand in simple terms these are different form of
instruments through which the Government of India (GOI) or Corporates borrow
money with a fixed obligation to return. Like GOI bonds are treasury bonds raised
by the Indian govt. to fund public expenditure, various corporates issue
debentures which have fixed obligations and mostly unsecured (without collateral). </div>
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<br /></div>
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In essence these are mostly <b>fixed income instruments</b>
with an <b>obligation to pay by the borrower. </b>What is important to
understand here is the credit worthiness of the borrower and his capacity to
repay the loan. Thus any instrument from the Govt. or top corporates has very
low risk of default while issuances from small companies are susceptible to a
higher default risk.</div>
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<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
That’s fine, but why all this ??? You might ask. This is
because bond funds give you a very good opportunity to generate high returns
during periods of anticipated fall in interest rates (and more rate cuts are expected soon from the <a href="http://www.moneycontrol.com/news/economy/rbi-slashes-key-policy-rates-by-50-bps_693186.html">RBI
after cutting repo rate on April 2012 after the previous 13 successive hikes</a>)</div>
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<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
In a falling interest rate scenario, purchase of <b>low
coupon-long term bonds</b> will provide superior returns over other fixed income instruments while in a rising
interest rate scenario high coupon-short term bonds will yield superior
returns. Let us see why.</div>
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<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
Note: If you do not like the nitty gritties and technical
terminologies skip the section <b>Technicalities</b> and jump directly to the
next section <b>Strategies</b></div>
<h3 style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
</h3>
<h3 style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
The Technicalities</h3>
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<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
Bond prices vary inversely with yield. So greater the price,
lower is the yield and vice versa. The convex price-yield relationship will
differ among bonds or other cash flow streams depending on the <b>coupon </b>and
<b>maturity</b>. The convexity of the price-yield relationship <u>declines
slower</u> <u>as the yield increases</u>.<br />
<br />
Now let us come to the change of prices of bonds. Changes in a bond’s price
results from a change in yield which are due to the two aspects: Bond’s <u>modified
duration</u> and <u>Convexity</u> <br />
<br />
<b>1) Modified Duration:</b><br />
Modified duration is the percentage change in price for a nominal change in
yield. Hence this will give the change in the bond price for say a 1% rise in
interest rates.<br />
<br />
MD is the slope of the curve at a given yield, mathematically is the first
derivative of price with respect to yield divided by price.<br />
<br />
<b>2) Convexity</b><br />
Convexity is a measure of how much a bond’s price-yield curve deviates from the
linear approximation of that curve. It demonstrates how the duration of a bond
changes as the interest rate changes.</div>
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<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://i.investopedia.com/inv/dictionary/terms/convexity2.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://i.investopedia.com/inv/dictionary/terms/convexity2.gif" /></a></div>
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<br /></div>
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<span style="mso-bidi-language: BN; mso-no-proof: yes;">
</span></div>
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</div>
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</div>
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</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
</div>
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</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
Bond A has a higher convexity than Bond B, which means that all else being equal,
Bond A will always have a higher price than Bond B as interest rates rise or
fall. </div>
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<br /></div>
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<br /></div>
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The following
are the <a href="http://www.drtaccounting.com/2008/04/corporate-bond-pricing-theorems.html">three
most important <b>Bond Theorems</b></a><b> </b>that apply to government/corporate
bonds:<br />
<br />
<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> 1)</span><span style="mso-spacerun: yes;"></span><span style="mso-tab-count: 1;"></span> Bond <span style="background: yellow; mso-highlight: yellow;">prices will vary inversely with yields</span>: An
increase in yields leads to a </div>
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decrease in bond <span style="mso-spacerun: yes;"></span><span style="mso-spacerun: yes;"></span><span style="mso-tab-count: 1;"></span>prices. <br />
<span style="mso-spacerun: yes;"> </span><span style="mso-tab-count: 1;"></span> </div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif; margin-bottom: 0.0001pt;">
2)
Bond <span style="background: yellow; mso-highlight: yellow;">price volatility is
greater for longer bonds</span>: Bond price volatility is the </div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif; margin: 0in 0in 0.0001pt 0.5in;">
percentage change in a bond's price for a certain
change in its yield</div>
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<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif; margin: 0in 0in 0.0001pt 0.5in;">
3) Bond <span style="background: yellow; mso-highlight: yellow;">price volatility
is much higher for bonds with lower coupon rates</span>: Thus low coupon bonds
are susceptible to much higher volatility in prices.</div>
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<br />
Now aided with these, we see that <u>greater the maturity</u> (long term) and <u>lower
the coupon</u> the <u>higher will be price sensitivity</u>. So that long term
and low coupon bonds will have maximum sensitivity to yield changes and in
effect will show maximum price variation.<br />
<br style="mso-special-character: line-break;" /></div>
<h3 style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
<span class="Heading2Char"><span style="font-size: 13pt; line-height: 115%;"></span></span></h3>
<h3 style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
Strategies</h3>
<h3>
<span class="Heading2Char"><span style="font-size: 13pt; line-height: 115%;"></span></span></h3>
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<span class="Heading2Char"><span style="font-size: 13.0pt; line-height: 115%;">
</span></span>From our discussions we have seen bonds of higher term maturity
and low coupon will show maximum sensitiveness with change in interest rates.
So a 10 year bond yielding 4% returns will show much higher price volatility
than a 3 year bond yielding 8% returns.</div>
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<br /></div>
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</div>
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<u>Strategy A:</u></div>
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So if you
<span style="color: red;">expect a decline in interest rates</span>, increase the average modified duration
of your bond portfolio to experience maximum price volatility.<br />
>> Hence go for <b>low coupon - long term bonds.</b></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif; margin-bottom: 0.0001pt;">
<br style="mso-special-character: line-break;" /></div>
<div class="MsoNormal" style="color: black; font-family: "Trebuchet MS",sans-serif; font-weight: normal; margin-bottom: 0.0001pt; text-align: left;">
<u>Strategy B:</u></div>
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If you
<span style="color: blue;">expect an increase in interest rates</span>, reduce the average modified duration to
minimize your price decline.<br />
>> Hence go for <b>high coupon - short term bonds</b><br />
<br /></div>
<h3 style="text-align: left;">
<span class="Heading2Char"><span style="font-size: 13.0pt; line-height: 115%;">Implementation:
Indian Mutual Funds</span></span></h3>
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<span class="Heading2Char"><span style="font-size: 13.0pt; line-height: 115%;"><span style="mso-spacerun: yes;"> </span></span></span>Now let
us see how we can apply this in the context of Indian markets. With the repo </div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
rate at 8% chances of finding bonds with very low coupon rates are practically nil. Thus we will <u>focus more on long term</u> moderate yield bonds.</div>
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<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
Given the management integrity(!) of Indian corporates it will
be very critical to invest in only quality papers. Hence we should keep <u>very
high emphasis on credit quality</u>. (Here again we are assuming rating agencies to do a decent job on their part :) )</div>
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<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
From the universe of long term funds we select three such
funds which meets the criteria of <b>longer-term </b>(average maturity is high)<b>, superior credit quality </b>(Average Credit rating of AAA)<b> and
moderate yield </b>(slightly higher than prevailing repo rate)<b>.</b> Also note the High Credit quality - High sensitivity to interest rates is common in all three pinning our Strategy A.</div>
<br />
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A snapshot of these funds is as follows: </div>
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<br /></div>
<h3 class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
<span style="font-size: small;">SBI Dynamic Bond Fund</span></h3>
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<span style="font-size: small;"> Kotak Bond Deposit</span></h3>
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<span style="font-size: small;">IDFC Dynamic Bond Plan </span></h3>
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These are at this point of time very good candidates for
someone wanting the safety of fixed deposits coupled with a chance to get very good returns from
the investment as well. Moreover the <b>tax efficiency of debt funds</b> <a href="http://articles.economictimes.indiatimes.com/2012-06-25/news/32409087_1_debt-fund-fund-house-maturity-plan">as explained here</a> makes it an even more compelling investment decision.</div>
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<i> </i></div>
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<i>In the long term, <u>debt funds are
far more tax efficient</u> than fixed deposits. After one year of investment, the
income from a debt fund is treated as a long-term capital gain and is taxed at
either 10% or at 20% after indexation. In indexation, the cost of investment is
raised to account for inflation for the period the investment is held. The
longer you hold a debt fund, the bigger is the indexation benefit. There is
also <u>no TDS in debt funds</u>. In fixed deposits, if your interest income exceeds
Rs 10,000 a year, the bank will deduct 10.3% from this income.</i></div>
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<i>If you are not liable to pay tax,
you will have to submit either Form 15H or 15G to escape TDS. The other problem
is that the income from fixed deposits is taxed on an annual basis. You may get
the money after the deposit matures 5-6 years later but the income is taxed
every year. <u>In debt funds, the tax is deferred indefinitely</u> till the investor
redeems his units. What's more, the gains from a debt fund can be set off
against short-term and long-term capital losses you may have made in other
investments.</i></div>
<br />
<h3 style="font-family: "Trebuchet MS",sans-serif; text-align: left;">
References: </h3>
<div style="text-align: left;">
<u style="font-family: "Trebuchet MS",sans-serif;">Modified Duration</u><br />
<span style="font-family: "Trebuchet MS",sans-serif;">http://www.investopedia.com/terms/m/modifiedduration.asp#axzz290HlYZZ5</span><br />
<br style="font-family: "Trebuchet MS",sans-serif;" />
<u style="font-family: "Trebuchet MS",sans-serif;">Convexity</u><br />
<span style="font-family: "Trebuchet MS",sans-serif;">http://www.investopedia.com/terms/c/convexity.asp#axzz290HlYZZ5</span><br />
<br style="font-family: "Trebuchet MS",sans-serif;" />
<u style="font-family: "Trebuchet MS",sans-serif;">Bond Price Theorems</u><br />
<span style="font-family: "Trebuchet MS",sans-serif;">http://www.drtaccounting.com/2008/04/corporate-bond-pricing-theorems.html</span><br />
<br style="font-family: "Trebuchet MS",sans-serif;" />
<u style="font-family: "Trebuchet MS",sans-serif;">Fund Details</u><br />
<span style="font-family: "Trebuchet MS",sans-serif;">Kotak http://www.valueresearchonline.com/funds/newsnapshot.asp?schemecode=709</span><br />
<span style="font-family: "Trebuchet MS",sans-serif;">IDFC http://www.valueresearchonline.com/funds/portfoliovr.asp?schemecode=1347</span><br />
<span style="font-family: "Trebuchet MS",sans-serif;">SBI http://www.valueresearchonline.com/funds/newsnapshot.asp?schemecode=2025</span><br />
<br style="font-family: "Trebuchet MS",sans-serif;" />
<u style="font-family: "Trebuchet MS",sans-serif;">Tax Efficiency</u><br />
<span style="font-family: "Trebuchet MS",sans-serif;">http://articles.economictimes.indiatimes.com/2012-06-25/news/32409087_1_debt-fund-fund-house-maturity-plan</span></div>
</div>
Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com0tag:blogger.com,1999:blog-624067082367248578.post-79283029095261796682012-10-03T14:09:00.000-07:002012-10-10T19:45:37.735-07:00Measuring Portfolio Performance: The NAV based approach<div dir="ltr" style="text-align: left;" trbidi="on">
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<br />
<h1>
<span style="font-family: "Trebuchet MS","sans-serif";">Measuring individual portfolio performance against the benchmark
indices</span></h1>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman";">Very often people are happy booking
small time 15-20% profits in individual stocks and hold on to the laggards with
losses in the hope that something good will happen. </span></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman";">It is essential to monitor and measure
the portfolio against a set benchmark, in order to justify your own performance relative to the market. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif";">After all, if you are unable to beat the benchmark indices you
are way better to invest in an index fund or Exchange traded fund (ETF) rather
than investing in equities yourself.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif";">Most retail investors are clueless when it
comes to portfolio growth rate or performance. They buy so much, sell so much
and received bonus/splits/dividends everything is lost in this mess.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman";">So here’s a simple excel based approach
which will help you to measure your portfolio performance vis-à-vis the chosen
benchmark and give you a ready reckoner of your performance.</span></div>
<div class="MsoNormal">
<br /></div>
<h3 style="text-align: left;">
<span style="font-family: "Trebuchet MS","sans-serif";">Part 1:</span></h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman";">Let’s get started. You are all excited
and you start your journey in the big bad world of stocks with a corpus of Rs 1
Lakh. Suppose the date is 31<sup>st</sup> March, 2012. So you being the fund manager, you issued yourself 10,000 units of your fund (let’s call it
stock_pf) at a NAV of Rs 10.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
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<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 34.45pt;" width="46"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman";"><span style="mso-spacerun: yes;"> </span></span><b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Date</span></b></div>
</td>
<td nowrap="nowrap" style="background: yellow; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">31-Mar-12</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 54.3pt;" valign="bottom" width="72"><br /></td>
<td nowrap="nowrap" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.6pt;" valign="bottom" width="59"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Units</span></b></div>
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<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">10000</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 50.65pt;" valign="bottom" width="68"><br /></td>
<td nowrap="nowrap" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 50.2pt;" valign="bottom" width="67"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">NAV</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.7pt;" valign="bottom" width="66"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: red; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">10.00</span></div>
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<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Sl. No.</span></b></div>
</td>
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<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Name of Stock</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 54.3pt;" width="72"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Invested Value</span></b></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.6pt;" width="59"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Shares held</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" width="59"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Cost per share</span></b></div>
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<td style="border-left: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 50.65pt;" width="68"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Current Price</span></b></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 50.2pt;" width="67"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Present Value</span></b></div>
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<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Dividend</span></b><br />
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">amount</span></b></div>
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<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 34.45pt;" valign="bottom" width="46"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">1</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Cash</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 54.3pt;" valign="bottom" width="72"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">100,000</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.6pt;" valign="bottom" width="59"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
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<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 50.65pt;" valign="bottom" width="68"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 50.2pt;" valign="bottom" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">100,000</span></div>
</td>
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<br /></div>
</td>
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<tr style="height: 15.0pt; mso-yfti-irow: 3;">
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<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">2</span></div>
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<br /></div>
</td>
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<br /></div>
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<br /></div>
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<br /></div>
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<br /></div>
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<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">TOTAL</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 54.3pt;" valign="bottom" width="72"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">100,000</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.6pt;" valign="bottom" width="59"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 50.65pt;" valign="bottom" width="68"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 50.2pt;" valign="bottom" width="67"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">100,000</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 49.7pt;" valign="bottom" width="66"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<h3 style="text-align: left;">
<span style="font-family: "Trebuchet MS","sans-serif";"> </span></h3>
<h3 style="text-align: left;">
<span style="font-family: "Trebuchet MS","sans-serif";">Part 2:</span></h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman";">Now you are all geared up for your
first purchase, so the very next day you go and purchase the bank where you
have been banking for the last decade. Let’s say this is HDFC bank in your case. On 1<sup>st</sup> April, 2012 HDFC Bank was quoting at Rs 520 per share. You
went ahead and bought 100 shares at Rs 520 each. So here’s how your portfolio
will look now.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 4.65pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 461px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" width="40"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Date</span></b></div>
</td>
<td nowrap="nowrap" style="background: yellow; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">1-Apr-12</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><br /></td>
<td nowrap="nowrap" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Units</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">10000</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><br /></td>
<td nowrap="nowrap" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">NAV</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: red; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">10.00</span></div>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" width="40"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Sl. No.</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" width="76"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Name of Stock</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" width="63"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Invested Value</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" width="52"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Shares held</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" width="59"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Cost per share</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" width="55"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Current Price</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" width="63"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Present Value</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" width="55"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Dividend</span></b><b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";"> amount</span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" valign="bottom" width="40"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">1</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">HDFC Bank</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">52,000</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">100</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">520</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">520</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">52,000</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" valign="bottom" width="40"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">2</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Cash</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">48,000</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">48,000</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" valign="bottom" width="40"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">TOTAL</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">100,000</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">100,000</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman";">So you used up Rs 52,000 cash in making
a purchase and cash has been reduced by the same amount. For simplicity we are
ignoring the transaction charges. Your invested value should be inclusive of
all such charges (brokerage, service tax, STT, other charges). Invested value
divided by No. of shares will give your cost per share.</span></div>
<h3 style="text-align: left;">
<span style="font-family: "Trebuchet MS","sans-serif";"> </span></h3>
<h3 style="text-align: left;">
<span style="font-family: "Trebuchet MS","sans-serif";">Part 3:</span></h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman";">So a couple of months have passed,
markets are down and you decided it’s time to add another stock to your
portfolio. Your visit to the local Tanishq shop left you highly impressed and
you decided on buying Titan Industries for your portfolio. So on 5<sup>th</sup>
June, 2012 you bought some Titan for your portfolio. Titan was quoting at Rs
205, so you bought 230 shares. Here’s how your fund stock_pf looks now.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 4.65pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 461px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" width="40"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Date</span></b></div>
</td>
<td nowrap="nowrap" style="background: yellow; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">5-Jun-12</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><br /></td>
<td nowrap="nowrap" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Units</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">10000</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><br /></td>
<td nowrap="nowrap" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">NAV</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: red; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">9.81</span></div>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" width="40"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Sl. No.</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" width="76"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Name of Stock</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" width="63"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Invested Value</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" width="52"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Shares held</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" width="59"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Cost per share</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" width="55"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Current Price</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" width="63"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Present Value</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" width="55"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Dividend</span></b><br />
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">amount</span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" valign="bottom" width="40"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">1</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">HDFC Bank</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">52,000</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">100</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">520</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">501</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">50,100</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" valign="bottom" width="40"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">2</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Titan Indus</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">47,150</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">230</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">205</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">205</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">47,150</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" valign="bottom" width="40"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">3</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Cash</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">850</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">850</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" valign="bottom" width="40"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">TOTAL</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">100,000</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">98,100</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman";">Notice that the NAV has dipped below
10.00 meaning you are in a loss in tandem with the market. And after the two
purchases you are left with only Rs 850 in cash.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<h3 style="text-align: left;">
<span style="font-family: "Trebuchet MS","sans-serif";">Part 4:</span></h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman";">On 28<sup>th</sup> June, 2012 HDFC Bank
paid dividends to its shareholders. So you too received some cash inflows. So
the amount Rs 4.3 per share for 100 shares amounted to Rs 430 cash credit, this
being a cash inflow gets added to the cash part.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 4.65pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 461px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" width="40"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Date</span></b></div>
</td>
<td nowrap="nowrap" style="background: yellow; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">28-Jun-12</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><br /></td>
<td nowrap="nowrap" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Units</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">10000</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><br /></td>
<td nowrap="nowrap" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">NAV</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: red; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">10.58</span></div>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" width="40"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Sl. No.</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" width="76"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Name of Stock</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" width="63"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Invested Value</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" width="52"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Shares held</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" width="59"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Cost per share</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" width="55"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Current Price</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" width="63"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Present Value</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" width="55"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Dividend amount</span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" valign="bottom" width="40"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">1</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">HDFC Bank</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">52,000</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">100</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">520</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">548</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">54,800</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">430</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" valign="bottom" width="40"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">2</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Titan Indus</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">47,150</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">230</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">205</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">216</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">49,680</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" valign="bottom" width="40"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">3</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Cash</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">1,280</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">1,280</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" valign="bottom" width="40"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">TOTAL</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">100,430</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">105,760</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<h3 style="text-align: left;">
<span style="font-family: "Trebuchet MS","sans-serif";">Part 5:</span></h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman";">Similarly on 16<sup>th</sup> July, 2012
you received some part profits from your other company Titan Industry which
again contributes in boosting your NAV by adding on to the cash component of
the portfolio. Here the payout is Rs 1.75 per share for 230 shares amounting to
Rs 402.50</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 4.65pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 461px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" width="40"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Date</span></b></div>
</td>
<td nowrap="nowrap" style="background: yellow; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">16-Jul-12</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><br /></td>
<td nowrap="nowrap" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Units</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">10000</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><br /></td>
<td nowrap="nowrap" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">NAV</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: red; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">11.07</span></div>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" width="40"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Sl. No.</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" width="76"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Name of Stock</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" width="63"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Invested Value</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" width="52"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Shares held</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" width="59"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Cost per share</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" width="55"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Current Price</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" width="63"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Present Value</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" width="55"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Dividend</span></b><b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";"> amount</span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" valign="bottom" width="40"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">1</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">HDFC Bank</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">52,000</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">100</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">520</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">582</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">58,200</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">430</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" valign="bottom" width="40"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">2</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Titan Indus</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">47,150</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">230</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">205</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">221</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">50,830</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">402.5</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" valign="bottom" width="40"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">3</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Cash</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">1,682.5</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">1,682.5</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" valign="bottom" width="40"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">TOTAL</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">100,832.5</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">110,712.5</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<h3 style="text-align: left;">
<span style="font-family: "Trebuchet MS","sans-serif";">Part 6:</span></h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman";">Now that the markets are on a high you
decided to take some profits of the table. So on 21<sup>st</sup> September,
2012 you decided to sell some of your HDFC bank shares. HDFC Bank was quoting
at around Rs 620 per share, much higher than your buy price. So you decided to
sell 30 shares for a consideration of Rs 620 per share, resulting in Rs 18,600
of cash inflows.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 4.65pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 461px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" width="40"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Date</span></b></div>
</td>
<td nowrap="nowrap" style="background: yellow; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">21-Sep-12</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><br /></td>
<td nowrap="nowrap" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Units</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">10000</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><br /></td>
<td nowrap="nowrap" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">NAV</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: red; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">11.91</span></div>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" width="40"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Sl. No.</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" width="76"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Name of Stock</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" width="63"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Invested Value</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" width="52"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Shares held</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" width="59"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Cost per share</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" width="55"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Current Price</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" width="63"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Present Value</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" width="55"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Dividend</span></b><b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";"> amount</span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" valign="bottom" width="40"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">1</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">HDFC Bank</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">36,400</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">70</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">520</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">620</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">43,400</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">430</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" valign="bottom" width="40"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">2</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Titan Indus</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">47,150</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">230</span></div>
</td>
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<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">205</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">241</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">55,430</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">402.5</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 30.0pt;" valign="bottom" width="40"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">3</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Cash</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">20,282.5</span></div>
</td>
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<br /></div>
</td>
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<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
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<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">20,282.5</span></div>
</td>
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<br /></div>
</td>
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<br /></div>
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<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 57.0pt;" valign="bottom" width="76"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">TOTAL</span></div>
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<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">103,832.5</span></div>
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<br /></div>
</td>
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<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">119,112.5</span></div>
</td>
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<br /></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman";">Note like in the buy case, your sale
value should be exclusive of all sell charges (brokerage, service tax, STT,
demat charges, others etc.). Total sale value net of these is realized and
added to cash.</span></div>
<h3 style="text-align: left;">
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</h3>
<h3 style="text-align: left;">
<span style="font-family: "Trebuchet MS","sans-serif";"> </span></h3>
<h3 style="text-align: left;">
<span style="font-family: "Trebuchet MS","sans-serif";">Part 7:</span></h3>
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<span style="font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman";">So finally amidst all this buy sell and
dividends, 6 months have passed. So you finally decided to pit your portfolio
against the benchmarks. Note down the latest portfolio on the given date
(October 3<sup>rd</sup>, 2012)</span></div>
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<br /></div>
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<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 4.65pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 471px;">
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<td style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 23.25pt;" width="31"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Date</span></b></div>
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<td nowrap="nowrap" style="background: yellow; border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.85pt;" valign="bottom" width="94"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">3-Oct-12</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><br /></td>
<td nowrap="nowrap" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Units</span></b></div>
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<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">10000</span></div>
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<td nowrap="nowrap" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><br /></td>
<td nowrap="nowrap" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">NAV</span></b></div>
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<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: red; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">12.33</span></div>
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<tr style="height: 30.0pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 23.25pt;" width="31"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Sl. No.</span></b></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.85pt;" width="94"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Name of Stock</span></b></div>
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<td style="border-left: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" width="63"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Invested Value</span></b></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" width="52"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Shares held</span></b></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" width="59"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Cost per share</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" width="55"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Current Price</span></b></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" width="63"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Present Value</span></b></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" width="55"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Dividend</span></b><b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";"> amount</span></b></div>
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<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 23.25pt;" valign="bottom" width="31"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">1</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.85pt;" valign="bottom" width="94"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">HDFC Bank</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">36,400</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">70</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">520</span></div>
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<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">620</span></div>
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<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">43,400</span></div>
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<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">430</span></div>
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<tr style="height: 15.0pt; mso-yfti-irow: 3;">
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<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">2</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.85pt;" valign="bottom" width="94"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Titan Indus</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">47,150</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">230</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">205</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">259</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">59,570</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">402.5</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 23.25pt;" valign="bottom" width="31"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">3</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.85pt;" valign="bottom" width="94"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Cash</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">20,282.5</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">20,282.5</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 23.25pt;" valign="bottom" width="31"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.85pt;" valign="bottom" width="94"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">TOTAL</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">103,832.5</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.0pt;" valign="bottom" width="52"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 44.0pt;" valign="bottom" width="59"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">123,252.5</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman";">So you have done quite well, in about 6
months your portfolio has returned 23% odd percent. But standalone returns are
meaningless unless you compare them with the benchmark. So here’s the
comparison.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 90.9pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 291px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="nowrap" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 82.9pt;" valign="bottom" width="111"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">31-Mar-2012</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.65pt;" width="53"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">3-Oct-2012</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.65pt;" width="65"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Growth</span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 82.9pt;" valign="bottom" width="111"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Sensex</span></b></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">17,404</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.65pt;" valign="bottom" width="53"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">18,870</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.65pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">8.42%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 82.9pt;" valign="bottom" width="111"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Nifty</span></b></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 47.0pt;" valign="bottom" width="63"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">5,296</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.65pt;" valign="bottom" width="53"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">5,731</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.65pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">8.21%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 82.9pt;" valign="bottom" width="111"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Portfolio NAV</span></b></div>
</td>
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<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">10.00</span></div>
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<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">12.33</span></div>
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<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">23.25%</span></div>
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<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif";">Voila! You were able to beat both the
Sensex and Nifty hands down with your 2 stock portfolio and in the process
generated 23.25% returns for yourself. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif";">So in effect the NAV based measurement
gives you a direction how you are performing vis-à-vis the market moves. It is
critical that your overall portfolio is beating the benchmarks; a sudden gain in
a couple of stocks and large losses in others is of no benefit to you at the
end of the day. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif";">Thus if one is unable to beat the
benchmarks or average mutual fund returns over a period of time,
then he would be better off leaving direct investments in equities and should
choose diversified mutual funds for investing his hard earned cash.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: "Times New Roman";">Happy Investing!</span><br />
<br />
<span style="font-family: "Trebuchet MS","sans-serif";">Additional parts based on reader comments: <span style="color: blue;">9th Oct 2012</span></span><br />
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<span style="font-family: "Trebuchet MS","sans-serif";"> </span><span style="color: windowtext; font-family: "Trebuchet MS","sans-serif";">Part
8: Adding fresh funds to the portfolio</span></h3>
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<span style="font-family: "Trebuchet MS","sans-serif";">As
readers pointed out this is of critical importance for salaried employees to
know how to fit in fresh capital into the portfolio. So let us suppose you plan
to put in additional Rs 50,000 into the portfolio on 3<sup>rd</sup> Oct.</span></div>
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<br /></div>
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<span style="font-family: "Trebuchet MS","sans-serif";">So
since the current NAV for your portfolio is at 12.33 you are issued new units
at this rate. Hence 50000/12.33 = 4055.15 units are issued over and above the existing
10,000 units. Also the fresh capital of Rs 50,000 is added on to the cash
balance of the portfolio. </span></div>
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<span style="font-family: "Trebuchet MS","sans-serif";">Hence
the portfolio looks like the following:</span><span style="color: windowtext; font-family: "Trebuchet MS","sans-serif";"> </span></div>
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<br />
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<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Date</span></b></div>
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<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Units</span></b></div>
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<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">14055.20</span></b></div>
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<br /></div>
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<td style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" width="75"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">NAV</span></b></div>
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<b><span style="color: red; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">12.33</span></b></div>
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<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Sl. No.</span></b></div>
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<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Name of Stock</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 55.0pt;" width="73"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Invested Value</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.0pt;" width="53"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Shares held</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 51.0pt;" width="68"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Cost/ share</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" width="55"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Current Price</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" width="75"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Present Value</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 46.0pt;" width="61"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Dividend
amount</span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 26.0pt;" width="35"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">1</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 60.0pt;" width="80"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">HDFC Bank</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 55.0pt;" width="73"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">36,400.0</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.0pt;" width="53"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">70</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 51.0pt;" width="68"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">520</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">620</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" width="75"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">43,400.0</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 46.0pt;" width="61"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">430</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 26.0pt;" width="35"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">2</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 60.0pt;" width="80"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Titan Indus</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 55.0pt;" width="73"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">47,150.0</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.0pt;" width="53"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">230</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 51.0pt;" width="68"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">205</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">259</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" width="75"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">59,570.0</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 46.0pt;" width="61"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">402.5</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 26.0pt;" width="35"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">3</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 60.0pt;" width="80"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Cash</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 55.0pt;" width="73"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">70,282.5</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.0pt;" valign="bottom" width="53"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 51.0pt;" valign="bottom" width="68"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" width="75"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">70,282.5</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 46.0pt;" valign="bottom" width="61"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 26.0pt;" valign="bottom" width="35"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 60.0pt;" width="80"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">TOTAL</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 55.0pt;" width="73"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">153,832.5</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.0pt;" valign="bottom" width="53"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 51.0pt;" valign="bottom" width="68"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
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<span style="color: windowtext; font-family: "Trebuchet MS","sans-serif";">Part
9: Withdrawing funds from the portfolio</span></h3>
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<style>
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table.MsoNormalTable
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mso-tstyle-colband-size:0;
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mso-para-margin-right:0in;
mso-para-margin-bottom:10.0pt;
mso-para-margin-left:0in;
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mso-pagination:widow-orphan;
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font-family:"Calibri","sans-serif";
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
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<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 11.0pt; mso-bidi-font-family: Vrinda; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin;">Thus what
happens to the portfolio is that the units get reduced proportionately and so for
Rs 15,000 you need to redeem 1217.04 units. Note that the cash balance as on 3rd
Oct (refer Part 7 end) of Rs 20,282.5 gets reduced by Rs 15,000.</span><br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif";"> Hence
the portfolio looks like as follows.</span></div>
<div class="MsoNormal">
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<td style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 26.0pt;" width="35"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Date</span></b></div>
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<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">3-Oct-12</span></b></div>
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<br /></div>
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<td style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.0pt;" width="53"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Units</span></b></div>
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<td style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">8782.96</span></b></div>
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<br /></div>
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<td style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" width="75"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">NAV</span></b></div>
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<b><span style="color: red; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">12.33</span></b></div>
</td>
</tr>
<tr style="height: 30.0pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 26.0pt;" width="35"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Sl. No.</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 60.0pt;" width="80"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Name of Stock</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 55.0pt;" width="73"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Invested Value</span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.0pt;" width="53"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Shares held</span></b></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Cost/ share</span></b></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" width="55"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Current Price</span></b></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" width="75"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Present Value</span></b></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 46.0pt;" width="61"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="color: black; font-family: "Trebuchet MS","sans-serif"; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Dividend
amount</span></b></div>
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<tr style="height: 16.5pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 26.0pt;" width="35"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">1</span></div>
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<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 60.0pt;" width="80"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">HDFC Bank</span></div>
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<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">36,400.0</span></div>
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<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.0pt;" width="53"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">70</span></div>
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<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">520</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">620</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" width="75"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">43,400.0</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 46.0pt;" width="61"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">430</span></div>
</td>
</tr>
<tr style="height: 16.5pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 26.0pt;" width="35"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">2</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 60.0pt;" width="80"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Titan Indus</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 55.0pt;" width="73"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">47,150.0</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.0pt;" width="53"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">230</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">205</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" width="55"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">259</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" width="75"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">59,570.0</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 46.0pt;" width="61"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">402.5</span></div>
</td>
</tr>
<tr style="height: 16.5pt; mso-yfti-irow: 4;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 26.0pt;" width="35"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">3</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 60.0pt;" width="80"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Cash</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 55.0pt;" width="73"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">5,282.5</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.0pt;" valign="bottom" width="53"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" valign="bottom" width="60"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" width="75"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">5,282.5</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 46.0pt;" valign="bottom" width="61"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
</tr>
<tr style="height: 16.5pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 26.0pt;" valign="bottom" width="35"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 60.0pt;" width="80"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">TOTAL</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 55.0pt;" width="73"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">88,832.5</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 40.0pt;" valign="bottom" width="53"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" valign="bottom" width="60"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 41.0pt;" valign="bottom" width="55"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" width="75"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="color: black; font-family: "Trebuchet MS","sans-serif"; mso-bidi-font-family: Calibri; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">108,252.5</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 46.0pt;" valign="bottom" width="61"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
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<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif";">So
note that irrespective of any additional capital input/withdrawal the NAV won’t
change on that given date. Only the total units and cash component will rise
(additional capital) or fall (capital withdrawal). Also dividends payout is the case when your cash increases without an increase in units.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif";">Put in
your queries/comments if you need additional clarifications on any part.</span></div>
<div class="MsoNormal">
<br /></div>
</div>
</div>
Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com10tag:blogger.com,1999:blog-624067082367248578.post-31743694480946187122012-10-01T10:04:00.000-07:002012-10-10T19:46:43.773-07:00Multi Commodity Exchange (MCX) of India: A great business to own <div dir="ltr" style="text-align: left;" trbidi="on">
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<br />
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">MCX as the name
suggests is an electronics commodities exchange where users can trade on future
contracts of 49 commodities as present. The main volumes are derived from 4
major commodities – Gold, Silver, Copper and Crude. Deriving technological edge
from the use of trading platforms (primarily ODIN) provided by the promoters –
Financial Technologies, MCX has gained sustained monopoly in commodity trading
in India.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">It commanded a
premium 86% market share in commodities (FY12) with more than 2,170 registered
members operating through over 346,000 trading terminals (more than 150k
terminals have been added in the last one year which would mature in terms of
trading volume with a lag), spread over 1,577 cities and towns across India. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">MCX is the
exchange with 3rd largest global volumes in commodities in terms of contracts
traded with record highest volumes in Silver, second highest volumes in Gold
and natural gas and third highest in Crude.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">It has been
certified to three ISO standards, including ISO 9001:2008 Quality Management
System standard, ISO 14001:2004 Environmental Management System standard, and
ISO 27001:2005 Information Security Management System standard.</span></div>
<h2>
</h2>
<h3 style="text-align: left;">
Huge growth potential ahead</h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">The Indian market
is at a nascent stage with only 2 million entities trading in commodities as
compared to around 20million in equities. Also global futures commodities
volumes vis-à-vis physical trades are much higher than they are in India. For
example: futures gold volumes are 70-80x that of physical trade v/s 17-18x
times in India</span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">Commodity
exchanges were authorized in India only in April 2003, and the industry is far
from mature. Hence continued demand for underlying commodities in a growing
economy and expansion in the mix of hedgers and speculators will facilitate
continued growth in traded volumes.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">The market is at a
relatively nascent stage with Gold, silver, crude oil and copper being the four
largest commodities traded on the Indian exchanges, constituting 70%+ of the
total traded value in FY11 and 80%+ of the total traded value in FY12.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">The increase in
physical market volumes consequently increases the hedging requirements for
industry players, influencing derivative trading volumes. Growth in trading
volumes of any commodity on the exchanges has been a function of price
volatility. As long as there is volatility in the prices of a particular
commodity, it will act as a volume growth driver for the exchange.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">Though the total
volume, an annual value traded of US$3.7 trillion appears substantial, the
underlying capital invested is not substantial, given the leverage implicit
from use of very low margins in the futures instrument. Currently, the average
daily value traded is ~US$12bn. Assuming a margin requirement of 10%, the
underlying margin money of ~US$1.2bn (Rs 6,300 Cr) is only 0.1% of India’s
deposit base. Hence there are huge opportunities to growth ahead.</span></div>
<h2>
</h2>
<h3 style="text-align: left;">
Understanding the ‘MCX’ advantage: Entry barrier and Moat</h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">It is important to
understand what forces equip an exchange to gain leadership and sustainability
of that leadership going ahead.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">The growth in
industry has been driven mainly by the top 4 commodities (Gold, Silver, Copper
and Crude) which accounted for highest majority of turnover. MCX has created
deep pools of liquidity in these commodities, thereby creating high entry barriers for
new participants.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">Furthermore, and
more relevant, is the impact cost (spread between highest bid and lowest offer)
for which MCX has a relative advantage as it can offer a narrower bid-offer
spread than other exchanges can because it offers access to large pools of
liquidity.</span></div>
<div class="MsoNormal">
<br />
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">From an
end-client’s perspective, the benefit derived from a lower exchange fee at
other exchanges is negligible when compared with the advantage gained from a
better transaction price by trading at MCX. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">Note: It is this
deep pool of liquidity that made NSE a lethal force and garner majority
market share from incumbent BSE in equities market. </span></div>
<h2>
</h2>
<h3 style="text-align: left;">
Leadership in new technologies from parent Financial Technologies</h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">MCX is provided
with technology platform by its parent, Financial Technologies India, who are
one of the leading developers of exchange related software and technology. This
gives MCX a competitive edge that is difficult to replicate.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">Exchanges require
constant technology upgrades and support, necessitated by regulatory regime and
market forces. MCX is able to obtain speedy and efficient technology solutions
from FTECH. MCX’s current technology infrastructure is sufficient to handle daily
trading volumes of up to 10 million transactions. So far, it has handled a high
of 1.8 million trades in a day.</span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">MCX will have a
much shorter lead time to introduce newer products like Options, as and when
they are permitted. This market readiness leads MCX much ahead of the
competition.</span></div>
<h2>
</h2>
<h3 style="text-align: left;">
Operating Leverage </h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Since a large
portion of MCX’s costs are fixed ones so any upside triggers in volumes and
hence the topline can significantly boost the profitability. The only
significant variable cost in its expenses is the fees paid as a percentage of
transaction revenues towards technical services agreement to its parent Fin
Tech. </span></div>
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<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">Fixed costs are
60-70% of the overall expenditure at MCX hence potential growth in volumes
implies better profitability going forward.</span></div>
<h2>
</h2>
<h3 style="text-align: left;">
Newer revenue potentials: Data Services</h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Being the largest
commodity exchange in India MCX is the key source of data on commodity trends.
This provides MCX the opportunity to benefit from market data product and
information offerings, as is the case for various leading exchanges in India
and the rest of the world.</span></div>
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<br /></div>
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<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">Internationally,
revenues from selling market data products, analytical tools and price-feeds
constitute 5-15% of exchanges’ revenues, on average. As the market for
commodities trading grows, algorithmic trading systems, sophisticated
quantitative approaches to risk management, will create demand for
trading-related data and analytics.</span></div>
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<br />
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">The company
currently has such arrangements with the following entities:</span></div>
<ul style="text-align: left;">
<li><span style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-bidi-language: BN; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Bloomberg Finance
L.P.</span></li>
<li><span style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-bidi-language: BN; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">NewsWire 18 Private
Limited</span></li>
<li><span style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-bidi-language: BN; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">IQN Data Solutions
Private Limited</span></li>
<li><span style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-bidi-language: BN; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Reuters India
Private Limited</span></li>
<li><span style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-bidi-language: BN; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Interactive Data
(Europe) Limited</span></li>
<li><span style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-bidi-language: BN; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">TickerPlant
Limited </span></li>
</ul>
<div class="MsoNormal">
<br /></div>
<h3 style="text-align: left;">
Cash and Investments: Stakes in subsidiaries</h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">MCX’s residual
stake is now 5% in Dubai Gold and Commodities Exchange (DGCX) with a book value
of Rs2.18 Cr and it has a direct equity stake of 5% in MCX-SX plus 634.17
million warrants (each warrant entitles the holder to subscribe for one equity
share of Rs1 each of MCX-SX).</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">The company has
negative net debt with huge investments in liquid mutual funds. This
contributes to around Rs 170 of cash per share. The holding of 5% in DGCX is
currently valued at 100 Cr+ which is marked at book value of ~2 Cr under
investments.<span style="mso-spacerun: yes;"> </span>So effectively we have 190
Rs cash sitting on per share.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">The new MCX
exchanges are mostly in areas with negligible competition (Bahrain, Botswana,
Mauritius) and replication of the India story can generate good returns.</span></div>
<h2>
</h2>
<h3 style="text-align: left;">
Shareholding pattern: distributed ownership</h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">The promoters
Financial Technologies (India) Ltd holds 26% as they are stipulated by SEBI
norms to hold max 26%. </span></div>
<div class="MsoNormal">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 18.9pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 469px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="nowrap" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 139.5pt;" valign="bottom" width="186"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 65.95pt;" valign="bottom" width="88"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Jun-12</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Mar-12</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 90.4pt;" valign="bottom" width="121"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<b><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">(IPO)7-Mar-12</span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 139.5pt;" valign="bottom" width="186"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Promoters (Fin
Tech)</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 65.95pt;" valign="bottom" width="88"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">26.00%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">26.00%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 90.4pt;" valign="bottom" width="121"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">26.00%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 139.5pt;" valign="bottom" width="186"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Public</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 65.95pt;" valign="bottom" width="88"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">74.00%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">74.00%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 90.4pt;" valign="bottom" width="121"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">74.00%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 139.5pt;" valign="bottom" width="186"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 3.0; text-indent: .5in;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">FII</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 65.95pt;" valign="bottom" width="88"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">31.44%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">33.27%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 90.4pt;" valign="bottom" width="121"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">7.81%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 139.5pt;" valign="bottom" width="186"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 3.0; text-indent: .5in;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">DII</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 65.95pt;" valign="bottom" width="88"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">23.54%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">22.41%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 90.4pt;" valign="bottom" width="121"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">26.27%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 139.5pt;" valign="bottom" width="186"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 3.0; text-indent: .5in;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Bodies Corporate</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 65.95pt;" valign="bottom" width="88"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">8.80%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">8.89%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 90.4pt;" valign="bottom" width="121"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">7.46%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 139.5pt;" valign="bottom" width="186"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 3.0; text-indent: .5in;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Retail</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 65.95pt;" valign="bottom" width="88"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">10.22%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 56.0pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">9.43%</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 90.4pt;" valign="bottom" width="121"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">32.46%</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">What is
significant is that retail has sold off its stake to more long term mature
holders (FIIs and DIIs) who have steadily accumulated. Going forward this will
be a low liquidity thinly traded stock as most investors will simply hold this
for long term.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">The major point to
note here is that no individual investor (barring promoters) can hold more than
5% in MCX, which leads to distributed ownership. MCX’s top 10 non promoter
shareholders (as on 30-06-2012)</span></div>
<div class="MsoNormal">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 18.9pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 438px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="nowrap" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.05pt;">
<b><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Sl No.</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.05pt;">
<b><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Investor Name</span></b></div>
</td>
<td nowrap="nowrap" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.05pt;">
<b><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">%age Stake</span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">1</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Fid Funds (Mauritius)
Ltd</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">5.00%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">2</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Passport Capital
LLC</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">4.90%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">3</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Merrill Lynch
Holding (Mauritius)</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">4.79%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">4</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Aginyx
Enterprices Ltd</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">4.79%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">5</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Euronext N V </span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">4.79%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">6</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">IFCI Ltd</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">4.79%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">7</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">NABARD</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">3.06%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">8</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Corporation Bank
</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">3.00%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">9</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">NSE India</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">2.45%</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" valign="bottom" width="78"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">10</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 207.0pt;" valign="bottom" width="276"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Bennett Coleman
(Times Group)</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 63.0pt;" valign="bottom" width="84"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-char-indent-count: 1.0; text-indent: 12.0pt;">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">2.24%</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<h3 style="text-align: left;">
Major future triggers: FC(R)A bill approval</h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">The Forward
Contracts Regulation Act [FC(R)A] bill if passed can potentially unlock huge
opportunities in terms of </span></div>
<ul style="text-align: left;">
<li><span style="font-family: Wingdings; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Wingdings; mso-bidi-language: BN; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Introduction of commodity options trading</span></li>
<li><span style="font-family: Wingdings; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Wingdings; mso-bidi-language: BN; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Introduction of trading in intangibles (e.g., freight,
rainfall and commodity indices) which are not permitted in India at present.
Trading in commodity indices, in particular, if allowed, could provide a boost
to turnover. </span></li>
<li><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">Allowing participation from banks, mutual funds and
institutional investors in the Indian commodity futures market.</span></li>
</ul>
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">These are huge triggers and introduction of any or all may see huge sudden upside in the stock. Under the current pro-reform mood, it is this anticipation that is fueling the short term rally in MCX. </span><br />
<div>
<h2>
</h2>
<h3 style="text-align: left;">
Major future triggers: Value unlocking from stake sale in subsidiaries</h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">The second trigger
and value unlocking potentially arises from stake sale in MCX-SX which
currently offers trading in currency futures and options and has been permitted
to start operations in equity future and options by SEBI. The approval is
subject to the condition that the combined voting rights of FTECH and MCX in
MCX-SX will not exceed 5%. This paring down needs to happen within next 18
months.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Earlier, FTECH
held 31% and MCX held 38% in MCX-SX. Then, to comply with SEBI guidelines for
starting equity trading, they reduced their stake in MCX-SX to 5% each through
conversion of excess equity stake (beyond 10%) to warrants. The warrants will
be sold to banks and financial institutions. This stake reduction contributes
to a one-time gain of around Rs 110-120 per share for MCX shareholders. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">MCX-SX is expected
to go live in the equities segment by November 2012.It has successfully
launched currency options in the recent past and has a market leadership in
currency futures (market share of ~44% in FY12).</span></div>
<div class="MsoNormal">
<br /></div>
<h1>
Key risks</h1>
<h3 style="text-align: left;">
Higher regulatory risks due to speculative nature of trades</h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">The commodity
futures exchange industry is highly regulated. The key regulatory body, the
FMC, has in the past prohibited trading in certain commodities. </span></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">For example, in
May 2009 it ruled that no new sugar contracts could be launched. Similar
suspensions have taken place for commodities such as wheat and rice. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Recently, the FMC
banned all futures trading in guar and launched an investigation into potential
price manipulation of other farm commodities, as per an article in the Business
Standard dated March 29, 2012. These risks may not have a significant effect on
MCX, in particular, given that trading in agricultural commodities is a
relatively small component of its trading volumes.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">However, similar
bans on any of the top traded commodities – Gold, Silver, Crude and Copper may
pose significant risk on volumes and hence revenues.</span></div>
<h2>
</h2>
<h3 style="text-align: left;">
High proportion of costs incurred towards parent and group companies</h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Over 40% of MCX’s
operating costs are towards various fees paid to the parent, Financial Technologies
(Fin Tech) and promoter group companies. Its agreement with Fin tech for IT
infrastructure and software services, costs MCX 12.5% of its transaction fees
in addition to a fixed charge of INR12 Cr per annum, constituting a major
portion of operating costs. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">What is alarming
is that costs incurred towards Fin Tech have gone up from ~19% of operating
expenses in FY08 to ~47% in FY12. Also, the variable fee was revised upwards to
12.5% of transaction fees in FY11, from 10% in FY11 and will come up for revision
again in October 2012. This overhang of increase in technical services fee (as
a % of transaction fee) could be potential threat to MCX’s profitability.</span></div>
<h2>
</h2>
<h3 style="text-align: left;">
Significant dependence on a few commodities</h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">The aggregate
value of commodity futures traded at MCX has been concentrated mainly in four
commodities – gold, silver, copper and crude oil. During FY12, over 90% of
volume contribution comes from the top 4 - Gold (27%), Silver (37%), Crude Oil
(16%) and Copper (10%).</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">During FY12, 94%
of the total traded value has been from these four commodities. Any period of
low volumes in any of these 4 would impact overall volumes adversely.</span></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Revenues tied to
value traded fee and commodity price volatility.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">As seen in April
2012, a downward spiral in Gold volumes in physical markets significantly
affected the volumes in gold futures thereby affecting revenues for MCX. Spurt in trading volumes in the recent
past (50% CAGR over FY09-12) was mainly attributed to an increased
volatility and rise in commodity prices coupled with launch of mini futures and a ramp up in
customer base. All these has effectively set a higher base in FY12.</span><br />
<br />
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">Repeating the earlier success and surpassing it on the higher base of FY12 may prove to be quite challenging. </span></div>
</div>
<h2>
</h2>
<h3 style="text-align: left;">
Sharp fall in commodity prices : Double Impact</h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">With a lower
volatility in leading commodities and a visible pressure in prices of leading
commodities (gold, silver, crude oil), growth in trading volume may moderate to
low double-digit over FY12-14E.</span><br />
<br />
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">Trading volumes
are highly dependent on volatility in commodity prices, which may be dictated
by overall price trend in key commodities across the world. Growth in quantity
traded correlates with the increase in volatility. Furthermore, in the case of
precious metals, growth in quantity traded also correlates with price rises. </span><br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">Rising prices usually drive higher volatility because a sustained price increase in a commodity
potentially attracts higher participation and hence potentially higher
volatility. Changes in commodity prices have a two-fold impact for MCX: they
influence both the quantity traded and the value traded (as value traded =
quantity traded x value per unit of quantity traded). </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;">As MCX charges a
transaction fee on value traded, as prices fall, quantity traded growth will
also be lower, resulting in a lower turnover and hence lower transaction fees.
The impact of price movements on turnover growth and hence transaction fees is
thus amplified. </span></div>
<br /></div>
<h3 style="text-align: left;">
Lock-in period for pre-offer shareholdings</h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">MCX completed its
IPO in Feb, 2012. The pre-offer shareholding is subject to a lock-in of one
year from the date of allotment (February 27, 2012) in the offer with the
exception of </span></div>
<ol style="text-align: left;">
<li><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Trebuchet MS"; mso-bidi-language: BN; mso-fareast-font-family: "Trebuchet MS";"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Shareholdings of
current employees of the company who were allotted shares pursuant to ESOP
schemes<span style="mso-spacerun: yes;"> </span></span></li>
<li><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Trebuchet MS"; mso-bidi-language: BN; mso-fareast-font-family: "Trebuchet MS";"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Venture capital
funds/venture capital investors who have held shares for at least one year as
on the date of the red herring prospectus (Feb 10, 2012)<span style="mso-spacerun: yes;"> </span></span></li>
<li><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Trebuchet MS"; mso-bidi-language: BN; mso-fareast-font-family: "Trebuchet MS";"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">20% of the promoters’
shareholding which is subject to a three-year lock-in period.</span></li>
</ol>
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">Based on the
above, ~60% of the shareholding is subject to such a one-year lock-in (till Feb
27, 2013). Hence there may be additional selling pressure on and after the lock-in
expires.</span><br />
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;"> </span>
<br />
<h3 style="text-align: left;">
Cannibalization of Future volumes from introduction of Options trading</h3>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: BN; mso-fareast-font-family: "Times New Roman";">If Options trading
is introduced with the approval of FC(R)A bill part of options growth could
cannibalize futures trading (similar to what happened at NSE which introduced
equity options trading in June 2001).</span><br />
<br />
<br />
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;"><b>Disclosures:</b> No current positions, have invested in the IPO and during subsequent downward spiral. Have booked profits and currently have no open positions in the stock.</span><br />
<span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<br /></div>
</div>
</div>
Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com1tag:blogger.com,1999:blog-624067082367248578.post-7331330999780031432012-09-24T07:51:00.004-07:002012-10-10T19:48:41.696-07:00Whirlpool of India: Long term play on Superior product portfolio and Brand moat<div dir="ltr" style="text-align: left;" trbidi="on">
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<br />
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
Whirlpool entered the Indian market back in late 1980s, but was
thwarted by the duo of LG and Samsung who stormed the Indian electronics and
home appliances market. Whirlpool lost its dominant position in washing machine
and despite acquiring Kelvinator India in 1995, could not take the top slot in
refrigerators.</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
The company slipped into losses and in 2005 it roped in
Arvind Uppal from Nestle to turnaround the Indian operation. It shifted focus
to mass to mid-range products which caters to an overwhelming 80% of the Indian
market, adopting what LG did in its early days in India. </div>
<h2 style="font-family: "Trebuchet MS",sans-serif; line-height: 150%;">
</h2>
<h2 style="font-family: "Trebuchet MS",sans-serif; line-height: 150%;">
<span style="font-size: large;">A great turn around…..</span></h2>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
In the next seven years, under the able leadership of Arvind
Uppal, Whirlpool's current president for Asia-Pacific and managing director India,
it started it’s turn around journey.</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br />
From -125 Cr of net loss in FY05 to +166 Cr of profit after tax in FY11, the
turnaround for the company has been quite robust. From D/E as high as 5.15
times in FY05 to becoming completely debt free in by FY10.</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
The Company had issued 15.23 Cr 10% Redeemable
Non-Convertible Cumulative Preference Shares of Rs.10 each to Whirlpool Canada
Holding Company in the year 2005 redeemable at the end of twenty years with
call and put options.</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
In FY11 the company redeemed 9.84 Cr shares using the put
option and further the balance 5.48 Cr shares were fully redeemed with dividend
paid in FY12. </div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
With this the board served dual purpose </div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
a) Reduce holding to 75% as per SEBI norms. The parent
Whirlpool of US holds 75% through Whirlpool Mauritius.</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
b) Clears the overhang of preferential dividend payments and
pave the way for payment of regular dividends for shareholders in future (no
interest payment, no pref. dividend)</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
Result >> In Q1FY13, while the topline grew by 10% Net
Profit grew by 26% due to EBITDA margin expansion, higher other income and
lower finance costs.</div>
<h2 style="font-family: "Trebuchet MS",sans-serif; line-height: 150%;">
</h2>
<h2 style="font-family: "Trebuchet MS",sans-serif; line-height: 150%;">
<span style="font-size: large;">...but the journey ahead is not a smooth one. </span></h2>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
"Leadership would not just mean bagging market share,
but also to build Whirlpool as a best-in-class technology brand," says Uppal
on growth ahead.</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
Recently the company launched 160 models across various
product categories, plans to spend Rs. 100Cr each in Capex and Marketing. The company targets
market leadership in refrigerators and washing machines within a year. It also
wants to be a top brand in air-conditioners and microwaves by then.</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
That’s all fine but where is the company standing via-à-vis competition.
Let’s have a look.</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
In the year ended March 31<sup>st</sup>, 2012: </div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif; margin-bottom: 0.0001pt;">
<b>Refrigerator</b>:
3<sup>rd</sup> position with 13.8% share behind LG (36.6%) and
Samsung (19.8%) <b><br /></b></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif; margin-bottom: 0.0001pt;">
<b>Washing Machine:</b><span style="mso-spacerun: yes;">
</span>3<sup>rd</sup> position again after LG and Samsung</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif; margin-bottom: 0.0001pt;">
<b>Microwave:
</b>4<sup>th</sup> largest brand</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif; line-height: 150%; margin-bottom: 0.0001pt;">
<b>Air-conditioners: </b><span style="mso-spacerun: yes;"> </span>5<sup>th</sup>
largest brand.</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
Whirlpool plans to invest more than Rs 750 Cr in India over the
next three years, invest in product innovation and development, capacity
augmentation and marketing at a time when the white goods industry is down to
single digit growth rate in a slowing economy.</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
Some of its recent launches such as direct-cool
refrigerators got great customer response across markets in India. The
management clearly states that they will not sacrifice profits for growth. </div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
"We believe in profitable growth. My principle is
simple: volume is vanity, profit is sanity and cash is the reality," Uppal
said.</div>
<h2 style="font-family: "Trebuchet MS",sans-serif; line-height: 150%;">
</h2>
<h2 style="font-family: "Trebuchet MS",sans-serif; line-height: 150%;">
<span style="font-size: large;">New product innovations and brand launches</span></h2>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
Whirlpool recently rolled out a top-loading washing machine,
which washes clothes like a front-loading machine, giving superior cleaning.
Other examples of innovations include a split basket to wash delicate clothes
and a new line of refrigerators with a separate bottle chiller.</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
Plans are also in place to launch brands from Whirlpool's
global portfolio, like KitchenAid, which would operate in the super-premium
appliances segment. Whirlpool brand stretches from the mass to premium
segments.</div>
<h2 style="font-family: "Trebuchet MS",sans-serif;">
</h2>
<h2 style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: large;">Road ahead looks promising</span></h2>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
As per recent estimates (Q1FY13) company is expected to do
revenue of 3,390 Cr in FY13 (YoY 12%) and 4,051 Cr in FY14. (yoy 20%).</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
Expected earnings are 167 Cr in FY13 and 220 Cr in FY14
translating to an EPS of 13.2 (FY13 yoy rise of 36%) and 17.2(FY14 yoy rise of
31%). </div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
The debt free balance sheet, very strong cash flows, durable
brand moat (high debtor turnover of 25.6 times), rich parentage are the levers
which can led the market to pay a slight premium.</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
Till now due to debt and preference share burden the company
didn't paid any dividend, so dividends seem to be a distinct possibility going
forward.</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
Also management is positive on the exports front which
clocked a turnover of ~188 Cr in FY12 with 11% growth.</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
The company is at an interesting juncture, if things do turn
out as per plans can turn out to be a very rewarding journey for the
shareholders. </div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
India, after all is the 5<sup>th</sup> largest market for America’s
largest home appliances maker and they sure want to make their mark this time
round giving their Korean competitors a hard time.</div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div class="MsoNormal" style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
</div>
Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com2tag:blogger.com,1999:blog-624067082367248578.post-59901836072494035842012-08-23T08:22:00.002-07:002012-08-23T08:22:11.615-07:00Opto Circuits: Corporate Governance issues ???<div dir="ltr" style="text-align: left;" trbidi="on">
The stock of Opto Circuits has been on a secular downtrend post the 3:10 bonus issue by the company in March 2012.<br />
<br />
Despite showing very good growth in sales and profits over the last few years, the stock has severely underperformed the markets.<br />
<br />
Off late, after the <a href="http://in.reuters.com/article/2012/08/14/idINL4E8JE2XZ20120814">reports of suspension of credit rating from ICRA</a> the stock corrected heavily from 160 levels to below 150.<br />
<br />
Post FY13Q1 result, major brokerages have put the stock on hold and expressed concerns on the stretched balance sheet and liquidity concerns.<br />
<br />
For someone holding the stock it is but natural to panic and run to sell. But let us look at the reality. <br />
<br />
The company is facing downsides not due to business but due to cash
flow concerns. Despite showing good growth in sales and profits the
stock is going no where. Why So ?<br />
<br />
The reason is cash flows. The company has spent 800 Cr on 6 acquisitions in the past 5 years and has infused 860 Cr in working capital over last 5 years. Debtor and inventory days at 130 and 80 days (five years avg.)<br />
<br />
<br />
The stock has very high debtor days. After a sharp increase in the working capital cycle from 221 days in
FY11 to 241 days in H1FY12, the company was able to reduce the same to
179 days in Q4FY12. Again it has almost 180
days in Q1FY13.<br />
<br />
This is due to the nature of business. So there money is struck
with customers for 6 months. Let us look into this in a bit more details.<br />
<br />
<br />
<br />
From management interaction with Opto Circuits MD Mr. Vinod Ramani, in the past <br /><br />
<blockquote class="tr_bq">
<i>Opto Circuit’s Debtor days are very high at 220 days (Opto
standalone). This is significantly above the industry norms. Nihon
Koden’s (108), Boston Scientific (66), Medtronics (89) debtor days. Even
accounting for 30 days shipping too, this is a big disadvantage.
Debtor-days have shown a deteriorating trend over the years (92,
141,131, 194,172,185 days –consolidated FY03 to FY08)</i><br />
<br />
<b>What are the reasons? What are management plans on this?</b><br />
<br />
"Opto Circuits products, though penetrating some markets rapidly, are
still some way off from acquiring significant marketshare. Sales are
driven primarily through distributors -MediAid in the US, AMDL in India,
and distribution network of subsidiaries like EuroCor and Criticare,
besides independent distributors.<br />
<br />
Terms usually get set as per norms set in individual markets. for ex. in
India leading hospitals like Wockhardt and Apollo demand 120-150 days.
In the US it is around 90-120 days. Shipping accounts for another 30
days for the non-invasive segment.<br />
<br />
The bigger players with dominant marketshare are able to get
significantly better terms. Opto is slowly increasing its market share;
things should get better as market penetration rises. Efforts are on to
bring down the debtor days from around 180 days to about 170 days.
However in the immediate future, next 2 years or so, there is unlikely
to be any significant improvements due to above cited factors.<br />
<br />
Having said that, Opto's products are needed for critical care; there's a
certain dependency on these products. Besides as far as sensors are
concerned -these are primarily the disposable patient-charged products.
There is very minimal risk of defaults as customers are typically very
big OEMs and leading hospitals. There hasn't been any significant bad
debt ever, except for the one odd instance of some 16 lakhs in the
balance sheet."</blockquote>
<br />
Now with growing sales, more and more money is being struck up in inventory and pending with customers. <br />
<br />
So it needs more and more working capital (Current Assets - Current
Liabilities) to fund these and hence more short term loans from banks. <br />
<br />
Add with this already huge burden of past debt from acquisitions and
finance costs are rising every quarter, hurts profits big time. <br />
<br />
Again it needs to pay cost to R&D (which is now expended under quarterly costs) and also Capital expansion on
facilities, more cash outflow, stretched liquidity, further loans,
further cost. <br />
<br />
Also dividend payout to shareholders, more cash outflow. All these is
putting stress on the balance sheet and company is struggling.<br />
<br />
So unless it cuts down debt, improves working capital cycle, market won`t assign a high P/E.<br />
<br />
Profits have grown, but the stock which use to trade at 15-16 P/E has now come down to 5-6 P/E.<br />
<br />
So in a nutshell, despite having a sound business stock is getting punished. <br />
<br />
Things will improve once they start paying on debt, and reduce working
capital, but unless that happens stock will remain range bound.<br /><br /><br /><b>What are the chances of getting back to positive cash flows : </b><br />
<br />
<br />
The company is expected to become cash flow positive mainly on following counts:<br />
<br />
A) No additional outflow from acquisitions over FY13-FY15 which has been a major dent to cashflow<br />
<br />
B) Cost savings from shifting production to developing countries.<br />
<br />
C) Equity raising at a subsidiary level, though this will lead to equity dilution and hence lower EPS<br />
<br />
D) As debt reduces, savings in financing cost, as working capital loans are much cheaper.<br />
<br />
<b>Improvement in business mix to higher margin invasive components revenue</b><br />
<br />
At present the mix of low margin non-invasive : high margin invasive business is around 76:24<br />
<br />
The company has been trying hard to get approvals for their invasive
products in the US market. Once that happens margins will improve and
boost bottom lines.<br />
<br />
One key point to note here is that company's debtors are all major
Hospitals and healthcare institutes. Hence chances of bad debt are zero
to negligible.<br /><br />
<b>Near terms there are two key monitor able items -</b><br />
<br />
A) Initiating coverage debt rating from CRISIL due around the first week of September 2012, will give us much needed clarity on the liquidity crunch<br />
<br />
B) Annual report 2012, will give clarity regarding net debt positions, write off on intangibles from past acquisitions and debt servicing. <br />
<br /><br />
The management <a href="http://profit.ndtv.com/News/Article/business-on-track-wait-for-crisil-rating-opto-circuits-md-309792">came on to media to clarify today</a> that things are on course. Also HSBC Global <a href="http://www.dealcurry.com/20120823-HSBC-Global-Acquires-Additional-Stake-In-Opto-Circuit.htm">acquired additional stake</a> in the company today. <br />
<br />
<blockquote class="tr_bq">
HSBC Global Investment Fund has acquired 0.52% stake in Opto Circuits,
<b>increasing its holding to around 4% through a bulk deal on NSE</b>. The fund
bought 1262502 shares for R120.86 per share aggregating to R15.26 Cr.</blockquote>
<br />
<br /></div>
Rudra Chowdhuryhttp://www.blogger.com/profile/15560021225817713499noreply@blogger.com2