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Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
Aries Agro Limited expanding its operations nationally and internationally: Ken Research
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Aries Agro Limited expanding its operations nationally and internationally: Ken Research

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The company is constantly working to increase its manufacturing capacity installed in India and UAE

The company is constantly working to increase its manufacturing capacity installed in India and UAE

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  • 1. 1© This is a licensed product of Ken Research and should not be copied
  • 2. 2© This is a licensed product of Ken Research and should not be copiedTABLE OF CONTENTS1. Executive Summary2. Business Overview2.1. Corporate Timeline2.2. Ownership Structure2.3. Organizational Structure3. Product Portfolio3.1. Fertilizers3.2. Nutritional Products3.3. Veterinary Products3.4. Agricultural Products4. Aries Agro Limited Financial and Valuation Analysis4.1. Valuation Analysis and Financial Summary5. Aries Agro Limited Annotated Stock Chart5.1. Annotated Stock Price Performance6. Aries Agro Limited Analyst Recommendations7. Aries Agro Limited Swot Analysis8. Key Professionals8.1. Management Profile on the Basis of Key Board of Members9. Macro Analysis of Fertilizer Industry9.1. Indian Fertilizers Industry Market Size, FY’2009-FY’20139.1.1. By Production and Consumption, FY’2009-FY’20139.1.2. By Value, FY’2009-FY’20139.2. Indian Fertilizers Industry Segmentation, FY’20129.2.1. By Inorganic and Organic Fertilizers, FY’20129.2.2. By Generic and Bio-Fertilizers, FY’2009-FY’2012
  • 3. 3© This is a licensed product of Ken Research and should not be copied9.2.3. By Micronutrients and Macronutrients, FY’20129.3. Market Share of Major Players in Indian Fertilizer Industry, FY’20129.3.1. By Revenue, FY’20129.3.2. By Micronutrients, FY’201210. Aries Agro Limited Competitive Analysis10.1. By Products Offered/ Revenue/ Business Strategy11. Aries Agro Limited Management Outlook and Future Projections11.1. Aries Agro Limited Future Projections11.2. Aries Agro Limited Financials Future Projections11.3. Aries Agro Limited Ratio Analysis12. Appendix12.1. Market Definitions12.2. Abbreviations12.3. Research Methodology12.4. Disclaimer
  • 4. 4© This is a licensed product of Ken Research and should not be copiedLIST OF FIGURESFigure 1: Aries Agro Limited Corporate Timeline 2007-2012Figure 2: Aries Agro Limited Ownership Structure in Percentage as on 31st March 2013Figure 3: Aries Agro Limited Organizational StructureFigure 4: Aries Agro Limited Product PortfolioFigure 5: Aries Agro Limited Fertilizer Product Division on the Basis of Types of NutrientsFigure 6: Aries Agro Limited Annotated Stock Price Performance on the Basis of VolumeTraded and Stock Prices in INR per Share, 25thMay, 2012 - 23rdMay, 2013Figure 7: India Fertilizer Market Size on the Basis of Production and Consumption in ThousandTonnes, FY’2009-FY’2013Figure 8: India Fertilizer Industry Market Size by Revenue in INR Crore and Percentage Growthin the Indian Fertilizer Market, FY’2009-FY’2013Figure 9: India Fertilizer Market Segmentation by Organic and Inorganic Fertilizers on the Basisof Contribution in Percentage (%), FY’2012Figure 10: India Fertilizer Market Segmentation by Macronutrients and Micronutrients on theBasis of Contribution in Percentage (%), FY’2012Figure 11: Market Share of Leading Companies in Micronutrients on the Basis of Production inPercentage, FY’2012Figure 12: Aries Agro Limited Future Projections on the Basis of Revenue, EBITDA Margin andNet Profit Margin in INR Crore and Percentage, 2014-2017Figure 13: Non-linear Regression Analysis and Scatter Chart Based upon Indian Hybrid SeedIndustry Market size, FY’2008-FY’2012
  • 5. 5© This is a licensed product of Ken Research and should not be copiedLIST OF TABLESTable 1: Aries Agro Limited Financial Summary on the Basis of Revenue, Growth and Net ProfitMargin in INR Crore and Percentage, 2009-2013Table 2: Aries Agro Limited Ownership Structure on the Basis of Shares Held as on 31st March2013Table 3: Aries Agro Limited Promoters Stake on the Basis of Number of Shares Held as on 31stMarch 2013Table 4: Aries Agro Limited Revenue Segmentation on the Basis of Contribution by Products inthe Overall Revenue, in FY’2011-FY’2012Table 5: Aries Agro Limited Financial Performance on the Basis of Revenue, EBITDA Marginand Net Profit Growth in INR Crore and Percentage, 2008-2012Table 6: Financial Performance of Fertilizers Companies in India on the Basis of Revenue inINR Crore, FY’2008-LTM year ending 31st December 2012Table 7: Financial Performance of Fertilizers Companies in India on the Basis of EBITDA inINR Crore, FY’2008-LTM year ending 31st December 2012Table 8:Company Comparable Analysis on the Basis of Market Capitalization, Net Debt andEnterprise Value and Valuation Multiples in INR Crore and Multiples, LTM 31st December2012Table 9: Relative Valuation Analysis on the Basis of Deal Value, Deal Stake and Multiples inINR Crore, Percentage and MultiplesTable 10: Aries Agro Limited Operational Overview on the Basis of Key Board of DirectorsProfileTable 11: Fertilizer Prices in India in INR per Ton, 2009-2012Table 12: India Fertilizer Market Segmentation by Organic and Inorganic Fertilizers on the Basisof Revenue in INR Crore, FY’2012Table 13: India Fertilizer Market Segmentation by Bio-fertilizers and Generic Fertilizers on theBasis of Production in Thousand Tonnes, FY’2009-FY’2012Table 14: India Fertilizer Market Segmentation by Bio-fertilizers and Generic on the Basis ofContribution in Percentage (%), FY’2009-FY’2012Table 15: Market Positioning of Major Players on the Basis of Revenue in INR Crore andPercentage, FY 2012
  • 6. 6© This is a licensed product of Ken Research and should not be copiedTable 16: Company Profile of Major Competitors of Aries Agro Limited on the basis of ServicesOffered, Revenue and Business StrategiesTable 17: Aries Agro Limited Balance Sheet, 2012-2015Table 18: Aries Agro Limited Income Statement, 2012-2015Table 19: Aries Agro Limited Cash Flow Statement, 2011-2015Table 20: Aries Agro Limited Ratio Analysis on the Basis of Liquidity, Asset Management,Profitability and Leverage Ratios in Multiple and Percentage, 2011-2014Table 21: Regression Coefficients of the Aries Agro LimitedTable 22: Regression Intercepts of the Aries Agro Limited
  • 7. 7© This is a licensed product of Ken Research and should not be copied1. EXECUTIVE SUMMARYRecommendation: Buy Target Price: INR 59.9 Date: 01th March 2013Aries Agro Limited is an Indian based multinational company. The company produces nutritionalproducts, multi micro micronutrients, chelated micronutrients, specialty soluble NPK fertilizers,veterinary products, plant protection chemicals, agricultural products and farm equipments. The productmanufacturing factories are established in India and UAE. The company was converted to public limitedcompany on 30, December 1994 by the name of Aries Agro-Vet Industries Limited. The company’scorporate office is located at Mumbai and is traded on Bombay stock exchange of India and Nationalstock exchange of India.KeyDifferentiators Aries Agro Limited is the first Indian company to manufacture calciumchelate indigenouslyCompetition andPositioning The company has more than 1,000 professional trained staff in IndiaKeyDevelopments The company was the first recipient of the ISI mark for its mineral feedsupplementsFinancialSummaryAries Agro Limited Financial Summary on the Basis of Revenue, Growth andNet Profit Margin in INR Crore and Percentage, 2009-2013Particulars 2009 2010 2011 2012 2013RevenueGrowth%Net Profit%
  • 8. 8© This is a licensed product of Ken Research and should not be copied2. BUSINESS OVERVIEWINTRODUCTIONDr. T.B. Mirchandani and Mrs. Bala Mirchandani incorporated Aries Agro Limited in 1969 bythe name of Aries Agro-Vet Industries Private Limited. The company’s registered office islocated in Maharashtra. Originally the company introduced small collection of mineral feedingproducts such as vitamin premixes, protein concentrates, milk boosters, mineral premixes andothers for only birds and animals. So the company developed a brand leading position in the areaof nutritional products. Subsequently in 1975 the company entered to nutrient feeds for plantswith the launch of Chelated micronutrients fertilizers…2.1. CORPORATE TIMELINEOn 26thDecember 2007, company has completed its IPO by issuing 4,500,000 shares generatingINR 54.0 crore. This was required for further expansion and for meeting the working capitalneeds of the company……On 14thFebruary 2012, the company entered into Memorandum of Understanding withInstitute of Technology and Management Trust. Under this agreement a PGDM programme inagribusiness was introduced, which promoted the agricultural sector among the aspirants of thissector.
  • 9. 9© This is a licensed product of Ken Research and should not be copiedFigure 1: Aries Agro Limited Corporate Timeline 2007-20122.2. OWNERSHIP STRUCTUREPromoters of Aries Agro Limited are the major stake holders of the company accounting for52.7% shares in total shares outstanding of the company…Aries Agro Limited Ownership Structure on the Basis of Shares Held as on 31st March2013Category No. of Share Holder as on31stMarch 2013No. of Shares as on 31stMarch 2013Change inShare HeldPercentageChangePromoters
  • 10. 10© This is a licensed product of Ken Research and should not be copiedFIIsMutualFunds/ UTIBodiesCorporateIndividualsNRIsClearingMembersTotalFigure: Aries Agro Limited Ownership Structure in Percentage as on 31st March 2013PromotersFIIsMutual Funds/ UTIBodies CorporateIndividualsNRIsClearing Members
  • 11. 11© This is a licensed product of Ken Research and should not be copied2.3. ORGANIZATIONAL STRUCTUREThe company has branches spread all over the country such as Ahmadabad, Bellary,Bhubaneswar, Coimbatore, Ghaziabad, Guwahati, Hissar, Nasik, Raipur, Solapur,Sriganganagar, Jodhpur, Jalandhar, Nipani, Vijayawada and others……Also on 30thDecember 2010, Amarak Chemicals FZC became the subsidiary company ofAries agro limited with shareholding of 75.0%. Amarak Chemicals FZC generated a loss of INR0.73 crore in FY’2012.Aries Agro Limited Organizational Structure
  • 12. 12© This is a licensed product of Ken Research and should not be copied3. PRODUCT PORTFOLIOThe company has a total of 84 brands covering broad category of plant nutrients, insecticides andveterinary products covering agri equipments…Aries Agro Limited Product PortfolioAries Agro Limited Revenue Segmentation on the Basis of Contribution by Products in theOverall Revenue, in FY’2011-FY’2012Segmentation (in Percentage Contribution) FY’2011 FY’2012Agricultural Micronutrient and Specialty FertilizersPlant Nutrient Products
  • 13. 13© This is a licensed product of Ken Research and should not be copiedInsecticides and PesticidesVeterinary ProductsAgricultural Equipments and OthersTotal3.1. FERTILIZERSFertilizer is the major revenue generating section of the company with ~% contribution in theoverall revenue of the company in FY’2012…… Aries Agro Limited has increased its focus on fertilizers section with revenue of INR ~crorein FY’2011 to INR ~crore in FY’2012 showing a growth of ~points in the consecutive yearsFY’2011 to FY”2012.Aries Agro Limited fertilizer product division on the basis of types of nutrients
  • 14. 14© This is a licensed product of Ken Research and should not be copiedThe company produces Multi micro nutrient Fertilizers with variant combinations ofmicronutrients. Certain products enrolled under multi micro nutrient are AGROMIN (SoilApplication), AGROMIN Gold (Chealted Liqued), AGROMIN Liquid, AGROMIN MAX,Agripro …3.2. NUTRITIONAL PRODUCTSThe revenue generated from nutritional products of the company contributes ~% in the overallrevenue of INR ~crore of the company in FY’2012. …3.3. VETERINARY PRODUCTSVeterinary product includes nutrient feeds and feed supplements developed for animals andbirds. This segment generates marginal revenue of ~% in the overall revenue of INR ~crore ofthe company in FY’2012….3.4. AGRICULTURAL PRODUCTSAries Agro Limited produces plant growth hormones, insecticides and pesticides in agriculturalproducts segment. The revenue contribution of agricultural products in overall revenue of thecompany is ~% in FY’2012. …
  • 15. 15© This is a licensed product of Ken Research and should not be copied4. ARIES AGRO LIMITED FINANCIAL ANDVALUATION ANALYSIS4.1. VALUATION ANALYSIS AND FINANCIAL SUMMARYThe revenue of the company has endures the average annual growth rate of ~% from FY’2008 toFY’2012…… In FY’2012, the company has registered the growth of ~% y-o-y with revenues of INR~crore……The COGS of the company showcased a CAGR of ~% from FY’2008 to FY’2012. ……The depreciation margin on EBITDA was increased to ~% in FY’2012 from ~% in thepreceding year. Aries Agro spends INR ~crore in FY’2011 as an expenditure on long term assetsas compared to INR ~crore in FY’2010 which increased the depreciation by ~% for FY’2012.Also the finance cost …… As Aries Agro is a small cap company so the revenue multiple from these financial deals isdiscounted. Therefore, on the basis of precedent transactions, Aries Agro Limited has beenvalued at INR ~ crore with a revenue multiple of ~x.Table: Aries Agro Limited Financial Performance on the Basis of Revenue, EBITDAMargin and Net Profit Growth in INR Crore and Percentage, 2008-2012Particulars (in INR Crore and Percentage) FY’2008 FY’2009 FY’2010 FY’2011 FY’2012Revenuey-o-y Growth%EBITDA Margin %Net Profit Growth %
  • 16. 16© This is a licensed product of Ken Research and should not be copiedTable: Company Comparable Analysis on the Basis of Market Capitalization, Net Debtand Enterprise Value and Valuation Multiples in INR Crore and Multiples, LTM 31stDecember 2012(INR Crore, unless Stated) Last Twelve Months (LTM) Year EndingDecember 2012Company MarketCapNetDebtEnterpriseValue (EV)EV/Revenue EV/EBITDA P/EAries Agro LimitedChambal Fertilizers andChemicals LimitedGujarat State Fertilizer& Chemical Co LimitedCoromandelInternational LimitedZuari Agro ChemicalsLimitedNagarjuna Fertilizersand Chemicals LimitedRashtriya Chemicalsand Fertilizers LimitedMeanMedianRelative Valuation Analysis on the Basis of Deal Value, Deal Stake and Multiples in INRCrore, Percentage and MultiplesDate Target Company Deal Type DealValueINR (Cr)Stake % ImpliedEV/RevenueImpliedEV/EBITDAImpliedEV/ PAT02-Apr-13 Mangalore Chemicals& FertilizersBlock trade29-Jan-13 PI Industries Limited PrivatePlacement10-Jan-13 Karnalyte ResourcesInc.PrivatePlacement
  • 17. 17© This is a licensed product of Ken Research and should not be copied04-Dec-12 Sree RamcidesChemicals PrivateLimitedInboundAcquisition04-Dec-12 PI Industries Limited Block trade04-Oct-12 PI Industries Limited Block trade28-Sep-12 Shree Renuka SugarsLimitedBlock trade13-Jul-12 SD Agchem(Netherlands) B.V.OutboundAcquisition23-Apr-12 Zero Waste AgroOrganics PrivateLimitedDomesticAcquisitionMeanMedianMACRO ANALYSIS OF FERTILIZER INDUSTRYINDIAN FERTILIZERS INDUSTRY MARKET SIZE, FY’2009-FY’2013BY VALUE, FY’2009-FY’2013The agriculture sector in India accounts for 10% of India’s export earnings. Thus, if theagricultural waste is low and productivity is high, then the export earnings tend to be morerobust.
  • 18. 18© This is a licensed product of Ken Research and should not be copiedFigure: India Fertilizer Industry Market Size by Revenue in INR Crore and PercentageGrowth in the Indian Fertilizer Market, FY’2009-FY’2013BY MICRONUTRIENTS, FY’2012Micronutrients contribution to the overall fertilizer consumption is nearly 0.07% in India.Figure: Market Share of Leading Companies in Micronutrients on the Basis of Productionin Percentage, FY’20122,26,539.90.0%1.0%2.0%3.0%4.0%5.0%6.0%2,00,000.02,05,000.02,10,000.02,15,000.02,20,000.02,25,000.02,30,000.02,35,000.02,40,000.02,45,000.0FY2009 FY2010 FY2011 FY2012 FY2013PIndian Fertilizer Industry Market Size Growth in Indian Fertilizer IndustryAries Agro LimitedMultiplex GroupVanita Agrochem (I) Pvt. Limited.Zuari Agro ChemicalsCoromandel InternationalNagarjuna Fertilizers and ChemicalsLlimitedGujarat State Fertilizer & Chemicals LimitedOthers
  • 19. 19© This is a licensed product of Ken Research and should not be copiedARIES AGRO LIMITED MANAGEMENT OUTLOOK ANDFUTURE PROJECTIONSARIES AGRO LIMITED FUTURE PROJECTIONSAs the fertilizer business of the company is highly dependent on the climatic conditionsprevailing in the country…..Aries Agro Limited Future Projections on the Basis of Revenue, EBITDA Margin and NetProfit Margin in INR Crore and Percentage, 2014-2017311.90.0%5.0%10.0%15.0%20.0%25.0%0.0100.0200.0300.0400.0500.0600.0FY2013 FY2014 FY2015 FY2016 FY2017 MarginINRCroreRevenue EBITDA Margin Net Profit Margin
  • 20. 20© This is a licensed product of Ken Research and should not be copiedARIES AGRO LIMITED FINANCIALS FUTURE PROJECTIONSAries Agro Limited has been showing an upward trend in its shareholders’ funds. The companyhas shown a growth in net worth of ~% in FY’2012, representing an increase in profitabilitymargin of the company. ……Outsider funds of the company include both long term and short term loan of the company.Long term loans constitute approximately ~% of the total outsider funds as on 31st March 2012.…The overall financials of the company will be increased from 2012-2017 as the company isplanning to expand its business. For which the company is performing long term investments byincreasing its expenditure on capital. It is anticipated that ……Working capital of Aries Agro has increased from INR ~crore in FY’2011 to INR ~crore inFY’2012. …. Additionally a decrease of ~% in inventories and fall of ~% in cash and cashequivalent will further decrease the working capital.Aries Agro Limited Balance Sheet, 2012-2015Particulars (in INR Crore) FY’2012 FY’2013E FY’2014 FY’2015EQUITY AND LIABILITIES1) Shareholders fundsa) Share Capitalb) Reserve and SurplusNet Worth2) Non-Current Liabilitiesa) Long-Term Borrowingsb) Deferred tax Liabilities (Net)c) Long-Term ProvisionsTotal3) Current Liabilitiesa) Short-Term Borrowingsb) Trade Payables
  • 21. 21© This is a licensed product of Ken Research and should not be copiedc) Other Current Liabilitiesd) Short-Term ProvisionsTotal(4) Minority interest(a) Equity(b) Non-EquityGrand TotalASSETS1) Non-Current Assetsa) Fixed Assetsb) Capital Work-in-Progressc) Non-Current Investmentsd) Unamortized ExpensesTotal2) Current Assetsa) Inventoriesb) Trade Receivablesc) Cash and Bank Balancesd) Short-Term Loans and AdvancesTotalGrand TotalAries Agro Limited Income Statement, 2012-2015Particulars (in INR Crore) FY’2012 FY’2013* FY’2014 FY’2015 FY’2016RevenuesEBITDADepreciationNet profit (after tax)
  • 22. 22© This is a licensed product of Ken Research and should not be copiedAries Agro Limited Cash Flow Statement, 2011-2015Particulars (in INR Crore) FY’2011 FY’2012 FY’2013E FY’2014CASH FLOW FROM OPERATIONProfit Before TaxAdjustment for:--Depreciation-Finance cost-Dividend Paid-Other adjustmentsChanges in working capital-(Increase)/ decrease in Inventories-(Increase)/ decrease in trade receivable-Increase/ (decrease) in other current liabilities-Increase/ (decrease) in trade payableWorking capital movementCash Generated from Operations-Net Prior Year Adjustments--Taxes PaidCash flow from operating activitiesCASH FLOW FROM INVESTING ACTIVITIESNet Capital expenditureMovement in short term loan and advancesOther AdjustmentsCash flow from investing activitiesCASH FLOW FROM FINANCING ACTIVITIESLong Term BorrowingsShort Term BorrowingsIssue of Share Capital
  • 23. 23© This is a licensed product of Ken Research and should not be copiedInterest PaidCash flow from financing activitiesNet Increase in Cash and Cash EquivalentsCash and Cash Equivalents at the Beginning of the YearCash and Cash Equivalents at the End of the YearARIES AGRO LIMITED RATIO ANALYSISCurrent ratio of the company was marginally increased by 3.6% in FY’2012 due to fluctuation ininventory turnover days, debtor turnover days and creditor turnover days. From 2011 -2012,…Profitability ratio of the company has been declining in FY’2012. … Also operating margin ofthe company is expected to decline at a CAGR of~% from 2012-2014.Debt to equity ratio and debt ratio are part of liquidity ratio. Debt to equity ratio has increased at~% in FY’2012 because of …Aries Agro Limited Ratio Analysis on the Basis of Liquidity, Asset Management,Profitability and Leverage Ratios in Multiple and Percentage, 2011-2014Particulars 2011 2012 2013E 2014Current RatioQuick RatioInventory TurnoverDebtor TurnoverReturn on AssetsReturn on EquityReturn on SalesOperating MarginDebt to EquityDebt ratio
  • 24. 24© This is a licensed product of Ken Research and should not be copied4.2. DISCLAIMERThe research reports provided by Ken Research are for the personal information of theauthorized recipient and is not for public distribution and should not be reproduced orredistributed without prior permission. You are permitted to print or download extracts from thismaterial for your personal use only. None of this material may be used for any commercial orpublic use.The information provided in the research documents is from publicly available data and othersources, which are reliable. Efforts are made to try and ensure accuracy of data. With respect todocuments available, neither the company nor any of its employees makes any warranty, expressor implied, including the warranties of merchantability and fitness for a particular purpose, orassumes any legal liability or responsibility for the accuracy, completeness, or usefulness of anyinformation, apparatus, product, or process disclosed, or represents that its use will not infringeprivately owned rights.The report also includes analysis and views expressed by our research team. The research reportsare purely for information purposes. The opinions expressed are our current opinions as of thedate appearing in the material and may be subject to change from time to time without notice.Investors should not solely rely on the information contained in the research documents and mustmake investment decisions based on their own investment objectives, risk profile and financialposition. The recipients of this material should take their own professional advice before actingon this information.Ken Research will not accept returns of reports once dispatched due to the confidentiality ofinformation provided in our reports. In case, a report qualify for return, we will issue a credit,minus shipping charges, of equal value to the original purchase price, toward a future purchase—no refunds. The decision about whether the product return can be accepted or not is solely at ourdiscretion. Any dispute will be subject to the laws of India and exclusive jurisdiction of IndianCourts.No part of this manual or any material appearing may be reproduced, stored in or transmittedon any other Web site without written permission of Ken Research and any payments of aspecified fee. Requests to republish any material may be sent to us.

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