1. 4QFY2010 Result Update I Automobile
May 26, 2010
JK Tyre & Industries BUY
CMP Rs179
Performance Highlights Target Price Rs242
JK Tyre & Industries (JK Tyre) reported 23% yoy growth in net sales to Investment Period 12 Months
Rs1,051cr (Rs854cr), which was below our expectations. This was largely
because of lower-than-expected performance at the operating front due to a Stock Info
substantial increase in raw material cost. The company reported an OPM of Sector Tyre
7.8% on account of the qoq increase in raw material cost. Net profit at
Market Cap (Rs cr) 737
Rs26.7cr (Rs13.6cr) came in below our expectations. Management is optimistic
about generating good volumes in FY2010 on the back of strong demand, Beta 1.0
capacity expansion across segments and the Tornel acquisition. The stock is 52 WK High / Low 236/64
currently available at attractive valuations of 4.2x and 3.7x FY2011E and
Avg. Daily Volume 156846
FY2012E EPS, respectively. We maintain Buy on the stock.
Face Value (Rs) 10
FY2010 Financial Performance: JK Tyre reported net sales of Rs 3,678cr on a
BSE Sensex 16,388
standalone basis for FY2010 and Rs4,571cr on a consolidated basis. Net profit
came in at Rs163cr on a standalone and at Rs224cr on a consolidated basis. Nifty 4,917
The numbers are not comparable with the previous fiscal as previous fiscal Reuters Code JKIN.BO
numbers are for eighteen months. The tonnage stood at 56,700MT for
Bloomberg Code JKI@IN
4QFY2010 and 2,40,000MT for FY2010.
Shareholding Pattern (%)
Outlook and Valuation: In FY2010, the tyre industry benefited largely from the
increased original equipment manufacturer (OEM) demand and spike in Promoters 47.0
replacement demand. Going ahead, we are positive on the sector as OEM MF/Banks/Indian FIs 29.8
off-take is expected to improve, benefitting the overall auto industry’s volume
growth. However, the recent run-up in raw-material prices is a concern and FII/NRIs/OCBs 9.6
expected to exert some pressure on the company’s operating margin. On
Indian Public 13.6
account of the lower-than-expected 4QFY2010 performance, we estimate the
company to generate EPS of Rs43.2 (Rs45.5) in FY2011E and Rs48.4 (Rs53.5) Abs. (%) 3m 1yr 3yr
in FY2012E. We maintain Buy on JK Tyre with a revised Target Price of Rs242
(Rs267), at which the stock would trade at 5x, 3.3x and 0.8x FY2012E EPS, Sensex (0.3) 20.6 14.3
EV/EBITDA and P/BV, respectively.
JK Tyre 4.8 151.0 32.9
Key Financials (Consolidated)
Y/E March (Rs cr) FY2009 FY2010E FY2011E FY2012E
Net Sales 5,553 4,571 5,523 6,001
% chg 98.7 (17.7) 20.8 8.7
Adj. Net Profit (103.8) 208.2 177.4 198.9
% chg - - (14.8) 12.1
OPM (%) 3.0 11.0 9.7 10.2
Adj. EPS (Rs) (26.3) 50.7 43.2 48.4
P/E (x) (6.8) 3.5 4.2 3.7
P/BV (x) 1.1 0.8 0.7 0.6
RoE (%) 12.8 6.6 9.7 16.6
RoCE (%) 3.9 18.5 17.1 16.0
EV/Sales (x) 0.4 0.4 0.4 0.3 Vaishali Jajoo
Tel: 022 – 4040 3800 Ext: 344
EV/EBITDA (x) 12.1 3.5 4.1 2.9
E-mail: vaishali.jajoo@angeltrade.com
Source: Company, Angel Research; Note: JK Tyre has changed its accounting year from September
to March end. Accordingly, FY2009 for the company was of 18-months (6 quarters) ending March
2009.
1
Please refer to important disclosures at the end of this report Sebi Registration No: INB 010996539

2. JK Tyre & Industries I 4QFY2010 Result Update
Exhibit 1: 4QFY2009 Financial Performance (Standalone)
Y/E March (Rs cr) 4QFY10 4QFY09 % chg FY10 FY09 % chg
Net Sales (include Other
1,050.6 854.2 23.0 3,691.6 4,922.1 (25.0)
Op. Inc.)
Consumption of Raw
711.2 592.3 20.1 2,332.9 3,395.3 (31.3)
Material
(% of Sales) 67.7 69.3 63.2 69.0
Staff Costs 63.1 44.7 40.9 254.0 295.0 (13.9)
(% of Sales) 6.0 5.2 6.9 6.0
Purchases of Traded Goods 6.0 4.6 30.7 36.8 71.9 (48.8)
(% of Sales) 0.6 0.5 1.0 1.5
Other Expenses 188.2 140.8 33.6 648.4 848.2 (23.6)
(% of Sales) 17.9 16.5 17.6 17.2
Total Expenditure 968.4 782.4 23.8 3,272.1 4,610.4 (29.0)
Operating Profit 82.2 71.8 14.5 419.5 311.8 34.6
OPM 7.8 8.4 11.4 6.3
Interest 18.7 31.2 (40.1) 88.7 157.8 (43.8)
Depreciation 22.3 19.4 14.7 86.0 113.4 (24.2)
Other Income (3.0) 0.3 (976.5) 0.8 1.3 (39.5)
PBT (excl. Extr. Items) 38.3 21.5 77.8 245.7 41.9 486.2
Extr. Income/(Expense) - - - - - -
PBT (incl. Extr. Items) 38.3 21.5 77.8 245.7 41.9 486.2
(% of Sales) 3.6 2.5 6.7 0.9
Provision for Taxation 11.5 7.9 46.2 82.2 22.9 259.6
(% of PBT) 30.1 36.6 33.5 54.5
Reported PAT 26.7 13.6 96.1 163.5 19.0 758.1
PATM 2.5 1.6 4.4 0.4
Equity capital (cr) 41.1 41.1 41.1 41.1
EPS (Rs) 6.5 3.3 96.1 39.8 4.6 758.1
Source: Company, Angel research
Marginal top-line growth; strike affects sales: JK Tyre reported 23% yoy growth in
net sales to Rs1,051cr (Rs854cr) in 4QFY2010. In tonnage terms, the company
registered 11.2% yoy growth in volume to 56,700MT in 4QFY2010 (51,500MT in
3QFY2010 and 51,000MT in 4QFY2009). JK Tyre announced a hike in prices in
3QFY2010 and 4QFY2010 to pass-through the raw-material cost increase. An
average of ~5% hike across the segments was applicable from January 2009 to
abbreviate the increase in raw-material costs. The average procurement price of
rubber in 4QFY2010 stood at Rs145/Kg compared to Rs119/Kg in 3QFY2010.
OPM below expectation due to increased raw material cost: The company’s
operating profit increased 14.5% yoy to Rs82.2cr (Rs71.8cr). However, on a qoq
basis, OPM dropped by 449bp yoy to 7.8% (11.7% in 3QFY2010), which was below
our estimates. This was primarily on account of the 586bp qoq jump in raw-material
cost. The company attributed the substantial contraction in OPM to change in
product mix and higher rubber prices. OPM growth was also partially arrested by
the spike in other expenditure, which comprised discounts and other selling and
distribution expenses. The company also hiked prices by 5% in 4QFY2010 and has
guided on subsequent price hikes in the event of increasing rubber prices.
Management has guided to sustain margins of 10–10.5% in FY2011E.
Net profit below expectations at Rs26.7cr: For 4QFY2010, JK Tyre recorded a
96.1% yoy increase in net profit to Rs26.7cr (Rs13.6cr), which was below our
estimates, primarily on account of a low base of last year and significant payback in
working capital loans leading to a fall in interest costs (debt on books of standalone
entity is Rs860cr).
May 26, 2010 2

3. JK Tyre & Industries I 4QFY2010 Result Update
Conference Call Highlights
Rubber prices touching new highs
JK Tyre will continue to face pressure on the margin front due to increasing rubber
prices. Average rubber price for the company during 4QFY2010 was nearly
Rs145/Kg as against Rs119/Kg in 3QFY2010. Rubber prices are currently trading at
Rs155–158/Kg. Average rubber price for the company for FY2010 was Rs110/kg.
On account of the monsoon season, the company has maintained rubber inventory
for 45 days. Almost the entire inventory is at a price of Rs145/Kg. Given that rubber
prices have increased further, prices of petroleum products are witnessing a
downtrend, which should help the company protect margins to some extent.
Therefore, the company expects EBITDA margins to be maintained at 10–10.5% for
FY2011E.
Exhibit 2: Natural Rubber Price Trend (Rs119/Kg)
160
140
120
100
80
60
40
20
0
Q1FY05
Q2FY05
Q3FY05
Q4FY05
Q1FY06
Q2FY06
Q3FY06
Q4FY06
Q1FY07
Q2FY07
Q3FY07
Q4FY07
Q1FY08
Q2FY08
Q3FY08
Q4FY08
Q1FY09
Q2FY09
Q3FY09
Q4FY09
Q1FY10
Q2FY10
Q3FY10
Q4FY10
Average Prices (Rs. Per kg)
Source: Bloomberg, Angel research
JK Tyre has initiated a 4% price increase, which will be in effect from June 1, 2010,
for the replacement category. This raise comes on the back of a 6.7% increase in
prices in FY2010. Normally it takes three months for the price increase to pass on to
the OEM segment. Net sales realisation for the company increased about 1.5% for
4QFY2010. The entire price hike did not reflect into sales realisation because of the
sales mix. Average net sales realisation is likely to increase by 2–2.5% in FY2011.
Capacity expansion plans
Currently, JK Tyre is running at almost full capacity and is partially unable to meet
increasing OEM demand. Therefore, the company has major expansion plans on
the anvil across segments, with most of the capacities coming on board from
2011E–2012E. The company’s total capacity post the expansions is slated at
12.6mn tyres annually. The company incurred a capex of Rs315cr for FY2010 and
has lined up a capex of Rs750cr for FY2011E. The company has overall capital
expenditure plans of Rs930cr in the next two years, out of which Rs776cr is for a
Greenfield facility at Chennai, which could be operational by 2012. This facility will
produce 25 lakh passenger car radials, 2 lakh bus radials and 2 lakh truck radials.
The remaining capex will be used for expanding the facility at the Mysore plant from
8 lakh to 10 lakh radials at a cost of Rs154 cr. The expansion is expected to be
completed by March 2011. Consequently, the company’s domestic capacity will
reach 1.25cr tyres a year in 2012.
JK Tyre is currently expanding its off-road tyre (ultra large-size tyre) capacity by
3,000 tyres a year to 42,000 tyres per year, primarily for Bharat Earth Movers
(BEML), at a cost of Rs120cr. The company has, in fact, delivered the first batch of its
ultra large-size tyres to BEML ahead of schedule.
May 26, 2010 3

4. JK Tyre & Industries I 4QFY2010 Result Update
JK Tyre has completed its truck and bus radial (T&BR) capacity expansion plan, with
an investment of Rs315cr, and will have increased capacity from 307,000 tyres to
800,000 tyres per year by October 2010. This capacity has been running at almost
100% capacity utilisation in November and December 2009. Therefore,
management plans to increase its radial capacity by another 4 lakh tyres to 12 lakh
tyres per year over the next three years.
Update on Tornel operations
JK Tyre had acquired Tornel, Mexico, in June 2008 for a consideration of nearly
Rs270cr through a 100% special purpose vehicle. According to management,
Tornel, which has a total capacity of 6.6mn tonnes per year, recorded a turnover of
around Rs1,000cr in CY2009, net profit of nearly Rs60cr and debt of Rs150cr–
160cr in books as on December 31, 2009. Tornel’s operations turned EPS accretive
for JK Tyre in its first year of operation. Tornel contributed positively to the sales and
profitability of the company on a consolidated basis. Net sales for Tornel were up
10% for FY2010. The company continues to operate in a challenging environment.
It faces cost pressures on the raw-material front on account of increased rubber
prices and because of the depreciation of Mexican pesos versus the US dollar.
Tornel is currently operating at a 60–70% utilisation level.
Management outlook
Management is positive about the auto industry’s growth, including the commercial
vehicle and the passenger vehicle segments, and has planned capacity expansions
to meet the demand arising from the uptrend in the auto industry in general. With
new international players entering the compact car segment particularly,
management expects the industry to witness ~18% annual growth in the passenger
car radial segment over the next couple of years. Management is also optimistic on
an upturn in the CV cycle and off-take from its strong clients, Ashok Leyland and
Tata Motors. Further, management expects the T&BR segment to register 8–10%
annual growth over the next couple of years.
The acquisition of Tornel, which is majorly into truck, LCV, farm and industrial tyres
in the bias category and truck, LCV and high-speed passenger car tyres, has given
JK Tyre a strong hold in the South American market, which will help increase
contribution from the company’s international business.
Debt levels for the company as in March 2010 have gone down from Rs1,100cr to
Rs860cr on a standalone basis, and from Rs1,382cr to Rs1,158cr on a consolidated
basis. The company continues to maintain cash at a normal level of Rs50–60cr.
Production volumes for JK Tyre for FY2011E could be up by 20–25% as demand
from passenger cars, trucks and buses remains robust. Currently, demand for tyres
is exceeding the supply. The company should also benefit from full capacity
utilisation at the Kankroli tyre plant in FY2011E. The disruption in operations last
year due to the illegal strike by workmen led to a decline of Rs300cr in sales and a
loss of Rs30–35cr at the EBITDA level.
May 26, 2010 4

5. JK Tyre & Industries I 4QFY2010 Result Update
Outlook and Valuation
In FY2010, the tyre industry benefited largely from the substantial increase in OEM
demand and spike in replacement demand. Going ahead, we are positive on the
sector as OEM off-take is expected to improve, benefitting the overall auto industry’s
volume growth. However, the recent run-up in raw-material prices is a concern and
expected to exert some pressure on the company’s operating margin. On account of
the lower-than-expected 4QFY2010 performance, we estimate the company to
register EPS of Rs43.2 (Rs45.5) in FY2011E and Rs48.4 (Rs53.5) in FY2012E.
Exhibit 3: One year forward EV/EBITDA Band
5,000
4,400 8x
3,800
3,200 6x
EV (Rs cr)
2,600
4x
2,000
1,400
2x
800
200
Sep-02
Sep-03
Sep-04
Sep-05
Sep-06
Sep-07
Sep-08
Sep-09
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
May-03
May-04
May-05
May-06
May-07
May-08
May-09
May-10
Source: C-line, Angel Research
We believe that strong demand, prevailing high-capacity utilisation levels and higher
investment requirements will help the Indian tyre industry to arrest the sharp decline
in margins despite the upward move in input costs (rubber and carbon black). Thus,
we maintain a Buy view on JK Tyre with a revised Target Price of Rs242 (Rs267), at
which the stock would trade at 5x, 3.3x and 0.8x FY2012E EPS, EV/EBITDA and
P/BV, respectively.
May 26, 2010 5

6. JK Tyre & Industries I 4QFY2010 Result Update
Profit & Loss Statement (Consolidated) Rs cr
Y/E March FY2007 FY2009* FY2010 FY2011E FY2012E
Gross sales 3,196 6,109 4,849 5,939 6,595
Less: Excise duty 400.6 556.2 278.6 415.7 593.5
Net Sales 2,795 5,553 4,571 5,523 6,001
Total operating income 2,795 5,553 4,571 5,523 6,001
% chg 7.9 - - 20.8 8.7
Total Expenditure 2,540 5,388 4,069 4,988 5,392
Net Raw Materials 1,854 3,956 2,841 3,645 3,961
Other Mfg costs 298.1 643.4 795.6 624.1 666.2
Personnel 176.7 382.0 432.1 331.4 351.1
Other 211.7 407.0 - 386.6 414.1
EBITDA 254.7 164.9 502.0 535.8 609.1
% chg 68.4 - - 6.7 13.7
(% of Net Sales) 9.1 3.0 11.0 9.7 10.2
Depreciation & Amortisation 75.4 122.5 99.6 124.1 169.1
EBIT 179.2 42.4 402.4 411.7 440.1
% chg 123.3 - - 2.3 6.9
(% of Net Sales) 6.4 0.8 8.8 7.5 7.3
Interest & other Charges 91.1 171.2 115.7 154.6 150.8
Other Income 12.6 53.9 14.9 15.8 16.7
(% of PBT) 12.5 (71.7) 4.7 5.8 5.5
Share in profit of Associates - - - - -
Recurring PBT 100.7 (74.9) 301.5 272.9 306.0
% chg 363.5 - - (9.5) 12.1
Extraordinary Expense/(Inc.) (0.2) 0.2 (15.6) - -
PBT (reported) 100.9 (75.1) 317.1 272.9 306.0
Tax 34.0 32.9 93.3 95.5 107.1
(% of PBT) 33.7 (43.8) 29.4 35.0 35.0
PAT (reported) 66.9 (108.1) 223.8 177.4 198.9
Less: Minority interest (MI) (2.7) (4.1) - - -
PAT after MI (reported) 69.6 (104.0) 223.8 177.4 198.9
ADJ. PAT 69.4 (103.8) 208.2 177.4 198.9
% chg - - - (14.8) 12.1
(% of Net Sales) 2.5 (1.9) 4.6 3.2 3.3
Basic EPS (Rs) 22.6 (26.3) 50.7 43.2 48.4
Fully Diluted EPS (Rs) 22.5 (25.3) 50.7 43.2 48.4
% chg - - - (14.8) 12.1
May 26, 2010 6

7. JK Tyre & Industries I 4QFY2010 Result Update
Balance Sheet (Consolidated) Rs cr
Y/E March FY2007 FY2009* FY2010E FY2011E FY2012E
SOURCES OF FUNDS
Equity Share Capital 30.8 41.1 41.1 41.1 41.1
Preference Capital - - - - -
Reserves& Surplus 513 651 849 1,007 1,184
Shareholders’ Funds 544 692 890 1,048 1,225
Minority Interest - - - - -
Total Loans 915 1,382 1,158 1,508 1,508
Deferred Tax Liability 105.3 112.0 111.7 111.7 111.7
Total Liabilities 1,564 2,186 2,159 2,668 2,845
APPLICATION OF FUNDS
Gross Block 2,156 2,840 3,288 4,002 4,226
Less: Acc. Depreciation 957 1,228 1,328 1,452 1,621
Net Block 1,199 1,612 1,960 2,550 2,605
Capital Work-in-Progress 20.3 290.5 131.5 120.1 84.5
Goodwill - - - - -
Investments 71.4 75.9 75.9 80.0 85.3
Current Assets 1,106 1,334 1,429 1,660 1,905
Cash 30.0 51.3 57.7 (25.0) 74.1
Loans & Advances 137.2 249.6 228.5 303.8 330.1
Other 938 1,033 1,143 1,381 1,500
Current liabilities 840 1,131 1,442 1,748 1,840
Net Current Assets 266 202 (13) (88) 65
Mis. Exp. not written off 8.2 5.2 5.2 5.2 5.2
Total Assets 1,564 2,186 2,159 2,668 2,845
Cash Flow Statement (Consolidated) Rs cr
Y/E March FY2007 FY2009* FY2010E FY2011E FY2012E
Profit before tax 100.9 (75.1) 317.1 272.9 306.0
Depreciation 75.4 122.5 99.6 124.1 169.1
Change in Working Capital 60.8 (171.6) (194.7) (64.1) 33.8
Less: Other income 6.5 (841.1) (112.8) (283.6) (34.7)
Direct taxes paid 34.0 32.9 93.3 95.5 107.1
Cash Flow from Operations 196.7 683.9 241.5 520.9 436.5
(Inc.)/ Dec. in Fixed Assets (69.7) (954.6) (288.7) (702.8) (188.4)
(Inc.)/ Dec. in Investments (3.8) (4.5) - (4.1) (5.3)
(Inc.)/ Dec. in loans and
advances 7.1 (91.6) (37.7) (75.3) 26.3
Other income 12.6 53.9 14.9 15.8 16.7
Cash Flow from Investing (53.8) (996.8) (311.6) (766.4) (150.6)
Issue of Equity (13.1) 71.0 - - -
Inc./(Dec.) in loans (28.9) 467.5 (224.4) 350.0 -
Dividend Paid (Incl. Tax) 9.7 13.0 16.8 16.8 19.2
Others (120.8) (217.1) 283.9 (204.0) (206.0)
Cash Flow from Financing (153.1) 334.3 76.3 162.8 (186.7)
Inc./(Dec.) in Cash (10.2) 21.4 6.3 (82.7) 99.1
Opening Cash balances 40.2 30.0 51.4 57.7 (25.0)
Closing Cash balances 30.0 51.4 57.7 (25.0) 74.1
May 26, 2010 7

8. JK Tyre & Industries I 4QFY2010 Result Update
Key Ratios
Y/E March FY2007 FY2009* FY2010E FY2011E FY2012E
Valuation Ratio (x)
P/E (on FDEPS) 7.9 (6.8) 3.5 4.2 3.7
P/CEPS 3.9 50.5 2.4 2.4 2.0
P/BV 1.0 1.1 0.8 0.7 0.6
Dividend yield (%) 1.5 1.5 2.0 2.2 2.5
EV/Sales 0.5 0.4 0.4 0.4 0.3
EV/EBITDA 5.4 12.1 3.5 4.1 2.9
EV / Total Assets 0.4 0.3 0.3 0.3 0.3
Per Share Data (Rs)
EPS (Basic) 22.6 (26.3) 50.7 43.2 48.4
EPS (fully diluted) 22.5 (25.3) 50.7 43.2 48.4
Cash EPS 46.2 3.6 75.0 73.4 89.6
DPS 2.7 2.7 3.5 4.0 4.5
Book Value 176.7 168.4 216.7 255.2 298.4
DuPont Analysis
EBIT margin 6.4 0.8 8.8 7.5 7.3
Tax retention ratio 0.7 1.4 0.7 0.7 0.6
Asset turnover (x) 1.8 2.6 2.5 3.0 4.0
ROIC (Post-tax) 7.8 2.9 15.5 14.6 18.8
Cost of Debt (Post Tax) 6.5 17.8 6.4 7.5 6.5
Leverage (x) 1.4 3.6 1.4 1.3 1.2
Operating ROE 9.7 (51.3) 28.5 23.6 34.1
Returns (%)
ROCE (Pre-tax) 11.5 3.9 18.5 17.1 16.0
Angel ROIC (Pre-tax) 11.7 2.0 19.1 15.3 15.9
ROE 7.1 12.8 6.6 9.7 16.6
Turnover ratios (x)
Asset Turnover (Gross Block) 1.3 2.2 1.8 1.5 1.5
Inventory / Sales (days) 56.9 48.7 45.6 45.6 45.6
Receivables (days) 59.6 48.6 45.6 45.6 45.6
Payables (days) 102.5 90.3 95.2 99.8 103.7
Working capital cycle (ex-cash)
(days) 27.0 5.0 3.2 (4.4) (2.2)
Solvency ratios (x)
Net debt to equity 1.5 1.8 1.2 1.4 1.1
Net debt to EBITDA 3.2 7.6 2.0 2.7 2.2
Interest Coverage (EBIT / Interest) 2.0 0.2 3.5 2.7 2.9
Note: * JK Tyre has changed its accounting year from September to March end. Accordingly, FY2009 for the
company was of 18-months (6 quarters) ending March 2009.
May 26, 2010 8

9. JK Tyre & Industries I 4QFY2010 Result Update
Research Team Tel: 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
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Disclosure of Interest Statement JK Tyre & Industries
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock Yes
3. Angel and its Group companies’ Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below Rs 1 lakh for Angel and its Group companies.
Address: Acme Plaza, ‘A’ Wing, 3rd Floor, M.V. Road, Opp. Sangam Cinema, Andheri (E), Mumbai - 400 059.
Tel : (022) 3952 4568 / 4040 3800
Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP000001546 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE:
INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946
Angel Capital & Debt Market Ltd: INB 231279838 / NSE FNO: INF 231279838 / NSE Member code -12798 Angel Commodities Broking (P) Ltd: MCX Member ID: 12685 / FMC Regn No: MCX / TCM /
CORP / 0037 NCDEX : Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302
May 26, 2010 9