CCCl

1QFY2011 Result Update | Infrastructure
July 28, 2010

Consolidated Construction Consortium ACCUMULATE
CMP Rs83
Performance Highlights Target Price Rs89

Y/E March (Rs cr) 1QFY11 1QFY10 % chg (yoy) 4QFY10 % chg (qoq) Investment Period 12 Months

Net Sales 508.0 411.6 23.4 636.3 (20.2) Stock Info
Operating Profit 42.0 30.2 39.1 66.9 (37.2) Sector Infrastructure
Market Cap (Rs cr) 1,542
Net Profit 18.8 17.7 6.4 33.6 (44.1)
Beta 0.64
Source: Company, Angel Research
52 Week High / Low 98/46.1

Consolidated construction consortium (CCCL) reported in-line net sales for Avg. Daily Volume 23,223
1QFY2011 led primarily by decent order inflow during the last few quarters. The Face Value (Rs) 2
operating margins and earnings were also in line with our expectations. Order BSE Sensex 17,992
inflow stood at Rs1,706cr during 1QFY2011, a yoy jump of ~152%, which we Nifty 5,409
believe is indication of revival in the commercial and infrastructure segments. Reuters Code CCON.BO
CCCL’s order book at 2.3x FY2010 revenues, gives revenue visibility for the next Bloomberg Code CCCL@IN
couple of years. In light of the improving order inflow scenario, earnings CAGR of
~20% over FY2010-12E and decent return ratios, we maintain an Accumulate on
the stock. Shareholding Pattern (%)
Promoters 50.6
In-line results: CCCL reported decent top-line growth of 23.4% to Rs508cr in line MF / Banks / Indian Fls 10.9
with our expectations of Rs491cr. OPM’s came in at 8.3% (7.3%), up by 100bp in FII / NRIs / OCBs 17.9
line with our expectation of 8.5%, aided by a low base. However, bottom-line
Indian Public / Others 20.6
registered mere 6.4% yoy growth to Rs18.8cr (Rs17.7cr) mainly on account of the
expected higher interest cost, in line with our expectation of Rs18.9cr.
Abs. (%) 3m 1yr 3yr
Outlook and Valuation: We believe the key triggers to watch out for CCCL should
Sensex 2.2 17.6 (5.6)
be order inflow and better-than-expected ramp up in execution. Management is
CCCL (5.8) 61.3 (47.4)
confident about strong order inflow in FY2011 and targets to achieve around
Rs4,000cr as against Rs2,166cr in FY2010. We value CCCL at ~15% discount to
its larger peers like NCC, IVRCL, HCC, etc., given its scale of operations. Hence,
we assign a P/E of 12x its FY2012E earnings and have arrived at a Target Price of
Rs89. We maintain an Accumulate on the stock.

Key Financials (Consolidated)
Y/E March (Rs cr) FY2009 FY2010 FY2011E FY2012E
Net Sales (incl op. income) 1,840.9 1,975.9 2,461.3 2,891.0
% chg 24.6 7.3 24.6 17.5
Adj. Net Profit 72.4 91.6 109.0 137.7
% chg (18.9) 26.6 19.0 26.3
FDEPS (Rs) 3.9 5.0 5.9 7.5
EBITDA Margin (%) 7.0 9.1 8.9 9.5
P/E (x) 21.1 16.7 14.0 11.1 Shailesh Kanani
RoAE (%) 14.9 16.6 17.1 18.4 022-40403800 Ext: 321
RoACE (%) 17.5 19.3 19.5 21.2 shailesh.kanani@angeltrade.com

P/BV (x) 3.0 2.6 2.2 1.9
Aniruddha Mate
EV/Sales (x) 0.9 0.9 0.7 0.6
022-40403800 Ext: 335
EV/EBITDA (x) 12.4 9.5 7.8 6.4 aniruddha.mate@angeltrade.com

Please refer to important disclosures at the end of this report 1

CCCL|1QFY2011 Result Update

Exhibit 1: 1QFY2011 Performance (Standalone)
Y/E March (Rs cr) 1QFY11 1QFY10 4QFY10 % chg (yoy) % chg (qoq) FY2010 FY2009 % chg
Net Sales 508.0 411.6 636.3 23.4 (20.2) 1975.9 1840.9 7.3
Total Expenditure 466.0 381.4 569.4 22.2 (18.2) 1796.7 1712.4 4.9
Operating Profit 42.0 30.2 66.9 39.1 (37.2) 179.2 128.5 39.5
OPM (%) 8.3 7.3 10.5 100bp (220)bp 9.1 7.0 190bp
Interest 10.5 3.6 14.6 190.6 (27.6) 32.6 18.4 77.2
Depreciation 2.9 2.2 2.9 33.3 (1.4) 11.0 9.0 23.3
Non Operating Income 1.4 2.3 2.4 (40.3) (42.2) 6.4 9.4 (32.0)
Nonrecurring items 0.9 0.0 0.0 - - 0.0 0.0 -
Profit Before tax 29.1 26.7 51.8 8.7 (43.9) 142.0 110.5 28.5
Tax 10.3 9.1 18.2 13.0 (43.5) 50.4 38.2 32.0
Reported Net Profit 18.8 17.7 33.6 6.4 (44.1) 91.6 72.4 26.6
PAT (%) 3.7 4.3 5.3 (60)bp (160)bp 4.6 3.9 70bp
Reported EPS 1.0 4.8 2.1 (78.7) (51.7) 5.0 3.9 26.6
Source: Company, Angel Research;

Exhibit 2: 1QFY2011 Actual v/s Estimates
Estimates Actual Variation (%)
Net Sales 491.0 508.0 3.5
OPM (%) 8.5 8.3 (19.0)bp
PAT 18.9 18.8 (0.5)

Top-line in line with estimates… CCCL reported decent top-line growth of 23.4%
to Rs508cr, in line with our expectation of Rs491cr primarily led by decent order
inflow during the last few quarters. Going ahead too, we expect the company to
post decent performance on the top-line front. We are penciling in 21% CAGR
over FY2010-12E on strong order book and pick up in the commercial and
infrastructure segments. Order booking during the quarter was also good at
Rs1,706cr, which was primarily due to the large Rs1,218cr order bagged during
the quarter. Order inflow represents 79% of the total orders bagged in FY2010.
The average execution period for the order book is 18 months.

Exhibit 3: Quarterly revenue trend Exhibit 4: Quarterly order booking trend
700 40.0 2,000 200.0
600 33.2 This yoy jump is 151.5
30.2 30.0 indicative of revival in 150.0
500 23.4 1,500
400 21.9 20.0 order inflow 100.0
300 10.0 32.3
8.5 1,000 39.8 50.0
200 2.7 4.5
100 -
(3.4) -
0 (10.0) 500 (71.3) 9.5
(50.0)
2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

- (100.0)
1QFY10 2QFY10 3QFY10 4QFY10 1QFY11

Sales (Rs cr, LHS) Growth (yoy %, RHS) Order Booking (Rs cr, LHS) Growth (yoy %, RHS)

Source: Company, Angel Research Source: Company, Angel Research

July 28, 2010 2


…so were the margins and bottom-line: The OPM’s reported by CCCL for
1QFY2011 came in at 8.3% (7.3%), an increase of 100bp and in line with our
expectation 8.5%, aided by a low base. However, bottom-line registered mere
6.4% growth to Rs18.8cr (Rs17.7cr) mainly on account of expected higher interest
cost, in line with our expectation of Rs18.9cr.

Exhibit 5: Quarterly EBITDA trend Exhibit 6: Quarterly bottom-line trend

80.0 12.0 40.0 5.3 6.0
70.0 10.5 35.0 4.7
10.0 4.3 5.0
60.0 8.9 9.0 30.0 4.1
8.0 25.0 4.3 4.7 4.0
50.0 7.1 7.3 8.3
40.0 6.8 6.0 20.0 3.7 3.0
5.4 15.0 3.0
30.0 4.0 2.0
20.0 10.0
2.0 5.0 1.0
10.0 - -
- -

2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11
2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

EBITDA (Rs cr, LHS) EBITDAM (%, RHS) PAT (Rs cr, LHS) PATM (%, RHS)


Order Book Analysis

CCCL’s order book, as on 1QFY2011, stood at Rs4,527cr (2.3x FY2010
revenues), up 33.6% yoy and dominated by the infrastructure (52.7%) and
commercial (34.6) segments. The balance is contributed by the industrial and
residential segments. The order book is spread across price protected (~60%),
fixed price (~20%) and without material (20%) contracts.

Exhibit 7: 1QFY2011 Order booking-Sector-wise (Rs cr) Exhibit 8: 1QFY2011 Order backlog-Sector wise (Rs cr)

76 153 420

290 Industrial
Industrial
1,565 Commercial
Commercial 2,389
1,339 Infrastructure
Infrastructure
Residential


July 28, 2010 3


Outlook and Valuation

We believe that key trigger to watch out for CCCL should be order inflow and
better than expected ramp up in execution. Management is confident about strong
order inflow in FY2011 and targets to achieve around Rs4,000cr against
Rs2,166cr in FY2010. We have value CCCL at ~15% discount to its larger peers
like NCC, IVRCL, HCC, etc., given its scale of operations. Hence, we assign a P/E
of 12x its FY2012E earnings and have arrived at a Target Price of Rs90. We
maintain an Accumulate on the stock.

Exhibit 9: Key Assumptions
FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Order Inflow 2,044 2,138 2,512 2,166 4,000 5,000
Revenues 868 1,477 1,841 1,976 2,461 2,891
Order Backlog (Y/E) 1,769 2,652 3,323 3,392 4,931 7,040
Order Book to Sales ratio (x) 2.0 1.8 1.8 1.7 2.0 2.4

Exhibit 10: Angel EPS forecast v/s consensus
Angel Forecast Bloomberg Consensus Variation
FY2011E 5.9 5.9 0.0
FY2012E 7.5 7.0 (6.1)

July 28, 2010 4


Investment Argument

Pure construction play: CCCL provides turn-key construction services in the
infrastructure, industrial, commercial and residential segments of the construction
industry. The company has executed and is in the process of executing projects
across several states and union territories in India. CCCL, over the years, has built
strong credibility in the commercial / hospitality and industrial contracting space. It
is reputed for high quality execution within challenging time schedules along with
strong management credentials. Further, in the past, CCCL has executed a
number of projects and nurtured strong relationships with many clients including IT
firms like Infosys and HCL Technology. Around 50% of CCCL's order book
constitutes repeat orders from existing clients. We believe that CCCL's strong
relationship with the blue chips will help it to continue on growth path going
forward.

July 28, 2010 5


Exhibit 11: Recommendation Summary
Company CMP TP Rating Top-line EPS (Rs) Adj. P/E (x) OB/
(Rs) (Rs) FY10 FY11E FY12E CAGR (%) FY10 FY11E FY12E CAGR (%) FY10 FY11E FY12E Sale (x)
CCCL 84 89 Accumulate 1,976 2,444 2,871 20.5 5.0 6.0 7.5 22.5 17.2 14.4 11.5 2.3
Gammon 214 - Neutral 4,489 5,575 6,607 21.3 8.4 10.0 12.1 20.0 13.0 11.0 9.0 2.5
HCC 133 - Neutral 3,629 4,146 4,900 16.2 2.7 3.2 3.8 18.8 21.6 18.4 15.3 4.7
IRB Infra 263 275 Neutral 1,705 2,778 3,580 44.9 11.6 12.3 14.5 11.8 22.2 20.8 17.7 -
IVRCL 176 216 Buy 5,492 6,663 8,294 22.9 7.8 9.6 12.0 23.9 16.3 13.3 10.6 4.3
JP Assoc. 121 178 Buy 10,316 13,281 17,843 31.5 4.7 5.2 7.7 28.5 26.0 23.2 15.8 -
Punj 130 170 Buy 10,539 11,088 13,407 12.8 (11.1) 8.3 12.2 - - 15.8 10.7 2.8
NCC 178 - Neutral 4,778 5,913 6,758 18.9 7.8 10.0 10.7 17.4 22.8 17.8 16.6 3.6
Sadbhav 1,290 - Neutral 1,257 1,560 1,911 23.3 43.0 57.5 69.5 27.1 20.3 15.2 12.5 5.4
SI. 476 570 Buy 4,555 5,535 6,428 18.8 25.7 31.9 40.7 25.9 18.5 14.9 11.7 2.5
PEL 409 563 Buy 3,081 3,685 4,297 18.1 23.4 31.2 32.9 18.6 13.1 9.8 9.3 3.5
MPL 157 190 Buy 1,308 1,701 2,120 27.3 5.8 6.4 9.8 29.8 9.3 8.4 5.5 3.1
L&T 1,863 - Neutral 37,035 44,047 55,519 22.4 47.5 55.1 68.9 20.4 30.9 26.7 21.3 2.7


Exhibit 12: Recommendation Summary - SOTP break up
Company Core Const. Real Estate Road BOT Invst. In Subsidiaries Others Total
Rs % to TP Rs % to TP Rs % to TP Rs % to TP Rs % to TP Rs
CCCL 89 100 - - - - 89
Gammon India 121 54 - - - 104 46 225
HCC 53 41 59 46 16 13 - - - 128
IRB Infra 113 41 3 1 154 56 5 2 - 275
IVRCL 168 78 - - 48 22 - 216
Punj Lloyd 170 100 - - - - 170
NCC 152 82 18 10 16 8 - - 186
Simplex In. 570 100 - - - - 570
Patel Engg 460 82 103 18 - - - - 563
Madhucon 98 52 4 2 - - 88 46 - 190
L&T 1,447 79 - - 394 21 - 1,841

July 28, 2010 6


Profit & Loss Statement (Consolidated)
Y/E March (Rs cr) FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Net Sales 868 1,477 1,841 1,976 2,461 2,891
Other operating income - - - - - -
Total operating income 868 1,477 1,841 1,976 2,461 2,891
% chg 103.6 70.1 24.6 7.3 24.6 17.5
Total Expenditure 794 1,308 1,712 1,797 2,242 2,617
Net Raw Materials 713 959 1,439 1,545 1,702 2,015
Other Mfg costs - 217 47 - 255 264
Personnel 40 71 106 114 137 173
Other 40 61 120 138 148 165
EBITDA 75 169 128 179 219 274
% chg 113.4 126.8 (24.1) 39.5 22.4 24.9
(% of Net Sales) 8.6 11.5 7.0 9.1 8.9 9.5
Dep. & Amortisation 4 6 9 11 15 19
EBIT 71 164 120 168 204 255
% chg 114.6 130.6 (27.0) 40.7 21.4 24.8
(% of Net Sales) 8.2 11.1 6.5 8.5 8.3 8.8
Interest & other Charges 7 12 18 33 45 52
Other Income (pft from Ass/JV) - 8 9 6 6 6
(% of PBT) - 4.9 8.5 4.5 3.3 2.6
Recurring PBT 64 160 111 142 165 209
% chg 120.9 149.5 (31.0) 28.5 16.3 26.3
Extraordinary Expense/(Inc.) - 0 - - - -
PBT (reported) 64 160 111 142 165 209
Tax 16 45 38 50 56 71
(% of PBT) 25.7 28.3 34.5 35.5 34.0 34.0
PAT (reported) 48 115 72 92 109 138
Add: Share of earnings of ass.
Less: Minority interest (MI) - - - - - -
Prior period items - - - - - -
PAT after MI (reported) 48 115 72 92 109 138
ADJ. PAT 48 89 72 92 109 138
% chg 147.1 87.2 (18.9) 26.6 19.0 26.3
(% of Net Sales) 5.5 6.0 3.9 4.6 4.4 4.8
Basic EPS (Rs) (Reported) 7.2 6.2 3.9 5.0 5.9 7.5
Fully Diluted EPS (Rs) (Diluted) 2.6 4.8 3.9 5.0 5.9 7.5
% chg 87.2 (18.9) 26.6 19.0 26.3

July 28, 2010 7


Balance Sheet (Consolidated)
SOURCES OF FUNDS
Equity Share Capital 13.3 37.0 37.0 37.0 37.0 37.0
Preference Capital - - - - - -
Reserves& Surplus 174.0 416.8 479.1 552.3 649.4 775.2
Shareholders’ Funds 187.3 453.8 516.1 589.2 686.3 812.2
Minority Interest - - - - - -
Total Loans 115.4 125.5 197.6 338.8 365.7 420.6
Deferred Tax Liability 16.6 29.6 44.2 59.5 59.5 59.5
Total Liabilities 319.3 608.8 757.8 987.6 1,111.6 1,292.3
APPLICATION OF FUNDS
Gross Block 59.2 94.3 160.6 189.7 259.7 329.7
Less: Acc. Depreciation 8.0 13.4 22.1 33.1 48.2 67.4
Net Block 51.2 80.9 138.4 156.6 211.5 262.3
Capital Work-in-Progress 2.6 2.1 6.4 15.5 15.5 15.5
Investments 0.1 99.1 56.9 9.4 9.4 9.4
Current Assets 504.4 865.2 1,089.4 1,358.4 1,599.4 1,854.0
Inventories 339.2 632.7 807.0 1,020.1 1,215.5 1,427.7
Sundry Debtors 4.5 12.5 8.8 12.0 11.8 13.9
Cash 88.9 87.7 129.9 170.1 179.9 186.7
Loans & Advances 71.9 132.2 143.7 156.2 192.2 225.7
Other - - - - - -
Current liabilities 240.6 452.4 545.7 553.8 725.6 850.4
Net Current Assets 263.8 412.8 543.7 804.6 873.7 1,003.6
Mis. Exp. not written off 1.6 14.2 12.4 1.4 1.4 1.4
Total Assets 319.3 609.1 757.8 987.6 1,111.6 1,292.3

July 28, 2010 8


Cash Flow Statement (Consolidated)
Profit before tax (excluding MI) 64.2 159.9 110.5 142.0 165.2 208.6
Depreciation 3.6 5.6 9.0 11.0 15.1 19.2
Change in Working Capital 102.0 159.0 88.8 220.6 59.4 123.0
Less: Other income - 7.9 9.4 6.4 5.5 5.5
Direct taxes paid 7.8 32.2 23.6 37.7 56.2 70.9
Cash Flow from Operations (41.9) (33.7) (2.2) (111.7) 59.2 28.4
(Inc.)/ Dec. in Fixed Assets (40.6) (36.7) (70.6) (38.2) (70.0) (70.0)
(Inc.)/ Dec. in Investments (0.1) (99.1) 42.2 47.5 - -
Other income - 7.9 9.4 6.4 5.5 5.5
Cash Flow from Investing (40.7) (127.9) (18.9) 15.6 (64.5) (64.5)
Issue of Equity 1.4 188.7 - - - -
Inc./(Dec.) in loans 86.2 10.0 72.1 141.2 26.9 54.9
Dividend Paid (Incl. Tax) 5.2 10.8 9.2 10.8 11.9 11.9
Others (1) (28) 0 6 - -
Cash Flow from Financing 81.7 160.4 63.3 136.3 15.0 43.0
Inc./(Dec.) in Cash (0.9) (1.2) 42.2 40.3 9.7 6.8
Opening Cash balances 89.8 88.9 87.7 129.9 170.1 179.9
Closing Cash balances 88.9 87.7 129.9 170.1 179.9 186.7

July 28, 2010 9


Key Ratios
Y/E March FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Valuation Ratio (x)
P/E (on FDEPS) 32.0 17.1 21.1 16.7 14.0 11.1
P/CEPS 29.7 16.1 18.8 14.9 12.3 10.1
P/BV 8.1 3.4 3.0 2.6 2.2 1.9
Dividend yield (%) 1.2 0.6 0.6 0.8 0.8 0.8
EV/Sales 1.8 1.1 0.9 0.9 0.7 0.6
EV/EBITDA 20.8 9.2 12.4 9.5 7.8 6.6
EV / Total Assets 4.9 2.6 2.1 1.7 1.5 1.4
Per Share Data (Rs)
EPS (Basic) 7.2 6.2 3.9 5.0 5.9 7.5
EPS (fully diluted) 2.6 4.8 3.9 5.0 5.9 7.5
Cash EPS 2.8 5.1 4.4 5.6 6.7 8.5
DPS 1.0 0.5 0.5 0.7 0.7 0.7
Book Value 10.1 24.6 27.9 31.9 37.1 44.0
Dupont Analysis
EBIT margin 8.2 11.1 6.5 8.5 8.3 8.8
Tax retention ratio 0.7 0.7 0.7 0.6 0.7 0.7
Asset turnover (x) 3.8 3.9 3.2 2.7 2.8 2.8
ROIC (Post-tax) 22.9 31.3 13.6 15.0 15.4 16.5
Cost of Debt (Post Tax) 4.4 6.9 7.5 7.8 8.4 8.7
Leverage (x) 0.1 0.1 0.1 0.2 0.3 0.3
Operating ROE 25.5 33.7 14.3 16.5 17.4 18.7
Returns (%)
ROACE (Pre-tax) 22.2 35.3 17.5 19.3 19.5 21.2
Angel ROIC (Pre-tax) 30.8 43.6 20.8 23.3 23.4 25.0
ROAE 25.5 27.8 14.9 16.6 17.1 18.4
Turnover ratios (x)
Asset Turnover (Gross
14.7 19.2 14.4 11.3 11.0 9.8
Block)
Inventory / Sales (days) 143 120 143 169 166 167
Receivables (days) 2 2 2 2 2 2
Payables (days) 63 77 93 100 93 98
WC cycle (ex-cash)
73.5 61.8 73.3 96.8 98.5 95.4
(days)
Solvency ratios (x)
Net debt to equity 0.1 0.1 0.1 0.3 0.3 0.3
Net debt to EBITDA 0.4 0.2 0.5 0.9 0.8 0.9
Interest Coverage (EBIT
10.3 14.2 6.5 5.2 4.6 4.9
/ Interest)

July 28, 2010 10


Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com

DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.

Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.

Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,
nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,
compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.

Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
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Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
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Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please
refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and
its affiliates may have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement CCCL
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
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, its Group companies and Directors.

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)

July 28, 2010 11

CCCl

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