1. The common size balance sheet analysis shows Page Industries' current assets increased from 81.5% in 2007 to 71.7% in 2011, with inventories being the largest current asset at 50.1% in 2011.
2. Fixed assets remained relatively consistent around 28-29% from 2007-2011.
3. Current liabilities increased from 2.3% in 2007 to 17.3% in 2011 primarily due to a rise in short term debt.
4. Common shareholder's equity declined slightly from 41.2% in 2007 to 34.6% in 2011.
1. Bangladesh's textile industry is a major economic driver, especially garment exports which have grown from $1 million in 1978 to over $20 billion currently.
2. The knit sector has a more complete value chain as 95% of fabrics and accessories are sourced locally, while the woven sector relies on 85% imported fabrics.
3. Both sectors would benefit from further developing backward linkages to reduce costs and lead times.
The document provides an overview of the global and national textile and apparel industries. It discusses the evolution of the industries from cottage production to modern industrialized production. Key points include:
- Developing countries now produce half of global textile exports, with India's textile industry contributing significantly to its economy and exports.
- The Indian apparel industry is highly fragmented with many small-scale producers and faces challenges like lack of skilled labor and low technological development due to its fragmented structure.
- The industry provides important employment, particularly for women, but faces shortages of trained managers and workers that could hinder its continued growth potential.
The document provides a summary of LT Karle & Co., a leading apparel manufacturing company based in Bangalore, India. It was founded in 1972 by LT Karle and has since expanded to include multiple business units. The company has a vision of innovation and creativity and a mission to attract, develop and retain talent while encouraging growth. It currently operates several apparel manufacturing units in Bangalore along with businesses in other sectors such as infrastructure, life sciences and packaging. The founder, LT Karle, held several leadership positions and was a serial entrepreneur who established many other businesses. The company has grown over the years and now employs thousands of people.
The Indian textile industry is a major contributor to the Indian economy, generating $18.73 billion in exports and employing over 35 million people. It encompasses various sectors such as cotton, man-made fibers, wool, silk, handlooms and handicrafts. While India has strengths like low costs and a large skilled workforce, the industry is fragmented and faces threats from competition abroad and within India. To capitalize on new opportunities, industry players must invest in product development, technology, and integrated manufacturing capabilities.
Page Industries Ltd. is located in Bangalore, India and holds the exclusive license to manufacture and distribute JOCKEY® brand innerwear and leisurewear in India and nearby countries. It was set up in 1994 to bring the JOCKEY® brand to India. Page Industries manufactures and markets JOCKEY® and Speedo products and became a public company in 2007. It is led by Chairman Nari Genomal, CEO Pradeep Jaipuria, MD Ashok Genomal, and Executive Director Ramesh Genomal. The company's competitors include Anshu’s clothing ltd, Ashapura intimates fashion ltd, and Bang overseas ltd.
This document discusses the textile industry in India. It notes that the textile industry is the second largest employment generating sector in India, offering jobs to over 35 million people. It also outlines the major players in the industry such as Arvind Mills, Bombay Dyeing, and Vardhman Group of Companies. The document discusses the strategies employed by different players, including a focus on jeans for Arvind and having a wide range of local and international brands for Bombay Dyeing. It also analyzes factors like bargaining power, threat of substitutes, and competitive rivalry within the industry.
Swot analysis of textile sector for bangladeshVICTOR ROY
The document provides a SWOT analysis of the textile sector in Bangladesh. It identifies several strengths, including low labor costs, accessible infrastructure, and government support for foreign investment. Weaknesses include a reliance on imported raw materials, low productivity, and inefficient ports. Opportunities lie in expanded export markets and potential to move into higher value products. Threats include competition from China and potential trade barriers related to labor standards and environmental regulations. The analysis concludes that a SWOT framework can help identify strategies to address weaknesses and threats facing the industry.
1. Bangladesh's textile industry is a major economic driver, especially garment exports which have grown from $1 million in 1978 to over $20 billion currently.
2. The knit sector has a more complete value chain as 95% of fabrics and accessories are sourced locally, while the woven sector relies on 85% imported fabrics.
3. Both sectors would benefit from further developing backward linkages to reduce costs and lead times.
The document provides an overview of the global and national textile and apparel industries. It discusses the evolution of the industries from cottage production to modern industrialized production. Key points include:
- Developing countries now produce half of global textile exports, with India's textile industry contributing significantly to its economy and exports.
- The Indian apparel industry is highly fragmented with many small-scale producers and faces challenges like lack of skilled labor and low technological development due to its fragmented structure.
- The industry provides important employment, particularly for women, but faces shortages of trained managers and workers that could hinder its continued growth potential.
The document provides a summary of LT Karle & Co., a leading apparel manufacturing company based in Bangalore, India. It was founded in 1972 by LT Karle and has since expanded to include multiple business units. The company has a vision of innovation and creativity and a mission to attract, develop and retain talent while encouraging growth. It currently operates several apparel manufacturing units in Bangalore along with businesses in other sectors such as infrastructure, life sciences and packaging. The founder, LT Karle, held several leadership positions and was a serial entrepreneur who established many other businesses. The company has grown over the years and now employs thousands of people.
The Indian textile industry is a major contributor to the Indian economy, generating $18.73 billion in exports and employing over 35 million people. It encompasses various sectors such as cotton, man-made fibers, wool, silk, handlooms and handicrafts. While India has strengths like low costs and a large skilled workforce, the industry is fragmented and faces threats from competition abroad and within India. To capitalize on new opportunities, industry players must invest in product development, technology, and integrated manufacturing capabilities.
Page Industries Ltd. is located in Bangalore, India and holds the exclusive license to manufacture and distribute JOCKEY® brand innerwear and leisurewear in India and nearby countries. It was set up in 1994 to bring the JOCKEY® brand to India. Page Industries manufactures and markets JOCKEY® and Speedo products and became a public company in 2007. It is led by Chairman Nari Genomal, CEO Pradeep Jaipuria, MD Ashok Genomal, and Executive Director Ramesh Genomal. The company's competitors include Anshu’s clothing ltd, Ashapura intimates fashion ltd, and Bang overseas ltd.
This document discusses the textile industry in India. It notes that the textile industry is the second largest employment generating sector in India, offering jobs to over 35 million people. It also outlines the major players in the industry such as Arvind Mills, Bombay Dyeing, and Vardhman Group of Companies. The document discusses the strategies employed by different players, including a focus on jeans for Arvind and having a wide range of local and international brands for Bombay Dyeing. It also analyzes factors like bargaining power, threat of substitutes, and competitive rivalry within the industry.
Swot analysis of textile sector for bangladeshVICTOR ROY
The document provides a SWOT analysis of the textile sector in Bangladesh. It identifies several strengths, including low labor costs, accessible infrastructure, and government support for foreign investment. Weaknesses include a reliance on imported raw materials, low productivity, and inefficient ports. Opportunities lie in expanded export markets and potential to move into higher value products. Threats include competition from China and potential trade barriers related to labor standards and environmental regulations. The analysis concludes that a SWOT framework can help identify strategies to address weaknesses and threats facing the industry.
The Indian textile industry is a major sector that provides employment to millions of people. It can be divided into organized and unorganized sectors. The organized sector includes spinning mills and composite mills, while the unorganized sector includes powerlooms, handlooms, and khadi. The textile industry faces issues like outdated technology, lack of skilled labor, and environmental pollution from small units. The government is taking measures like technology upgradation programs and funding to promote modernization and sustainability in the industry.
The Apparel Group is a global fashion and lifestyle brand conglomerate residing on the crossroads of a modern economy - Dubai, UAE. The mercurial growth in the last 10 years has been by acquiring a host of world class fashion labels from around the world - Nine West, Tommy Hilfiger, Kenneth Cole, Aldo & Tim Hortons just to name a few.
Today the group caters to thousands of eager shoppers through its 700 & more stores, employing over 6500 multi cultural staff in over 4 continents. Apparel believes in turning dreams in to reality and we give everyone - our customers, our stakeholders, our employees - an equal opportunity to do so.
The document provides a SWOT analysis of the Indian textile industry. It identifies several strengths, including that India is the largest and second largest manufacturer and exporter of textiles globally. However, it also outlines many weaknesses, such as higher costs compared to competitors, low cotton yields, and a fragmented garment sector. Opportunities include capitalizing on the US-China trade war, while threats include potential increased imports from countries with which India does not have trade agreements and rising trade deficits with China.
India's textile industry is one of the largest in the world, contributing 14% to industrial production and employing over 35 million people. It is the largest provider of employment after agriculture and earns 27% of India's total foreign exchange through textile exports. The industry has grown significantly since economic liberalization in 1991 and includes cotton, silk, wool, readymade garments, and hand-crafted textiles segments. It faces competition from countries like China but also has opportunities for growth in the domestic market and through trade agreements. The government is taking initiatives to support the industry through skills training programs and new textile parks.
Study on differents types of sewing machinePacific Cotton
The document provides specifications for various sewing machine models, including single and double needle lockstitch machines, three and four thread overlock machines, eyelet and buttonhole stitch machines, and multi-needle chainstitch machines. It lists the brand, key specifications, and photos for each machine type. The machines described range from domestic to industrial models and are used for various sewing tasks like finishing edges, attaching elastic, and creating buttonholes.
IN This PPT i include all the thiks like intro of the industry, major players of industry in india, growth , trends, fdi, market share in india , SWOT analysis ETC. This PPT is as on NOV10,2019.
This document is a research project on fashion retailing and visual merchandising submitted by 5 students from the Apparel Manufacturing and Technology department of BGMEA University of Fashion & Technology. It includes an acknowledgement, declaration, project summary, overview of their brand "NEO", current situation of the Bangladesh fashion retail sector, research on brands like Aarong and Kay Kraft, SWOT analysis, 4P analysis of NEO, proposed store layout, management hierarchy, survey results and conclusion. The project evaluates establishing a new men's fashion brand in Bangladesh and identifies key factors for success.
Textile industry ppt strategic managementPrasanth Sai
The textile industry in India is one of the largest and oldest industries in the country. It contributes significantly to industrial production and exports. The industry employs millions of people and has experienced major changes with economic liberalization in the 1990s. It faces competition from other countries but also has strengths in raw materials, skilled labor, and presence across the value chain. The government continues efforts to support the industry through various schemes.
This document provides information about different types of knitting techniques. It discusses various knit stitches like plain knit, purl stitch, and rib stitch. It also describes different knitting methods including weft knitting, warp knitting techniques like tricot, raschel, and milanese knits. The document summarizes pile knitting methods for fleece, terry, and velour fabrics. It briefly mentions jacquard knitting and the two divisions of the knitting industry for apparel and fully fashioned garments.
This document is a student project report from Southeast University's Department of Textile Engineering. It discusses fabric defects, their causes, and remedies. The objectives are to learn about knit fabric faults, the knitting process, and how to reduce defects and improve quality. Several types of defects are described such as drop stitches, barrenness, and imperfections. Potential causes include issues with materials, machines, and processes like knitting, dyeing and finishing. Remedies focus on machine adjustments and quality control measures.
This document summarizes the types of machinery used in different sections of the apparel manufacturing industry. It discusses machinery used for fabric spreading, cutting, and sewing.
For fabric spreading, it describes manual, semi-automatic, and fully automatic spreading machines. Semi-automatic machines have advantages like auto ply cutting and tensioning devices, while fully automatic machines can identify fabric faults and splice fabrics automatically.
Cutting machinery includes manual scissors, semi-automatic straight knife, round knife, and band knife cutting machines, as well as die cutting and notching machines. Semi-automatic machines like straight knife cutters are versatile and high speed.
The document provides an overview of key machinery used at different stages of apparel
This document discusses a project to develop new denim fits for the Lee brand. It aims to analyze current denim fit trends in the market and identify gaps in Lee's offerings compared to competitors. The objectives are to understand fit and price options from Lee and other brands, develop new fits/products as per market requirements, and find price brackets of competitors. Secondary data on the Indian denim market size and trends will be analyzed. New denim fits like regular straight, slim straight, skinny straight, joggers and dungarees will be developed and costed. Consumer research will also be conducted to help guide the product development.
Apparel Quality Control & Quality AssuranceSAMultimedia
Quality control of apparels or garments, garments quality assurance, garments inspection, fabric inspection. By this file easily understand about garments quality.
The document provides an overview of the garment industry in India. It discusses the history of the industry from ancient times to the present. Key points include that it is one of India's oldest and largest export industries, known for unique designs. It has had a significant economic impact as the 2nd largest employer and contributing $108 billion to the economy. However, many workers face issues as most are informal with lack of benefits and protections. New investments and technology are helping drive further growth. Traditional textiles also represent Indian culture and heritage.
With excitement and determination, we led a group activity, analyzed Denver For Men Company's ads, crafted our own customized ad, executed digital marketing, promotions and chose media channels based on ROI, pricing, and overall budget.
Raymond is a leading Indian textile and garment manufacturer founded in 1925. It produces fabrics, garments, and designer wear. Gautam Singhania leads the company as CEO. Raymond has a presence in 55 countries and over 200 Indian cities with 550 stores. It aims to provide high quality products and superior customer service. Key competitors include Mayur Suitings and Vimal Suitings. Raymond has established itself as the market leader in the garment industry in India.
The document discusses an industrial training report completed at Fakhruddin Textile Mills Limited, a knit composite factory in Bangladesh. It provides details about the company's profile, including founding year, production areas, certifications, and major customers. It also describes the various departments within the factory, total manpower, and shift schedules. Specific sections cover the knitting department and processes, including raw materials used, knitting machine types and specifications. The goal of the training was to gain practical experience in knitting, dyeing, and finishing processes.
The case describes the beginning and growth of a social enterprise ‘Okhai’, started to help women artisans from rural areas with no income and a poor social background. It helped
women by promoting their handicraft and making it popular in the domestic and international market. As the organisation grows, it faces challenges of operations, procurement and supply chain, quality, retailing, branding, etc. The case evaluates the feasibility of the ambitious targets set by Okhai. It thus delineates the issues faced in scaling
a small organization.
This document provides an overview of the strengths and weaknesses of Bangladesh's textile sector, with a focus on the ready-made garment industry. It discusses the history and growth of the sector since Bangladesh gained independence in 1971. While the garment industry has been very successful in providing jobs and exports, it faces challenges such as low wages, lack of labor protections, and low productivity compared to other countries. However, the sector remains important and there are opportunities to expand exports through market and product diversification. With continued improvements, the future of Bangladesh's textile industry remains promising.
The document provides a detailed analysis of The Boeing Company, including its annual and quarterly financial performance, valuation, growth, ratios, and projections. Key highlights from the latest annual and quarterly results show an increase in sales, EBITDA, adjusted profit, and EPS. The company has a lower P/E than its industry average but a higher price to sales ratio. Its ROE increased in 2011 driven by growth in sales and profits.
This document provides a financial analysis of Grasim Industries Ltd for the period of March 2007 to June 2011. Key highlights include:
- For the latest fiscal year (March 2011), net profit decreased 43.52% to Rs. 1,181.71 crore while EBIDTA decreased 38.46% to Rs. 1,817.08 crore.
- As of June 2011, the company's market capitalization was Rs. 21,068.52 crore with its stock trading at Rs. 2,298.2 per share.
- Based on March 2011 financials, the company's reported and TTM P/E ratios were 17.83 and 17
The Indian textile industry is a major sector that provides employment to millions of people. It can be divided into organized and unorganized sectors. The organized sector includes spinning mills and composite mills, while the unorganized sector includes powerlooms, handlooms, and khadi. The textile industry faces issues like outdated technology, lack of skilled labor, and environmental pollution from small units. The government is taking measures like technology upgradation programs and funding to promote modernization and sustainability in the industry.
The Apparel Group is a global fashion and lifestyle brand conglomerate residing on the crossroads of a modern economy - Dubai, UAE. The mercurial growth in the last 10 years has been by acquiring a host of world class fashion labels from around the world - Nine West, Tommy Hilfiger, Kenneth Cole, Aldo & Tim Hortons just to name a few.
Today the group caters to thousands of eager shoppers through its 700 & more stores, employing over 6500 multi cultural staff in over 4 continents. Apparel believes in turning dreams in to reality and we give everyone - our customers, our stakeholders, our employees - an equal opportunity to do so.
The document provides a SWOT analysis of the Indian textile industry. It identifies several strengths, including that India is the largest and second largest manufacturer and exporter of textiles globally. However, it also outlines many weaknesses, such as higher costs compared to competitors, low cotton yields, and a fragmented garment sector. Opportunities include capitalizing on the US-China trade war, while threats include potential increased imports from countries with which India does not have trade agreements and rising trade deficits with China.
India's textile industry is one of the largest in the world, contributing 14% to industrial production and employing over 35 million people. It is the largest provider of employment after agriculture and earns 27% of India's total foreign exchange through textile exports. The industry has grown significantly since economic liberalization in 1991 and includes cotton, silk, wool, readymade garments, and hand-crafted textiles segments. It faces competition from countries like China but also has opportunities for growth in the domestic market and through trade agreements. The government is taking initiatives to support the industry through skills training programs and new textile parks.
Study on differents types of sewing machinePacific Cotton
The document provides specifications for various sewing machine models, including single and double needle lockstitch machines, three and four thread overlock machines, eyelet and buttonhole stitch machines, and multi-needle chainstitch machines. It lists the brand, key specifications, and photos for each machine type. The machines described range from domestic to industrial models and are used for various sewing tasks like finishing edges, attaching elastic, and creating buttonholes.
IN This PPT i include all the thiks like intro of the industry, major players of industry in india, growth , trends, fdi, market share in india , SWOT analysis ETC. This PPT is as on NOV10,2019.
This document is a research project on fashion retailing and visual merchandising submitted by 5 students from the Apparel Manufacturing and Technology department of BGMEA University of Fashion & Technology. It includes an acknowledgement, declaration, project summary, overview of their brand "NEO", current situation of the Bangladesh fashion retail sector, research on brands like Aarong and Kay Kraft, SWOT analysis, 4P analysis of NEO, proposed store layout, management hierarchy, survey results and conclusion. The project evaluates establishing a new men's fashion brand in Bangladesh and identifies key factors for success.
Textile industry ppt strategic managementPrasanth Sai
The textile industry in India is one of the largest and oldest industries in the country. It contributes significantly to industrial production and exports. The industry employs millions of people and has experienced major changes with economic liberalization in the 1990s. It faces competition from other countries but also has strengths in raw materials, skilled labor, and presence across the value chain. The government continues efforts to support the industry through various schemes.
This document provides information about different types of knitting techniques. It discusses various knit stitches like plain knit, purl stitch, and rib stitch. It also describes different knitting methods including weft knitting, warp knitting techniques like tricot, raschel, and milanese knits. The document summarizes pile knitting methods for fleece, terry, and velour fabrics. It briefly mentions jacquard knitting and the two divisions of the knitting industry for apparel and fully fashioned garments.
This document is a student project report from Southeast University's Department of Textile Engineering. It discusses fabric defects, their causes, and remedies. The objectives are to learn about knit fabric faults, the knitting process, and how to reduce defects and improve quality. Several types of defects are described such as drop stitches, barrenness, and imperfections. Potential causes include issues with materials, machines, and processes like knitting, dyeing and finishing. Remedies focus on machine adjustments and quality control measures.
This document summarizes the types of machinery used in different sections of the apparel manufacturing industry. It discusses machinery used for fabric spreading, cutting, and sewing.
For fabric spreading, it describes manual, semi-automatic, and fully automatic spreading machines. Semi-automatic machines have advantages like auto ply cutting and tensioning devices, while fully automatic machines can identify fabric faults and splice fabrics automatically.
Cutting machinery includes manual scissors, semi-automatic straight knife, round knife, and band knife cutting machines, as well as die cutting and notching machines. Semi-automatic machines like straight knife cutters are versatile and high speed.
The document provides an overview of key machinery used at different stages of apparel
This document discusses a project to develop new denim fits for the Lee brand. It aims to analyze current denim fit trends in the market and identify gaps in Lee's offerings compared to competitors. The objectives are to understand fit and price options from Lee and other brands, develop new fits/products as per market requirements, and find price brackets of competitors. Secondary data on the Indian denim market size and trends will be analyzed. New denim fits like regular straight, slim straight, skinny straight, joggers and dungarees will be developed and costed. Consumer research will also be conducted to help guide the product development.
Apparel Quality Control & Quality AssuranceSAMultimedia
Quality control of apparels or garments, garments quality assurance, garments inspection, fabric inspection. By this file easily understand about garments quality.
The document provides an overview of the garment industry in India. It discusses the history of the industry from ancient times to the present. Key points include that it is one of India's oldest and largest export industries, known for unique designs. It has had a significant economic impact as the 2nd largest employer and contributing $108 billion to the economy. However, many workers face issues as most are informal with lack of benefits and protections. New investments and technology are helping drive further growth. Traditional textiles also represent Indian culture and heritage.
With excitement and determination, we led a group activity, analyzed Denver For Men Company's ads, crafted our own customized ad, executed digital marketing, promotions and chose media channels based on ROI, pricing, and overall budget.
Raymond is a leading Indian textile and garment manufacturer founded in 1925. It produces fabrics, garments, and designer wear. Gautam Singhania leads the company as CEO. Raymond has a presence in 55 countries and over 200 Indian cities with 550 stores. It aims to provide high quality products and superior customer service. Key competitors include Mayur Suitings and Vimal Suitings. Raymond has established itself as the market leader in the garment industry in India.
The document discusses an industrial training report completed at Fakhruddin Textile Mills Limited, a knit composite factory in Bangladesh. It provides details about the company's profile, including founding year, production areas, certifications, and major customers. It also describes the various departments within the factory, total manpower, and shift schedules. Specific sections cover the knitting department and processes, including raw materials used, knitting machine types and specifications. The goal of the training was to gain practical experience in knitting, dyeing, and finishing processes.
The case describes the beginning and growth of a social enterprise ‘Okhai’, started to help women artisans from rural areas with no income and a poor social background. It helped
women by promoting their handicraft and making it popular in the domestic and international market. As the organisation grows, it faces challenges of operations, procurement and supply chain, quality, retailing, branding, etc. The case evaluates the feasibility of the ambitious targets set by Okhai. It thus delineates the issues faced in scaling
a small organization.
This document provides an overview of the strengths and weaknesses of Bangladesh's textile sector, with a focus on the ready-made garment industry. It discusses the history and growth of the sector since Bangladesh gained independence in 1971. While the garment industry has been very successful in providing jobs and exports, it faces challenges such as low wages, lack of labor protections, and low productivity compared to other countries. However, the sector remains important and there are opportunities to expand exports through market and product diversification. With continued improvements, the future of Bangladesh's textile industry remains promising.
The document provides a detailed analysis of The Boeing Company, including its annual and quarterly financial performance, valuation, growth, ratios, and projections. Key highlights from the latest annual and quarterly results show an increase in sales, EBITDA, adjusted profit, and EPS. The company has a lower P/E than its industry average but a higher price to sales ratio. Its ROE increased in 2011 driven by growth in sales and profits.
This document provides a financial analysis of Grasim Industries Ltd for the period of March 2007 to June 2011. Key highlights include:
- For the latest fiscal year (March 2011), net profit decreased 43.52% to Rs. 1,181.71 crore while EBIDTA decreased 38.46% to Rs. 1,817.08 crore.
- As of June 2011, the company's market capitalization was Rs. 21,068.52 crore with its stock trading at Rs. 2,298.2 per share.
- Based on March 2011 financials, the company's reported and TTM P/E ratios were 17.83 and 17
The document provides an exclusive financial analysis of Hindalco Industries Ltd, an Indian aluminum company. It includes a summary of the company's latest results and valuation metrics, as well as analyses of its income statement, balance sheet, cash flow statement, ratios, and technical indicators. The document was prepared by financial analysts Tanay Roy and Peu Karak to provide insights into Hindalco's financial performance and valuation.
- The document provides a financial analysis of Bharat Heavy Electricals Ltd for the years 2007-2011 including income statements, balance sheets, cash flow statements, ratio analysis, and valuation metrics.
- Key highlights are that for FY2011, reported net profit was Rs. 6011.20 Cr (up 39.45% YoY) while adjusted PAT was Rs. 5847.61 Cr (up 29.88% YoY). Return on equity was 29% in FY2011.
- As of March 2011, the company had a market capitalization of Rs. 41277.55 Cr and traded at a price/earnings ratio of 13.73 based on F
The document provides a financial analysis of Maruti Suzuki India Ltd, including key metrics from their income statement, balance sheet, cash flow statement and ratios. It analyzes their quarterly and yearly results, growth, valuation, and return on equity. The analysis is prepared by Tanay Roy, CFA and Peu Karak, MBA to provide investors with information about Maruti Suzuki's financial performance and valuation.
Reliance Communications Ltd is an Indian telecommunications company. Some key highlights:
- In the latest quarter (June 2011), EBDITA was Rs. 311 crore, down 2.03% year-over-year, and net loss was Rs. 272 crore, up 147.93%.
- The company has a market capitalization of Rs. 16,765.84 crore and trades at Rs. 82 per share.
- Major shareholders include General Public (68%), FIIs (8%), and Banks/Financial Institutions (8%).
- ROE has declined over time from 0.71 in FY07 to 0.36 in FY11 as profits have fallen and losses
- NTPC Ltd is an Indian power generation company with a market capitalization of Rs. 141821.98 crores.
- In the quarter ending June 2011, NTPC reported a 9.11% decline in quarterly profit to Rs. 2075.78 crores, while year-to-date profit grew 7.15% to Rs. 9352.59 crores.
- The document provides a detailed financial analysis of NTPC including income statements, balance sheets, ratio analysis, and valuation metrics to analyze the company's performance and valuation.
- The document provides a financial analysis of GAIL (India) Ltd for the years 2007-2011, including income statements, balance sheets, cash flow statements, ratio analysis, and valuation metrics.
- Key highlights from the latest annual results for GAIL show revenues of Rs. 6032.81 crore for FY2011, with a net profit of Rs. 3561.13 crore, up 13.42% from the previous year.
- Valuation metrics for GAIL include a price/earnings ratio of 15.14 based on the latest annual results, and a price/book value of 2.80.
This document provides a financial analysis of Cipla Ltd, an Indian pharmaceutical company, including:
- A summary of the company's latest yearly and quarterly results showing declines in EBDITA but growth in adjusted PAT.
- A valuation matrix comparing the company's stock to industry ratios like P/E and P/Book Value.
- An analysis of the company's return on equity over the past 5 years, showing an increase in reported PAT/PBT to 2.31 in March 2011.
- Sections analyzing the company's income statement, balance sheet, cashflow statement, quarterly results, and various financial ratios over time.
- Bajaj Auto Ltd is an Indian automotive company that manufactures motorcycles, commercial vehicles and auto rickshaws. The document provides a financial analysis of Bajaj Auto for the period of March 2007 to March 2011.
- Key highlights from the analysis include Bajaj Auto reporting a 96.44% growth in net profit in March 2011, an ROE of 69% in March 2011, and total assets to net worth ratio declining from 3.11 in March 2008 to 2.40 in March 2011.
- The document contains income statements, balance sheets, ratio analysis, and other financial metrics for Bajaj Auto over the period analyzed.
The document provides an exclusive financial analysis of Power Grid Corporation of India including a summary of latest results, valuation metrics, income statement, balance sheet, cashflow statement, quarterly results, growth analysis, comparative analysis, ratio analysis, and technical analysis. It was prepared by Tanay Roy, a CFA and Peu Karak, an MBA, through their company Finalytics for providing financial research and investment management. The document disclaims verification of the accuracy, completeness or correctness of the information contained within.
- ACC Ltd is an Indian cement company headquartered in Mumbai. This document provides a financial analysis of ACC for the years 2006-2010.
- Key highlights from the latest annual results for 2010 include EBDITA of Rs. 1844 Cr (down 31.67% YoY), reported net profit of Rs. 1120 Cr (down 30.23% YoY), and adjusted PAT of Rs. 971 Cr (down 3.44% YoY).
- A valuation matrix shows the stock trading at a reported P/E of 17.48x and price/sales per share of 2.56x based on 2010 results.
Reliance Industries Ltd is a diversified Indian conglomerate. Its latest yearly results show a 25.99% rise in EBITDA to Rs. 40520.69 crore and a 24.95% rise in reported net profit to Rs. 20286.30 crore. On a TTM basis, EBITDA rose 2.28% to Rs. 42118 crore. The company trades at a P/E of 13.35 with a market capitalization of Rs. 115305.82 crore. Its ROE has remained around 20% in the last few years.
The document provides an exclusive financial analysis of Ambuja Cements Ltd, including a summary of the company's latest results, valuation metrics, ROE analysis, income statement, balance sheet, cashflow statement, quarterly results, growth analysis, comparative analysis, ratio analysis, TTM analysis, and technical analysis. It was prepared by Tanay Roy, CFA and Peu Karak, MBA, and contains disclaimers about the accuracy of the information. The document also provides background on the analysts' expertise and contact information.
This document provides a financial analysis of Bharat Petroleum Corporation Ltd, an Indian public sector oil and gas company. It includes summaries of the company's latest results and quarterly performance, valuations, return on equity analysis, and income statements, balance sheets, cashflow statements, and various financial ratios. The analysis was prepared by Tanay Roy and Peu Karak to provide investors with insights into BPCL's financials and market performance.
This document provides a financial analysis of HCL Technologies Ltd for the period of June 2006 to June 2011. It includes a summary of the latest results highlighting growth in EBDITA, net profit, and other metrics. A valuation matrix shows key ratios such as P/E, P/S. The document also analyzes the company's income statement, balance sheet, cash flows, quarterly results, growth, comparative analysis against peers, index analysis, ratios over time, and provides a technical analysis. Finally, it introduces the authors and their expertise in financial analysis and investment management.
(1) First Horizon National Corporation reported a net loss of $35 million in Q3 2009, an improvement from a $105 million net loss in Q2 2009. (2) Noninterest income increased 7% quarter-over-quarter due to debt repurchase gains, while noninterest expense decreased 13% due to lower restructuring charges. (3) The provision for loan losses decreased 29% from $260 million to $185 million as credit quality stabilized.
- Bharti Airtel Ltd is an Indian telecommunications company with a market capitalization of Rs. 73,154 crores.
- In the latest quarter (June 2011), Bharti Airtel reported a 3.58% growth in EBITDA but a 22.07% decline in reported net profit.
- Based on the latest annual (March 2011) results, Bharti Airtel is trading at a reported P/E of 18.99 times with a price to sales ratio of 3.85.
The document analyzes Mimvi, Inc., a company that provides a search engine for mobile apps and web apps. It conducts a sensitivity analysis to estimate Mimvi's future value based on different potential price per click amounts and assuming Mimvi reaches 0.10% of Google's annual queries. It assigns Mimvi a "Buy" rating and identifies risks including those specific to the mobile industry and Mimvi as a speculative company.
The document discusses various tax-saving investment options in India, ranking them based on factors like returns, safety, flexibility, liquidity, costs, transparency and taxability. Equity-linked savings schemes (ELSS) are ranked highest as they offer high returns but also carry equity risk. Ulips are ranked second due to flexibility in switching funds. National Pension System (NPS) is third thanks to changes improving returns from equity funds. Public Provident Fund (PPF) and Senior Citizens' Savings Scheme also make the top rankings. Traditional insurance plans are ranked lowest due to very low returns and high charges. The article provides analysis of pros and cons of different options.
The global markets ended the week up, with the Dow Jones and Brazil Bovespa indices up over 2%. Commodity prices were mixed, with crude oil and gold up over 1% while metals fell over 1%. In India, the Sensex and other indices fell nearly 1% for the week. Bond yields rose in the US and fell in Australia, Brazil, Germany, and Japan.
Valuation of RIL has been done by anlaysing past 5-Years performance and projecting in future for 3-Years its - Revenues, Net Income, EBIT, EBITDA, EPS, DPS, Share price.Equity Value / Enterprise Value has been estimated for RIL
Idea Cellular Limited is India's third largest mobile operator. It has a market share of 11% and operates in all 22 licensed service areas in India. Revenue has grown at a CAGR of 31.81% from 2008-2011 but profits have declined, with PAT margins falling from 16.59% in 2008 to 5% in 2011. The mobile industry in India is the third largest in the world and growing rapidly, driven by increasing wireless penetration. Idea aims to reduce debt by monetizing its tower assets outside of its joint venture with Indus Towers.
The Indian stock market started the week upward but then fell sharply due to below-expectations results from Infosys and a spike in inflation. For the full week, only the IT sector finished lower while other sectors like banking and autos rose. Foreign investors pulled money out of India totaling $919 million for the week. Crude oil prices rose slightly over the week while gold prices hit a new record high, rising over 2%. The Sensex index fell 0.65% for the week.
The Indian stock market showed a negative trend this week due to decreasing foreign institutional investor inflows, profit booking by domestic institutional investors, and rising crude oil prices. Foreign investors invested $54.2 million this week. Crude oil prices rose by 4.44% to settle at $113.05 per barrel, while gold prices increased by 2.77% to an all-time high of $1475 per ounce.
This is the weekly market (India) update, for the week ending 8 Apr'11.
Global Indices have also been taken into consideration, along with the impact of crude and gold on the markets.
1. Bloomberg Ticker: PAG: IN | Sector: Consumer Goods, Cyclical | Industry: Textile – Apparel Clothing | Sub Industry: Apparel Manufacturers
Page Industries Limited
Company Valuation
10/7/2011
FinExpertise- Research & Valuation
Analyst: Rajat Dhar
Contact Details:
We are Launching a fully dedicated
website for Research & Valuation in Mobile + (91)-9999.760.359
a week’s time by 1st Nov’11, hosting E-Mail rajat.dhar1@yahoo.com
scores of Research Reports. Stay in Website: www.finexpertise.blogspot.com
touch.
2. October 7, 2011 [PAGE INDUSTRIES LIMITED] www.finexpertise.blogspot.com
Table of Contents
Section Page#
1 Review of Page Industries Limited. 3
A Industry Structure & Development 4
B Business / Segment Overview 5
C Product Line 6
2 Financial Overview - Page Industries 7
A Common size Statement Analysis 8
a Balance Sheet Analysis 8
b Profit & Loss Analysis 9
3 Historical Stock Trend Analysis 10
Price-Volume
A Graph 11
B Indexed Stock Price Performance 11
4 Valuations 12
A Current Valuations 13
B Adjusted Clean Numbers (LTM / TTM) 13
Projection
C Snapshot 13
5 Financial Review - Detailed 14
A Historical & Projected Financial Review 15
B Raw Material's Analysis 16
C Internal Liquidity Analysis 17
D Operating Performance Analysis 18
FinExpertise – Research & Analytics. .All Rights Reserved. Page 2
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Table of Contents (…contd)
Section Page#
6 Risk Analysis 19
A Financial Risk Analysis 20
B Business Risk Analysis 21
7 Growth Analysis 22
A Key Growth Statistics 23
B DUPONT Analysis 23
C Stock Projections 23
8 Profile 24
A Shareholding Pattern 25
B Management Profile 26
C Contact Details 26
9 Analyst Details 27
A Brief Profile
B Key Expertise
10 Contact Details 28
11 Disclaimer 28
FinExpertise – Research & Analytics. .All Rights Reserved. Page 3
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1. Review of Page Industries Limited
A. Industry Structure & Development
B. Business / Segment Overview
C. Product Line
FinExpertise – Research & Analytics. .All Rights Reserved. Page 4
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A. Industry Structure & Development
The domestic innerwear industry is valued by industry sources at Rs. 140 billion, accounting for 9% of the Indian apparel industry (valued at Rs. 1500 billion).Wo men’s
innerwear accounts for 66% of spend on innerwear (Rs. 90 billion) while men’s innerwear accounts for 34% (Rs. 50 billion).The innerwear market is growing at a faster rate
than overall apparel market, and has been witnessing 16% revenue CA GR over FY 06-10.
The innerwear market can be d ivided into lo w, econo my, middle, premiu m and super – premiu m segments. The premiu m and super – premiu m segments are branded markets
characterized by faster growth. As per KSA Techno Pack Report 2005 the men’s premiu m market is growing at the rate of 28% per annu m and super premiu m market is
growing at the rate of 40% per annum. Similarly wo men’s innerwear premiu m market is growing at the rate of 31% per annum and super premiu m market is growing at over
40% per annum.
Govern ment of India has extended the Technology Upgradation Fund (TUF) for the eleventh five year plan and has increased fund allocation. Govern ment of India is also
setting up various apparel Parks, integrated textile parks and Special Economic Zones in partnership with private sector.
Opportunities: The premiu m innerwear industry is expected to grow at high rate due to the follo wing factors.
1. Rising urbanization as well as penetration of organized retailing.
2. Increasing brand aspiration among consumers
3. Higher disposable inco me
4. Change in consumer behaviour
5. Shift fro m unorganized to organized sector
6. Larger marketing spend by companies creating general awareness of the product
7. Rap id e xpansion of modern retail format
Threats:
All the majo r international innerwear Brands have commenced operations in India realizing that the Indian Market is likely to emerge as one of the largest market in the
World in the next few decades.
Outlook:
In anticipation of gro wing demand, the Co mpany has substantially expanded its installed production capacity. And with the ongoin g addition of new buildings, infrastructure
and facilities, the installed capacity is scalable and can be ramped up with incremental machinery to meet the expected healthy growth in demand.
FinExpertise – Research & Analytics. .All Rights Reserved. Page 5
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B. Business / Segment Overview.
(in INR
Mn)
Key Financial Indicators
2007 2008 2009 2010 2011 2012 (E) 2013 (E) 2014 (E)
Revenue 1359.39 1923.48 2546.51 3393.80 4915.62 7,127.6 10,335.1 14,985.9
EBITDA 206.38 339.33 657.38 1475.51 1232.31 1,926.3 3,011.3 4,707.2
EBIT 148.27 245.56 508.80 1238.12 903.92 1,437.9 2,287.2 3,638.3
EPS 5.66 13.51 34.95 95.74 60.99 93.42 135.46 196.42
DPS 4.37 10.00 17.00 21.00 26.00 42.04 70.44 102.14
Source: Company, FinExpertiseResearch
Page Industries Limited
Page Industries is the exclusive licensee of Jockey International Inc. (USA) and has recently signed an agreement to become t he exclusive licensee for the Speedo brand
as well. It is positioned as the Premiu m brand in India. The Co mpany is engaged in the business of manufacturing garments. Therefore there is no separate reportable
segment. The Co mpany is engaged in the business of “Manufacturing of Garments”. As the basic nature of these articles are g overned by the same set of risk and returns,
these have been re-grouped as a single business segment. Further the co mpany sells primarily in the do mestic market where its operations are gov erned by the same set of
risks and returns and the overseas sales are insignificant. Accordingly the separate primary and secondary segment reporting disclosure as envisaged in Accounting
Standard (AS - 17) on Seg mental Reporting notified by the Co mpanies (Accounting Standard) Rules 2006 is not applicable to the company.
Manufacturing Distribution Marketing
Innerwear Leisure wear
Men Men
Women Women
Source: Company Filings
FinExpertise – Research & Analytics. .All Rights Reserved. Page 6
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C. Product Line of Page Industries Limited
Men's Women's Sports &
Innerwear Innerwear Leisure Thermals
3D Innovations Active Bras
Sport Performance
Zone Stretch
Essence Bras Mens
Comfort Stretch
Gold Edition Signature Stretch Sport
Elance Soft Wonder
Zone Lace Stretch 24x7 Stretch
Comfort Plus
Comfies Women's
Modern Classic
Socks
Boy's Simple Comfort
FinExpertise – Research & Analytics. .All Rights Reserved. Page 7
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2. Financial Overview of Page Industries Limited
A.Common Size Statement Analysis –
a. Balance sheet Analysis
b. Profit & Loss Analysis
FinExpertise – Research & Analytics. .All Rights Reserved. Page 8
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a. Common Size Statement Analysis –Balance Sheet
2007 2008 2009 2010 2011
Balance Sheet
Value % Value % Value % Value % Value %
Assets
Current Assets
Cash & Cash Equivalents 301.91 29.8% 1.75 0.1% 102.98 5.3% 29.53 1.1% 25.81 0.8%
Trade Accounts Receivables - net of Allowances 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%
Inventories 363.73 35.9% 573.85 40.6% 679.86 34.8% 945.50 35.8% 1647.16 50.1%
Other Current Assets 2.72 0.3% 7.76 0.5% 0 0.0% 0 0.0% 0 0.0%
Interest Accrued on Investments 0 0.0% 0 0.0% 0.96 0.0% 0.10 0.0% 0 0.0%
Sundry Debtors 55.76 5.5% 91.20 6.4% 169.90 8.7% 204.55 7.7% 258.46 7.9%
Loans & Advances 100.92 10.0% 327.71 23.2% 448.63 23.0% 688.80 26.1% 423.13 12.9%
Total Current Assets 825.04 81.5% 1002.27 70.8% 1402.34 71.8% 1868.48 70.7% 2354.55 71.7%
Fixed Assets
Property Plant & Equipment 245.75 24.3% 506.57 35.8% 698.48 35.8% 1012.98 38.3% 1258.93 38.3%
Accumulated Depreciation 58.11 5.7% 93.78 6.6% 148.58 7.6% 237.39 9.0% 328.39 10.0%
Property Ne t 187.64 18.5% 412.79 29.2% 549.90 28.2% 775.59 29.3% 930.54 28.3%
Other Non-current Assets
Total Assets 1012.67 100.0% 1415.06 100.00% 1952.24 100.0% 2644.07 100.0% 3285.10 100.0%
Liabilities & Shareholder's Equity
Current Liabilities
Short Term Debt 29.94 1.8% 0 0.00% 0 0.0% 100.00 3.5% 594.36 16.6%
Current Portion of Long Term Debt 0 0.0% 0 0.00% 0 0.0% 0 0.0% 0 0.0%
Trade Accounts Payable 0 0.0% 0 0.00% 0 0.0% 0 0.0% 0 0.0%
Accrued Expenses & Other Liabilities 0 0.0% 0 0.00% 0 0.0% 0 0.0% 0 0.0%
Income Tax Payable 8.35 0.5% 26.58 1.23% 16.80 0.7% 19.76 0.7% 25.56 0.7%
Total Current Liabilities 38.29 2.3% 26.58 1.23% 16.80 0.7% 119.76 4.2% 619.92 17.3%
Long Term Debt 223.30 13.6% 372.01 17.20% 194.89 8.3% 186.97 6.6% 404.82 11.3%
Other Non-current Liabilities/Provisions 27.72 1.7% 206.03 9.53% 391.30 16.7% 544.24 19.2% 78.40 2.2%
Deferred Income T ax Asset 0 0.0% 10.28 0.48% 0 0.0% 0 0.0% 0 0.0%
Preferred Stocks 0 0.0% 0 0.00% 0 0.0% 0 0.0% 0 0.0%
Share Capital 120.00 7.3% 120.00 5.55% 120.00 5.1% 120.00 4.2% 120.00 3.4%
Paid-in Capital 111.54 6.8% 111.54 5.16% 111.54 4.8% 111.54 3.9% 111.54 3.1%
Reserve & Surplus 565.68 34.4% 662.21 30.62% 756.68 32.3% 878.74 31.0% 1126.23 31.5%
Retained Earnings 114.73 7.0% 107.67 4.98% 94.46 4.0% 122.06 4.3% 247.49 6.9%
Total Common Shareholder's Equity 677.22 41.2% 773.75 35.78% 868.22 37.1% 990.28 35.0% 1237.77 34.6%
Total Liabilities & Shareholder's Equity 1643.74 100% 2162.40 100% 2339.42 100% 2831.52 100% 3578.69 100%
Source: Analyst’s Estimates, Company filings
FinExpertise – Research & Analytics. .All Rights Reserved. Page 9
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b. Common Size Statement Analysis – Profit & Loss Statement
2007 2008 2009 2010 2011
P&L Statement
Value % Value % Value % Value % Value %
Ne t Sales 1359.39 100% 1923.48 100% 2546.51 100% 3393.80 100.0% 4915.62 100%
Cost of Goods Sold 1028.21 75.6% 1378.42 71.7% 1680.95 66.01% 1636.38 48.2% 3305.64 67.2%
Gross Profit 331.19 24.4% 545.06 28.3% 865.56 33.99% 1757.42 51.8% 1609.98 32.8%
SG&A 182.92 13.5% 299.50 15.6% 356.77 14.01% 519.30 15.3% 706.06 14.4%
Ope rating Profit 148.27 10.9% 245.56 12.8% 508.80 19.98% 1238.12 36.5% 903.92 18.4%
Interest Income 4.71 0.3% 19.34 1.0% 29.70 1.17% 10.51 0.3% 8.2584 0.2%
Interest Expense/Bank Charges (23.64) (0.02) (33.82) (0.02) (30.68) (0.01) (29.74) (0.01) (52.25) (0.01)
Other Income 22.57 1.7% 25.50 1.3% 34.14 1.34% 38.09 1.1% 112.70 2.3%
PBT 151.91 11.2% 256.58 13.3% 541.95 21.28% 1256.98 37.0% 972.62 19.8%
Provision for income Taxes 88.76 6.5% 105.89 5.5% 152.09 5.97% 189.07 5.6% 292.35 5.9%
PAT 63.15 4.6% 150.70 7.8% 316.30 12.42% 396.10 11.7% 680.27 13.8%
Extraordinary loss (Income) 0.00 0.0% 0.00 0.0% 0.00 0.00% 0.00 0.0% 0.00 0.0%
Reported Net Income 63.15 4.6% 150.70 7.8% 316.30 12.42% 396.10 11.7% 680.27 13.8%
Source: Company Filings, FinExpertise Research
Balance Sheet Analysis: Apart from in 2007, CCE was maintained under 1.5% of total assets till 2011, the variations seen were 29.8% & 5.3% in 2007 &
2009 respectively. The area of concern is the steady increase in the Inventories from 35.9% in 2007 to 50.1% in 2011; and also sundry debtors are seen
increased from from 5.5% in 2007 to 7.9% of total assets in 2011. Total current liabilities are 17.3% of total liabilities & shareholder’s equity in 2011,
which has 16.6% weightage of short term debt. Between 2007 till 2010, the figure remained under 4.5% range.
P&L Analysis: Cost of Goods Sold (COGS) have seen steady decline from 75.6% in 2007 to 67.2% of net sales in 2011. 2010 saw drastic fall in COGS on
account of a great fall in cotton prices, with COGS being 48.2% of total sales. In 2011, when the sales increased by 44.8% over 2010,but EBIT fell by
27.0% on account of cotton prices again moving up. PAT has increased consistently as percentage of sales from 4.6% in 2007 to 13.8% in 2011. They
have also controlled their Selling General & Administrative (SG&A) under 15.5% levels.
FinExpertise – Research & Analytics. .All Rights Reserved. Page 10
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3. Historical Stock Trend Analysis
A. Price-Volume Graph
B. Indexed Stock Price Performance
/
FinExpertise – Research & Analytics. .All Rights Reserved. Page 11
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A.Comparative Price-Volume Graph
250000
BSE – Price-Vol 25000 7000000
PAG:IN – Price-Vol 3000
6000000 2500
200000 20000
5000000
2000
150000 15000 4000000
1500
100000 10000 3000000
1000
2000000
50000 5000 500
1000000
0 0 0 0
Source: www.bseindia.com
B.Indexed Stock Price Performance Comparison Graph
1200.00
The stock has truly being a performer and has
1000.00 beaten Sensex based on its strong fundamental
growth, which is showcased by its year-on-year
800.00
PAGE Ind. Sensex
performance.
600.00
Fundamentally, we see the stock price to be INR
400.00 3609.15/- by 2013 end and INR 5,233/- by 2014
end.
200.00
Trailing P/E (TTM) being 26.81, while forward
0.00 P/E being 26.26.
16-03-2007 16-03-2008 16-03-2009 16-03-2010 16-03-2011
Source: www.bseindia.com
FinExpertise – Research & Analytics. .All Rights Reserved. Page 12
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4. Valuation - Page Industries Limited
A. Current Valuation
B. Adjusted Clean Numbers
C. Projections Snapshot
FinExpertise – Research & Analytics. .All Rights Reserved. Page 13
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A. Current Valuation – PAG: IN B. Adjusted Clean
Numbers INR
Current Previous
(INR in Mn except
per share data) Annual Stub Stub LTM
Selected Balance Sheet Adjusted Gross Profit 2506.91 967.09 506.87 2967.13
Stock Price Current Value Items (31/03/2011) Adjusted EB IT 1024.87 511.58 138.29 1398.16
Stock Fully
Adjusted EB ITDA 1123.17 511.58 138.29 1496.46
Price(07 Diluted
Oct'11) 2,452.8 Shares 11.15 Cash 25.54 Adjusted Net Income 720.59 374.48 74.73 1020.33
52 Adjusted Profi t for
Week Equity Equi ty Hol ders 720.59 374.48 74.73 1020.33
High 2,772.0 Value 27,357.66 Total Debt 1,149.58
Adjusted B asic EPS 64.60 33.57 6.70 91.48
52
Week Enterprise Shareholders' Adjusted Diluted EPS 64.60 33.57 6.70 91.48
Low 1,211.0 Value 28,481.71 Equity 1,237.77
Trailing P/ E 26.81
Forward P/ E 26.26
Source: BSE, Bloomberg, Company Filings, Analyst’s Deductions Source: Analyst’s analysis
C. Projection Snapshot
Enterprise Value Multiples P/E Multiple
%(52-Wk Enterprise
CMP M.Cap Sales EBITDA EBIT PE
High) Value
LT M FY12(E) FY13(E) LT M FY12(E) FY13(E) LT M FY12(E) FY13(E) LT M FY12(E) FY13(E)
2,452.75 88% 27,357.66 28,481.71 9.60x 4.00x 2.76x 19.03x 14.79x 9.46x 20.37x 19.81x 12.45x 26.81x 26.26x 18.11x
Source: Analyst’s estimates
Analyst Net
Estimates Revenue Income EBITDA EBIT Page Industries Limited has the Enterprise Value of INR 28,481.71/- Mn. ,
2012(E) 7,127.6 5,785.2 1,926.3 1,437.9 with Market Capitalisation being INR 27,357.66/- . Since, EV & P/E multiples
decrease in the future, it clearly shows strong signs of growth of sales and
2013(E) 10,335.1 8,388.5 3,011.3 2,287.2
3,638.3 the resulting EBITDA, EBIT and P/E multiples.
2014(E) 14,985.9 12,163.3 3,638.3
Source: Analyst’s estimates
FinExpertise – Research & Analytics. .All Rights Reserved. Page 14
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5. Financial Review - Detailed
A. Historical & Projected Financial Analysis
B. Raw Material’s Analysis
C. Internal Liquidity Analysis
D. Operating Performance Analysis
FinExpertise – Research & Analytics. .All Rights Reserved. Page 15
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A. Historical & Projected Financial Analysis
(INR in Mn, unless specified otherwise) 2007 2008 2009 2010 2011 CAGR 2012 (E) 2013 (E) 2014 (E)
Total Assets (Mn) 972.54 1,110.87 1,340.06 2,004.48 2,927.32 31.7%
Revenue 1,359.39 1,923.48 2,546.51 3,393.80 4,915.62 37.9% 7,127.64 10,335.08 14,985.87
Total Assets Turnover 1.40x 1.73x 1.90x 1.69x 1.68x
PAT 63.15 150.70 389.86 1,067.91 680.27 81.2% 5,785.18 8,388.51 12,163.34
Net Profit Margin 4.6% 7.8% 15.3% 31.5% 13.8% 14.6% 14.6% 14.6% 14.6%
Annual Rate of Growth in Revenue n.m. 41.5% 32.4% 33.3% 44.8%
Annual Rate of Growth in EBIT n.m. 65.6% 107.2% 143.3% -27.0% 59.1%
Annual Rate of Growth in EBITDA n.m. 64.4% 93.7% 124.5% -16.5% 56.3%
Annual Rate of Growth in PAT n.m. 138.6% 158.7% 173.9% -36.3% 81.2%
Annual Rate of Growth of Dividends n.m. 129.0% 70.0% 23.5% 23.8% 61.6%
Annual Rate of Growth of EPS n.m. 138.6% 158.7% 173.9% -36.3%
Gross Profit Margin 24.4% 28.3% 34.0% 51.8% 32.8%
EPS 5.66 13.51 34.95 95.74 60.99 34.2% 93.42 135.46 196.42
DPS 4.37 10.00 17.00 21.00 26.00 42.04 70.44 102.14
Payout Ratio 77.1% 74.0% 48.6% 21.9% 42.6% 52.9% 45.00% 52.00% 52.00%
P/E 52.30 30.87 10.30 8.34 26.64 25.69
Dividend Yield (%) 1.47% 2.40% 4.72% 2.63% 1.60%
Share Price (ending March-xx) 296.10 417.10 360.00 798.05 1,625.00 2,489.07 3,609.15 5,233.27
Source: Analyst’s analysis, Company Filings
PEG Ratio n.m. 22.27 6.49 4.79 -73.40
During 5-year duration from 2007-11, while revenue increased at CAGR of 39.9% , EBIT saw a increase of 59.1% . During the same period Net Income increased
by 81.2% . Due to steep increase in the stock price we see the dividend yield decreasing from 4.72% in 2009 to 1.60% in 2011. Payout ratio decreased from
77.1% in 2007 to 21.9% in 2010 before increasing to 42.6% in 2011.
FinExpertise – Research & Analytics. .All Rights Reserved. Page 16
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B. Raw Material’s Analysis
2007 2008 2009 2010 2011
Description (in Mn) Value Value %(y-o-y) Value %(y-o-y) Value %(y-o-y) Value %(y-o-y)
Bra Accessories 6.66 29.16 337.6% 56.50 93.7% 37.61 -33.4% 91.34 142.9%
Elastic - - n.m. - n.m. - n.m. 20.9 n.m.
Imported Labels - - n.m. - n.m. - n.m. - n.m.
Yarn Socks & Elastic - - n.m. - n.m. - n.m. 41.8 n.m.
Total 6.66 29.16 337.6% 56.50 93.7% 37.61 -33.4% 154.04 309.6%
Yarn 332.74 391.12 17.54% 532.70 36.20% 884.77 66.1% 1333.62 50.7%
Woven Fabric 37.91 99.54 162.56% 106.31 6.80% 109.69 3.2% 184.99 68.6%
Elastic 73.96 61.36 -17.03% 36.29 -40.85% 38.61 6.4% 16.45 -57.4%
Indigenous
Consumables - 4.42 n.m. 10.94 147.67% 27.22 148.8% 44.33 62.9%
Packing Materials - 12.32 n.m. 13.75 11.55% 17.27 25.6% 294.77 1606.8%
Others 124.77 157.23 26.02% 205.65 30.79% 30.43 -85.2% 189.49 522.7%
Total 569.38 726.00 27.51% 905.6422 24.74% 1107.99 22.3% 2063.65 86.3%
Indegineous:
Boughtouts Socks 13.19 9.84 -25% 15.5 57% 7.12 -54% 268.00 3664%
Readymade/Finished Garments 0 6.45 n.m. 0 n.m. 0 n.m. 0 n.m.
Total 13.19 16.29 24% 15.5 -5% 7.12 -54% 268 3664%
Grand Total 589.24 771.45 31% 977.65 27% 1152.72 0.179078 2485.69 116%
Source: Analyst’s analysis, Company Filings
Apart from the increase in the imports of the Bra accessories, we see imports of ‘Elastics’ & ‘Yarn socks and elastics’. Since 2007 till 2011, we see great reduction
y-o-y in use of indigenous elastics with value falling from INR 73.96 Mn /- in 2007 to INR 16.45 Mn/- in 2011. There has been a phenomenal increase in indigenous
paking materials and those categorised under ‘other category’. Indigenous socks Boughtouts have seen approximate increase of INR 258 Mn/- in expenditure.
FinExpertise – Research & Analytics. .All Rights Reserved. Page 17
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C. Internal Liquidity Analysis
2007 2008 2009 2010 2011
Value Value %(y-o-y) Value %(y-o-y) Value %(y-o-y) Value %(y-o-y)
Current Ratio 21.55 37.70 75.0% 83.49 121.4% 15.60 -81.3% 3.80 -75.7%
Liquidity
Analysis
Quick Ratio 12.05 16.12 33.8% 43.01 166.9% 7.71 -82.1% 1.14 -85.2%
Cash Ratio 7.88 0.07 -99.2% 6.13 9232.2% 0.25 -96.0% 0.04 -83.1%
Receivables Turnover Ratio 24.38 21.09 -13.5% 14.99 -28.9% 16.59 10.7% 19.02 14.6%
Average Collection Period
(Days) 14.77 17.07 15.6% 24.02 40.7% 21.70 -9.7% 18.93 -12.8%
Activity Analysis
Inventory Turnover Ratio 5.43 4.62 -15.0% 4.72 2.1% 5.58 18.4% 11.27 102.0%
Days of Inventory Holdings
(Days) 66.25 77.98 17.7% 76.35 -2.1% 64.50 -15.5% 31.93 -50.5%
Payables Turnover Ratio 9.71 7.89 -18.7% 11.61 47.1% 6.69 -42.4% 10.77 61.1%
Payables Payment Period
(Days) 37.07 45.61 23.0% 31.00 -32.0% 53.85 73.7% 33.42 -37.9%
Cash Conversion Cycle (Days) 43.95 49.45 12.5% 69.37 40.3% 32.35 -53.4% 17.44 -46.1%
*Avg. Period = 360 Days
Source: Analyst’s analysis, Company Filings
Page Industries Ltd had excess liquidity which was gradually trimmed to current ratio, quick Ratio & Cash ratio of 3.8, 1.14 & 0.04 respectively. Thus, it has
freed much of its cash. The management of credit has improved post 2009, resulting in reduced ACP (Average Collection Period) from 24.02 Days in 2009
to 18.93 Days in 2011. The company has good inventory management with days in Inventory holdings (DIH) are now down to 31.93 Days in 2011 from
76.35 Days in 2009. The has been about 46% reduction on the Cash Conversion Cycle (CCC) from 32.35 Days in 2010 to 17.44 Days in 2011.
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D. Operating Performance
2007 2008 2009 2010 2011
Description % (y- % (y-o- % (y- % (y-
Value Value o-y) Value y) Value o-y) Value o-y)
Total Asset Turnover 1.34 1.36 1.3% 1.30 -4.0% 1.28 -1.6% 1.50 16.6%
Operating
Efficiency
Net Fixed Asset Turnover 7.24 4.66 -35.7% 4.63 -0.6% 4.38 -5.5% 5.28 20.7%
Equity Turnover 2.01 2.49 23.8% 2.93 18.0% 3.43 16.8% 3.97 15.9%
Receivables Turnover Ratio 24.38 21.09 -13.5% 14.99 -28.9% 16.59 10.7% 19.02 14.6%
Gross Profit Margin 24.4% 28.3% 34.0% 51.8% 32.8%
Profitability
Operating
Operating Profit Margin 10.9% 12.8% 20.0% 36.5% 18.4%
Net Profit Margin 4.6% 7.8% 12.4% 11.7% 13.8%
Return on Total Assets 9.76% 17.35% 26.06% 46.83% 27.52%
Investment (ROI)
Return on Net Assets 52.7% 59.5% 92.5% 159.6% 97.1%
Return on
Return on Owner's Equity 187.9% 240.4% 188.7% 189.3% 225.3%
ROE 9.3% 19.5% 36.4% 40.0% 55.0%
ROI- Before Tax 16.0% 18.0% 35.0% 71.9% 52.5%
PAT/EBIT 0.43 0.61 44.1% 0.62 1.3% 0.32 n.m. 0.75 135.2%
Source: Analyst’s analysis, Company Filings
Better utilisation of assets have resulted in the higher total asset turnover ratio which recovered from the low of 1.28 in 2010 to 1.50 in 2011. Net Fixed
Assets Turnover improved by 20.7% from 4.38 in 2010 to 5.28 in 2011. NPM saw the gradual increase from 4.6% in 2007 to 13.8% in 2011. Gross Profit
Margin saw increased to 51.8% in 2010 as compared to 34% in 2009. Although the higher ROI in 2010 is very much attributed to the low cost of raw
matrials, the 2011 figure justifies its srong performance as it is above those of 2009 and the preceding years. Before Tax ROI has increased to 52.5% in
2011 from 16% in 2007.
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6. Risk Analysis - Page Industries Limited
A. Financial Risk Analysis
B. Business Risk Analysis
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A. Financial Risk Analysis
2007 2008 2009 2010 2011
Value %(y-o-y) Value %(y-o-y) Value %(y-o-y) Value %(y-o-y) Value %(y-o-y)
Financial Risk Analysis
n.m.
Debt-Equity Ratio 0.33 0.49 49.8% 0.22 -54.6% 0.19 -15.9% 0.33 73.2%
Leverage Analysis
Long Term Debt / Total Capital n.m.
Ratio 0.37 0.75 101.5% 0.68 -9.6% 0.74 9.4% 0.39 -47.1%
n.m.
Total Debt Ratio 0.31 0.45 44.8% 0.41 -8.2% 0.49 19.2% 0.64 29.7%
n.m.
Receivables Turnover Ratio 24.38 21.09 -13.5% 14.99 -28.9% 16.59 10.7% 19.02 14.6%
Capital Equity Ratio 1.33 n.m. 1.49 12.4% 1.22 -18.0% 1.19 -2.9% 1.33 11.6%
Interest Coverage Ratio 6.27 n.m. 7.26 15.8% 16.58 128.4% 41.63 151.1% 17.30 -58.4%
-
Cash Flow
Coverage
Analysis
CF / Long Term Debt Ratio 0.36 n.m. 0.21 -42.1% 0.54 155.4% 0.41 -24.2% -0.003 100.8%
-
CF / Total Debt Ratio 0.32 n.m. 0.20 -37.3% 0.52 164.1% 0.35 -33.0% 0.00 100.4%
Working Capital/Total Assets 0.78 0.69 0.71 0.66 0.53
Test Ra tios
Some more
Insolvency
Cash/ Current Liabilities 7.88 0.07 6.13 0.25 0.04
Retained Earnings/Total Assets 0.11 0.08 0.05 0.05 0.08
Working Capital/Sales 0.58 0.51 0.54 0.52 0.35
Source: Analyst’s analysis,
The lenders have financed 64% of assets in as per 2011 figures, up from 49% in 2010. Due to increase in Debt financing, we have seen ICR (Interest
Coverage Ration to fall 41.63 times in 2010 to 17.30 times in 2011. Better management of Working Capital have resulted in the Working Capital to be 53%
of the total assets in 2007, down from 78% approx. in 2007. The company has freed any excess cash, leading to better management of resources.
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B. Business Risk Analysis
Business Risk
Standard Deviation of Operating Earnings 457.49
Variability
Operating
Earning's
Mean Operating Earnings 608.93
Coefficient of Variation of Operating Earnings 0.75
Standard Deviation of Sales 1390.366
Variability
Sales
Mean Value of Sales 2827.76
Coefficient of Variation of Sales 0.49
Source: Analyst’s analysis
Page Industries has high Coefficient of Variation of Operating Earnings of about 0.75; while that of Sales is 0.49 only.
This primarily due to the impact of Raw Materials and the changes in their prices involved.
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7. Growth Analysis - Page Industries Limited
A. Key Growth Statistics
B. DUPONT Analysis
C. Stock Projections
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A. Key Growth Statistics B. DUPONT Analysis
DU PONT
Growth Analysis 2007 2008 2009 2010 2011 ANALYS IS 2007 2008 2009 2010 2011
Value Value Value Value Value EBIT/SALES 0.11 0.13 0.20 0.36 0.18
Retention Rate 0.23 0.26 0.51 0.78 0.57 PBT/EBIT 1.02 1.04 1.07 1.02 1.08
PAT/PBT 0.42 0.59 0.72 0.85 0.70
ROE 9.3% 19.5% 36.4% 40.0% 55.0% 40.0%
ROE 9.3% 19.5% 36.4% 55.0%
Total Asset
Source: Analyst’s analysis
Turnover 1.34 1.36 1.30 1.28 1.50
Equity Turnover 2.01 2.49 2.93 3.43 3.97 Page Industries has has seen marginal increase in sustainable growth rate
Net Profit Margin 4.6% 7.8% 12.4% 11.7% 13.8% in 2011 of 31.53% as compared to 31.23% in 2010.
Sustainable
Growth Rate (%) 2.13 5.06 18.71 31.23 31.53 Although, the DUPONT figures reflect 55% ROE in 2011, the PAT/EBIT
showed lower esults as compared with 2010 figures.
Source: Annual Report 2010-11
B. Stock Projections
*Average Value
(INR in Mn, unless specified otherwise) 2007 2008 2009 2010 2011 CAGR 2012 (E) 2013 (E) 2014 (E)
Gross Profit Margin 24.4% 28.3% 34.0% 51.8% 32.8% 34.2%
DPS 4.37 10.00 17.00 21.00 26.00 0 42.04 70.44 102.14
Payout Ratio 77.13% 74.0% 48.6% 21.9% 42.6% 52.9% 45.0% 52.0% 52.0%
P/E 52.30 30.87 10.30 8.34 26.64 25.69*
Dividend Yield (%) 1.47% 2.40% 4.72% 2.63% 1.60% Source: Analyst’s analysis
We are projecting the Dividend per Share of INR 102.14, INR 70.44 42.04 in 2014, 2013 and 2012 respectively. Dividend Yield appears to be decreasing
on account of th stock prices moving up sharply.
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8. Profile - Page Industries Limited
A. Shareholding Pattern
B. Management Profile –Board Composition
C. Contact Details
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A. Shareholding Pattern
Promoter & Promoter Group Public
Indian Foreign Institution FII DII Non Institution Body Corporate
22,32,320 4466305 38,05,123 15,36,362 22,68,761 6,50,126 1,08,934
Source: www.bseindia.com
Source: Company Filings
Macro View Body
Subdivision - Public Holdings Corporate
Non Institution 1%
8%
Promoter &
Promoter DII
Group Institution
Public 27%
44% 46%
56%
FII
18%
Non Institution Body
4%
Entity-wise Corporate
1%
DII Indian
15% 15%
FII
10%
Foreign
30%
Institution
25%
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B. Management Profile - Board Composition
Chairman &
Independent Managing Non-Executive Independent
Director Directors Directors
Director
Mr. Ramesh
Genomal
Mr. Pradeep Mr. Sunder Mr. Nari
Mr. G P Albal
Jaipuria Genomal Genomal
Mr. Timothy
RalphWheeler
Source: Annual Report 2010-11
C. Contact Details
Registered Address
6/2 & 6/4, Abbaiah Reddy Industrial Area, Jockey Campus, Hongasandra,
Begur Hobli, Bangalore 560068
Telephone +(91)-80-25732952
Fax +(91)-80-25732226
Email investors@jockeyindia.com
Website www.jockeyindia.com
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About The Analyst:
Profile:
Rajat Dhar is an Investment Banking Analyst who holds a Bachelor of Engineering Degree from University of Pune, and has done PGDM in
Marketing. He started his career as a banker in HDFC Bank Ltd and subsequently moved into Wealth Management space in H SBC. He has
approximately 3.5 Years of Banking & Wealth Management expertise. He is IRDA & AMFI-Dealer’s Module certified. He has undertaken rigorous
training in Financial Modelling and Investment Banking at ARC Academia, India Office of Wall St. Training Institute – New York.
Key Expertise:
He is an independent Investment Banking Analyst with expertise in Oil & Gas segment.
His core specialities include Financial Modelling / Equity Reports / Company Reports / Sector Reports / Transaction Advisory / Trading Comparables /
DCF Valuation / Pitch Books / Equity Portfolio Management / Financial Planning & Advisory.
He is a visiting faculty at Amity University, and has co-chaired many panel discussions with latest being “The paradigm shift in Financial Markets post
liberalisation of 1990s, and its impact on Global Markets”. His research reports are also published at Thomson Reuters.
His works are publically available at: http://www.fixexpertise.blogspot.com
He is associated with a couple of firms / institutes of repute.
Firms* Institues*
• ARC Financial Services • Amity University
• RMJ Commodity Pvt Ltd • ARC Academia
• S R Bagai & Company • IREF
• South Asian Stocks Ltd • RMJ Institute of Capital Markets
*Arranged in Alphabetical Order
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FinExpertise – Research & Analytics
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FinExpertise, 3rd Floor, Malviya Nagar, New Delhi 110 017.
Disclaimer
This Re port is based on data publicly available or from sources considered reliable by the Analyst. However, the Analyst does not guarantee the accuracy, ade quacy or completeness of the Data / Re port
and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. The Data / Report are subject to change without any prior notice . Opinions expressed he rein are
our current opinions as on the date of this Report. Nothing in this Report constitutes investment, legal, accounting or tax advice or any solicitation, whatsoe ve r. The Re port is not a re commendation to buy /
sell or hold any securities of the Company. Analyst especially states that it has no financial liability, whatsoever, to the subscribers / users of this Re port. This document does not constitute an offe r or
solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. This document is provide d for assistance only and is not intende d to be and must not alone
be taken as the basis for an investment decision. The views expressed may not be suitable for all investors. This information is strictly confidential and is being furnished to you solely for your information.
This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or publishe d, copie d, in whole or in part, for any purpose . This re port is not
directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state , country or othe r jurisdiction , where such distribution, publication,
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ce rtain jurisdictions may be restricted by law, and persons in whose possession this document comes, should inform themselves about and observe , any such restrictions.
The information given in this document is as of the date as mentioned in the report and there can be no assurance that future results or e vents will be consistent with this information. This information is
subject to change without any prior notice. Analyst reserves the right to make modifications and alterations to this statement as may be re quired from time to time. Howe ve r, the Analyst is under no
obligation to update or keep the information current. Nevertheless, the Analyst is committed to providing independent and transparent recommendation to its client and would be happy to provide any
information in response to specific client queries. The Analyst shall not be liable for any damages whether direct, indirect, special or consequential including lost re venue or lost profits that may arise from
or in connection with the use of the information. Past performance is not necessarily a guide to future performance. The analyst for this re port ce rtifies that all of the vie ws expressed in this re port
accurately refle ct his or her personal views about the market, subject company or companies and its or their securities.
Copyright (c) 2011 Rajat Dhar
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