United Phosphorus reported a 10% year-over-year decline in revenues for the first quarter of fiscal year 2011, which was below analyst estimates. Adjusted profit after tax was up slightly at Rs192 crore versus Rs186 crore in the prior year period. Higher other expenses restricted improvement in operating margins. The company maintained its full year revenue growth guidance of 8-10% and expects a 200 basis point expansion in EBITDA margins. Despite the revenue miss in the quarter, analysts maintained a buy rating on the stock due to attractive valuations and growth opportunities in the generic agricultural chemicals market.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
1. 1QFY2011 Result Update | Agrichemical
July 27 2010
United Phosphorus BUY
CMP Rs186
Performance highlights Target Price Rs228
Parameter (Rs cr) 1QFY11 1QFY10 % chg Angel est % diff Investment Period 12 months
Net Sales 1,469 1,638 (10.3) 1,801 (18.5)
Stock Info
EBITDA 289 304 (5.0) 324 (10.8)
Sector Agrichemical
EBITDA margin (%) 19.7 18.6 18.0
Market Cap (Rs cr) 8,196
Adj PAT 192 186 3.6 185 4.0
Beta 0.9
Source: Company, Angel Research
52 Week High / Low 200/133
United Phosphorus (UPL) for 1QFY2011 declared 10% yoy decline in revenues, Avg. Daily Volume 392347
while Adj PAT stood at Rs192cr, marginally higher than estimated. Overall, the Face Value (Rs) 2
results were in line with our estimates. At Rs179, the stock is quoting at attractive BSE Sensex 18,078
valuations of 11x FY2012E EPS. Hence, we maintain a Buy on stock. Nifty 5,431
Reuters Code UNPO.BO
Revenue growth remains a concern: UPL’s total revenues for the quarter fell 10%
Bloomberg Code UNTO@IN
yoy to Rs1,469cr as against our estimate of Rs1,801cr. Revenue decline was
primarily led by exchange variance (-7% yoy) and dip in realisations (-7% yoy).
Regionally, North America and Europe witnessed major erosion of 12% and 25%, Shareholding Pattern (%)
respectively. Promoters 27.9
MF / Banks / Indian Fls 29.3
Outlook and Valuation: Over FY2010-12E, we expect UPL to post 8% and 18%
FII / NRIs / OCBs 35.8
CAGR in sales and Adj PAT, respectively. UPL's profitability is set to perk up with
Indian Public / Others 7.0
EBITDA margins improving owing to stable raw material prices, pick up in
demand and restructuring of Cerexagri. We expect RoCE and RoE to improve
from 15% and 19% in FY2010 to 19% and 20% in FY2012E, respectively. At
Abs. (%) 3m 1yr 3yr
current valuations of 11x FY2012E EPS the stock is attractively valued. Hence, we
Sensex 2.2 17.6 18.7
maintain our Buy recommendation on the stock, with a Target Price of Rs228.
UPL 24.8 8.4 20.9
Key Financials (Consolidated)
Y/E March (Rs cr) FY2009 FY2010E FY2011E FY2012E
Net Sales 4,931 5,460 5,830 6,406
% chg 35.4 10.7 6.8 9.9
Net Profit 468 556 651 771
% chg 19.8 19.0 17.0 18.5
EBITDA (%) 19.7 18.9 20.5 21.5
EPS (Rs) 10.6 12.7 14.8 17.6
P/E (x) 17.5 14.7 12.6 10.6
P/BV (x) 3.1 2.6 2.3 2.0
RoE (%) 19.0 19.3 19.5 19.9
RoCE (%) 17.1 15.0 16.3 19.0
Sageraj Bariya
EV/Sales (x) 2.0 1.6 1.6 1.4
40403800 extn 346
EV/EBITDA (x) 10.3 8.8 8.2 6.9 sageraj.bariya@angeltrade.com
Source: Company, Angel Research
Please refer to important disclosures at the end of this report 1
2. United Phosphorus |1QFY2011 Result Update
Exhibit 1: Quarterly performance
Y/E March (Rs cr) 1QFY11 1QFY10 % chg FY2010 FY2009 % chg
Net Revenues 1,469 1,638 (10.3) 5,460 4,931 10.7
Raw material cost 765 955 (19.9) 2954 2451 20.5
Gross Profit 704 683 3.1 2506 2480 1.0
Gross margin 48 42 46 50
Employee Expenses 133 125 6.9 502 479
as % of sales 9 8 9 10
Other expenditure 281 253 11.0 1005 885
as % of sales 19 15 18 18
Total Expenditure 1179 1333 (11.5) 4461 3815
Operating Profit 289 304 (5.0) 999 1116 (10.5)
OPM (%) 20 19 18 23
Depreciation 47 50 215 193
EBIT 242 254 (4.8) 784 924 (15.1)
EBIT (%) 16 16 14 19
Other income 19 7 34 (21)
Interest 49 46 194 292
PBT (excl of Ext items) 211 215 625 611
Ext items (51) (12) 325.0 (27) 10 (365.1)
PBT (incl of Ext items) 160 203 598 621
Tax 16 27 81 27
Reported PAT 145 176 (17.9) 517 594 (13.0)
Minority & Associate 1 (3) 25 0
Net PAT 142 174 556 594
Adj PAT 192 186 3.6 556 594 (6.4)
Reported EPS (Rs) 3.3 4.0 (17.9) 11.8 13.5 (13.0)
Adj EPS (Rs) 4.4 4.2 3.6 12.7 13.5 (6.4)
Source: Company, Angel Research
Revenue growth remains a concern
UPL’s total revenues for the quarter fell 10% yoy to Rs1,469cr as against our
estimate of Rs1,801cr. Revenues fell primarily due to the exchange variance (-7%
yoy) and decline in realisation (-7% yoy). Regionally, North America and Europe
witnessed major dip of 12% and 25%, respectively. Overall volumes for the quarter
registered mere 2% yoy growth impacted by adverse weather conditions in the key
North American and European markets.
July 27 2010 2
3. United Phosphorus |1QFY2011 Result Update
Exhibit 2: Sales performance Exhibit 3: Growth break-up
1,800 26 30 3 2
1,500 2
1
1,200 15
6 0
Rs cr
900 2
%
0 (1)
600 0 (2)
%
(10) (3)
300
(4)
- (15)
(5)
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
(6)
(7)
(8) (7) (7)
Net Sales % YoY Exchange impact Realisation Volume
Source: Company, Angel Research Source: Company, Angel Research
Exhibit 4: Regional performance Exhibit 5: Regional mix
600 100%
500 80%
400 60%
Rs cr
300 40%
200 20%
100 0%
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
0
North America India EU RoW
1QFY10 2QFY10 3QFY10 4QFY10 1QFY11 North America India EU RoW
Source: Company, Angel Research Source: Company, Angel Research
Higher other expense restricts improvement in OPM
UPL’s top-line de-growth of 10% was below our expectation due to poor
performance in certain key geographies on account of adverse weather conditions
(that prevent germination of pest) and fluctuation in currency. However, UPL still
managed to record strong improvement of 600bp in gross margins though the
same did not percolate down fully to the EBITDA level due to the annual wage
revision and higher other expenses - staff and other expenses increased 7% and
11% yoy respectively, during the quarter.
July 27 2010 3
4. United Phosphorus |1QFY2011 Result Update
Exhibit 6: Margin trend Exhibit 7: Higher other expenses
50 21 300 22 25
48 20 19
48 19 17 20
47 280 15
46 46 17 15
Rs cr
260
%
%
%
44 10
44 15
240
42 13 5
41
40 11 220 0
1QFY10 2QFY10 3QFY10 4QFY10 1QFY11 1QFY10 2QFY10 3QFY10 4QFY10 1QFY11
Gross Margin (LHS) EBITDA Margin (RHS) Other cost % of sales
Source: Company, Angel Research Source: Company, Angel Research
Earnings growth in line with estimate
Total reported PAT for the quarter came in at Rs145cr (Rs176cr), a yoy decline of
18% mainly on account of forex losses and re-pricing of liabilities to the extent of
Rs50cr (Rs12cr). Adjusted PAT stood at Rs192cr (Rs186cr) v/s our estimate of
Rs185cr, 4% ahead of our estimate.
Exhibit 8: PAT trend
250 30
25
186 192
200 177 20
15
150 10
Rs cr
102 5
%
100 0
64 -5
50 -10
-15
0 -20
1QFY10 2QFY10 3QFY10 4QFY10 1QFY11
Adj PAT % YoY
Source: Company, Angel Research
Conference call – Key takeaways
• Management maintained its revenue guidance of 8-10% (organic) for the
full year and expansion of EBITDA margin of 200bp over FY2010.
• Management in its effort to restructure and reduce costs, recently shut
down its Spain plant, benefits of which would be visible from 2QFY2011
onwards.
• The company is targeting profit growth of 30% over the next 2-3 years;
expects to clock 20-25% growth in FY2011.
July 27 2010 4
5. United Phosphorus |1QFY2011 Result Update
Investment Arguments
Innovators dominant in Off-patent space - Generic firms in sweet spot
The global agrichem industry, valued at US $40bn (CY2008), is dominated by the
top-6 innovators, viz. Bayer, Syngenta, Monsanto, BASF, DuPont and Dow, which
enjoy large market share of patented (28%) and off-patent market (32%).
Pertinently, the top-6 innovators also enjoy a large share of the off-patent market
due to the high entry barriers for the pure generic players. Thus, 1/3rd of the total
pie worth US $13bn (controlled by the top-6 innovators through proprietary
off-patent products) provides high growth opportunity for the larger integrated
generic players like UPL.
Generic segment market share to increase
The generic players have been garnering high market share, increasing from 32%
levels in 1998 to 40% by end 2006. Over 1998-2006, while industry registered
CAGR of 3%, generic players outpaced industry, posting CAGR of 6% during the
period. Going ahead, given the opportunities and drop in rate of new molecule
introduction by the innovators, we expect the generic players to continue to
outpace industry growth and increase their market share in the overall pie.
Historically, the global agrichem players have been logging in-line growth with
global GDP. Going ahead, over CY2009-11E, the global economy is expected to
grow at around 3-4%. Assuming this trend plays out in terms of growth for the
agrichem industry and the same rate of genericisation occurs, the agrichemical
generic industry could log in 6-8% yoy growth during the period and garner
market share of 44-45%.
A global generic play
UPL figures among the top-5 global generic agrichemical players, with a presence
across major markets including the US, EU, Latina America and India. Given the
high entry barriers by way of high investments, entry of new players is also
restricted. Thus, amidst this scenario and on account of having a low cost base, we
believe that UPL enjoys an edge over competition and is placed in sweet spot to
leverage the upcoming opportunities in the global generic space.
Outlook and Valuation
The agriculture sector, in the last few years, has been rejuvenating globally on the
back of rising food prices. Food security is also top priority for most governments,
while reducing food loss is one of the easiest ways to boost food inventory. Hence,
we believe that the agrichemical companies would continue to do well in wake of
heightened food security risks and strong demand is likely to be witnessed across
the world. Overall, we expect the global agrichemical industry to perform well
from hereon. However, generics are expected to register healthy growth on
account of: a) increasing penetration and wresting market share from innovators,
and b) patent expiries worth US $3-4bn (2007) during 2009-14.
Given the lower-than-expected sales growth and higher-than-expected EBITDA
margins, we have marginally revised our sales estimates downwards to factor in
the lower-than-estimated top-line growth in 1QFY2011. However, due to the
improvement in EBITDA margin we have marginally revised our PAT numbers
upwards.
July 27 2010 5
6. United Phosphorus |1QFY2011 Result Update
Exhibit 9: Change in estimates
Old New % chg
Parameter (Rs cr) FY11E FY12E FY11E FY12E FY11E FY12E
Sales 6,235 6,758 5,830 6,406 (6.5) (5.2)
EBITDA 1,185 1,352 1,158 1,339 (2.2) (0.9)
EBITDA margin (%) 19.5 20.5 20.5 21.5 100bp 100bp
Adj PAT 641 771 651 771 1.6 0.1
Source: Company, Angel Research
Over FY2010-12E, we expect UPL to post 8% and 18% CAGR in sales and Adj
PAT, respectively. UPL's profitability is set to improve with EBITDA margins
improving owing to stable raw material prices, pick up in demand and
restructuring of Cerexagri. We expect RoCE and RoE to improve from 15% and
19% in FY2010 to 19% and 20% in FY2012E, respectively. At current valuations of
11x FY2012E EPS, the stock is trading attractively. Hence, we maintain a Buy on
the stock, with a Target Price of Rs228.
Exhibit 10: Key Assumption
Geographic sales growth (%) FY11E FY12E Comment
North America 1.0 5.0 Adverse weather conditions impacting demand and volume growth
India 17.0 15.0 Robust volume growth on account of normal monsoon
EU (0.8) 4.0 Adverse weather conditions impacting demand and volume growth
RoW 7.5 15.0 Drying up of distributor inventory to boost demand
Total 6.1 9.9
EBITDA margin 20.5 21.5 stable raw material prices and realisations coupled with restructuring to improve margins
Tax rate 18 21
Source: Angel Research
Exhibit 11: Peer Valuation
Company Reco Mcap CMP TP Upside P/E (x) EV/Sales (x) EV/EBITDA (x) RoE (%) CAGR (%)
(Rs cr) (Rs) (Rs) (%) FY11E FY12E FY11E FY12E FY11E FY12E FY11E FY12E Sales PAT
Rallis Neutral 2,414 1,238 - - 16.8 13.1 2.1 1.7 10.8 9.1 30.4 32.1 21.3 36.5
Bayer CropScience Neutral 3,190 808 - - 18.1 15.6 1.5 1.3 12.0 10.0 27.7 25.5 15.3 22.9
United Phosphorus Buy 8,196 186 228 23 12.6 10.6 1.6 1.4 8.2 6.9 19.5 19.9 8.3 17.8
Nagarjuna Agrichem NA 484 325 - - 7.3 5.9 0.7 0.6 3.8 3.0 29.0 28.0 13.8 17.0
Source: Company, Angel Research
July 27 2010 6
12. United Phosphorus |1QFY2011 Result Update
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.
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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
the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
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 United Phosphorus
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock Yes
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below Rs 1 lakh for Angel, its Group companies and Directors.
Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)
July 27 2010 12