Goodricke Group

Goodricke Group Limited

Prakash Narayan Sharma

[email protected]

LOHIA SECURITIES LTD.

mailto:[email protected]


2 Lohia Research is also available on Bloomberg LSEC<go>,Thomson Reuters 033-4002 6600/6700


Dear Patrons...

The tea industry occupies a place of considerable importance in the Indian economy. The Vintage

172 year old Indian tea Industry is the largest tea producer in the world accounting for 28% of

the global production. Though India is the largest tea producer in the world, it is third in terms of

exports due to the widespread domestic consumption. In fact, it is the largest consumer of tea

with a 23% share of the total tea demand in the world. Tea contributes about Rs.7000 Crore per

annum to India’s GNP with annual export earnings of Rs.2000 Crore. It employs around 1.26

million people at tea plantations and 2 million people indirectly.

Tea can be broadly divided into two types--black tea and green tea, and India mainly produces

black tea as domestic consumers prefer that. There are mainly two methods of manufacturing

black tea--the Crush Tear & Curl (CTC) process and the orthodox process. Unlike other countries,

India produces both CTC and Orthodox tea, in addition to green tea. Tea production in India is

usually in the range of 928-982 million kgs. Assam and West Bengal (known in industry parlance

as North Indian teas) account for the largest chunk of production in India at around 53% and

20% of total tea production respectively. In the south, it is mainly produced in Tamil Nadu and

Kerala.

India exports around 20% of its total tea production, of which, around 43% is exported to Russian

and CIS (Commonwealth of Independent States) countries. India also exports to European

countries, USA, Japan, West Asia and Asia Pacific region.

In India, tea is sold through auction centres and private dealings. Out of the approximate annual

domestic consumption of around 800 million kgs, 40-45% is packaged and sold, while the rest is

sold as loose tea.

The domestic and global scenario looks positive for the Indian Tea industry. The global mismatch

in demand-supply is expected to continue into CY2011. There is a noticeable change in the

climatic conditions worldwide with erratic rainfall distribution and unpredictable precipitation

levels due to global warming. This will play an important role in tea cultivation going forward. If

this scenario continues it will tantamount to increase revenues for the tea industry in terms of

higher tea prices. In India, we believe tea prices are expected to remain firm as supply would not

improve in the future due to the negligible area addition under tea cultivation and lengthy

gestation period of a tea plant (approximately 5 years). The domestic tea consumption is

increasing at a CAGR of 2% every year while worldwide demand is expected to remain at higher

levels. Goodricke Group Limited is best placed to benefit from this mismatch due to its track

record of producing superior quality tea and its regular initiatives to improve yield. The

opportunity before it lies in the fact that the market in the medium term will be demand led and

despite the pipeline shortage in India, poorer teas would be discounted. Keeping in view its track

record of producing quality tea, we are quite optimistic about this company’s future.

Regards,

Lohia Research




Particulars Page No.

Company: Goodricke Group Limited 4-13

Contents:

--Company Profile 5-6

--Investment Rationale 7-8

--Risk & Concern 8-9

--Results Update 10

--Financial Highlights 11-12

--Outlook & Valuation 13

Company Office Branches 14

Research Team 14

Disclaimer 14




Company Profile…

MARKET DATA

Bloomberg Code GDRK:IN

Reuters Code GDRC.BO

Price (`) 127

Target Price (`) 155

Time (in Months) 12

Dividend Yield (%) 3.94

52 Week High/ Low(`) 175/121

Equity Capital(` Mn) 216

Face Value (`) 10

Market Cap (` Mn) 2,744

Avg. Vol.NSE(3M) 9,935

Beta 0.74

SHARE-HOLDING PATTERN (%)

Promoters 74%

FII 0%

DII 1.44%

Others 24.56%

As on 30/06/2011

RELATIVE PERFORMANCE (%)

Stock Sensex Stock over

Sensex

3 Month -9% -11% 2%

6 Month -10% -13% 3%

12 Month -14% -18% 4%

Company Background Goodricke Group is one of the major tea

plantation companies in India.

It was incorporated in 1977 as a public

limited company.

The Goodricke Group at present has 17

tea gardens. Of these, 12 estates are in the

district of Jalpaiguri, 3 in Darjeeling in

West Bengal and 2 in Darrang district of

Assam.

It operates in two different segments,

namely, bulk tea & instant tea.

The company grows, cultivates,

manufactures, treats, blends, processes,

buys, sells and deals in tea in various

forms.

Investment Rationale Demand-Supply mismatch in tea industry

Good export demand expected

High yield tea estates

Debt free company

Acquisitions & Expansion plans

Increasing focus on packet and instant tea

Government/Tea Authority Initiatives

Key Risk to Investment Uneven weather conditions

Labour intensive industry

Competition from other tea producing

countries

Unorganized Players

Foreign exchange fluctuations

Financial Highlights CY10 CY11E CY12E

Revenue (`Mn) 3,993 4,500 5,137

Revenue growth (%) 7% 13% 14%

EBDITA (`Mn) 741 909 1,097

EBIT (`Mn) 646 809 985

Net Profit (`Mn) 450 571 699

EPS (`) 20.83 26.44 32.35

EPS growth (%) 7% 27% 22%

P/E (x)* 6.10 4.80 3.93

P/BV (x)* 1.91 1.46 1.12

ROE (%) 35.40% 34.49% 32.28% * P/E, P/BV computed taking CMP of `127 as on 28/09/2011.

28th

September 2011




Company Profile…

Goodricke Group, one of the major tea plantation companies in India, was incorporated in West

Bengal on 14th June 1977 as a Public Limited Company under the provisions of the Companies Act 1956

(Act). The company grows, cultivates, manufactures, treats, blends, processes, buys, sells and deals in

tea in various forms.

The Goodricke Group at present has 17 tea gardens. Of these, 12 estates are in the district of

Jalpaiguri, 3 in Darjeeling in West Bengal and 2 in Darrang district of Assam. All the 17 existing tea

gardens of Goodricke Group were once owned by eight Sterling Tea Companies. They had established

these tea gardens progressively in late 1800’s and were carrying on business in tea in India. The

sterling companies are: Assam-Dooars Tea, Chulsa Tea, Hope Tea, Leesh River Tea, Lebong Tea,

Danguajhar Tea, British Darjeeling Tea and Meenglas Tea. Pursuant to Section 29(2)(a) of the Foreign

Exchange Regulation Act, 1973, the Reserve Bank of India agreed to grant permission to carry on

business to the Sterling companies subject to takeover of the Gardens by an Indian Company to be

formed. Accordingly based on schemes of merger and with the sanction of Calcutta High Court, the 8

Sterling Companies were amalgamated with Goodricke Group with effect from 1st January 1978.

Goodricke annually produces 30 Mn Kgs of tea.

Products Bulk Teas: CTC and Orthodox teas from the Dooars, Darjeeling and Assam gardens are sold in

bulk form packed in paper sacks, jute bags or tea chests. The quality and popularity of teas from

the Group are reflected in the prices realized which rank amongst the top in the Industry.

The marketing channels used for bulk teas include the Public auction System, private and

consignment sales, Exports and Direct Sales either in original or blended form. Bulk tea forms

99% of Goodricke’s overall operations.

Instant Tea: The instant tea segment contributes about 1-2% to Goodricke’s overall sales &

volume mix and focuses primarily on export market. The Goodricke Group developed the

concept of instant tea from green leaf at its research and development centre for 4 years before

setting up the world’s first integrated Instant Tea Plant at Aibheel Tea Garden in the Dooars.

This is a state of the art, computerised automated plant and its establishment in 1994 as an

Export Oriented Unit marks a major development in the Indian Tea Industry. The company

holds patent for hot water soluble and cold water soluble instant teas. However, Goodricke’s

cost of production is relatively higher compared to other international suppliers.

Brands The company’s diversified brands are:

Darjeeling Teas Multi Origin Blends

Badamtam Chestlet Barnesbeg Organic Green tea

Badamtam Sencha Green Tea Caddy Goodricke Chai CTC Dust

Castleton Premium Goodricke Chai CTC Leaf

Darjeeling Three-in-One Metal Caddy Goodricke Fine Estate Tea Bags

Margaret’s Hope Caddy Goodricke Perfect

Premium Darjeeling Carton Goodricke premium CTC Leaf

Seasons Three-in One Pinewood Chestlet Goodricke Premium CTC Leaf Carton

Special Darjeeling Roasted Jar Zabardast CTC Leaf

Thurbo Carton Zabardast CTC Dust




Subsidiaries

Stewart Holl (India) Limited,

Amgoorie India Limited,

Koomber Properties and Leasing Company Private Limited,

Lawrie Plantation Services

Borbam Investments Limited,

Koomber Tea Company private Limited,

Lebong Investments Private Limited

Credit Rating

Date Instrument Type Rating Agency Rating Amount

16-Feb-2011 Short-term Bank

Facilities CARE PR3 `60.48Cr

16-Feb-2011 Long-term Bank

Facilities CARE BBB- `360.07Cr

Management

Name Designation

Mr. P.J.Field Chairman

Mr. A.N.Singh Managing Director & CEO

Mr. A.K.Mathur Director

Dr. S.Kaul Director

Mr. K.Sinha Director

Mr. P.K.Sen Director

Mr. D.P.Chakravarti Vice-President & Company Secretary

Mr. A.Sengupta Chief Accountant & Chief Financial Officer

Major Shareholders

Shareholder % of Outstanding

Koomber Properties Leasing Company Ltd. 3.12%

Satish Kumar Bhasin 2.10%

SBIFM-Magnum Sector Funds Umbrella-Emerging 1.42%




Investment Rationale…

Demand-Supply mismatch in tea industry: Indian tea production has stagnated over the past five

years and has been range bound between 928 million kgs and 982 million kgs, at the same time

domestic consumption has increased from 780 million kgs in CY2005 to 865 million kgs in CY2010. The

domestic tea consumption is increasing at a CAGR of approximately 2%. The demand and supply gap

will widen in the coming years as production levels have not increased due to limited scope of

increasing acreage under cultivation and insufficient investment in replenishing low yielding plants.

Tea Statistics (India)

Figures in Million Kg

Description 2003 2004 2005 2006 2007 2008 2009 2010

Production 878 893 928 982 956 981 979 966

Imports 10 31 16 25 15 20 20 20

Exports 174 198 192 204 190 200 190 193

Consumption 720 755 780 795 810 830 850 865

Surplus/ Shortage

(6) (29) (28) 8 (29) (29) (41) (72)

Source: Lohia Research

Good export demand expected: The export demand for Indian teas is expected to be robust this year.

The Kenyan crops are almost down by 20 Mn and production in Sri Lanka has also been hampered due

to dry weather conditions over there. So there will be a shortage of tea in the international market. We

are hopeful that this year Indian exports will pickup. Increase in exports to premium markets in Europe

and other regions will enable Goodricke to enhance its margins.

High yield tea estates: The Goodricke Group at present has 17 tea gardens. Of these, 12 estates are in

the district of Jalpaiguri, 3 in Darjeeling in West Bengal and 2 in Darrang district of Assam. Goodricke’s

tea estates follow up‐to‐date field practices, to improve upon the quality standards. The age profile of

tea bushes have improved as a result of the ongoing uprooting & replanting of old bushes. The

company’s commitment to provide quality tea to its customers is expected to add significantly to the

bottomline of the company.

Debt free company: In CY10, Goodricke has reduced its debts to nil from Rs. 92.56 Mn in CY09. This

augurs well for the company in the present high interest rate regime where margins of most of the

companies are dented by high interest & financial charges. In future it is expected to have limited debt

exposure mainly in the form of working capital loan. In the event of these loans being raised, the

interest cost is not likely to pressurize the bottomline as the quantum of such loans are expected to be

small and Goodricke with its strong balance sheet will be able to raise them on favourable terms.

Acquisitions and expansion plans: Goodricke Group is scouting for acquisitions in the African region

which are known for their high yields and low costs. These acquisitions will allow the company to reap

benefits of increased volume growth and better margins going ahead. Overseas acquisitions provide a

hedge against the volatility in production that may result from operations in India alone due to weather




17%

26%

34%

23%

General Sales Breakup for Tea Industry

Q1 Q2 Q3 Q4Source: Company data

uncertainties and labour unrests. It is also open to acquiring more gardens in Assam. In the event of

such acquisitions, Goodricke plans to raise money mainly through rights issue. The company is also

looking to get into horticulture and agricultural products such as fruit juices, pineapple canning and

tomatoes. This would further enhance the bottomline of the company. The company also plans to

modernize 3 factories, enhance labour welfare and improve irrigation facilities in the coming fiscal.

Increasing focus on packet & instant tea: Goodricke Group on the back of rising tea prices have

increased its focus on its packet tea business. The company aims to increase its packet tea business

from 6 Mn kgs to 10 Mn kgs in the next 2 years. It has taken strong marketing initiatives in the form of:

a strong in-house marketing team vis-à-vis appointment of agents, entering into new geographical

areas such as UP, Bihar and Southern India, and, targeting new client segments such as institutional

sales and retail chains to promote its packet tea. The rising tea prices should increase the margins on

packet tea for Goodricke Group thus enhancing its bottomline. Goodricke’s sale of instant tea (including

iced tea) is around 300 tonnes including 200 tonnes in export market. Goodricke has a capacity to

produce 600 tonnes of instant tea annually and the company is looking to increase its sales in this

segment overseas moving beyond Japan and Europe. To achieve this, the company is looking to make

new launches like tea bags in the overseas market.

Government/Tea Authority Initiatives: Besides the Special Tea Fund, the Tea Board of India is also

taking active steps to arrest the declining popularity of tea against other beverages like coffee, malt and

soft drinks. For instance, the Indian Tea Board and the Indian Teas Association are promoting tea as a

health drink by highlighting its anti-oxidant properties. It has also appointed a well-known ad-agency

to handle its promotional campaigns. This would indirectly benefit tea companies in India.

Risk and concern

Uneven weather conditions: Tea cultivation requires optimum levels of humidity and rain. Extreme

weather conditions such as drought like situation or

heavy rains cause tea yield to decline sharply. A dry

weather may cause irreparable loss to production as

irrigation is seldom used in the industry. On the other

hand, heavy rains may wash away fertilizers and

other nutrients from the top soil. With frequent

occurrences of extreme weather conditions globally,

tea industry shall remain vulnerable to vagaries of

nature.

It has been monitored in the past that Q4 number for

all tea companies end up with a loss because

production halts from 15th December and new

season production starts from the third week of March, so there is no revenue coming in but the

companies have to incur both fixed costs as well as revenue costs in the last quarter. Also, total tax

provisions are factored in the last quarter because of the seasonality in business.

Labour intensive industry: The industry is highly labour intensive and is subject to stringent labour

laws. Comparatively high labour costs, high social cost over most other tea producing countries, high




infrastructure costs and increasing energy and other input costs remain the major problems for the

Indian Tea Industry.

Competition from other tea producing countries: The major competitive countries in tea in the

world are Sri Lanka, Kenya, China and Indonesia. China is the major producer of green tea while Sri

Lanka and Indonesia are producing mainly orthodox varieties of tea. Kenya is basically a CTC tea

producing country. While India is facing competition from Sri Lanka and Indonesia with regard to

export of orthodox teas and from China with regard to green tea export, it is facing competition from

Kenya and from other African countries in exporting CTC teas. Because of absence of large domestic

base and due to comparatively small range of exportable items, Sri Lanka and Kenya have an edge over

India to offload their teas in any international markets. This is one of the reasons of higher volume of

export by Sri Lanka and Kenya compared to India. Another important point is that, U.K has substantial

interest in tea cultivation in Kenya. Most of the sterling companies, after Indianisation due to

implementation of FERA Act started tea cultivation in Kenya. So, it makes business sense for U.K. to buy

tea from Kenya and Kenya became the largest supplier of tea to U.K.

Source: Lohia Research

Unorganized Players: Domestic tea market is flooded with unorganized and regional players

competing directly with large established national players. The small regional players typically

dominate in local state level markets and primarily compete on pricing front. It becomes difficult for

large organize players to respond to localized marketing strategies adopted by these smaller players in

timely manner. However, Goodricke Group is a producer of quality teas only and under the recent

scenario of rising preference for quality tea, risk of competition of unorganized players is mitigated.

Foreign exchange fluctuations: Tea being an in important global commodity is subjected to exchange

rate fluctuations. Unusual currency movement may impact earnings as most companies in tea industry

are highly export reliant.

28%

23%10%

9%

5%

25%

World Tea Production

India China Kenya

Sri Lanka Indonesia Others

23%

16%

6%6%5%

44%

World Tea Consumption

India China Russia UK Japan Others




Results update (Standalone)…

Particulars (` Million) Q2CY11 Q2CY10 YoY(%) Q1CY11 QoQ(%)

Net Sales 754 679 11% 637 18%

Other Operating Income 11 13 -11% 19 -40%

Total Operational Income 765 692 11% 656 17%

Total Expenditure 697 606 15% 896 -22%

EBITDA 68 86 -21% -240 128%

EBITDA Margin (%) 9.01% 12.70%

-37.62%

Depreciation 26 21 24% 22 16%

EBIT 42 66 -36% -262 116%

EBIT Margin (%) 5.59% 9.64%

-41.10%

Other Income 0.70 3.40 -79% 2.60 -73%

Interest & Financial Charges 6 5 15% 0.20 2950%

PBT 37 64 -42% -260 114%

PBT Margin (%) 4.87% 9.36%

-40.73%

Provision for Taxation 0 0

0

Profit After Tax (PAT) 37 64 -42% -260 114%

Net Profit Margin (%) 4.87% 9.36%

-40.73%

Income from Operations increased by 11% to `765 Mn in Q2CY 11 as against `692 Mn in

Q2CY10. The increase in sales was due to increase in realization per Kg.

Employee expenses increased by 27% to `413 Mn in Q2CY11 as against `326 Mn in Q2CY10.

This was due to the increase in labour wages during the quarter.

Total expenditure increased by 15% during the quarter on YoY basis.

EBITDA Margin declined to 9.01% from 12.70% in Q2CY10. This is because increase in

expenditure was higher than increase in income.

Depreciation expense increased by 24% during the quarter.

EBIT of the company declined by 36% during the quarter.

Other income declined by 79% during the quarter.

PAT declined by 42% on YoY basis mainly due to lower EBITDA and higher depreciation cost.




Financial Highlights

Income Statement (Standalone) Particulars (` Mn) CY09 CY10 CY11E CY12E

Net sales 3,718 3,993 4,500 5,137

Other Income 132 85 96 111

Increase/Decrease in Stock -26 -214 -214 -214

Raw Material Consumed 1,006 1,145 1,217 1,369

Power & Fuel Cost 246 296 334 370

Employee Cost 1,143 1,234 1,384 1,541

Other Manufacturing Expenses 336 356 401 453

General and Administration Expenses 40 45 49 51

Selling and Distribution Expenses 268 294 324 365

Miscellaneous Expenses 191 179 191 216

Total Expenditure 3,204 3,337 3,687 4,151

EBITDA 645 741 909 1,097

Depreciation 73 95 100 113

EBIT 572 646 809 985

Interest & Financial Charges 41 15 16 14

Profit Before Tax 531 631 793 971

Provision for Taxation 111 181 222 272

Profit after Tax 419 450 571 699 *Lohia research estimates

Balance Sheet (Standalone) Particulars (` Mn) CY09 CY10 CY11E CY12E

Assets

Net Fixed Asset 686 813 968 1,106

Investments 0 0 323 698

Current Assets 1,380 1,680 1,771 1,950

Total Assets 2,066 2,493 3,062 3,753

Liabilities

Equity Share Capital 216 216 216 216

Reserves & Surplus 893 1,217 1,662 2,235

Secured Loans 93 0 0 0

Unsecured Loans 0 0 0 0

Current Liabilities & Provisions 856 1,046 1,170 1,288

Deferred Tax Liabilities 8 14 14 14

Total Liabilities 2,066 2,493 3,062 3,753 *Lohia research estimates




Cash Flow Statement

Particulars (` Mn) CY09 CY10 CY11E CY12E

Cash Flow from Operating Activities

PAT 419 450 571 699

Add: Depreciation 73 95 100 113

Operating Profit before WC changes 493 545 671 811

Changes in Current Assets (excluding cash) 944 (213) (90) (168)

Changes in Current Liabilities (860) 196 124 118

Changes in WC 84 (17) 34 (50)

Net Cash flow from Operations 577 528 705 761

Cash Flow from Investment Activities

Capital Expenditure (CAPEX) (190) (231) (240) (250)

Increase in Investments (0) 0 (323) (375)

Net Cash flow from Investment Activities (190) (231) (563) (625)

Cash Flow from Financing Activities

Change in Equity 0 0 0 0

Change in Debt (206) (93) 0 0

Dividends Paid (101) (126) (126) (126)

Net Cashflow from Financing Activities (320) (209) (141) (126)

Net Increase in Cash & Cash Equivalents 67 88 1 10

Cash & cash equivalents at the beginning 45 112 199 200

Cash & cash equivalents at the end 112 199 200 210 *Lohia research estimates

Financial Ratios CY09 CY10 CY11E CY12E

Profitability Ratios

Return on Assets (ROA) 17.19% 19.74% 20.56% 20.51%

Return on Equity (ROE) 44.16% 35.40% 34.49% 32.28%

Return on Capital Employed (ROCE) 47.61% 45.09% 43.07% 40.19%

Liquidity Ratios

Current Ratio 1.61 1.61 1.51 1.51

Acid Test Ratio 0.88 0.77 0.75 0.76

Debt-Equity Ratio 0.08 0.00 0.00 0.00

Interest Cover 13.83 41.86 51.36 68.47

Margin Ratios

EBITDA Margin 17.36% 18.56% 20.20% 21.36%

EBIT Margin 15.39% 16.18% 17.98% 19.17%

PBT Margin 14.27% 15.80% 17.63% 18.89%

Net Profit Margin 11.28% 11.27% 12.69% 13.60% *Lohia research estimates




Peer set Analysis

Particulars Tata

Global Beverages

McLeod Russel

Jayshree Tea

Goodricke Group

Rossell India

Current Share Price (`) 87 232 133 127 45

No. of Shares (Mn) 618.40 109.46 22.34 21.60 36.70

Face Value (`) 1 5 5 10 2

Market Cap (`Mn) 53,584 25,362 2,979 2,744 1,657

Sales (`Mn) 17,926 10,731 4,862 3,993 759

PAT (` Mn) 1,806 2,322 463 450 193

EPS (`) 2.92 21.22 16.04 20.83 5.25

P/E (x)* 29.67 10.92 8.31 6.10 8.57

P/BV 2.59 1.65 0.84 1.91 1.67

Dividend Yield (%) 2.33 2.17 2.25 3.94 0.89

Source: Moneycontrol.com, Lohia Research;

Comparison with Index

Outlook & Valuation

At the current market price of `127, the stock is trading at P/E of 6.10 with industry P/E hovering

around 14.16, the stock is underpriced. Based on discounted cash flow method, we have arrived at a

fair price target of `155 for Goodricke Group Limited. At our target price, the stock offers a potential

upside of around 22% from the current level; we initiate a ‘buy’ rating on the stock with

accumulation at every dip.

0

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140

Goodricke Sensex




For Suggestions, clarifications & your valuable feedback write back to us at:

Lohia Securities Ltd, 4 Brabourne Road, 5th Floor Kolkata-700001 Board :( 91-33) 40026600,

E-mail: [email protected]

For Institutional Sales Lohia Securities Ltd, 1602-B, Lady rattan Tower, 72 Dainik Shivner Marg Gandhinagar, worli, Mumbai- 400018 Board: (91-22) 2492 4449, E-mail: [email protected]

Institutional Team:

Our Fundamental Research Team

Name E-Mail Id Contact No.

Basanti Gourisaria [email protected] +91 33 40026822

Gitika Bhansali [email protected] +91 33 40026821

Krishna K Agarwal [email protected] +91 33 40026631

Prakash N Sharma [email protected] +91 33 40026732

Pooja Bajaj [email protected] +9133 40026684

Rajkumar Mondal [email protected] +91 33 40026732

Sailesh Sarda [email protected] +91 33 40026732

Sonu Shah [email protected] +91 33 40026732

Vikash Agarwal [email protected] +91 33 40026822

Our Technical Research Team


Debraj Sarkar [email protected] +91 33 22820391

Rajarashi Mukherjee [email protected] +91 33 22820392

Our Derivative & Statistical Research Team


Ayush Choudhary [email protected] +91 33 40026600

Nisha Jhunjhunwala [email protected] +91 33 40026822

Institutional Sales


Ashok Kamat [email protected] +91 22 24901310

Deepak Parekh [email protected] +91 33 40026737

DISCLAIMER: The information and opinions contained herein have been compiled or arrived at, based upon information obtained from

reliable sources. Such information has not been independently verified and no guarantee, representation of warranty, express or implied,

is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. LSL, its

directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the

investments made or any action taken on basis of this report. LSL and its directors, associates, employees may or may not have any

positions in any of the stocks dealt in the report. This report is only for PRIVATE CIRCULATION.

Investment Rating

Buy > 15 % Hold (5%-15%) Sell < 5%



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