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Comfort Commotrade Limited

Initiative of the BSE Investors’ Protection Fund Page | 1

COMFORT COMMOTRADE LIMITED Industry: Other Financial Services

Comfort Commotrade Limited

•Other Financial Services Sector

•November 05, 2007 Date of Incorporation

•A-301, Hetal Arch, S. V. Road, Malad (West), Mumbai – 400 064 Registered Office

•Anil Agrawal Managing Director

•Sonia Jain

Company Secretary

•M/s Bansal Bansal & Co Auditor

•www.comfortcommotrade.com Website

40.12

55.79

4.09

Promoters

Public & others

DII

Source: Company DRHP Post issue

The company is headquartered at Malad, Mumbai and a

significant portion of revenue comes from operations in

Western India.

The company is engaged in the business of commodity

trading of bullion (gold, silver), energy (crude oil, natural

gas), metals, food grains (rice, maize), oil, spices and oil

seeds etc and are registered members in the MCX and

NCDEX.

The company proposes to open two regional offices and

increase the margin money maintained at the exchanges.

These will be done out of Rs. 600-lakh fund, to be raised

through the public issue and promoters’ contribution of

Rs. 310 lakh, aggregating to Rs. 910 lakh.

Revenue contribution from brokerage and commission

stood at Rs.29.62 lakh (48.2% of the total revenue),

proprietary trading at Rs.21.73 lakh (35.3% of the total

revenue) and the remaining from interest and other

miscellaneous income at Rs. 10.16 lakh, contributing

16.5% of the total sales respectively during the financial

year 2011-12.

Business Summary (Key Business Highlights)

Background & History

Shareholding Pattern as on September 2012 (in %)

The company was incorporated on November 5, 2007, as Comfort Commotrade Private Limited with the Registrar of Companies, Mumbai. Later, it was converted into a public limited company and its name was changed to Comfort Commotrade Limited. It obtained a fresh certificate of incorporation from the Registrar of Companies, Mumbai and on May 21, 2012. The company is engaged in the business of commodity trading of bullion (gold, silver), energy (crude oil, natural gas), metals, food grains (rice, maize), spices, oil and oil seeds etc and is a registered member in the MCX and NCDEX. Its group companies are Comfort Capital Pvt. Ltd., Comfort Fincap Ltd., Comfort Intech Ltd., Comfort Mines and Minerals Pvt. Ltd., Comfort Securities Ltd., Luharuka Commotrade Pvt Ltd., Luharuka Dealers Pvt. Ltd., Luharuka Exports Pvt. Ltd., Luharuka Investment & Consultant Pvt. Ltd. and Luharuka Sales & Services Pvt. Ltd.

Background & History

No. of Shares Outstanding prior to issue 40,20,000

No. of Shares offered

a. Reserved for Promoters -

b. Reserved for Market Makers 5,10,000

c. Net issue to the Public 54,90,000

Total 60,00,000

Equity Shares outstanding after the issue 1,00,20,000

Minimum Application Size (No. of Shares)

a. For QIB and NII 10,000

b. For Retail Individuals 10,000

Face Value (in Rs.) 10

Issue Price (in Rs.) 10

Issue Size (in Rs.) (Lakhs) 600

Book Value per Share (in Rs.) 32.33

Issue Details

Initiative of the BSE Investors’ Protection Fund P a g e | 2

COMFORT COMMOTRADE LIMITED

Relevant Parties

Lead Manager VC Corporate Advisors Private Limited

Merchant Banker VC Corporate Advisors Private Limited

Underwriter 1. VC Corporate Advisors Private Limited 2. Narayan Securities Limited

Market Maker Narayan Securities Limited

Registrar Sharepro Services (India) Private Limited

The company intends to expand its scale of operations by

setting up two regional offices in Chennai and Hyderabad.

The growth plan envisaged would increase the trading

volume, thereby leading to additional margin money

requirements maintained in the exchanges by the company.

In order to support these objectives, the company plans to

raise Rs. 600 lakh from the issue and the remaining Rs. 310

lakh from internal accruals.

What Drives the Company for Getting Listed?

Improving the status and financial standing of the

company.

Improving client relationship by adding new portfolio of

customers.

Business growth opportunities and nationwide

presence.

Gaining access to additional fund raising in future by

means of new issues of shares.

Company’s Expectations from Listing

Underwriter VC Corporate

Advisors Private Limited

Narayan Securities Limited

No. of Shares Underwritten

54,90,000 5,10,000

Amount Underwritten (Rs. In Lakhs)

549.00 51.00

% Underwritten 91.50% 8.50%

Underwriting Commitment



Rs. (lakhs) FY10 FY11 FY12

Revenue 19.01 13.75 51.35

Growth (%) 271.29% (27.67)% 273.45%

EBITDA 6.11 0.85 30.96

EBITDA Margin (%) 32.14% 6.18% 60.29%

Net Profit 0.51 3.62 22.05

NP Margin (%) 2.67% 26.35% 42.95%

EPS (diluted) 1.42 0.23 1.51

EPS# 0.14 0.03 0.67

RONW (%) 4.68 0.77 5.05

ROA (%) 12.61 2.34 30.78

P/BV 0.58 0.52 0.49 # EPS calculated on weighted average number of shares s per draft prospectus

Revenue grew by 273.45% to Rs. 51.35 lakh from Rs.

13.75 lakh for the financial year ending March 2012.

Steep rise in income is mainly attributed to increase in

revenue from brokerage and commission, coupled with

income from proprietary trading in FY12.

Higher revenue growth offset the rise in administration

and employee costs.

Net profit increased by Rs. 18.43 lakh or 508.77% from

Rs. 3.62 lakh in FY11 to Rs. 22.05 lakh in FY12.

Net profit margin improved in FY12 at 42.95% against

26.35% recorded in the previous year.

The world’s financial and commodity derivatives markets have undergone changes at a fast pace post economic

liberalization, industrial deregulation, increasing sophisticated market participants, improvement in technology and

consolidation, leading to change in the way in which the global futures and broader commodities and derivatives exchange

markets operate. The emphasis on greater geographic diversification of investments, investment opportunities in the

emerging markets in Asian economies such as India, Korea and China and increased cross-border commercial activities are

leading to more trading and capital movements.

Commodities have opened up spectacular growth opportunities and advantages not only for large cross section of market

participants like producers, processors, traders, corporate, trading centers, importers, exporters, co-operatives, industry

associations, but also for investors. It provides opportunities to all market participants and investors affording a dynamic field

for diversified investment and trading opportunities, in addition to equity markets. Large end-users and producers of

commodities are permitted to hedge their risk in global markets and have also gradually started using the domestic market.

Although the Indian market is primarily domestic, commodities are global in nature and the Indian commodity derivatives

market is highly correlated with the global commodity derivatives market. The commodity futures exchanges in India have

formed strategic alliances globally to increase the integration of the Indian market with the larger global markets. Foreign

institutional investors, mutual funds and banks may be permitted to participate in the Indian commodity derivatives

markets.

Commodities play an important role in India’s economy and have over 7,000 regulated agricultural markets. India is the

world’s leading producer of several agricultural commodities. At present, 21 commodity exchanges (of these 16 are regional

or localised exchanges) are recognized by the Forward Market Commission (FMC), offering trading in over 60 commodity

futures. The five national multi-commodity exchanges, namely MCX, NCDEX, NMCE, ICEX and ACE offer electronic trading in

numerous commodity futures contracts. They accounted for 99.4% and 99.7% of the turnover of commodity futures

contracts traded in India for the fiscal 2011 and the nine months ended December 31, 2011, respectively.

Industry Analysis

Financial Snapshot



Key Drivers of the

Industry

Progressive & Regulatory

reforms

Indian economy-one of the

fastest-growing in the world

High savings rate of the

working class

Tremendous growth potential of Indian capital

market

Favourable demographic

profile

Technology advancement & online platform

for trading

Key Drivers of the Industry

Michael Porter’s “Five Forces” Analysis

Rivalry among Existing Competitors

Competitors would have greater brand recognition and due to longer operating history, enjoy large customer base in and outside India.

Threat of New Entrants

As the industry is fragmented and relies more on client relationships, the threat of new entrants is high.

Threats of Substitutes

Customers can approach other merchant banking firms, merchant bankers, broking firms and financial advisory firms.

Bargaining Power

of Supplier

With the promoters’ rich expertise in the field and expansion of operations nationwide, the bargaining power would improve in future.

Bargaining Power

of Customers

As the industry is highly fragmented, the customers have wide options in selection of companies offering varied financial services under one roof.

High

High

High

Medium



Corporate Governance - The company emphasizes on the corporate governance for establishing and maintaining integrity,

transparency, accountability and emphasizes on communication and transparent reporting. It has complied with the

corporate governance code in accordance with SME Equity Listing Agreement with the stock exchange and SEBI

regulations. The separate committees have been formed like an audit committee and a shareholders’ grievance committee

in compliance with the corporate governance norms. It implements the principles of corporate governance in all its

dealings and activities which help maintain a cooperative, competent, positive, harmonious and productive work

atmosphere and business organization. This also protects long-term interests of the stakeholders.

Expansion Plan - The company intends to expand its operations in south India by setting up regional offices in Chennai

and Hyderabad. It has entered into an agreement with M/s. Sivaswathi Constructions Private Limited to carry out the

construction of office premises. The contractors will construct the same on turnkey basis and also prepare site layout

plans, preliminary sketch, designs, structure drawings etc. The total contract amount is worth Rs. 500 lakh, of which Rs.

190 lakh have already been paid as advance to the contractor from internal accruals. The following are the estimated

capital cost for setting up the regional offices at two cities:

Particulars Amount (Rs. In

Lakhs) Chennai (area of ~3,900 sq ft)

500.00 Hyderabad (area of ~2,600 sq ft)

Furniture and other equipment 160.00

Total 660.00

HR Practices - The company has three permanent employees at present. The Board consists of four directors, comprising

of one whole time director, one non-executive non independent director and two independent non-executive directors.

The company is not providing any others benefits to the employees except for the payment of salaries and yearly bonus

based on their performance.

Risk Management – With a view to improve its operations continuously, the company has implemented appropriate risk

management tools and policies. Risk management is carried out at the following levels:

Client-level – Online surveillance and monitoring tools are developed to multiple client’s requirements, controlling the

overall risk at the same time. Trading parameters are set in order to incorporate charges as required due to market

conditions and clients’ trading potential.

Product-level – Internal product-based margining are used-based on various parameters including impact cost,

liquidity, volatility and market price fundamentals. The product list with new margin rates is revised using established

parameters on a periodic basis.

Company-level – In order to reduce the risk in the business, the company has implemented the following:

Real time risk management – This aid in keeping check over the exposure limit utilized by various clients and

also to take action to mitigate risk in due course.

Compliance - The compliance function is headed by the company secretary, who reports to the Corporate

Governance Committee of the company. This department provides advice on general regulatory matters,

including policy, advertising, anti-money laundering, account opening, personal investment, and maintenance

of Chinese wall, prevention of insider trading and general policies and procedures relating to regulations.

Business Analysis



Security and disaster recovery – Policy ensuring sufficient number of backup copies are always available for

an important restore operation in case of an emergency or a disaster.

Limited access to confidential information - As the commodity trading activity is one of the main area which

handles price sensitive information, the work areas and personnel engaged in the commodity trading

activity have been physically segregated and have a secure and distinct network access.

Preservation of price sensitive information – The company maintains the confidentiality of all unpublished

price sensitive information.

Receivables management - In order to facilitate fund movement, the company has adopted a centralized

funds management system.

Technology and network support system – The company has set up a data centre in Malad, Mumbai with huge

investment in the high-performance trading software which includes: a) managing a complex multi-product/multi-

architecture system serving the needs of customers b) balanced approach to IT combined with a quick response to

business needs c) scalable platforms for order management and risk management requiring minimal human

intervention d) sophisticated server and network infrastructure e) redundancy (alternate connectivity) for network f)

data back-up is taken on an incremental basis on hard disk drives and sent to another location.

Products – The company is currently is currently engaged in the business of commodity broking and is a trading cum

clearing member of MCX and NCDEX. It offers trading in many commodities such as bullion (gold, silver), energy

(crude oil, natural gas), metals, food grains (rice, maize), spices, oil and oil seeds besides others.



SWOT Analysis

Adverse changes in Indian economy or the financial condition of the company.

Stiff competition in the industry due to its fragmented nature.

Geographical diversification risk.

Client relationships / fluctuations in customer base.

Fluctuating interest rate scenario.

Downturns or disruptions in the commodity markets leading to reduction in the transaction volumes.

Increase in capital commitments in trading activities might lead to significant losses owing to market fluctuations.

Key Risks

E

xte

rnal

Strengths

Significant experience of promoters in

the field of capital market.

Emphasis on building strong

relationship with customers.

Expanding its business in Southern India

to grow client base

Weakness

Limited geographical presence.

Downturn in the commodity market

affects the trading volumes.

Exposed to risks attributable to

derivatives trading by clients.

Opportunities

Improvement in market sentiments

would provide growth opportunities.

Vibrant Indian capital market.

Growing rural market and knowledge

on capital markets among urban youth.

Threats

Slowdown in economy and business

growth.

Stringent economic measures by the

Government and the RBI

Fluctuations in interest rates.

Stiff competition from foreign financial

service companies in the industry due

to low entry barrier

In

tern

al

Favorable Unfavorable



New Initiatives

India being the fastest growing economy and with its growing population, is expected to drive the demand for

commodities with increased consumption. This in turn leads to growth in the commodity market volumes, which is likely

to increase the hedging requirements of market participants, which influences derivative trading volumes. With this

regard, the increase in consumption of physical commodities in India, the volumes of commodity derivatives being

traded might also increase.

The company derives the benefit of its group companies as they are involved in other financial service activities covering

primary market, investment solution, debt services, capital markets, equity, derivatives, commodity futures, currency

derivatives, project financing, wholesale financing, merchant banking and other array of services to the client's

community. This aids the company to broaden its customer mix among the individual / retail investors in the commodity

market as well as extend its business to corporate clients, which is expected to add stability to CCL’s business.

CCL is keen in establishing its market in the neighboring states as well as increase the business in the existing facility. The

company envisages future growth in the business through a pan-India footprint. It plans to expand its operations either

through branches or business associates in different locations and are looking for setting up more regional offices in

Bangalore, Delhi, Chennai and Hyderabad. With the proposed expansion in the operation and branch network and the

growth plan envisaged, trading volumes are expected to increase, leading to additional margin capital requirements

owing to rise in the clientele base.

Growth Drivers

Expanding its geographical

reach

Develop client relationship

The company intends to expand its operations in Southern parts of

India by setting up regional offices in Chennai and Hyderabad. This

helps the company in expanding its scale of operations as well as

growing its network base in southern India.

The company plans to expand its business by increasing the number of clients, which is expected to add volumes. CCL focuses to augment its clientele portfolio with the envisaged expansion in Southern India.



Financial Analysis

5.12

19.01 13.75

51.35

0

20

40

60

2009 2010 2011 2012

Rs

in L

akh

s

Total Revenue

2.93

19.76

13.15

29.62

0

5

10

15

20

25

30

35

2009 2010 2011 2012

Rs

in L

akh

s

Brokerage & Commission

The Company has reported revenue of Rs. 51.35 lakh

during 2011-12 against Rs. 13.75 lakh in the previous

year, reflecting a growth of 273.45% on Y-o-Y basis. This

steep increase is mainly attributed to rise in the income

generated from brokerage and commission activities.

Apart from this, the company had earned income from

proprietary trading activities which also had shown a

significant improvement from Rs. 0.60 lakh in FY11 to Rs.

21.73 lakh for FY12.

Brokerage and commision income turned out to be the

major revenue contributor for the company in FY12.

Brokerage and commission income grew from Rs. 13.15

lakh during FY11 to Rs. 29.62 lakh in FY12, a jump of

125.25% on Y-o-Y basis. Close relationship with the

exisitng clients as well as business from new clients as a

result of expansion in the customer base, coupled with

increase in the trading volumes due to improved market

conditions have helped in achieving sharp growth.

Income from proprietary trading is the second highest

revenue contributor for the company during FY12 as a

result of direct involvement in trading of commodities to

make profit from the market instead of relying on brokerage and commission.

Sharp growth in revenue

Brokerage & Commission - Major Revenue

Contributor

Initiative of the BSE Investors’ Protection Fund P a g e | 1 0


3.11 3.22 2.73

4.65

0

1

2

3

4

5

2009 2010 2011 2012

Interest Income

Par

ticu

lars

in(R

s.la

khs)

2.95 4.13

0.78

20.26

57.6%

21.7%

5.7%

39.5%

-10%

0%

10%

20%

30%

40%

50%

60%

0

5

10

15

20

25

2009 2010 2011 2012

Net Profit Net Profit Margin (%)

Ne

t p

rofi

t in

Rs.

Lak

hs

Ne

t p

rofi

t M

argi

n (%

)

The company also earns interest income, which is

generated by giving loans and advances. In FY12, interest

income grew 70.33% on Y-o-Y basis to Rs. 4.65 lakh. Over

the years, loans and advances grew at a compounded

annual growth rate (CAGR) of 10.58% during 2008-2012

on account of increased deposits and loans and

advances.

The company’s botom-line has improved from Rs. 0.78

lakh in FY11 to Rs. 20.26 lakh in FY12 on the back of

significant contribution from brokerage and commission

income. This expansion in net profit was due to higher

base of revenue and optimal utilisation of resources.

The net profit margin grew from 5.67% in 2010-11 to

39.45% in 2011-12.

Interest Income Growth

Impressive Growth in Net Profit



Peer Comparison

Peers Total Revenue

(in Rs. Cr) RONW (%) P/E Ratio# EPS (in Rs.)

Book Value Per Share

Available Finance Limited 1.58 2.65 47.64 0.36 15.03

R.B. Gupta Financials Limited 2.39 -7.5 10.09 0.42 10.77

Chartered Investment & Capita Limited 3.15 7.59 9.36 4.98 68.14

Inani Securities Limited 2.31 1.68 27.61 0.47 28.03

B.N. Rathi Securities Limited 6.25 4.88 10.82 1.39 31.9

Market Creators Limited 4.87 0.53 96.83 0.06 11.28

Comfort Commotrade Limited 0.62 4.68 10.85 1.51 32.33

#P/E based on closing price of December 17, 2012 ; *P/E based on Basic EPS as at March 31, 2012

Source: Capitaline Database



Broking activities are becoming common in many cities and are not limited within metro regions. Backed by growing broking

practices across the country and the onset of IT have enabled many equity broking firms to expand their network across the

country. In order to take advantage of this and tap the market, the management started focusing on expanding its business

beyond Western region with an intention of setting up regional offices in Chennai and Hyderabad. Moreover, the company

also plans to increase its scale of operations by expanding its reach in Bangalore and Delhi either through branches or

business associates, which will facilitate growth in client base and revenue.

The Government’s initiatives to modernize the commodity futures markets are expected to further stimulate trading

interest. New participants are expected to enter the commodity trading markets as exchanges become more accessible,

availability of market information increases and awareness regarding the benefits of hedging becomes more widespread.

The company’s initiatives in developing risk management tools, price transparency and real time information through the

use of improved technology will also lead to increased participation in the commodity futures markets which in turn are

likely to drive the business volumes and client base. Given the growing interest in commodities trading by the public and

continued de-regulation in the stock market by the Government, volumes are likely to continue surging in this segment.

Management Outlook

.



Financial Summary

SUMMARY STATEMENT OF ASSETS AND LIABILITIES ( In Lakhs)

Particulars As at March 31

2012 2011 2010 2009 2008

I. Equity and Liabilities

(1) Shareholder's Funds 445.10 107.95 82.58 80.13 27.78

(a) Share Capital 134.00 34.00 29.00 29.00 14.50

(b) Reserves and Surplus 311.10 73.95 53.58 51.13 13.28

(2) Miscellaneous Expenditure -11.93 -6.61 -0.74 -0.99 -1.23

(3) Current Liabilities & Provisions 75.40 18.33 28.96 18.09 0.06

(a) Current liabilities 62.48 17.88 24.25 15.45 0.06

(b) Provisions 12.44 0.45 4.70 2.46 0.00

(c) Deferred tax liability 0.48 0.00 0.01 0.18 0.00

Total (1+2) 508.58 119.67 110.80 97.23 26.61

II. Assets

(1) Non-Current Assets 22.74 22.17 22.19 21.10 7.50

(a) Fixed Assets 22.74 21.77 22.19 21.10 7.50

(b) Deferred Tax Assets (Net) 0.00 0.40 0.00 0.00 0.00

(2) Investments 32.00 0.00 0.00 0.00 0.00

(3) Current Assets 453.84 97.50 88.61 76.13 19.11

(a) Deposits, loans & Advances 48.83 42.34 31.43 23.72 0.40

(b) Sundry Debtors 12.18 3.99 5.69 9.26 0.00

(c) Cash and Cash Equivalents 392.83 51.17 51.49 43.15 18.71

Total (1+2) 508.58 119.67 110.80 97.23 26.61



STATEMENT OF PROFIT AND LOSS ACCOUNT (Rs. in Lakhs)


2012 2011 2010 2009 2008

I. Revenue Income 51.35 13.75 19.01 5.1 -

II. Other Income 10.16 2.85 4.21 5.10 -

III. Total Revenue (I +II) 61.51 16.60 23.22 10.22 0.00

IV. Expenses: - - - - -

V. Employee Benefit Expense (5.49) (5.38) (2.45) (2.37) -

VI. Other Expenses (24.81) (10.13) (14.41) (3.01) -

VII. Preliminary expenditure w/off (0.25) (0.24) (0.25) (0.24) (0.22)

VIII. Total Expenses (30.55) (15.75) (17.11) (5.62) (0.22)

IX. Profit Before depreciation Interest & tax 30.96 0.85 6.11 4.60 (0.22)

X. Depreciation and Amortization Expense (0.47) (0.42) (0.24) (0.17) -

XI. Profit Before Interest & tax 30.49 0.43 5.87 4.43 (0.22)

XII. Interest (Financial) Costs (0.01) 0.00 (0.01) (0.19) -

XIII. Profit before tax & Extraordinary items (VII - VIII) 30.48 0.43 5.86 4.24 (0.22)

XIV. Tax Expense:

(1) Less: Current Tax (9.33) (0.05) (1.90) (1.10) -

(2) Less: Deferred Tax (0.89) 0.40 0.17 (0.18) -

(3) Less: Fringe Benefit Tax - - - (0.01) -

XV. Profit/(Loss) for the period (XI + XIV) 20.26 0.78 4.13 2.95 (0.22)



Cash Flow Statement


2012 2011 2010 2009 2008

A) Cash Flow From Operating Activities

Net Profit Before Tax 30.48 0.42 5.86 4.24 (0.22)

Adjustment for :

Depreciation 0.47 0.42 0.24 0.17 0.00

Preliminary Expenses written off 0.25 0.24 0.24 0.24 0.00

Interest Expenses 0.01 0.00 0.01 0.19 0.00

(Profit)/ Loss on Sale of Investments

Operating Profit before Working Capital Changes

31.21 1.08 6.35 4.84 (0.22)

Adjustment for :-

Deposits, Loans & Advances 3.65 (13.63) (4.79) (22.67) (0.40)

Other Receivables (8.19) 1.70 3.57 (9.26) 0.00

Current Liabilities 44.60 (6.37) 8.80 15.39 0.06

Cash Generated from Operations 40.06 (18.30) 7.58 (16.54) (0.34)

Direct Taxes Paid (10.19) (0.29) (2.91) (0.65) 0.00

Net cash from /(used in) Operating Activities (A) 61.08 (17.51) 11.02 (12.35) (0.56)

B) Cash Flow from Investing Activities

Purchase of Fixed Assets (1.45) 0.00 (1.32) (13.77) (7.50)

Purchase of Investments (32.00) 0.00 0.00 0.00 0.00

Net cash from/(used in) Investing activities (B) (33.45) 0.00 (1.32) (13.77) (7.50)

C) Cash Flow from Financing Activities

Proceeds From Issue of Share Capital + Premium 320.00 25.00 0.00 50.75 28.00

Interest Paid (0.01) 0.00 (0.01) (0.19) 0.00

Preliminary Expenses Paid (5.57) (6.11) 0.00 0.00 (1.23)

Dividend paid including dividend tax thereon (0.40) (1.69) (1.36) 0.00 0.00

Net cash from/(used in) financing activities (C) 314.02 17.20 (1.37) 50.56 26.77

Net (Decrease)/Increase in Cash and Cash Equivalents (A+B+C) 341.65 (0.31) 8.33 24.44 18.71

Cash and cash equivalents at beginnings of year (D) 51.17 51.49 43.15 18.71 0.00

Cash and cash equivalents at end of year (E) 392.82 51.18 51.48 43.15 18.71

Net (Decrease)/Increase in cash and cash equivalent (D-E) 341.65 (0.31) 8.33 24.44 18.71



Statement of Accounting Ratios


2012 2011 2010 2009 2008

Total Income 61.51 16.60 23.22 10.22 0.00

EBIDTA 30.96 0.85 6.11 4.60 0.22

EBIT 30.49 0.43 5.87 4.43 0.22

PBT 30.48 0.43 5.86 4.24 (0.22)

Net Profit 20.26 0.78 4.13 2.95 (0.22)

EBIDTA Margin (%) 50.33 5.12 26.31 45.01 -

EBIT Margin (%) 49.57 2.59 25.28 43.35 -

Net Profit Margin (%) 32.94 4.70 17.79 28.86 -

Face Value per Equity share (Rs.) 10 10 10 10 10

Basic earnings /(loss) per share (Basic EPS) 1.51 0.23 1.42 1.02 0.15

Diluted earnings /(loss) per share (Dil. EPS) 1.51 0.23 1.42 1.02 0.15

Weighted Average no of Shares (WAS in lakhs) 30.22 29.72 29.70 29.60 28.06

Basic earnings /(loss) per share (Basic EPS) on WAS 0.67 0.03 0.14 0.10 (0.01)

Book Value per Share (Rs.) 32.33 29.81 28.22 27.29 18.31

Price to Book Value (P/BV) 0.51 0.55 0.58 0.60 0.90

Price to Earnings Ratio (P/E)* 10.85 71.49 11.52 16.12 108.09

Average Total Assets 38.46 22.18 21.65 14.30 3.75

ROA (Net profit to average total assets) (%) 52.68 3.52 19.08 20.63 5.87

RONW (Net profit to networth) (%) 4.68 0.77 5.05 3.73 (0.83)

* P/E and P/BV based on closing price of December 17, 2012



Contact Details

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Disclaimer

Analyst Email ID Contact No.

Head of Research

Tarun Chaturvedi [email protected] + 91 33 4017 0170

Manager

Lahar Bhasin [email protected] + 91 22 6781 6100

Senior Analysts & Team Leads

Abhijit Shirke [email protected] + 91 22 6781 6159

Amol Wakekar [email protected] + 91 22 6781 6163

Niraj Agarwal [email protected] + 91 33 4017 0145

Sumit Somani [email protected] + 91 33 4017 0144

Analysts

Mohit Almal [email protected] + 91 33 4017 0427

Mogana Priya [email protected] +91 44 3006 1711

Moumita Pal [email protected] + 91 33 4017 0104

Priyanka Banerjee [email protected] + 91 33 4017 0180

Rachna Gurnani [email protected] + 91 22 6781 6106

Rahul Jain [email protected] + 91 22 6781 6125

Rajalakshmi [email protected] +91 44 3006 1711

Sonali Rani Rustagi [email protected] + 91 33 4017 0427

Soumitra Banerjee [email protected] + 91 33 4017 0103

Sweta Sinha [email protected] + 91 22 6781 6125

Tanusree Mukherjee [email protected] + 91 33 4017 0103

Published on behalf of BSE Investors' Protection Fund

BSE Investor’s Protection Fund

1st Floor, P J Towers, Dalal Street, Mumbai. Tel: 2272 3817

www.bsesme.com

Head Sales

Name Email Id Contact No.

Debabrata Majumdar [email protected] +91 98197 85027

Sales Team Details

Region Name Email Id Contact No.

West Atul Sharma [email protected] +91 96191 12544

East Prantik Dasgupta [email protected] +91 98361 09030

North Pramod Kumar [email protected] +91 99993 95783

South Jayakannan Singamuthu [email protected] +91 95000 40495

Our Offices

Mumbai

Atul Sharma

107, Raheja Arcade, 1st Floor

Plot No. 61, Sector XI, CBD Belapur

Navi Mumbai- 400614, India

Tel: +91-22-6781 6100

Fax: +91-22-2756 3057

Kolkata

Prantik Dasgupta

2nd, 3rd, 5th & 6th Floor,

Convergence Contact Centre

Plot D2/2, Block EP & GP

Sector V, Salt Lake City

Kolkata—700091, India

Tel: +91-33-4017 0100, 4017 0315

Fax: +91-33-4017 0101

New Delhi

Pramod Kumar

1105, Kailash Building, 11th Floor

26, Kasturba Gandhi Marg

New Delhi- 110001, India

Tel: +91-11-2335 7940-50

Fax: +91-11-2335 7014

Chennai

Jayakannan Singamuthu

5th Floor, JVL Plaza 626

Anna Salai, Teynampet

Chennai—600018, India

Tel: +91-44-2432 1856

Fax: +91-44-2434 3663

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