harshika 1

8/12/2019 harshika 1

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Proposed Forex Risk Management Policy

For

India Glycols Limited


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Table of Contents

RATIONALE FOR THIS DOCUMENT.....................................................................................................1

EXPOSURES FACED BY IL.....................................................................................................................!

A. Translation Exposure...........................................................................................................................2

B. Transaction Exposure..........................................................................................................................2

"ARIOUS TYPES OF FOREX RIS# .........................................................................................................$

ORANI%ATIONAL FLO&.......................................................................................................................'

HEDIN POLICY......................................................................................................................................(

Definition of Hedging...............................................................................................................................9

Importance and objective of Hedging......................................................................................................9

ules for Hedging...................................................................................................................................!"

Basic Hedging Instruments permitted as per I#$%s is& 'anagement (olic)......................................!"

(arties to a *edge...................................................................................................................................!"

Hedging atio........................................................................................................................................!!+elling of $ocal ,oreign -urrenc) Exposure........................................................................................!!

*res*old amount for *edges it*out consultation.................................................................................!!

T*e procedure for a *edging deal..........................................................................................................!2

Decision Tree for a Hedging Decision...................................................................................................!2

RIS# MAPPIN PROCESS.......................................................................................................................1)

.......................................................................................................................................................................1$

Actual / Boo&ed Exposure....................................................................................................................!0

Actual / Boo&ed Exposure....................................................................................................................!1BASICHEDGINGINSTRUMENTS .........................................................................................................................20

DECISIONTREEFORAHEDGINGDECISION.........................................................................................................22


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To ')%sc)i-% $%n%)al $(id%lin%s *o) day to day o'%)ations and to "%l' (nd%)stand t"% #a)io(s

as'%cts o* a t)%as()y on t"% -asis o* "y'ot"%tical %&a,'l%s.

EXPOSURES FACED BY IL

T"% *(nctional c())%ncy o* Indian co)'o)at% is t"% Indian R('%% INR!. T"% co,-ination o* t"%

*o)%i$n c())%ncy and t"% *(nctional c())%ncy is na,%d a 4c())%ncy 'ai)5+ *o) instanc%+ USD6INR.

T"%)% a)% t/o ty'%s o* c())%ncy %&'os()%s7

A. Translation Exposure

T"is %&'os()% )%')%s%nts lon$t%), in#%st,%nts o* t"% co,'any in *o)%i$n %ntiti%s i.%.+ t"% %8(ity

"%ld at t"%s% %ntiti%s+ -(t it can also incl(d% ot"%) ,%t"ods o* *inancin$ /"ic" "a#% an %8(ityli%

c"a)act%). T"% %cono,ic %**%cts o* an %&c"an$% )at% c"an$% )%lat% to t"% n%t in#%st,%nt in t"at%ntity. T)anslation ad9(st,%nts t"at a)is% *)o, consolidatin$ t"at *o)%i$n %ntity do not i,'act

cas" *lo/s and a)% not incl(d%d in t"% n%t inco,%+ -(t a)% disclos%d and acc(,(lat%d in a s%'a)at%

co,'on%nt o* t"% consolidat%d %8(ity t"at is+ (ntil sal%s o) li8(idation o* t"% n%t in#%st,%nt in

s(c" *o)%i$n %ntity ta%s 'lac%!.

India Glycols Ltd. IGL! "as %8(ity "oldin$ in ABC Ltd.+ N%/ :o) /o)t" USD 30 Mio. As

on ;3.32.200< at t"% )at% o* Rs.=s

-alanc% s"%%t /o(ld -%co,% Rs.=; c)s+ a *all o* Rs.2 c)s in t"% #al(% o* t"% in#%st,%nt.

T"is /o(ld )%')%s%nt T)anslation E&'os()%.


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Any o(tstandin$ o) not y%t s%ttl%d! *o)%i$n c())%ncy t)ansaction is d%*in%d as a *o)%i$n c())%ncy

%&'os()% in t"% -oo o* t"% )%'o)tin$ %ntity %.$. an o(tstandin$ USDolla) acco(nt )%c%i#a-l% in

Indian Entiti%s -oos!. T"% di**%)%nc% -%t/%%n t"% %&c"an$% )at% (s%d /"%n )%co)din$ t"is*o)%i$n c())%ncy t)ansaction and t"% %&c"an$% )at% (s%d to )%#al(% it in t"% -alanc% s"%%t

)%')%s%nts t"% $ain o) loss o* t"% *o)%i$n c())%ncy t)ansaction.

E0ono20 E,-os/e

As -(sin%ss -%co,%s inc)%asin$ly $lo-al+ %&c"an$% )at% c"an$%s #olatility! -%co,% ,o)%

i,'o)tant+ %#%n *o) a '()%ly do,%stic *i), o'%)atin$ in a $lo-al ,a)%t. Fi),s "a#% to 'ay ,o)%

att%ntion to %&c"an$% )at% )is+ and d%#is% "%d$in$ st)at%$i%s to ,ana$% and cont)ol c())%ncy )is.

E#%n a '()%ly do,%stic *i),+ (sin$ only do,%stic 'a)ts no i,'o)ts!+ s%llin$ only in t"% do,%stic

,a)%t no %&'o)ts!+ all 'aya-l%s and )%c%i#a-l%s in local c())%ncy+ is -o(nd to -% a**%ct%d -y

c"an$%s in %&c"an$% )at%s.

IGL "as )%c%i#a-l%s on acco(nt o* %&'o)ts /o)t" USD


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Ant202-ate+ o/ E,-e0te+ E,-os/e

T"% antici'at%d o) %&'%ct%d c())%ncy %&'os()% )%')%s%nts "i$"ly ')o-a-l% *(t()% *o)%i$n c())%ncy

s%ttl%,%nts o* t"% Indian Entiti%s /"ic" a)% not y%t )%*l%ct%d in t"% -oo and+ t"%)%*o)%+ do not

$%n%)at% any %&c"an$% $ains o) loss%s in t"% *inancial stat%,%nts. Ho/%#%)+ /% can antici'at%

t"%, and t"%i) di)%ct i,'act on t"% ')o*ita-ility in cas% o* a ,o#%,%nt in t"% %&c"an$% )at%s.

"ARIOUS TYPES OF FOREX RIS#

Ris "as t/o co,'on%nts+ %&'os()% and (nc%)tainty. T"is (nc%)tainty /o(ld -% on acco(nt o*

(n')%dicta-ility o* *(t()% %#%nts. Bas%d on t"% %&'os()%s *ac%d -y IGL+ t"% #a)io(s )iss *acin$ it

a)%7

E,05an3e Rate R2s*

T"% )is a)isin$ on acco(nt o* ,o#%,%nt in t"% %&c"an$% )at%s o* all )%l%#ant c())%nci%s /"%)%

t"% co,'any "as %&'os()% in t%),s o*

Fo)%i$n c())%ncy d%no,inat%d cas" *lo/s@ and6o)

Fo)%i$n c())%ncy d%no,inat%d ass%ts6lia-iliti%s

Analyin$ t"% *inancial i,'act a)isin$ *)o, 'ot%ntial 'ositi#% o) n%$ati#% %&c"an$% )at%

,o#%,%nts on t"% c())%ncy %&'os()% can "%l' ass%ss t"is )is. T"% o(tco,% o* t"is analysis can

t"%n d%t%),in% /"ic" *o)%i$n c())%nci%s s"o(ld -% t)ac%d and ,onito)%d on an on$oin$ -asis.

T"% *o)%cast%d c())%ncy %&'os()% a)isin$ *)o, *(t()% sal%s and t"%i) co))%s'ondin$ coll%ction

o* t"% acco(nt )%c%i#a-l%s o* IGL /o(ld )%')%s%nt Antici'at%d o) E&'%ct%d E&'os()%.


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Int%)%st )at% ,o#%,%nt in India and t"% dolla) ,a)%t can 'os% a )is /"%n t"% co,'any "as an

%&'os()% to

Lon$t%), *o)%i$n c())%ncy ass%ts6lia-iliti%s@ and6o)

Lon$t%), )('%% ass%ts6lia-iliti%s

T"%)% is al/ays a 'ossi-ility o* a )%d(ction in t"% #al(% o* a s%c()ity+ %s'%cially a-ond+ )%s(ltin$

*)o, a )is% in int%)%st )at%s. T"is )iscan -% )%d(c%d -y di#%)si*yin$ t"% d()ation o* t"% *i&%d

inco,% in#%st,%ntst"at a)% "%ld at a $i#%n ti,%.T"is is o*t%n )%*%))%d to asis& Diversification.

L%t (s s(''os% IGL "as in#%st%d today in a on%y%a) Rs.300 -ond at '.a. I* d()in$

t"% y%a) t"% int%)%st )at%s $o (' to + t"% #al(% o* t"% -ond /ill $o do/n to Rs..02< 3063.0!+ *)o, Rs.300.

T"is %&'os%s t"% co,'any to int%)%st )at% )is.

L%t (s s(''os% IGL "as *i&%d int%)%st )at% loan ? '.a.. I* d()in$ its t%n()% t"%*loatin$ int%)%st )at% $o%s do/n t"%n IGL /ill -% in disad#anta$%.

T"is %&'os%s t"% co,'any to int%)%st )at% )is. T"is can -% ,iti$at%d -y %nt%)in$ into *i&%d to

*loatin$ int%)%st )at% s/a'.
http://ticbr179/files/India%20Glycols/11Nov09/4446/security.htmlhttp://ticbr179/files/India%20Glycols/11Nov09/521/bond.htmlhttp://ticbr179/files/India%20Glycols/11Nov09/4292/risk.htmlhttp://ticbr179/files/India%20Glycols/11Nov09/2599/investments.htmlhttp://ticbr179/files/India%20Glycols/11Nov09/521/bond.htmlhttp://ticbr179/files/India%20Glycols/11Nov09/4292/risk.htmlhttp://ticbr179/files/India%20Glycols/11Nov09/2599/investments.htmlhttp://ticbr179/files/India%20Glycols/11Nov09/4446/security.html


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ORANI%ATIONAL FLO&

Fo) t"% '()'os% o* t"% *o)%& o'%)ations t"% o)$aniational "i%)a)c"y l%#%ls /o(ld -%

T"% constit(tion and *(nctions o* %ac" o* t"% "i%)a)c"y l%#%ls /o(ld -% d%*in%d as -%lo/7

1. R2s* Mana3eent Co2ttee6

T"% Ris Mana$%,%nt Co,,itt%% is s%t (' *o) )%#i%/in$ t"% t)%as()y and *o)%&

o'%)ations. T"is co,,itt%% /o(ld -% *o),%d /it" t"% *ollo/in$ o-9%cti#%s6

R%#i%/in$ t"% c())%nt %&'os()% o* t"% co,'any R%#i%/in$ )%'o)tin$ on t"% )iss *acin$ t"% co,'any

R%#i%/in$ t"% %nti)% *o)%& o'%)ations.

R i i T i L l

Ris Mana$%,%nt

CMD

1)%sid%nt Financ%!6CEO


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Any ot"%) ,ana$%,%nt '%)sonn%l 6 Cons(ltant /"o, t"% RMC /ill no,inat% *o) t"is

'()'os%. Ho/%#%) t"% RMC /ill s(-,it its )%'o)t to t"% Boa)d o* Di)%cto)s on (a)t%)ly

-asis.

8o/ 9

T"% RMC /o(ld "a#% a 8(o)(, so as to %ns()% its )%$(la) *(nctionin$. T"% *ollo/in$

/o(ld -% t)%at%d as a 8(o)(,.

1.C5a2/an : M3 D2/e0to/ ;CMDRles fo/ He+32n3

s'%ci*i%d %a)li%) ,(st -% a-id%d -y.

T" " d i i t t t - >Bas20 He+32n3 Inst/ ents itt d - t"


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16/32

;. Any ot"%) %&'os()%s *allin$ d(% /it"in a '%)iod o* on% y%a) In cas% o* %&'os()%s

/"%)% ')o9%ctions co(ld -% ,ad% in ad#anc%+ s(c" ')o9%ctions to -% ,ad% on t"% *i)st

day o* t"% ,ont" o* %#%)y ,ont" )ollo#%). In ot"%) cas%s t"% %&'os()% /o(ld -%)%co$ni%d on t"% *i)st day /"%n t"% in*o),ation is a#aila-l% a-o(t t"% sa,%.

1.! Ben05a/*6

3. I,'o)ts Fo) t"% ')o9%ctions t"% -%nc",a) *o) %ac" ,ont" /o(ld -% t"% First *ayFor1ard Rate*o) t"% d%li#%)y ,ont" i.%. i* t"% *o)%i$n c())%ncy is in ')%,i(, in t"%*o)/a)d ,a)%t+ t"%n t"% a''lica-l% ')%,i(, /o(ld -% (' to t"% last day o* t"at ,ont"

and i* t"% *o)%i$n c())%ncy is in disco(nt in t"% *o)/a)d ,a)%t+ t"%n t"% a''lica-l%disco(nt /o(ld -% till t"% *i)st day o* t"at ,ont". In cas% o* s'ill o#%) in d(% dat% to n%&t

o) ')%#io(s ,ont"+ B%nc",a) to -% ad9(st%d *o) s/a' di**%)%ntials.

2. E&'o)ts Fo) t"% ')o9%ctions t"% -%nc",a) *o) %ac" ,ont" /o(ld -% t"% First *ay

For1ard Rate*o) t"% d%li#%)y ,ont" i.%. i* t"% *o)%i$n c())%ncy is in ')%,i(, in t"%*o)/a)d ,a)%t+ t"%n t"% a''lica-l% ')%,i(, /o(ld -% till t"% *i)st day o* t"at ,ont" and

i* t"% *o)%i$n c())%ncy is in disco(nt in t"% *o)/a)d ,a)%t+ t"%n t"% a''lica-l% disco(nt

/o(ld -% (' to t"% last day o* t"at ,ont". In cas% o* s'ill o#%) in d(% dat% to n%&t o)')%#io(s ,ont"+ B%nc",a) to -% ad9(st%d *o) s/a' di**%)%ntials.

;. Any ot"%) %&'os()%s *allin$ d(% /it"in a '%)iod o* on% y%a) T"% -%nc",a) /o(ld-% t"% Fi)st Day Fo)/a)d Rat% on t"% *i)st day o* )%co$nition o* %&'os()%.

1.) P/of2tab2l2t4 Meas/eent7

T"% T)%as()y *(nction /ill -% %#al(at%d on t"% -asis o* t"% T)ans*%) 1)icin$ M%t"od i.%.t"% co,'a)ison o* t"% -%nc",a) )at% and t"% act(al )%aliation6 'ay,%nt )at%.

1.$ 8ant2f20at2on of R2s*6 R2s* Re7a/+ T/233e/ le=els6


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Actual 2 Booked Exposure

Act(al6 -oo%d %&'os()% onc% "%d$%d s"o(ld not -% canc%ll%d (nl%ss t"% sit(ation so

/a))ants. Ho/%#%) i* ci)c(,stanc%s so /a))ants+ RMC6 1)%sid%nt Financ%! ,ay d%cid%to co,% o(t o* t"% d%als6 ta% co))%cti#% action at s(ita-l% ta)$%t l%#%ls.

1. Re-o/t2n3 : Cont/ol6

T"% (lti,at% o(tco,% o* t"% )is ,ana$%,%nt ')oc%ss s"o(ld -% in t"% *o), o* )%'o)ts

/"ic" s"o(ld s%t o(t t"% '%)*o),anc% o* t"% *o)%& and t)%as()y *(nction in a cl%a)+o-9%cti#% and (na,-i$(o(s ,ann%). T"% )%'o)ts s"o(ld -% ca'a-l% o* 8(anti*yin$ t"%

-%n%*its o* t"% )is ,ana$%,%nt ')oc%ss. Also+ t"%y s"o(ld -% ca'a-l% o* "i$"li$"tin$d%*%cts in t"% ')oc%ss so t"at )%,%dial action co(ld -% ta%n.

T"% )%'o)tin$ /o(ld -% at t/o l%#%ls o* ,ana$%,%nt7

a. F)ont O**ic% D%s-. Ris Mana$%,%nt Co,,itt%%

Fo) %ac" o* t"%s% l%#%ls t"%)% /o(ld -% s%'a)at% )%'o)ts as *ollo/s7

a. F/ont Off20e Des*6

T"% F)ont O**ic% D%s /o(ld n%%d co,'l%t% *)%% "and in*o),ation o* all t"% %&'os()%s at

any 'oint o* ti,%. H%nc% it /o(ld -% #%)y n%c%ssa)y t"at MIS ')o#id%d to t"%, isco,')%"%nsi#%. T"% *ollo/in$ )%'o)ts /o(ld %ns()% t"at t"% sa,% "as -%%n don% 7

3. E&'os()% R%'o)t T"is )%'o)t /o(ld inc(lcat% all t"% %&'os()%s /"ic" a)% noty%t clos%d. It /o(ld -% $%n%)at%d *o) o(t*lo/s as /%ll as *o) in*lo/s. It can -%

$%n%)at%d %it"%) c())%ncy /is% as /%ll as ,at()ity /is%.2. Co#%)%d 1osition R%'o)t T"is /o(ld inc(lcat% t"% co#%)%d 'ositions -ot"

(nd%) *o)/a)ds o'tions at any 'oint o* ti,%. It /o(ld -% $%n%)at%d *o)

*l ll * i *l Si i ill l i l d M d M


18/32

3. Ban is% S(,,a)y o* H%d$%s T"is /o(ld inc(lcat% t"% -an /is% co#%)%d

'ositions *o) a ti,% '%)iod. It /o(ld -% $%n%)at%d *o) o(t*lo/s as /%ll as *o)

in*lo/s. T"is can -% $%n%)at%d %it"%) c())%ncy /is% o) ,at()ity /is%.2. S(,,a)y o* 1)o*ita-ility R%'o)t T"is is a -)i%* s(,,a)y )%'o)t o* t"%

)%ali%d as /%ll as t"% (n)%ali%d ')o*its on t"% all t"% %&'os()%s. It /o(ld -%

$%n%)at%d *o) o(t*lo/s as /%ll as *o) in*lo/s

F/e?en04 of Re-o/t2n3

Re-o/ts to be P/e-a/e+ F/e?en04 Le=el

E&'os()% R%'o)t %%ly RMCCo#%)%d 1ositions R%'o)t6MTM R%'o)t SL6T1 R%'o)t!

%%ly RMC

S%ttl%,%nt T")o($" D%li#%)yR%'o)t

%%ly RMC

S%ttl%,%nt T")o($"

Canc%llation R%'o)t

%%ly RMC

Ban /is% S(,,a)y o*

H%d$% R%'o)t

%%ly RMC

S(,,a)y o* 1)o*ita-ility

R%'o)t

Fo)tni$"tly RMC6CMD

Re-o/t2n3 Fo/ats6

T"% *o),at o* t"% )%'o)ts ,%ntion%d a-o#% is attac"%d as a s%'a)at% ann%&()%.

!. R2s* Mana3eent P/o0ess fo/ D2/e0t2onal Pos2t2on2n3

IGL a'')%ciat%s t"at t"% in"%)%nt #olatility in t"% Fo)%& Ma)%t o**%)s o''o)t(nity to

')o*it *)o, t"% ,o#%s. It /o(ld clos%ly ,onito) t"% *o)%& ,a)%ts and initiat% 'ositions


19/32

T"% MIS /o(ld -% $%n%)at%d *o) t"% *ollo/in$7

F/ont Off20e Des* 9

T"% F)ont O**ic% D%s /o(ld n%%d co,'l%t% *)%% "and in*o),ation o* all t"% 'ositions atany 'oint o* ti,%. H%nc% it /o(ld -% #%)y n%c%ssa)y t"at MIS ')o#id%d to t"%, is

co,')%"%nsi#%.

R2s* Mana3eent Co2ttee

T"% )%'o)t *o) t"% RMC /o(ld %na-l% it to "a#% a -i)ds %y% #i%/ on t"% %nti)% *(nction.T"is /o(ld -% in t"% *o), o* a s(,,a)y )%'o)t on t)adin$ T"is /o(ld inc(lcat% t"%

daily closin$ ,a)to,a)%t on t"% o'%n 'ositions c())%ncy 'ai) /is% as /%ll as t"%')o*ita-ility on t"% clos%d 'ositions.

F/e?en04 of Re-o/t2n3

Re-o/ts to be P/e-a/e+ F/e?en04 Le=el

Co#%)%d 1osition R%'o)t6MTM R%'o)t

Daily RMC

S(,,a)y o* 1)o*ita-ility

R%'o)t

Fo)tni$"tly RMC6CMD

Re-o/t2n3 Fo/ats6

T"% *o),at o* t"% )%'o)ts ,%ntion%d a-o#% is attac"%d as a s%'a)at% ann%&()%.

). R2s* Mana3eent P/o0ess fo/ Ca-2tal A00ont E,-os/es

).1 Re0o3n2t2on7


20/32


21/32


22/32


23/32

Inte/est Rate S7a-

An int%)%st )at% s/a' is a n%$otiat%d cont)act(al a$)%%,%nt -%t/%%n t/o 'a)ti%s to %&c"an$% a

s%)i%s o* int%)%st 'ay,%nts *o) a stat%d '%)iod o* ti,%. Us(ally+ on% 'a)ty /ill ,a% *i&%d )at%

'ay,%nts /"il% t"% ot"%) ,a%s *loatin$ )at% 'ay,%nts on t"% sa,% Notional 1)inci'al a,o(nt3.

Fi&%d6Floatin$ con#%)sion can -% (s%d to acco,,odat% int%)%st )at% #i%/s /it"o(t alt%)in$ t"%(nd%)lyin$ ass%t o) lia-ility+ o) to ac"i%#% -%tt%) )at%s t"an a)% a#aila-l% in t"% ')i,a)y ,a)%ts.

IL0as a I(R 4 "rore loan 5 67 p.a. +ixed rate and it 0olds t0e ie1 t0at t0e interest rates are

,ound to come do1n.

In t"is sc%na)io it ,a%s s%ns% *o) IGL to %nt%) into an Int%)%st Rat% S/a' /"%)% it a$)%%s tos/a' its *i&%d )at% int%)%st )at% 'ay,%nts in %&c"an$% *o) *loatin$ )at% int%)%st 'ay,%nts.

Floatin$ Mi-o)P3.


24/32

De02s2on T/ee fo/ a He+32n3 De02s2on

Id%nti*ication o*

FC: Ris o)

Int%)%st Rat% Ris

(anti*ication o*

Ris

C"%c i* G)o('

H%d$in$ 1olicy

allo/s t"% "%d$% o)

not

C"%c /it"

1)%sid%nt Financ%! A'')o#%dDo Not

%&%c(t%

H%d$%

All )%$(lations a)%

,%t and t"% )(l%s+

No

Yes

No

No


25/32

Anne,/e )

REPORTIN FORMATS FOR CURRENT ACCOUNT TRANSACTIONS

E,-os/e Re-o/t fo/ I-o/ts

Sr.No.

Supplier Descriptionof Goods

LC No. Dated LC IssuingBank

Currency Amount (FC LatestS!ip Date

"#piryDate

$enor%&ayment

$erms

Budgeted'ate

S!ipmentalue (FC

"#pectedS!ipment

Date

"#pected&aymentDate%'emarks


26/32

Anne,/e $


E,-os/e Re-o/t fo/ E,-o/ts

Sr No. Di)ision Customer *rder No. Currency S!ipmentAmount

(FC

"#pectedS!ipment

Date

$enor%&ayment

$erms

"#pected'ealisation

Date

Budgeted'ate

Co)eredAmount

BalanceAmount

'emarks


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Anne#ure +


Co=e/e+ Pos2t2ons Re-o/t> MTM Re-o/t> SLTP Re-o/t

Currency&air

Date ofContract

Bank F,d ContractNo.

ContractAmount

Deli)eryDate

Co)ered'ate

CancelledAmount

Balance *%S

Current-arket 'ate

-$-&rofit%(Loss

SL%$&%*

Not% 7 S%'a)at% )%'o)t *o) R%c%i#a-l%s 1aya-l%s s"o(ld -% ')%'a)%d o) t"% )%'o)t ,ay -% di#id%d into t/o 'a)ts i%. 1()c"as% Cont)acts Sal%s Cont)acts.


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Anne,/e '


Settleent T5/o35 Del2=e/4 Re-o/t

Date ofContract

Bank ContractNo.

ContractAmount

Deli)eryDate

Co)ered'ate

Date ofActual

Deli)ery

Deli)eryAmount

Bank 'ef.No.

-arket'ate

Benc!mark'ate

&%L on-$-

&%L AgBenc!mark


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Anne,/e


Settleent T5/o35 Can0ellat2on Re-o/t

Date ofContract

Bank ContractNo.

ContractAmount

Deli)eryDate

Co)ered'ate

Cancell/ation Date

Cancell/ation Amt.

Cancell/ation 'ate

Benc!mark'ate

&%L on -$- &%L AgBenc!mark


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Anne,/e (


Sa/4 of P/of2tab2l2t4 Re-o/t

&articulars Currency Settled $!ru Cancellations Settled $!ru Deli)ery *pen &ositions




"#ports

Imports

Capital Imports


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harshika 1

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