just dial ltd
TRANSCRIPT
Date - 20th May 2013Date - 20th May 2013Date - 20 May 2013
Just dial Ltd. - Avoid Just dial Ltd. - Avoid Just dial Ltd. - Avoid Just dial Ltd. - Avoid Just dial Ltd. - Avoid Price Band - INR 470 - 543Price Band - INR 470 - 543Price Band - INR 470 - 543
Issue open / close - 20th May 2013 / 22nd May 2013Issue open / close - 20th May 2013 / 22nd May 2013
�Outlook and Valuation�Outlook and Valuation�Outlook and Valuation
At the lower price band of 470, JDL is valued at post-IPO issueAt the lower price band of 470, JDL is valued at post-IPO issueAt the lower price band of 470, JDL is valued at post-IPO issue
which translates into an annualized FY13E P/BV & P/E valuationwhich translates into an annualized FY13E P/BV & P/E valuationwhich translates into an annualized FY13E P/BV & P/E valuation
respectively which seems pretty expensive. JDL is demanding isrespectively which seems pretty expensive. JDL is demanding is
on upper band and 52x on lower band on FY13E), consideringon upper band and 52x on lower band on FY13E), consideringon upper band and 52x on lower band on FY13E), considering
27x. however, the entering into low-entry barrier business model27x. however, the entering into low-entry barrier business model27x. however, the entering into low-entry barrier business model
of technological obsolescence, We recommend an avoid ratingof technological obsolescence, We recommend an avoid ratingof technological obsolescence, We recommend an avoid rating
�Objects of the Issue�Objects of the Issue�Objects of the Issue
The objects of the offer are to achieve the benefits of equityThe objects of the offer are to achieve the benefits of equityThe objects of the offer are to achieve the benefits of equity
exchanges and to carry out the sale of 17.50 million shares byexchanges and to carry out the sale of 17.50 million shares by
The listing would further enhance the brand name and provideThe listing would further enhance the brand name and provideThe listing would further enhance the brand name and provide
shareholders. The company will not receive any proceeds fromshareholders. The company will not receive any proceeds fromshareholders. The company will not receive any proceeds from
�Key Risks�Key Risks�Key Risks
Low entry barriersLow entry barriersLow entry barriers
Local search industry has a low entry barrier as any player can establishLocal search industry has a low entry barrier as any player can establishLocal search industry has a low entry barrier as any player can establish
offer services. As it requires more initial investment, players withoffer services. As it requires more initial investment, players withoffer services. As it requires more initial investment, players with
can enter and offer competitive pricing (Google India and Nokia’scan enter and offer competitive pricing (Google India and Nokia’s
be the biggest threat).be the biggest threat).be the biggest threat).
Once lost is lost foreverOnce lost is lost foreverOnce lost is lost forever
The business model depends on the user traffic, - the higher theThe business model depends on the user traffic, - the higher theThe business model depends on the user traffic, - the higher the
SME’s advertising. Any dissatisfaction on user’s experienceSME’s advertising. Any dissatisfaction on user’s experienceSME’s advertising. Any dissatisfaction on user’s experience
(availability), technological glitches in mobile & website would(availability), technological glitches in mobile & website would(availability), technological glitches in mobile & website would
the customer’s trust.the customer’s trust.the customer’s trust.
Technological obsolescenceTechnological obsolescence
As the technological cycles are getting shorter and shorter, anyAs the technological cycles are getting shorter and shorter, anyAs the technological cycles are getting shorter and shorter, any
latest and next generation of technology might affect them quitelatest and next generation of technology might affect them quitelatest and next generation of technology might affect them quite
issue market cap of 37.9bn, Issue Detailsissue market cap of 37.9bn, Issue Details
Issue Opens 20-May-13issue market cap of 37.9bn,
valuation of 8.1x and 52.3xIssue Opens 20-May-13
valuation of 8.1x and 52.3xIssue Opens 20-May-13
Issue Closes 22-May-13valuation of 8.1x and 52.3x
is very steep (P/E of 60xIssue Closes 22-May-13
Equity Offerings 1.75is very steep (P/E of 60x
considering Google (US) trades atEquity Offerings 1.75
considering Google (US) trades atEquity Offerings 1.75
Lot Size 25 Eq Shconsidering Google (US) trades at
model and also has the riskLot Size 25 Eq Sh
model and also has the riskLot Size 25 Eq Sh
Face Value 10.00model and also has the risk
rating to Just dial IPO.Face Value 10.00
Price Band 470 / 543rating to Just dial IPO. Price Band 470 / 543rating to Just dial IPO. Price Band 470 / 543
IPO Grading CRISIL - 5/5IPO Grading CRISIL - 5/5
Issue break-up (Cr) (%) Lower B Upper Bequity shares listing on stock
Issue break-up (Cr) (%) Lower B Upper Bequity shares listing on stock
Issue break-up (Cr) (%) Lower B Upper B
QIB's portion 75% 617 713equity shares listing on stock
the selling shareholders.QIB's portion 75% 617 713
Non-institutional 15% 123 143the selling shareholders.
provide liquidity to existingNon-institutional 15% 123 143
provide liquidity to existingNon-institutional 15% 123 143
Retail Portion 10% 82 95provide liquidity to existing
the offer.Retail Portion 10% 82 95
the offer.Retail Portion 10% 82 95
Total Issue (Cr) 100% 822 950the offer. Total Issue (Cr) 100% 822 950
Reserves & discountsReserves & discountsReserves & discounts
Employees reserves NilEmployees reserves Nil
Retail discount NilRetail discount Nil
Issue Structureestablish a database and
Issue Structureestablish a database and
Issue Structure
Fresh issue Nilestablish a database and
with strong balance sheetsFresh issue Nil
Offer for sale Eq/ Sh 1.75 Crwith strong balance sheets Offer for sale Eq/ Sh 1.75 Crwith strong balance sheets
Nokia’s city lens app wouldOffer for sale Eq/ Sh 1.75 Cr
Lead Managers / RegisterNokia’s city lens app would Lead Managers / RegisterLead Managers / Register
1) Citigroup Global 3) Morgan Stanley India1) Citigroup Global 3) Morgan Stanley India
2) Markets India -2) Markets India -
the traffic, the more the
2) Markets India -
1) Karvy Computer Pltd -the traffic, the more the 1) Karvy Computer Pltd -the traffic, the more the
experience on data updatingexperience on data updatingShareholding Pattern (%) Pre Post
experience on data updating
would be difficult to win backShareholding Pattern (%) Pre Post
would be difficult to win backShareholding Pattern (%) Pre Post
Promoter 37.20% 33.10%would be difficult to win back
Promoter 37.20% 33.10%
Non Promoter 62.90% 66.90%Non Promoter 62.90% 66.90%Non Promoter 62.90% 66.90%
any failure to adapt to theany failure to adapt to the Analyst Detailsany failure to adapt to the
quite adversely.
Analyst Details
Pushkaraj Jamsandekarquite adversely. Pushkaraj Jamsandekarquite adversely. Pushkaraj Jamsandekar
Contact - +09869139507Contact - +09869139507
Email ID - [email protected] ID - [email protected]
Perception Research & AdvisoryPerception Research & AdvisoryPerception Research & Advisory
�Key Strengths�Key Strengths�Key Strengths
First mover advantage in local search & strong brand recallFirst mover advantage in local search & strong brand recall
First, JDL started local search services in 1996 under Just Dial brandFirst, JDL started local search services in 1996 under Just Dial brandFirst, JDL started local search services in 1996 under Just Dial brand
(Delhi and Mumbai) and launched its internet and mobile internet(Delhi and Mumbai) and launched its internet and mobile internet(Delhi and Mumbai) and launched its internet and mobile internet
being the first in this local search market, JDL enjoys first moverbeing the first in this local search market, JDL enjoys first moverbeing the first in this local search market, JDL enjoys first mover
mindshare among users largely due to high user satisfactionmindshare among users largely due to high user satisfactionmindshare among users largely due to high user satisfaction
concentrates on 11 large cities, in order to expand its network andconcentrates on 11 large cities, in order to expand its network andconcentrates on 11 large cities, in order to expand its network and
existing and new cities appointed resellers to collect data. JDL’sexisting and new cities appointed resellers to collect data. JDL’sexisting and new cities appointed resellers to collect data. JDL’s
million businesses listings in 9MFY13 (up from 4.5 million in FY10million businesses listings in 9MFY13 (up from 4.5 million in FY10
SMEs lifeline for advertising
million businesses listings in 9MFY13 (up from 4.5 million in FY10
SMEs lifeline for advertisingSMEs lifeline for advertising
JDL acts as a platform for SMEs to advertise with relatively lowJDL acts as a platform for SMEs to advertise with relatively lowJDL acts as a platform for SMEs to advertise with relatively low
compared to traditional Medias. With limited marketing budgets,compared to traditional Medias. With limited marketing budgets,compared to traditional Medias. With limited marketing budgets,
right target customers. SMEs can upgrade their listings fromright target customers. SMEs can upgrade their listings fromright target customers. SMEs can upgrade their listings from
memberships and finally to premium memberships basedmemberships and finally to premium memberships basedmemberships and finally to premium memberships based
traction. Currently, JDL has conversion ratio of 2% of total listingtraction. Currently, JDL has conversion ratio of 2% of total listingtraction. Currently, JDL has conversion ratio of 2% of total listing
To achieve higher conversion of paid advertisers, it is working onTo achieve higher conversion of paid advertisers, it is working onTo achieve higher conversion of paid advertisers, it is working on
portal to attract SMEs in a particular business.portal to attract SMEs in a particular business.
Multiple platformsMultiple platformsMultiple platforms
JDL provides services through several communication mediaJDL provides services through several communication mediaJDL provides services through several communication media
Internet, Voice and SMS. Multiple platforms offer to provide reviewsInternet, Voice and SMS. Multiple platforms offer to provide reviewsInternet, Voice and SMS. Multiple platforms offer to provide reviews
users on one platform to users across all other platforms (23users on one platform to users across all other platforms (23users on one platform to users across all other platforms (23
rating in FY13). These reviews help users for better selection ofrating in FY13). These reviews help users for better selection ofrating in FY13). These reviews help users for better selection of
brings social quotient into the picture.brings social quotient into the picture.brings social quotient into the picture.
brand in only two citiesbrand in only two citiesbrand in only two cities
internet services in 2007. Byinternet services in 2007. Byinternet services in 2007. By
mover advantage and strongmover advantage and strongmover advantage and strong
satisfaction. Currently, JDLsatisfaction. Currently, JDLsatisfaction. Currently, JDL
and database further inand database further inand database further in
JDL’s database has 9.1JDL’s database has 9.1JDL’s database has 9.1
10), mostly SMEs.10), mostly SMEs.10), mostly SMEs.
low cost (1130/month)low cost (1130/month)low cost (1130/month)
budgets, SMEs can attractbudgets, SMEs can attractbudgets, SMEs can attract
from free to non-premiumfrom free to non-premiumfrom free to non-premium
upon their customerupon their customerupon their customer
listing as paid advertisers.listing as paid advertisers.listing as paid advertisers.
on a dedicated categoryon a dedicated categoryon a dedicated category
media i.e., Internet, Mobilemedia i.e., Internet, Mobilemedia i.e., Internet, Mobile
reviews and ratings fromreviews and ratings fromreviews and ratings from
23 million reviews and23 million reviews and23 million reviews and
of product, services andof product, services andof product, services and
�Company Background�Company Background�Company Background
Just dial, is a prominent “local” search engine company in India,Just dial, is a prominent “local” search engine company in India,
as A&M communications by Mr. V.S.S Mani. Just dial providesas A&M communications by Mr. V.S.S Mani. Just dial providesas A&M communications by Mr. V.S.S Mani. Just dial provides
information & user reviews of local businesses, products &information & user reviews of local businesses, products &information & user reviews of local businesses, products &
through multiple platforms such as Internet, Mobile internet (App),through multiple platforms such as Internet, Mobile internet (App),through multiple platforms such as Internet, Mobile internet (App),
and text (SMS). The search service is provided free to users,and text (SMS). The search service is provided free to users,and text (SMS). The search service is provided free to users,
revenue from paid advertisers who subscribe to fee-based campaignrevenue from paid advertisers who subscribe to fee-based campaignrevenue from paid advertisers who subscribe to fee-based campaign
their business (predominately, SMEs) on priority basis on searchtheir business (predominately, SMEs) on priority basis on searchtheir business (predominately, SMEs) on priority basis on search
successfully transformed itself from mere voice based local searchsuccessfully transformed itself from mere voice based local search
other emerging & under penetrated platforms like internet
successfully transformed itself from mere voice based local search
other emerging & under penetrated platforms like internetother emerging & under penetrated platforms like internet
Currently, JDL’s internet platform generates 50% of the searchCurrently, JDL’s internet platform generates 50% of the searchCurrently, JDL’s internet platform generates 50% of the search
traditional voice (39% in 9M13 vs 64% in FY09) and mobile internettraditional voice (39% in 9M13 vs 64% in FY09) and mobile internettraditional voice (39% in 9M13 vs 64% in FY09) and mobile internet
2% in FY09). Increasing smart phone penetration (7% of total mobile2% in FY09). Increasing smart phone penetration (7% of total mobile2% in FY09). Increasing smart phone penetration (7% of total mobile
in CY12, grew by 36% over CY11) & under penetrated internetin CY12, grew by 36% over CY11) & under penetrated internetin CY12, grew by 36% over CY11) & under penetrated internet
27.5% & World average 34.3%) provide enormous opportunity27.5% & World average 34.3%) provide enormous opportunity27.5% & World average 34.3%) provide enormous opportunity
mindshare with users.mindshare with users.mindshare with users.
Business Model�Business Model�Business Model
Having being a free service provider to users, JDL generatesHaving being a free service provider to users, JDL generatesHaving being a free service provider to users, JDL generates
advertisers (mostly SMEs) who subscribe to fee based campaignadvertisers (mostly SMEs) who subscribe to fee based campaignadvertisers (mostly SMEs) who subscribe to fee based campaign
memberships in order to list their businesses on priority rankingmemberships in order to list their businesses on priority rankingmemberships in order to list their businesses on priority ranking
results. The company offers annual and long-term renewableresults. The company offers annual and long-term renewableresults. The company offers annual and long-term renewable
advertisers. The payments are made in advance by SMEs on a monthlyadvertisers. The payments are made in advance by SMEs on a monthlyadvertisers. The payments are made in advance by SMEs on a monthly
(1130/month), which reduces the credit risk profile for JDL. Currently,(1130/month), which reduces the credit risk profile for JDL. Currently,
of the total listings into paid category (in that, 22% belongs to
(1130/month), which reduces the credit risk profile for JDL. Currently,
of the total listings into paid category (in that, 22% belongs toof the total listings into paid category (in that, 22% belongs to
and rest belongs to non-premium ad package) and rest are freeand rest belongs to non-premium ad package) and rest are freeand rest belongs to non-premium ad package) and rest are free
FY09, paid advertisers base has grown exponentially from 40.5kFY09, paid advertisers base has grown exponentially from 40.5kFY09, paid advertisers base has grown exponentially from 40.5k
Further, the total business listings (free + paid) database has increasedFurther, the total business listings (free + paid) database has increasedFurther, the total business listings (free + paid) database has increased
in 9MFY13 from 7.2 million in FY12.in 9MFY13 from 7.2 million in FY12.in 9MFY13 from 7.2 million in FY12.
India, incorporated in 1993India, incorporated in 1993
provides search service withprovides search service withprovides search service with
& services across India& services across India& services across India
(App), Telephone (Voice)(App), Telephone (Voice)(App), Telephone (Voice)
users, whereas it generatesusers, whereas it generatesusers, whereas it generates
campaign packages to listcampaign packages to listcampaign packages to list
search results. JDL hassearch results. JDL hassearch results. JDL has
search service providers tosearch service providers to
internet & mobile internet.
search service providers to
internet & mobile internet.internet & mobile internet.
search requests, followed bysearch requests, followed bysearch requests, followed by
internet (10% in 9M13 vsinternet (10% in 9M13 vsinternet (10% in 9M13 vs
mobile phone shipmentsmobile phone shipmentsmobile phone shipments
internet market (11.4% vs Asiainternet market (11.4% vs Asiainternet market (11.4% vs Asia
opportunity for JDL with strongopportunity for JDL with strongopportunity for JDL with strong
generates revenues from paidgenerates revenues from paidgenerates revenues from paid
campaign packages orcampaign packages orcampaign packages or
ranking on users’ searchranking on users’ searchranking on users’ search
renewable memberships to paidrenewable memberships to paidrenewable memberships to paid
monthly or annual basismonthly or annual basismonthly or annual basis
Currently, JDL converts 2%Currently, JDL converts 2%
to premium ad package
Currently, JDL converts 2%
to premium ad packageto premium ad package
free business listings. Sincefree business listings. Sincefree business listings. Since
k to 195.1k in 9MFY13.k to 195.1k in 9MFY13.k to 195.1k in 9MFY13.
increased to 9.1 millionincreased to 9.1 millionincreased to 9.1 million
Exhibit 1 : Search Mix - 9MFY13 Exhibit 2 : Business Listings categoriesExhibit 1 : Search Mix - 9MFY13 Exhibit 2 : Business Listings categoriesExhibit 1 : Search Mix - 9MFY13 Exhibit 2 : Business Listings categories
0%0%0%
NternetNternet
39% Mobile50%
39% Mobile
Premium Ad package (21.7%)
50%Voice
Premium Ad package (21.7%)Voice
Premium Ad package (21.7%)SMS
11%
SMS
11%
Platinum
11%
PlatinumPlatinum
Source: Perception Research Source: Perception ResearchSource: Perception Research Source: Perception ResearchSource: Perception Research Source: Perception Research
Having started its search services through only phone (voice callHaving started its search services through only phone (voice callHaving started its search services through only phone (voice call
Delhi), JDL has expanded into emerging verticals internet, mobileDelhi), JDL has expanded into emerging verticals internet, mobile
increased their presence across the nation. Currently, JDL is witnessingincreased their presence across the nation. Currently, JDL is witnessingincreased their presence across the nation. Currently, JDL is witnessing
from new verticalsfrom new verticalsfrom new verticals
InternetInternetInternet
attracts 50% of the traffic (up from 34% in FY09, CAGR of 48%)attracts 50% of the traffic (up from 34% in FY09, CAGR of 48%)attracts 50% of the traffic (up from 34% in FY09, CAGR of 48%)
Mobile NetMobile NetMobile Net
Witnessed rapid CAGR of 94%, constitutes 11% of total trafficWitnessed rapid CAGR of 94%, constitutes 11% of total traffic
Traditional voiceTraditional voiceTraditional voice
grew at relatively lesser pace at CAGR of 19% to ~39% (down fromgrew at relatively lesser pace at CAGR of 19% to ~39% (down fromgrew at relatively lesser pace at CAGR of 19% to ~39% (down from
JDL is the most preferred brand in the local search engine space,JDL is the most preferred brand in the local search engine space,JDL is the most preferred brand in the local search engine space,
satisfaction experience along with a first mover advantage, whichsatisfaction experience along with a first mover advantage, whichsatisfaction experience along with a first mover advantage, which
strong brand recall and mindshare among users.strong brand recall and mindshare among users.strong brand recall and mindshare among users.
Exhibit 2 : Business Listings categoriesExhibit 2 : Business Listings categoriesExhibit 2 : Business Listings categories
Business ListingsBusiness Listings
Paid listings (2.1%) Free listings (97.9%)Paid listings (2.1%) Free listings (97.9%)Paid listings (2.1%) Free listings (97.9%)
Premium Ad package (21.7%) Non-premium Ad package 78.3%Premium Ad package (21.7%) Non-premium Ad package 78.3%Premium Ad package (21.7%) Non-premium Ad package 78.3%
Platinum Diamond GoldPlatinum Diamond GoldPlatinum Diamond Gold
Source: Perception ResearchSource: Perception ResearchSource: Perception Research
call local search in Mumbai &call local search in Mumbai &call local search in Mumbai &
mobile net and SMS in 2007 andmobile net and SMS in 2007 and
witnessing bulk of the trafficwitnessing bulk of the trafficwitnessing bulk of the traffic
traffic (up from 2.4% in FY09)traffic (up from 2.4% in FY09)
from 63.5% in FY09).from 63.5% in FY09).from 63.5% in FY09).
space, primarily due to high userspace, primarily due to high userspace, primarily due to high user
which has enabled it to occupywhich has enabled it to occupywhich has enabled it to occupy
Financials (Rs In Cr)Financials (Rs In Cr)Financials (Rs In Cr)
Profit &Loss a/c FY09 FY10 FY11 FY12 9MFY13Profit &Loss a/c FY09 FY10 FY11 FY12 9MFY13Profit &Loss a/c FY09 FY10 FY11 FY12 9MFY13
INCOME: INCOME:
Sale of search services 735 1161 1796 2594 2644Sale of search services 735 1161 1796 2594 2644Sale of search services 735 1161 1796 2594 2644
Yellow pages services 124 148 0 0 0Yellow pages services 124 148 0 0 0Yellow pages services 124 148 0 0 0
Revenue from operations 859 1309 1796 2594 2644Revenue from operations 859 1309 1796 2594 2644
Other Op. Income 0 0 43 27 1Other Op. Income 0 0 43 27 1Other Op. Income 0 0 43 27 1
Total Income 859 1309 1839 2621 2645Total Income 859 1309 1839 2621 2645Total Income 859 1309 1839 2621 2645
EXPENDITURE: EXPENDITURE:
Employee cost 523 669 947 1308 1290Employee cost 523 669 947 1308 1290Employee cost 523 669 947 1308 1290
Other Exps 261 343 438 639 619Other Exps 261 343 438 639 619
Total Expenditure 783 1012 1385 1948 1910Total Expenditure 783 1012 1385 1948 1910Total Expenditure 783 1012 1385 1948 1910
EBITDA 76 297 454 673 735EBITDA 76 297 454 673 735EBITDA 76 297 454 673 735
Depreciation 41 53 68 90 102Depreciation 41 53 68 90 102
Finance Cost 0 0 0 0 0Finance Cost 0 0 0 0 0Finance Cost 0 0 0 0 0
Other Income 59 39 37 150 71Other Income 59 39 37 150 71Other Income 59 39 37 150 71
PBT 94 283 423 732 704PBT 94 283 423 732 704
Tax 24 99 135 209 218Tax 24 99 135 209 218Tax 24 99 135 209 218
PAT 69 184 288 523 486PAT 69 184 288 523 486
Source: Perception ResearchSource: Perception ResearchSource: Perception Research
Balance Sheet FY09 FY10 FY11 FY12 9MFY13Balance Sheet FY09 FY10 FY11 FY12 9MFY13Balance Sheet FY09 FY10 FY11 FY12 9MFY13
Current Assets 647 936 1463 1905 4913Current Assets 647 936 1463 1905 4913
Non-Current Assets 308 299 432 573 821Non-Current Assets 308 299 432 573 821Non-Current Assets 308 299 432 573 821
Total Assets (a) 955 1235 1894 2478 5734Total Assets (a) 955 1235 1894 2478 5734Total Assets (a) 955 1235 1894 2478 5734
Current liabilities 486 578 945 1382 1644Current liabilities 486 578 945 1382 1644
Non-current Liabilities 30 19 17 23 40Non-current Liabilities 30 19 17 23 40Non-current Liabilities 30 19 17 23 40
Total Liabilities (b) 516 598 962 1405 1685Total Liabilities (b) 516 598 962 1405 1685Total Liabilities (b) 516 598 962 1405 1685
Share issue expenses (c) 39Share issue expenses (c) 39
Net worth 439 637 932 1034 4049Net worth 439 637 932 1034 4049Net worth 439 637 932 1034 4049
Share Capital - Equity 9 9 519 519 694Share Capital - Equity 9 9 519 519 694
Preference SC 3 3 2 12 0Preference SC 3 3 2 12 0Preference SC 3 3 2 12 0
Reserves & Surplus 428 626 411 542 3354Reserves & Surplus 428 626 411 542 3354Reserves & Surplus 428 626 411 542 3354
Share issue expenses 0 0 0 39 0Share issue expenses 0 0 0 39 0
Net worth 439 637 932 1034 4049Net worth 439 637 932 1034 4049Net worth 439 637 932 1034 4049
Cash Flow FY09 FY10 FY11 FY12 9MFY13Cash Flow FY09 FY10 FY11 FY12 9MFY13Cash Flow FY09 FY10 FY11 FY12 9MFY13
Restated PBT 94 283 423 732 689Restated PBT 94 283 423 732 689
CF from operating activities 61 350 605 902 685CF from operating activities 61 350 605 902 685CF from operating activities 61 350 605 902 685
CF from Inv activities -98 -298 -528 -1144 -3185CF from Inv activities -98 -298 -528 -1144 -3185
CF from fin activities -4 6 -1 291 2521CF from fin activities -4 6 -1 291 2521CF from fin activities -4 6 -1 291 2521
Net + / - cash equivalent -41 58 76 49 21Net + / - cash equivalent -41 58 76 49 21
Opening cash balance 94 53 111 180 215Opening cash balance 94 53 111 180 215Opening cash balance 94 53 111 180 215
Cash merged sub -7 -15Cash merged sub -7 -15Cash merged sub -7 -15
Closing cash balance 53 111 180 215 235Closing cash balance 53 111 180 215 235
Investment Criteria & DisclaimerInvestment Criteria & DisclaimerInvestment Criteria & Disclaimer
Rating Low Risk Rating Low Risk Rating Low Risk
Buy Over 15 %Buy Over 15 %
Accumulate 10 % to 15 %Accumulate 10 % to 15 %
Hold 0% to 10 %Hold 0% to 10 %Hold 0% to 10 %
Sell Negative Returns Negative ReturnsSell Negative Returns Negative Returns
Risk Description Predictability of Earnings / Dividends / Price VolatilityRisk Description Predictability of Earnings / Dividends / Price VolatilityRisk Description Predictability of Earnings / Dividends / Price Volatility
Low RiskLow Risk
Medium RiskMedium RiskMedium Risk
High RiskHigh Risk
Analyst DetailsAnalyst DetailsAnalyst Details
Pushkaraj JamsandekarPushkaraj Jamsandekar
MMS - FinanceMMS - FinanceMMS - Finance
Contact - +09869139507Contact - +09869139507Contact - +09869139507
Email ID - [email protected] ID - [email protected]
Perception Research & AdvisoryPerception Research & AdvisoryPerception Research & Advisory
Disclaimer Disclaimer Disclaimer
This document is for private circulation and information purposes onlyThis document is for private circulation and information purposes onlyThis document is for private circulation and information purposes only
taxation or legal advice. Investors should seek financial advice regarding thetaxation or legal advice. Investors should seek financial advice regarding the
investment strategies discussed or recommended in this publication andinvestment strategies discussed or recommended in this publication andinvestment strategies discussed or recommended in this publication and
future prospects may not be realized. In no circumstances it be used or consideredfuture prospects may not be realized. In no circumstances it be used or considered
offer to buy or sell the securities mentioned in it. We and our affiliates, officers,offer to buy or sell the securities mentioned in it. We and our affiliates, officers,offer to buy or sell the securities mentioned in it. We and our affiliates, officers,
involved in the preparation or issuance of this material may: (a) from time toinvolved in the preparation or issuance of this material may: (a) from time to
sell the securities thereof, of company(ies) mentioned herein or (b) besell the securities thereof, of company(ies) mentioned herein or (b) besell the securities thereof, of company(ies) mentioned herein or (b) be
securities and earn brokerage or other compensation or act as a marketsecurities and earn brokerage or other compensation or act as a marketsecurities and earn brokerage or other compensation or act as a market
company(ies) dis-cussed herein or act as an advisor or lender or borrower tocompany(ies) dis-cussed herein or act as an advisor or lender or borrower to
interest with respect to any recommendation and re-lated informationinterest with respect to any recommendation and re-lated informationinterest with respect to any recommendation and re-lated information
publication may have been taken from trade and statistical services and otherpublication may have been taken from trade and statistical services and other
does not guarantee that such information is accurate or complete and it shoulddoes not guarantee that such information is accurate or complete and it shoulddoes not guarantee that such information is accurate or complete and it should
pressed reflects judgments at this date and are subject to change withoutpressed reflects judgments at this date and are subject to change without
investment can be substantial. You should carefully consider whether tradinginvestment can be substantial. You should carefully consider whether tradinginvestment can be substantial. You should carefully consider whether trading
your experience, objectives, financial resources and other relevant circumstancesyour experience, objectives, financial resources and other relevant circumstances
Source: Perception ResearchSource: Perception Research
Medium Risk High RiskMedium Risk High RiskMedium Risk High Risk
Over 20% Over 25%Over 20% Over 25%
15% to 20% 20% to 25%15% to 20% 20% to 25%
0% to 15% 0% to 20%0% to 15% 0% to 20%0% to 15% 0% to 20%
Negative Returns Negative ReturnsNegative Returns Negative Returns
Predictability of Earnings / Dividends / Price VolatilityPredictability of Earnings / Dividends / Price VolatilityPredictability of Earnings / Dividends / Price Volatility
High predictability / Low volatilityHigh predictability / Low volatility
Moderate predictability / volatilityModerate predictability / volatilityModerate predictability / volatility
Low predictability / High volatilityLow predictability / High volatility
and should not be regarded as an investment,and should not be regarded as an investment,and should not be regarded as an investment,
the appropriateness of investing in any securities orthe appropriateness of investing in any securities or
and should under-stand that statements regardingand should under-stand that statements regardingand should under-stand that statements regarding
considered as an offer to sale or a solicitation of anyconsidered as an offer to sale or a solicitation of any
officers, directors and employees including personsofficers, directors and employees including personsofficers, directors and employees including persons
to time, have long or short positions in, and buy orto time, have long or short positions in, and buy or
engaged in any other transaction involving suchengaged in any other transaction involving suchengaged in any other transaction involving such
market maker in the financial instruments of themarket maker in the financial instruments of themarket maker in the financial instruments of the
to such company or have other potential conflict ofto such company or have other potential conflict of
and opinions. The information contained in thisand opinions. The information contained in thisand opinions. The information contained in this
other sources, which we believe are reliable. Weother sources, which we believe are reliable. We
should not be relied upon as such. Any opinion ex-should not be relied upon as such. Any opinion ex-should not be relied upon as such. Any opinion ex-
without notice. Caution: Risk of loss in trading &without notice. Caution: Risk of loss in trading &
trading & investment is appropriate for you in light oftrading & investment is appropriate for you in light oftrading & investment is appropriate for you in light of
circumstances.circumstances.