project on analysis of sahara.docx
TRANSCRIPT
SUMMER TRAINING REPORT
ON
“Analysis of Sahara Mutual Fund and Comparison of Mutual Fund with ULIP
Submitted in partial fulfilments of
BACHELORS OF BUSINESS ADMINISTRATION PROGRAMME
Conducted by
LUCKNOW UNIVERSITYUnder the guidance of Submitted By
College SAURABH YADAV
Mr. Owais khan BBA, 5th SEMESTER
Roll no: - 918101039
TIWARIGANJ - LUCKNOW
INDEX
S No. TOPIC COVERED PAGE No.1. AKNOWLEDGEMENT 3
2. PREFACE 4
3. ABOUT THE COMPANY 5 TO 9
4. LOCATION 10 TO 11
5. PRODUCT AND MARKET 12 TO 19
6. MUTUAL FUND (M.F.) 20 TO 39
7. UNIT LINK INSURANCE PLAN (ULIP) 40 TO 44
8. SAHARA M.F. 45 TO 47
9. SAHARA ULIP 47 TO 52
10. ULIP V/S M.F. 53 TO 55
11. COMPARISION OF SAHARA ULIP & M.F 56 TO 57
12. OBJECTIVE OF STUDY 58
13. METHODOLOGY OF STUDY 59
14. SURVEY 60-71
15. FINDINGS AND SUGGESTIONS 72 TO 73
16. LIMITATIONS 74
17. QUESTIONNAIRE 75 TO 77
18. BIBLIOGRAPHY 78
ACKNOWLEDGEMENT
This project has been a whirlwind experience of Sahara mutual fund and enriches both the project and my mind with knowledge. My sole objective is that reader of this project gets the first hand experience of the Mutual fund and should equip with readymade data and fundamental if someone gets a the satisfaction, I’ll think my job is done.
There are people who simply by being there, influence and inspire you to do things. I acknowledge my gratitude and indebt-ness to my Corporate project guide Mr. Alok Bhatnagar, Chief Manager (Finance and Accounts), who spared his precious time in guiding me and for making valuable suggestions in compiling this project report.
I express my deep gratitude to my internal project GuideMrs. Mamta Srivastava, Director City College of Management & Dr. Arun Kumar Srivastava,
Pricipal of City College of Management, , who was a source of continuous guidance and inspiration to me.
Last but not the least, I would like to thank my parents and my friends, for their co-operation in completing my project work.
Signature ___________SAURABH YADAV
918101039
PREFACE
Recent years have seen tremendous changes in the field of Mutual Fund business. The Mutual Fund companies are trying to capture the market through the customized policies with a view to cater to the needs of the target segment. In this new era all the countries & their companies are trying their best to improve economic growth. This trend has created a very complex & competitive environment in the field of business, trade & commerce. In order to keep oneself in the competition & win the race a new system of management is much needed. To fulfill this need a new field of modern science has developed very fast i.e. Business Management. In this curriculum there are several phases, which have to be covered & completed properly.
In the Second Semester every student has to undergo Summer Training and prepare a Report on the topic allotted by the concerned authority. This particular exercise is undertaken to provide a practical exposure to the managers in the making and to provide them analysis & finding about each & every aspect of market: it could be in related fields viz. Insurance , Human Resource Management, Marketing or Finance as per their course specialization. It is important because it provides field experience, which is very essential besides the theoretical knowledge.
Therefore I am submitting this report, prepared within limited time & resources with a little practical knowledge.
ABOUT THE COMPANY
Type Private
Industry Conglomerate
FoundedGorakhpur, India (1978)
Founder(s)Subrata Roy
HeadquartersLucknow,India
Key peopleSubrata Roy (Chairman)
Products
FinanceReal EstateMedia & EntertainmentTourism & HospitalityServices
Website www.Sahara.in
SAHARA INDIA
Sahara India is an Indian multi-business conglomerate with diversified business interests that include finance, Insurance, real estate, media &
entertainment, tourism & hospitality, and services & trading. It owns the New IPL team Sahara Pune Warriors and also sponsors the Indian Cricket and Hockey teams.
Under the flagship real estate project Sahara City Homes chain of townships is proposed to be across 217 cities in India. Recently Sahara has launched its Sahara Grace brand of residential complex at Kochi. After Sahara Grace at Gurgaon and Lucknow the Kochi project is the third under this brand which is positioned to provide a product mix of apartments and penthouses to its residents. Other ventures of Sahara real estate business are Sahara States – Lucknow, Gorakhpur, Hyderabad and Bhopal, Brand malls – Sahara Ganj, Lucknow and Sahara Mall, Gurgaon.
Sahara is also active in Media & Entertainment businesses. It owns a National Hindi News Channel Samay, bouquet of 36 city specific regional news channels Sahara Samay, Sahara One, general entertainment channel and a Hindi movie channel Filmy. Sahara Samay received the "Broadcast Engineering Excellence Award" in 2008 for its network newsroom technology Sahara has recently launched FIRANGI channel which is positioned as World Television in Hindi.
Sahara has also forayed into the print medium. In print industry Sahara has one national weekly magazine in English, 6 editions of Hindi Daily Newspaper Rashtriya Sahara, nine editions of Urdu Daily Newspaper Roznama Rashtriya Sahara and one International Urdu Weekly.
Under its Motion Pictures business, Sahara is engaged in business of producing, marketing and distribution of motion pictures in Hindi and other regional Indian languages. Its successes include Bewafaa, Page 3, Sarkar and No Entry.
Under its tourism business Sahara has launched Sahara Global - an integrated travel and tourism service provider for domestic and international services.
Sahara Group acquired the Pune IPL team(Sahara Pune Warriors) on 21 March 2010 for Rs. 1702 crores. Also Sahara Group has decided to review the sponsorship to Indian Cricket Team, Sahara had bagged the sponsorship for the Indian cricket team for Rs. 400 crore for a four-year period ending December 2009, and had agreed to continue for six more months as Board for Cricket Control in India could not find any sponsors.
Sahara India Parivar on Monday, 31st May 2010 bagged the sponsorship rights for the Indian men's cricket team till December 31, 2013. Sahara outbid Bharti Airtel for the right to sponsor Team India. Sahara bagged the rights for Rs 3.3 crores per match. Sahara and Airtel had submitted the eligibility documents and security deposits on Saturday and the bid was submitted on Monday and thereafter, BCCI's marketing committee decided the new sponsor of Team of India
Sahara India Pariwar is a major entity on the corporate scene having diversified business interests that include Finance, Infrastructure & Housing, Media & Entertainment, Consumer Products, Manufacturing, Services & Trading.
SAHARA INDIA PARIWAR'S PHILOSOPHY - "Collective Materialism"
In any human relationship, it becomes imperative to take into consideration the materialistic aspect of life - we do so but by giving it second priority. The first priority is given to emotional aspect and with perfect blending of materialism with emotionalism, results in continuous collective growth for collective sharing and caring, that gives an impetus to our philosophy - "COLLECTIVE MATERIALISM". BHARTIYATA There is a religion higher than religion itself - it is the INDIAN NATIONALITY. The swirl of the Tricolour never fails to move a Sahara Worker. For we believe, it is the great feeling that transcends all castes, creed and sects. Bharat Parva is Celebrated on every 26th of January and 15th of August with a spirit and gaiety rarely seen.It comes from our heart.
In business profit earnings and overall growth of business get the highest priority and are certainly creditable, but ultimate credibility of business enterprise, particularly of larger ones is in the utilisation of profit, be it for best possible upliftment of its workforce and for espousing Social, National Development causes or for rendering services to mankind as a whole. Fulfilling the Qualitative aspect of utilisation of profit, the world's largest family ‘Sahara India Pariwar' is proud to have reached today new horizons of growth and development.On the basis of our philosophy of Collective Materialism we have always given importance to the fact that profit earning is the Quantitative aspect whereas the proper utilisation of profit is the Qualitative aspect. Ironically, we only recognise and get recognised by the Quantitative aspect.I, therefore earnestly appeal to one and all in Politics, Media, Business etc. that every action, reaction, selection, appreciation or criticism should be oriented strictly towards the Qualitative aspect. I appeal to anybody and everybody to accord top priority to Qualitative aspect in anything and everything for peaceful, prosperous and progressive co-existence of mankind anywhere and everywhere.Today, I feel proud of the fact that I am the Guardian of the World's largest family. Perhaps, I am the world's only person whose family is so vast, so disciplined, sodedicated and so committed. Such a vast family as Sahara India Pariwar has a grand and infinite future and I am sure that we will sustain our duty, consciousness, discipline and dutifulness with a sense of dedication, as we have always done in the past, so that together we could build an India full of energy and radiance"Saharasri" Subrata Roy Sahara Managing Worker & Chairman Sahara India Pariwar
LOCATIONSahara India Pariwar Sahara Information & Contact PointP.O. Box 2, Gomti Nagar, Lucknow - 10 (U.P.), IndiaVoice (Toll Free): 1800 180 5222 SMS : +91 09839125222 FAX:- +91-522-2303818email: [email protected]
For Media Related Queries & InformationCorporate Communications Sahara India PariwarSahara Shaher, Gomti Nagar,Lucknow - 10(U.P.) IndiaTel: +91-522-2304260Fax: +91-522-2395411email : [email protected]
Aamby Valley CitySahara India Commercial Corporation Limited,Solitaire Corporate Park,Building No. 4,4th Floor, 167,Guru Hargovindji MargChakala, Andheri(E) - 400 093Tel : +91-22-66688080Fax : +91-22-66688060email : [email protected]
Sahara Hospital2nd Floor, Sahara India Center,1, Kapoorthala Complex, Aliganj, Lucknow - 226 004Tel: +91-522-2323577, 2323578email: [email protected],
Sahara StarDomestic Airport, Vile Parle (East) ,
Mumbai - 400 099 Telephone: +91 22 39895000Toll Free : 1800 226 645Facsimile: +91 22 39895001 email:[email protected]
Sahara Life Insurance Corporate Office:Sahara India Centre, 2, Kapoorthala Complex, Lucknow-226 024. Toll Free No: 1800-180-9000Tel.: +91-522-2337777 Fax:+91-0522-2332683email: [email protected]
Sahara Mutual Fund Sahara Asset Management Company Pvt. Ltd.97-98 Atlanta, 9th Floor,Nariman Point, Mumbai 400 021Tel: +91-22-67520121-7
Sahara Housing Finance Corporation Ltd. Registered & Corporate:Sahara India Sadan, 2A Shakespeare Sarani, Kolkata - 700 071Tel: +91-33-22829067/9075Contact Person : Shri Vivek Kapoor
Sahara One Media and Entertainment Ltd. MumbaiCTS – 40/44, Sahara India Point, S. V. RoadGoregaon (W) Mumbai – 400104Tel:- +91-22-66981111
PRODUCT AND MARKET
LIFE INSURANCE
Sahara India Life Insurance Company Ltd.
The first wholly Indian Owned Private Life Insurance Company with presence in most parts of the country. It has a team of well-trained and committed professional advisors with special focus on rural areas and the less affluent segments of the Indian society. The company offers an exhaustive range of competitive products that caters to individuals of all ages and segments along with prompt and quality customer services and support.
Sahara India Life Insurance Company Ltd. (SILICL) is today the first wholly Indian-owned Life Insurance Company in the private sector. We launched our operations on 30 October 2004 after being granted license to operate as a life insurer in India by Insurance Regulatory and Development Authority on 6 February 2004.
SAHARA ASSET MANAGEMENT COMPANY PRIVATE LIMITED
A Disciplined and Professional Fund House in Asset Management
With a view to offering its investors, a mutual fund that is truly mutual, Sahara Mutual Fund has established itself as a transparent and professional Fund House. The Fund House endeavors to provide professional expertise to its investors in managing their mutual fund investments, diversify their portfolios and reduce their investment risks by focusing on superior Risk Adjusted returns.
Sahara Mutual Fund offers products in the equity and debt segments to its investors namely Sahara Tax Gain Fund, Sahara Growth Fund, Sahara Mid cap Fund, Sahara Wealth Plus Fund, Sahara Infrastructure Fund, Sahara Power & Natural Resources Fund, Sahara Banking & Financial Services Fund, Sahara Super 20 Fund, Sahara Star Value Fund, Sahara Liquid Fund, Sahara Gilt Fund, Sahara Income Fund, Sahara Short Term Bond Fund, Sahara Interval Fund and Sahara Classic Fund.
INFRASTRUCTUREONE OF INDIA’S BEST AND THE LARGEST INFRASTRUCTURE & HOUSING COMPANY
Sahara Housing finance Corporation Limited
A National Housing Bank regulated & BSE listed company. In India, housing finance market is around Rs. 1,20,000 crore (USD 25,000 million) with a growth rate of around 20%.
Sahara Housing finas Corporation Limited was founded in August 2002 with its registered corporate office at Kolkata. SHCL commenced retail-lending business in May 2004 with professionals from the industry and fully integrated on-line systems solution backed by strong procedures and underwriting standards. Today we operate from four regions viz. Kolkata, Lucknow, Hyderabad and Mumbai and have a branch each in Kolkata, Asansol, Siliguri, Lucknow, Gorakhpur, Pune, Hyderabad, Vijaywada and Mumbai. We serve our clientele through our attractive and competitive home loan schemes. Specially tailored schemes for the allotees of Sahara City Homes are also being worked out. We are expanding our business by increasing the number of business outlets.
Aamby Valley City is planned as an exclusive City nestled across 10,600 acres of the majestic Sahayadris in the pristine Western Ghats. The project envisages development of a premium, self-contained City with a well laid out world class infrastructure and facilities for premium living, leisure and entertainment, sports and adventure, knowledge and education, hospitality and fine dining, advanced healthcare, meetings and conferences, etc. in a highly secured environment. Aamby Valley City’s accomplishments include some exclusive lifestyle products, like – a CAT–III ILS equipped All-Weather Airport, a PGA approved 18 Hole day-and-night Championship Golf course and an International School (IB & IGCSE). The first fully integrated Hill City with well-laid infrastructure and captive utilities has plans for creating an ensemble of approx 13,000 exquisite high-end Villas, Chalets and other residential properties in distinctive architectural styles.
Mega Quality Township
The world's largest chain of integrated townships ranging from approx. 80-300 acres offering amenities superbly matched to international standards being developed in number of Tier I, Tier II & Tier III cities across India. A Sahara City Homes Integrated township shall typically consist of a gated community with residential units in the form of apartment towers, townhouses and individual houses together with the facilities and amenities.
SAHARA UNIQUE : Offering a range of Consumer Products. At present our product division offers a range of products of everyday use as well as objects of desire through a chain of showrooms called 'Unique' in various locations of India. The number of these showrooms is proposed to be increased to 6000. The products offered come under three categories
1. Sahara Select - Fashion & Lifestyle Products 2. Sahara Care - Daily Need Products and 3. Sahara Sports - Fitness & Leisure Product
SAHARA STAR, MUMBAI : A world-class 5-star Hotel spread over 7.42 acres and located adjacent to the Mumbai domestic airport, it is the flagship hotel project of Sahara India Pariwar. Currently, it has 210 guest rooms, 13 suites and 09 restaurants, which is expandable to 412 rooms and 13 restaurants. It contains some of the best modern features like the World's biggest pillar-less Dome, World's first Hemisphere-shaped Glass Elevators, Marine Aquarium, Lagoon area, Inward and Outward facing rooms, Glass Roof rooms, Spacious Parking and shall have amenities like Sahara Health & Wellness Centre, Multi-cuisine restaurants and Preview theatre.
SAHARA HOSPITAL, LUCKNOW A state-of-the-art, multi-speciality, tertiary care hospital providing world class facilities with more than 50 super specialities and latest generation equipments under one roof. This hospital got operational in February 2009 and is currently operating with approximately 350 beds, including 120 bed
Critical Care Infrastructure, and expandable to 554 beds. It is spread on 31 acres and contains ultra-modern centre for preventive and alternative medicines like Ayurveda, Homoeopathy, Naturopathy and Yoga for Holistic approach.
Cinema Halls Developing Largest Chain of Multiplexes in IndiaAround 230 x 3 screens throughout the country.
Film City Developing world-class film city on around 100 acres of land with an investment of Rs. 180 crores (USD 41.74 million) approximately and with an Academy.
MEDIA & ENTERTAINMENT
Entertainment Channel SAHARA ONE : 24 hours digitally encrypted Entertainment Channel spread globally.
Movie Channel FILMY : 24 hours digitally encrypted Movie Channel
WORLD TELEVISIONFIRANGI : India's First World Television Channel in Hindi
Cinema Production
SAHARA ONE MOTION PICTURES : Has always provided a platform for unique and quality cinema and continues its quest to entertain all kind of audience.
Music ChannelsMEDIA WORLDWIDE PRIVATE LIMITED: Broadcasting 4 music channels–Music India, Sangeet Bangla, Music India-UK & Sangeet Bhojpuri
Geon StudiosDesigns, develops and delivers cutting – edge digital visual effects for domestic and international feature film and television projects.
National News channel
SAMAY : Round-the-clock free-to-air National Hindi news channel.
Regional News Channel
SAHARA SAMAY SAHARA SAMAY : Round-the-clock 36 city specific Regional news channels.
PUBLICATIONS
English WeeklySAHARA TIME : 1 National Edition – 72 pages English Weekly with Pan India News Network.
Urdu Weekly AALMI SAHARA AALMI SAHARA : 76 pages, International Urdu Weekly
Urdu DailyROZNAMA RASHTRIYA SAHARA ROZNAMA RASHTRIYA SAHARA : 15 Editions of Urdu Daily Newspaper with 9 Printing Centers
Hindi Daily RASHTRIYA SAHARA RASHTRIYA SAHARA : 41 Editions of Hindi Daily Newspaper with 6 Printing Centers
RESIDUARY NON-BANKING COMPANY
SAHARA INDIA FINANCIAL CORPORATION LIMITED INDIA'S LARGEST RESIDUARY NON-BANKING COMPANY IN THE PRIVATE SECTOR WITH THE HIGHEST YEARLY DEPOSIT LEVEL.
First RNBC to be granted a certificate of registration by the Reserve Bank of India.
Number of deposit accounts as on May-2010 - 2.57cr. 1508 Service Centres Succeeded in inculcating the savings habit amongst the common man-
middle/lower middle/lower class of the society with even a minimum daily deposit of Re.1.
Contributing to the national economy for the overall development of the country, through money invested in Government Securities, Banks & Institutions.
Compliance of 'KYC' and Anti Money Laundering standards of RNBC's issued by the Reserve Bank of India.
Sponsor of Sahara Mutual Fund. Co-promoter of Life Insurance business under the name and style of
Sahara India Life Insurance Company Limited.
MUTUAL FUNDHISTORY Unit Trust of India is the first Mutual Fund set up under a separate act, UTI Act in 1963, and started its operations in 1964 with the issue of units under the scheme US-64 In the year 1987 Public Sector banks like State Bank of India, Punjab National Bank, Indian Bank, Bank of India, and Bank of Baroda have set up mutual funds. Apart from these above mentioned banks Life Insurance Corporation [LIC] and General Insurance Corporation [GIC] too have set up mutual funds With the entry of Private Sector Funds a new era has started in Mutual Fund Industry [e.g.:- Principal Mutual Fund]
INTRODUCTIONA mutual fund is a professionally managed type of collective investmentscheme that pools money from many investors and invests it in stocks,bonds, short-term money market instrume nts and other securities. Mutualfunds have a fund manager who invests the money on behalf of the investorsby buying / selling stocks, bonds etc. Currently, the worldwide value of allmutual funds totals more than $US 26 trillion. The United States leads withthe number of mutual fund schemes. There are more than 8000 mutual fundschemes in the U.S.A. Comparatively, India has around 1000 mutual fundschemes, but this number has grown exponentially in the last few years. TheTotal Assets under Management in India of all Mutual funds put togethertouched a peak of Rs. 5,44,535 crs. at the end of August 2008.There are various investment avenues available to an investor such as realestate, bank deposits, post office deposits, shares, debentures, bonds etc. Amutual fund is one more type of investment avenue available to investors.There are many reasons why investors prefer mutual funds.Customers invest in a mutual fund scheme which in turn takes the responsibility ofinvesting in stocks and shares after due analysis and research. The investorneed not bother with researching hundreds of stocks. It leaves it to themutual fund and it’s professional fund management team. Another reasonwhy investors prefer mutual funds is because mutual funds offerdiversification. An investor’s money is invested by the mutual fund in avariety of shares, bonds and other securities thus diversifying the investorsportfolio across different companies and sectors. This diversification helps inreducing the overall risk of the portfolio. It is also less expensive to invest ina mutual fund since the minimum investment amount in mutual fund units isfairly low (Rs. 500 or so). With Rs. 500 an investor may be able to buy only afew stocks and not get the desired diversification. These are some of thereasons why mutual funds have gained in popularity over the years.
However, there is still a lot to be done. The Rs. 5 Lakh crores stated above,includes investments by the corporate sector as well. Going by variousreports, not more than 5% of household savings are chanellised into themarkets, either directly or through the mutual fund route. Not all parts of thecountry are contributing equally into the mutual fund corpus. 8 cities accountfor over 60% of the total assets under management in mutual funds. The
QUESTIONNAIRE
NAME:-
DATE OF BIRTH:-
MARITAL STATUS:-
CONTACT NO.:-
QUESTION 1:- WHAT IS YOUR OCCUPATION?A) EMPLOYEDB) SELF EMPLOYEDC) PROFESSIONALD) OTHER……………….
QUESTION 2:- WHAT IS YOUR ANNUAL HOUSEHOLD INCOME?A) BELOW RS. 1 LACSB) RS 1 LACS TO RS 5 LACSC) RS 5 LACS TO RS 10 LACSD) RS 10 LACS AND ABOVE
QUESTION 3:- WHAT IS YOUR MONTHLY HOUSEHOLD EXPENSES?A) BELOW 50000B) RS 50000 TO RS 100000C) RS 100000 TO RS 200000D) RS 200000 TO RS 350000E) RS 350000 AND ABOVE
QUESTION 4:- WHAT IS YOUR ANNUAL HOUSEHOLD INVESTMENT?A) BELOW RS 50000B) RS 50000 TO RS 500000C) RS 50000 TO RS 1000000D) RS 1000000 TO RS 2500000E) RS 2500000 AND ABOVE
QUESTION 5:- WHAT IS YOUR MOST PREFERED INVESTMENT?A) DEBTB) EQUITYC) INSURANCED) BANK
QUESTION 6:-PERCENTAGE OF INVESTMENT DONE IN VARIOUS INVESTMENTS?
A) BONDSB) PPF C) MUTUAL FUNDD) ULIPE) REAL ESTATEF) GOLD
QUESTION 7:- PREFERABLE DURATION OF YOUR INVESTMENTS?A) LESS THAN 5 YEARSB) 5 TO 10 YEARSC) 1O TO 15 YEARSD) 15 TO 20 YEARSE) 20 YEARS AND ABOVE
QUESTION 8:- WHICH IS PREFERABLY A BETTER INVESTMENT ACCORDING TO YOU?
A) MUTUAL FUNDB) ULIPC) CANT SAY
QUESTION 9 :-DO YOU WANT TO TAKE AGGRESSIVE EXPOSURE IN EQUITY MARKET?
A) YESB) NOC) CANT SAY
QUESTION 10:-DO YOU THINK ,YOU ARE DISCIPLINED ENOUGH TO MAKE REGULAR INVESTMENTS?
A) YESB) NOC) CANT SAY
QUESTION 11:- DO YOU WISH TO TAKE LESS EXPOSURE TO EQUITY MARKET AND STILL GET TAX FREE RETURNS?
A) YESB) NOC) CANT SAY
QUESTION 12:- DO YOU WANT INSURANCE COVER AND ALSO GOOD RETURNS ON INVESTMENT?
A) YESB) NO
C) CANT SAY
QUESTION 13:- RANK WISE, PRIORITISE THE REASON FOR YOUR INVESTMENTS?
A) TAX EXEMPTIONB) RETURNSC) MARKET PERFORMANCED) BRAND IMAGEE) RISK
QUESTION 14:- MOST PREFERED WAY OF PORTFOLIO UPDATION BY YOU?A) FORTNIGHTLYB) MONTHLYC) QUARTERLYD) ANNUALLY
BIBLIOGRAPHY
1. WWW.SAHARAMUTUAL.COM 2. WWW.SAHARALIFEINSURENCE.COM 3. WWW.ECONOMICTIMES.COM 4. WWW.MONEYCONTROL.COM 5. WWW.SAHARAINDIA.COM 6. MONTHY REPORT OF SAHARA M.F.
(MARCH,APRIL,MAY 2010)7. BROUTURES OF SAHARA ULIPS8. PEOPLE CONSULTED:-
Mr. PRAVIN CHANDRA,APPOINTED ACTUARY,SAHARA LIFE INSURANCE
Mr.ROHIT HALDIA,FINANCE CONTROLLER,ALSTON INDIA
Mr.AMIT AGARWAL, C.A.
Mr. ALOK BHATNAGAR, C.A.