Uno 41530XX0 Imprese Estere International Credit Repor India

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TCM - INDIA

INTERNATIONAL CREDIT REPORT

Prepared For : SAMPLE

Requested For : Asahi India Glass Limited

Prepared on : Asahi India Glass Limited

Date : December 21, 2004

Your Order/Ref. : SAMPLE

Report Type : Normal

IDENTIFICATION DETAILS

TCM ID : 51269

Name : Asahi India Glass Limite

d

Formerl

y

Asahi India Safet

y

Glass Limite

d

PUBLIC RECORD INFORMATION

Date of

Incor

p

/Estb. : December 10, 1984

Incor

p

/Re

g

n. No. : 55-19542

CREDIT RECOMMENDATION

Comments : Business dealin

g

s are recommended.

Credit Ratin

g

:TCA5 - Low Risk

(

Score > 80

)

Credit Limit

Recommended :USD 3,500,000.- ( Actual Score : 82 ) (Preferably on a widespread basis)

RATING EXPLANATION

TCA1 - Hi

g

h Risk

(

Score <= 20

)

TCA2 - Medium Hi

g

h Risk (Score >20 & <= 40)

TCA3 - Medium Risk

(

Score > 40 & <= 60

)

TCA4 - Moderate Risk (Score >60 & <=80)

TCA5 - Low Risk

(

Score > 80

)

TCA6 - NR (No Ratin

g

- Insu

ff

icient In

f

ormation)

* The credit appraisal provides an assessment of the creditworthiness of a company. It takes into

account significant elements of credit including history, business performance, management,

background, financial position, payment history, overall market conditions, market trends and the

reputation o

f

the compan

y

* NR is stated where there is insufficient information to facilitate rating. However, it is not to be

constructed as un

f

avorable.

OFFICIAL COMPANY DETAILS

Le

g

al Form/Status : Public Limited Com

p

an

y

Registered/Business

Address :2nd Floor,12, Basant Lok, Vasant Vihar, New Delhi - 110 057

Phone : +91 11 26143536, 26142288, 26149403

Fax : +91 11 26142324, 26148696

MailID : rsin

g

hal

@

asahiindia.com

WebID : www.asahiindia.com

CAPITAL STRUCTURE

Authorised Capital : Rs. 300,000,000.- (Inclusive of Preference share capital Rs. 150,000,000.-

)

Capital Employed : Paid Up Rs. 219,500,000.- (Inclusive of Preference share capital

Rs.139,500,000.-

)

as on March 31, 2004

Major Stakeholders

/Share Held : As on Sept 30, 2004 (Holding More than 1 %)

No. of Shares %Holdin

g

Aashi Glass Com

p

an

y

Ltd Ja

p

an 17,760,000 22.21

Maruti Ud

y

o

g

Lt

d

8,880,000 11.11

B M Labroo 6,916,960 8.65

Kanta Labroo 2,773,000 3.47

Shankar Resources Pvt Lt

d

2,232,580 2.79

San

j

a

y

Labroo 1,839,943 2.30

Sudershan Securities Pvt Ltd 1,688,000 2.11

Bright Star International

Cor

p

oration 1,192,000 1.00

N

otz Stucki ET CIE SA A/c Aruna

Fun

d

944,405 1.18

Shashi Palman

d

800,000 1.00

Sur

y

anara

y

ana Rao Palman

d

800,000 1.00

TOTAL > 1% 45,826,888 56.82

Comments on Share

Holdin

g

: Asahi India Glass Ltd. is a joint venture between Asahi Glass Co. Ltd. of

Ja

p

an, B M Labroo & Associates and Maruti Ud

y

o

g

Limited.

DIRECTORS/PRINCIPALS

Board of

Directors/Princi

p

als : As per latest available company records

B M Labroo Chairman

San

j

a

y

Labroo Mana

g

in

g

Director & CEO

P L Safa

y

a Directo

r

A Sin

g

h Directo

r

S Ka

p

u

r

Directo

r

A Nand

y

Directo

r

Kei Yonamoto Directo

r

G Tha

p

a

r

Directo

r

K Mi

y

azawa Director

(

Technical

)

Pierre Kirschen Directo

r

Key Executives : Ra

j

esh Mukhi

j

aCom

p

an

y

Secretar

y

R. Sin

g

hal General Mana

g

e

r

Shail

y

Sin

g

hDe

p

ut

y

Mana

g

er Mkt

g

Bhu

p

inder Sin

g

h Kanwa

r

Head of Manufacturin

g

OPERATION DETAILS

Line of Business : Manufacture of Automative and Float Glass.

Corporate Office : Global Business Park,Tower-B, 5th Floor, Mehrauli Gurgaon Road, Gurgaon

- 122 002, Har

y

ana, India.

Phone : +91 124 - 5062212-19

Fax : +91 124 - 5062244/88

Float Glass SBU : Plot No. T- 7,MIDC Industrial Area, Taloja, Raigad - 410 208, Maharashtra,

India.

Phone : +91 22 - 27410171-74

Fax : +91 22 27410090

Plant Add : 94.4 KM Delhi-Jaipur Highway, Vill Jaliawas Teh. Bawal, Rewari - 123 501,

Har

y

ana, India.

No. of Em

p

lo

y

ees : Re

p

ortedl

y

'1500'

Bankers : Bank of Baroda

Bank of Tok

y

o-Mitsubishi

HDFC Bank Lt

d

ICICI Bank Lt

d

Jammu & Kashmir Bank Lt

d

Pun

j

ab National Ban

k

Standard Chartered Ban

k

Sumitomo Mitsui Bnk

g

Cor

p

Bankin

g

Relations : Re

p

ortedl

y

Normal

Auditors : M/s Ja

g

dish Sa

p

ra & Com

p

an

y

Chartered Accountants

Collaborator's : Asahi Glass Co Ltd, Japan

Asahi Glass Co., Ltd., Japan was established in 1907. Enjoying a 45% market

share in Japan, 20% in Asia (excluding Japan & China), 20% in North

America and 25% in Europe, AGC has a presence in over 24 countries world-

wide. The Group’s Glass Operations segment comprises flat glass,

automotive glass and other glass including exterior siding boards, specialty

g

lass and

g

lass fibres.

Quality

Assessment :ISO 9000

Trade Names : AIS

Im

p

orts : The sub

j

ect im

p

orts from Euro

p

e, Asia, Mala

y

sia, USA, Ja

p

an

Ex

p

orts : The sub

j

ect ex

p

orts to Euro

p

e, Asia, Mala

y

sia, USA, Ja

p

an

Imports

References :Asahi AGC- Japan

Du

p

ont - Thailand

Sellin

g

Terms : A

g

ainst Document Letter of Credit

Purchasin

g

Terms : A

g

ainst Document Letter of Credit

Production Details Capacity Production Unit:o

f

Measurement

(

For the FY endin

g

on March 2004

)

Float Glass 29200000 31361673 S

q

M

Laminated Glass

(

Windshields

)

1200000 1194224 No

Tou

g

hened Glass 2090000 2283018 S

q

M

BUSINESS OPERATIONS

Business Profile --

-------------

Incorporated in Dec.'84, Asahi India Glass Ltd(formerly Asahi India Safety Glasses) was converte

d

into a public limited company in Dec.'85. It was promoted as a joint venture by Maruti Udyog; Asahi

Glass Company, Japan and B M Labroo and Associates. Asahi Glass Company, Japan, provides the

technical assistance to the company.

Asahi India Glass Ltd., manufactures a wide range of automotive and float glass. The Automotive

Glass Strategic Business Unit (SBU), one of the two strategic business units of the company, is the

sole supplier of automotive safety glass to nearly the entire Indian passenger car industry. The othe

r

strategic business unit, the Float Glass SBU, manufactures float glass with a diverse product

p

ortfolio catering to the needs of quality conscious customers including builders and architects.

AIS manufactures toughened glass for vehicles, solar panels and the construction industry. It caters

to over 90% of the safety glass requirements of the Indian passenger car industry and succeeded in

expanding its presence in the non-automotive segment, with its supply to the white goods industry.

Besides its main customer Maruti Udyog, it also caters to other vehicle manufacturers like Mahindra

& Mahindra, TELCO, DCM Toyota, GMIL, PAL-Peugeot & PAL-Uno, Ashok leyland, Eiche

r

motors and Swaraj Mazda.

It is the first Indian glass company to get the QS-9000 and ISO-9002 certification through TUV

Bayren Sachsen, Germany for the production and servicing of automotive safety glass.

In 1999-2000, the company received the "Best Performing Vendor" Award from Maruti Udyog at

Maruti Vendor Conference for the year 1998-99. The company is entering into a joint venture with

one of its distributors Map Auto and shall be making trade investment in and acquire 1,00,000 (50%)

e

q

uit

y

shares in Ma

p

Auto Glasses. The remainin

g

50% will be subscribed b

y

Ma

p

Auto Ltd.

Subsequent to the investment, the name of the company shall be changed from Map Auto Glasses to

Asahi India Map Auto Glass.

The company had 79.61% stake in Float Glass India Ltd has amalgamated the latter with itself w.e.

f

April 2002.

AIS Automotive Glass of Asahi India has approximately 90% market share of automotive glass sales

to OEMs. It also has a 55% market share in the automotive glass replacement market in terms o

f

value.

The AIS Float Glass of Asahi India enjoys approximately 26% share of the Indian float glass market

and is the third largest float glass manufacturer in India.

N

ews Details -

--------------

Asahi India approves expansion plans (11/02/2004)

--------------------------------------------------------

Float glass plant to be set up in the Uttaranchal

Asahi India Glass' board of directors, at its meeting held on 30 October 2004, has accorded in

p

rincipal approval for the expansion plans of the company, which include setting up of a second float

glass plant in Uttaranchal. The second float glass plant will have a capacity of 700 MT / day. The

board will meet again shortly to approve the project cost and schedule.

N

ews Details -

-----------------

AIGL to register impressive growth (12/06/2004)

--------------------------------------------------------------------

Asahi India Glass Ltd has established itself as one of the largest integrated glass manufacturing

companies. It dominates the automotive segment (passenger cars and commercial/utility vehicles)

with over 90 per cent market share. With the outlook of the automotive industry appearing healthy,

we believe that AIGL would register impressive growth going forward. Also, the outlook on

industrial and economic growth of the country stands encouraging, which They believe shall ensure

the growth in the float glass business of the company.

The expansion thrust undertaken by AIGL would take care of the rising demand from both the

b

usiness areas i.e. automotive glass and float glass. The valuation of AIGL too has become attractive

after the significant drop in the market price from the high of Rs 152 in January 2004. In fact, the

stock price of AIGL has dropped by over 21 per cent in the past 30 days. This, we believe, has

p

rovided investors with an opportunity to enter the stock of AIGL for healthy long term returns.

Developments and impact

AIGL's laminated and tempered glass facilities are operating at 100 percent and 70 per cent capacity

utilisation levels. As a result, the company has gone for setting up a second automotive glass plant in

Chennai in order to meet the rising demand from its OEM customers. The location of the new plant

holds special significance as auto majors like Hyundai, Toyota and Ford have established their new

capacities in the South. Currently AIGL has 100, 100 and 97 per cent share of business of Hyundai,

Ford and Toyota Kirloskar respectively. The car production in the South is expected to witness a

huge growth from current level of 2,20,000 to 4,70,000 in next five years time period. Location o

f

the new plant will also be beneficial in terms of savings in cost of raw material import (such as PVB)

as well as possible future exports.

Risks

The critical risk areas, which may influence AIGL's performance going forward, are as below: +

Margin pressure in both the business segments is expected to continue in current fiscal as well,

thereby restricting any further improvement. + Subdued growth in the domestic automobile industry

vis-a- vis FY04.

Growth

We believe that AIGL holds a healthy growth potential in coming years. Few of the key growth

drivers are as under: The automotive segment is expected to grow by 12-15 per cent in FY05, OEMs

segment to grow by 20 per cent. AIGL being a dominant player in OEM segment, we believe that it

will benefit from the higher growth in the segment. Replacement market in the automotive segment

too provides a good growth opportunity for the company in time to come. It currently holds 55 pe

r

cent market share in automotive replacement market in terms of value. The float glass segment is

likely to grow by over 11 per cent during the current fiscal on rising penetration levels, growing

industrial sector and healthy economic growth prospects. The expansion plans augur well for AIGL's

growth prospects as it would help the company to accommodate the demand from various business

se

g

ments in the time to come

INTERIM RESULTS

(

Financial Results

)

(

Un Audited Half Yearl

y

Results

)

(

Unit: Ru

p

ees in '000

)

Se

p

t 30, 2004

Gross Sales 3,261,400

Excise Dut

y

415,300

N

et Sales 2,846,100

Other Income 16,700

Total Income 2,862,800

Total Ex

p

enditure 2,277,400

PBIDT 585,400

Interest 6,800

PBDT 578,600

De

p

reciation 222,600

Tax 28,000

Re

p

orted Profit After Tax 328,000

FINANCIAL SUMMARY

F

or the Year Endin

g

: March 31, 2004 March 31, 2003 March 31, 2002

(

Unit: Ru

p

ees in '000

)

Net Worth 1,440,200 930,400 400,200

Variation 54.79% 132.48% --

O

p

eratin

g

Income 5,655,500 4,606,900 2,348,700

Variation 22.76% 96.15% --

Total Income 5,804,000 4,664,700 2,365,800

Variation 24.42% 97.17% --

Profit Before Tax 782,300 376,300 172,600

Variation 107.89% 118.02% --

Profit After Tax 722,800 371,500 118,600

Variation 94.56% 213.24% --

Im

p

ort Value 949,000 752,200 511,100

Variation 26.16% 47.17% --

Variation -35.19% 471.45% --

Ex

p

ort Value 242,600 374,300 65,500

Comments on Finances

In the automotive glass segment, Asahi India maintained its market share of over 85 per cent in the

p

assenger car market (including multi-utility vehicles), which grew by 35 per cent and crossed the

one-million mark.

Gross sales of the Automotive Glass SBU increased 29 per cent to Rs. 323.48 crores and accounte

d

for 55 per cent of the subject total sales. Strong growth in passenger cars production implied that 83

p

er cent of the subject sales came from supplies to OEMs against 79 per cent in FY 03. In the OEM

segment, the continued shift in the car buying pattern, with stronger growth for mid-sized cars

helped us.

The subject continued to maintain the subject market share of approximately 55 per cent in the afte

r

market. The market value of sales in the after market grew by over 12 per cent to Rs. 81.19 crores.

Export sales during the year, hothe subjectver, the subjectre insignificant.

In the float glass segment, the subject maintained the subject market share of 20 per cent in the flat

glass industry. The industry recorded a sales growth of over 13 per cent, with float glass sales

growing by over 18 per cent implying an increasing penetration of float glass.

Gross sales in the float glass segment increased 11 per cent to Rs. 264.94 crores. This accounted fo

r

45 per cent of total sales. Of this, domestic sales increased 26 per cent to Rs 216.69 crores.

As per current indications, the outlook for FY 05 looks positive. It is expected that the Indian

p

assenger car industry should grow by 15 - 20 per cent, in the current year, over FY 04. the subject

are expecting sales growth in the range of 12 - 15 per cent in the float glass industry.

Timely intervention by the imposition of anti-dumping duty on dumped imports of float glass from

China and Indonesia has helped improving realizations. In view thereof and considering the strong

demand in domestic market, float glass prices are expected.

The subject's capital expenditure requirement in FY 05 is directed towards the completion of the

subject second automotive safety glass plant near Chennai and the architectural processing facility in

Taloja, near Mumbai. Besides, the subject have

some regular capital expenditure towards continuous process and product improvements and to stay

competitive. The total capital expenditure requirement during FY 05 is expected to be in the range o

f

Rs. 100 crores.

The upcoming second automotive safety glass plant will have a capacity of 5,00,000 laminate

d

windshield in phase I. Total capex for phase I is in the region of Rs. 55 crores. the subject will

commence commercial production in November, 2004. This will address the subject laminate

d

capacity requirements, considering the subject current capacity utilisation level of nearly 100 pe

r

cent.

The subject's growth strategy is aimed at realising the subject vision of becoming India's leading

integrated glass Company. The subject plans to achieve the subject vision by having a meaningful

p

resence, in the long term, in every part of the automotive and

architectural glass value chain.

The subject has been taking various steps to achieve this. In the automotive glass business, Asahi

India already has a value chain presence, reaching out to the end consumer, through automotive glass

manufacturin

g

and distribution of automotive

g

lass alon

g

with allied

p

roducts like urethane.

BALANCE SHEET AND PROFIT & LOSS A/C

B

ALANCE SHEET March 31, 2004 March 31, 2003 March 31, 2002

(

Unit: Ru

p

ees in '000

)

SOURCES OF FUND

Net Worth 1,440,200 930,400 400,200

Pai

d

-u

p

E

q

uit

y

Ca

p

ital 80,000 74,000 74,000

Preference Ca

p

ital 139,500 60,000 --

Reserve & Sur

p

lus 1,220,700 710,900 326,200

Share A

pp

lication Mone

y

-- 85,500 --

Total Borrowin

g

s 2,704,200 3,369,800 1,176,700

Secured Loans 576,100 925,100 776,700

Unsecured Loans 2,128,100 2,444,700 400,000

TOTALS 4,144,400 4,300,200 1,576,900

USES OF FUND

Gross Fixed Assets 6,789,800 6,552,100 1,806,300

Less : Cumulative De

p

. 3,927,400 3,328,200 1,146,400

Net Fixed Assets 2,862,400 3,223,900 659,900

Investments 26,700 21,400 84,700

Ca

p

ital Work in Pro

g

ress 180,000 136,900 233,300

Current Assets, Loans & Adv. 2,082,300 1,704,100 909,100

Inventories 1,079,900 928,200 337,700

Sundr

y

Debtors 619,100 464,600 205,800

Adv/Loans to Corporate

Bodies 262,500 214,500 353,500

Cash & Bank Balance 120,800 96,800 12,100

Less: Current Liab. & Prov. 1,010,600 817,900 326,400

Sundr

y

Creditors 517,100 471,800 197,000

Other Current liabilities 261,300 193,500 71,700

Provisions 232,200 152,600 57,700

Net Current Assets 1,071,700 886,200 582,700

Intan

g

ible/DRE not w/o 3,600 31,800 16,300

TOTALS 4,144,400 4,300,200 1,576,900

SCHEDULES TO BALANCE SHEET

SUNDRY DEBTORS

Debtors more than six months 20,300 16,800 15,800

Debtors Others 629,000 476,700 190,000

Less : Provisions for Doubtful

Debts -30,200 -28,900 --

Totals 619,100 464,600 205,800

CONTINGENT LIABILITY

Claims not acknowled

g

ed

y

et -- 2,700 4,900

Gurantees undertaken 65,800 70,600 16,200

Letter of Credit -- -- 20,300

Bills Discounte

d

-- 9,200 --

Dis

p

uted Taxes 1,100 1,600 --

Others 194,000 219,700 119,100

Total 260,900 303,800 160,500

P

ROFIT & LOSS ACCOUNT March 31, 2004 March 31, 2003 March 31, 2002

(

Unit: Ru

p

ees in '000

)

Income 5,804,000 4,664,700 2,365,800

O

p

eratin

g

Income 5,655,500 4,606,900 2,348,700

Other Income 148,500 57,800 17,100

Chan

g

e in stocks 70,200 38,800 -18,500

Ex

p

enses 4,557,400 3,795,300 1,947,400

Raw Materials, Stores, etc. 1,426,400 1,152,000 869,300

Wa

g

es & Salaries 299,400 251,400 136,000

Ener

gy

(p

ower & fuel

)

714,600 655,200 170,900

Other O

p

eratin

g

Ex

p

enses 537,400 468,200 166,100

Indirect Taxes 757,000 574,800 322,400

Distribution Ex

p

enses 698,900 554,900 219,200

Misc./Other Ex

p

enses 123,700 138,800 63,500

PBDIT 1,316,800 908,200 399,900

Less: Financial char

g

es 33,900 93,400 52,900

PBDT 1,282,900 814,800 347,000

Less: De

p

reciation 500,600 438,500 174,400

PBT 782,300 376,300 172,600

Less: Tax

p

rovision 59,500 4,800 54,000

PAT 722,800 371,500 118,600

P & L APPROPRIATION A/C

Ad

j

ustment below net

p

rofit -5,400 5,300 400

P & L Balance Brought

Forwar

d

65,500 63,700 59,200

A

pp

ro

p

riations 707,600 375,000 114,500

P & L Balance Carried down 75,300 65,500 63,700

E

q

uit

y

Dividen

d

179,900 119,900 40,700

Preference Dividen

d

4,100 -- --

Cor

p

orate Dividend Tax 23,600 15,400 --

Equity Dividend(%)

Annualise

d

225 150 55

Earning Per Share (Rs.) (Unit

Curr

)

8416

Book Value

(

Unit Curr.

)

16 10 54

KEY RATIOS

March 31, 2004 March 31, 2003 March 31, 2002

EFFICIENCY RATIOS

Average Collection Days

(Sundry Debtors/Operating Income * 365 Days) 39.96 36.81 31.98

Account Receivables Turnover

(Operating Income/Sundry Debtors) 9.14 9.92 11.41

Average Payment Days

(Sundry Creditors/Purchases * 365 Days) 132.32 149.49 82.72

Inventory Turnover

(Operating Income/Inventories) 5.24 4.96 6.95

Asset Turnover

(Operating Income/Net Fixed Assets) 1.98 1.43 3.56

LEVERAGE RATIOS

Debt Ratio

((Borrowing+Current Liab.)/Total Assets) 0.72 0.82 0.79

Debt Equity Ratio

(Borrowings/Net Worth) 1.88 3.62 2.94

Current Liabilities/Net Worth

(Current Liabilities/Net Worth) 0.70 0.88 0.82

Fixed Asset/ Net Worth

(Net Fixed Asset/Net Worth) 1.99 3.47 1.65

Interest Coverage Ratio

(PBIT/Financial Charges) 24.08 5.03 4.26

PROFITABILITY RATIOS

(

%

)

PAT/Total Income

((PAT/Total Income)*100) 12.45 7.96 5.01

N

et Profit Margin

((PBT/Operating Income)*100) 13.83 8.17 7.35

Return on Total Assets

(PAT/Total Assets)*100) 14.02 7.26 6.23

Return on Investment (ROI)

((PAT/Net Worth)*100) 50.19 39.93 29.64

SOLVENCY RATIOS

Current Ratio

(Current Assets/Current Liabilities) 2.06 2.08 2.79

Quick Ratio

((Current Assets-Inventories)/Current Liab.) 0.99 0.95 1.75

INDUSTRY SCENARIO - Glass

significant improvement in financial position in the last fiscal, the domestic float glass manufacturers

are planning to substantially increase their focus on value-added products for use in the construction

and automobile sectors to improve their margins in the current fiscal.

After smarting under depressed market conditions and high-interest costs relating to the largely debt-

funded capacities almost during the entire of 1990s, the float glass industry has been able to trea

d

steadily on the road to recovery during the last three years, especially during the last fiscal by

witnessing a sharp improvement in its financial profile.

A healthy demand growth for float glass from the construction and automobile sectors an

d

technological support lent by the foreign parent companies of the Indian manufacturers were the two

key factors that led to the growth of the industry.

Most of the major players in the domestic float glass industry have indicated plans to increase the

share of value-added products to improve their margins and counter imports.

The country currently has a total flat glass manufacturing capacity of 0.68 million tonnes per annum,

comprising 0.17 m.t. of sheet glass (about 25 per cent of the total capacity) and 0.51 m.t. of float

glass (75 per cent).

There are four major domestic players, three of which are either the subsidiaries or joint ventures o

f

large MNCs St. Gobain is the Indian entity of the French glass major, Compagnie de St Gobain,

which has a global market share of 13 per cent, while Floatglass India and Gujarat Guardian are the

Indian ventures of Asahi Glass Co of Japan and Guardian Industries Corp of US, which account for a

share of 22 per cent and 12 per cent in the global market, respectively.

The major user of float glass is the construction sector (60 per cent), the products being mostly clea

r

unprocessed glass, coloured glass and processed glass, apart from the automobile sector (15 per cent)

and mirror manufacturing (15 per cent).

The

g

a

p

between im

p

orted and domestic

p

rices has narrowed b

y

around Rs 6 to Rs 9

p

er mm/s

q

. m.,

following the imposition of a provisional anti-dumping duty of $82 per tonne and $67 per tonne on

imports from China and Indonesia, respectively in January this year. Although the provisional levy is

for a period of six months up to June 2003, domestic players believe that it would extended beyon

d

this period as imports could once again rebound when duty rates are lowered from the current level

of 25

p

er cent to around 15 to 20

p

er cent b

y

2004-05 to com

p

l

y

with the WTO re

g

ulations.

FOREX RATES (APPROX)

US$ = Rs. 45 GBP = Rs. 85

100 Ja

p

Yen = Rs. 44 Sin

g

a

p

ore $ = Rs. 27

Euro = Rs. 60 Canadian $ = Rs. 38

Swiss Franc = Rs. 39 Hon

g

Kon

g

$ = Rs. 6

Australian $ = Rs. 36

1 Crore Ru

p

ees = 10 Million Ru

p

ees = 100 Lac Ru

p

ees = 10000 Thousan

d

N

ote: This report is based on information from sources believed to be true. Any advise or

recommendation in this report has been given without specific investment objectives and the

p

articular needs o

f

an

y

speci

f

ic addressee. It must be distinctl

y

understood that thou

g

h utmost

care has been excercised to obtain reports of a reliable character but we accept no liability

whatsoever

f

or an

y

direct or conse

q

uential loss arisin

g

f

rom an

y

use o

f

this document.

***END OF REPORT***