INTEGRATED PROJECT Finance

http://www.wlcibusiness.in

Summary
The securities market operations promote the economic growth of thecountry. More efficient is the securities market, the greater is the promotion effect on economic growth. It is, therefore, necessary to ensure that securities market operations are more efficient, transparent and safe. In this context, the investors need protection from the various malpractices and unfair practices made by the corporate and intermediaries. As the individual investors community and the investment avenues are on the rise, it is interesting to know how the investors shall be protected through various legislations. Securities market in general are to be regulated to improve the market operations in fair dealings and easy to access the market by corporate and investors. The present positive attitude of investors is heartening though investor sentiments have been shaken by the various scandals. Even though, there are various opportunities available for investment, investors are scared of investing. In this situation, the individual investors protection becomes necessary to sustain the economic development of the country. The desired level of economic growth of a country is dependent upon availability of protection to its investors. Globally, there is increased evidence to suggest that investor protection has assumed an important role in the economic development of a country. Integrity of the financial markets and economic well being of the country depend on corporate accountability and investors confidence. The global concern to make capital markets safer and transparent can be achieved by strengthening financial system and managing the crisis efficiently. Globally, many countries have undergone investors confidence crisis in different aspects. The global evidence suggests that every time there is stock market crisis, money pours into bank deposits. Again with economic recovery in the country, the funds are diverted to the markets. It is important for investors to realise that returns on equities are cyclical in nature and also, market moves up and down with time. Understanding market and being patient while market is going down is important while investing in equities. The revival of investors protection in the corporate securities market is necessary to make market more efficient by means of converting savings to investment. If the investors are not protected properly byway of providing fair rate of return and

safeguarding their capital, the corporatewill not be able to mobilize funds from the market at reasonable rate in times to come. In view of the foregoing with a view to gain the confidence of investors in the securities market it is necessary to provide adequate rate of return on investors capital by corporates through their operational efficiency. This will enable us to lure back investors to the capital market. This can be done by a series of systematic measures which would build their confidence in the systems and processes and protect the interest of investors.

Capital Market
Since 2003, Indian capital markets have been receiving global attention, especially from sound investors, due to the improving macroeconomic fundamentals. The presence of a great pool of skilled labour and the rapid integration with the world economy increased Indias global competitiveness. No wonder, the global ratings agencies Moodys and Fitch have awarded India with investment grade ratings, indicating comparatively lower sovereign risks. The Securities and Exchange Board of India (SEBI), the regulatory authority for Indian securities market, was established in 1992 to protect investors and improve the microstructure of capital markets. In the same year, Controller of Capital Issues (CCI) was abolished, removing its administrative controls over the pricing of new equity issues. In less than a decade later, the Indian financial markets acknowledged the use of technology (National Stock Exchange started online trading in 2000), increasing the trading volumes by many folds and leading to the emergence of new financial instruments. With this, market activity experienced a sharp surge and rapid progress was made in further strengthening and streamlining risk management, market regulation, and supervision. The securities market is divided into two interdependent segments: The primary market provides the channel for creation of funds through issuance of new securities by companies, governments, or public institutions. In the case of new stock issue, the sale is known as Initial Public Offering (IPO). The secondary market is the financial market where previously issued securities and financial instruments such as stocks, bonds, options, and futures are traded. In the recent past, the Indian securities market has seen multi-faceted growth in terms of: The products traded in the market, viz. equities and bonds issued by the government and companies, futures on benchmark indices as well as stocks, options on benchmark indices as well as stocks, and futures on interest rate

products such as Notional 91-Day T-Bills, 10-Year Notional Zero Coupon Bond, and 6% Notional 10-Year Bond. The amount raised from the market, number of stock exchanges and other intermediaries, the number of listed stocks, market capitalization, trading volumes and turnover on stock exchanges, and investor population. The profiles of the investors, issuers, and intermediaries. Broad Constituents in the Indian Capital Markets Fund Raisers are companies that raise funds from domestic and foreign sources, both public and private. The following sources help companies raise funds: Fund Providers are the entities that invest in the capital markets. These can be categorized as domestic and foreign investors, institutional and retail investors. The list includes subscribers to primary market issues, investors who buy in the secondary market, traders, speculators, FIIs/ sub accounts, mutual funds, venture capital funds, NRIs, ADR/GDR investors, etc. Intermediaries are service providers in the market, including stock brokers, sub-brokers, financiers, merchant bankers, underwriters, depository participants, registrar and transfer agents, FIIs/ sub accounts, mutual Funds, venture capital funds, portfolio managers, custodians, etc. Organizations include various entities such as BSE, NSE, other regional stock exchanges, and the two depositories National Securities Depository Limited (NSDL) and Central Securities Depository Limited (CSDL). Market Regulators include the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), and the Department of Company Affairs (DCA).

Appellate Authority: The Securities Appellate Tribunal (SAT) Participants in the Securities Market SAT, regulators (SEBI, RBI, DCA, DEA), depositories, stock exchanges (with equity trading, debt market segment, derivative trading), brokers, corporate brokers, sub-brokers, FIIs, portfolio managers, custodians, share transfer agents, primary dealers, merchant bankers, bankers to an issue, debenture trustees, underwriters, venture capital funds, foreign venture capital investors, mutual funds, collective investment schemes.

EQUITY MARKET History of the Market With the onset of globalization and the subsequent policy reforms, significant improvements have been made in the area of securities market in India. Dematerialization of shares was one of the revolutionary steps that the government implemented. This led to faster and cheaper transactions, and increased the

volumes traded by many folds. The adoption of the market-oriented economic policies and online trading facility transformed Indian equity markets from a broker-regulated market to a mass market. This boosted the sentiment of investors in and outside India and elevated the Indian equity markets to the standards of the major global equity markets. The 1990s witnessed the emergence of the securities market as a major source of finance for trade and industry. Equity markets provided the required platform for companies and start-up businesses to raise money through IPOs, VC, PE, and finance from HNIs. As a result, stock markets became a peoples market, flooded with primary issues. In the first 11 months of 2007, the new capital raised in the global public equity markets through IPOs accounted for $107 billion in 382 deals out of the total of $255 billion raised by the four BRIC countries. This was a sizeable growth from $90 billion raised in 302 deals in 2006. Today, the corporate sector prefers external sources for meeting its funding requirements rather than acquiring loans from financial institutions or banks.

Derivative Markets

The emergence of the market for derivative products such as futures and forwards can be traced back to the willingness of risk-averse economic agents to guard themselves against uncertainties arising out of price fluctuations in various asset classes. By their very nature, the financial markets are marked by a very high degree of volatility. Through the use of derivative products, it is possible to partially or fully transfer price risks by locking in asset prices. However, by locking in asset prices, derivative products minimize the impact of fluctuations in asset prices on the profitability and cash flow situation of risk-averse investors. This instrument is used by all sections of businesses, such as corporates, SMEs, banks, financial institutions, retail investors, etc. According to the International Swaps and Derivatives Association, more than 90 percent of the global 500 corporations use derivatives for hedging risks in interest rates, foreign exchange, and equities. In the over-the-counter (OTC) markets, interest rates (78.5%), foreign exchange (11.4%), and credit form the major derivatives, whereas in the exchangetraded segment, interest rates, government debt, equity index, and stock futures form the major chunk of the derivatives.

What are futures contracts? Futures contracts are standardized derivative instruments. The instrument has an underlying product (tangible or intangible) and is impacted by the developments witnessed in the underlying product. The quality and quantity of the underlying asset are standardized. Futures contracts are transferable in nature. Three broad categories of participantshedgers, speculators, and arbitragerstrade in the derivatives market. Hedgers face risk associated with the price of an asset. They belong to the business community dealing with the underlying asset to a future instrument on a regular basis. They use futures or options markets to reduce or eliminate this risk. Speculators have a particular mindset with regard to an asset and bet on future movements in the assets price. Futures and options contracts can give them an extra leverage due to margining system.

Arbitragers are in business to take advantage of a discrepancy between prices in two different markets. For example, when they see the futures price of an asset getting out of line with the cash price, they will take offsetting positions in the two markets to lock in a profit.

Important Distinctions Exchange-Traded Vs. OTC Contracts: A significant bifurcation in the instrument is whether the derivative is traded on the exchange or over the counter. Exchangetraded contracts are standardized (futures). It is easy to buy and sell contracts (to reverse positions) and no negotiation is required. The OTC market is largely a direct market between two parties who know and trust each other. Most common example for OTC is the forward contract. Forward contracts are directly negotiated, tailor-made for the needs of the parties, and are often not easily reversed.

Distinction between Forward and Futures Contracts: Futures Contracts Meaning: A futures contract is a contractual agreement between two parties to buy or sell a standardized quantity and quality of asset on a specific future date on a futures exchange. Forward Contracts A forward contract is a contractual agreement between two parties to buy or sell an asset at a future date for a predetermined mutually agreed price while entering into the contract. A forward contract is not traded on an exchange.

Trading place: A futures A forward contract is traded in contract is traded on the an OTC market. centralized trading platform of an exchange. Transparency in contract The contract price of a forward

price: The contract price of a contract is not transparent, as it futures contract is transparent is not publicly disclosed. as it is available on the centralized trading screen of the exchange. Valuations of open position and margin requirement: In a futures contract, valuation of open position is calculated as per the official closing price on a daily basis and mark-tomarket (MTM) margin requirement exists. In a forward contract, valuation of open position is not calculated on a daily basis and there is no requirement of MTM on daily basis since the settlement of contract is only on the maturity date of the contract.

Liquidity: Liquidity is the A forward contract is less liquid measure of frequency of trades due to its customized nature. that occur in a particular futures contract. A futures contract is more liquid as it is traded on the exchange. Counterparty default risk: In futures contracts, the exchange clearinghouse provides trade guarantee. Therefore, counterparty risk is almost eliminated. In forward contracts, counterparty risk is high due to the customized nature of the transaction.

Regulations: A regulatory A forward contract is not authority and the exchange regulated by any exchange. regulate a futures contract.

Benefits of Derivatives Price Risk Management: The derivative instrument is the best way to hedge risk that arises from its underlying. Suppose, A has bought 100 shares of a real estate company with a bullish view but, unfortunately, the stock starts showing bearish trends after the subprime crisis. To avoid loss, A can sell the same quantity of futures of the script for the time period he plans to stay invested in the script. This activity is called hedging. It helps in risk minimization, profit maximization, and reaching a satisfactory risk-return trade-off, with the use of a portfolio. The major beneficiaries of the futures instrument have been mutual funds and other institutional investors. Price Discovery: The new information disseminated in the marketplace is interpreted by the market participants and immediately reflected in spot and futures prices by triggering the trading activity in one or both the markets. This process of price adjustment is often termed as price discovery and is one of the major benefits of trading in futures. Apart from this, futures help in improving efficiency of the markets. Asset Class: Derivatives, especially futures, offer an exclusive asset class for not only large investors like corporates and financial institutions but also for retail investors like high networth individuals. Equity futures offer the advantage of portfolio risk diversification for all business entities. This is due to the fact that historically it has been witnessed that there lies an inverse correlation of daily returns in equities as compared to commodities. High Financial Leverage: Futures offer a great opportunity to invest even with a small sum of money. It is an instrument that requires only the margin on a contract to be paid in order to commence trading. This is also called leverage buying/selling. Transparency: Futures instruments are highly transparent because the underlying product (equity scripts/index) are generally traded across the country or even traded globally. This reduces the chances of manipulation of prices of those scripts. Secondly, the regulatory authorities act as watchdogs regarding the day-to-day activities taking place in the securities markets, taking care of the illegal transactions.

Predictable Pricing: Futures trading is useful for the genuine investor class because they get an idea of the price at which a stock or index would be available at a future point of time.

EXCHANGE PLATFORM Domestic Exchanges Indian equities are traded on three major national exchanges: MCX Stock Exchange Limited (MCX-SX), Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE).

MCX Stock Exchange MCX Stock Exchange Limited (MCX-SX), Indias new stock exchange, is recognized by the Securities and Exchange Board of India (SEBI) under Section 4 of the Securities Contracts (Regulation) Act, 1956. The Exchange was granted the status of a recognized stock exchange by the Government of India on December 19, 2012. In line with global best practices and regulatory requirements, clearing and settlement of trades is conducted through a separate clearing corporationMCX-SX Clearing Corporation Limited (MCX-SX CCL). MCX-SX commenced operations in Currency Futures in the Currency Derivatives segment on October 7, 2008 under the regulatory framework of SEBI and Reserve Bank of India (RBI). The Exchange commenced trading in Currency Options on August 10, 2012. The Exchange received permissions to deal in Interest Rate Derivatives, Equity, Futures and Options on Equity and Wholesale Debt segments, vide SEBIs letter dated July 10, 2012. The Exchange further received permission to commence trading in these new segments, vide SEBIs letter dated December 19, 2012. The Exchange commenced trading in the Equity segment on February 11, 2013.

Bombay Stock Exchange (BSE) BSE is the oldest stock exchange in Asia. The extensiveness of the indigenous equity broking industry in India led to the formation of the Native Share Brokers Association in 1875, which later became Bombay Stock Exchange Limited (BSE). BSE is widely recognized due to its pivotal and pre-eminent role in the development of the Indian capital market. In 1995, the trading system transformed from open outcry system to an online screen-based order-driven trading system. The exchange opened up for foreign ownership (foreign institutional investment). Allowed Indian companies to raise capital from abroad through ADRs and GDRs. Expanded the product range (equities/derivatives/debt). Introduced the book building process and brought in transparency in IPO issuance. T+2 settlement cycle (payments and settlements). Depositories for share custody (dematerialization of shares). Internet trading (e-broking). Governance of the stock exchanges (demutualization and corporatization of stock exchanges) and internet trading (e-broking). BSE has a nation-wide reach with a presence in more than 450 cities and towns of India. BSE has always been at par with the international standards. It is the first exchange in India and the second in the world to obtain an ISO 9001:2000 certification. It is also the first exchange in the country and second in the world to receive Information Security Management System Standard BS 7799-2-2002 certification for its BSE Online Trading System (BOLT). Benchmark Indices futures: BSE 30 SENSEX, BSE 100, BSE TECK, BSE Oil and Gas, BSE Metal, BSE FMCG

National Stock Exchange (NSE) NSE was recognised as a stock exchange in April 1993 under the Securities Contracts (Regulation) Act. It commenced its operations in Wholesale Debt Market in June 1994. The capital market segment commenced its operations in November 1994, whereas the derivative segment started in 2000. NSE introduced a fully automated trading system called NEAT (National Exchange for Automated Trading) that operated on a strict price/time priority. This system enabled efficient trade and the ease with which trade was done. NEAT had lent considerable depth in the market by enabling large number of members all over the country to trade simultaneously, narrowing the spreads significantly. The derivatives trading on NSE commenced with S&P CNX Nifty Index futures on June 12, 2000. The futures contract on NSE is based on S&P CNX Nifty Index. The Futures and Options trading system of NSE, called NEAT-F&O trading system, provides a fully automated screen based trading for S&P CNX Nifty futures on a nationwide basis and an online monitoring and surveillance mechanism. It supports an order-driven market and provides complete transparency of trading operations. Benchmark Indices futures: Nifty Midcap 50 futures, S&P CNX Nifty futures, CNX Nifty Junior, CNX IT futures, CNX 100 futures, Bank Nifty futures

International Exchanges Due to increasing globalization, the development at macro and micro levels in international markets is compulsorily incorporated in the performance of domestic indices and individual stock performance, directly or indirectly. Therefore, it is important to keep track of international financial markets for better perspective and intelligent investment. NASDAQ (National Association of Securities Dealers Automated Quotations) NASDAQ is an American stock exchange. It is an electronic screen-based equity securities trading market in the US. It was founded in 1971 by the National Association of Securities Dealers (NASD). However, it is owned and operated by

NASDAQ OMX group, the stock of which was listed on its own stock exchange in 2002. The exchange is monitored by the Securities and Exchange Commission (SEC), the regulatory authority for the securities markets in the United States. NASDAQ is the world leader in the arena of securities trading, with 3,900 companies (NASDAQ site) being listed. There are four major indices of NASDAQ that are followed closely by the investor class, internationally. NASDAQ Composite: It is an index of common stocks and similar stocks like ADRs, tracking stocks and limited partnership interests listed on the NASDAQ stock market. It is estimated that the total components count of the Index is over 3,000 stocks and it includes stocks of US and non-US companies, which makes it an international index. It is highly followed in the US and is an indicator of performance of technology and growth companies. When launched in 1971, the index was set at a base value of 100 points. Over the years, it saw new highs; for instance, in July 1995, it closed above 1,000-mark and in March 2000, it touched 5048.62. The decline from this peak signalled the end of the dotcom stock market bubble. The Index never reached the 2000 level afterwards. It was trading at 1316.12 on November 20, 2008. NASDAQ 100: It is an Index of 100 of the largest domestic and international nonfinancial companies listed on NASDAQ. The component companies weight in the index is based on their market capitalization, with certain rules controlling the influence of the largest components. The index doesnt contai n financial companies. However, it includes the companies that are incorporated outside the US. Both these aspects of NASDAQ 100 differentiate it from S&P 500 and Dow Jones Industrial Average (DJIA). The index includes companies from the industrial, technology, biotechnology, healthcare, transportation, media, and service sectors. Dow Jones Industrial Average (DJIA): DJIA was formed for the first time by Charles Henry Dow. He formed a financial company with Edward Jones in 1882, called Dow Jones & Co. In 1884, they formed the first index including 11 stocks (two manufacturing companies and nine railroad companies). Today, the index contains 30 blue-chip industrial companies operating in America. The Dow Jones

Industrial Average is calculated through the simple average, i.e., the sum of the prices of all stocks divided by the number of stocks (30). S&P 500: The S&P 500 Index was introduced by McGraw Hill's Standard and Poor's unit in 1957 to further improve tracking of American stock market performance. In 1968, the US Department of Commerce added S&P 500 to its index of leading economic indicators. S&P 500 is intended to be consisting of the 500 largest publically-traded companies in the US by market capitalization (in contrast to the FORTUNE 500, which is the largest 500 companies in terms of sales revenue). The S&P 500 Index comprises about three-fourths of total American capitalization.

LSE (London Stock Exchange) The London Stock Exchange was founded in 1801 with British as well as overseas companies listed on the exchange. The LSE has four core areas: Equity markets: The LSE enables companies from around the world to raise capital. There are four primary markets; Main Market, Alternative Investment Market (AIM), Professional Securities Market (PSM), and Specialist Fund Market (SFM). Trading services: Highly active market for trading in a range of securities, including UK and international equities, debt, covered warrants, exchange-traded funds (ETFs), exchange-traded commodities (ETCs), REITs, fixed interest, contracts for difference (CFDs), and depositary receipts. Market data information: The LSE provides real-time prices, news, and other financial information to the global financial community. Derivatives: A major contributor to derivatives business is EDX London, created in 2003 to bring the cash, equity, and derivatives markets closer together. It combines the strength and liquidity of LSE and equity derivatives technology of NASDAQ OMX group.

The exchange offers a range of products in derivatives segment with underlying from Russian, Nordic, and Baltic markets. Internationally, it offers products with underlying from Kazakhstan, India, Egypt, and Korea.

Frankfurt Stock Exchange It is situated in Frankfurt, Germany. It is owned and operated by Deutsche Brse. The Frankfurt Stock Exchange has over 90 percent of turnover in the German market and a big share in the European market. The exchange has a few wellknown trading indices of the exchange, such as DAX, DAXplus, CDAX, DivDAX, LDAX, MDAX, SDAX, TecDAX, VDAX, and EuroStoxx 50. DAX is a blue-chip stock market index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange. Prices are taken from the electronic Xetra trading system of the Frankfurt Stock Exchange.

REGULATORY AUTHORITY There are four main legislations governing the securities market: The SEBI Act, 1992 establishes SEBI to protect investors and develop and regulate the securities market. The Companies Act, 1956 sets out the code of conduct for the corporate sector in relation to issue, allotment, and transfer of securities, and disclosures to be made in public issues. The Securities Contracts (Regulation) Act, 1956 provides for regulation of transactions in securities through control over stock exchanges. The Depositories Act, 1996 provides for electronic maintenance and transfer of ownership of demat securities. In India, the responsibility of regulating the securities market is shared by DCA (the Department of Company Affairs), DEA (the Department of Economic Affairs), RBI (the Reserve bank of India), and SEBI (the Securities and Exchange Board of India).

The DCA is now called the ministry of company affairs, which is under the ministry of finance. The ministry is primarily concerned with the administration of the Companies Act, 1956, and other allied Acts and rules & regulations framed there-under mainly for regulating the functioning of the corporate sector in accordance with the law. The ministry exercises supervision over the three professional bodies, namely Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India (ICSI), and the Institute of Cost and Works Accountants of India (ICWAI), which are constituted under three separate Acts of Parliament for the proper and orderly growth of professions of chartered accountants, company secretaries, and cost accountants in the country. SEBI protects the interests of investors in securities and promotes the development of the securities market. The board helps in regulating the business of stock exchanges and any other securities market. SEBI is also responsible for registering and regulating the working of stock brokers, sub-brokers, share transfer agents, bankers to an issue, trustees of trust deeds, registrars to an issue, merchant bankers, underwriters, portfolio managers, investment advisers, and such other intermediaries who may be associated with securities markets in any manner. The board registers the venture capitalists and collective investments like mutual funds. SEBI helps in promoting and regulating self regulatory organizations. RBI is also known as the bankers bank. The central bank has some very important objectives and functions such as: Objectives Maintain price stability and ensure adequate flow of credit to productive sectors. Maintain public confidence in the system, protect depositors' interest, and provide cost-effective banking services to the public. Facilitate external trade and payment and promote orderly development and maintenance of the foreign exchange market in India. Give the public adequate quantity of supplies of currency notes and coins in good quality.

Functions Formulate implements and monitor the monetary policy. Prescribe broad parameters of banking operations within which the country's banking and financial system functions. Manage the Foreign Exchange Management Act, 1999. Issue new currency and coins and exchange/destroy currency and coins not fit for circulation. Perform a wide range of promotional functions to support national objectives. The DEA is the nodal agency of the Union government to formulate and monitor the country's economic policies and programmes that have a bearing on domestic and international aspects of economic management. Apart from forming the Union Budget every year, it has other important functions like: Formulation and monitoring of macro-economic policies, including issues relating to fiscal policy and public finance, inflation, public debt management, and the functioning of capital market, including stock exchanges. In this context, it looks at ways and means to raise internal resources through taxation, market borrowings, and mobilization of small savings. Monitoring and raising of external resources through multilateral and bilateral development assistance, sovereign borrowings abroad, foreign investments, and monitoring foreign exchange resources, including balance of payments. Production of bank notes and coins of various denominations, postal stationery, postal stamps, cadre management, career planning, and training of the Indian Economic Service (IES). http://www.ftkmc.com/equities.html

Role of Capital Market in investment Capital market plays an important role in mobilising resources, and diverting them in productive channels. In this way, it facilitates and promotes the process of economic growth in the country.

Various functions and significance of capital market are discussed below: 1. Link between Savers and Investors: The capital market functions as a link between savers and investors. It plays an important role in mobilising the savings and diverting them in productive investment. In this way, capital market plays a vital role in transferring the financial resources from surplus and wasteful areas to deficit and productive areas, thus increasing the productivity and prosperity of the country.

2. Encouragement to Saving: With the development of capital, market, the banking and non-banking institutions provide facilities, which encourage people to save more. In the less- developed countries, in the absence of a capital market, there are very little savings and those who save often invest their savings in unproductive and wasteful directions, i.e., in real estate (like land, gold, and jewellery) and conspicuous consumption.

3. Encouragement to Investment: The capital market facilitates lending to the businessmen and the government and thus encourages investment. It provides facilities through banks and nonbank financial institutions. Various financial assets, e.g., shares, securities, bonds, etc., induce savers to lend to the govern-ment or invest in industry. With the development of financial institutions, capital becomes more mobile, interest rate falls and investment increases.

4. Promotes Economic Growth: The capital market not only reflects the general condition of the economy, but also smoothens and accelerates the process of economic growth. Various institutions of the capital market, like nonbank financial intermediaries, allocate the resources rationally in accordance with the development needs of the country. The proper allocation of resources results in the expansion of trade and industry in both public and private sectors, thus promoting balanced economic growth in the country.

5. Stability in Security Prices: The capital market tends to stabilise the values of stocks and securities and reduce the fluctuations in the prices to the minimum. The process of stabilisation is facilitated by providing capital to the borrowers at a lower interest rate and reducing the speculative and unproductive activities.

6. Benefits to Investors: The credit market helps the investors, i.e., those who have funds to invest in longterm financial assets, in many ways: (a) It brings together the buyers and sellers of securities and thus ensure the marketability of investments, (b) By advertising security prices, the Stock Exchange enables the investors to keep track of their investments and channelize them into most profitable lines, (c) It safeguards the interests of the investors by compensating them from the Stock Exchange Compensating Fund in the event of fraud and default. http://www.preservearticles.com/201012281813/functions-and-importance-ofcapital-market.html

Cash Market and Derivative Market The spot market or cash market is a public financial market, in which financial instruments or commodities are traded for immediate delivery. It contrasts with a futures market in which delivery is due at a later date. A spot market can be: an organized market, an exchange or Over-the-counter (OTC) Spot markets can operate wherever the infrastructure exists to conduct the transaction. The spot market for most instruments exists primarily on the Internet. Cash market transactions can take place either on a regulated exchange or overthe-counter (OTC). In contrast, transactions involving futures are conducted exclusively on exchanges, while forward transactions, such as currency forwards, are generally executed on the OTC market. For a specific commodity, the price in the cash market is usually less than its price in the futures market. This is because there are carrying costs, such as storage and insurance, involved in holding a commodity until it can be delivered at some point in the future.

Derivatives A lot of people have different opinions and views on derivatives. The views range from them being useful instruments to being an unnecessary waste of time, effort and money. Are derivatives really useful or not? Are these financial tools inherently good or bad? What is a derivative? Derivatives are financial contracts which derive their value from movements in the spot price of an underlying asset. For example, wheat farmers may wish to enter into a contract to sell their harvest at a future date to eliminate the risk of a change in prices by that date. Such a transaction would take place through a forward or futures market. This market is the "derivatives market", and the prices of this

market would be driven by the spot market price of wheat which is the "underlying". The term "contracts" is often applied to denote the specific traded instrument, whether it is a derivative contract in wheat, gold or equity shares. The world over, derivatives are a key part of the financial system. The most important contract types are futures and options, and the most important underlying markets are equity, treasury bills, commodities, foreign exchange, real estate etc. The term 'Derivative' indicates that it has no independent value, i.e. its value is entirely derived from the value of the underlying asset. The underlying asset can be securities, commodities, bullion, currency, live stock or anything else. In other words, Derivative means a forward, future, option or any other hybrid contract of pre determined fixed duration, linked for the purpose of contract fulfillment to the value of a specified real or financial asset or to an index of securities. The term Derivative has been defined in Securities Contracts (Regulations) Act, as:a security derived from a debt instrument, share, loan, whether secured or unsecured, risk instrument or contract for differences or any other form of security; a contract which derives its value from the prices, or index of prices, of underlying securities; How are derivatives categorized? Derivatives are usually broadly categorized by the: relationship between the underlying and the derivative (e.g. forward, option, swap) type of underlying (e.g. equity derivatives, foreign exchange derivatives, interest rate derivatives, commodity derivatives or credit derivatives) market in which they trade (e.g., exchange traded or over-the-counter) pay-off profile (Some derivatives have non-linear payoff diagrams due to embedded optionality) There is no definitive rule for distinguishing one from the other, so the distinction is mostly a matter of custom.

Why should an investor use derivatives? Derivatives are used by investors to: provide leverage or gearing, such that a small movement in the underlying value can cause a large difference in the value of the derivative. Since the investor is required to pay a small fraction of the value of the total contract as margin, trading in futures is a leveraged activity since the investor is able to control the total value of the contract with a relatively small amount of margin. Thus the leverage enables the investors to make a larger profit (or loss) with a comparatively small amount of capital. speculate and to make a profit if the value of the underlying asset moves the way they expect (e.g. moves in a given direction, stays in or out of a specified range, reaches a certain level) hedge or mitigate risk in the underlying, by entering into a derivative contract whose value moves in the opposite direction to their underlying position and cancels part or all of it out obtain exposure to underlying where it is not possible to trade in the underlying (e.g. weather derivatives) create optionality where the value of the derivative is linked to a specific condition or event (e.g. the underlying reaching a specific price level)

What are the benefits of investing in derivatives? Derivatives facilitate the buying and selling of risk and many people consider this to have a positive impact on the economic system. Although someone loses money while someone else gains money with a derivative, under normal circumstances, trading in derivatives should not adversely affect the economic system because it is not zero sums in utility.

What are the downsides of derivatives? A major disadvantage of derivatives is the risk of losing money. While derivatives help increase profits and reduce risks, they may also make an investor lose out on a

lot of money or other assets. For example, a cotton farmer enters into a contract with a weaver. The cotton producermay agree on a fixed price to sell the cotton to the weaver on harvest time. This ensures a fixed income and a sure customer for the cotton farmer. On the other hand, the weaver is also ensured of a supply of cotton. This agreement could be a disadvantage when the price of cotton fluctuates. If the price of cotton goes up, the farmer would still have to sell the cotton at the earlier agreed cost. This makes the farmer lose out on the profit. Price fluctuations on the cotton could affect the weaver too. If the price of cotton goes down, he still has to pay the high cost that was agreed in the contract, regardless of the decrease in cotton's price or value. Investors must understand that investment in derivatives has an element of risk and is generally not an appropriate avenue for someone of limited resources/ limited investment and/or trading experience and low risk tolerance. An investor should therefore carefully consider whether such trading is suitable for him or her in the light of his or her financial condition. An investor must accept that there can be no guarantee of profits or no exception from losses while executing orders for purchase and / or sale of derivative contracts, Investors who trade in derivatives at the Exchange are advised to carefully read the Model Risk Disclosure Document and the details contained therein. This document is given by the broker to his clients and must be read, the implications understood and signed by the investor. The document clearly states the risks associated with trading in derivatives and advises investors to bear utmost caution before entering into the markets.

What is hedging? Hedging is a technique that attempts to reduce risk. It helps in reducing the risk associated with exposures in underlying market by taking a counter- positions in the futures market. For example, an investor who has purchased a portfolio of stocks may have a fear of adverse market conditions in future which may reduce the value of his portfolio. He can hedge against this risk by shorting the index which is correlated with his portfolio, say the Nifty 50 or the BSE Sensex. In case the markets fall, he would make a profit by squaring off his short Nifty 50/ BSE

Sensex position. This profit would compensate for the loss he suffers in his portfolio as a result of the fall in the markets. Hedging can be done by using derivatives. Derivatives allow transferring the risk associated with the underlying asset from one party to another. For example, a wheat farmer and a miller could sign a futures contract to exchange a specified amount of cash for a specified amount of wheat in the future. Both parties have reduced a future risk: for the wheat farmer, the uncertainty of the price, and for the miller, theavailability of wheat. However, there is still the risk that no wheat will be available because of events unspecified by the contract, like the weather, or that one party will renege on the contract. Although a third party, called a clearing house, insures a futures contract, not all derivatives are insured against counterparty risk.

What is a forward contract? In a forward contract, two parties agree to do a trade at some future date, at a stated price and quantity. No money changes hands at the time the deal is signed.

Why is forward contracting useful? Forward contracting is very valuable in hedging and speculation. The classic hedging application would be that of a wheat farmer forward -selling his harvest at a known price in order to eliminate price risk. Conversely, a bread factory may want to buy bread forward in order to assist production planning without the risk of price fluctuations. If a speculator has information or analysis which forecasts an upturn in price, then he can go long on the forward market instead of the cash market. The speculator would go long on the forward, wait for the price to rise, and then take a reversing transaction making a profit.

What are the problems of forward markets? Forward markets worldwide are afflicted by several problems: lack of centralisation of trading, illiquidity, and counterparty risk. The forward market is like the real estate market in that any two persons can form contracts against each other. This often makes them design terms of the deal which are very convenient in that specific situation for the specific parties, but makes the contracts non-tradeable if more participants are involved. Also the "phone market" here is unlike the centralisation of price discovery that is obtained on an exchange, resulting in an illiquid market place for forward markets. Counterparty risk in forward markets is a simple idea: when one of the two sides of the transaction chooses to declare bankruptcy, the other suffers. Forward markets have one basic issue: the larger the time period over which the forward contract is open, the larger are the potential price movements, and hence the larger is the counter- party risk. Even when forward markets trade standardized contracts, and hence avoid the problem of illiquidity, the counterparty risk remains a very real problem.

What is a Futures Contract? A futures contract is a legally binding agreement between two parties to buy or sell an asset at a certain time in the future at a certain price. Future contracts are organized/standardized contracts in terms of quantity, quality (in case of commodities), delivery time and place for settlement on any date in future. The contract expires on a pre-specified date which is called the expiry date of the contract. On expiry, futures can be settled by delivery of the underlying asset or cash. Cash settlement enables the settlements of obligations arising out of the future/option contract in cash.

What is the difference between futures and forward contracts? Futures markets were designed to solve all the three problems of forward markets. Futures markets are exactly like forward markets in terms of basic economics. However, contracts are standardised and trading is centralized (on a stock exchange). There is no counterparty risk (thanks to the institution of a clearing corporation which becomes counterparty to both sides of each transaction and guarantees the trade). In futures markets, unlike in forward markets, increasing the time to expiration does not increase the counter party risk. Futures markets are highly liquid as compared to the forward markets.

What is an Option contract? Option contract is a type of derivatives contract which gives the right, but not an obligation, to buy or sell the underlying at a stated date and at a stated price. The buyer/holder of the option, purchases the right from the seller/writer for a consideration which is called the premium. While a buyer/holder of an option pays the premium and buys the right to exercise his option, the seller/writer of an option is the one who receives the option premium and is therefore obliged to sell/buy the asset if the buyer exercises it on him. The underlying asset could include securities, an index of prices of securities etc. Under Securities Contracts (Regulations) Act, 1956 option in securities means a contract for the purchase or sale of a right to buy or sell, or a right to buy and sell, securities in future, and includes a teji, a mandi, a teji mandi, a galli, a put, a call or a put and call in securities.

Options are of two types - Call and Put options: "Calls" give the buyer the right but not the obligation to buy a given quantity of the underlying asset, at a given price on or before a given future date. "Puts" give the buyer the right, but not the obligation to sell a given quantity of underlying asset at a given price on or before a given future date.

Further, Options are classified based on when they can be exercised. The two most popular types are European or American. American options are options contracts that can be exercised at any time upto the expiration date. This request for exercise is submitted to the exchange, which randomly assigns the exercise request to the sellers of the options, who are obligated to settle the terms of the contract within a specified time frame. European options are options that can be exercised only on the expiration date. The price at which the option is to be exercised is called Strike price or Exercise price. As in the case of futures contracts, option contracts can also be settled by delivery of the underlying asset or cash. However, unlike futures, cash settlement in an option contract entails paying/receiving the difference between the strike price/exercise price and the spot price of the underlying asset either at the time of expiry of the contract or at the time of exercise/ assignment of the option contract.

What is the concept of In the money, At the money and Out of the money in respect of Options? In- the- money options (ITM) - An in-the-money option is an option that would lead to positive cash flow to the holder if it were exercised immediately. A Call option is said to be in-the-money when the current price stands at a level higher than the strike price. If the Spot price is much higher than the strike price, a Call is said to be deep in-the-money option. In the case of a Put, the put is in-the-money if the Spot price is below the strike price. At-the-money-option (ATM) - An at-the money option is an option that would lead to zero cash flow if it were exercised immediately. An option on the index is said to be "at-the-money" when the current price equals the strike price. Out-of-the-money-option (OTM) - An out-of- the-money Option is an option that would lead to negative cash flow if it were exercised immediately. A Call option is out-of-the-money when the current price stands at a level which is less than the strike price. If the current price is much lower than the strike price the call is said to be deep out-of-the money. In case of a Put, the Put is said to be out-of-money if current price is above the strike price.

What are Index Futures and Index Option Contracts? Futures contract based on an index i.e. the underlying asset is the index, are known as Index Futures Contracts. For example, futures contracts on NIFTY Index and BSE-30 Index. These contracts derive their value from the value of the underlying index. Similarly, option contracts, which are based on some index, are known as Index Options Contracts. However, unlike Index Futures, the buyer of Index Option Contracts has only the right but not the obligation to buy / sell the underlying index on expiry. Index Option Contracts are generally European Style options. An index in turn derives its value from the prices of securities that constitute the index and is created to represent the sentiments of the market as a whole or of a particular sector of the economy. Indices that represent the whole market are broad based indices and those that represent a particular sector are sectoral indices. In the beginning, futures and options were permitted only on S&P Nifty and BSE Sensex. Subsequently, sectoral indices were also permitted for derivatives trading subject to fulfilling the eligibility criteria. Derivative contracts may be permitted on an index if 80% of the index constituents are individually eligible for derivatives trading. However, no single ineligible stock in the index should have a weightage of more than 5% in the index. The index is required to fulfill the eligibility criteria even after derivatives trading on the index has begun. If the index does not fulfill the criteria for 3 consecutive months, then derivative contracts on such index would be discontinued. By its very nature, an index cannot be delivered on maturity of the Index futures or Index option contracts. Therefore, these contracts are essentially cash settled on Expiry.

What are the benefits of trading in Index Futures compared to any other security? An investor can trade the 'entire stock market' by buying index futures instead of buying individual securities with the efficiency of a mutual fund. The advantages of trading in Index Futures are: The contracts are highly liquid Index Futures provide higher leverage than any other stocks It requires low initial capital requirement It has lower risk than buying and holding stocks It is just as easy to trade the short side as the long side Only have to study one index instead of 100s of stocks

What is the structure of Derivative Markets in India? Derivative trading in India can take place either on a separate and independent Derivative Exchange or on a separate segment of an existing Stock Exchange. Derivative Exchange/Segment functions as a Self-Regulatory Organization (SRO) and SEBI acts as the oversight regulator. The clearing & settlement of all trades on the Derivative Exchange/Segment would have to be through a Clearing Corporation/House, which is independent in governance and membership from the Derivative Exchange/Segment.

Which derivative contracts are permitted by SEBI? Derivative products have been introduced in a phased manner starting with Index Futures Contracts in June 2000. Index Options and Stock Options were introduced in June 2001 and July 2001 followed by Stock Futures in November 2001. Sectoral indices were permitted for derivatives trading in December 2002. Interest Rate Futures on a notional bond and T-bill priced off Zero Coupon Yield Curve (ZCYC) have been introduced in June 2003 and exchange traded interest rate futures on a notional bond priced off a basket of Government Securities were permitted for trading in January 2004.

What is the eligibility criteria for stocks on which derivatives trading may be permitted? A stock on which a stock option and a single stock future contract are proposed to be introduced is required to fulfill the following broad eligibility criteria:The stock shall be chosen from amongst the top 500 stocks in terms of average daily market capitalization and average daily traded value in the previous six months on a rolling basis. The stocks median quarter-sigma order size over the last six months shall be not less than Rs.1 lakh. A stocks quarter-sigma order size is the mean order size (in value terms) required to cause a change in the stock price equal to one-quarter of a standard deviation. The market wide position limit in the stock shall not be less than Rs.50 crore. A stock can be included for derivatives trading as soon as it becomes eligible. However, if the stock does not fulfill the eligibility criteria for 3 consecutive months after being admitted to derivatives trading, then derivative contracts on such a stock would be discontinued.

What measures have been specified by SEBI to protect the rights of investor in the Derivatives Market? The measures specified by SEBI include: Investors money has to be kept separate at all levels and is p ermitted to be used only against the liability of the investor and is not available to the trading member or clearing member or even any other investor. The Trading Member is required to provide every investor with a risk disclosure document which will disclose the risks associated with derivatives trading so that investors can take a conscious decision to trade in derivatives. The investor would get the contract note duly time stamped for receipt of the order and execution of the order. The order will be executed with the identity of the client. Without client ID, the order will not be accepted by the system. The investor could also demand the trade confirmation slip with his

ID in support of the contract note. This will protect him from the risk of price favour, if any, extended by the member. In the derivative markets, all monies paid by the investor towards margins on all open positions is kept in trust with the Clearing House/Clearing Corporation and in the event of default of the trading or clearing member, the amounts paid by the client towards margins are segregated and not utilized towards the default of the member. However, in the event of a default by a member, losses suffered by the investor, if any, on settled/ closed out position are compensated from the Investor Protection Fund, as per the rules, bye-laws and regulations of the derivative segment of the exchanges. The Exchanges are required to set up arbitration and investor grievances redressal mechanism operative from all the four areas/ regions of the country.

What is minimum contract size? SEBI has specified that the value of a derivative contract should not be less than Rs. 2 lakh at the time of introducing the contract in the market. What is a mini derivative contract? The minimum contract size for the mini derivative contract on Index (Sensex and Nifty) is Rs. 1 lakh at the time of its introduction in the market. The lower minimum contract size means that smaller investors are able to hedge their portfolio using these contracts with a lower capital outlay. This means a better hedge for portfolio and also results in more liquidity in the market.

Why longer dated index options? Longer dated derivatives products are useful for those investors who want to have a long term hedge or long term exposure in derivative market. The premiums for longer term derivatives products are higherthan for standard options in the same stock because the increased expiration date gives the underlying asset more time to

make a substantial move and for the investor to make a healthy profit. Presently, longer dated options on Sensex and Nifty with tenure of upto 3 years are available for the investors.

What is the Expiration Day? It is the last day on which the contracts expire. Futures and Options contracts expire on the last Thursday of the expiry month. If the last Thursday is a trading holiday, the contracts expire on the previous trading day. For E.g. The January 2008 contracts mature on January 31,2008. What is the lot size of contract in the equity derivatives market? Lot size refers to number of underlying securities in one contract. The lot size is determined keeping in mind the minimum contract size requirement at the time of introduction of derivative contracts on a particular underlying. For example, if shares of XYZ Ltd are quoted at Rs.1000 each and the minimum contract size is Rs.2 lakh, then the lot size for that particular scrips stands to be 200000/1000 = 200 shares i.e. one contract in XYZ Ltd. covers 200 shares.

What is the contract cycle for Equity based products? Futures and Options contracts have a maximum of 3-month trading cycle -the near month (one), the next month (two) and the far month (three), except for the Long dated Options contracts. New contracts are introduced on the trading day following the expiry of the near month contracts. The new contracts are introduced for a three month duration. This way, at any point in time, there will be 3 contracts available for trading in the market (for each security) i.e., one near month, one mid month and one far month duration respectively. For example on January 26,2008 there would be three month contracts i.e. Contracts expiring on January 31,2008, February 28, 2008 and March 27, 2008. On expiration date i.e January 31,2008, new contracts having maturity of April 24,2008 would be introduced for trading.

What are Currency Futures? Currency futures are contracts to buy or sell a specific underlying currency at a specific time in the future, for a specific price. Currency futures are exchangetraded contracts and they are standardized in terms of delivery date, amount and contract terms. Currency future contracts allow investors to hedge against foreign exchange risk. Since these contracts are marked-to market daily,investors canby closing out their positionexit from their obligation to buy or sell the currency prior to the contracts delivery date.

Interest Rate Futures Interest rate futures are derivative contracts which have an interest bearing GOI security as the underlying instrument. The buyer of an Interest Rate Futures contract agrees to take delivery of the underlying bonds when the contract expires, and the contract seller agrees to deliver the debt instrument. Most contracts are not settled by delivery, but instead are traded out before expiration. The value of the contract rises and falls inversely to changes in interest rates. For example, if Govt. bond yields rise, prices of Govt. bonds fall and hence futures contracts on Govt. bonds also fall in price. Converse also holds true.

Difference between Cash and Derivatives Market Cash and derivatives markets are the terms which are used in the context of stock market; they both refer to trading of stocks. However they both are different, lets look at some of the differences between cash and derivatives market In cash market, one can buy even one share of a company while in derivatives market minimum lots such as 20, 50 or 100 are fixed. In Cash market people buy stocks for investment purpose only while in derivatives market people trade for hedging of their positions in cash market, arbitrage or for speculation.

While Buying securities in cash market involves paying all the money so for example if you want to buy 100 stock of Microsoft trading at $100 then you have to pay $10000 for purchasing 100 stock of Microsoft while if one wants to trade in derivatives market than he or she can buy 100 stocks of Microsoft by paying 20 percent margin money upfront. When one buys stock in cash market he or she becomes a part owner of the company and therefore he or she has all the rights such as right to vote or right for dividend, while in derivatives market one does not have any such rights. In cash market one cannot buy or sell the index but only stocks of individual companies while under derivatives market one can buy and sell both index as well individual stocks of company.

Overview of Information Technology And Automobile Industry

Information Technology The Indian Information Technology (IT) and Information Technology enabled Services (ITeS) sectors go hand-in-hand in every aspect. The industry has not only transformed India's image on the global platform, but also fuelled economic growth by energising higher education sector (especially in engineering and computer science). The industry has employed almost 10 million Indians and hence, has contributed a lot to social transformation in the country. Furthermore, Indian firms, across all other sectors, largely depend on the IT & ITeS service providers to make their business processes efficient and streamlined. Indian manufacturing sector has the highest IT spending followed by automotive, chemicals and consumer products industries. Industry body National Association of Software and Services Companies (Nasscom) predicts that the ITeS industry will bring in around US$ 225 billion by 2020, wherein 80 per cent of the growth would come from the presently untapped sectors and regions.

Market Size The Indian IT & ITES industry has continued to perform its role as the most consistent growth driver for the economy. Service, software exports and business process outsourcing (BPO) remain the mainstay of the sector. Over the last five years, the IT & ITES industry has grown at a remarkable pace. A majority of the Fortune 500 and Global 2000 corporations are sourcing IT/ITES from India and it is the premier destination for the global sourcing of IT & ITES accounting for 55 per cent of the global market in offshore IT services and garnering 35 per cent of the ITES/BPO market. India's IT and BPO sector exports are expected to grow by 12-14 per cent in FY14 to touch US$ 84 billion - US$ 87 billion, according to Nasscom. Internet industry of India is expected to contribute US$ 100 billion to the country's gross domestic product (GDP) and generate about 22 million jobs by 2015, as per a

report titled 'Online and Upcoming: The internet's Impact on India', released by McKinsey and Co. IT spending in India is projected to reach US$ 71.5 billion in 2013, an increase of 7.7 per cent as compared to US$ 66.4 billion projected for 2012, as per a report by Gartner.

Investments Indian IT's core competencies and strengths have placed it on the international canvas, attracting investments from major countries. Between April 2000 and December 2012, the computer software and hardware sector attracted cumulative foreign direct investment (FDI) of Rs 52,377.08 crore (US$ 9.63 billion), according to the Department of Industrial Policy and Promotion (DIPP). More recently, online retailing, cloud computing and e-commerce are the major driving forces behind the rapidly increasing growth in the IT industry. Online shopping has increased with the emergence of internet retailing and e-commerce.

Some of the major initiatives in Indian IT and ITeS sector: Tata Consultancy Services (TCS) has set up a new delivery centre in Liverpool, expanding its operations in the UK. The new facility will provide a secure applications development and maintenance centre for business applications Mumbai International Airport Ltd (MIAL) has entered into a 10 year contract with Wipro Infotech for the new integrated terminal T2. Under the contract, Wipro will provide managed services across the entire IT landscape at MIAL Mahindra Satyam has acquired 51 per cent stake in Complex IT, a SAP consulting provider in Brazil. This acquisition will focus on developing solutions for the enterprise solutions market within Brazil

Mu Sigma plans to set up a development centre in the US. The company also plans to recruit another 1,000 personnel by December 2013, adding to its current headcount of 2,300 employees Wipro has partnered with New Zealand-based Pingar. With this partnership, Wipro has gained access to areas such as artificial intelligence and data mining HCL Technologies has entered into a multi-million dollar engineering services agreement with UK-based Cobham. HCL will support multiple Cobham sites across the globe with a range of services-hardware, software, embedded, mechanical and testing

Government Initiatives As a part of the National Electronics Policy, the Government of India is planning to set-up 15 new laboratories under public-private-partnership (PPP) model for hardware and software testing. The labs, for which the locations are yet to be decided, will facilitate registration and testing of IT products before they are launched in the market. Meanwhile, in order to boost investments in Indian Special Economic Zones (SEZs), the Government is likely to announce incentives for the IT-oriented export hubs. Among all the SEZs across various sectors, the IT-related ones contribute the most to the exports. Thus, the Ministry of Commerce plans to streamline the incentives to encourage such zones to establish their set-ups in tier-II and tier-III cities. The incentives would majorly aim at simplifying standards for setting up SEZs and not have any direct revenue implications. FDI upto 100 per cent under the automatic route is allowed in Data processing, software development and computer consultancy services; Software supply services; Business and management consultancy services, Market Research Services, Technical testing & Analysis services.

Some of the major initiatives taken by the Government to promote IT and ITeS sector in India are: The Government of West Bengal plans to spend Rs 41 crore (US$ 7.54 million) to roll out citizen-centric services electronically across 19 districts including Kolkata Kerala has set an ambitious target of becoming a cent per cent digital state in governance, said Mr P K Kunhalikutty, Minister for Industries and Information Technology, Government of Kerala. The State has around 600 small, medium and large IT firms employing over 80,000 professionals directly and nearly three times the number indirectly The Cabinet has recently approved the National Policy on Information Technology 2012. The policy aims to increase revenues of IT and ITES industry from US$ 100 billion to US$ 300 billion by 2020 and expand exports from US$ 69 billion to US$ 200 billion by 2020 The Government of India plans to set up 15 new laboratories for testing hardware and software products under public-private partnership (PPP) model The Ministry of Finance has issued a circular to chairmen of public sector banks and regional rural banks, that all payments to customers, staff, vendors and suppliers as well as disbursement of loans and payments towards investments should be made only through the electronic mode

Road Ahead Indian corporate, across various industry segments, are installing and accepting IT products and services in a big way to improve their operations throughout the entire organisation. There are estimates that spends over IT services, across the industry segments, will witness quantum jump in the years to come. For instance, IT spending by the Indian BFSI sector is expected to reach US$ 3.5 billion by 2014, according to advisory firm Zinnov. Similarly, IDC Manufacturing Insight predicts that IT spend by Indian manufacturers would grow at an average rate of 14.5 per cent between 2012 and

2016 to reach US$ 8.78 billion, which would be the double of manufacturing IT expenditure inculcated in 2011. Hence, it can be fairly concluded that India Inc is increasingly updating and automating its business processes by embracing modern IT products and services with open arms. Exchange Rate Used: INR 1 = US$ 0.0183 as on February 28, 2012 References: Media Reports, Press Releases, Department of Industrial Policy and Promotion (DIPP) statistics, Department of Information and Technology

http://www.ibef.org/industry/information-technology-india.aspx

Automobile Industry The Indian automotive industry has emerged as a 'sunrise sector' in the Indian economy. India is emerging as one of the world's fastest growing passenger car markets and second largest two wheeler manufacturer. It is also home for the largest motor cycle manufacturer and fifth largest commercial vehicle manufacturer. India is emerging as an export hub for sports utility vehicles (SUVs). The global automobile majors are looking to leverage India's cost-competitive manufacturing practices and are assessing opportunities to export SUVs to Europe, South Africa and Southeast Asia. India can emerge as a supply hub to feed the world demand for SUVs. India also has the largest base to export compact cars to Europe. Moreover, hybrid and electronic vehicles are new developments on the automobile canvas and India is one of the key markets for them. Global and Indian manufacturers are focussing their efforts to develop innovative products, technologies and supply chains. The automotive plants of global automakers in India rank among the top across the world in terms of their productivity and quality. Top auto multinational companies (MNCs) like Hyundai, Toyota and Suzuki rank their Indian production facilities right on top of their global pecking order.

Key Statistics The amount of cumulative foreign direct investment (FDI) inflow into the automobile industry during April 2000 to January 2013 was worth US$ 7,653 million, amounting to 4 per cent of the total FDI inflows (in terms of US$), as per data published by Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce. The Indian small and light commercial vehicle segment is expected to more than double by 2015-16 and grow at 18.5 per cent compound annual growth rate (CAGR) for the next five years, according to a report titled, 'Strategic Assessment of Small and Light Commercial Vehicles Market in India' by Frost & Sullivan.

The light commercial vehicles (LCV) market - both passenger and goods carrier is estimated to register a sales growth of around 20 per cent during FY 2012-FY 2015, as per a RNCOS report titled, "India LCV Market Outlook". India is the world's second-largest heavy commercial vehicle market. The RNCOS report, "India MCV and HCV Market Outlook", observed that infrastructure boom and emergence of hub and spoke model, among other factors have given a new dimension to the medium and heavy goods carrier commercial vehicles' sector in India. It is anticipated that the sales of medium and heavy commercial (M&HC) goods carriers will increase at a CAGR of more than 10.5 per cent during 2011-12 to 2014-15. In another RNCOS research report, "Indian Automobile Sector Analysis", the production of passenger vehicle is forecast to grow at a CAGR of around 11 per cent from 2009-10 to 2012-13, and domestic volume sales at a CAGR growth of around 12 per cent.

Major Developments & Investments Yamaha Motor Co (YMC) has announced to set up its fifth global research and development (R&D) centre at its Greater Noida facility Honda Cars India Ltd (HCIL) plans to invest Rs 2,500 crore (US$ 462.11 million) at its Tapukara plant in Rajasthan. The company plans to set up a new assembly line for car with an installed annual capacity of 120,000 units Isuzu Motors plans to set up its greenfield manufacturing facility in Andhra Pradesh (AP), for pickup trucks or LCV and SUV, with an investment of Rs 1,500 crore (US$ 277.26 million) over 5-7 years Volvo plans to expand car operations in India. The company looks to drive in new models in the market apart from increasing its sales network Global ultra-luxury car maker, Rolls-Royce Motor Cars, plans to launch exclusive 'India Edition' cars in 2013. The car maker would come up with a customised edition of its Phantom and Ghost models for Indian buyers Escorts Ltd has inked a partnership with Italy-based BCS SpA to distribute and sell the speciality Ferrari brand of tractors in India

TVS Motor and BMW AG's motorcycle division have announced a deal to jointly develop bikes that would give the Indian automaker access to BMW technology. TVS Motor and BMW will develop motorcycles in the sub 500 cc segment Bajaj Auto and Kawasaki Heavy Industries plan to take their partnership to Indonesia, under which select Bajaj products will be assembled at the Kawasaki facility and distributed through its network Bajaj Auto also plans to become the first Indian automobile company to manufacture a street bike, with a made in India motorcycle tag, in the US. The Indian company will manufacture this product for its partner KTM AG

Government Initiatives The Government of India allows 100 per cent FDI in the automotive industry through automatic route. Some of the highlights of the Union Budget 2012-13: The auto industry is encouraged by 5 years extension of 200 per cent weighted deduction of R&D expenditure under Income Tax Act and also introduced the weighted deduction of 150 per cent for expenditure on skills development. These measures will help the industry improve its products and performance The increase in customs duty on cars and multi-utility vehicles (MUVs) valued above US$ 40,000 from 60 per cent to 75 per cent seems to be a step to encourage local manufacturing, value addition and employment Also, the concessional import duty on specified parts of hybrid vehicles has been extended to lithium ion batteries and other parts of Hybrid vehicles. This will help the industry to achieve better cost efficiency The Government of India plans to push the supply of vehicles powered by electricity over the next eight years. It is expected that there will be a demand of 57 million electricity-operated vehicles by 2020. The Government also plans to introduce fuel-efficiency ratings for automobiles to encourage sale of cars that

consume less petrol or diesel, as per Mr Veerappa Moily, Union Minister for Petroleum and Natural Gas. The rapid improvement in infrastructure, huge domestic market, increasing purchasing power, established financial market and stable corporate governance framework have made the country a favourable destination for investment by global majors in the auto industry, as per Automotive Mission Plan (AMP) (200616). The AMP aims at doubling the contribution of automotive sector in gross domestic product (GDP) by taking the turnover to US$ 145 billion in 2016 with special emphasis on export of small cars, MUVs, two & three wheelers and auto components.

Road Ahead India is expected to become the 11th largest market for Renault by the end of 2013, as per Mr Carlos Ghosn, Chairman and CEO, Renault. India is expected to be a critical global hub for the firm along with Brazil, Russia and, perhaps, another country in the ASEAN region. Additionally, the vision of AMP 2006-2016 aims India "to emerge as the destination of choice in the world for design and manufacture of automobiles and auto components with output reaching a level of US$ 145 billion accounting for more than 10 per cent of the GDP and providing additional employment to 25 million people by 2016." Moreover, the introduction of alternative fuels like hydrogen and bio fuels needs to be promoted to ensure sustainability of the industry over the long term. Exchange Rate Used: INR 1 = US$ 0.01849 as on April 16, 2013 References: Media Reports, Press Releases, Department of Industrial Policy and Promotion (DIPP), Society of Indian Automobile Manufacturers (SIAM)

http://www.ibef.org/industry/india-automobiles.aspx

Analysis of information technology industry in India Size of Industry Geographical distribution Output annum Market capitalization the 5.9% of the country's GDP Bangalore, Chennai, Hyderabad, Delhi, Kolkata, Pune per Compound annual growth rate (CAGR) of 22.7 % between 2009 and 2011 According to NASSCOM the revenue from information technology sector has risen from 1.2 % of the GDP in 1997-98 to 5.8 % of GDP in 2008-09.

History Indian Information Technology industry is one of the fastest growing industries in the country. The IT industry has built very valuable brand equity for itself in the global markets. The Indian IT Industry comprises of software industry and information technology enabled services (ITES), which even includes business process outsourcing (BPO) industry. Indian IT Industry is considered as a pioneer in software development and a favorite destination for IT-enabled services. In the year 1974, the origin of IT industry in India can be traced, when the mainframe manufacturer, Burroughs asked its India sales agent, Tata Consultancy Services (TCS) to export programmers for installing system software for a U.S. client. The Indian IT industry originated under very unfavorable conditions. During olden times local markets were absent and government policy toward private enterprise was hostile. The Indian IT Industry was begun by Bombay-based conglomerates who entered the business by supplying programmers to global IT firms located overseas. During 1970's the Indian economy was state-controlled and remained hostile to the software industry. Even the Import tariffs were high like 135% on hardware and 100% on software. Even the exporters were ineligible for bank finance. In 1984 Rajiv Gandhi became Prime Minister and the Government policy

towards IT sector changed. The New Computer Policy (NCP-1984) consisted of a package of reduced import tariffs on hardware and software which reduced to 60%. Even during this time the recognition of software exports as a "delicensed industry", was done so that banks were eligible for finance and freed from licensepermit raj, there was even the permission for foreign firms to set up wholly-owned subsidaries. All such policies are reasons for the the development of a world-class Indian IT industry. Today, IT companies in India such as Tata Consultancy Services (TCS), Wipro, Infosys, HCL are well known in the global market for their IT competency. Indian IT Industry's development and contribution to the world's information technology sector is of highest reputation. Metro Cities like Bangalore, Mumbai, Delhi, Chennai and Hyderabad have become the favorite destinations for all the big banners like HSBC, Dell, Microsoft, GE, Hewlett Packard, and several Indian multi national firms like Infosys Technologies, Wipro, and Micro land have set up their offices in these cities. As the cities offers good infrastructure, with large floor space and great telecom facilities. This could be reason for the basis of the high growth statistics of India and the changing outlook of the companies towards India. The Indian IT Industry has grown up to US $ 5.7 billion in 1999-2000, with the annual growth rate not sliding below 50 % since 1991.

Brief introduction IT Industry in the country has played a major role in placing India on the international map. The Indian IT Industry mainly comprises of instance System Integration, Software experiments, Custom Application Development and Maintenance (CADM), network services and IT Solutions. According to the analysis done by the annual report 2009-10, prepared by the Department of Information Technology (DIT), the IT-BPO industry was expected to achieve a revenue aggregate of US$ 73.1 billion in 2009-10 as compared to US$ 69.4 billion in 2008-09, growing at a rate of over 5 %. The report even predicts that the Indian IT-BPO revenues may reach US$ 225 billion in 2020.

According to Nasscom's analysis in the fiscal year 2009 Indian IT-BPO industry expanded by 12% and gained aggregate returns of US$ 71.6 billion. Out of which the derived revenue US$ 59.6 billion was earned by only the software and services division. Further, the industry witnessed an increase of around US$ 7 million in FY 2008-09. Today in India the data centre services market is forecasted to grow at a compound annual growth rate (CAGR) of 22.7 % between 2009 and 2011, and to touch close to US$ 2.2 billion by the end of 2011, according to research firm IDC India's report published in 2010. According to the report of Internet and Mobile Association of India (IAMAI) and market research firm IMRB, the total number of Internet users in India reached 71 million in 2009. The active users were 52 million in September 2009 when compared to 42 million in September 2008, registering a growth of 19 % year-on-year, stated the report.

Size of the industry Indian Information Technology industry contributes 5.9% of the country's GDP while providing employment to a significant number of its tertiary sector workforce. In March 2009, annual revenues from outsourcing operations in India was up to US$ 60 billion and this is expected to increase to US$225 billion by the year 2020. The most prominent IT hub is IT capital Bangalore and the other emerging destinations are Chennai, Hyderabad, Mumbai, Pune, NCR, Jaipur and Kolkata. India's growing stature in the information Technology enabled the country to form close ties with both the United States of America and the European Union.

Domestic and Export Share According to Department of Information Technology, the Indian software and services exports was expected to reach US$ 49.7 billion in 2009-10 as compared to US$ 47.1 billion in 2008-09, with an increase of 5.5% in dollar terms. Further, the Indian IT Industry's services exports is estimated to grow from US$ 25.8 billion in 2008-09 to US$ 27.3 billion in 2009-10, with a growth of 5.8 %.In the year 200809, the domestic IT attained revenues worth US$ 24.3 billion as compared to US$

23.1 billion in FY 2007-08, with a growth of 5.4%. The tremendous demand for IT services and goods by India Inc., has majorly strengthened with the expansion of the domestic market as agreements worth extraordinarily to US$ 100 million. Till 2012, the domestic sector is estimated to expand to US$ 1.7 billion against the existing US$ 1 billion. IT exports software and services of India are to nearly 95 countries around the world.

Top leading Companies Tata Consultancy Services Wipro Technologies Infosys Technologies HCL Intel GE IBM Dell Microsoft Cisco

Employment opportunities According to India's National Knowledge Commission, India would experience a knowledge revolution which can be seen by the dramatic revolution in the field of Information and Technology. Information Technology comprises of wide range of activities like Office Automation, Telecommunication and Computing, therefore provides job avenues for those who have acquired the right qualifications for it. In the beginning of this millennium, National Association of Software and Services Companies made estimation that India would require 10,00,000 trained software professionals for the coming years. The present availability of such skilled people is only 5% of the required amount. So we can understand that this sector is going to provide employment to a large number of such professionals. Specialized field of IT requires academic and technical skills accordingly. Many diploma and degrees courses are there for those who have an aptitude and flair for the subject. These are: Bachelor in Computer Applications (BCA) Bachelor in Science with Computers (B.Sc) Masters in Computer Applications (MCA) M.Sc in omputers Masters in System Management B.Tech and B.E M.Tech Certification Courses Diploma in Computer Applications Post Graduate Diploma in Computer Applications Today more than 2.3 million people are employed in the IT sector making it one of the biggest job creators in India and a mainstay of the national economy.

Latest developments As per a Confederation of Indian Industry (CII) report, the Indian IT industry is growing at an annual rate of 35%. National e-Governance Plan (NeGP): The Government of India plans to give high priority to improve the quality to the citizens by providing basic services at their doorstep for which it has formulated a NeGP covering 27 mission mode projects. State Wide Area Networks (SWANs): The Government has started a scheme for establishing SWANs across the country in 29 states with a total estimation of US$ 682.27 million over a period of five years. State Data Centres (SDCs): SDCs have been identified important for the core infrastructure of supporting e-Governance initiatives under NeGP. Common Service Centres (CSCs): The main objective of CSCs is to develop a platform that can enable Government, private and social sector organizations to carter their social and commercial goals for the benefit of the rural population in the country with a combination of IT-based as well as non-IT-based services. Community Information Centres (CIC): Government has initiated the CIC's in the hilly and far-flung rural areas of the country with main objective to bring the benefits of ICT to the people for the purpose of socio-economic development. Nanotechnology: Department of Information Technology started nanotechnology development programme during the 10th plan with the aim of creating infrastructure for research in nanoelectronics and nanometrology at the national level.

Indian Industries Aluminium industry, Cement industry, Construction industry, Copper industry, Dairy industry, Diamond industry, Fashion industry, Fertilizer industry, Film industry, Granite industry, Health care industry, Jewellery industry, Mining industry, Oil industry, Paint industry, Paper industry, Power industry, Printing industry, Rubber industry, Silk industry,Soap industry, Steel industry, Sugar industry, Textile industry, Tabacco industry, Zinc industry Automobile industry, Cotton industry, Hotel industry, Jute industry, Pharmaceutical industry, Tractor industry, Weaving industry Advertising industry, Agricultural industry, Aviation industry, Banking industry,Biotechnology industry, Biscuit industry, Chocolate industry, Coir industry, Cosmetic industry, Cottage industry, Electronic industry, Food Processing industry, Furniture industry, Garment industry, Insurance industry, IT industry, Leather industry, Music industry, Mutual fund industry, Pearl industry, Plastic industry, Poultry industry, Railway industry, Real estate industry, Shipping industry, Solar industry

Classified under RED category

Classified under ORANGE category

Classified under GREEN category

http://www.indianmirror.com/indian-industries/information-technology.html

Analysis of Automobiles industry in India Size of the Industry Geographical distribution Output per annum Percentage in world market Market Capitalization 2.6 Million Units Jamshedpur, Pune, Lucknow, Gurgoan, Delhi, Mumbai, Bangalore, etc Rs 2,000 crore per annum 6-8% 5% of the share

Indian Markets : Leading the Race (1/2) In terms of the Auto industry, India is the sixth largest market after China, the US, Germany, Japan and Brazil. Overall the market includes cars, two wheelers, trucks & auto parts and India is expected to become #3 in the automobile market by 2015 as defined by sales volume growth The auto sector reported a robust growth rate of 26% in the last two years (2010-2012) although this year the growth has slowed down significantly. The BSE AUTO Index outperformed the benchmark Nifty by 79%, 12% and 19% in FY10, FY11 and FY12, respectively The world standings for the Indian automobile sector, as per the Confederation of Indian Industry in FY 2012, was as follows: Largest three-wheeler market Second largest two-wheeler market Tenth largest passenger car market Fourth largest tractor market Fifth largest commercial vehicle market Fifth largest bus and truck segment Since the de-licensing of the sector in 1991 and the subsequent opening up of 100% FDI through the automatic route, the industry is one of the key drivers of economicgrowth of the nation The automobile Industry in India is now working with the dynamics of an open market. Many joint ventures have been set up in India with foreign

collaborations. For example Volvo-Eicher, Ashok Leyland Nissan Motors (for LCVs) etc. In recent times product innovation and market segmentation have driven growth. Going forward, vehicles based on alternative fuels will be an area of interest for both consumers and auto makers. Automobile manufacturers are increasing their focus on fuel efficiency even more today and there are key initiatives being undertaken mainly through improvements in technology and introduction of plastic components and new fuel variants, thereby reducing toxic emissions. By 2016, India will emerge as the destination of choice in Asia for the design & manufacturing of automobiles and automotive components. The output of the Indias automotive sector will be $145bn by 2016, (from $34bn in 2006) contributing to 10% of Indias Gross Domestic Product and providing employment to 25 mm people additionally. - According to Draft Automotive Mission Plan 2006-2016 by the Ministry of Heavy Industries & Public Enterprises.

Structure of The Auto Industry in India Structure of The Auto Industry in India

Automobiles Industry

Auto Components

History Indian market before independence was seen as a market for imported vehicles while assembling of cars manufactured by General Motors and other brands was the order of the day. Indian automobile industry mainly focused on servicing, dealership, financing and maintenance of vehicles. Later only after a decade from independence manufacturing started. India's Transportation requirements were met by Indian Railways playing an important role till the 1950's. Since independence the Indian automobile industry faced several challenges and road blocks like manufacturing capability was restricted by the rule of license and could not be increased but still it lead to growth and success it has achieved today. For nearly three decades the total production of passenger cars was limited to 40,000 yearly. Even the production was confined to three main manufacturers Hindustan Motors, Premier Automobiles and Standard Motors. There was no expertise or research & development initiative taking place. Initially labor was unskilled and had to go through a process of learning through trial and error. In the 1950's, The Morris Oxford, became the Ambassador, the Fiat 1100 became the Premier Padmini. Then in 1960's nearly 98% of the product was developed indigenously.There were significant changes witnessed by the end of 1970's in the automobile industry. Strong and huge initiatives like joint ventures for light commercial vehicles did not succeed. Contessa, the Rover and the Premier 118NE, which were the new models, hit the market. Till later part of 1980's India by and large followed a socialist system. The main focus of the government was development through heavy, long gestation, capital intensive projects like steel manufacturing. Priority was to the quality of the finished good and customer feedback.

Brief introduction The Indian Automobile industry includes two-wheelers, trucks, cars, buses and three-wheelers which play a crucial role in growth of the Indian economy. India has emerged as Asia's fourth largest exporter of automobiles, behind Japan, South Korea and Thailand. The country is expected to top the world in car volumes with approximately 611 million vehicles on the nation's roads by 2050.The Economic

progress of this industry is indicated by the amount of goods and services produced which give the capacity for transportation and boost the sale of vehicles. There is a huge increase in automobile production with a catalyst effect by indirectly increasing the demand for a number of raw materials like steel, rubber, plastics, glass, paint, electronics and services.

The share of Automobile industry in the last decade in the Indian economy was around 5% of GDP. The Indian Automobile industry has become the seventh largest in the world with an annual production of over 2.6 million units in 2009.

Domestic and Export Share Passenger Car -- 25468121478 Multi Utility Vehicles -- 26543892 Commercial Vehicles -- 1010819931 Two Wheelers -- 100002256765 Three Wheelers -- 2113851535 Percentage Growth -- 16.632.8 According to the research of Society of Indian Automobile Manufacturers (SIAM), the overall vehicle sales grew by 30 % in May 2010 to 1,208,851 units, and 8 per cent over the previous month of April 2010. Two wheeler sales rose 29 %, with motorcycle sales increasing 26% to 725,311 units, and scooter sales rising% to 157,509 units in May 2010. Commercial vehicle sales rose 58 % in May 2010. The medium and heavy commercial vehicle (M&HCV) segment grew to 33.5 % at 245,058 units and total commercial vehicle (CV) sales went up to 38.3 % to 531,395 units in 2009-10. At an estimated 25 % growth, the M&HCV segment would be about 306,000 units; total CV sales would be about 664,000 units in 2010-11. Mahindra and Mahindra (M&M) is the world's number one tractor company by selling a record of 1.59 lakh tractors in 2009 surpassing John Deere of the US.

Top & Major Manufacturers in Automobile Industry Maruti Udyog Ltd. General Motors India Ford India Ltd. Eicher Motors Bajaj Auto Daewoo Motors India Hero Motors Hindustan Motors Hyundai Motor India Ltd. Royal Enfield Motors

Telco TVS Motors DC Designs Swaraj Mazda Ltd

Employment opportunities India today is well known as a potential emerging automobile market and jobs in the automobile industry are rising. Several foreign investments are pouring into Indian automobile industry. It has become a major three-wheeler market and twowheeler manufacturer in the world. India is also the second largest manufacturer of tractors. Candidates with bachelor's degree in mechanical, electrical or automobile engineering are eligible to get good job opportunities in automobile companies. For the candidates with diploma courses and ITI courses there are many opportunities in this industry. Automobile companies even require IT specializations. While technical education is offered by plenty of engineering and polytechnic colleges in India,. the eligible candidates are selected by the companies. The considerable wide scope of Automobile sector, it is not that surprising that more and more candidates are dreaming to develop a career in Automobile Industry. With foreign automobile companies like Volkswagen, Audi, Renault etc coming in and targeting India as a base for manufacturing cars, the scope for a career in Automobile Industry is rising rapidly.

Year of commencement & periods of development The Automobile Industry of India has come a long way since in 1898 the first car rolled out on the streets of Mumbai (then Bombay). Indian auto industry, is currently growing at the pace of around 18 % per annum, has become a hot destination for global auto manufacturers like Volvo, General Motors and Ford. The Indian Automobile industry has adopted global standards which are manifested in the increasing exports of this sector. After a temporary decline in the years 1998- 99 and 1999-00, exports increased with robust growth rates of well

over 50 per cent in 2002-03 and 2003-04 each to exceed two and- a-half times the export figure for 2001-02. The research of ministry of commerce and industry, shows high growth obtained since 2001- 02 in automobile production which continued for the first three quarters of the 2004-05. The Annual growth of the industry was 16.0 per cent in April-December, 2004; the growth rate in 2003-04 was 15.1 per cent. The compound annual growth rate (CAGR) of Indian Automobile Industry is of 22 per cent between 1992 and 1997. While the investments exceeding to Rs. 50,000 crore, the turnover of the industry was Rs. 59,518 crore in 2002-03. It even estimated to have exceeded Rs.1, 00,000 crore (USD 22. 74 billion) in 2003-04.

Pollution The category for Indian Automobile Industry is "Red" which represents the highly polluting industries Several Automobile exhaust pollutants are as follows: Hydrocarbons - are emissions caused by partially burnt fuel molecules and they react in the presence of nitrogen oxides and sunlight to from ground level ozone. Nitrogen Oxides are the gases of precursors to the formation of ozone and also contribute in the formation of acid rain. Ironically the catalytic converters are designed to break down nitrogen gases are generally forming nitrous oxide which is more potent as pollutant than carbon dioxide as greenhouse gas. When a vehicle starts Carbon Monoxide is emitted without proper air supply, when the tuning of the vehicle is not proper and when a vehicle is driven at high altitudes where the oxygen content is lesser than in the plains. Carbon monoxide emissions great share comes from the commercial vehicles especially the heavier ones. Carbon Dioxide in greater quantities traps the earth's heat and contributes to global warming.

Pollution handling and environmental issues faced by the industry. If it is believed that smoking is harmful then there is a need to take a break from the personal automobile as the favorite set of wheels could be harming the environment and even the health more. As rest of the world is catching up with the concept of personal cars in the country, where days back having a car for the entire family will soon become a thing of the past as each bread winner of the family wants his or her personal set of wheels. Hence it is would not be surprising that the pollution levels in several metros of the country like Delhi, Mumbai, Kolkata and Bangalore are on the increase. In the cars the pollution comes from the process of the evaporation of the fuel and from the by-products of the combustion process. Cars use Petrol and Diesel which are a mixture of Hydrocarbons and compounds usually contain Hydrogen and carbon items. In simple terms the Oxygen in the air converts all the Hydrogen in the fuel to water and Carbon in the fuel would be converted to Carbon Dioxide. Nitrogen is supposed to remain unaffected in this whole process. However things are not that good as they look and engines are not that perfect either. Several types of harmful gases are emitted in the whole process of combustion which leaves the air polluted. The government is taking and has taken steps to introduce catalytic converters in the country a few years back to reduce air pollution. In addition to this petrol with lead has been phased out from several parts of the country to cut down on lead particles in the exhaust. In addition to this several cars and two wheeler companies are striving hard themselves to provide pollution free environment. Companies like Tata Motors and Mahindra are fine tuning their Diesel engines for optimum performance and reduced emission. In the two-wheelers category the companies like Hero Honda is providing pollution free vehicles. With all this support from the companies, Government has to take a proactive role to reduce the pollution levels in the country and should try phasing out old vehicles and impose heavy fines on cars and heavy vehicles that pollute the environment. It should provide tax benefits to electric cas like Reva as they don't pollute the environment and take very little space on the already congested Indian roads. Today in India several new trends are emerging to tackle the problem of pollution

like people are opting for car pools while a small number are cycling their way to work.

Achievements The development story of the Indian automobile industry cannot be complete without mentioning the Pioneer Mr. J.R.D Tata's role in setting up the Tata group with high standard Engineering Research Centre (ERC) in 1965 to facilitate technological advancement. Pioneering the indigenization of scientific knowledge for trucks in collaboration with Mercedes Benze and launched Maruti 800 in the year 1983 which changed the dynamics of the passenger car sector in India. It was also known as the people's car. 60% of the Indian commercial vehicle market is dominated by Tata Motors. The first automobile was launched in India in the year 1897 in Bombay. Today India is being recognized as a potential emerging auto market. The industry adds up foreign players to their investments. 80% of the segment size is contributed by two-wheelers & motorcycles. Indian passenger vehicle market is dominated by cars (79%) unlike the USA. India is the largest three-wheeler & two-wheeler market in the world. It is second largest tractor manufacturer in the world, fifth largest commercial vehicle manufacturer in the world. India crossed the 1 million mark as the fourth largest car market in Asia recently. The industry is expected to grow to US$ 40 billion by 2015 from the current level of US$ 7 billion in 2008. By the year 2016 the industry is expected to contribute 10% of the nation's GDP. Very recently history has been created in the world of Automobile Industry by Ratan Tata, Chairman (Tata Motors) by launching the world's cheapest car NANO. The price of the car was around one lakh which gained instant recognition in the automobile industry across the globe. It heralded the coming to age of the Indian Automobile Industry.

India is the second Largest Producer of Motorcycles in the world (5.2 Mln) after China which has a production volume of 12 Mln.

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Company Profile

Information Technology Industry AXIS-IT&T Ltd. Date of Establishment Revenue Market Cap Corporate Address Management Details 1990 0 ( USD in Millions ) 959.10111205 ( Rs. in Millions ) A-264,Second Floor,Defence ColonyNew Delhi-110024, Delhi www.axisitt.com Chairperson - S Ravinarayanan MD Directors - Hemanth Polavaram, Joseph Koshy, Kailash M Rustagi, Kailash M Rustagi, Kailash Rustagi, Kedar Nath Choudhury, P Hemanth Polavaram, Pradeep Dadlani, Pradeep Maitra, Rohitasava Chand, S Ravi Narayanan, S Ravinarayanan, Shweta Agarwal, Shweta Agrawal, Vinay Shankar IT - Software Axis Inc, incorporated in 1987 is based in Peoria, Illinois, with development centres in North America, Europe and Asia. The company's clients include several Fortune 50 companies in the aerospace, aviation, automotive, manufacturing, military, semiconductor and medical industries. Axis Inc. offers comprehensive engineering services in mechanical, manufacturing and embedded electronics engineering.&nb Total Income - Rs. 482.243287 Million ( year ending Mar 2012) Net Profit - Rs. Million ( year ending Mar 2012) Shweta Agrawal Walker, Chandiok & Co

Business Operation

Background Financials Company Secretary Bankers Auditors

History Axis Inc, incorporated in 1987 is based in Peoria, Illinois, with development centres in North America, Europe and Asia. The company's clients include several Fortune 50 companies in the aerospace, aviation, automotive, manufacturing, military, semiconductor and medical industries. Axis Inc. offers comprehensive engineering services in mechanical, manufacturing and embedded electronics engineering. With its teams of talented, dedicated, and innovative engineers, Axis Inc provides its clients with cost-efficient, cutting-edge solutions and quality without compromise. The Axis processes and procedures apply ISO 9001 methodology, certified SEI CMMI Level 3. Axis is licensed to design, develop and manufacture defense and aerospace hardware and software. Axis is also listed on the Indian National Stock Exchange. Since Axis IT&T became a part of Jupiter Strategic Technology, it has grown even stronger, extending its services beyond mechanical and manufacturing engineering to include electrical and electronics, aviation, media, and entertainment. It has a strong force of more than 2500 engineers located over the globe, serving diverse industries, with specialized teams that work on-site or offshore to cater to the specific requirements of clients. Autonomous teams are delegated and dedicated to each customer in each case, able to run operations and empowered to take strategic decisions to ensure smooth coordination. Axis has 12 development centres in the US, Europe and Asia. Axis incorporates the onsite-offshore model to provide effective cost saving to customers across diverse industries. Milestones: 1984 - Creation of Microcon, pioneer in Embedded Electronics Systems & Services 1987 - Incorporation of Axis Inc, mechanical engineering and services provider, in North America 1988 - Axis expands its services to Asia and then to Europe 2005 - Microcon merges with Jupiter Strategic Technology (JST)

2007 - Axis merges with JST 2009 - JST acquires RF & Microware Corporation. Name changed to Axis Aerospace & Technology. Axis Aerospace & Technology acquires CADES, specialists in product design and engineering services

Services: 1. Mechanical Engineering Product Design - Axis offers a solution-based approach from concept development to validation at the product design phase. Its comprehensive New Product Development service covers the entire spectrum of activities. Design Support - Axis teams have rich niche skills to cater to clients' requirements. They provide comprehensive 3D modeling and Computer Aided Design (CAD) services. Design Validation - Axis has dedicated and able teams of engineers working in the field of Computer-Aided Engineering which are able to provide clients with various analysis of solutions available and the appropriate test support. Reverse Engineering - The Axis team has wide experience with reverse engineering for heavy equipment and engineering industries. Axis has a proven methodology and process for reverse engineering that has received accolades from its clients. The company is capable of carrying out reverse engineering projects ranging from measure & model to scan & model to design modification. Customization & PLM - The Engineering Customization & PLM teams at Axis have a unique mix of domain expertise, CAD, and Information Technology (IT) programming experience, and include process consultants, solution architects, project managers, technical developers, database administrators, and integration specialists. Skills & Tools - Axis' engineers are trained in, and have access to the latest versions of all major CAD & Analysis software.

2. Manufacturing Engineering Virtual Manufacturing - Axis' digital manufacturing services are categorized into two phases - the Design Phase and the Validation Phase. Supply Chain Management - Axis offers capacity optimization through various lean concepts like value stream mapping, cycle time reduction, and inventory reduction, through-put time reduction, physical flow improvement, Kan-ban, and layout redesign if required. Quality Documentation - Axis manufacturing services provides valuable documentation support during the design, development and validation processes of APQP, and also during the production phase for feedback, assessment of processes and implementation of corrective actions for identified quality issues.

3. Electrical & Electronics Hardware Engineering - Axis has over 4500 man-hours of expertise in Analog, Digital, Passive and Active RF components and circuits hardware engineering. Digital Signal Processing - Axis commenced its electronics services in 1984 by developing data acquisition systems for aerospace clients. Thus, data acquisition systems and Digital Signal Processing are among the fundamental services that Axis has pioneered for the past 25 years. Software Engineering - Axis services and capabilities in embedded electronics consist of Real-time Operating System (RTOS) device driver development and open system Operating System customization. Axis has developed device drivers for peripherals under various RTOS such as RTLinux, WindRiver, QNX RTOS, VxWorks, LynxOS, Windows Embedded CE, Nucleus, etc. Modeling & Simulation Axis offers model development services consisting of embedded system conceptualization and simulation, using the latest tools and technology. Verification & Validation Axis' rigid quality control processes ensure that products or systems meet the system specifications for their intended

purpose. This rigid testing procedure, applied internally by Axis, is also proposed as a services to clients for their embedded electronics department. Industry & Tools

4. Software Engineering IVR Development - Axis has a great deal of experience in developing IVR systems. The Axis teams are well-versed in designing IVR dialogs and dialog flows both for Touchtone (DTMF) and Speech Recognition (ASR) systems. They have delivered multi-language systems with Text To Speech (TTS) integration and have worked with third party speaker verification software to implement multifactor authentication solutions. Java Development - The Axis Java teams have extensive experience in a wide range of technologies from the Java ecosystem and work on state-ofthe-art applications such as IP Contact Centre, Voice Portals and Biometric Systems for applications such as Attendance Monitoring. Testing & QA - To fully complete the software development process, Axis has an independent product testing team which handles software validation and quality assurance. Most of the testing concerns complex products and Axis strongly encourages developing testing skills and domain knowledge among its test engineers. The Axis domains of expertise are: Banking, Contact Center Applications and Telecom. Skills and Projects - Axis provides its employees with a challenging work environment where enthusiastic professionals get a chance to enhance their skills, gain valuable experience and take on new responsibilities to grow into well-rounded software professionals. Development Centre - Its software development centre is located just outside India's capital -- New Delhi -- in Gurgaon, which is about 20 minutes drive from the Indira Gandhi International Airport.

Key Executives S.No Name Designation 1 S Ravinarayanan Chairman 2 Shweta Agrawal Company Secretary 3 Rohitasava Chand Non Executive Director 4 Kedar Nath Choudhury Non Executive Director 5 Pradeep Dadlani Independent Director 6 Kailash Rustagi Independent Director 7 P Hemanth Polavaram Independent Director

Competitors Sr. Company No 1 2 3 4 TCS Infosys Wipro HCL Tech. Oracle Finl. Service Mahindra Satyam Tech Mahindra Mphasis Patni Computer Sys. Info Edge Sales ( Rs. Current InMillion) Price 484261.4 367650 316829 89072.2 1498.85 2359.9 354.95 769.95 Change P/E (%) Ratio 1.52 0.4 0.8 2.61 Market Cap (Rs in Million) 22.6 2889543.22 14.81 1349770.82 15.35 867147.24 17.92 522649.98 52-Week (High/ Low) 1598/1176 3010/2102 463/326 809/454

5 6 7 8

26058.54 59643 52430 35482.28

2609.65 112.5 982.4 401.9

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21.26 218825.49 12.25 132507.96 21.16 126309.76 14.14 86628.02

3414/2360 131/66 1124/591 445/317

9 10

21516.66 4372.58

515.75 369.95

0 1.18

14.67 70051.73 39.05 39922.04

518/508 405/278

11 12 13

14 15 16 17

18 19 20 21

22 23 24 25 26

27 28

Financial Technolog y Vakrangee Software Mindtree Ltd HewlettPackard Glob Hexaware Tech. Flextronics Software Persistent Systems KPIT Cummins Infosys Infotech Enterprise NIIT Tech Luminaire Tech Indian Infotech& Soft Cressanda Solutions PineAnima tion Igate Global Sol Igate Global Sol Zensar Technologi es Polaris

4255.48 13521.44 23618

832.15 74.05 880.95

-0.32 -0.27 -0.01

7.43

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1224/552 79/30 925/572

34.14 37310.57 10.84 36729.68

27615.31 9124.74 6657.43 9967.51

834.55 82.65 723.1 519.8

0 -3.28 0 0.14

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0/0 142/73 0/0 590/335

22.11 23914.17 11.42 20762

6128.92 8638 8274.63 NA

104.2 176.2 260.2 53.9

-2.48 -1.04 -1.16 0.09

20.02 20631.33 10.78 19876.49 10.46 15871.58 0 15826.03

142/92 211/151 325/240 55/27

0.15 NA 0.89 11845.54 11845.54

14.95 440.35 480 404.2 404.2

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15051.62 13374.11 13296 12898.43 12898.43

30/14 441/5 485/441 415/399 415/399

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10727.73 10507.94

302/199 147/103

Finl. Tech 29 30 31 32 Rolta India Ybrant Digital Accelya Kale Solut. Geometric Core Education & Tec Tata Elxsi Unisys Software Infinite Computer Onmobile Global Take Solutions Aztecsoft 3I Infotech Mastek Genesys Intl. Corpn Commex Technolog y R Systems Intl. Sonata Software Cigniti Technologi es Sasken Commn. Tech Nucleus 14680.7 5037.52 1812.87 2697.32 59.75 16.35 486.6 104.7 -0.91 -1.8 2.36 -1.83 2.82 9728.14 83/59 100/17 495/117 126/61

14.78 7929.59 10.83 7095.94 19.57 6736.11

33 34 35 36 37 38 39 40 41 42

8783.88 5144.58 1996.47 3447.06 4998.33 384.08 2737.8 5141.6 4508.84 959.87

53.4 195.8 250 111.8 39.4 31 76.2 6.12 127.3 92.95

-2.02 -0.66 -0.1 2.33 -2.11 1.81 0 1.83 1.07 -2.67

3.26 6239.37 29.24 6137.34 455 5755.8

345/46 254/183 313/160 167/76 56/29 42/20 76/73 14/5 185/88 232/85

5.07 4649.68 258.1 4 4594.85 13.3 45.51 0 6.26 3727.08 3475.3 3462 3103.18

24.73 2850.44

43 44 45

141.44 2289.27 2253.74

19.1 222.05 25.3

4.37 -0.09 0.6

37.55 2838.46 13.35 2793.86 66 2644.76

34/10 244/142 28/17

46

102.39

139.55

-0.32

275.4 2638.37

154/40

47 48

3880.86 2048.55

121.85 75.75

-0.89 -0.59

7.15 6.65

2575.97 2467.63

160/109 97/61

49 50

Software Exp Omnitech Infosolutn Zylog Systems

4209.38 12187.62

129.35 50.25

0.08 -5.01

6.32 1.19

1939.65 1740.03

204/105 340/37

Product Product Name Engineering Design Services Year 2012 Month 3 Sales Qt y 0 SalesValue(Rs.Millio n) 471.8 % of STO 0

Company Overview: Datamatics Global Services Ltd Date of Establishment 1987 Revenue 0 ( USD in Millions ) Market Cap 1600.47449955 ( Rs. in Millions ) Corporate Unit 117-120, S D F -4,S E E P Z,Andheri (E) MumbaiAddress 400096, Maharashtra www.datamatics.com Management Details Chairperson - Lalit S Kanodia MD Directors - Dileep C Choksi, Dileep Choksi, Divya Kumat, Habil F Khorakiwala, Habil L Khorakiwala, Lalit S Kanodia, Lalit S Kanodia, R K Saraswat, Radhakrishna K Saraswat, Rahul L Kanodia, Sameer L Kanodia, Shahzaad S Dalaal, Shahzaad S Dalal, Sudhir C Deshpande, Vidur V Bhogilal Business Operation IT - Software Datamatics Global Services was founded by Lalit Surajmal Kanodia in 1975 as a Group Datamatics, it is a premier provider of end-to-end BPO and IT solutions spanning consulting, technology architectures and business process Background management. Datamatics is a premier provider of end-to-end BPO and IT solutions spanning consulting, technology architectures and business process management. It builds customized Total Income - Rs. 1729.67337 Million ( year ending Mar 2012) Net Profit - Rs. Million ( year ending Mar 2012) Divya Kumat Citi Bank Kanu Doshi Associates

Financials Company Secretary Bankers Auditors

History Datamatics Global Services was founded by Lalit Surajmal Kanodia in 1975 as a Group Datamatics, it is a premier provider of end-to-end BPO and IT solutions spanning consulting, technology architectures and business process management. Datamatics is a premier provider of end-to-end BPO and IT solutions spanning consulting, technology architectures and business process management. It builds customized solutions for industry verticals like Banking and Finance, Insurance, Manufacturing, Online Retail, Research, Healthcare, Government, Not-for-Profit / Charitable Organizations, Telecom, Transportation, Hospitality, Energy and others. Datamatics team of 2,500 (plus 1,400 Knowledge Associates) has executed over 2,100 projects across industry verticals and technologically-aligned competencies in over 60 countries. The companys international clients have included top 25 Fortune 500 companies. Datamatics Global Services Limited is a publicly-listed BPO companies and its shares are traded on the Bombay Stock Exchange and the National Stock Exchange of India. Among the solutions from Datamatics BPO division are: Accounting, Claims, Payroll, Tax forms and Content Management, Document Management & Workflow, Data Warehousing & Business Intelligence, Online Retail Solutions, Healthcare Management Solutions, Research & Analytics. Software Services include: Enterprise Architecture Consulting, Application Development and Maintenance, Independent Validation Services, Enterprise Application Services, Product Management and Embedded Systems. Founded in 1975, the Datamatics Group is recognized as one of India's leading Information Technology and BPO services organizations. The Group includes Datamatics Global Services Limited, Cybercom Datamatics Information Solutions Limited, Datamatics Financial Services Limited and Datamatics Staffing Services. Group Chairman, Dr. Lalit Kanodia, PhD (MIT, USA), widely acknowledged as the founder of the Indian IT industry, was the founder of TCS. Datamatics Global Services Limited is a publicly-listed BPO companies and its shares are traded on the Bombay Stock Exchange and the National Stock Exchange of India.

Headquartered in Mumbai, Datamatics Group has offices in Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad and Nashik. It has subsidiaries in USA, UK, Germany and Australia. Datamatics employs around 3,800 professionals.Datamatics has done projects in over 60 countries worldwide.

Milestones achieved 1975 -The Incorporation of Datamatics. 1983 -Pioneered Indias first offshore software factory by setting up a Dedicated Offshore Center for Wang Labs, USA. 1989- First company to establish a satellite link from its software development center in India to AT&T Bell Labs, USA 1992- First Electronic Publishing Company in India. 1995- Chairman, Dr. LS Kanodia, inducted into the Dataquest Hall of Fame... and remains the only software professional to be thus honored. 1997- First in India and second in the world to obtain an ISO 9002 certification in Electronic Publishing. 1998-First company in the world to guarantee a 99.997% accuracy level in data capture. 1999 -Prime Minister of India confers the ESC Most Innovative Software Product Award upon Datamatics Technologies. 2000 - First Indian technology company to acquire controlling stake in a US listed data management company (Saztec International). 2003 -First Indian company to scale up a dedicated facility into a Joint Venture in the BPO space via acquisition of CorPay for providing customized outsourcing solutions for payables processing and other Finance & Accounting functions. 2004-Indian non-voice third party BPO company to get listed on BSE and NSE.

2006 -Selected as Rising Star at 'The Global Outsourcing 100' 2006 Outsourcing World Summit. Among Top 50 best managed outsourcing vendors by 'The Black Book of Outsourcing'. 2007 - Winner of the IMC Ramkrishna Bajaj National Quality Award 2006. Awards/Achievements

Datamatics is certified for ISO 9001-2000, ISO 27001 and SAS 70, and has been assessed at SEI CMMi Level 5 (QAI), P-CMM Level 5 (QAI). Datamatics is the First & Only Indian Services Company to win the International Asia Pacific Quality Award. Ranked Third globally among global document process outsourcing providers by 'The Black Book of Outsourcing'. Winner of International Asia Pacific Quality Award. Becomes first and only Indian company to win the award in Services category, beating competition from hundreds of companies across the services spectrum in countries such as the US, Japan, Australia, Russia, Canada.

Recent developments In May 2009, Datamatics Global Services, showcased a range of cutting-edge technology solutions customized for the MR industry at the 14th CASRO Technology Conference, New York. The solutions have been designed to meet the unique needs of individual MR projects by the Research & Analytics Division of Datamatics, which differentiates itself from its competition by integrating its expertise in Market Research domain with its skills in high-end technology.

S.No 1 2 3 4 6 5 8 9 7 10

Name Lalit S Kanodia Divya Kumat Sameer L Kanodia Vidur V Bhogilal Dileep C Choksi Radhakrishna K Saraswat Sudhir C Deshpande Habil L Khorakiwala Shahzaad S Dalal Rahul L Kanodia

Key Executives Designation Chairman Company Secretary Executive Director Executive Chairman Non Executive & Independent Director Non Executive & Independent Director Independent Non-Executive Director Independent Non-Executive Director Independent Non-Executive Director Vice Chairman & Chief Executive officer

Competitors SrNo Company Sales Rs.in Million 484261 367650 316829 89072 26059 59643 52430 35482 Curren Chang t Price e (%) 1498.9 1.52 2359.9 0.4 354.95 0.8 769.95 2.61 2609.7 0.26 112.5 982.4 401.9 -0.04 -0.13 -2.52 P/E Ratio 22.6 14.81 15.35 17.92 21.26 12.25 21.16 14.14 Market Cap (Rs Million) 52-Week (High/ Low) 1598/117 2889543 6 3010/210 1349771 2 867147.2 463/326 522650 809/454 3414/236 218825.5 0 132508 131/66

1 2 3 4 5 6 7 8

TCS Infosys Wipro HCL Tech. Oracle Finl. Service Mahindra Satyam Tech Mahindra Mphasis

126309.8 1124/591 86628.02 445/317

9 10 11 12 13 14 15 16 17

18 19 20 21

22 23 24 25 26 27

Patni Computer Sys. Info Edge Financial Technology Vakrangee Software Mindtree Ltd HewlettPackard Glob Hexaware Tech. Flextronics Software Persistent Systems KPIT Cummins Infosys Infotech Enterprise NIIT Tech Luminaire Tech Indian Infotech&Sof t Cressanda Solutions Pine Animation Igate Global Sol Igate Global Sol Zensar Technologies

21517 4372.6 4255.5 13521 23618 27615 9124.7 6657.4 9967.5

515.75 0 369.95 1.18 832.15 -0.32 74.05 -0.27 880.95 -0.01 834.55 0 82.65 723.1 519.8 -3.28 0 0.14

14.67 39.05 7.43 34.14 10.84 8.29 9.34 22.11 11.42

70051.73 518/508 39922.04 405/278 38468.67 1224/552 37310.57 79/30 36729.68 925/572 27340.9 0/0

25517.77 142/73 23914.17 0/0 20762 590/335

6128.9 8638 8274.6 NA

104.2 176.2 260.2 53.9

-2.48 -1.04 -1.16 0.09

20.02 10.78 10.46 0

20631.33 142/92 19876.49 211/151 15871.58 325/240 15826.03 55/27

0.15 NA 0.89 11846 11846 7127.5

14.95

-0.33

0 0 0 5.1 5.1 8.83

15051.62 30/14 13374.11 441/5 13296 485/441

440.35 -0.05 480 404.2 404.2 0 0 0

12898.43 415/399 12898.43 415/399 10727.73 302/199

245.85 -0.08

28 29 30 31 32

33 34 35 36 37 38 39 40 41 42 43 44 45 46

47 48

Polaris Finl. Tech Rolta India Ybrant Digital Accelya Kale Solut. Geometric Core Education & Tec Tata Elxsi Unisys Software Infinite Computer Onmobile Global Take Solutions Aztecsoft 3I Infotech Mastek Genesys Intl. Corpn Commex Technology R Systems Intl. Sonata Software Cigniti Technologies Sasken Commn. Tech Nucleus Software Exp

17621 14681 5037.5 1812.9 2697.3

103.65 -1.85 59.75 -0.91 16.35 486.6 104.7 -1.8 2.36 -1.83

6.29 2.82 14.78 10.83 19.57

10507.94 147/103 9728.14 83/59 7929.59 7095.94 6736.11 100/17 495/117 126/61

8783.9 5144.6 1996.5 3447.1 4998.3 384.08 2737.8 5141.6 4508.8 959.87 141.44 2289.3 2253.7 102.39

53.4 195.8 250 111.8 39.4 31 76.2 6.12 127.3 92.95 19.1

-2.02 -0.66 -0.1 2.33 -2.11 1.81 0 1.83 1.07 -2.67 4.37

3.26 29.24 455 5.07 258.1 4 13.3 45.51 0 6.26 24.73 37.55 13.35 66 275.4

6239.37 6137.34 5755.8 4649.68 4594.85 3727.08 3475.3 3462 3103.18 2850.44 2838.46 2793.86 2644.76 2638.37

345/46 254/183 313/160 167/76 56/29 42/20 76/73 14/5 185/88 232/85 34/10 244/142 28/17 154/40

222.05 -0.09 25.3 0.6

139.55 -0.32

3880.9 2048.6

121.85 -0.89 75.75 -0.59

7.15 6.65

2575.97 2467.63

160/109 97/61

49 50

Omnitech Infosolutn Zylog Systems

4209.4 12188

129.35 0.08 50.25 -5.01

6.32 1.19

1939.65 1740.03

204/105 340/37

Product Name Computer Software Licenses Income

Year 2012 2012

Month Sales Qty 3 3 0 0

Sales % of Value(Rs.Million) STO 1633.1 5.76 0 0

Financial Technologies (India) Ltd. Date of Establishment Revenue Market Cap 1988 0 ( USD in Millions ) 38344.25456455 ( Rs. in Millions ) Doshi Towers 1st Floor 1- A & B ,156 Periyar E V R Corporate Address Salai,Kilpauk Chennai-600010, Tamil Nadu www.ftindia.com Management Details Chairperson - Jignesh Shah MD - Jignesh Shah Directors - C M Maniar, C Subramaniam, Chandrakant Kamdar, Dewang Neralla, Hariraj Chouhan, Jignesh Shah, K Subramaniam, Manjay P Shah, Naishadh P Desai, P G Kakodkar, P R Barpande, P Ramanathan, Ramanathan Devarajan, Ravi K Sheth Business Operation IT - Software Financial Technologies (India) (FTIL) was established in 1988. It is a flagship company of the Financial Technologies Group. Financial Technologies (India) is a large exchange and ecosystem network of 10 exchanges and 5 ecosystem spanning Africa to Asia across multi asset including Background commodities, currencies, energy and equity. The company's flagship product ODIN is used for trad Total Income - Rs. 8677.155 Million ( year ending Mar 2012) Net Profit - Rs. Million ( year ending Mar 2012) Naishadh P Desai Standard Chartered Bank Deloittee Haskins & Sells

Financials Company Secretary Bankers Auditors

History Financial Technologies (India) (FTIL) was established in 1988. It is a flagship company of the Financial Technologies Group. Financial Technologies (India) is a large exchange and ecosystem network of 10 exchanges and 5 ecosystem spanning Africa to Asia across multi asset including commodities, currencies, energy and equity. The company's flagship product ODIN is used for trading in securities and commodities and accounts for 80% of market share in India. It has an installed base of 3,20,000 trading licenses. Another product DOME is an exchange solution that been implemented on dominant exchanges like Multi Commodity Exchange (MCX), Dubai Gold & Commodities Exchange (DGCX), Safal National Exchange (SNX), Global Board of Trade, Mauritius (GBOT) and others. In October, 2010, Financial Technologies (India), has launched an international multi-asset exchange Global Board Of Trade (GBOT) in Mauritius. In February 2011, The first multi-asset exchange in the Middle East and North Africa owned by Financial Technologies - The Bahrain Financial Exchange (BFX), officially launched its operations in Bahrain.

Business Exchange Ventures It creates exchange networks for transparency in financial markets in Africa, Middle East, Central Asia, India, China and other Asian countries. It is a network provider for MCX, IBSFOREX, GBOT, SMX and DGCX, among others. Ecosystem ventures The ecosystem business complements the exchange business by capturing value of all upstream and downstream transactions around the exchanges.

Awards Financial Technologies was awarded Amity Corporate Excellence Award It won IT People award for Product Innovation; Exchange and Brokerage Products. It was received Gurjar Ratna Award. Financial Technologies was awarded Ernst & Young Entrepreneur of the Year 2006 Award for business transformation. February 2007, Financial Technologies was presented with the award by Amity International Business School during the 9th Annual International Business Summit and Research Conference. Financial Technologies Group Company MCX won the award during the global SMEs summit on empowering SME sector for better prospects conducted by IITC and SME Centre of India on February 22, 2007. In July 2011, Financial Technologies (India) won the DSCI Excellence Awards 2011 in Security in IT Services - SME category On August 2011, Financial Technologies (India) won the prestigious Golden Peacock HR Excellence Award for the year 2011. Key Executives S.No Name Designation 1 Jignesh Shah Chairman 4 Jignesh Shah Managing Director 2 Naishadh P Desai Company Secretary 3 Hariraj Chouhan Company Secretary 5 Manjay P Shah Additional Director 6 P G Kakodkar Independent Non-Executive Director 7 Chandrakant Kamdar Independent Non-Executive Director Ramanathan 8 Devarajan Independent Non-Executive Director 9 C M Maniar Independent Non-Executive Director 10 Dewang Neralla Whole Time Director 11 Ravi K Sheth Non Independent & Non Exec Director Non Independent & Non 12 P R Barpande ExecutiveDirector

Sr.N o. 1 2 3 4 5 6 7 8

Company

Sales Rs.in Million 484261 367650 316829 89072 26059 59643 52430 35482

TCS Infosys Wipro HCL Tech. Oracle Finl. Service Mahindra Satyam Tech Mahindra Mphasis Patni Computer Sys. Info Edge Financial Technology Vakrangee Software Mindtree Ltd HewlettPackard Glob Hexaware Tech. Flextronics Software

Competitors Curre Chang nt e (%) Price 1498. 9 1.52 2359. 9 0.4 354.9 5 0.8 769.9 5 2.61 2609. 7 0.26 112.5 982.4 401.9 515.7 5 369.9 5 832.1 5 74.05 880.9 5 834.5 5 82.65 723.1 -0.04 -0.13 -2.52

Market Cap 52-Week Rs.in High/Lo mIllion w 1598/117 22.94 2933581 6 3010/210 14.87 1355140 2 P/E Ratio 15.47 874042.1 18.39 536266.5 21.32 219388.7 12.24 132449.1 21.13 126142.8 13.78 84442.89 463/326 809/454 3414/236 0 131/66 1124/591 445/317

9 10 11 12 13

21517 4372.6 4255.5 13521 23618

0 1.18 -0.32 -0.27 -0.01

14.67 70051.73 39.5 7.41 40391.52 38344.25

518/508 405/278 1224/552 79/30 925/572

34.05 37210.07 10.84 36725.51

14 15 16

27615 9124.7 6657.4

0 -3.28 0

8.29 9.03

27340.9 24681.61

0/0 142/73 0/0

22.11 23914.17

17

18 19 20 21

22 23 24 25 26

27 28 29 30 31 32

33 34 35

Persistent Systems KPIT Cummins Infosys Infotech Enterprise Luminaire Tech NIIT Tech Indian Infotech&S oft Cressanda Solutions Pine Animation Igate Global Sol Igate Global Sol Zensar Technologie s Polaris Finl. Tech Rolta India Ybrant Digital Accelya Kale Solut. Geometric Core Education & Tec Tata Elxsi Unisys Software

9967.5

519.8

0.14

11.44 20792

590/335

6128.9 8638 NA 8274.6

104.2 176.2 53.9 260.2

-2.48 -1.04 0.09 -1.16

19.52 20119.65 10.67 19669.97 0 15840.72 10.34 15687.69

142/92 211/151 55/27 325/240

0.15 NA 0.89 11846 11846

14.95 440.3 5 480 404.2 404.2 245.8 5 103.6 5 59.75 16.35 486.6 104.7

-0.33 -0.05 0 0 0

0 0 0 5.1 5.1

15001.44 13368.04 13296 12898.43 12898.43

30/14 441/5 485/441 415/399 415/399

7127.5 17621 14681 5037.5 1812.9 2697.3

-0.08 -1.85 -0.91 -1.8 2.36 -1.83

8.82 6.17 2.8

10719.01 10313.9 9639.41

302/199 147/103 83/59 100/17 495/117 126/61

14.51 7786.71 11.08 7263.12 19.21 6612.95

8783.9 5144.6 1996.5

53.4 195.8 250

-2.02 -0.66 -0.1

3.19 6113.44 29.05 6096.86 454.5 5 5750.05

345/46 254/183 313/160

36 37 38 39 40 41 42 43 44 45

46

47

48 49 50

Infinite Computer Onmobile Global Take Solutions 3I Infotech Aztecsoft Mastek Commex Technology R Systems Intl. Genesys Intl. Corpn Sonata Software Cigniti Technologie s Sasken Commn. Tech Nucleus Software Exp Omnitech Infosolutn Zylog Systems

3447.1 4998.3 384.08 5141.6 2737.8 4508.8 141.44 2289.3 959.87 2253.7

111.8 39.4 31 6.12 76.2 127.3 19.1 222.0 5 92.95 25.3 139.5 5 121.8 5

2.33 -2.11 1.81 1.83 0 1.07 4.37 -0.09 -2.67 0.6

5.19 4758.21 252.6 9 4497.81 13.54 0 45.51 6.33 3794.4 3525.37 3475.3 3136.44

167/76 56/29 42/20 14/5 76/73 185/88 34/10 244/142 232/85 28/17

39.19 2962.54 13.34 2791.35 24.07 2774.33 66.4 2660.53

102.39

-0.32

274.5 2 2629.89

154/40

3880.9

-0.89

7.08

2552.92

160/109

2048.6 4209.4 12188

75.75 129.3 5 50.25

-0.59 0.08 -5.01

6.61 6.33 1.13

2453.06 1941.15 1652.87

97/61 204/105 340/37

Product Name Year Income from Software Services (Project Based) 2012 Income from Software Products (IPR Based License) 2012 Computer Hardware - Traded Computer Software - Traded Other Operating Revenues - Business Support Services Other Operating Revenues - IT Infrastructure Sharing Income Other Operating Revenues - Others 2012 2012 2012 2012 2012

Mo nth 3 3 3 3 3 3 3

Sales Qty 0 0 0 0 0 0 0

Sales Value(Rs. Million) 3280.1 808.54 29.69 8.18 0 0 0

% of STO 0 0 0 0 0 0 0

HCL Technologies Ltd. Date of Establishment Revenue Market Cap Corporate Address Management Details 1991 0 ( USD in Millions ) 536266.463841 ( Rs. in Millions ) 806, Siddharth,96, Nehru Place, New Delhi-110019, Delhi www.hcltech.com Chairperson - Shiv Nadar MD - Shiv Nadar Directors - Ajai Chowdhry, Amal Ganguli, Manish Anand, P C Sen, R Srinivasan, Rick Valencia, Robin Abrams, S Madhavan, S S Sastry, S Shankara Sastry, Shiv Nadar, Srikant M Datar, Subroto Bhattacharya, Sudhindar Krishan Khanna, T S R Subramanian, Vineet Nayar IT - Software HCL Technologies is a leading global IT services company, working with clients in the areas that impact and redefine the core of their businesses. Since its inception into the global landscape after its IPO in 1999, HCL focuses on 'transformational outsourcing', underlined by innovation and value creation, and offers integrated portfolio of services including software-led IT solutions, remote infrastructur Total Income - Rs. 92084.4 Million ( year ending Jun 2012) Net Profit - Rs. Million ( year ending Jun 2012) Manish Anand Price Waterhouse & Co

Business Operation

Background Financials Company Secretary Bankers Auditors

History HCL Technologies is a leading global IT services company, working with clients in the areas that impact and redefine the core of their businesses. Since its inception into the global landscape after its IPO in 1999, HCL focuses on 'transformational outsourcing', underlined by innovation and value creation, and offers integrated portfolio of services including software-led IT solutions, remote infrastructure management, engineering and R&D services and BPO. HCL Technologies has portfolio of services including software-led IT solutions, remote infrastructure management, engineering and R&D services and BPO. HCL has global partnerships with several leading Fortune 1000 firms, including several IT and technology majors. It provides services to industry sectors including financial services, manufacturing, aerospace & defense, telecom, retail & CPG, life sciences & healthcare, media & entertainment, travel, transportation & logistics, automotive, government and energies & utilities. HCL leverages its extensive global offshore infrastructure and network of offices in 26 countries to provide holistic, multi-service delivery in key industry verticals including Financial Services, Manufacturing, Consumer Services, Public Services and Healthcare. HCL Technologies is leader in providing IT services to its clients restructuring the core of their businesses. HCL takes pride in its philosophy of 'Employees First, Customers Second' which empowers our 77,046 transformers to create a real value for the customers. HCL Technologies, along with its subsidiaries, had consolidated revenues of US$ 3.5 billion (Rs. 16,034 crores), as on 30 June 2011 (on LTM basis). The acquisition of UK-based Axon for close to 441.1 million ponds, is expected to ramp up HCL Technologies client base and will have a positive effect on its profit. The company is also on the lookout for more acquisitions in the near future.

Recognition HCL Technologies has been named as one of Britain's Top Employers 2010 by the Corporate Research Foundation (CRF) Institute, for the fourth consecutive year. HCL Technologies has been conferred with the prestigious Golden Peacock Innovation Award for its MTaaS (a Business Service Management centric service delivery platform) offering in the IT Sector category in October, 2009. HCL Customer Standard Parking Wins Oracles Empower the Green Enterprise Award HCL Receives 6 HR Congress Awards 2008 a recognition for having great human resources practices Indias Most Preferred Personal Computer Brand CNBC AWAAZ Consumer Award 2007 HCL Technologies (HCL) was named Meritorious Performance Supplier in Sun Microsystems' 2007 Supplier Awards program. The award recognize companies that make outstanding contributions to Sun's record of delivering superior technology, quality service and excellent value to its customers. Key Executives S.No Name Designation 1 Shiv Nadar Chairman 2 Manish Anand Company Secretary 3 S Madhavan Director 7 Robin Abrams Non Executive Director 8 Subroto Bhattacharya Non Executive Director 9 Amal Ganguli Non Executive Director 10 R Srinivasan Non Executive Director Sudhindar Krishan 4 Khanna Non Executive Director 5 Srikant M Datar Non Executive Director 6 S S Sastry Non Executive Director Vice Chairman & Chief Executive 11 Vineet Nayar officer

Sr.N o. 1 2 3 4 5 6 7 8

Company

Sales Rs.in million 484261 367650 316829 89072 26059 59643 52430 35482

TCS Infosys Wipro HCL Tech. Oracle Finl. Service Mahindra Satyam Tech Mahindra Mphasis Patni Computer Sys. Info Edge Financial Technology Vakrangee Software Mindtree Ltd HewlettPackard Glob Hexaware Tech. Flextronics Software

Competitors Curre Chang nt e (%) Price 1498. 9 1.52 2359. 9 0.4 354.9 5 0.8 769.9 5 2.61 2609. 7 0.26 112.5 982.4 401.9 515.7 5 369.9 5 832.1 5 74.05 880.9 5 834.5 5 82.65 723.1 -0.04 -0.13 -2.52

Market Cap 52-Week Rs.in High/Lo million w 1598/117 22.94 2933581 6 3010/210 14.87 1355140 2 P/E Ratio 15.47 874042 18.39 536266 21.32 219389 12.24 132449 21.13 126143 13.78 84442.9 463/326 809/454 3414/236 0 131/66 1124/591 445/317

9 10 11 12 13

21517 4372.6 4255.5 13521 23618

0 1.18 -0.32 -0.27 -0.01

14.67 70051.7 39.5 7.41 40391.5 38344.3

518/508 405/278 1224/552 79/30 925/572

34.05 37210.1 10.84 36725.5

14 15 16

27615 9124.7 6657.4

0 -3.28 0

8.29 9.03

27340.9 24681.6

0/0 142/73 0/0

22.11 23914.2

17

18 19 20 21

22 23 24 25 26

27 28 29 30 31 32

33 34 35

Persistent Systems KPIT Cummins Infosys Infotech Enterprise Luminaire Tech NIIT Tech Indian Infotech&S oft Cressanda Solutions Pine Animation Igate Global Sol Igate Global Sol Zensar Technologie s Polaris Finl. Tech Rolta India Ybrant Digital Accelya Kale Solut. Geometric Core Education & Tec Tata Elxsi Unisys Software

9967.5

519.8

0.14

11.44 20792

590/335

6128.9 8638 NA 8274.6

104.2 176.2 53.9 260.2

-2.48 -1.04 0.09 -1.16

19.52 20119.7 10.67 19670 0 15840.7 10.34 15687.7

142/92 211/151 55/27 325/240

0.15 NA 0.89 11846 11846

14.95 440.3 5 480 404.2 404.2 245.8 5 103.6 5 59.75 16.35 486.6 104.7

-0.33 -0.05 0 0 0

0 0 0 5.1 5.1

15001.4 13368 13296 12898.4 12898.4

30/14 441/5 485/441 415/399 415/399

7127.5 17621 14681 5037.5 1812.9 2697.3

-0.08 -1.85 -0.91 -1.8 2.36 -1.83

8.82 6.17 2.8

10719 10313.9 9639.41

302/199 147/103 83/59 100/17 495/117 126/61

14.51 7786.71 11.08 7263.12 19.21 6612.95

8783.9 5144.6 1996.5

53.4 195.8 250

-2.02 -0.66 -0.1

3.19 6113.44 29.05 6096.86 454.5 5 5750.05

345/46 254/183 313/160

36 37 38 39 40 41 42 43 44 45

46

47

48 49 50

Infinite Computer Onmobile Global Take Solutions 3I Infotech Aztecsoft Mastek Commex Technology R Systems Intl. Genesys Intl. Corpn Sonata Software Cigniti Technologie s Sasken Commn. Tech Nucleus Software Exp Omnitech Infosolutn Zylog Systems

3447.1 4998.3 384.08 5141.6 2737.8 4508.8 141.44 2289.3 959.87 2253.7

111.8 39.4 31 6.12 76.2 127.3 19.1 222.0 5 92.95 25.3 139.5 5 121.8 5

2.33 -2.11 1.81 1.83 0 1.07 4.37 -0.09 -2.67 0.6

5.19 4758.21 252.6 9 4497.81 13.54 0 45.51 6.33 3794.4 3525.37 3475.3 3136.44

167/76 56/29 42/20 14/5 76/73 185/88 34/10 244/142 232/85 28/17

39.19 2962.54 13.34 2791.35 24.07 2774.33 66.4 2660.53

102.39

-0.32

274.5 2 2629.89

154/40

3880.9

-0.89

7.08

2552.92

160/109

2048.6 4209.4 12188

75.75 129.3 5 50.25

-0.59 0.08 -5.01

6.61 6.33 1.13

2453.06 1941.15 1652.87

97/61 204/105 340/37

Products Product Name Income from Software Services Others Routers Servers Software Licenses (Unlimited Users) Switches Storage Devices Year 2012 2012 2012 2012 2012 2012 2012 Month Sales Qty 6 6 6 6 6 6 6 0 0 0 0 0 0 0 Sales Value(Rs.Million) 86809 1134.5 385.3 308.4 246.5 125.8 62.8 % of STO 0 0 0 0 0 0 0

Automobile Industry Bajaj Auto Ltd. Date of Establishme nt Revenue Market Cap Corporate Address

2007 0 ( USD in Millions ) 529411.431441 ( Rs. in Millions ) Bajaj Auto Ltd Complex,Mumbai - Pune Road,AkurdiPune411035, Maharashtra www.bajajauto.com

Managemen t Details Chairperson - Rahul Bajaj MD - Rajiv Bajaj Directors - D J Balaji Rao, D S Mehta, J N Godrej, J Sridhar, Kantikumar R Podar, Madhur Bajaj, Manish Kejriwal, Nanoo Pamnani, Naresh Chandra, Niraj Bajaj, P Murari, Rahul Bajaj, Rajiv Bajaj, S H Khan, Sanjiv Bajaj, Shekhar Bajaj, Suman Kirloskar Business Operation Automobile Two & Three Wheelers Bajaj Auto is a $2.3 billion company founded in 1926. Bajaj Auto is worlds fourth largest two- and three-wheeler manufacturer. Bajaj Auto is into manufacturing motorcycles, scooters and three Background wheelers. In India, Bajaj Auto has a distribution network of 485 dealers and over 1,600 author Total Income - Rs. 201556.6 Million ( year ending Mar 2012) Net Profit - Rs. Million ( year ending Mar 2012) J Sridhar Dalal & Shah

Financials Company Secretary Bankers Auditors

History Bajaj Auto is a $2.3 billion company founded in 1926. Bajaj Auto is worlds fourth largest two- and three-wheeler manufacturer. Bajaj Auto is into manufacturing motorcycles, scooters and three wheelers. In India, Bajaj Auto has a distribution network of 485 dealers and over 1,600 authorised services centers. It has 171 dealers exclusive for the three-wheeler segment .It has total 3750 rural outlets in rural areas. The company has opened 11 retail stores for bikes across the country, exclusive for high-end and performance bikes. It has opened these stores under the name Bajaj Probiking in areas like Pune, Nashik, Ahmedabad, Chennai, Hyderabad, Kolkata, Navi Mumbai, Chandigarh, New Delhi, Faridabad and Manglore. Bajaj Auto is largest exporter of three-wheelers. It has a distribution network in 50 countries with a dominant presence in Sri Lanka, Colombia, Bangladesh, Mexico, Central America, Peru and Egypt. It has technical tie up with Kawasaki Heavy Industries of Japan to manufacture latest models in the two wheeler space. Bajaj Auto has launched brands like Boxer, Caliber, Wind125, Pulsar and many more. It has also launched India's first real cruiser bike, Kawasaki Bajaj Eliminator.

Awards Bajaj Autos Bajaj Pulsar DTS-Fi won bike of the year in 2007 by CNBCTV18 Autocar Auto Awards. Bajaj Platina 100 cc won bike of the year 2007 by NDTV Profit Bike India. Bajaj Autos Chakan Plant won Super Platinum Award For manufacturing Excellance in 2006-07 by Frost and Sullivan. Bajaj CT 100 bagged Motorcycle Total Customer Satisfaction Study in 2005 by TNS Automotive.

Future Plans: Bajaj Auto, Renault and Nissan will enter into joint venture to develop, produce and market a pasenger car model.The ownership share in this joint venture would be Bajaj Auto-50%, Renault-25% and Nissan-25%. Intial planned capacity will be 400,000 units per year. The price range will start from $2500 and car will start selling in early 2011. Key Executives S.No Name Designation 1 Rahul Bajaj Chairman 3 Rajiv Bajaj Managing Director 2 J Sridhar Company Secretary 4 Madhur Bajaj Vice Chairman 5 Sanjiv Bajaj Non Executive Director 8 Shekhar Bajaj Non Executive Director 7 Manish Kejriwal Non Executive Director 6 Niraj Bajaj Non Executive Director Kantikumar R Non Executive Independent 17 Podar Director Non Executive Independent 9 D J Balaji Rao Director Non Executive Independent 10 D S Mehta Director Non Executive Independent 11 J N Godrej Director Non Executive Independent 12 S H Khan Director Non Executive Independent 13 Suman Kirloskar Director Non Executive Independent 14 Naresh Chandra Director Non Executive Independent 15 Nanoo Pamnani Director Non Executive Independent 16 P Murari Director

Company Bajaj Auto Hero MotoCorp TVS Motor Maharashtr a Scooters Atul Auto Scooters India Kinetic Engg LML Kinetic Motors VCCL

Sales(Rs.Milli on) 195290 235790 71262 66.78 2988.2 2079.9 828.61 3104.1 0.48 NA

Competitors Curre nt Chang Price e (%) 1829. 6 -0.48 1676. 1 -0.05 40.3 380 174.4 20.7 55.65 5.62 7.22 3.35 -2.07 2.73 2.41 -3.72 5 2.93 0 0

P/E Rati o 17.3 6

Market Cap.(Rs.Millio 52-Week n) High/Low 2229/142 529411 3 2150/143 15.8 334696 4 16.6 2 19146 50/32 12.3 1 4342.9 555/305 8.5 1913.5 227/90 0 0 0 34.2 9 0 889.94 577.2 460.75 198.88 16.08 42/18 124/50 5-Oct 13/7 3-Apr

Product Name

Year

Month

Sales Qty 0 0 0 0 0 0 0

Vehicles Auto Spare Parts - Traded Other Operating Revenue Export Incentives Auto Spare Parts Other Operating Revenue Scrap Sales Other Operating Revenue Royalty Other Operating Revenue

2012 2012 - 2012 2012 - 2012 - 2012 - 2012

3 3 3 3 3 3 3

Sales Value(Rs.Millio n) 184272 12068.7 5642.4 1930 570.9 270.8 3

% of STO 0 0 0 0 0 0 0

Technical Know How Fees Hero MotoCorp Date of 1984 Establishment Revenue 0 ( USD in Millions ) Market Cap 336643.171875 ( Rs. in Millions ) Corporate 34 ,Community Centre,Basant Lok, Vasant ViharNew DelhiAddress 110057, Delhi www.heromotocorp.com Management Chairperson - Brijmohan Lall Munjal Details MD - Pawan Munjal Directors - Analjit Singh, Anand C Burman, Arun Nath Maira, Brijmohan Lall Munjal, Ilam C Kamboj, M Damodaran, Masahiro Takedagawa, Om Prakash Munjal, Paul Edgerley, Pawan Munjal, Pradeep Dinodia, Pritam Singh, Ravi Nath, Satoshi Matsuzawa, Shobhana Bhartia, Suman Jyoti Khaitan, Suman Kant Munjal, Sumihisa Fukuda, Sunil Kant Munjal, Takashi Nagai, Toshiaki Nakagawa, V P Malik, Ved Prakash Malik, Yuji Shiga Business Automobile Two & Three Wheelers Operation Hero MotoCorp is the World's single largest two-wheeler motorcycle company. Honda Motor Company of Japan and the Hero Group entered a joint venture to setup Hero Honda Background Motors Limited in 1984. The joint venture between India's Hero Group and Honda Motor Company, Japan has not only created the world's single largest two wheeler company but also one of the most successful joint ventures wor Financials Total Income - Rs. 240270.6 Million ( year ending Mar 2012) Net Profit - Rs. Million ( year ending Mar 2012) Company Ilam C Kamboj Secretary ABN Amro Bank, Bank of America, Bank of Tokyo Mitsubishi , Canara Bank , Citi Bank, HDFC Bank, HSBC Bankers Bank, ICICI Bank, Punjab National Bank, Standard Chartered Bank

Auditors History

AF Ferguson & Co

Hero MotoCorp is the World's single largest two-wheeler motorcycle company. Honda Motor Company of Japan and the Hero Group entered a joint venture to setup Hero Honda Motors Limited in 1984. The joint venture between India's Hero Group and Honda Motor Company, Japan has not only created the world's single largest two wheeler company but also one of the most successful joint ventures worldwide. During the 80s, Hero Honda became the first company in India to prove that it was possible to drive a vehicle without polluting the roads. The company introduced new generation motorcycles that set industry benchmarks for fuel thrift and low emission. A legendary 'Fill it - Shut it - Forget it' campaign captured the imagination of commuters across India, and Hero Honda sold millions of bikes purely on the commitment of increased mileage. Over 20 million Hero Honda two wheelers tread Indian roads today. These are almost as many as the number of people in Finland, Ireland and Sweden put together. Hero Honda has consistently grown at double digits since inception; and today, every second motorcycle sold in the country is a Hero Honda. Every 30 seconds, someone in India buys Hero Honda's top -selling motorcycle Splendor. This festive season, the company sold half a million two wheelers in a single montha feat unparalleled in global automotive history. Hero Honda became the first company in the country to introduce four-stroke motorcycles and set the standards for fuel efficiency, pollution control and quality. It has an excellent distribution and service network spread throughout the country. Hero Honda bikes currently roll out from its three globally benchmarked manufacturing facilities. Two of these are based at Dharuhera and Gurgaon in Haryana and the third state of the art manufacturing facility was inaugurated at Haridwar, Uttrakhand in April this year. These plants together are capable of producing out 4.4 million units per year. Having reached an unassailable pole position in the Indian two wheeler market, Hero Honda is constantly working towards consolidating its position in the market

place. The company believes that changing demographic profile of India, increasing urbanization and the empowerment of rural India will add millions of new families to the economic mainstream. This would provide the growth ballast that would sustain Hero Honda in the years to come. As Brijmohan Lall Munjal, the Chairman, Hero Honda Motors succinctly points out, 'We pioneered India's motorcycle industry, and it's our responsibility now to take the industry to the next level. We'll do all it takes to reach there.''

Product range of the company includes: CD Dawn CD Deluxe Pleasure Splendor + Splendor NXG Passion PRO Passion Plus Super Splendor Glamour Glamour PGM FI Achiever CBZ Extreme Hunk Karizma

Milestones: 1983- Joint Collaboration Agreement with Honda Motor Co. Ltd. Japan signed Shareholders Agreement signed 1984- Hero Honda Motors Ltd. Incorporated 1985- First motorcycle 'CD 100' rolled out

1987- 100,000th motorcycle produced 1989- New motorcycle model - 'Sleek' introduced 1991-New motorcycle model - 'CD 100 SS' introduced 500,000th motorcycle produced 1992-Raman Munjal Vidya Mandir inaugurated - A School in the memory of founder Managing Director, Mr. Raman Kant Munjal 1994-New motorcycle model - 'Splendor' introduced 1,000,000th motorcycle produced 1997-New motorcycle model - 'Street' introduced Hero Honda's 2nd manufacturing plant at Gurgaon inaugurated 1998-2,000,000th motorcycle produced 1999-New motorcycle model - 'CBZ' introduced Environment Management System of Dharuhera Plant certified with ISO-14001 by DNV Holland Raman Munjal Memorial Hospital inaugurated - A Hospital in the memory of founder Managing Director, Mr. Raman Kant Munjal 2000- 4,000,000th motorcycle produced Environment Management System of Gurgaon Plant certified ISO-14001 by DNV Holland Splendor declared 'World No. 1 - largest selling single two-wheeler model Hero Honda Passport Programme CRM Programme launched 2001 New motorcycle model - 'Passion' introduced One million production in one single year New motorcycle model - 'Joy' introduced 5,000,000th motorcycle produced 2002-Becomes the first Indian Company to cross the cumulative 7 million sales mark Splendor has emerged as the World's largest selling model for the third calendar year in a row (2000, 2001, 2002)New motorcycle model - 'CD Dawn' introduced, New motorcycle model - 'Splendor +' introduced, New motorcycle model - 'Passion Plus' introduced, New motorcycle model - 'Karizma' introduced

2004- New motorcycle model - 'Ambition 135' introduced Hero Honda became the World No. 1 Company for the third consecutive year. Crossed sales of over 2 million units in a single year, a global record Splendor - World's largest selling motorcycle crossed the 5 million mark New motorcycle model - 'CBZ' introduced Joint Technical Agreement renewed. Total sales crossed a record of 10 million motorcycles 2005- Hero Honda is the World No. 1 for the 4th year in a row. New motorcycle model - 'Super Splendor' introduced, New motorcycle model - 'CD Deluxe' introduced New motorcycle model - 'Glamour' introduced, New motorcycle model - 'Achiever' introduced First Scooter model from Hero Honda - 'Pleasure' introduced 2006- Hero Honda is the World No. 1 for the 5th year in a row 15 million production milestone achieved 2007-Hero Honda is the World No. 1 for the 6th year in a row New 'Splendor NXG' launched New 'CD Deluxe' launched New 'Passion Plus' launched New motorcycle model 'Hunk' launched 20 million production milestone achieved

2008- Hero Honda Haridwar Plant inauguration New 'Pleasure' launched Splendor NXG launched with power start feature New motorcycle model 'Passion Pro' launched New 'CBZ Xtreme' launched 25 million production milestone achieved CD Deluxe launched with power start feature New 'Glamour' launched New 'Glamour Fi' launched

2009- Hero Honda GoodLife Program launched Hunk' (Limited Edition) launched - Splendor completed 11 million production landmark

- New motorcycle model 'Karizma - ZMR' launched - Silver jubilee celebrations 2010- New model Splendor Pro launched - Launch of new Super Splendor and New Hunk 2011- New licensing arrangement signed between Hero and Honda - Launch of new refreshed versions of Glamour, Glamour FI, CBZ Xtreme, Karizma - Crosses the landmark figure of 5 million cumulative sales in a single year - July 29, 2011 - Hero Honda Motors changed its name to Hero MotoCorp following the exit of its erstwhile Japanese promoter, Honda, from the company

Achievements/ recognition:2011- Two-wheeler Manufacturer of the Year award by Bike India magazine Adjudged the 'Bike Manufacturer of the Year' at the Economic Times ZigWheels Car and Bike Awards 2010- Rated as Top Indian Company in Automobile - Two Wheelers sector by Dun & Bradstreet - Rolta Corporate Awards 2009- Most Preferred Brand of Two-Wheelers' award at the CNBC Awaaz Consumer Awards. Adjudged at top of the two-wheeler category in the Brand Equity Most Trusted Brands 2010 Survey Ranked No. 3 Most Trusted Brand across categories amongst Young Adult Males Company of the Year awarded by Economic Times Awards for Corporate Excellence 2008-09- CNBC TV18 Overdrive Awards 2010 'Hall of Fame' to SplendorNDTV Profit Car & Bike Awards 2010 - Two-wheeler Manufacturer of the Year, CnB Viewers' Choice Two-wheeler of the Year (Karizma ZMR) and Bike Maker of the Year by ET-ZigWheels Car & Bike of the Year Awards 2009'

2009- 'Two-wheeler Manufacturer of the Year' by NDTV Profit Car & Bike Awards 2009 and Passion Pro adjudged as CNB Viewers' Choice two-wheeler Top Indian Company under the 'Automobile - Two-wheelers' sector bythe Dun & Bradstreet-Rolta Corporate Awards Won Gold in the Reader's Digest Trusted Brand 2009 in the 'Motorcycles' category NDTV Profit Business Leadership Awards 2009 - two-wheeler category 2008- NDTV Profit Business Leadership Award 2008 - TopGear Design Awards 2008 - NDTV Profit Car India & Bike India Awards - IndiaTimes Mindscape and Savile Row ( A Forbes Group Venture ) Loyalty Awards - Asian Retail Congress Award for Retail Excellence (Strategies and Solutions of business innovation and transformation) - NDTV Profit Car India & Bike India Awards - Overdrive Magazine - TNS Voice of the Customer Awards 2007- The NDTV Profit Car India & Bike India Awards 2007 2006- Corporate Social Responsibility Award Top Indian company in the Automobile - Two Wheeler sector by Dun & Bradstreet - American Express Corporate Awards 2006 Hero Honda Splendor rated as India's most preferred twowheeler brand at the Awaaz Consumer Awards 2006- NDTV Profit Car India & Bike India Awards 2006 2005- Awaaz Consumer Awards 2005 Bike Maker of the Year Award by Overdrive Magazine 2004- Winner of the Review 200 - Asia's Leading Companies Award (3rd Rank amongst the top 10 Indian companies) ICSI National Award for Excellence in Corporate Governance 2004 by The Institute of Company Secretaries of India. 2003 - Winner of the Review 200 Most Respected Company in Automobile Sector by Business World Bike Maker of the Year by Overdrive Magazine.

2002- Bike Maker of the Year by Overdrive MagazineWinner of the Review 200 Company of the Year of ET Awards for Corporate Excellence. 2001- Bike Maker of the Year by Overdrive Magazine Winner of Three Leaves Award for showing Corporate Environment Responsibility in the Automobile Sector by Centre for Science & Environment Business School Award for Corporate Performance to Hero Honda Motors Ltd. And many more..

Key Executives S.No 1 3 2 4 5 6 10 11 12 7 8 9 Name Brijmohan Lall Munjal Pawan Munjal Ilam C Kamboj Suman Kant Munjal Paul Edgerley Sunil Kant Munjal V P Malik M Damodaran Ravi Nath Pradeep Dinodia Pritam Singh Anand C Burman Designation Chairman Managing Director Company Secretary Non Executive Director Non Executive Director Joint Managing Director Non Executive & Independent Director Non Executive & Independent Director Non Executive & Independent Director Non Executive & Independent Director Non Executive & Independent Director Non Executive & Independent Director

Competitors Company Bajaj Auto Hero MotoCorp TVS Motor Maharashtra Scooters Atul Auto Scooters India Kinetic Engg LML Kinetic Motors VCCL Product Sales Qty 62352 05 0 0 0 Sales Value(Rs. Million) 234941 15300 773.9 534.8 % of STO 0 0 0 0 Sales (Rs.Millio n) 195290 235790 71262 66.78 2988.2 2079.9 828.61 3104.1 0.48 NA Current Chang Price e (%) 1864.9 1701.1 38.9 415.3 196.3 21.25 56 6.24 7.22 3.35 1.7 0.9 -0.26 0.25 0.08 -4.49 0 11.43 0 0 Market P/E Cap.(Rs.Milli Ratio on) 17.43 530641 15.89 336643 16.08 18528 9.69 9.56 0 0 0 4734.3 2152.1 956.58 580.83 459.11 52-Week High/Low 2229/1423 2150/1434 50/32 555/305 227/90 42/18 124/50 5-Oct 13/7 3-Apr

34.29 198.88 0 16.08

Product Name Motorised Two Wheeler upto 350 cc Spares Income from Services - Goodlife Program for Customers Income from Services - Others

Year 2012 2012 2012 2012

Month 3 3 3 3

Income from Services - Dealers Support Services 2012

305.2

Mahindra & Mahindra Limited Date of Establishme nt Revenue Market Cap Corporate Address 1945 0 ( USD in Millions ) 605078.035038 ( Rs. in Millions ) Gateway Building,Apollo Bunder, Mumbai-400001, Maharashtra www.mahindra.com Managemen Chairperson - Anand G Mahindra t Details MD - Anand G Mahindra Directors - A K Nanda, A S Ganguly, AK Nanda, Anand G Mahindra, Anupam Puri, Arun Kanti Dasgupta, AS Ganguly, Bharat Doshi, D Vijayalakshrni, Deepak S Parekh, Keshub Mahindra, M M Murugappan, Nadir B Godrej, Narayan Shankar, Narayanan Vaghul, R K Kulkarni, Vikram Singh Mehta, Vishakha N Desai Business Automobiles-Tractors Operation Mahindra & Mahindra was established on October 2, 1945 when K.C. Mahindra visited the United States of America as Chairman of the India Supply Mission. He met Barney Roos, inventor of the Background rugged 'general purpose vehicle' or Jeep and had a flash of inspiration: wouldn't a vehicle that had proved its invincibility on the battlefields of World War II be ideal for India's rugged terrain and its kutcha rura Financials Total Income - Rs. 323369.7 Million ( year ending Mar 2012) Net Profit - Rs. Million ( year ending Mar 2012) Company Narayan Shankar Secretary Bankers

Auditors

Deloittee Haskins & Sells

History Mahindra & Mahindra was established on October 2, 1945 when K.C. Mahindra visited the United States of America as Chairman of the India Supply Mission. He met Barney Roos, inventor of the rugged 'general purpose vehicle' or Jeep and had a flash of inspiration: wouldn't a vehicle that had proved its invincibility on the battlefields of World War II be ideal for India's rugged terrain and its kutcha rural roads. Swift action followed thought. The Mahindra brothers joined hands with a distinguished gentleman called Ghulam Mohammed. And, Mahindra & Mohammed was set up as a franchise for assembling jeeps from Willys, USA. Two years later, India became an independent nation and Mahindra & Mohammed changed its name to Mahindra & Mahindra. Ghulam Mohammed migrated to Pakistan post-partition and became the first Finance Minister of Pakistan. Mahindra & Mahindra is the only Indian company among the top three tractor manufacturers in the world. The Group has a leading presence in key sectors of the Indian economy.The Group employs over 50,000 people and has several state-ofthe-art facilities in India and overseas. Mahindra & Mahindra has comprehensive manufacturing facilities with high level of vertical integration. Catering to the Sector's diverse customer base spanning rural and semi urban customers, defence requirements and luxurious urban utility vehicles or SUVs. These manufacturing plants keep abreast with the latest technology to meet the growing market expectations. These manufacturing facilities have some of the best technologies and equipment in India and provide for a very challenging and satisfying work environment. Its plants in Mumbai and Nasik manufacture multi-utility vehicles and engines are produced at the Igatpuri plant. Utility Vehicles, Light commercial vehicles and 3 wheelers are manufactured at the Zaheerabad plant in Andhra Pradesh and three-wheelers at the Haridwar plant.

The business area of the company spreads to: Automotive sector The company manufactures & markets utility vechicles, light commercial vechicles that includes three wheeler vechicles,namely; Scorpio, Bolero, Champion and many more. The company also exports its products to several countries in Europe, Africa, South America, South Asia and the Middle East. M&M has a tie up with Renault for production & marketing of Logan. Mahindra International is into producing trucks and buses.The company has entered into a joint venture with Navistar for production of disel engines & trucks. Farm equipment M&M's farm equipment segment has presence in six continents and has a worldwide network of 800 dealers .Its total combined production capacity is 1,50,000 tractors a year from countries like India, USA, China and Australia. The company is also into agri business. Trade, Retail & Finance Mahindras Intertrade Division provides steel & steel related services. It offers steel raw materials, metals, ferro alloys, etc. It also processes Cold Rolled Grain Oriented (CRGO) and Cold Rolled Non Grain Oriented (CRNGO) steels that are required for transformers & compressors.Mahindra Retails is into distribution business and has tie up with big names like Lego, Disney, Mattel and others. Mahindra Finance is into financing of tractors and other vehicles and is also into Insurance broking. Infrastructure M&M has also entered Infrastructure development that operates in real estates, SEZs, hospitality, project engineering and design.Under this it has created Mahindra Holiday & Resorts, Mahindra Lifespaces & Mahindra World City. Information Technology

Tech Mahindra provides solutions & services to telecommucation majors namely Alcatel, AT&T, BT, Convergys, Ericsson and O2, among others. It is also into business process and technology consulting services through Bristle. Systech It is into supply of automotive components.It produces forged and forged / machined components, gears and composities. Speciality Business Under this division it has companies like Mahindra Defence,engaged in manufacturing defence related vehicles & Mahindra Ashtech. Products and services offered by the company:Automotive Scorpio Xylo Bolero Maxx Range Naya Commander Savari Major Bolero Camper DLX Maxx Pic-ups Champion range of Three Wheelers. Farm Equipment Agri inputs and services Engines Farm Implements Tractors Financial Services Loans and Mutual Fund Distribution

Insurance and Risk Management Services Trade, & Retail and Logistics Retail - Mahindra Retail Ferro Alloys and Metal Scrap Steel and Steel Related Services Technical Products And Services Toys and Apparel Corporate People Movement Supply Chain Management Service Centre for Automotive and Electrical Steels

Information Technology Dealership Management Facility Management Software Solutions Infrastructure Development Development of Infrastructure Projects Engineering consultancy Integrated Business Cities Lifetime holidays Living Spaces and Working Spaces Systech Composites Engineering Services Forgings Gears Sourcing of Auto Components Stampings and Steel Speciality Business Ash Handling Euipments for Power Plants Defence Vehicles Information Security Consultancy

Milestones:1945: 2nd October, Mahindra & Mohammed established. 1948: The Company was renamed Mahindra & Mahindra Limited (M&M).Steel trading business commenced, in association with suppliers in UK. 1949: Jeep assembly commenced. 1950: The first business with Mitsubishi Corporation commenced and 5000 tons of wagon-building plates from Yawata Iron & Steel were supplied. 1953: Otis Elevator Company (India) was established. 1954: Technical and Financial Collaboration with Willys Overland Corporation to assemble Jeep-type vehicles. 1956: Shares listed on the Bombay Stock Exchange. Dr. Beck & Company established - a joint venture with Dr. Beck & Company, Germany. 1957: Mahindra Owen established - a joint venture with Rubery Owen & Company Limited, UK. 1958: Machine Tools Division commenced operations. 1960: Mahindra Sintered Products Limited established - a joint venture with Bir Field (GKN Group, UK). 1962: Mahindra Ugine Steel Company established - a joint venture with Ugine Kuhlmann, France. 1963: International Tractor Company of India established - a joint venture with International Harvester Company, USA. 1965: Manufacture of light commercial vehicles commenced. Vickers Sperry of India Limited established - a joint venture with Sperry Rand Corporation, USA. 1969: The Company entered the world market with export of utility vehicles and spare parts. 1970: Mahindra Engineering & Chemical Products Limited commenced operations. 1971: International Harvester collaboration ended. 1975: Mahindra Engines developed an indigenous diesel engine for its vehicles to beat the fuel crisis.

1977: International Tractor Company of India merged with Mahindra & Mahindra to become its Tractor Division. 1979: License from Automobiles Peugeot, France, for manufacture of XDP 4.90 Diesel Engines. 1982: Mahindra brand of tractors launched. Siro Plast Limited established. 1983: Mahindra & Mahindra became market leader in the Indian tractor market, a position it has retained till date. 1984: Mahindra Hellenic Auto Industries S.A. established - a joint venture in Greece to assemble and market utility vehicles in Europe. 1986: Tech Mahindra (formerly known as Mahindra British Telecom) established - a joint venture with British Telecommunications Plc (BT), UK, leading the way for the Group's entry into Information Technology. 1987: Acquired International Instruments Limited. 1989: Automotive Pressing Unit (now Mahindra Ugine Steel Company Limited) acquired from GKN. 1991: Introduction of Commander Range of vehicles. Mahindra Financial Services Limited established as a wholesale fund provider. 1992: Merged diverse activities of Steel, Machine Tools and Graphics into Intertrade Division. 1993: Incorporation of Mahindra British Telecom International Inc., USA, a wholly owned subsidiary of Mahindra British Telecom.Mahindra Steel Service Centre Limited established in association with Mitsubishi Corporation and Nissho Iwai Corporation of Japan.Mahindra Acres Consulting Engineers Limited established - a joint venture with Acres International Limited(Canada) to provide multidisciplinary engineering consultancy services. Armada range of vehicles launched. 1994: Reorganisation of the Group creating six Strategic Business Units: Automotive, Farm Equipment, Infrastructure, Trade & Financial Services, Information Technology(earlier known as Telecom and Software) and Systech(earlier known as MSAT). Mahindra Realty & Infrastructure Developers Limited established. Mahindra USA Inc. established for distribution of tractors in the USA. EAC Graphics (India) Limited established in collaboration with The East Asiatic Company Limited A/S, Denmark. Mahindra Allwyn Nissan Limited merged with the Company.

1995: Mahindra Holding & Finance Limited became a subsidiary of Mahindra & Mahindra to carry out business as an investment company. Technical collaboration with Mitsubishi / Samcor to manufacture the Mitsubishi L300. 1996: Mahindra Ford India Limited established - a joint venture with Ford Motor Company, USA, to manufacture passenger cars. The Company made a Foreign Currency Convertible Bond (FCCB) issue of US$ 115 million. Mahindra Holidays & Resorts India Limited established. Mahindra Consulting (now Bristlecone) established. 1997: Inauguration of the Mahindra United World College of India. Mahindra World City Developers Limited established to set up integrated townships. 1999: Launch of Bijlee, a battery-operated, environmental-friendly 3wheeler.The largest online used vehicle website in India launched by Mahindra Network Services.The Company acquired a major stake in Gujarat Tractors and renamed it Mahindra Gujarat Tractors Limited.Mahindra & Mahindra Financial Services Limited became a subsidiary of Mahindra & Mahindra.MahindraLogisoft Business Solutions Limited established.Mahindra Intertrade Limited established as the trading arm of the Group. 2000: The Company adopted a new logo.Mahindra Auto Specialties Limited established - a new 100% subsidiary.Mahindra & Mahindra set up its first satellite tractor plant at Rudrapur.A new age tractor, Mahindra Arjun 605 DI (60 HP), launched.Bolero GLX (a utility vehicle) launched in response to the needs of urban consumers. 2001: Champion, a 3-wheeler diesel vehicle, launched.Mahindra MaXX launched, a multi-utility vehicle positioned with the caption 'Maximum Space, Maximum Comfort'.Mahindra & Mahindra tied up with Renault for Petrol Engines.A separate division established to provide Defence Solutions. Mahindra Special Services Group established to provide Information Security.Mahindra Infrastructure Developers Limited established for development and management of infrastructure projects.Mahindra Lifespaces Developers Limited established for development of corporate property.

2002: Scorpio launched, a new generation, world-class sports utility vehicle that redefined the SUV market and lived up to its positioning: 'Nothing else will do'. 2003: Invader launched - a sporty open top vehicle.A second tractor assembly plant set up in USA.MaXX Pik Up launched.India's first Turbo tractor launched - Mahindra Sarpanch 595 DI Super Turbo.Mahindra & Mahindra ventured into Industrial engine business.An alliance formed between Mahindra Defence & Lockheed Martin Information Systems, UK, for defence products.Mahindra Engineering Services established. 2004: Mahindra World Tractor(75 HP) launched in the International market. Systech (earlier known as MSAT) established, to focus on developing components as well as offering engineering services.Bolero and Scorpio launched in Latin American, Middle East and South African markets. Signed MoU to enter into joint venture with Jiangling Motor Company Group (JMCG) of China, to acquire tractor manufacturing assets from Jiangling Tractor Company, a subsidiary of Jiangling Motor Company Group. Mahindra & Mahindra became the first Indian company to achieve sales of one million tractors. 2005: Acquired 51% stake in SAR Transmission Private Limited, a company engaged in manufacture of gears and transmission shafts. Farm Equipment Sector launched operations in Australia.Mahindra & Mahindra became the first Indian auto manufacturer to launch the Common Rail Diesel Engine (CRDe), offering it in the Scorpio.Acquired 80% stake in the joint venture with Jiangling Motors i.e. in Mahindra (China) Tractor Company.Mahindra Renault Limited established - a joint venture with Renault to manufacture and market Logan, a mid-sized sedan, in India. Mahindra International Limited established - a joint venture with International Truck and Engine Corporation to manufacture trucks & buses in India. 2006: Announced plans to set up a 3000 acres Special Economic Zone in Jaipur. The Mahindra United football team won the Federation Cup trophy.Mahindra & Mahindras fifth full-scale automotive plant opened in Hardiwar Industrial Estate to manufacture three-wheeler.The Scorpio Hybrid was unveiled at the Delhi Auto Expo along with 9 other prototype vehicles.

Mahindra & Mahindra acquired the Stokes Group of UK, the largest automotive forgings company in the UK. Mahindra Finance became the first Mahindra Group Company in 23 years to be listed publicly and was oversubscribed 27 times.BMW entered Mahindra World City, Chennai. The All New Scorpio with 43 new features was launched. Mahindra Life spaces announced plans to set up a Special Economic Zone spreading over 3000 acres in Pune.Scorpio was chosen for the Gondwanaland Expedition a landmark assignment for the vehicle. Mahindra Holidays & Resorts India Limited (the 'Company'), a leisure hospitality provider offering quality family holidays and part of the Mahindra Group of Companies. Mahindra & Mahindra's Farm Equipment Sector (FES) showcased India's first bio-diesel . Mahindra & Mahindra launched the Scorpio V-series. On Nov. 1, 2007, a wholly owned affiliate of Navistar International Corporation (Other OTC: NAVZ), signed a joint venture agreement with Mahindra & Mahindra to produce diesel engines for medium and heavy commercial trucks and buses in India.Logan was the highest selling sedan and Scorpio the highest selling UV in July 2007. Mahindra launched the Mahindra Pik-Up (double cab) in Chile in July 2007. 2008: Mahindra enters into JV with TMI Pacific in AustraliaProject Ingenio is now Mahindra XYLO. Mahindra introduces FuelSmart system in Bolero and Scorpio SUVs.Tech Mahindra receives the Frost and Sullivan 2008 Growth Excellence Award.Anand Mahindra receives Harvard Business School Alumni Achievement Award.Mahindra launches first Sustainability Report with highest GRI Rating. Mahindra First Choice Services launches first CarXSpace outlet in Chennai. Mahindra to enter the two-wheeler industry.Mahindra Tractors launch Indias first bio-diesel tractor. Mahindra Intertrade inaugurates a world-class Electrical Steel processing plant in Vadodara 2009: Mahindra launches the Xylo January 13. Mahindra launches the New, Mighty Muscular Scorpio- March 6. Tech Mahindra declared highest bidder for Satyam April 14

Key Executives S.No 1 3 2 4 6 7 5 8 9 10 11 12 13 14 15 16 Name Anand G Mahindra Anand G Mahindra Narayan Shankar Bharat Doshi Vishakha N Desai Vikram Singh Mehta D Vijayalakshrni Deepak S Parekh Nadir B Godrej M M Murugappan Narayanan Vaghul AS Ganguly R K Kulkarni Anupam Puri Keshub Mahindra AK Nanda Designation Chairman Managing Director Company Secretary Executive Director Additional Director Additional Director Additional Director Independent Director Independent Director Independent Director Independent Director Independent Director Independent Director Independent Director Chairman Emeritus Non- Indepedent Director

Company Mahindra & Mahindra 318535

Sales Market (Rs.Millio Current Chang P/E Cap.(Rs.Milli n) Price e (%) Ratio on) 1003.6 1.83 18.13 605078

52-Week High/Low 997/622

HMT Escorts Punjab Tractors VST Tillers Tractors

1607.9 38939 9695.9 5306.4

33.95 66.2 96.05 350.5

0.44 -1.05 0 3.21

0 7.36 5.24 6.11

25700 8200.4 5835.6 2934

50/25 77/48 99/88 526/330

Maruti Suzuki India Ltd Date of Establishme nt Revenue Market Cap Corporate Address 1981 0 ( USD in Millions ) 516375.654564 ( Rs. in Millions ) Plot No 1,Nelson Mandela Marg,Vasant KunjNew Delhi-110070, Delhi www.marutisuzuki.com

Managemen Chairperson - Rc Bhargava t Details MD - Kenichi Ayukawa Directors - Amal Ganguli, Davinder Singh, Davinder Singh Brar, Hirofumi Nagao, Kazuhiko Ayabe, Keiichi Asai, Kenichi Ayukawa, Kinji Saito, Manvinder Singh Banga, Osamu Suzuki, Pallavi Shroff, R C Bhargava, Rc Bhargava, RP Singh, S Nakanishi, S Ravi Aiyar, Shinzo Nakanishi, Shuji Oishi, Toshiaki Hasuike, Tsuneo Ohashi Business Automobiles - Passenger Cars Operation Maruti Suzuki India Limited (MSIL), formerly known as Maruti Udyog Limited, a subsidiary of Suzuki Motor Corporation of Japan, is India's largest passenger car company, accounting for over Background 50 per cent of the domestic car market. Maruti Udyog Limited was incorporated in 1981 under the provisions of Indian Companies Act 1956 and the government of India selected Suzuki Motor Corporation as the joint venture p Financials Total Income - Rs. 364139 Million ( year ending Mar 2012)

Net Profit - Rs. Million ( year ending Mar 2012) Company Secretary Bankers Auditors S Ravi Aiyar Price Waterhouse & Co

History Maruti Suzuki India Limited (MSIL), formerly known as Maruti Udyog Limited, a subsidiary of Suzuki Motor Corporation of Japan, is India's largest passenger car company, accounting for over 50 per cent of the domestic car market. Maruti Udyog Limited was incorporated in 1981 under the provisions of Indian Companies Act 1956 and the government of India selected Suzuki Motor Corporation as the joint venture partner for the company. In 1982 a JV was signed between Government of India and Suzuki Motor Corporation. It was in 1983 that the Indias first affordable car, Maruti 800, a 796 cc hatch back was launched as the company went into production in a record time of 13 month. More than half the number of cars sold in India wear a Maruti Suzuki badge. They are a subsidiary of Suzuki Motor Corporation Japan. The company offer full range of cars- from entry level Maruti 800 & Alto to stylish hatchback Ritz, A star, Swift, Wagon R, Estillo and sedans DZire, SX4 and Sports Utility vehicle Grand Vitara. Since inception, the company has produced and sold over 7.5 million vehicles in India and exported over 500,000 units to Europe and other countries. They were born as a government company, with Suzuki as a minor partner, to make a people's car for middle class India. Over the years, its product range has widened, ownership has changed hands and the customer has evolved. What remains unchanged, then and now, is their mission to motorise India. MSILs parent company, Suzuki Motor Corporation, has been a global leader in mini and

compact cars for three decades. Suzuki's technical superiority lies in its ability to pack power and performance into a compact, lightweight engine that is clean and fuel efficient. The same characteristics make their cars extremely relevant to Indian customers and Indian conditions. Product quality, safety and cost consciousness are embedded into their manufacturing process, which they have inherited from their parent company. Right from inception, Maruti brought to India, a very simple yet powerful Japanese philosophy 'smaller, fewer, lighter, shorter and neater' From the Japanese work culture they imbibed simple practices like an open office, a common uniform and common canteen for everyone from the Managing Director to the workman, daily morning exercise, and quality circle teams. Maruti Suzuki exports entry-level models across the globe to over 100 countries and the focus has been to identify new markets. Some important markets include Latin America, Africa and South East Asia.Interestingly with a brand new offering A-star, Maruti Suzuki is ready to take on European markets.Maruti Suzuki sold 53,024 units during 2007-08. This is the highest ever export volume in a year for the company, and marked a growth of 35 per cent over the previous year.Maruti Suzuki has exported over 552,000 units cumulatively with about 280,000 units to Europe and Israel . Maruti Suzuki has two state-of-the-art manufacturing facilities in India. The first facility is at Gurgaon spread over 300 acres and the other facility is at Manesar, spread over 600 acres in North India. The Gurgaon facility - Maruti Suzuki's facility in Gurgoan houses three fully integrated plants. While the three plants have a total installed capacity of 350,000 cars per year, several productivity improvements or shop floor Kaizens over the years have enabled the company to manufacture nearly 700,000 cars/ annum at the Gurgaon facilities. The Manesar facility - Its Manesar facility has been made to suit Suzuki Motor Corporation (SMC) and Maruti Suzuki India Limited's (MSIL) global ambitions. The plant was inaugurated in February 2007. At present the plant rolls out World Strategic Models Swift , A-star & SX4 and DZire.The plant has several in-built systems and mechanisms.

Diesel Engine Plant- Suzuki Powertrain India Limited - Suzuki Powertrain India Limited the diesel engine plant at Manesar is SMC's & Maruti's first and perhaps the only plant designed to produce world class diesel engine and transmissions for cars. The plant is under a joint venture company, called Suzuki Powertrain India Limited (SPIL) in which SMC holds 70 per cent equity the rest is held by MSIL. This facility has an initial capacity to manufacture 100,000 diesel engines a year. This will be scaled up to 300,000 engines/annum by 2010.

Product range of the company includes: It offer full range of cars- from entry level Maruti 800 & Alto to stylish hatchback Ritz, A star, Swift, Wagon R, Estillo and sedans DZire, SX4 and Sports Utility vehicle Grand Vitara. Maruti 800 Alto Omni Gypsy Zen Estilo Wagon R Versa Star Ritz SX4 Dzire Grand Vitara

Milestones : 2011: Maruti Suzuki India unveiled its much awaited sportier and stylish car, the all new 'Swift'. 2011: On march 15, Maruti Suzuki India rolled out its 1 Crore (ten millionth) car.The historic 1 Crore car, a Metallic Breeze Blue coloured

WagonR VXi (Chassis No 243899) rolled out from the Company's Gurgaon plant. 2010: Maruti Suzuki has been ranked India's most Trusted Brand in Automobile Sector by India's leading Business newspaper The Economic Times. 2009 - MSIL adopts voluntary fuel disclosure.First shipment of A-star leaves Mundra Port-jan 10.A-star bags,Zigwheelscar of the year awardA-star rated best small car of the year-autocar-UTVi. 2008 - World Premiere of concept A-star at 9th Auto Expo, New Delhi. 2007 - Swift diesel launched.New car plant and the diesel engine facility commences operations during 2006-07 at manesar,Haryana.SX4-Luxury Sedan Launched with the tag line Men are black.Maruti launches Grand Vitara. 2006-J.D.Power Survey award for the sixth year.MSIL has changed its EMS from ISO 14001:1996 version to ISO 14001:2004 version w.e.f.1st july 2005- MSIL was re-certified in 2005 as per ISO 14001:2004 standards. 2004 - A new esteem launched second successful facelift by maruti engineers. 2003 - Maruti gets listed on BSE and NSE.IPO(issue oversubscribed 11.2 times)New zen launched-first facelift by maruti engineers. 2002 - Divestment Suzuki Motor Corporation(SMC)acquires majority stake in MUL.Maruti Finance & Insurance launched. 2001 - Turn around with profits Rs104.5 crore.Four new business-True value,Insurance,Finance.Maruti Versa launched.Maruti True Value launched. 2000 - Maruti alto launched.First car company in India to launch call centre.IDTR launched jointly with the Delhi government to promote safe driving habits.

Achievements/ recognition:

The company takes great pride in sharing that customers have rated Maruti Suzuki first once again in Customer Satisfaction Survey conducted by independent body, J.D.Power Asia Pacific. It is 9th time in a row. Maruti Suzuki wins 'Golden Peacock Eco-Innovation Award' Maruti Suzuki Ranks Highest in Automotive Customer Satisfaction in India For Ninth Consecutive Year. Maruti Suzuki becomes the first Indian car company to export half a million cars Other Accolades During 2009-10, the company, its products and services received reputed awards and accolades instituted by independent expert groups, media houses and research agencies. These Include Rated as No. 1 in J D Power Sales Satisfaction Index Hatchback of the year - Ritz by Autocar Car of the year - Ritz by Business Motoring Manufacturer of the year by CNBC Overdrive Ranked third amongst global car companies in the World's Most Reputed Company Survey 2009 - National Award for Excellence in Corporate Governance by ICSI

Key Executives S.No 1 3 2 5 6 7 8 9 Name Rc Bhargava S Nakanishi S Ravi Aiyar Kazuhiko Ayabe Keiichi Asai Shuji Oishi Osamu Suzuki Kinji Saito Designation Chairman Managing Director Company Secretary Director Executive Director Executive Director Non Executive Director Additional Director

10 12 13 11 14

Toshiaki Hasuike Pallavi Shroff Davinder Singh Amal Ganguli RP Singh

Joint Managing Director Independent Director Independent Director Independent Director Non Executive Independent Director

Competitors Sales (Rs.Millio n) Market 52-Week Curren Chang P/E Cap.(Rs.Millio High/Lo t Price e (%) Ratio n) w 1756/105 1741.9 1.9 21.59 516376 2 6.71 9.33 0 -4.5 0 0 3430 1805.2 0/0 14/8

Company

Maruti Suzuki 355871 Daewoo Motors 2217.9 Hindustan Motors 4954.8

Products Product Name Passenger Cars and Light Duty Utility Vehicles Spare Parts/Components Other Operating Revenue Sale of Scrap Other Operating Revenue Others Other Operating Revenue Cash Discount Received Other Operating Revenue Year 2012 2012 2012 2012 2012 2012 Month 3 3 3 3 3 3 Sales Qty 11336 95 0 0 0 0 0 Sales % of Value(Rs.Million) STO 362111 24001 2950 2125 2018 1719 0 0 0 0 0 0

Income from Services Dies and Moulds 2012 3 0 29 0

Empirical stock price movement of all 8 companies for a period of 2 years

Axis Bank Key Financial Ratios Particulars Investment Valuation Ratios Face Value Dividend Per Share Operating Profit Per Share (Rs) Net Operating Profit Per Share (Rs) Free Reserves Per Share (Rs) Bonus in Equity Capital Profitability Ratios Interest Spread Adjusted Cash Margin(%) Net Profit Margin Return on Long Term Fund(%) Return on Net Worth(%) Adjusted Return on Net Worth(%) Return on Assets Excluding Revaluations Return on Assets Including Revaluations Management Efficiency Ratios Interest Income / Total Funds Net Interest Income / Total Funds Non Interest Income / Total Funds Mar '12 10 16 157.89 654.06 431.32 -3.91 16.69 15.51 88.75 18.59 18.51 551.99 551.99 10.23 4.94 0.12 Mar '11 10 14 129.26 471.17 373.06 -3.73 18.71 17.2 72.29 17.83 17.87 462.77 462.77 9.14 5.08 0.17 Mar '10 10 12 97.29 380.27 325.87 -3.95 17.63 16.1 66.34 15.67 15.69 395.99 395.99 9.38 5.34 0.12

Interest Expended / Total Funds Operating Expense / Total Funds Profit Before Provisions / Total Funds Net Profit / Total Funds Loans Turnover Total Income / Capital Employed(%) Interest Expended / Capital Employed(%) Total Assets Turnover Ratios Asset Turnover Ratio Profit And Loss Account Ratios Interest Expended / Interest Earned Other Income / Total Income Operating Expense / Total Income Selling Distribution Cost Composition Balance Sheet Ratios Capital Adequacy Ratio Advances / Loans Funds(%) Debt Coverage Ratios Credit Deposit Ratio Investment Deposit Ratio Cash Deposit Ratio Total Debt to Owners Fund Financial Charges Coverage Ratio Financial Charges Coverage Ratio Post Tax Leverage Ratios Current Ratio Quick Ratio Cash Flow Indicator Ratios Dividend Payout Ratio Net Profit Dividend Payout Ratio Cash Profit Earning Retention Ratio Cash Earning Retention Ratio AdjustedCash Flow Times

5.29 2.47 2.46 1.61 0.17 10.35 5.29 0.1 0.11 63.55 1.14 23.87 0.32 13.66 72.29 76.26 40.35 6.01 9.65 0.49 1.33 0.03 21.63 18.15 16.79 81.77 83.13 48.22

4.06 2.57 2.54 1.6 0.16 9.3 4.06 0.09 0.09 56.69 1.78 27.65 0.4 12.65 76.16 74.65 38.71 7.07 9.96 0.66 1.43 0.02 19.6 19.78 18.22 80.26 81.81 51.35

4.04 2.94 2.38 1.53 0.17 9.51 4.04 0.09 0.1 57 1.3 30.96 0.3 15.8 72.96 71.87 39.55 7.3 8.81 1.62 1.41 0.03 19.19 22.56 20.64 77.47 79.39 51.33

Earnings Per Share Book Value

102.67 551.99

82.54 462.77

62.06 395.99

Datamatics Global Services Ltd. Parameter MAR'12 Operational & Financial Ratios: Earnings Per Share (Rs) 3.72 DPS(Rs) 0.75 Book NAV/Share(Rs) 56.34 Margin Ratios: Yield on Advances 0 Yield on Investments 0 Cost of Liabilities 0 NIM 0 Interest Spread 0 Performance Ratios: ROA(%) 6 ROE(%) 6.74 ROCE(%) 8.39 Efficiency Ratios: Cost Income Ratio 0 Core Cost Income Ratio 0 Operating Costs to Assets 0 Capitalisation Ratios: Tier 1 ratio 0 Tier 2 ratio 0

MAR'11 3.61 0.75 53.84 0 0 0 0 0 6.27 6.87 7.13 0 0 0 0 0

CAR Valuation Parameters: PER(x) PCE(x) Price / Book(x) Yield(%) EV / Net Sales(x) EV / Core EBITDA(x) EV / EBIT(x) EV / CE(x) M Cap / Sales Growth Ratio: Core Operating Income Growth Operating Profit Growth Net Profit Growth BVPS Growth Advances Growth EPS Growth(%) Liquidity Ratios: Loans / Deposits(x) Total Debt / Equity(x) Current Ratio(x) Quick Ratio(x) Total Debt / Mcap(x) Net NPA in Rs. Million

0 7.27 5.68 0.48 2.78 1.1 5.21 6.32 0.47 0.97 68.01 24.81 3.03 4.63 0 3.03 0 0 0 0 0 0

0 8.25 6.6 0.55 2.52 1.28 6.4 7.92 0.51 1.27 -2.8 -19.68 -12.62 5.35 0 -12.62 0 0 0 0 0 0

Financial Technologies (India) Particulars Investment Valuation Ratios Face Value Dividend Per Share Operating Profit Per Share (Rs) Net Operating Profit Per Share (Rs) Free Reserves Per Share (Rs) Bonus in Equity Capital Profitability Ratios Operating Profit Margin(%) Profit Before Interest And Tax Margin(%) Gross Profit Margin(%) Cash Profit Margin(%) Adjusted Cash Margin(%) Net Profit Margin(%) Adjusted Net Profit Margin(%) Return On Capital Employed(%) Return On Net Worth(%) Adjusted Return on Net Worth(%) Return on Assets Excluding Revaluations Return on Assets Including Revaluations Return on Long Term Funds(%) Liquidity And Solvency Ratios Mar '12 2 8 45.21 92.35 --48.95 24.04 44.89 63.75 63.75 60.17 60.17 18.55 19.47 19.92 532.75 532.75 18.55 Mar '11 2 8 29.73 71.81 444.84 -41.39 29.71 38.04 47.25 47.25 21.69 21.69 8.87 4.46 9.17 447.16 447.16 8.87

Current Ratio Quick Ratio Debt Equity Ratio Long Term Debt Equity Ratio Debt Coverage Ratios Interest Cover Total Debt to Owners Fund Financial Charges Coverage Ratio Financial Charges Coverage Ratio Post Tax Management Efficiency Ratios Inventory Turnover Ratio Debtors Turnover Ratio Investments Turnover Ratio Fixed Assets Turnover Ratio Total Assets Turnover Ratio Asset Turnover Ratio Average Raw Material Holding Average Finished Goods Held Number of Days In Working Capital Profit & Loss Account Ratios Material Cost Composition Imported Composition of Raw Materials Consumed Selling Distribution Cost Composition Expenses as Composition of Total Sales Cash Flow Indicator Ratios Dividend Payout Ratio Net Profit Dividend Payout Ratio Cash Profit Earning Retention Ratio Cash Earning Retention Ratio AdjustedCash Flow Times Earnings Per Share

4.38 4.38 0.23 0.23 18.39 0.23 18.96 17.27 -12.35 ---0.16 --684.38 0.66 --40.96 8.96 8.64 91.25 91.55 1.11 103.74

1.59 1.57 0.2 0.2 310.97 0.2 326.74 147.47 -7.11 ---0.13 --195.08 1.07 -0.3 42.08 46.67 41.65 77.32 78.57 2.02 19.95

Book Value

532.75

447.16

HCL Technologies Particulars Investment Valuation Ratios Face Value Dividend Per Share Operating Profit Per Share (Rs) Net Operating Profit Per Share (Rs) Free Reserves Per Share (Rs) Bonus in Equity Capital Profitability Ratios Operating Profit Margin(%) Profit Before Interest And Tax Margin(%) Gross Profit Margin(%) Cash Profit Margin(%) Adjusted Cash Margin(%) Net Profit Margin(%) Adjusted Net Profit Margin(%) Return On Capital Employed(%) Return On Net Worth(%) Adjusted Return on Net Worth(%) Return on Assets Excluding Revaluations Return on Assets Including Revaluations Return on Long Term Funds(%) Liquidity And Solvency Ratios Jun '12 2 12 36.21 128.48 -58.91 28.18 23.42 24.21 25.01 25.01 21.18 21.18 33.64 29.53 29.53 95.25 95.25 34.47 Jun '11 2 7.5 23.11 98.66 71.21 59.3 23.42 18.68 19.13 22.42 22.42 17.22 17.22 21.2 20.45 21.64 85.06 85.06 21.21

Current Ratio Quick Ratio Debt Equity Ratio Long Term Debt Equity Ratio Debt Coverage Ratios Interest Cover Total Debt to Owners Fund Financial Charges Coverage Ratio Financial Charges Coverage Ratio Post Tax Management Efficiency Ratios Inventory Turnover Ratio Debtors Turnover Ratio Investments Turnover Ratio Fixed Assets Turnover Ratio Total Assets Turnover Ratio Asset Turnover Ratio Average Raw Material Holding Average Finished Goods Held Number of Days In Working Capital Profit & Loss Account Ratios Material Cost Composition Imported Composition of Raw Materials Consumed Selling Distribution Cost Composition Expenses as Composition of Total Sales Cash Flow Indicator Ratios Dividend Payout Ratio Net Profit Dividend Payout Ratio Cash Profit Earning Retention Ratio Cash Earning Retention Ratio AdjustedCash Flow Times Earnings Per Share

1.38 1.42 0.11 0.08 25.27 0.11 28.9 24.68 89.08 4.88 89.08 2.88 1.29 1.26 --74.54 2.02 --94.12 49.47 41.89 50.53 58.11 0.3 28.13

2.09 1.97 0.18 0.18 14.98 0.18 17.29 15.69 59.62 3.63 59.62 2.73 1.05 1.03 -7.35 125.65 4.04 -0.34 74.42 49.97 40.2 52.78 61.6 0.66 17.4

Book Value

95.25

85.06

Particulars Operational & Financial Ratios Earnings Per Share (Rs) CEPS(Rs) DPS(Rs) Book NAV/Share(Rs) Tax Rate(%) Margin Ratios Core EBITDA Margin(%) EBIT Margin(%) Pre Tax Margin(%) PAT Margin (%) Cash Profit Margin (%) Performance Ratios ROA(%) ROE(%) ROCE(%) Asset Turnover(x) Sales/Fixed Asset(x) Working Capital/Sales(x) Efficiency Ratios Fixed Capital/Sales(x) Receivable days

BajajAuto LTD Mar 2012 103.81 108.85 45.00 208.77 25.39 18.08 19.77 19.66 14.67 15.38 51.05 54.86 71.02 3.48 6.03 -38.52 0.17 6.98

Mar 2011 115.41 119.66 40.00 169.69 23.18 18.21 25.10 25.09 19.27 19.98 69.37 85.21 90.34 3.60 5.12 -11.47 0.20 6.31

Inventory Days Payable days Valuation Parameters PER(x) PCE(x) Price/Book(x) Yield(%) EV/Net Sales(x) EV/Core EBITDA(x) EV/EBIT(x) EV/CE(x) M Cap / Sales Growth Ratio Net Sales Growth(%) Core EBITDA Growth(%) EBIT Growth(%) PAT Growth(%) EPS Growth(%) Financial Stability Ratios Total Debt/Equity(x) Current Ratio(x) Quick Ratio(x) Interest Cover(x) Total Debt/Mcap(x)

10.93 43.71 16.16 15.42 8.04 2.68 2.41 10.87 11.62 7.34 2.49 19.09 15.48 -6.92 -10.05 -10.05 0.02 0.89 0.74 182.03 0.00

10.46 46.30 12.65 12.20 8.60 2.74 2.59 11.33 9.76 7.92 2.58 42.49 38.03 79.94 96.04 -1.99 0.09 0.61 0.47 2573.63 0.01

Particulars Operational & Financial Ratios Earnings Per Share (Rs) CEPS(Rs) DPS(Rs) Book NAV/Share(Rs) Tax Rate(%) Margin Ratios Core EBITDA Margin(%) EBIT Margin(%) Pre Tax Margin(%) PAT Margin (%) Cash Profit Margin (%) Performance Ratios ROA(%) ROE(%) ROCE(%) Asset Turnover(x) Sales/Fixed Asset(x) Working Capital/Sales(x) Efficiency Ratios Fixed Capital/Sales(x)

Hero Moto Corp Mar 2012 119.09 174.03 45.00 214.81 16.99 14.01 11.44 11.35 9.42 13.77 23.07 65.64 51.81 2.45 4.26 51.55 0.23

Mar 2011 96.54 116.69 105.00 148.03 19.83 12.29 11.63 11.55 9.26 11.20 20.04 60.05 55.94 2.16 5.02 -85.01 0.20

Receivable days Inventory Days Payable days Valuation Parameters PER(x) PCE(x) Price/Book(x) Yield(%) EV/Net Sales(x) EV/Core EBITDA(x) EV/EBIT(x) EV/CE(x) M Cap / Sales Growth Ratio Net Sales Growth(%) Core EBITDA Growth(%) EBIT Growth(%) PAT Growth(%) EPS Growth(%) Financial Stability Ratios Total Debt/Equity(x) Current Ratio(x) Quick Ratio(x) Interest Cover(x) Total Debt/Mcap(x)

2.91 8.68 39.77 17.26 11.81 9.57 2.19 1.81 10.72 14.79 4.32 1.74 21.55 37.26 19.26 23.35 23.35 0.40 1.11 0.96 135.49 0.04

2.10 8.43 35.68 16.43 13.60 10.72 6.62 1.74 11.64 13.96 3.15 1.63 23.10 -4.07 -14.61 -13.62 -13.62 0.73 0.96 0.87 159.52 0.07

Mahindra & Mahindra Ltd Particulars Mar 2012 Operational & Financial Ratios Earnings Per Share (Rs) 48.87 CEPS(Rs) 58.66 DPS(Rs) 12.50 Book NAV/Share(Rs) 204.56 Tax Rate(%) 20.16 Margin Ratios Core EBITDA Margin(%) 10.92 EBIT Margin(%) 10.97 Pre Tax Margin(%) 10.50 PAT Margin (%) 8.38 Cash Profit Margin (%) 10.06 Performance Ratios ROA(%) 13.25 ROE(%) 25.80 ROCE(%) 26.50 Asset Turnover(x) 1.58 Sales/Fixed Asset(x) 4.98 Working Capital/Sales(x) 54.48 Efficiency Ratios Fixed Capital/Sales(x) 0.20

Mar 2011 45.33 52.38 11.50 174.86 24.36 13.42 14.06 13.77 10.42 12.04 14.92 29.46 30.69 1.43 4.54 -50.23 0.22

Receivable days Inventory Days Payable days Valuation Parameters PER(x) PCE(x) Price/Book(x) Yield(%) EV/Net Sales(x) EV/Core EBITDA(x) EV/EBIT(x) EV/CE(x) M Cap / Sales Growth Ratio Net Sales Growth(%) Core EBITDA Growth(%) EBIT Growth(%) PAT Growth(%) EPS Growth(%) Financial Stability Ratios Total Debt/Equity(x) Current Ratio(x) Quick Ratio(x) Interest Cover(x) Total Debt/Mcap(x)

17.26 21.53 52.77 14.26 11.88 3.41 1.79 1.36 10.25 11.53 1.82 1.29 35.78 8.95 4.91 8.14 7.81 0.30 1.09 0.77 23.16 0.09

17.98 20.59 63.84 15.41 13.34 4.00 1.65 1.82 11.01 11.92 2.19 1.75 26.12 18.42 19.59 27.51 22.88 0.23 0.91 0.63 49.55 0.06

Maruti Suzuki India Ltd Particulars Mar 2012 Operational & Financial Ratios Earnings Per Share (Rs) 56.58 CEPS(Rs) 95.97 DPS(Rs) 7.50 Book NAV/Share(Rs) 525.52 Tax Rate(%) 23.81 Margin Ratios Core EBITDA Margin(%) 6.36 EBIT Margin(%) 5.57 Pre Tax Margin(%) 5.43 PAT Margin (%) 4.14 Cash Profit Margin (%) 7.02 Performance Ratios ROA(%) 6.14 ROE(%) 11.26 ROCE(%) 14.39 Asset Turnover(x) 1.48 Sales/Fixed Asset(x) 2.98 Working Capital/Sales(x) 8.72 Efficiency Ratios Fixed Capital/Sales(x) 0.34

Mar 2011 79.19 114.26 7.50 479.84 26.38 8.90 7.67 7.61 5.60 8.08 9.94 17.81 23.36 1.78 3.69 7.30 0.27

Receivable days Inventory Days Payable days Valuation Parameters PER(x) PCE(x) Price/Book(x) Yield(%) EV/Net Sales(x) EV/Core EBITDA(x) EV/EBIT(x) EV/CE(x) M Cap / Sales Growth Ratio Net Sales Growth(%) Core EBITDA Growth(%) EBIT Growth(%) PAT Growth(%) EPS Growth(%) Financial Stability Ratios Total Debt/Equity(x) Current Ratio(x) Quick Ratio(x) Interest Cover(x) Total Debt/Mcap(x)

8.14 14.84 32.53 23.84 14.06 2.57 0.56 1.06 11.31 17.17 1.32 1.10 -2.82 -19.47 -29.75 -28.55 -28.55 0.08 1.35 1.22 39.88 0.03

7.30 11.72 26.94 15.96 11.06 2.63 0.59 0.94 8.27 10.95 1.40 1.00 25.84 -6.82 -13.57 -8.37 -8.37 0.02 1.55 1.43 125.35 0.01

Comparison of the performance of the company in relation to stock price movement viz a viz the sensex movement during the same period

BSE Code ISIN Demat Book Value (Rs.) Dividend Yield (%) Market Cap (Rs Mn) P/E EPS (Rs.) Face Value (Rs.) Volume

Axis-I T & T Ltd. 532395 INE555B01013 19.76 0 960.1 11.39 4.22 5 2661

BSE Code ISIN Demat Book Value (Rs.) Dividend Yield (%) Market Cap (Rs Mn) P/E EPS (Rs.)

Datamatics Global Services Ltd. 532528 INE365B01017 60.56 2.74 1612.26 5.63 4.86

Face Value (Rs.) Volume

5 405

BSE Code ISIN Demat Book Value (Rs.) Dividend Yield (%) Market Cap (Rs Mn) P/E EPS (Rs.) Face Value (Rs.) Volume

Financial Technologies (India) Ltd. 526881 INE111B01023 578.52 0.94 39044.65 7.54 112.37 2 30089

BSE Code ISIN Demat Book Value (Rs.) Dividend Yield (%) Market Cap (Rs Mn)

HCL Technologies Ltd 532281 INE860A01027 125.11 1.65 507118.14

P/E EPS (Rs.) Face Value (Rs.) Volume

17.39 41.87 2 64542

Comparison of the performance of the company in relation to stock price movement viz a viz the industry performance during the same period

Company

Curren Change TODAY 52 WEEK Vol EPS PE t Price (%Chg) Low / High Low / High ume HCL Technologies 736.2 8.10 731.90 / 453.90 / 645 26.3 28 Ltd. (1.11%) 743.00 809.00 42 AXIS-IT&T Ltd. 47.15 -0.95 (- 46.90 / 37.00 / 266 12.4 3.8 1.98%) 49.75 108.90 1 Datamatics Global 27.1 -0.25 (- 27.10 / 25.50 / 405 7.29 3.7 Services Ltd. 0.91%) 27.75 37.50 2 Financial 833.85 -13.50 (- 828.85 / 555.00 / 300 8.04 104 Technologies 1.59%) 857.00 1,223.80 89 (India) Ltd. Hero Motocorp, as expectations are low and valuations inexpensive. Also, webelieve that concerns over market share loss are overdone Mahindra & Mahindra, owing to a diversified product portfolio and expectedsuccess of new launches offsetting weakness in traditional product portfolio.

Valuation Summary Company Bajaj Auto Ltd Hero Motocorp Mahindra & Mahindra Ltd Maruti Suzuki Ltd

Current Price 2028 1647 887 1424

Reco Reduce Buy Accumulate Hold

Target Price 2100 2250 1100 1700

BUY ACCUM ULATE HOLD REDUCE SELL

Expected total return (%) (stock price appreciation and dividend yield) of over 25% within the next 12-18 months. Expected total return (%) (stock price appreciation and dividend yield) of over 10% within the next 12-18 months. Expected total return (%) (stock price appreciation and dividend yield) of upto 10% within the next 12-18 months. Expected total return (%) (stock price depreciation) of upto (-)10% within the next 12-18 months. The stock is believed to under perform the broad market indices or its related universe within the next 12-18 months

Valuation Summary EPS FY Company 13e Bajaj Auto Ltd 107 Hero Motocorp 101 Mahindra & 51. Mahindra Ltd 7 Maruti 63. Suzuki Ltd 2

FY FY 14e 15e 132 141 110 149 60. 70. 8 5 102 122

PE (x) FY FY 13e 14e 19. 5 16 18. 1 17 10. 8 9.2 24. 4 15

PB (x) EV-EBIDA (x) FY FY FY FY FY FY FY 15e 13e 14e 15e 13e 14e 15e 10. 15 8 6.2 5 14 5 9.6 12 8 13 7 2 3 6 2 2.3 5 2 2 10 8 12 8.7 6.4 7.4 7.5 5.4 5.9

Hero offers low interest rate financing scheme

similar is the case with Bajaj Auto

Mahindra Two Wheeler

Company performance of all 8 companies with respect to their quarterly results

AXIS IT&T Standalone Quarterly Results Particulars Net Sales/Income from operations Other Operating Income ------------- in Rs. Cr. -------------Dec Sep Jun Mar Dec '12 '12 '12 '12 '11 13.8 14.7 14.7 13.0 12.2 6 8 3 8 6 -----13.8 14.7 14.7 13.0 12.2 6 8 3 8 6 ----6.83 0.63 -----4.71 2.61 ----6.61 0.42 -----4.45 ----6.54 0.34 -----3.54 ----6.14 0.32 -----4.37 1.43

Total Income From Operations EXPENDITURE Consumption of Raw Materials -Purchase of Traded Goods -Increase/Decrease in Stocks -Power & Fuel -Employees Cost 6.36 Depreciation 0.69 Excise Duty -Admin. And Selling Expenses -R & D Expenses -Provisions And Contingencies -Exp. Capitalised -Other Expenses 3.52 P/L Before Other Inc. , Int., Excpt. Items & Tax 3.29

3.25 2.67

Other Income P/L Before Int., Excpt. Items & Tax Interest P/L Before Exceptional Items & Tax Exceptional Items P/L Before Tax Tax P/L After Tax from Ordinary Activities Prior Year Adjustments Extra Ordinary Items Net Profit/(Loss) For the Period Equity Share Capital Reserves Excluding Revaluation Reserves Equity Dividend Rate (%) EPS Before Extra Ordinary Basic EPS Diluted EPS EPS After Extra Ordinary Basic EPS Diluted EPS Public Share Holding No Of Shares (Crores) Share Holding (%) Promoters and Promoter Group Shareholding a) Pledged/Encumbered - Number of shares (Crores) - Per. of shares (as a % of the total sh. of prom. and promoter group) - Per. of shares (as a % of the total Share Cap. of the company) b) Non-encumbered - Number of shares (Crores) - Per. of shares (as a % of the total sh. of prom.

0.21 3.5 0.33 3.18 -3.18 0.95 2.23 --2.23 10 --1.11 1.11 1.11 1.11 0.78 39.1 7

-2.61 0.37 2.24 -2.24 0.54 1.7 --1.7 10 --0.85 0.85 0.85 0.85 0.78 39.1 7

0.01 3.27 0.37 2.9 -2.9 0.64 2.27 --2.27 10 ---

0 2.67 0.41 2.26 -2.26 0.02 2.24 --2.24 10 ---

1.63 3.06 0.44 2.62 -2.62 -2.62 --2.62 10 --1.31 1.31 1.31 1.31 0.78 39.1 7

1.14 1.12 1.14 1.12 1.14 1.12 1.14 1.12 0.78 0.78 39.1 39.1 7 7

---1.21 100.

---1.21 100

----

----

---1.21 100

1.21 1.21 100 100

and promoter group) 00 - Per. of shares (as a % of the total Share Cap. 60.8 of the company) 3

60.8 3

60.8 60.8 3 3

60.8 3

Datamatics Global Services Standalone Quarterly Results ------------- in Rs. Cr. ------------Dec Sep Jun Mar Dec Particulars '12 '12 '12 '12 '11 48.3 45.0 45.7 42.9 44.0 Net Sales/Income from operations 1 6 5 2 1 Other Operating Income -----48.3 45.0 45.7 42.9 44.0 Total Income From Operations 1 6 5 2 1 EXPENDITURE Consumption of Raw Materials -----Purchase of Traded Goods -----Increase/Decrease in Stocks -----Power & Fuel -----28.6 27.6 25.5 24.0 23.9 Employees Cost 3 3 5 5 2 Depreciation 1.67 1.65 1.59 1.34 1.5 Excise Duty -----Admin. And Selling Expenses -----R & D Expenses -----Provisions And Contingencies -----Exp. Capitalised -----12.6 11.0 11.2 10.8 Other Expenses 1 8 1 8 12.9 P/L Before Other Inc. , Int., Excpt. Items & 5.41 4.7 7.41 6.64 5.69

Tax Other Income P/L Before Int., Excpt. Items & Tax Interest P/L Before Exceptional Items & Tax Exceptional Items P/L Before Tax Tax P/L After Tax from Ordinary Activities Prior Year Adjustments Extra Ordinary Items Net Profit/(Loss) For the Period Equity Share Capital Reserves Excluding Revaluation Reserves Equity Dividend Rate (%) EPS Before Extra Ordinary Basic EPS Diluted EPS EPS After Extra Ordinary Basic EPS Diluted EPS Public Share Holding No Of Shares (Crores) 2.17 7.58 0.31 7.27 -7.27 1.2 6.07 --6.07 29.4 8 --1.03 1.03 1.03 1.03 1.61 27.2 5 5.51 10.2 1 0.24 9.97 -9.97 1.47 8.5 --8.5 29.4 8 --1.44 1.44 1.44 1.44 1.61 27.2 5 2.1 9.51 0.19 9.33 -9.33 1.47 7.86 --7.86 29.4 8 --1.92 8.56 0.34 8.22 -8.22 2 6.23 -0.14 -6.09 29.4 8 --1.44 7.13 0.2 6.93 -6.93 1.35 5.58 0.02 -5.6 29.4 8 --0.95 0.95 0.95 0.95 1.61 27.2 5

1.33 1.03 1.33 1.03 1.33 1.03 1.33 1.03 1.61 1.61 27.2 27.2 5 5

Share Holding (%) Promoters and Promoter Group Shareholding a) Pledged/Encumbered - Number of shares (Crores) -- Per. of shares (as a % of the total sh. of prom. and promoter group) -- Per. of shares (as a % of the total Share Cap. of the company) -b) Non-encumbered

----

----

----

----

- Number of shares (Crores) - Per. of shares (as a % of the total sh. of prom. and promoter group) - Per. of shares (as a % of the total Share Cap. of the company)

4.29 100. 00 72.7 5

4.29 100 72.7 5

4.29 4.29 100 100 72.7 72.7 5 5

4.29 100 72.7 5

Financial Technologies Standalone Quarterly Results ------------- in Rs. Cr. ------------Particulars Dec Sep Jun Mar Dec '12 '12 '12 '12 '11 Net Sales/Income from operations 103. 121. 66.9 118. 109. 95 12 6 11 58 Other Operating Income 6.29 3.86 3.77 3.64 2.5 Total Income From Operations 110. 124. 70.7 121. 112. 23 98 3 75 08 EXPENDITURE Consumption of Raw Materials -----Purchase of Traded Goods 0.13 0.02 0.16 0.76 1.12 Increase/Decrease in Stocks -----Power & Fuel -----Employees Cost 29.6 31.7 31.4 32.1 28.3 4 7 5 5 4 Depreciation 5.76 5.22 5.16 5.23 4.43 Excise Duty -----Admin. And Selling Expenses -----R & D Expenses -----Provisions And Contingencies -----Exp. Capitalised -----Other Expenses 17.2 18.2 12.6 19.3 18.0 3 8 2 1 3

P/L Before Other Inc. , Int., Excpt. Items & 57.4 Tax 7 Other Income 64.3 P/L Before Int., Excpt. Items & Tax Interest P/L Before Exceptional Items & Tax Exceptional Items P/L Before Tax Tax P/L After Tax from Ordinary Activities Prior Year Adjustments Extra Ordinary Items Net Profit/(Loss) For the Period Equity Share Capital Reserves Excluding Revaluation Reserves Equity Dividend Rate (%) EPS Before Extra Ordinary Basic EPS Diluted EPS EPS After Extra Ordinary Basic EPS Diluted EPS Public Share Holding No Of Shares (Crores) Share Holding (%) 121. 77 8.41 113. 35 -113. 35 23.9 89.4 5 --89.4 5 9.22 --19.4 1 19.2 7 19.4 1 19.2 7 2.5 54.3

69.7 22.9 3 92.6 4 12.6 5 79.9 9 -79.9 9 10.4 4 69.5 5 --69.5 5 9.22 --15.0 9 15.0 9 15.0 9 15.0 9 2.5 54.3

21.3 5 76.1 3 97.4 8 14.0 5 83.4 3 -83.4 3 7.37

64.3

250. 25 314. 55 17.0 3 297. 51 -297. 51 14.7 8 76.0 282. 6 73 ----76.0 282. 6 73 9.22 9.22 ----16.5 1 16.5 1 16.5 1 16.5 1 61.3 5 61.3 5 61.3 5 61.3 5

60.1 6 55.6 6 115. 81 4.78 111. 03 -111. 03 24.1 7 86.8 7 --86.8 7 9.22 --18.8 6 18.8 6 18.8 6 18.8 6 2.5 54.3

2.5 2.5 54.3 54.3

3 Promoters and Promoter Group Shareholding a) Pledged/Encumbered - Number of shares (Crores) - Per. of shares (as a % of the total sh. of prom. and promoter group) - Per. of shares (as a % of the total Share Cap. of the company) b) Non-encumbered - Number of shares (Crores) - Per. of shares (as a % of the total sh. of prom. and promoter group) - Per. of shares (as a % of the total Share Cap. of the company)

----

----

----

----

----

2.1 100. 00 45.6 7

2.11 100 45.6 9

2.11 2.11 100 100 45.6 45.6 9 9

2.11 100 45.6 9

HCL Technologies ------------------- in Rs. Cr. ----------Standalone Quarterly Results ------Mar Dec Sep Jun Mar Particulars '13 '12 '12 '12 '12 2,943 2,766 2,696 2,572 2,164 Net Sales/Income from operations .69 .22 .72 .10 .72 Other Operating Income -----2,943 2,766 2,696 2,572 2,164 Total Income From Operations .69 .22 .72 .10 .72 EXPENDITURE Consumption of Raw Materials -----Purchase of Traded Goods -----Increase/Decrease in Stocks -----Power & Fuel -----1,143 1,096 1,113 1,011 989.0 Employees Cost .56 .06 .40 .19 6 102.8 103.8 100.5 Depreciation 4 4 6 94.89 89.84 Excise Duty -----Admin. And Selling Expenses -----R & D Expenses -----Provisions And Contingencies -----Exp. Capitalised -----Other Expenses 760.2 644.1 637.9 688.9 595.8

4 P/L Before Other Inc. , Int., Excpt. Items & 937.0 Tax 5 Other Income 60.37 997.4 P/L Before Int., Excpt. Items & Tax 2 Interest 19.96 977.4 P/L Before Exceptional Items & Tax 6 Exceptional Items -977.4 P/L Before Tax 6 Tax P/L After Tax from Ordinary Activities Prior Year Adjustments Extra Ordinary Items Net Profit/(Loss) For the Period Equity Share Capital Reserves Excluding Revaluation Reserves Equity Dividend Rate (%) EPS Before Extra Ordinary Basic EPS Diluted EPS EPS After Extra Ordinary Basic EPS Diluted EPS Public Share Holding No Of Shares (Crores) Share Holding (%) Promoters and Promoter Group Shareholding a) Pledged/Encumbered 144.5 832.9 6 --832.9 6 139.2 2 8,677 .47 --

3 922.1 9 39.92 962.1 1 19.66 942.4 5 -942.4 5 217.7 3 724.7 2 --724.7 2 138.9 1 7,850 .69 --

6 844.8 43.7 888.5 22.84 865.6 6 -865.6 6 165.8 2 699.8 4 --699.8 4 138.8 1 7,326 .83 --

7 489.9 777.1 5 38.21 31.55 815.3 1 521.5 23.92 28.92 791.3 492.5 9 8 --791.3 492.5 9 8 132.6 4 92.43 658.7 400.1 5 5 ----658.7 400.1 5 5 138.6 138.4 6 7 6,465 6,342 .15 .06 --5.78 5.68 5.78 5.68

11.99 10.44 10.09 9.51 11.75 10.24 9.9 9.33 11.99 10.44 10.09 9.51 11.75 10.24 9.9 9.33

26.46 26.3 26.25 26.18 25.08 38.01 37.87 37.82 37.76 36.23

- Number of shares (Crores) - Per. of shares (as a % of prom. and promoter group) - Per. of shares (as a % of Cap. of the company) b) Non-encumbered - Number of shares (Crores) - Per. of shares (as a % of prom. and promoter group) - Per. of shares (as a % of Cap. of the company)

-the total sh. of -the total Share --

----

----

----

----

43.15 43.15 43.15 43.15 44.15 the total sh. of 100.0 0 100 100 100 100 the total Share 61.99 62.13 62.18 62.24 63.77

Bajaj Auto Ltd Standalone Quarterly Results ------------------- in Rs. Cr. ------------------Mar Dec Sep Jun Mar Particulars '13 '12 '12 '12 '12 4,651. 5,307. 4,817. 4,713. 4,515. Net Sales/Income from operations 05 20 07 64 55 Other Operating Income 95.43 105.51 155.33 152.02 135.89 4,746. 5,412. 4,972. 4,865. 4,651. Total Income From Operations 48 71 40 66 44 EXPENDITURE 3,293. 3,582. 3,446. 3,200. 3,311. Consumption of Raw Materials 89 86 23 76 98 Purchase of Traded Goods 249.13 205.33 212.64 191.73 171.44 Increase/Decrease in Stocks 134.19 132.88 -90.24 115.55 170.77 Power & Fuel -----Employees Cost 166.63 159.23 153.22 160.4 119.56 Depreciation 46.61 41.08 41.04 35.24 43.42 Excise Duty -----Admin. And Selling Expenses -----R & D Expenses -----Provisions And Contingencies -----Exp. Capitalised -24.32 -15.34 -12.53 -10.66 -20.34

Other Expenses 358.75 336 P/L Before Other Inc. , Int., Excpt. Items & Tax 789.98 970.67 Other Income 243.61 203.19 1,033. 1,173. P/L Before Int., Excpt. Items & Tax 59 86 Interest 0.18 0.1 1,033. 1,173. P/L Before Exceptional Items & Tax 41 76 Exceptional Items --1,033. 1,173. P/L Before Tax 41 76 Tax 267.64 355.02 P/L After Tax from Ordinary Activities 765.77 818.74 Prior Year Adjustments --Extra Ordinary Items --Net Profit/(Loss) For the Period 765.77 818.74 Equity Share Capital 289.37 289.37 Reserves Excluding Revaluation Reserves --Equity Dividend Rate (%) --EPS Before Extra Ordinary Basic EPS 26.5 28.3 Diluted EPS 26.5 28.3 EPS After Extra Ordinary Basic EPS 26.5 28.3 Diluted EPS 26.5 28.3 Public Share Holding No Of Shares (Crores) 14.46 14.46 Share Holding (%) 49.98 49.98 Promoters and Promoter Group Shareholding a) Pledged/Encumbered - Number of shares (Crores) 0.01 0.02 - Per. of shares (as a % of the total sh. 0.10 0.12

347.87 336.18 319.02 874.17 166.72 1,040. 89 0.22 1,040. 67 -1,040. 67 300 740.67 --740.67 289.37 --25.6 25.6 25.6 25.6 14.46 49.98 836.46 181.97 1,018. 43 0.04 1,018. 39 -1,018. 39 300 718.39 --718.39 289.37 --24.8 24.8 24.8 24.8 14.46 49.98 877.13 139.49 1,016. 62 1.77 1,014. 85 20.27 1,035. 12 263.12 772 --772 289.37 --26.7 26.7 26.7 26.7 14.45 49.92

0.02 0.14

0.27 1.84

0.27 1.84

of prom. and promoter group) - Per. of shares (as a % of the total Share Cap. of the company) b) Non-encumbered - Number of shares (Crores) - Per. of shares (as a % of the total sh. of prom. and promoter group) - Per. of shares (as a % of the total Share Cap. of the company)

0.05 14.46 99.90 49.97

0.06 14.46 99.88 49.96

0.07 14.45 99.86 49.95

0.92 14.21 98.16 49.1

0.92 14.21 98.16 49.1

Hero Motocorp Standalone Quarterly Results ------------------- in Rs. Cr. ------------------Mar Dec Sep Jun Mar Particulars '13 '12 '12 '12 '12 6,072. 6,151. 5,151. 6,207. 5,962. Net Sales/Income from operations 47 31 18 78 54 Other Operating Income 73.28 36.31 36.28 39.5 72.39 6,145. 6,187. 5,187. 6,247. 6,034. Total Income From Operations 75 62 46 28 93 EXPENDITURE 4,415. 4,401. 3,879. 4,667. 4,406. Consumption of Raw Materials 54 57 97 78 57 Purchase of Traded Goods -----Increase/Decrease in Stocks 23.98 183.83 109.79 -65.22 11.71 Power & Fuel -----Employees Cost 225.9 198.24 192.16 204.62 192.31 Depreciation 265.53 283.23 289.51 303.48 280.41 Excise Duty -----Admin. And Selling Expenses -----R & D Expenses -----Provisions And Contingencies -----Exp. Capitalised -----Other Expenses 630.55 625.33 505.93 503.24 499.09

P/L Before Other Inc. , Int., Excpt. Items & Tax 584.25 Other Income 104.51 P/L Before Int., Excpt. Items & Tax 688.76 Interest 3.07 P/L Before Exceptional Items & Tax 685.69 Exceptional Items -P/L Before Tax 685.69 Tax 111.46 P/L After Tax from Ordinary Activities 574.23 Prior Year Adjustments -Extra Ordinary Items -Net Profit/(Loss) For the Period 574.23 Equity Share Capital 39.94 Reserves Excluding Revaluation Reserves -Equity Dividend Rate (%) -EPS Before Extra Ordinary Basic EPS 28.75 Diluted EPS 28.75 EPS After Extra Ordinary Basic EPS 28.75 Diluted EPS 28.75 Public Share Holding No Of Shares (Crores) 9.54 Share Holding (%) 47.79 Promoters and Promoter Group Shareholding a) Pledged/Encumbered - Number of shares (Crores) -- Per. of shares (as a % of the total sh. of prom. and promoter group) -- Per. of shares (as a % of the total Share Cap. of the company) -b) Non-encumbered

495.42 90.1 585.52 2.96 582.56 -582.56 94.67 487.89 --487.89 39.94 --24.43 24.43 24.43 24.43 9.54 47.79

429.68 99.34 529.02 2.95 526.07 -526.07 85.49 440.58 --440.58 39.94 --22.06 22.06 22.06 22.06 9.54 47.79

633.38 104.43 737.81 2.93 734.88 -734.88 119.42 615.46 --615.46 39.94 --30.82 30.82 30.82 30.82 9.54 47.79

644.84 104.97 749.81 2.93 746.88 -746.88 143.29 603.59 --603.59 39.94 --30.22 30.22 30.22 30.22 9.54 47.79

0.31 3 1.56

0.31 3 1.56

0.31 3 1.56

0.32 3.07 1.61

- Number of shares (Crores) 10.43 10.11 - Per. of shares (as a % of the total sh. of prom. and promoter group) 100.00 97 - Per. of shares (as a % of the total Share Cap. of the company) 52.21 50.65

10.11 97 50.65

10.11 97 50.65

10.11 96.93 50.6

Mahindra and Mahindra Standalone Quarterly Results ------------------- in Rs. Cr. ------------------Sep Jun Mar Dec Particulars Dec '12 '12 '12 '12 '11 10,642. 9,659. 9,247. 9,241. 8,327. Net Sales/Income from operations 60 20 94 28 20 Other Operating Income 131.68 153.76 119.45 145.89 59.61 10,774. 9,812. 9,367. 9,387. 8,386. Total Income From Operations 28 96 39 17 81 EXPENDITURE 5,308.7 5,285. 4,790. 5,143. 4,579. Consumption of Raw Materials 5 07 72 56 22 2,457.0 2,537. 2,271. 2,131. 1,555. Purchase of Traded Goods 2 80 04 28 10 Increase/Decrease in Stocks 413.29 468.53 -26.41 185.43 101.05 Power & Fuel -----Employees Cost 498.15 474.3 451.6 429.38 449.68 Depreciation 178.98 178.39 154.84 199.73 140.82 Excise Duty -----Admin. And Selling Expenses -----R & D Expenses -----Provisions And Contingencies -----Exp. Capitalised -----Other Expenses 885.8 865.4 771.01 899.02 680.92

P/L Before Other Inc. , Int., Excpt. 1,032.2 Items & Tax 9 Other Income 74.24 1,106.5 P/L Before Int., Excpt. Items & Tax 3 Interest 46.59 1,059.9 P/L Before Exceptional Items & Tax 4 Exceptional Items -1,059.9 P/L Before Tax 4 Tax 223.75 P/L After Tax from Ordinary Activities 836.19 Prior Year Adjustments -Extra Ordinary Items -Net Profit/(Loss) For the Period 836.19 Equity Share Capital 295.11 Reserves Excluding Revaluation Reserves -Equity Dividend Rate (%) -EPS Before Extra Ordinary Basic EPS 14.17 Diluted EPS 13.62 EPS After Extra Ordinary Basic EPS 14.17 Diluted EPS 13.62 Public Share Holding No Of Shares (Crores) 42.52 Share Holding (%) 69.26 Promoters and Promoter Group Shareholding a) Pledged/Encumbered - Number of shares (Crores) 1.38 - Per. of shares (as a % of the total sh. of prom. and promoter group) 8.85

940.53 322.89 1,263. 42 47.47 1,215. 95 -1,215. 95 314.15 901.8 --901.8 294.96 --15.3 14.69 15.3 14.69 42.52 69.26

954.59 59.85 1,014. 44 46.02

769.63 880.02 95.62 40.8 865.25 920.82 70.94 6.77

968.42 794.31 914.05 -108.27 -968.42 902.58 914.05 242.78 28.1 251.9 725.64 --725.64 294.67 --12.32 11.82 12.32 11.82 42.25 68.81 874.48 --874.48 294.52 --14.85 14.24 14.85 14.24 42.46 69.15 662.15 --662.15 294.22 --11.26 10.78 11.26 10.78 42.31 68.9

1.38 8.83

1.38 8.8

1.18 7.63

1.02 6.55

- Per. of shares (as a % of the total Share Cap. of the company) b) Non-encumbered - Number of shares (Crores) - Per. of shares (as a % of the total sh. of prom. and promoter group) - Per. of shares (as a % of the total Share Cap. of the company)

2.24 14.16 91.15 23.06

2.24 14.19 91.17 23.11

2.24 14.25 91.2 23.21

1.93 14.33 92.37 23.33

1.66 14.54 93.45 23.68

Maruti Suzuki India ------------------- in Rs. Cr. ------------Standalone Quarterly Results -----Dec Sep Jun Mar Dec Particulars '12 '12 '12 '12 '11 10,95 8,07 10,52 11,48 7,71 Net Sales/Income from operations 6.95 0.11 9.24 6.36 7.87 243.3 235. 248.9 240.6 164. Other Operating Income 9 32 1 5 53 11,20 8,30 10,77 11,72 7,88 Total Income From Operations 0.34 5.43 8.15 7.01 2.40 EXPENDITURE 8,376. 5,86 8,063. 8,874. 5,99 Consumption of Raw Materials 04 5.41 04 10 5.31 566.8 493. 460.4 412.5 366. Purchase of Traded Goods 4 57 9 4 48 158.7 251. 133.2 118. Increase/Decrease in Stocks 3 97 6 46.17 53 Power & Fuel -----241.2 235. 238.2 255.9 209. Employees Cost 3 22 6 8 02 358.3 347. 339.9 330.5 298. Depreciation 3 04 1 7 93 Excise Duty -----Admin. And Selling Expenses ------

R & D Expenses Provisions And Contingencies Exp. Capitalised

---1,283. Other Expenses 69 P/L Before Other Inc. , Int., Excpt. Items 532.9 & Tax 4 188.6 Other Income 2 721.5 P/L Before Int., Excpt. Items & Tax 6 Interest P/L Before Exceptional Items & Tax Exceptional Items P/L Before Tax Tax P/L After Tax from Ordinary Activities Prior Year Adjustments Extra Ordinary Items Net Profit/(Loss) For the Period Equity Share Capital Reserves Excluding Revaluation Reserves Equity Dividend Rate (%) EPS Before Extra Ordinary Basic EPS Diluted EPS EPS After Extra Ordinary Basic EPS Diluted EPS 45.93 675.6 3 -675.6 3 174.3 4 501.2 9 --501.2 9 144.4 6 --17.35 17.35 17.35 17.35

---950. 71 161. 51 156. 32 317. 83 38.0 1 279. 82 -279. 82 52.3 7 227. 45 --227. 45 144. 46 --7.87 7.87 7.87 7.87

---1,363. 33 446.3 8 112.3 1 558.6 9 33.15 525.5 4 -525.5 4 101.7 7 423.7 7 --423.7 7 144.4 6 --14.67 14.67 14.67 14.67

---1,279. 72 527.9 3 296.8 5 824.7 8 20.79 803.9 9 -803.9 9 164.1 5 639.8 4 --639.8 4 144.4 6 --22.15 22.15 22.15 22.15

---1,01 2.91 118. 28 160. 37 278. 65 17.3 5 261. 3 -261. 3 55.6 8 205. 62 --205. 62 144. 46 --7.12 7.12 7.12 7.12

Public Share Holding No Of Shares (Crores) 13.23 13.2 3 45.7 9 13.23 45.79 13.23 45.79 13.2 3 45.7 9

Share Holding (%) 45.79 Promoters and Promoter Group Shareholding a) Pledged/Encumbered - Number of shares (Crores) -- Per. of shares (as a % of the total sh. of prom. and promoter group) -- Per. of shares (as a % of the total Share Cap. of the company) -b) Non-encumbered - Number of shares (Crores) 15.66 - Per. of shares (as a % of the total sh. of 100.0 prom. and promoter group) 0 - Per. of shares (as a % of the total Share Cap. of the company) 54.21

---15.6 6 100 54.2 1

----

----

---15.6 6 100 54.2 1

15.66 100 54.21

15.66 100 54.21

Study of the financials of the company i.e. Balance Sheet and Income Statement review, Ratios Analysis, Dividend declared etc. of the selected 8 companies

Balance Sheet Particulars Sources Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities Application Of Funds Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Inventories

Axis IT&T Ltd ------------------- in Rs. Cr. ----------------Mar Mar Mar Mar Mar '12 '11 '10 '09 '08 10 10 0 0 22.54 0 32.54 3.08 11.5 14.58 47.12 8.11 3.47 4.64 0 26.57 0 10 10 0 0 15.67 0 25.67 9.58 12.9 22.48 48.15 10.77 6.56 4.21 0 26.56 0 10 10 0 0 9.45 0 19.45 5.21 9.3 14.51 33.96 8.53 5.5 3.03 0 23.47 0 10 10 0 0 7.65 0 17.65 1.6 0.01 1.61 19.26 7.75 4.68 3.07 0 12.62 0 10 10 0 0 6.79 0 16.79 1.44 0.45 1.89 18.68 7.29 3.82 3.47 0 12.98 0

Sundry Debtors 14.57 Cash and Bank Balance 0.01 Total Current Assets 14.58 Loans and Advances 9.58 Fixed Deposits 0 Total CA, Loans & Advances 24.16 Deffered Credit 0 Current Liabilities 5.8 Provisions 2.45 Total CL & Provisions 8.25 Net Current Assets 15.91 Miscellaneous Expenses 0 Total Assets 47.12 Contingent Liabilities Book Value (Rs) 97.55 16.3

14.88 0.89 15.77 6.53 0.05 22.35 0 4.45 0.67 5.12 17.23 0.16 48.16 15.02 12.86

6.5 0.46 6.96 3.75 0.05 10.76 0 2.82 0.75 3.57 7.19 0.26 33.95 10.77 9.74

2.32 0.24 2.56 2.6 0.94 6.1 0 1.96 0.57 2.53 3.57 0 19.26 0.02 8.84

2.22 0.17 2.39 1.24 0.04 3.67 0 1.04 0.4 1.44 2.23 0 18.68 0.37 8.41

Income Statement Particulars Income Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials Power & Fuel Cost ------------------- in Rs. Cr. ----------------Mar Mar Mar Mar Mar '12 '11 '10 '09 '08 47.18 0 47.18 1.04 0 48.22 0 0 37.16 0 37.16 0.07 0 37.23 0 0 20.15 0 20.15 -0.13 0 20.02 0 0 11.44 0 11.44 0.57 0 12.01 0 0 7.2 0 7.2 0.11 0 7.31 0 0

Employee Cost Other Manufacturing Expenses Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs)

24.09 0 0 13.42 0 37.51 9.67 10.71 1.84 8.87 1.27 0 7.6 0 7.6 0.02 7.59 37.51 0 0 0 199.6 3.8 0 16.3

18.42 0 6.49 2.66 0 27.57 9.59 9.66 2.55 7.11 1.06 0.1 5.95 0.28 6.23 0 6.23 27.57 0 0 0 199.6 3.12 0 12.86

11.29 0 4.64 1 0 16.93 3.22 3.09 0.79 2.3 0.92 0 1.38 0.32 1.7 -0.07 1.79 16.92 0 0 0 199.6 0.9 0 9.74

6.63 0 2.32 0.79 0 9.74 1.7 2.27 0.32 1.95 0.88 0 1.07 0.04 1.11 0.25 0.88 9.75 0 0 0 199.6 0.44 0 8.84

5.45 0.1 1.71 0.69 0 7.95 -0.75 -0.64 0.21 -0.85 1.1 0 -1.95 -0.08 -2.03 0.04 -2.06 7.95 0 0 0 199.6 -1.03 0 8.41

Balance Sheet Particulars Sources Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities Application Of Funds Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Inventories Sundry Debtors

Datamatics Global Services ------------------- in Rs. Cr. ------------------Mar '12 Mar '11 Mar '10 Mar '09 Mar '08 29.47 29.47 0 0 302.88 0 332.35 24.4 0 24.4 356.75 130.45 37.12 93.33 16.08 188.18 0 27.56 29.47 29.47 0 0 287.94 0 317.41 4.46 0 4.46 321.87 119.3 48.95 70.35 16.46 163.03 0 32.7 29.47 29.47 0 0 271.82 0 301.29 3.92 0 3.92 305.21 116.63 44.08 72.55 6.47 132.1 0 32.35 50.11 29.46 0 20.65 255.94 0 306.05 8.6 0 8.6 314.65 115.32 37.97 77.35 2.58 158.71 0 40.77 20.36 20.36 0 0 229.09 0 249.45 0 0 0 249.45 54.3 19.78 34.52 3.78 173.58 0 39.23

Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA, Loans & Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets Contingent Liabilities Book Value (Rs)

3.54 31.1 55.5 0 86.6 0 15.29 12.13 27.42 59.18 0 356.77 26.4 56.38

2.02 34.72 62.73 0.62 98.07 0 14.9 11.13 26.03 72.04 0 321.88 4.51 53.84

3.89 36.24 82.21 2.5 120.95 0 12.27 14.59 26.86 94.09 0 305.21 8.12 51.11

2.2 42.97 65.22 11.43 119.62 0 28.11 15.5 43.61 76.01 0 314.65 3.88 48.44

0.75 39.98 13.09 0.71 53.78 0 10.23 5.98 16.21 37.57 0 249.45 1.57 61.26

Profit & Loss account Particulars Income Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses

------------------- in Rs. Cr. -----------------Mar Mar Mar Mar Mar '12 '11 '10 '09 '08 163.88 0 163.88 9.08 0 172.96 0 3.95 95.54 9.11 138.45 0 138.45 15.99 0 154.44 0 3.79 89.42 8.11 130.9 0 130.9 12.98 0 143.88 0 3.87 74.68 7.07 159.18 0 159.18 9.75 0 168.93 0.06 3.96 85.41 8.06 67.44 0 67.44 7.78 0 75.22 0 2.04 37.1 5.61

Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs)

0 29.97 0 138.57 25.31 34.39 0.66 33.73 6.09 0 27.64 -0.17 27.47 5.57 21.9 138.57 0 4.42 0.72 589.49 3.72 15 56.38

20.53 4.64 0 126.49 11.96 27.95 0.78 27.17 5.32 0 21.85 0.03 21.88 0.62 21.26 126.49 0 4.42 0.72 589.49 3.61 15 53.84

20.55 3.02 0 109.19 21.71 34.69 0.76 33.93 6.24 0 27.69 0.89 28.58 4.25 24.33 109.19 0 7.37 1.22 589.49 4.13 25 51.11

26.76 3.3 0 127.55 31.63 41.38 1.28 40.1 7.46 0 32.64 0 32.64 4.85 27.79 127.48 1.77 7.36 1.55 589.14 4.42 25 48.44

6.53 2.3 0 53.58 13.86 21.64 0.19 21.45 4.38 0 17.07 0.03 17.1 3.03 14.09 53.57 0 3.05 0.52 407.17 3.46 15 61.26

Balance Sheet Particulars Sources Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities Application Of Funds Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Inventories Sundry Debtors

Financial Technologies Ltd ------------------- in Rs. Cr. ------------------Mar '12 Mar '11 Mar '10 Mar '09 Mar '08 9.22 9.22 0 0 2,445.62 0 2,454.84 0 562.72 562.72 3,017.56 506.53 36.79 469.74 0.79 1,738.04 0 36.29 9.22 9.22 0 0 2,051.25 0 2,060.47 0 404.08 404.08 2,464.55 408.45 21.58 386.87 37.66 1,860.71 0 32.61 9.22 9.22 0 0 2,037.66 0 2,046.88 0 408.52 408.52 2,455.40 104.17 16.78 87.39 186.53 2,001.95 0 60.43 9.18 9.18 0 0 1,705.26 0 1,714.44 0 461.1 461.1 2,175.54 67.8 14.63 53.17 230.94 1,444.47 0 84.01 9.18 9.18 0 0 1,460.20 0 1,469.38 0 399.45 399.45 1,868.83 45.8 7.75 38.05 169.21 1,374.33 0.04 18.96

Cash and Bank Balance 399.01 52.12 Total Current Assets 435.3 84.73 Loans and Advances 612.89 302.7 Fixed Deposits 0 95.45 Total CA, Loans & Advances 1,048.19 482.88 Deffered Credit 0 0 Current Liabilities 209.2 105.49 Provisions 30 198.08 Total CL & Provisions 239.2 303.57 Net Current Assets 808.99 179.31 Miscellaneous Expenses 0 0 Total Assets 3,017.56 2,464.55 Contingent Liabilities Book Value (Rs) 700.64 532.75 795.72 447.16

33.78 94.21 171.11 175.31 440.63 0 109.79 151.31 261.1 179.53 0 2,455.40 90.48 444.21

56.57 140.58 124.64 384.2 649.42 0 95.63 106.83 202.46 446.96 0 2,175.54 166.12 373.65

19.83 38.83 48.12 330.41 417.36 0 63.46 66.66 130.12 287.24 0 1,868.83 50.35 320.24

Profit & Loss account Particulars Income Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses

------------------- in Rs. Cr. ------------------Mar '12 Mar '11 Mar '10 Mar '09 Mar '08 425.55 0 425.55 368.86 0 794.41 2.81 3.87 112.48 0 330.89 0 330.89 -2.35 0 328.54 3.56 2.99 115.4 0 310.93 3.94 306.99 311.26 0 618.25 4.64 3.51 90.03 0 339.54 5.22 334.32 307.44 -0.04 641.72 8.65 3.43 94.82 0 143.15 5.6 137.55 1,203.71 0.04 1,341.30 4.58 1.03 48.38 0

Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs)

0 98.04 0 217.2 208.35 577.21 30.44 546.77 17.3 0 529.47 -11.14 518.33 40.29 478.03 214.4 0 36.86 5.98 460.79 103.74 400 532.75

59.79 11.12 0 192.86 138.03 135.68 0.7 134.98 11.09 0 123.89 -2.01 121.88 28.89 91.93 189.3 0 36.86 6.05 460.79 19.95 400 447.16

56.75 10.23 0 165.16 141.83 453.09 0.02 453.07 5.89 0 447.18 0 447.18 102.81 344.37 160.52 0 36.79 6.25 460.79 74.73 400 444.21

54.23 8.4 0 169.53 164.75 472.19 0.14 472.05 7.24 0 464.81 5.76 470.57 101.99 368.6 160.88 0 45.88 7.8 458.84 80.33 500 373.65

25.99 6.49 0 86.47 51.12 1,254.83 10.93 1,243.90 2.35 0 1,241.55 0 1,241.55 280.29 961.25 81.89 0 91.5 15.55 458.84 209.5 1,000.00 320.24

Balance Sheet Particulars Sources Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities Application Of Funds Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Inventories Sundry Debtors

HCL Technologies ------------------- in Rs. Cr. ------------------Jun '12 Jun '11 Jun '10 Jun '09 Jun '08 138.66 138.66 2.77 0 6,465.15 0 6,606.58 698.87 0 698.87 7,305.45 3,497.26 1,883.55 1,613.71 549.55 3,297.95 99.99 1,992.42 137.74 137.74 1 0 5,720.41 0 5,859.15 1,029.87 0.29 1,030.16 6,889.31 2,880.57 1,584.64 1,295.93 568.73 2,653.27 124.97 1,657.26 135.76 135.76 2.01 0 4,798.09 0 4,935.86 1,030.51 366.88 1,397.39 6,333.25 2,293.37 1,349.54 943.83 477.2 2,233.20 12.04 2,084.70 134.05 134.05 0.47 0 3,353.72 0 3,488.24 123.81 389.92 513.73 4,001.97 1,957.86 1,100.88 856.98 417.56 562.75 87.01 1,489.26 133.27 133.27 1.71 0 3,079.85 0 3,214.83 25.24 0.09 25.33 3,240.16 1,599.61 874.32 725.29 419.03 1,797.34 0 980.02

Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA, Loans & Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets Contingent Liabilities Book Value (Rs)

1,041.20 3,133.61 2,282.21 0 5,415.82 0 2,613.79 957.79 3,571.58 1,844.24 0 7,305.45

167.7 1,949.93 1,706.69 896.02 4,552.64 0 1,578.42 602.84 2,181.26 2,371.38 0 6,889.31

64.83 2,161.57 1,750.46 924.6 4,836.63 0 1,724.01 433.6 2,157.61 2,679.02 0 6,333.25

144 1,720.27 1,817.97 1,221.83 4,760.07 0 2,217.44 377.95 2,595.39 2,164.68 0 4,001.97

162.87 1,142.89 1,183.99 524.01 2,850.89 0 1,828.85 723.54 2,552.39 298.5 0 3,240.16

3,620.28 2,677.49 2,505.21 3,317.46 469.36 95.25 85.06 72.69 52.04 48.22

Profit & Loss account Income Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials Power & Fuel Cost Employee Cost

------------------- in Rs. Cr. ------------------Jun '12 Jun '11 Jun '10 Jun '09 Jun '08 8,907.2 2 0 8,907.2 2 300.86 -25.85 9,182.2 3 180.51 154.23 3,923.0 6,794.4 8 0 6,794.4 8 91.34 109.48 6,995.3 0 274.79 126.94 3,125.8 5,078.7 6 0 5,078.7 6 114.56 -82.52 5,110.8 0 2.95 86.93 2,137.8 4,675.0 9 0 4,675.0 9 91.49 0 4,766.5 8 0 100.28 1,874.1 4,615.3 9 0 4,615.3 9 -108.91 0 4,506.4 8 0 0 1,621.3

6 Other Expenses Manufacturing 52.4 0 2,060.9 5 0 6,371.1 5 2,510.2 2 2,811.0 8 97.27 2,713.8 1 353.07 0 2,360.7 4 -0.29 2,360.4 5 410.32 1,950.4 2 6,190.6 4 0 830.29 134.74 6,932.8 3 28.13

7 452.33 1,114.5 0 218.23 0 5,312.6 6 1,591.3 0 1,682.6 4 101.39 1,581.2 5 291.37 0 1,289.8 8 0 1,289.8 8 91.6 1,198.2 8 5,037.8 7 0 514.49 84.39 6,886.8 9 17.4

2 434.77 724.41 195.71 0 3,582.5 9 1,413.6 5 1,528.2 1 101.36 1,426.8 5 274.03 0 1,152.8 2 3.43 1,156.2 5 100.01 1,056.5 8 3,579.6 4 0 270.2 45.4 6,787.8 4 15.57

0 492.39 637.66 180.99 0 3,285.4 2 1,389.6 7 1,481.1 6 35.35 1,445.8 1 251.89 0 1,193.9 2 0 1,193.9 2 196.61 997.31 3,285.4 2 0 469.61 79.73 6,702.5 7 14.88

5 746.92 639.05 381.11 0 3,388.4 3 1,226.9 6 1,118.0 5 24.93 1,093.1 2 217.87 0 875.25 0 875.25 94.6 780.65 3,388.4 3 0 598.58 101.72 6,663.4 0 11.72

Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses

Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs)

Equity Dividend (%) Book Value (Rs)

600 95.25

375 85.06

200 72.69

350 52.04

450 48.22

Balance Sheet Particulars Sources Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities Application Of Funds Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Inventories

Bajaj Auto Ltd ------------------- in Rs. Cr. ------------------Mar '12 Mar '11 Mar '10 Mar '09 Mar '08 289.37 289.37 0 0 5,751.70 0 6,041.07 0 97.48 97.48 6,138.55 3,425.94 1,914.33 1,511.61 343.15 4,882.81 678.53 289.37 289.37 0 0 4,620.85 0 4,910.22 23.53 301.62 325.15 5,235.37 3,395.16 1,912.45 1,482.71 149.34 4,795.20 547.28 144.68 144.68 0 0 2,783.66 0 2,928.34 12.98 1,325.60 1,338.58 4,266.92 3,379.25 1,899.66 1,479.59 120.84 4,021.52 446.21 144.68 144.68 0 0 1,725.01 0 1,869.69 0 1,570.00 1,570.00 3,439.69 3,350.20 1,807.91 1,542.29 106.48 1,808.52 338.84 144.68 144.68 0 0 1,442.91 0 1,587.59 6.95 1,327.39 1,334.34 2,921.93 2,994.68 1,726.07 1,268.61 34.74 1,857.14 349.61

Sundry Debtors 423.2 362.76 Cash and Bank Balance 446.49 155.45 Total Current Assets 1,548.22 1,065.49 Loans and Advances 1,744.82 3,891.66 Fixed Deposits 1,208.36 401.04 Total CA, Loans & Advances 4,501.40 5,358.19 Deffered Credit 0 0 Current Liabilities 2,925.53 2,624.35 Provisions 2,174.89 3,925.72 Total CL & Provisions 5,100.42 6,550.07 Net Current Assets -599.02 1,191.88 Miscellaneous Expenses 0 0 Total Assets 6,138.55 5,235.37 Contingent Liabilities Book Value (Rs) 1,445.67 959.66 208.77 169.69

272.84 100.2 819.25 2,291.29 1.21 3,111.75 0 2,218.06 2,248.72 4,466.78 1,355.03 0 4,266.92 818.25 202.4

358.65 135.68 833.17 1,567.09 1.19 2,401.45 0 1,378.20 1,224.15 2,602.35

275.31 54.74 679.66 1,099.68 1.33 1,780.67 0 1,185.19 834.04 2,019.23

-200.9 -238.56 183.3 0 3,439.69 2,921.93 924.96 129.23 1,129.29 109.73

Profit & Loss account Particulars Income Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure

------------------- in Rs. Cr. ------------------Mar '12 Mar '11 Mar '10 Mar '09 Mar '08 20,475.7 17,386.5 12,420.9 9,310.2 4 1 5 4 959.09 19,516.6 5 413.66 94.15 20,024.4 6 934.71 16,451.8 0 1,176.00 82.79 17,710.5 9 607.7 11,813.2 5 22.5 47.6 11,883.3 5 610.07 8,700.1 7 -6.2 -24.49 8,669.4 8 9,856.6 6 1,029.5 1 8,827.1 5 170.27 67.85 9,065.2 7

Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses

14,580.2 4 101.85 541.04 73.76 364.06 263.37

11,965.3 6,502.1 0 8,187.11 0 86.61 70.35 60.89 494.33 411.76 366.67 61.77 517.27 168.53 57.54 407.61 221.94 57.08 381.73 225.56

6,760.0 4 69.2 350.09 53.72 390.15 209.63 -23.04 7,809.7 9 1,085.2 1 1,255.4 8 5.16 1,250.3 2 173.96 1.12 1,075.2 4 59.32 1,134.5 6 378.78 755.95 1,049.7 5 0 289.37 49.18 1,446.8

-49.43 -16.66 -15.67 -14.42 15,874.8 13,277.1 7,579.6 9 5 9,340.64 1 1,096.0 3,735.91 3,257.44 2,520.21 7 1,089.8 4,149.57 4,433.44 2,542.71 7 22.24 1.69 5.98 21.01 1,068.8 4,127.33 4,431.75 2,536.73 6 145.62 122.84 136.45 129.79 2.14 2.14 0 0 3,979.57 4,306.77 2,400.28 939.07 46.6 46.77 26.87 18.72 4,026.17 4,353.54 2,427.15 957.79 1,022.12 1,011.02 710.12 301.61 3,004.05 3,339.73 1,702.73 656.48 1,077.5 1,294.65 1,311.85 1,153.53 1 0 0 0 0 1,302.15 1,157.47 578.73 318.3 211.24 187.77 96.12 54.1 2,893.67 2,893.67 1,446.84 1,446.8

Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs)

4 Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs) 103.81 450 208.77 115.42 400 169.69 117.69 400 202.4 45.37 220 129.23

4 52.25 200 109.73

Balance Sheet Particulars Sources Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities Application Of Funds Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Inventories

Hero Motocorp ------------------- in Rs. Cr. ------------------Mar '12 Mar '11 Mar '10 Mar '09 Mar '08 39.94 39.94 0 0 4,249.89 0 4,289.83 994.85 0 994.85 5,284.68 6,308.26 2,522.75 3,785.51 193.95 3,964.26 675.57 39.94 39.94 0 0 2,916.12 0 2,956.06 1,458.45 32.71 1,491.16 4,447.22 5,538.46 1,458.18 4,080.28 125.14 5,128.75 524.93 39.94 39.94 0 0 3,425.08 0 3,465.02 0 66.03 66.03 3,531.05 2,750.98 1,092.20 1,658.78 48.14 3,925.71 436.4 39.94 39.94 0 0 3,760.81 0 3,800.75 0 78.49 78.49 3,879.24 2,516.27 942.56 1,573.71 120.54 3,368.75 326.83 39.94 39.94 0 0 2,946.30 0 2,986.24 0 132 132 3,118.24 1,938.78 782.52 1,156.26 408.49 2,566.82 317.1

Sundry Debtors Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA, Loans Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets Contingent Liabilities Book Value (Rs)

272.31 56.1 1,003.98 926.99 20.72 & 1,951.69 0 3,520.66 1,090.07 4,610.73 2,659.04 0 5,284.68 252.62 214.83

130.59 47.75 703.27 783.48 23.77 1,510.52 0 5,316.40 1,081.07 6,397.47 4,886.95 0 4,447.22 131.9 148.03

108.39 1,863.48 2,408.27 438.46 43.73 2,890.46 0 3,965.69 1,026.35 4,992.04 2,101.58 0 3,531.05 73.04 173.52

149.94 217.49 694.26 325.8 2.08 1,022.14 0 1,678.93 526.97 2,205.90 1,183.76 0 3,879.24 100.54 190.33

297.44 130.58 745.12 196.37 0.51 942 0 1,455.57 499.76 1,955.33 1,013.33 0 3,118.24 56.37 149.55

Profit & Loss account Particulars Income Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials

------------------- in Rs. Cr. ------------------Mar '12 Mar '11 Mar '10 Mar '09 25,252.9 8 1,666.18 23,586.8 0 347.46 94.03 24,028.2 9 17,485.6 20,787.2 7 1,420.30 19,366.9 7 238.27 27 19,632.2 4 14,236.4 16,856.4 3 1,016.85 15,839.5 8 290.69 -11.54 16,118.7 3 10,822.9 13,553.2 3 1,227.85 12,325.3 8 222.14 22.09 12,569.6 1 8,842.14

Mar '08 12,048.3 0 1,703.29 10,345.0 1 216.3 -14.14 10,547.1 7 7,465.36

5 Power & Fuel Cost Employee Cost Other Manufacturing Expenses Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses 112.66 735.52 51.62 1,257.84 389.52 0 20,032.8 1

5 100.47 618.95 409.89 1,090.72 340.42 0 16,796.9 0 2,597.07 2,835.34 28.2 2,807.14 402.38 0 2,404.76 0 2,404.76 476.86 1,927.90 2,560.45 0 2,096.72 340.14 1,996.88 96.55 5,250.00 148.03

9 81.05 560.32 454.36 885.03 280.64 0 13,084.3 9 2,743.65 3,034.34 11.14 3,023.20 191.47 0 2,831.73 0 2,831.73 599.9 2,231.83 2,261.40 0 2,196.56 371 1,996.88 111.77 5,500.00 173.52 73.7 448.65 354.08 669.98 205.9 0 10,594.4 5 1,753.02 1,975.16 13.04 1,962.12 180.66 0 1,781.46 0 1,781.46 499.7 1,281.76 1,752.31 0 399.38 67.87 1,996.88 64.19 1,000.00 190.33 56.55 383.45 304.11 563.27 190.36 0 8,963.10 1,367.77 1,584.07 13.47 1,570.60 160.32 0 1,410.28 0 1,410.28 442.4 967.88 1,497.74 0 379.41 64.48 1,996.88 48.47 950 149.55

Operating Profit 3,648.02 PBDIT 3,995.48 Interest 33.43 PBDT 3,962.05 Depreciation 1,097.34 Other Written Off 0 Profit Before Tax 2,864.71 Extra-ordinary items 0 PBT (Post Extra-ord Items) 2,864.71 Tax 486.58 Reported Net Profit 2,378.13 Total Value Addition 2,547.16 Preference Dividend 0 Equity Dividend 898.59 Corporate Dividend Tax 145.77 Per share data (annualised) Shares in issue (lakhs) 1,996.88 Earning Per Share (Rs) 119.09 Equity Dividend (%) 2,250.00 Book Value (Rs) 214.83

Balance Sheet Particulars Sources Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities Application Of Funds Gross Block Less: Accum. Depreciation

Mahindra and Mahindra Ltd ------------------- in Rs. Cr. ------------------Mar '12 Mar '11 Mar '10 Mar '09 Mar '08 294.52 294.52 0 0 11,799.2 6 10.91 12,104.6 9 400.18 2,774.04 3,174.22 15,278.9 1 8,063.18 3,552.36 293.62 293.62 33.97 0 9,974.62 11.18 10,313.3 9 407.23 1,998.06 2,405.29 12,718.6 8 5,849.27 2,841.73 282.95 282.95 8.01 0 7,527.60 11.67 7,830.23 602.45 2,277.70 2,880.15 10,710.3 8 4,866.18 2,537.77 272.62 272.62 0 0 4,959.2 6 12.09 5,243.9 7 981 3,071.7 6 4,052.7 6 9,296.7 3 4,653.6 6 2,326.2 9 239.07 239.07 0 0 4,098.5 3 12.47 4,350.0 7 617.26 1,969.8 0 2,587.0 6 6,937.1 3 3,552.6 4 1,841.6 8

Net Block Capital Work in Progress Investments Inventories Sundry Debtors Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA, Loans Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets &

4,510.82 922.26 10,310.4 6 2,358.39 1,988.36 630.57 4,977.32 2,767.19 557.86 8,302.37 0 6,921.73 1,845.27 8,767.00 -464.63 0 15,278.9 1 2,633.99 205.32

3,007.54 1,364.31 9,325.29 1,694.21 1,354.72 447.62 3,496.55 2,653.52 167.02 6,317.09 0 5,289.67 2,005.88 7,295.55 -978.46 0 12,718.6 8 2,632.10 174.85

2,328.41 1,374.31 6,398.02 1,188.78 1,258.08 475.17 2,922.03 2,034.47 1,268.06 6,224.56 0 3,822.50 1,796.54 5,619.04 605.52 4.12 10,710.3 8 2,307.70 138.02

2,327.3 7 886.96 5,786.4 1 1,060.6 7 1,043.6 5 635.61 2,739.9 3 1,402.4 5 938.82 5,081.2 0 0 3,520.2 0 1,277.5 6 4,797.7 6 283.44 12.55 9,296.7 3 1,220.3 9 191.91

1,710.9 6 649.94 4,215.0 6 1,084.1 1 1,004.8 8 310.58 2,399.5 7 866.19 550.65 3,816.4 1 0 2,525.3 1 943.46 3,468.7 7 347.64 13.53 6,937.1 3 985.35 181.43

Contingent Liabilities Book Value (Rs)

Profit & Loss account Particulars

------------------- in Rs. Cr. ------------------Mar '12 Mar '11 Mar '10 Mar '09 Mar '08

Income Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit 34,353.6 3 2,518.43 31,835.2 0 574.99 597.33 33,007.5 2 24,258.9 4 175.78 1,603.81 125.81 25,569.5 5 2,092.02 23,477.5 3 563.13 202.23 24,242.8 9 16,604.8 8 143.93 1,445.56 98.33 20,323.6 3 1,807.30 18,516.3 3 285.09 23.69 18,825.1 1 14,668.1 3 1,587.05 13,081.0 8 132.65 -156.29 13,057.4 4 12,894.9 4 1,584.57 11,310.3 7 575.96 149.11 12,035.4 4

12,461.5 6 9,208.71 7,963.82 120.97 98.69 91.33 1,199.85 1,024.52 853.65 96.92 75.36 73.35

1,811.88 1,735.63 1,439.26 1,109.96 1,108.33 760.05 261.1 264.21 165.83 257.84 -73.53 -50.87 -59.55 -42.83 -46.49 28,662.7 20,238.5 15,523.2 11,640.2 10,301.8 4 6 2 4 3 3,769.79 4,344.78 162.75 4,182.03 576.14 0 3,605.89 0 3,605.89 727 2,878.89 3,441.20 4,004.33 70.86 3,933.47 413.86 0 3,519.61 0 3,519.61 857.51 2,662.10 3,016.80 3,301.89 156.85 3,145.04 370.78 0 2,774.26 72.49 2,846.75 759 2,087.75 1,284.55 1,417.20 134.12 1,283.08 291.51 0 991.57 48.97 1,040.54 199.69 836.78 1,157.65 1,733.61 87.59 1,646.02 238.66 0.59 1,406.77 0 1,406.77 303.4 1,103.37

Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs)

4,403.80 0 767.48 101.13 5,890.30 48.88 250 205.32

3,633.68 0 706.08 96.56 5,872.47 45.33 230 174.85

3,061.66 0 549.52 74.23 5,659.08 36.89 190 138.02

2,431.53 0 278.83 33.23 2,726.16 30.69 100 191.91

2,338.01 0 282.61 38.48 2,390.73 46.15 115 181.43

Balance Sheet Particulars Sources Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities Application Of Funds Gross Block Less: Depreciation Net Block

Maruti Suzuki India ------------------- in Rs. Cr. ------------------Mar '12 Mar '11 Mar '10 Mar '09 144.5 144.5 0 0 15,042.9 0 0 15,187.4 0 0 1,078.30 1,078.30 16,265.7 0 14,734.7 0 144.5 144.5 0 0 13,723.0 0 0 13,867.5 0 31.2 278.1 309.3 14,176.8 0 11,737.7 0 6,208.30 5,529.40 144.5 144.5 0 0 11,690.6 0 0 11,835.1 0 26.5 794.9 821.4 12,656.5 0 10,406.7 0 5,382.00 5,024.70 144.5 144.5 0 0 9,200.40 0 9,344.90 0.1 698.8 698.9 10,043.8 0

Mar '08 144.5 144.5 0 0 8,270.9 0 0 8,415.4 0 0.1 900.1 900.2 9,315.6 0 7,285.3 0 3,988.8 0 3,296.5

8,720.60 4,649.80 4,070.80

Accum. 7,214.00 7,520.70

0 Capital Work in Progress Investments Inventories Sundry Debtors Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA, Loans Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets 1,406.30 6,147.40 1,796.50 937.6 1,776.10 4,510.20 2,140.10 660 & 7,310.30 0 5,420.50 698.5 6,119.00 1,191.30 0 16,265.7 0 6,443.10 0 3,805.20 525.8 4,331.00 2,112.10 0 14,176.8 0 3,856.00 0 3,160.00 628.4 3,788.40 67.6 0 12,656.5 0 5,570.00 0 3,250.90 380.7 3,631.60 1,938.40 0 10,043.8 0 1,428.60 5,106.70 1,415.00 893.3 95.5 2,403.80 1,626.30 2,413.00 387.6 7,176.60 1,208.80 809.9 98.2 2,116.90 1,739.10 0 861.3 3,173.30 902.3 918.9 239 2,060.20 1,809.80 1,700.00 736.3 5,180.7 0 1,038.0 0 655.5 324 2,017.5 0 1,173.0 0 0 3,190.5 0 0 2,718.9 0 369.5 3,088.4 0 102.1 0 9,315.6 0 2,734.2 0 291.28

Contingent Liabilities Book Value (Rs)

5,925.90 525.68

5,450.60 479.99

3,657.20 409.65

1,901.70 323.45

Profit & Loss account Particulars Income Sales Turnover

------------------- in Rs. Cr. ------------------Mar '12 Mar '11 Mar '10 Mar '09 Mar '08 39,495.3 40,865.5 32,174.1 23,381.5 21,200.4

0 Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition 3,937.10 35,558.2 0 366.2 160.1 36,084.5 0 28,330.6 0 229.5 843.8

0 4,304.00 36,561.5 0 784.6 73.2 37,419.3 0 28,880.0 0 210.2 703.6

0 2,856.40 29,317.7 0 662 200.9 30,180.6 0 22,636.3 0 216.6 545.6

0 2,652.10 20,729.4 0 491.7 -356.6 20,864.5 0 15,983.2 0 193.6 471.1

0 3,133.60 18,066.8 0 494 336.3 18,897.1 0 13,958.3 0 147.3 356.2 523.3 521.48 287.62

1,856.20 1,949.40 1,061.60 716.1 1,209.29 1,153.87 1,032.17 817.66 272.32 289.73 201.73 236.84

-42.7 -25.7 0 -22.3 -19.8 32,699.0 33,161.1 25,694.0 18,396.2 15,774.4 1 0 0 0 0 3,019.29 3,385.49 55.2 3,330.29 1,138.40 0 2,191.89 109.1 2,300.99 511 1,635.20 4,368.40 3,473.60 4,258.20 24.4 4,233.80 1,013.50 0 3,220.30 18.9 3,239.20 820.2 2,288.60 4,281.10 3,824.60 4,486.60 33.5 4,453.10 825 0 3,628.10 51.1 3,679.20 1,094.90 2,497.60 3,057.70 1,976.60 2,468.30 51 2,417.30 706.5 0 1,710.80 37.9 1,748.70 457.1 1,218.70 2,413.00 2,628.70 3,122.70 59.6 3,063.10 568.2 0 2,494.90 76.6 2,571.50 763.3 1,730.80 1,816.10

Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs)

0 216.7 35.1 2,889.10 56.6 150 525.68

0 216.7 35.1 2,889.10 79.21 150 479.99

0 173.3 28.8 2,889.10 86.45 120 409.65

0 101.1 17.2 2,889.10 42.18 70 323.45

0 144.5 24.8 2,889.10 59.91 100 291.28

Impact of the volatility i.e. rise or fall in stock prices of the companies on their quarterly results

Indian IT Industry has witnessed a decade of growth. Indian IT exports have grown from$4bn in FY2000 to $50bn in FY2010 at a 10-year CAGR of 28.8%. During the first half of thedecade, Indian IT exports grew at a 5-year CAGR of 35% from $4bn in FY2000 to $18bn inFY2005. During the second half of the decade, Indian IT exports grew at a 5-year CAGR of23% from $18bn in FY2005 to $50bn in FY2010. The industry can be segmented as per the (a) Verticals (b) Service Lines (c)Geographies BFSI, Hi-tech/Telecom, and Manufacturing were the dominant verticals contributing toover 3/4th of the exports over past several years. BFSI contributed to 40% ofIndian IT Exports during FY10. Hitech/Telecom and Manufacturing contributed 20% and 16%respectively. Emerging verticals (Media & Entertainment, Retail, Healthcare,Utilities, and Transportation) have contributed to nearly 1/4th of the exports. IT Services contributed to 55% of the IT Exports during FY10. BPO and EngineeringServices contributed 25% and 20% respectively. This share distribution has remainedsomewhat constant over past several years.

Within IT Services, the share of Custom Application Development Services came down from49% to 37% during the 3-year period, whereas the share of Remote Infrastructure Managementand System Integration services increased from 11% to 20%. Application Management Servicesgrew much faster than Application development services at a 3-year CAGR of 24%. Other ITServices (such as IT Consulting, Support & Training, Software Testing, SOA/WebServices etc.) grew at a 3-year CAGR of 17%. US and UK were the dominant regions receiving over 3/4th of the Indian ITexports over past several years. US received 61% of Indian IT Exports during FY10, whereasUK received 18%. Continental Europe and APAC received 12% and 7% of exports respectively.The Geo distribution has not changed much over past several years. HCL has grown faster than Indian IT Industry during the last decade. While HCL growthwas lagging behind Indian IT Industry growth during the first half of the decade, HCL cameback strongly during the second half of the decade. During the first half of the decade,HCL revenues grew at a 5-year CAGR of 30% from $207mn in FY2000 to $764mn in FY2005.During the second half of the decade, HCL revenues grew at a 5-year CAGR of 29% from$764mn in FY2005 to $2705mn in FY2010. Overall, HCL revenues grew at a 10-year CAGR of29.3%.

Study and Research Methodology

INTRODUCTION Research Design is the basic frame work which provides the guidelines for research. The research design specifies the method for data collection analysis. There are mainly two methods of collecting data, primary and secondary data collection..

STATEMENT OF THE PROBLEM There was a research topic by V.C.Varma and others which concludes that price movement of shares has absolutely no correlation with the annual performance of their respective companies. This as a topic puts me in the interest of the researcher

to investigate and research in detail the status of the same as applicable to selected stocks and their performance.

REVIEW OF LITERATURE Amongst the literature of the most relevance to the price movement of shares and company performance is the research topic by V.C.Varma. This provides a qualitative explanation of the price fluctuations. He proposes that investor reacts due to the psychological or sociological beliefs exert a greater influence on the price movement of the shares then good economic sense arguments, Varma believes that investor attitudes are of greater importance in determining the price levels. He claims that substantial change can be explained by a collective change of mind by the investing public which can only be explained by the thoughts and beliefs on future events, is its psychology.

OBJECTIVES OF THE STUDY To study the analysis of price movement of shares and company performance with respect to Information Technology and Automobile Industry. To study the various factors affecting the price movement of shares and company performance.

SCOPE OF THE STUDY This study is done mainly under the IT and Automobile Industry trading in Secondary Markets, so this study cannot be generalized. 35% of the share price movements depend on the companys potential growth through analysis of growth measurements provided valuable insights.

OPERATIONAL DEFINATIONS

Fundamental analysis: It is really a logical and systematic approach to estimate the future dividends and share price is determined by a number of fundamentals, industry, company and economic fundamentals. Unaudited quarterly financial analysis: Variables like compounded annual growth rate of sales, earnings per share, price-to earnings are used for the analysis of the company performance.

METHODOLOGY This study entitled A study on the analysis of price movement of shares and annual performance of the companies with reference to IT and Automobile Industry. Secondary Data has been collected from Ministry of Statistics Various books on Portfolio Management Magazines, Journals and Papers on Portfolio Management Websites of Companies

TOOLS OF DATA COLLECTION There are two types of data collection method, primary and secondary data collections. Secondary data is collected from various books, journals, annual reports of the companies quarterly financial results and various other articles.

FIELD WORK Field work of the study is related to collecting the data about economy, industries and companies. Government policies towards the selected industries and

companies are also collected. Information regarding companies has been collected through websites, economic times, magazines and papers.

METHOD OF ANALYSIS The dissertation is fully based on the analysis of various factors of growth. For analyzing the performance of the company quarterly financial reports are analyzed by using variables such as CAGR, EPS, P/E, and Quality of Earnings ratio.

LIMITATIONS OF THE STUDY Since the study is restricted to one month there are time constrains Since this is done under IT and Automobile Industry, there is geographic constraints. Variables like CAGR, EPS, P/E, and Quality of Earnings ratio are used for recommending good company but there are other factors like labor strikes, internal management policies, and poor employer employee relationship also affect company performance.

CHAPTER SCHEME Introduction deals with the Introduction to the topic, Market mechanism, Reasons for the price movement of shares. It also consists of subject background of the study and need for the study also. Company Profile gives the profile of the IT and Automobile companies taken for the study. It deals with Analysis and Interpretation of Data It consists of Summary of Findings, Conclusion and Recommendations Research Design deals with statement of the problem, review of literature, objectives of the study, scope of the study, methodology, tools of data collection and limitations.

Conclusion Investors are interested in predicting the future behavior of stock market. The efficient market hypothesis is yet to be acclaimed in the age of IT and Globalization. The existence of market for securities is of advantage to both the issuers and investors. To investors it gives an opportunity to select an optimal investment strategy. This paper presents an explicit model for the role of price movement of shares with the annual performance of companies. Studying the fundamental factors which influence the market price and also the performance of the company is a part of any investor before going for investment. The investor should look at the price movements of the particular company over the years and should go for better portfolio.

Recommendations Besides looking at the company performance the investor should analyze the economy and the industry as a whole. It is better to invest in companies with good market value, good performance in revenue and should consider the various factors affecting the performance before investing. I would recommend Infosys as good for investment because as it has high quality of earnings and high compounded annual growth rate. Even though the industry may perform well, several ratios like, financial ratios, growth ratios, sales etc. should be properly analyzed with reference to that company and also with the industry. As P/E ratio is directly related to market price per share and the Earnings per share while looking at the P/E ratio one should analyze the return and go for better portfolio. A higher P/E ratio indicates that the stocks are extremely overvalued. If the firm does not earn a huge growth of earnings it will increase the amount paid by each investor to the share.

Biblograhy http://info.shine.com/ListofCompany/Automobiles/783.aspx http://www.letslearnfinance.com/difference-between-cash-and-derivativesmarket.html http://www.ibef.org/industry/india-automobiles.aspx http://www.ibef.org/industry/information-technology-india.aspx http://www.moneycontrol.com/