A Project Report On Commodity Analysis and interpretation of the Gold, Silver, Crude, and Natural Gas research in stock

market At "BMA WEALTH CREATORS LTD" (STOCK BROKING COMPANY) By

Vinod .D. Pichika"

Under the guidance of

"Nilaya Murthy"

Submitted to

"University of Pune" In partial fulfillment of the requirement for the award of the degree of Master of Business Administration (MBA)

Through Impulse Education Societys Moment Institute of Business Management, Pune-411 46

A Project Report

ACKNOWLEDGEMENT Concentration, dedication, hard work and application are essential but not only factor to achieve desired goal, these must be supplemented by guidance and co-operation of the people to make it success.

The following project is the result, not only of my hard work, but also of the help received from my seniors in the company, so it is my duty to record my sincere thanks for their great help.

I deeply thank Mr. Rakesh Sonavane (Regional Head) for giving me an opportunity to work on this project, in successfully emerging organization called BMA Wealth Creators ltd.

I express my sincere regards and deep sense of gratitude to Mibm College and my project guide Prof. Nilaya Murthy whose aspiring explanation has enable me to complete this project work.

I am also thankful to our Principal Prof. Vijay Karkhanis who developed the votes of confidence and shown the best possible path.

DECLARATION

I, MR. Vinod .D. Pichika, student of Impulse Education Societys Moment Institute of Business Management studying in MBA-2nd year solemnly declare that the project report entitled Commodity Analysis and interpretation of the gold, silver, crude, Natural Gas research in stock market at BMA WEALTH CREATORS LTD, PUNE was carried out by me in partial fulfillment of MBA Program as per the guidelines of Pune University and its rules and norms.

Its my original work and is not submitted to any other organization for any other purpose.

Vinod .D. Pichika

Executive Summary / Abstract Executive summary: This project has been a great learning experience for me; at the same time it gave me enough scope to implement my analytical ability. This project as a whole can be divided into two parts: The first part gives an insight about the Commodity and its various aspects. One can have a brief knowledge about Commodity market All the topics have been covered in a systematic way. The language has been kept simple so that even a layman could understand. All the data have been well analyzed with the help of charts and graphs. The second part consists of data and their analysis collected through a sport price on the terminal. It covers the topic Commodity Analysis. The data collected has been well organized and presented. Hope the research findings and conclusions will be of use. It has also covered why people dont want to invest in Commodity? The advisors can take further steps to approach more and more people and indulge them for taking their advices to invest in Commodity. The project study of Commodity market was undertaken with the view to get an insight into the Commodity market and to study the trading strategies using futures and options. In this report, only some scripts (Gold, Silver, Crude, and Natural Gas) have been considered for study. This project not only gives a detailed idea about futures and options in the Commodity market but also serves the purpose of building awareness among the readers about the market

Introduction
Gold Technical Analysis Gold closed lower on Thursday as it consolidates above the 20-day moving average crossing. The high-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. Closes below last Thursday's low crossing are needed to confirm that a shortterm top has been posted. Closes above August's high crossing are needed to renew this year's rally.

Silver Technical Analysis Silver closed lower due to profit taking on Thursday as it consolidated some of this week's rally. The mid-range close sets the stage for a steadyto-lower opening on Friday. Stochastics and the RSI remain neutral-tobullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off this month's low, the 62% retracement level of this month's low crossing is the next upside target. Closes below the 20-day moving average crossing would temper the near-term friendly outlook.

Crude Oil Technical Analysis Crude Oil closed slightly higher on Thursday as it extends the rally off August's low. The mid-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI remain bullish signalling that sideways-to-higher prices are possible near-term. Closes above the reaction high crossing are needed to confirm that a low has been posted. If it renews this summer's decline, the 75% retracement level of the 2009-2011-rally crossing is the next downside target.

Natural Gas Technical Analysis Natural Gas closed lower on Thursday as it consolidated some of Wednesday's rally. The mid-range close sets the stage for a steady-tohigher opening when Friday's night session begins trading. Stochastics and the RSI are bullish signalling that sideways-to-higher prices are possible near-term. If it extends this week's rally, the reaction high crossing is the next upside target. Closes below the 10-day moving average crossing would temper the friendly outlook.

Index. 1 2 3 4 5 6 7 8 Bma Wealth Creators ltd. Profile Objectives of the Project Work. Scope of the study Research Methodology. Theoretical background Data Collection Data Analysis Day trading levels, statics and Interpretation of the data (Gold, Silver, Crude, Natural Gas) Conclusions. Recommendations Limitations Findings Bibliography References

9 10 11 12 13 14

Objectives of the Project Work: As name of project COMMODITY Analysis and interpretation of the Gold, Silver, Crude, and Natural Gas Research in stock market A security is a fungible, negotiable instrument representing financial value. Securities are broadly categorized into debt securities (such as banknotes, bonds and debentures); equity securities, e.g., common stocks; and derivative (finance) contracts, such as forwards, futures, options and swaps In business and finance, a share of STOCK (also referred to as equity share) means a share of ownership in a corporation (company) In economics, typically, the term MARKET means the aggregate of possible buyers and sellers of a thing and the transactions between them. The term market is sometimes used for what are more strictly exchanges, organizations that facilitate the trade in financial securities, e.g., a stock exchange or commodity exchange. A STOCK MARKET is a public market for the trading of company stock and derivatives at an agreed price; these are securities listed on a stock exchange as well as those only traded privately.

1. To study the operational procedure of a broking firm. 2. To learn the fundamental and technical analysis for determining the intrinsic value of share 3. To understand where to invest in the market. 4. To know detailed idea about functioning of futures & options market. 5. To learn about different Arbitrage & Hedging strategies.

Scope of the study Scope of the stock market is very large; no one can know the stock market in months or year. Even a 20-25 year experienced person cannot understand the stock market in full extent. Here I just tried to clear concepts of the stock market to a very small extent. Scope of the study is to understand the operational procedure of a broking firm, to analyse the various terms in stock market. To analyse the techniques of fundamental and technical analysis in detail. The scope of this project is limited to the study of the Indian commodity market. Under the commodity market only some scripts have been considered in this project. In this project report, futures and options have been studied in detail. The project also covers various strategies such as hedging, spread trading, and Arbitrage which can be used in the commodity market. Futures contracts are extensively used as a hedging tool to minimize the risk arising out on account of price changes in the market.

RESEARCH METHODOLOGY Methodology of the study During my project, I collected data through various sources primary & Secondary. Primary source includes Discussion with Branch Manager Discussion with experts Live trading in the firm. For the operational procedure I visited the every Department of the Broking Firm & Collected the related information.

Secondary Source includes: For the various Fundamental & Technical Analysis I collected the Data from the various websites. The data analysis was done by using different statistical tools. Market Segments: 1. Primary Market The primary is that part of the capital markets that deals with the issuance of new securities. Companies, governments or public sector institutions can obtain funding through the sale of a new stock or bond issue. 2. Secondary Market The Secondary market is the financial market for trading of securities that have already been issued in an initial private or public offering. Buying and Selling of shares is called SHARE TRADING Mainly there are TWO WAYS of doing share trading. 1. Offline Share Trading Doing share trading with the help of broker or through phone is called Offline trading. 2. Online Trading Doing share trading with help of computer, internet connection and with trading/de mat account is called Online Trading.

SECURITY RESEARCH is a discipline with the financial services industry. Securities research professionals are known most generally as analysts, research analysts or security analysts; all the foregoing terms are synonymous. Security analysts are commonly divided between the two basic kinds of securities: equity analysts (researching stocks and their issuers) and fixed income analysts (researching bond issuers). However, there are some analysts who cover all of the securities of a particular issuer, stock and bonds alike.

FUNDAMENTAL ANALYSIS is the cornerstone of investing, In fact, some would say that you arent really investing if you arent performing fundamental analysis. The biggest part of fundamental analysis involves delving into the financial statements. Also known as quantitative analysis, this involves looking at revenue, expenses, assets, liabilities and all the other financial aspects of a company. Fundamental analysts look at this information to gain insight on the companys future performance. Here we deal about the balance sheet, income statement, cash flow statement and how they all fit together. In fundamental analysis there is Three are considered These are following: Economic Analysis Industry Analysis Company Analysis

Technical Analysis is a security analysis technique that claims the ability to forecast the future direction of prices through the study of past market data, primarily price and volume. In its purest form, technical analysis considers only the actual price and volume behavior of the market or instrument. Technical analysts, sometimes called chartists, may employ models and trading rules based on price and volume transformations, such as the relative strength index, moving average, regressions, inter-market and intra-market price correlations, cycles or, classically, through recognition of chart patterns.

Theoretical background COMMODITIES How Commodity Trading Started .. Commodity markets have existed for centuries around the world because producers and buyers of foodstuffs and other items have always needed a common place to trade. What we know as the Commodity market of today came from some humble beginnings. Trading in futures originated in Japan during the 18th century and was primarily used for the trading of rice and silk. It wasn't until the 1850s that the U.S. started using futures markets to buy and sell commodities such as cotton, corn and wheat. The first organized grain futures trading in the U.S. began in places such as New York City and Buffalo, but the development of modern futures, which are a unique type of forward agreement, began in Chicago in the 1840s. Before the North American futures market originated some 150 years ago, farmers would grow their crops and then bring them to market in the hope of selling their commodity of inventory. But without any indication of demand, supply often exceeded what was needed, and unpurchased crops were left to rot in the streets. Conversely, when a given commodity such as Soybeans were out of season, the goods made from it became very expensive because the crop was no longer available, lack of supply With the construction of the railroads, Chicago began to emerge as a center for transportation between Midwestern producers and east coast population centers. The city was a natural hub for trade, but the trading that took place there was inefficient and unorganized until a group of Chicago-based business men formed the Board of Trade of the City of Chicago in 1848. The Board was a member-owned organization that offered a centralized location for cash trading of a variety of goods as well as trading of forward contracts. Members served as brokers who facilitated trading in return for commissions.

As trading of forward contracts increased, the Board decided that standardizing those contracts would streamline the trading and delivery processes.

Instead of individualized contracts, which took a great deal of time to negotiate and fulfill, people interested in the forward trading of corn at the Board, for example, were asked to trade contracts that

were identical in terms of quantity, quality, delivery month and terms, all as established by the exchange. The only thing left for traders to negotiate was price and the number of contracts.

They were also different from other forwards in that the bids, offers and negotiated prices of the trades were made public by the exchange. This practice established futures exchanges as venues for price discovery in U.S. markets.

Today's commodity market is a global marketplace not only for agricultural products, but also currencies and financial instruments such as Treasury bonds and securities futures. It's a diverse marketplace of farmers, exporters, importers, manufacturers and speculators. Modern technology has transformed commodities into a global marketplace where a Kansas farmer can match a bid from a buyer in Europe.

The usefulness of futures trading became apparent, and a number of other futures exchanges were established throughout the country in the decades that followed. The Chicago Butter and Egg Board was founded in 1898 and evolved into Chicago Mercantile Exchange (CME) in 1919. Futures exchanges also opened in Milwaukee, New York, St. Louis, Kansas City, Minneapolis, San Francisco, Memphis, New Orleans and elsewhere. Chicago, however, became the most influential and predominant location for futures trading in the U.S.

How the Market Works The futures market is a centralized market place for buyers and sellers from around the world who meet and enter into commodity futures contracts. Pricing mostly is based on an open cry system, or bids and offers that can be matched electronically. The commodity contract will state the price that will be paid and the date of delivery. Almost all futures contracts end without the actual physical delivery of the commodity. What exactly is a commodity Contract? Let's say, for example, that you decide to subscribe to satellite TV. As the buyer, you enter into an agreement with the company to receive a specific number of channels at a certain price every month for the next year. This contract made with the satellite company is similar to a futures contract, in that you have agreed to receive a product or commodity at a later date, with the price and terms for delivery already set. You have secured your cost for now and the next year, even if the price of satellite rises during that time. By entering into this agreement, you have reduced your risk of higher prices. That's how the futures market works. Except instead of a satellite TV provider, a producer of wheat may be trying to secure a selling price for next season's crop, while a bread maker may be trying to secure a buying price to determine how much bread can be made and at what profit. So the farmer and the bread maker may enter into a futures contract requiring the delivery of 5,000 bushels of grain to the buyer in June at a price of $4 per bushel. By entering into this futures contract, the farmer and the bread maker secure a price that both parties believe will be a fair price in June. It is this contract that can then be bought and sold in the commodity market. A futures contract is an agreement between two parties: a short position, the party who agrees to deliver a commodity, and a long position, the party who agrees to receive a commodity. In the above scenario, the farmer would be the holder of the short position (agreeing to sell) while the bread maker would be the holder of the long (agreeing to buy). In every commodity contract, everything is specified: the quantity and quality of the commodity, the specific price per unit, and the date and method of delivery. The price of a futures contract is represented by the agreed - upon price of the underlying commodity or financial instrument that will be delivered in the future Profit And Loss - Cash Settlement The profits and losses of futures depend on the daily movements of the market for that contract and are calculated on a daily basis.

Hedging & Speculators Long Hedger Short

Secure a price now to protect Secure a price now to protect against future rising prices Secure a price now against future declining prices in Secure a price now in

Speculator

anticipation of rising prices

anticipation of declining prices

Economic Importance of the Futures Market Because the commodity market is both highly active and central to the global marketplace, it's a good source for vital market information and sentiment indicators. Price Discovery - Due to its highly competitive nature, the futures market has become an important economic tool to determine prices, based on today's and tomorrows estimated amount of supply and demand. Futures market prices depend on a continuous flow of information from around the world and thus require a high amount of transparency. Factors such as weather, war, debt default, refugee displacement, land reclamation, and deforestation can all have a major effect on supply and demand, and hence the present and future price of a commodity. This kind of information and the way people absorb it constantly changes the price of a commodity. This process is known as price discovery. Risk Reduction - Futures markets are also a place for people to reduce risk when making purchases. Risks are reduced because the price is pre-set, therefore letting participants know how much of the commodity they will need to buy or sell. This helps reduce the ultimate cost to the retail buyer, because with less risk there is less chance of manufacturers hiking up prices to make up for profit losses in the cash market.

Why trading in grains are so important????

Let's take a look at a few of the grains that have futures contracts: wheat is used to make flour, bread, and crackers. Its byproduct is used to feed livestock, and it's also used by manufacturers to make glues and other adhesives.

Corn is used for food for human, as well as livestock and poultry. It's also used to make cornstarch, margarine, and sweeteners. Ethanol is made from corn, as are some adhesives in the manufacturing world.

Rice feeds billions of people around the globe every day. It's eaten in its original form as a food and as a cereal. The byproducts of rice are used to make fertilizers and other products.

Soybeans are used as a food and to make oils that are found in margarine and salad dressing, just to name a few products. They are also used to make soy milk and tofu. Soybeans are also manufactured into ink, diesel fuel, adhesives and some fabrics.

Grains are valuable commodities that are needed to feed humans as well as livestock and poultry. They are also valuable in making products that we use everyday. Because of this, there is a great demand for grains.

Regulation of commodity markets

Country

Exchange

Regulator

U.S.A

Chicago Board of Trade Chicago Mercantile Exchange New York Board of Trade New York Mercantile Exchange Kansas City Board of Trade

Commodity Futures Trading Commission

India

National Commodity & Derivatives Exchange National Multi-Commodity Exchange

Forward Markets Commission

U.K

London Metal Exchange Euro next London International Financial Futures Exchange

Financial Services Authority (1986)

China

Dali an Commodity Exchange Shanghai Futures Exchange

China Securities Regulatory Commission

Japan

Central Japan Commodity Exchange Tokyo Commodity Exchange

The Ministry of Agriculture, Forestry and Fisheries of Japan

Major Commodity Exchange

A commodities exchange is an exchange where various commodities and derivatives products are traded. Most commodity markets across the world trade in agricultural products and other raw materials (like wheat, barley, sugar, maize, cotton, cocoa, coffee, milk products, oil, metals, etc.) and contracts based on them. These contracts can include spot prices, forwards, futures and options on futures. Other sophisticated products may include interest rates, environmental instruments, swaps, or ocean freight contracts. In today's world of specialization, we see that domestic and international commodity exchanges have also grabbed on to the concept of focusing in on an area of expertise. The most robust commodity exchanges in the world today and their specialty commodities include: New York Board of Trade (NYBOT) - which includes coffee, cocoa, cotton, orange juice and sugar? New York Mercantile Exchange (NYMEX) - which specializes in energy products such as crude and heating oil, gasoline, natural gas, coal, propane as well as metal such as gold, silver, platinum, copper, aluminum and palladium. Chicago Board of Trade (CBOT) - which specializes in bonds and more traditional commodities such as corn / maize, oats, rough rice, soybeans, soybean meal, soybean oil, and wheat?

 Chicago Mercantile Exchange (CME) - which specializes in bond futures and more traditional commodities such as live and feeder cattle, lumber, beef, boneless beef trimmings, lean hogs, frozen pork bellies, fresh pork bellies, milk and butter. London Metal Exchange (LME) - which specializes in the trading of metals such as copper, lead, zinc, aluminum, tin and nickel? London Commodity Exchange / Euro next - which specializes in the trading of commodities such as grains and meat. ICE Futures - the International Petroleum Exchange specializes in commodities such as crude and heating oil, natural gas and unleaded gasoline Shanghai Metal Exchange (SHME) - one of the national level futures exchanges of China was established on 28 May 1992. SHME is a non-profit, self-regulating corporation. The exchange was created for trading in nonferrous metals and currently contracts for several non-ferrous metals including copper, aluminum, lead, zinc, tin, and nickel. Kansas Board of Trade - Kansas Board of Trade in US specializes in hard red winter wheat. Hard winter wheat constitutes the maximum of US production. This exchange is benchmark for bread wheat prices. Tokyo Commodity Exchange (TOCOM) - Tokyo Commodity Exchange (TOCOM) is the largest exchange in Japan and second largest commodity exchange in the world for futures and options. Crude oil, gasoline, kerosene, gas oil, gold, silver, aluminum, platinum and rubber are the commodities that are actively traded. London International Financial Futures and Options Exchange (LIFFE) London International Financial Futures and Options Exchange (LIFFE) also know as Euro next. Among actively commodities trades are cocoa, Robusta coffee, corn, potato, rapeseed, sugar and wheat. Robusta coffee prices are determined through this exchange. Dalian Commodity Exchange - Dalian Commodity Exchange in China trades in corn and soybean. The exchange is planning to introduce futures and options in crude oil, power, steel and plastic.

DATA COLLECTION ONGC (Oil & Natural Gas Corporation):A) Fundamental Analysis:Security Name : ONGC Face Value: 10.00 52 Week High Price: 1346.00 52 Week Low Price: 97.35 About ONGC Ltd Oil and Natural Gas Corporation Limited (ONGC) (incorporated on June 23, 1993) is an Indian Public Sector Petroleum Company. It is a Fortune Global 500 company, and contributes 77%of Indias crude oil production and 81% of Indias natural gas production. It is the highest profit making corporation in India. It was set up as a commission on August 14, 1956. Indian government hold 74.14% equity stake in this company.ONGC is engaged in exploration and production activities. It is involved in exploring for and exploiting hydrocarbons in 26 sedimentary basins of India. It produces about 30% of Indias crude oil requirement. It owns and operates more than 11,000 kilometers of pipelines in India. Until recently (March 2008) it was the largest company in terms of market cap in India. In August, 1956 Oil and Natural Gas Commission was formed, raised from a mere Directorate status to Commission, it had enhanced powers. In 1959 these powers were further enhanced by converting commission into a statutory body by an act of Indian Parliament. Major functions of ONGC according to this provision were to plan, promote, organize and implement programs for development of Petroleum Resources and the production and sale of petroleum and its products. Since its foundation stone was laid, ONGC is transforming Indias view towards Oil and Natural Gas by emulating the countrys limited upstream capabilities in to a large viable playing field. ONGC< since 1959, has made its presence noted in most parts of India and in overseas territories. ONGC found new resources in Assam and also established the new oil province in Cambay basin (Gujarat). In 1970 with the discovery of Bombay High (now known as Mumbai High), ONGC went offshore. With this discovery and subsequent discovery of huge oil fields in the Western offshore, a total of 5 billion tones of hydrocarbon present in the country were discovered. The most important contribution of ONGC, however, is its self-reliance and development of core competence in exploration and production activities at a globally competitive level.

MANAGEMENT / PROMOTERS

Mr.R.S.Sharma Who is Chairman and Managing Director of the ONGC and following are the Directors of the ONGC.

Management ONGC
Name A K Hazarika D K Sarraf Sudhir Bhargava S S Rajsekar Santosh Nautiyal R S Butola D Chandrasekharam Usha Thorat Arun Ramanathan Designation Chairman and Managing director Director (Finance) Director Director Director Director Additional Director Additional Director Additional Director

Designation Name Director U N Bose Director S Vasudeva Director L M Vas Director S Balachandran Director Anita Das Director S V Rao Director (Human Resources) K S Jamestin Additional Director Deepak Nayyar SWOT ANALYSIS OF ONGC LTD. Strength ONGC have the leading market share in India. Huge and strong infrastructure. Technological advancement that were implemented over the last few years. ONGC have the majority of the oil field in India and they own the largest oil field in India. Bombay High. Weakness ONGC not differentiated enough and diversified enough Weak presence in global market due to high competitive environment with respect to oil and gas exploration. Opportunities: The overall gas production is set to double within 3 to 4 years thus demand meeting the supply. This may result in government deregulating the natural gas prices. Diversification into the downstream business to have a competitive advantage. Going global in exploration and refining area will widen the exposure. Threats

GOI continually forces ONGC to focus just on one industry and not let them diversify. GOI are stopping ONGC from bidding on other outside sources of oils fields. Now renewable, sustainable and non toxic forms of power generation as substitute form of nuclear energy like wind energy. Capital requirements are very large and the industry is hitting the mature stage. Financials (2010-2011) ONGC posted a net profit of Rs.161.26 billion despite volatile oil markets and crude prices. Net worth Rs.781 billion Practically Zero Debt Corporate Contributed over Rs.280 billion to the exchequer. DATA ANALYSIS Fundamental and Technical Analysis COMPARISION OF THREE YEARS FINANCIAL DATA:-

Particulars

Mar 2009

Mar 2010

MAR 2011

Sales volume (in million) Growth (%) Profit Before Tax (Rs.In million) Profit After Tax (Rs.In million) Capital employed (Rs.in Million) Return on capital employed % Net worth Return o Net worth (%) Dividend payout ratio Dividend per share (In Rs./share) Earning per share

601373 5.68 252346 167016 604844 53 604844 23.87 47.94 32 78.09

639493 6.33 239807 161263 640583 49.9 640583 20.7 42.44 32 75.4

1061747 6.98 304413 194035 894339 50.35 894339 22.3 43.1 32 90.72

SALES VOLUME

1500000 1000000
Rs in million

500000 0 2009 2010 2011

Year

Sales Volume(in million)

INTERPRETATION As there shown in graph the sales volume is increasing continuously from previous three years due to increase in production capacity and joint venture with foreign companies.

GROWTH SALES:Growth 6.4 6.2 6 5.8 5.6 5.4 5.2 2009 2010 Year 2011 Growh(%), Mar-09, 5.68
Growh(%)

Growh(%), Mar-10, 6.33 Growh(%), Mar-11, 6.11

INTERPRETATION: Growth in sales volume is 5.68% in 2008 where Oil prices are higher and then it has sharp decline causes to low demand in market led to reduction in growth to 6.33% in 2011.

PROFIT BEFORE TAX AND PROFIT AFTER TAX PBT & PAT

400000
Rs in million

300000 200000 100000 0 2009 2010 2011

year

Profit before tax Profit after tax

INTERPRETATION:Despite volatile oil markets and crude oil prices, ONGC company as earned a net profit of Rs.194035 million in 2011 which is more as compare to previous year.

COMMODITY PROFILE CRUDE OIL Though crude oil is found in ancient time, people knew about it more as a medicine, not as a fuel. It was only in 1859 that modern day oil industry was born. People started using oil initially in the form of kerosene, lubricants etc. In 1889, Germanys Daimler and Wilhelm Maybach first built one gasoline engine, and it was the beginning of the modern day automobile industry. Crude oil is a mixture of hydrocarbons that exists in a liquid phase in natural underground reservoirs. The liquid substance derived its material from the fossilization of plants and animals. It takes million of years for that fossilized plant an animal to be converted into crude oil substance. Crude oil is the most important energy carrier at a global scale and since all kinds of transport rely heavily on oil, the future availability of crude oil is of paramount interest. Crude oil is classified by the location of its origin and often by its relative weight or viscosity (light, intermediate or heavy). Refiners may also refer to it as `sweet, which means it contains relatively little sulphur, or as `sour, which means it contains substantial amounts of sulphur and requires more refining in order to meet current product specifications. The number of carbon atoms determines the oil's relative `weight or density. Gases generally have one to four carbon atoms, while heavy oils and waxes may have 50, and asphalts, hundreds. Usage Common usage of crude oil or petroleum can be classified as follows: ethane, diesel fuel (petrol-diesel), fuel oils, gasoline (petrol), jet fuel, kerosene and liquefied petroleum gas (LPG). About 35 percent of the worlds primary energy consumption is supplied by oil, followed by coal with 25 percent and natural gas with 21 percent. Transport relies to well over 90 percent on oil, be it transport on roads, by ships or by aircrafts. Therefore, the economy and the lifestyle of industrialized societies rely heavily on the sufficient supply of oil. Crude Oil Refinery An oil refinery is an industrial process plant where crude oil is processed and refined into more useful petroleum products, such as gasoline, diesel fuel, asphalt base, heating oil, kerosene and liquefied petroleum gas. Most of all refineries perform three basic steps such as separation, conversion and treatment.

CRUDEOIL DAY TRADING LEVELS AND STATICS (Record Updated for-Aug/05/2011) INTRADAY LEVEL OF CRUDEOIL R4 R3 R2 R1 PIVOT S1 S2 S3 S4 4134.4 4026.1 3986.8 3961 3955 3815.3 3789.5 3750.4 3642.6 BUY STOP DOWN BREAK OUT BEAR BULL UP BREAKOUT STOP LEVEL SELL PROBABLE HIGH PROBABLE LOW 4299.0 4175.0 LEVEL FOR LONG 4174.0 5 DAY HIGH 5 DAY LOW AVG VOLUME LAST DAY HIGH LOW 3677.0 3801.0 LEVEL FOR SHORT 4029.0 4356.0 3870.0 21402 Strong bear 4107.0 3870.0

TRADING POSTION SELL

Interpretation of the data.

CRUDEOIL TREND & INTRADAY LEVELS

Overall trend of the Crude oil is bearish for medium-long term. Currently Crude oil is in strong downtrend and the trend is supported with good volume The open interest is not increasing with trend. In last few days volume based selling happened in the Crude oil Noting point is selling at lower levels seems decreasing. The oscillator is showing SELL signal For short term Crude oil is in SELL position and closed below 1 month low with volume signals down breakout CRUDEOIL SUPPORT AND RESISTANCE Immediate support for Crude oil is 3855.Resistance for the Crude oil is 4249-43064312-4376-4515CRUDEOIL- SHORT TERM TREND Currently Crude oil is in HOLD SHORT position Crude oil is in sell mode sell below 3815.3 buy only above 4356.0 Yesterday the selling was with volume so risk takers can go for shorting at current rate with stop at 4356.0 The Crude oil is now trading in highly oversold level. The Crude oil is now trading in highly oversold level. The oscillator is showing SELL signal

CRUDEOIL-INTRADAY TREND Sell if open below 3815.3 with stop loss at 3961 or sell below 3750.4Buy is not advised till it cross 4026.1

Crude Oil Summer Trend Quick Technical Analysis - Crude oil hit its summer objective in June by peaking just shy of $74, following which it made a lower high at 73, and confirmed the downtrend on break below 66. The current action is expected to correct the bull run from $35 in December 2008, with the key consolidation zone of $47.5 to $55 which crude oil is homing in on to again form a base for the resumption of the rally into 2010. Therefore we have a price target zone of $47.50 to $55, the question now is how long will the downtrend last ? The downtrend appears to be projecting for a trend lower into late August / Early September, thereafter some sideways action could be in order before the rally gains traction later in the year. Crude Oil Conclusion - Downtrend targeting $45 to $50 by start of September 2009, thereafter base building before the next leg higher.

GOLD DAY TRADING LEVELS AND STATICS INTRADAY LEVEL OF GOLD R4 R3 R2 R1 PIVOT S1 S2 S3 24423.1 24200.7 24119.9 24066.8 23936.3 23703.8 23650.8 23570.3 BUY STOP DOWN BREAK OUT BULL UP BREAKOUT STOP LEVEL SELL PROBABLE HIGH PROBABLE LOW 24376.0 24067.0 LEVEL FOR LONG 23967.0 5 DAY HIGH 5 DAY LOW AVG VOLUME LAST DAY 23139.0 23449.0 LEVEL FOR SHORT 23544.0 24205.0 22965.0 2091 Bull

S4

23348.8

BEAR

HIGH LOW

24205.0 23719.0

TRADING POSTION BUY

Interpretation of the data GOLD TREND & INTRADAY LEVELS (Record Updated for-Aug/05/2011)-CMP-23885 The Gold is in perfect uptrend .Currently Gold is in strong uptrend but volume is unsatisfactory The open interest is not increasing with trend . Cautious point is buying at higer levels seems decreasing. The Gold is now trading in overbought level. The Gold is now trading in overbought level. The oscillator is on SELL signal and Gold is coming down from overbought level For short term Gold is in HOLD LONG position GOLD SUPPORT AND RESISTANCE Support for the Gold is 23238-23144-22939-22570-22439-22283-. Immediate resistance for Gold is 24302 GOLD- SHORT TERM TREND Currently Gold is in HOLD LONG position Gold has crossed the high but the trend was not strong and sellers was at high so for short term better buy above 24200.7 with stop at 22965.0 The Gold is now trading is approaching overbought level. The Gold is now trading is approaching overbought level. The oscillator is showing BUY signal GOLD-INTRADAY TREND Buy is advised only above 24200.7 with a stop at 23703.8 Below 23570.3 go for sell and put stop at 24066.8

NATURALGAS DAY TRADING LEVELS AND STATICS INTRADAY LEVEL OF NATURALGAS R4 R3 R2 R1 PIVOT S1 S2 S3 186.1 182.4 181.1 180.2 179.6 175 174.1 172.8 BUY STOP DOWN BREAK OUT BULL UP BREAKOUT STOP LEVEL SELL PROBABLE HIGH PROBABLE LOW 188.0 185.0 LEVEL FOR LONG 186.0 5 DAY HIGH 5 DAY LOW AVG VOLUME LAST DAY 173.0 176.0 LEVEL FOR SHORT 181.0 188.3 176.6 31422 Strong bear

S4

169.1

BEAR

HIGH LOW

184.7 176.6

TRADING POSTION SELL

Interpretation of the data NATURALGAS TREND & INTRADAY LEVELS (Record Updated for-Aug/05/2011)-CMP-178 Overall trend of the Naturalgas is bearish for medium-long term .Currently Naturalgas is in strong downtrend but volume is unsatisfactory The open interest is not increasing with trend . Noting point is selling at lower levels seems decreasing. The oscillator is showing SELL signal For short term Naturalgas is in SELL position and closed below 1 month low with volume signals down breakout NATURALGAS SUPPORT AND RESISTANCE Immediate support for Naturalgas is 176.Resistance for the Naturalgas is 188-192193-197-198NATURALGAS- SHORT TERM TREND Naturalgas and closed below 1 week low with volume signals down breakoutCurrently Naturalgas is in HOLD SHORT position Naturalgas is in sideways but the trend looks weak so better buy above 188.3 or hold with stop at 176.6 Yesterday the selling was with volume so risk takers can go for shorting at current rate with stop at 188.3 The Naturalgas is now trading in highly oversold level. The oscillator is showing BUY signal NATURALGAS-INTRADAY TREND Sell if open below 175 with stop loss at 180.2 or sell below 172.8Buy is not advised till it cross 182.4 SILVER DAY TRADING LEVELS AND STATICS INTRADAY LEVEL OF SILVER R4 R3 R2 R1 PIVOT S1 S2 S3 62937.5 60809.8 60036.8 59528 59416 56737.1 56230.3 55460.4 BUY STOP DOWN BREAK OUT BULL UP BREAKOUT STOP LEVEL SELL PROBABLE HIGH PROBABLE LOW 61791.0 60668.0 LEVEL FOR LONG 61264.0 5 DAY HIGH 5 DAY LOW AVG VOLUME LAST DAY 56177.0 57299.0 LEVEL FOR SHORT 58545.0 62384.0 57620.0 3139 Strong bear

S4

53341.2

BEAR

HIGH LOW

62384.0 57734.0

TRADING POSTION SELL

Interpretation of the data SILVER TREND & INTRADAY LEVELS (Record Updated for-Aug/05/2011)-CMP-58130 The Silver is in long- mediumshort-medium- term bull phase .Currently Silver is in strong uptrend but volume is unsatisfactory The open interest is not increasing with trend .. The oscillator is on SELL signal and Silver is coming down from overbought level For short term Silver is in HOLD LONG position SILVER SUPPORT AND RESISTANCE Support for the Silver is 57811-57100-55222-55085-.Resistance for the Silver is 59480-59540SILVER- SHORT TERM TREND Currently Silver is in HOLD LONG position Silver has formed new high but the trend looks weak so better buy above 60809.8 Yesterday the selling was with volume so risk takers can go for shorting at current rate with stop at 62384.0 The oscillator is showing BUY signal SILVER-INTRADAY TREND Sell if open below 56737.1 with stop loss at 59528 or sell below 55460.4Buy is not advised till it cross 60809.8

Conclusions:
Before investing money in any of the company the investor should find the facts on his own. Before trading investor should look on the rules and regulation provided by the SEBI . For safety of the investor. After research and analysis we can say that despite of research an individual should look on the risk bearing capacity. Its better for new investor to invest in fundamentally strong companys shares because the fluctuation in these stocks is less compared to technical support stocks. A prudent investor should always use fundamental and technical analysis to get better short-term and long term returns. Always believe on Long term investment.

Conclusion War or no war, crude oil prices are bound to trend higher based on fundamental factors discussed above. There will always be some element of speculation. However, in the long run, prices would reflect the fundamentals and in that sense one can be bullish on oil for long term.

Conclusion Avoid shares in natural gas companies because they seem to follow the general stock market more than they follow the price of Natural Gas itself. The right time to buy them would be at the next major stock market bottom. Natural Gas' current decline in wave 2 is creating an opportunity that should not be passed. Conclusion Natural gas was once considered a throw-away byproduct of oil exploration. However, it has increased in relevance and importance as the world's crude oil reserves are slowly being depleted. As more efficient and inexpensive ways of liquefying natural gas are developed, it is steadily inching its way closer to becoming a viable fuel alternative for the future. Conclusion -The Dow is still projecting towards a target of around 7,500 as indicated in the chart above, which I am sure will be taken by the perma-bears as proof that the whole move from March was just a bear market rally, just at the point were I expect the stocks stealth bull market to resume! The in depth update to the stealth stocks bull market will follow towards the end of this month. Weekend Trend Trading Conclusion: In short, I am bearish on the dollar for a week or so which should help boost stocks and commodities. After that we could see all investments make some big trend changes if buyers dont step up to the plate to buy. If we any major headline news about the sky is falling then it could trigger a sharp correction. Unfortunately, at this time head line news is running wild spooking investors from buying much of anything other than gold. Any resolution to foreign economic issues will put pressure on both gold and silver and likely help boost stocks. The past month I have been very cautious because the market is wound up and ready to explode in either direction. During times like this I prefer to stay mostly in cash until I get low risk setups and a clear trend. Thats all for now, but if you would like to get my pre-market video analysis of the dollar index, each morning and intraday updates along with my trade alerts be sure to join my premium service at $59 a month which is less than the cost for the dollar index charting data feed!

Recommendation
1. 2. 3. 4. The most vital problem spotted is of ignorance. Investors should be made aware of the benefits. Nobody will invest until and unless he is fully convinced. Investors should be made to realize that ignorance is no longer bliss and what they are losing by not investing. 5. Commodity offers a lot of benefit which no other single option could offer. But most of the people are not aware of what actually a Commodity is? They only see it as just another investment option. So advisors should try to change their mindsets. 6. The advisors should target for more and more young investors. Young investors as well as persons at the height of their career would like to go for advisors due to lack of expertise and time. 7. The company may try to highlight some benefits of Commodity, rupee cost averaging and systematic transfer plan, rebalancing etc. these benefits are not offered by other options single handedly. So these are enough to drive the investors towards Commodity. Investors could also try to increase the spectrum of services offered.

Limitation:

The time period of just two months was the major limitation.

Research has been done in Pune.

To convince the people for a proper interviewing process was also difficult.

Companys policy that not to disclose confidential data, etc.

Findings

Intraday trading

Always respect market do trade only with market direction Never over trade many trader loose money by leveraging Do not lose more than 3% of capital in single trade Always put stop loss Always watch trend for some time before doing trade Don't give ear to rumors Always do little homework before doing trade and trade only in share which you knows Always book profit as well as loss Majority days the trading range will range will below so do not wait for big return on single day Market is always right you are wrong

Risk v/s. return

Why has it become one of the largest financial instruments? If we take a look at the recent scenario in the Indian financial market then we can find the market flooded with a variety of investment options which includes mutual funds, equities, fixed income bonds, corporate debentures, company fixed deposits, bank deposits, PPF, life insurance, gold, real estate etc. All these investment options could be judged on the basis of various parameters such as return, safety convenience, volatility and liquidity measuring

these investment options on the basis of the mentioned parameters, I get this in a tabular form Return Safety Volatility Liquidity Convenience

Equity

High

Low

High

High

Moderate

Bonds Co. Debentures Co. FD Bank Deposits PPF Life Insurance Gold Real Estate Mutual Funds

Moderate Moderate

High Moderate

Moderate Moderate

Moderate Low

High Low

Moderate Low

Low High

Low Low

Low High

Moderate High

Moderate Low

High High

Low Low

Moderate Low

High Moderate

Moderate High High

High Moderate High

Moderate High Moderate

Moderate Low High

Gold Low High

Bibliography
Websites: www.bseindia.com www.nseindia.com www.earnometer.com

Journals & other references The Economic Times Business Standard The Telegraph Business India Advanced Financial Management Dr.M.Ashok

References in the standard international format i.e. Author (s), "Title of the Article (in quotes)", Title of the journal/magazine, issue date & month, year (e.g. 15th Sept. 2009) page numbers. THE REFERENCES MUST BE COMPLETE IN ALL RESPECTS. Students should provide the complete link of the website referred and along with the date and time when assessed. Do not just mention the address of the search engine.
e.g. http://money.howstuffworks.com/customer-service.htrn assessed on Monday 7th August 2009, 6:30p.m

Oil and Natural Gas Corporation Cash Flow

------------------- in Rs. Cr. ------------------Mar '11 Mar '10 Mar '09 Mar '08 Mar '07 12 mths 12 mths 12 mths 12 mths 12 mths 27618.97 24983.84 23895.42 25234.70 23980.26 32756.85 20388.01 22272.74 21527.63 22910.02 -16818.70 -13237.10 -17459.91 -10239.43 -5046.97 -11722.63 -8016.08 -8134.27 -8151.34 -7395.08 4215.52 -865.18 -3321.44 3136.86 10467.97

Net Profit Before Tax Net Cash From Operating Activities Net Cash (used in)/from Investing Activities Net Cash (used in)/from Financing Activities Net (decrease)/increase In Cash and Cash Equivalents Opening Cash & Cash Equivalents Closing Cash & Cash Equivalents

18231.04 19096.21 22417.66 19280.79 8812.82 22446.55 18231.04 19096.21 22417.66 19280.79

Capital Structure (Oil and Natural Gas Corporation) Period Instrument Authorized Issued -PAIDUPCapital Capital From To (Rs. cr) (Rs. cr) Shares (nos) Face Value Equity 2009 2010 15000 2138.89 2138872530 10 Share Equity 2008 2009 15000 2138.89 2138872530 10 Share Equity 2007 2008 15000 2138.89 2138872530 10 Share Equity 2006 2007 15000 2138.89 2138872530 10 Share Equity 2005 2006 15000 1425.93 1425933992 10 Share Equity 2004 2005 15000 1425.93 1425933992 10 Share Equity 2003 2004 15000 1425.93 1425933992 10 Share Equity 2002 2003 15000 1425.93 1425933992 10 Share Equity 2001 2002 15000 1425.93 1425933992 10 Share Equity 2000 2001 15000 1425.93 1425933992 10 Share Equity 1999 2000 15000 1425.93 1425933992 10 Share

Capital 2138.87 2138.87 2138.87 2138.87 1425.93 1425.93 1425.93 1425.93 1425.93 1425.93 1425.93

Profit & Loss account of Oil and Natural Gas Corporation

------------------- in Rs. Cr. ------------------Mar '11 Mar '10 12 mths Mar '09 12 mths Mar '08 12 mths Mar '07 12 mths

12 mths Income Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses 66,154.88 309.88 65,845.00 5,900.77 12.91 71,758.68 13.84 0.00 0.00 0.00

60,470.18 64,342.28 60,466.48 57,190.17 218.41 338.29 401.38 276.73 60,251.77 64,003.99 60,065.10 56,913.44 3,615.96 4,085.59 4,228.63 3,107.05 118.04 81.10 114.11 -19.73 63,985.77 68,170.68 64,407.84 60,000.76 2,431.88 10,905.51 260.38 270.79 5,618.16 4,536.80 8,424.32 317.15 5,843.27 8,177.22 320.28 3,974.79

26,652.82 19,578.49 17,184.51 15,616.76

Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses

0.00 -13,243.69 -4,470.78 -2,328.21 27,530.06 0.00 27,543.90 Mar '11 12 mths 38,314.01 44,214.78 25.11 44,189.67 15,925.65 611.43 27,652.59 418.17 28,070.76 9,146.76 18,924.00 27,530.06 0.00 7,486.05 1,215.65 85,554.90 22.12 175.00 113.97 947.65 0.00 1,011.04 0.00 983.74 0.00

-560.70 1,079.27 0.00

22,667.20 31,831.85 30,424.78 28,607.62 Mar '10 Mar '09 Mar '08 Mar '07 12 mths 37,702.61 41,318.57 11,276.89 30,041.68 5,242.66 0.00 24,799.02 183.99 24,983.01 8,258.73 16,767.56 20,235.33 0.00 7,058.28 1,161.56 12 mths 32,253.24 36,338.83 8,485.40 27,853.43 4,355.62 0.00 23,497.81 790.68 24,288.49 8,437.78 16,126.32 20,926.34 0.00 6,844.39 1,163.20 12 mths 29,754.43 33,983.06 5,016.88 28,966.18 3,915.77 0.00 25,050.41 607.25 25,657.66 8,941.85 16,701.65 22,000.46 0.00 6,844.39 1,163.20 12 mths 28,286.09 31,393.14 3,724.81 27,668.33 3,292.80 0.00 24,375.53 -564.27 23,811.26 8,041.02 15,642.92 20,430.40 0.00 6,630.51 1,012.51

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)

21,388.73 21,388.73 21,388.73 21,388.73 78.39 75.40 78.09 73.14 330.00 320.00 320.00 310.00 408.08 368.12 330.16 289.52

Oil and Natural Gas Corporation Balance Sheet

------------------- in Rs. Cr. ------------------Mar '11 Mar '10 Mar '09 Mar '08 Mar '07 12 mths 12 mths 12 mths 2,138.89 2,138.89 0.00 0.00 76,596.53 0.00 78,735.42 0.00 16,035.70 16,035.70 94,771.12 Mar '09 12 mths 2,138.89 2,138.89 0.00 0.00 68,478.51 0.00 70,617.40 0.00 12,482.71 12,482.71 83,100.11 Mar '08 12 mths 2,138.89 2,138.89 0.00 0.00 59,785.04 0.00 61,923.93 0.00 15,109.07 15,109.07 77,033.00 Mar '07

Sources Of Funds Total Share Capital 4,277.76 2,138.89 Equity Share Capital 4,277.76 2,138.89 Share Application Money 0.00 0.00 Preference Share Capital 0.00 0.00 Reserves 93,226.67 85,143.72 Revaluation Reserves 0.00 0.00 Networth 97,504.43 87,282.61 Secured Loans 0.00 0.00 Unsecured Loans 17,564.26 16,405.64 Total Debt 17,564.26 16,405.64 Total Liabilities 115,068.69 103,688.25 Mar '11 Mar '10

12 mths Application Of Funds Gross Block Less: Accum. Depreciation 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 Contingent Liabilities Book Value (Rs) 124,514.26 62,299.05 62,215.21 21,778.78 5,332.84 4,118.98 3,845.90 14,331.05 22,295.93 36,347.68 0.00 58,643.61

12 mths 71,553.78 55,905.28 15,648.50 56,073.25 5,772.03 4,678.57 3,058.64 282.85 8,020.06 63,721.90 17,948.18

12 mths 61,355.61 50,941.23 10,414.38 52,923.19 5,090.32 4,060.67 4,083.80 161.48 8,305.95 55,964.02 18,934.74

12 mths 57,463.78 46,945.77 10,518.01 41,154.63 5,899.50 3,480.64 4,360.37 269.22 8,110.23 38,906.53 22,148.43

12 mths 52,038.07 43,198.95 8,839.12 37,794.16 5,702.05 3,033.76 2,759.44 27.42 5,820.62 58,710.79 19,253.37

89,690.14 83,204.71 69,165.19 83,784.78 0.00 26,854.11 30,657.98 57,512.09 25,692.62 650.61 94,771.12 0.00 22,482.94 21,828.17 44,311.11 24,854.08 673.90 83,100.12 0.00 19,835.99 39,765.20 59,601.19 24,183.59 514.06 77,032.98

0.00 0.00 28,765.28 27,244.53 4,932.49 37,092.46 33,697.77 64,336.99 24,945.84 25,353.15 796.03 841.32 115,068.70 103,688.25 35,241.87 113.97

39,178.54 36,024.57 26,006.73 34,157.17 408.08 368.12 330.16 289.52

Key Financial Ratios of Oil and Natural Gas Corporation

------------------- in Rs. Cr. ------------------Mar '11 Mar '10 10.00 33.00 176.27 281.70 392.88 83.66 62.57 Mar '09 10.00 32.00 150.80 299.24 353.81 83.66 50.39 Mar '08 10.00 32.00 139.05 280.83 315.74 83.66 49.51 Mar '07 10.00 31.00 131.65 266.09 275.84 83.66 49.47

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(%)

5.00 8.75 44.78 76.96 -0.93 41.83 58.18

Profit Before Interest And 31.20 Tax Margin(%) Gross Profit Margin(%) 34.00 Cash Profit Margin(%) 48.84 Adjusted Cash Margin(%) 48.84 Net Profit Margin(%) 26.37 Adjusted Net Profit 26.37 Margin(%) Return On Capital 24.05 Employed(%) Return On Net Worth(%) 19.56 Adjusted Return on Net 19.13 Worth(%) Return on Assets Excluding 113.04 Revaluations Return on Assets Including 113.04 Revaluations Return on Long Term 24.05 Funds(%) Liquidity And Solvency Ratios Current Ratio 1.74 Quick Ratio 1.62 Debt Equity Ratio 0.18 Long Term Debt Equity 0.18 Ratio Debt Coverage Ratios Interest Cover 1,102.39 Total Debt to Owners Fund 0.18 Financial Charges Coverage 1,761.05 Ratio Financial Charges Coverage 1,413.40 Ratio Post Tax Management Efficiency Ratios Inventory Turnover Ratio 16.06 Debtors Turnover Ratio 19.07 Investments Turnover Ratio 16.06 Fixed Assets Turnover 0.81 Ratio Total Assets Turnover Ratio 0.92 Asset Turnover Ratio 0.81 Average Raw Material -Holding Average Finished Goods -Held Number of Days In 136.39 Working Capital Profit & Loss Account Ratios Material Cost Composition 0.02 Imported Composition of 23.34 Raw Materials Consumed

51.02 53.87 33.84 33.84 26.35 26.35 34.54 19.39 18.84 404.14 404.14 34.54 1.39 1.22 0.19 0.19 2,483.76 0.19 3.64 2.95 87.82 16.87 87.82 0.85 0.58 0.85 0.27 7.42 151.48 4.03 20.13

40.66 43.58 29.05 29.05 23.50 23.50 34.29 20.65 19.95 365.07 365.07 34.29 1.45 1.27 0.20 0.20 273.32 0.20 4.34 3.41 111.98 15.16 111.98 1.05 0.68 1.05 0.73 5.20 144.51 17.03 17.60

40.09 42.99 31.24 31.24 25.93 25.93 36.30 23.87 23.17 327.01 327.01 36.30 1.56 1.39 0.18 0.18 511.61 0.18 6.79 5.11 122.77 16.87 122.77 1.05 0.73 1.05 -5.23 148.96 14.02 17.41

41.00 52.54 31.22 33.18 25.79 27.75 37.12 25.26 27.40 287.11 287.11 37.26 1.40 1.28 0.24 0.24 1,330.19 0.24 8.56 6.08 19.99 17.61 150.64 1.31 0.74 1.10 -4.48 152.97 14.36 20.11

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

-7.15

10.83 7.61

10.94 5.36

10.88 6.31

11.70 5.25

45.98 24.53 52.98 75.17 0.50 Mar '11

49.02 37.34 49.54 61.83 0.76 Mar '10 78.39 408.08

49.65 39.09 48.60 59.84 0.80 Mar '09 75.40 368.12

47.94 38.83 50.60 60.21 0.62 Mar '08 78.09 330.16

48.85 40.36 54.59 62.02 0.75 Mar '07 73.14 289.52

Earnings Per Share Book Value

22.12 113.97

Source : Dion Global Solutions Limited