Skema Perhitungan Proyeksi Keuangan

Keterangan Satuan Base Case Optimistic Case Pesimistic Case

Harga Gas USD/MMBTU 6 6 6

Harga Urea USD/ton 220-270 220-270 200-220
Pabrik Urea Kaltim-1 Of On (2019) Of
Pabrik Urea Kaltim-2 Of (2019) On Of (2019)
Pabrik Melamin Of On (2019) Of
Pengalihan Subsidi 2018 2018 2018
Kepemilikan Saham Kalianusa % 20 58 20
BASE CASE
Proyeksi FCFE (Dalam Juta Rupiah)

Keterangan 2016 2017 2018

Net Income 1,542,123 724,210 474,791

Non-cash current asset 6,826,465 6,768,355 6,366,476
Nondebt current liabilities 2,011,559 5,553,280 5,113,732
Non-cash working capital (NCWC) 4,814,906 1,215,075 1,252,744
NCWC - 3,599,831 37,670
Capital Expenditure (NCE) 588,968 - 95,256
Depereciation 752,712 843,659
Debt raised 1,700,000 2,985,066
Debt repayment 2,873,302 2,301,167
Net debt - 1,173,302 683,899

Retention Ratio (RR) 80.99% 33.09%

ROE 4.16% 2.69%
Expected growth 3.37% 0.89%
Expected growth setelah tahun 2021 5.17%
Rata-rata expected growth (g) 3.95%

Cost of Equity 13.55%

FCFE 3,314,484 2,059,935

TV
Total FCFE 3,314,484 2,059,935

Nilai Ekuitas (Rp juta) 19,960,600

Saham ditempatkan dan disetor (juta saham) 6,829
Nilai Ekuitas per lembar saham (Rp/lb saham) 2,923

Batas Atas Saham (Rp/lb saham) 3,142

Batas Bawah Saham (Rp/lb saham) 2,704
 2019 2020 2021

467,868 527,101 1,174,571

7,388,015 8,285,233 9,471,962
8,721,138 10,379,362 10,517,852
- 1,333,123 - 2,094,129 - 1,045,890
- 2,585,867 - 761,006 1,048,239
673,139 614,761 483,822
881,689 881,689 881,689
4,458,801 2,126,106 2,457,356
1,401,167 1,434,737 1,620,507
3,057,634 691,369 836,849

64.77% 78.83% 189.44%

2.61% 2.88% 6.08%
1.69% 2.27% 11.52%

6,319,919 2,246,404 1,361,048

17,089,809
6,319,919 2,246,404 18,450,857
OPTIMISTIC CASE
Proyeksi Laba Rugi (Dalam Juta Rupiah)

Keterangan 2016 2017 2018

Penjualan
Hasil Penjualan 9,953,073 11,664,500 16,511,771
Pendapatan Subsidi 6,277,375 3,592,676 -
Total Penjualan 16,230,448 15,257,175 16,511,771

Harga Pokok Penjualan 11,974,737 11,392,955 12,498,376

Laba Kotor 4,255,711 3,864,221 4,013,395

Biaya Usaha 1,771,120 2,210,840 2,310,720

Laba Usaha 2,484,591 1,653,381 1,702,675

Biaya Bunga 530,897 674,718 574,018

Laba Usaha Setelah Bunga 1,953,694 978,662 1,128,657

Pendapatan (diluar revaluasi asset) & Biaya Lain-lain 205,973 - -

Laba Sebelum Pajak 2,159,667 978,662 1,128,657

Pajak 617,544 254,452 293,451

Laba Setelah Pajak 1,542,123 724,210 835,206
2019 2020 2021

19,473,028 23,072,110 27,320,942

- - -
19,473,028 23,072,110 27,320,942

15,193,097 17,893,698 20,524,364

4,279,931 5,178,412 6,796,578

2,446,509 2,837,363 2,967,947

1,833,422 2,341,049 3,828,631

745,301 806,582 741,904

1,088,121 1,534,467 3,086,727

- - -
1,088,121 1,534,467 3,086,727

282,911 398,961 802,549

805,210 1,135,506 2,284,178
PESIMISTIC CASE
Proyeksi Laba Rugi (Dalam Juta Rupiah)

Keterangan 2016 2017 2018

Penjualan
Hasil Penjualan 9,953,073 11,664,500 14,879,418
Pendapatan Subsidi 6,277,375 3,592,676 -
Total Penjualan 16,230,448 15,257,175 14,879,418

Harga Pokok Penjualan 11,974,737 11,392,955 12,057,059

Laba Kotor 4,255,711 3,864,221 2,822,359

Biaya Usaha 1,771,120 2,210,840 2,408,146

Laba Usaha 2,484,591 1,653,381 414,213

Biaya Bunga 530,897 674,718 593,109

Laba Usaha Setelah Bunga 1,953,694 978,662 - 178,896

Pendapatan (diluar revaluasi asset) & Biaya Lain-lain 205,973 - -

Laba Sebelum Pajak 2,159,667 978,662 - 178,896

Pajak 617,544 254,452 -

Laba Setelah Pajak 1,542,123 724,210 - 178,896
 2019 2020 2021

15,480,302 19,589,055 20,661,152

- - -
15,480,302 19,589,055 20,661,152

13,045,516 16,178,435 16,287,867

2,434,786 3,410,620 4,373,285

2,503,847 2,741,136 2,767,955

- 69,061 669,484 1,605,330

813,424 919,544 1,051,057

- 882,485 - 250,060 554,273

- - -
- 882,485 - 250,060 554,273

- - 144,111
- 882,485 - 250,060 410,162
PER Model
No Company PER PKT's EPS
1 Rashtriya Chemicals and Fertilisers 10.19 225.82
2 National Fertiliser 13.25 225.82
3 Gujarat State Fertilizers & Chemicals 5.31 225.82
4 Gujarat Narmada Valley Fertilizers & Chem 2.72 225.82
5 Fertilisers and Chemicals Travancore 18.31 225.82
6 Southern Petrochemical Industries Corporation 0.31 225.82
7 Zuari Agro Chemicals 19.95 225.82
Average 10.01

PBV Model
No Company PBV PKT's Equity Book Value
1 Rashtriya Chemicals and Fertilisers 0.99 2,496.81
2 National Fertiliser 1.19 2,496.81
3 Gujarat State Fertilizers & Chemicals 0.67 2,496.81
4 Gujarat Narmada Valley Fertilizers & Chem 0.47 2,496.81
5 Fertilisers and Chemicals Travancore 2.36 2,496.81
6 Southern Petrochemical Industries Corporation 0.89 2,496.81
7 Zuari Agro Chemicals 0.85 2,496.81
Average 1.06

PSR Model
No Company PSR PKT's Sales per share
1 Rashtriya Chemicals and Fertilisers 0.34 2,376.73
2 National Fertiliser 0.26 2,376.73
3 Gujarat State Fertilizers & Chemicals 0.49 2,376.73
4 Gujarat Narmada Valley Fertilizers & Chem 0.30 2,376.73
5 Fertilisers and Chemicals Travancore 0.64 2,376.73
6 Southern Petrochemical Industries Corporation 0.13 2,376.73
7 Zuari Agro Chemicals 0.10 2,376.73
Average 0.32
Expected Price
2,301
2,992
1,200
613
4,135
70
4,505
2,259

Expected Price
2,467
2,981
1,683
1,173
5,892
2,222
2,122
2,649

Expected Price
813
618
1,165
713
1,521
297
238
766
Rekonsiliasi Model
Base Case Optimistic Case Pesimistic Case
No Model Bobot Estimasi Rentang Harga Saham Estimasi Rentang Harga Saham Estimasi Rentang Harga Saham
Harga Harga Harga
Saham Batas Bawah Batas Atas Saham Batas Bawah Batas Atas Saham Batas Bawah Batas Atas
1 DFCFE 60% 2,923 2,704 3,142 3,194 2,954 3,433 2,572 2,379 2,765
2 PER 20% 2,259 2,090 2,429 2,259 2,090 2,429 2,259 2,090 2,429
3 PBV 20% 2,649 2,450 2,847 2,649 2,450 2,847 2,649 2,450 2,847
Rekonsiliasi 2,735 2,530 2,941 2,898 2,681 3,115 2,525 2,336 2,714
Ke = Rf + b (Rm - Rf)

Ke Estimated Cost Of Equity, Ke = Rf + b (Rm-Rf) L

Rf ind Risk Free (Governance Bond) u
Rm-Rf Equity Risk Premium T
Rm ind Expected Return On Market portfolio D/E

Market Value of Equity

No Company Country Bobot (%) D/E
(Crore Ruppe)

1 Rashtriya Chemicals and Fertilizers India 2,806 24% 85%

2 National Fertilizers India 1,466 13% 412%
3 Gujarat State Fertilizers & Chemicals India 3,042 27% 33%
4 Gujarat Narmada Valley Fertilizers & Chem India 1,177 10% 239%
5 Fertilizers and Chemicals Travancore India 1,747 15% 87%
6 Southern Petrochemical Industries Corporation India 426 4% 28%
7 Zuari Agro Chemicals India 792 7% 376%
Average 11,456.64 192%

Unlevered Beta 0.46

Debt/Equity 54.69%
Tax Rate 26%
Levered Beta 0.65

Risk Free Rate 7.38%

Levered Beta 0.65
Equity Risk Premium (ERP) 9.55%
Total Cost of Equity 13.55%
 Asumsi Effective
Adjusted Beta Unlevered Beta
Tax rate

0.79 34.61% 0.51

0.79 34.61% 0.21
0.64 34.61% 0.53
1.01 34.61% 0.39
0.80 34.61% 0.51
0.83 34.61% 0.70
1.19 34.61% 0.34
0.81 0.460
India Stock Index
Date Open High Low Close Adj Close Volume Return
12/31/2014 4,259 4,293 4,079 4,148 4,148 -
1/31/2015 4,162 4,960 4,095 4,960 4,960 - 19.58%
2/28/2015 5,020 5,041 4,390 4,698 4,698 - -5.28%
3/31/2015 4,750 4,906 4,302 4,459 4,459 - -5.09%
4/30/2015 4,438 4,611 4,370 4,583 4,583 - 2.78%
5/31/2015 4,594 4,594 4,320 4,548 4,548 - -0.76%
6/30/2015 4,604 4,709 4,501 4,619 4,619 - 1.56%
7/31/2015 4,628 4,667 4,068 4,166 4,166 - -9.81%
8/31/2015 4,072 4,451 3,924 4,190 4,190 - 0.58%
9/30/2015 4,203 4,505 4,125 4,285 4,285 - 2.27%
10/31/2015 4,260 4,684 4,052 4,115 4,115 - -3.97%
11/30/2015 4,144 4,152 3,948 4,151 4,151 - 0.87%
12/31/2015 4,062 4,308 3,705 3,861 3,861 - -6.99%
1/31/2016 3,869 4,241 3,528 3,528 3,528 - -8.62%
2/29/2016 3,672 4,406 3,672 4,042 4,042 - 14.57%
3/31/2016 4,029 4,574 3,934 4,089 4,089 - 1.16%
4/30/2016 4,077 4,385 3,966 4,207 4,207 - 2.89%
5/31/2016 4,208 4,537 4,121 4,247 4,247 - 0.95%
6/30/2016 4,279 4,726 4,275 4,465 4,465 534,045,700 5.13%
7/31/2016 4,484 4,838 4,423 4,545 4,545 534,045,700 1.79%
8/31/2016 4,541 4,756 4,473 4,476 4,476 534,045,700 -1.52%
9/30/2016 4,551 4,890 4,421 4,801 4,801 1,564,043,600 7.26%
10/31/2016 4,480 4,753 4,020 4,159 4,159 495,952,200 -13.37%
11/30/2016 4,152 4,238 4,071 4,174 4,174 - 0.36%
12/31/2016 4,167 5,168 4,163 4,375 4,375 495,952,200 4.82%
1 Rashtriya Chemicals and Fertilisers
Date Open High Low Close Adj Close Volume Return
12/31/2014 67.65 71.50 63.50 64.95 61.32 34,079,570
1/31/2015 64.05 74.80 64.05 68.55 64.72 41,843,439 5.54%
2/28/2015 66.75 66.75 50.90 56.45 53.29 16,974,424 -17.66%
3/31/2015 58.65 71.90 57.20 58.95 55.65 24,255,867 4.43%
4/30/2015 58.95 63.90 55.15 55.85 52.73 8,212,424 -5.25%
5/31/2015 55.40 57.50 51.90 54.65 51.60 9,730,058 -2.14%
6/30/2015 55.30 61.35 53.05 54.30 51.26 19,785,808 -0.66%
7/31/2015 54.30 60.45 41.45 44.40 41.92 18,929,771 -18.22%
8/31/2015 43.90 52.05 39.80 47.80 46.69 12,689,384 11.38%
9/30/2015 48.40 53.65 48.20 49.25 48.10 10,938,765 3.02%
10/31/2015 47.70 50.90 45.50 49.70 48.54 9,654,256 0.91%
11/30/2015 49.80 53.20 44.45 49.40 48.25 21,052,490 -0.60%
12/31/2015 49.90 51.80 41.40 42.45 41.46 21,269,380 -14.07%
1/31/2016 42.65 43.90 35.15 38.35 37.46 17,061,964 -9.65%
2/29/2016 38.70 39.55 35.85 38.65 37.75 25,235,636 0.77%
3/31/2016 38.85 50.10 38.55 45.45 44.39 36,152,709 17.59%
4/30/2016 45.40 49.20 42.80 43.10 42.10 23,326,591 -5.16%
5/31/2016 43.40 50.75 42.70 49.05 47.91 27,014,249 13.80%
6/30/2016 49.70 53.85 48.10 49.50 48.35 33,902,672 0.92%
7/31/2016 49.50 52.70 46.60 47.95 46.83 21,564,039 -3.14%
8/31/2016 48.30 49.40 42.60 44.95 43.90 17,032,204 -6.26%
9/30/2016 45.30 50.80 44.25 48.75 48.75 28,445,460 11.05%
10/31/2016 48.85 51.80 40.60 46.75 46.75 18,147,639 -4.10%
11/30/2016 46.95 51.90 44.60 46.75 46.75 21,209,542 0.00%
12/31/2016 47.10 59.45 46.65 57.95 57.95 82,620,908 23.96%

2 National Fertiliser
 Date Open High Low Close Adj Close Volume Return
12/31/2014 36.80 40.85 36.05 36.20 34.68 9,690,293
1/31/2015 36.40 42.80 35.00 37.75 36.17 16,626,347 4.28%
2/28/2015 36.60 36.65 25.45 28.10 26.92 6,781,726 -25.56%
3/31/2015 29.55 34.90 27.85 28.55 27.35 10,120,783 1.60%
4/30/2015 28.55 31.50 27.00 27.50 26.35 4,999,316 -3.68%
5/31/2015 27.80 28.40 23.55 26.30 25.20 3,727,019 -4.36%
6/30/2015 26.95 30.35 26.30 27.55 26.40 5,782,196 4.75%
7/31/2015 27.30 29.60 21.95 24.45 23.43 3,267,442 -11.25%
8/31/2015 24.00 26.20 21.15 24.90 23.86 2,271,650 1.84%
9/30/2015 25.65 28.55 25.15 26.15 25.24 3,302,565 5.79%
10/31/2015 25.80 27.95 24.10 27.15 26.20 1,837,116 3.82%
11/30/2015 27.45 31.40 25.70 29.10 28.09 7,094,024 7.18%
12/31/2015 29.50 32.60 25.25 28.35 27.36 7,547,076 -2.58%
1/31/2016 28.50 31.00 23.70 26.85 25.92 5,360,339 -5.29%
2/29/2016 27.30 29.10 26.50 28.30 27.31 4,188,138 5.40%
3/31/2016 28.80 33.20 28.20 29.85 28.81 9,182,868 5.48%
4/30/2016 29.85 35.60 29.30 32.85 31.71 11,300,994 10.05%
5/31/2016 33.10 39.60 30.80 36.70 35.42 11,598,743 11.72%
6/30/2016 36.95 38.40 33.90 34.05 32.86 7,066,106 -7.22%
7/31/2016 34.25 36.30 31.50 33.45 32.29 4,806,857 -1.76%
8/31/2016 33.50 35.85 31.00 33.05 31.90 5,613,123 -1.20%
9/30/2016 33.20 37.00 32.40 34.90 34.90 8,027,743 9.41%
10/31/2016 35.60 36.40 29.50 32.95 32.95 4,124,049 -5.59%
11/30/2016 33.40 38.20 32.15 35.20 35.20 8,838,869 6.83%
12/31/2016 35.50 54.70 34.90 51.50 51.50 41,942,067 46.31%

3 Gujarat State Fertilizers & Chemicals

Date Open High Low Close Adj Close Volume Return
12/31/2014 106.00 124.40 98.55 100.35 94.36 29,243,888
 1/31/2015 100.50 101.95 89.65 93.60 88.01 16,746,011 -6.73%
2/28/2015 93.60 93.60 75.10 83.25 78.28 17,435,705 -11.06%
3/31/2015 85.10 91.10 74.25 76.55 71.98 7,699,007 -8.05%
4/30/2015 76.55 79.00 70.20 71.00 66.76 4,537,044 -7.25%
5/31/2015 71.15 75.50 64.50 67.05 63.05 7,919,823 -5.56%
6/30/2015 67.70 82.10 67.15 73.05 68.69 18,624,941 8.95%
7/31/2015 73.35 81.00 64.15 66.70 62.72 10,937,811 -8.69%
8/31/2015 66.60 70.60 60.85 70.05 68.02 4,839,466 8.45%
9/30/2015 73.90 77.75 68.75 72.35 70.25 18,234,773 3.28%
10/31/2015 72.80 74.75 67.40 73.30 71.18 6,992,210 1.31%
11/30/2015 73.60 76.60 68.60 74.00 71.86 6,243,025 0.95%
12/31/2015 74.50 86.50 68.75 69.85 67.83 20,089,601 -5.61%
1/31/2016 70.10 70.40 57.50 63.20 61.37 6,537,831 -9.52%
2/29/2016 63.95 67.70 62.10 64.25 62.39 5,882,723 1.66%
3/31/2016 64.40 76.90 64.10 74.35 72.19 10,929,995 15.72%
4/30/2016 74.50 85.35 71.20 71.75 69.67 24,555,038 -3.50%
5/31/2016 72.25 81.90 68.10 78.55 76.27 14,244,599 9.48%
6/30/2016 79.00 80.25 69.15 69.85 67.83 11,967,776 -11.08%
7/31/2016 70.20 79.30 66.85 75.90 73.70 13,182,867 8.66%
8/31/2016 73.75 81.90 71.10 76.20 73.99 22,746,881 0.40%
9/30/2016 76.60 102.40 76.20 95.05 95.05 79,323,863 28.46%
10/31/2016 97.35 106.70 76.75 89.80 89.80 38,362,888 -5.52%
11/30/2016 90.65 100.75 87.25 89.50 89.50 30,350,505 -0.33%
12/31/2016 98.50 121.50 96.30 108.25 108.25 65,068,161 20.95%

4 Gujarat Narmada Valley Fertilizers & Chem

Date Open High Low Close Adj Close Volume Return
12/31/2014 82.85 95.00 81.15 86.60 83.94 2,229,597
1/31/2015 83.70 85.25 77.65 81.60 79.09 1,208,466 -5.77%
2/28/2015 80.05 81.40 65.00 68.10 66.01 1,150,881 -16.54%
 3/31/2015 69.50 77.45 68.40 69.75 67.60 1,018,402 2.42%
4/30/2015 69.75 71.50 64.30 64.65 62.66 681,050 -7.31%
5/31/2015 64.65 65.60 57.20 58.85 57.04 1,038,432 -8.97%
6/30/2015 59.35 66.35 59.00 64.35 62.37 1,738,187 9.35%
7/31/2015 64.55 72.40 53.40 58.70 56.89 1,663,827 -8.78%
8/31/2015 59.00 60.60 55.00 57.90 56.12 606,726 -1.36%
9/30/2015 58.80 64.60 57.30 61.35 59.46 1,728,582 5.96%
10/31/2015 60.25 82.45 59.70 76.15 73.81 6,808,255 24.12%
11/30/2015 77.30 82.70 74.10 80.90 78.41 1,720,479 6.24%
12/31/2015 81.65 89.00 74.00 82.50 79.96 4,087,513 1.98%
1/31/2016 83.25 83.40 65.05 69.15 67.02 1,705,578 -16.18%
2/29/2016 69.55 84.60 66.85 81.60 79.09 4,937,540 18.00%
3/31/2016 82.90 101.40 78.10 99.55 96.49 7,105,765 22.00%
4/30/2016 99.75 143.45 99.00 138.85 134.58 21,962,445 39.48%
5/31/2016 139.25 177.50 124.20 155.85 151.06 15,523,768 12.24%
6/30/2016 155.40 173.80 152.10 154.35 149.60 16,557,769 -0.96%
7/31/2016 155.20 165.70 137.65 154.45 149.70 9,868,043 0.06%
8/31/2016 153.60 183.90 146.15 177.70 174.39 13,586,707 16.49%
9/30/2016 180.00 292.00 175.25 280.80 275.57 40,817,387 58.02%
10/31/2016 283.00 291.80 180.00 216.60 212.57 61,748,242 -22.86%
11/30/2016 219.00 227.05 198.50 213.60 209.62 13,605,113 -1.39%
12/31/2016 215.00 267.75 213.00 243.10 238.57 21,844,253 13.81%

5 Fertilisers and Chemicals Travancore

Date Open High Low Close Adj Close Volume Return
12/31/2014 34.50 35.00 31.10 32.05 32.05 984,918
1/31/2015 31.50 35.90 30.90 33.60 33.60 1,640,160 4.84%
2/28/2015 31.85 35.40 26.00 28.10 28.10 2,497,372 -16.37%
3/31/2015 29.05 35.40 27.35 27.70 27.70 1,738,604 -1.42%
4/30/2015 27.70 29.45 25.00 26.20 26.20 985,204 -5.42%
 5/31/2015 26.50 26.50 21.00 21.80 21.80 1,331,392 -16.79%
6/30/2015 22.00 25.35 21.35 22.75 22.75 2,227,809 4.36%
7/31/2015 22.55 24.80 15.75 18.85 18.85 1,010,682 -17.14%
8/31/2015 18.75 20.95 17.30 19.60 19.60 715,044 3.98%
9/30/2015 19.90 22.35 19.35 19.60 19.60 864,962 0.00%
10/31/2015 19.50 22.35 18.60 21.25 21.25 379,617 8.42%
11/30/2015 21.60 27.90 21.05 24.90 24.90 4,258,545 17.18%
12/31/2015 25.10 26.25 19.85 21.30 21.30 1,168,103 -14.46%
1/31/2016 21.75 24.50 18.60 19.65 19.65 1,215,092 -7.75%
2/29/2016 19.80 25.35 19.70 21.30 21.30 3,390,287 8.40%
3/31/2016 21.50 25.80 20.85 23.90 23.90 2,263,109 12.21%
4/30/2016 24.20 27.70 22.75 23.15 23.15 3,069,874 -3.14%
5/31/2016 23.45 28.70 22.10 26.40 26.40 2,360,508 14.04%
6/30/2016 26.90 27.30 23.25 23.95 23.95 1,727,687 -9.28%
7/31/2016 24.20 24.70 22.50 23.00 23.00 955,113 -3.97%
8/31/2016 22.90 24.15 21.80 22.75 22.75 793,772 -1.09%
9/30/2016 23.20 25.90 22.80 24.25 24.25 1,773,534 6.59%
10/31/2016 24.35 26.35 19.30 23.05 23.05 1,409,797 -4.95%
11/30/2016 23.20 26.15 22.40 23.90 23.90 1,475,783 3.69%
12/31/2016 25.00 38.55 24.00 29.70 29.70 20,897,773 24.27%

6 Southern Petrochemical Industries Corporation

Date Open High Low Close Adj Close Volume Return
12/31/2014 23.55 24.90 20.05 20.95 20.95 8,942,471
1/31/2015 21.15 22.90 19.10 20.15 20.15 10,068,238 -3.82%
2/28/2015 20.30 20.45 16.70 18.10 18.10 4,891,217 -10.17%
3/31/2015 18.15 21.65 17.85 18.15 18.15 5,887,949 0.28%
4/30/2015 18.15 19.90 17.50 18.35 18.35 2,356,254 1.10%
5/31/2015 18.20 19.70 16.10 19.35 19.35 4,873,875 5.45%
6/30/2015 19.20 23.25 18.55 21.90 21.90 12,252,636 13.18%
 7/31/2015 21.95 23.90 14.80 16.40 16.40 7,262,738 -25.11%
8/31/2015 16.30 18.30 14.80 16.90 16.90 2,306,746 3.05%
9/30/2015 17.00 19.55 16.75 18.00 18.00 4,370,427 6.51%
10/31/2015 18.05 22.40 16.10 21.70 21.70 5,004,608 20.56%
11/30/2015 21.70 23.55 19.30 23.35 23.35 5,934,090 7.60%
12/31/2015 23.35 26.60 19.80 21.90 21.90 10,617,159 -6.21%
1/31/2016 22.00 22.50 19.00 19.15 19.15 2,915,571 -12.56%
2/29/2016 19.25 21.10 18.85 19.55 19.55 2,203,272 2.09%
3/31/2016 19.35 25.45 19.35 23.70 23.70 4,772,583 21.23%
4/30/2016 23.65 27.20 21.80 22.25 22.25 6,559,952 -6.12%
5/31/2016 22.45 24.30 20.10 23.50 23.50 5,333,845 5.62%
6/30/2016 23.80 24.00 21.20 21.60 21.60 4,841,859 -8.09%
7/31/2016 21.80 23.30 19.80 20.10 20.10 4,225,463 -6.94%
8/31/2016 20.35 20.50 18.50 19.00 19.00 3,124,571 -5.47%
9/30/2016 19.30 26.55 19.10 25.25 25.25 19,496,883 32.89%
10/31/2016 25.20 25.70 18.20 20.40 20.40 8,048,748 -19.21%
11/30/2016 20.30 21.20 17.40 18.70 18.70 5,541,557 -8.33%
12/31/2016 18.80 25.15 18.45 21.60 21.60 18,592,112 15.51%

7 Zuari Agro Chemicals

Date Open High Low Close Adj Close Volume Return
12/31/2014 260.50 293.00 225.50 230.65 227.65 343,275
1/31/2015 238.40 274.00 233.00 269.00 265.50 224,834 16.63%
2/28/2015 265.25 274.00 212.85 225.10 222.18 128,772 -16.32%
3/31/2015 238.00 263.90 195.30 204.25 201.60 402,071 -9.26%
4/30/2015 204.25 221.85 187.00 196.10 193.55 238,056 -3.99%
5/31/2015 196.65 202.90 186.05 196.00 193.45 124,306 -0.05%
6/30/2015 193.05 227.10 185.35 193.30 190.79 578,437 -1.38%
7/31/2015 193.05 205.80 137.55 173.30 172.87 508,610 -9.39%
8/31/2015 174.95 175.00 143.10 150.05 149.68 54,743 -13.42%
 9/30/2015 155.00 174.70 148.10 159.60 159.20 241,590 6.36%
10/31/2015 157.00 166.90 145.00 154.00 153.62 64,591 -3.51%
11/30/2015 158.00 167.95 146.65 158.55 158.15 713,830 2.95%
12/31/2015 160.00 182.50 145.00 154.35 153.96 1,052,857 -2.65%
1/31/2016 156.20 163.30 117.30 119.15 118.85 396,660 -22.81%
2/29/2016 119.05 148.00 117.15 140.25 139.90 194,218 17.71%
3/31/2016 139.05 179.80 139.00 173.00 172.57 425,214 23.35%
4/30/2016 172.15 209.15 158.05 173.15 172.72 1,064,429 0.09%
5/31/2016 173.15 200.00 163.00 191.55 191.07 805,287 10.63%
6/30/2016 194.65 202.80 168.05 171.45 171.02 688,783 -10.49%
7/31/2016 172.05 191.30 164.00 182.45 181.99 1,243,069 6.42%
8/31/2016 181.50 197.50 169.00 182.35 181.89 1,568,441 -0.05%
9/30/2016 182.35 262.90 182.35 232.10 231.52 3,435,164 27.28%
10/31/2016 244.00 246.10 185.00 215.25 214.71 1,164,941 -7.26%
11/30/2016 215.35 253.65 207.95 227.65 227.08 1,072,929 5.76%
12/31/2016 237.50 383.45 229.20 335.90 335.06 9,116,320 47.55%
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.4804095355
R Square 0.2307933218
Adjusted R Square 0.1958293819
Standard Error 0.0924730879
Observations 24

ANOVA
df SS MS F Significance F
Regression 1 0.0564460548 0.0564460548 6.600895733 0.0174963213
Residual 22 0.1881279837 0.008551272
Total 23 0.2445740384

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept -0.000503697 0.0189169625 -0.02662674 0.9789975024 -0.0397350761 0.038727682 -0.0397350761 0.038727682
X Variable 1 0.6877172008 0.2676753939 2.5692208416 0.0174963213 0.1325924105 1.2428419912 0.1325924105 1.2428419912

Raw beta 0.688

Adj beta 0.792
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.3994889307
R Square 0.1595914058
Adjusted R Square 0.1213910151
Standard Error 0.1160946838
Observations 24

ANOVA
df SS MS F Significance F
Regression 1 0.0563075151 0.0563075151 4.1777427683 0.0531114301
Residual 22 0.2965154632 0.0134779756
Total 23 0.3528229783

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept 0.0201293768 0.0237491667 0.8475824479 0.4057975574 -0.0291233803 0.069382134 -0.0291233803 0.069382134
X Variable 1 0.6868727251 0.336051179 2.0439527314 0.0531114301 -0.0100547644 1.3838002146 -0.0100547644 1.3838002146

Raw beta 0.687

Adj beta 0.791

SUMMARY OUTPUT
 Regression Statistics
Multiple R 0.3191485742
R Square 0.1018558124
Adjusted R Square 0.0610310766
Standard Error 0.10063847
Observations 24

ANOVA
df SS MS F Significance F
Regression 1 0.0252691414 0.0252691414 2.4949533764 0.1284833528
Residual 22 0.2228182362 0.0101281016
Total 23 0.2480873776

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept 0.0084366989 0.020587332 0.409800499 0.6859152504 -0.0342588144 0.0511322123 -0.0342588144 0.0511322123
X Variable 1 0.4601382466 0.2913111556 1.5795421414 0.1284833528 -0.1440041135 1.0642806067 -0.1440041135 1.0642806067

Raw beta 0.460

Adj beta 0.640

SUMMARY OUTPUT

Regression Statistics
Multiple R 0.4017107587
R Square 0.1613715337
Adjusted R Square 0.1232520579
Standard Error 0.1700867423
Observations 24

ANOVA
df SS MS F Significance F
Regression 1 0.1224675229 0.1224675229 4.2333093661 0.051681737
Residual 22 0.636448998 0.0289294999
Total 23 0.758916521

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept 0.0536416609 0.034794172 1.5416852254 0.1374123325 -0.0185170353 0.125800357 -0.0185170353 0.125800357
X Variable 1 1.0129862662 0.4923382228 2.0575007572 0.051681737 -0.0080607143 2.0340332467 -0.0080607143 2.0340332467

Raw beta 1.013

Adj beta 1.009

SUMMARY OUTPUT

Regression Statistics
Multiple R 0.4567058727
R Square 0.2085802542
Adjusted R Square 0.1726066293
Standard Error 0.0997643657
Observations 24

ANOVA
df SS MS F Significance F
Regression 1 0.0577085129 0.0577085129 5.7981439251 0.0248679235
Residual 22 0.2189644306 0.0099529287
Total 23 0.2766729435

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept -0.0006535905 0.0204085189 -0.032025378 0.974740587 -0.0429782683 0.0416710872 -0.0429782683 0.0416710872
X Variable 1 0.6953653273 0.2887809469 2.4079335383 0.0248679235 0.096470299 1.2942603557 0.096470299 1.2942603557

Raw beta 0.695

Adj beta 0.797

SUMMARY OUTPUT

Regression Statistics
Multiple R 0.4031481944
R Square 0.1625284667
Adjusted R Square 0.1244615788
Standard Error 0.1247480402
Observations 24
ANOVA
df SS MS F Significance F
Regression 1 0.0664430452 0.0664430452 4.2695496198 0.0507728486
Residual 22 0.3423656179 0.0155620735
Total 23 0.408808663

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept 0.0061251394 0.0255193597 0.2400193225 0.8125375838 -0.0467987734 0.0590490523 -0.0467987734 0.0590490523
X Variable 1 0.7461357597 0.361099446 2.066288852 0.0507728486 -0.0027386562 1.4950101755 -0.0027386562 1.4950101755

Raw beta 0.746

Adj beta 0.831

SUMMARY OUTPUT

Regression Statistics
Multiple R 0.5930379702
R Square 0.3516940341
Adjusted R Square 0.3222255811
Standard Error 0.1278433745
Observations 24

ANOVA
 df SS MS F Significance F
Regression 1 0.1950581563 0.1950581563 11.934594401 0.0022564731
Residual 22 0.3595664247 0.0163439284
Total 23 0.5546245811

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept 0.0207852406 0.0261525637 0.7947687617 0.4352386945 -0.0334518568 0.0750223381 -0.0334518568 0.0750223381
X Variable 1 1.2784246855 0.370059294 3.4546482311 0.0022564731 0.5109686821 2.0458806889 0.5109686821 2.0458806889

Raw beta 1.278

Adj beta 1.186
Rashtriya Chemicals and Fertilisers
Date Shares Outstanding Price Market Value of Equity Market Value of Debt DER
3/31/2015 551,688,100 55.87 3,082 1,884 61.13%
3/31/2016 551,688,100 45.85 2,529 2,756 108.97%
Average 2,806 85.05%

National Fertiliser
Date Shares Outstanding Price Market Value of Equity Market Value of Debt DER
3/31/2015 490,578,400 33.57 1,647 6,787 412.16%
3/31/2016 490,578,400 26.18 1,284 5,277 410.89%
Average 1,466 411.53%

Gujarat State Fertilizers & Chemicals

Date Shares Outstanding Price Market Value of Equity Market Value of Debt DER
3/31/2015 398,477,530 85.50 3,407 703 20.62%
3/31/2016 398,477,530 67.19 2,677 1,190 44.46%
Average 3,042 32.54%

Gujarat Narmada Valley Fertilizers & Chem

Date Shares Outstanding Price Market Value of Equity Market Value of Debt DER
3/31/2015 155,418,783 82.37 1,280 3,174 247.97%
3/31/2016 155,418,783 69.11 1,074 2,463 229.33%
Average 1,177 238.65%

Fertilisers and Chemicals Travancore

Date Shares Outstanding Price Market Value of Equity Market Value of Debt DER
3/31/2015 647,071,974 32.25 2,087 953 45.68%
3/31/2016 647,071,974 21.76 1,408 1,811 128.60%
Average 1,747 87.14%
Southern Petrochemical Industries Corporation
Date Shares Outstanding Price Market Value of Equity Market Value of Debt DER
3/31/2015 203,640,336 21.85 445 120 27.01%
3/31/2016 203,640,336 20.02 408 120 29.41%
Average 426 28.21%

Zuari Agro Chemicals

Date Shares Outstanding Price Market Value of Equity Market Value of Debt DER
3/31/2015 42,058,006 213.71 899 2,382 265.01%
3/31/2016 42,058,006 163.05 686 3,334 486.23%
Average 792 375.62%
PER

Rashtriya Chemicals and Fertilisers

Year EPS Price
2012 4.52 58.34
2013 5.09 44.35
2014 4.53 29.68
2015 5.84 55.87
2016 3.47 45.85
Average

National Fertiliser
Year EPS Price
2012 2.58 75.04
2013 -3.48 66.83
2014 -1.83 24.66
2015 0.53 33.57
2016 4.02 26.18
Average

Gujarat State Fertilizers & Chemicals

Year EPS Price
2012 95.06 61.32
2013 13.00 60.43
2014 8.59 49.09
2015 10.05 85.50
2016 9.52 67.19
Average

Gujarat Narmada Valley Fertilizers & Chem

Year EPS Price
2012 18.26 75.91
2013 17.57 71.14
2014 18.81 64.97
2015 -29.09 82.37
2016 14.56 69.11
Average

Fertilisers and Chemicals Travancore

Year EPS Price
 2012 0.31 34.05
2013 -5.47 26.88
2014 -4.09 20.65
2015 -6.18 32.25
2016 -6.99 21.76
Average

Southern Petrochemical Industries Corporation

Year EPS Price
2012 -0.49 23.64
2013 65.09 15.23
2014 3.15 10.91
2015 0.77 21.85
2016 1.13 20.02
Average

Zuari Agro Chemicals

Year EPS Price
2012 30.97 N/A
2013 5.81 189.82
2014 6.22 109.28
2015 2.94 213.71
2016 -3.78 163.05
Average
 PSR

Rashtriya Chemicals and Fertilisers

PER Year PSR
12.91 2012 0.49
8.71 2013 0.29
6.55 2014 0.28
9.57 2015 0.40
13.21 2016 0.25
10.19 Average 0.34

National Fertiliser
PER Year PSR
29.09 2012 0.48
-19.20 2013 0.33
-13.48 2014 0.15
63.33 2015 0.16
6.51 2016 0.18
13.25 Average 0.26

Gujarat State Fertilizers & Chemicals

PER Year PSR
0.65 2012 0.63
4.65 2013 0.37
5.71 2014 0.41
8.51 2015 0.62
7.06 2016 0.42
5.31 Average 0.49

Gujarat Narmada Valley Fertilizers & Chem

PER Year PSR
4.16 2012 0.33
4.05 2013 0.27
3.45 2014 0.25
-2.83 2015 0.23
4.75 2016 0.28
2.72 Average 0.30

Fertilisers and Chemicals Travancore

PER Year PSR
109.84 2012 0.68
-4.91 2013 0.60
-5.05 2014 0.60
-5.22 2015 0.92
-3.11 2016 0.79
18.31 Average 0.64

Southern Petrochemical Industries Corporation

PER Year PSR
-48.24 2012 0.12
0.23 2013 0.13
3.46 2014 0.19
28.38 2015 0.18
17.72 2016 0.22
0.31 Average 0.13

Zuari Agro Chemicals

PER Year PSR
N/A 2012 0.00
32.67 2013 0.12
17.57 2014 0.10
72.69 2015 0.17
-43.13 2016 0.11
19.95 Average 0.10
PBV

Rashtriya Chemicals and Fertilisers

Year PBV
2012 1.44
2013 0.86
2014 0.73
2015 1.15
2016 0.76
Average 0.99

National Fertiliser
Year PBV
2012 2.01
2013 1.38
2014 0.79
2015 0.93
2016 0.86
Average 1.19

Gujarat State Fertilizers & Chemicals

Year PBV
2012 0.96
2013 0.59
2014 0.54
2015 0.74
2016 0.54
Average 0.67

Gujarat Narmada Valley Fertilizers & Chem

Year PBV
2012 0.51
2013 0.43
2014 0.41
2015 0.42
2016 0.48
Average 0.47

Fertilisers and Chemicals Travancore

Year PBV
 2012 12.03
2013 -7.31
2014 -2.91
2015 -2.12
2016 -1.04
Average 2.36

Southern Petrochemical Industries Corporation

Year PBV
2012 -0.28
2013 2.06
2014 1.32
2015 1.77
2016 1.70
Average 0.89

Zuari Agro Chemicals

Year PBV
2012 N/A
2013 0.78
2014 0.67
2015 1.20
2016 0.75
Average 0.85
http://www.market-risk-premia.com/id.html
 Month 2012 2013 2014 2015
January 5.62% 5.34% 8.89% 7.04%
February 5.25% 5.30% 8.39% 6.90%
March 6.07% 5.52% 7.97% 7.41%
April 5.90% 5.49% 7.93% 7.69%
May 6.59% 6.10% 8.06% 8.17%
June 6.39% 7.12% 8.24% 8.38%
July 5.72% 7.87% 8.03% 8.60%
August 5.91% 8.61% 8.22% 8.79%
September 5.96% 8.49% 8.40% 9.62%
October 5.76% 7.42% 8.05% 8.80%
November 5.40% 8.69% 7.70% 8.61%
December 5.17% 8.44% 7.85% 8.87%
Rata-Rata 2012-2016 7.38%
Rata-Rata 2014-2016 7.95%
2016
8.28%
8.24%
7.71%
7.71%
7.87%
7.46%
6.94%
7.14%
7.07%
7.26%
8.18%
7.94%
Rashtriya Chemicals and Fertilisers National Fertiliser
Date Open High Low Close Adj Close Volume Date
3/31/2011 80.65 90.80 79.80 86.60 72.52 25,500,774 3/31/2011
4/30/2011 86.90 86.90 74.40 81.25 68.04 9,943,863 4/30/2011
5/31/2011 81.80 85.00 70.20 79.40 66.49 13,424,888 5/31/2011
6/30/2011 81.60 82.00 72.20 74.35 62.26 10,694,776 6/30/2011
7/31/2011 75.40 91.45 63.00 79.15 66.28 30,672,947 7/31/2011
8/31/2011 79.80 85.40 70.25 73.15 61.25 12,640,312 8/31/2011
9/30/2011 71.05 80.05 69.05 73.75 62.63 6,259,671 9/30/2011
10/31/2011 73.50 74.85 54.30 56.45 47.94 7,485,055 10/31/2011
11/30/2011 57.60 58.50 42.05 46.15 39.19 6,716,071 11/30/2011
12/31/2011 46.00 72.00 45.40 66.30 56.30 32,382,048 12/31/2011
1/31/2012 66.20 73.40 61.80 66.15 56.18 23,261,780 1/31/2012
2/29/2012 66.80 69.80 54.85 56.45 47.94 11,932,645 2/29/2012
3/31/2012 56.95 62.10 55.50 60.55 51.42 7,217,079 3/31/2012
4/30/2012 60.80 61.65 53.00 56.65 48.11 14,584,794 4/30/2012
5/31/2012 56.00 61.20 53.70 58.45 49.64 12,795,073 5/31/2012
6/30/2012 58.50 63.20 50.40 53.00 45.01 12,888,049 6/30/2012
7/31/2012 53.05 58.20 47.50 50.35 42.76 10,848,033 7/31/2012
8/31/2012 50.85 64.50 50.60 60.15 52.46 20,480,212 8/31/2012
9/30/2012 60.25 61.80 53.00 53.70 46.83 14,164,470 9/30/2012
10/31/2012 53.70 55.70 50.00 53.25 46.44 4,943,508 10/31/2012
11/30/2012 53.55 59.80 53.30 54.60 47.62 13,542,385 11/30/2012
12/31/2012 54.95 57.20 52.40 53.15 46.36 5,893,742 12/31/2012
1/31/2013 53.30 54.95 46.80 47.40 41.34 5,335,276 1/31/2013
2/28/2013 47.25 47.90 35.20 36.40 31.75 12,151,362 2/28/2013
3/31/2013 36.40 41.50 36.20 38.80 33.84 5,466,566 3/31/2013
4/30/2013 38.80 42.70 38.05 38.70 33.75 5,529,701 4/30/2013
5/31/2013 39.10 41.40 30.50 33.05 28.82 4,566,671 5/31/2013
 6/30/2013 33.20 35.25 27.15 27.85 24.29 4,400,608 6/30/2013
7/31/2013 28.00 32.55 25.60 31.35 27.34 8,837,202 7/31/2013
8/31/2013 31.60 33.20 28.60 30.75 28.27 8,007,115 8/31/2013
9/30/2013 30.50 34.15 30.50 32.15 29.55 6,215,859 9/30/2013
10/31/2013 31.90 35.40 30.65 33.30 30.61 7,054,427 10/31/2013
11/30/2013 33.40 37.10 32.50 35.60 32.72 10,080,535 11/30/2013
12/31/2013 35.40 36.80 30.60 31.05 28.54 11,909,718 12/31/2013
1/31/2014 31.00 33.70 30.20 32.35 29.74 7,254,961 1/31/2014
2/28/2014 32.20 33.65 31.00 33.15 30.47 6,411,440 2/28/2014
3/31/2014 33.55 39.15 33.10 34.90 32.08 9,844,557 3/31/2014
4/30/2014 34.90 57.50 33.80 52.55 48.30 55,824,743 4/30/2014
5/31/2014 53.10 70.90 52.80 65.35 60.07 90,997,538 5/31/2014
6/30/2014 65.65 68.75 50.10 51.25 47.11 46,636,411 6/30/2014
7/31/2014 50.90 63.70 48.05 53.90 49.55 38,145,526 7/31/2014
8/31/2014 53.40 60.50 50.35 52.55 48.30 38,836,329 8/31/2014
9/30/2014 52.65 59.00 51.80 57.95 54.71 15,856,347 9/30/2014
10/31/2014 58.10 72.95 58.00 66.70 62.97 47,281,458 10/31/2014
11/30/2014 66.80 71.15 61.25 68.30 64.48 26,369,083 11/30/2014
12/31/2014 67.65 71.50 63.50 64.95 61.32 34,079,570 12/31/2014
1/31/2015 64.05 74.80 64.05 68.55 64.72 41,843,439 1/31/2015
2/28/2015 66.75 66.75 50.90 56.45 53.29 16,974,424 2/28/2015
3/31/2015 58.65 71.90 57.20 58.95 55.65 24,255,867 3/31/2015
4/30/2015 58.95 63.90 55.15 55.85 52.73 8,212,424 4/30/2015
5/31/2015 55.40 57.50 51.90 54.65 51.60 9,730,058 5/31/2015
6/30/2015 55.30 61.35 53.05 54.30 51.26 19,785,808 6/30/2015
7/31/2015 54.30 60.45 41.45 44.40 41.92 18,929,771 7/31/2015
8/31/2015 43.90 52.05 39.80 47.80 46.69 12,689,384 8/31/2015
9/30/2015 48.40 53.65 48.20 49.25 48.10 10,938,765 9/30/2015
10/31/2015 47.70 50.90 45.50 49.70 48.54 9,654,256 10/31/2015
11/30/2015 49.80 53.20 44.45 49.40 48.25 21,052,490 11/30/2015
12/31/2015 49.90 51.80 41.40 42.45 41.46 21,269,380 12/31/2015
1/31/2016 42.65 43.90 35.15 38.35 37.46 17,061,964 1/31/2016
2/29/2016 38.70 39.55 35.85 38.65 37.75 25,235,636 2/29/2016
3/31/2016 38.85 50.10 38.55 45.45 44.39 36,152,709 3/31/2016
4/30/2016 45.40 49.20 42.80 43.10 42.10 23,326,591 4/30/2016
5/31/2016 43.40 50.75 42.70 49.05 47.91 27,014,249 5/31/2016
6/30/2016 49.70 53.85 48.10 49.50 48.35 33,902,672 6/30/2016
7/31/2016 49.50 52.70 46.60 47.95 46.83 21,564,039 7/31/2016
8/31/2016 48.30 49.40 42.60 44.95 43.90 17,032,204 8/31/2016
9/30/2016 45.30 50.80 44.25 48.75 48.75 28,445,460 9/30/2016
10/31/2016 48.85 51.80 40.60 46.75 46.75 18,147,639 10/31/2016
11/30/2016 46.95 51.90 44.60 46.75 46.75 21,209,542 11/30/2016
12/31/2016 47.10 59.45 46.65 57.95 57.95 82,620,908 12/31/2016
tional Fertiliser Gujarat State Fertilizers & Chemicals
Open High Low Close Adj Close Volume Date Open High
104.90 113.90 104.00 106.15 99.42 4,524,827 3/31/2011 68.12 78.18
106.75 119.60 97.40 101.10 94.69 1,475,520 4/30/2011 73.80 80.00
102.00 106.20 88.00 94.55 88.56 3,580,002 5/31/2011 70.20 74.62
96.50 98.00 76.55 86.25 80.78 2,106,425 6/30/2011 71.60 82.20
87.10 93.95 73.00 76.20 71.37 6,854,769 7/31/2011 80.40 81.56
76.50 83.70 67.90 68.15 64.58 1,783,246 8/31/2011 78.20 93.10
67.75 74.40 64.85 69.05 65.43 1,460,179 9/30/2011 87.97 96.05
68.75 71.75 53.10 55.05 52.16 724,267 10/31/2011 94.52 100.82
56.15 57.50 43.00 53.70 50.88 913,092 11/30/2011 91.80 93.60
55.70 88.00 51.55 83.20 78.84 9,567,140 12/31/2011 67.00 82.00
83.00 96.80 80.65 90.35 85.61 6,149,994 1/31/2012 75.50 85.98
92.10 96.30 68.15 71.50 67.75 3,944,888 2/29/2012 78.00 86.00
71.95 83.00 67.00 79.60 75.43 1,771,645 3/31/2012 84.60 90.40
79.85 83.00 71.00 78.90 74.76 5,609,267 4/30/2012 87.99 89.94
78.55 87.50 75.50 82.95 78.60 4,632,957 5/31/2012 87.58 89.20
83.30 90.40 73.20 74.40 70.50 2,310,789 6/30/2012 84.20 84.98
74.40 84.50 66.05 68.50 64.91 2,429,553 7/31/2012 69.29 76.00
69.00 89.00 68.00 81.85 78.42 5,559,979 8/31/2012 71.98 85.50
82.20 84.75 75.30 76.35 73.15 2,894,863 9/30/2012 79.00 82.15
76.45 82.80 73.00 74.95 71.81 1,002,628 10/31/2012 74.75 77.05
74.75 81.35 74.15 76.25 73.06 1,665,850 11/30/2012 71.80 73.50
77.10 79.70 69.60 70.90 67.93 654,682 12/31/2012 66.65 73.90
71.05 76.35 55.70 63.00 60.36 1,326,891 1/31/2013 66.70 66.75
62.65 63.95 44.05 44.50 42.64 419,220 2/28/2013 60.15 63.70
44.50 52.20 44.00 47.85 45.85 1,342,007 3/31/2013 58.00 62.00
47.85 52.30 42.65 42.80 41.01 2,074,236 4/30/2013 54.95 60.30
43.50 47.65 32.55 34.95 33.49 1,632,166 5/31/2013 56.55 61.60
35.00 35.90 25.10 27.15 26.01 1,048,975 6/30/2013 60.50 62.95
29.00 29.00 17.70 18.10 17.34 4,609,039 7/31/2013 55.00 55.95
18.50 22.20 18.15 19.85 19.02 4,203,745 8/31/2013 49.75 53.75
20.30 23.80 19.75 22.00 21.08 3,428,970 9/30/2013 53.20 60.30
22.00 26.45 21.00 24.50 23.47 4,589,426 10/31/2013 59.25 63.00
24.50 26.85 23.25 24.10 23.09 4,711,498 11/30/2013 58.45 60.40
24.15 26.45 21.85 22.75 21.80 8,713,350 12/31/2013 54.10 56.70
23.00 25.00 22.10 23.60 22.61 5,032,225 1/31/2014 47.00 49.90
23.50 24.70 22.75 24.15 23.14 2,426,793 2/28/2014 45.45 57.80
24.30 27.40 24.05 24.95 23.91 5,802,240 3/31/2014 56.00 60.55
24.95 40.20 24.30 37.65 36.07 24,887,861 4/30/2014 55.15 78.60
38.10 47.90 37.50 43.60 41.77 35,437,322 5/31/2014 75.20 82.95
44.25 47.20 33.60 34.25 32.82 19,116,480 6/30/2014 79.80 88.50
33.75 38.45 32.35 32.65 31.28 5,624,384 7/31/2014 76.00 84.80
32.90 38.90 31.90 33.25 31.86 7,968,279 8/31/2014 67.40 116.50
33.20 35.80 32.00 34.90 33.44 3,422,889 9/30/2014 114.85 123.65
35.10 40.40 34.90 37.05 35.50 9,762,979 10/31/2014 122.00 124.55
36.75 40.15 33.00 36.45 34.92 7,075,487 11/30/2014 103.50 112.35
36.80 40.85 36.05 36.20 34.68 9,690,293 12/31/2014 106.00 124.40
36.40 42.80 35.00 37.75 36.17 16,626,347 1/31/2015 100.50 101.95
36.60 36.65 25.45 28.10 26.92 6,781,726 2/28/2015 93.60 93.60
29.55 34.90 27.85 28.55 27.35 10,120,783 3/31/2015 85.10 91.10
28.55 31.50 27.00 27.50 26.35 4,999,316 4/30/2015 76.55 79.00
27.80 28.40 23.55 26.30 25.20 3,727,019 5/31/2015 71.15 75.50
26.95 30.35 26.30 27.55 26.40 5,782,196 6/30/2015 67.70 82.10
27.30 29.60 21.95 24.45 23.43 3,267,442 7/31/2015 73.35 81.00
24.00 26.20 21.15 24.90 23.86 2,271,650 8/31/2015 66.60 70.60
25.65 28.55 25.15 26.15 25.24 3,302,565 9/30/2015 73.90 77.75
25.80 27.95 24.10 27.15 26.20 1,837,116 10/31/2015 72.80 74.75
27.45 31.40 25.70 29.10 28.09 7,094,024 11/30/2015 73.60 76.60
29.50 32.60 25.25 28.35 27.36 7,547,076 12/31/2015 74.50 86.50
28.50 31.00 23.70 26.85 25.92 5,360,339 1/31/2016 70.10 70.40
27.30 29.10 26.50 28.30 27.31 4,188,138 2/29/2016 63.95 67.70
28.80 33.20 28.20 29.85 28.81 9,182,868 3/31/2016 64.40 76.90
29.85 35.60 29.30 32.85 31.71 11,300,994 4/30/2016 74.50 85.35
33.10 39.60 30.80 36.70 35.42 11,598,743 5/31/2016 72.25 81.90
36.95 38.40 33.90 34.05 32.86 7,066,106 6/30/2016 79.00 80.25
34.25 36.30 31.50 33.45 32.29 4,806,857 7/31/2016 70.20 79.30
33.50 35.85 31.00 33.05 31.90 5,613,123 8/31/2016 73.75 81.90
33.20 37.00 32.40 34.90 34.90 8,027,743 9/30/2016 76.60 102.40
35.60 36.40 29.50 32.95 32.95 4,124,049 10/31/2016 97.35 106.70
33.40 38.20 32.15 35.20 35.20 8,838,869 11/30/2016 90.65 100.75
35.50 54.70 34.90 51.50 51.50 41,942,067 12/31/2016 98.50 121.50
 Gujarat Narmada Valley Fertilizers & Chem
Low Close Adj Close Volume Date Open High Low Close
68.12 74.67 53.78 7,008,085 3/31/2011 96.00 113.95 95.10 107.75
67.50 69.80 50.27 6,501,005 4/30/2011 109.70 109.70 96.05 102.40
67.00 71.22 51.30 7,533,770 5/31/2011 102.10 104.35 92.00 99.40
70.05 80.28 57.82 8,727,870 6/30/2011 100.00 108.00 95.10 100.80
73.23 78.20 56.32 7,171,035 7/31/2011 101.40 102.70 90.00 94.15
77.83 88.44 70.11 15,778,155 8/31/2011 94.00 99.00 87.95 88.80
84.20 94.93 75.25 7,848,615 9/30/2011 88.50 94.90 87.05 92.75
88.48 90.20 71.50 7,023,800 10/31/2011 93.00 93.00 80.60 83.35
64.43 66.55 52.76 6,549,710 11/30/2011 86.50 86.50 70.45 74.80
65.66 75.05 59.49 6,994,060 12/31/2011 75.90 87.85 73.80 84.00
73.80 77.76 61.64 7,857,420 1/31/2012 84.20 92.45 83.15 86.85
76.26 84.69 67.14 6,567,005 2/29/2012 87.95 89.65 80.15 81.55
81.32 87.99 69.75 4,872,600 3/31/2012 83.30 87.40 81.05 81.70
81.20 87.02 68.98 4,020,835 4/30/2012 81.85 85.05 77.40 79.95
80.20 84.22 66.76 2,699,595 5/31/2012 80.40 85.50 79.65 85.25
67.01 69.38 55.00 4,678,660 6/30/2012 86.00 88.00 83.10 87.50
66.31 71.49 63.31 3,947,730 7/31/2012 87.45 89.35 75.70 76.25
71.62 79.90 70.76 4,995,533 8/31/2012 76.45 87.70 76.00 86.85
68.50 74.80 66.24 5,850,846 9/30/2012 86.85 87.90 81.00 81.40
69.50 71.75 63.54 1,910,236 10/31/2012 81.15 85.00 79.30 81.50
64.75 66.50 58.89 8,743,500 11/30/2012 81.50 86.25 81.15 83.90
63.85 66.40 58.80 18,531,532 12/31/2012 83.60 85.00 78.00 83.15
58.00 59.20 52.42 6,886,760 1/31/2013 82.80 82.80 74.70 76.80
55.50 58.50 51.80 5,271,153 2/28/2013 76.05 80.00 69.90 75.75
53.10 54.95 48.66 4,056,311 3/31/2013 74.50 83.00 71.80 78.60
53.10 56.75 50.25 4,929,889 4/30/2013 78.60 90.55 76.10 77.95
56.05 61.05 54.06 6,607,869 5/31/2013 77.10 79.75 72.30 75.05
 47.70 54.65 48.40 6,168,921 6/30/2013 74.50 77.50 72.15 73.80
44.00 49.20 45.11 2,594,345 7/31/2013 73.10 74.45 59.50 60.60
46.50 52.70 48.32 4,126,408 8/31/2013 61.25 70.00 59.05 59.80
47.55 59.60 54.64 7,330,375 9/30/2013 59.85 63.50 59.30 61.40
55.55 57.20 52.44 2,942,247 10/31/2013 61.90 69.00 61.50 64.95
52.55 54.00 49.51 5,360,310 11/30/2013 65.45 76.55 64.75 75.90
46.50 46.80 42.91 6,073,613 12/31/2013 76.95 78.95 69.70 71.55
44.25 44.50 40.80 2,272,784 1/31/2014 71.55 72.70 67.75 70.10
43.55 56.75 52.03 12,456,235 2/28/2014 70.00 78.65 69.40 78.30
53.20 55.15 50.56 2,940,570 3/31/2014 78.50 89.70 75.50 80.50
54.50 74.60 68.40 16,279,343 4/30/2014 80.50 100.50 80.00 93.95
70.15 80.20 73.53 9,430,285 5/31/2014 94.50 107.95 93.60 104.75
72.20 76.65 70.28 7,374,435 6/30/2014 104.35 113.95 91.20 92.75
64.70 67.50 63.47 11,918,354 7/31/2014 92.75 94.95 85.00 85.90
65.00 114.55 107.71 103,170,490 8/31/2014 86.10 107.70 84.80 93.20
101.10 121.10 113.87 51,359,452 9/30/2014 93.00 94.90 82.65 85.75
102.15 103.60 97.42 19,996,979 10/31/2014 86.45 92.95 85.35 88.95
90.10 105.00 98.73 19,321,288 11/30/2014 88.45 92.45 80.10 82.50
98.55 100.35 94.36 29,243,888 12/31/2014 82.85 95.00 81.15 86.60
89.65 93.60 88.01 16,746,011 1/31/2015 83.70 85.25 77.65 81.60
75.10 83.25 78.28 17,435,705 2/28/2015 80.05 81.40 65.00 68.10
74.25 76.55 71.98 7,699,007 3/31/2015 69.50 77.45 68.40 69.75
70.20 71.00 66.76 4,537,044 4/30/2015 69.75 71.50 64.30 64.65
64.50 67.05 63.05 7,919,823 5/31/2015 64.65 65.60 57.20 58.85
67.15 73.05 68.69 18,624,941 6/30/2015 59.35 66.35 59.00 64.35
64.15 66.70 62.72 10,937,811 7/31/2015 64.55 72.40 53.40 58.70
60.85 70.05 68.02 4,839,466 8/31/2015 59.00 60.60 55.00 57.90
68.75 72.35 70.25 18,234,773 9/30/2015 58.80 64.60 57.30 61.35
67.40 73.30 71.18 6,992,210 10/31/2015 60.25 82.45 59.70 76.15
68.60 74.00 71.86 6,243,025 11/30/2015 77.30 82.70 74.10 80.90
68.75 69.85 67.83 20,089,601 12/31/2015 81.65 89.00 74.00 82.50
57.50 63.20 61.37 6,537,831 1/31/2016 83.25 83.40 65.05 69.15
62.10 64.25 62.39 5,882,723 2/29/2016 69.55 84.60 66.85 81.60
64.10 74.35 72.19 10,929,995 3/31/2016 82.90 101.40 78.10 99.55
71.20 71.75 69.67 24,555,038 4/30/2016 99.75 143.45 99.00 138.85
68.10 78.55 76.27 14,244,599 5/31/2016 139.25 177.50 124.20 155.85
69.15 69.85 67.83 11,967,776 6/30/2016 155.40 173.80 152.10 154.35
66.85 75.90 73.70 13,182,867 7/31/2016 155.20 165.70 137.65 154.45
71.10 76.20 73.99 22,746,881 8/31/2016 153.60 183.90 146.15 177.70
76.20 95.05 95.05 79,323,863 9/30/2016 180.00 292.00 175.25 280.80
76.75 89.80 89.80 38,362,888 10/31/2016 283.00 291.80 180.00 216.60
87.25 89.50 89.50 30,350,505 11/30/2016 219.00 227.05 198.50 213.60
96.30 108.25 108.25 65,068,161 12/31/2016 215.00 267.75 213.00 243.10
 Fertilisers and Chemicals Travancore
Adj Close Volume Date Open High Low Close Adj Close Volume
88.48 1,968,635 3/31/2011 39.90 44.40 39.55 41.70 41.70 1,813,933
84.09 1,366,619 4/30/2011 41.10 42.50 36.40 39.35 39.35 705,277
81.62 1,980,832 5/31/2011 39.90 42.05 35.65 39.10 39.10 732,150
82.77 3,778,693 6/30/2011 40.75 42.95 37.05 38.85 38.85 999,610
77.31 3,027,307 7/31/2011 38.70 47.70 35.10 38.65 38.65 3,092,790
75.46 1,397,975 8/31/2011 38.65 40.80 33.50 33.65 33.65 675,555
78.82 1,147,704 9/30/2011 33.75 35.90 32.15 34.35 34.35 364,513
70.83 977,809 10/31/2011 34.50 35.30 22.05 24.15 24.15 439,652
63.56 570,725 11/30/2011 26.70 26.70 19.50 22.90 22.90 430,294
71.38 910,604 12/31/2011 22.90 36.15 22.50 33.45 33.45 2,110,316
73.80 4,592,804 1/31/2012 33.75 38.90 30.45 34.85 34.85 1,598,205
69.30 2,178,750 2/29/2012 34.75 36.70 29.15 30.20 30.20 619,302
69.43 1,391,023 3/31/2012 30.70 33.80 29.50 31.45 31.45 253,129
67.94 1,147,458 4/30/2012 31.60 32.40 27.15 27.70 27.70 816,199
72.44 881,028 5/31/2012 27.95 29.50 26.45 27.90 27.90 880,019
74.36 861,981 6/30/2012 28.20 33.90 25.50 26.80 26.80 1,658,820
64.80 1,369,343 7/31/2012 26.95 29.50 25.50 26.00 26.00 725,886
76.96 1,575,450 8/31/2012 26.00 31.50 25.40 30.20 30.20 2,378,932
72.13 558,796 9/30/2012 30.20 31.90 27.05 27.65 27.65 1,068,269
72.22 668,450 10/31/2012 28.60 28.65 26.35 27.35 27.35 266,584
74.34 1,226,740 11/30/2012 26.60 33.20 26.60 28.60 28.60 1,725,793
73.68 1,517,313 12/31/2012 29.25 34.00 28.20 28.55 28.55 1,200,994
68.05 842,498 1/31/2013 28.35 29.70 26.50 27.00 27.00 415,664
67.12 911,526 2/28/2013 27.20 27.65 20.05 22.10 22.10 221,385
69.65 1,239,473 3/31/2013 21.45 24.45 20.15 22.65 22.65 162,232
69.07 2,094,873 4/30/2013 22.65 25.30 21.65 22.30 22.30 299,644
66.50 518,771 5/31/2013 22.90 24.20 19.20 19.95 19.95 326,679
65.39 521,832 6/30/2013 20.00 23.80 17.20 18.25 18.25 420,722
53.70 1,593,357 7/31/2013 18.20 22.80 17.05 21.65 21.65 541,372
55.81 1,031,791 8/31/2013 21.40 23.50 19.00 20.10 20.10 561,954
57.30 3,142,399 9/30/2013 20.05 21.25 19.65 19.70 19.70 277,595
60.61 3,536,798 10/31/2013 19.70 21.90 19.60 21.25 21.25 562,696
70.83 2,568,199 11/30/2013 21.20 23.00 20.20 21.65 21.65 598,131
66.77 1,524,941 12/31/2013 21.30 25.00 20.15 20.35 20.35 1,009,381
65.42 430,380 1/31/2014 20.35 22.60 18.60 21.40 21.40 640,340
73.07 978,857 2/28/2014 21.75 22.10 20.00 20.65 20.65 528,588
75.12 2,423,269 3/31/2014 20.80 23.00 20.15 20.55 20.55 504,390
87.68 4,801,355 4/30/2014 20.55 35.60 20.40 31.10 31.10 3,362,615
97.76 7,000,249 5/31/2014 33.80 44.45 30.30 39.10 39.10 7,907,339
86.56 5,679,232 6/30/2014 39.60 48.50 32.20 34.40 34.40 4,355,846
80.16 1,686,450 7/31/2014 34.10 36.90 30.00 31.45 31.45 843,790
90.33 9,072,349 8/31/2014 31.05 35.75 27.80 30.30 30.30 1,289,760
83.11 2,262,415 9/30/2014 30.20 33.00 27.50 29.70 29.70 697,549
86.21 2,072,228 10/31/2014 29.70 36.90 29.70 35.30 35.30 2,598,327
79.96 1,271,116 11/30/2014 35.85 35.90 28.65 34.15 34.15 1,360,317
83.94 2,229,597 12/31/2014 34.50 35.00 31.10 32.05 32.05 984,918
79.09 1,208,466 1/31/2015 31.50 35.90 30.90 33.60 33.60 1,640,160
66.01 1,150,881 2/28/2015 31.85 35.40 26.00 28.10 28.10 2,497,372
67.60 1,018,402 3/31/2015 29.05 35.40 27.35 27.70 27.70 1,738,604
62.66 681,050 4/30/2015 27.70 29.45 25.00 26.20 26.20 985,204
57.04 1,038,432 5/31/2015 26.50 26.50 21.00 21.80 21.80 1,331,392
62.37 1,738,187 6/30/2015 22.00 25.35 21.35 22.75 22.75 2,227,809
56.89 1,663,827 7/31/2015 22.55 24.80 15.75 18.85 18.85 1,010,682
56.12 606,726 8/31/2015 18.75 20.95 17.30 19.60 19.60 715,044
59.46 1,728,582 9/30/2015 19.90 22.35 19.35 19.60 19.60 864,962
73.81 6,808,255 10/31/2015 19.50 22.35 18.60 21.25 21.25 379,617
78.41 1,720,479 11/30/2015 21.60 27.90 21.05 24.90 24.90 4,258,545
 79.96 4,087,513 12/31/2015 25.10 26.25 19.85 21.30 21.30 1,168,103
67.02 1,705,578 1/31/2016 21.75 24.50 18.60 19.65 19.65 1,215,092
79.09 4,937,540 2/29/2016 19.80 25.35 19.70 21.30 21.30 3,390,287
96.49 7,105,765 3/31/2016 21.50 25.80 20.85 23.90 23.90 2,263,109
134.58 21,962,445 4/30/2016 24.20 27.70 22.75 23.15 23.15 3,069,874
151.06 15,523,768 5/31/2016 23.45 28.70 22.10 26.40 26.40 2,360,508
149.60 16,557,769 6/30/2016 26.90 27.30 23.25 23.95 23.95 1,727,687
149.70 9,868,043 7/31/2016 24.20 24.70 22.50 23.00 23.00 955,113
174.39 13,586,707 8/31/2016 22.90 24.15 21.80 22.75 22.75 793,772
275.57 40,817,387 9/30/2016 23.20 25.90 22.80 24.25 24.25 1,773,534
212.57 61,748,242 10/31/2016 24.35 26.35 19.30 23.05 23.05 1,409,797
209.62 13,605,113 11/30/2016 23.20 26.15 22.40 23.90 23.90 1,475,783
238.57 21,844,253 12/31/2016 25.00 38.55 24.00 29.70 29.70 20,897,773
Southern Petrochemical Industries Corporation Zuari Agro Chemicals
Date Open High Low Close Adj Close Volume Date
3/31/2011 16.00 31.60 15.95 28.25 28.25 46,856,161
4/30/2011 28.70 29.20 23.50 27.45 27.45 30,823,432
5/31/2011 27.45 32.35 25.65 29.50 29.50 39,833,267
6/30/2011 29.85 37.75 29.15 33.35 33.35 46,468,138
7/31/2011 33.60 34.90 24.20 28.60 28.60 18,477,473
8/31/2011 28.60 30.50 24.20 24.50 24.50 7,712,860
9/30/2011 24.60 27.25 23.50 25.85 25.85 2,548,986
10/31/2011 26.00 26.95 17.90 19.95 19.95 4,912,875
11/30/2011 20.90 21.60 14.15 14.50 14.50 4,257,674
12/31/2011 14.65 21.70 14.55 19.10 19.10 6,406,954
1/31/2012 19.80 23.10 18.30 19.90 19.90 2,877,316
2/29/2012 19.50 20.80 16.00 17.65 17.65 2,253,165
3/31/2012 17.55 20.50 17.50 18.70 18.70 2,054,046
4/30/2012 18.60 19.05 15.80 16.10 16.10 1,392,248
5/31/2012 16.10 17.95 15.20 16.40 16.40 3,782,873
6/30/2012 16.35 19.25 15.45 15.80 15.80 9,256,124
7/31/2012 15.30 16.95 12.40 13.45 13.45 5,752,714
8/31/2012 13.55 18.40 13.00 17.35 17.35 8,607,964
9/30/2012 17.10 17.65 14.70 15.00 15.00 4,453,424
10/31/2012 15.00 16.40 14.15 16.10 16.10 4,833,273
11/30/2012 16.00 17.40 15.05 15.50 15.50 4,008,593 11/30/2012
12/31/2012 15.65 21.30 15.25 16.85 16.85 14,528,041 12/31/2012
1/31/2013 16.80 17.55 13.85 14.05 14.05 1,728,573 1/31/2013
2/28/2013 14.40 14.95 12.40 12.65 12.65 2,109,535 2/28/2013
3/31/2013 12.75 14.85 12.65 13.50 13.50 1,534,557 3/31/2013
4/30/2013 13.50 14.40 12.35 12.40 12.40 975,851 4/30/2013
5/31/2013 12.90 12.90 9.30 9.95 9.95 1,263,172 5/31/2013
 6/30/2013 9.70 11.95 6.70 7.60 7.60 4,161,107 6/30/2013
7/31/2013 7.70 9.10 7.00 7.95 7.95 1,517,899 7/31/2013
8/31/2013 7.95 9.45 7.30 8.70 8.70 1,304,815 8/31/2013
9/30/2013 8.60 10.50 8.20 8.95 8.95 1,875,188 9/30/2013
10/31/2013 9.20 13.40 8.40 13.00 13.00 6,441,424 10/31/2013
11/30/2013 13.75 14.30 11.25 12.65 12.65 5,374,590 11/30/2013
12/31/2013 12.75 13.50 10.75 10.80 10.80 2,313,831 12/31/2013
1/31/2014 11.90 13.35 9.90 12.55 12.55 2,425,365 1/31/2014
2/28/2014 12.40 13.45 11.20 12.40 12.40 5,989,921 2/28/2014
3/31/2014 12.30 16.15 12.20 13.95 13.95 6,037,031 3/31/2014
4/30/2014 13.95 18.40 12.90 16.70 16.70 8,772,637 4/30/2014
5/31/2014 16.95 26.30 16.90 25.50 25.50 24,985,799 5/31/2014
6/30/2014 25.75 26.20 20.25 22.90 22.90 15,353,993 6/30/2014
7/31/2014 22.90 23.35 19.75 21.40 21.40 9,978,071 7/31/2014
8/31/2014 21.75 30.25 20.80 26.55 26.55 52,649,821 8/31/2014
9/30/2014 26.35 26.70 22.70 24.90 24.90 14,697,740 9/30/2014
10/31/2014 25.15 28.20 22.50 23.40 23.40 16,170,288 10/31/2014
11/30/2014 23.30 25.20 20.50 23.50 23.50 10,831,328 11/30/2014
12/31/2014 23.55 24.90 20.05 20.95 20.95 8,942,471 12/31/2014
1/31/2015 21.15 22.90 19.10 20.15 20.15 10,068,238 1/31/2015
2/28/2015 20.30 20.45 16.70 18.10 18.10 4,891,217 2/28/2015
3/31/2015 18.15 21.65 17.85 18.15 18.15 5,887,949 3/31/2015
4/30/2015 18.15 19.90 17.50 18.35 18.35 2,356,254 4/30/2015
5/31/2015 18.20 19.70 16.10 19.35 19.35 4,873,875 5/31/2015
6/30/2015 19.20 23.25 18.55 21.90 21.90 12,252,636 6/30/2015
7/31/2015 21.95 23.90 14.80 16.40 16.40 7,262,738 7/31/2015
8/31/2015 16.30 18.30 14.80 16.90 16.90 2,306,746 8/31/2015
9/30/2015 17.00 19.55 16.75 18.00 18.00 4,370,427 9/30/2015
10/31/2015 18.05 22.40 16.10 21.70 21.70 5,004,608 10/31/2015
11/30/2015 21.70 23.55 19.30 23.35 23.35 5,934,090 11/30/2015
12/31/2015 23.35 26.60 19.80 21.90 21.90 10,617,159 12/31/2015
1/31/2016 22.00 22.50 19.00 19.15 19.15 2,915,571 1/31/2016
2/29/2016 19.25 21.10 18.85 19.55 19.55 2,203,272 2/29/2016
3/31/2016 19.35 25.45 19.35 23.70 23.70 4,772,583 3/31/2016
4/30/2016 23.65 27.20 21.80 22.25 22.25 6,559,952 4/30/2016
5/31/2016 22.45 24.30 20.10 23.50 23.50 5,333,845 5/31/2016
6/30/2016 23.80 24.00 21.20 21.60 21.60 4,841,859 6/30/2016
7/31/2016 21.80 23.30 19.80 20.10 20.10 4,225,463 7/31/2016
8/31/2016 20.35 20.50 18.50 19.00 19.00 3,124,571 8/31/2016
9/30/2016 19.30 26.55 19.10 25.25 25.25 19,496,883 9/30/2016
10/31/2016 25.20 25.70 18.20 20.40 20.40 8,048,748 10/31/2016
11/30/2016 20.30 21.20 17.40 18.70 18.70 5,541,557 11/30/2016
12/31/2016 18.80 25.15 18.45 21.60 21.60 18,592,112 12/31/2016
ari Agro Chemicals
Open High Low Close Adj Close Volume

321.00 321.00 251.55 271.30 256.85 284,716

273.50 295.00 228.80 239.30 226.56 168,662
236.00 240.00 181.20 187.35 177.37 282,483
189.05 194.80 121.10 147.30 139.46 96,849
145.00 190.00 142.00 157.25 148.88 240,850
157.25 157.25 97.65 108.70 102.91 239,775
106.00 116.00 94.35 97.30 94.41 808,457
 97.30 108.90 80.00 82.10 79.66 419,722
82.00 94.45 72.10 77.95 75.63 127,024
84.40 93.50 78.10 84.30 81.79 427,174
83.05 104.70 81.50 94.15 91.35 558,321
95.65 148.00 92.60 137.60 133.51 1,342,066
135.20 146.90 125.75 142.25 138.02 266,033
144.45 173.50 137.00 139.45 135.30 712,424
141.00 159.00 126.60 130.15 126.28 319,594
129.25 146.95 122.85 128.00 124.19 559,936
127.75 156.10 127.50 132.25 128.32 621,886
132.25 164.35 121.95 155.20 150.59 931,745
155.15 217.20 152.60 180.60 175.23 1,190,177
182.45 204.00 171.05 176.20 173.91 585,067
178.70 197.50 171.05 179.60 177.27 202,461
179.55 255.00 175.00 200.40 197.80 991,828
198.65 274.90 194.05 254.35 251.05 1,244,233
252.25 308.90 245.95 267.00 263.53 1,128,273
270.55 307.00 240.30 261.65 258.25 407,380
260.50 293.00 225.50 230.65 227.65 343,275
238.40 274.00 233.00 269.00 265.50 224,834
265.25 274.00 212.85 225.10 222.18 128,772
238.00 263.90 195.30 204.25 201.60 402,071
204.25 221.85 187.00 196.10 193.55 238,056
196.65 202.90 186.05 196.00 193.45 124,306
193.05 227.10 185.35 193.30 190.79 578,437
193.05 205.80 137.55 173.30 172.87 508,610
174.95 175.00 143.10 150.05 149.68 54,743
155.00 174.70 148.10 159.60 159.20 241,590
157.00 166.90 145.00 154.00 153.62 64,591
158.00 167.95 146.65 158.55 158.15 713,830
160.00 182.50 145.00 154.35 153.96 1,052,857
156.20 163.30 117.30 119.15 118.85 396,660
119.05 148.00 117.15 140.25 139.90 194,218
139.05 179.80 139.00 173.00 172.57 425,214
172.15 209.15 158.05 173.15 172.72 1,064,429
173.15 200.00 163.00 191.55 191.07 805,287
194.65 202.80 168.05 171.45 171.02 688,783
172.05 191.30 164.00 182.45 181.99 1,243,069
181.50 197.50 169.00 182.35 181.89 1,568,441
182.35 262.90 182.35 232.10 231.52 3,435,164
244.00 246.10 185.00 215.25 214.71 1,164,941
215.35 253.65 207.95 227.65 227.08 1,072,929
237.50 383.45 229.20 335.90 335.06 9,116,320
EstimatingCountryRiskPremiums

Enter the current risk premium for a mature equity market

Do you want to adjust the country default spread for the additional volatility of the equity market to get to a country premium?
If yes, enter the multiplier to use on the default spread (See worksheet for volatility numbers for selected emerging markets)

Country Africa Moody'srating

AbuDhabi Middle East Aa2
Albania Eastern Europe & Russia B1
Andorra(Principalityof) Western Europe Baa3
Angola Africa B1
Argentina Central and South America B3
Armenia Eastern Europe & Russia B1
Aruba Caribbean Baa1
Australia Australia & New Zealand Aaa
Austria Western Europe Aa1
Azerbaijan Eastern Europe & Russia Ba1
Bahamas Caribbean Baa3
Bahrain Middle East Ba2
Bangladesh Asia Ba3
Barbados Caribbean Caa1
Belarus Eastern Europe & Russia Caa1
Belgium Western Europe Aa3
Belize Central and South America Caa2
Bermuda Caribbean A2
Bolivia Central and South America Ba3
BosniaandHerzegovina Eastern Europe & Russia B3
Botswana Africa A2
Brazil Central and South America Ba2
Bulgaria Eastern Europe & Russia Baa2
BurkinaFaso Africa B3
Cambodia Asia B2
Cameroon Africa B2
Canada North America Aaa
CaymanIslands Caribbean Aa3
CapeVerde Africa B2
Chile Central and South America Aa3
China Asia Aa3
Colombia Central and South America Baa2
Congo(DemocraticRepublicof) Africa B3
Congo(Republicof) Africa B3
CookIslands Australia & New Zealand Caa1
CostaRica Central and South America Ba1
Cted'Ivoire Africa Ba3
Croatia Eastern Europe & Russia Ba2
Cuba Caribbean Caa2
Curacao Caribbean Caa1
Cyprus Western Europe B1
CzechRepublic Eastern Europe & Russia A1
Denmark Western Europe Aaa
DominicanRepublic Caribbean B1
Ecuador Central and South America B3
Egypt Africa B3
ElSalvador Central and South America B3
Estonia Eastern Europe & Russia A1
Ethiopia Africa B1
Fiji Asia B1
Finland Western Europe Aa1
France Western Europe Aa2
Gabon Africa B1
Georgia Eastern Europe & Russia Ba3
Germany Western Europe Aaa
Ghana Africa B3
Greece Western Europe Caa3
Guatemala Central and South America Ba1
Guernsey(Statesof) Western Europe Aa1
Honduras Central and South America B2
HongKong Asia Aa1
Hungary Eastern Europe & Russia Baa3
Iceland Western Europe A3
India Asia Baa3
Indonesia Asia Baa3
Iraq Middle East B3
Ireland Western Europe A3
IsleofMan Western Europe Aa1
Israel Middle East A1
Italy Western Europe Baa2
Jamaica Caribbean B3
Japan Asia A1
Jersey(Statesof) Western Europe Caa1
Jordan Middle East B1
Kazakhstan Eastern Europe & Russia Baa3
Kenya Africa B1
Korea Asia Aa2
Kuwait Middle East Aa2
Kyrgyzstan Eastern Europe & Russia B2
Latvia Eastern Europe & Russia A3
Lebanon Middle East B2
Liechtenstein Western Europe Aaa
Lithuania Eastern Europe & Russia A3
Luxembourg Western Europe Aaa
Macao Asia Aa3
Macedonia Eastern Europe & Russia Ba3
Malaysia Asia A3
Malta Western Europe A3
Mauritius Asia Baa1
Mexico Central and South America A3
Moldova Eastern Europe & Russia B3
Mongolia Asia Caa1
Montenegro Eastern Europe & Russia B1
Montserrat Caribbean Baa3
Morocco Africa Ba1
Mozambique Africa Caa3
Namibia Africa Baa3
Netherlands Western Europe Aaa
NewZealand Australia & New Zealand Aaa
Nicaragua Central and South America B2
Nigeria Africa B1
Norway Western Europe Aaa
Oman Middle East Baa1
Pakistan Asia B3
Panama Central and South America Baa2
PapuaNewGuinea Asia B2
Paraguay Central and South America Ba1
Peru Central and South America A3
Philippines Asia Baa2
Poland Eastern Europe & Russia A2
Portugal Western Europe Ba1
Qatar Middle East Aa2
RasAlKhaimah(Emirateof) Middle East A2
Romania Eastern Europe & Russia Baa3
Russia Eastern Europe & Russia Ba1
Rwanda Africa B2
SaudiArabia Middle East A1
Senegal Africa B1
Serbia Eastern Europe & Russia B1
Sharjah Middle East A3
Singapore Asia Aaa
Slovakia Eastern Europe & Russia A2
Slovenia Eastern Europe & Russia Baa3
SouthAfrica Africa Baa2
Spain Western Europe Baa2
SriLanka Asia B1
St.Maarten Caribbean Baa2
St.Vincent&theGrenadines Caribbean B3
Suriname Central and South America B1
Sweden Western Europe Aaa
Switzerland Western Europe Aaa
Taiwan Asia Aa3
Thailand Asia Baa1
TrinidadandTobago Caribbean Baa3
Tunisia Africa Ba3
Turkey Western Europe Ba1
TurksandCaicosIslands Caribbean Caa1
Uganda Africa B2
Ukraine Eastern Europe & Russia Caa3
UnitedArabEmirates Middle East Aa2
UnitedKingdom Western Europe Aa1
UnitedStates North America Aaa
Uruguay Central and South America Baa2
Venezuela Central and South America Caa3
Vietnam Asia B1
Zambia Africa B3
 FrontierMarkets(nosovereignratings)
Country PRS Composite Risk Score ERP
Algeria 60.3 13.72%
Brunei 72.8 9.75%
Gambia 61.5 13.72%
Guinea 48.5 20.00%
Guinea-Bissau 64.5 12.48%
Guyana 64.5 12.48%
Haiti 58.0 16.61%
Iran 72.0 11.22%
Korea, D.P.R. 56.0 17.24%
Liberia 52.8 17.24%
Libya 50.0 20.00%
Madagascar 64.5 12.48%
Malawi 54.8 17.24%
Mali 63.5 13.90%
Myanmar 61.8 13.72%
Niger 53.8 17.24%
Sierra Leone 57.3 16.61%
Somalia 41.0 20.00%
Sudan 48.3 20.00%
Syria 45.8 20.00%
Tanzania 64.0 13.90%
Togo 61.0 13.72%
Yemen, Republic 50.5 17.24%
Zimbabwe 56.0 17.24%

Rating Default spread in basis points

A1 81
A2 98
A3 139
Aa1 46
Aa2 57
Aa3 70
Aaa 0
B1 520
B2 636
B3 751
Ba1 289
Ba2 347
Ba3 416
Baa1 184
Baa2 220
Baa3 254
Ca 1386
Caa1 866
Caa2 1040
Caa3 1155
NR NA
 5.69% Updated January 5, 2017
ountry premium? Yes
erging markets) 1.52 Updated January 5, 2017

RatingbasedDefaultSpread TotalEquityRiskPremium CountryRiskPremium SovereignCDS,netofUS

0.57% 6.56% 0.87% 0.59%
5.20% 13.59% 7.90% NA
2.54% 9.55% 3.86% NA
5.20% 13.59% 7.90% NA
7.51% 17.10% 11.41% 4.76%
5.20% 13.59% 7.90% NA
1.84% 8.49% 2.80% NA
0.00% 5.69% 0.00% 0.11%
0.46% 6.39% 0.70% 0.14%
2.89% 10.08% 4.39% NA
2.54% 9.55% 3.86% NA
3.47% 10.96% 5.27% 2.79%
4.16% 12.01% 6.32% NA
8.66% 18.85% 13.16% NA
8.66% 18.85% 13.16% NA
0.70% 6.75% 1.06% 0.22%
10.40% 21.49% 15.80% NA
0.98% 7.18% 1.49% NA
4.16% 12.01% 6.32% NA
7.51% 17.10% 11.41% NA
0.98% 7.18% 1.49% NA
3.47% 10.96% 5.27% 3.21%
2.20% 9.03% 3.34% 1.49%
7.51% 17.10% 11.41% NA
6.36% 15.35% 9.66% NA
 6.36% 15.35% 9.66% NA
0.00% 5.69% 0.00% NA
0.70% 6.75% 1.06% NA
6.36% 15.35% 9.66% NA
0.70% 6.75% 1.06% 0.91%
0.70% 6.75% 1.06% 1.27%
2.20% 9.03% 3.34% 2.04%
7.51% 17.10% 11.41% NA
7.51% 17.10% 11.41% NA
8.66% 18.85% 13.16% NA
2.89% 10.08% 4.39% 3.02%
4.16% 12.01% 6.32% NA
3.47% 10.96% 5.27% 2.22%
10.40% 21.49% 15.80% NA
8.66% 18.85% 13.16% NA
5.20% 13.59% 7.90% 2.29%
0.81% 6.92% 1.23% 0.36%
0.00% 5.69% 0.00% 0.03%
5.20% 13.59% 7.90% NA
7.51% 17.10% 11.41% NA
7.51% 17.10% 11.41% 4.38%
7.51% 17.10% 11.41% NA
0.81% 6.92% 1.23% 0.43%
5.20% 13.59% 7.90% NA
5.20% 13.59% 7.90% NA
0.46% 6.39% 0.70% 0.07%
0.57% 6.56% 0.87% 0.32%
5.20% 13.59% 7.90% NA
4.16% 12.01% 6.32% NA
0.00% 5.69% 0.00% 0.06%
7.51% 17.10% 11.41% NA
11.55% 23.23% 17.54% NA
2.89% 10.08% 4.39% NA
0.46% 6.39% 0.70% NA
6.36% 15.35% 9.66% NA
0.46% 6.39% 0.70% 0.20%
2.54% 9.55% 3.86% 1.29%
1.39% 7.80% 2.11% 0.72%
2.54% 9.55% 3.86% 1.38%
2.54% 9.55% 3.86% 1.87%
7.51% 17.10% 11.41% NA
1.39% 7.80% 2.11% 0.64%
0.46% 6.39% 0.70% NA
0.81% 6.92% 1.23% 0.74%
2.20% 9.03% 3.34% 1.84%
7.51% 17.10% 11.41% NA
0.81% 6.92% 1.23% 0.24%
8.66% 18.85% 13.16% NA
5.20% 13.59% 7.90% NA
2.54% 9.55% 3.86% 1.75%
5.20% 13.59% 7.90% NA
0.57% 6.56% 0.87% 0.29%
0.57% 6.56% 0.87% NA
6.36% 15.35% 9.66% NA
1.39% 7.80% 2.11% 0.64%
6.36% 15.35% 9.66% 5.19%
0.00% 5.69% 0.00% NA
1.39% 7.80% 2.11% 0.56%
0.00% 5.69% 0.00% NA
0.70% 6.75% 1.06% NA
4.16% 12.01% 6.32% NA
1.39% 7.80% 2.11% 1.56%
 1.39% 7.80% 2.11% NA
1.84% 8.49% 2.80% NA
1.39% 7.80% 2.11% 1.82%
7.51% 17.10% 11.41% NA
8.66% 18.85% 13.16% NA
5.20% 13.59% 7.90% NA
2.54% 9.55% 3.86% NA
2.89% 10.08% 4.39% 1.73%
11.55% 23.23% 17.54% NA
2.54% 9.55% 3.86% NA
0.00% 5.69% 0.00% 0.13%
0.00% 5.69% 0.00% 0.12%
6.36% 15.35% 9.66% NA
5.20% 13.59% 7.90% 5.38%
0.00% 5.69% 0.00% 0.00%
1.84% 8.49% 2.80% NA
7.51% 17.10% 11.41% 3.80%
2.20% 9.03% 3.34% 1.56%
6.36% 15.35% 9.66% NA
2.89% 10.08% 4.39% NA
1.39% 7.80% 2.11% 1.35%
2.20% 9.03% 3.34% 1.23%
0.98% 7.18% 1.49% 0.79%
2.89% 10.08% 4.39% 3.04%
0.57% 6.56% 0.87% 0.79%
0.98% 7.18% 1.49% NA
2.54% 9.55% 3.86% 1.13%
2.89% 10.08% 4.39% 2.08%
6.36% 15.35% 9.66% NA
0.81% 6.92% 1.23% 1.07%
5.20% 13.59% 7.90% NA
 5.20% 13.59% 7.90% NA
1.39% 7.80% 2.11% NA
0.00% 5.69% 0.00% NA
0.98% 7.18% 1.49% 0.47%
2.54% 9.55% 3.86% 1.14%
2.20% 9.03% 3.34% 2.49%
2.20% 9.03% 3.34% 0.87%
5.20% 13.59% 7.90% NA
2.20% 9.03% 3.34% NA
7.51% 17.10% 11.41% NA
5.20% 13.59% 7.90% NA
0.00% 5.69% 0.00% 0.02%
0.00% 5.69% 0.00% 0.12%
0.70% 6.75% 1.06% NA
1.84% 8.49% 2.80% 0.90%
2.54% 9.55% 3.86% NA
4.16% 12.01% 6.32% 4.62%
2.89% 10.08% 4.39% 3.06%
8.66% 18.85% 13.16% NA
6.36% 15.35% 9.66% NA
11.55% 23.23% 17.54% 7.26%
0.57% 6.56% 0.87% NA
0.46% 6.39% 0.70% 0.23%
0.00% 5.69% 0.00% 0.00%
2.20% 9.03% 3.34% NA
11.55% 23.23% 17.54% 30.44%
5.20% 13.59% 7.90% 2.23%
7.51% 17.10% 11.41% NA
ratings)
CRP Default Spread
7.47% 5.34%
3.50% 2.50%
7.47% 5.34%
13.75% 9.82%
6.23% 4.45%
6.23% 4.45%
10.36% 7.40%
4.97% 3.55%
10.99% 7.85%
10.99% 7.85%
13.75% 9.82%
6.23% 4.45%
10.99% 7.85%
7.65% 5.46%
7.47% 5.34%
10.99% 7.85%
10.36% 7.40%
13.75% 9.82%
13.75% 9.82%
13.75% 9.82%
7.65% 5.46%
7.47% 5.34%
10.99% 7.85%
10.99% 7.85%
TotalEquityRiskPremium2 CountryRiskPremium3 Has to be sorted in ascending order
6.59% 0.90% Rating
Default spread in basis points
NA NA A1 81
NA NA A2 98
NA NA A3 139
12.92% 7.23% Aa1 46
NA NA Aa2 57
NA NA Aa3 70
5.86% 0.17% Aaa 0
5.90% 0.21% B1 520
NA NA B2 636
NA NA B3 751
9.93% 4.24% Ba1 289
NA NA Ba2 347
NA NA Ba3 416
NA NA Baa1 184
6.02% 0.33% Baa2 220
NA NA Baa3 254
NA NA Ca 1386
NA NA Caa1 866
NA NA Caa2 1040
NA NA Caa3 1155
10.57% 4.88% NR NA
7.95% 2.26%
NA NA
NA NA
 NA NA
NA NA
NA NA
NA NA
7.07% 1.38%
7.62% 1.93%
8.79% 3.10%
NA NA
NA NA
NA NA
10.28% 4.59%
NA NA
9.06% 3.37%
NA NA
NA NA
9.17% 3.48%
6.24% 0.55%
5.74% 0.05%
NA NA
NA NA
12.34% 6.65%
NA NA
6.34% 0.65%
NA NA
NA NA
5.80% 0.11%
6.18% 0.49%
NA NA
NA NA
5.78% 0.09%
NA NA
 NA NA
NA NA
NA NA
NA NA
5.99% 0.30%
7.65% 1.96%
6.78% 1.09%
7.79% 2.10%
8.53% 2.84%
NA NA
6.66% 0.97%
NA NA
6.81% 1.12%
8.48% 2.79%
NA NA
6.05% 0.36%
NA NA
NA NA
8.35% 2.66%
NA NA
6.13% 0.44%
NA NA
NA NA
6.66% 0.97%
13.57% 7.88%
NA NA
6.54% 0.85%
NA NA
NA NA
NA NA
8.06% 2.37%
 NA NA
NA NA
8.45% 2.76%
NA NA
NA NA
NA NA
NA NA
8.32% 2.63%
NA NA
NA NA
5.89% 0.20%
5.87% 0.18%
NA NA
13.86% 8.17%
5.69% 0.00%
NA NA
11.46% 5.77%
8.06% 2.37%
NA NA
NA NA
7.74% 2.05%
7.56% 1.87%
6.89% 1.20%
10.31% 4.62%
6.89% 1.20%
NA NA
7.41% 1.72%
8.85% 3.16%
NA NA
7.32% 1.63%
NA NA
 NA NA
NA NA
NA NA
6.40% 0.71%
7.42% 1.73%
9.47% 3.78%
7.01% 1.32%
NA NA
NA NA
NA NA
NA NA
5.72% 0.03%
5.87% 0.18%
NA NA
7.06% 1.37%
NA NA
12.71% 7.02%
10.34% 4.65%
NA NA
NA NA
16.72% 11.03%
NA NA
6.04% 0.35%
5.69% 0.00%
NA NA
51.93% 46.24%
9.08% 3.39%
NA NA