Initiating Coverage Information Technology

TAKE Solutions CMP: Rs. 18 Rating : Buy Target : Rs. 50

Niche Products ; No BFSI Exposure nd
22 November 2008
TAKE Solutions is a technology based IT product and services company focused on niche SCM (16 products) and Life Sciences segment
(6 products). TAKE was promoted (2001) by professional technocrats (Mr. Srinivassan H.R., Mr. Seshadri Rangasami and Mr. D.V.
Ravi),their deep domain specialisation and expertise enabled them to opt for product company (unlike most IT companies who graduated
from service to products). TAKE’s past performance (high growth rate, decent margins) has validated its products strategy. Promoters
pedigree, expertise and past track record will help TAKE negotiate the current tough environment.
(Rs. mn) § Strong organic growth backed by successful acquisition strategy:
Key Financials FY07 FY08 FY09E FY10E TAKE has grown aggressively - organically and through acquisitions.
Net Sales 1,822 2,939 3,968 5,356 Acquisitions have spread its reach into new geographies (USA) ,
SBICAP Securities Limited

YoY % change 279.4 61.3 35.0 35.0

facilitated entry into Life Sciences segment (ClinMetrics - Sep04) and
EBITDA 460 765 1,051 1,393
also expanded TAKE’s product range (4 new products acquired by
YoY % change 66.3 37.4 32.5
Net Profit 316 529 694 921
Clear Orbit acquisition in June 07)
YoY % change 67.1 31.4 32.6 § TAKE’s flexible technology platform helps it to cater to wide range of
Equity Capital 94 120 120 120 industries and enabled it to customise its delivery model based on
EPS 3.4 4.4 5.8 7.7 services offered. Clients have the benefit of choosing from the multiple
EBITDA % 25.3 26.0 26.5 26.0 delivery models - SAAS, On Premise, Software Application and
PAT % 17.4 18.0 17.5 17.2
Software enabled solutions. TAKE’s ultimate objective is to shift to
transaction based pricing model (SAAS).
Key Ratios FY07 FY08 FY09E FY10E § Non linear model - Sales growth > employee addition
P/E 5.9 4.6 3.5 2.6 CAGR (%) Sales Employees
P/BV 0.2 0.1 0.1 0.1 FY08-FY10E 35.0 17.4
EV/Sales 1.1 0.6 0.4 0.3 § Defaults from top clients reduces with declining client
EV/EBITDA 4.5 2.1 1.5 1.1 concentration:
? Top 10 clients contribution falling: ~27% (FY08) and ~25% (Q1FY09)
Key Data and ~26%(Q2FY09).
Face Value (Rs) 1 ? New client addition have increased across all categories.
Shares O/S (mn) 122.4 § Partnership & Certification helps build business traction
Market Cap (Rs. bn / US$ mn) 2.4/48.1 ? Partnership with renowned institutions (University of California)
52-Week Range(H/L) 132/18
? Certification from institutes (Carnegie Mellon Software Engineering
1-Year Avg Vol (mn) 23,970
Institute, Microsoft, CDISC, BioIT Alliance and PCMM3) gives
Nifty 2693
visibility to the company.
Bloomberg Code TAKE.IN
§ In better position to manage downturn due to niche segment.
Year End March
§ Life Science will have minimal impact from the economic slowdown
Shareholding pattern(%) Sept ’08 as it is relatively insulated (driven by regulatory environment). ERP
slowdown will impact TAKE SCM products sale. However, the clients
Others 7
need to cut costs and to improve efficiency will compel them to invest
Bodies Corporate 11
more in TAKE’s SCM products.
Public 10 § Valuation: Traction continues in TAKE via new products,
FIIs 9 diversifying geographic concentration, the company is planning to
MF/ Banks / FIs 5 launch 6 new products across SCM and Life Science space over the
Promoters 58 next 2 years. TAKE targets to increase its European revenues to ~ 20 %
in the next 3 years. There is substantial momentum in the business and
Relative Price Performance potential for upside since TAKE has miniscule share in the Global
125 SCM (~0.5% of world market) . The current order book of US$ 69.7mn
100 will help in achieving the high 35% CAGR growth (FY08-FY10E).
75 Inspite of high share from US market ( ~ 66.5%), no BFSI exposure will
50 limit slowdown impact. The stock has corrected significantly in the
25 recent past. The stock is extremely attractive at a P/E of 3.5x (FY09E)
0 and 2.6x (FY10E). We recommend a BUY on the stock with a 12 month
Nov-07 Feb-08 May-08 Aug-08 Nov-08 target of Rs.50.
Take Solutions Nifty

SBICAP Securities Limited Anil Advani

191, Maker Tower F , Cuffe Parade Securities Research,
Institutional Mumbai 400005, India Tel: 91-22-30273339
Equities Email: sbicapresearch@sbicapsec.com Email: anil.advani@sbicapsec.com
(For Private circulation only)
Please refer to our disclaimer given at the back cover page
SBICAP Securities Limited TAKE Solutions

BACKGROUND
TAKE was promoted (2001) by technocrats - Mr. Srinivasan H.R., Mr. Seshadri
Rangasami and Mr. D. V. Ravi with the focus on niche Supply Chain Management
products. The promoters’ deep domain knowledge, expertise and background
enabled them to opt directly for a product model. TAKE also provides IT services
and Annual Maintenance Contract(AMC) - complementary to their product
profile.
The company acquired ClinMetrics (Sep’04) which added Life Sciences to their
existing portfolio.Currently, the company has 16 active products in the SCM (4
from ClearOrbit acquisition) housed under the OneSCM™ suite, and 6 products
in the Life Sciences under the OneClinical™ suite.
Key Milestones
z Selected for second consecutive year : Global Logistics & Supply Chain Strategies
2008 - 100 Great Supply Chain Partners List
z Dec 2007 - "IMPACT Leaders" in the RTP for Industry Technology Solutions.
z Dec 2007 - Deloitte Fast 500 Asia Pacific 2007
z Dec 2007 - Profiled in NASSCOM's 100 IT Innovators - 2007
z Nov 2007 - Ranked 12th in Deloitte Fast 50 India 2007
z Nov 2007 - Technology Trendsetter award (Towell TAKE)
z 2007 - Supply Chain Council's Technology SCM Excellence Award
z Global Logistics & Supply Chain Strategies 2007 - 100 Great Supply Chain
Partners List
z 2007 - Named in Manufacturing Business Technology Emerging 40 Vendor
List (USA)
Certifications
Carnegie Mellon Capability Maturity Model Integration Level 5 Certification.
Software Engineering Institute
Microsoft Microsoft Gold Partner Certification for the past 10 years for its proven
expertise in building and delivering solutions based on Microsoft technologies
CDISC Registered Clinical Data Interchange Standards Consortium (CDISC)
Solution Provider
BioIT Alliance 11 year track record as a Microsoft Gold Certified Partner, Member -
Microsoft’s Digital Pharma Initiative
Microsoft's Digital Utilises Microsoft .NET Framework and industry standards–based software.
Pharma Initiative TAKE’s regulatory compliant PharmaReady™ product suite represents
Microsoft's Digital Pharma technology direction
PCMM3 Achieved Level 3 in the People Capability Maturity Model (PCMM) of the
Software Engineering Institute (SEI).
Source: Company, SBICAP Securities Research
Partnerships
TAKE has been chosen Lead Technology Partner for University of California US
$ 15 mn "Epilepsy Phenome/Genome Project" (EPGP) sponsored by the University
of California in partnership with Microsoft. The research project will study
complex genetic factors that underlie some of the most common forms of epilepsy.
TAKE solution was chosen based on its technological prowess and specialisation
in the .NET based solution and notable distinctions in the project related domain.
2 Please refer to our disclaimer given at the front & back cover page Securities Research
TAKE Solutions SBICAP Securities Limited

ACQUISITION HISTORY
US based Acquisitions - 1 SCM and 3 Life Sciences to complement and augment strategic growth
Date Name Stake Year Sales Emp. Price P/Sales PAT PAT Remarks
(%) Ending (US$ mn) (No) (US$ mn) (x) (US$ mn) (%)
Life Sciences
Sep 04 ClinMetrics 100 Dec-03 3 40 3 1.0 NA NA Entry into niche Life
Inc Science market
Mar 06 Onsphere 100 Dec-05 3.2 30 2.75 0.9 0.16 5.0 PharmaReady suite -
bolstering regulatory
application software
Mar 06 Applied Clinical 51 Dec 05 2.78 NA 2.4 0.9 0.50 18.0 Entry into clinical
Intelligence LLC data management
SCM
June 07 ClearOrbit 100 June 06 15.6 78 20.6 1.3 0.36 2.3 4 SCM products
(Execution and
collaboration segment)
Source: Company, SBICAP Securities Research
Acquisition Methodology
z The company takes stringent measures in identifying target company and also
implements tight control while evaluating the acquisition.
z TAKE factors in its ability to leverage while planning the acquisition.

z The company takes a hard look on the valuation of the target company, its
profitability and future free cash flows.
FUTURE OUTLOOK
Key Growth Strategy: Organic and Inorganic
Consolidation:
Target: To launch 6 more products across SCM and Life Sciences over the next
two years.
Focus on high growth verticals and services across US and Asia Pacific markets.
Exploring new markets:
Diversification into new market to reduce US market risk.
Clients: Target- 20% revenues from Europe in next three years.
Future expectations:
z To operate on SAAS Model for low value clients.

z On premise deals will be more than US$ 0.5mn.

z Maintenance and license revenue are expected to contribute 20% and 40%
respectively (FY09E).
z Services are expected to constitute about 15% of revenues (FY09E & FY10E)

TAKE customises delivery model as per services delivered by it.

REVENUE MODEL DELIVERY MODEL
SAAS On Premise Software Software
Application enabled solutions
Licenses - YES YES -
Services YES YES YES YES
Maintenance - YES YES -
Transactions YES - - YES
Source: Company, SBICAP Securities Research
Securities Research Please refer to our disclaimer given at the front & back cover page 3
SBICAP Securities Limited TAKE Solutions

INCOME COMPOSITION AND GROWTH

Business Mix
2008-2010E CAGR for both the Segments ~ 36% Acquisitions lead to rise in Life Sciences revenue-FY07
3,200 100

2,400 75
(Rs mn)

(%)
1,600 50

800 25

0 0
FY04 FY05 FY06 FY07 FY08 FY09E FY10E FY04 FY05 FY06 FY07 FY08 FY09E FY10E
SCM Life Sciences Others SCM Life Sciences Others
Source: Company, SBICAP Securities Research

Jump in Life Sciences revenue in FY07 due to acquisition of OnSphere and

Applied Clinical Intelligence LLC in March 06.

Increasing revenue High Service contribution ~ 45%

2,700 100

75
(Rs mn)

2,025
(%)

1,350 50

675 25

0 0
FY04 FY05 FY06 FY07 FY08 FY09E FY10E FY04 FY05 FY06 FY07 FY08 FY09E FY10E
Services Product licenses & related activities Services Product licenses & related activities
Maintenance fees Others Maintenance fees Others
Source: Company, SBICAP Securities Research

z Steady increase in AMC contribution 13.3% (FY08), expected to reach to 15%

(FY10) derived from high product revenues growth.
z Product and AMC profile reduces the pressure on profitability in a downturn.

Geographic mix Increasing US contribution since FY06

4,000 100

3,000 75
(Rs mn)

(%)

2,000 50

1,000 25

0 0
FY04 FY05 FY06 FY07 FY08 FY09E FY10E FY04 FY05 FY06 FY07 FY08 FY09E FY10E
Asia Pac US Asia Pac US
Source: Company, SBICAP Securities Research

Revenue share from US market has been increasing continuously.US contributed

66.5% of revenue in FY08.TAKE has strong presence in niche SCM and Life
Sciences which are not as affected as BFSI by US downturn.

4 Please refer to our disclaimer given at the front & back cover page Securities Research
TAKE Solutions SBICAP Securities Limited

INVESTMENT CASE
Key positives:
High growth in niche segment - SCM and Life Sciences:
360
Due to acquisition

270

(%)
180

90

0
FY05 FY06 FY07 FY08 FY09E FY10E
SCM Life Sciences
Source: Company, SBICAP Securities Research

TAKE’s product profile and past performance provides with the confidence of
achieving revenue growth of CAGR 35%(FY08-FY10E)
TAKE targets to introduce 6 new products across SCM and Life Sciences segment
over the next two years.
No exposure to BFSI segment - Huge Positive.
All revenue comes from niche SCM and Life Sciences space. In addition, steady
increase in AMC revenue adds up to the comfort factor.
Non linear model:-
TAKE benefits from its non linear revenue model, its revenue has been growing
at much faster rate than growth rate in number of employees.
Particulars FY06 FY07 FY08 FY09E FY10E
Total Revenue (Rs mn) 482 1,828 2,967 3,968 5,356
% growth 279.4 62.3 33.7 35.0
Number of Employees 362 450 689 820 950
% growth 24.3 53.1 19.0 15.9
Source: SBICAP Securities Research

Unique business model with strong focus on growth and profitability.

6.0 1.0

4.5 0.8
(Rs mn)

(Rs mn)

3.0 0.6

1.5 0.4

0.0 0.2
FY06 FY07 FY08 FY09E FY10E
Revenue/Employee Net profit/Employee
Source: Company, SBICAP Securities Research

Strong percentage of technocrat promoters:

The promoters started this company as a product company. They transformed
their strong domain expertise in Life Sciences and SCM segments into product
suite.
Securities Research Please refer to our disclaimer given at the front & back cover page 5
SBICAP Securities Limited TAKE Solutions

Low Top 10 clients contribution ~ 27% (FY08) limits client default

Client Concentration FY07 FY08 Q2FY09
Top 10 clients contribution (%) * 26 27 26
Active clients
Clients added in the period
} **
>250
88 16
>350 >390

* The risk of client default is rising in the global market. TAKE had low exposure
to Top clients which limits client default risk.
** In addition, steady increase in numbers of clients improves client profile.

Number of new clients added FY07 FY08 Q2FY09

> US$ 5 mn clients 0 1 1
> US$ 2 mn clients 1 7 2
> US$ 1 mn clients 4 18 5
Source: SBICAP Securities Research, Company reports

TAKE’s business model involves product licenses and thereafter AMC support
for the products. Hence, thereby enabling prepetuity of clients. This has ensured
continuous addition of client leading to improving chances of cross selling of
existing products & marketing new ones. TAKE’s flexible technology platform
which caters to wide range of industries also helps garner new clients.
Strong Order Book - Executable over next 6 -9 months
As on 30.09.08 US$ mn
SCM 39.6
Life Sciences 30.1
TOTAL 69.7
This strong order book results in complete revenue visibility for FY09E and a
spillover to FY10E

Order book as a % of sales FY09E FY10E

SCM 90.9 66.7
Life Sciences 90.4 67.0
Total 88.0 65.2
Source: Company, SBICAP Securities Research

Company has 5 - 6 orders in pipeline each about > US$ 5 mn. Company is in
advanced stage of negotiation with them.
TAKE benefits from lower attrition rate than industry
28

21
(%)

14

0
2004 2005 2006 2007 Jun-08
Junior Middle Senior Average
Source: Company, SBICAP Securities Research

Attrition rate < 3 % at senior levels and 12 % on an average

6 Please refer to our disclaimer given at the front & back cover page Securities Research
TAKE Solutions SBICAP Securities Limited

Key Risks:
z Global economic meltdown, deepening US crisis and contageneous spreading
to Europe:
Europe has already started slowing down and cascading effect of US sub
prime crisis forced consistent selling by FII’s across the world especially in
emerging markets -Asia and India.
FII Flows Year to Date
3,000 1,170

(3,000) (902)
(4,341)
(9,000)
(US$ mn)

(15,000) (12,780)
(16,237)
(21,000)
(27,000)
(33,000)
(39,000) (37,146)
India Indonesia Korea Philippines Taiwan Thailand
Source: Bloomberg, SBICAP Securities Research

z US exposure:
66.5% of TAKE's revenue came from US in FY08 and around 60% of the
exposure is neutralised by natural cost incurred in USD.
Despite of high US exposure, there will be less impact on expected revenue
in Life Sciences segment because pharma companies have to meet regulatory
compliance requirements as per FDA and have to incur research and development
expenses.But ERP slowdown will impact TAKE SCM products sale. However,
the need to cut costs and to improve efficiency will compel the companies
to invest more in TAKE’s SCM products.
SCM Competitors
Name Market Cap Revenue YoY Operating Operating Net Net EPS CF from
(US$mn) (US$mn) change Income Margin Income Margin (US$) operation
(%) (US$mn) (%) (US$mn) (%) (US$mn)
JDA software 331.5 373.6 34.6 48.8 13.1 26.5 7.1 0.79 79.7
i2 Technologies 250.3 260.3 -6.9 21.6 8.3 17.7 6.8 0.57 16.4
Manhattan 437.8 337.4 16.8 43.1 12.8 30.7 9.1 1.17 38.3
Associates
Source: Company, SBICAP Securities Research
TAKE’s SCM is much smaller than its major competitors in terms of revenue as
well as market cap. However, TAKE has much higher profitability due to its
offshore centric & product licenses based model.
Life Sciences Competitors
Year FY06
Datafarm Provides Electronic Document Publishing Solutions and Regulatory Submissions Services
GlobalSubmit Involved in development of innovative products and services that facilitate and
promote the adoption of the eCTD format
MasterControl Global provider of GxP process and document management software solutions
Extedo Data and document management for Life Sciences : Submission Management, Drug
Safety Management, Document Management, Labeling Management, Project Mgnt.
Liquent Provides content assembly, publishing, and regulatory and intellectual property
information solutions to the life sciences industry
Source: Company, SBICAP Securities Research
Securities Research Please refer to our disclaimer given at the front & back cover page 7
SBICAP Securities Limited TAKE Solutions

BOARD OF DIRECTORS

Name Designation Qualification Experience

T.K. Wong Chairman and B.Sc in Computer Co-founded several E-Commerce service
Independent Science and Engineering companies. Owns and manages several
Director (MIT) USA companies in technology, sports and lifestyle
Srinivasan Founder and Honours graduate in 18 years experience in logistics and SCM industry
H.R. Vision Holder Mathematics, MBA
(RA Poddar Institute)
Ram President and Engineering Degree (IIT), Life Sciences expertise in the areas of adverse
Yeleswarapu CEO Chennai experience reporting on post-marketed drugs, sales
and marketing analytics, commercial enterprise
applications for pharmaceutical companies.
D. V. Ravi Director, B.com (Bangalore University) Over 19 years experience in strategic planning,
Group CFO Post graduate in Management business process re-engineering, organizational
(Institute of Rural change management
Management), Anand.
S. Sridharan MD BE in Electrical & Electronics Over 17 years of experience in the IT industry
(PSG College of Technology),
Coimbatore
Seshadri Executive B.Com, Cost Accountant and Co-founder & spearheads the SCM BPO & FSI
Rangasami Director Company Secretary BPO functions of TAKE. Earlier headed the
operations of SembCorp Logistics (India).
R. Sundara Independent M.E.(Jadhavpur University), Over 30 years in the pharmaceutical industry
Rajan Director Calcutta MBA(IIM),Ahmedabad was the Executive Vice President-Strategic
Business Planning of Matrix Laboratories,currently
Advisor to Shriram Group of Companies, Chennai.
Prof. G. Independent Ph.D from Northwestern Univ. Consultant for 53 organizations in India & abroad,
Raghuram Director Kellogg Graduate School of published several research papers.Currently,
Management, USA Chairperson or Member of numerous Boards and
MBA from IIM, Ahmedabad Government Committees dealing with
B.Tech - Electrical Engg. IIT Infrastructure and Logistics.

D. A. Independent Alumnus of IIM Ahmedabad, Founding member of team that initiated Wipro
Prasanna Director GE Global business leadership GE’s entry to IT,worked in global leadership
program,Crotonville. position in GE , Vice Chairman of Wipro, leads
CII, BOD of Shasun chemicals and Drugs Ltd. and
is on the Board of Center for Policy Research.
N. Kumar Independent Electronic and CII -Ex-president, Vice- Chairman of the Sanmar
Director Communications Engineer Group, Honorary Counsul General of Greece in
(Anna University) Chennai Chennai, Honorary Business Representative of
the International Enterprise, Singapore.
Source: Company, SBICAP Securities Research

Expertise & depth in management team:-

Management team of TAKE has around 15 years of experience and has highly
qualified personnel with vast knoweledge base which is a positive signal for the
company.

8 Please refer to our disclaimer given at the front & back cover page Securities Research
TAKE Solutions SBICAP Securities Limited

INTERNATIONAL MARKET - SCM

Supply Chain Management (SCM):
SCM software market has these segments: Supply chain planning (SCP), Supply
chain Execution (SCE) and Supply chain collaboration (SCC).
Worldwide market for SCM software is estimated to be around US$ 7bn (2008)
and is expected to grow at 8.6% annually and to reach US$ 8.3bn in 2010

Snapshot- Worldwide Market size and growth potential

US$ bn 2008 2010E Expected Growth (%)
SCP 1.1 1.2 2.4
SCE 5.9 7.1 9.9
SCM 7.0 8.3 8.6
Source: Company, SBICAP Securities Research

Strong growth potential

Particulars 2008
World SCM (US$ bn) 7
CAGR % (2008-2010E) 8.6
TAKE SCM (FY08) (Rs bn) 1.60
TAKE SCM (US$ bn) 0.03
TAKE SCM share(%) 0.45
Source: Company, SBICAP Securities Research

TAKE SCM revenue constitutes very small percentage (0.45%) of world SCM
software market during the year 2008.There is strong growth potential for the
company in this segment to increase its market share and looking at this prospective,
2 year revenue CAGR of 35% seems achievable.
In addition to the organic growth, TAKE is open to acquisition.It has already
taken an initiative in this area by acquiring ClearOrbit in June 07 which cleared
its entry into US market in product led SCM space with 4 new products in
Execution and Collaboration making total number of products to reach 16 in
SCM space.
TAKE has advantage of deep understanding in niche areas and expertise in high-
tech environment. Industries covered under TAKE SCM suite are:
z Consumer Packaged goods
z High Tech
z Pharmaceuticals and Medical
z Industrial Products and Services
The company added 12 new customers in the SCM space in Q1FY09 including
Briton - Myers, Squibb, Vodafone, Excel, Reynolds and Frito-Lay and during
Q2FY09, it added 4 new customers in US and 6 in other geographies.

Securities Research Please refer to our disclaimer given at the front & back cover page 9
SBICAP Securities Limited TAKE Solutions

OneSCMTM - 16 Product Suite

Execution Products Publishing Services

Process Model, Process Collaboration, BAM

[Business process specific data with pre defined,

TAKE IPOINT (Dist.) Analytics Tools
ERM

Connectivity & Integration

Ecosystem Information Management

CLM External

reconfigurable process centric cubes]

TAKE INSIGHT
Applications
TAKE BEST
TAKE FORWARD

SCM Data Warehouse

TAKE HUB

TAKE BIZAXIS
Information

Core Engine
TAKE INFORIS
Optimization Engines
Devices
Mobility Products TAKE OPTIMA
(HHT/PDA Based)
Collaborative Process
Management and
Orchestration
Planning Tools
TAKE MOBITRANZ
TAKE ESM
GEMINI TAKE CAMEO
TAKE IPOINT(Ent.)
XPC
One SCM Collabration Platform

Source: Company

Strategy to target full range market:

Focus Market Product range
Large enterprise with an ERP environment Best of Breed solutions
SME Organisations TAKE ESM Suite
Rapid creation of Agile and Innovative OneSCM Collaboration
supply chain solutions platform
Source: Company, SBICAP Securities Research

Special focus to target SME by TAKE ESM suite:

Collaboration Execution
Demand Order acquisition Order collaboration
Management Order processing Order promising (ATP)
Trade & consumer promotions Channel returns
Order fulfillment
Sales invoicing
Sales return
Supply Indenting & replinshment Contract manufacturing
Management Inventory sourcing Process engineering
Inventory policy compliance Consumables
management
Purchasing & receipts
Purchase invoice processing
Logistics Warehousing (private) Warehousing (network)
Management Transportation (outsourcing) Freight management
Source: Company, SBICAP Securities Research

10 Please refer to our disclaimer given at the front & back cover page Securities Research
TAKE Solutions SBICAP Securities Limited

INTERNATIONAL MARKET - LIFE SCIENCES:

The Life Sciences business has been acquired via acquisition and has been integrated
into the company. Regulatory framework and long drug development process
helps provide traction to TAKE's Life Science business. It takes around 10-15
years for a drug to move from trials to FDA to market. FDA requires 5 trial phases
data and only 1 in 5 pass trial stage to FDA.

Year Amount spent (US$ bn) Trials

2006 25.6 ~10,000
2011E 32.1 ~13,000
Source: Industry, SBICAP Securities Research

OneClinical Product Suite:

The OneClinical product suite includes specific algorithms and process maps to
assist in the design and implementation of clinical trials, observational trials,
historical (retrospective) studies from both chart reviews and study databases,
meta-analyses as well as integrated summaries of safety and efficacy. Finally, the
product integrates and reports clinical study data from legacy and current studies
for sponsors utilising CDISC data standards. OneClinical suite has the following
modules:
z PharmaReady Regulatory Compliance Suite
z Clinical Data Management and Safety Analytics

PharmaReady - 4 Product Suite

SPL for eCTD for Submissions TRMS for Training DMS for Document
Products

Labels Management Management Management Management

TM
PharmaReady Products
Services

Authentication User Management Role-based Security eSignature

Services Services Services Services
TM
PharmaReady Core
Framework

Microsoft Windows Server 2003

TM
PharmaReady Compliance Framework
Source: Company

Clinical Data and Safety Analytics- 2 Products

Safety View :The safety-reporting dashboard provides near real-time, accurate
safety information in a multi-trial environment.
Clinical and Safety data standards accelerator :This provides a set of tools and
templates to convert active and legacy datasets into industry standard (CDISC)
datasets. It has metadata management, submissions ready document preparation
and validation modules to manage a set of comprehensive clinical and safety
domains.
Securities Research Please refer to our disclaimer given at the front & back cover page 11
SBICAP Securities Limited TAKE Solutions

TAKE Snapshot: Clinical research outsourcing

Clinical Research Pre- clinical and analysis
Clinical phase I Animal toxicology and pharmacology
Clinical phase II-IV Central pathology laboratories
Data management and statistics Chemical and bioanalysis
Regulatory affairs
Quality assurance
Source: Company, SBICAP Securities Research

Electronic Data Capture (EDC) software revenue was US$ 300mn in 2007 and
is expected to touch US$ 1.3 bn in 2011.
The company has added 8 new customers in the regulatory space and 3 in the
clinical data management space in Q1FY09 including Asubio, AAI Pharma, Sonexa,
Ajantha Pharma, Emcure, Micro Labs and Serum Institute and 6 new customers
in Q2FY09.

New products:
Launched new products and new version to suit clients' requirements:
During Q2FY09, the company launched 2 new products (1 in SCM and 1 in Life
Sciences) and also launched new version of TAKE Insight (SCM segment).
Supply Chain Management
TAKE launched Compliance Label Manager (CLM) Professional, an easy-to-use
barcode and RFID printing management solution that helps users quickly design
and print labels to meet both internal and customer labeling requirements and
also achieved SAP certification for CLM professional.
Life Sciences
TAKE added a Paper Submissions Module to PharmaReady™ Suite of Document
& Submission Management products to address the full life cycle needs of global
pharmaceutical companies striving to meet the various regulatory submission
demands (support paper submissions until the market has completely converted
to electronic submissions).

12 Please refer to our disclaimer given at the front & back cover page Securities Research
TAKE Solutions SBICAP Securities Limited
Financial Statements
Balance Sheet (Rs mn)
Income Statement (Rs mn)
Year to March FY07 FY08 FY09E FY10E
Year to March FY07 FY08 FY09E FY10E
Equity share capital 94 120 120 120
Revenues 1,822 2,939 3,968 5,356
Preference share capital 49 49 49 49
% growth 61.3 35.0 35.0 Total Reserves and Surplus 705 2,770 3,056 3,436
Employee cost 357 785 1,032 1,393 Secured loans 1,326 38 38 38
Total direct costs 1,178 1,893 2,520 3,428 Unsecured loans 59 262 262 262
SG&A expenses 183 281 397 536 Total loans 1,385 300 300 300
Total expense 1,361 2,174 2,916 3,964 Minority interest 38 46 54 60
EBITDA 460 765 1,051 1,393 Deferred Tax Balance 38 43 78 113
Total Liabilities 2,308 3,327 3,656 4,077
EBITDA growth (%) 66 37 32
EBITDA margins (%) 25.3 26.0 26.5 26.0 Assets
Other Income 6.67 28.19 34 44 Gross Block 85 250 370 490
Depreciation 10 22 40 65 Depreciation 36 168 208 273
Net fixed assets 50 83 163 218
Total Interest expenses 34 69 50 50
Capital WIP 0 0 3 13
Product development 41 77 150 180
Total non-current assets 50 83 166 231
Expenses w/off
Total Investments 8 94 94 4
PBT 381 625 845 1,142
Goodwill 223 1130 1130 1130
Taxes 51 86 143 215 Capitalised software 202 320 350 350
PAT 330 539 702 927 product costs
Minority Interest 14 11 8 6 CURRENT ASSETS
PAT (after minority interest) 316 529 694 921 Sundry debtors 785 908 1,420 1,980
PAT growth (%) 67.1 31.4 32.6 Cash & bank balances 1,209 1,061 1,145 1,154
PAT margins (%) 17.4 18.0 17.5 17.2 Inventories 15 14 15 17
Source: SBICAP Securities Research
Loan and advances 75 326 400 550
Other current assets 11 42 60 80
Cash Flow (Rs mn) Total current assets 2,094 2,351 3,040 3,781
Total Current liabilities 257 513 590 743
Year to March FY07 FY08 FY09E FY10E
Total provisions 20 139 535 676
Cash Operating Profit 479 824 1,099 1,461 NET CURRENT ASSETS 1,818 1,699 1,916 2,362
Taxes Paid (1) (59) (108) (180) Deffered Tax Asset 0.55 0.55 0.55 0.55
Add: Adjustments for Miscellaneous expenditure 7.65 0 0 0
(Increase)/Decrease in WC (353) (253) (526) (581) Total Assets 2,308 3,327 3,656 4,077
Net cash from operations 124 512 466 700 Ratios
Capital Expenditure (23) (54) (123) (130) Year to March FY07 FY08 FY09E FY10E
Product development expenses(140) (195) (180) (180)
Per Share Ratios
Goodwill (44) (907) 0 0
EPS (Rs.) 3.4 4.4 5.8 7.7
Sale/Purchase of Investments 0 (86) 0 91
CEPS (Rs.) 3.5 4.6 6.1 8.2
Net cash from investing (206) (1,243) (303) (220)
DPS (Rs.) 0.0 2.0 3.0 4.0
Issue of Equity shares 236 1,864 0 0 BVPS (Rs.) 85.2 240.8 264.7 296.3
Share issue expenses (8) (127) 0 0 Valuation Ratios
Interest paid (34) (69) (50) (50) P/E (x) 5.9 4.6 3.5 2.6
Dividends paid 0 0 (29) (421) P/BV(x) 0.2 0.1 0.1 0.1
Debt change 978 (1,085) 0 0 EV/Sales(x) 1.1 0.6 0.4 0.3
Net cash from financing 1,173 582 (79) (471) EV/EBITDA(x) 4.5 2.1 1.5 1.1
RoE (%) 39.6 18.3 21.9 25.9
Net change in cash 1,091 (148) 84 9 RoCE (%) 18.6 21.4 25.4 30.5
Opening cash as per 118 1,209 1,061 1,145 Profitability (%)
balance sheet
EBITDA Margin (%) 25.3 26.0 26.5 26.0
Closing cash & 1,209 1,061 1,145 1,154 PBT Margin (%) 20.9 21.3 21.3 21.3
cash equivalents
Net Profit Margin (%) 17.4 18.0 17.5 17.2
Source: SBICAP Securities Research
Source: SBICAP Securities Research

Securities Research Please refer to our disclaimer given at the front & back cover page 13
SBICAP Securities Limited
APPENDIX
Life sciences - OneClinical (6 Products suite)
The OneClinical product suite assists in the design and
implementation of clinical trials, observational trials, historical
studies from both chart reviews and study databases, meta-
analyses as well as integrated summaries of safety and efficacy.
The product integrates and reports clinical study data from
legacy and current studies for sponsors and also integrates
disparate data sources utilizing CDISC data standards. TSL's
umbrella product has the following modules:
1. PharmaReady Regulatory Compliance Suite (4 products)
2. Clinical Data Management and Safety Analytics (2 products)
PharmaReady Regulatory Compliance Suite
PharmaReady (basedon Microsoft.NET architecture) manages
SOPs, work instructions, training records, submission documents
etc within regulated business areas.
1. PharmaReady DMS is a web based integrated Document
Management System specifically designed for life sciences
organizations.
2. PharmaReady TRMS is a web based Training Records
Management System for the complete management of
employee training related documents within business areas
regulated by the FDA.
3. PharmaReady SPL is a web based structured product
labeling application allowing simple copy paste label authoring,
supporting complex content structures and also offers
context sensitive FDA guidelines provided for each label
section along with automated data element validations
to ensure full regulatory compliance.
4. PharmaReady eCTD: A web-based electronic common
technical document publishing system, designed to provide
intuitive electronic content assembling with integrated
document management and publishing features and also
supports regional templates, life cycle management and
consolidated submission reviews.
TAKE has recently launched a new version of Pharma Ready,
PharmaReady V4.1
Document Management System (DMS)
z Virtual Document Workflow and Interface Enhancements
z Enhanced Office 2007 Integration and Support
z Document Owner Functionality and Role
Electronic Submissions (eCTD)
z eCTD Enhanced Support for Canadian STF Submissions
and sub structures
z Enhanced Acrobat Support
z eCTD Submission Compile time decrease and enhancements
z Support for Updated eCTD Guidance from FDA
Training Records Management System (TRMS)
z Option to Add TRMS Events Directly to Outlook Calendar
z Enhanced Action Item Processing
Structured Product Labeling (SPL)
z Workflow Notifications can be turned off / on
z Updated Scripts to Better Support FDA Guidelines
14 Please refer to our disclaimer given at the front & back cover page
TAKE Solutions
Supply Chain Management: OneSCM suite-16 Product suite
SCM is divided into 3 parts:
I Supply chain planning:
The solutions offered includes a collaborative platform that facilitates
and automates planning activities across different stake holders
in the organization, in addition to demand forecasting using
static and dynamic models.
1. TAKE CAMEO
z Advanced planning of operations based on information /
knowledge repository services of TAKE Business edge
z Planning tools that work as stand-alone units or in conjunction
with other products of the One SCM Suite
z Consensus/collaborative planning decisions through OneSCM
Collaboration Platform
Main Modules: Demand Management (Demand Forecasting),
Supply Management (Sales & Inventory Planning), Logistics
Management (Consignment & Shipment Planning)
II SUPPLY CHAIN EXECUTION:
2. TAKE iPoint
A Comprehensive trading, accounting, sales and distribution
management system for the traders/distributors/Value Added
Resellers and the primary sales enterprises
z Automates the supply chain business processes, both on the
buy side as well as sell side of their business
Main Modules: Sales, Purchases, Inventory, Accounting
3. TAKE HUB
z Automates business process involved in managing a network
of hubs/warehouses
z Supports a scenario of a network of multi user hubs for the
enterprise and 3rd party logistics service providers
z Collaborates with TAKE Optima, for optimization of Inventory,
deployment, transportation cost, freshness and availability.
Main Modules: Receipt Management (Arrival, put away), Supply
Management (Pick, pack, logistics), Storage Management (Location
& Resource)
4. TAKE BEST
z Automates the procurement business process
z Effectively schedules and manages the deliveries of items
from suppliers based on a variety of product pull signals
z Collaborates with TAKE Hub and TAKE Optima in material
planning and scheduling
Main Modules: Purchasing Management, Vendor Management,
Payment Management
5. TAKE FORWARD
z Automates the transportation business processes.
z Effectively Manages the transportation for an enterprise and
as well as that of carrier providing 3rd party logistics services
z Integrates with TAKE Hub in Delivery management and with
TAKE Optima for Optimizing transportation cost
Main Modules:Indent and Delivery Management (Request &
shipment management), Track & Trace (Consignment tracking),
Payment Management (Bill processing)
Securities Research
TAKE Solutions
6. TAKE INFORIS
z Automates the planning and scheduling production activities
including sequencing.
z Collaborates with TAKE Hub and TAKE Optima in Production
planning, and scheduling and storage.
Main Modules: Production Management, Material Management
(Raw materials and Finished goods)
7. TAKE MOBITRANZ
z A comprehensive solution for secondary sales management
using mobile technology (HHT/PDA) for traders/distributors/
VARs/Retailers.
z Collaborates with TAKE Hub and One SCM Collaboration
Platform for enterprise supply chain planning and scheduling.
Main Modules: Sales, Purchases, Inventory, Accounting
III SUPPLY CHAIN COLLABORATION AND CO-
ORDINATION:
8. ONE SCM COLLABORATION PLATFORM is a solution
built for the ecosystem of trading partners, service providers
and the enterprise, provides collaborative business processes
by providing real time view of business processes and inventory.
The product facilitates every partner enterprise in the supply
chain to have its own set of private processes by embracing
its preferred best practices for addressing the demand management
/ supply management / logistics management functions and
yet align with the public processes of the ecosystem to ensure
supply chain performance.
ANALYTICS & OPTIMIZATION:
9. TAKE BIZ AXIS
z Provides information / knowledge repository services
z Basic transaction aggregation and MIS reporting
z Advanced analytics, business intelligence, planning &
optimization
z Provides a foundation for role based dash-boards for
monitoring key supply chain performance metrics
z Lends to professional services on ETL, data securitization
and disaster management efficiently
Main Modules: Demand Management (Primary Sales, Secondary
Sales), Supply Management (Production, Inventory, Procurement),
Logistics Management (Transportation, Hub(s) Management)
ANALYTICS
10. TAKE INSIGHT
z Advanced analytics and business intelligence based on
information / knowledge repository services of TAKE Biz
Axis.
z Preconfigured dashboards that can be associated to operational
roles, based on SCOR performance metrics
z Seamlessly integrates action ability from the dashboards
into the execution products of One SCM suite through One
SCM Collaboration Platform
Main Modules: Demand Management (Primary Sales, Secondary
Sales), Supply Management (Production, Inventory, Procurement),
Logistics Management (Transportation, Hub(s) Management)
Securities Research Please refer to our disclaimer given at the front & back cover page
SBICAP Securities Limited
OPTIMISATION
11. TAKE OPTIMA
lAdvanced optimization of use of resources (materials / people
/ money) based on information / knowledge repository services
of TAKE Biz Axis
z Optimization engines that work as stand-alone units or in
conjunction with other products of the One SCM Suite
z Consensus/collaborative optimization decisions through One
SCM Collaboration Platform
Main Modules: Demand Management (Inventory Allocation),
Supply Management (Inventory Deployment), Logistics Management
(Route Optimization)
12. TAKE ESM
Collaborate with logistics service providers while client transacts
with partners in business and track performance levels by the
service provider
13. Compliance Label Manager (CLM) is an enterprise-class
barcode and radio-frequency identification (RFID) label management
solution that provides a flexible labeling environment that
z Enables business users to quickly customize barcode labels
to comply with customer or internal requirements - without
code changes.
z Seamlessly integrates with any ERP or WMS system via Web
services and is compatible with all major barcode formats
for automotive, retail, and healthcare, as well as formats
mandated by industry leaders.
z Enables an enterprise to centrally manage labeling requirements,
eliminating duplication across divisions or branches, and
also provides audit control.
z CLM also makes it possible for companies to print at their
trading partners' location to automate receiving and drop
ship processes.
14. Enterprise Returns Management (ERM) offers a comprehensive
solution to automate the entire returns life cycle: from return
material authorization (RMA), creation to final product disposition.
ERM provides the ability to capture report and analyze returns
information, enabling quick response to quality or product design
issues. ERM processes transaction validation prior to execution
and provides global item visibility to increase efficiency and
eliminate costly mistakes across the extended supply network.
15.Gemini is a software application that empowers shop floor
and warehouse workers to enter data and complete transactions
in Oracle using handheld RF and barcode scanners instead of
a keyboard. The benefits: fewer errors, faster input, and less
data duplication.
16. Xtended Process Control (X.PC)™ makes the clients' current
enterprise system the center of a Private Trading Exchange
(PTX) with its suppliers. This avoids the integration complexities
that drive cost overruns and implementation delays leading to
faster deployment and rapid ROI.
15
 Recent Reports

Date Company Name Recommendation Recommended Target

Price Price
4-Nov-08 Infosys Technologies Buy 1,333 1,740
17-Sep-08 Patel Engineering Ltd Buy 370 490
16-Sep-08 IDFC Buy 81 104
16-Sep-08 Piramal Healthcare Buy 309 360
29-Aug-08 Great Eastern Shipping Buy 380 470

24-Jul-08 Corn Sector Report

Riddhi Siddhi Gluco Biols Buy 185 336
Anil Products Not Rated 97 -
21-Jul-08 Hotel Sector Report
Indian Hotels Company Buy 84 146
East India Hotels Outperform 120 138
Hotel Leelaventure Marketperform 31 -
Taj GVK Hotels & Resorts Buy 91 157
Sayaji Hotels Outperform 76 105
10-Jul-08 Orbit Corporation Buy 262 363
9-Jul-08 L&T Buy 2,397 2,976
26-Jun-08 Oriental Bank of Commerce Buy 136 223

30-Apr-08 FMCG Sector Report

GSK Consumer Healthcare Buy 646 896
Colgate Palmolive Buy 405 624
Nestle India Buy 1,625 2,055
Britannia Industries Buy 1,342 2,071
P&G Hygiene & Healthcare Buy 750 1,114
29-Apr-08 Unity Infraprojects Buy 560 790
24-Apr-08 B L Kashyap & Sons Buy 1,590 1,884

17-Apr-08 Banking Sector Report

HDFC Bank Buy 1,315 1,588
Axis Bank Buy 775 921
Bank of Baroda Buy 293 450
Bank of India Buy 304 381
Punjab National Bank Buy 519 650
Union Bank of India Buy 155 200
Corporation Bank Buy 306 452
SBICAP Securities Limited TAKE Solutions
Key to investment Ratings: Guide to the expected return relative to market over the next 12 months. 1=Buy (expected to
outperform the market by 15 or more percentage points); 2=Outperform (expected to outperform the market by 5-15 percentage
points); 3=Marketperform (expected to perform in line with the market); 4=Underperform (expected to underperform the
market) by 5-15 percentage points); 5=Sell (expected to underperform the market by 15 or more percentage points)

SBICAP Securities Limited

Corporate Office: 191, Maker Tower ‘F’, Cuffe Parade, Mumbai 400005. Tel.: 91-22-30273340 Fax: (022) 30273420
Web: www.sbicapsec.com
Name Designation Phone E-mail
Research (022) 2218 4301 sbicapresearch@sbicapsec.com
Anil Advani Head (Institutional Research) (022) 30273339 anil.advani@sbicapsec.com
Equity Sales (022) 22165204
Equity Dealing (022) 22160112
Ajit Thakkar Head (Institutional Sales) (022) 30273302 ajit.thakkar@sbicapsec.com

DISCLAIMER
SBICAP Securities Limited is a full service, Stock Broking Company and is a member of Bombay Stock Exchange Ltd. (BSE) and National Stock Exchange of India
Ltd. (NSE). It is a wholly owned subsidiary of SBI Capital Markets Ltd. (SBICAP), which is an integrated investment banker. SBICAP also is an underwriter of
securities. ("SBICAP and SBICAP Securities Ltd. are collectively referred to as SBICAP Group") SBICAP has Investment Banking, Advisory and other business
relationships with a significant percentage of the companies covered by our Research Group. Our research professionals provide important inputs into our
Investment Banking and other business selection processes. Recipients of this report should assume that SBICAP Group is seeking or may seek or will seek
Investment Banking, advisory, project finance or other businesses and may receive commission, brokerage, fees or other compensation from the company or
companies that are the subject of this material/ report. SBICAP group and its officers, directors and employees, including the analysts and others involved in the
preparation or issuance of this materialand their dependant, may on the date of this report or from, time to time have "long" or "short" positions in, act as principal
in, and buy or sell the securities or derivatives thereof of companies mentioned herein. Our sales people, dealers, traders and other professionals may provide oral
or written market commentary or trading strategies to our clients that reflect opinion that are contrary to the opinions expressed herein, and our proprietary
trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. SBICAP Group may have
earlier issued or may issue in future reports on the companies covered herein with recommendations/ information inconsistent or different from those made in
this report. In reviewing this document, you should be aware that any or all of the foregoing, among other things, may give rise to potential conflicts of interest.
SBICAP Group may rely on information barriers, such as "Chinese Walls" to control the flow of information contained in one or more areas within SBICAP Group
into other areas, units, groups or affiliates of SBICAP Group.
The projections and forecasts describe in this report were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties
and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections
and forecasts were based will not materialize or will vary significantly from actual results, and such variances will likely increase over time. All projections and
forecasts described in this report have been prepared solely by the authors of this report independently of the Bank. These projections and forecasts were not
prepared with a view toward compliance with published guidelines or generally accepted accounting principles. No independent accountants have expressed an
opinion or any other form of assurance on these projections or forecasts. You should not regard the inclusion of the projections and forecasts described herein as
a representation or warranty by or on behalf of the Bank, SBICAP, the authors of this report or any other person that these projections or forecasts or their
underlying assumptions will be achieved. For these reasons, you should only consider the projections and forecasts described in this report after carefully
evaluating all of the information in this report, including the assumption underlying such projections and forecasts.
This report is for information purposes only and this document/material should not be construed as an offer to sell or the solicitation of an offer to buy, purchase
or subscribe to any securities, and neither this document nor anything contained herein shall form the basis of or be relied upon in connection with any contract
or commitment whatsoever. This document does not solicit any action based on the material contained herein. It is for the general information of the clients of
SBICAP Group. Though disseminated to clients simultaneously, not all clients may receive this report at the same time. SBICAP Group will not treat recipients as
clients by virtue of their receiving this report. It does not constitute a personal recommendation or take into account the particular investment objectives, financial
situations, or needs of individual clients. Similarly, this document does not have regard to the specific investment objectives, financial situation/circumstances and
the particular needs of any specific person who may receive this document. The securities discussed in this report may not be sui for all the investors. The securities
described herein may not be eligible for sale in all jurisdictions or to all categories of investors. The countries in which the companies mentioned in this report are
organized may have restrictions on investments, voting rights or dealings in securities by nationals of other countries. The appropriateness of a particular
investment or strategy will depend on an investor's individual circumstances and objectives. Persons who may receives this document should consider and
independently evaluate whether it is sui for his/ her/their particular circumstances and, if necessary, seek professional/financial advice. Any such person shall be
responsible for conducting his/her/their own investigation and analysis of the information contained or referred to in this document and of evaluating the merits
and risks involved in the securities forming the subject matter of this document. The price and value of the investments referred to in this document/material and
the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide for future performance.
Future returns are not guaranteed and a loss of original capital may occur. Actual results may differ materially from those set forth in projections. Forward-looking
statements are not predictions and may be subject to change without notice. SBICAP Group does not provide tax advise to its clients, and all investors are strongly
advised to consult regarding any potential investment. SBICAP Group and its affiliates accept no liabilities for any loss or damage of any kind arising out of the use
of this report. Foreign currency denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of or
income derived from the investment. In addition, investors in securities such as ADRs, the value of which are influenced by foreign currencies effectively assume
currency risk. Certain transactions including those involving futures, options, and other derivatives as well as non-investment grade securities give rise to
substantial risk and are not sui for all investors. Please ensure that you have read and understood the current risk disclosure documents before entering into any
derivative transactions.
This report/document has been prepared by the SBICAP Group based upon information available to the public and sources, believed to be reliable. Though
utmost care has been taken to ensure its accuracy, no representation or warranty, express or implied is made that it is accurate or complete. SBICAP Group has
reviewed the report and, in so far as it includes current or historical information, it is believed to be reliable, although its accuracy and completeness cannot be
guaranteed. SBICAP Group endeavors to update on a reasonable basis the information discussed in this document/material, but regulatory, compliance or other
reasons may prevent us from doing so. The opinions expressed in this document/material are subject to change without notice and have no obligation to tell the
clients when opinions or information in this report change.
This report or recommendations or information contained herein do/does not constitute or purport to constitute investment advice in publicly accessible media
and should not be reproduced, transmitted or published by the recipient. The report is for the use and consumption of the recipient only. This publication may not
be distributed to the public used by the public media without the express written consent of SBICAP Group. This report or any portion hereof may not be printed,
sold or distributed without the written consent of SBICAP Group. Neither this document nor any copy of it may be taken, transmitted or sent into the United
States, Canada, Japan or to any U.S. persons or distributed, directly or indirectly, in the United States or Canada or distributed or redistributed in Japan or to any
16 Please
resident thereof. The distribution of this refer toin
document our disclaimer
other givenmay
jurisdictions at the
befront & back
restricted bycover pagepersons into whose possession Securities
law, and this document Research
comes should
inform themselves about, and observe, any such restrictions. Failure to comply with this restriction may constitute a violation of U.S., Canada or Japanese
securities laws. Neither SBICAP Group nor its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental,
special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information.