About BMA WeaIth Creators

A premier financial services organization, providing individual and
corporates with customized financial solutions. We work towards
understanding your financial goals and risk profile. Our expertise
combined with thorough understanding of the financial markets
results in appropriate investment solutions for you. At Wealth
Creators we realize your dreams, needs, aspirations, concerns
and resources are unique. This is reflected in every move we
make with and for you. We have deep appreciation, for the value
of building an-everlasting relationship with YOU.

Our financial services corporate entities are represented by:

BMA WEALTH CREATORS LTD. - which holds corporate
membership in two of the premier bourses viz. NationaI Stock
Exchange Ltd and Bombay Stock Exchange Ltd. and as
Depository Participant in CentraI Depositories Services Ltd.
(CDSL) and NationaI Securities Depositories Ltd. (NSDL).


Which holds corporate membership in commodities exchange
NCDEX and MCX. Ìt is also a SEBÌ approved and AMFÌ
registered Mutual Fund advisory and intermediary. We inherit the
legacy of BMA group which has been one of the dominant entities
in Ferrous and Ferro Alloy industry in Ìndia. The BMA Group has
created its niche-in by promoting successful ventures in the fields
of coal mining, refractory, steel and Ferro alloy. The strive to
achieve excellence and dynamic growth has been possible
through optimum mix of technology, customer orientation, best
business practices, forging alliances, high quality standards and
proactive business culture.

To be a premier financial supermarket providing integrated
investment services

To provide integrated financial services building investor
wealth and confidence
Product and Services
W Equities & Equity Derivatives (NSE, BSE)
W Commodity Futures (MCX, NCDEX)
W Currency Futures (MCX - SX)
W Depository Services (NSDL, CDSL)
W MutuaI Funds
W Insurance - Life and Non Life / Group Insurance
W IPOs, Bonds and Corporate Fixed Deposits
Product and Services
Equity Broking
BMAWC, as a member of the National Stock Exchange and the Bombay
Stock Exchange, offers equity trading through a network of various offices
across the country. Ìt is our objective to offer a range of services to suit the
trading needs of our valued clients.

Seamless Execution
BMAWC provides unmatched flexibility and the power of choice to the
clients for executing trades through multiple channels, viz., through our
main office or branches, at any of our franchise centers or over telephone.
A client may use any of these secured channels to communicate his/her
orders, and he/she would be identified by his/her account code. We have
endeavored to design all our processes and systems with a client-centric
focus to provide a client the convenience of transacting with us through the
mode and channel of his/her preference.

nvestment Research
BMAWC has its own Equity Research team with rich experience
in identifying and analyzing attractive investment opportunities
with fundamental long-term growth potential.
The team has expertise in Technical Analysis, which offers
technical tips for short term and day trading.
Ìt publishes Company and Ìndustry specific reports and also
outlines the day's market outlook, latest domestic and
international market developments.
Derivatives Trading
BMAWC provides trading facilities in Equity Derivatives at
National Stock Exchange (NSE) since 2005 and over the years,
been able to generate substantial revenues with rising volumes
from wide scale participation of retail investors in this segment.
Depository Services
BMAWC is a depository participant with CDSL and NSDL.
BMAWC offers a range of services including:
Account opening
Dematerialization of physical shares
Re-materialization of electronic holding
Trade Settlement (market and off market)
FinanciaI Products Distribution
Product Basket
FPD desk handles all types of primary market investments a client
may require. Be it a Mutual Fund, Life Ìnsurance, General
Ìnsurance, Bonds, Fixed Deposits of blue chip corporate and or
ÌPO. A strong distribution channel across the country providing
easy access to the clients, dispersed over several States.
utual Funds
Our team tracks the performance of Mutual Funds across the
gamut of investor options and advises investors. Ìn addition to
tracking the key performing funds and analyzing the portfolios and
maturity profiles of different funds, our FPD team is geared to
advise investors on the available options / NFOs to best suit their
investment needs.
BMAWC is a leading intermediary in the LÌFE and General
Ìnsurance market licensed by Ìnsurance Regulatory and
Development Authority of Ìndia.
At BMAWC, we analyze the client's requirement and capacity to
understand their risk exposure and then evaluate their insurance
portfolio in terms of its adequacy to protect the same. Our focus is
to develop cost effective and near foolproof insurance package for
our clients. Ìn the event of a claim, our team facilitates the
process to ensure speedy settlements.
BMAWC has professional relationships with major Life and Non-
life insurance companies in the country and is well poised to
provide its clients a comprehensive risk management strategy.
(ReIiance Life Insurance, BirIa Sun Life Insurance, ApoIIo DKV HeaIth
Insurance, NationaI Insurance Company and ReIiance GeneraI
Insurance are our Key Partners)
For investors who prefer risk-free returns without the tension of
volatile markets, the best option is the Government of Ìndia
Savings Bond. These bonds have sovereign guarantee and thus
give safe returns.
Corporate Fixed Deposits
BMA WC takes the help of its own Research Desk in order to
choose and cater Fixed Deposits of blue chip corporates.
Ìn case of ÌPOs of Equities, BMAWC markets almost all the major
issues that hit the Ìndian Capital Market.
Customised Services
Ìf the client is interested in any of the above investments, we
would be privileged to be of assistance to invest his / her money
safely. All you have to do is to call your nearest BMAWC Office
and any of our team members will get in touch with you.
EvoIution and growth of Indian auto industry
The year 1898 saw the first car rolling out, on the streets of Mumbai. Since then Ìndian auto industry has
witnessed a lot of change. A land of Premier Padminis, Ambassadors, scooters, temps, trucks and autos galore,
Ìndia had not seen much of choice in vehicles. Only the affluent could think of owning a personal four-wheeler
and the clichéd image of a car followed by lots of children on a dusty road was actually true.
Protectionism - EarIy 1980s
This was the pre-1980 era where the manufacturing of automobiles especially cars was subject to strict
licensing, restrictive tariff structure and limited avenues for expansion. The advent of foreign technology
collaboration came with the inception of Maruti Udyog in collaboration with Suzuki of Japan in the passenger
car segment. Ìndian roads saw the launch of Maruti 800. Ìt was still not very easy to own a car, first was
affordability and next was a long waiting period.
LiberaIization - 1990s
Ìn the early 1990s, with liberalization, some more Japanese manufacturers entered the two-wheeler and the
commercial vehicle segment in a collaborative arrangement. This period characterized joint ventures in Ìndia
and the market started opening up. Automobile Ìndustry was delicensed in July 1991 with the announcement of
the New Ìndustrial Policy. The passenger car industry was, however, delicensed in 1993.
The abolition of the controls led to an avalanche of demand. The era of controls and protection came to an end.
Curbs on capacity were done away with, decrease in customs and excise duties meant that a vehicles started
getting affordable. The entry of foreign banks with attractive auto finance schemes helped garner a huge base
of middle class population. However the market was still ruled by the sellers.
GIobaIization - 2000s
Early 2000 however saw globalization of Ìndian auto industry. Several policy changes were introduced with
focus on boosting the auto exports. A Core Group on Automotive Research and Development (CAR) was
established in 2003 for encouraging R&D activities. Foreign manufactures started looking at Ìndia for sourcing
auto components. The buyers started ruling the market due to the availability of choices in the form of models,
price points and brands. A vibrant economy meant an increase in the GDP and per capita income. These
factors turned out to be significant contributors in pushing up the domestic demand. The vast geographic
spread of Ìndia attracted foreign investments. The marquee brands from all over the world started courting
Ìndian consumers aggressively. The mature markets in the developed countries paled in comparison to the
sheer numbers and the growth phase of the Ìndian auto industry.
For the commercial vehicles, the steady growth in Ìndian economy led to demand for trucks, tempos, buses etc.
The ÌT and BPO culture that boosted exports and employment also pushed the sales of vehicles. Ìndian
economy also witnessed rapid industrialization. Factories needed transport both for goods and for their
employees. The retail boom in Ìndia saw malls, supermarket chains mushrooming all over the urban areas,
pushed the demand for efficient logistics and that in turn increased the number of commercial vehicles.
Growth Trajectory of Indian Auto Industry

This graphic shows the vehicle sales in Ìndia since 1980. The sharp increase between 2001 and 2006 is the
result of government initiatives, growing economy and disbursement of loans for purchase of vehicles.
A World Bank report puts Ìndia up ahead as the fourth largest economy in the world in terms of purchasing
power parity. The sales of automobiles have increased due to an increase in income and a rapid increase in
private final consumption expenditure.
Ìt is estimated that Ìndia will see over Rs 30,000 crore being invested by 2010. This is because Ìndian auto
industry is racing ahead with a healthy growth. The graphic below shows the growth trend in the production of
automobiles in million units.

What makes the Indian Auto Market attractive?
While the markets in the developed countries reach a maturity point, markets such as Ìndia are looking very
attractive. As the second largest populous country, with poor public transport and infrastructure, most of the
people are depending on their personal transport for comfort, convenience and style. The consumers are being
wooed by the manufacturers with attractive finance options and with models at various price points. There is a
huge potential for the demand of cars because of the low penetration rates of 11 cars for 1000 people. The hub
and spoke approach followed by most distributors and suppliers is pushing the demand for commercial vehicles

Today, the Ìndian automobile industry is ranked first in the world in the
production of three wheelers, second in the production of two wheelers,
fourth in the production of commercial vehicles and ninth in the production
of passenger vehicles. With a production of nearly 10.8 million vehicles in
FY07-08, the Ìndian automotive industry has shown an outstanding
resilience after the last down cycle about a decade back. Ìn the last few
years, the Ìndian automotive industry has grown at a healthy rate by
reducing costs and improving efficiency. With its new found confidence, it
has gone beyond the shores of Ìndia and is creating a noteworthy footprint
in different geographies in the world. For all this growth and development,
the auto industry humbly acknowledges the contribution and support of the
auto components industry. We have been partners, and will continue to
march together for strengthening this symbiotic relationship.
The Ìndian automotive market with a healthy growth rate of 13% in the last
7 years was a source of attraction to many foreign automobile companies
whose entry in the Ìndian market not only increased competition, but also
raised customer expectations about product quality and reliability. This
forced the Ìndian companies to introduce new and interesting products and
innovation has now become a notable feature of the Ìndian automotive
industry. The innovation story of the Ìndian automotive industry would not
be complete without mentioning the NANO, which has evoked worldwide
interest, curiosity and confidence in the competency of Ìndian talent. Ìt has
not only brought the automobile industry, but also Ìndia into focus. The
NANO and other similar products have the potential to change the
paradigm of the automotive industry worldwide.
To maintain a high rate of growth, retain the attractiveness of the Ìndian
market and to further enhance competitiveness in the market place, the
Ìndian automotive industry has been working in a collaborative manner with
the government and has drafted an Automotive Mission Plan 2006-16.
Some of the key initiatives which have been pursued as per the Automotive
Mission Plan include:
O Establishment of National Automotive Testing and R&D
Ìnfrastructure development Project (NATRÌP)
O Ìnitiatives for creation and fulfillment of automotive demand
O Ìnitiatives towards the betterment of society and the environment,
O Ìnitiatives to become a catalyst for generating an additional 25
million jobs
Ìn the last five years, sales in various segments of the Ìndian automobile
market have grown at a healthy rate of 15% to 27 %. This growth provided
encouragement to various players and nearly Rs 78,000 crores of
investment has been planned, out of which more than 50% has already
been committed. However, today the Ìndian automotive industry is facing
unprecedented challenges. On one hand, demand is shrinking because of
the lack of availability of consumer finance, high interest rates and the high
cost of fuel, and on the other, cost of input materials has witnessed
massive increases. E.g. in the last two years, steel price has increased by
almost 40%, copper prices are up by 45%, natural rubber has risen by 40%.
The impact of steel price increase alone on various segments of
automobiles is quite significant.
These factors are having a catastrophic impact on the bottom line of the
Ìndian automotive industry and are resulting in withdrawal, scaling down or
deferment of capital investment which would hurt the objectives of the
Automotive Mission Plan in the long run.

Domestic Market Share Ior 2010-11
Passenger Vehicles 16.25

Commercial Vehicles 4.36

Three Wheelers 3.39

Two Wheelers 76.00

AutomobiIe Production
1ype of Veh|c|e 200SŴ2006 2006Ŵ2007 2007Ŵ2008 2008Ŵ2009 2009Ŵ2010
Þassenger vehlcles 1ţ209ţ876 1ţ309ţ300 1ţ343ţ223 1ţ777ţ383 1ţ838ţ697
Commerclal vehlcles 333ţ703 391ţ083 319ţ982 349ţ006 417ţ126
1hree Wheelers 374ţ443 434ţ423 336ţ126 300ţ660 301ţ030
1wo Wheelers 6ţ329ţ829 7ţ608ţ697 8ţ466ţ666 8ţ026ţ681 8ţ418ţ626
1oLal 8ţ467ţ833 9ţ743ţ303 11ţ087ţ997 10ţ833ţ930 11ţ173ţ479

AutomobiIe SaIes
1ype of Veh|c|e 2004Ŵ200S 200SŴ2006 2006Ŵ2007 2007Ŵ2008 2008Ŵ2009
Þassenger vehlcles 1ţ061ţ372 1ţ143ţ076 1ţ379ţ979 1ţ349ţ882 1ţ331ţ880
Commerclal vehlcles 318ţ430 331ţ041 467ţ763 490ţ494 384ţ122
1hree Wheelers 307ţ862 339ţ920 403ţ910 364ţ781 349ţ719
1wo Wheelers 6ţ209ţ763 7ţ032ţ391 7ţ872ţ334 7ţ249ţ278 7ţ437ţ670
1oLal 7ţ897ţ629 8ţ906ţ428 10ţ123ţ988 9ţ634ţ433 9ţ723ţ391

AutomobiIe Exports
1ype of Veh|c|e 2004Ŵ200S 200SŴ2006 2006Ŵ2007 2007Ŵ2008 2008Ŵ2009
Þassenger vehlcles 166ţ402 173ţ372 198ţ432 218ţ401 333ţ739
Commerclal vehlcles 29ţ940 40ţ600 49ţ337 38ţ994 42ţ673
1hree Wheelers 66ţ793 76ţ881 143ţ896 141ţ223 148ţ074
1wo Wheelers 366ţ407 313ţ169 619ţ644 819ţ713 1ţ004ţ174
1oLal 629ţ344 806ţ222 1ţ011ţ329 1ţ238ţ333 1ţ330ţ660
1he auLomoblle lndusLry ln lndla happens Lo be Lhe nlnLh largesL ln Lhe worldŦ lollowlng !apanţ SouLh
korea and 1hallandţ ln 2009ţ lndla emerged as Lhe fourLh largesL exporLer of auLomobllesŦ Several lndlan
auLomoblle manufacLurers have spread Lhelr operaLlons globally as wellţ asklng for more lnvesLmenLs ln
Lhe lndlan auLomoblle secLor by Lhe MnCsŦ lndlan auLo lndusLryţ whlch ls currenLly growlng aL Lhe pace
of around 18Ʒ pŦaŦţ has become a hoL desLlnaLlon for global auLo players llke volvoţ Ceneral MoLors and
lordŦ 1he lndlan auLomoblle lndusLry ls golng Lhrough a phase of rapld change and hlgh growLhŦ WlLh
new pro[ecLs comlng up on a regular baslsţ Lhe lndusLry ls undergolng Lechnologlcal changeŦ 1he ma[or
players are expandlng Lhelr planLs and focuslng on mass cusLomlzaLlonţ mass producLlonţ eLcŦ
lnvLS1MLn1 SCLnA8lC
lL ls expecLed LhaL by Lhe end of year 2010 lndlan auLomoblle secLor wlll be lnvesLlng a huge amounL
abouL 8sŦ 30000 croresŦ lor LŦgŦ MaruLl udyog has plan of lnvesLlng 8sŦ 6ţ300 croresŤ Lhe 1aLa MoLors ls
comlng up wlLh more lnvesLmenL of 8sŦ 2ţ000 crores ln lLs compacL car pro[ecLŦ noL only Lhe lndlan
companles buL also forelgn players llke Pyundal are comlng up wlLh Lhe lnvesLmenL of more Lhan 3ţ800
crores ln lndlaŦ
C8CW1P 18LnuS
AL presenL Lhe lndusLry ls en[oylng a growLh raLe of 14Ŵ17Ʒ pŦaŦţ wlLh domesLlc sales growLh aL 12Ŧ8ƷŦ
1he growLh raLe ls predlcLed Lo double by 2013Ŧ As lL ls seenţ Lhe LoLal sales of passenger vehlcle Ŷ carsţ
uLlllLy vehlcles and mulLl uLlllLy vehlcles ln Lhe year 2003 reached Lhe mark of 1Ŧ06 mllllonŦ 1he currenL
growLh raLe lndlcaLes LhaL by 2012 lndla wlll overLake Cermany and !apan ln sales volumesŦ
AL presenL Lhere are many new models enLerlng Lhe lndlan markeLŦ 1o name a fewţ Suzukl PeaL 123 and
Suzukl Zeus 123x are Lhe Lwo blkes ln Lhe moLor cycle segmenLŤ klneLlc 8laze and Ponda ulC ln Lhe
scooLer segmenLŤ MaruLl's Zen LsLlllo ln Lhe segmenLţ so on and so forLhŦ
Top automobile companies in !ndia

The domestic players as well as the Ioreign players dominate the Indian automobile sector. The
key players contributing to the growth oI the sector are discussed below.

List of top automobile company in India
Bajaj Auto Limited
Founded in 1926, Bajaj Auto is one oI 27 subsidiaries oI Bajaj Group oI Companies. It is into the
manuIacturing oI scooters, motorcycles, and 3-Wheelers. It also caters to auto Iinancial needs.
Hero Motors Limited
Established in 1956, Hero Group is one oI India's largest two-wheeler manuIacturing companies.
Having a turnover oI US$ 3.20 billion, Hero Group comprises oI 20 companies, 300 ancillary
suppliers, and more than 5,000 outlets.
Maruti Udyog Limited
Established in 1981, Maruti Udyog Limited (MUL) is a subsidiary oI Suzuki Motor Corporation
oI Japan. Maruti delivers a variety oI passenger vehicles- compact cars to luxury cars. Its product
range includes Maruti 800, Omni, Maruti Zen, Estillo, Alto, Wagon R, Gypsy, Esteem, Baleno,
Versa, SwiIt and Grand Vitara XL7.
Tata Group
Founded by Jamshedji Tata in 1960s, Tata Group is one oI India' oldest and largest
conglomerates. Its business division ranges Irom Engineering, Materials, Energy and Chemicals
to Services, Consumer products, InIormation Systems and Communications. Having market
capitalization oI $55.7 billion and turnover oI Rs. 967,230 million in Iinancial year 2005-06,
Tata Group has revenue oI $21.9 billion.

MAPlnu8A Anu MAPlnu8A

Ba|a| Auto Limited

The Bajaj Croup is amongst the top 10 business houses in !ndia. !ts footprint stretches over a wide range of
industries, spanning automobiles (two·wheelers and three·wheelers), home appliances, lighting, iron and steel,
insurance, travel and finance. The group's flagship company, Bajaj Auto, is ranked as the world's fourth largest
two· and three· wheeler manufacturer and the Bajaj brand is well·known across several countries in Latin
America, Africa, Niddle East, South and South East Asia. Founded in 1326, at the height of !ndia's movement
for independence from the British, the group has an illustrious history.
lounded ln 1926ţ 8a[a[ AuLo ls one of 27 subsldlarles of 8a[a[ Croup of CompanlesŦ lL ls lnLo Lhe
manufacLurlng of scooLersţ moLorcyclesţ and 3ŴWheelersŦ lL also caLers Lo auLo flnanclal needsŦ lL covers
a dlsLrlbuLlon neLwork of 30 counLrles wlLh exporLs of 230ţ204 unlLs ln 2003Ŵ06Ŧ

1he company also works for Lhe upllfLlng of weaker secLlons of socleLyŦ !ankldevl 8a[a[ Cram vlkas
SansLha (!8CvS)ţ Sama[ Seva kendraţ kamalnayan 8a[a[ PosplLal have underLaken soclal welfare
Name Designation
RahuI Bajaj Chairman / Chair Person
Rajiv Bajaj Managing Director
Kantikumar R Podar Director
D J BaIaji Rao Director
J N Godrej Director
Suman KirIoskar Director
Nanoo Pamnani Director
P Murari Director
Name Designation
Madhur Bajaj Vice Chairman
Sanjiv Bajaj Executive Director
Shekhar Bajaj Director
D S Mehta Director
S H Khan Director
Naresh Chandra Director
Manish KejriwaI Director
Niraj Bajaj Director

TeI. No. : 020-27406063
EmaiI : investors@bajajauto.co.in


PARTICULARS Mar '09 Mar '10 Mar '11

SaIes Turnover 8,810.36 11,920.98 15,998.12

Other Ìncome 111.67 122.50 365.81

TotaI Income 8,922.03 12,043.48 16,363.93

TotaI Expenses 7,608.04 9,328.42 12,655.60

Operating Profit 1,202.32 2,592.56 3,342.52

Profit On Sale Of Assets -- -- --

Profit On Sale Of Ìnvestments -- -- --

Gain/Loss On Foreign Exchange -- -- --

VRS Adjustment -- -- --

Other Extraordinary
-- -- --

Total Extraordinary
-205.10 -161.50 --

Tax On Extraordinary Ìtems -- -- --

Net Extra Ordinary
-- -- --

Gross Profit 1,313.99 2,715.06 3,708.33

Ìnterest 21.01 5.98 1.69

PBDT 1,087.88 2,544.06 4,473.59

Depreciation 129.79 136.45 122.84

Depreciation On Revaluation Of
-- -- --

PBT 958.09 2,407.61 4,350.75

Tax 301.61 707.50 1,011.02

Net Profit 656.48 1,700.11 3,339.73

Prior Years Ìncome/Expenses -1.98 -3.52 --

Depreciation for Previous Years
Written Back/ Provided
-- -- --

Dividend -- -- --

Dividend Tax -- -- --

Dividend (%) -- -- --

Earnings Per Share 45.37 117.51 115.41

Book Value -- -- --

Equity 144.68 144.68 289.37

Reserves 1,725.01 2,783.66 4,620.85

Face Value 10.00 10.00 10.00

Bajaj Auto
BaIance Sheet ------------------- in Rs. Cr. -------------------
Mar '09 Mar '10 Mar '11
12 mths 12 mths 12 mths

Sources Of Funds

Total Share Capital 144.68 144.68 289.37

Equity Share Capital 144.68 144.68 289.37

Share Application Money 0.00 0.00 0.00

Preference Share Capital 0.00 0.00 0.00

Reserves 1,725.01 2,783.66 4,620.85

Revaluation Reserves 0.00 0.00 0.00

Networth 1,869.69 2,928.34 4,910.22

Secured Loans 0.00 12.98 23.53

Unsecured Loans 1,570.00 1,325.60 301.62

TotaI Debt 1,570.00 1,338.58 325.15

TotaI LiabiIities 3,439.69 4,266.92 5,235.37

Mar '09 Mar '10 Mar '11

12 mths 12 mths 12 mths

Gross Block 3,350.20 3,379.25 3,395.16

Less: Accum. Depreciation 1,807.91 1,899.66 1,912.45

Net BIock 1,542.29 1,479.59 1,482.71

Capital Work in Progress 106.48 120.84 149.34

Investments 1,808.52 4,021.52 4,795.20

Ìnventories 338.84 446.21 547.28

Sundry Debtors 358.65 272.84 362.76

Cash and Bank Balance 135.68 100.20 155.45

Total Current Assets 833.17 819.25 1,065.49

Loans and Advances 1,567.09 2,291.29 3,891.66

Fixed Deposits 1.19 1.21 401.04

Total CA, Loans & Advances 2,401.45 3,111.75 5,358.19

Deffered Credit 0.00 0.00 0.00

Current Liabilities 1,378.20 2,218.06 2,624.35

Provisions 1,224.15 2,248.72 3,925.72

Total CL & Provisions 2,602.35 4,466.78 6,550.07

Net Current Assets -200.90 -1,355.03 -1,191.88

Miscellaneous Expenses 183.30 0.00 0.00

TotaI Assets 3,439.69 4,266.92 5,235.37

Contingent Liabilities 924.96 818.25 959.66

Book Value (Rs) 129.23 202.40 169.69

Hero Honda Motors Previous Years
YearIy ResuIts ------------------- in Rs. Cr. -------------------
Mar '09 Mar '10 Mar '11

SaIes Turnover 12,356.88 15,860.51 19,245.03

Other Ìncome 180.92 235.63 268.14

TotaI Income 12,537.80 16,096.14 19,513.17

TotaI Expenses 10,607.36 13,093.56 16,784.16

Operating Profit 1,749.52 2,766.95 2,460.87

Profit On Sale Of Assets -- -- --

Profit On Sale Of Ìnvestments -- -- --

Gain/Loss On Foreign Exchange -- -- --

VRS Adjustment -- -- --

Other Extraordinary
-- -- --

Total Extraordinary Ìncome/Expenses -- -- -79.84

Tax On Extraordinary Ìtems -- -- --

Net Extra Ordinary Ìncome/Expenses -- -- --

Gross Profit 1,930.44 3,002.58 2,729.01

Ìnterest -31.68 -20.62 -1.85

PBDT 1,962.12 3,023.20 2,807.14

Depreciation 180.66 191.47 402.38

Depreciation On Revaluation Of
-- -- --

PBT 1,781.46 2,831.73 2,404.76

Tax 499.70 599.90 476.86

Net Profit 1,281.76 2,231.83 1,927.90

Prior Years Ìncome/Expenses -- -- --

Depreciation for Previous Years
Written Back/ Provided
-- -- --

Dividend -- -- --

Dividend Tax -- -- --

Dividend (%) -- -- --

Earnings Per Share 64.18 111.76 96.54

Book Value -- -- --

Equity 39.94 39.94 39.94

Reserves 3,760.81 3,425.08 2,916.12

Face Value 2.00 2.00 2.00