RESEARCH. Investment Highlights: Other Positives. Some of the negatives.

Similar documents
RESEARCH. Best Buy - 90 Investment Highlights: Key Indicators as on 04/09/2015. Company stands to gain if GDP improves

Aksh Optifibre Ltd. RESEARCH. Investment Highlights:

Indostar Capital Finance

LKP Bytes. Lakshmi Vilas Bank Outperformer. April 10, Q3 Financial Performance. Industry: Banking

RESEARCH Alstom Projects India Ltd. Buy Investment Highlights: Key Indicators as on 17/07/2012 Closing Price (Rs.) 385 EPS (Rs.) P/E 15.

LKP Bytes. Karnataka Bank. Outperformer. August 11, LKP Research. Industry: Banking

Hikal Limited. CMP: Rs253 Target1:Rs295 Target2:Rs325 28%

All the more bullish, TP upgraded

Karnataka Bank. Rating: BUY. Bank - Private. Short Note. Brief Financials

FY17 FY18 FY19E FY20E

FY17 FY18 FY19E FY20E

(INR Crores) FY16 FY17 FY18 FY19E FY20E. Net interest income 15, , , , , Growth% -8% -2% 0% 26% 6%

Punjab National Bank

Vadodara II PPA yet to be signed; TP revised upward to Rs126 on FY19x

Punjab National Bank

LKP Bytes. Federal Bank. Outperformer. July 5, Advances. Deposits. LKP Research. Industry: Banking

HDFC Bank. BUY CMP (Rs.) 1,807 Target (Rs.) 2,000 Potential Upside 11%

Federal Bank BUY. Performance Highlights. Target Price. 1QFY2018 Result Update Banking. Stock Info Sector

State Bank of India (SBI)

Crompton Greaves. Looking to exit overseas Power segment! Source: Company Data; PL Research

FY17 FY18 FY19E FY20E

ICICI Bank BUY. Performance Highlights. CMP Target Price `307 `411. 1QFY2019 Result Update Banking. 3-year price chart. Key financials (Standalone)

Karur Vysya Bank (KVB) KVB IN; KVB.BO

Mahindra & Mahindra. Source: Company Data; PL Research

Siemens. Railways and T&D driving inflows. Source: Company Data; PL Research

City Union Bank BUY. 24 February 2016 INR82

Bharat Forge. Exports remain subdued, outlook better. Source: Company Data; PL Research

SpiceJet. Healthy operating performance in Q2. Source: Company Data; PL Research

ICICI Bank BUY. Performance Highlights. CMP Target Price `328 `416. 3QFY2018 Result Update Banking. 3-year price chart. Key financials (Standalone)

BUY CMP (Rs.) 297 Target (Rs.) 385 Potential Upside 30%

Asian Paints. Source: Company Data; PL Research

Emkay. Demand environment remain weak. Century Plyboards. Result highlights. Slowdown in plywood segment impacted revenue growth

Aluminium business sale to improve financials; maintain Buy

Reduce. Punjab National Bank Banking RETAIL EQUITY RESEARCH. Not out of the woods. GEOJIT BNP PARIBAS Research. 10 th August 2016 Q1FY17 RESULT UPDATE

SSG continues to disappoint

Recommendation BUY Snapshot CMP (01/08/2011) Rs. 85 Target Rs. 129

Mphasis. Increased confidence on margins. Source: Company Data; PL Research

Thermax. Source: Company Data; PL Research

and continue to build the same in future. Source: Company Data; PL Research

Maruti Suzuki. Source: Company Data; PL Research

PNB Housing Finance Ltd. Robust play in Indian HFC sector SUBSCRIBE 24th Oct, 2016

Cummins India. Growth/margin bottoming. Source: Company Data; PL Research

BUY. Suprajit Engineering (SEL) Automobiles

DCB Bank Ltd. 1 P a g e

Union Bank of India (UNIBAN)

Asian Paints. Source: Company Data; PL Research

Capital First. Continuing to grow strong. Source: Company Data; PL Research

Can Fin Homes BUY. 23 September 2015 INR821

Axis Bank Ltd. For private circulation only. Volume No.. III Issue No October 08, 2018

Maruti Suzuki. Source: Company Data; PL Research

TVS Motors. Source: Company Data; PL Research

Punjab National Bank

LIC Housing Finance BUY. Performance Highlights. CMP Target Price `532 `630. 3QFY2017 Result Update HFC. 3-Year Daily Price Chart

ICICI Bank Banking BUY RETAIL EQUITY RESEARCH

State Bank of India (STABAN) 335

ICICI Bank BUY. Performance Highlights. CMP Target Price `343 `460. Q3FY2019 Result Update Banking. 3-year price chart. Exhibit 1: Key Financials

Emkay. Bonding strongly; Upgrade to BUY. Pidilite Industries. Stellar all-round show

Allcargo Logistics. Source: Company Data; PL Research

Jindal Steel & Power

Recovery to be gradual; Maintain HOLD

ITC Ltd. RESULT UPDATE 27th October, 2017

BUY. ICICI Bank RETAIL EQUITY RESEARCH. Banking. ddd******* GEOJIT Research. Strong traction in retail segment continues

Indraprastha Gas. Growth traction continues. Source: Company Data; PL Research

ICICI BANK Ltd. BUY CMP (Rs.) 334 Target (Rs.) 382 Potential Upside 15% Tide set to turn favourably... For private circulation only

Investment Horizon: Though the ideal investment horizon for such ideas remain 6-9 months, our picks may provide some profit-making

Source: Company Data; PL Research

JK Lakshmi Cement. Source: Company Data; PL Research

LIC Housing Finance. Source: Company Data; PL Research

Cummins India. Source: Company Data; PL Research

Crompton Greaves Consumer Electricals

BUY. Weak P&L performance, good b/s show POWER FINANCE CORP. Target Price: Rs 135. Financial summary (Standalone) Y/E March FY17 FY18E FY19E FY20E

Coal India. Source: Company Data; PL Research

IndusInd Bank (INDBA) 1717

Punjab National Bank

BUY. State Bank of India (SBI) Banking RETAIL EQUITY RESEARCH. GEOJIT BNP PARIBAS Research. CMP Rs259 TARGET Rs284 RETURN 10% 22 nd August 2016

Reliance Capital (RELCAP) 549

Indian Oil Corporation Ltd.

Britannia Industries

HDFC Bank BUY. Operating performance strong; improved NIM. CMP `2,268 Target Price `2,500. Q4FY2019 Result Update Banking. 3-year price chart

DIWALI TOP TECHNICAL PICKS

HDFC Bank Ltd (HDFCB)

Bajaj Finserv (BAFINS) 3130

Bharat Electronics. Best defence play. Source: Company Data; PL Research

State Bank of India (SBI) Banking. BUY Rating as per Large Cap 12 month investment period RETAIL EQUITY RESEARCH

ICICI Bank. Source: Company Data; PL Research

BUY. State Bank of India (SBI) Banking RETAIL EQUITY RESEARCH. Outlook getting better. CMP Rs278 TARGET Rs310 RETURN 12% 17 th November 2016

IndoStar Capital Finance Ltd.

I Direct. nstinct. November 27, 2017

HDFC Bank BUY. Performance Highlights. CMP `2,145 Target Price `2,500. Q3FY2019 Result Update Banking. 3-year price chart. Key financials (Standalone)

Coal India. Source: Company Data; PL Research

Punjab National Bank NEUTRAL. Performance Highlights CMP. `134 Target Price - 2QFY2016 Result Update Banking November 13, Investment Period -

Eicher Motors. Continues to ride high! Accumulate. Source: Company Data; PL Research

Jindal Steel & Power

Bharat Petroleum Corporation

South Indian Bank. Set for a rebound, set to scale up in retail. Source: Company Data; PL Research

Bajaj Finserv (BAFINS) 4375

Federal Bank Ltd. Banking/Finance. Accumulate RETAIL EQUITY RESEARCH

Bank of Baroda (BOB)

HDFC Bank Banking BUY RETAIL EQUITY RESEARCH

Larsen & Toubro. Decent performance! Source: Company Data; PL Research

Transcription:

RESEARCH IDBI Bank Ltd. ACCUMULATE Key Indicators as on 15/01/2015 SOURCE:CMIE Closing Price (Rs.) 76.00 EPS (Rs.) - TTM 5.28 P/E - TTM 14.39 BV per Share (Rs.) 138.10 PB 0.55 Yield% 1.32 Mkt Cap (Rs. Crore) 12190.08 Advances as on Sept-14 (Rs. Crore) 195057 Deposits as on Sept-14 (Rs. Crore) 238006 Beta 1.69 NIM% as on Sept 2014 1.93 NPA% as on Sept 2014 2.79 ROA% as on Sept 2014 0.15 CASA% as on Sept 2014 22.03 Face Value 10 Shares Outstanding crores 160.40 Equity Share capital in ` Crores 1603.94 Share holding (%) Dec-2014 Promoters 76.50 Public 7.89 FIIs 2.90 Others 12.71 Quarterly chart since 1999 Investment Highlights: Available at a discount to its adjusted book value offering huge margin of safety Restructured Assets doesn t seem large considering the following :- Net Interest Income Consistent Commission Likely Interest Rate cut in the future Conservative lending approach during sluggish period will help IDBI perform better going forward Management plans of branch expansion likely to increase CASA% as CASA per branch highest amongst its peers Other Positives Provision Coverage ratio better than its peers Stable Net NPA ratio as compared to its peers Trading below its 10 years average Adj. PB of 1.08 Some of the negatives Lowest NIM among its peers Low CASA% Ratio ROA & ROE low as compared to peers Pg. 1

Investment Rationale: Available at a discount to its adjusted book value offering huge margin of safety Subtracting NPA per share and adjusting current value of investment which gives net book value of Rs. 116.7 per share (PB 0.65) Particulars Rs. per Share Book Value 140 Book Value of Investment -20 Market value of Investment 36.7 NPA per share -40 Net Book value 116.7 Name of Company Valuation Method Holding Percentage % Market Value (Cr) IDBI Assets Management Ltd 5% AUM 65 220 IDBI Capital Market Service ltd Book Value 100 314 IDBI Federal Life Insurance company PB of 2.5 48 959 Small industries development bank of India PB of 1 19.21 1728 National securities depository limited As per CDSL Valuations 30 360 Asset reconstruction company (India) limited PB of 1 19.18 284 Credit analysis and research limited 16.62 680 STCI finance limited PB of 1 6.6 64 National stock exchange of India limited 5 1200 Clearing Corporation of India Book Value 7.5 75 Total 5884 (Note: - We have given low valuation of PB 1 for SIDBI, ARCIL & STCI Finance). These businesses can also be given a P/B multiple of 2 times. If valued so, then the Net Book Value rises by Rs. 13 per share. Pg. 2

Restructured Assets doesn t seem large considering the following :- 1. NII 2. Commission 3. Interest rate cuts in the next 4-6 quarters The Restructured Assets of Rs.16905 cr as on Sept 2014 does not seem too large considering the following factors :- 1. FY 2014 NII of Rs. 6000 crores 2. FY 2014 Commission of Rs. 1962 crores 3. 1% fall in Interest rate likely to get the benefit of Rs.2000-3000 crores approximately. (Note : Restructured loans are directly linked to the Indian Economy) 7,000.00 6,000.00 5,000.00 4,000.00 3,000.00 2,000.00 1,000.00 0.00 Net Interest Income(Cr) FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 2,385.97 4,346.29 4,570.99 5,401.56 6,049.99 NIM (%) 1.27 2.1 2.02 2.12 2.17 2.5 2 1.5 1 0.5 0 (Rs. in crore) Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Commission, exchange and brokerage 1225 1551 1530 2344 1962 Category (Rs. in crore) Sept 2014 HTM AFS HFT Total Government securities 54909 13942 1456 70307 SASF Securities 4691 0 0 4691 Shares (Equity) 0 2441 31 2472 Shares (Preference) 0 428 0 428 Debentures/ Bonds 0 11156 0 11156 Subsidiaries / Joint Ventures 644 0 0 644 Security Receipts 0 534 0 534 Others (CPs/CDs/MF) etc 18081 96 394 18572 Total Investments 78325 28597 1880 108803 Pg. 3

Pie chart of Restructured Assets as on Sept 2014 Others, 24% Infrastructure, 27% Hotel, 3% Iron and Steel, 3% Ship Building, 3% Telecommunic ations, 4% Air Transport, 3% Metal Industry, 8% Textiles, 4% Electricity Generation, 14% Electrical Machinery, 8% Conservative lending approach during sluggish period will help IDBI perform better going forward You may note from the below table, IDBI Bank tends to grow better with increase in GDP & becomes conservative during bad times. The Advances of IDBI Bank from FY 04-10 have grown at 19% as compared to 7% for the period FY 10-14. Advances Mar 04 Mar 05 Mar 06 Mar 07 Mar 08 Mar 09 Mar 10 CAGR IDBI Bank 42206 46327 54104 64367 83684 104591 140509 18.7% Allahabad Bank 15345 21151 29148 41290 49721 58802 71608 24.6% IOB 20295 25205 34756 47060 60402 74885 79004 21.4% Corporation Bank 13994 18634 24000 29950 39186 48512 63203 24.0% Union Bank 29426 40105 53380 62386 74267 96534 119315 22.1% (Source : Prowess) Pg. 4

Advances Mar 10 Mar 11 Mar 12 Mar 13 Mar 14 CAGR IDBI Bank 140509 157098 180572 196307 197686 7.1% Allahabad Bank 71608 93628 111146 129490 138008 14.0% IOB 79004 111833 140725 160364 175888 17.4% Corporation Bank 63203 86850 100469 118717 137086 16.7% Union Bank 119315 150986 177882 208102 229104 13.9% (Source : Prowess) Branch expansion likely to increase CASA% Focus of management to increase the number of branches along with increasing the retail deposits contribution will help improve the CASA ratio. The Management has set a target to open 600 more branches in FY 15. No. Mar 09 Mar 10 Mar 11 Mar 12 Mar 13 Mar 14 Sep 14 Branches 537 708 816 973 1077 1388 1488 ATMs 914 1201 1372 1542 1702 2301 2727 CASA per Branch highest amongst its peers CASA per Branch(Rs. in cr) Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 IDBI Bank 31 35 46 52 53 38 IOB 16 18 20 18 18 18 Corporation Bank 22 23 22 20 21 19 Union Bank 16 19 21 22 23 23 Allahabad Bank 13 16 18 19 20 21 Branch expansion will help to increase CASA Low CASA amongst its peers 40.0 CASA% Sept 2014 20.0 0.0 Union Bank Of India Indian Overseas Bank Allahabad Bank I D B I Bank Ltd. Corporation Bank Pg. 5

OTHER POSITIVES Provision Coverage Ratio better than its peers 70 60 50 40 30 20 10 0 PCR(%) Sept 2014 Stable Net NPA ratio as compared to its peers 10000.0 8000.0 6000.0 4000.0 2000.0 0.0 As on Sept 2014 6.00 4.00 2.00 0.00 N.NPAs (Cr) Net NPA (%) Trading below its 10 years average Adj. PB of 1.08 2.50 2.00 1.50 1.00 0.50 0.00 Adj PB 4 3 2 1 0 NPA% Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 (Note :- Adjusted PB Book Value per share Less NPA per share)(source : Prowess) Pg. 6

Some of the Negatives Lowest NIM amongst its peers 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 NIM (%) Sept 2014 (Note: - This is mainly because major portion of deposits includes term deposits which lead to increase in cost of fund and also current deposits have not increased significantly) As on Sept 2014 ROA & ROE low as compared to peers 12 10 8 6 4 2 0 Allahabad Cor Bank IOB Union Bank of India IDBI 0.6 0.5 0.4 0.3 0.2 0.1 0 ROE ROA Pg. 7

Company Profile: IDBI Ltd the principal financial conglomerate was incorporated under an Act of Parliament in 1964 as a wholly owned subsidiary of Reserve Bank of India, for monitoring and coordinating the activities of financial institutions at national and state levels. In 1994 IDBI instituted IDBI Bank Ltd. as an independent commercial bank subsidiary. But in 2005 IDBI Bank Ltd again merged with IDBI as a scheme of amalgamation. IDBI Bank started working as a commercial bank on 1 st October 2004. It provides services like Retail Banking, Corporate Banking, Agri Business & Microfinance & SME Banking. The Bank's distribution network comprises of 1,488 Branches and 2,727 ATMs as on Sept 2014. The Bank has initiated the process for setting up branch offices at Singapore and representative office at Shanghai. 19% Advances 0% 8% 25% Advances Infrastructure lending Deposits Demand deposits 11% Saving deposits 12% 48% Cor Banking grp Retail banking grp Term deposits 77% Quarterly Results (Standalone) (Rs. Crore) June 2013 Sept 2013 Dec 2013 Mar 2014 June 2014 Sept 2014 Total Income 7,445.42 7,114.44 7,149.88 7,866.52 7,232.73 7,610.52 Income from operations 6,728.39 6,535.71 6,617.82 6,715.59 6,732.98 6,850.12 Other Income 717.03 578.73 532.06 1,150.93 499.75 760.4 Total Expenses 7,138.47 6,922.17 7,045.92 7,348.29 7,126.56 7,492.03 Salary 490.06 360.49 315.8 358.39 395.47 497.31 Total other expenses 385.39 427.01 465.18 516.52 426.93 472.38 Interest expenses 5,253.35 5,052.11 5,129.44 5,141.13 5,482.07 5,443.95 PBPT 1,316.62 1,274.83 1,239.46 1,850.48 928.26 1,196.88 Provisions & contingencies 829.67 878.72 1,033.36 1,198.50 776.16 990.47 PBT 486.95 396.11 206.1 651.98 152.1 206.41 Corporate Tax 180 203.84 102.14 133.75 45.93 87.92 PAT 306.95 192.27 103.96 518.23 106.17 118.49 Pg. 8

From NAYAN M. VALA SECURITIES PVT.LTD.RESEARCH Analyst Certification We /I, Maulik Shah, MBA, Ashwini Sonawane, MMS, Research Analysts, authors and the names subscribed to this report; hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Disclaimers and Disclosures-: Nayan M Vala Securities Pvt. Ltd. (CIN- U67120MH2005PTC152929) is a Broking Firm and a 1st batch member of The National Stock Exchange of India Ltd. (NSE) since 1994. Nayan M Vala Securities Pvt. Ltd. is a corporate trading member of Bombay Stock Exchange Limited (BSE), National Stock Exchange of India Limited (NSE), MCX Stock Exchange Limited (MCX-SX). Nayan M Vala Securities Pvt. Ltd. is engaged in the business of stock broking (Institutional and retail) and depository participant. Nayan M Vala Securities Pvt. Ltd. is under the process of seeking registration under SEBI (Research Analysts) Regulations, 2014. NAYAN M VALA SECURITIES PVT. LTD. hereby declares that it has not defaulted with any stock exchange nor its activities were suspended by any stock exchange with whom it is registered in last five years. NAYAN M VALA SECURITIES PVT. LTD. has not been debarred from doing business by any Stock Exchange / SEBI or any other authorities; nor has its certificate of registration been cancelled by SEBI at any point of time. NAYAN M VALA SECURITIES PVT. LTD. offers research services to clients as well as prospects. The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report. Other disclosures by Nayan M Vala Securities Pvt. Ltd. (Research Entity) and its Research Analyst under SEBI (Research Analyst) Regulations, 2014 with reference to the subject company(s) covered in this report-: This document has been prepared by the Research Division of NAYAN M VALA SECURITIES PVT. LTD. and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of NAYAN M VALA SECURITIES PVT. LTD. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, NAYAN M VALA SECURITIES PVT. LTD. has not independently verified the accuracy or completeness of the same. Neither NAYAN M VALA SECURITIES PVT. LTD. nor any of its affiliates, its directors or its employees accepts any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient's particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor. NAYAN M VALA SECURITIES PVT. LTD. or its associates may have financial interest in the subject company. Research Analyst or his/her relative s financial interest in the subject company - NO NAYAN M VALA SECURITIES PVT. LTD. or its associates and Research Analyst or his/her relative s does not have any material conflict of interest in the subject company. The Research Analyst or (NAYAN M VALA SECURITIES PVT. LTD.) have not been engaged in market making activity for the subject company. NAYAN M VALA SECURITIES PVT. LTD. or its associates does not have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of Research Report. Research Analyst or his/her relatives have actual/beneficial ownership of 1% or more securities of the subject company at the Pg. 9

end of the month immediately preceding the date of publication of Research Report - NO NAYAN M VALA SECURITIES PVT. LTD. or its associates have received any compensation for brokerage services from the subject company in the past 12 months - NO NAYAN M VALA SECURITIES PVT. LTD. or its associates have received any compensation or other benefits from the Subject Company or third party in connection with the research report. Subject Company has been the client of NAYAN M VALA SECURITIES PVT. LTD. or its associates during twelve months preceding the date of distribution of the research report and NAYAN M VALA SECURITIES PVT. LTD. may has co-managed public offering of securities for the subject company in the past twelve months. - NO The Research Analyst has served as officer, director or employee of the subject company - NO Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that may be inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest including but not limited to those stated herein. Additionally, other important information regarding our relationships with the company or companies that are the subject of this material is provided herein. This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject NAYAN M VALA SECURITIES PVT. LTD. or its group companies to any registration or licensing requirement within such jurisdiction. All material presented in this report, unless specifically indicated otherwise, is under copyright to NAYAN M VALA SECURITIES PVT. LTD. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of NAYAN M VALA SECURITIES PVT. LTD. All trademarks, service marks and logos used in this report are trademarks or registered trademarks of NAYAN M VALA SECURITIES PVT. LTD. or its Group Companies. The information contained herein is not intended for publication or distribution or circulation in any manner whatsoever and any unauthorized reading, dissemination, distribution or copying of this communication is prohibited unless otherwise expressly authorized. Please ensure that you have read Risk Disclosure Document for Capital Market and Derivatives Segments as prescribed by Securities and Exchange Board of India before investing in Indian Securities Market. In so far as this report includes current or historic information, it is believed to be reliable, although its accuracy and completeness cannot be guaranteed. MEMBER: NATIONAL STOCK EXCHANGE OF INDIA LTD CODE NO. 13511 MEMBER: BOMBAY STOCK EXCHANGE LTD CODE NO. 6222 MEMBER: THE CALCUTTA STOCK EXCHANGE ASSOCIATION LTD CODE NO. 506 MEMBER: MCX-SX CODE NO. 82100 CIN NO. U67120MH2005PTC152929 NAYAN M. VALA SECURITIES PVT.LTD. Tel: (+91-22) 2610 5973 / 2610 5974 403-404, Cosmos Court, Fax. +91-22- 2612 4310 Above Waman Hari Pethe Jewellers E-Mail: research@nayanmvala.com S. V. Road, Vile-Parle (West), Website: Mumbai 400056. INDIA Pg. 10