FY12 revenue grew by 50% to `1,638 crore - 86% of which came from the US, 10% from the

UK and the remaining 4% from India and other countries. The operating margins (EBITDA) for FY12 grew at an even higher rate of 60% and the profit after tax grew by 44% over the previous financial year. In FY12, your company won projects worth over `248 crore from five different state governments and also implemented projects worth `568 crore. Credit Analysis: CETL is growing very fast so it is going for debt more but financing its assets at same time it also has decent liquidity to pay for it's current liabilities, so future seems promising. Security Analysis: Since the future seems very promising for CETL and P/E ratio is high so investor confidence is also there so security analysis always suggest that we should hold on to CETL shares. M&A Analysis: Core acquired UK-based education company ITN Mark education Ltd which operates in the Teacher supply business in UK. This acquisition has helped CORE expand its education business by giving it the capability to provide teachers and teaching assistants to schools and nurseries in England and Wales. So strategy for M&A seems correct in CETL in a growing business. Debt/Dividend Analysis: CETL is making very less provisions for dividend and is going for significant amount of debt. CETL is retaining its profits more due to available future potential growth. Corporate Communication: CETL is communicating very well to the corporate world. CETL is expanding globally so they essentially need good communication. General Business Analysis: CETL is working in a field where huge growth opportunities are available and consistent demand is also expected. So future of CETL seems very bright.

Comparison Between Core Education & Tech. Ltd. and EDUCOMP CETL Liquidity Ratios Current Ratio 1.06 EDUCOMP Implications 1.03 CETL is in slightly better position to pay its current liabilities with respect to EDUCOMP. CETL has more cash or equivalents to pay for current liabilities.

Cash Ratio Long term Solvency Ratios Total Debt Ratio

0.23

0.09

0.53

0.42

Equity multiplier Turnover Ratios Receivable Turnover Days Sales in Receivables Profitability Ratios Return on Assets

2.14

1.73

In this ratio CETL has more debt compared to EDUCOMP which should be taken care off. CETL is more dependent on debt to finance its assets. CETL's credit and collection of accounts receivable is much efficient than EDUCOMP. CETL gets revenue from credit sales much earlier than EDUCOMP.

2.47

1.24

145.94

289.28

0.07

0.06

Return on Equity Market Value Ratios Price-Earnings Ratio Market-to-Book Ratio

0.15

0.10

CETL has negligibly better efficiency of using its assets when compared to EDUCOMP. Performance of both is below par. CETL is able to generate more profit for its shareholders.

18.23 2.75

7.89 0.82

Investors are expecting significantly high returns from CETL. CETL is overvalued and EDUCOMP is undervalued. Investors have high confidence in CETL.