VALUATION OF THE COMPANY CEAT Lt

SUBMITTED BY
---------------------------ENROLLMENT NUMBER - ------------------

Email - ---------------------------Phone - -----------------------

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Contents

Click Below to go to Sheet

Assumptions
WACC
DCF Valuation
Cash Flow
Balance Sheet
Profit and Loss Account
Quarterly Data
Projections Sales
Financial Ratios
Final Report Requirements
Relative Valuation
Operating Metrics

Assumptions!A1
WACC (daily)'!A1
DCF Valuation'!A1
Cash Flow'!A1
BS '!A1
PL!A1
Qtrly data'!A1
Projections sales'!A1
Finacial Ratios'!A1
Final Report requirements'!A1
Relative Valuation
Operating Metrics

NY CEAT Ltd.,

elow to go to Sheet

ssumptions!A1
ACC (daily)'!A1
F Valuation'!A1
Cash Flow'!A1
BS '!A1
PL!A1
Qtrly data'!A1
ections sales'!A1
acial Ratios'!A1
port requirements'!A1
ative Valuation
erating Metrics

Assumptions

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1. The company is expanding its business by Rs900crore over a period of 5 years.

2. The company buys semifinished goods processes it and then sells it, hence production is not equal to sales.
3. Company has taken several measures to reduce its cost and hence its miscellaneous expenses have reduced i
4. Company will pay no dividend, it will retain all the profits for future expansions.
5. The tax rate has been assumed at 33.33% as the current efffective tax rate of 56.67% is too high and the tax rat
6. The projections has been done based on percentage of sales method.
7. The sales for the first year has been projected at 6% as in the first quarter company is growing by 6%, and it
8. Due to the various measures taken by government the growth is expected to increase to 10.45% in the 2nd ye

9. The growth is expected to reduce to 8.92% and 8.21% in the third year and fourth year due to increase in infla
10. The growth is expected to increase to 9.87% as the company will again put in place cost cutting measures, w
11. All the projections has been done on moving average, however some of them which are not according to tre
12. The market return has been taken at 12% based on global average.
13. The risk free rate is 6.91% which is of 10 yr government bond.
14. The growth rate has been taken at 6%, which is the rate at which economy is expected to grow over the com
15. The company's sales to production ratio is around 2 and has been taken for the coming years at moving ave
16. The company will finance its expansion by internal accruals as well as debt.
17. Extraordinaray items is excluded as they cannot be projected.
18. The finance charge for the future debt has been taken at PLR and is kept at 12.5% and 13% for future expan
19. The quarterly weights has been forcasted based on the trend of the past quarters.
20. Projecting Capital WIP is a very tough tough job, which is done by chartered engineers, hence the values of
21. It is assumed that the perpuity growth rate is same as the normal growth rate.

ars.
production is not equal to sales.
llaneous expenses have reduced in future.
nsions.
56.67% is too high and the tax rate has remained volatile over the years.

ompany is growing by 6%, and it is expected that for the whole year it will grow at the same rate.
o increase to 10.45% in the 2nd year.

fourth year due to increase in inflation, which will increase the cost of production thereby increasing the price of the product and reduc
t in place cost cutting measures, which will help in increasing in the growth rate.
hem which are not according to trend has been done on assumtions. E.g. WIP, investments.

y is expected to grow over the coming three years.

or the coming years at moving average.

at 12.5% and 13% for future expansion.

red engineers, hence the values of capital WIP has been taken based on our assumptions.

f the product and reducing its competitiveness.

Home

Operating Metrics
From Annual report 2008

MD&A

Company Analysis

Operating Metrics : From Notes of the accounts after Major sechdules

57.14286

11
7 1.571429
12
7 1.714286
Growth rate in production 0.06

Capacity Utilization
Production
Sales in million
Installed Capacity
Capacity Utilized
Production

Units sold
Amount
Revenue/tyre
Sales/Production
WEIGHTS
0.24
0.26
0.24
0.26

2006-07 2007-08 2008-09

2009-10
43.11
45.42
45.42
45.42
0.910462 0.82959 0.750991 0.901189
39.25
37.68
34.11
40.932

76.43
80.68
74.38 85.53481 94.47623
215685.5 234481.1 256051.40 271521.1 299904.7
8.71
9.20
6.04
10.45
2822 2906.31 3442.476 3174.393 3174.393
1.947261 2.141189 2.180592 2.089681 2.137154

AMJ
JAS
OND
JFM

Net Sales
FY2004-05
FY2003-04
YoY Growth(%)
FY2005-06
FY2004-05
YoY Growth(%)
FY2006-07
FY2005-06
YoY Growth(%)
FY2007-08
FY2006-07
YoY Growth(%)
FY2008-09
FY2007-08
YoY Growth(%)
FY2009-10E

2010-11 2011-12
71.37429
95.42
0.619363 0.491081
44.20656 46.85895

6517.291
6944.253
6562.753
7127.837

100.0818
326642.3
8.92
3263.754
2.135809

7198.578 7840.358
7670.173 8353.998
7248.793 7895.05
7872.948 8574.851

Q1 AMJ Q2 JAS
6 months Q3 OND 9 months Q4 JFM
3462.2
3829.1
7291.3
3799.8 11091.1
4188.8

4027.7
3462.2
16.33%
4976.6
4027.7
23.56%
5364.4
4976.6
7.79%
6573.64
5364.4
22.54%
6739.6

4496
3829.1
17.42%
5375.7
4496
19.57%
5831.9
5375.7
8.49%
6701.5
5831.9
14.91%
7292.05

8523.7
7291.3
16.90%
10352.3
8523.7
21.45%
11196.3
10352.3
8.15%
13275.14
11196.3
18.57%
14031.65

4106.9 12630.6
3799.8 11091.1
8.08%
13.88%
5366.6 15718.9
4106.9 12630.6
30.67%
24.45%
5641.1 16837.4
5366.6 15718.9
5.11%
7.12%
5841.5 19116.64
5641.1 16837.4
3.55%
13.54%
7000.37 21032.02

4843.6
4188.8
15.63%
5628.9
4843.6
16.21%
6462.3
5628.9
14.81%
6217.4
6462.3
-3.79%
7875.42

FY2008-09
YoY Growth(%)
FY2010-11E
FY2009-10E
YoY Growth(%)

Weightage(2009-10)
Weightage(2010-11)

6573.64
2.52%
7673.19
6739.6
13.85%

6701.5
8.10%
8158.83
7292.05
11.89%

0.24
0.24

0.25
0.25

13275.14
5.39%
15832.02
14031.65
12.83%

5841.5 19116.64
19.84%
10.02%
7802.69 23634.72
7000.37 21032.02
11.46%
12.37%

0.24
0.24
28907.44

Capacity Installation(mn)
Capacity Addition(mn)
Production(mn)
Gross Sales Volume(mn)
Net Sales(mn)
Growth(%)
Gross Sales value(mn)

6217.4
26.67%
8741.61
7875.42
11.00%

0.27
0.27
22167.84

Sales Projection
2004-05 2005-06 2006-07
2007-08 2008-09 2009-10E
4.311
4.311
4.311
4.542
4.542
5.43
0
0
0.231
0
0.89
18.39
17.64
19.24
17.17
19
18.29
17.85
19.97
17.18
21
15279.9 17474.2
21347.8 23299.7 25136.9 28907.44
14.36
22.17
9.14
7.89
15
17803.1 19519.9
23906.1 26029.66 27322.72 31421.13

Growth(%)
2008-09

5.222

Automobile Industry
4%
Tyre Industry
Growth of CEAT Ltd.

9.76

21.54465 26029.66

Replacement market(%)
OEMs(%)
Exports(%)

CEAT Ltd.`s Performance

Minning & Others
HCVs Vehicles
Tractors
LCVs
5
64
7
Segmental Performance
2007-08 2008-09
61.12
70.3
20.37
20.07
18.51
9.63

CEAT Ltd.(%)(2006-07)
ATMA(%)
% share captured by Ceat

M&OV
HCVs
Tractors
LCVs
PCs
2-Wheelers
0.05
0.64
0.07
0.13
0.04
0.07
1.01
16.81
5.3
6.6
19.39
48.57
0.0505 10.7584
0.371
0.858
0.7756
3.3999

2006-07

PCs
13

2-Wheelers
7

2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11

IIP
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
(Apr-Jun)
JUNE`09

Mining
4.4
1
5.4
5.1
2.6

Gross salesExcise dutyNet Sales Growth(%)

16479.5
16.23% 14008.3
17803.1
14.17% 15279.9
8.03%
19519.9
10.48% 17474.2
9.64%
23906.1
10.70% 21347.8
22.47%
26029.66
12% 23299.7
8.88%
27584.05
8% 25136.9
5.97%
31421.13
8% 28907.44
35191.66
8% 32376.33
2729.96

Manufacturing
Electricity General
Capital Goods
9.2
5.2
8.4
13.9
9.1
5.2
8.2
15.8
12.5
7.2
11.6
18.2
9
6.4
8.5
18
2.8
2.8
2.8
7.3

7.3

3.2

3.7

15.4

7.3

7.8

11.8

Metrics

Global Tyre Industry

Statagies Implemented in last fiscal

0.08

0.2

0.09

0.11

2012-13 2013-14 2014-15

105.42
115.42
120.42
0.493393 0.491203 0.517888
52.01344 56.69465 62.36411

110.3143
353467
8.21
3204.18
2.120881

120.8322
388368.1
9.87
3214.109
2.131281

132.7934
428570.5
10.35
3227.348
2.129324

8484.228 9321.954
9040.049 9932.657
8543.41 9386.98
9279.039 10195.24

12 months
15279.9

17474.2
15279.9
14.36%
21347.8
17474.2
22.17%
23299.7
21347.8
9.14%
25136.9
23299.7
7.89%
28907.44

Q1
Q2
Q3
Q4

22446.2 57814.88

2004-05
0.23
0.25
0.25
0.27

25136.9
15.00%
32376.33
28907.44
12.00%

2010-11E
7.304
1.87
25
28.33
32376.33
12
35191.66

21.67

27322.72

33532.63

Prices Of tyres tubes & Flaps

Price of Tyre
Price of Tubes
Sales Volume(lacs)
Gross Sales(lacs)
Price(Rs) Sales Volume(lacs)
Gross Sales(lacs)
2005-06
76.43 174911.5 2288.52
81.97 17462.13
2006-07
76.35 215685.5 2824.96
76.85 19997.09
2007-08
80.68 234481.1 2906.31
87.6 22179.91
2008-09
74.38 247394.4 3326.09
73.94 24228.03
2009-10
76.56 282790.1 3693.94
78.71 26707.96
2010-11
80.65 316724.9 3927.15
83.5 29912.91

Proportion of Tyres, Tubes & Flaps

Tyres
Tubes
Flaps
2005-06
0.42
0.45
2006-07
0.43
0.43
2007-08
0.42
0.45
2008-09
0.43
0.43
2009-10
0.43
0.44
2010-11
0.42
0.44

2008-09
2009-10
2010-11

2-Wheelers

2-Wheelers
1
97.68
16.2134

74.38
105.6
120.25

73.94
108.57
124.5

0.13
0.14
0.13
0.14
0.14
0.14

23.48
34.13
38.54

total
182.88
178.47
194.33
171.8
248.3
283.3

213478
232997
251369

CAGR(%)

9.84%

2312.595

2005-06 2006-07 2007-08 2008-09 2009-10 2010-11

0.23
0.23
0.23
0.26
0.236
0.2372
0.26
0.23
0.25
0.27
0.252
0.2524
0.24
0.25
0.24
0.23
0.242
0.2404
0.28
0.27
0.28
0.25
0.27
0.27

Price of Flaps
Price(Rs) Sales Volume(lacs)
Gross Sales(lacs)
Price(Rs)
213.03
24.48 2821.04
115.24
260.21
25.27 2257.38
89.33
253.2
26.05 3633.74
139.49
327.67
23.48 4318.03
183.9
339.34
24.74 4713.17
190.52
358.24
25.85 5278.75
204.21

4318.03

0.000836
0.000834

182.88
178.47
194.33
171.8
180
190

Tyres
260294.7 260294.7
275940.5
314211.3
351916.6

0.9

Tubes
0.085

Flaps
0.015

Company - CEAT Ltd.,

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(UN)AUDITED FINANCIAL RESULTS FOR

QUARTER ENDED 31st Jun/Sep/Dec/Mar
(Rs. in millions, except per share data)
Sr.
Particulars
No.

1
2
3
4

5
6
7
8
9
10
11
12
13
14
15

16

17
18

Stand alone

2003-04
2004-05
2004-05
Annual(Apr-Mar)
AMJ
JAS
Turnover
16479.50
4100.10
4468.20
Less Excise Duty
2471.20
637.90
639.10
Net Turnover
14008.30
3462.20
3829.10
Other Income
1222.20
111.90
165.60
Total Operational Expenditure
13817.00
3337.00
3825.60
a) Consumption of Raw Materials
248.90
2436.50
2631.60
c) Purchase of Trade Goods
1158.90
0.00
0.00
d) (Increase) / Decrease In Stock In Trade & WIP 0.00
-79.40
102.30
e) Power and Fuel
0.00
0.00
0.00
f) Freight and Delivery Charges
0.00
0.00
0.00
g) Research & Development Exp.
0.00
0.00
0.00
h) Staff Cost
9320.50
282.80
284.00
g) Other expenditure
3088.70
697.10
807.70
Operating Profit (PBDIT)
191.30
125.20
3.50
Depreciation
221.00
58.30
54.70
PBIT
-29.70
66.90
-51.20
Interest & Financial Charges
764.10
173.20
167.90
Profit before Tax
428.40
5.60
-53.50
Provision for Current Tax (incl. FBT)
28.00
0.50
-0.50
Provision for deferred Tax
53.60
1.40
-1.40
Others
0.00
0.00
0.00
Profit After Tax (Reported PAT)
346.80
3.70
-51.60
0 Extra Ordinary Items
-206.20
0.00
0.00
Net Profit (Adjusted PAT)
140.60
3.70
-51.60
Paid up equity share Capital (Equity share of Rs 10
350.90
each)
350.90
350.90
Reserves and surplus incl. revaluation reserve 2993.40
0.00
0.00
Earning per share (each of Rs 10)
0.00
a) Basic
9.85
0.11
-1.47
b) Diluted
9.85
0.11
-1.47
0.00
Number of Outsanding Shares (of par value Rs 10)
35.21
a Basic
35.21
35.21
35.21
b Diluted (Incl. of bonus & convertible debentures)35.21
35.21
Share price (Current price)
0.00
0.00
0.00
Market Capitalization
0.00
0.00
0.00
Dividend (Annual Data only)
39.70
0.00
0.00
Dividend %
0.11
0.00
0.00

19 Retained earnings (Annual Data only)

20 Capital Employed (Annual Data only)
a Total asset
b Current Liability

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

2003-04
2004-05
As a percentage of Turnover
Annual(Apr-Mar) AMJ
Consumption of Raw Materials
1.78%
70.37%
Purchase of Trade Goods
8.27%
0.00%
(Increase) / Decrease In Stock In Trade & WIP
0.00%
-2.29%
Power and Fuel
0.00%
0.00%
Freight and Delivery Charges
0.00%
0.00%
Research & Development Exp.
0.00%
0.00%
Staff Cost
66.54%
8.17%
Other expenditure
22.05%
20.13%
Depreciation
1.58%
1.68%
Interest & Financial Charges
5.45%
5.00%
Provision for Current Tax (incl. FBT)
0.20%
0.01%
Provision for deferred Tax
0.33%
0.03%
Other income as a % of revenue
8.72%
3.23%
Total Tax
140.60
3.7
Tax as a %age of EBIT
502.14%
Current tax as a %age of EBIT
1238.57%
740.00%
Deferred Tax as a %age of EBIT
-736.43%
Operating Profit
1.37%
3.62%

2004-05
JAS
68.73%
0.00%
2.67%
0.00%
0.00%
0.00%
7.42%
21.09%
1.43%
4.38%
-0.01%
-0.03%
4.32%
-51.6

Net Consuption

307.10
10949.80
0.00
0.00

10320.00%
0.09%

2004-05
2004-05
2004-05
2004-05
2004-05
2005-06
2005-06
6-m (Apr-Sep)
OND
9-m (Apr-Dec)
JFM
Annual(Apr-Mar)
AMJ
JAS
8568.30
4433.00
13001.30
4801.80
17803.10
4548.90
5028.10
1277.00
633.20
1910.20
613.00
2523.20
521.20
532.10
7291.30
3799.80
11091.10
4188.80
15279.90
4027.70
4496.00
277.50
84.00
361.50
119.60
388.79
62.90
44.50
7162.60
3666.00
10828.60
4098.60
14883.51
3904.20
4379.40
5068.10
2676.30
7744.40
2842.70
10090.08
3038.70
3147.10
0.00
0.00
0.00
0.00
469.12
0.00
0.00
22.90
-59.70
-36.80
79.00
42.20
-239.80
50.80
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
566.80
273.60
840.40
254.00
1094.41
293.50
302.30
1504.80
775.80
2280.60
922.90
3187.70
811.80
879.20
128.70
133.80
262.50
90.20
396.39
123.50
116.60
113.00
55.40
168.40
52.20
220.56
53.70
56.20
15.70
78.40
94.10
38.00
175.83
69.80
60.40
341.10
151.00
492.10
149.80
641.87
156.30
159.30
-47.90
11.40
-36.50
7.80
-77.25
-23.60
-54.40
0.00
0.00
0.00
-10.00
-10.00
4.20
-23.00
0.00
0.00
0.00
0.00
0.00
-8.00
8.30
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-47.90
11.40
-36.50
17.80
-67.25
-19.80
-39.70
0.00
0.00
0.00
0.00
48.51
0.00
0.00
-47.90
11.40
-36.50
17.80
-18.74
-19.80
-39.70
0.00
350.90
0.00
351.00
351.00
351.00
351.20
0.00
0.00
0.00
0.00
5950.40
0.00
0.00
0.00
12.45
12.45
3.58
16.03
0.00
#DIV/0!
0.32 #DIV/0!
0.51
-1.91
-0.56
-1.13
#DIV/0!
0.32 #DIV/0!
0.51
-1.91
-0.56
-1.13
0.00
0.00
0.00
0.00
0.00
0.00
35.12
0.00
35.21
0.00
35.21
35.21
35.22
35.12
0.00
35.21
0.00
35.21
35.21
35.22
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

-67.25
10937.63
4909.79
6027.84

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

2004-05
2004-05
2004-05
2004-05
2004-05
2005-06
6-m (Apr-Sep) OND 9-m (Apr-Dec)
JFM Annual(Apr-Mar) AMJ
69.51%
70.43%
69.83%
67.86%
66.03%
75.45%
0.00%
0.00%
0.00%
0.00%
3.07%
0.00%
0.31%
-1.57%
-0.33%
1.89%
0.28%
-5.95%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
7.77%
7.20%
7.58%
6.06%
7.16%
7.29%
20.64%
20.42%
20.56%
22.03%
20.86%
20.16%
1.55%
1.46%
1.52%
1.25%
1.44%
1.33%
4.68%
3.97%
4.44%
3.58%
4.20%
3.88%
0.00%
0.00%
0.00%
-0.24%
-0.07%
0.10%
0.00%
0.00%
0.00%
0.00%
0.00%
-0.18%
3.81%
2.21%
3.26%
2.86%
2.54%
1.56%
-47.9
11.4
-36.5
17.8
-18.74
-19.8
187.35%
#DIV/0!
#DIV/0!
#DIV/0!
-178.00%
672.48%
-471.43%
-485.13%
1.77%
3.52%
2.37%
2.15%
2.59%
3.07%

2005-06
JAS
70.00%
0.00%
1.13%
0.00%
0.00%
0.00%
6.72%
19.56%
1.25%
3.54%
-0.51%
0.17%
0.99%
-39.7
172.61%
2.59%

2005-06
2005-06
2005-06
2005-06
2005-06
2006-07
2006-07
6-m (Apr-Sep)
OND
9-m (Apr-Dec)
JFM
Annual(Apr-Mar)
AMJ
JAS
9577.00
4546.70
14123.70
5396.20
19519.90
5566.70
6025.00
1053.30
439.80
1493.10
552.60
2045.70
590.10
649.30
8523.70
4106.90
12630.60
4843.60
17474.20
4976.60
5375.70
107.40
56.10
163.50
50.00
226.26
64.20
37.70
8283.60
3910.20
12193.80
4585.70
16788.22
4791.20
5106.10
6185.80
3023.30
9209.10
3167.70
12092.41
3639.50
3973.70
0.00
0.00
0.00
0.00
284.36
0.00
0.00
-189.00
-260.30
-449.30
219.00
-230.28
-64.10
-190.90
0.00
0.00
0.00
0.00
623.33
0.00
0.00
0.00
0.00
0.00
0.00
616.93
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
595.80
302.90
898.70
283.80
1185.88
307.90
328.80
1691.00
844.30
2535.30
915.20
2215.59
907.90
994.50
240.10
196.70
436.80
257.90
685.98
185.40
269.60
109.90
56.90
166.80
57.70
224.50
75.50
77.70
130.20
139.80
270.00
200.20
461.48
109.90
191.90
315.60
164.70
480.30
153.70
635.56
161.20
158.50
-78.00
31.20
-46.80
96.50
52.17
12.90
71.10
-18.80
6.00
-12.80
5.10
37.00
3.70
10.10
0.30
9.80
10.10
35.00
10.00
6.90
13.00
0.00
0.00
0.00
8.60
0.00
0.00
5.10
-59.50
15.40
-44.10
47.80
5.17
2.30
42.90
0.00
0.00
0.00
0.00
0.00
0.00
-4.60
-59.50
15.40
-44.10
47.80
5.17
2.30
38.30
0.00
351.20
0.00
456.80
456.80
456.80
456.80
0.00
0.00
0.00
0.00
3033.24
0.00
0.00
0.00
12.45
12.45
3.58
16.03
0.00
#DIV/0!
0.44 #DIV/0!
1.05
0.11
0.05
0.94
#DIV/0!
0.44 #DIV/0!
1.05
0.11
0.05
0.94
0.00
0.00
0.00
0.00
0.00
0.00
45.66
0.00
35.12
0.00
45.66
45.66
45.66
45.66
0.00
35.12
0.00
45.66
45.66
45.66
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

5.17
8842.66
3754.03
5088.63

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

2005-06
2005-06
2005-06
2005-06
2005-06
2006-07
6-m (Apr-Sep) OND 9-m (Apr-Dec)
JFM Annual(Apr-Mar) AMJ
72.57%
73.62%
72.91%
65.40%
69.20%
73.13%
0.00%
0.00%
0.00%
0.00%
1.63%
0.00%
-2.22%
-6.34%
-3.56%
4.52%
-1.32%
-1.29%
0.00%
0.00%
0.00%
0.00%
3.57%
0.00%
0.00%
0.00%
0.00%
0.00%
3.53%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
6.99%
7.38%
7.12%
5.86%
6.79%
6.19%
19.84%
20.56%
20.07%
18.90%
12.68%
18.24%
1.29%
1.39%
1.32%
1.19%
1.28%
1.52%
3.70%
4.01%
3.80%
3.17%
3.64%
3.24%
-0.22%
0.15%
-0.10%
0.11%
0.21%
0.07%
0.00%
0.22%
0.07%
0.65%
0.05%
0.12%
1.26%
1.37%
1.29%
1.03%
1.29%
1.29%
-59.5
15.4
-44.1
47.8
517.40%
2.3
13.98%
316.49%
256.67%
344.53%
937.25%
13.98%
62.16%
0.00%
2.82%
4.79%
3.46%
5.32%
3.93%
3.73%
71.84%

2006-07
JAS
73.92%
0.00%
-3.55%
0.00%
0.00%
0.00%
6.12%
18.50%
1.45%
2.95%
0.19%
0.22%
0.70%
38.3
424.75%
5.02%
70.37%

2006-07
2006-07
2006-07
2006-07
2006-07
2007-08
2007-08
6-m (Apr-Sep)
OND
9-m (Apr-Dec)
JFM
Annual(Apr-Mar)
AMJ
JAS
11591.70
6004.20
17595.90
6310.20
23906.12
6009.50
5831.90
1239.40
637.60
1877.00
681.30
2558.34
645.10
0.00
10352.30
5366.60
15718.90
5628.90
21347.78
5364.40
5831.90
101.90
28.70
130.60
113.80
244.43
37.40
77.40
9897.30
4976.50
14873.80
5189.70
20068.15
4870.90
5286.40
7613.20
3613.90
11227.10
3641.60
14425.18
3571.10
3631.90
0.00
0.00
0.00
0.00
443.52
0.00
150.00
-255.00
76.70
-178.30
154.70
-23.62
-138.00
-61.70
0.00
0.00
0.00
0.00
729.99
0.00
0.00
0.00
0.00
0.00
658.92
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
636.70
324.90
961.60
316.10
1282.31
343.90
399.00
1902.40
961.00
2863.40
1077.30
2551.86
1093.90
1167.20
455.00
390.10
845.10
439.20
1279.63
493.50
545.50
153.20
78.40
231.60
79.00
310.61
80.00
79.30
301.80
311.70
613.50
360.20
969.03
413.50
466.20
319.70
155.70
475.40
128.90
604.27
140.30
138.00
84.00
184.70
268.70
345.10
609.19
310.60
405.60
13.80
22.40
36.20
63.80
100.00
170.50
150.60
19.90
40.00
59.90
39.90
92.92
-20.00
0.00
5.10
4.50
9.60
7.30
23.78
7.60
0.00
45.20
117.80
163.00
234.10
392.49
152.50
255.00
-4.60
0.00
-4.60
0.00
0.00
151.00
40.60
117.80
158.40
234.10
392.49
303.50
255.00
456.80
456.80
456.80
456.80
456.80
456.80
456.80
0.00
0.00
0.00
0.00
3329.58
0.00
0.00
0.00
12.45
12.45
3.58
16.03
0.00
0.99
2.58
3.57
5.13
8.60
3.34
5.59
0.99
2.58
3.57
5.13
8.60
3.34
5.59
0.00
0.00
0.00
0.00
0.00
0.00
45.66
45.66
45.66
45.66
45.66
45.66
45.66
45.66
45.66
45.66
45.66
45.66
45.66
45.66
0.00
0.00
0.00
0.00
0.00
156.25
162.50
0.00
0.00
0.00
0.00
0.00
7133.91
7419.26
0.00
0.00
0.00
0.00
96.16
0.00
0.00
0.00
0.00
0.00
0.00
0.24
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

296.33
8941.74
3693.94
5247.80

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

2006-07
2006-07
2006-07
2006-07
2006-07
2007-08
6-m (Apr-Sep) OND 9-m (Apr-Dec)
JFM Annual(Apr-Mar) AMJ
73.54%
67.34%
71.42%
64.69%
67.57%
66.57%
0.00%
0.00%
0.00%
0.00%
2.08%
0.00%
-2.46%
1.43%
-1.13%
2.75%
-0.11%
-2.57%
0.00%
0.00%
0.00%
0.00%
3.42%
0.00%
0.00%
0.00%
0.00%
0.00%
3.09%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
6.15%
6.05%
6.12%
5.62%
6.01%
6.41%
18.38%
17.91%
18.22%
19.14%
11.95%
20.39%
1.48%
1.46%
1.47%
1.40%
1.45%
1.49%
3.09%
2.90%
3.02%
2.29%
2.83%
2.62%
0.13%
0.42%
0.23%
1.13%
0.47%
3.18%
0.17%
0.67%
0.34%
0.63%
0.39%
-0.33%
0.98%
0.53%
0.83%
2.02%
1.15%
0.70%
40.6
117.8
158.4
234.1 39248.50%
303.5
392.49%
327.54%
525.89%
450.28%
366.93%
392.49%
89.44%
0.00%
4.40%
7.27%
5.38%
7.80%
5.99%
9.20%
71.08%
68.77%
70.29%
67.44%
69.54%
64.00%

2007-08
JAS
62.28%
2.57%
-1.06%
0.00%
0.00%
0.00%
6.84%
20.01%
1.36%
2.37%
2.58%
0.00%
1.33%
255
169.32%
9.35%
63.79%

2007-08
2007-08
2007-08
2007-08
2007-08
2008-09
2008-09
6-m (Apr-Sep)
OND
9-m (Apr-Dec)
JFM
Annual(Apr-Mar)
AMJ
JAS
11841.40
5641.10
17482.50
6462.30
26029.66
6573.64
6789.10
645.10
0.00
645.10
0.00
2729.99
0.00
0.00
11196.30
5641.10
16837.40
6462.30
23299.67
6573.64
6789.10
114.80
82.50
197.30
105.40
230.72
118.19
11.10
10157.30
5223.20
15380.50
5466.60
21457.44
6574.09
7001.30
7203.00
3662.10
10865.10
4046.40
14785.28
4682.84
5104.00
150.00
189.60
339.60
236.70
702.45
304.83
379.00
-199.70
-119.10
-318.80
143.40
-175.39
-194.86
-512.30
0.00
0.00
0.00
801.61
0.00
0.00
0.00
0.00
0.00
0.00
714.72
0.00
216.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
742.90
351.10
1094.00
336.20
1430.21
375.13
386.40
2261.10
1139.50
3400.60
703.90
3198.56
1406.15
1428.20
1039.00
417.90
1456.90
995.70
1842.23
-0.45
-212.20
159.30
75.10
234.40
95.50
329.90
86.73
42.60
879.70
342.80
1222.50
900.20
1512.33
-87.18
-254.80
278.30
149.20
427.50
141.90
569.40
139.75
166.40
716.20
276.10
992.30
863.70
1173.64
-108.74
-410.10
321.10
83.90
405.00
40.00
430.00
-5.07
-121.80
-20.00
0.00
-20.00
60.20
40.23
3.00
0.00
7.60
0.00
7.60
-5.80
16.83
0.00
0.00
407.50
192.20
599.70
769.30
686.58
-106.67
-288.30
151.00
0.00
151.00
0.00
799.46
0.00
0.00
558.50
192.20
750.70
769.30
1486.04
-106.67
-288.30
178.50
342.40
178.50
342.40
342.40
342.44
342.40
0.00
0.00
0.00
0.00
4790.15
0.00
0.00
12.45
3.58
8.93
5.61
13.13
22.47
20.05
-3.12
-8.42
8.93
5.61
13.13
22.47
20.05
-3.12
-8.42
0.00
0.00
34.24
34.24
45.66
34.24
45.66
34.24
34.24
34.24
34.24
45.66
34.24
45.66
34.24
34.24
0.00
209.35
0.00
0.00
0.00
0.00
0.00
0.00
7168.24
0.00
0.00
0.00
0.00
0.00
0.00
0.00
160.25
0.00
0.00
0.00
0.00
0.00
0.00
0.23
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

2007-08
2007-08
2007-08
2007-08
2007-08
2008-09E
6-m (Apr-Sep) OND 9-m (Apr-Dec)
JFM Annual(Apr-Mar) AMJ
64.33%
64.92%
64.53%
62.62%
63.46%
71.24%
1.34%
3.36%
2.02%
3.66%
3.01%
4.64%
-1.78%
-2.11%
-1.89%
2.22%
-0.75%
-2.96%
0.00%
0.00%
0.00%
0.00%
3.44%
0.00%
0.00%
0.00%
0.00%
0.00%
3.07%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
6.64%
6.22%
6.50%
5.20%
6.14%
5.71%
20.20%
20.20%
20.20%
10.89%
13.73%
21.39%
1.42%
1.33%
1.39%
1.48%
1.42%
1.32%
2.49%
2.64%
2.54%
2.20%
2.44%
2.13%
2.87%
1.49%
2.41%
0.62%
1.85%
-0.08%
-0.17%
0.00%
-0.11%
0.93%
0.15%
0.05%
1.03%
1.46%
1.17%
1.63%
0.99%
1.80%
558.5
192.2
750.7
769.3 148603.80%
-106.67
345.59%
126.91%
229.08%
148.07%
1923.25%
159.67%
2103.94%
185.92%
9.28%
7.41%
8.65%
15.41%
7.91%
-0.01%
63.89%
66.17%
64.65%
68.50%
65.72%
72.91%

2008-09E
JAS
75.18%
5.58%
-7.55%
0.00%
3.18%
0.00%
5.69%
21.04%
0.63%
2.45%
-1.79%
0.00%
0.16%
-288.3

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

526.33
10181.60
4646.39
5535.21

236.70%
-3.13%
73.22%

2008-09
2008-09
2008-09
2008-09
2008-09
2009-10E
2009-10E
6-m (Apr-Sep)
OND
9-m (Apr-Dec)
JFM
Annual(Apr-Mar)
AMJ
JAS
13362.74
5930.40
19293.14
6312.00
25605.14
6517.29
6944.25
0.00
0.00
0.00
0.00
0.00
0.00
0.00
13362.74
5930.40
19293.14
6312.00
25605.14
6517.29
6944.25
129.29
0.60
129.89
2.30
132.19
4.80
13575.39
5818.30
19393.69
5741.30
25134.99
6561.35
9786.84
3655.70
13442.54
3513.50
16956.04
4534.98
4800.21
683.83
225.20
909.03
118.30
1027.33
-707.16
321.90
-385.26
267.30
-117.96
0.00
0.00
0.00
0.00
0.00
0.00
216.00
0.00
216.00
0.00
216.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
761.53
383.00
1144.53
462.40
1606.93
397.65
431.69
2834.35
1232.50
4066.85
1379.80
5446.65
1020.03
1329.45
-212.65
112.10
-100.55
570.70
470.15
6517.29
382.90
129.33
63.20
192.53
63.60
256.13
63.10
-341.98
48.90
-293.08
507.10
214.02
6454.19
382.90
306.15
267.70
573.85
144.10
717.95
121.00
-518.84
-218.20
-737.04
365.30
-371.74
6337.99
382.90
-126.87
-1.80
-128.67
9.30
-119.37
313.30
3.00
0.00
3.00
-96.20
-93.20
0.00
0.00
0.00
0.00
1.90
1.90
0.00
-394.97
-216.40
-611.37
450.30
-161.07
6024.69
382.90
0.00
0.00
0.00
0.00
0.00
0.00
-394.97
-216.40
-611.37
450.30
-161.07
6024.69
382.90
342.40
342.40
342.40
342.40
342.40
342.40
0.00
0.00
0.00
0.00
4541.38
0.00
-11.53
-11.53

-6.32
-6.32

-17.85
-17.85

13.15
13.15

-4.70
-4.70

175.92
175.92

34.24
34.24
0.00

34.24
34.24

34.24
34.24
0.00

34.25
34.25

34.25
34.25
0.00

34.25
34.25

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00

0.00
0.00

#DIV/0!
#DIV/0!

0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

-161.07
11498.30
6429.75
5068.54

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

2008-09E
2008-09E
2008-09E
2008-09E
2008-09E
2009-10E
6-m (Apr-Sep) OND 9-m (Apr-Dec)
JFM Annual(Apr-Mar)
AMJ
73.24%
61.64%
69.68%
55.66%
66.22%
69.58%
5.12%
3.80%
4.71%
1.87%
4.01%
0.00%
-5.29%
5.43%
-2.00%
4.23%
-0.46%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
1.62%
0.00%
1.12%
0.00%
0.84%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
5.70%
6.46%
5.93%
7.33%
6.28%
6.10%
21.21%
20.78%
21.08%
21.86%
21.27%
15.65%
0.97%
1.07%
1.00%
1.01%
1.00%
0.97%
2.29%
4.51%
2.97%
2.28%
2.80%
1.86%
-0.95%
-0.03%
-0.67%
0.15%
-0.47%
4.81%
0.02%
0.00%
0.02%
-1.52%
-0.36%
0.00%
0.97%
0.01%
0.67%
0.04%
0.52%
0.07%
-394.97
-216.4
-611.37
450.3
-161.07
6024.690636
134.93%
311.32% 12022.22%
475.15%
4841.94%
134.93%
1922.98%
0.00%
-1.59%
1.89%
-0.52%
9.04%
1.84%
100.00%
73.07%
70.87%
72.39%
61.77%
69.77% 0.696

2009-10E
JAS
69.12%
0.00%
0.00%
0.00%
0.00%
0.00%
6.22%
19.14%
0.00%
0.00%
0.00%
0.00%
0.00%
382.901554
#DIV/0!
5.51%
0.691

2009-10E
2009-10E
2009-10E
2009-10E
2009-10E
2010-11E
2010-11E
6-m (Apr-Sep)
OND
9-m (Apr-Dec)
JFM
Annual(Apr-Mar)
AMJ
JAS
13461.54
6562.75
20024.30
7127.84
27152.13
7198.58
7670.17
0.00
0.00
0.00
0.00
0.00
0.00
0.00
13461.54
6562.75
20024.30
7127.84
27152.13
7198.58
7670.17
4.80
4.80
4.80
12865.32
6256.79
19180.16
6596.19
26012.62
6579.74
7015.17
9334.82
4502.19
13838.99
4697.56
18556.78
4954.81
5270.21
0.00
0.00
0.00
0.00
0.00
0.00
0.00
620.87
0.00
0.00
633.34
0.00
0.00
0.00
829.43
409.87
1237.98
431.09
1667.22
437.16
479.38
2701.07
1344.73
4103.18
1467.55
4534.41
1187.77
1265.58
596.22
305.96
844.14
531.64
1139.52
618.84
655.01
63.10
63.10
63.10
533.12
305.96
781.04
531.64
1076.42
618.84
655.01
121.00
121.00
121.00
416.92
305.96
664.84
531.64
960.22
618.84
655.01
313.30
313.30
313.30
0.00
0.00
0.00
0.00
0.00
0.00
103.62
305.96
351.54
531.64
646.92
618.84
655.01
0.00
0.00
0.00
103.62
305.96
351.54
531.64
646.92
618.84
655.01
0.00
0.00
0.00
0.00
0.00
4725.05
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

0.00
0.00
0.00
0.00
0.00

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

0.00
0.00
0.00
0.00
0.00

0.00
0.00

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

0.00
0.00
0.00
0.00
0.00

0.00

0.00
0.00

0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

646.92
11250.08
5548.13
5701.95

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

2009-10E
2009-10E
2009-10E
2009-10E
2009-10E
2010-11E
6-m (Apr-Sep) OND 9-m (Apr-Dec)
JFM Annual(Apr-Mar) AMJ
69.34%
68.60%
69.11%
65.90%
65.75%
68.83%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
2.29%
0.00%
0.00%
0.00%
0.00%
0.00%
2.33%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
6.16%
6.25%
6.18%
6.05%
6.14%
6.07%
20.07%
20.49%
20.49%
20.59%
16.70%
16.50%
0.47%
0.00%
0.32%
0.00%
0.23%
0.00%
0.90%
0.00%
0.60%
0.00%
0.45%
0.00%
2.33%
0.00%
1.56%
0.00%
1.15%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.04%
0.00%
0.02%
0.00%
0.02%
0.00%
103.624956 305.959518 351.537234 531.642534
646.92 618.836936
206.49%
33.08% #DIV/0!
112.20% #DIV/0!
206.49% #DIV/0!
0.00%
4.43%
4.66%
4.22%
7.46%
4.20%
8.60%
0.693
0.686
0.691
0.659
0.683
0.688

2010-11E
JAS
68.71%
0.00%
0.00%
0.00%
0.00%
0.00%
6.25%
16.50%
0.00%
0.00%
0.00%
0.00%
0.00%
655.0052148
#DIV/0!
8.54%
0.687

2010-11E
2010-11E
2010-11E
2010-11E
6-m (Apr-Sep)
OND
9-m (Apr-Dec)
JFM
14868.75
7248.79
22117.54
7872.95
0.00
0.00
0.00
0.00
14868.75
7248.79
22117.54
7872.95
0.00
0.00
13594.75
6622.17
20220.32
6934.77
10224.71
4968.78
15198.74
5148.24
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
916.69
457.34
1372.18
487.50
2453.34
1196.05
3649.39
1299.04
1274.01
626.62
1897.22
938.18
0.00
0.00
1274.01
626.62
1897.22
938.18
0.00
0.00
1274.01
626.62
1897.22
938.18
0.00
0.00
0.00
0.00
0.00
0.00
1274.01
626.62
1897.22
938.18
0.00
0.00
1274.01
626.62
1897.22
938.18
0.00
0.00
0.00
0.00
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

0.00
0.00
0.00
0.00
0.00

#DIV/0!
#DIV/0!
0.00
0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

2010-11E
6-m (Apr-Sep)
68.77%
0.00%
0.00%
0.00%
0.00%
0.00%
6.17%
16.50%
0.00%
0.00%
0.00%
0.00%
0.00%
1274.005354

2010-11E
OND
68.55%
0.00%
0.00%
0.00%
0.00%
0.00%
6.31%
16.50%
0.00%
0.00%
0.00%
0.00%
0.00%
626.6217114

2010-11E
9-m (Apr-Dec)
68.72%
0.00%
0.00%
0.00%
0.00%
0.00%
6.20%
16.50%
0.00%
0.00%
0.00%
0.00%
0.00%
1897.220689

2010-11E
JFM
65.39%
0.00%
0.00%
0.00%
0.00%
0.00%
6.19%
16.50%
0.00%
0.00%
0.00%
0.00%
0.00%
938.1762415

#DIV/0!

#DIV/0!
8.57%

0.688

#DIV/0!

8.64%
0.685

#DIV/0!
8.58%

0.687

11.92%
0.654

2010-11E
2011-12E
2011-12E
2011-12E
Annual(Apr-Mar)
AMJ
JAS
6-m (Apr-Sep)
29990.49
7840.36
8354.00
16194.36
0.00
0.00
0.00
0.00
29990.49
7840.36
8354.00
16194.36
0.00
0.00
28377.08
7205.41
7677.58
14882.70
20377.10
5522.85
5877.07
11399.53
0.00
0.00
0.00
0.00
572.53
0.00
624.16
0.00
0.00
0.00
1854.85
467.31
505.64
973.04
4948.43
1215.26
1294.87
2510.13
1613.41
634.94
676.42
1311.66
0.00
0.00
1613.41
634.94
676.42
1311.66
0.00
0.00
1613.41
634.94
676.42
1311.66
0.00
0.00
0.00
0.00
0.00
0.00
1613.41
634.94
676.42
1311.66
0.00
0.00
1613.41
634.94
676.42
1311.66
0.00
0.00
0.00
0.00
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

0.00
0.00
0.00

0.00

0.00
0.00
0.00
0.00
0.00

0.00
0.00

0.00
0.00

1613.41
0.00
0.00
0.00

0.00
0.00
0.00
0.00

2010-11E
Annual(Apr-Mar)
65.14%

2011-12E
AMJ
70.44%
0.00%
0.00%
0.00%
0.00%
0.00%
5.96%
15.50%
0.00%
0.00%
0.00%
0.00%
0.00%
634.9446471

2011-12E
2011-12E
JAS
6-m (Apr-Sep)
70.35%
70.39%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
6.05%
6.01%
15.50%
15.50%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
676.4169262
1311.659155

#DIV/0!

#DIV/0!

0.00%
1.91%
2.08%
0.00%
6.18%
16.50%
0.00%
0.00%
0.00%
0.00%
0.00%
1613.41
#DIV/0!
#DIV/0!
#DIV/0!
5.38%
0.679

0.00
0.00
0.00
0.00

8.10%
0.704

0.00
0.00
0.00
0.00

#DIV/0!

8.10%
0.704

8.10%
0.704

2011-12E
2011-12E
2011-12E
2011-12E
2012-13E
OND
9-m (Apr-Dec) JFM
Annual(Apr-Mar)
AMJ
7895.05
24089.41
8574.85
32664.26
8484.23
0.00
0.00
0.00
0.00
0.00
7895.05
24089.41
8574.85
32664.26
8484.23
0.00
0.00
7198.45
22085.00
7406.80
30345.81
7700.57
5474.35
16880.18
5518.45
22436.17
5906.59
0.00
0.00
0.00
0.00
0.00
248.97
0.00
572.42
0.00
0.00
500.36
1470.96
559.24
2025.28
512.86
1223.73
3733.86
1329.10
5062.96
1281.12
696.60
2004.41
1168.05
2318.45
783.65
0.00
0.00
696.60
2004.41
1168.05
2318.45
783.65
0.00
0.00
696.60
2004.41
1168.05
2318.45
783.65
0.00
0.00
0.00
0.00
0.00
0.00
696.60
2004.41
1168.05
2318.45
783.65
0.00
0.00
696.60
2004.41
1168.05
2318.45
783.65
0.00
0.00
0.00
0.00
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

0.00
0.00
0.00
0.00
0.00

0.00
0.00

#DIV/0!
#DIV/0!
0.00
0.00
0.00

0.00
0.00

0.00

0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

2318.45
0.00
0.00
0.00

0.00
0.00
0.00
0.00

2011-12E
2011-12E
OND
9-m (Apr-Dec)
69.34%
70.07%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
6.34%
6.11%
15.50%
15.50%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
696.6039276
2004.409775

2011-12E
JFM
64.36%
0.00%
0.00%
0.00%
0.00%
0.00%
6.52%
15.50%
0.00%
0.00%
0.00%
0.00%
0.00%
1168.054271

2012-13E
AMJ
69.62%
0.00%
0.00%
0.00%
0.00%
0.00%
6.04%
15.10%
0.00%
0.00%
0.00%
0.00%
0.00%
783.6531489

#DIV/0!

#DIV/0!

2011-12E
Annual(Apr-Mar)
65.70%
0.00%
0.00%
0.01
1.75%
0.00%
6.20%
15.50%
0.00%
0.00%
0.00%
0.00%
0.00%
2318.45
#DIV/0!
#DIV/0!
#DIV/0!
7.10%
0.687

#DIV/0!

8.82%
0.693

8.32%
0.701

13.62%
0.644

#DIV/0!
9.24%
0.696

2012-13E
2012-13E
2012-13E
2012-13E
2012-13E
JAS
6-m (Apr-Sep) OND
9-m (Apr-Dec) JFM
9040.05
17524.28
8543.41
26067.69
9279.04
0.00
0.00
0.00
0.00
0.00
9040.05
17524.28
8543.41
26067.69
9279.04
0.00
0.00
8196.46
15896.74
7708.43
23608.18
8032.99
6273.37
12179.53
5880.36
18065.09
6051.54
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
558.04
1071.04
538.02
1606.88
580.31
1365.05
2646.17
1290.05
3936.22
1401.13
843.59
1627.54
834.98
2459.50
1246.05
0.00
0.00
843.59
1627.54
834.98
2459.50
1246.05
0.00
0.00
843.59
1627.54
834.98
2459.50
1246.05
0.00
0.00
0.00
0.00
0.00
0.00
843.59
1627.54
834.98
2459.50
1246.05
0.00
0.00
843.59
1627.54
834.98
2459.50
1246.05
0.00
0.00
0.00
0.00
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

0.00
0.00
0.00
0.00
0.00

0.00
0.00

#DIV/0!
#DIV/0!
0.00
0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

2012-13E
2012-13E
JAS
6-m (Apr-Sep)
69.40%
69.50%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
6.17%
6.11%
15.10%
15.10%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
843.5891653
1627.539025

2012-13E
2012-13E
OND
9-m (Apr-Dec)
68.83%
69.30%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
6.30%
6.16%
15.10%
15.10%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
834.98149
2459.502702

2012-13E
JFM
65.22%
0.00%
0.00%
0.00%
0.00%
0.00%
6.25%
15.10%
0.00%
0.00%
0.00%
0.00%
0.00%
1246.050732

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

9.33%
0.694

0.00
0.00
0.00
0.00

9.29%
0.695

#DIV/0!

9.77%
0.688

9.44%
0.693

13.43%
0.652

2012-13E
2013-14E
2013-14E
2013-14E
2013-14E
Annual(Apr-Mar)
AMJ
JAS
6-m (Apr-Sep) OND
35346.73
9321.95
9932.66
19254.61
9386.98
0.00
0.00
0.00
0.00
0.00
35346.73
9321.95
9932.66
19254.61
9386.98
0.00
0.00
32981.52
8516.17
9046.39
17520.29
8498.45
24150.79
6490.88
6901.75
13392.18
6468.08
0.00
0.00
0.00
0.00
584.15
0.00
726.52
0.00
0.00
0.00
2182.71
561.75
611.70
1173.60
592.77
5337.36
1463.55
1532.94
2954.51
1437.60
2365.21
805.78
886.27
1734.32
888.53
0.00
0.00
2365.21
805.78
886.27
1734.32
888.53
0.00
0.00
2365.21
805.78
886.27
1734.32
888.53
0.00
0.00
0.00
0.00
0.00
0.00
2365.21
805.78
886.27
1734.32
888.53
0.00
0.00
2365.21
805.78
886.27
1734.32
888.53
0.00
0.00
0.00
0.00
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

0.00
0.00
0.00

0.00

#DIV/0!
#DIV/0!
0.00
0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

2365.21
0.00
0.00
0.00

0.00
0.00
0.00
0.00

2012-13E
Annual(Apr-Mar)
65.53%
0.00%
0.00%
1.65%
2.06%
0.00%
6.18%
15.10%
0.00%
0.00%
0.00%
0.00%
0.00%
2365.21
#DIV/0!
#DIV/0!
#DIV/0!
6.69%
0.683

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

2013-14E
AMJ
69.63%
0.00%
0.00%
0.00%
0.00%
0.00%
6.03%
15.70%
0.00%
0.00%
0.00%
0.00%
0.00%
805.7790343

2013-14E
2013-14E
JAS
6-m (Apr-Sep)
69.49%
69.55%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
6.16%
6.10%
15.43%
15.34%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
886.2662049
1734.316048

2013-14E
OND
68.90%
0.00%
0.00%
0.00%
0.00%
0.00%
6.31%
15.31%
0.00%
0.00%
0.00%
0.00%
0.00%
888.5324875

#DIV/0!

#DIV/0!

#DIV/0!

8.64%
0.696

#DIV/0!

8.92%
0.695

9.01%
0.696

9.47%
0.689

2013-14E
2013-14E
2013-14E
9-m (Apr-Dec) JFM
Annual(Apr-Mar)
28641.59
10195.24
38836.83
0.00
0.00
0.00
28641.59
10195.24
38836.83
0.00
0.00
26014.31
8830.37
36200.16
19866.93
6625.72
26533.04
0.00
0.00
0.00
0.00
0.00
559.75
0.00
762.38
0.00
0.00
1763.80
644.61
2402.74
4383.58
1560.04
5942.25
2627.28
1364.87
2636.68
0.00
0.00
2627.28
1364.87
2636.68
0.00
0.00
2627.28
1364.87
2636.68
0.00
0.00
0.00
0.00
0.00
0.00
2627.28
1364.87
2636.68
0.00
0.00
2627.28
1364.87
2636.68
0.00
0.00
0.00
0.00
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00

0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

2636.68
0.00
0.00
0.00

2013-14E
9-m (Apr-Dec)
69.36%
0.00%
0.00%
0.00%
0.00%
0.00%
6.16%
15.30%
0.00%
0.00%
0.00%
0.00%
0.00%
2627.279598

2013-14E
JFM
64.99%
0.00%
0.00%
0.00%
0.00%
0.00%
6.32%
15.30%
0.00%
0.00%
0.00%
0.00%
0.00%
1364.872607

2013-14E
Annual(Apr-Mar)
65.46%
0.00%
0.00%
1.44%
1.96%
0.00%
6.19%
15.30%
0.00%
0.00%
0.00%
0.00%
0.00%
2636.68
#DIV/0!
#DIV/0!
#DIV/0!
6.79%
0.683

#DIV/0!

#DIV/0!

9.17%
0.694

13.39%
0.650

Profit And Loss Statement - CEAT Ltd.,

Particulars
Net Sales
% Growth
Total Revenue
% Growth
EXPENDITURES
Staff Costs
% of Net Sales
Other Manufacturing/Operating costs
% of Net Sales
Miscellaneous Expenses
% of Net Sales
Total Expenditures
% of Net Sales
EBITDA
EBITDA Margin %
Growth %
Depreciation & Amortisation
EBIT
Financial Charges
Other Income
PBT
Pre-tax Margin %
Tax
Effective Tax Rate %
Adjusted PAT
Net Profit Margin %
Growth in Adjusted PAT %
Extrodinary Income
Reported PAT
Shares In Issue
Adjusted EPS
Growth %
Dividend paid
Dividend pay out ratio
Net profit transferred to Reserves Acccount
DPS

2003-04
14008.30
0%
15230.50
0%

2004-05
15279.90
9.08%
15668.69
2.88%

2005-06
17474.20
14.36%
17700.46
12.97%

2006-07
21347.78
22.17%
21592.22
21.99%

9320.50
67%
1407.80
10%
3088.70
22%
13817.00
99%
191.30
1%
221.00
-29.70
764.10
1222.20
428.40
3.06%
81.60
19%
346.80
2%
0%
-206.20
140.60
35.21
3.99
0.00%

1094.41
7.16%
10601.40
69.38%
3187.70
20.86%
14883.51
97.41%
396.39
2.59%
107.21%
220.56
175.83
641.87
388.79
-77.25
-0.51%
-10.00
12.95%
-67.25
-0.44%
-119.39%
48.51
-18.74
35.21
-0.53
-113.33%

1185.88
6.79%
13386.76
76.61%
2215.59
12.68%
16788.22
96.07%
685.98
3.93%
73.06%
224.50
461.48
635.56
226.26
52.17
0.30%
47.00
90.08%
5.17
0.03%
-107.69%
0.00
5.17
45.66
0.11
-121.30%

1282.31
6.01%
16233.99
76.05%
2551.86
11.95%
20068.15
94.01%
1279.63
5.99%
86.54%
310.61
969.03
604.27
244.43
609.19
2.85%
216.70
35.57%
392.49
1.84%
7485.72%
0.00
392.49
45.66
8.60
7486.38%

0
0.00
140.60

0
0.00
-18.74

0
0.00
5.17

96
0.24
296.33

0.00

0.00

0.00

2.11

Ltd.,

click to go back
2007-08
23299.67
9.14%
23530.39
8.98%

Rs in million
2008-09
2009-10E
2010-11E
25605.14
27152.13 29990.49
9.89%
6.04%
10.45%
25737.33
27392.11 30229.45
9.38%
6.43%
10.36%

2011-12E
2012-13E 2013-14E
32664.26 35346.73 38836.83
8.92%
8.21%
9.87%
32903.45 35631.02 39138.90
8.85%
8.29%
9.85%

1430.21
6.14%
16828.68
72.23%
3198.56
13.73%
21457.44
92.09%
1842.23
7.91%
43.97%
329.90
1512.33
569.40
230.72
1173.64
5.04%
487.06
41.50%
686.58
2.95%
74.93%
799.46
1486.04
34.24
43.40
404.85%

1606.93
6.28%
18081.41
70.62%
5446.65
21.27%
25134.99
98.16%
470.15
1.84%
-74.48%
256.13
214.02
717.95
132.19
-371.74
-1.45%
-210.67
56.67%
-161.07
-0.63%
-123.46%
0.00
-161.07
34.25
-4.70
-110.84%

1667.22
6.14%
19810.99
72.96%
4534.41
16.70%
26012.62
95.80%
1139.52
4.20%
142.37%
348.28
791.23
755.73
239.98
275.48
1.01%
91.82
33.33%
183.67
0.68%
-214.03%
0
183.67
34.25
5.36
-214.03%

1854.85
6.18%
21573.80
71.94%
4948.43
16.50%
28377.08
94.62%
1613.41
5.38%
41.59%
368.08
1245.33
852.26
238.96
632.03
2.11%
210.65
33.33%
421.37
1.41%
129.42%
0
421.37
34.25
12.30
129.42%

2025.28
6.20%
23257.57
71.20%
5062.96
15.50%
30345.81
92.90%
2318.45
7.10%
43.70%
381.30
1937.14
968.55
239.20
1207.79
3.70%
402.56
33.33%
805.24
2.47%
91.10%
0
805.24
34.25
23.51
91.10%

2182.71
6.18%
25461.46
72.03%
5337.36
15.10%
32981.52
93.31%
2365.21
6.69%
2.02%
433.14
1932.07
1004.19
284.29
1212.18
3.43%
404.02
33.33%
808.16
2.29%
0.36%
0
808.16
34.25
23.60
0.36%

2402.74
6.19%
27855.17
71.72%
5942.25
15.30%
36200.16
93.21%
2636.68
6.79%
11.48%
468.58
2168.10
1119.45
302.07
1350.72
3.48%
450.19
33.33%
900.52
2.32%
11.43%
0
900.52
34.25
26.30
11.43%

160
0.11
1325.79

0
0.00
-161.07

183.67

421.37

805.24

808.16

900.52

4.68

0.00

0.00

0.00

0.00

Actuals
Projected

Company - CEAT Ltd.,

Net sales

YOY

YOY

YOY

YOY

YOY

FY 2004-05
FY 2003-04
Growth%
FY 2005-06
FY 2004-05
Growth%
FY 2006-07
FY 2005-06
Growth%
FY 2007-08
FY 2006-07
Growth%
FY 2008-09
FY 2007-08
Growth%
FY 2009-10
FY 2008-09
Growth%
FY 2010-11
FY 2009-10
Growth%

(Operating revenue excluding other income)

Q1 AMJ
Q2 JAS
6 months
Q3 OND
3462.20
0.00
#DIV/0!
4027.70
3462.20
16.33%
4976.60
4027.70
23.56%
5364.40
4976.60
7.79%
6573.64
5364.40
22.54%
6517.29
6573.64
-0.86%
7198.58
6517.29
10.45%

3829.10
0.00
#DIV/0!
4496.00
3829.10
17.42%
5375.70
4496.00
19.57%
5831.90
5375.70
8.49%
6789.10
5831.90
16.41%
5104.00
6789.10
-24.82%
0.00
5104.00
-100.00%

7291.30
0.00
#DIV/0!
8523.70
7291.30
16.90%
10352.30
8523.70
21.45%
11196.30
10352.30
8.15%
13362.74
11196.30
19.35%
11621.29
13362.74
-13.03%
7198.58
11621.29
-38.06%

3799.80
0.00
#DIV/0!
4106.90
3799.80
8.08%
5366.60
4106.90
30.67%
5641.10
5366.60
5.11%
5930.40
5641.10
5.13%
3655.70
5930.40
-38.36%
0.00
3655.70
-100.00%

9 months
11091.10
0.00
#DIV/0!
12630.60
11091.10
13.88%
15718.90
12630.60
24.45%
16837.40
15718.90
7.12%
19293.14
16837.40
14.59%
15276.99
19293.14
-20.82%
7198.58
15276.99
-52.88%

click to go back

Q4 JFM

12 months
Q1

4188.80
0.00
#DIV/0!
4843.60
4188.80
15.63%
5628.90
4843.60
16.21%
6462.30
5628.90
14.81%
6312.00
6462.30
-2.33%
3513.50
6312.00
-44.34%
0.00
3513.50
-100.00%

15279.90
0.00
#DIV/0!
17474.20
15279.90
14.36%
21347.78
17474.20
22.17%
23299.67
21347.78
9.14%
25605.14
23299.67
9.89%
16956.04
25605.14
-33.78%
0.00
16956.04
-100.00%

Q2

Q3

Q$

0.23

0.25

0.25

0.27

0.23

0.26

0.24

0.28

0.23

0.25

0.25

0.26

0.23

0.25

0.24

0.28

0.26

0.27

0.23

0.25

0.24

0.26

0.24

0.26

Cash Flow Statement - CEAT Ltd.,

Rs in million
Cash Flow from Operating Activities

Add:
Add:
Add:
Add:

PAT
Depreciation
Interest Expense
Other Non-Cash Charges
Direct taxes paid
Operating Profit Before WC Changes
Changes in Current Assets (excluding cash)
Changes in Current Liabilities
Changes In WC
Cash Generated From Operations

Less: Direct Taxes Paid

Others
Net Cash Generated From Operations

2005-06
5.17
246.95
635.56
0.00
47.00
934.68

2006-07
392.49
279.41
604.27
0.00
216.70
1492.87

2007-08
1486.04
146.92
569.40
0.00
487.06
2689.42

2008-09
-161.07
309.63
717.95
0.00
-210.67
655.83

4303.13
(939.21)
3363.92

(407.22)
159.17
(248.05)

(1899.43)
287.42
(1612.01)

1128.41
(466.67)
661.74

4298.60

1244.82

1077.41

1317.57

47.00
0.00
4251.60

216.70
0.00
1028.12

487.06
0.00
590.35

-210.67
1.00
1527.24

(2061.97)
629.85
0.00
(1432.13)

(121.05)
0.00
0.00
(121.05)

(946.48)
1182.07
0.00
235.58

(358.10)
(330.65)
1.00
(687.75)

716.36
105.82
0.00
(635.56)
(2922.33)
(2735.71)

(197.26)
0.00
(96.16)
(604.27)
0.01
(897.68)

(106.33)
-114.37
(160.25)
(569.40)
134.78
(815.57)

1565.45
0.01
0.00
(717.95)
(87.70)
759.82

10.36

1599.31

Cash Flow from Investing Activities

Capital Expenditure (CAPEX)
Investments
Others
Net Cash Used In Investing Activities
Cash Flow from Financing Activities
Change in Debt
Change in Equity
Dividends Paid
Interest Paid
Others
Net Cash used in Financing Activities
Net Increase in Cash and Cash Equivalents

83.76

Cash and cash equivalents At the beginning 312.363

9.39
396.127

405.513

415.87

Net Increase in Cash and Cash Equivalents

Cash and cash equivalents At the end
cash balance as per balance sheet
difference

83.76
396.13

9.39
405.51

10.36
415.87

1599.31
2015.18

396.1
0.00

405.5
0.00

415.9
0.00

2015.2
0.00

click to go back

Rs in million
2009-10E 2010-11E 2011-12E 2012-13E 2013-14E
183.67
421.37
805.24
808.16
900.52
348.28
368.08
381.30
433.14
468.58
755.73
852.26
968.55 1004.19 1119.45
0.00
0.00
0.00
0.00
0.00
91.82
210.65
402.56
404.02
450.19
1379.50 1852.37 2557.64 2649.50 2938.75
(361.16) (1028.02)
633.41
751.17
272.25 (276.85)

(521.79)
331.49
(190.30)

(815.50)
672.13
(143.37)

(789.71)
310.63
(479.09)

1651.74

1575.52

2367.34

2506.13

2459.66

91.82

210.65

402.56

404.02

450.19

1559.93

1364.87

1964.78

2102.11

2009.47

(1354.02) (1235.57) (1376.82) (1426.02) (1675.15)

(773.22)
5.12 (399.87) 240.87
(84.64)
(2127.25) (1230.45) (1776.68) (1185.15) (1759.79)

(431.89)

753.19

787.32

(755.73)
0.00
(1187.61)

(852.26)
0.00
(99.08)

(1754.94)

35.34

6.88

2015.184

260.25

295.59

471.41

861.90

(968.55) (1004.19) (1119.45)

0.00
0.00
0.00
(181.22) (532.78) (257.55)
384.18
302.47

(7.88)
686.65

-1754.94
260.25

35.34
295.59

6.88
302.47

384.18
686.65

-7.88
678.77

260.3
0.00

295.6
0.00

302.5
0.00

686.7
0.00

678.8
0.00

2004-05
Profitability Ratios
Return on Assets (ROA)
Return on Equity (ROE)
Return on Capital Employed (ROCE)
Dupont Analysis-ROE Decomposition
PAT/PBT (Tax Efficiency)
PBT/EBIT (Interest Burden)
EBIT/Sales (OPM)
Sales/Total Assets (Asset Turnover)
TA/NW (Financial Leverage)
ROE
Liquidity Ratios
Current Ratio
Acid Test Ratio
Debt-Equity Ratio
Efficiency Ratios
Assets Turnover Ratio
Working Capital Turnover Ratio
F.A. Turnover Ratio
C.A. Turnover Ratio
Debtors Velocity
Margin Ratios (%)
EBITDA Margin
Pre-Tax Margin
Net Profit Margin
Growth Ratios YoY (%)
Net Sales
EBITDA
Adj.PAT
Adj.EPS
Working Ratios (Days)
Inventory
Debtors
Net Working Capital Excluding Cash
Other Ratios (%)
Other Income/PBT
Per Share (Rs.)
Adj.EPS

Financial Ratios
2005-06
2006-07

2007-08

2008-09E

-0.40%
-1.07%
1.61%

0.04%
0.15%
5.22%

2.77%
10.37%
10.84%

4.37%
13.38%
14.85%

-0.97%
-3.30%
1.86%

0.87
-0.44
0.01
0.90
2.69
-1.07

0.10
0.11
0.03
1.25
3.99
0.15

0.64
0.63
0.05
1.50
3.75
10.37

0.59
0.78
0.06
1.48
3.06
13.38

0.43
-1.74
0.01
1.55
3.39
-3.30

1.59
1.32
0.74

1.06
0.70
1.53

1.11
0.69
1.36

1.39
0.78
0.98

1.62
1.18
1.35

0.90
4.26
2.81
1.59
56.52

1.25
57.33
2.41
3.24
52.89

1.50
37.97
3.01
3.67
45.00

1.48
10.67
2.95
3.02
48.24

1.55
8.20
3.22
3.13
45.43

2.59%
-0.51%
-0.44%

3.93%
0.30%
0.03%

5.99%
2.85%
1.84%

7.91%
5.04%
2.95%

1.84%
-1.45%
-0.63%

9.08%
107.21%
-119.39%
-113.33%

14.36%
73.06%
-107.69%
-121.30%

22.17%
86.54%
7485.72%
7486.38%

9.14%
43.97%
74.93%
404.85%

9.89%
-74.48%
-123.46%
-110.84%

40.18
56.52
3272.57

38.32
52.89
-91.35

37.82
45.00
156.70

53.43
48.24
1768.71

31.28
45.43
1106.97

-503.30%

433.67%

40.12%

19.66%

-35.56%

-0.53

0.11

8.60

43.40

-4.70

CEPS
DPS
BVPS
Cash Per Share

5.73
0.00
178.95
8.87

5.03
0.00
76.44
8.68

1.54
0.21
8.29
8.88

5.30
0.47
14.99
12.15

0.28
0.00
14.26
58.84

2009-10E

1.08%
3.62%
7.03%
0.67
0.35
0.03
1.60
3.35
3.62

1.19
0.72
1.23

1.60
24.80
3.03
3.99
40.15

4.20%
1.01%
0.68%

6.04%
142.37%
-214.03%
-214.03%

36.50
40.15
834.72

87.11%

5.36

1.55
0.00
14.80
7.60

Balance Sheet - CEAT Ltd.,

Rs in mi

Particulars
Gross Asset
Accumulated Depriciation
Capital WIP
Net Fixed Asset
Investments & Deposits

2004-05
8,898.27

2005-06
11,067.84

2006-07
11,130.29

2007-08
12,143.32

3,603.84

3,850.78

4,130.20

4,277.11

150.33

42.74

101.33

34.79

5,444.76
1,907.94

7,259.79
1,278.09

7,101.43
1,278.09

7,901.00
96.02

9,612.77

5,393.41

5,810.01

7,719.79

312.36

396.13

405.51

415.87

1,682.04

1,834.54

2,212.17

3,410.60

2,366.00

2,532.28

2,631.71

3,079.08

5,252.36

630.46

560.62

814.24

6,027.84

5,088.63

5,247.80

5,535.21

3,272.57

-91.35

156.70

1,768.71

10,937.63

8,842.66

8,941.74

10,181.60

3,388.53
1,117.83
129.89

2,912.23
2,300.50
139.89

2,757.59
2,164.96
232.81

2,653.91
2,122.08
273.04

4,636.25

5,352.61

5,155.36

5,049.03

350.98

456.80

456.80

342.43

5,950.40

3,033.24

3,329.58

4,790.15

6,301.38

3,490.04

3,786.38

5,132.57

10,937.63

8,842.66

8,941.74

10,181.60

DIFF

0.00

0.00

0.00

0.00

current ratio
D\E

1.59

1.06

1.11

1.39

0.74

1.53

1.36

0.98

396.13

405.51

415.87

0.00

0.00

0.00

Current Asset
Cash
Inventories
Trade Debtors
Loans and Advances
Current Liabilities & Provisions
Net Current Asset Excluding Cash
Miscellaneous Items
Capital Deployed
Non-Current Liabilities
Secured Debt
Non-secured debt & Trade deposit
Deferred Tax Liabilities
Total Liabilities
Contingent Liabilities
Share Capital
Reserve and Surplus
Total Stock Holder's Equuity
Capital Employed

cash from cash flow statement

#REF!
difference between the two cash balance #REF!

Closing Cash Balance from Cash Flow Stmt

#REF!

396.13

405.51

415.87

click to go back
Rs in million

2008-09

2009-10E

2010-11E

2011-12E

2012-13E

2013-14E

12,340.60

13,779.12

15,085.46

16,241.61

17,763.03

19,453.79

4,586.74

4,935.02

5,303.10

5,684.40

6,117.54

6,586.12

195.61

111.11

40.34

261.00

165.61

150.00

7,949.47

8,955.21

9,822.70

10,818.21

11,811.10

13,017.67

426.67

1,199.89

1,194.78

1,594.64

1,353.77

1,438.42

8,190.70

6,796.92

7,860.28

8,388.95

9,588.63

10,370.47

2,015.18

260.25

295.59

302.47

686.65

678.77

2,194.16

2,715.21

2,999.05

3,110.64

3,478.48

3,801.36

3,187.09

2,986.73

3,598.86

3,952.38

4,312.30

4,660.42

794.26

834.72

966.78

1,023.46

1,111.20

1,229.91

5,068.54

5,701.95

6,453.12

6,784.61

7,456.74

7,767.37

1,106.97

834.72

1,111.57

1,301.87

1,445.24

1,924.33

11,498.30

11,250.08

12,424.64

14,017.20

15,296.76

17,059.18

3,981.24
2,470.20
163.04

3,426.03
2,501.25
152.39

3,887.89
2,770.41
286.41

4,419.15
3,031.20
308.98

4,607.76
3,268.20
289.41

5,117.03
3,594.64
352.05

6,614.48

6,182.59

6,935.78

7,723.10

8,194.51

9,056.41

342.44

342.44

342.44

342.44

342.44

342.44

4,541.38

4,725.05

5,146.42

5,951.66

6,759.81

7,660.34

4,883.82

5,067.48

5,488.85

6,294.09

7,102.25

8,002.77

11,498.30

11,250.08

12,424.63

14,017.19

15,296.76

17,059.18

0.00

0.00

0.00

0.00

0.00

0.00

1.62

1.19

1.22

1.24

1.29

1.34

1.35

1.22

1.26

1.23

1.15

1.13

2015.18

260.25

295.59

302.47

686.65

678.77

0.00

0.00

0.00

0.00

0.00

0.00

2015.18

260.25

295.59

302.47

686.65

678.77

CEAT Ltd.,

Date
2-Apr-07
3-Apr-07
4-Apr-07
5-Apr-07
9-Apr-07
10-Apr-07
11-Apr-07
12-Apr-07
13-Apr-07
16-Apr-07
17-Apr-07
18-Apr-07
19-Apr-07
20-Apr-07
23-Apr-07
24-Apr-07
25-Apr-07
26-Apr-07
27-Apr-07
30-Apr-07
3-May-07
4-May-07
7-May-07
8-May-07
9-May-07
10-May-07
11-May-07
14-May-07
15-May-07
16-May-07
17-May-07
18-May-07
21-May-07
22-May-07
23-May-07
24-May-07
25-May-07
28-May-07
29-May-07
30-May-07
31-May-07
1-Jun-07
4-Jun-07

CEAT
108.4
106.4
106
105.95
106.75
108.5
112.25
111.5
116.6
124.2
123
125
137
141.95
134.55
151.1
148.75
143.55
141.4
142.55
144.25
142.2
139
134.8
136.3
144.1
143.25
144.85
142
140.65
148.45
147.4
150.65
169.85
166.7
157.25
171.3
170
176.05
179.25
182.1
178.5
180

Sensex
12455.37
12624.58
12786.77
12856.08
13177.74
13189.54
13183.24
13113.81
13384.08
13695.58
13607.04
13672.19
13619.7
13897.41
13928.33
14136.72
14217.77
14228.88
13908.58
13872.37
14078.21
13934.27
13879.25
13765.46
13781.51
13771.23
13796.16
13965.86
13929.33
14127.31
14299.71
14303.41
14418.6
14453.72
14363.26
14218.11
14338.45
14397.89
14508.21
14411.38
14544.46
14570.75
14495.77

Ri

Ri-Avg(Ri)

Rm

RM-Avg(RM))

-0.02
0.00
0.00
0.01
0.02
0.03
-0.01
0.05
0.07
-0.01
0.02
0.10
0.04
-0.05
0.12
-0.02
-0.03
-0.01
0.01
0.01
-0.01
-0.02
-0.03
0.01
0.06
-0.01
0.01
-0.02
-0.01
0.06
-0.01
0.02
0.13
-0.02
-0.06
0.09
-0.01
0.04
0.02
0.02
-0.02
0.01

-0.02
-0.01
0.00
0.01
0.01
0.03
-0.01
0.04
0.06
-0.01
0.01
0.09
0.03
-0.05
0.12
-0.02
-0.04
-0.02
0.01
0.01
-0.02
-0.02
-0.03
0.01
0.06
-0.01
0.01
-0.02
-0.01
0.05
-0.01
0.02
0.13
-0.02
-0.06
0.09
-0.01
0.03
0.02
0.01
-0.02
0.01

0.01
0.01
0.01
0.03
0.00
0.00
-0.01
0.02
0.02
-0.01
0.00
0.00
0.02
0.00
0.01
0.01
0.00
-0.02
0.00
0.01
-0.01
0.00
-0.01
0.00
0.00
0.00
0.01
0.00
0.01
0.01
0.00
0.01
0.00
-0.01
-0.01
0.01
0.00
0.01
-0.01
0.01
0.00
-0.01

0.01
0.01
0.00
0.02
0.00
0.00
-0.01
0.02
0.02
-0.01
0.00
0.00
0.02
0.00
0.01
0.00
0.00
-0.02
0.00
0.01
-0.01
0.00
-0.01
0.00
0.00
0.00
0.01
0.00
0.01
0.01
0.00
0.01
0.00
-0.01
-0.01
0.01
0.00
0.01
-0.01
0.01
0.00
-0.01

5-Jun-07
6-Jun-07
7-Jun-07
8-Jun-07
11-Jun-07
12-Jun-07
13-Jun-07
14-Jun-07
15-Jun-07
18-Jun-07
19-Jun-07
20-Jun-07
21-Jun-07
22-Jun-07
25-Jun-07
26-Jun-07
27-Jun-07
28-Jun-07
29-Jun-07
2-Jul-07
3-Jul-07
4-Jul-07
5-Jul-07
6-Jul-07
9-Jul-07
10-Jul-07
11-Jul-07
12-Jul-07
13-Jul-07
16-Jul-07
17-Jul-07
18-Jul-07
19-Jul-07
20-Jul-07
23-Jul-07
24-Jul-07
25-Jul-07
26-Jul-07
27-Jul-07
30-Jul-07
31-Jul-07
1-Aug-07
2-Aug-07
3-Aug-07
6-Aug-07
7-Aug-07
8-Aug-07
9-Aug-07
10-Aug-07

177.3
168.7
167
162.05
162
154.1
155
153.5
147.65
145.95
148.35
153.45
158.6
155
151
149
147.9
162.55
156.5
160.2
159.6
172.5
168.4
169.85
168.5
165.95
163
170
166.4
164.1
166.15
169
169
169.25
180.7
181
185.45
185.95
183.15
176.5
179.1
166.25
168.2
168
167.7
166.65
168.1
160
159.9

14535.01
14255.93
14186.18
14063.81
14083.41
14130.95
14003.03
14203.72
14162.71
14080.14
14295.5
14411.95
14499.24
14467.36
14487.72
14501.08
14431.06
14504.57
14650.51
14664.26
14806.51
14880.24
14861.89
14964.12
15045.73
15009.88
14910.62
15092.04
15272.72
15311.22
15289.82
15301.17
15550.13
15565.55
15732.2
15794.92
15699.33
15776.31
15234.57
15260.91
15550.99
14935.77
14985.7
15138.4
14903.03
14932.77
15307.98
15100.15
14868.25

-0.01
-0.05
-0.01
-0.03
0.00
-0.05
0.01
-0.01
-0.04
-0.01
0.02
0.03
0.03
-0.02
-0.03
-0.01
-0.01
0.10
-0.04
0.02
0.00
0.08
-0.02
0.01
-0.01
-0.02
-0.02
0.04
-0.02
-0.01
0.01
0.02
0.00
0.00
0.07
0.00
0.02
0.00
-0.02
-0.04
0.01
-0.07
0.01
0.00
0.00
-0.01
0.01
-0.05
0.00

-0.02
-0.05
-0.01
-0.03
0.00
-0.05
0.00
-0.01
-0.04
-0.01
0.02
0.03
0.03
-0.02
-0.03
-0.01
-0.01
0.10
-0.04
0.02
-0.01
0.08
-0.03
0.01
-0.01
-0.02
-0.02
0.04
-0.02
-0.02
0.01
0.02
0.00
0.00
0.07
0.00
0.02
0.00
-0.02
-0.04
0.01
-0.07
0.01
0.00
0.00
-0.01
0.01
-0.05
0.00

0.00
-0.02
0.00
-0.01
0.00
0.00
-0.01
0.01
0.00
-0.01
0.02
0.01
0.01
0.00
0.00
0.00
0.00
0.01
0.01
0.00
0.01
0.00
0.00
0.01
0.01
0.00
-0.01
0.01
0.01
0.00
0.00
0.00
0.02
0.00
0.01
0.00
-0.01
0.00
-0.03
0.00
0.02
-0.04
0.00
0.01
-0.02
0.00
0.03
-0.01
-0.02

0.00
-0.02
-0.01
-0.01
0.00
0.00
-0.01
0.01
0.00
-0.01
0.01
0.01
0.01
0.00
0.00
0.00
-0.01
0.00
0.01
0.00
0.01
0.00
0.00
0.01
0.00
0.00
-0.01
0.01
0.01
0.00
0.00
0.00
0.02
0.00
0.01
0.00
-0.01
0.00
-0.04
0.00
0.02
-0.04
0.00
0.01
-0.02
0.00
0.02
-0.01
-0.02

13-Aug-07
14-Aug-07
16-Aug-07
17-Aug-07
20-Aug-07
21-Aug-07
22-Aug-07
23-Aug-07
24-Aug-07
27-Aug-07
28-Aug-07
29-Aug-07
30-Aug-07
31-Aug-07
3-Sep-07
4-Sep-07
5-Sep-07
6-Sep-07
7-Sep-07
10-Sep-07
11-Sep-07
12-Sep-07
13-Sep-07
14-Sep-07
17-Sep-07
18-Sep-07
19-Sep-07
20-Sep-07
21-Sep-07
24-Sep-07
25-Sep-07
26-Sep-07
27-Sep-07
28-Sep-07
1-Oct-07
3-Oct-07
4-Oct-07
5-Oct-07
8-Oct-07
9-Oct-07
10-Oct-07
11-Oct-07
12-Oct-07
15-Oct-07
16-Oct-07
17-Oct-07
18-Oct-07
19-Oct-07
22-Oct-07

169.9
164.7
157
155.9
161
153
154.5
153
160.2
163.4
164.3
160.5
163
162.1
165
167
171.75
175.4
173.05
176.85
182.6
183.05
183
181.9
176.4
176.8
172.5
168.5
166.9
165.7
164.75
162.4
162.15
164.5
162.3
163.25
159.95
155
152.2
154
167.4
171.8
174.2
181.25
179.1
170.35
163.2
158.1
160.7

15017.21
15000.91
14358.21
14141.52
14427.55
13989.11
14248.66
14163.98
14424.87
14842.38
14919.19
14993.04
15121.74
15318.6
15422.05
15465.4
15446.15
15616.31
15590.42
15596.83
15542.77
15505.36
15614.44
15603.8
15504.43
15669.12
16322.75
16347.95
16564.23
16845.83
16899.54
16921.39
17150.56
17291.1
17328.62
17847.04
17777.14
17773.36
17491.39
18280.24
18658.25
18814.07
18419.04
19058.67
19051.86
18715.82
17998.39
17559.98
17613.99

0.06
-0.03
-0.05
-0.01
0.03
-0.05
0.01
-0.01
0.05
0.02
0.01
-0.02
0.02
-0.01
0.02
0.01
0.03
0.02
-0.01
0.02
0.03
0.00
0.00
-0.01
-0.03
0.00
-0.02
-0.02
-0.01
-0.01
-0.01
-0.01
0.00
0.01
-0.01
0.01
-0.02
-0.03
-0.02
0.01
0.09
0.03
0.01
0.04
-0.01
-0.05
-0.04
-0.03
0.02

0.06
-0.03
-0.05
-0.01
0.03
-0.05
0.01
-0.01
0.05
0.02
0.00
-0.02
0.01
-0.01
0.02
0.01
0.03
0.02
-0.01
0.02
0.03
0.00
0.00
-0.01
-0.03
0.00
-0.03
-0.02
-0.01
-0.01
-0.01
-0.02
0.00
0.01
-0.01
0.00
-0.02
-0.03
-0.02
0.01
0.09
0.02
0.01
0.04
-0.01
-0.05
-0.04
-0.03
0.02

0.01
0.00
-0.04
-0.02
0.02
-0.03
0.02
-0.01
0.02
0.03
0.01
0.00
0.01
0.01
0.01
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.01
0.00
-0.01
0.01
0.04
0.00
0.01
0.02
0.00
0.00
0.01
0.01
0.00
0.03
0.00
0.00
-0.02
0.05
0.02
0.01
-0.02
0.03
0.00
-0.02
-0.04
-0.02
0.00

0.01
0.00
-0.04
-0.02
0.02
-0.03
0.02
-0.01
0.02
0.03
0.00
0.00
0.01
0.01
0.01
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.01
0.00
-0.01
0.01
0.04
0.00
0.01
0.02
0.00
0.00
0.01
0.01
0.00
0.03
0.00
0.00
-0.02
0.04
0.02
0.01
-0.02
0.03
0.00
-0.02
-0.04
-0.03
0.00

23-Oct-07
24-Oct-07
25-Oct-07
26-Oct-07
29-Oct-07
30-Oct-07
31-Oct-07
1-Nov-07
2-Nov-07
5-Nov-07
6-Nov-07
7-Nov-07
8-Nov-07
9-Nov-07
12-Nov-07
13-Nov-07
14-Nov-07
15-Nov-07
16-Nov-07
19-Nov-07
20-Nov-07
21-Nov-07
22-Nov-07
23-Nov-07
26-Nov-07
27-Nov-07
28-Nov-07
29-Nov-07
30-Nov-07
3-Dec-07
4-Dec-07
5-Dec-07
6-Dec-07
7-Dec-07
10-Dec-07
11-Dec-07
12-Dec-07
13-Dec-07
14-Dec-07
17-Dec-07
18-Dec-07
19-Dec-07
20-Dec-07
24-Dec-07
1-Feb-08
4-Feb-08
5-Feb-08
6-Feb-08
7-Feb-08

171
167
167.55
179.05
179.7
179
176.4
170.55
167
169.5
164
165.65
164.5
167.5
163.45
163.85
162.85
163.4
166
174.2
180
168
165
171
168.25
196.5
199.75
200.55
197.4
196.25
199.35
203
214
219.8
227.5
218.5
217.4
215.1
217.2
207.5
207
200
205.15
209.9
181
192
190.6
187
176.5

18492.84
18512.91
18770.89
19243.17
19977.67
19783.51
19837.99
19724.35
19976.23
19590.78
19400.67
19289.83
19058.93
18907.6
18737.27
19035.48
19929.06
19784.89
19698.36
19633.36
19280.8
18602.62
18526.32
18852.87
19247.54
19127.73
18938.87
19003.26
19363.19
19603.41
19529.5
19738.07
19795.87
19966
19930.68
20290.89
20375.87
20104.39
20030.83
19261.35
19079.64
19091.96
19162.57
19854.12
18242.58
18660.32
18663.16
18139.49
17526.93

0.06
-0.02
0.00
0.07
0.00
0.00
-0.01
-0.03
-0.02
0.01
-0.03
0.01
-0.01
0.02
-0.02
0.00
-0.01
0.00
0.02
0.05
0.03
-0.07
-0.02
0.04
-0.02
0.17
0.02
0.00
-0.02
-0.01
0.02
0.02
0.05
0.03
0.04
-0.04
-0.01
-0.01
0.01
-0.04
0.00
-0.03
0.03
0.02
-0.14
0.06
-0.01
-0.02
-0.06

0.06
-0.02
0.00
0.07
0.00
-0.01
-0.02
-0.03
-0.02
0.01
-0.03
0.01
-0.01
0.02
-0.03
0.00
-0.01
0.00
0.01
0.05
0.03
-0.07
-0.02
0.03
-0.02
0.17
0.02
0.00
-0.02
-0.01
0.01
0.02
0.05
0.03
0.03
-0.04
-0.01
-0.01
0.01
-0.05
0.00
-0.04
0.02
0.02
-0.14
0.06
-0.01
-0.02
-0.06

0.05
0.00
0.01
0.03
0.04
-0.01
0.00
-0.01
0.01
-0.02
-0.01
-0.01
-0.01
-0.01
-0.01
0.02
0.05
-0.01
0.00
0.00
-0.02
-0.04
0.00
0.02
0.02
-0.01
-0.01
0.00
0.02
0.01
0.00
0.01
0.00
0.01
0.00
0.02
0.00
-0.01
0.00
-0.04
-0.01
0.00
0.00
0.04
-0.08
0.02
0.00
-0.03
-0.03

0.05
0.00
0.01
0.02
0.04
-0.01
0.00
-0.01
0.01
-0.02
-0.01
-0.01
-0.01
-0.01
-0.01
0.02
0.05
-0.01
-0.01
0.00
-0.02
-0.04
0.00
0.02
0.02
-0.01
-0.01
0.00
0.02
0.01
0.00
0.01
0.00
0.01
0.00
0.02
0.00
-0.01
0.00
-0.04
-0.01
0.00
0.00
0.04
-0.08
0.02
0.00
-0.03
-0.03

8-Feb-08
11-Feb-08
12-Feb-08
13-Feb-08
14-Feb-08
15-Feb-08
18-Feb-08
19-Feb-08
20-Feb-08
21-Feb-08
22-Feb-08
25-Feb-08
26-Feb-08
27-Feb-08
28-Feb-08
29-Feb-08
3-Mar-08
4-Mar-08
5-Mar-08
7-Mar-08
10-Mar-08
11-Mar-08
12-Mar-08
13-Mar-08
14-Mar-08
17-Mar-08
18-Mar-08
19-Mar-08
24-Mar-08
25-Mar-08
26-Mar-08
27-Mar-08
28-Mar-08
31-Mar-08
1-Apr-08
2-Apr-08
3-Apr-08
4-Apr-08
7-Apr-08
8-Apr-08
9-Apr-08
10-Apr-08
11-Apr-08
15-Apr-08
16-Apr-08
17-Apr-08
21-Apr-08
22-Apr-08
23-Apr-08

160
137.1
143.05
136
140
146
151
146
144.5
145
145.85
147.5
145
143.35
143
140
132.5
128.9
125
125
141.1
141
132.7
121
115.5
107
100.9
94.15
98
95.85
96
97.5
101.5
108.25
105.1
103.5
101
100
98.8
97
103
100.2
102.7
104
124.65
120.3
125.8
124.7
125

17464.89
16630.91
16608.01
16949.14
17766.63
18115.25
18075.66
17617.6
17734.68
17349.07
17650.57
17806.19
17825.99
17824.48
17578.72
16677.88
16339.89
16542.08
15975.52
15923.72
16123.15
16127.98
15357.35
15760.52
14809.49
14833.46
14994.83
15289.4
16217.49
16086.83
16015.56
16371.29
15644.44
15626.62
15750.4
15832.55
15343.12
15757.08
15587.62
15790.51
15695.1
15807.64
16153.66
16244.19
16481.2
16739.33
16783.87
16698.04
16721.08

-0.09
-0.14
0.04
-0.05
0.03
0.04
0.03
-0.03
-0.01
0.00
0.01
0.01
-0.02
-0.01
0.00
-0.02
-0.05
-0.03
-0.03
0.00
0.13
0.00
-0.06
-0.09
-0.05
-0.07
-0.06
-0.07
0.04
-0.02
0.00
0.02
0.04
0.07
-0.03
-0.02
-0.02
-0.01
-0.01
-0.02
0.06
-0.03
0.02
0.01
0.20
-0.03
0.05
-0.01
0.00

-0.09
-0.14
0.04
-0.05
0.03
0.04
0.03
-0.03
-0.01
0.00
0.00
0.01
-0.02
-0.01
0.00
-0.02
-0.05
-0.03
-0.03
0.00
0.13
0.00
-0.06
-0.09
-0.05
-0.08
-0.06
-0.07
0.04
-0.02
0.00
0.01
0.04
0.07
-0.03
-0.02
-0.03
-0.01
-0.01
-0.02
0.06
-0.03
0.02
0.01
0.20
-0.04
0.04
-0.01
0.00

0.00
-0.05
0.00
0.02
0.05
0.02
0.00
-0.03
0.01
-0.02
0.02
0.01
0.00
0.00
-0.01
-0.05
-0.02
0.01
-0.03
0.00
0.01
0.00
-0.05
0.03
-0.06
0.00
0.01
0.02
0.06
-0.01
0.00
0.02
-0.04
0.00
0.01
0.01
-0.03
0.03
-0.01
0.01
-0.01
0.01
0.02
0.01
0.01
0.02
0.00
-0.01
0.00

0.00
-0.05
0.00
0.02
0.05
0.02
0.00
-0.03
0.01
-0.02
0.02
0.01
0.00
0.00
-0.01
-0.05
-0.02
0.01
-0.04
0.00
0.01
0.00
-0.05
0.03
-0.06
0.00
0.01
0.02
0.06
-0.01
-0.01
0.02
-0.05
0.00
0.01
0.00
-0.03
0.03
-0.01
0.01
-0.01
0.01
0.02
0.00
0.01
0.01
0.00
-0.01
0.00

24-Apr-08
25-Apr-08
28-Apr-08
29-Apr-08
30-Apr-08
2-May-08
5-May-08
6-May-08
7-May-08
8-May-08
9-May-08
12-May-08
13-May-08
14-May-08
15-May-08
16-May-08
20-May-08
Source:
2017 GS as on
21-May-08
20th Jan
- Source - RBI
22-May-08
23-May-08
26-May-08
27-May-08
28-May-08
29-May-08
30-May-08
2-Jun-08
3-Jun-08
4-Jun-08
5-Jun-08
6-Jun-08
9-Jun-08
10-Jun-08
11-Jun-08
12-Jun-08
13-Jun-08
16-Jun-08
17-Jun-08
18-Jun-08
19-Jun-08
20-Jun-08
23-Jun-08
24-Jun-08
25-Jun-08
26-Jun-08
27-Jun-08
30-Jun-08
1-Jul-08
2-Jul-08
3-Jul-08

122
123.5
133.6
138.5
136.25
136.5
136.5
135
135
134.35
127.1
121.9
122
121.05
119.1
118.55
118.5
118
114.6
110
105.05
101.5
99.75
97.9
96.9
93.2
93.5
91.85
91.8
96
91.9
90.75
90.2
88.6
87
86.6
87.35
87.7
86.1
85.25
81.75
80.65
78.95
79.1
79
78
72.35
74.15
71.15

17125.98
17015.96
17378.46
17287.31
17600.12
17490.9
17373.01
17339.31
17080.65
16737.07
16860.9
16752.86
16978.35
17353.54
17434.94
17230.18
17243.16
16907.11
16649.64
16348.5
16275.59
16525.37
16316.26
16415.57
16063.18
15962.56
15514.79
15769.72
15572.18
15066.1
14889.25
15185.32
15250.2
15189.62
15395.82
15696.9
15422.31
15087.99
14571.29
14293.32
14106.58
14220.07
14421.82
13802.22
13461.6
12961.68
13664.62
13094.11
13454

-0.02
0.01
0.08
0.04
-0.02
0.00
0.00
-0.01
0.00
0.00
-0.05
-0.04
0.00
-0.01
-0.02
0.00
0.00
0.00
-0.03
-0.04
-0.05
-0.03
-0.02
-0.02
-0.01
-0.04
0.00
-0.02
0.00
0.05
-0.04
-0.01
-0.01
-0.02
-0.02
0.00
0.01
0.00
-0.02
-0.01
-0.04
-0.01
-0.02
0.00
0.00
-0.01
-0.07
0.02
-0.04

-0.03
0.01
0.08
0.04
-0.02
0.00
0.00
-0.01
0.00
-0.01
-0.06
-0.04
0.00
-0.01
-0.02
-0.01
0.00
-0.01
-0.03
-0.04
-0.05
-0.04
-0.02
-0.02
-0.01
-0.04
0.00
-0.02
0.00
0.04
-0.04
-0.01
-0.01
-0.02
-0.02
-0.01
0.01
0.00
-0.02
-0.01
-0.04
-0.01
-0.02
0.00
0.00
-0.01
-0.07
0.02
-0.04

0.02
-0.01
0.02
-0.01
0.02
-0.01
-0.01
0.00
-0.01
-0.02
0.01
-0.01
0.01
0.02
0.00
-0.01
0.00
-0.02
-0.02
-0.02
0.00
0.02
-0.01
0.01
-0.02
-0.01
-0.03
0.02
-0.01
-0.03
-0.01
0.02
0.00
0.00
0.01
0.02
-0.02
-0.02
-0.03
-0.02
-0.01
0.01
0.01
-0.04
-0.02
-0.04
0.05
-0.04
0.03

0.02
-0.01
0.02
-0.01
0.02
-0.01
-0.01
0.00
-0.02
-0.02
0.01
-0.01
0.01
0.02
0.00
-0.01
0.00
-0.02
-0.02
-0.02
-0.01
0.01
-0.01
0.01
-0.02
-0.01
-0.03
0.02
-0.01
-0.03
-0.01
0.02
0.00
0.00
0.01
0.02
-0.02
-0.02
-0.04
-0.02
-0.01
0.01
0.01
-0.04
-0.03
-0.04
0.05
-0.04
0.03

4-Jul-08
7-Jul-08
8-Jul-08
9-Jul-08
10-Jul-08
11-Jul-08
14-Jul-08
15-Jul-08
16-Jul-08
17-Jul-08
18-Jul-08
21-Jul-08
22-Jul-08
23-Jul-08
24-Jul-08
25-Jul-08
28-Jul-08
29-Jul-08
30-Jul-08
31-Jul-08
1-Aug-08
4-Aug-08
5-Aug-08
6-Aug-08
7-Aug-08
8-Aug-08
11-Aug-08
12-Aug-08
13-Aug-08
14-Aug-08
18-Aug-08
19-Aug-08
20-Aug-08
21-Aug-08
22-Aug-08
25-Aug-08
26-Aug-08
27-Aug-08
28-Aug-08
29-Aug-08
1-Sep-08
2-Sep-08
4-Sep-08
5-Sep-08
8-Sep-08
9-Sep-08
10-Sep-08
11-Sep-08
12-Sep-08

72
76.15
76.1
77.9
81.45
78.35
75.5
72.6
74
72.25
75.4
74.7
74.95
77.55
76.55
75.6
72.75
70.05
70.55
70.8
73.6
74.85
78
77.5
78
80.5
83.5
83.25
82.25
79.65
78.25
76.65
80
75.5
75.1
76
75.4
75
75.1
75.35
74.2
77.5
75.6
76.85
75
75
72.95
72
71.5

13525.99
13349.65
13964.26
13926.24
13469.85
13330.51
12676.19
12575.8
13111.85
13635.4
13850.04
14104.2
14942.28
14777.01
14274.94
14349.11
13791.54
14287.21
14355.75
14656.69
14577.87
14961.07
15073.54
15117.25
15167.82
15503.92
15212.13
15093.12
14724.18
14645.66
14543.73
14678.23
14243.73
14401.49
14450.35
14482.22
14296.79
14048.34
14564.53
14498.51
15049.86
14899.1
14483.83
14944.97
14900.76
14662.61
14324.29
14000.81
13531.27

0.01
0.06
0.00
0.02
0.05
-0.04
-0.04
-0.04
0.02
-0.02
0.04
-0.01
0.00
0.03
-0.01
-0.01
-0.04
-0.04
0.01
0.00
0.04
0.02
0.04
-0.01
0.01
0.03
0.04
0.00
-0.01
-0.03
-0.02
-0.02
0.04
-0.06
-0.01
0.01
-0.01
-0.01
0.00
0.00
-0.02
0.04
-0.02
0.02
-0.02
0.00
-0.03
-0.01
-0.01

0.01
0.06
0.00
0.02
0.04
-0.04
-0.04
-0.04
0.02
-0.03
0.04
-0.01
0.00
0.03
-0.01
-0.01
-0.04
-0.04
0.01
0.00
0.04
0.02
0.04
-0.01
0.01
0.03
0.04
0.00
-0.01
-0.03
-0.02
-0.02
0.04
-0.06
-0.01
0.01
-0.01
-0.01
0.00
0.00
-0.02
0.04
-0.03
0.02
-0.03
0.00
-0.03
-0.01
-0.01

0.01
-0.01
0.05
0.00
-0.03
-0.01
-0.05
-0.01
0.04
0.04
0.02
0.02
0.06
-0.01
-0.03
0.01
-0.04
0.04
0.00
0.02
-0.01
0.03
0.01
0.00
0.00
0.02
-0.02
-0.01
-0.02
-0.01
-0.01
0.01
-0.03
0.01
0.00
0.00
-0.01
-0.02
0.04
0.00
0.04
-0.01
-0.03
0.03
0.00
-0.02
-0.02
-0.02
-0.03

0.00
-0.01
0.05
0.00
-0.03
-0.01
-0.05
-0.01
0.04
0.04
0.01
0.02
0.06
-0.01
-0.03
0.00
-0.04
0.04
0.00
0.02
-0.01
0.03
0.01
0.00
0.00
0.02
-0.02
-0.01
-0.03
-0.01
-0.01
0.01
-0.03
0.01
0.00
0.00
-0.01
-0.02
0.04
-0.01
0.04
-0.01
-0.03
0.03
0.00
-0.02
-0.02
-0.02
-0.03

15-Sep-08
16-Sep-08
17-Sep-08
18-Sep-08
19-Sep-08
22-Sep-08
23-Sep-08
24-Sep-08
25-Sep-08
26-Sep-08
29-Sep-08
30-Sep-08
1-Oct-08
3-Oct-08
6-Oct-08
7-Oct-08
8-Oct-08
10-Oct-08
13-Oct-08
14-Oct-08
15-Oct-08
16-Oct-08
17-Oct-08
20-Oct-08
21-Oct-08
22-Oct-08
23-Oct-08
24-Oct-08
27-Oct-08
28-Oct-08
29-Oct-08
31-Oct-08
3-Nov-08
4-Nov-08
5-Nov-08
6-Nov-08
7-Nov-08
10-Nov-08
11-Nov-08
12-Nov-08
14-Nov-08
17-Nov-08
18-Nov-08
19-Nov-08
20-Nov-08
21-Nov-08
24-Nov-08
25-Nov-08
26-Nov-08

67.8
65.5
65.45
63.65
65.8
65.75
64.2
64.05
65.25
64
60.6
58.85
59.9
58.8
55.9
53.2
50.35
47.45
52
53
49.9
46.9
46.8
45
44.7
43.75
43
37.75
37
39.85
39.25
40.6
41.95
43.1
42.25
39.85
39.5
40.1
39.35
39
38.3
37.4
35.95
35.2
34.3
36
36.35
38.25
36.85

13518.8
13262.9
13315.6
14042.32
13994.96
13570.31
13692.52
13547.18
13102.18
12595.75
12860.43
13055.67
12526.32
11801.7
11695.24
11328.36
10527.85
11309.09
11483.4
10809.12
10581.49
9975.35
10223.09
10683.39
10169.9
9771.7
8701.07
8509.56
9008.08
9044.51
9788.06
10337.68
10631.12
10120.01
9734.22
9964.29
10536.16
9839.69
9536.33
9385.42
9291.01
8937.2
8773.78
8451.01
8915.21
8903.12
8695.53
9026.72
9092.72

-0.05
-0.03
0.00
-0.03
0.03
0.00
-0.02
0.00
0.02
-0.02
-0.05
-0.03
0.02
-0.02
-0.05
-0.05
-0.05
-0.06
0.10
0.02
-0.06
-0.06
0.00
-0.04
-0.01
-0.02
-0.02
-0.12
-0.02
0.08
-0.02
0.03
0.03
0.03
-0.02
-0.06
-0.01
0.02
-0.02
-0.01
-0.02
-0.02
-0.04
-0.02
-0.03
0.05
0.01
0.05
-0.04

-0.05
-0.04
0.00
-0.03
0.03
0.00
-0.02
0.00
0.02
-0.02
-0.05
-0.03
0.02
-0.02
-0.05
-0.05
-0.05
-0.06
0.09
0.02
-0.06
-0.06
0.00
-0.04
-0.01
-0.02
-0.02
-0.12
-0.02
0.08
-0.02
0.03
0.03
0.03
-0.02
-0.06
-0.01
0.01
-0.02
-0.01
-0.02
-0.02
-0.04
-0.02
-0.03
0.05
0.01
0.05
-0.04

0.00
-0.02
0.00
0.05
0.00
-0.03
0.01
-0.01
-0.03
-0.04
0.02
0.02
-0.04
-0.06
-0.01
-0.03
-0.07
0.07
0.02
-0.06
-0.02
-0.06
0.02
0.05
-0.05
-0.04
-0.11
-0.02
0.06
0.00
0.08
0.06
0.03
-0.05
-0.04
0.02
0.06
-0.07
-0.03
-0.02
-0.01
-0.04
-0.02
-0.04
0.05
0.00
-0.02
0.04
0.01

0.00
-0.02
0.00
0.05
0.00
-0.03
0.01
-0.01
-0.03
-0.04
0.02
0.01
-0.04
-0.06
-0.01
-0.03
-0.07
0.07
0.01
-0.06
-0.02
-0.06
0.02
0.04
-0.05
-0.04
-0.11
-0.02
0.06
0.00
0.08
0.06
0.03
-0.05
-0.04
0.02
0.06
-0.07
-0.03
-0.02
-0.01
-0.04
-0.02
-0.04
0.05
0.00
-0.02
0.04
0.01

28-Nov-08
1-Dec-08
2-Dec-08
3-Dec-08
4-Dec-08
5-Dec-08
8-Dec-08
10-Dec-08
11-Dec-08
12-Dec-08
15-Dec-08
16-Dec-08
17-Dec-08
18-Dec-08
19-Dec-08
22-Dec-08
23-Dec-08
24-Dec-08
26-Dec-08
29-Dec-08
30-Dec-08
31-Dec-08
1-Jan-09
2-Jan-09
5-Jan-09
6-Jan-09
7-Jan-09
9-Jan-09
12-Jan-09
13-Jan-09
14-Jan-09
15-Jan-09
16-Jan-09
19-Jan-09
20-Jan-09
21-Jan-09
22-Jan-09
23-Jan-09
27-Jan-09
28-Jan-09
29-Jan-09
30-Jan-09
2-Feb-09
3-Feb-09
4-Feb-09
5-Feb-09
6-Feb-09
9-Feb-09
10-Feb-09

36.9 8839.87
35.6 8739.24
35.4 8747.43
35.8 9229.75
36.95
8965.2
36.8 9162.62
34.75
9654.9
35.75 9645.46
35.95 9690.07
35.9 9832.39
36.5 9976.98
39.45 9715.29
39.15 10076.43
40.4 10099.91
40 9928.35
40.7 9686.75
40 9568.72
39.4 9328.92
38.45 9533.52
37.5 9716.16
37.9 9647.31
38.5 9958.22
40 10275.6
39.5 10335.93
40.4 9586.88
42.1 9406.47
37.5 9110.05
36.5 9071.36
36.4 9370.49
36.5 9046.74
37.1 9323.59
36.5 9329.57
36.3 9100.55
36.95 8779.17
37.05 8813.84
36.6 8674.35
36 9004.08
35.4 9257.47
35.95 9236.28
35.35 9424.24
35.3
9066.7
37.85
9149.3
35.9 9201.85
35.45 9090.88
35.65 9300.86
34.65 9583.89
34.95 9647.47
35.2 9618.54
35.45 9465.83

0.00
-0.04
-0.01
0.01
0.03
0.00
-0.06
0.03
0.01
0.00
0.02
0.08
-0.01
0.03
-0.01
0.02
-0.02
-0.02
-0.02
-0.02
0.01
0.02
0.04
-0.01
0.02
0.04
-0.11
-0.03
0.00
0.00
0.02
-0.02
-0.01
0.02
0.00
-0.01
-0.02
-0.02
0.02
-0.02
0.00
0.07
-0.05
-0.01
0.01
-0.03
0.01
0.01
0.01

0.00
-0.04
-0.01
0.01
0.03
-0.01
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0.03
0.00
0.00
0.02
0.08
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0.03
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0.02
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0.01
0.01
0.04
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0.02
0.04
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-0.03
0.00
0.00
0.02
-0.02
-0.01
0.02
0.00
-0.01
-0.02
-0.02
0.01
-0.02
0.00
0.07
-0.05
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0.00
-0.03
0.01
0.01
0.01

-0.03
-0.01
0.00
0.06
-0.03
0.02
0.05
0.00
0.00
0.01
0.01
-0.03
0.04
0.00
-0.02
-0.02
-0.01
-0.03
0.02
0.02
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0.03
0.03
0.01
-0.07
-0.02
-0.03
0.00
0.03
-0.03
0.03
0.00
-0.02
-0.04
0.00
-0.02
0.04
0.03
0.00
0.02
-0.04
0.01
0.01
-0.01
0.02
0.03
0.01
0.00
-0.02

-0.03
-0.01
0.00
0.05
-0.03
0.02
0.05
0.00
0.00
0.01
0.01
-0.03
0.04
0.00
-0.02
-0.03
-0.01
-0.03
0.02
0.02
-0.01
0.03
0.03
0.01
-0.07
-0.02
-0.03
-0.01
0.03
-0.04
0.03
0.00
-0.03
-0.04
0.00
-0.02
0.04
0.03
0.00
0.02
-0.04
0.01
0.00
-0.01
0.02
0.03
0.01
0.00
-0.02

11-Feb-09
12-Feb-09
13-Feb-09
16-Feb-09
17-Feb-09
18-Feb-09
19-Feb-09
20-Feb-09
24-Feb-09
25-Feb-09
26-Feb-09
27-Feb-09
2-Mar-09
3-Mar-09
4-Mar-09
5-Mar-09
6-Mar-09
9-Mar-09
12-Mar-09
13-Mar-09
16-Mar-09
17-Mar-09
18-Mar-09
19-Mar-09
20-Mar-09
23-Mar-09
24-Mar-09
25-Mar-09
26-Mar-09
27-Mar-09
30-Mar-09
31-Mar-09
1-Apr-09
2-Apr-09
6-Apr-09
8-Apr-09
9-Apr-09
13-Apr-09
15-Apr-09
16-Apr-09
17-Apr-09
20-Apr-09
21-Apr-09
22-Apr-09
23-Apr-09
24-Apr-09
27-Apr-09
28-Apr-09
29-Apr-09

36
38.15
37.2
37.25
35.55
35.65
34.5
34.5
33.9
33.75
34
33.2
33.7
32.65
32.6
32.05
31.8
31.85
32.05
33.45
33.9
34.95
34.75
36.1
35
36.75
34.85
34.6
33.95
33.7
34.5
35
37.4
40.25
42.15
46.75
46.25
47.35
48.75
43.4
43.5
45
45
44.9
47.05
47
48.3
48
54.5

9634.74
9305.45
9035
9015.18
9042.63
8843.21
8822.06
8902.56
8954.86
8891.61
8607.08
8427.29
8446.49
8197.92
8325.82
8160.4
8343.75
8756.61
8943.54
8863.82
8976.68
9001.75
8966.68
9424.02
9471.04
9667.9
10003.1
10048.49
9568.14
9708.5
9901.99
10348.83
10534.87
10742.34
10803.86
10967.22
11284.73
10947.4
11023.09
10979.5
10898.11
10817.54
11134.99
11329.05
11371.85
11001.75
11403.25
12134.75
12131.08

0.02
0.06
-0.02
0.00
-0.05
0.00
-0.03
0.00
-0.02
0.00
0.01
-0.02
0.02
-0.03
0.00
-0.02
-0.01
0.00
0.01
0.04
0.01
0.03
-0.01
0.04
-0.03
0.05
-0.05
-0.01
-0.02
-0.01
0.02
0.01
0.07
0.08
0.05
0.11
-0.01
0.02
0.03
-0.11
0.00
0.03
0.00
0.00
0.05
0.00
0.03
-0.01
0.14

0.01
0.06
-0.03
0.00
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0.00
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0.00
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0.01
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0.01
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0.00
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0.00
0.00
0.04
0.01
0.03
-0.01
0.04
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0.05
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-0.01
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0.02
0.01
0.07
0.07
0.05
0.11
-0.01
0.02
0.03
-0.11
0.00
0.03
0.00
0.00
0.05
0.00
0.03
-0.01
0.13

0.02
-0.03
-0.03
0.00
0.00
-0.02
0.00
0.01
0.01
-0.01
-0.03
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0.00
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0.02
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0.02
0.05
0.02
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0.01
0.00
0.00
0.05
0.00
0.02
0.03
0.00
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0.01
0.02
0.05
0.02
0.02
0.01
0.02
0.03
-0.03
0.01
0.00
-0.01
-0.01
0.03
0.02
0.00
-0.03
0.04
0.06
0.00

0.02
-0.04
-0.03
0.00
0.00
-0.02
0.00
0.01
0.01
-0.01
-0.03
-0.02
0.00
-0.03
0.01
-0.02
0.02
0.05
0.02
-0.01
0.01
0.00
0.00
0.05
0.00
0.02
0.03
0.00
-0.05
0.01
0.02
0.04
0.02
0.02
0.00
0.01
0.03
-0.03
0.01
0.00
-0.01
-0.01
0.03
0.02
0.00
-0.03
0.04
0.06
0.00

4-May-09
5-May-09
6-May-09
7-May-09
8-May-09
11-May-09
12-May-09
13-May-09
14-May-09
15-May-09
18-May-09
19-May-09
20-May-09
21-May-09
22-May-09
25-May-09
26-May-09
27-May-09
28-May-09
29-May-09
1-Jun-09
2-Jun-09
3-Jun-09
4-Jun-09
5-Jun-09
8-Jun-09
9-Jun-09
10-Jun-09
11-Jun-09
12-Jun-09
15-Jun-09
16-Jun-09
17-Jun-09
18-Jun-09
19-Jun-09
22-Jun-09
23-Jun-09
24-Jun-09
25-Jun-09
26-Jun-09
29-Jun-09
30-Jun-09
1-Jul-09
2-Jul-09
3-Jul-09
6-Jul-09
7-Jul-09
8-Jul-09
9-Jul-09

57.6
57.9
55.15
57.05
56.6
54.15
55
55.3
57.3
57.6
62
60
64.2
73
80
88.05
85
87.9
90.5
89
92.5
88.6
88
86
85.6
86
85.45
88.65
93.1
96.9
92.05
94
91.75
87.8
89.5
87.4
86.3
90.8
93.35
92
88.55
88.8
90
89
93.25
97.95
99.5
103.2
108.4

11952.75
12116.94
11876.43
11682.99
12158.03
12019.65
11872.91
12173.42
14284.21
14302.03
14060.66
13736.54
13887.15
13913.22
13589.23
14109.64
14296.01
14625.25
14840.63
14874.91
14870.9
15008.68
15103.55
14665.92
15127
15466.81
15411.47
15237.94
14875.52
14957.91
14522.84
14265.53
14521.89
14326.22
14324.01
14422.73
14345.62
14764.64
14785.74
14493.84
14645.47
14658.49
14913.05
14043.4
14170.45
13769.15
13757.46
13504.22
13400.32

0.06
0.01
-0.05
0.03
-0.01
-0.04
0.02
0.01
0.04
0.01
0.08
-0.03
0.07
0.14
0.10
0.10
-0.03
0.03
0.03
-0.02
0.04
-0.04
-0.01
-0.02
0.00
0.00
-0.01
0.04
0.05
0.04
-0.05
0.02
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0.02
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0.05
0.03
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0.00
0.01
-0.01
0.05
0.05
0.02
0.04
0.05

0.06
0.00
-0.05
0.03
-0.01
-0.04
0.01
0.00
0.03
0.00
0.07
-0.03
0.07
0.14
0.09
0.10
-0.04
0.03
0.03
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0.04
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0.00
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0.04
0.05
0.04
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0.02
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0.02
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0.05
0.03
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0.00
0.01
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0.05
0.05
0.01
0.04
0.05

-0.01
0.01
-0.02
-0.02
0.04
-0.01
-0.01
0.03
0.17
0.00
-0.02
-0.02
0.01
0.00
-0.02
0.04
0.01
0.02
0.01
0.00
0.00
0.01
0.01
-0.03
0.03
0.02
0.00
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-0.02
0.01
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-0.02
0.02
-0.01
0.00
0.01
-0.01
0.03
0.00
-0.02
0.01
0.00
0.02
-0.06
0.01
-0.03
0.00
-0.02
-0.01

-0.02
0.01
-0.02
-0.02
0.04
-0.01
-0.01
0.02
0.17
0.00
-0.02
-0.02
0.01
0.00
-0.02
0.04
0.01
0.02
0.01
0.00
0.00
0.01
0.01
-0.03
0.03
0.02
0.00
-0.01
-0.02
0.00
-0.03
-0.02
0.02
-0.01
0.00
0.01
-0.01
0.03
0.00
-0.02
0.01
0.00
0.02
-0.06
0.01
-0.03
0.00
-0.02
-0.01

10-Jul-09
13-Jul-09
14-Jul-09
15-Jul-09
16-Jul-09
17-Jul-09
20-Jul-09
21-Jul-09
22-Jul-09
23-Jul-09
24-Jul-09
27-Jul-09
28-Jul-09
29-Jul-09
30-Jul-09
31-Jul-09
3-Aug-09
4-Aug-09
5-Aug-09
6-Aug-09
7-Aug-09
10-Aug-09
11-Aug-09
12-Aug-09
13-Aug-09
14-Aug-09
17-Aug-09
18-Aug-09
19-Aug-09
20-Aug-09
21-Aug-09
24-Aug-09
25-Aug-09
26-Aug-09
27-Aug-09
28-Aug-09
31-Aug-09
1-Sep-09
2-Sep-09
3-Sep-09
4-Sep-09
7-Sep-09
8-Sep-09
9-Sep-09
10-Sep-09
11-Sep-09
14-Sep-09
15-Sep-09
16-Sep-09

109.1
106.25
111.6
117.15
119
120
120
124
127
123
128.25
126.65
126
119.85
115
116.05
121.8
127.9
130.1
132
139
130.45
130
128
133.6
134.5
129.9
133
136.95
141.05
139
142.75
141
144
146
149
150.15
143.3
145.95
149.6
147
149
152.9
152.8
161
154.7
156.55
159
160.1

13853.7
14253.24
14250.25
14744.92
15191.01
15062.49
14843.12
15231.04
15378.96
15375.04
15331.94
15173.46
15387.96
15670.31
15924.23
15830.98
15903.83
15514.03
15160.24
15009.77
15074.59
15020.16
15518.49
15411.63
14784.92
15035.26
14809.64
15012.32
15240.83
15628.75
15688.47
15769.85
15781.07
15922.34
15666.64
15551.19
15467.46
15398.33
15689.12
16016.32
16123.67
16183.55
16216.86
16264.3
16214.19
16454.45
16677.04
16711.11
16741.3

0.01
-0.03
0.05
0.05
0.02
0.01
0.00
0.03
0.02
-0.03
0.04
-0.01
-0.01
-0.05
-0.04
0.01
0.05
0.05
0.02
0.01
0.05
-0.06
0.00
-0.02
0.04
0.01
-0.03
0.02
0.03
0.03
-0.01
0.03
-0.01
0.02
0.01
0.02
0.01
-0.05
0.02
0.03
-0.02
0.01
0.03
0.00
0.05
-0.04
0.01
0.02
0.01

0.01
-0.03
0.05
0.05
0.01
0.01
0.00
0.03
0.02
-0.03
0.04
-0.01
-0.01
-0.05
-0.04
0.01
0.05
0.05
0.02
0.01
0.05
-0.06
0.00
-0.02
0.04
0.01
-0.04
0.02
0.03
0.03
-0.02
0.03
-0.01
0.02
0.01
0.02
0.01
-0.05
0.02
0.02
-0.02
0.01
0.02
0.00
0.05
-0.04
0.01
0.01
0.01

0.03
0.03
0.00
0.03
0.03
-0.01
-0.01
0.03
0.01
0.00
0.00
-0.01
0.01
0.02
0.02
-0.01
0.00
-0.02
-0.02
-0.01
0.00
0.00
0.03
-0.01
-0.04
0.02
-0.02
0.01
0.02
0.03
0.00
0.01
0.00
0.01
-0.02
-0.01
-0.01
0.00
0.02
0.02
0.01
0.00
0.00
0.00
0.00
0.01
0.01
0.00
0.00

0.03
0.03
0.00
0.03
0.03
-0.01
-0.02
0.03
0.01
0.00
0.00
-0.01
0.01
0.02
0.02
-0.01
0.00
-0.03
-0.02
-0.01
0.00
0.00
0.03
-0.01
-0.04
0.02
-0.02
0.01
0.01
0.02
0.00
0.00
0.00
0.01
-0.02
-0.01
-0.01
-0.01
0.02
0.02
0.01
0.00
0.00
0.00
0.00
0.01
0.01
0.00
0.00

17-Sep-09
18-Sep-09
22-Sep-09
23-Sep-09
24-Sep-09
25-Sep-09

163.85
163.25
162.2
158.5
159.4
165.55

Average

NW
Debt
capital employed
Tax Rate
kd
WACC

0.02
0.00
-0.01
-0.02
0.01
0.04

0.00141

Beta
Rf
Rm(daily avg)
Rm
Ke
Ke

16886.43
16719.5
16781.43
16693
16852.91
17126.84

9.03%
4,883.82
6,451.44
11,335.26
35.0%
12.75%
8.61%

0.26263
6.91%
0.08%
15.00%
9.03%

0.02
-0.01
-0.01
-0.02
0.00
0.04

0.01
-0.01
0.00
-0.01
0.01
0.02

0.01
-0.01
0.00
-0.01
0.01
0.02

0.00083

10 year govt. bond yield

LAA+ corporate bond - ICRA
Risk premium(As per Leman
0.00%
Beta
Rf
Market Risk Premium(Rm -Rf)
Ke

click to go back
7

Col. 6 ^2

Covariance
Col. 4 X
Col. 6

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.03
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.34

0.09

Beta

0.26

0 year govt. bond yield

AA+ corporate bond - ICRA Limited August 2007
isk premium(As per Leman Brothers' Report)

0.26263
4.51%
2.12%
9.03%

Home

MRF
Apollo Tyres.
JK Tyre & Industries.
CEAT Industries

12 months average shareShares

price Outstanding (Millions)
2739.8
4.24

Industry

fluctuation

Peer set analysis

27.6

504.02

61.3

41.06

70.6
2899.30

34.42
583.74

10%

(as on March 31, 2008)

MRF

Market Capitalization ( Rs mn )
Book Value
Debt / Equity
P/E (Trailing) *
Dividend Yield %
EPS
Return on Net Worth
Current Ratio
Quick Ratio

Apollo Tyres.

11,616.88
11,200.00
1.86
0.00

13,910.98
13,557.13
0.51
12.86

0.00
12%

2.15
8%

Relative Valuation
Market Capitalisation (m) Debt (m)
11616.88

20820

Enterprise Value (m)

32436.88

13910.98

6955.15

20866.13

2516.98

13824

16340.98

2429.02
30473.86

6,614.48
48213.63

9043.50
78687.49

2008-09
P/E
9.16
10.18
11.19
P/BV
0.75
0.83
0.92

2009-10
Expected EPS
5.4
5.4
5.4
Expected
Book value/share
142.6
142.6
142.6

EV/EBIDTA
6.64
7.38
8.12

2009-10
Expected Price
49.1
54.6
60.0
Expected Price
107.0
118.9
130.8

Expected
EBIDTA (m)

Expected
EV (m)

470.1
470.1
470.1

3123.3

JK Tyre & Industries.

CEAT Industries

2,516.98
6,916.40
2.00
3.6

2,429.02
4,883.82
1.35
-15.08

17.04
10%

-4.68
-3%

3470.3
3817.4

Relative Valuation
Earnings(Adj PAT)
1374.30

4426.20

1081.89

13557.13

3258.84

699.83

6916.40

2505.15

-161.07
2994.95

4883.82
36557.35

470.15
10660.34

Expected Price

-73.9
-63.8
-53.7

Book Value or Networth

EBIDTA
11200.00

CASH

EPS

P/E

1023.5
3045.98

2.15

12.9

1.7

17.04

3.6

2015.18
6086.36

-4.68
5.13

-15.1
565.1

P/BV

EV/EBIDTA

DCF VALUATION - CEAT Ltd.,

Assumptions

FY05

Revenue Growth (%)

FCF Margin (%)
Tax Rate (%)
Capex/Sales

22.2%
11.0%
0.0%
11.8%

FY06

FY07

9.1%
5.0%
0.0%
0.6%

FY8

9.9%
-2.5%
0.0%
4.1%

6.0%
-3.0%
0.0%
1.4%

DCF VALUATION

(as on August 31, 2009)

2005-06
17474.20
461.48
2.64
224.50

2006-07
21347.78
969.03
4.54
310.61

% of Revenues
EBITDA
% of Revenues
Less: Cash Tax
NOPLAT
Capex
Changes in WC
Post Tax Non-operating cash flows
Free Cash Flows

1.28
685.98
3.93
0.00
685.98
-2061.97
3280.16
22.44
1926.60

1.45
1279.63
5.99
0.00
1279.63
-121.05
-257.44
157.48
1058.62

PV of Estimated FC Flows
Horizontal Value
PV of Estimated Perpetuity Flows
Total Present Value (EV)
Growth rate

9305.0
6%

Book Value of Debt

6451.4

Fundamental Value of Equity

2853.5

Revenue
EBIT
% of Revenues
Depreciation

No of Outstanding Shares

34.24

Fundamental Value per share (Rs)

83.34

2007-08
23299.67
1512.33
6.49
329.90

2008-09E
25605.14
214.02
0.84
256.13

1.42
1.00
1842.23
470.15
7.91
1.84
0.00
0.00
1842.23
470.15
-946.48
-358.10
-1622.37
-937.58
134.97
57.28
-591.65
-768.25
It is assumed Free Cash flow beyond FY14 grows at 6%

Sensitivity Analysis
Continuing Rate
WACC

6.00%
6.5%

FY9E

FY10E

Total Present Value

Fundamental Value per share
Continuing Rate
WACC

6.00%
7.0%

Total Present Value

Fundamental Value per share

2588
-112.8

Continuing Rate
WACC
Total Present Value
Fundamental Value per share
Continuing Rate

Total Present Value

Fundamental Value per share

11611
150.7

Total Present Value

Fundamental Value per share
Continuing Rate

Total Present Value

Fundamental Value per share

8318
54.5

WACC

6.00%
9.5%

Total Present Value

Fundamental Value per share

7376
27.0

WACC
Total Present Value
Fundamental Value per share

Continuing Rate

1814.05

12.84

1809.85

12.76

1804.77

12.65

1801.53

12.58

1797.41

12.49

1793.32

12.41

9305
83.3
6.00%
9.00%

Continuing Rate

12.93

6.00%
8.61%

WACC

Continuing Rate

1818.29

14899
246.7

WACC

WACC

13.03

6.00%
7.5%

6.00%
8.0%

Continuing Rate

1822.55
41170
1014.0

6.00%
10.0%
6667
6.3

6.00%

1014.0

-112.8

7%
259.54
448.15
1013.98
-112.37
-1249.34

7.0%
160.29
253.06
438.60
995.23
-112.83

246.7

Continuing Growth (%)

Table 1: DCF Sensitivity

5
5.5
6
6.5
7

Weighted Average Cost of Capi

7.5%
100.68
155.44
246.71
429.25
976.87

T Ltd.,

click to go back
FY9E

FY10E

10.5%
6.9%
11.6%
5.0%

FY11E

8.9%
0.0%
16.9%
4.1%

(as on August 31, 2009)

Rs in m
2009-10E
2010-11E
27152.13
29990.49
791.23
1245.33
2.91
4.15
348.28
368.08

1.28
1.23
1139.52
1613.41
4.20
5.38
91.82
210.65
1047.70
1402.76
-1354.02
-1235.57
2027.18
-312.19
159.99
159.31
1880.85
14.32
e Cash flow beyond FY14 grows at 6%
1804.77
12.65

FY12E

8.2%
1.5%
20.8%
4.2%

9.9%
0.6%
20.9%
4.0%

-100.0%
0.6%
20.8%
4.3%

2011-12E
32664.26
1937.14
5.93
381.30

Rs in m
2012-13E
35346.73
1932.07
5.47
433.14

2013-14E
38836.83
2168.10
5.58
468.58

1.17
2318.45
7.10
402.56
1915.89
-1376.82
-197.18
159.47
501.36

1.23
2365.21
6.69
404.02
1961.19
-1426.02
-527.55
189.54
197.15

1.21
2636.68
6.79
450.19
2186.49
-1675.15
-471.21
201.39
241.51

407.83
0.00
0.00

147.66

166.55
9810.79
6765.51

nalysis
FY11E

FY12E

FY13E

FY13E
PV of Horizon Value

428.33

158.16

181.92

38566.01

PV of Horizon Value

423.34

155.58

178.12

418.44

153.07

174.42

413.61

150.60

170.82

407.83

147.66

166.55

404.19

145.82

163.88

18880.82

PV of Horizon Value

12325.90

PV of Horizon Value

9053.39

PV of Horizon Value

6765.51

PV of Horizon Value

5790.38

PV of Horizon Value

399.59

143.50

160.54

395.07

141.23

157.28

4862.02

PV of Horizon Value

4167.93

150.7

83.3

54.5

27.0

6.3

Rs.
Weighted Average Cost of Capital (%)
8.0%
8.6%
0.090
60.89
27.25
11.05
96.81
50.78
29.68
150.69
83.34
54.53
240.49
131.33
89.30
420.09
209.13
141.47

9.5%
-5.61
8.65
26.99
51.44
85.66

10.0%
-18.96
-7.73
6.30
24.35
48.41

CEAT Ltd.,

Key Financials *
Net sales
%Growth
EBITDA
EBITDA Margin %
Adjusted PAT
%Growth
Net profit margin %
EPS (based on Adj.Pat)*
Book value per share *
Return on equity

Key ratios (%)

Market Price
P/E
P/BV
EV/EBITDA
EV/Sales

2005-06
17.47
14.36%
0.69
3.93%
0.01
-107.69%
0.03%
0.11
76.44
0.15%

2005-06
65.75
580.24
0.86
11.60
0.46

2006-07
21.35
22.17%
1.28
5.99%
0.39
7485.72%
1.84%
8.60
82.93
10.37%

2006-07
107.30
12.48
1.29
7.54
0.45

Rs. in bln
2007-08
2008-09
23.30
9.14%
1.84
7.91%
0.69
74.93%
2.95%
43.40
149.90
28.95%

2007-08
109.00
2.51
0.73
4.51
0.36

2009-10E

25.61
9.89%
0.47
1.84%
-0.16
-123.46%
-0.63%
-4.70
142.61
-3.30%

2008-09

2009-10E
35.00
-7.44
0.25
12.33
0.23

Key data
Face value (Rs.)
Shares outstanding (mn)
Market cap (Rs. In bln)
52 week high/low (Rs.)
BSE Code
NSE Code
Bloomberg Code
Reuters Code

27.15
6.04%
1.14
4.20%
0.18
-214.03%
0.68%
5.36
147.97
3.62%

10
586.63
38.8
244/84.25
500878
CEAT
CEAT:IN
CEATf:NS

35.00
6.53
0.24
6.25
0.26

2010-11E
29.99
10.45%
1.61
5.38%
0.42
129.42%
1.41%
12.30
160.28
7.68%

2010-11E
35.00
2.84
0.22
4.86
0.26

click to go back

2011-12E
32.66
8.92%
2.32
7.10%
0.81
91.10%
2.47%
23.51
183.79
12.79%

2011-12E
35.00
2.84
0.22
3.72
0.26

2012-13E
35.35
8.21%
2.37
6.69%
0.81
91.79%
2.29%
23.60
207.39
11.38%

2012-13E
35.00
1.49
0.19
3.68
0.25

2013-14E
38.84
9.87%
2.64
6.79%
0.90
11.83%
2.32%
26.30
233.68
11.25%

2013-14E
35.00
1.48
0.17
3.63
0.25

Valuation Inputs
Price as on March 31 (Rs)
No of Outstanding Shares
Market Capitalisation
Debt
Cash & Equivalents
Enterprise Value
EBITDA
Sales
EV/EBITDA
EV/Sales

2003-04
2004-05
380.00
629.70
35.21
35.21
13381.12
22173.93
0.00
4636.25
0.00
312.36
13381.12
26497.82
191.30
396.39
14008.30
15279.90
69.95
66.85
0.96
1.73

2005-06
65.75
45.66
3002.15
5352.61
396.13
7958.63
685.98
17474.20
11.60
0.46

Rs. In million
2006-07
2007-08
2008-09
2009-10E
2010-11E 2011-12E 2012-13E
107.30
107.30
35.00
35.00
35.00
35.00
35.00
45.66
34.24
34.25
34.25
34.25
34.25
34.25
4898.89
3674.00
1198.63
1198.63
1198.63
1198.63
1198.63
5155.36
5049.03
6614.48
6182.59
6935.78
7723.10
8194.51
405.51
415.87
2015.18
260.25
295.59
302.47
686.65
9648.73
8307.16
5797.92
7120.97
7838.82
8619.26
8706.49
1279.63
1842.23
470.15
1139.52
1613.41
2318.45
2365.21
21347.78
23299.67
25605.14
27152.13 29990.49 32664.26 35346.73
7.54
4.51
12.33
6.25
4.86
3.72
3.68
0.45
0.36
0.23
0.26
0.26
0.26
0.25

2013-14E
35.00
34.25
1198.63
9056.41
678.77
9576.27
2636.68
38836.83
3.63
0.25