Fundamental Equity Analysis - BSE 100 Index Members (BSE100 Index)

This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an

offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &

Analyst Recommendations
BSE100 Index - BSE 100 Index
April 2013
Q M S Advisors
.
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Valuation Measures I/II

Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)
Minority
Interest
(USD)
Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
EBITDA
Earnings Per Share
Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Est. P/E
Ratio - Tr.
12M
Rev. Growth
EBITDA Growth
Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date
S&P 500 INDEX
USD
14392574
1935.593
1116
1116
204
220
220
101.42
110.55
110.55
15.42
15.42
14.14
14.14
18.80
Euro Stoxx 50 Pr
EUR
2529002
5372.293
4595
4595
733
768
768
228.31
305.59
305.59
18.52
15.97
13.84
13.84
19.53
NIKKEI 225
JPY
2558234
186.6975
188
188
19
20
20
5.28
5.51
5.51
0.27
0.27
0.26
0.26
0.12
FTSE 100 INDEX
GBP
2682024
11608.24
9587
9587
1446
1647
1647
530.70
818.94
818.94
27.31
17.70
17.70
22.54
SWISS MARKET INDEX
CHF
1032475
10951.8
4099
4099
841
833
833
406.58
549.07
549.07
20.92
18.53
15.49
15.49
21.83
S&P/TSX COMPOSITE INDEX
CAD
1677743
17146.39
7904
7904
1848
2081
2081
794.29
887.81
887.81
15.43
15.43
13.80
13.80
24.27
S&P/ASX 200 INDEX
AUD
1414577
6699.644
2865
2865
604
702
702
251.37
341.05
341.05
21.63
17.51
15.94
15.94
22.29
HANG SENG INDEX
HKD
1702834
3309.148
1659
1659
376
407
407
268.13
266.04
266.04
1.39
1.52
1.40
1.40
3.12
MSCI EM
USD
7697940
1533.773
1085
1085
201
216
216
87.02
95.19
95.19
11.82
13.40
10.81
10.81
20.03
ABB LTD
INR
1905
1.95
1382
1382
1486
1666
63
63
0.12
0.12
0.19
0.30
1.35
1.35
0.86
0.55
0.04
0.39
0.08
ACC LTD
INR
3997
17
188
3.47
2047
2047
2338
2633
404
404
120
120
1.36
1.04
1.46
1.68
0.38
0.29
0.27
0.23
0.21
0.18
0.26
0.04
0.36
ADANI ENTERPRISES LTD
INR
3888
225
1100
12
16.03
7239
7239
8342
10502
976
976
456
456
0.31
0.31
0.23
0.47
0.21
0.21
0.28
0.14
0.90
0.41
0.44
1.16
0.25
ADANI PORTS AND SPECIAL ECON
INR
4853
212
2003
8.28
602
602
804
966
391
391
144
144
0.10
0.10
0.12
0.16
0.44
0.44
0.38
0.27
1.17
0.77
1.10
0.87
1.20
ADANI POWER LTD
INR
1726
275
2180
8.35
752
752
1274
2495
246
246
-0.01
-0.02
-0.10
0.04
#VALUE!
0.32
1.68
0.12
0.60
AMBUJA CEMENTS LTD
INR
4785
90
1542
4.10
1792
1792
2054
2303
512
512
0.19
0.15
0.22
0.25
0.37
0.30
0.26
0.23
0.26
0.20
0.69
0.12
0.53
ASHOK LEYLAND LTD
INR
1082
197
2661
1.72
2362
2362
#VALUE!
#VALUE!
230
230
0.04
0.04
#VALUE!
#VALUE!
0.19
0.19
#VALUE!
#VALUE!
0.27
0.28
0.04
0.22
0.18
ASIAN PAINTS LTD
INR
8638
13
96
8.56
1772
1772
2064
2418
284
284
92
92
1.90
1.90
2.24
2.72
0.87
0.87
0.74
0.61
0.45
0.39
0.29
0.47
0.30
AXIS BANK LTD
INR
11137
136
413
#VALUE!
5052
5052
3025
3696
1.88
2.23
2.81
0.23
0.20
0.16
0.71
0.71
BBB-
30.01.2007
Baa2
24.04.2007
BAJAJ AUTO LTD
INR
9555
26
289
9.25
3485
3485
3801
4413
693
693
2.02
1.94
1.98
2.38
0.31
0.30
0.31
0.25
0.35
0.31
0.31
0.37
BANK OF BARODA
INR
5141
66
411
15
12
#VALUE!
6362
6362
#VALUE!
#VALUE!
2.47
#VALUE!
#VALUE!
0.09
#VALUE!
#VALUE!
0.63
0.49
NR
30.12.2011
BANK OF INDIA
INR
3181
141
574
13
12
#VALUE!
5873
5873
#VALUE!
#VALUE!
0.92
#VALUE!
#VALUE!
0.11
#VALUE!
#VALUE!
0.56
0.46
BBB-
30.01.2007
Baa3
07.03.2012
BHARAT FORGE LTD
INR
868
70
233
1.26
1K
1K
1K
1K
184
184
156
156
0.33
0.33
0.23
0.30
0.21
0.21
0.30
0.23
0.44
0.22
0.48
0.09
0.30
BHARAT HEAVY ELECTRICALS
INR
7937
312
2448
6.80
8755
8755
8698
8308
2074
2074
0.53
0.53
0.46
0.40
0.11
0.11
0.13
0.15
0.25
0.59
0.44
BHARAT PETROLEUM CORP LTD
INR
4983
33
723
9.37
39021
39021
44662
43758
1190
1190
0.20
0.20
0.42
0.47
0.64
0.64
0.30
0.27
0.70
0.33
0.52
0.12
0.06
(P)Baa3
12.10.2012
BHARTI AIRTEL LTD
INR
20750
411
3798
13
33.44
13143
13143
14813
16295
4384
4384
1201
1201
0.21
0.21
0.13
0.25
0.49
0.49
0.76
0.41
0.37
0.59
0.32
0.48
0.61
BB+
09.06.2010
CAIRN INDIA LTD
INR
9736
159
1907
7.33
2182
2182
3470
3474
1745
1745
643
643
0.78
0.77
1.11
0.99
0.12
0.12
0.08
0.10
0.28
0.20
1.47
CANARA BANK
INR
2956
99
443
#VALUE!
6239
6239
#VALUE!
#VALUE!
1.39
1.49
1.90
0.09
0.08
0.06
0.58
0.41
NR
30.12.2011
Baa2
09.11.2006
CIPLA LTD
INR
5608
108
803
5.43
1285
1285
1519
1708
330
330
0.26
0.26
0.35
0.38
0.49
0.49
0.37
0.34
0.21
0.45
0.47
COAL INDIA LTD
INR
35001
303
6316
23.26
11481
11481
12628
13550
3162
3162
1078
1078
0.43
0.43
0.49
0.54
0.24
0.24
0.21
0.19
0.45
0.30
0.30
0.31
0.51
COLGATE PALMOLIVE (INDIA)
INR
3101
19
136
3.04
361
361
566
675
91
91
0.59
0.59
0.73
0.84
0.71
0.71
0.57
0.50
0.29
0.28
0.76
0.42
0.46
CROMPTON GREAVES LTD
INR
1086
184
641
1.28
2069
2069
2236
2491
148
148
25
25
0.11
0.11
0.06
0.14
0.29
0.29
0.54
0.22
0.23
0.28
-0.74
0.19
0.13
CUMMINS INDIA LTD
INR
2473
25
277
2.42
649
#VALUE!
852
1002
102
0.29
0.46
0.55
0.36
0.30
0.60
0.73
0.64
DABUR INDIA LTD
INR
4306
173
1742
4.30
976
976
1143
1323
162
162
51
51
0.07
0.07
0.08
0.10
0.67
0.67
0.56
0.47
0.54
0.35
0.24
0.37
0.31
DIVI'S LABORATORIES LTD
INR
2436
133
2.44
342
342
418
509
127
127
0.74
0.74
0.90
1.10
0.46
0.46
0.38
0.31
0.78
0.43
0.72
0.41
0.69
DLF LTD
INR
7380
1084
1698
10.77
1771
1771
1523
1770
741
741
134
134
0.13
0.13
0.11
0.16
0.61
0.61
0.70
0.51
0.01
1.55
0.08
0.40
0.77
DR. REDDY'S LABORATORIES
INR
5479
170
5.74
1778
1778
2082
2345
459
459
125
125
1.55
1.41
1.71
1.95
0.42
0.38
0.35
0.30
0.56
0.20
1.13
0.15
0.47
EXIDE INDUSTRIES LTD
INR
1972
33
850
1.85
978
978
1173
1386
140
140
0.10
0.10
0.12
0.14
0.44
0.44
0.37
0.30
0.21
0.42
-0.37
0.35
0.26
FEDERAL BANK LTD
INR
1535
41
171
#VALUE!
1125
1125
#VALUE!
#VALUE!
0.81
#VALUE!
#VALUE!
0.20
#VALUE!
#VALUE!
0.62
0.45
GAIL INDIA LTD
INR
7091
92
1268
9.10
8104
8104
8991
10094
1358
1358
0.64
0.64
0.65
0.68
0.16
0.16
0.16
0.15
0.47
0.42
0.24
0.33
0.31
GLENMARK PHARMACEUTICALS LTD
INR
2350
32
271
2.69
740
740
901
1061
131
131
48
48
0.31
0.31
0.41
0.52
0.51
0.51
0.39
0.31
0.67
0.51
0.38
0.20
0.33
GMR INFRASTRUCTURE LTD
INR
1496
2392
3892
8.55
1530
1530
1555
2073
347
347
-0.02
-0.03
-0.02
0.00
#VALUE!
#VALUE!
0.58
0.71
0.36
0.53
0.42
GODREJ CONSUMER PRODUCTS LTD
INR
5095
10
340
5.34
895
895
1173
1416
161
161
56
56
0.30
0.41
0.39
0.48
0.67
0.92
0.71
0.57
0.58
0.74
0.63
0.67
0.33
GRASIM INDUSTRIES LTD
INR
4771
92
6.17
4643
4643
4993
5693
1028
1028
220
220
5.30
5.31
5.41
6.24
0.18
0.18
0.18
0.15
0.32
0.23
0.21
0.12
0.41
HCL TECHNOLOGIES LTD
INR
9908
22
693
9.89
3832
3832
4630
5207
745
745
251
251
0.63
0.64
0.96
1.04
0.41
0.41
0.27
0.25
0.60
0.52
0.90
0.45
0.36
HDFC BANK LIMITED
INR
26866
134
2347
#VALUE!
6081
6081
#VALUE!
#VALUE!
0.41
#VALUE!
#VALUE!
0.50
#VALUE!
#VALUE!
0.63
0.62
BBB-
17.01.2008
Baa2
30.04.2012
HERO MOTOCORP LTD
INR
5776
25
200
5.45
4298
4298
#VALUE!
#VALUE!
674
674
2.19
2.19
#VALUE!
#VALUE!
0.24
0.24
#VALUE!
#VALUE!
0.39
0.35
0.75
0.46
0.29
HINDALCO INDUSTRIES LTD
INR
3099
732
1915
9.46
14866
14866
14889
16181
1411
1411
0.33
0.33
0.26
0.28
0.09
0.09
0.11
0.11
0.22
0.91
-0.07
0.22
0.17
HINDUSTAN PETROLEUM CORP
INR
1750
67
339
8.00
34045
34045
37348
36847
784
784
0.09
0.09
0.50
0.73
1.00
1.00
0.19
0.13
0.62
0.31
0.07
0.16
0.04
HINDUSTAN UNILEVER LTD
INR
18791
741
2162
18.18
4311
4311
4943
5644
645
645
0.23
0.24
0.28
0.31
0.67
0.70
0.57
0.52
0.31
0.51
0.28
HINDUSTAN ZINC LTD
INR
9051
99
4225
5.75
2098
2098
#VALUE!
#VALUE!
1118
1118
0.24
0.24
#VALUE!
#VALUE!
0.16
0.16
#VALUE!
#VALUE!
0.25
0.16
0.15
-0.02
0.98
HOUSING DEVELOPMENT & INFRAS
INR
350
4920
419
0.93
367
367
369
483
278
278
86
86
0.35
0.35
0.29
0.36
0.04
0.04
0.05
0.04
0.15
0.32
-0.04
0.34
1.39
HOUSING DEVELOPMENT FINANCE
INR
23399
112
1477
26
42.96
5510
5510
#VALUE!
#VALUE!
3286
3286
0.68
#VALUE!
#VALUE!
0.41
#VALUE!
#VALUE!
0.30
0.74
0.64
0.47
1.10
ICICI BANK LTD
INR
21666
270
1153
33
#VALUE!
#VALUE!
12262
12262
#VALUE!
#VALUE!
1.22
1.45
1.68
0.28
0.24
0.21
0.15
0.21
NR
27.10.2003
Baa2
25.05.2006
IDBI BANK LTD
INR
1877
352
1278
14
#VALUE!
4707
4707
#VALUE!
#VALUE!
0.37
#VALUE!
#VALUE!
0.07
#VALUE!
#VALUE!
0.42
0.53
Baa3
21.10.2009
IDEA CELLULAR LTD
INR
6627
123
3309
8.40
3585
3585
4096
4628
929
929
297
297
0.04
0.04
0.06
0.09
0.91
0.92
0.65
0.43
0.48
0.65
0.63
0.51
0.48
IDFC LTD
INR
3894
531
1512
11.30
1183
1183
623
740
1042
1042
0.19
0.22
0.26
0.25
0.22
0.18
0.56
0.63
0.63
0.57
1.62
BBB-
27.12.2011
INDIAN OIL CORPORATION LTD
INR
12235
95
2428
15
24.63
74907
74907
86875
87834
4164
4164
0.90
0.32
0.48
0.60
0.29
0.10
0.19
0.16
0.59
0.33
0.96
0.22
0.10
NR
29.12.2009
Baa3
25.01.2010
INDUSIND BANK LTD
INR
3845
181
468
#VALUE!
1172
1172
#VALUE!
#VALUE!
0.32
#VALUE!
0.47
0.43
#VALUE!
0.29
0.88
0.54
INFOSYS LTD
INR
30149
25
574
26.02
6205
6205
7460
8329
1977
1977
569
569
2.68
2.68
3.00
3.27
0.36
0.36
0.32
0.30
0.42
0.36
0.36
0.35
0.59
BBB+
07.05.2010
13
212
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Valuation Measures I/II

Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)
Minority
Interest
(USD)
Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
EBITDA
Earnings Per Share
Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Est. P/E
Ratio - Tr.
12M
Rev. Growth
EBITDA Growth
Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date
S&P 500 INDEX
USD
14392574
1935.593
1116
1116
204
220
220
101.42
110.55
110.55
15.42
15.42
14.14
14.14
18.80
Euro Stoxx 50 Pr
EUR
2529002
5372.293
4595
4595
733
768
768
228.31
305.59
305.59
18.52
15.97
13.84
13.84
19.53
NIKKEI 225
JPY
2558234
186.6975
188
188
19
20
20
5.28
5.51
5.51
0.27
0.27
0.26
0.26
0.12
FTSE 100 INDEX
GBP
2682024
11608.24
9587
9587
1446
1647
1647
530.70
818.94
818.94
27.31
17.70
17.70
22.54
SWISS MARKET INDEX
CHF
1032475
10951.8
4099
4099
841
833
833
406.58
549.07
549.07
20.92
18.53
15.49
15.49
21.83
CAD
1677743
17146.39
7904
7904
1848
2081
2081
794.29
887.81
887.81
15.43
15.43
13.80
13.80
24.27
S&P/ASX 200 INDEX
AUD
1414577
6699.644
2865
2865
604
702
702
251.37
341.05
341.05
21.63
17.51
15.94
15.94
22.29
HANG SENG INDEX
HKD
1702834
3309.148
1659
1659
376
407
407
268.13
266.04
266.04
1.39
1.52
1.40
1.40
3.12
MSCI EM
USD
7697940
1533.773
1085
1085
201
216
216
87.02
95.19
95.19
11.82
13.40
10.81
10.81
20.03
ITC LTD
INR
44491
323
7818
43.16
4816
4816
5651
6592
1710
1710
0.15
0.15
0.18
0.21
0.70
0.71
0.59
0.50
0.32
0.28
0.38
0.33
0.65
JAIPRAKASH ASSOCIATES LTD
INR
2618
2951
2126
10
12.36
2736
2736
3284
4111
1026
1026
0.05
0.05
0.08
0.10
0.40
0.41
0.28
0.21
0.57
0.62
0.19
0.54
0.69
JINDAL STEEL & POWER LTD
INR
6068
155
935
9.74
3349
3349
3640
4166
1308
1308
358
358
0.78
0.78
0.76
0.80
0.15
0.15
0.16
0.15
0.71
0.78
0.18
0.70
0.72
JSW STEEL LTD
INR
2460
249
223
5.24
6322
6322
7097
7653
1125
1125
292
292
1.03
0.44
1.26
1.57
0.46
0.20
0.16
0.13
0.78
0.59
0.47
0.32
0.33
KOTAK MAHINDRA BANK LTD
INR
8778
32
741
#VALUE!
2394
2394
1725
2044
0.46
0.52
0.64
0.47
0.42
0.34
0.33
0.50
LARSEN & TOUBRO LTD
INR
15134
214
612
22.29
11830
11830
13715
15671
1736
1736
1.38
1.41
1.56
1.74
0.32
0.33
0.29
0.26
0.43
0.49
0.33
0.56
0.27
LIC HOUSING FINANCE LTD
INR
2055
252
505
10.57
1149
1149
343
446
1073
1073
0.36
0.39
0.53
0.21
0.19
0.14
0.52
0.59
0.60
0.59
1.72
LUPIN LTD
INR
5121
42
447
5.30
1300
1300
1702
1961
269
269
93
93
0.36
0.36
0.49
0.59
0.59
0.59
0.43
0.36
0.40
0.53
0.47
0.65
0.38
MAHINDRA & MAHINDRA LTD
INR
9749
53
589
13.08
10929
10929
13022
14710
1366
1366
0.92
0.98
1.17
1.38
0.30
0.32
0.25
0.21
1.13
0.69
0.39
0.59
0.23
MARUTI SUZUKI INDIA LTD
INR
6872
32
289
5.83
6474
6474
7818
9048
467
467
1.07
1.07
1.22
1.87
0.41
0.41
0.36
0.23
-0.06
0.37
-0.57
0.07
0.13
NESTLE INDIA LTD
INR
8138
96
8.22
1527
1527
#VALUE!
#VALUE!
341
341
2.04
2.04
#VALUE!
#VALUE!
0.76
0.76
#VALUE!
#VALUE!
0.20
0.35
0.32
0.44
0.41
NHPC LTD
INR
4514
1343
12301
6.84
1273
1273
1184
1322
896
896
0.05
0.05
0.03
0.04
0.15
0.15
0.19
0.18
0.64
0.48
0.66
0.41
1.29
BBB-
25.09.2009
NMDC LTD
INR
9787
4811
3965
8.00
1K
1K
#VALUE!
#VALUE!
1074
1074
0.20
#VALUE!
#VALUE!
0.23
#VALUE!
#VALUE!
0.60
0.64
1.42
NTPC LTD
INR
21613
3862
8245
11
29.10
11964
11964
13135
15129
2802
2802
0.22
0.22
0.23
0.26
0.22
0.22
0.21
0.19
0.24
0.26
0.34
0.15
0.43
BBB-
30.01.2007
OIL & NATURAL GAS CORP LTD
INR
47636
178
8555
45.72
26923
26923
28870
31246
9116
9116
0.54
0.61
0.54
0.63
0.17
0.19
0.19
0.16
0.45
0.23
0.31
0.15
0.62
WR
04.12.2000
POWER FINANCE CORPORATION
INR
4429
362
1320
20
24.68
2409
2409
1161
1442
2322
2322
0.43
0.60
0.74
0.14
0.10
0.08
0.52
0.47
1.77
BBB-
30.01.2007
Baa3
05.02.2004
POWER GRID CORP OF INDIA LTD
INR
8942
95
4630
10
18.33
1897
1897
2359
2750
1609
1609
0.13
0.13
0.16
0.18
0.27
0.27
0.22
0.19
0.36
0.37
1.56
BBB-
03.01.2013
PUNJAB NATIONAL BANK
INR
4634
90
339
11
#VALUE!
7667
7667
#VALUE!
#VALUE!
2.73
#VALUE!
#VALUE!
0.09
#VALUE!
#VALUE!
0.62
0.50
NR
17.07.2006
RANBAXY LABORATORIES LTD
INR
3460
193
423
3.52
2254
2254
2143
2404
356
356
79
79
0.48
0.40
0.48
0.64
0.37
0.31
0.31
0.24
0.38
0.22
-0.20
0.29
0.29
RELIANCE CAPITAL LTD
INR
1360
1344
246
4.42
1219
1219
1060
1161
532
532
0.34
0.49
0.51
0.30
0.21
0.20
0.37
0.60
1.03
0.50
0.80
RELIANCE COMMUNICATIONS LTD
INR
1940
2807
2064
8.98
3443
3443
3917
4193
1299
1299
281
281
0.08
0.08
0.06
0.09
0.21
0.21
0.31
0.19
-0.28
-0.50
0.69
RELIANCE INDUSTRIES LTD
INR
46525
497
2979
17
12
51.19
65943
65943
67763
66434
6458
6458
1.22
1.22
1.21
1.27
0.22
0.22
0.22
0.21
0.64
0.48
-0.14
0.21
0.18
BBB
23.11.2005
Baa2
07.02.2006
RELIANCE INFRASTRUCTURE LTD
INR
1566
886
263
4.15
3202
3202
4082
4316
532
532
1.10
1.10
1.14
1.18
0.10
0.10
0.10
0.09
1.42
0.62
0.96
0.76
0.31
RELIANCE POWER LTD
INR
3052
2056
2805
6.46
371
371
878
1321
115
115
90
90
0.06
0.06
0.07
0.07
0.35
0.35
0.30
0.29
1.68
3.16
0.57
RURAL ELECTRIFICATION CORP
INR
3671
478
987
17
19.25
1941
1941
1018
1131
1887
1887
0.53
0.68
0.73
0.13
0.10
0.09
0.44
0.44
1.79
(P)Baa3
12.01.2011
SATYAM COMPUTER SERVICES LTD
INR
2736
699
1177
2.18
1176
1176
1422
1564
228
228
74
74
0.19
0.20
0.19
0.21
0.21
0.23
0.22
0.20
0.45
0.06
1.86
-0.08
0.36
SESA GOA LTD
INR
2417
181
869
3.07
1529
1529
524
1023
645
645
10
10
0.56
0.57
0.54
0.57
0.09
0.09
0.09
0.09
-0.18
0.63
-0.60
0.55
0.78
SHRIRAM TRANSPORT FINANCE
INR
2815
226
5.77
1138
1138
712
830
943
943
1.06
1.16
1.39
0.21
0.20
0.16
0.24
0.25
1.52
SIEMENS LTD
INR
3448
50
340
3.21
2190
2190
2422
2671
233
233
0.47
0.47
0.38
0.47
0.38
0.38
0.47
0.38
0.45
0.31
-0.09
0.26
0.20
STATE BANK OF INDIA
INR
25321
336
671
39
27
#VALUE!
32572
32572
17847
20511
4.44
5.10
5.85
0.16
0.14
0.12
0.36
0.39
BBB-
30.01.2007
Baa2
02.04.2008
STEEL AUTHORITY OF INDIA
INR
4635
614
4131
6.76
8582
8582
8333
9444
1182
1182
331
331
0.15
0.16
0.13
0.15
0.13
0.14
0.15
0.14
0.14
0.13
-0.33
-0.16
0.25
BBB-
29.04.2010
STERLITE INDUSTRIES INDIA LT
INR
5635
608
3361
6.82
7575
7575
7936
8698
1870
1870
473
473
0.29
0.26
0.31
0.36
0.12
0.11
0.10
0.09
0.65
0.23
0.48
0.01
0.45
SUN PHARMACEUTICAL INDUS
INR
15636
38
1036
15.45
1475
1475
2030
2370
604
604
219
219
0.46
0.46
0.58
0.66
0.61
0.61
0.48
0.42
0.74
0.60
1.17
0.65
0.75
SUZLON ENERGY LTD
INR
441
4322
1777
2.63
3878
3878
4005
5038
349
349
38
38
-0.07
-0.05
-0.22
0.01
#VALUE!
0.63
0.33
0.54
1.61
0.11
0.17
TATA CHEMICALS LTD
INR
1514
27
255
2.57
2540
2540
2699
2868
430
430
106
106
0.71
0.60
0.62
0.70
0.18
0.15
0.18
0.16
0.46
0.48
0.45
0.34
0.31
TATA CONSULTANCY SVCS LTD
INR
56067
52
1957
54.23
8994
8994
11590
13143
2659
2659
893
893
0.98
0.98
1.31
1.46
0.54
0.54
0.40
0.36
0.57
0.39
0.54
0.42
0.54
BBB+
07.05.2010
TATA GLOBAL BEVERAGES LTD
INR
1405
368
618
1.64
1211
1211
1365
1519
115
115
0.10
0.11
0.12
0.15
0.39
0.42
0.34
0.29
0.19
0.19
0.04
-0.11
0.17
TATA MOTORS LTD
INR
14886
1028
3174
18.26
30471
30471
34278
39504
4103
4103
1356
1356
0.76
0.78
0.59
0.73
0.12
0.12
0.16
0.13
0.66
0.77
0.60
0.67
0.25
BB
09.07.2012
WR
15.07.2007
TATA POWER CO LTD
INR
4136
156
2373
9.84
4783
4783
5599
6526
984
984
0.05
-0.08
0.09
0.11
0.64
0.35
0.30
0.62
0.65
0.27
0.71
0.38
BB-
24.08.2007
B2
05.10.2012
TATA STEEL LTD
INR
5470
1047
971
11
13.86
24446
24446
24401
25653
2284
2284
600
600
0.99
1.03
0.32
0.71
0.10
0.10
0.32
0.15
0.22
1.59
-0.48
0.18
0.17
BB
09.08.2011
TITAN INDUSTRIES LTD
INR
4110
263
888
3.94
1628
1628
1899
2347
154
154
0.12
0.12
0.15
0.19
0.68
0.68
0.56
0.45
0.65
0.62
0.65
0.60
0.17
ULTRATECH CEMENT LTD
INR
9333
274
9.84
3511
3511
3975
4612
765
765
1.61
1.61
1.86
2.21
0.39
0.39
0.34
0.28
0.73
0.62
1.00
0.43
0.40
UNION BANK OF INDIA
INR
2129
240
551
#VALUE!
4317
4317
#VALUE!
#VALUE!
0.62
#VALUE!
#VALUE!
0.11
#VALUE!
#VALUE!
0.49
BBB-
17.06.2008
Baa3
19.03.2012
UNITECH LTD
INR
1063
3077
2616
1.63
445
445
463
569
61
61
23
23
0.02
0.02
0.02
0.03
0.45
0.45
0.33
0.25
-0.53
-0.06
-1.23
-0.54
0.25
UNITED BREWERIES LTD
INR
3351
66
264
3.54
667
667
762
922
76
76
0.10
0.09
0.15
0.21
2.70
2.33
1.54
1.12
0.34
0.46
0.10
0.35
0.21
UNITED PHOSPHORUS LTD
INR
949
113
462
#VALUE!
1.44
1408
1408
1599
1766
256
256
81
81
0.23
0.22
0.29
0.34
0.18
0.17
0.14
0.12
0.60
0.52
0.52
0.42
0.33
UNITED SPIRITS LTD
INR
4536
131
131
6.08
1690
1690
1946
2221
217
217
43
43
0.29
0.27
0.51
0.95
2.32
2.20
1.25
0.67
0.45
0.48
0.00
0.39
0.24
WIPRO LTD
INR
19743
49
2459
18.04
6842
6842
7960
8739
1303
1303
413
413
0.42
0.42
0.49
0.53
0.35
0.35
0.30
0.28
0.36
0.37
0.15
0.27
0.35
BBB+
02.04.2012
YES BANK LTD
INR
2806
213
353
#VALUE!
1318
1318
#VALUE!
#VALUE!
0.51
#VALUE!
0.80
0.28
#VALUE!
0.18
0.99
1.07
ZEE ENTERTAINMENT ENTERPRISE
INR
3679
600
959
3.50
559
559
675
782
138
138
43
43
0.11
0.11
0.14
0.17
0.63
0.63
0.52
0.42
0.02
0.29
-0.17
0.31
0.45
Valuation Measures II/II

Price to Book Ratio
Price to Sales Ratio
Price to Cash Flow Ratio
Enterprise Value to EBITDA Ratio
Price to Earnings Ratio
Estimated Dividend Yield
Target
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
S&P 500 INDEX
2.17
2.17
1.99
1.81
2.17
1.40
1.40
1.34
1.28
1.40
10.02
10.02
9.72
9.51
10.02
8.80
8.80
8.13
7.62
8.80
14.14
14.14
12.67
11.44
14.14
2.20
2.20
2.36
2.56
2.20
1682.0
7.6%
Euro Stoxx 50 Pr
1.12
1.12
1.06
1.00
1.12
0.72
0.72
0.70
0.68
0.72
5.22
5.22
4.87
4.64
5.22
7.00
7.00
6.62
6.30
7.00
10.84
10.84
9.70
8.88
10.84
4.44
4.44
4.77
5.08
4.44
2896.5
11.7%
NIKKEI 225
1.51
1.51
1.41
1.32
1.51
0.71
0.71
0.66
0.65
0.71
9.49
9.49
8.15
7.62
9.49
9.50
9.50
8.28
7.76
9.50
24.08
24.08
18.86
14.60
24.08
1.65
1.65
1.65
1.93
1.65
11916.4
-4.6%
FTSE 100 INDEX
1.67
1.67
1.55
1.34
1.67
1.00
1.00
0.97
0.98
1.00
7.84
7.84
7.22
5.21
7.84
7.05
7.05
6.60
6.33
7.05
11.72
11.72
10.63
9.74
11.72
3.92
3.92
4.22
4.66
3.92
6826.8
7.5%
SWISS MARKET INDEX
2.37
2.37
2.20
2.03
2.37
1.98
1.98
1.88
1.80
1.98
12.18
12.18
11.13
9.77
12.18
13.15
13.15
12.16
11.37
13.15
14.77
14.77
13.22
12.00
14.77
3.34
3.34
3.70
4.21
3.34
8029.4
3.9%
1.69
1.69
1.56
1.46
1.69
1.58
1.58
1.48
1.43
1.58
8.44
8.44
7.58
7.00
8.44
8.24
8.24
7.29
6.91
8.24
14.05
14.05
12.39
11.38
14.05
3.12
3.12
3.28
3.48
3.12
14554.2
14.5%
S&P/ASX 200 INDEX
1.90
1.90
1.79
1.69
1.90
1.82
1.82
1.71
1.62
1.82
11.19
11.19
9.99
9.12
11.19
9.54
9.54
8.40
7.80
9.54
15.28
15.28
13.60
12.48
15.28
4.35
4.35
4.66
5.03
4.35
5152.0
3.1%
HANG SENG INDEX
1.34
1.34
1.24
1.15
1.34
1.74
1.74
1.61
1.50
1.74
7.17
7.17
6.65
6.25
7.17
8.13
8.13
7.39
6.84
8.13
10.88
10.88
9.98
9.08
10.88
3.54
3.54
3.83
4.34
3.54
24942.6
11.0%
MSCI EM
1.44
1.44
1.31
1.21
1.44
0.95
0.95
0.88
0.84
0.95
6.89
6.89
6.34
5.94
6.89
7.09
6.11
7.09
10.81
10.81
9.72
9.01
10.81
3.07
3.07
3.57
6.08
3.07
1184.9
15.2%
1.28
1.14
46.56
29.81
0.49
0.63
0.67
0.82
494.20
1.1%
15.59
14.55
12.67
10.83
2.48
2.85
3.12
3.43
1442.10
24.6%
ABB LTD
7.84
6.60
2.58
2.29
1.99
1.88
1.71
1.52
1.40
ADANI ENTERPRISES LTD
1.03
1.00
0.89
0.79
0.56
0.47
0.37
0.32
5.55
5.53
3.46
2.73
14.18
12.88
7.64
5.94
8.16
15.36
7.57
5.83
0.58
0.58
0.71
0.89
293.63
52.8%
ADANI PORTS AND SPECIAL ECON
5.18
4.35
3.45
2.75
8.17
6.03
5.03
4.28
16.88
14.64
10.80
9.75
21.33
15.25
12.67
10.77
25.01
20.56
14.91
11.70
0.77
0.88
1.02
1.16
162.17
23.1%
ADANI POWER LTD
1.28
1.78
1.58
1.32
2.12
1.35
0.69
0.53
3.56
2.09
26.01
28.95
8.84
6.35
17.51
6.64
0.38
0.00
0.00
0.00
45.38
15.8%
AMBUJA CEMENTS LTD
2.98
2.74
2.42
2.57
2.33
2.08
8.57
7.53
6.59
12.61
11.24
2.07
2.37
2.63
2.97
208.62
23.7%
3.73
4.48
5.13
26.67
20.7%
28.41
11.96
10.48
8.44
8.59
2.82
0.54
9.69
6.50
16.04
ACC LTD
1.17
10.26
7.09
22.64
9.01
5.88
%D to Spot
7.03
22.78
15.57
14.28
8.51
ASHOK LEYLAND LTD

ASIAN PAINTS LTD
17.30
13.90
11.28
9.28
4.99
4.18
3.57
3.04
AXIS BANK LTD
2.44
2.01
1.69
1.39
4.41
3.68
3.01
2.45
BAJAJ AUTO LTD
8.08
5.64
4.47
3.62
2.60
2.51
2.17
1.93
BANK OF BARODA
1.06
42.87
16.17
35.42
15.80
29.34
12.71
24.65
31.23
10.96
12.55
25.71
12.99
21.17
10.65
17.65
9.40
1.93
49.02
40.12
33.13
27.35
0.78
1.01
1.22
1.52
4596.75
-6.1%
13.62
10.65
8.48
7.12
1.26
1.47
1.62
2.09
1599.81
23.6%
16.82
16.68
13.85
12.34
2.80
2.84
3.28
3.38
2138.84
19.1%
2.94
2.71
3.06
3.42
843.85
27.2%
2.78
3.31
3.89
354.51
22.2%
1.69
1.98
2.15
2.45
232.41
14.7%
3.99
3.78
3.44
3.12
207.15
17.5%
5.09
BANK OF INDIA
BHARAT FORGE LTD
2.03
1.98
1.78
1.59
0.76
0.80
0.74
0.66
BHARAT HEAVY ELECTRICALS
1.73
1.44
1.28
1.17
0.89
0.91
0.96
1.06
BHARAT PETROLEUM CORP LTD
1.67
1.50
1.41
1.24
0.13
0.11
0.11
0.11
BHARTI AIRTEL LTD
2.15
2.10
1.92
1.72
1.58
1.40
1.27
CAIRN INDIA LTD
1.12
0.94
0.82
0.74
3.74
2.81
2.80
CANARA BANK
0.75
0.93
0.86
CIPLA LTD
4.05
3.42
2.96
2.57
COAL INDIA LTD
4.41
3.77
3.12
2.67
COLGATE PALMOLIVE (INDIA)
39.16
34.43
30.56
CROMPTON GREAVES LTD
1.65
1.63
1.24
0.74
0.46
7.27
7.72
6.61
6.16
6.73
8.07
7.02
6.22
11.11
16.47
12.37
10.08
8.10
6.24
7.07
8.12
4.16
4.24
4.94
5.50
6.70
7.06
8.20
9.47
0.11
8.21
5.12
5.03
5.21
11.23
8.69
8.44
7.50
7.49
22.52
16.22
14.74
12.30
12.54
1.43
1.90
2.05
2.30
1.33
441.70
17.9%
1.17
1.06
6.09
6.10
5.22
4.53
7.61
7.32
6.42
5.69
4.90
22.92
41.36
22.08
15.82
11.01
0.36
0.39
0.54
0.91
4.04
359.56
21.0%
2.75
2.46
5.55
4.09
4.42
4.71
3.80
2.97
3.19
3.36
3.70
6.42
4.60
5.17
5.46
6.14
2.45
4.37
3.87
3.78
3.97
383.74
38.5%
4.67
4.48
3.50
3.14
3.07
3.45
3.91
464.81
28.2%
27.15
19.95
18.48
15.87
0.77
0.79
0.87
0.96
436.25
14.9%
12.95
11.24
10.27
9.16
2.20
3.33
3.64
4.38
388.40
28.9%
37.78
31.11
27.19
23.30
2.24
2.33
2.66
3.00
1335.92
7.8%
13.20
29.38
11.78
8.82
2.03
1.31
1.79
2.05
109.57
19.0%
11.8%
1.47
3.33
5.23
4.51
4.39
3.69
3.28
2.85
3.11
2.77
2.58
2.38
27.02
6.29
5.47
4.60
3.88
1.47
1.29
0.52
0.49
0.44
0.39
2.58
2.37
2.18
0.35
23.37
18.25
16.32
14.16
18.83
13.47
12.62
10.96
11.24
9.98
9.29
8.03
7.34
6.63
5.91
5.21
37.94
28.74
24.97
21.37
28.54
24.81
20.40
16.74
10.50
15.42
8.31
6.56
8.06
12.53
7.19
5.86
4.85
4.88
6.27
9.73
3.32
CUMMINS INDIA LTD
6.58
5.98
5.39
4.84
3.29
2.90
2.47
2.12
19.88
15.47
12.97
11.21
24.20
19.58
16.32
14.31
2.10
2.60
2.83
3.18
542.22
DABUR INDIA LTD
13.85
10.82
8.65
7.01
4.51
3.77
3.25
2.80
35.20
27.89
23.30
20.06
26.63
22.63
19.08
16.21
36.34
30.54
25.47
21.37
1.05
1.20
1.44
1.72
146.21
8.9%
DIVI'S LABORATORIES LTD
6.22
5.17
4.24
3.51
8.11
5.83
4.78
3.99
23.83
18.98
15.50
13.53
21.84
15.58
12.68
10.65
27.24
20.43
16.64
13.78
0.94
1.42
1.65
1.97
1261.04
26.4%
DLF LTD
1.52
1.49
1.42
1.33
4.21
4.85
4.17
3.49
21.79
20.33
19.96
13.98
13.73
17.91
14.31
11.38
28.81
38.28
27.85
18.57
0.92
0.92
0.97
0.92
282.29
19.5%
DR. REDDY'S LABORATORIES
5.19
4.34
3.57
2.98
3.15
2.63
2.34
2.09
15.96
14.19
13.55
11.81
13.72
12.89
11.54
10.36
19.96
18.86
16.58
14.54
0.67
0.91
0.99
1.16
2084.67
18.8%
EXIDE INDUSTRIES LTD
3.97
3.78
3.31
2.86
2.06
1.68
1.42
1.19
18.83
16.17
13.86
11.90
12.94
11.27
9.13
8.34
22.68
20.15
16.51
15.19
1.04
1.17
1.40
1.72
135.65
7.5%
1.36
1.18
1.78
1.98
2.23
2.55
576.96
18.2%
FEDERAL BANK LTD
3.34
11.52
GAIL INDIA LTD
1.60
1.35
1.21
1.06
0.94
0.79
0.70
0.59
7.22
6.36
6.03
5.38
7.00
6.33
5.86
5.10
9.18
8.56
8.26
7.21
2.89
3.02
3.15
3.44
394.80
29.9%
GLENMARK PHARMACEUTICALS LTD
5.12
4.28
3.47
2.81
3.36
2.61
2.21
1.92
19.89
17.09
14.04
11.63
16.76
14.14
12.07
10.31
23.20
21.16
16.74
13.90
0.12
0.40
0.43
0.45
560.94
18.9%
GMR INFRASTRUCTURE LTD
0.86
0.90
0.92
0.85
1.06
0.96
0.72
0.58
28.91
16.59
6.65
4.40
23.31
17.63
11.34
9.39
42.22
0.00
0.00
0.44
0.00
26.00
24.4%
GODREJ CONSUMER PRODUCTS LTD
11.87
8.37
7.08
6.00
5.84
4.34
3.60
3.01
41.94
35.23
27.99
23.39
33.87
27.25
21.87
18.07
47.00
38.86
31.12
25.23
0.78
0.70
0.88
1.10
750.07
-7.8%
GRASIM INDUSTRIES LTD
1.55
1.33
1.15
1.00
1.10
0.96
0.84
0.72
6.28
5.49
4.95
4.28
6.37
5.65
4.73
3.97
10.49
9.60
8.33
7.14
0.88
0.87
0.94
0.99
3759.90
33.0%
HCL TECHNOLOGIES LTD
5.21
4.09
3.34
2.76
2.57
2.14
1.90
1.66
17.82
12.41
11.46
9.99
14.20
9.76
9.10
8.28
23.11
14.89
13.65
12.29
1.14
1.46
1.61
1.85
795.04
2.6%
HDFC BANK LIMITED
4.84
0.66
0.89
1.08
1.33
708.11
15.3%
1.58
8.63
8.28
13.44
27.68
HERO MOTOCORP LTD

HINDALCO INDUSTRIES LTD
0.54
0.50
0.47
0.43
HINDUSTAN PETROLEUM CORP
0.70
0.69
0.65
HINDUSTAN UNILEVER LTD
31.50
25.35
21.13
0.37
0.21
0.21
0.19
0.18
0.62
0.05
0.05
0.05
18.47
4.48
3.80
3.33
0.16
3.10
3.08
2.69
2.46
6.23
6.37
5.53
4.78
0.04
4.22
1.64
2.14
2.83
13.21
8.44
7.98
2.92
37.14
32.11
29.19
26.66
30.78
24.03
21.27
3.54
2.92
3.15
3.75
1840.35
17.0%
1.87
1.76
1.83
1.90
1.76
123.33
40.2%
6.66
2.79
2.76
3.39
3.77
4.97
361.18
28.6%
25.68
1.71
2.84
2.37
2.67
479.12
1.4%
2.39
2.62
2.76
152.05
30.6%
3.48
2.00
2.91
2.74
94.89
108.8%
1.26
1.50
1.74
2.00
850.02
3.3%
1.59
1.93
2.18
2.50
1345.89
31.8%
4.35
3.96
5.11
6.05
109.45
37.2%
0.01
0.06
0.17
0.34
5.54
6.14
5.77
5.07
7.34
10.59
10.43
7.09
18.76
39.70
31.18
28.27
3.31
HINDUSTAN ZINC LTD

HOUSING DEVELOPMENT & INFRAS
0.19
HOUSING DEVELOPMENT FINANCE
5.50
0.17
0.16
ICICI BANK LTD
1.97
1.76
1.61
IDEA CELLULAR LTD
2.76
2.57
IDFC LTD
1.71
INDIAN OIL CORPORATION LTD
1.13
0.15
0.96
0.95
0.73
0.67
3.33
3.61
2.36
2.25
4.54
4.44
3.62
3.61
2.72
2.88
2.30
2.15
20.79
27.03
1.51
4.94
17.15
12.98
11.15
2.32
2.05
1.85
1.62
1.43
1.28
49.57
35.37
23.31
16.74
1.55
1.38
1.22
7.07
6.25
5.26
9.91
8.27
1.71
1.88
2.21
1.02
0.95
0.89
0.15
0.14
0.14
8.44
7.61
2.39
2.73
0.73
1.68
IDBI BANK LTD
INDUSIND BANK LTD

INFOSYS LTD
1.11
9.81
7.96
6.69
5.59
8.92
7.73
6.56
5.64
4.54
4.49
12.82
10.35
8.08
7.28
28.97
23.21
19.86
17.09
13.17
11.86
0.14
9.97
6.07
4.51
4.16
8.77
7.94
7.05
6.49
11.12
10.50
2.85
5.05
4.23
3.56
10.87
15.50
3.07
4.78
4.04
3.62
3.22
2.52
17.95
15.14
14.51
13.22
13.02
11.99
10.79
9.81
8.43
19.60
17.49
16.04
14.45
13.52
1.49
3.68
112.59
3.6%
2.43
181.91
30.2%
3.23
3.48
337.27
23.1%
0.92
1.06
480.63
20.2%
1.80
2.05
2938.78
3.0%
Valuation Measures II/II

Price to Book Ratio
Price to Sales Ratio
Price to Cash Flow Ratio
Enterprise Value to EBITDA Ratio
Price to Earnings Ratio
Estimated Dividend Yield
Target
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
S&P 500 INDEX
2.17
2.17
1.99
1.81
2.17
1.40
1.40
1.34
1.28
1.40
10.02
10.02
9.72
9.51
10.02
8.80
8.80
8.13
7.62
8.80
14.14
14.14
12.67
11.44
14.14
2.20
2.20
2.36
2.56
2.20
1682.0
%D to Spot
7.6%
Euro Stoxx 50 Pr
1.12
1.12
1.06
1.00
1.12
0.72
0.72
0.70
0.68
0.72
5.22
5.22
4.87
4.64
5.22
7.00
7.00
6.62
6.30
7.00
10.84
10.84
9.70
8.88
10.84
4.44
4.44
4.77
5.08
4.44
2896.5
11.7%
NIKKEI 225
1.51
1.51
1.41
1.32
1.51
0.71
0.71
0.66
0.65
0.71
9.49
9.49
8.15
7.62
9.49
9.50
9.50
8.28
7.76
9.50
24.08
24.08
18.86
14.60
24.08
1.65
1.65
1.65
1.93
1.65
11916.4
-4.6%
FTSE 100 INDEX
1.67
1.67
1.55
1.34
1.67
1.00
1.00
0.97
0.98
1.00
7.84
7.84
7.22
5.21
7.84
7.05
7.05
6.60
6.33
7.05
11.72
11.72
10.63
9.74
11.72
3.92
3.92
4.22
4.66
3.92
6826.8
7.5%
SWISS MARKET INDEX
2.37
2.37
2.20
2.03
2.37
1.98
1.98
1.88
1.80
1.98
12.18
12.18
11.13
9.77
12.18
13.15
13.15
12.16
11.37
13.15
14.77
14.77
13.22
12.00
14.77
3.34
3.34
3.70
4.21
3.34
8029.4
3.9%
1.69
1.69
1.56
1.46
1.69
1.58
1.58
1.48
1.43
1.58
8.44
8.44
7.58
7.00
8.44
8.24
8.24
7.29
6.91
8.24
14.05
14.05
12.39
11.38
14.05
3.12
3.12
3.28
3.48
3.12
14554.2
14.5%
S&P/ASX 200 INDEX
1.90
1.90
1.79
1.69
1.90
1.82
1.82
1.71
1.62
1.82
11.19
11.19
9.99
9.12
11.19
9.54
9.54
8.40
7.80
9.54
15.28
15.28
13.60
12.48
15.28
4.35
4.35
4.66
5.03
4.35
5152.0
3.1%
HANG SENG INDEX
1.34
1.34
1.24
1.15
1.34
1.74
1.74
1.61
1.50
1.74
7.17
7.17
6.65
6.25
7.17
8.13
8.13
7.39
6.84
8.13
10.88
10.88
9.98
9.08
10.88
3.54
3.54
3.83
4.34
3.54
24942.6
11.0%
1.44
0.95
6.89
7.09
10.81
10.81
9.72
9.01
10.81
3.07
3.07
3.57
6.08
3.07
1184.9
15.2%
39.44
32.06
27.07
22.90
1.53
1.87
2.19
2.64
331.78
8.4%
12.70
15.05
11.48
7.43
1.35
1.04
1.10
1.26
94.33
47.1%
MSCI EM
1.44
1.44
1.31
1.21
0.95
0.95
0.88
0.84
6.89
6.89
6.34
5.94
7.09
7.09
6.50
6.11
ITC LTD
13.12
10.86
9.64
8.42
9.28
7.87
6.75
5.80
36.30
29.52
25.02
21.25
26.00
21.31
17.92
15.16
JAIPRAKASH ASSOCIATES LTD
1.09
1.09
1.00
0.91
0.99
0.80
0.64
0.56
8.54
6.45
4.41
2.91
13.32
9.98
8.21
6.71
5.64
JINDAL STEEL & POWER LTD
1.83
1.55
1.32
1.11
1.94
1.67
1.46
1.20
6.07
6.43
5.65
4.63
7.54
7.45
6.65
5.40
4.25
8.23
8.52
8.07
7.32
0.54
0.49
0.50
0.52
460.94
30.6%
JSW STEEL LTD
0.79
0.75
0.69
0.63
0.42
0.35
0.32
0.30
4.74
3.63
3.02
2.77
5.30
4.34
3.88
3.62
4.02
12.36
8.78
7.01
6.17
1.56
1.53
1.70
1.94
758.04
26.5%
KOTAK MAHINDRA BANK LTD
3.75
3.18
2.72
2.33
6.79
5.09
4.29
3.90
26.55
22.61
18.39
15.09
0.12
0.13
0.17
0.17
669.29
4.6%
LARSEN & TOUBRO LTD
3.03
2.38
2.14
1.86
1.31
1.10
0.97
0.84
16.86
7.39
10.50
10.66
13.83
12.22
10.71
9.16
17.31
15.78
14.17
12.19
1.14
1.32
1.42
1.54
1720.71
28.7%
LIC HOUSING FINANCE LTD
2.12
1.70
1.44
6.31
5.99
4.61
10.75
10.52
7.69
1.72
1.80
2.20
2.68
286.18
29.3%
LUPIN LTD
6.97
5.55
4.48
3.67
4.03
3.01
2.61
2.30
26.51
19.19
16.09
14.25
20.27
13.95
12.10
10.79
28.54
23.33
19.40
17.05
0.60
0.69
0.78
0.89
680.15
9.3%
MAHINDRA & MAHINDRA LTD
3.22
2.54
2.17
1.84
1.17
0.75
0.66
0.59
11.38
9.17
8.10
6.90
11.79
8.31
7.18
6.10
17.33
13.54
11.47
9.45
1.38
1.53
1.64
1.79
997.57
15.6%
MARUTI SUZUKI INDIA LTD
2.42
2.17
1.88
1.61
1.06
0.88
0.76
0.65
13.80
10.45
7.59
6.60
12.77
9.67
6.48
5.21
23.56
19.57
12.70
10.19
0.54
0.63
0.93
1.09
1738.92
34.5%
NESTLE INDIA LTD
28.05
1.25
1.57
2.09
2.39
4683.86
2.1%
NHPC LTD
0.89
3.31
3.76
3.94
4.12
24.06
20.6%
NMDC LTD
2.18
3.52
3.51
3.70
4.08
185.85
38.5%
NTPC LTD
2.93
3.10
3.32
3.75
182.02
27.7%
3.36
3.26
3.64
4.05
354.62
17.2%
1.14
5.67
36.72
0.82
0.78
0.74
0.69
4.29
3.81
3.41
3.13
1.85
1.65
1.43
1.30
1.77
1.65
1.52
1.42
0.80
5.50
3.82
3.07
2.66
1.45
4.80
3.79
3.25
3.01
7.27
1.58
1.46
1.34
1.25
OIL & NATURAL GAS CORP LTD
1.97
1.73
1.54
1.36
POWER FINANCE CORPORATION
1.15
1.11
0.96
POWER GRID CORP OF INDIA LTD
2.08
1.87
1.61
PUNJAB NATIONAL BANK
1.00
RANBAXY LABORATORIES LTD
3.98
3.68
2.87
2.56
1.55
1.61
1.44
1.29
RELIANCE CAPITAL LTD
0.92
0.67
0.64
0.56
1.37
1.28
1.17
1.21
RELIANCE COMMUNICATIONS LTD
0.27
0.30
0.29
0.28
0.52
0.50
0.46
0.44
0.41
2.13
2.08
1.96
RELIANCE INDUSTRIES LTD
1.45
1.33
1.21
1.11
0.77
0.69
0.70
0.67
0.65
8.09
7.58
7.43
RELIANCE INFRASTRUCTURE LTD
0.37
0.33
0.31
0.30
0.37
0.38
0.36
0.35
3.46
55.62
20.02
RELIANCE POWER LTD
0.95
0.89
0.84
0.78
7.96
3.47
2.31
1.46
21.08
12.06
7.59
RURAL ELECTRIFICATION CORP
1.37
1.17
1.01
0.87
4.91
3.61
3.25
2.97
5.17
5.14
SATYAM COMPUTER SERVICES LTD
3.85
3.40
2.60
2.32
2.32
1.92
1.75
1.59
17.57
9.99
SESA GOA LTD
0.86
0.77
0.69
0.63
1.60
4.62
2.36
2.09
4.76
6.06
SHRIRAM TRANSPORT FINANCE
2.48
2.10
1.75
1.46
4.22
3.95
3.39
2.93
11.88
SIEMENS LTD
4.36
3.99
3.58
1.48
1.42
1.29
25.07
STATE BANK OF INDIA
1.37
1.16
1.01
0.88
1.61
1.42
1.23
1.06
STEEL AUTHORITY OF INDIA
0.63
0.59
0.55
0.52
0.55
0.56
0.49
STERLITE INDUSTRIES INDIA LT
0.65
0.58
0.53
0.47
0.78
0.71
0.65
SUN PHARMACEUTICAL INDUS
7.46
5.78
4.78
4.00
11.09
7.70
SUZLON ENERGY LTD
0.38
0.55
0.50
1.17
0.11
TATA CHEMICALS LTD
1.32
1.19
1.08
0.97
TATA CONSULTANCY SVCS LTD
9.69
7.67
6.14
4.95
TATA GLOBAL BEVERAGES LTD
1.74
1.60
1.51
TATA MOTORS LTD
3.09
2.12
TATA POWER CO LTD
1.61
1.75
TATA STEEL LTD
0.76
TITAN INDUSTRIES LTD
4.72
1.30
6.86
6.86
6.04
9.48
8.97
8.76
7.60
6.76
5.45
5.69
5.05
4.45
7.14
1.64
8.69
7.58
6.89
11.53
10.32
9.05
7.67
6.79
4.38
4.55
3.96
3.52
4.87
8.39
11.70
10.57
9.58
8.84
7.98
12.36
11.39
10.10
9.36
9.70
10.25
8.85
7.61
8.94
5.61
4.53
3.86
3.08
3.97
4.53
5.10
240.93
32.1%
16.09
11.87
10.46
9.85
1.14
2.24
2.48
2.86
135.51
29.1%
3.52
3.32
3.65
4.21
952.84
33.7%
7.26
9.26
7.90
4.21
7.24
9.02
4.81
8.40
11.05
8.39
10.72
13.14
16.98
12.86
17.01
0.79
0.81
1.04
1.65
452.89
1.8%
32.61
28.85
29.01
33.28
13.88
11.33
10.85
8.42
2.27
3.19
3.28
3.41
529.39
75.9%
1.74
7.57
7.28
6.62
6.09
5.46
13.03
16.85
10.47
7.23
5.76
1.46
0.57
0.72
0.76
68.33
33.7%
6.47
7.80
8.33
7.96
6.82
6.29
12.29
11.94
11.33
10.06
9.58
1.08
1.16
1.24
1.33
924.24
18.0%
7.50
7.56
6.42
5.43
5.32
5.21
5.06
5.13
2.39
2.39
2.48
2.42
674.82
108.5%
5.54
48.12
19.22
11.17
6.92
23.10
16.56
16.00
9.89
0.00
0.00
0.00
0.23
91.41
54.5%
4.60
34.26
7.98
5.50
5.06
5.06
4.00
269.19
33.2%
9.48
9.84
11.96
7.30
6.97
6.42
15.31
12.20
11.00
10.13
0.00
0.00
0.00
0.00
131.20
3.8%
5.60
6.08
4.88
17.28
10.27
9.20
4.79
5.16
4.91
4.58
2.51
2.39
2.56
2.49
185.91
23.0%
10.36
8.20
6.77
10.81
10.66
8.95
7.58
1.16
1.12
1.32
1.56
809.92
20.1%
19.22
16.25
18.90
15.20
12.48
31.08
25.49
20.85
1.23
1.15
1.23
1.28
571.05
8.3%
9.24
6.79
6.15
9.62
7.41
6.45
5.42
1.72
2.01
2.28
2.58
2435.05
18.7%
0.43
4.25
5.63
4.67
3.61
5.87
6.29
4.98
3.77
6.39
8.41
7.62
6.14
3.82
3.23
3.42
3.50
77.75
27.5%
0.61
4.24
3.63
3.23
2.93
3.69
3.61
3.08
2.84
5.66
5.35
4.71
4.37
1.64
2.11
2.23
2.39
123.90
35.9%
6.60
5.76
33.39
23.62
20.44
18.15
28.07
17.21
15.70
14.24
36.49
26.08
22.96
19.91
0.53
0.66
0.79
0.93
860.56
4.7%
0.11
0.09
0.07
8.14
287.23
2.64
8.18
68.39
6.40
5.37
34.18
5.13
0.00
0.74
1.32
0.00
16.48
22.1%
0.62
0.56
0.53
0.50
19.2%
6.21
4.84
4.27
3.77
1.46
1.18
1.03
0.92
1.68
1.35
0.50
0.43
1.62
1.47
0.91
0.74
0.72
0.68
0.64
0.23
15.69
11.36
8.57
6.60
ULTRATECH CEMENT LTD
4.04
3.29
2.79
2.28
UNION BANK OF INDIA
0.76
UNITECH LTD
0.49
0.47
0.46
0.44
2.12
2.30
1.87
1.52
12.70
18.48
12.59
11.33
13.74
18.82
13.34
9.72
UNITED BREWERIES LTD
12.28
12.28
10.44
8.51
4.89
4.40
3.64
2.94
50.56
45.81
36.85
28.54
46.90
36.42
27.84
20.22
UNITED PHOSPHORUS LTD
1.27
1.13
0.99
0.86
0.68
0.59
0.54
0.49
7.24
5.19
4.55
3.85
5.58
5.08
4.57
4.08
UNITED SPIRITS LTD
5.16
4.26
3.14
2.88
2.83
2.33
2.04
1.83
1.62
54.04
45.84
29.20
23.47
26.40
23.12
19.30
WIPRO LTD
3.85
3.25
2.81
2.43
2.86
2.48
2.26
2.04
1.88
16.25
14.09
12.81
11.85
13.43
11.54
10.58
YES BANK LTD
3.19
ZEE ENTERTAINMENT ENTERPRISE
5.74
0.70
0.44
10.06
1.04
13.85
10.35
15.56
4.33
4.23
3.02
5.24
5.62
5.03
4.33
6.26
6.15
5.61
5.33
27.42
20.97
18.36
16.24
20.26
16.16
14.34
12.89
0.83
18.23
15.11
13.21
11.85
15.29
12.00
10.27
9.11
0.38
0.33
5.03
4.78
3.99
3.33
4.49
4.08
3.40
2.99
8.43
8.60
0.63
0.60
8.25
7.50
5.70
4.95
8.93
8.60
7.18
6.72
13.08
19.11
0.22
0.21
0.20
3.46
4.88
3.22
3.00
5.85
6.24
4.85
4.48
6.69
17.35
7.95
6.64
2.56
2.16
1.75
1.46
39.21
33.67
27.60
22.30
27.05
21.05
16.76
13.64
37.94
30.67
24.68
2.79
2.35
2.02
1.75
18.00
13.42
11.32
9.43
13.46
10.96
9.10
7.56
24.64
18.34
15.42
3.27
0.17
2.24
11.27
3.25
6.18
3.85
3.02
6.74
9.22
9.63
8.46
7.78
3.20
3.17
3.25
3.52
385.05
21.88
19.63
17.41
1.14
1.44
1.65
1.78
1506.73
-3.3%
24.39
18.47
15.54
14.46
2.20
2.15
2.42
3.38
160.78
30.2%
6.92
6.17
1.58
1.43
1.51
1.58
326.65
18.7%
16.31
13.36
1.34
1.20
1.27
1.30
104.83
10.6%
3.76
3.38
3.60
4.06
407.20
33.0%
20.15
0.71
0.94
1.24
1.56
309.61
23.0%
12.82
0.35
0.47
0.52
0.60
2090.79
13.0%
3.43
3.99
4.59
5.07
263.54
25.3%
2.63
4.71
4.09
3.39
34.16
28.06
22.87
18.83
24.18
20.54
16.69
7.60
9.15
18.09
13.67
10.25
0.47
0.51
0.59
0.57
33.72
52.6%
14.83
106.66
83.86
60.64
41.11
0.11
0.12
0.16
0.26
517.20
-24.9%
8.76
7.37
6.36
5.42
2.01
2.41
2.63
2.90
163.84
40.5%
16.32
12.38
65.91
67.73
36.46
26.61
0.17
0.16
0.17
0.20
2240.81
18.9%
9.56
8.86
18.93
16.29
15.01
13.42
1.41
1.60
1.76
1.89
432.15
-0.8%
0.95
1.14
1.38
1.63
568.26
33.6%
0.93
1.05
1.23
1.49
250.18
19.9%
15.25
5.45
6.93
14.29
6.17
4.50
3.33
28.72
4.97
5.23
1.57
13.45
9.16
34.51
13.00
9.78
28.11
23.03
18.77
13.54
3.76
27.03.2013
ABB Ltd/India
ABB Limited undertakes engineering and construction projects and manufactures
a wide range of food products. The Company's product line includes milk,
chocolate, confectionery, bottled water, coffee, creamer, food seasoning and
pet foods.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.03.2012)
52-Week Low (26.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ABB IB EQUITY YTD Change
ABB IB EQUITY YTD % CHANGE
Price/Volume
900
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
12/2012
12/yy
862.00
485.00
13'351.00
488.85
-43.29%
0.79%
1.02%
211.9
103'591.41
3'315.70
18.5
0.0
869.20
106'037.91
600
.1 M
500
400
.1 M
300
.0 M
200
.0 M
100
0
m-12
31.12.2010
Profitability
LTM-4Q
31.12.2011
73'727.3
1.64x
2'813.7
43.01x
1'847.1
66.92x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
31.12.2012
75'136.8
2.01x
3'415.8
44.19x
1'409.4
105.38x
3'415.80
2'474.10
3.29%
2.81%
2.20%
5.49%
6.21%
1.17%
4.5%
3.3%
1.9%
1.25
0.87
5.10%
12.74%
2.36
-
Price/ Cash Flow
12/yy
0
#DIV/0!
0.0
0.00x
0.0
0.00x
j-12
j-12
a-12
LTM
12/yy
21'721
5.57x
1'082.8
0.00x
642.9
0.00x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
0.61
0.94
32.78
-40.12%
-30.20%
0.935
39
1.359
10'909
12'714
10'006
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
80'764
90'596
4'684.0
6'614.0
22.64x
16.04x
2'228.0
3'472.0
46.56x
29.81x
S&P Issuer Ratings
Long-Term Rating Date

Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
7.90
4.12
0.72
0.97
12.7%
11.3%
1.17
6.10
155.25
-
Sales/Revenue/Turnover
200.00
80'000.0
180.00
70'000.0
160.00
60'000.0
140.00
50'000.0
120.00
100.00
40'000.0
80.00
30'000.0
60.00
20'000.0
40.00
10'000.0
20.00
0.00
03.01.2010
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month
31.12.2009
-
.1 M
700
Fiscal Year Ended

31.12.2008
.1 M
800
0.0
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
ABB Ltd/India
Holdings By:
All
Holder Name
ABB ASEA BROWN BOVER
CAPITAL GROUP COMPAN
CREDIT SUISSE ASSET
FMR LLC
VANGUARD GROUP INC
UBS FUND MANAGEMENT
SUN LIFE FINANCIAL I
MORGAN STANLEY
PICTET & CIE
SWISSCANTO FONDSLEIT
CARMIGNAC GESTION
HARBOR CAPITAL ADVIS
DEUTSCHE BANK AG
T ROWE PRICE ASSOCIA
EATON VANCE MANAGEME
FIRST EAGLE INVESTME
ARTISAN PARTNERS HOL
THORNBURG INVESTMENT
ABERDEEN
GRANTHAM MAYO VAN OT
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Axis Capital Limited

ANDREW WOOD
Kepler Capital Markets
JON COX
Grupo Santander
PEDRO GIL
Jefferies
ALEX HOWSON
AlphaValue
SOPHIE CABO-BROSETA
EVA Dimensions
AUSTIN BURKETT
Exane BNP Paribas
JEFF STENT
Day by Day
VALERIE GASTALDY
JPMorgan
CELINE PANNUTI
Morgan Stanley
EILEEN KHOO
RBC Capital Markets
JAMES EDWARDES JONES
Credit Suisse
ALEX MOLLOY
Canaccord Genuity Corp
EDDY HARGREAVES
Mirabaud Securities
JULIAN LAKIN
Landesbank Baden-Wuerttemberg
BARBARA AMBRUS
Main First Bank AG
ALAIN-SEBASTIAN OBERHUBER
Societe Generale
WARREN L ACKERMAN
Redburn Partners
JEREMY FIALKO
Berenberg Bank
JAMES TARGETT
Bank Vontobel AG
JEAN-PHILIPPE BERTSCHY
Nomura
DAVID HAYES
Helvea
ANDREAS VON ARX
Barclays
LIAM ROWLEY
Deutsche Bank
JAMES ISENWATER
Goldman Sachs
ALEXIS COLOMBO
Independent Research GmbH
LARS LUSEBRINK
Hamburger Sparkasse
TINA HECKING-VELTMAN
SNS Securities(ESN)
RICHARD WITHAGEN
S&P Capital IQ
CARL SHORT
Natixis
PIERRE TEGNER
Liberum Capital Ltd
PABLO ZUANIC
CA Cheuvreux
ERIC BOROIAN
Aurel - BGC
JEAN-MARIE L'HOME
Espirito Santo Investment Bank Research
ALEX SMITH
Zuercher Kantonalbank
PATRIK SCHWENDIMANN
HSBC
CEDRIC BESNARD
Nord/LB
WOLFGANG VASTERLING
DZ Bank AG
ROBERT CZERWENSKY
Source
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
market perform
hold
buy
buy
reduce
underweight
outperform
buy
overweight
Overwt/In-Line
sector perform
outperform
buy
hold
hold
outperform
buy
buy
hold
hold
reduce
neutral
overweight
hold
neutral/neutral
hold
buy
hold
hold
buy
hold
outperform
hold
neutral
market perform
neutral
buy
hold
Amt Held
167'423'934
73'718'620
45'239'182
37'264'088
35'232'885
28'857'544
23'431'160
18'332'115
17'812'640
16'719'546
12'537'390
11'887'345
10'560'011
9'789'155
8'899'608
7'902'742
5'524'912
5'320'763
5'162'265
4'693'232
% Out
5.19
2.29
1.4
1.16
1.09
0.89
0.73
0.57
0.55
0.52
0.39
0.37
0.33
0.3
0.28
0.25
0.17
0.16
0.16
0.15
Weighting
Change
3
3
5
5
2
1
5
5
5
5
3
5
5
3
3
5
5
5
3
3
2
3
5
3
3
3
5
3
3
5
3
5
3
3
3
3
5
3
M
M
M
M
M
U
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
D
D
M
D
Latest Chg
145'091
2'250'900
(902'542)
2'976'375
(997'394)
(56'440)
524'947
319'679
88'163
6'474'868
22'050
(187'731)
(110'988)
3'003'499
(63'233)
11'764
121'371
(722'976)
(118'700)
(71'536)
Target Price
66
60
72
74
70
#N/A N/A
74
79
72
68
73
76
69
63
65
70
71
#N/A N/A
68
66
66
65
70
63
70
67
#N/A N/A
61
65
72
#N/A N/A
63
49
58
#N/A N/A
67
#N/A N/A
63
File Dt
25.03.2013
31.12.2012
31.01.2013
31.01.2013
31.12.2012
30.11.2012
31.01.2013
31.12.2012
31.01.2013
31.01.2013
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.01.2013
30.09.2012
31.12.2012
31.01.2013
28.02.2013
31.05.2012
Date
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
3 month
9 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
26.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
18.03.2013
14.03.2013
13.03.2013
11.03.2013
07.03.2013
05.03.2013
26.02.2013
22.02.2013
22.02.2013
19.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
11.02.2013
25.01.2013
21.01.2013
18.10.2012
14.09.2012
13.09.2012
12.09.2012
10.09.2012
16.08.2012
27.03.2013
ACC Ltd
ACC Limited manufactures a range of cements and blended cements. The Company
provides a variety of international banking and financial services, including
retail and corporate banking, trade, trusteeship, securities, custody, capital
markets, treasury, private and investment banking, and insurance. The Group
operates worldwide.
Price/Volume
.4 M
1200
.4 M
.3 M
.3 M
800
Latest Fiscal Year:

LTM as of:
52-Week High (15.10.2012)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ACC IB EQUITY YTD Change
ACC IB EQUITY YTD % CHANGE
12/2012
12/yy
1'514.95
1'105.05
17'393.00
1157.4
-23.60%
4.74%
12.77%
187.7
217'296.48
1'630.60
0.0
25.5
30'229.20
188'723.39
.2 M
600
.2 M
400
.1 M
200
.1 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.5 M
1400
1000
Valuation Analysis
31.12.2008
76'939.4
1.11x
22'511.9
3.78x
10'996.5
8.19x
1600
31.12.2009
31.12.2010
84'795.5
82'606.3
1.78x
2.22x
26'283.6
18'428.2
5.74x
9.95x
15'639.1
10'775.3
10.47x
18.74x
Profitability
LTM-4Q
31.12.2011
100'020.7
1.90x
19'212.4
9.91x
13'008.0
16.41x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
111'305.6
2.16x
21'966.5
10.94x
10'592.8
25.38x
21'966.50
16'277.50
14.62%
13.03%
8.88%
14.76%
15.21%
0.93%
19.7%
14.6%
9.5%
1.42
0.98
1.37%
2.21%
39.16
-
Price/ Cash Flow
LTM
FY+1
2.59
0.82
80.36
-10.41%
-17.66%
0.817
58
3.310
27'666
25'274
25'265
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
100'260.1 111'816.2 127'089.6 143'117.1
31'863.0
3.69x
4.07x
1.48x
1.27x
19'211.3
21'967.1
24'105.6
28'627.9
6'505.0
10.53x
10.94x
7.84x
6.60x
13'008.0
10'592.7
15'498.3
17'601.4
3'581.0
16.41x
25.40x
14.55x
12.67x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
19.16
14.17
-1.30
0.07
2.2%
2.2%
0.93
1.72
9.35
-
18.00
120'000.0
16.00
100'000.0
14.00
80'000.0
12.00
10.00
60'000.0
8.00
40'000.0
6.00
4.00
20'000.0
2.00
0.00
03.01.2010
0.0
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
ACC Ltd
Holdings By:
All
Holder Name
HOLCIM PVT LTD
BLACKROCK
LEGAL & GENERAL
NORGES BANK INVESTME
SCOTTISH WIDOWS
FMR LLC
FRANKLIN RESOURCES
VANGUARD GROUP INC
VANGUARD GROUP INC
DZ BANK AG
STANDARD LIFE INVEST
ABERDEEN
UBS
M&G INVESTMENT MANAG
STATE STREET
HSBC INVESTMENTS UK
AVIVA INVESTORS
BNP PARIBAS INV PART
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
IIFL
THOMAS STOEGNER
Mediobanca SpA
CHRISTOPHER J WHEELER
Credit Suisse
AMIT GOEL
Day by Day
VALERIE GASTALDY
AlphaValue
DAVID GRINSZTAJN
Investec
IAN GORDON
Shore Capital Stockbrokers
GARY GREENWOOD
Sanford C. Bernstein & Co
CHIRANTAN BARUA
Nomura
CHINTAN JOSHI
Exane BNP Paribas
TOM RAYNER
BNP Paribas Equity Research
DOMINIC CHAN
Oriel Securities Ltd
VIVEK RAJA
Goldman Sachs
FREDERIK THOMASEN
Numis Securities Ltd
MICHAEL J TRIPPITT
Societe Generale
JAMES INVINE
Deutsche Bank
JASON NAPIER
Morgan Stanley
CHRISTOPHER MANNERS
RBC Capital Markets
PATRICK LEE
DBS Vickers
ALEXANDER LEE
STEFAN BONGARDT
Citic Securities Co., Ltd
STEVEN CHAN
BOCOM International Holdings
LI SHANSHAN
GARETH HUNT
S&P Capital IQ
FRANK BRADEN
CCB International Securities Ltd
ADAM CHAN
JPMorgan
RAUL SINHA
Keefe, Bruyette & Woods
MARK J PHIN
WERNER SCHIRMER
Redburn Partners
FAHED KUNWAR
SHAILESH RAIKUNDLIA
Berenberg Bank
JAMES CHAPPELL
Barclays
ROHITH CHANDRA-RAJAN
EVA Dimensions
AUSTIN BURKETT
Daniel Stewart & Co
SIMON WILLIS
Liberum Capital Ltd
CORMAC LEECH
JF Apex Securities Bhd
TEAM COVERAGE
AMTD Financial Planning Limited
KENNY TANG SING HING
Mizuho Securities
JIM ANTOS
Grupo Santander
ARTURO DE FRIAS
China International Capital Corp
SALLY NG
Redburn Partners
JON KIRK
Source
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
REG
REG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
REG
ULT-AGG
Recommendation
outperform
outperform
outperform
hold
sell
add
buy
outperform
buy
outperform
buy
buy
Buy/Neutral
hold
buy
buy
Equalwt/In-Line
sector perform
buy
hold
buy
neutral
buy
buy
neutral
overweight
outperform
hold
buy
buy
buy
overweight
sell
hold
buy
neutral
buy
buy
hold
accumulate
buy
Amt Held
1'324'583'860
1'110'172'768
681'507'879
476'556'585
440'954'225
332'844'458
324'698'913
224'222'452
209'856'599
200'499'704
199'869'719
198'426'753
193'573'011
187'959'754
181'870'790
180'568'727
174'085'246
141'993'045
127'868'417
125'817'709
% Out
7.17
6.01
3.69
2.58
2.39
1.8
1.76
1.21
1.14
1.08
1.08
1.07
1.05
1.02
0.98
0.98
0.94
0.77
0.69
0.68
Weighting
Change
5
5
5
3
1
4
5
5
5
5
5
5
5
3
5
5
3
3
5
3
5
3
5
5
3
5
5
3
5
5
5
5
1
3
5
3
5
5
3
4
5
M
M
M
D
M
M
U
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
U
M
M
N
Latest Chg
(13'049'021)
2'537'898
79'539'775
40'654'991
50'440'600
(2'646'000)
5'636'526
10'505'716
5'126'341
27'428'625
21'768'714
2'568'947
(14'593'182)
2'029'272
(3'241'674)
19'292'369
(3'893'625)
Target Price
800
835
790
#N/A N/A
610
735
#N/A N/A
860
900
825
856
860
940
652
790
760
777
700
820
750
854
746
825
785
692
755
800
720
#N/A N/A
800
680
730
#N/A N/A
650
665
#N/A N/A
676
709
632
668
#N/A N/A
File Dt
12.02.2013
25.03.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
28.02.2013
31.12.2012
01.02.2013
01.02.2013
01.02.2013
28.02.2013
01.02.2013
01.02.2013
01.02.2013
26.03.2013
01.02.2013
01.02.2013
01.02.2013
Date
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
6 month
Not Provided
12 month
12 month
Not Provided
9 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Inst Type
Unclassified
Investment Advisor
Unclassified
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
14.03.2013
14.03.2013
12.03.2013
12.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
04.03.2013
04.03.2013
04.03.2013
26.02.2013
08.02.2013
04.02.2013
31.01.2013
29.01.2013
28.01.2013
22.01.2013
17.01.2013
09.01.2013
07.12.2012
06.12.2012
06.12.2012
19.11.2012
18.09.2012
12.07.2012
27.01.2011
27.03.2013
Adani Enterprises Ltd

Adani Enterprises Limited is an international trading house that operates from
Company produces pharmaceuticals for cardiovascular, respiratory and infectious
diseases, oncology, neuroscience, transplantation, dermatology,
gastrointestinal and urinary conditions, and arthritis, vaccines and
diagnostics, vision, and animal health products.
Price/Volume
350
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
300
250
200
Valuation Analysis
150
Latest Fiscal Year:

LTM as of:
52-Week High (04.04.2012)
52-Week Low (31.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ADE IB EQUITY YTD Change
ADE IB EQUITY YTD % CHANGE
03/2012
12/yy
324.90
151.70
225'441.00
192.2
-40.84%
26.70%
23.38%
1'099.8
211'383.48
659'938.10
0.0
34'623.0
28'382.40
871'489.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
50
0
m-12
31.03.2009
31.03.2010
225'736.3
211'207.0
0.75x
1.90x
9'697.8
16'992.6
17.41x
23.66x
5'046.5
9'193.0
13.08x
25.32x
Profitability
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
LTM-4Q
31.03.2011
264'054.7
4.02x
42'841.3
24.77x
24'760.9
28.64x
31.03.2012
393'556.3
2.54x
53'071.5
18.87x
18'392.1
18.23x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
53'071.50
40'831.60
10.38%
6.34%
2.16%
9.88%
4.20%
0.46%
13.5%
10.4%
4.7%
0.85
0.41
61.68%
338.61%
5.10
-
Price/ Cash Flow
LTM
FY+1
0.52
1.43
248.62
-32.22%
-29.09%
1.434
14
4.000
1'205'410
402'417
339'701
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
377'892.5 454'910.2 453'503.9 570'956.3 135'868.0
0.00x
4.14x
2.01x
1.67x
55'273.3
54'778.9
67'673.4 114'141.9
24'812.0
0.00x
0.00x
12.88x
7.64x
24'579.7
14'486.6
14'502.0
30'325.8
4'534.0
13.14x
20.62x
15.36x
7.57x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
4.55
-22.51
11.90
12.43
338.6%
74.2%
0.46
0.68
71.70
-
45.00
450'000.0
40.00
400'000.0
35.00
350'000.0
30.00
300'000.0
25.00
250'000.0
20.00
200'000.0
15.00
150'000.0
10.00
100'000.0
5.00
50'000.0
0.00
05.04.2009
a-12 m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
175'325.2
1.13x
7'779.0
25.50x
3'697.5
39.98x
100
0.0
05.10.2009
05.04.2010
05.10.2010
05.04.2011
05.10.2011
05.04.2012
05.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Adani Enterprises Ltd

Holdings By:
All
Holder Name
ADANI GAUTAM S
NOVARTIS AG
BLACKROCK
EMASAN AG
NOVARTIS FOUNDATION
CREDIT SUISSE ASSET
VANGUARD GROUP INC
UBS FUND MANAGEMENT
PICTET & CIE
BANK OF NEW YORK MEL
FMR LLC
INVESCO LTD
DEUTSCHE BANK AG
ABERDEEN
FRANKLIN RESOURCES
Firm Name
Helvea
Exane BNP Paribas
AlphaValue
JPMorgan
Credit Suisse
Jefferies
Berenberg Bank
Day by Day
Societe Generale
Bryan Garnier & Cie
Barclays
Hamburger Sparkasse
Goldman Sachs
Bank Vontobel AG
Morgan Stanley
S&P Capital IQ
Natixis
Nomura
EVA Dimensions
Deutsche Bank
Redburn Partners
CM - CIC Securities(ESN)
Liberum Capital Ltd
Main First Bank AG
Cyrrus
Mirabaud Securities
DZ Bank AG
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
TIMOTHY M ANDERSON
ODILE RUNDQUIST
FLORENT CESPEDES
ARMELLE MOULIN
ALEXANDRA M HAUBER-SCHUELE
MATTHEW WESTON
JEFFREY HOLFORD
MICHAEL NAWRATH
ALISTAIR CAMPBELL
VALERIE GASTALDY
STEPHEN MCGARRY
ERIC LE BERRIGAUD
MARTIN VOEGTLI
MARK PURCELL
MARCO GUENTHER
KEYUR PAREKH
TIMO KUERSCHNER
ANDREW C WEISS
PETER VERDULT
CHRISTOPH SCHOENDUBE
SHO MATSUBARA
BEATRICE MUZARD
AMIT ROY
ANDREW S ZAMFOTIS
TIM RACE
TEAM COVERAGE
ARSENE GUEKAM
NARESH CHOUHAN
TIM FRANKLIN
TOMAS MENCIK
NICHOLAS TURNER
ELMAR KRAUS
MARCEL BRAND
Source
ULT-AGG
EXCH
ULT-AGG
Co File
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
outperform
buy
outperform
add
overweight
outperform
buy
outperform
buy
buy
buy
buy
hold
equalweight
hold
neutral/neutral
buy
reduce
Equalwt/Attractive
hold
hold
neutral
buy
overweight
hold
buy
hold
overweight
suspended coverage
hold
accumulate
buy
underperform
Amt Held
120'887'981
109'194'165
104'449'586
87'859'938
78'926'882
37'728'226
30'677'414
23'848'647
14'689'249
14'545'038
13'520'586
13'144'896
10'929'652
8'481'470
6'826'249
6'478'481
5'933'597
5'456'801
5'092'802
3'857'938
% Out
4.47
4.03
3.86
3.25
2.92
1.39
1.13
0.88
0.54
0.54
0.5
0.49
0.4
0.31
0.25
0.24
0.22
0.2
0.19
0.14
Weighting
Change
5
5
5
4
5
5
5
5
5
5
5
5
3
3
3
3
5
2
3
3
3
3
5
5
3
5
3
5
#N/A N/A
3
4
5
1
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
Latest Chg
(515'205)
4'817'320
(769'427)
1'041'632
(37'179)
167'961
5'670'224
1'410'638
458'700
590'222
223'606
693'638
63'525
(9'500)
(621'833)
(237'271)
219'112
Target Price
71
68
71
75
78
70
78
#N/A N/A
72
69
72
70
59
65
#N/A N/A
60
70
53
61
63
63
62
65
#N/A N/A
63
#N/A N/A
55
70
#N/A N/A
52
61
56
48
File Dt
31.12.2012
09.05.2012
25.03.2013
31.12.2011
25.02.2013
31.01.2013
31.12.2012
30.11.2012
31.01.2013
31.01.2013
31.12.2012
31.01.2013
26.03.2013
31.01.2013
21.03.2013
28.02.2013
28.02.2013
31.12.2012
31.05.2012
31.12.2012
Date
12 month
12 month
Not Provided
6 month
15 month
Not Provided
12 month
Not Provided
Not Provided
3 month
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Corporation
Investment Advisor
Hedge Fund Manager
n/a
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.03.2013
25.03.2013
21.03.2013
21.03.2013
15.03.2013
14.03.2013
14.03.2013
13.03.2013
28.02.2013
28.02.2013
25.02.2013
25.02.2013
14.02.2013
04.02.2013
29.01.2013
28.01.2013
25.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
18.01.2013
18.01.2013
17.01.2013
12.12.2012
10.12.2012
25.10.2012
05.10.2012
20.07.2012
05.04.2012
02.04.2012
30.01.2012
17.07.2009
27.03.2013
Adani Ports and Special Economic Zone

Adani Ports and Special Economic Zone operates a shipping port on the west coast
products. The Company produces prescription drugs in the areas of
cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology,
metabolic disorders, oncology, transplantation, and the central nervous system.
Price/Volume
180
3.5 M
160
3.0 M
140
2.5 M
120
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.02.2013)
52-Week Low (24.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ADSEZ IB EQUITY YTD Change
ADSEZ IB EQUITY YTD % CHANGE
03/2012
12/yy
162.40
105.15
212'063.00
131.7
-18.90%
25.25%
46.38%
2'003.4
263'847.00
174'485.43
28.1
1'348.8
8'410.68
450'240.00
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
80
1.5 M
60
1.0 M
40
.5 M
20
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
8'170.2
28.90x
4'911.4
48.08x
2'104.2
109.18x
100
31.03.2009
31.03.2010
11'949.3
14'955.2
12.17x
23.04x
7'441.9
9'759.7
19.54x
35.30x
4'325.2
6'760.0
29.95x
46.80x
Profitability
LTM-4Q
31.03.2011
20'001.1
15.43x
13'308.0
23.19x
9'181.5
29.82x
31.03.2012
32'708.0
13.05x
21'268.1
20.07x
11'020.7
23.54x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
21'268.10
16'637.76
50.87%
36.15%
6.22%
24.43%
9.55%
0.18%
65.0%
50.9%
33.7%
0.62
0.33
67.27%
360.83%
12.34
-
Price/ Cash Flow
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
12/yy
33'867.9
13.05x
23'908.8
0.00x
9'129.1
0.00x
FY+1
0.76
1.05
393.87
9.40%
-2.44%
1.048
29
4.517
470'035
246'619
363'055
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
43'719.7
52'499.9
8'629.0
9.56x
7.17x
29'486.3
35'486.7
7'826.0
15.25x
12.67x
12'904.1
17'937.6
3'622.0
20.56x
14.91x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
5.55
-6.35
7.81
8.20
360.8%
77.8%
0.18
0.23
29.65
-
50.00
35'000.0
45.00
30'000.0
40.00
35.00
25'000.0
30.00
20'000.0
25.00
15'000.0
20.00
10'000.0
15.00
10.00
5'000.0
5.00
0.00
05.04.2009
0.0
05.10.2009
05.04.2010
05.10.2010
05.04.2011
05.10.2011
05.04.2012
05.10.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Adani Ports and Special Economic Zone

Holdings By:
All
Holder Name
ADANI ENTERPRISES LT
PRIMECAP MANAGEMENT
CREDIT SUISSE ASSET
FRANKLIN RESOURCES
BLACKROCK
DODGE & COX
FMR LLC
UBS FUND MANAGEMENT
PICTET & CIE
PERPETUAL INVESTMENT
DEUTSCHE BANK AG
ABERDEEN
INVESCO LTD
ALLIANZ ASSET MANAGE
OPPENHEIMERFUNDS INC
Firm Name
Day by Day
Exane BNP Paribas
EVA Dimensions
JPMorgan
Jefferies
Bryan Garnier & Cie
Societe Generale
Natixis
Nomura
Morgan Stanley
S&P Capital IQ
Hamburger Sparkasse
Deutsche Bank
Barclays
Berenberg Bank
Credit Suisse
Bank Vontobel AG
Goldman Sachs
CA Cheuvreux
Redburn Partners
Liberum Capital Ltd
Main First Bank AG
Cyrrus
Mirabaud Securities
DZ Bank AG
MP Advisors Pvt Ltd
Portfolio Name
Multiple Portfolios
n/a
PRIMECAP MANAGEMENT
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
ODILE RUNDQUIST
VALERIE GASTALDY
VINCENT MEUNIER
ANDREW S ZAMFOTIS
JEFFREY HOLFORD
ERIC LE BERRIGAUD
TIMOTHY M ANDERSON
STEPHEN MCGARRY
MICHAEL NAWRATH
PHILIPPE LANONE
AMIT ROY
PETER VERDULT
SHO MATSUBARA
MARTIN VOEGTLI
MARCO GUENTHER
TIM RACE
MARK PURCELL
ALISTAIR CAMPBELL
LUISA HECTOR
ARSENE GUEKAM
ANDREW C WEISS
KEYUR PAREKH
MARCEL BRAND
TIMO KUERSCHNER
TEAM COVERAGE
NARESH CHOUHAN
TIM FRANKLIN
TOMAS MENCIK
NICHOLAS TURNER
ELMAR KRAUS
VISHAL MANCHANDA
Source
MF-AGG
ULT-AGG
13F
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
accumulate
hold
neutral
buy
overweight
buy
neutral
outperform
buy
outperform
buy
neutral
Overwt/Attractive
buy
buy
hold
buy
overweight
buy
outperform
hold
buy
hold
Buy/Neutral
outperform
buy
neutral
neutral
suspended coverage
accumulate
accumulate
buy
outperform
Amt Held
19'795'162
11'953'300
10'676'417
10'199'888
9'222'286
8'033'131
7'596'200
7'169'150
6'380'836
4'696'091
4'213'722
4'134'183
4'098'284
3'770'320
3'587'836
2'812'095
2'637'300
2'141'039
2'119'017
2'085'546
% Out
2.82
1.7
1.52
1.45
1.31
1.14
1.08
1.02
0.91
0.67
0.6
0.59
0.58
0.54
0.51
0.4
0.38
0.3
0.3
0.3
Weighting
Change
4
3
3
5
5
5
3
5
5
5
5
3
5
5
5
3
5
5
5
5
3
5
3
5
5
5
3
3
#N/A N/A
4
4
5
5
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
336'935
102'700
(179'381)
(1'803'044)
731'500
(416'685)
(11'698)
336'221
(246'469)
(5'494)
1'486'953
117'690
24'010
(57'400)
40'852
179'622
108'630
Target Price
220
#N/A N/A
213
#N/A N/A
270
230
208
222
246
#N/A N/A
240
140
230
222
225
#N/A N/A
215
230
210
227
206
225
215
245
220
220
#N/A N/A
190
#N/A N/A
176
178
220
160
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
28.02.2013
Investment Advisor
25.03.2013
Investment Advisor
29.01.2013
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.03.2012
Investment Advisor
26.03.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Unclassified
21.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
15 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
25.03.2013
21.03.2013
21.03.2013
21.03.2013
15.03.2013
14.03.2013
08.03.2013
05.03.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
22.02.2013
22.02.2013
21.02.2013
05.02.2013
04.02.2013
04.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
28.01.2013
28.01.2013
11.12.2012
26.11.2012
05.10.2012
20.07.2012
05.04.2012
02.04.2012
03.02.2012
14.11.2011
27.03.2013
Adani Power Ltd

Adani Power Ltd is a power project development company. The Company develops,
services, including voice and data communications. The Company operates in
Continental Europe, the United Kingdom, the United States, Asia Pacific, Africa
and the Middle East through its subsidiaries, associates, and investments.
Price/Volume
80
14.0 M
70
12.0 M
60
10.0 M
50
Latest Fiscal Year:

LTM as of:
52-Week High (18.04.2012)
52-Week Low (30.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ADANI IB EQUITY YTD Change
ADANI IB EQUITY YTD % CHANGE
03/2012
12/yy
73.85
36.80
275'374.00
39.2
-46.92%
6.52%
6.48%
2'393.3
93'816.27
386'003.40
0.0
5'590.3
4'774.50
454'206.17
31.03.2009
(71.8)
-
6.0 M
30
20
4.0 M
10
2.0 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
40
Valuation Analysis
(49.9)
Profitability
31.03.2010
4'348.6
80.80x
2'439.5
144.04x
1'701.1
141.19x
LTM-4Q
31.03.2011
21'351.9
22.96x
12'549.7
39.06x
5'135.7
47.86x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
40'897.9
13.11x
13'383.1
40.06x
(2'872.7)
13'383.10
7'478.70
18.29%
0.01%
-0.67%
-4.66%
-1538.43%
0.09%
32.7%
18.3%
-7.0%
0.45
0.07
75.12%
638.94%
16.52
-
Price/ Cash Flow
LTM
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
12/yy
48'868.7
9.74x
4'561.5
0.00x
(16'897.3)
0.00x
FY+1
0.00
1.33
575.54
-42.52%
-36.47%
1.329
40
1.875
693'078
1'486'169
993'139
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
69'279.5 135'658.8
6.91x
3.47x
15'694.8
51'388.5
28.95x
8.84x
(12'666.3)
5'709.0
17.51x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.97
-13.35
28.49
28.84
638.9%
85.4%
0.09
0.11
22.15
-
70.00
45'000.0
60.00
40'000.0
35'000.0
50.00
30'000.0
40.00
25'000.0
30.00
20'000.0
15'000.0
20.00
10'000.0
10.00
0.00
05.04.2009
5'000.0
0.0
05.10.2009
05.04.2010
05.10.2010
05.04.2011
05.10.2011
05.04.2012
05.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Adani Power Ltd

Holdings By:
All
Holder Name
ADANI ENTERPRISES LT
LEGAL & GENERAL
FRANKLIN RESOURCES
SCOTTISH WIDOWS
FMR LLC
UBS
ABERDEEN
VANGUARD GROUP INC
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
STATE STREET
JP MORGAN
DODGE & COX
DODGE & COX
AXA
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Nomura
JUSTIN FUNNELL
Grupo Santander
JOHN DAVIES
Goldman Sachs
TIMOTHY BODDY
Morgan Stanley
NICK DELFAS
Jefferies
JEREMY A DELLIS
JOHN KARIDIS
RALPH SZYMCZAK
AlphaValue
JEAN-MICHEL SALVADOR
Societe Generale
OTTAVIO ADORISIO
ROBIN BIENENSTOCK
NICK BROWN
Barclays
MAURICE PATRICK
Macquarie
GUY R PEDDY
New Street Research
JAMES RATZER
Exane BNP Paribas
ANTOINE PRADAYROL
Berenberg Bank
PAUL ANDREW MARSCH
Nomura
JAMES BRITTON
JPMorgan
AKHIL DATTANI
Oddo & Cie
VINCENT MAULAY
Banca Akros(ESN)
ANDREA DEVITA
Hamburger Sparkasse
Deutsche Bank
DAVID A WRIGHT
MARKUS FRIEBEL
S&P Capital IQ
JAMES CRAWSHAW
Day by Day
VALERIE GASTALDY
Liberum Capital Ltd
LAWRENCE SUGARMAN
EVA Dimensions
ANDREW S ZAMFOTIS
HSBC
STEPHEN HOWARD
Natixis
BENOIT MAYNARD
DZ Bank AG
JOERI SELS
Northland Capital Partners Ltd
DAVID JOHNSON
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
REG
REG
REG
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
ULT-AGG
Recommendation
outperform
hold
Buy/Neutral
Overwt/In-Line
hold
buy
hold
add
sell
underperform
buy
overweight
outperform
buy
underperform
hold
neutral
overweight
buy
hold
hold
hold
sell
buy
buy
buy
buy
overweight
neutral
buy
not rated
Amt Held
3'213'888'547
1'840'749'892
1'829'029'872
1'307'796'665
1'168'679'699
1'115'035'830
905'655'588
890'918'812
835'280'974
785'130'474
628'261'806
619'899'347
526'399'681
517'367'935
514'956'230
508'998'599
463'624'918
413'470'000
409'583'000
402'114'002
% Out
6.57
3.76
3.74
2.67
2.39
2.28
1.85
1.82
1.71
1.6
1.28
1.27
1.08
1.06
1.05
1.04
0.95
0.85
0.84
0.82
Weighting
Change
5
3
5
5
3
5
3
4
1
1
5
5
5
5
1
3
3
5
5
3
3
3
1
5
5
5
5
5
3
5
#N/A N/A
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(25'141'828)
(28'812'480)
141'890'605
(11'916'154)
(52'316'656)
105'084'426
(52'366'577)
19'552'525
100'485'000
72'066'899
99'016'155
(24'829'446)
44'104'574
(15'517'805)
(96'292'120)
(60'869'430)
15'508'600
2'613'000
(2'762'350)
Target Price
180
200
220
205
174
225
172
215
100
135
200
210
205
250
178
185
195
220
200
184
#N/A N/A
173
150
190
188
210
#N/A N/A
205
190
190
#N/A N/A
File Dt
25.03.2013
03.12.2012
31.12.2012
03.12.2012
03.12.2012
31.01.2013
31.01.2013
31.01.2013
28.02.2013
31.12.2012
31.12.2012
03.12.2012
03.12.2012
03.12.2012
26.03.2013
03.12.2012
31.01.2013
03.12.2012
29.01.2013
31.01.2013
Date
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
3 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Government
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
15.03.2013
15.03.2013
13.03.2013
12.03.2013
11.03.2013
11.03.2013
08.03.2013
06.03.2013
06.03.2013
26.02.2013
14.02.2013
14.02.2013
11.02.2013
08.02.2013
07.02.2013
07.02.2013
28.01.2013
18.01.2013
17.01.2013
07.12.2012
02.10.2012
08.11.2011
13.04.2010
27.03.2013
Ambuja Cements Ltd

Ambuja Cements Limited manufactures cement in India. The Company owns specially
produces oil and natural gas, refines, markets, and supplies petroleum
products, generates solar energy, and manufactures and markets chemicals. BP's
chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and
polyethylene.
Price/Volume
200
2.5 M
2.0 M
150
100
12/2012
06/yy
220.70
135.60
90'063.00
168.65
-23.58%
24.37%
38.84%
1'542.5
260'137.92
603.60
0.0
8.4
38'034.70
222'715.22
1.0 M
50
.5 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
1.5 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.10.2012)
52-Week Low (23.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ACEM IB EQUITY YTD Change
ACEM IB EQUITY YTD % CHANGE
31.12.2008
62'474.1
1.59x
18'079.6
5.49x
13'897.1
7.67x
250
31.12.2009
31.12.2010
70'768.7
73'902.1
2.06x
2.66x
20'163.0
18'914.3
7.24x
10.39x
12'168.4
12'629.7
13.05x
17.29x
Profitability
LTM-4Q
31.12.2011
85'210.3
2.47x
20'228.2
10.42x
12'277.4
19.38x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
97'395.4
2.80x
27'827.2
9.79x
12'932.1
23.89x
27'827.20
19'349.10
19.87%
19.46%
10.76%
15.34%
15.82%
0.81%
28.6%
19.9%
13.3%
1.74
1.32
0.48%
0.69%
41.60
-
Price/ Cash Flow
LTM
FY+1
2.13
0.84
679.70
3.10%
-15.11%
0.840
61
3.279
135'430
127'588
163'864
FY+2
FQ+1
FQ+2
06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
06/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
36'033.2 111'671.0 125'177.6
0.00x
1.93x
1.68x
3'465.5
29'614.0
33'816.7
0.00x
7.53x
6.59x
8'326.5
18'645.9
21'117.0
0.00x
14.28x
12.61x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
35.89
26.88
-1.35
0.02
0.7%
0.7%
0.81
1.48
8.80
-
25.00
120'000.0
100'000.0
20.00
80'000.0
15.00
60'000.0
10.00
40'000.0
5.00
0.00
03.01.2010
20'000.0
0.0
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Ambuja Cements Ltd

Holdings By:
All
Holder Name
HOLDERIND INVSTS LTD
LEGAL & GENERAL
SCOTTISH WIDOWS
FRANKLIN RESOURCES
UBS
KUWAIT INVESTMENT AU
FMR LLC
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
VANGUARD GROUP INC
STATE STREET
AVIVA INVESTORS
AXA
GOVT OF SINGAPORE IN
HSBC INVESTMENTS UK
Firm Name
IIFL
Raymond James
Exane BNP Paribas
AlphaValue
EVA Dimensions
Goldman Sachs
Deutsche Bank
Liberum Capital Ltd
Societe Generale
VTB Capital
Morgan Stanley
VSA Capital Ltd
Macquarie
Day by Day
RBC Capital Markets
Simmons & Company International
HSBC
Credit Suisse
Jefferies
Ahorro Corporacion Financiera SA
Natixis
Nomura
Barclays
Investec
S&P Capital IQ
JPMorgan
Tudor Pickering & Co
Jyske Bank
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
JASON KENNEY
SVEN DIERMEIER
BERTRAND HODEE
GORDON GRAY
RICHARD GRIFFITH
ALEJANDRO DEMICHELIS
ALEXANDRE ANDLAUER
CRAIG STERLING
MICHELE DELLA VIGNA
OSWALD CLINT
LUCAS HERRMANN
JENS MUENSTERMANN
ANDREW WHITTOCK
IRENE HIMONA
COLIN SMITH
MARTIJN P RATS
DOUGIE YOUNGSON
JASON D GAMMEL
VALERIE GASTALDY
PETER HUTTON
JEFFREY A DIETERT
PAUL SPEDDING
KIM FUSTIER
IAIN REID
VIRGINIA PEREZ REPES
ANNE PUMIR
THEEPAN JOTHILINGAM
RAHIM KARIM
STUART JOYNER
CHRISTINE TISCARENO
FREDERICK G LUCAS
ROBERT KESSLER
ROBERT JAKOBSEN
DOMINIQUE PATRY
TEAM COVERAGE
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
REG
REG
MF-AGG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
Recommendation
hold
buy
market perform
hold
hold
outperform
reduce
hold
neutral/cautious
market perform
buy
buy
hold
hold
hold
Underwt/In-Line
sell
outperform
hold
sector perform
overweight
overweight
neutral
hold
hold
neutral
neutral
underweight
buy
hold
overweight
accumulate
buy
outperform
buy
Amt Held
1'027'123'894
715'298'081
609'649'091
507'765'071
432'628'420
369'828'759
354'793'433
328'143'792
321'514'948
303'860'650
258'130'496
241'527'129
204'110'697
195'306'957
193'700'712
178'132'910
166'069'621
150'610'225
147'434'500
139'991'616
% Out
5.36
3.73
3.18
2.65
2.26
1.93
1.85
1.71
1.68
1.59
1.35
1.26
1.07
1.02
1.01
0.93
0.87
0.79
0.77
0.73
Weighting
Change
3
5
3
3
3
5
2
3
3
3
5
5
3
3
3
1
1
5
3
3
5
5
3
3
3
3
3
1
5
3
5
4
5
5
5
M
M
M
M
M
M
U
D
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
19'032'430
44'846'385
4'845'711
21'912'486
10'873'302
(277'008)
(1'973'558)
(10'962'271)
5'646'262
7'261'934
(698'478)
12'878'131
(5'019'297)
(592'855)
(6'919'062)
6'546'014
Target Price
530
540
#N/A N/A
500
#N/A N/A
575
425
#N/A N/A
490
510
520
520
445
500
490
442
400
550
#N/A N/A
530
#N/A N/A
550
475
450
6
490
455
480
495
595
525
500
520
500
602
File Dt
25.03.2013
01.11.2012
31.12.2012
30.11.2012
01.11.2012
31.12.2012
31.01.2013
01.11.2012
01.11.2012
31.01.2013
01.11.2012
01.11.2012
31.12.2012
01.11.2012
26.03.2013
31.01.2013
01.11.2012
31.01.2013
01.11.2012
01.11.2012
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
3 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Government
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Date
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
13.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
01.03.2013
27.02.2013
25.02.2013
22.02.2013
20.02.2013
19.02.2013
15.02.2013
08.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
19.12.2012
15.10.2012
19.09.2012
10.08.2012
16.04.2012
27.03.2013
Ashok Leyland Ltd

Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles,
manufactures prescription pharmaceuticals and vaccines. The Company develops
cardiovascular, thrombosis, metabolic disorder, central nervous system,
internal medicine and oncology drugs, and vaccines.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2012)
52-Week Low (30.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AL IB EQUITY YTD Change
AL IB EQUITY YTD % CHANGE
03/2012
12/yy
32.90
20.25
196'942.00
22.1
-32.83%
9.14%
14.62%
2'660.7
58'800.95
30'978.93
0.0
0.0
325.56
93'744.41
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
30
12.0 M
25
10.0 M
20
8.0 M
15
6.0 M
10
4.0 M
2.0 M
0
m-12
31.03.2009
31.03.2010
59'810.7
72'447.1
0.81x
1.35x
4'847.8
7'714.5
9.97x
12.68x
1'900.0
4'236.7
12.71x
17.52x
Profitability
LTM-4Q
31.03.2011
111'771.1
0.93x
12'243.8
8.53x
6'313.0
23.96x
31.03.2012
128'419.9
0.87x
12'504.0
8.91x
5'659.8
14.27x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
12'503.97
9'032.82
7.03%
5.37%
5.03%
13.85%
10.84%
1.14%
9.7%
7.0%
4.4%
0.89
0.26
26.00%
73.62%
10.63
-
Price/ Cash Flow
j-12
j-12
LTM
12/yy
12/yy
122'984.1 127'217.4
1.41x
1.65x
12'960.2
11'470.5
0.00x
0.00x
6'054.7
5'524.1
10.02x
13.21x
a-12
s-12
o-12
n-12
d-12
j-13
f-13
4.52
0.93
1'381.70
-20.85%
-18.00%
0.929
52
3.635
295'762
1'668'399
1'424'257
FY+1
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4
06/13 Q1
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
4.87
2.15
2.45
2.48
73.6%
42.4%
1.14
2.65
34.42
-
35.00
140'000.0
30.00
120'000.0
25.00
100'000.0
20.00
80'000.0
15.00
60'000.0
10.00
40'000.0
5.00
20'000.0
0.00
05.04.2009
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
77'425.8
0.67x
8'347.3
6.26x
4'693.1
10.02x
35
0.0
05.10.2009
05.04.2010
05.10.2010
05.04.2011
05.10.2011
05.04.2012
05.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Ashok Leyland Ltd

Holdings By:
All
Holder Name
HINDUJA AUTOMOTIVE L
FMR LLC
BLACKROCK
VANGUARD GROUP INC
SANOFI EMP SAVINGS P
DODGE & COX
NATIXIS ASSET MANAGE
FRANKLIN RESOURCES
MORGAN STANLEY
AVIVA PLC
DEUTSCHE BANK AG
WADDELL & REED FINAN
LBPAM
AMUNDI
WILLIAM BLAIR & COMP
AMUNDI
Firm Name
Nomura
Oddo & Cie
Helvea
Mirabaud Securities
Exane BNP Paribas
AlphaValue
JPMorgan
Jefferies
EVA Dimensions
Societe Generale
Bryan Garnier & Cie
Morgan Stanley
Banco Sabadell
Berenberg Bank
Barclays
Leerink Swann & Co
Credit Suisse
Nomura
S&P Capital IQ
Goldman Sachs
Natixis
Nord/LB
Day by Day
Redburn Partners
Hamburger Sparkasse
CA Cheuvreux
Liberum Capital Ltd
Main First Bank AG
Jyske Bank
Cyrrus
MP Advisors Pvt Ltd
DZ Bank AG
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MARK CLARK
TIMOTHY M ANDERSON
SEBASTIEN MALAFOSSE
ODILE RUNDQUIST
NICHOLAS TURNER
VINCENT MEUNIER
ARMELLE MOULIN
RICHARD VOSSER
JEFFREY HOLFORD
ANDREW S ZAMFOTIS
STEPHEN MCGARRY
ERIC LE BERRIGAUD
PETER VERDULT
MARTA DIAZ
ALISTAIR CAMPBELL
MARK PURCELL
SEAMUS FERNANDEZ
ARSENE GUEKAM
LUISA HECTOR
TIMO KUERSCHNER
FABIAN WENNER
AMIT ROY
SHO MATSUBARA
KEYUR PAREKH
PHILIPPE LANONE
THORSTEN STRAUSS
VALERIE GASTALDY
TEAM COVERAGE
MARCO GUENTHER
LAURENT FLAMME
NARESH CHOUHAN
TIM FRANKLIN
ROBERT JAKOBSEN
TOMAS MENCIK
VISHAL MANCHANDA
ELMAR KRAUS
Source
20F
ULT-AGG
ULT-AGG
MF-AGG
20F
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
Recommendation
buy
outperform
buy
accumulate
neutral
outperform
add
overweight
buy
hold
buy
buy
Overwt/Attractive
buy
hold
equalweight
outperform
hold
neutral
buy
hold
hold
buy
neutral
buy
neutral/neutral
buy
hold
buy
neutral
sell
outperform
underweight
suspended coverage
sell
hold
market perform
buy
Amt Held
118'227'307
33'173'565
20'826'782
18'032'467
17'191'116
16'748'982
13'821'204
10'580'043
6'697'049
6'413'305
5'954'817
5'830'361
5'643'800
5'093'172
4'869'438
4'547'746
4'234'244
4'068'709
4'037'006
3'880'397
% Out
8.91
2.5
1.57
1.36
1.3
1.26
1.04
0.8
0.5
0.48
0.45
0.44
0.43
0.38
0.37
0.34
0.32
0.31
0.3
0.29
Weighting
Change
5
5
5
4
3
5
4
5
5
3
5
5
5
5
3
3
5
3
3
5
3
3
5
3
5
3
5
3
5
3
1
5
1
#N/A N/A
1
3
3
5
M
M
M
M
D
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
U
M
M
U
M
M
M
M
M
M
M
M
M
Latest Chg
325'750
(6'850)
1'487'319
1'647'107
(1'806'061)
490'404
(10'030)
249'926
597'970
630'744
(67'746)
(42'392)
(345'054)
8'077
(16'108)
347'156
Target Price
89
76
82
82
83
85
83
99
85
#N/A N/A
92
80
81
80
76
77
#N/A N/A
66
78
78
75
73
81
65
81
73
84
#N/A N/A
78
#N/A N/A
#N/A N/A
77
65
#N/A N/A
57
60
52
55
File Dt
31.01.2013
31.01.2013
25.03.2013
31.12.2012
31.01.2013
29.01.2013
31.01.2013
31.12.2012
31.12.2012
28.02.2013
30.09.2012
28.02.2013
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.05.2012
31.12.2012
31.10.2012
26.03.2013
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
15 month
12 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
3 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
26.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
15.03.2013
14.03.2013
14.03.2013
08.03.2013
19.02.2013
18.02.2013
15.02.2013
13.02.2013
12.02.2013
11.02.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
28.01.2013
28.01.2013
11.12.2012
11.12.2012
10.12.2012
28.11.2012
29.10.2012
05.10.2012
20.07.2012
11.07.2012
05.04.2012
08.02.2012
20.12.2011
27.03.2013
Asian Paints Ltd

Asian Paints Limited manufactures a wide range of decorative paints, varnishes,
refines petroleum. The Company produces fuels, chemicals, and lubricants.
Shell owns and operates gasoline filling stations worldwide.
Price/Volume
6000
.1 M
5000
.1 M
.1 M
4000
Latest Fiscal Year:

LTM as of:
52-Week High (21.03.2013)
52-Week Low (29.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
APNT IB EQUITY YTD Change
APNT IB EQUITY YTD % CHANGE
03/2012
12/yy
5'047.00
3'004.00
13'046.00
4895.7
-3.00%
62.97%
92.59%
95.9
469'594.50
3'358.50
0.0
1'366.9
9'031.30
465'288.59
31.03.2008
44'072.3
2.66x
6'714.5
17.48x
4'091.8
28.13x
.1 M
2000
.0 M
1000
.0 M
0
m-12
31.03.2009
31.03.2010
54'639.0
66'809.4
1.45x
2.93x
6'984.4
12'334.5
11.31x
15.84x
3'978.4
8'356.4
18.96x
23.40x
Profitability
LTM-4Q
31.03.2011
77'223.0
3.05x
13'358.6
17.65x
8'432.4
28.73x
31.03.2012
96'322.4
3.18x
15'449.5
19.85x
9'887.3
31.45x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
15'449.50
14'238.20
14.78%
15.10%
18.82%
40.06%
36.39%
1.83%
16.0%
14.8%
10.3%
1.29
0.61
5.70%
12.22%
14.22
-
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
LTM
FY+1
0.82
0.54
54.46
59.89%
10.76%
0.540
37
3.459
13'010
10'445
10'374
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
90'373.1 107'310.0 112'230.2 131'442.7
31'390.6
27'144.5
3.37x
2.86x
4.16x
3.51x
14'018.4
17'213.2
18'122.4
22'008.2
4'993.3
4'772.5
0.00x
0.00x
25.71x
21.17x
22.26x
21.73x
9'152.7
11'222.5
11'715.5
14'258.6
3'148.3
3'160.5
27.17x
37.89x
40.12x
33.13x
34.22x
33.34x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
43.23
24.39
-0.37
0.22
12.2%
10.4%
1.83
6.13
25.73
-
60.00
120'000.0
50.00
100'000.0
40.00
80'000.0
30.00
60'000.0
20.00
40'000.0
10.00
20'000.0
0.00
05.04.2009
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.1 M
3000
Valuation Analysis
0.0
05.10.2009
05.04.2010
05.10.2010
05.04.2011
05.10.2011
05.04.2012
05.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Asian Paints Ltd

Holdings By:
All
Holder Name
LIFE INSURANCE CORP
LEGAL & GENERAL
SCOTTISH WIDOWS
FMR LLC
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
UBS
VANGUARD GROUP INC
FRANKLIN RESOURCES
STATE STREET
BP INVESTMENT MANAGE
ABERDEEN
JP MORGAN
NORTHERN TRUST GLOBA
SOCIETE GENERALE PRO
Firm Name
Raymond James
EVA Dimensions
Jefferies
Day by Day
AlphaValue
JPMorgan
ING Bank
Macquarie
CA Cheuvreux
Hamburger Sparkasse
Investec
HSBC
Barclays
RBC Capital Markets
VSA Capital Ltd
Deutsche Bank
Theodoor Gilissen Securities
VTB Capital
Morgan Stanley
S&P Capital IQ
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
KIM FUSTIER
BERTRAND HODEE
CRAIG STERLING
OSWALD CLINT
IAIN REID
VALERIE GASTALDY
ALEXANDRE ANDLAUER
FREDERICK G LUCAS
QUIRIJN MULDER
ROBERT KESSLER
GORDON GRAY
JEFFREY A DIETERT
JASON D GAMMEL
DOMINIQUE PATRY
INGO SCHMIDT
STUART JOYNER
PAUL SPEDDING
SVEN DIERMEIER
RAHIM KARIM
RICHARD GRIFFITH
PETER HUTTON
JENS MUENSTERMANN
DOUGIE YOUNGSON
LUCAS HERRMANN
JOS VERSTEEG
COLIN SMITH
TEAM COVERAGE
MARTIJN P RATS
CHRISTINE TISCARENO
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
Recommendation
outperform
market perform
buy
market perform
buy
hold
reduce
underweight
buy
buy
buy
overweight
outperform
outperform
buy
hold
neutral
hold
equalweight
buy
hold
sector perform
buy
not rated
hold
buy
hold
hold
not rated
hold
Amt Held
190'130'247
148'916'543
77'887'769
52'066'121
50'156'944
47'208'897
41'114'969
39'669'849
38'832'374
34'834'706
26'147'686
25'767'455
22'400'138
19'530'183
19'189'183
16'493'284
16'292'959
16'129'705
14'890'316
12'949'057
% Out
5.04
3.95
2.06
1.38
1.33
1.25
1.09
1.05
1.03
0.92
0.69
0.68
0.59
0.52
0.51
0.44
0.43
0.43
0.39
0.34
Weighting
Change
5
3
5
3
5
3
2
1
5
5
5
5
5
5
5
3
3
3
3
5
3
3
5
#N/A N/A
3
5
3
3
#N/A N/A
3
M
M
M
M
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
D
M
N
M
M
D
Latest Chg
13'987'593
2'525'344
16'866'612
9'274'558
3'594'333
2'242'231
1'675'222
1'602'657
(1'443'858)
5'779'775
188'418
(1'313'970)
288'938
161'883
5'377'967
(4'117'735)
35'052
12'387'795
(803'892)
2'215'390
Target Price
2'525
#N/A N/A
#N/A N/A
2'410
2'450
#N/A N/A
2'114
2'400
2'843
2'800
2'650
#N/A N/A
2'500
2'431
#N/A N/A
2'168
2'520
2'433
2'550
#N/A N/A
2'567
2'580
2'580
#N/A N/A
2'475
2'722
2'500
2'272
#N/A N/A
2'315
File Dt
25.03.2013
01.01.2013
01.01.2013
31.01.2013
01.01.2013
31.01.2013
31.12.2012
01.01.2013
31.01.2013
01.01.2013
31.12.2012
26.03.2013
01.01.2013
28.02.2013
31.01.2013
31.01.2013
01.01.2013
01.01.2013
01.01.2013
28.02.2013
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
9 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
26.03.2013
26.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
15.03.2013
28.02.2013
27.02.2013
21.02.2013
15.02.2013
13.02.2013
05.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
29.01.2013
24.01.2013
09.01.2013
04.12.2012
03.12.2012
02.10.2012
27.09.2012
18.05.2012
03.05.2012
03.10.2011
27.03.2013
Axis Bank Ltd

Axis Bank Limited provides a full range of banking services throughout India.
develops, manufactures, and markets vaccines, prescription, and over-the-counter
medicines, as well as health-related consumer products. GlaxoSmithKline
provides products for infections, depression, skin conditions, asthma, heart &
circulatory disease, and cancer.
Price/Volume
1600
20.0 M
1000
800
03/2012
01/yy
1'519.00
922.00
135'635.00
1294.45
-14.78%
40.40%
62.39%
467.7
605'450.25
493'494.52
0.0
0.0
143'948.14
-
15.0 M
600
10.0 M
400
5.0 M
200
0
m-12 a-12 m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
25.0 M
1200
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.02.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AXSB IB EQUITY YTD Change
AXSB IB EQUITY YTD % CHANGE
31.03.2008
88'161.8
10'591.4
24.84x
30.0 M
1400
31.03.2009
31.03.2010
137'177.0
156'077.5
18'129.3
24'781.4
8.21x
18.02x
Profitability
31.03.2011
198'334.5
33'399.1
17.17x
31.03.2012
274'629.8
42'197.8
11.19x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
46.33%
46.48%
1.60%
20.30%
6.50%
0.10%
31.3%
17.29%
217.57%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.24
1.18
420.92
15.24%
-4.57%
1.178
72
4.361
188'824
156'949
168'061
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
164'444.0 200'909.0
51'039.5
64'165.5
10.65x
8.48x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.01.2007
BBBNEG
30.01.2007
A-3
217.6%
68.5%
0.10
12.00
-
20.00
300'000.0
18.00
250'000.0
16.00
14.00
200'000.0
12.00
150'000.0
10.00
8.00
100'000.0
6.00
4.00
50'000.0
2.00
0.00
05.04.2009
0.0
05.10.2009
05.04.2010
05.10.2010
05.04.2011
05.10.2011
05.04.2012
05.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Axis Bank Ltd

Holdings By:
All
Holder Name
UTI ASSET MANAGEMENT
INVESCO LTD
LEGAL & GENERAL
SCOTTISH WIDOWS
FMR LLC
FRANKLIN RESOURCES
UBS
NEWTON INV MGMT
VANGUARD GROUP INC
SCHRODER INVESTMENT
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
AXA
STATE STREET
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst

BRIAN WHITE
AlphaValue
ARMELLE MOULIN
JPMorgan
JAMES D GORDON
Jefferies
JEFFREY HOLFORD
TIMOTHY M ANDERSON
EVA Dimensions
ANDREW S ZAMFOTIS
Deutsche Bank
MARK CLARK
Credit Suisse
KERRY HOLFORD
Day by Day
VALERIE GASTALDY
Berenberg Bank
ALISTAIR CAMPBELL
Panmure Gordon & Co Limited
SAVVAS NEOPHYTOU
Bryan Garnier & Cie
ERIC LE BERRIGAUD
Societe Generale
STEPHEN MCGARRY
Exane BNP Paribas
FLORENT CESPEDES
Barclays
MARK PURCELL
Leerink Swann & Co
SEAMUS FERNANDEZ
FABIAN WENNER
Helvea
ODILE RUNDQUIST
Morgan Stanley
PETER VERDULT
Hamburger Sparkasse
MARCO GUENTHER
S&P Capital IQ
SHO MATSUBARA
Nomura
AMIT ROY
Goldman Sachs
KEYUR PAREKH
Cenkos Securities Ltd
NAVID MALIK
Redburn Partners
TEAM COVERAGE
Liberum Capital Ltd
NARESH CHOUHAN
CA Cheuvreux
MARCEL BRAND
Natixis
PHILIPPE LANONE
TIMO KUERSCHNER
Main First Bank AG
TIM FRANKLIN
Cyrrus
TOMAS MENCIK
Mirabaud Securities
NICHOLAS TURNER
MP Advisors Pvt Ltd
VISHAL MANCHANDA
DZ Bank AG
ELMAR KRAUS
First Global Stockbroking
KAVITA THOMAS
Source
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
MF-AGG
REG
REG
REG
MF-AGG
REG
ULT-AGG
ULT-AGG
Recommendation
buy
reduce
underweight
hold
market perform
overweight
hold
neutral
hold
buy
buy
neutral
buy
underperform
overweight
market perform
buy
hold
neutral
Equalwt/Attractive
hold
sell
neutral
neutral/neutral
buy
neutral
underweight
underperform
neutral
hold
suspended coverage
hold
buy
outperform
buy
market perform
Amt Held
271'061'000
188'613'112
153'140'293
143'097'310
137'148'963
134'440'074
115'229'583
88'648'845
85'255'473
72'136'226
71'507'300
60'081'894
55'750'486
53'010'281
52'720'290
51'503'238
51'301'508
49'644'084
44'610'398
43'934'496
% Out
5.52
3.84
3.12
2.91
2.79
2.74
2.35
1.81
1.74
1.47
1.46
1.22
1.14
1.08
1.07
1.05
1.04
1.01
0.91
0.89
Weighting
Change
5
2
1
3
3
5
3
3
3
5
5
3
5
1
5
3
5
3
3
3
3
1
3
3
5
3
1
1
3
3
#N/A N/A
3
5
5
5
3
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
U
R
Latest Chg
9'906'677
24'341'047
30'057'500
13'668'350
21'497
(2'215'605)
(1'180'943)
(1'728'888)
9'684'880
385'845
(188'352)
(9'956'056)
(5'398'021)
73'324
1'468'137
(43'379)
497'126
Target Price
#N/A N/A
1'461
1'550
1'550
1'497
#N/A N/A
1'530
1'450
#N/A N/A
1'530
1'525
1'580
1'810
1'400
1'610
#N/A N/A
1'680
1'560
1'520
1'370
#N/A N/A
1'200
1'340
1'415
1'603
#N/A N/A
1'380
1'250
1'450
1'450
#N/A N/A
1'420
1'640
#N/A N/A
1'500
#N/A N/A
File Dt
Inst Type
25.03.2013
Investment Advisor
01.01.2013
Investment Advisor
28.02.2013
Unclassified
01.01.2013
Unclassified
01.01.2013
Investment Advisor
31.01.2013
Investment Advisor
01.01.2013
Government
28.02.2013
Investment Advisor
01.01.2013
Investment Advisor
31.01.2013
Unclassified
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Government
31.07.2012
Investment Advisor
01.01.2013
Investment Advisor
31.01.2013
Investment Advisor
26.03.2013
Investment Advisor
Date
Not Provided
6 month
15 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
25.03.2013
21.03.2013
15.03.2013
14.03.2013
14.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
07.03.2013
06.03.2013
05.03.2013
01.03.2013
26.02.2013
26.02.2013
20.02.2013
13.02.2013
08.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
04.02.2013
28.01.2013
30.11.2012
26.11.2012
05.10.2012
11.09.2012
06.09.2012
03.08.2012
20.07.2012
05.04.2012
02.04.2012
13.01.2012
28.10.2011
23.08.2011
27.03.2013
Bajaj Auto Ltd

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and
natural gas. The Company also operates a chemical division which produces
polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and
resins. Total operates gasoline filling stations in Europe, the United States,
and Africa.
Price/Volume
2500
.4 M
2000
.3 M
.3 M
1500
.2 M
Valuation Analysis
1000
Latest Fiscal Year:

LTM as of:
52-Week High (03.01.2013)
52-Week Low (18.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BJAUT IB EQUITY YTD Change
BJAUT IB EQUITY YTD % CHANGE
03/2012
03/yy
2'228.95
1'423.10
26'074.00
1795.2
-19.46%
26.15%
46.17%
289.4
519'471.66
1'229.20
0.0
1.7
17'587.60
503'114.95
31.03.2008
86'659.2
7'495.6
-
.2 M
.1 M
500
.1 M
0
m-12
31.03.2009
31.03.2010
84'460.3
115'431.6
1.23x
2.51x
10'213.2
24'713.5
10.18x
11.73x
5'357.9
15'946.0
16.70x
18.28x
Profitability
LTM-4Q
31.03.2011
159'274.0
2.66x
32'225.8
13.16x
34'548.9
12.26x
31.03.2012
189'455.2
2.48x
37'655.7
12.47x
30'486.2
15.93x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
37'655.70
35'815.60
18.90%
21.47%
29.97%
55.99%
54.13%
1.86%
19.9%
18.9%
16.1%
1.14
0.46
1.10%
2.02%
51.16
-
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
LTM
FY+1
2.51
0.85
122.12
11.26%
-15.76%
0.848
70
3.443
40'709
30'128
27'496
FY+2
FQ+1
FQ+2
09/yy
100'753.0
0.00x
0.0
0.00x
12'733.5
0.00x
03/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
88'415.4 206'662.4 239'910.5
0.00x
2.33x
1.93x
2'607.9
38'862.7
47'410.3
0.00x
12.99x
10.65x
6'365.1
31'143.8
37'604.3
0.00x
16.68x
13.85x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
165.23
160.42
-0.43
0.03
2.0%
2.0%
1.86
12.43
7.15
-
80.00
200'000.0
70.00
180'000.0
160'000.0
60.00
140'000.0
50.00
120'000.0
40.00
100'000.0
80'000.0
30.00
60'000.0
20.00
40'000.0
10.00
20'000.0
0.00
05.04.2009
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
0.0
05.10.2009
05.04.2010
05.10.2010
05.04.2011
05.10.2011
05.04.2012
05.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Bajaj Auto Ltd

Holdings By:
All
Holder Name
BAJAJ HOLDINGS AND I
GROUPE BRUXELLES LAM
AMUNDI
QATAR HOLDINGS LLC
NORGES BANK
CIE NATIONALE A PORT
BLACKROCK
VANGUARD GROUP INC
FRANKLIN RESOURCES
ONTARIO TEACHERS PEN
AVIVA PLC
AMUNDI
LBPAM
Firm Name
Nomura
Raymond James
Barclays
Jefferies
Day by Day
Grupo Santander
Goldman Sachs
Exane BNP Paribas
AlphaValue
VTB Capital
HSBC
RBC Capital Markets
Banco Sabadell
Societe Generale
Credit Suisse
JPMorgan
Macquarie
Hamburger Sparkasse
Nomura
S&P Capital IQ
Natixis
EVA Dimensions
Deutsche Bank
Morgan Stanley
Investec
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
OSWALD CLINT
BERTRAND HODEE
ROBERT KESSLER
LYDIA RAINFORTH
IAIN REID
VALERIE GASTALDY
JASON KENNEY
MICHELE DELLA VIGNA
ALEXANDRE ANDLAUER
COLIN SMITH
PAUL SPEDDING
GORDON GRAY
PETER HUTTON
JORGE GONZALEZ SADORNIL
IRENE HIMONA
KIM FUSTIER
NITIN SHARMA
JASON D GAMMEL
INGO SCHMIDT
JEAN-LUC ROMAIN
THEEPAN JOTHILINGAM
SVEN DIERMEIER
CHRISTINE TISCARENO
ANNE PUMIR
CRAIG STERLING
JEFFREY A DIETERT
JENS MUENSTERMANN
LUCAS HERRMANN
MARTIJN P RATS
STUART JOYNER
DOMINIQUE PATRY
Source
Co File
Research
Research
Research
Research
Co File
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
outperform
market perform
accumulate
underweight
buy
buy
buy
Sell/Cautious
outperform
reduce
buy
overweight
buy
outperform
buy
buy
neutral
overweight
neutral
buy
buy
neutral
hold
buy
buy
buy
buy
overweight
buy
buy
Equalwt/In-Line
hold
outperform
Amt Held
108'732'635
94'077'367
78'390'326
47'275'059
47'038'683
35'456'294
27'588'144
23'623'504
23'417'298
19'734'600
13'367'024
11'200'000
10'726'773
10'451'098
9'555'009
8'031'246
7'707'489
7'573'598
7'054'684
6'889'834
% Out
4.6
3.98
3.31
2
1.99
1.5
1.17
1
0.99
0.83
0.56
0.47
0.45
0.44
0.4
0.34
0.33
0.32
0.3
0.29
Weighting
Change
5
3
4
1
5
5
5
1
5
2
5
5
5
5
5
5
3
5
3
5
5
3
3
5
5
5
5
5
5
5
3
3
5
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
Latest Chg
(683'332)
(1'631'999)
287'390
(2'024'000)
(298'176)
256'626
(23'778)
21'870
(194'720)
(6'360)
(38'409)
Target Price
51
#N/A N/A
47
44
48
40
45
42
48
37
50
46
45
44
47
47
44
49
42
#N/A N/A
54
40
42
48
47
49
#N/A N/A
#N/A N/A
45
44
42
38
44
File Dt
31.12.2011
15.03.2012
06.01.2012
14.03.2012
31.12.2011
31.12.2011
25.03.2013
31.01.2013
31.12.2012
31.12.2012
28.02.2013
31.12.2011
26.03.2013
28.02.2013
31.12.2012
31.05.2012
31.12.2012
31.12.2012
30.09.2012
28.02.2013
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
3 month
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
3 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Inst Type
Corporation
Holding Company
Investment Advisor
Government
Government
Corporation
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Date
27.03.2013
26.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
18.03.2013
07.03.2013
01.03.2013
27.02.2013
21.02.2013
19.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
07.02.2013
06.02.2013
17.01.2013
15.01.2013
09.01.2013
03.12.2012
27.11.2012
02.07.2012
30.04.2012
27.03.2013
Bank of Baroda
Bank of Baroda owns and operates commercial banks in India. The Group's banks
that manufacture, market and sell cigarettes and other tobacco products,
including cigars and roll-your-own tobacco.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.01.2013)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BOB IB EQUITY YTD Change
BOB IB EQUITY YTD % CHANGE
03/2012
01/yy
899.65
606.25
65'976.00
663.45
-26.25%
9.44%
19.50%
421.3
279'482.50
793'423.90
0.0
911.8
679'229.74
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.03.2009
31.03.2010
183'929.5
202'000.3
23'840.8
31'793.0
3.58x
7.32x
Profitability
31.03.2011
258'005.3
44'337.1
8.52x
31.03.2012
345'881.1
52'485.8
5.94x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
42.41%
42.77%
1.27%
20.87%
5.38%
0.08%
35.3%
17.35%
278.24%
-
Price/ Cash Flow
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
2.56
0.97
148.68
-13.97%
-23.47%
0.966
70
3.643
109'468
82'176
100'583
LTM-4Q
LTM
FY+1
FY+2
FQ+1
FQ+2
01/yy
01/yy
03/13 Y
03/14 Y
03/13 Q4
06/13 Q1
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.12.2011
NR
30.12.2011
NR
278.2%
73.5%
0.08
14.38
-
9.00
400'000.0
8.00
350'000.0
7.00
300'000.0
6.00
250'000.0
5.00
200'000.0
4.00
150'000.0
3.00
100'000.0
2.00
50'000.0
1.00
0.00
05.04.2009
1.0 M
.9 M
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
143'062.7
15'483.8
6.67x
1000
900
800
700
600
500
400
300
200
100
0
m-12
0.0
05.10.2009
05.04.2010
05.10.2010
05.04.2011
05.10.2011
05.04.2012
05.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Bank of Baroda
Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
REINET INVESTMENTS S
LEGAL & GENERAL
INVESCO LTD
SCOTTISH WIDOWS
FMR LLC
FRANKLIN RESOURCES
CREDIT SUISSE PRIVAT
ABERDEEN
MORGAN STANLEY INVES
VANGUARD GROUP INC
UBS
MORGAN STANLEY
Northern Cross Inter
VANGUARD GROUP INC
ALLAN GRAY UNIT TRUS
NEWTON INV MGMT
Firm Name
Day by Day
Deutsche Bank
Investec
Nomura
Jefferies
Goldman Sachs
Avior Research
Redburn Partners
Societe Generale
Morgan Stanley
Natixis
Exane BNP Paribas
Barclays
Credit Suisse
JPMorgan
Renaissance Capital
Berenberg Bank
S&P Capital IQ
EVA Dimensions
Afrifocus Securities
Imara
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ISABELLE COMBEMALE
VALERIE GASTALDY
JONATHAN FELL
THANE DUFF
DAVID HAYES
CHRIS WICKHAM
DIRK VAN VLAANDEREN
FULVIO CAZZOL
DAMIAN MCNEELA
RICHARD TESSENDORF
EDDY HARGREAVES
LARS LUSEBRINK
CHRISTIAN DE ROUALLE
CHAS MANSO DE ZUNIGA
MATTHEW GRAINGER
NICOLAS LANGLET
JAMES BUSHNELL
SIMON HALES
ROGERIO FUJIMORI
RAE MAILE
REY WIUM
ERIK BLOOMQUIST
CARL SHORT
AUSTIN BURKETT
TANUJA CHITRE
RICHARD CLARKE
Source
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
REG
MF-AGG
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
MF-AGG
REG
Recommendation
add
hold
buy
hold
buy
hold
buy
buy/attractive
buy
neutral
hold
hold
neutral
hold
Equalwt/Attractive
neutral
outperform
overweight
outperform
overweight
hold
buy
hold
overweight
hold
sell
Amt Held
132'891'526
81'313'066
70'617'321
67'664'399
62'241'180
51'036'377
44'677'384
44'654'616
37'965'898
35'672'165
26'280'778
24'636'075
24'361'035
23'128'725
22'521'571
22'218'678
21'639'256
20'358'179
17'404'651
16'928'208
% Out
6.9
4.22
3.66
3.51
3.23
2.65
2.32
2.32
1.97
1.85
1.36
1.28
1.26
1.2
1.17
1.15
1.12
1.06
0.9
0.88
Weighting
Change
4
3
5
3
5
3
5
5
5
3
3
3
3
3
3
3
5
5
5
5
3
5
3
5
3
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
D
M
M
M
M
N
Latest Chg
(3'000'000)
(2'766'594)
1'948'246
3'856'239
(4'619'821)
(2'144'127)
(376'548)
1'305'019
5'499'279
(427'111)
562'275
(1'102'251)
1'491'898
245'915
1'824'714
260'794
892'088
(202'468)
Target Price
3'801
#N/A N/A
3'700
3'577
4'087
3'700
4'000
4'420
3'900
3'761
3'100
3'600
#N/A N/A
3'550
3'450
3'600
3'800
3'725
3'600
4'209
3'550
3'500
3'540
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
25.03.2013
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Unclassified
31.12.2012
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Unclassified
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
03.12.2012
Bank
28.02.2013
Unclassified
03.12.2012
Investment Advisor
03.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
31.12.2012
Investment Advisor
03.12.2012
Unclassified
03.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
9 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
21.03.2013
18.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
08.03.2013
07.03.2013
06.03.2013
06.03.2013
05.03.2013
04.03.2013
04.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
17.01.2013
18.04.2012
17.05.2011
27.03.2013
Bank of India
Bank of India, through its subsidiaries, provides corporate, commercial,
three major business sectors including industrial, energy, and healthcare.
Siemens AG provides engineering solutions in automation and control, power,
transportation, medical, information and communication, and lighting.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.01.2013)
52-Week Low (30.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BOI IB EQUITY YTD Change
BOI IB EQUITY YTD % CHANGE
03/2012
03/yy
392.20
253.80
140'956.00
290.2
-26.01%
14.34%
26.30%
595.9
172'930.81
708'294.79
0.0
629.0
648'304.61
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.9 M
400
.8 M
350
.7 M
300
.6 M
250
.5 M
200
.4 M
150
.3 M
100
.2 M
50
.1 M
0
m-12
31.03.2009
31.03.2010
194'930.5
205'968.2
30'875.4
17'871.6
3.73x
10.00x
Profitability
LTM-4Q
31.03.2011
245'002.3
25'424.2
9.83x
31.03.2012
319'294.4
27'248.6
7.27x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.61%
31.11%
0.74%
13.96%
3.61%
0.09%
23.3%
18.27%
330.76%
-
Price/ Cash Flow
m-12
j-12
j-12
LTM
06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
a-12
03/yy
31'921.3
0.00x
0.0
0.00x
24'072.8
0.00x
s-12
o-12
n-12
d-12
j-13
f-13
2.41
1.06
150.55
-18.31%
-15.36%
1.059
63
2.778
202'812
137'523
163'807
FY+1
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4
06/13 Q1
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.01.2007
BBBNEG
30.01.2007
A-3
330.8%
76.7%
0.09
12.05
-
14.00
350'000.0
12.00
300'000.0
10.00
250'000.0
8.00
200'000.0
6.00
150'000.0
4.00
100'000.0
2.00
50'000.0
0.00
05.04.2009
.0 M
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
145'280.9
19'598.4
6.36x
450
0.0
05.10.2009
05.04.2010
05.10.2010
05.04.2011
05.10.2011
05.04.2012
05.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Bank of India
Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
SIEMENS FAMILY
QATAR HOLDINGS LLC
SIEMENS AG
VANGUARD GROUP INC
UBS
UNION INVESTMENT GMB
FRANKLIN RESOURCES
FMR LLC
DEKA INVESTMENT GMBH
DEUTSCHE BANK AG
MERCURY ASSET MANAGE
LBPAM
FRANKFURT TRUST INVE
ADIG INVESTMENT
ETFLAB INVESTMENT GM
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

JAMES STETTLER
Societe Generale
GAEL DE BRAY
MARTIN PROZESKY
Morgan Stanley
BEN UGLOW
Day by Day
VALERIE GASTALDY
AlphaValue
HEINZ STEFFEN
VOLKER STOLL
Hamburger Sparkasse
MARCO GUENTHER
Baader Bank
GUENTHER MICHAEL HOLLFELDER
Exane BNP Paribas
OLIVIER ESNOU
HSBC
MICHAEL HAGMANN
ROB VIRDEE
RBC Capital Markets
ANDREW CARTER
Banco Sabadell
FRANCISCO JOSE RODRIGUEZ
DZ Bank AG
JASKO TERZIC
ULRICH SCHOLZ
Credit Suisse
SIMON TOENNESSEN
CA Cheuvreux
ALFRED GLASER
Bankhaus Metzler
ULRICH TRABERT
Berenberg Bank
WILLIAM MACKIE
Natixis
LUDOVIC DEBAILLEUX
Main First Bank AG
CHRISTOPHER YOUL
Barclays
NICK WEBSTER
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL
Nord/LB
WOLFGANG DONIE
JPMorgan
ANDREAS WILLI
William Blair & Co
NICHOLAS P HEYMANN
MARKUS FRIEBEL
S&P Capital IQ
JAMES CRAWSHAW
Redburn Partners
JAMES MOORE
SRH AlsterResearch
OLIVER DREBING
Goldman Sachs
DANIELA COSTA
EVA Dimensions
CRAIG STERLING
Deutsche Bank
PETER REILLY
Nomura
DANIEL CUNLIFFE
Silvia Quandt Research
EERIK KD BUDARZ
Langenberg & Co
BRIAN KEITH LANGENBERG
Source
ULT-AGG
Research
Research
Research
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
hold
market perform
Overwt/Cautious
buy
reduce
buy
buy
buy
underperform
neutral
neutral
sector perform
buy
hold
hold
hold
outperform
outperform
buy
buy
reduce
underperform
equalweight
hold
hold
neutral
market perform
hold
hold
neutral
buy
neutral/neutral
hold
sell
neutral
avoid
buy
Amt Held
57'388'502
54'852'206
27'758'338
26'820'674
12'302'553
9'880'200
6'246'478
5'386'486
5'203'888
4'877'843
4'583'145
4'175'468
3'641'584
3'543'486
2'963'579
2'464'495
2'013'201
1'647'039
1'634'951
1'570'015
% Out
6.51
6.23
3.15
3.04
1.4
1.12
0.71
0.61
0.59
0.55
0.52
0.47
0.41
0.4
0.34
0.28
0.23
0.19
0.19
0.18
Weighting
Change
3
3
3
5
5
2
5
5
5
1
3
3
3
5
3
3
3
5
5
5
5
2
1
3
3
3
3
3
3
3
3
5
3
3
1
3
1
5
M
M
M
M
U
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
(569'646)
(179'474)
(890'272)
(142'559)
(1'084'091)
(551'912)
(330'620)
(417'782)
70'846
152'571
452'193
57'030
(38'813)
(87'700)
(5'200)
-
Target Price
80
88
73
99
92
84
96
86
88
88
87
81
86
90
77
85
85
95
94
93
94
75
86
84
83
76
90
79
85
85
#N/A N/A
92
90
#N/A N/A
65
85
58
100
File Dt
Inst Type
25.03.2013
Investment Advisor
10.11.2011
n/a
07.05.2012
Government
08.10.2012
Corporation
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
30.11.2012
Investment Advisor
26.03.2013
Investment Advisor
Date
12 month
12 month
12 month
12 month
3 month
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
9 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Date
25.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
15.03.2013
14.03.2013
08.03.2013
08.03.2013
19.02.2013
15.02.2013
05.02.2013
04.02.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
17.01.2013
17.01.2013
20.11.2012
16.11.2012
08.11.2012
12.10.2012
27.03.2013
Bharat Forge Ltd

Bharat Forge Limited manufactures steel forgings and machined components for
refines petroleum. The Company produces fuels, chemicals, and lubricants.
Shell owns and operates gasoline filling stations worldwide.
Price/Volume
400
.7 M
350
.6 M
300
.5 M
250
Latest Fiscal Year:

LTM as of:
52-Week High (08.05.2012)
52-Week Low (26.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BHFC IB EQUITY YTD Change
BHFC IB EQUITY YTD % CHANGE
03/2012
03/yy
347.00
196.65
70'343.00
202.65
-41.60%
3.05%
3.99%
232.8
47'175.77
26'223.59
0.0
1'957.2
6'717.75
68'638.81
31.03.2008
45'614.0
1.60x
8'663.3
8.42x
3'000.7
19.88x
.3 M
150
100
.2 M
50
.1 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
200
Valuation Analysis
31.03.2009
31.03.2010
46'739.9
32'616.0
0.88x
2.33x
5'581.1
3'471.8
7.38x
21.85x
584.0
(683.2)
39.35x
Profitability
LTM-4Q
31.03.2011
49'686.1
2.00x
7'948.6
12.48x
2'901.6
26.65x
31.03.2012
61'460.2
1.56x
10'023.5
9.57x
4'130.5
18.04x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
10'023.45
7'005.96
11.40%
9.75%
6.35%
19.94%
11.38%
0.94%
16.3%
11.4%
6.7%
1.25
0.52
35.76%
119.73%
7.84
-
Price/ Cash Flow
LTM
03/yy
43'365.3
0.00x
0.0
0.00x
2'941.2
20.25x
03/yy
42'292.4
0.00x
335.1
0.00x
288.2
76.55x
FY+1
1.97
1.02
175.43
-31.78%
-19.37%
1.017
32
3.281
85'474
57'671
69'577
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
58'951.6
64'099.9
1.13x
1.00x
8'465.8
9'733.1
8.07x
7.02x
2'878.5
3'865.3
16.47x
12.37x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
6.79
-1.69
1.95
2.62
119.7%
52.4%
0.94
2.16
46.66
-
50.00
70'000.0
45.00
60'000.0
40.00
35.00
50'000.0
30.00
40'000.0
25.00
30'000.0
20.00
20'000.0
15.00
10.00
10'000.0
5.00
0.00
05.04.2009
0.0
05.10.2009
05.04.2010
05.10.2010
05.04.2011
05.10.2011
05.04.2012
05.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Bharat Forge Ltd

Holdings By:
All
Holder Name
KALYANI INVESTMENT C
LEGAL & GENERAL
SCOTTISH WIDOWS
CREDIT SUISSE PRIVAT
VANGUARD GROUP INC
QATAR INVESTMENT AUT
PEOPLES REPUBLIC OF
UBS
FRANKLIN RESOURCES
VANGUARD GROUP INC
AXA
ABERDEEN
FMR LLC
BREWIN DOLPHIN LIMIT
JP MORGAN
STATE STREET
THREADNEEDLE ASSET M
Firm Name
Grupo Santander
Goldman Sachs
Exane BNP Paribas
JPMorgan
Liberum Capital Ltd
VTB Capital
Societe Generale
Morgan Stanley
Nomura
RBC Capital Markets
HSBC
Natixis
Barclays
EVA Dimensions
VSA Capital Ltd
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
OSWALD CLINT
JASON KENNEY
MICHELE DELLA VIGNA
FREDERICK G LUCAS
ANDREW WHITTOCK
COLIN SMITH
IRENE HIMONA
MARTIJN P RATS
THEEPAN JOTHILINGAM
GORDON GRAY
PETER HUTTON
PAUL SPEDDING
ANNE PUMIR
RAHIM KARIM
CRAIG STERLING
DOUGIE YOUNGSON
LUCAS HERRMANN
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
REG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
Recommendation
market perform
underweight
Sell/Cautious
underperform
underweight
hold
hold
buy
Overwt/In-Line
buy
buy
sector perform
neutral
buy
equalweight
buy
not rated
hold
Amt Held
176'509'095
92'965'731
91'962'723
84'449'282
74'947'205
49'588'750
48'224'986
44'703'170
39'898'819
37'871'476
35'090'143
34'738'840
33'594'566
33'060'303
31'402'252
28'774'373
27'392'377
25'480'564
23'787'695
21'990'967
% Out
6.79
3.57
3.54
3.25
2.88
1.91
1.85
1.72
1.53
1.46
1.35
1.34
1.29
1.27
1.21
1.11
1.05
0.98
0.91
0.85
Weighting
Change
3
1
1
1
1
3
3
5
5
5
5
3
3
5
3
5
#N/A N/A
3
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
(2'451'432)
10'540'709
(526'247)
(2'440'260)
1'120'225
1'669'724
3'975'234
932'195
(3'039'278)
1'176'245
(185'589)
(2'304'800)
(766'521)
(1'060'121)
(626'439)
4'342'844
2'600'938
1'154'509
Target Price
2'410
2'409
2'280
2'350
2'400
2'310
2'500
2'700
2'500
2'500
2'650
2'580
2'450
2'600
2'550
#N/A N/A
#N/A N/A
2'475
File Dt
25.03.2013
01.01.2013
08.03.2013
01.01.2013
01.01.2013
01.01.2013
31.12.2012
01.01.2013
01.01.2013
31.01.2013
28.02.2013
01.01.2013
01.01.2013
01.01.2013
28.02.2013
31.01.2013
01.01.2013
31.01.2013
26.03.2013
01.01.2013
Date
12 month
Not Provided
12 month
Not Provided
9 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Bank
Investment Advisor
Investment Advisor
Government
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
22.03.2013
20.03.2013
20.03.2013
18.03.2013
15.03.2013
14.03.2013
01.03.2013
27.02.2013
27.02.2013
27.02.2013
21.02.2013
19.02.2013
01.02.2013
01.02.2013
01.02.2013
17.01.2013
04.12.2012
03.12.2012
27.03.2013
Bharat Heavy Electricals Ltd

Bharat Heavy Electricals Limited manufactures power plant equipment. The
polymers. The Company manufactures products that include aspirin, antibiotics,
anti-infectives, and cardiovascular, oncology, and central nervous system
drugs, over-the-counter medications, diagnostics, animal health products, crop
protection products, plastics, and polyurethanes.
Price/Volume
2.5 M
250
2.0 M
200
1.5 M
150
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.04.2012)
52-Week Low (26.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BHEL IB EQUITY YTD Change
BHEL IB EQUITY YTD % CHANGE
03/2012
01/yy
274.45
175.50
312'372.00
176.3
-35.76%
0.46%
0.81%
2'447.6
431'511.88
5'424.30
0.0
49.7
67'319.40
369'666.49
1.0 M
100
.5 M
50
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
300
31.03.2009
31.03.2010
264'914.0
331'544.8
2.41x
3.24x
37'633.0
54'935.0
16.96x
19.55x
31'151.7
43'269.2
23.74x
27.05x
Profitability
31.03.2011
418'546.6
2.19x
85'525.5
10.71x
60'533.6
16.68x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
475'989.5
1.19x
112'739.0
5.03x
70'874.4
8.88x
112'739.00
104'679.90
21.99%
21.78%
11.16%
31.11%
30.63%
0.75%
88.4%
23.7%
22.0%
14.9%
1.68
1.14
0.80%
2.14%
2.03
0.45
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.63
1.06
588.32
-28.99%
-22.04%
1.058
61
2.082
513'146
423'251
441'696
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
472'879.5 451'680.0
0.78x
0.72x
87'400.8
74'977.5
4.24x
4.94x
61'741.1
55'731.1
7.06x
8.20x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
422.24
362.86
-0.55
0.05
2.1%
2.1%
0.75
8.68
179.86
808.44
412.58
575.72
300.00
500'000.0
450'000.0
250.00
400'000.0
350'000.0
200.00
300'000.0
150.00
250'000.0
200'000.0
100.00
150'000.0
100'000.0
50.00
0.00
05.04.2009
50'000.0
0.0
05.10.2009
05.04.2010
05.10.2010
05.04.2011
05.10.2011
05.04.2012
05.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Bharat Heavy Electricals Ltd

Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
BLACKROCK
FMR LLC
DODGE & COX
VANGUARD GROUP INC
MORGAN STANLEY
DEUTSCHE BANK AG
DB PLATINUM ADVISORS
CI INVESTMENTS INC
ADIG INVESTMENT
TIAA CREF INVESTMENT
Firm Name
Nirmal Bang Institutional Equities
Helvea
DZ Bank AG
Exane BNP Paribas
AlphaValue
Commerzbank Corporates & Markets
Baader Bank
Jefferies
Berenberg Bank
Natixis
Equinet Institutional Services(ESN)
S&P Capital IQ
JPMorgan
EVA Dimensions
CA Cheuvreux
Societe Generale
Hamburger Sparkasse
Nomura
Day by Day
Nord/LB
Credit Suisse
Macquarie
Bankhaus Metzler
Barclays
M.M. Warburg Investment Research
Bryan Garnier & Cie
Goldman Sachs
Deutsche Bank
Redburn Partners
Main First Bank AG
Banco Sabadell
Liberum Capital Ltd
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JEREMY REDENIUS
ODILE RUNDQUIST
PETER SPENGLER
FLORENT CESPEDES
MARTIN SCHNEE
DANIEL WENDORFF
NORBERT BARTH
JEFFREY HOLFORD
ALISTAIR CAMPBELL
BEATRICE MUZARD
MARIETTA MIEMIETZ
SHO MATSUBARA
RICHARD VOSSER
ANDREW S ZAMFOTIS
LAURENT FLAMME
STEPHEN MCGARRY
ULLE WORNER
MARCO GUENTHER
JEAN DE WATTEVILLE
VALERIE GASTALDY
THORSTEN STRAUSS
JOHANNA WALTON
CHRISTIAN FAITZ
SEBASTIAN FRERICKS
MARK PURCELL
ULRICH HUWALD
ERIC LE BERRIGAUD
RAKESH PATEL
FABIAN WENNER
TIM RACE
TEAM COVERAGE
RONALD KOEHLER
CLAUDIA LAKATOS
MARTA DIAZ
NARESH CHOUHAN
Source
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
market perform
accumulate
buy
neutral
reduce
buy
hold
hold
buy
buy
accumulate
hold
overweight
buy
outperform
hold
buy
hold
neutral
hold
sell
outperform
outperform
buy
underweight
hold
hold
buy
neutral/neutral
buy
buy
neutral
outperform
neutral
buy
overweight
Amt Held
99'286'793
63'637'479
15'106'150
11'899'870
11'028'402
8'812'434
8'564'198
7'534'779
7'532'781
6'298'907
5'937'955
5'795'523
5'770'395
5'155'727
3'647'992
3'035'802
3'035'138
2'450'000
2'406'227
2'182'662
% Out
12.01
7.7
1.83
1.44
1.33
1.07
1.04
0.91
0.91
0.76
0.72
0.7
0.7
0.62
0.44
0.37
0.37
0.3
0.29
0.26
Weighting
Change
3
4
5
3
2
5
3
3
5
5
4
3
5
5
5
3
5
3
3
3
1
5
5
5
1
3
3
5
3
5
5
3
5
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
Latest Chg
(3'516'978)
(349'638)
12'931
(349'533)
(518'224)
118'983
2'307'304
129'068
279'716
(211'094)
227'355
(1'063'440)
356'211
(32'100)
45'000
(149'624)
(242'500)
Target Price
75
82
80
76
81
90
66
79
85
90
75
79
95
#N/A N/A
82
74
85
#N/A N/A
84
#N/A N/A
65
83
83
90
68
76
75
75
82
76
86
#N/A N/A
80
63
#N/A N/A
76
File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
29.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
03.05.2012
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
26.03.2013
Investment Advisor
28.09.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
6 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
15 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Date
27.03.2013
25.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
15.03.2013
07.03.2013
06.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
25.02.2013
12.12.2012
26.11.2012
20.11.2012
30.10.2012
05.03.2012
15.09.2010
27.03.2013
Bharat Petroleum Corp Ltd

Bharat Petroleum Corporation Limited explores for and refines crude oil. The
Plastics, Performance Products, Functional Solutions, Agricultural Solutions
and Oil & Gas. BASF offers products for the chemical, automotive, construction,
agriculture, oil, plastics, electrical / electronics, furniture and paper
industries, and provides a range of system solutions and services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.01.2013)
52-Week Low (26.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BPCL IB EQUITY YTD Change
BPCL IB EQUITY YTD % CHANGE
03/2012
06/yy
449.00
315.60
33'480.00
374.65
-16.56%
18.71%
44.27%
723.1
270'903.50
301'530.60
0.0
10'351.4
73'570.30
509'215.20
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'112'431.1
0.19x
36'849.4
5.85x
17'695.5
8.35x
500
450
400
350
300
250
200
150
100
50
0
m-12
31.03.2009
31.03.2010
1'365'571.2
1'238'167.2
0.22x
0.29x
40'846.0
32'753.3
7.34x
10.83x
6'337.6
16'323.6
21.45x
11.47x
Profitability
LTM-4Q
31.03.2011
1'537'649.1
0.26x
50'399.0
7.95x
16'349.6
13.53x
31.03.2012
2'121'395.6
0.23x
64'671.3
7.60x
7'808.3
32.42x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
64'671.30
40'563.00
1.91%
0.75%
1.08%
5.00%
3.65%
2.93%
3.0%
1.9%
0.4%
0.85
0.24
38.75%
189.88%
53.49
-
Price/ Cash Flow
LTM
FY+1
1.47
0.72
220.05
14.06%
5.21%
0.721
49
3.959
58'106
94'315
139'844
FY+2
FQ+1
FQ+2
06/yy
06/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
229'448.0 ######### ######### #########
0.00x
0.00x
0.22x
0.23x
0.0
0.0
58'619.2
60'343.8
0.00x
0.00x
8.69x
8.44x
(5'379.0) 19'634.0
16'057.7
17'849.7
0.00x
0.00x
16.22x
14.74x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
4.52
1.57
3.52
4.66
189.9%
64.1%
2.93
7.58
6.84
-
70.00
2'500'000.0
60.00
2'000'000.0
50.00
1'500'000.0
40.00
30.00
1'000'000.0
20.00
500'000.0
10.00
0.00
05.04.2009
0.0
05.10.2009
05.04.2010
05.10.2010
05.04.2011
05.10.2011
05.04.2012
05.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Bharat Petroleum Corp Ltd

Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
VANGUARD GROUP INC
DEUTSCHE BANK AG
FMR LLC
ADIG INVESTMENT
UNION INVESTMENT LUX
SEB
SWEDBANK ROBUR FONDE
DEKA INTERNATIONAL S
Firm Name
Nomura
Redburn Partners
HSBC
Exane BNP Paribas
Nord/LB
Jefferies
AlphaValue
JPMorgan
DZ Bank AG
Baader Bank
CA Cheuvreux
Credit Suisse
Bankhaus Lampe
S&P Capital IQ
Societe Generale
Goldman Sachs
Macquarie
Hamburger Sparkasse
Bankhaus Metzler
Morgan Stanley
Nomura
Banco Sabadell
Barclays
EVA Dimensions
Deutsche Bank
Main First Bank AG
Berenberg Bank
Day by Day
Gilford Securities
Steubing AG
SRH AlsterResearch
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JEREMY REDENIUS
TONY JONES
GEOFF HAIRE
JAMES KNIGHT
THORSTEN STRAUSS
LAURENCE ALEXANDER
MARTIN SCHNEE
MARTIN EVANS
PAUL W SATCHELL
PETER SPENGLER
OLIVER SCHWARZ
NORBERT BARTH
MARTIN ROEDIGER
LUTZ GRUETEN
CHRIS COUNIHAN
HEIKO FEBER
JOHNSON IMODE
PETER CLARK
RAKESH PATEL
CHRISTIAN FAITZ
ULLE WORNER
MARCO GUENTHER
LARS HETTCHE
NADESHDA DEMIDOVA
PAUL R WALSH
JEAN DE WATTEVILLE
GLEN SPENCER-CHAPMAN
ANDREAS HEINE
MARKUS MAYER
CRAIG STERLING
TIMOTHY JONES
RONALD KOEHLER
JAIDEEP PANDYA
VALERIE GASTALDY
PAUL C CHRISTOPHERSON
HARALD GRUBER
TEAM COVERAGE
OLIVER DREBING
Source
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
market perform
buy
neutral
outperform
hold
hold
add
neutral
sell
buy
hold
buy
outperform
buy
outperform
buy
hold
hold
Buy/Neutral
neutral
buy
buy
buy
sell
accumulate
Overwt/In-Line
buy
sell
equalweight
hold
overweight
buy
neutral
hold
buy
hold
neutral
buy
buy
Amt Held
63'927'154
12'764'100
11'343'571
11'072'038
7'816'891
7'728'029
7'464'197
6'827'084
3'833'502
3'562'928
3'382'359
2'723'078
2'394'986
2'052'900
2'000'933
1'827'520
1'605'194
1'494'928
1'446'357
1'361'517
% Out
6.96
1.39
1.24
1.21
0.85
0.84
0.81
0.74
0.42
0.39
0.37
0.3
0.26
0.22
0.22
0.2
0.17
0.16
0.16
0.15
Weighting
Change
3
5
3
5
3
3
4
3
1
5
3
5
5
5
5
5
3
3
5
3
5
5
5
1
4
5
5
1
3
3
5
5
3
3
5
3
3
5
5
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
D
D
M
M
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
933'000
813'771
(195'542)
3'435
(1'894'889)
1'313'530
(273'418)
150'348
4'200
(16'216)
(1'000)
251'750
85'942
(18'792)
95'786
(1'093'863)
(143'697)
Target Price
75
#N/A N/A
75
74
73
73
79
75
60
86
78
85
80
83
78
80
78
72
87
66
81
84
#N/A N/A
68
85
85
88
71
80
75
#N/A N/A
79
65
60
76
#N/A N/A
65
81
60
File Dt
25.03.2013
31.12.2012
31.12.2012
28.02.2013
28.09.2012
31.01.2013
28.02.2013
28.02.2013
28.12.2012
30.11.2012
31.01.2013
25.03.2013
31.01.2013
28.09.2012
31.01.2013
26.03.2013
31.12.2012
31.12.2012
31.01.2013
28.12.2012
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
12 month
12 month
12 month
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
3 month
Not Provided
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Date
27.03.2013
27.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
21.03.2013
20.03.2013
20.03.2013
13.03.2013
07.03.2013
05.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
26.02.2013
15.02.2013
04.02.2013
01.02.2013
17.01.2013
06.12.2012
20.11.2012
25.10.2012
03.10.2012
26.09.2012
27.02.2012
05.01.2012
29.10.2010
27.03.2013
Bharti Airtel Ltd

Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications
stout, and bitter beer. Anheuser-Busch InBev owns brands that are both
nationally and internationally prominent. The Company has production plants in
Europe, the Americas, and Asia.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.01.2013)
52-Week Low (30.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BHARTI IB EQUITY YTD Change
BHARTI IB EQUITY YTD % CHANGE
03/2012
12/yy
370.40
238.50
410'789.00
297.05
-19.80%
24.55%
44.39%
3'797.5
1'128'056.25
690'232.00
0.0
27'695.0
38'432.00
1'818'096.26
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
9.0 M
80
8.0 M
70
7.0 M
60
6.0 M
50
5.0 M
40
4.0 M
30
3.0 M
20
2.0 M
10
1.0 M
0
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
270'122.4
5.99x
114'765.5
14.11x
63'953.9
24.51x
90
31.03.2009
31.03.2010
373'520.8
418'472.0
3.44x
2.95x
154'623.6
169'127.0
8.31x
7.31x
78'589.5
89'768.0
15.11x
13.21x
Profitability
LTM-4Q
31.03.2011
595'383.0
3.34x
202'571.0
9.81x
60'467.0
22.43x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
714'508.0
2.75x
238'314.0
8.24x
42'594.0
30.11x
238'314.00
103'850.00
14.53%
9.12%
2.81%
8.57%
5.31%
0.47%
33.4%
14.5%
6.0%
0.30
0.21
43.95%
136.38%
12.04
-
Price/ Cash Flow
LTM
FY+1
0.34
0.81
1'002.83
-11.71%
-6.23%
0.807
58
3.948
986'054
585'345
547'275
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
689'868.0 785'922.0 805'335.3 885'904.2 190'664.8 214'955.0
13.87x
9.46x
2.22x
1.95x
230'138.0 248'136.0 248'207.9 283'087.6
65'301.0
68'807.0
8.61x
7.63x
7.32x
6.42x
6.46x
6.11x
46'542.0
27'730.0
26'706.4
50'486.1
9'227.0
11'634.0
28.02x
43.39x
41.36x
22.08x
24.65x
20.93x
S&P Issuer Ratings
09.06.2010
Long-Term Rating
BB+
Long-Term Outlook
STABLE
Short-Term Rating
Credit Ratios
7.79
3.07
Net Debt/EBITDA
2.74
Total Debt/EBITDA
2.90
Reference
Total Debt/Equity
136.4%
Total Debt/Capital
56.4%
Asset Turnover
0.47
1.08
30.39
Inventory Days
14.00
800'000.0
12.00
700'000.0
600'000.0
10.00
500'000.0
8.00
400'000.0
6.00
300'000.0
4.00
200'000.0
2.00
100'000.0
0.00
05.04.2009
0.0
05.10.2009
05.04.2010
05.10.2010
05.04.2011
05.10.2011
05.04.2012
05.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Bharti Airtel Ltd

Holdings By:
All
Holder Name
BHARTI TELECOM LIMIT
EUGENIE PATRI SEBAST
BRC SARL
FMR LLC
BLACKROCK
VANGUARD GROUP INC
ANHEUSER-BUSCH INBEV
VOORZITTER VERHELST
INBEV-BAILLET LATOUR
INVESCO LTD
THREADNEEDLE INVESTM
WELLCOME TRUST LIMIT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Nomura
TREVOR STIRLING
AlphaValue
ISABELLE COMBEMALE
Jefferies
DIRK VAN VLAANDEREN
Bank Degroof(ESN)
HANS D'HAESE
Grupo Santander
ANTHONY J BUCALO
RBC Capital Markets
Liberum Capital Ltd
PABLO ZUANIC
Credit Suisse
SANJEET AUJLA
ING Bank
MARCO GULPERS
EDDY HARGREAVES
KBC Securities
WIM HOSTE
JPMorgan
MIKE J GIBBS
Societe Generale
ANDREW HOLLAND
HSBC
LAUREN E TORRES
Nomura
IAN SHACKLETON
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
JAVIER GONZALEZ LASTRA
Kempen & Co
SANDER VAN OORT
LARS LUSEBRINK
Petercam
KRIS KIPPERS
S&P Capital IQ
CARL SHORT
ABN Amro Bank N.V.
ROBERT JAN VOS
Rabobank International
KAREL ZOETE
Natixis
OLIVIER DELAHOUSSE
Berenberg Bank
PHILIP MORRISEY
Goldman Sachs
MITCHELL COLLETT
Bryan Garnier & Cie
NIKOLAAS FAES
Redburn Partners
CHRIS PITCHER
CA Cheuvreux
ERIC BOROIAN
EVA Dimensions
AUSTIN BURKETT
ALEX SMITH
Nord/LB
WOLFGANG VASTERLING
Deutsche Bank
JONATHAN FELL
Barclays
SIMON HALES
Banco Sabadell
IGNACIO ROMERO
PHIL CARROLL
TEAM COVERAGE
Source
20F
20F
ULT-AGG
20F
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
20F
20F
20F
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Research
Recommendation
outperform
sell
buy
hold
buy
outperform
buy
outperform
hold
buy
hold
not rated
buy
overweight
neutral
buy
underperform
hold
hold
buy
hold
reduce
buy
neutral
buy
sell/attractive
buy
buy
outperform
sell
neutral
hold
restricted
suspended coverage
buy
not rated
buy
Amt Held
663'074'830
133'267'604
35'079'819
32'666'460
16'638'410
11'870'001
10'597'724
10'426'752
10'415'186
7'601'955
6'997'665
5'485'415
4'279'114
4'160'120
3'438'936
2'771'955
2'203'582
2'153'869
2'031'936
1'850'000
% Out
41.26
8.29
2.18
2.03
1.04
0.74
0.66
0.65
0.65
0.47
0.44
0.34
0.27
0.26
0.21
0.17
0.14
0.13
0.13
0.12
Weighting
Change
5
1
5
3
5
5
5
5
3
5
3
#N/A N/A
5
5
3
5
1
3
3
5
3
2
5
3
5
1
5
5
5
1
3
3
#N/A N/A
#N/A N/A
5
#N/A N/A
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
(3'462'946)
(2'268'325)
346'574
(128'959)
(349'398)
(2'422'646)
410'748
89'672
1'647'249
343'435
166'567
39'854
-
Target Price
82
46
89
74
83
90
82
90
68
85
71
#N/A N/A
74
78
70
74
63
68
73
80
73
61
76
70
64
60
75
#N/A N/A
72
#N/A N/A
65
#N/A N/A
#N/A N/A
#N/A N/A
42
#N/A N/A
50
File Dt
29.08.2011
29.08.2011
31.12.2012
29.08.2011
31.01.2013
25.03.2013
31.12.2012
31.01.2013
31.12.2012
29.08.2011
29.08.2011
29.08.2011
31.01.2013
31.12.2012
31.12.2012
21.03.2013
25.03.2013
31.05.2012
31.12.2012
31.01.2013
Date
12 month
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
3 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
n/a
Corporation
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Other
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
22.03.2013
21.03.2013
18.03.2013
18.03.2013
12.03.2013
11.03.2013
08.03.2013
07.03.2013
06.03.2013
05.03.2013
04.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
25.02.2013
15.02.2013
14.02.2013
04.02.2013
01.02.2013
01.02.2013
21.01.2013
17.01.2013
14.09.2012
10.09.2012
29.06.2012
29.06.2012
05.03.2012
07.02.2012
27.09.2011
27.03.2013
Cairn India Ltd

Cairn India Ltd. together with its subsidiaries is involved in surveying,
offers a wide range of branded beverages, including vodkas, whiskeys, tequilas,
gins, and beer.
Price/Volume
400
70.0 M
350
60.0 M
300
50.0 M
250
Latest Fiscal Year:

LTM as of:
52-Week High (17.09.2012)
52-Week Low (22.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CAIR IB EQUITY YTD Change
CAIR IB EQUITY YTD % CHANGE
03/2012
01/yy
365.90
275.55
159'498.00
277.1
-24.27%
0.56%
1.72%
1'910.2
529'323.06
12'518.41
0.0
0.0
88'490.83
398'646.19
31.12.2007
10'122.6
43.49x
4'106.3
107.22x
(245.4)
-
30.0 M
150
100
20.0 M
50
10.0 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
200
Valuation Analysis
31.03.2009
Profitability
31.03.2010
15'622.2
37.60x
8'227.1
71.40x
10'511.1
55.15x
LTM-4Q
31.03.2011
102'779.3
6.22x
85'465.9
7.48x
63'344.0
10.52x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
118'606.5
4.73x
94'860.8
5.91x
79'377.5
8.01x
94'860.83
80'151.35
67.58%
71.02%
15.88%
17.92%
17.38%
0.24%
80.0%
67.6%
66.9%
4.40
3.97
2.34%
2.59%
7.96
-
Price/ Cash Flow
LTM
FY+1
0.00
0.95
368.98
-20.71%
-13.13%
0.946
61
4.377
231'135
304'798
292'506
FY+2
FQ+1
FQ+2
01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
01/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
0.0 188'633.2 188'837.2
44'884.5
44'400.0
#DIV/0!
2.08x
1.82x
0.0 134'332.6 125'245.6
34'932.0
34'569.0
0.00x
2.97x
3.19x
0.0 114'554.3 102'040.9
29'444.0
29'595.0
0.00x
4.60x
5.17x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
86.89
59.82
-0.80
0.13
2.6%
2.5%
0.24
2.01
45.97
-
400.00
12'000.0
350.00
10'000.0
300.00
8'000.0
250.00
200.00
6'000.0
150.00
4'000.0
100.00
2'000.0
50.00
0.00
05.04.2009
0.0
05.10.2009
05.04.2010
05.10.2010
05.04.2011
05.10.2011
05.04.2012
05.10.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Cairn India Ltd

Holdings By:
All
Holder Name
TWIN STAR MAURITIUS
BLACKROCK
LEGAL & GENERAL
FMR LLC
SCOTTISH WIDOWS
UBS
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
VANGUARD GROUP INC
Cascade Investment C
STATE STREET
FRANKLIN RESOURCES
DIAGEO PLC ESOP
AXA
CI INVESTMENTS INC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Maybank Kim Eng

TREVOR STIRLING
Nomura
IAN SHACKLETON
Stifel
MARK D SWARTZBERG
AlphaValue
ISABELLE COMBEMALE
Jefferies
DIRK VAN VLAANDEREN
PHIL CARROLL
CHRIS WICKHAM
RBC Capital Markets
JPMorgan
MATTHEW WEBB
Barclays
SIMON HALES
Credit Suisse
CHARLES MILLS
Raymond James
HERMINE DE BENTZMANN
EDDY HARGREAVES
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
Investec
MARTIN DEBOO
Societe Generale
NICOLAS CERON
LAETITIA DELAYE
Natixis
OLIVIER DELAHOUSSE
Redburn Partners
CHRIS PITCHER
LARS LUSEBRINK
Bryan Garnier & Cie
NIKOLAAS FAES
S&P Capital IQ
CARL SHORT
Liberum Capital Ltd
PABLO ZUANIC
CA Cheuvreux
ERIC BOROIAN
Grupo Santander
ANTHONY J BUCALO
EVA Dimensions
AUSTIN BURKETT
Goldman Sachs
MITCHELL COLLETT
Deutsche Bank
JAMES ISENWATER
Berenberg Bank
PHILIP MORRISEY
ALEX SMITH
HSBC
ERWAN RAMBOURG
Davy
BARRY GALLAGHER
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
REG
REG
MF-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
MF-AGG
Recommendation
market perform
buy
buy
reduce
buy
buy
buy
sector perform
neutral
overweight
outperform
outperform
hold
buy
neutral
hold
hold
buy
buy
buy
hold
buy
buy
buy
outperform
buy
hold
buy/attractive
buy
buy
buy
neutral
outperform
Amt Held
170'818'263
166'780'393
103'629'142
93'430'267
72'210'629
60'345'332
53'076'191
36'365'999
32'768'036
31'592'406
31'254'191
26'868'931
26'133'318
25'516'958
23'796'416
20'723'095
20'432'541
19'857'996
19'645'452
19'387'391
% Out
6.81
6.65
4.13
3.72
2.88
2.4
2.12
1.45
1.31
1.26
1.25
1.07
1.04
1.02
0.95
0.83
0.81
0.79
0.78
0.77
Weighting
Change
3
5
5
2
5
5
5
3
3
5
5
5
3
5
3
3
3
5
5
5
3
5
5
5
5
5
3
5
5
5
5
3
5
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
32'500
19'483'465
(2'633'373)
116'442
(3'259'491)
21'978'145
751'700
1'138'390
490'603
162'750
7'155'385
1'303'879
(6'773'960)
1'347'040
(262'901)
443'832
(847'762)
2'364'575
(655'760)
Target Price
2'100
2'040
2'400
1'912
1'915
#N/A N/A
2'100
2'100
1'915
2'150
2'350
2'060
1'670
2'460
1'980
1'970
1'900
2'100
2'100
#N/A N/A
1'900
1'900
2'100
2'300
1'850
2'100
#N/A N/A
2'220
2'000
1'760
1'860
1'800
#N/A N/A
File Dt
31.12.2012
25.03.2013
31.01.2013
03.12.2012
31.01.2013
03.12.2012
03.12.2012
31.01.2013
03.12.2012
31.12.2012
03.12.2012
03.12.2012
31.12.2012
03.12.2012
26.03.2013
31.12.2012
03.12.2012
03.12.2012
03.12.2012
31.12.2012
Date
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
9 month
Not Provided
Not Provided
12 month
12 month
3 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Government
Unclassified
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
22.03.2013
22.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
19.03.2013
11.03.2013
11.03.2013
11.03.2013
07.03.2013
07.03.2013
05.03.2013
28.02.2013
22.02.2013
15.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
25.01.2013
21.01.2013
18.01.2013
17.01.2013
09.01.2013
10.11.2012
29.10.2012
02.10.2012
08.08.2012
25.08.2011
27.03.2013
Canara Bank
Canara Bank Ltd. provides a full range of banking services throughout India.
software, including e-business and enterprise management software, consults on
organizational usage of its applications software, and provides training
services. SAP markets its products and services worldwide.
Price/Volume
70
18.0 M
60
16.0 M
14.0 M
50
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.01.2013)
52-Week Low (30.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CBK IB EQUITY YTD Change
CBK IB EQUITY YTD % CHANGE
03/2012
01/yy
550.00
306.00
99'112.00
362.7
-34.05%
18.53%
23.24%
443.0
160'676.11
266'300.50
0.0
1'614.8
282'898.20
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
30
8.0 M
6.0 M
20
4.0 M
10
2.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
165'838.9
3'812.0
24.21x
12.0 M
40
31.03.2009
31.03.2010
194'807.3
216'844.7
11'420.1
27'728.8
5.95x
6.07x
Profitability
31.03.2011
258'296.3
40'341.8
6.39x
31.03.2012
339'192.0
33'417.0
6.31x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
37.78%
38.34%
0.93%
15.38%
6.80%
0.09%
31.1%
7.02%
115.56%
-
Price/ Cash Flow
3.03
1.13
120.99
-17.93%
-26.80%
1.131
35
3.200
102'889
61'870
81'317
LTM-4Q
LTM
FY+1
FY+2
FQ+1
FQ+2
01/yy
01/yy
03/13 Y
03/14 Y
03/13 Q4
06/13 Q1
40'740.0
41'901.0
4.48x
3.50x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.12.2011
NR
30.12.2011
NR
115.6%
53.4%
0.09
11.75
-
3.50
18'000.0
3.00
16'000.0
14'000.0
2.50
12'000.0
2.00
10'000.0
1.50
8'000.0
6'000.0
1.00
4'000.0
0.50
0.00
05.04.2009
2'000.0
0.0
05.10.2009
05.04.2010
05.10.2010
05.04.2011
05.10.2011
05.04.2012
05.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Canara Bank
Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
TSCHIRA KLAUS
BLACKROCK
HOPP DIETMAR
SAP AG
FMR LLC
VANGUARD GROUP INC
DEUTSCHE BANK AG
MORGAN STANLEY
CREDIT SUISSE AG
ADIG INVESTMENT
Firm Name
Jefferies
Baader Bank
Credit Suisse
AlphaValue
Bryan Garnier & Cie
JMP Securities
Day by Day
Nomura
Societe Generale
Deutsche Bank
HSBC
William Blair & Co
Berenberg Bank
Pacific Crest Securities
Banco Sabadell
Redburn Partners
EVA Dimensions
Exane BNP Paribas
Nord/LB
JPMorgan
Macquarie
Hamburger Sparkasse
Bankhaus Metzler
Barclays
Grupo Santander
Goldman Sachs
S&P Capital IQ
DZ Bank AG
Wells Fargo Securities, LLC
Natixis
Cross Research
Jyske Bank
Evercore Partners
CA Cheuvreux
FBR Capital Markets
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
ADAM WOOD
MARK L MOERDLER
ROSS MACMILLAN
MARKUS FRIEBEL
KNUT WOLLER
PHILIP WINSLOW
HEINZ STEFFEN
GREGORY RAMIREZ
PATRICK WALRAVENS
VALERIE GASTALDY
RICHARD G SHERLUND
RICHARD NGUYEN
KAI KORSCHELT
ANTONIN BAUDRY
LAURA J LEDERMAN
DAUD KHAN
BRENDAN BARNICLE
ANDRES BOLUMBURU
THOMAS M BECKER
NEIL STEER
ANDREW S ZAMFOTIS
JOSEP BORI
WOLFGANG DONIE
STACY E POLLARD
BRAD A ZELNICK
MARCO GUENTHER
ULRICH TRABERT
GERARDUS VOS
CARLOS JAVIER TREVINO
MOHAMMED MOAWALLA
MIRKO MAIER
LAURENT DAURE
JAMES CRAWSHAW
OLIVER FINGER
JASON MAYNARD
ANDREAS WOLF
GWENAEL GIARD
RICHARD T WILLIAMS
ROBERT JAKOBSEN
STEWART KIRK MATERNE III
MICHAEL BEUCHER
DAVID M HILAL
Source
13G
Co File
ULT-AGG
13G
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Research
ULT-AGG
MF-AGG
Recommendation
Overwt/In-Line
outperform
hold
hold
hold
outperform
add
buy
market perform
buy
buy
buy
buy
overweight
outperform
buy
outperform
buy
add
buy
underweight
neutral
buy
overweight
outperform
buy
buy
buy
equalweight
underweight
buy/attractive
hold
buy
buy
buy
market perform
buy
neutral
hold
reduce
equalweight
underperform
market perform
Amt Held
121'324'707
93'079'595
66'743'066
65'273'200
36'642'744
16'796'313
11'671'329
11'235'667
11'142'018
11'106'305
8'459'500
8'270'322
7'820'713
7'081'368
6'576'011
5'863'076
5'264'797
4'582'686
4'476'891
3'685'764
% Out
9.88
7.58
5.43
5.31
2.98
1.37
0.95
0.91
0.91
0.9
0.69
0.67
0.64
0.58
0.54
0.48
0.43
0.37
0.36
0.3
Weighting
Change
5
5
3
3
3
5
4
5
3
5
5
5
5
5
5
5
5
5
4
5
1
3
5
5
5
5
5
5
3
1
5
3
5
5
5
3
5
3
3
2
3
1
3
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
U
M
D
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(2'035'409)
35'104
(632'162)
(155'226)
972'000
(346'827)
(171'398)
(461'445)
176'532
337'221
(406'504)
(928'049)
75'391
Target Price
73
68
62
69
63
65
72
70
#N/A N/A
66
68
71
70
74
#N/A N/A
71
70
67
65
#N/A N/A
#N/A N/A
63
70
65
64
#N/A N/A
69
70
55
57
86
57
66
70
66
#N/A N/A
67
53
45
65
65
46
55
File Dt
Inst Type
31.12.2012
n/a
08.03.2012
n/a
25.03.2013
Investment Advisor
31.12.2012
n/a
12.06.2012
Corporation
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
06.06.2012
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
6 month
6 month
Not Provided
3 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Date
27.03.2013
26.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
11.03.2013
11.03.2013
11.03.2013
10.03.2013
07.03.2013
07.03.2013
07.03.2013
06.03.2013
06.03.2013
24.02.2013
15.02.2013
04.02.2013
01.02.2013
29.01.2013
28.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
22.01.2013
17.01.2013
16.01.2013
16.01.2013
09.01.2013
24.10.2012
02.02.2012
26.01.2012
27.03.2013
Cipla Ltd/India
Cipla Ltd. manufactures fine chemicals and pharmaceutical preparations.
Company focuses on diabetes care and offers insulin delivery systems and other
diabetes products. Novo Nordisk also works in areas such as haemostatis
management, growth disorders, and hormone replacement therapy. The Company
offers educational and training materials. Novo Nordisk markets worldwide.
Price/Volume
6.0 M
5.0 M
4.0 M
600
Latest Fiscal Year:

LTM as of:
52-Week High (09.01.2013)
52-Week Low (27.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CIPLA IB EQUITY YTD Change
CIPLA IB EQUITY YTD % CHANGE
03/2012
12/yy
435.00
290.65
107'841.00
379.7
-12.71%
30.64%
61.69%
802.9
304'869.25
541.30
0.0
0.0
10'297.40
295'113.14
3.0 M
400
2.0 M
200
0
m-12
1.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
1000
800
Valuation Analysis
31.03.2008
40'103.8
4.37x
8'536.3
20.51x
7'010.4
24.39x
1200
31.03.2009
31.03.2010
49'606.0
53'595.2
3.61x
5.01x
12'646.9
14'350.7
14.16x
18.72x
7'710.2
10'825.9
22.18x
24.69x
Profitability
31.03.2011
62'601.4
4.17x
14'416.1
18.11x
9'895.7
26.10x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
69'843.9
3.37x
17'952.8
13.10x
11'442.4
21.41x
17'952.80
14'830.60
21.23%
20.77%
12.75%
16.00%
15.55%
0.78%
25.7%
21.2%
16.4%
3.51
1.79
0.58%
0.71%
4.59
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
0.53
0.52
443.99
27.30%
-8.31%
0.522
53
4.000
147'797
136'313
171'104
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
82'593.9
92'836.0
3.53x
3.07x
21'884.9
23'367.1
13.47x
12.62x
15'204.6
16'498.5
19.95x
18.48x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
75.31
51.77
-0.54
0.03
0.7%
0.7%
0.78
2.01
79.77
-
30.00
90'000.0
80'000.0
25.00
70'000.0
60'000.0
20.00
50'000.0
15.00
40'000.0
30'000.0
10.00
20'000.0
5.00
0.00
01.01.2010
10'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Cipla Ltd/India
Holdings By:
All
Holder Name
HAMIED YUSUF K
NOVO AS
NOVO-NORDISK A/S
FMR LLC
BLACKROCK
VANGUARD GROUP INC
CARMIGNAC GESTION
CALAMOS ADVISORS LLC
JUPITER ASSET MANAGE
NORDEA INV MANAGEMEN
MANNING & NAPIER ADV
DANSKE INVEST A/S
HANDELSBANKEN FONDER
SEB
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Firm Name
Analyst
Credit Suisse
ABG Sundal Collier
Jyske Bank
Exane BNP Paribas
AlphaValue
Societe Generale
SEB Enskilda
Carnegie
Nordea Equity Research
Bryan Garnier & Cie
Helvea
Barclays
Danske Markets
JPMorgan
Deutsche Bank
Jefferies
DNB Markets
CA Cheuvreux
Handelsbanken
Credit Suisse
Nomura
Berenberg Bank
S&P Capital IQ
Morgan Stanley
Alm Brand Markets
Goldman Sachs
Natixis
Redburn Partners
Mirabaud Securities
Swedbank
NYKREDIT
Main First Bank AG
Cyrrus
Sydbank
MP Advisors Pvt Ltd
ANDREW S ZAMFOTIS
PETER HUGREFFE
FRANK HOERNING ANDERSEN
VINCENT MEUNIER
KAMLA SINGH
STEPHEN MCGARRY
LARS HEVRENG
CARSTEN LONBORG MADSEN
MICHAEL NOVOD
ERIC LE BERRIGAUD
OLAV ZILIAN
BRIAN BOURDOT
MARTIN PARKHOI
RICHARD VOSSER
TIM RACE
JEFFREY HOLFORD
RUNE MAJLUND DAHL
LAURENT FLAMME
PETER SEHESTED
LUISA HECTOR
AMIT ROY
ALISTAIR CAMPBELL
MARTIN VOEGTLI
JACOB THRANE
PETER VERDULT
MICHAEL FRIIS JORGENSEN
KEYUR PAREKH
PHILIPPE LANONE
DANIEL WENDORFF
TEAM COVERAGE
NICHOLAS TURNER
JOHAN UNNERUS
KRESTEN JOHNSEN
TIM FRANKLIN
TOMAS MENCIK
SOEREN LONTOFT HANSEN
VISHAL MANCHANDA
Source
ULT-AGG
20F
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
ULT-AGG
Recommendation
hold
buy
buy
neutral
add
sell
buy
buy
strong buy
neutral
accumulate
underweight
buy
underweight
sell
hold
buy
underperform
buy
neutral
buy
hold
hold
hold
Equalwt/Attractive
neutral
Buy/Neutral
neutral
buy
neutral
reduce
strong buy
outperform
suspended coverage
sell
overweight
market perform
Amt Held
79'419'633
35'312'800
18'962'215
14'691'275
7'777'930
5'639'111
5'109'427
5'094'371
4'367'549
2'512'028
1'806'460
1'729'312
1'569'603
1'321'823
1'174'866
1'163'920
994'564
936'874
860'779
738'979
% Out
17.55
7.8
4.19
3.25
1.72
1.25
1.13
1.13
0.97
0.56
0.4
0.38
0.35
0.29
0.26
0.26
0.22
0.21
0.19
0.16
Weighting
Change
3
5
5
3
4
1
5
5
5
3
4
1
5
1
1
3
5
1
5
3
5
3
3
3
3
3
5
3
5
3
2
5
5
#N/A N/A
1
5
3
D
M
M
M
U
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
D
M
D
M
M
D
U
M
M
M
U
M
Latest Chg
(2'007'633)
(5'100'000)
(358'846)
(74'744)
618'921
207'091
6'991
(161'621)
758'793
43'470
(102'150)
(127'123)
(1'321)
(54'015)
1'109'960
(121'792)
21'995
(2'666)
(13'497)
Target Price
#N/A N/A
1'200
1'100
950
1'031
753
1'180
#N/A N/A
1'250
920
1'100
870
1'100
800
890
900
1'100
965
1'112
1'040
1'000
920
920
985
1'040
1'015
1'200
1'010
1'400
#N/A N/A
819
1'150
#N/A N/A
#N/A N/A
627
#N/A N/A
648
File Dt
31.12.2012
31.01.2013
08.03.2013
31.01.2013
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
28.02.2013
30.11.2012
28.02.2013
28.02.2013
31.12.2012
28.02.2013
31.12.2012
28.02.2013
31.01.2013
Date
Not Provided
6 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
12 month
9 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Holding Company
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
27.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
15.03.2013
14.03.2013
12.03.2013
06.03.2013
04.03.2013
28.02.2013
21.02.2013
12.02.2013
12.02.2013
12.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
04.02.2013
26.11.2012
23.11.2012
09.11.2012
23.07.2012
20.07.2012
05.04.2012
02.02.2012
15.04.2011
27.03.2013
Coal India Ltd

Coal India Limited produces and markets coal and coal products, as well as
banking, and asset management services. The Bank offers consumer credit,
mortgage loans, lease financing, factoring, mutual funds, pension funds,
insurance, commercial credit, investment banking services, structured finance,
and advice on mergers and acquisitions.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.09.2012)
52-Week Low (19.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
COAL IB EQUITY YTD Change
COAL IB EQUITY YTD % CHANGE
03/2012
12/yy
386.00
291.20
302'831.00
301.25
-21.96%
3.45%
10.60%
6'316.4
1'902'804.75
15'273.80
0.0
536.0
478'359.30
1'264'647.19
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
700.0 M
600.0 M
500.0 M
400.0 M
300.0 M
200.0 M
100.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
326'338.6
73'071.1
42'850.1
-
31.03.2009
31.03.2010
387'888.3
446'152.5
39'042.3
112'742.5
40'628.1
96'224.5
Profitability
LTM-4Q
31.03.2011
502'292.8
3.59x
148'089.0
12.18x
108'673.5
20.16x
31.03.2012
624'154.3
2.74x
171'897.8
9.95x
147'882.0
14.71x
171'897.80
152'205.60
24.39%
34.05%
15.34%
40.09%
38.51%
0.65%
27.5%
24.4%
23.7%
2.22
1.56
1.43%
3.78%
13.74
-
LTM
FY+1
3.32
0.68
631.64
-5.77%
-12.43%
0.679
56
4.286
339'750
352'893
271'708
FY+2
FQ+1
FQ+2
12/yy
44'219.0
0.00x
0.0
0.00x
5'351.0
9.70x
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
43'575.0 686'504.6 736'638.7 194'818.0 173'786.5
0.00x
1.77x
1.49x
0.0 190'922.4 214'010.9
58'606.5
54'049.0
0.00x
6.63x
5.91x
6.42x
6.70x
2'205.0 169'330.2 184'849.6
47'134.7
47'374.0
25.61x
11.24x
10.27x
10.74x
10.43x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
458.76
367.77
-2.69
0.09
3.8%
3.6%
0.65
4.50
26.64
-
90'000.0
80'000.0
1.00
0.80
70'000.0
60'000.0
50'000.0
0.60
40'000.0
30'000.0
0.40
0.20
20'000.0
10'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Coal India Ltd

Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
BNP PARIBAS SA
BARCLAYS PLC
BLACKROCK
VANGUARD GROUP INC
DE LOS RIOS EMILIO B
DODGE & COX
ASSICURAZIONI GENERA
HARRIS ASSOCIATES LP
BANCO SANTANDER SA
CARMIGNAC GESTION
FRANKLIN RESOURCES
FMR LLC
LBPAM
O'SHEA JAVIER BOTINPUENTEPUMAR SL
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Analyst
Nomura
ANDREA FILTRI
IRMA GARRIDO
NMAS 1 Agencia de Valores
FRANCISCO RIQUEL
Natixis
FREDERIC TESCHNER
La Caixa
DAVID FERNANDEZ
Exane BNP Paribas
SANTIAGO LOPEZ DIAZ
Bankia Bolsa (ESN)
JAVIER BERNAT
ALEJANDRO RUYRA DE ANDRADE
Societe Generale
CARLOS GARCIA GONZALEZ
Deutsche Bank
CARLOS BERASTAIN GONZALEZ
Credit Suisse
IGNACIO CEREZO
ANTONIO RAMIREZ
JUAN PABLO LOPEZ
BPI
CARLOS JOAQUIM PEIXOTO
AlphaValue
DAVID GRINSZTAJN
Oddo & Cie
JULIE LEGRAND
Day by Day
VALERIE GASTALDY
EVA Dimensions
AUSTIN BURKETT
Banco Sabadell
MARIO LODOS
Banesto Bolsa SA Sociedad
JUAN ALBERTO TUESTA VILANOVA
Morgan Stanley
ALVARO SERRANO
JPMorgan
JAIME BECERRIL
Hamburger Sparkasse
CHRISTIAN HAMANN
RBC Capital Markets
PATRICK LEE
Macquarie
BENJIE CREELAN-SANDFORD
STEFAN BONGARDT
Nomura
DARAGH QUINN
S&P Capital IQ
WILLIAM HOWLETT
Berenberg Bank
NICK ANDERSON
Goldman Sachs
JERNEJ OMAHEN
BBVA
IGNACIO ULARGUI
HSBC
CARLO DIGRANDI
Barclays
Redburn Partners
GEORGE KARAMANOS
Nord/LB
MICHAEL SEUFERT
CA Cheuvreux
ADRIAN ZUNZUNEGUI RUANO
INGO FROMMEN
Hammer Partners SA
ENRICO RACIOPPI
DZ Bank AG
SABINE BOHN
Source
ULT-AGG
Co File
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
EXCH
MF-AGG
EXCH
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
EXCH
EXCH
Recommendation
underperform
hold
neutral
reduce
overweight
underperform
hold
hold
hold
hold
neutral
market perform
neutral
buy
buy
buy
hold
buy
buy
restricted
Overwt/In-Line
neutral
hold
underperform
underperform
hold
reduce
sell
sell
neutral/neutral
outperform
neutral
underweight
neutral
hold
underperform
sell
buy
sell
Amt Held
866'053'147
555'448'975
341'264'391
243'314'406
227'263'557
151'622'409
138'161'167
79'215'379
53'673'238
50'134'290
43'495'798
42'192'066
39'437'973
39'143'000
30'578'576
27'695'932
19'224'262
16'712'670
16'280'026
13'757'649
% Out
8.22
5.27
3.24
2.31
2.16
1.44
1.31
0.75
0.51
0.48
0.41
0.4
0.37
0.37
0.29
0.26
0.18
0.16
0.15
0.13
Weighting
Change
1
3
3
2
5
1
3
3
3
3
3
3
3
5
5
5
3
5
5
#N/A N/A
5
3
3
1
1
3
2
1
1
3
5
3
1
3
3
1
1
5
1
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
Latest Chg
28'365
86'154'727
(56'807'364)
2'825'886
10'545'834
30'908
447'012
586'726
(3'428'192)
(2'001'686)
1'930'244
(436'850)
937
-
Target Price
4
6
7
5
6
5
6
6
5
6
6
7
6
7
9
9
#N/A N/A
#N/A N/A
7
#N/A N/A
7
6
#N/A N/A
6
5
7
6
5
6
8
8
6
4
#N/A N/A
#N/A N/A
7
5
6
4
File Dt
Inst Type
26.03.2013
Investment Advisor
31.12.2011
Investment Advisor
14.01.2013
Bank
31.12.2012
Investment Advisor
03.05.2011
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
11.03.2013
n/a
29.01.2013
Investment Advisor
01.10.2011
Insurance Company
31.12.2012
Investment Advisor
31.12.2011
Bank
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
n/a
11.07.2011
Corporation
Date
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
18 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
25.03.2013
25.03.2013
25.03.2013
22.03.2013
20.03.2013
20.03.2013
19.03.2013
14.03.2013
11.03.2013
11.03.2013
11.03.2013
10.03.2013
08.03.2013
07.03.2013
07.03.2013
27.02.2013
27.02.2013
26.02.2013
15.02.2013
13.02.2013
12.02.2013
11.02.2013
06.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
28.01.2013
23.01.2013
14.01.2013
10.01.2013
08.01.2013
04.01.2013
23.10.2012
24.08.2012
22.08.2012
28.06.2012
23.05.2012
27.03.2013
Colgate-Palmolive India Ltd

Colgate-Palmolive (India) Ltd. manufactures consumer products in the oral care
mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin,
uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon.
Dually-listed company with RIO AU.
Price/Volume
4000
25.0 M
3500
20.0 M
3000
2500
Latest Fiscal Year:

LTM as of:
52-Week High (01.01.2013)
52-Week Low (02.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CLGT IB EQUITY YTD Change
CLGT IB EQUITY YTD % CHANGE
03/2012
06/yy
1'580.40
1'030.00
19'443.00
1239.6
-21.56%
20.35%
38.08%
136.0
168'576.70
53.99
0.0
0.0
3'407.34
165'223.35
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
1500
1000
5.0 M
500
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
14'738.5
3.44x
2'975.1
17.04x
2'357.6
22.07x
15.0 M
2000
Valuation Analysis
31.03.2009
31.03.2010
16'952.1
19'624.6
3.64x
4.51x
3'484.7
4'930.6
17.71x
17.95x
2'857.8
4'341.0
22.42x
21.16x
Profitability
LTM-4Q
31.03.2011
31.03.2012
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
4'930.59
4'623.98
23.56%
25.50%
51.58%
159.16%
156.01%
2.33%
61.2%
25.1%
23.6%
22.1%
1.07
0.64
0.61%
1.64%
187.77
7.55
Price/ Cash Flow
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
06/yy
46'038.0
8.17x
13'532.0
0.00x
9'402.0
0.00x
FY+1
1.61
0.54
61.69
13.84%
-20.89%
0.544
44
2.636
12'159
11'732
17'488
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
30'793.0
36'678.0
5.38x
4.52x
6'663.0
8'103.0
24.81x
20.40x
5'419.0
6'201.0
1'632.0
31.11x
27.19x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
327.77
303.95
-0.68
0.01
1.6%
1.6%
2.33
7.58
1.94
48.31
170.00
-119.74
12.00
70'000.0
10.00
60'000.0
50'000.0
8.00
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
10'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Colgate-Palmolive India Ltd

Holdings By:
All
Holder Name
COLGATE PALMOLIVE CO
BLACKROCK
AXA
LEGAL & GENERAL
SCOTTISH WIDOWS
ABERDEEN
UBS
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
AVIVA INVESTORS
VANGUARD GROUP INC
JP MORGAN
SCHRODER INVESTMENT
FMR LLC
Firm Name
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Analyst
Nomura
MENNO SANDERSE
Credit Suisse
PAUL MCTAGGART
SVEN DIERMEIER
EVA Dimensions
CRAIG STERLING
Jefferies
Christopher LaFemina
AlphaValue
SACHIN KUMAR
PAUL GAIT
Goldman Sachs
MICHELE DELLA VIGNA
JPMorgan
FRASER JAMIESON
SBG Securities
PETER DAVEY
Macquarie
JEFFREY LARGEY
RBC Capital Markets
DES KILALEA
NICK MELLOR
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
LUC PEZ
BMO Capital Markets
TONY ROBSON
Societe Generale
ABHISHEK SHUKLA
Deutsche Bank
ROBERT CLIFFORD
Natixis
RAOUDHA BOUZEKRI
PETER MALLIN-JONES
Nomura
SAM CATALANO
S&P Capital IQ
JOHNSON IMODE
HSBC
ANDREW KEEN
Redburn Partners
SIMON TOYNE
Barclays
DAVID BUTLER
Liberum Capital Ltd
RICHARD KNIGHTS
Standard Chartered
SUBRAMANIAM VARADA
Axiom Capital
GORDON L JOHNSON
Source
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
REG
MF-AGG
REG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
Recommendation
Equalwt/In-Line
outperform
hold
hold
buy
add
outperform
Sell/Neutral
overweight
buy
neutral
outperform
sell
hold
outperform
outperform
buy
buy
neutral
buy
buy
strong buy
overweight
buy
overweight
buy
outperform
sell
Amt Held
182'550'329
128'626'019
59'271'193
53'306'336
41'031'494
32'751'832
29'783'762
28'183'471
27'888'087
22'584'269
20'784'742
20'134'091
15'566'865
14'972'836
14'066'647
13'772'088
13'345'435
13'197'558
13'004'093
10'894'531
% Out
12.93
9.11
4.2
3.78
2.91
2.32
2.11
2
1.98
1.6
1.47
1.43
1.1
1.06
1
0.98
0.95
0.93
0.92
0.77
Weighting
Change
3
5
3
3
5
4
5
1
5
5
3
5
1
3
5
5
5
5
3
5
5
5
5
5
5
5
5
1
M
M
D
D
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
U
M
N
Latest Chg
605'414
(30'895)
10'311'357
275'493
5'058'654
(363'260)
2'505'810
864'625
(1'535'852)
777'762
559'905
(18'708)
509'965
812'987
(667'279)
3'648'560
49'517
Target Price
3'870
4'000
3'400
#N/A N/A
4'100
3'796
4'575
2'800
4'400
4'300
4'050
4'300
2'910
#N/A N/A
4'700
4'500
3'900
4'720
3'500
4'200
3'700
4'200
4'180
#N/A N/A
4'000
#N/A N/A
3'430
2'059
File Dt
03.12.2012
25.03.2013
03.12.2012
28.02.2013
19.02.2013
03.12.2012
28.02.2013
31.01.2013
31.01.2013
03.12.2012
31.01.2013
03.12.2012
03.12.2012
31.12.2012
03.12.2012
03.12.2012
31.01.2013
03.12.2012
03.12.2012
31.01.2013
Date
12 month
Not Provided
12 month
Not Provided
12 month
6 month
12 month
12 month
9 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
Holding Company
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Date
27.03.2013
26.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
15.03.2013
11.03.2013
08.03.2013
04.03.2013
04.03.2013
04.03.2013
27.02.2013
25.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
07.02.2013
21.01.2013
14.01.2013
30.11.2012
22.11.2012
30.07.2012
27.03.2013
Crompton Greaves Ltd

Crompton Greaves Ltd. manufactures, distributes, installs and services
Company produces and sells champagne, cognac, perfumes, cosmetics, luggage,
watches and jewelry.
Price/Volume
160
3.0 M
140
2.5 M
120
2.0 M
100
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.04.2012)
52-Week Low (28.02.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CRG IB EQUITY YTD Change
CRG IB EQUITY YTD % CHANGE
03/2012
12/yy
148.50
88.35
184'437.00
92.05
-38.01%
4.19%
6.15%
641.5
59'049.30
11'760.30
0.0
156.6
9'712.20
69'390.30
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
40
.5 M
20
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
68'323.4
1.56x
7'526.5
14.15x
4'067.2
24.83x
1.5 M
60
31.03.2009
31.03.2010
87'372.6
91'408.7
0.54x
1.79x
11'234.0
12'771.3
4.21x
12.83x
5'599.0
8'598.7
8.09x
20.30x
Profitability
LTM-4Q
31.03.2011
100'051.1
1.73x
13'437.8
12.92x
8'886.7
19.69x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
112'485.8
0.81x
8'036.4
11.30x
3'735.9
23.71x
8'036.40
5'436.80
4.83%
4.93%
4.65%
10.85%
9.57%
1.40%
7.1%
4.8%
3.3%
1.45
0.99
13.42%
32.57%
3.96
-
Price/ Cash Flow
LTM
FY+1
1.52
1.21
334.68
-32.36%
-20.58%
1.208
52
2.712
175'487
207'033
356'033
FY+2
FQ+1
FQ+2
12/yy
23'659.0
0.00x
0.0
0.00x
0.0
0.00x
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
28'103.0 121'572.5 135'414.2
33'502.2
0.00x
0.56x
0.50x
0.0
5'558.1
9'691.7
1'366.0
0.00x
12.53x
7.19x
0.0
1'874.2
5'032.8
519.8
0.00x
29.38x
11.78x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
13.94
7.48
0.25
1.46
32.6%
24.5%
1.40
8.21
92.50
-
20.00
30'000.0
18.00
25'000.0
16.00
14.00
20'000.0
12.00
15'000.0
10.00
8.00
10'000.0
6.00
4.00
5'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Crompton Greaves Ltd

Holdings By:
All
Holder Name
AVANTHA HOLDINGS LTD
LVMH MOET HENNESSY L
QATAR HOLDINGS LLC
CARMIGNAC GESTION
FMR LLC
BLACKROCK
VANGUARD GROUP INC
TRAPANI FRANCESCO
DEUTSCHE BANK AG
AVIVA PLC
LBPAM
AMUNDI
AMUNDI
Firm Name
Prabhudas Lilladher Pvt Ltd
Nomura
Exane BNP Paribas
Oddo & Cie
Day by Day
Societe Generale
Renaissance Capital
AlphaValue
Cantor Fitzgerald
Aurel - BGC
Main First Bank AG
Banco Sabadell
Berenberg Bank
Telsey Advisory Group
Morgan Stanley
Goldman Sachs
Bryan Garnier & Cie
Credit Suisse
JPMorgan
Raymond James
Hamburger Sparkasse
Natixis
S&P Capital IQ
Barclays
HSBC
EVA Dimensions
Deutsche Bank
Equita SIM SpA
Redburn Partners
CA Cheuvreux
DZ Bank AG
Helvea
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
OMAR SAAD
MARIO ORTELLI
CHRISTOPHER WALKER
LUCA GIUSEPPE SOLCA
LEOPOLD AUTHIE
VALERIE GASTALDY
THIERRY COTA
REY WIUM
VIRGINIE BLIN
ALLEGRA PERRY
DAVID DA MAIA
MATTHIAS EIFERT
IGNACIO ROMERO
JOHN GUY
DANA TELSEY
LOUISE SINGLEHURST
WILLIAM HUTCHINGS
CEDRIC ROSSI
ROGERIO FUJIMORI
LARS LUSEBRINK
MELANIE A FLOUQUET
MARC WILLAUME
CHRISTIAN HAMANN
OLIVIER DELAHOUSSE
MICHAEL SOUERS
JULIAN EASTHOPE
CATHERINE ROLLAND
ANTOINE BELGE
CRAIG STERLING
WARWICK OKINES
FABIO FAZZARI
ANNABEL GLEESON
THOMAS MESMIN
BARBARA AMBRUS
THOMAS MAUL
TIM DAWSON
Source
Research
Co File
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
buy
neutral
buy
hold
hold
hold
buy
hold
hold
outperform
buy
hold
no rating system
Overwt/In-Line
Buy/Neutral
buy
neutral
buy
strong buy
neutral
strong buy
buy
buy
strong buy
overweight
buy
neutral
sell
hold
buy
buy
outperform
buy
buy
suspended coverage
Amt Held
235'886'503
9'536'678
5'230'723
4'275'828
4'200'037
4'085'056
3'878'869
3'387'828
3'326'140
2'724'161
1'969'710
1'732'620
1'561'592
1'528'000
1'422'781
1'387'002
1'355'126
1'150'592
1'042'404
925'639
% Out
46.46
1.88
1.03
0.84
0.83
0.8
0.76
0.67
0.66
0.54
0.39
0.34
0.31
0.3
0.28
0.27
0.27
0.23
0.21
0.18
Weighting
Change
5
5
5
3
5
3
3
3
5
3
3
5
5
3
#N/A N/A
5
5
5
3
5
5
3
5
5
5
5
5
5
3
1
3
5
5
5
5
5
#N/A N/A
M
M
M
M
M
D
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
N
M
M
M
M
M
Latest Chg
(147'143)
74'218
4'700
(478'859)
(45'143)
134'015
49'222
(230'217)
41'590
19'742
(18'102)
(2'100)
43'392
(14'807)
(20'403)
Target Price
160
165
155
135
160
#N/A N/A
145
152
172
141
145
157
144
140
140
152
198
160
148
165
160
142
163
123
155
160
151
168
150
#N/A N/A
145
178
#N/A N/A
140
150
147
#N/A N/A
File Dt
01.10.2012
31.12.2011
15.03.2012
31.01.2013
31.12.2012
31.01.2013
31.01.2013
25.03.2013
31.12.2012
31.01.2013
31.01.2013
31.01.2013
31.12.2011
31.12.2012
31.01.2013
28.02.2013
28.02.2013
31.12.2012
31.12.2012
31.10.2012
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Holding Company
Holding Company
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Date
24.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
14.03.2013
07.03.2013
22.02.2013
20.02.2013
20.02.2013
15.02.2013
15.02.2013
10.02.2013
08.02.2013
08.02.2013
08.02.2013
05.02.2013
04.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
24.01.2013
17.01.2013
14.01.2013
10.12.2012
19.10.2012
17.10.2012
30.07.2012
02.05.2012
02.04.2012
27.03.2013
Cummins India Ltd

Cummins India Limited manufactures internal combustion engines, including
detergents, fragrances, home and personal care products. Dually-listed company
with ULVR LN.
Price/Volume
35
18.0 M
30
16.0 M
14.0 M
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.01.2013)
52-Week Low (23.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KKC IB EQUITY YTD Change
KKC IB EQUITY YTD % CHANGE
03/2012
12/yy
550.00
396.05
25'413.00
485.05
-11.81%
22.47%
57.81%
277.2
134'455.86
904.72
0.0
0.0
3'570.05
131'790.53
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
15
8.0 M
6.0 M
10
4.0 M
2.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
26'555.2
2.31x
3'988.2
15.39x
3'249.1
19.65x
12.0 M
20
31.03.2009
31.03.2010
35'285.3
0.96x
5'562.5
6.11x
4'629.1
7.91x
Profitability
31.03.2011
31.03.2012
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM-4Q
LTM
12/yy
12/yy
5'562.46
5'075.14
14.38%
18.05%
13.1%
2.30
1.33
3.91%
6.09%
-
Price/ Cash Flow
FY+1
-
0.72
113.28
7.26%
-5.24%
0.721
43
3.837
13'617
28'590
53'642
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
46'300.0
54'457.0
2.86x
2.41x
8'543.0
10'190.0
15.47x
12.97x
6'933.5
8'125.0
19.58x
16.32x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
162.38
135.30
6.1%
5.7%
-
16.00
60'000.0
14.00
50'000.0
12.00
40'000.0
10.00
8.00
30'000.0
6.00
20'000.0
4.00
10'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Cummins India Ltd

Holdings By:
All
Holder Name
CUMMINS INC
UNILEVER NV
BLACKROCK
VANGUARD GROUP INC
FMR LLC
DEUTSCHE BANK AG
ACHMEA BELEGGINSFOND
ELMA EN UNITED HOLDS
ING INVESTMENT MANAG
MORGAN STANLEY
MACKENZIE FINANCIAL
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
IIFL
ANDREW WOOD
Exane BNP Paribas
JEFF STENT
Morgan Stanley
EILEEN KHOO
Mirabaud Securities
JULIAN LAKIN
RBC Capital Markets
JON COX
Credit Suisse
CHARLES MILLS
EDDY HARGREAVES
KAREL ZOETE
Banco Sabadell
IGNACIO ROMERO
Day by Day
VALERIE GASTALDY
HSBC
CEDRIC BESNARD
BARBARA AMBRUS
Jefferies
ALEX HOWSON
Hamburger Sparkasse
ALEX SMITH
Berenberg Bank
JAMES TARGETT
Liberum Capital Ltd
PABLO ZUANIC
Societe Generale
WARREN L ACKERMAN
Deutsche Bank
HAROLD THOMPSON
Goldman Sachs
ALEXIS COLOMBO
SNS Securities(ESN)
RICHARD WITHAGEN
Nomura
DAVID HAYES
Main First Bank AG
Helvea
ANDREAS VON ARX
ABN Amro Bank N.V.
ROBERT JAN VOS
Grupo Santander
PEDRO GIL
Aurel - BGC
JEAN-MARIE L'HOME
LARS LUSEBRINK
Petercam
FERNAND DE BOER
S&P Capital IQ
CARL SHORT
Barclays
IAIN SIMPSON
CA Cheuvreux
ERIC BOROIAN
Natixis
PIERRE TEGNER
ING Bank
MARCO GULPERS
EVA Dimensions
AUSTIN BURKETT
TOM MULLER
Kempen & Co
ERWIN DUT
JPMorgan
CELINE PANNUTI
Redburn Partners
JEREMY FIALKO
DZ Bank AG
ROBERT CZERWENSKY
Equita SIM SpA
FABIO FAZZARI
Source
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
Research
MF-AGG
Research
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
neutral
Equalwt/In-Line
hold
underperform
buy
neutral
hold
buy
sell
buy
overweight
hold
hold
hold
neutral
buy
buy
sell
hold
Buy/Neutral
accumulate
reduce
outperform
accumulate
hold
buy
hold
hold
hold
hold
hold
overweight
outperform
reduce
hold
overweight
buy
hold
overweight
neutral
sell
buy
Amt Held
1'268'224'230
141'560'629
33'770'000
20'884'073
18'128'239
16'626'505
11'633'435
9'447'002
8'028'108
7'857'215
7'200'000
7'180'977
6'428'550
6'122'561
5'839'034
5'794'474
5'439'055
5'387'993
5'281'693
4'660'599
% Out
73.96
8.26
1.97
1.22
1.06
0.97
0.68
0.55
0.47
0.46
0.42
0.42
0.37
0.36
0.34
0.34
0.32
0.31
0.31
0.27
Weighting
Change
5
3
3
3
1
5
3
3
5
1
5
5
3
3
3
3
5
5
1
3
5
4
2
5
4
3
5
3
3
3
3
3
5
5
2
3
5
5
3
5
3
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'842'700)
(740'454)
903'626
498'559
(188'682)
(57'347)
8'028'108
(382'184)
(63'607)
(32'935)
126'890
153'674
(100'074)
(102'210)
5'249'645
-
Target Price
34
33
27
32
31
33
34
31
34
26
30
35
32
32
#N/A N/A
29
35
37
28
30
37
35
30
36
33
30
33
26
32
30
30
31
34
30
27
29
#N/A N/A
33
29
30
#N/A N/A
22
28
File Dt
Inst Type
28.02.2011
Other
31.12.2011
Other
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.05.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2011 Pension Fund (ERISA)
19.10.2011
Other
31.01.2013
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
25.03.2013
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
3 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Date
25.03.2013
19.03.2013
13.03.2013
12.03.2013
11.03.2013
10.03.2013
07.03.2013
05.03.2013
25.02.2013
15.02.2013
11.02.2013
30.01.2013
30.01.2013
29.01.2013
29.01.2013
29.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
21.01.2013
21.01.2013
21.01.2013
17.01.2013
15.01.2013
06.01.2013
26.10.2012
24.09.2012
03.02.2012
10.06.2011
27.03.2013
Dabur India Ltd

Dabur India Ltd. manufactures soaps, detergents, hair oils, tooth powders,
business lines are mineral exploration and production, including coal, iron ore,
gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum
exploration and production. Dually-listed company with BHP AU.
Price/Volume
2500
18.0 M
16.0 M
2000
14.0 M
12.0 M
1500
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.11.2012)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DABUR IB EQUITY YTD Change
DABUR IB EQUITY YTD % CHANGE
03/2012
01/yy
140.00
101.25
172'515.00
134.3
-4.07%
32.64%
85.29%
1'742.9
234'076.17
10'743.20
0.0
33.0
7'623.30
233'781.17
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.03.2009
31.03.2010
28'054.3
33'904.7
3.06x
4.01x
4'841.1
6'382.8
17.72x
21.27x
3'905.0
5'032.3
21.97x
27.37x
Profitability
6.0 M
4.0 M
500
2.0 M
0
m-12 a-12 m-12
LTM-4Q
31.03.2011
41'045.1
4.16x
7'807.5
21.85x
5'685.7
29.42x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
53'054.2
3.56x
8'821.4
21.41x
6'448.9
28.79x
8'821.40
8'092.70
15.25%
14.90%
15.09%
41.50%
25.67%
1.24%
16.6%
15.3%
12.2%
1.58
0.82
23.24%
62.57%
12.99
-
Price/ Cash Flow
j-12
j-12
LTM
01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
a-12
01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
0.97
0.49
825.67
28.63%
4.31%
0.487
44
4.068
110'332
94'313
130'022
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
62'137.1
71'915.6
15'819.7
3.81x
3.23x
10'324.0
12'242.9
2'750.0
22.63x
19.08x
7'676.9
9'205.5
1'751.0
30.54x
25.47x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.03
21.37
0.35
1.22
62.6%
38.4%
1.24
6.63
28.19
-
18.00
80'000.0
16.00
70'000.0
14.00
60'000.0
12.00
50'000.0
10.00
40'000.0
8.00
30'000.0
6.00
20'000.0
4.00
10'000.0
2.00
0.00
03.07.2009
8.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
23'610.6
4.02x
4'226.4
22.48x
3'329.4
28.75x
10.0 M
1000
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Dabur India Ltd

Holdings By:
All
Holder Name
CHOWDHARY ASSOCIATES
GEPF EQUITY
LEGAL & GENERAL
NORGES BANK
ABERDEEN
SCOTTISH WIDOWS
FMR LLC
FRANKLIN RESOURCES
VANGUARD GROUP INC
INDUSTRIAL DEVELOPME
PEOPLES REPUBLIC OF
BAILLIE GIFFORD AND
VANGUARD GROUP INC
SCHRODER INVESTMENT
STATE STREET
ALECTA INVESTMENT MA
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JPMorgan
SYLVAIN BRUNET
AlphaValue
SACHIN KUMAR
Jefferies
Goldman Sachs
MICHELE DELLA VIGNA
NICK MELLOR
Day by Day
VALERIE GASTALDY
Credit Suisse
PAUL MCTAGGART
JPMorgan
FRASER JAMIESON
PAUL GAIT
RBC Capital Markets
DES KILALEA
Macquarie
JEFFREY LARGEY
Macquarie
KIERAN DALY
Nomura
SAM CATALANO
Morgan Stanley
MENNO SANDERSE
SBG Securities
PETER DAVEY
PETER MALLIN-JONES
Barclays
DAVID BUTLER
Societe Generale
ABHISHEK SHUKLA
SVEN DIERMEIER
Natixis
RAOUDHA BOUZEKRI
Avior Research
CLINTON DUNCAN
BMO Capital Markets
TONY ROBSON
S&P Capital IQ
JOHNSON IMODE
HSBC
ANDREW KEEN
Deutsche Bank
GRANT SPORRE
EVA Dimensions
CRAIG STERLING
Investec
ALBERT MINASSIAN
Redburn Partners
SIMON TOYNE
Liberum Capital Ltd
RICHARD KNIGHTS
Standard Chartered
SUBRAMANIAM VARADA
Source
ULT-AGG
20F
ULT-AGG
RNS-MAJ
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
20F
REG
REG
REG
ULT-AGG
REG
ULT-AGG
REG
REG
REG
MF-AGG
Recommendation
neutral
reduce
buy
neutral/neutral
sell
hold
neutral
neutral
outperform
outperform
neutral
neutral
buy
Overwt/In-Line
buy
hold
overweight
sell
hold
buy
outperform
outperform
hold
neutral
buy
overweight
hold
neutral
buy
in-line
Amt Held
168'784'326
87'131'000
85'921'147
63'635'068
61'007'128
49'811'488
38'877'200
37'588'249
35'795'273
33'804'582
29'045'618
24'697'602
23'459'843
22'369'418
21'902'436
20'415'622
19'780'635
19'545'000
19'266'422
18'688'842
% Out
7.99
4.13
4.07
3.01
2.89
2.36
1.84
1.78
1.7
1.6
1.38
1.17
1.11
1.06
1.04
0.97
0.94
0.93
0.91
0.89
Weighting
Change
3
2
5
3
1
3
3
3
5
5
3
3
5
5
5
3
5
1
3
5
5
5
3
3
5
5
3
3
5
3
M
M
M
D
N
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
2'333'522
387'315
3'056'099
5'468'533
1'513'376
8'992'566
(1'247'628)
(1'256'810)
819'531
1'376'028
(1'063'116)
(920'460)
85'032
(4'850'000)
529'365
-
Target Price
2'000
1'894
2'550
2'200
1'703
#N/A N/A
2'400
2'300
2'450
2'300
2'175
2'146
2'400
2'310
2'500
2'155
2'300
1'585
2'300
2'400
3'042
2'500
2'200
2'250
2'380
#N/A N/A
2'306
#N/A N/A
#N/A N/A
2'000
File Dt
25.03.2013
24.08.2012
28.02.2013
05.02.2013
28.02.2013
30.11.2012
31.01.2013
31.12.2012
31.12.2012
24.08.2012
01.11.2012
01.11.2012
01.11.2012
31.01.2013
01.11.2012
26.03.2013
01.11.2012
01.11.2012
01.11.2012
31.12.2012
Date
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
9 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
n/a
Unclassified
Government
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Date
21.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
15.03.2013
15.03.2013
15.03.2013
08.03.2013
07.03.2013
07.03.2013
04.03.2013
28.02.2013
28.02.2013
26.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
20.02.2013
20.02.2013
07.02.2013
30.01.2013
17.01.2013
20.12.2012
06.12.2012
20.09.2012
08.09.2012
27.03.2013
Divi's Laboratories Ltd

Divi's Laboratories Ltd. manufactures pharmaceutical products which include
distributes beer through breweries worldwide. SABMiller also bottles and
distributes a number of soft drinks.
Price/Volume
4000
25.0 M
3500
20.0 M
3000
2500
Latest Fiscal Year:

LTM as of:
52-Week High (30.11.2012)
52-Week Low (29.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DIVI IB EQUITY YTD Change
DIVI IB EQUITY YTD % CHANGE
03/2012
01/yy
1'233.00
735.10
3'938.00
997.7
-19.08%
35.72%
52.74%
132.7
132'429.00
527.61
0.0
0.0
173.16
132'783.45
31.03.2008
10'328.3
7.95x
4'260.4
19.27x
3'476.0
23.57x
31.03.2009
31.03.2010
11'803.4
9'416.2
5.07x
9.07x
5'224.5
4'165.6
11.45x
20.50x
4'166.4
3'403.4
14.67x
25.98x
Profitability
1000
5.0 M
500
0
m-12 a-12 m-12
LTM-4Q
31.03.2011
13'071.1
6.45x
4'982.5
16.92x
4'292.7
20.82x
31.03.2012
18'586.0
5.49x
6'923.4
14.74x
5'332.6
19.06x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
6'923.41
6'302.60
33.91%
36.62%
21.20%
27.15%
26.80%
0.74%
37.3%
33.9%
28.7%
3.16
0.93
1.91%
2.48%
4.31
-
Price/ Cash Flow
j-12
j-12
LTM
01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
a-12
01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
1.30
0.62
59.66
34.42%
-9.62%
0.620
29
4.552
12'284
7'746
31'560
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
22'730.8
27'684.2
5'547.0
5.56x
4.47x
8'538.7
10'490.5
1'967.0
15.58x
12.68x
12.70x
6'471.9
8'022.0
1'422.0
20.43x
16.64x
17.15x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
158.47
92.28
0.05
0.08
2.5%
2.4%
0.74
2.30
84.97
-
18.00
18'000.0
16.00
16'000.0
14.00
14'000.0
12.00
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
03.04.2009
10.0 M
1500
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
2000
Valuation Analysis
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Divi's Laboratories Ltd

Holdings By:
All
Holder Name
MOTAPARTI NILIMA
BEVCO INTERNATIONAL
PUBLIC INVESTMENT CO
KULCZYK HOLDING
KULCZYK INVESTMENT H
LEGAL & GENERAL
BLACKROCK
FMR LLC
ABERDEEN
SCOTTISH WIDOWS
ALLAN GRAY UNIT TRUS
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
VANGUARD GROUP INC
GARDNER RUSSO & GARD
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Dolat Capital Market Ltd.

LAUREN E TORRES
Credit Suisse
SANJEET AUJLA
Macquarie
WYNAND VAN ZYL
Renaissance Capital
REY WIUM
CHRIS WICKHAM
SBG Securities
BRENDAN GRUNDLINGH
Morgan Stanley
VIKHYAT SHARMA
Nomura
IAN SHACKLETON
TREVOR STIRLING
AlphaValue
ISABELLE COMBEMALE
JPMorgan
MATTHEW WEBB
Grupo Santander
ANTHONY J BUCALO
RBC Capital Markets
EDDY HARGREAVES
Berenberg Bank
PHILIP MORRISEY
Barclays
SIMON HALES
Exane BNP Paribas
Investec
MARTIN DEBOO
Day by Day
VALERIE GASTALDY
Liberum Capital Ltd
PABLO ZUANIC
ALEX SMITH
Natixis
OLIVIER DELAHOUSSE
Societe Generale
ANDREW HOLLAND
Deutsche Bank
JONATHAN FELL
Jefferies
DIRK VAN VLAANDEREN
PHIL CARROLL
Bryan Garnier & Cie
NIKOLAAS FAES
S&P Capital IQ
CARL SHORT
CA Cheuvreux
ERIC BOROIAN
EVA Dimensions
AUSTIN BURKETT
Goldman Sachs
MITCHELL COLLETT
Redburn Partners
CHRIS PITCHER
Avior Research
DE WET SCHUTTE
Afrifocus Securities
TANUJA CHITRE
Source
RNS-MAJ
Co File
Co File
Co File
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
REG
REG
MF-AGG
REG
13F
ULT-AGG
Recommendation
neutral
outperform
outperform
sell
add
hold
Equalwt/In-Line
neutral
market perform
sell
overweight
buy
sector perform
hold
buy
equalweight
outperform
buy
hold
sell
neutral
neutral
hold
hold
buy
hold
neutral
hold
outperform
sell
buy/attractive
buy
underperform
hold
Amt Held
430'000'000
225'000'000
67'663'248
60'000'000
60'000'000
35'298'676
34'866'303
32'037'348
29'568'406
21'708'108
21'361'342
19'161'032
15'304'821
12'499'774
12'259'520
10'980'964
10'028'599
9'864'730
9'330'377
8'204'566
% Out
26.92
14.09
4.24
3.76
3.76
2.21
2.18
2.01
1.85
1.36
1.34
1.2
0.96
0.78
0.77
0.69
0.63
0.62
0.58
0.51
Weighting
Change
3
5
5
1
4
3
3
3
3
1
5
5
3
3
5
3
5
5
3
1
3
3
3
3
5
3
3
3
5
1
5
5
1
3
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(844'858)
(1'720'544)
654'378
(755'600)
(34'200)
(4'245'434)
(1'824'542)
2'453'239
(324'670)
(1'401'802)
182'666
265'826
77'255
Target Price
3'600
4'000
3'698
3'400
3'760
3'200
3'300
2'840
3'180
3'033
3'645
3'675
3'500
2'750
3'800
3'350
3'333
2'950
#N/A N/A
2'600
2'860
3'000
2'970
2'900
3'200
#N/A N/A
2'633
3'100
2'950
#N/A N/A
3'520
#N/A N/A
2'641
#N/A N/A
File Dt
Inst Type
29.06.2012
Corporation
08.06.2012
Corporation
08.06.2012
Government
08.06.2012
Holding Company
01.11.2012
Investment Advisor
28.02.2013
Unclassified
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
01.11.2012
Government
31.12.2012
Investment Advisor
28.02.2013
Unclassified
30.11.2012
Unclassified
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
01.11.2012
Government
01.11.2012
Investment Advisor
31.12.2012
Investment Advisor
01.11.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.01.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
6 month
15 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
27.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
19.03.2013
12.03.2013
11.03.2013
05.03.2013
01.03.2013
25.02.2013
22.02.2013
15.02.2013
11.02.2013
25.01.2013
23.01.2013
23.01.2013
22.01.2013
22.01.2013
22.01.2013
22.01.2013
22.01.2013
22.01.2013
21.01.2013
17.01.2013
09.01.2013
10.12.2012
19.10.2012
24.08.2012
27.03.2013
DLF Ltd
DLF Ltd. is a real estate development company. The Company develops
Company offers property and casualty, life and health, credit, motor vehicle and
travel insurance, and fund management services.
Price/Volume
120
7.0 M
100
6.0 M
5.0 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (12.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DLFU IB EQUITY YTD Change
DLFU IB EQUITY YTD % CHANGE
03/2012
12/yy
289.20
169.55
1'083'554.00
236.2
-18.33%
39.31%
55.70%
1'698.7
401'233.72
250'657.93
17'992.0
4'206.6
11'794.60
585'410.32
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
40
2.0 M
20
1.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
144'375.0
8.41x
97'234.2
12.48x
78'120.3
13.74x
4.0 M
60
Valuation Analysis
31.03.2009
31.03.2010
100'353.9
74'228.7
4.52x
10.23x
56'155.7
36'680.8
8.08x
20.69x
44'696.0
17'198.3
6.37x
30.48x
Profitability
LTM-4Q
31.03.2011
95'605.7
7.40x
38'562.7
18.34x
16'396.1
27.80x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
96'293.8
6.27x
40'283.6
14.99x
12'008.2
28.53x
40'283.62
33'006.35
34.28%
15.99%
1.93%
4.81%
5.34%
0.16%
58.8%
41.8%
34.3%
12.5%
1.73
0.18
39.54%
98.54%
5.78
0.25
Price/ Cash Flow
LTM
12/yy
87'384.0
2.70x
0.0
0.00x
2'545.0
12.79x
12/yy
96'019.0
2.56x
0.0
0.00x
5'169.0
9.18x
FY+1
0.85
1.52
338.15
20.87%
2.47%
1.518
40
4.050
1'556'252
1'302'738
1'083'768
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
82'782.7
96'201.4
18'406.5
7.58x
6.33x
32'701.2
40'916.4
7'285.0
17.91x
14.31x
10'718.4
14'358.8
1'143.0
38.28x
27.85x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.91
1.64
5.93
6.22
98.5%
47.5%
0.16
0.35
63.32
1439.76
173.68
1329.40
7.00
120'000.0
6.00
100'000.0
5.00
80'000.0
4.00
60'000.0
3.00
40'000.0
2.00
20'000.0
1.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
DLF Ltd
Holdings By:
All
Holder Name
PANCHSHEEL INVESTMEN
FMR LLC
VANGUARD GROUP INC
SOCIETE GENERALE SA
DEUTSCHE BANK AG
MORGAN STANLEY
ADIG INVESTMENT
JP MORGAN
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst

MARC THIELE
THOMAS SEIDL
Oddo & Cie
NICOLAS JACOB
Bryan Garnier & Cie
OLIVIER PAUCHAUT
PHILIPP HAESSLER
DZ Bank AG
WERNER EISENMANN
Main First Bank AG
MICHAEL HAID
Helvea
DANIEL BISCHOF
Macquarie
HADLEY COHEN
AlphaValue
DIETER HEIN
Exane BNP Paribas
THOMAS JACQUET
Bank of Valletta
MALCOLM ABDILLA CASTILLO
Bankhaus Metzler
JOCHEN SCHMITT
JPMorgan
MICHAEL HUTTNER
Berenberg Bank
PETER ELIOT
WILLIAM HAWKINS
S&P Capital IQ
RODERICK WALLACE
RBC Capital Markets
GORDON AITKEN
Hamburger Sparkasse
CHRISTIAN HAMANN
FABRIZIO CROCE
Nord/LB
VOLKER SACK
STEFAN BONGARDT
Nomura
MICHAEL KLIEN
Bankhaus Lampe
ANDREAS SCHAEFER
Banco Sabadell
MARIO LODOS
Credit Suisse
RICHARD BURDEN
Barclays
ANDREW BROADFIELD
Deutsche Bank
ROBIN BUCKLEY
Goldman Sachs
VINIT MALHOTRA
EVA Dimensions
AUSTIN BURKETT
HSBC
KAILESH MISTRY
WERNER SCHIRMER
Natixis
BENOIT VALLEAUX
Day by Day
VALERIE GASTALDY
CA Cheuvreux
ATANASIO PANTARROTAS
Morgan Stanley
JON HOCKING
BEN COHEN
Societe Generale
JASON KALAMBOUSSIS
Raymond James
DANNY JACQUES
Redburn Partners
PAUL GOODHIND
JOY FERNEYHOUGH
Daiwa Securities Co. Ltd.
TIM PROUDLOVE
Source
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
neutral
market perform
buy
buy
hold
buy
outperform
accumulate
outperform
reduce
outperform
hold
sell
overweight
buy
market perform
buy
outperform
buy
reduce
buy
buy
neutral
buy
buy
neutral
overweight
buy
buy
Buy/Neutral
buy
overweight
hold
buy
buy
outperform
Equalwt/In-Line
buy
buy
market perform
buy
neutral
hold
Amt Held
32'047'039
6'365'290
5'727'664
4'983'892
4'764'728
4'712'687
4'511'170
4'475'337
4'451'056
3'746'308
3'028'939
2'337'600
2'263'956
1'843'650
1'630'559
1'533'611
1'483'920
1'441'075
1'340'179
1'000'446
% Out
7.03
1.4
1.26
1.09
1.05
1.03
0.99
0.98
0.98
0.82
0.66
0.51
0.5
0.4
0.36
0.34
0.33
0.32
0.29
0.22
Weighting
Change
3
3
5
5
3
5
5
4
5
2
5
3
1
5
5
3
5
5
5
2
5
5
3
5
5
3
5
5
5
5
5
5
3
5
5
5
3
5
5
3
5
3
3
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(2'672'871)
175'318
4'899
1'113'916
549'507
(153'836)
(352'189)
135'754
(602'365)
17'500
433'235
48'589
Target Price
123
103
120
118
105
120
125
111
130
114
125
117
95
122
132
135
122
130
#N/A N/A
73
113
125
103
122
114
113
120
133
120
120
#N/A N/A
128
110
120
117
118
110
100
100
#N/A N/A
#N/A N/A
92
106
File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
28.09.2012
Investment Advisor
28.02.2013
Unclassified
28.02.2013
Investment Advisor
16.05.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Unclassified
Date
6 month
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
12 month
6 month
Not Provided
Not Provided
12 month
9 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
3 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
Date
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
22.03.2013
21.03.2013
18.03.2013
12.03.2013
08.03.2013
05.03.2013
05.03.2013
03.03.2013
01.03.2013
27.02.2013
25.02.2013
25.02.2013
22.02.2013
21.02.2013
21.02.2013
20.02.2013
15.02.2013
08.02.2013
04.02.2013
29.01.2013
24.01.2013
18.01.2013
17.01.2013
16.01.2013
16.01.2013
10.01.2013
07.01.2013
10.12.2012
05.12.2012
26.11.2012
09.11.2012
03.08.2012
15.03.2012
11.11.2011
12.05.2011
27.03.2013
Dr Reddy's Laboratories Ltd

Dr. Reddy's Laboratories Limited provides a complete range of pharmaceutical
Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces
natural gas and imports it for sale in Italy and elsewhere in Europe. Eni
transports natural gas in pipelines. The Company generates and trades
electricity, refines oil, and operates gasoline service stations.
Price/Volume
25
60.0 M
50.0 M
15
40.0 M
10
Latest Fiscal Year:

LTM as of:
52-Week High (25.01.2013)
52-Week Low (19.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DRRD IB EQUITY YTD Change
DRRD IB EQUITY YTD % CHANGE
03/2012
12/yy
1'968.60
1'528.00
4'979.00
1754.45
-10.88%
14.82%
51.40%
169.8
297'843.09
32'307.00
0.0
0.0
17'990.00
312'103.39
30.0 M
20.0 M
10.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
70.0 M
20
Valuation Analysis
31.03.2008
49'142.0
2.20x
9'040.0
11.96x
4'381.0
22.68x
80.0 M
31.03.2009
31.03.2010
67'904.0
70'175.0
1.42x
3.13x
14'295.0
14'642.0
6.75x
15.02x
(9'172.0)
3'515.0
61.19x
Profitability
LTM-4Q
31.03.2011
74'109.0
3.99x
15'441.0
19.13x
9'989.0
27.75x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
96'665.0
3.24x
24'931.0
12.58x
13'009.0
22.99x
24'931.00
19'347.00
20.01%
18.67%
12.82%
28.84%
18.82%
0.95%
25.8%
20.0%
13.5%
1.52
0.94
28.53%
64.76%
4.50
-
Price/ Cash Flow
LTM
FY+1
0.78
0.68
116.52
5.32%
-4.05%
0.679
52
4.269
8'128
16'417
30'680
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
108'740.0 127'271.0 113'213.8 127'483.8
30'454.1
25'406.0
3.31x
2.95x
2.73x
2.35x
25'213.0
24'564.0
24'331.3
27'174.8
6'799.4
4'996.0
3.60x
3.52x
12.89x
11.54x
6'860.0
8'673.0
15'890.6
17'895.5
4'145.3
3'360.0
8.45x
7.66x
18.86x
16.58x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
24.06
15.56
0.57
1.30
64.8%
39.3%
0.95
3.13
81.37
-
6.00
140'000.0
5.00
120'000.0
100'000.0
4.00
80'000.0
3.00
60'000.0
2.00
40'000.0
1.00
20'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Dr Reddy's Laboratories Ltd

Holdings By:
All
Holder Name
DR REDDYS HOLDINGS L
MINISTERO DELL'ECONO
BLACKROCK
FMR LLC
BNP PARIBAS ARBITRAG
VANGUARD GROUP INC
BNP PARIBAS SA
ABERDEEN
FRANKLIN RESOURCES
BNP PARIBAS SEC SERV
JP MORGAN
Firm Name
Nomura
HSBC
AlphaValue
Grupo Santander
Day by Day
Credit Suisse
Exane BNP Paribas
Societe Generale
Mediobanca SpA
Raymond James
Macquarie
Equita SIM SpA
Banca Akros(ESN)
Natixis
Barclays
RBC Capital Markets
Jefferies
Nomura
JPMorgan
S&P Capital IQ
VTB Capital
Investec
Goldman Sachs
Banco Sabadell
EVA Dimensions
Morgan Stanley
Hamburger Sparkasse
Deutsche Bank
CA Cheuvreux
Pareto Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
ROBERTO RANIERI
PAUL SPEDDING
ALEXANDRE ANDLAUER
JASON KENNEY
VALERIE GASTALDY
KIM FUSTIER
IRENE HIMONA
ANDREA SCAURI
BERTRAND HODEE
MARC B KOFLER
SVEN DIERMEIER
ROBERTO LETIZIA
DARIO MICHI
GORDON GRAY
ANNE PUMIR
RAHIM KARIM
PETER HUTTON
IAIN REID
OSWALD CLINT
THEEPAN JOTHILINGAM
NITIN SHARMA
CHRISTINE TISCARENO
COLIN SMITH
ENRICO COCO
STUART JOYNER
MICHELE DELLA VIGNA
CRAIG STERLING
JENS MUENSTERMANN
MARTIJN P RATS
INGO SCHMIDT
MARK BLOOMFIELD
DOMINIQUE PATRY
THOMAS AARRESTAD
Source
EXCH
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
MF-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
add
neutral
reduce
buy
hold
outperform
neutral
hold
outperform
outperform
outperform
hold
buy
buy
sell
neutral
overweight
sector perform
buy
market perform
buy
overweight
buy
hold
hold
hold
Buy/Cautious
buy
buy
buy
Overwt/In-Line
hold
buy
outperform
hold
Amt Held
958'298'322
142'968'850
64'342'107
52'398'608
44'489'000
41'175'319
30'369'401
28'455'671
15'842'800
12'165'115
11'763'842
11'484'026
10'514'761
9'054'715
7'927'747
6'754'973
5'925'800
5'679'489
5'385'693
5'120'940
% Out
26.37
3.93
1.77
1.44
1.22
1.13
0.84
0.78
0.44
0.33
0.32
0.32
0.29
0.25
0.22
0.19
0.16
0.16
0.15
0.14
Weighting
Change
4
3
2
5
3
5
3
3
5
5
5
3
5
5
1
3
5
3
5
3
5
5
5
3
3
3
5
5
5
5
5
3
5
5
3
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
U
U
M
M
N
Latest Chg
1'052'103
(1'337'435)
1'853'508
999'327
(245'000)
848'857
(368'082)
(24'451)
250'401
1'643'290
(1'437'700)
463'987
996'578
1'015'630
Target Price
#N/A N/A
19
18
21
#N/A N/A
21
20
19
22
21
21
20
22
23
17
20
21
21
22
20
19
22
23
19
18
16
21
20
#N/A N/A
20
20
#N/A N/A
21
21
#N/A N/A
File Dt
Inst Type
20.11.2012
Other
20.11.2012
Government
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
20.11.2012
Investment Advisor
31.12.2012
Investment Advisor
20.11.2012
Bank
28.02.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
20.11.2012
Investment Advisor
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Unclassified
31.01.2013
Investment Advisor
28.09.2012
Investment Advisor
Date
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
3 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
25.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
12.03.2013
01.03.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
17.01.2013
09.01.2013
27.11.2012
30.10.2012
29.08.2012
13.08.2012
23.04.2010
27.03.2013
Exide Industries Ltd

Exide Industries Ltd. manufactures a wide range of lead and electric storage
researches, manufactures, and sells pharmaceutical and medical products.
AstraZeneca focuses its operations on eight therapeutic areas:
Gastrointestinal, Oncology, Cardiovascular, Respiratory, Central Nervous
System, Pain Control, Anaesthesia, and Infection.
Price/Volume
3500
12.0 M
3000
10.0 M
2500
8.0 M
2000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.10.2012)
52-Week Low (16.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EXID IB EQUITY YTD Change
EXID IB EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.03.2009
31.03.2010
34'048.7
39'788.5
1.07x
2.54x
5'867.1
9'835.1
6.22x
10.27x
1'914.9
4'935.2
17.28x
20.04x
Profitability
31.03.2011
47'660.8
2.47x
9'553.1
12.33x
6'188.2
19.70x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
53'186.7
2.26x
7'622.7
15.76x
4'460.6
28.43x
7'622.70
6'539.00
12.29%
12.17%
11.91%
17.59%
17.59%
1.42%
14.3%
12.3%
8.4%
2.26
1.06
0.69%
1.01%
13.30
-
Price/ Cash Flow
2.0 M
500
0
m-12 a-12 m-12
LTM-4Q
LTM
12/yy
12/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
-
1.19
0.72
367.64
-13.55%
-12.33%
0.720
43
3.279
55'216
93'341
181'338
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
63'789.0
75'352.8
8'896.8
10'978.4
11.27x
9.13x
5'339.8
6'628.6
20.15x
16.51x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
51.19
37.06
-0.89
0.04
1.0%
1.0%
1.42
5.20
27.51
-
10.00
40'000.0
9.00
35'000.0
8.00
30'000.0
7.00
25'000.0
6.00
5.00
20'000.0
4.00
15'000.0
3.00
10'000.0
2.00
5'000.0
1.00
0.00
01.01.2010
4.0 M
1000
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
29'798.3
1.96x
4'903.7
11.92x
1'643.7
31.23x
6.0 M
1500
03/2012
12/yy
166.30
112.90
33'238.00
126.15
-24.14%
11.74%
24.81%
850.0
107'227.50
271.00
0.0
125.0
7'083.20
100'540.30
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Exide Industries Ltd

Holdings By:
All
Holder Name
CHLORIDE EASTERN LTD
BLACKROCK
AXA
INVESTOR AB
LEGAL & GENERAL
SCOTTISH WIDOWS
VANGUARD GROUP INC
SCHRODER INVESTMENT
UBS
FMR LLC
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
STATE STREET
GMO LLC
ALLIANCE BERNSTEIN
Firm Name
Bryan Garnier & Cie
Redburn Partners
Exane BNP Paribas
Barclays
Societe Generale
Deutsche Bank
ABG Sundal Collier
Credit Suisse
Jefferies
Carnegie
Natixis
Danske Markets
S&P Capital IQ
AlphaValue
Helvea
JPMorgan
Swedbank
Nomura
Day by Day
Berenberg Bank
Pareto Securities
SEB Enskilda
Goldman Sachs
EVA Dimensions
Liberum Capital Ltd
Main First Bank AG
Mirabaud Securities
DZ Bank AG
MP Advisors Pvt Ltd
Edward Jones
Portfolio Name
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
PETER VERDULT
BRIAN WHITE
ERIK HULTGARD
ERIC LE BERRIGAUD
TEAM COVERAGE
NICOLAS GUYON-GELLIN
MARK PURCELL
STEPHEN MCGARRY
MARK CLARK
PETER HUGREFFE
LUISA HECTOR
JEFFREY HOLFORD
TIMOTHY M ANDERSON
KRISTOFER LILJEBERG
FABIAN WENNER
BEATRICE MUZARD
SAVVAS NEOPHYTOU
MATTIAS HAGGBLOM
SHO MATSUBARA
ARMELLE MOULIN
ODILE RUNDQUIST
JOHAN UNNERUS
AMIT ROY
VALERIE GASTALDY
ALISTAIR CAMPBELL
TIMO KUERSCHNER
YILMAZ MAHSHID
LARS HEVRENG
KEYUR PAREKH
ANDREW S ZAMFOTIS
NARESH CHOUHAN
TIM FRANKLIN
NICHOLAS TURNER
ELMAR KRAUS
BHAVITA NAGRANI
LINDA BANNISTER
Source
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
MF-AGG
MF-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
REG
REG
ULT-AGG
Recommendation
Equalwt/Attractive
buy
sell
buy
neutral
neutral
equalweight
sell
hold
sell
underperform
hold
market perform
hold
hold
hold
neutral
hold
hold
sell
add
neutral
underweight
sell
reduce
buy
hold
sell
sell
hold
neutral/neutral
buy
neutral
suspended coverage
reduce
buy
underperform
sell
Amt Held
92'577'683
81'345'820
68'601'379
51'587'810
51'010'537
42'533'598
28'877'534
27'002'295
25'266'060
18'084'946
16'999'885
16'945'000
14'071'861
13'747'211
13'473'072
13'153'411
12'362'004
12'158'200
11'452'982
10'705'870
% Out
7.42
6.52
5.5
4.13
4.09
3.41
2.31
2.16
2.02
1.45
1.36
1.36
1.13
1.1
1.08
1.05
0.99
0.97
0.92
0.86
Weighting
Change
3
5
1
5
3
3
3
1
3
1
1
3
3
3
3
3
3
3
3
1
4
3
1
1
2
5
3
1
1
3
3
5
3
#N/A N/A
2
5
1
1
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
D
M
M
M
D
M
M
M
M
M
M
U
M
M
M
Latest Chg
4'654'729
(19'539'361)
(213'062)
(419'253)
4'057'409
103'265
482'103
29'422
(791'342)
3'892'025
7'945'000
256'131
1'293'245
476'641
36'670
560'902
(505'782)
(828'120)
(714'599)
Target Price
3'310
#N/A N/A
3'037
3'540
#N/A N/A
3'300
3'300
2'675
3'100
2'562
3'050
3'000
3'298
3'200
#N/A N/A
2'700
3'383
3'200
3'000
2'700
3'311
2'850
2'750
2'666
2'600
3'181
3'050
2'900
2'843
2'924
3'375
#N/A N/A
3'000
#N/A N/A
2'700
3'700
2'509
#N/A N/A
File Dt
01.02.2013
25.03.2013
01.02.2013
01.02.2013
28.02.2013
01.02.2013
01.02.2013
31.12.2012
31.07.2012
01.02.2013
01.02.2013
31.12.2012
01.02.2013
01.02.2013
01.02.2013
01.02.2013
26.03.2013
01.02.2013
01.02.2013
01.02.2013
Date
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
12 month
15 month
12 month
12 month
3 month
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Date
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
19.03.2013
15.03.2013
08.03.2013
18.02.2013
14.02.2013
06.02.2013
05.02.2013
04.02.2013
01.02.2013
28.01.2013
17.01.2013
05.10.2012
20.07.2012
02.04.2012
02.02.2012
07.01.2010
20.11.2008
27.03.2013
Federal Bank Ltd

Federal Bank Limited operates branches and regional offices throughout India.
in Asia, Africa, and the Middle East. The Company offers its products and
services in the personal, consumer, corporate, institutional and treasury
areas.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.01.2013)
52-Week Low (25.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FB IB EQUITY YTD Change
FB IB EQUITY YTD % CHANGE
03/2012
01/yy
550.75
335.00
40'684.00
488.25
-11.35%
45.75%
71.03%
171.0
83'474.60
47'754.66
0.0
0.0
35'428.39
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
90.0 M
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
29'104.5
3'600.7
6.83x
2000
1800
1600
1400
1200
1000
800
600
400
200
0
m-12 a-12 m-12
31.03.2009
31.03.2010
38'308.2
43'031.4
4'720.1
4'396.7
5.00x
10.38x
Profitability
31.03.2011
45'700.4
5'564.7
12.87x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
61'135.8
7'537.3
9.68x
46.43%
45.73%
1.35%
14.21%
8.55%
0.11%
30.1%
7.89%
85.39%
-
Price/ Cash Flow
1.84
1.14
135.23
17.57%
-9.30%
1.142
39
4.256
24'481
30'029
39'966
LTM-4Q
LTM
FY+1
FY+2
FQ+1
FQ+2
01/yy
01/yy
03/13 Y
03/14 Y
03/13 Q4
06/13 Q1
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
85.4%
46.1%
0.11
19.41
-
25.00
30'000.0
25'000.0
20.00
20'000.0
15.00
15'000.0
10.00
10'000.0
5.00
0.00
01.01.2010
5'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Federal Bank Ltd

Holdings By:
All
Holder Name
INTERNATIONAL FINANC
BLACKROCK
ABERDEEN
LEGAL & GENERAL
FMR LLC
VANGUARD GROUP INC
SCOTTISH WIDOWS
VANGUARD GROUP INC
BAILLIE GIFFORD AND
JP MORGAN
PEOPLES REPUBLIC OF
DODGE & COX
UBS
Standard Chartered B
WALTER SCOTT & PARTN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Ambit Capital Pvt Ltd

IAN GORDON
Macquarie
THOMAS STOEGNER
Mediobanca SpA
RBC Capital Markets
PATRICK LEE
HSBC
PETER TOEMAN
AlphaValue
DAVID GRINSZTAJN
EVA Dimensions
AUSTIN BURKETT
Credit Suisse
AMIT GOEL
CHIRANTAN BARUA
Nomura
CHINTAN JOSHI
Exane BNP Paribas
TOM RAYNER
VIVEK RAJA
Berenberg Bank
JAMES CHAPPELL
Liberum Capital Ltd
CORMAC LEECH
STEFAN BONGARDT
GARY GREENWOOD
MARK J PHIN
WERNER SCHIRMER
Societe Generale
JAMES INVINE
Deutsche Bank
JASON NAPIER
JPMorgan
RAUL SINHA
China International Capital Corp
SALLY NG
DOMINIC CHAN
Citic Securities Co., Ltd
STEVEN CHAN
Numis Securities Ltd
MICHAEL J TRIPPITT
AMTD Financial Planning Limited
KENNY TANG SING HING
Morgan Stanley
CHRISTOPHER MANNERS
S&P Capital IQ
FRANK BRADEN
CCB International Securities Ltd
ADAM CHAN
Mizuho Securities
JIM ANTOS
Day by Day
VALERIE GASTALDY
SHAILESH RAIKUNDLIA
Goldman Sachs
FREDERIK THOMASEN
Redburn Partners
FAHED KUNWAR
Barclays
Grupo Santander
ARTURO DE FRIAS
GARETH HUNT
Daniel Stewart & Co
SIMON WILLIS
JM Financial Institutional Securities P PUNEET GULATI
IIFL
SACHIN NIKHARE
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
REG
MF-AGG
ULT-AGG
REG
MF-AGG
REG
Recommendation
buy
outperform
outperform
sector perform
neutral
reduce
hold
underperform
underperform
buy
neutral
add
sell
hold
buy
buy
market perform
hold
buy
hold
overweight
hold
buy
hold
add
buy
Overwt/In-Line
hold
outperform
buy
buy
buy
neutral/neutral
neutral
overweight
buy
sell
buy
buy
add
Amt Held
432'746'145
165'824'190
157'962'325
85'794'638
54'789'154
53'057'843
51'450'411
49'225'497
46'720'870
45'077'332
39'082'703
30'412'658
30'132'593
28'624'271
28'340'249
27'346'560
24'315'105
24'000'000
23'951'106
20'631'586
% Out
17.93
6.87
6.55
3.56
2.27
2.2
2.13
2.04
1.94
1.87
1.62
1.26
1.25
1.19
1.17
1.13
1.01
0.99
0.99
0.85
Weighting
Change
5
5
5
3
3
2
3
1
1
5
3
4
1
3
5
5
3
3
5
3
5
3
5
3
4
5
5
3
5
5
5
5
3
3
5
5
1
5
5
4
M
M
U
M
M
M
U
M
M
M
M
D
D
D
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
U
M
M
M
M
M
M
M
M
M
Latest Chg
(595'713)
116'049
900'637
2'991'820
2'594'560
(92'936)
23'142'351
(415'238)
2'474'481
194'259
(60'464)
4'925'501
5'884'182
106'661
4'313'147
550'000
(437'402)
Target Price
1'900
2'000
1'837
1'700
1'800
1'778
#N/A N/A
1'400
1'330
2'100
1'750
2'050
1'450
1'875
2'100
#N/A N/A
1'890
1'900
2'100
1'825
2'000
1'821
2'157
1'764
2'057
1'888
2'020
1'980
2'049
2'057
1'854
1'970
1'950
#N/A N/A
1'600
1'960
1'325
1'900
1'800
1'700
File Dt
29.02.2012
25.03.2013
02.01.2013
28.02.2013
02.01.2013
31.01.2013
31.01.2013
31.12.2012
02.01.2013
31.01.2013
02.01.2013
02.01.2013
02.01.2013
31.01.2013
02.01.2013
29.01.2013
31.01.2013
02.01.2013
31.01.2013
02.01.2013
Date
12 month
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
9 month
12 month
12 month
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
3 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Inst Type
Government
Investment Advisor
Unclassified
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Date
26.03.2013
26.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
18.03.2013
18.03.2013
14.03.2013
12.03.2013
12.03.2013
08.03.2013
08.03.2013
07.03.2013
07.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
05.03.2013
05.03.2013
05.03.2013
01.03.2013
14.02.2013
29.01.2013
28.01.2013
04.01.2013
17.12.2012
11.12.2012
06.12.2012
08.08.2012
02.08.2012
01.03.2012
27.03.2013
GAIL India Ltd

GAIL India Limited processes and distributes natural gas and liquefied
Europe and Latin America. The Company offers fixed-line and mobile telephone,
Internet, and data transmission services to residential and corporate customers.
Price/Volume
14
600.0 M
12
500.0 M
10
400.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.10.2012)
52-Week Low (26.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GAIL IB EQUITY YTD Change
GAIL IB EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
200.0 M
100.0 M
2
0
m-12
31.03.2009
31.03.2010
240'632.1
256'772.2
1.30x
2.07x
44'633.0
54'792.5
7.00x
9.68x
28'259.0
33'278.3
11.02x
15.65x
Profitability
31.03.2011
351'066.5
1.81x
65'293.3
9.73x
40'209.7
14.64x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
440'578.2
1.33x
73'835.7
7.94x
44'436.1
10.74x
73'835.70
63'274.30
14.36%
14.52%
9.75%
19.27%
14.02%
0.97%
16.8%
14.4%
10.1%
0.90
0.29
22.54%
46.18%
20.16
-
Price/ Cash Flow
j-12
LTM-4Q
LTM
12/yy
12/yy
-
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
-
2.86
0.76
356.83
-14.38%
-13.65%
0.764
56
3.929
72'929
69'948
76'658
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
488'810.4 548'765.6
1.02x
0.93x
78'142.4
84'305.1
6.33x
5.86x
45'148.9
47'104.9
8.56x
8.26x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.85
-3.62
1.34
1.56
46.2%
30.8%
0.97
1.45
18.16
-
14.00
70'000.0
12.00
60'000.0
10.00
50'000.0
8.00
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
10'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
181'287.7
1.93x
45'580.1
7.70x
27'829.0
12.93x
300.0 M
03/2012
12/yy
396.00
300.40
91'588.00
303.9
-23.26%
1.17%
3.66%
1'268.5
385'490.28
115'056.30
0.0
9'819.9
15'855.30
494'511.19
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
GAIL India Ltd

Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
CAIXABANK
BLACKROCK
BNP PARIBAS SA
TELEFONICA SA
CHINA UNICOM HONG KO
VANGUARD GROUP INC
AMUNDI
FRANKLIN RESOURCES
FMR LLC
CREDIT SUISSE ASSET
WELLCOME TRUST LIMIT
BBVA PATRIMONIOS GES
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
IDFC Securities Ltd

DAVID CABEZA JARENO
GERMAN GARCIA BOU
JOSE RAMON OCINA
Morgan Stanley
LUIS PROTA
Grupo Santander
NAHUM SANCHEZ DE LAMADRID
Banco Sabadell
ANDRES BOLUMBURU
ROBIN BIENENSTOCK
Deutsche Bank
KEVAL KHIROYA
BBVA
IVON LEAL
Exane BNP Paribas
MATHIEU ROBILLIARD
BPI
PEDRO OLIVEIRA
Berenberg Bank
PAUL ANDREW MARSCH
EVA Dimensions
ANDREW S ZAMFOTIS
JPMorgan
TORSTEN ACHTMANN
MARKUS FRIEBEL
NUNO MATIAS
MARTA GOMEZ
HSBC
LUIGI MINERVA
Macquarie
GUY R PEDDY
Oddo & Cie
ALEXANDRE IATRIDES
S&P Capital IQ
ALEXANDER WISCH
Barclays
JONATHAN DANN
AlphaValue
Goldman Sachs
TIMOTHY BODDY
Jefferies
JEREMY A DELLIS
Raymond James
STEPHANE BEYAZIAN
Interdin Bolsa
BORJA MIJANGOS BLANCO
Nomura
FREDERIC BOULAN
New Street Research
JAMES RATZER
BCP Investimento
ALEXANDRA DELGADO
Credit Suisse
JUSTIN FUNNELL
La Caixa
BORJA PAGOAGA
Hamburger Sparkasse
JAVIER BORRACHERO
Day by Day
VALERIE GASTALDY
CA Cheuvreux
RALPH SZYMCZAK
Natixis
BENOIT MAYNARD
Mirabaud Finanzas Sociedad de ValoresJAVIER
S
MIELGO
DZ Bank AG
THORSTEN REIGBER
Source
20F
20F
ULT-AGG
EXCH
Co File
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
Overwt/In-Line
buy
buy
market perform
hold
outperform
neutral
reduce
sell
underweight
overweight
sell
neutral
buy
neutral
underperform
reduce
sell
equalweight
buy
neutral/neutral
underperform
underperform
buy
reduce
reduce
buy
neutral
buy
hold
buy
hold
underperform
buy
neutral
overweight
buy
Amt Held
261'798'437
254'697'815
177'257'649
127'368'869
84'209'364
62'526'753
42'243'280
24'865'994
20'487'978
14'952'055
11'790'975
9'693'863
8'058'783
6'202'976
5'948'267
5'536'421
5'200'000
4'961'960
4'854'264
4'609'602
% Out
5.75
5.6
3.89
2.8
1.85
1.37
0.93
0.55
0.45
0.33
0.26
0.21
0.18
0.14
0.13
0.12
0.11
0.11
0.11
0.1
Weighting
Change
5
5
5
5
5
5
3
3
5
3
2
1
1
5
1
3
5
3
1
2
1
3
5
3
1
1
5
2
2
5
3
5
3
5
3
1
5
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
D
U
M
U
M
M
M
M
M
U
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
3'581'300
7'798'898
(15'605'969)
2'181'969
11'840'334
(644'661)
8'202'010
3'689'188
(3'474'417)
2'602'512
(299'922)
(105'860)
829'681
(70'160)
(668'098)
Target Price
14
13
13
13
13
14
10
12
13
11
9
9
#N/A N/A
13
9
10
12
11
9
10
9
10
17
11
8
10
12
9
#N/A N/A
17
14
13
#N/A N/A
12
#N/A N/A
12
12
14
19
16
File Dt
21.03.2013
21.03.2013
25.03.2013
12.05.2011
31.12.2011
31.12.2011
31.12.2012
31.12.2012
31.12.2012
31.01.2013
25.03.2013
31.01.2013
31.12.2012
31.01.2013
28.09.2012
31.01.2013
31.01.2013
28.12.2012
30.09.2012
28.09.2012
Date
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
9 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
Bank
Investment Advisor
Investment Advisor
Bank
Corporation
Corporation
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Date
26.03.2013
26.03.2013
26.03.2013
25.03.2013
22.03.2013
22.03.2013
15.03.2013
14.03.2013
11.03.2013
08.03.2013
07.03.2013
06.03.2013
05.03.2013
04.03.2013
04.03.2013
04.03.2013
04.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
22.02.2013
24.01.2013
27.11.2012
26.11.2012
19.11.2012
03.10.2012
26.09.2012
26.07.2012
14.05.2012
24.02.2012
15.11.2011
27.03.2013
Glenmark Pharmaceuticals Ltd

Glenmark Pharmaceuticals Ltd., is a pharmaceutical company. The Company develops
generic drugs for inflammation, metabolic disorders, and pain.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.01.2013)
52-Week Low (27.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GNP IB EQUITY YTD Change
GNP IB EQUITY YTD % CHANGE
03/2012
12/yy
550.80
298.00
32'078.00
471.65
-14.37%
58.27%
68.69%
270.9
127'748.13
22'445.01
0.0
250.0
3'200.76
145'975.37
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
20'092.0
6.47x
8'071.6
16.11x
6'321.3
18.92x
50
45
40
35
30
25
20
15
10
5
0
m-12
31.03.2009
31.03.2010
21'160.3
25'006.5
2.82x
3.64x
4'847.4
6'731.9
12.30x
13.53x
1'916.6
3'244.7
20.47x
21.58x
Profitability
LTM-4Q
31.03.2011
29'490.7
3.26x
5'922.7
16.23x
4'532.1
16.90x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
40'206.4
2.57x
7'143.1
14.45x
4'603.5
18.17x
7'143.13
6'164.85
15.33%
12.14%
8.38%
20.74%
13.65%
0.73%
17.8%
15.3%
11.4%
1.55
0.82
38.15%
93.46%
3.39
-
Price/ Cash Flow
LTM
12/yy
12/yy
106'540.0 114'297.0
3.70x
3.91x
12'265.0
12'193.0
8.06x
9.46x
5'667.0
6'095.0
6.38x
7.24x
FY+1
0.42
0.42
130.38
56.94%
-10.64%
0.417
38
4.158
33'726
78'231
85'118
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
48'978.2
57'689.2
13'156.3
10'407.0
3.01x
2.53x
10'308.7
12'076.8
2'607.0
2'201.0
14.14x
12.07x
15.31x
6'095.4
7'589.7
1'688.8
783.0
21.16x
16.74x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
4.87
2.93
2.69
3.14
93.5%
48.1%
0.73
3.24
108.07
-
70.00
180'000.0
60.00
160'000.0
140'000.0
50.00
120'000.0
40.00
100'000.0
30.00
80'000.0
60'000.0
20.00
40'000.0
10.00
0.00
01.01.2010
20'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Glenmark Pharmaceuticals Ltd

Holdings By:
All
Holder Name
SALDANHA FAMILY TRUS
HSBC GLOBAL INV MAUR
MORGAN STANLEY
LIFE INSURANCE CORP
KEMNY INVESTMENT FUN
GENERAL INSURANCE CO
SCHRODER INVESTMENT
COPTHALL MAURITIUS I
DSP BLACKROCK INVEST
MIRAE ASSET GLOBAL I
INVESTEC ASSET MANAG
BB BIOTECH AG
SALDANHA BLANCHE ELI
PINTO CHERYLANN MARI
HSBC INVESTMENTS HON
VANGUARD GROUP INC
DNB ASSET MANAGEMENT
Firm Name
Nomura
Anand Rathi Securities Pvt. Ltd.
Firstcall India Equity Advisors Pvt Ltd
ICICIdirect.com
Fortune Equity Brokers (India) Ltd
Edelweiss Capital
JPMorgan
Batlivala & Karani Securities
Motilal Oswal Securities Ltd
Credit Suisse
Sharekhan Ltd
Spark Capital Advisors
Antique Stock Broking Limited
Emkay Share & Stock Brokers
India Infoline
FinQuest Securities (P) Ltd.
IIFL
Standard Chartered
Morgan Stanley
Macquarie
Kotak Securities
ICICI Securities
IDFC Securities Ltd
Tata Securities Limited
Barclays
Avendus Capital Private Ltd
Elara Securities India Pvt Ltd
India Nivesh Ltd
CIMB
EVA Dimensions
SMC Global Securities Ltd.
Ashika Stock Broking Limited
PINC Infinity.com Financial Services
Khandwala Securities Ltd
KR Choksey Shares & Sec Pvt Ltd
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
SAION MUKHERJEE
DEEPAK SHIVPRAKASH KHETAN
SRIRAM RATHI
TEAM COVERAGE
DEVINA MEHRA
SIDDHANT KHANDEKAR
HITESH MAHIDA
MANOJ GARG
PRINCY SINGH
ROHIT V BHAT
HARDICK BORA
ANUBHAV AGGARWAL
TEAM COVERAGE
HARITH AHAMED
ANMOL GANJOO
DEEPAK MALIK
BHAVIKA THAKKER
ANAND K BAGARIA
BINO PATHIPARAMPIL
RAVI AGRAWAL
SAMEER BAISIWALA
ABHISHEK SINGHAL
KRISHNA PRASAD
KARTIK A MEHTA
NITIN AGARWAL
VIHARI PURUSHOTHAMAN
BALAJI V PRASAD
MONICA JOSHI
SURAJIT PAL
BHAGWAN SINGH CHAUDHARY
PRAFUL BOHRA
PRAKASH AGARWAL
ANDREW S ZAMFOTIS
SHOUVIK CHATTERJEE
TEAM COVERAGE
SUSHANT DALMIA
BHAWANA VERMA
DEEPIKA JAIN
Source
Co File
Co File
ULT-AGG
Co File
Co File
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
buy
moderate outperform
hold
buy
buy
overweight
buy
buy
outperform
buy
buy
buy
buy
buy
hold
add
outperform
Overwt/In-Line
outperform
reduce
reduce
outperform
sell
overweight
reduce
reduce
hold
hold
neutral
hold
market perform
buy
accumulate
hold
buy
Amt Held
128'241'936
14'250'329
4'813'771
3'936'246
3'472'981
3'157'000
2'921'897
2'912'017
2'718'304
2'707'124
2'701'789
1'990'307
1'958'812
1'473'383
1'443'162
1'351'600
1'300'000
1'224'412
1'133'808
990'000
% Out
47.35
5.26
1.78
1.45
1.28
1.17
1.08
1.08
1
1
1
0.73
0.72
0.54
0.53
0.5
0.48
0.45
0.42
0.37
Weighting
Change
5
5
5
5
4
3
5
5
5
5
5
5
5
5
5
5
5
3
4
5
5
5
2
2
5
1
5
2
2
3
3
3
3
3
5
4
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
U
U
M
M
D
M
M
M
M
M
M
M
D
M
M
D
M
D
M
M
M
M
M
U
M
Latest Chg
34'038
(3'832'371)
587'771
(1'221'677)
217'000
(38'243)
610'360
1'118'066
(266'120)
Target Price
578
610
563
565
#N/A N/A
513
554
576
625
595
583
545
600
596
562
587
561
536
554
560
584
650
510
522
560
444
563
399
510
506
556
550
#N/A N/A
435
410
343
300
360
File Dt
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
30.06.2012
31.12.2012
28.02.2013
28.09.2012
31.01.2013
31.03.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
29.11.2012
31.12.2012
31.01.2013
28.02.2013
Date
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
24 month
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
18 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
n/a
Investment Advisor
Investment Advisor
Government
n/a
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.03.2013
22.03.2013
21.03.2013
18.03.2013
11.03.2013
05.03.2013
05.03.2013
04.03.2013
01.03.2013
25.02.2013
22.02.2013
21.02.2013
20.02.2013
05.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
29.01.2013
17.01.2013
03.08.2012
04.06.2012
02.03.2012
02.02.2012
01.02.2012
27.03.2013
GMR Infrastructure Ltd

GMR Infrastructure is an infrastructure company with interests in airports,
The Company provides a variety of financial services to individuals,
institutions, corporations, governments, and financial intermediaries around the
world.
Price/Volume
18
60.0 M
16
50.0 M
14
12
40.0 M
10
03/2012
12/yy
31.90
16.75
2'391'612.00
20.9
-34.48%
24.78%
27.39%
3'892.4
81'351.88
360'485.30
19'801.3
17'917.2
48'283.80
464'957.69
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
10.0 M
2
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
22'947.8
13.16x
6'428.2
46.97x
3'198.9
79.37x
30.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.04.2012)
52-Week Low (29.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GMRI IB EQUITY YTD Change
GMRI IB EQUITY YTD % CHANGE
31.03.2009
31.03.2010
38'436.1
45'665.1
7.49x
8.97x
9'040.6
14'134.8
31.86x
28.99x
2'794.5
1'584.0
61.80x
144.94x
Profitability
LTM-4Q
31.03.2011
63'321.4
5.82x
15'776.3
23.37x
(9'296.4)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
83'201.1
5.66x
18'890.8
24.92x
(6'033.4)
18'890.80
9'098.00
10.93%
-10.19%
-1.24%
-7.94%
0.17%
22.7%
10.9%
-7.3%
0.53
0.39
64.11%
478.24%
7.29
-
Price/ Cash Flow
LTM
12/yy
40'870.0
36.80x
17'455.0
21.54x
4'159.0
10.07x
12/yy
37'758.0
31.69x
15'530.0
16.67x
(2'510.0)
0.00x
FY+1
0.00
1.27
913.11
-32.36%
8.01%
1.266
22
3.773
1'973'007
1'047'298
1'242'336
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
84'561.0 112'704.9
22'758.0
5.18x
3.84x
26'365.2
40'978.9
17.63x
11.34x
(5'676.0)
(1'493.1)
(2.2)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.21
-5.74
16.53
19.08
478.2%
76.1%
0.17
0.31
50.18
-
6.00
160'000.0
140'000.0
5.00
120'000.0
4.00
100'000.0
80'000.0
3.00
60'000.0
2.00
40'000.0
1.00
0.00
01.01.2010
20'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
GMR Infrastructure Ltd

Holdings By:
All
Holder Name
GMR HOLDINGS
UBS
FMR LLC
NORGES BANK
FRANKLIN RESOURCES
CREDIT SUISSE ASSET
WELLINGTON MANAGEMEN
BLACKROCK
UBS FUND MANAGEMENT
ZURCHER KANTONALBANK
PICTET & CIE
CREDIT AGRICOLE SA
ALLIANCE BERNSTEIN
PZENA INVESTMENT MAN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
WELLINGTON MANAGEMEN
n/a
Multiple Portfolios
Multiple Portfolios
ZURCHER KANTONALBANK
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
CREDIT AGRICOLE SA
n/a
PZENA INVESTMENT MAN
Analyst

KIRI VIJAYARAJAH
Mediobanca SpA
Liberum Capital Ltd
CORMAC LEECH
ARUN MELMANE
AlphaValue
DIETER HEIN
Redburn Partners
NICHOLAS WATTS
Exane BNP Paribas
DANIEL DAVIES
Goldman Sachs
JERNEJ OMAHEN
JPMorgan
KIAN ABOUHOSSEIN
Day by Day
VALERIE GASTALDY
CA Cheuvreux
CHRISTIAN STARK
Bankhaus Metzler
GUIDO HOYMANN
RBC Capital Markets
FIONA SWAFFIELD
Macquarie
PIERS BROWN
ANDREW STIMPSON
Oddo & Cie
JEAN SASSUS
DZ Bank AG
CHRISTOPH BAST
Credit Suisse
AMIT GOEL
STEFAN BONGARDT
Berenberg Bank
JAMES CHAPPELL
DIRK BECKER
Natixis
ANTOINE BURGARD
Nomura
JON PEACE
S&P Capital IQ
FRANK BRADEN
Helvea
TIM DAWSON
Main First Bank AG
KILIAN MAIER
Commerzbank Corporates & Markets MICHAEL DUNST
ANDREW LIM
Societe Generale
DIRK HOFFMANN-BECKING
Bank Vontobel AG
TERESA NIELSEN
Morgan Stanley
HUW VAN STEENIS
EVA Dimensions
AUSTIN BURKETT
Deutsche Bank
MATT SPICK
HSBC
ROBERT MURPHY
INGO FROMMEN
Grupo Santander
AURELIA FAURE
Hamburger Sparkasse
CHRISTIAN HAMANN
ANDREAS VENDITTI
Nord/LB
MICHAEL SEUFERT
Hammer Partners SA
ENRICO RACIOPPI
Source
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
13F
ULT-AGG
13F
13F
13F
Recommendation
overweight
neutral
buy
buy
reduce
buy
neutral
Buy/Neutral
overweight
hold
outperform
sell
sector perform
outperform
market perform
neutral
sell
neutral
hold
buy
reduce
buy
buy
buy
accumulate
outperform
hold
buy
hold
buy
Overwt/In-Line
sell
hold
overweight
hold
underweight
hold
outperform
hold
buy
Amt Held
245'633'960
197'716'980
134'865'238
116'490'210
69'300'732
52'106'861
51'818'019
40'980'253
36'961'338
34'619'235
31'294'723
25'446'748
21'246'924
20'880'689
19'403'429
16'622'115
16'537'648
14'956'720
14'066'648
9'167'333
% Out
6.4
5.15
3.52
3.04
1.81
1.36
1.35
1.07
0.96
0.9
0.82
0.66
0.55
0.54
0.51
0.43
0.43
0.39
0.37
0.24
Weighting
Change
5
3
5
5
2
5
3
5
5
3
5
1
3
5
3
3
1
3
3
5
2
5
5
5
4
5
3
5
3
5
5
1
3
5
3
1
3
5
3
5
M
M
M
M
M
M
M
M
M
D
M
M
M
M
D
M
D
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
U
M
M
Latest Chg
(261'829)
(3'454'276)
12'874'066
(4'992'827)
(1'332'781)
6'015'804
1'928'515
8'667'148
217'405
(58'593)
435'986
225'605
2'393'021
6'927'562
1'350'143
4'242'564
1'002'642
(1'222'625)
5'013'106
Target Price
19
17
18
24
16
#N/A N/A
16
21
21
#N/A N/A
16
13
16
19
18
18
13
15
17
17
14
18
18
18
18
18
16
20
16
18
17
#N/A N/A
16
18
17
11
#N/A N/A
#N/A N/A
#N/A N/A
11
File Dt
31.12.2012
15.03.2013
31.12.2012
27.09.2011
31.12.2012
31.01.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
30.11.2012
31.12.2012
31.01.2013
31.01.2013
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
9 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Government
Unclassified
Investment Advisor
Government
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Date
26.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
18.03.2013
14.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
08.03.2013
05.03.2013
05.03.2013
27.02.2013
27.02.2013
22.02.2013
19.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
04.02.2013
30.01.2013
25.01.2013
25.01.2013
18.01.2013
17.01.2013
07.01.2013
20.12.2012
20.12.2012
11.12.2012
07.11.2012
30.10.2012
23.10.2012
03.07.2012
27.03.2013
Godrej Consumer Products Ltd

Godrej Consumer Products Limited manufactures personal care, hair care,
distribution of gas, oil and liquefied natural gas. The Group also develops,
owns and operates gas-fired power generation plants.
Price/Volume
1600
1400
1200
1000
800
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.03.2013)
52-Week Low (12.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GCPL IB EQUITY YTD Change
GCPL IB EQUITY YTD % CHANGE
03/2012
12/yy
831.50
465.00
9'889.00
813.85
-2.12%
75.02%
95.18%
340.3
276'974.31
15'640.40
0.0
882.3
6'345.30
290'177.73
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
400
200
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
11'025.7
2.66x
2'255.1
13.01x
1'592.4
17.52x
600
100.0 M
90.0 M
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
.0 M
f-13 m-13
31.03.2009
31.03.2010
13'929.6
20'412.0
2.38x
3.78x
2'114.3
4'113.2
15.70x
18.76x
1'732.6
3'395.9
19.54x
23.06x
Profitability
LTM-4Q
31.03.2011
36'936.0
3.54x
6'540.1
19.99x
5'147.1
22.69x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
48'661.6
3.57x
8'769.8
19.79x
7'267.2
21.49x
8'769.80
8'125.40
16.70%
20.08%
13.81%
32.01%
20.66%
0.92%
18.0%
16.7%
14.9%
1.30
0.71
25.95%
55.56%
11.36
-
Price/ Cash Flow
LTM
12/yy
21'073.0
16.45x
10'026.0
8.83x
4'234.0
17.08x
12/yy
21'665.0
14.69x
10'561.0
6.35x
4'519.0
16.06x
FY+1
0.58
0.58
121.03
72.96%
12.89%
0.582
40
3.550
6'978
10'780
11'983
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
63'790.8
76'970.3
16'655.0
17'414.0
4.52x
3.71x
10'660.6
13'279.6
3'033.0
3'235.0
27.25x
21.87x
21.60x
21.69x
7'141.9
8'936.6
2'049.3
2'196.0
38.86x
31.12x
30.47x
30.67x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.82
13.82
1.06
1.78
55.6%
35.0%
0.92
12.24
32.21
-
18.00
25'000.0
16.00
20'000.0
14.00
12.00
15'000.0
10.00
8.00
10'000.0
6.00
5'000.0
4.00
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Godrej Consumer Products Ltd

Holdings By:
All
Holder Name
GODREJ & BOYCE MANUF
LEGAL & GENERAL
FMR LLC
SCOTTISH WIDOWS
VANGUARD GROUP INC
VANGUARD GROUP INC
PEOPLES REPUBLIC OF
SCHRODER INVESTMENT
STATE FARM MUTUAL AU
AXA
UBS
Firm Name
IIFL
Jefferies
AlphaValue
Grupo Santander
Goldman Sachs
Exane BNP Paribas
JPMorgan
Societe Generale
RBC Capital Markets
HSBC
Liberum Capital Ltd
Credit Suisse
Equita SIM SpA
Macquarie
Nomura
S&P Capital IQ
Barclays
Morgan Stanley
Investec
EVA Dimensions
Day by Day
Deutsche Bank
CA Cheuvreux
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Analyst
BERTRAND HODEE
BRENDAN MICHAEL WARN
ALEXANDRE ANDLAUER
JASON KENNEY
MICHELE DELLA VIGNA
OSWALD CLINT
RICHARD GRIFFITH
FREDERICK G LUCAS
IRENE HIMONA
GORDON GRAY
JEFFREY A DIETERT
PETER HUTTON
PAUL SPEDDING
ANDREW WHITTOCK
THOMAS YOICHI ADOLFF
SVEN DIERMEIER
MASSIMO BONISOLI
JASON D GAMMEL
THEEPAN JOTHILINGAM
CHRISTINE TISCARENO
RAHIM KARIM
MARTIJN P RATS
STUART JOYNER
CRAIG STERLING
VALERIE GASTALDY
LUCAS HERRMANN
ANISH KAPADIA
JEAN-CHARLES LACOSTE
GERARD LANE
Source
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
REG
REG
REG
ULT-AGG
REG
REG
REG
REG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
outperform
buy
sell
buy
Buy/Cautious
outperform
buy
outperform
overweight
hold
buy
overweight
outperform
overweight
hold
neutral
hold
buy
neutral
buy
buy
overweight
Equalwt/In-Line
sell
overweight
hold
hold
hold
suspended coverage
not rated
Amt Held
253'990'367
152'363'377
120'599'210
102'081'949
94'465'521
92'621'382
64'366'135
57'396'054
48'293'192
45'954'406
42'153'440
41'754'612
40'100'800
40'085'000
39'857'836
39'552'694
38'280'582
34'797'279
33'967'551
33'600'933
% Out
7.46
4.48
3.54
3
2.78
2.72
1.89
1.69
1.42
1.35
1.24
1.23
1.18
1.18
1.17
1.16
1.13
1.02
1
0.99
Weighting
Change
5
5
1
5
5
5
5
5
5
3
5
5
5
5
3
3
3
5
3
5
5
5
3
1
5
3
3
3
#N/A N/A
#N/A N/A
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
D
D
M
M
M
Latest Chg
14'804'992
1'010'042
(4'289'039)
(22'980'265)
11'446'507
5'290'403
4'003'911
3'496'882
5'128'695
1'265'240
1'734'497
14'104'546
1'113'800
13'734'613
22'192'928
1'790'949
(9'463'064)
4'544'498
1'321'095
Target Price
1'400
1'700
942
1'395
1'600
1'890
#N/A N/A
1'470
1'600
1'200
1'300
#N/A N/A
1'360
1'815
1'268
1'150
1'200
1'415
1'300
1'500
1'400
1'420
1'110
1'000
#N/A N/A
#N/A N/A
1'350
1'500
#N/A N/A
#N/A N/A
File Dt
25.03.2013
01.01.2013
01.01.2013
31.01.2013
01.01.2013
31.12.2012
01.01.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
31.12.2012
01.01.2013
01.01.2013
31.01.2013
31.01.2013
31.01.2013
Date
Not Provided
12 month
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
9 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Government
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Government
Investment Advisor
Unclassified
Insurance Company
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
26.03.2013
22.03.2013
21.03.2013
20.03.2013
20.03.2013
18.03.2013
18.03.2013
18.03.2013
07.03.2013
25.02.2013
21.02.2013
21.02.2013
19.02.2013
18.02.2013
15.02.2013
11.02.2013
08.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
15.01.2013
05.11.2012
02.11.2012
01.11.2012
20.09.2012
05.03.2012
27.03.2013
Grasim Industries Ltd

Grasim Industries Limited is a diversified operating company and part of the
private and corporate banking services. The Bank also provides asset management
and investment advisory services to institutions and individuals in Europe, the
United States, Asia and the Emerging Markets.
Price/Volume
60
18.0 M
16.0 M
50
14.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.10.2012)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GRASIM IB EQUITY YTD Change
GRASIM IB EQUITY YTD % CHANGE
03/2012
12/yy
3'511.00
2'216.00
3'061.00
2826.3
-19.50%
27.54%
47.13%
91.8
259'388.02
65'513.20
0.0
52'333.8
52'988.40
335'478.82
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
8.0 M
20
6.0 M
4.0 M
10
2.0 M
0
m-12
31.03.2009
31.03.2010
182'966.1
199'334.2
1.07x
1.47x
45'613.0
59'312.9
4.30x
4.96x
21'866.6
30'955.3
6.63x
8.34x
Profitability
LTM-4Q
31.03.2011
215'502.3
1.16x
50'115.0
4.98x
22'790.1
9.89x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
252'443.0
1.21x
55'905.0
5.47x
26'474.6
9.10x
55'905.00
44'360.90
17.57%
19.47%
7.72%
16.73%
14.67%
0.74%
22.1%
17.6%
10.5%
1.82
1.10
17.93%
38.38%
16.08
-
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
0.80
0.88
81.33
8.78%
-10.63%
0.882
36
4.833
6'462
7'281
7'063
FY+2
FQ+1
FQ+2
12/yy
11'685.0
0.00x
0.0
0.00x
6'050.0
6.02x
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
2'593.0 271'431.8 309'491.6
73'347.5
67'934.0
0.00x
1.35x
1.15x
0.0
59'373.7
70'899.1
11'971.0
15'932.0
0.00x
5.65x
4.73x
6.42x
6'553.0
26'991.4
31'051.4
9'271.5
7'180.0
7.78x
9.60x
8.33x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
14.99
3.09
0.22
1.17
38.4%
22.7%
0.74
1.54
22.76
-
4.00
90'000.0
3.50
80'000.0
3.00
70'000.0
60'000.0
2.50
50'000.0
2.00
40'000.0
1.50
30'000.0
1.00
20'000.0
0.50
10'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
169'739.2
1.78x
49'238.0
6.13x
28'914.4
8.17x
12.0 M
30
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Grasim Industries Ltd

Holdings By:
All
Holder Name
ABERDEEN
AXA
BLACKROCK
FRANKLIN RESOURCES
FMR LLC
STATE OF LUXEMBOURG
VANGUARD GROUP INC
AVIVA PLC
AMUNDI
LBPAM
SCHRODER INVESTMENT
JANUS CAPITAL MANAGE
DODGE & COX
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
IIFL
JEAN-PIERRE LAMBERT
Mediobanca SpA
ANTONIO GUGLIELMI
RBC Capital Markets
ANKE REINGEN
Redburn Partners
GEORGE KARAMANOS
AlphaValue
CHRISTOPHE NIJDAM
Societe Generale
SEBASTIEN LEMAIRE
Macquarie
PIERS BROWN
Day by Day
VALERIE GASTALDY
S&P Capital IQ
WILLIAM HOWLETT
Credit Suisse
MAXENCE LE GOUVELLO
Grupo Santander
AURELIA FAURE
JPMorgan
DELPHINE LEE
Oddo & Cie
JEAN SASSUS
Barclays
JEREMY SIGEE
HSBC
ROBIN DOWN
Deutsche Bank
FLORA BENHAKOUN
BENOIT PETRARQUE
Nomura
JON PEACE
Morgan Stanley
THIBAULT NARDIN
INGO FROMMEN
CA Cheuvreux
CYRIL MEILLAND
Hamburger Sparkasse
CHRISTIAN HAMANN
Banco Sabadell
MARIO LODOS
Natixis
ALEX KOAGNE
Main First Bank AG
FEDERICO SALERNO
STEFAN BONGARDT
PIERRE CHEDEVILLE
ANDREW LIM
Goldman Sachs
JEAN-FRANCOIS NEUEZ
Berenberg Bank
JAMES CHAPPELL
EVA Dimensions
AUSTIN BURKETT
Nord/LB
MICHAEL SEUFERT
Hammer Partners SA
ENRICO RACIOPPI
DZ Bank AG
SABINE BOHN
Source
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
13F
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
outperform
neutral
outperform
buy
add
buy
underperform
hold
buy
outperform
buy
neutral
buy
overweight
overweight
hold
buy
buy
Overwt/In-Line
hold
select list
hold
buy
buy
outperform
buy
buy
buy
neutral
Buy/Neutral
sell
hold
hold
buy
buy
Amt Held
129'166'979
66'464'562
23'279'417
18'754'945
16'235'239
16'011'192
14'387'267
12'540'483
12'412'585
9'991'341
5'974'797
5'548'626
5'066'891
5'050'237
4'981'512
3'846'420
3'793'501
3'752'412
3'700'000
3'357'750
% Out
10.4
5.35
1.87
1.51
1.31
1.29
1.16
1.01
1
0.8
0.48
0.45
0.41
0.41
0.4
0.31
0.31
0.3
0.3
0.27
Weighting
Change
5
3
5
5
4
5
1
3
5
5
5
3
5
5
5
3
5
5
5
3
5
3
5
5
5
5
5
5
3
5
1
3
3
5
5
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
Latest Chg
55'392
(517'367)
760'566
(4'223'421)
620'876
476'466
215'029
(227'149)
(313'400)
(6'900)
(63'407)
(358'290)
50'313
263'565
(1'668'815)
264'979
Target Price
57
47
55
#N/A N/A
48
56
41
#N/A N/A
50
59
55
48
55
54
55
52
50
56
55
48
56
#N/A N/A
48
61
55
53
56
49
43
70
25
#N/A N/A
#N/A N/A
50
39
File Dt
Inst Type
31.12.2012
Government
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
29.01.2013
Investment Advisor
28.09.2012
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
18 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
26.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
14.03.2013
13.03.2013
12.03.2013
11.03.2013
08.03.2013
04.03.2013
28.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
06.02.2013
30.01.2013
28.01.2013
28.01.2013
17.01.2013
23.10.2012
19.06.2012
08.05.2012
27.03.2013
HCL Technologies Ltd

HCL Technologies Limited provides software development and related engineering
detergents, fragrances, home and personal care products. Dually-listed company
with UNA NA.
Price/Volume
3000
2500
2000
1500
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.03.2013)
52-Week Low (26.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HCLT IB EQUITY YTD Change
HCLT IB EQUITY YTD % CHANGE
06/2012
12/yy
804.50
453.90
21'935.00
775.1
-3.65%
70.76%
91.61%
694.9
538'641.31
21'854.20
0.0
10.7
23'898.20
537'815.31
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
500
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
75'627.8
2.08x
17'027.0
9.24x
10'514.1
15.96x
1000
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
f-13 m-13
30.06.2009
30.06.2010
102'294.1
121'362.9
1.33x
2.07x
21'250.5
19'924.2
6.39x
12.59x
13'196.3
12'591.9
9.43x
19.48x
Profitability
LTM-4Q
30.06.2011
157'304.3
2.18x
27'151.5
12.61x
16'465.1
20.54x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
208'305.5
1.58x
40'507.5
8.10x
24'227.0
13.59x
40'507.50
35'015.10
16.81%
15.39%
15.05%
27.70%
22.89%
1.29%
19.4%
16.8%
11.6%
1.41
0.98
11.95%
22.21%
6.42
-
Price/ Cash Flow
LTM
FY+1
1.55
1.01
206.55
67.00%
25.52%
1.007
71
4.380
36'477
63'215
83'333
FY+2
FQ+1
FQ+2
12/yy
46'467.0
0.00x
0.0
0.00x
0.0
0.00x
12/yy
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
51'324.0 251'734.5 283'091.4
59'577.5
66'012.9
0.00x
2.04x
1.74x
9.04x
8.16x
0.0
55'149.9
59'113.0
13'666.2
13'986.2
0.00x
9.76x
9.10x
10.05x
9.77x
0.0
36'786.5
39'965.0
8'857.6
9'129.6
0.00x
14.89x
13.65x
15.63x
15.07x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
34.74
26.94
-0.05
0.54
22.2%
18.2%
1.29
9.13
56.99
-
16.00
60'000.0
14.00
50'000.0
12.00
40'000.0
10.00
8.00
30'000.0
6.00
20'000.0
4.00
10'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
HCL Technologies Ltd

Holdings By:
All
Holder Name
SLOCUM INVESTMENTS P
The Leverhulme Trust
LEGAL & GENERAL
SCOTTISH WIDOWS
MORGAN STANLEY
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
FMR LLC
UBS
SCHRODER INVESTMENT
VANGUARD GROUP INC
CEDAR ROCK CAPITAL L
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Standard Chartered
ANDREW WOOD
GRAHAM JONES
AlphaValue
SOPHIE CABO-BROSETA
DARREN SHIRLEY
Exane BNP Paribas
JEFF STENT
Morgan Stanley
EILEEN KHOO
CHRIS WICKHAM
Mirabaud Securities
JULIAN LAKIN
RBC Capital Markets
Credit Suisse
CHARLES MILLS
Liberum Capital Ltd
PABLO ZUANIC
Investec
MARTIN DEBOO
Day by Day
VALERIE GASTALDY
Goldman Sachs
ALEXIS COLOMBO
Barclays
IAIN SIMPSON
HSBC
CEDRIC BESNARD
EVA Dimensions
AUSTIN BURKETT
JPMorgan
CELINE PANNUTI
Berenberg Bank
JAMES TARGETT
Deutsche Bank
HAROLD THOMPSON
Jefferies
ALEX HOWSON
S&P Capital IQ
CARL SHORT
Redburn Partners
JEREMY FIALKO
ALEX SMITH
Nord/LB
WOLFGANG VASTERLING
Nomura
DAVID HAYES
Source
ULT-AGG
REG
ULT-AGG
REG
REG
ULT-AGG
REG
REG
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
REG
Recommendation
outperform
buy
sell
buy
neutral
Equalwt/In-Line
hold
hold
underperform
neutral
buy
buy
buy
Buy/Neutral
overweight
overweight
overweight
overweight
buy
hold
buy
hold
neutral
neutral
hold
reduce
Amt Held
74'570'243
70'566'764
43'844'579
33'695'100
29'379'103
23'491'012
20'988'391
18'808'791
18'578'700
18'031'348
17'496'650
17'373'510
17'220'914
17'139'553
15'546'745
15'205'740
14'967'376
14'171'028
14'055'878
13'353'349
% Out
5.81
5.5
3.42
2.63
2.29
1.83
1.64
1.47
1.45
1.4
1.36
1.35
1.34
1.34
1.21
1.18
1.17
1.1
1.1
1.04
Weighting
Change
5
5
1
5
3
3
3
3
1
3
5
5
5
5
5
5
5
5
5
3
5
3
3
3
3
2
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
(19'403)
521'877
7'368'008
7'492'327
938'955
7'437'850
1'103'042
313'701
4'229'196
82'924
164'900
257'035
(1'458'747)
(1'475'510)
(201'301)
931'645
(229'486)
Target Price
2'700
3'000
2'419
#N/A N/A
2'900
2'200
2'800
2'800
2'800
2'800
3'250
2'900
2'740
3'100
2'900
2'940
#N/A N/A
2'850
2'800
2'520
2'460
2'600
#N/A N/A
2'280
#N/A N/A
1'870
File Dt
25.03.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
31.12.2012
02.01.2013
02.01.2013
31.12.2012
31.01.2013
31.01.2013
31.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
Date
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
3 month
12 month
Not Provided
Not Provided
Not Provided
9 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
13.03.2013
13.03.2013
12.03.2013
11.03.2013
07.03.2013
06.03.2013
20.02.2013
11.02.2013
07.02.2013
31.01.2013
30.01.2013
29.01.2013
28.01.2013
25.01.2013
23.01.2013
23.01.2013
23.01.2013
24.09.2012
14.09.2012
03.07.2012
17.01.2012
27.03.2013
HDFC Bank Ltd

HDFC Bank Ltd. offers a wide range of services to the global corporate sector.
credit cards, wholesale banking, investment banking, wealth management and
investment management services.
Price/Volume
350
250.0 M
300
200.0 M
250
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.11.2012)
52-Week Low (23.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HDFCB IB EQUITY YTD Change
HDFCB IB EQUITY YTD % CHANGE
03/2012
12/yy
705.00
482.30
134'182.00
614.4
-12.85%
27.39%
59.32%
2'377.2
1'460'575.25
340'960.73
0.0
1'836.6
215'465.86
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
150.0 M
150
100.0 M
100
50.0 M
50
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
124'920.8
15'950.8
28.71x
200
31.03.2009
31.03.2010
197'464.0
204'385.1
22'489.9
30'036.5
18.38x
28.09x
Profitability
31.03.2011
246'291.8
39'924.9
27.13x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
330'567.1
52'470.2
23.15x
42.71%
42.74%
1.70%
18.81%
9.35%
0.11%
29.2%
10.00%
112.86%
-
Price/ Cash Flow
0.70
0.96
1'829.61
19.53%
-9.49%
0.962
69
3.580
213'785
201'645
168'169
LTM-4Q
LTM
FY+1
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4
06/13 Q1
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
17.01.2008
BBBNEG
17.01.2008
A-3
112.9%
52.9%
0.11
14.44
-
35.00
45'000.0
30.00
40'000.0
35'000.0
25.00
30'000.0
20.00
25'000.0
15.00
20'000.0
15'000.0
10.00
10'000.0
5.00
0.00
01.01.2010
5'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
HDFC Bank Ltd

Holdings By:
All
Holder Name
HOUSING DEVELOPMENT
AL NAHYAN MANSOUR BI
BLACKROCK
LEGAL & GENERAL
FMR LLC
SCOTTISH WIDOWS
UPPER CHANCE GROUP L
DODGE & COX
DODGE & COX
UBS
BARCLAYS PERSONAL IN
SUMITOMO MITSUI FINA
VANGUARD GROUP INC
FRANKLIN RESOURCES
VANGUARD GROUP INC
PEOPLES REPUBLIC OF
ORBIS INVESTMENT MAN
Firm Name
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

MICHAEL J TRIPPITT
Mediobanca SpA
Morgan Stanley
CHRISTOPHER MANNERS
Investec
IAN GORDON
AlphaValue
DAVID GRINSZTAJN
EVA Dimensions
AUSTIN BURKETT
Macquarie
EDWARD FIRTH
Nomura
CHINTAN JOSHI
Exane BNP Paribas
TOM RAYNER
VIVEK RAJA
Grupo Santander
ARTURO DE FRIAS
JPMorgan
RAUL SINHA
RBC Capital Markets
FIONA SWAFFIELD
Baden Hill LLP
JAMIE MOYES
MARK J PHIN
Societe Generale
JAMES INVINE
HSBC
PETER TOEMAN
SHAILESH RAIKUNDLIA
CHIRANTAN BARUA
Goldman Sachs
FREDERIK THOMASEN
Redburn Partners
FAHED KUNWAR
GARY GREENWOOD
Deutsche Bank
JASON NAPIER
Credit Suisse
CARLA ANTUNES-SILVA
S&P Capital IQ
FRANK BRADEN
STEFAN BONGARDT
GARETH HUNT
Berenberg Bank
JAMES CHAPPELL
Day by Day
VALERIE GASTALDY
Liberum Capital Ltd
CORMAC LEECH
Source
REG
RNS-MAJ
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
REG
REG
ULT-AGG
REG
ULT-AGG
MF-AGG
ULT-AGG
REG
REG
REG
Recommendation
buy
outperform
Overwt/In-Line
buy
add
hold
neutral
reduce
outperform
buy
buy
overweight
outperform
sell
outperform
buy
overweight
buy
outperform
neutral/neutral
buy
hold
buy
neutral
buy
buy
hold
sell
hold
hold
Amt Held
813'964'552
758'437'618
690'750'564
492'619'694
446'002'615
407'194'329
304'001'751
293'887'216
248'872'808
248'069'617
247'149'298
235'301'396
214'395'988
210'027'061
194'608'412
150'580'109
149'488'179
146'704'193
129'472'703
127'348'130
% Out
6.33
5.9
5.37
3.83
3.47
3.17
2.36
2.29
1.94
1.93
1.92
1.83
1.67
1.63
1.51
1.17
1.16
1.14
1.01
0.99
Weighting
Change
5
5
5
5
4
3
3
2
5
5
5
5
5
1
5
5
5
5
5
3
5
3
5
3
5
5
3
1
3
3
M
M
M
M
M
U
M
M
M
U
M
M
M
M
M
M
M
M
U
D
M
M
M
M
R
U
M
M
M
D
Latest Chg
120'690'937
13'623'199
(55'814'797)
44'011'198
9'654'863
(19'000'000)
(4'091'569)
(58'772'408)
(18'528'345)
(259'690)
(3'613'787)
(11'569'337)
6'134'884
2'971'061
(9'688'810)
Target Price
400
425
438
345
363
#N/A N/A
320
305
400
380
340
375
375
#N/A N/A
400
380
400
418
400
340
#N/A N/A
#N/A N/A
380
290
380
350
280
160
#N/A N/A
230
File Dt
01.02.2013
26.02.2013
25.03.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
29.01.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.12.2012
01.02.2013
01.02.2013
01.02.2013
01.02.2013
Date
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
9 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Government
n/a
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Date
27.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
18.03.2013
18.03.2013
14.03.2013
12.03.2013
11.03.2013
05.03.2013
01.03.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
21.02.2013
19.02.2013
15.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
12.02.2013
07.01.2013
14.11.2012
27.03.2013
Hero Motocorp Ltd

Hero Motocorp Ltd. designs, manufactures and distributes motorcycles. The
under segments that include power products, power systems, automation products,
process automation and robotics.
Price/Volume
25
35.0 M
30.0 M
20
25.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2012)
52-Week Low (26.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HMCL IB EQUITY YTD Change
HMCL IB EQUITY YTD % CHANGE
03/2012
12/yy
2'278.50
1'566.65
24'654.00
1572.5
-30.99%
0.37%
0.82%
199.7
314'008.59
10'113.90
0.0
0.0
33'209.10
296'294.39
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
10
15.0 M
10.0 M
5.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
103'318.0
1.12x
13'546.4
8.58x
9'678.8
14.33x
15
31.03.2009
31.03.2010
123'191.2
157'581.8
1.48x
2.24x
17'362.5
27'363.5
10.50x
12.88x
12'817.6
22'318.3
16.69x
17.40x
Profitability
LTM-4Q
31.03.2011
192'450.3
1.48x
26'003.3
10.96x
19'279.0
16.46x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
233'680.5
1.66x
36'657.0
10.57x
23'781.3
17.26x
36'657.00
25'683.60
10.99%
12.26%
23.07%
65.64%
49.25%
2.27%
15.7%
11.0%
10.2%
1.11
0.83
10.23%
23.58%
116.00
-
Price/ Cash Flow
LTM
12/yy
37'990.0
5.09x
5'688.0
7.37x
3'168.0
13.65x
12/yy
39'336.0
4.69x
5'420.0
9.09x
2'704.0
17.55x
2.86
0.77
102.68
-19.95%
-17.16%
0.766
66
2.803
20'336
22'486
29'282
FY+1
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4
06/13 Q1
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
172.10
145.57
-0.63
0.28
23.6%
19.1%
2.27
13.57
3.16
-
25.00
45'000.0
40'000.0
20.00
35'000.0
30'000.0
15.00
25'000.0
20'000.0
10.00
15'000.0
10'000.0
5.00
5'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Hero Motocorp Ltd

Holdings By:
All
Holder Name
HERO INVESTMENTS PVT
BLACKROCK
CREDIT SUISSE ASSET
VANGUARD GROUP INC
NORDEA FONDER AB/SWE
UBS FUND MANAGEMENT
PICTET & CIE
SEB
SKAGEN AS
AMF FONDER AB
INVESCO LTD
FOLKSAM LO FOND AB
VONTOBEL ASSET MANAG
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Nomura
BEN UGLOW
Societe Generale
SEBASTIEN GRUTER
JPMorgan
ANDREAS WILLI
SEB Enskilda
DANIEL SCHMIDT
Bank Vontobel AG
TAKIS SPILIOPOULOS
Exane BNP Paribas
OLIVIER ESNOU
Credit Suisse
SIMON TOENNESSEN
JAMES STETTLER
MARTIN PROZESKY
AlphaValue
HEINZ STEFFEN
ABG Sundal Collier
ANDERS IDBORG
Berenberg Bank
WILLIAM MACKIE
Nomura
DANIEL CUNLIFFE
HSBC
COLIN GIBSON
CHRISTOPH LADNER
ROB VIRDEE
RBC Capital Markets
ANDREW CARTER
VOLKER STOLL
EVA Dimensions
CRAIG STERLING
RICHARD FREI
Hamburger Sparkasse
MARCO GUENTHER
Main First Bank AG
CHRISTOPHER YOUL
Barclays
NICK WEBSTER
Deutsche Bank
MARTIN WILKIE
MARKUS FRIEBEL
Carnegie
KENNETH TOLL JOHANSSON
ANDREAS BROCK
Helvea
STEFAN GAECHTER
Danske Markets
CARL GUSTAFSSON
Handelsbanken
HAMPUS ENGELLAU
S&P Capital IQ
JAWAHAR HINGORANI
Day by Day
VALERIE GASTALDY
Goldman Sachs
DANIELA COSTA
Natixis
ARNAUD SCHMIT
Swedbank
MATS LISS
Redburn Partners
JAMES MOORE
Pareto Securities
DAVID JACOBSSON
Hammer Partners SA
ALBERTO ROLLA
Source
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
Underwt/Cautious
buy
underweight
buy
buy
outperform
outperform
hold
outperform
reduce
buy
buy
buy
neutral
hold
buy
sector perform
buy
sell
outperform
buy
outperform
overweight
sell
hold
buy
hold
buy
buy
buy
hold
hold
Buy/Neutral
neutral
buy
neutral
hold
buy
Amt Held
166'330'142
88'462'667
35'119'051
29'262'198
25'109'683
24'899'512
21'472'243
14'648'213
14'044'104
13'037'893
12'570'926
10'421'737
9'443'400
8'508'473
6'992'268
6'861'907
6'064'784
6'061'300
5'600'000
3'862'588
% Out
7.19
3.82
1.52
1.26
1.08
1.08
0.93
0.63
0.61
0.56
0.54
0.45
0.41
0.37
0.3
0.3
0.26
0.26
0.24
0.17
Weighting
Change
1
5
1
5
5
5
5
3
5
2
5
5
5
3
3
5
3
5
1
5
5
5
5
1
3
5
3
5
5
5
3
3
5
3
5
3
3
5
M
M
M
M
M
M
M
M
M
M
M
U
U
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
627'553
(673'708)
107'985
1'143'030
(27'565)
(40'148)
(1'721'905)
4'968'827
474'429
1'877'700
(2'513'786)
(81'762)
5'064'054
1'403
21'000
23'640
Target Price
18
25
21
23
25
25
26
20
25
22
25
25
27
23
20
25
22
25
#N/A N/A
#N/A N/A
#N/A N/A
24
24
18
22
#N/A N/A
21
25
23
26
23
#N/A N/A
24
19
20
#N/A N/A
17
27
File Dt
04.01.2011
25.03.2013
31.01.2013
31.12.2012
31.12.2012
28.02.2013
30.11.2012
31.01.2013
31.12.2012
31.01.2013
25.02.2013
28.02.2013
31.12.2012
21.03.2013
28.02.2013
31.12.2012
31.12.2012
28.02.2013
31.12.2012
30.11.2012
Date
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Unclassified
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
14.03.2013
14.03.2013
13.03.2013
08.03.2013
08.03.2013
08.03.2013
04.03.2013
20.02.2013
20.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
17.01.2013
21.12.2012
11.12.2012
08.10.2012
27.07.2012
05.08.2010
27.03.2013
Hindalco Industries Ltd

Hindalco Industries Limited is an integrated aluminum manufacturer. The Company
household, toiletry, pharmaceutical and food products on a global basis. The
Company's products include fabric treatments , disinfectant spray and cleaners,
dishwashing detergent, personal care, food, and prescription drugs.
Price/Volume
6000
9.0 M
8.0 M
5000
7.0 M
4000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.01.2013)
52-Week Low (26.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HNDL IB EQUITY YTD Change
HNDL IB EQUITY YTD % CHANGE
03/2012
12/yy
137.00
86.90
731'643.00
88
-35.77%
1.27%
2.20%
1'914.6
168'483.31
410'164.70
0.0
17'090.5
81'453.50
514'285.00
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
4.0 M
2000
3.0 M
2.0 M
1000
0
m-12
1.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
596'963.0
0.72x
63'576.3
6.74x
21'987.9
9.66x
6.0 M
3000
31.03.2009
31.03.2010
657'524.1
607'079.2
0.49x
0.89x
55'555.1
86'372.7
5.76x
6.26x
4'838.9
39'254.7
16.19x
8.18x
Profitability
31.03.2011
722'022.7
0.88x
79'599.7
8.00x
24'563.7
16.30x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
808'213.7
0.73x
76'723.6
7.74x
33'969.5
7.29x
76'723.60
50'217.90
6.21%
5.44%
3.65%
11.15%
7.41%
0.87%
9.5%
6.2%
4.2%
1.63
0.80
40.45%
128.53%
10.39
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
1.76
1.41
1'311.24
-30.84%
-32.62%
1.409
53
3.358
1'234'980
1'286'038
1'034'690
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
809'426.4 879'696.1
0.73x
0.70x
80'817.0
93'123.3
6.37x
5.53x
27'966.0
30'078.4
6.14x
5.77x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.75
-1.74
4.28
5.35
128.5%
55.0%
0.87
2.28
35.23
-
20.00
12'000.0
18.00
10'000.0
16.00
14.00
8'000.0
12.00
6'000.0
10.00
8.00
4'000.0
6.00
4.00
2'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Hindalco Industries Ltd

Holdings By:
All
Holder Name
IGH HOLDINGS PVT LTD
INVESCO LTD
BLACKROCK
FMR LLC
LEGAL & GENERAL
SCOTTISH WIDOWS
MORGAN STANLEY
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
UBS
VANGUARD GROUP INC
FIRST MANHATTAN CO A
Firm Name
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
FIRST MANHATTAN COMP
Analyst
Maybank Kim Eng

GRAHAM JONES
ANDREW WOOD
AlphaValue
ARMELLE MOULIN
CHRIS WICKHAM
Grupo Santander
PEDRO GIL
RBC Capital Markets
Credit Suisse
CHARLES MILLS
Berenberg Bank
SETH PETERSON
Liberum Capital Ltd
PABLO ZUANIC
Morgan Stanley
ERIK SJOGREN
Goldman Sachs
ROSIE EDWARDS
EDDY HARGREAVES
Societe Generale
Mirabaud Securities
JULIAN LAKIN
Investec
MARTIN DEBOO
JPMorgan
CELINE PANNUTI
Jefferies
ALEX HOWSON
Exane BNP Paribas
EAMONN FERRY
LARS LUSEBRINK
Raymond James
HSBC
CEDRIC BESNARD
Nomura
GUILLAUME DELMAS
Barclays
IAIN SIMPSON
Commerzbank Corporates & Markets ANDREAS RIEMANN
Deutsche Bank
HAROLD THOMPSON
DARREN SHIRLEY
S&P Capital IQ
CARL SHORT
Day by Day
VALERIE GASTALDY
CA Cheuvreux
ERIC BOROIAN
EVA Dimensions
AUSTIN BURKETT
Redburn Partners
JEREMY FIALKO
ALEX SMITH
Source
REG
ULT-AGG
RNS-MAJ
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
MF-AGG
REG
REG
MF-AGG
REG
REG
REG
REG
ULT-AGG
MF-AGG
13F
Recommendation
hold
outperform
reduce
add
hold
underperform
neutral
hold
sell
Equalwt/In-Line
neutral/attractive
sell
sell
hold
sell
neutral
hold
underperform
hold
outperform
neutral
buy
underweight
hold
buy
hold
hold
hold
underperform
hold
sell
sell
Amt Held
76'659'342
36'115'649
35'939'131
31'502'568
30'898'866
24'940'741
16'359'039
15'260'822
13'704'925
13'054'020
12'921'988
12'791'415
11'262'286
10'715'075
8'962'334
7'394'843
7'286'409
7'024'809
6'986'024
6'769'218
% Out
10.7
5.04
5.02
4.4
4.31
3.48
2.28
2.13
1.91
1.82
1.8
1.79
1.57
1.5
1.25
1.03
1.02
0.98
0.97
0.94
Weighting
Change
3
5
2
4
3
1
3
3
1
3
3
1
1
3
1
3
3
1
3
5
3
5
1
3
5
3
3
3
1
3
1
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
97'110
(3'521'895)
(1'151'170)
2'518'375
1'434'693
6'346'254
154'056
203'806
131'837
1'135'192
2'130'744
3'028'426
294'364
(645'354)
307'932
26'600
Target Price
4'700
5'000
4'543
4'700
4'200
4'500
4'900
4'490
3'500
4'300
4'320
3'425
4'000
3'950
4'260
4'300
3'640
4'000
4'700
4'630
4'700
4'900
3'700
4'300
4'800
#N/A N/A
4'600
#N/A N/A
3'750
#N/A N/A
#N/A N/A
3'140
File Dt
03.12.2012
31.01.2013
11.02.2013
25.03.2013
31.01.2013
28.02.2013
03.12.2012
03.12.2012
31.12.2012
31.01.2013
03.12.2012
03.12.2012
31.03.2012
03.12.2012
03.12.2012
03.12.2012
03.12.2012
31.01.2013
31.12.2012
31.12.2012
Date
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
9 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
26.03.2013
25.03.2013
21.03.2013
13.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
07.03.2013
07.03.2013
05.03.2013
26.02.2013
26.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
28.01.2013
21.01.2013
17.01.2013
24.09.2012
14.09.2012
27.03.2013
Hindustan Petroleum Corp Ltd

Hindustan Petroleum Corporation Limited refines crude oil and manufactures
wholesale, and investment banking services. The Bank offers consumer and
mortgage loans, private banking, asset management, insurance, mutual funds, and
securities brokerage services. It operates in Europe, Latin America, United
States, China and Turkey.
Price/Volume
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
600.0 M
500.0 M
03/2012
12/yy
381.40
275.30
67'246.00
280.95
-26.34%
2.05%
5.33%
338.6
95'137.33
375'990.30
0.0
22.8
36'207.10
434'943.33
400.0 M
300.0 M
200.0 M
100.0 M
1
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'020'982.7
0.19x
21'610.4
8.99x
13'641.0
6.37x
700.0 M
8
7
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.01.2013)
52-Week Low (26.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HPCL IB EQUITY YTD Change
HPCL IB EQUITY YTD % CHANGE
31.03.2009
31.03.2010
1'136'797.4
1'051'779.3
0.24x
0.27x
32'154.7
28'268.5
8.46x
10.19x
7'573.9
14'766.3
12.04x
7.30x
Profitability
31.03.2011
1'385'672.9
0.27x
41'062.7
9.00x
17'036.0
7.09x
31.03.2012
1'850'872.6
0.24x
42'638.2
10.38x
1'746.5
58.87x
42'638.20
23'525.60
1.27%
0.47%
0.22%
1.32%
1.39%
2.38%
2.3%
1.3%
0.1%
0.85
0.16
43.94%
283.95%
48.42
-
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
3.03
0.65
131.85
1.88%
-3.27%
0.654
49
3.612
95'105
143'249
281'218
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
######### #########
0.21x
0.20x
51'559.1
54'474.2
8.44x
7.98x
9'586.8
13'801.9
10.43x
7.09x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.81
-1.81
7.97
8.82
284.0%
74.0%
2.38
5.33
7.56
-
45'000.0
40'000.0
1.00
0.80
35'000.0
30'000.0
25'000.0
0.60
20'000.0
15'000.0
0.40
0.20
10'000.0
5'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Hindustan Petroleum Corp Ltd

Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
INVERAVANTE INVERSIO
BLACKROCK
VANGUARD GROUP INC
FMR LLC
CORP GNRAL FINANCIER
UMB BANK N A
SANTANDER ASSET MGMT
CREDIT SUISSE ASSET
PIONEER INVESTMENT M
AVIVA PLC
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Nomura
ARTURO DE FRIAS
Mediobanca SpA
ANDREA FILTRI
ANTONIO RAMIREZ
FRANCISCO RIQUEL
Bankia Bolsa (ESN)
JAVIER BERNAT
IRMA GARRIDO
Exane BNP Paribas
SANTIAGO LOPEZ DIAZ
ALEJANDRO RUYRA DE ANDRADE
EVA Dimensions
AUSTIN BURKETT
Societe Generale
CARLOS GARCIA GONZALEZ
Deutsche Bank
CARLOS BERASTAIN GONZALEZ
Credit Suisse
IGNACIO CEREZO
JUAN PABLO LOPEZ
BPI
CARLOS JOAQUIM PEIXOTO
AlphaValue
DAVID GRINSZTAJN
La Caixa
DAVID FERNANDEZ
JUAN ALBERTO TUESTA VILANOVA
Oddo & Cie
JULIE LEGRAND
Day by Day
VALERIE GASTALDY
Banco Sabadell
MARIO LODOS
Morgan Stanley
ALVARO SERRANO
Interdin Bolsa
JAVIER RUIZ-CAPILLAS
JPMorgan
JAIME BECERRIL
Hamburger Sparkasse
CHRISTIAN HAMANN
Macquarie
BENJIE CREELAN-SANDFORD
RBC Capital Markets
PATRICK LEE
STEFAN BONGARDT
Natixis
FREDERIC TESCHNER
Nomura
DARAGH QUINN
S&P Capital IQ
WILLIAM HOWLETT
Berenberg Bank
NICK ANDERSON
Goldman Sachs
JERNEJ OMAHEN
INGO FROMMEN
HSBC
CARLO DIGRANDI
Barclays
Redburn Partners
GEORGE KARAMANOS
Nord/LB
MICHAEL SEUFERT
CA Cheuvreux
Hammer Partners SA
ENRICO RACIOPPI
DZ Bank AG
SABINE BOHN
Source
EXCH
13G
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
neutral
outperform
strong buy
accumulate
hold
underperform
buy
overweight
hold
hold
neutral
buy
strong buy
buy
buy
overweight
buy
hold
buy
Overwt/In-Line
buy
neutral
hold
underperform
sector perform
hold
neutral
buy
sell
sell
Buy/Neutral
hold
neutral
underweight
neutral
hold
underperform
sell
sell
Amt Held
184'725'823
160'934'820
74'697'065
59'867'255
46'627'136
38'166'132
34'776'596
25'947'686
18'375'918
16'143'314
10'870'987
10'811'646
9'521'867
7'802'767
7'760'019
7'718'009
7'169'179
6'810'379
6'002'218
5'954'507
% Out
3.39
2.95
1.37
1.1
0.86
0.7
0.64
0.48
0.34
0.3
0.2
0.2
0.17
0.14
0.14
0.14
0.13
0.12
0.11
0.11
Weighting
Change
5
3
5
5
4
3
1
5
5
3
3
3
5
5
5
5
5
5
3
5
5
5
3
3
1
3
3
3
5
1
1
5
3
3
1
3
3
1
1
1
M
M
M
M
M
M
M
M
U
U
M
M
U
M
M
M
M
M
M
M
U
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
22'455'188
(86'470'698)
3'613'674
3'027'039
(9'198'725)
587'169
5'369'252
(5'614'470)
268'712
2'209'334
(3'610'744)
4'703'508
1'553'396
(2'806'444)
(121'826)
2'789'705
958'831
-
Target Price
9
7
9
9
9
7
7
8
#N/A N/A
7
8
8
9
9
10
9
8
9
#N/A N/A
8
9
9
7
#N/A N/A
6
8
8
7
8
7
7
11
8
7
6
#N/A N/A
#N/A N/A
7
6
6
File Dt
07.01.2013
24.07.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.01.2013
31.01.2013
25.03.2013
19.10.2012
31.01.2013
31.01.2013
28.12.2012
31.12.2012
30.09.2012
31.01.2013
31.01.2013
31.12.2012
31.08.2012
Date
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
18 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Bank
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
20.03.2013
14.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
07.03.2013
07.03.2013
04.03.2013
04.03.2013
27.02.2013
27.02.2013
15.02.2013
12.02.2013
12.02.2013
11.02.2013
07.02.2013
06.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
01.02.2013
28.01.2013
23.01.2013
17.01.2013
10.01.2013
08.01.2013
04.01.2013
23.10.2012
24.08.2012
19.06.2012
06.02.2012
27.03.2013
Hindustan Unilever Ltd

Hindustan Unilever Limited manufactures branded and packaged consumer products
Republic of Ireland, Czech Republic, Hungary, Poland, Slovakia, Turkey, Japan,
Malaysia, South Korea, China, Thailand, and the United States.
Price/Volume
450
120.0 M
400
100.0 M
350
300
80.0 M
250
03/2012
01/yy
571.12
392.57
740'669.00
472.45
-17.28%
20.35%
44.74%
2'162.3
1'021'576.00
8'403.60
0.0
183.0
41'936.90
988'225.69
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
150
40.0 M
100
20.0 M
50
0
m-12 a-12 m-12
31.03.2009
Profitability
31.03.2010
177'642.7
2.83x
28'498.6
17.67x
21'566.3
24.22x
31.03.2011
200'225.5
3.01x
27'443.4
21.96x
22'960.5
27.26x
31.03.2012
234'363.3
3.64x
35'044.4
24.34x
27'906.6
31.75x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
35'044.40
32'709.00
13.96%
15.45%
25.66%
86.99%
66.64%
2.15%
15.0%
14.0%
11.9%
1.23
0.75
7.37%
22.83%
25.75
-
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.59
0.55
943.23
17.26%
-9.96%
0.552
50
2.580
280'627
219'987
206'226
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
268'737.9 306'842.2
3.67x
3.18x
41'142.7
46'487.2
24.03x
21.27x
32'923.8
36'359.0
31.18x
28.27x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2123.90
1953.84
-0.96
0.24
22.8%
18.5%
2.15
9.65
14.21
-
9.00
70'000.0
8.00
60'000.0
7.00
50'000.0
6.00
5.00
40'000.0
4.00
30'000.0
3.00
20'000.0
2.00
10'000.0
1.00
0.00
06.03.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
139'134.0
3.32x
20'920.8
22.10x
19'148.9
24.60x
60.0 M
200
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.10.2012)
52-Week Low (04.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HUVR IB EQUITY YTD Change
HUVR IB EQUITY YTD % CHANGE
0.0
06.09.2009
06.03.2010
06.09.2010
06.03.2011
06.09.2011
06.03.2012
06.09.2012
06.03.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Hindustan Unilever Ltd

Holdings By:
All
Holder Name
UNILEVER PLC
BLACKROCK
LEGAL & GENERAL
FRANKLIN RESOURCES
SCOTTISH WIDOWS
UBS
FMR LLC
MONDRIAN INVESTMENT
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
GEICO CORP
VANGUARD GROUP INC
SILCHESTER INTL INVE
ABERDEEN
STATE STREET
GENERAL REINSURANCE
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
Credit Suisse
JAMES GRZINIC
Cantor Fitzgerald
MICHAEL J DENNIS
JONATHAN PRITCHARD
JPMorgan
JAIME VAZQUEZ
AlphaValue
VIRGINIE BLIN
CLIVE WILLIAM BLACK
Exane BNP Paribas
JOHN KERSHAW
Morgan Stanley
EDOUARD AUBIN
Day by Day
VALERIE GASTALDY
Credit Suisse
ANDREW KASOULIS
PHILIP DORGAN
Nomura
NICK COULTER
Redburn Partners
MARC DE SPEVILLE
Baader Bank
VOLKER BOSSE
Macquarie
SREEDHAR MAHAMKALI
EVA Dimensions
AUSTIN BURKETT
ZAFER RUZGAR
HSBC
JEROME SAMUEL
Aurel - BGC
JEAN-MARIE L'HOME
S&P Capital IQ
WILLIAM MACK
CAROLINE GULLIVER
Barclays
JAMES ANSTEAD
Investec
DAVID MCCARTHY
CA Cheuvreux
ARNAUD JOLY
Natixis
PIERRE-EDOUARD BOUDOT
Deutsche Bank
JAMES G COLLINS
FABIENNE CARON
Goldman Sachs
FRANKLIN WALDING
Merchant Securities
AMISHA CHOHAN
Source
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
MF-AGG
REG
REG
REG
REG
REG
ULT-AGG
ULT-AGG
REG
Recommendation
buy
buy
buy
overweight
reduce
buy
neutral
Underwt/In-Line
hold
outperform
buy
buy
neutral
buy
outperform
hold
buy
overweight
sell
buy
sell
equalweight
sell
underperform
reduce
buy
hold
neutral/neutral
hold
Amt Held
408'516'187
399'699'734
398'866'198
288'620'387
249'889'001
165'943'974
118'272'907
108'307'467
107'524'181
105'137'452
99'385'239
90'584'501
90'000'000
89'847'553
86'150'000
83'932'359
81'651'783
75'403'434
74'866'027
72'862'000
% Out
5.07
4.96
4.95
3.58
3.1
2.06
1.47
1.34
1.33
1.31
1.23
1.12
1.12
1.12
1.07
1.04
1.01
0.94
0.93
0.9
Weighting
Change
5
5
5
5
2
5
3
1
3
5
5
5
3
5
5
3
5
5
1
5
1
3
1
1
2
5
3
3
3
M
M
M
M
M
M
M
M
M
U
M
M
M
U
M
M
M
M
M
M
M
M
M
M
D
M
N
M
M
Latest Chg
4'456'725
(597'509)
(342'521)
31'939'698
8'061'010
18'452'445
(407'143)
11'857'234
8'288'371
(26'435)
3'707'992
1'917'566
20'121'589
168'248
1'218'140
-
Target Price
440
443
400
425
380
#N/A N/A
375
310
#N/A N/A
430
440
430
#N/A N/A
410
400
#N/A N/A
420
410
300
380
275
360
295
320
300
394
298
375
#N/A N/A
File Dt
Inst Type
01.01.2013
Investment Advisor
01.01.2013
Government
25.03.2013
Investment Advisor
01.01.2013
Unclassified
28.02.2013
Investment Advisor
01.01.2013
Unclassified
31.01.2013
Unclassified
31.01.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Government
31.12.2012
Investment Advisor
01.01.2013
Unclassified
01.01.2013
Investment Advisor
01.01.2013
Unclassified
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
28.02.2013
Unclassified
26.03.2013
Investment Advisor
01.01.2013
Insurance Company
Date
12 month
Not Provided
Not Provided
9 month
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
26.03.2013
26.03.2013
26.03.2013
25.03.2013
21.03.2013
19.03.2013
13.03.2013
11.03.2013
11.03.2013
06.03.2013
06.03.2013
26.02.2013
15.02.2013
12.02.2013
23.01.2013
17.01.2013
11.01.2013
10.01.2013
10.01.2013
10.01.2013
08.01.2013
04.01.2013
04.10.2012
04.10.2012
04.10.2012
24.09.2012
28.06.2012
01.05.2012
18.04.2012
27.03.2013
Hindustan Zinc Ltd

Hindustan Zinc Limited specializes in the exploration, mining and smelting of
Company produces colorants, styling, and hair care products for professional
hairdressers, hair care, cosmetics, and skin care products and perfumes for
consumers, luxury cosmetics and perfumes sold through department stores,
perfumeries and travel stores, and dermatological and pharmaceutical products.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.12.2012)
52-Week Low (22.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HZ IB EQUITY YTD Change
HZ IB EQUITY YTD % CHANGE
03/2012
12/yy
146.80
110.55
98'974.00
116.45
-20.67%
5.34%
16.28%
4'225.3
492'038.41
3.90
0.0
0.0
179'463.10
312'579.20
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.5 M
120
3.0 M
100
2.5 M
80
2.0 M
60
1.5 M
40
1.0 M
20
.5 M
0
m-12
31.03.2009
31.03.2010
56'802.7
80'169.7
1.76x
4.87x
27'429.8
46'743.5
3.65x
8.36x
27'276.1
40'414.1
6.99x
12.59x
Profitability
LTM-4Q
31.03.2011
100'391.7
4.31x
56'134.5
7.71x
49'004.9
11.88x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
114'053.1
3.33x
60'777.0
6.25x
55'260.4
10.12x
60'777.00
54'668.20
47.93%
60.89%
20.29%
22.37%
22.41%
0.42%
53.3%
47.9%
48.5%
13.89
12.91
0.00%
0.00%
42.14
-
Price/ Cash Flow
j-12
j-12
LTM
12/yy
20'343.1
0.00x
0.0
0.00x
0.0
0.00x
a-12
12/yy
22'462.7
0.00x
0.0
0.00x
0.0
0.00x
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
0.77
1.02
234.21
-3.99%
-14.41%
1.024
49
4.327
143'092
180'843
138'422
FY+1
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4
06/13 Q1
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
435.68
315.83
-2.95
0.00
0.0%
0.0%
0.42
1.34
8.69
-
25.00
25'000.0
20.00
20'000.0
15.00
15'000.0
10.00
10'000.0
5.00
5'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
78'777.7
1.84x
54'008.8
2.68x
43'960.7
5.05x
140
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Hindustan Zinc Ltd

Holdings By:
All
Holder Name
STERLITE INDUSTRIES
NESTLE SA
L'OREAL SA
VANGUARD GROUP INC
OWEN-JONES LINDSAY
BLACKROCK
BALYASNY ASSET MANAG
FMR LLC
LBPAM
AMUNDI
INVESCO LTD
NEW JERSEY DIVISION
AVIVA PLC
Firm Name
Portfolio Name
n/a
#N/A N/A
#N/A N/A
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Standard Chartered
ERIK SJOGREN
ANDREW WOOD
Stifel
MARK S ASTRACHAN
AlphaValue
ARMELLE MOULIN
Jefferies
ALEX HOWSON
JPMorgan
CELINE PANNUTI
CATHERINE ROLLAND
Grupo Santander
PEDRO GIL
RBC Capital Markets
Berenberg Bank
SETH PETERSON
Day by Day
VALERIE GASTALDY
Liberum Capital Ltd
PABLO ZUANIC
Credit Suisse
ALEX MOLLOY
EDDY HARGREAVES
Exane BNP Paribas
EAMONN FERRY
BERND MUELL
Nomura
GUILLAUME DELMAS
Main First Bank AG
GAEL COLCOMBET
Barclays
IAIN SIMPSON
Raymond James
Oddo & Cie
LEOPOLD AUTHIE
Bryan Garnier & Cie
LOIC MORVAN
Redburn Partners
WILLIAM HOUSTON
Societe Generale
Commerzbank Corporates & Markets ANDREAS RIEMANN
Deutsche Bank
HAROLD THOMPSON
Goldman Sachs
ROSIE EDWARDS
LARS LUSEBRINK
Hamburger Sparkasse
CHRISTIAN HAMANN
S&P Capital IQ
CARL SHORT
DAVID WU
Natixis
PIERRE TEGNER
HSBC
CEDRIC BESNARD
EVA Dimensions
AUSTIN BURKETT
CA Cheuvreux
THOMAS MESMIN
Aurel - BGC
DAVID DA MAIA
ALEX SMITH
Banco Sabadell
IGNACIO ROMERO
DZ Bank AG
THOMAS MAUL
Source
Co File
Co File
Co File
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
Short
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
Underwt/In-Line
underperform
hold
reduce
buy
overweight
buy
hold
outperform
hold
hold
buy
neutral
sell
outperform
hold
reduce
outperform
overweight
outperform
buy
buy
sell
hold
hold
hold
buy/attractive
hold
buy
hold
no rating system
neutral
overweight
underweight
suspended coverage
not rated
sell
sell
buy
Amt Held
% Out
185'661'879 30.72
178'381'021 29.52
10'454'165
1.73
5'729'800
0.95
5'647'487
0.93
4'446'174
0.74
2'998'095
0.5
2'784'467
0.46
2'526'833
0.42
(2'309'774) -0.38
1'794'714
0.3
1'415'058
0.23
1'085'268
0.18
1'056'948
0.17
831'525
0.14
805'008
0.13
725'628
0.12
661'487
0.11
511'365
0.08
457'965
0.08
Weighting
1
1
3
2
5
5
5
3
5
3
3
5
3
1
5
3
2
5
5
5
5
5
1
3
3
3
5
3
5
3
#N/A N/A
3
5
1
#N/A N/A
#N/A N/A
1
1
5
Change
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
Latest Chg
(1'345'900)
95'322
(516'711)
6'339
729'403
313'136
20'420
15'098
306'745
2'576
1'825
30'221
Target Price
110
95
#N/A N/A
115
106
120
125
105
134
113
#N/A N/A
130
117
94
114
105
97
120
121
120
120
118
#N/A N/A
112
113
105
143
111
#N/A N/A
115
#N/A N/A
96
121
#N/A N/A
#N/A N/A
#N/A N/A
87
92
97
File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
25.03.2013
30.01.2013
31.01.2013
31.01.2013
26.03.2013
31.12.2012
31.10.2012
21.03.2013
30.06.2012
25.03.2013
31.08.2012
31.12.2012
Date
12 month
12 month
Not Provided
6 month
12 month
9 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
n/a
Corporation
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
25.03.2013
21.03.2013
21.03.2013
20.03.2013
14.03.2013
14.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
07.03.2013
05.03.2013
25.02.2013
19.02.2013
18.02.2013
18.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
08.02.2013
17.01.2013
17.01.2013
14.01.2013
07.11.2012
30.10.2012
30.07.2012
30.07.2012
27.03.2013
Housing Development & Infrastructure Ltd

Housing Development & Infrastructure Limited is real estate development
beverages, baby food and clinical/medical nutrition products.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.01.2013)
52-Week Low (26.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HDIL IB EQUITY YTD Change
HDIL IB EQUITY YTD % CHANGE
03/2012
12/yy
123.95
43.65
4'920'077.00
45.45
-63.33%
4.12%
2.24%
419.0
19'043.73
40'962.52
0.0
46.1
2'327.31
50'532.13
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
12.0 M
50
10.0 M
40
8.0 M
30
6.0 M
20
4.0 M
10
2.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
23'804.5
7.08x
16'926.4
9.95x
14'104.8
12.21x
60
31.03.2009
31.03.2010
17'284.4
15'021.2
3.61x
8.93x
13'105.9
12'047.8
4.76x
11.14x
7'812.5
5'678.6
2.89x
16.51x
Profitability
LTM-4Q
31.03.2011
18'467.1
6.19x
15'460.3
7.39x
8'217.6
8.44x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
19'924.8
3.74x
15'093.7
4.94x
8'098.1
4.47x
15'093.69
14'235.43
71.45%
42.10%
4.85%
8.18%
10.01%
0.12%
75.8%
71.4%
40.6%
3.02
0.20
23.73%
39.72%
3.24
-
Price/ Cash Flow
LTM
12/yy
19'318.0
0.00x
0.0
0.00x
0.0
0.00x
12/yy
20'868.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.00
2.01
259.60
-48.00%
-59.22%
2.009
17
3.176
9'610'445
4'995'737
5'290'828
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
20'047.9
26'266.7
11'855.0
2.76x
2.10x
4.72x
11'385.1
13'965.6
4'690.0
4.44x
3.62x
6'783.7
8'471.5
3'613.0
2.88x
2.30x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.42
2.40
2.56
2.71
39.7%
28.4%
0.12
7.26
112.94
-
14.00
25'000.0
12.00
20'000.0
10.00
15'000.0
8.00
6.00
10'000.0
4.00
5'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Housing Development & Infrastructure Ltd

Holdings By:
All
Holder Name
WADHAWAN RAKESH KUMA
GROUPE DANONE
AMUNDI SA
EURAZEO
NORGES BANK
SOFINA & HENEX GROUP
FMR LLC
CAISSE DES DEPOTS ET
FCPE FONDS GROUPE DA
VANGUARD GROUP INC
BLACKROCK
TRIAN FUND MANAGEMEN
MACKENZIE FINANCIAL
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
HSBC
ANDREW WOOD
HSBC
CEDRIC BESNARD
AlphaValue
SOPHIE CABO-BROSETA
Grupo Santander
PEDRO GIL
Nomura
DAVID HAYES
Jefferies
ALEX HOWSON
Exane BNP Paribas
JEFF STENT
Morgan Stanley
EILEEN KHOO
S&P Capital IQ
CARL SHORT
Equita SIM SpA
FABIO FAZZARI
RBC Capital Markets
JON COX
Day by Day
VALERIE GASTALDY
Credit Suisse
ALEX MOLLOY
EDDY HARGREAVES
Mirabaud Securities
JULIAN LAKIN
EVA Dimensions
AUSTIN BURKETT
Berenberg Bank
JAMES TARGETT
Redburn Partners
JEREMY FIALKO
Societe Generale
WARREN L ACKERMAN
Goldman Sachs
ALEXIS COLOMBO
Hamburger Sparkasse
FRANCIS PRETRE
Oddo & Cie
LAURENCE HOFMANN
Helvea
ANDREAS VON ARX
Barclays
LIAM ROWLEY
Deutsche Bank
JAMES ISENWATER
JPMorgan
CELINE PANNUTI
LARS LUSEBRINK
Main First Bank AG
Banco Sabadell
IGNACIO ROMERO
Liberum Capital Ltd
PABLO ZUANIC
CA Cheuvreux
ERIC BOROIAN
ALEX SMITH
Natixis
PIERRE TEGNER
Aurel - BGC
JEAN-MARIE L'HOME
DZ Bank AG
ROBERT CZERWENSKY
Nord/LB
WOLFGANG VASTERLING
BARBARA AMBRUS
Gabelli & Co
JOSEPH A GABELLI
Source
ULT-AGG
Co File
Co File
Co File
Co File
Co File
Co File
ULT-AGG
MF-AGG
Co File
ULT-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
market perform
overweight
add
underweight
buy
hold
neutral
buy
Underwt/In-Line
buy
buy
underperform
buy
buy
underperform
sell
hold
hold
sell
buy
hold
Buy/Neutral
hold
reduce
neutral
accumulate
equalweight
hold
neutral
hold
underperform
sell
hold
outperform
buy
neutral
hold
buy
buy
hold
buy
Amt Held
55'771'157
44'051'229
20'039'020
16'433'370
15'048'614
13'584'541
12'811'179
12'721'689
9'939'780
9'783'434
9'120'390
8'533'644
7'429'890
6'674'800
6'539'676
6'431'620
5'801'340
4'324'592
3'969'086
3'188'630
% Out
8.79
6.94
3.16
2.59
2.37
2.14
2.02
2.01
1.57
1.54
1.44
1.35
1.17
1.05
1.03
1.01
0.91
0.68
0.63
0.5
Weighting
Change
3
5
4
1
5
3
3
5
1
5
5
1
5
5
1
1
3
3
1
5
3
5
3
2
3
4
3
3
3
3
1
1
3
5
5
3
3
5
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
15'779
4'624'340
(112'541)
681'500
(278'200)
(418'650)
(261'299)
2'699
745'570
(54'102)
(11'912)
Target Price
53
63
65
46
60
48
57
63
45
63
66
59
59
58
54
43
49
#N/A N/A
51
#N/A N/A
53
65
#N/A N/A
47
54
61
51
45
56
55
49
56
#N/A N/A
53
56
56
50
56
#N/A N/A
51
#N/A N/A
File Dt
Inst Type
31.01.2013
Investment Advisor
31.12.2012
Corporation
31.12.2012
Other
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Other
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
n/a
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
Date
12 month
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
3 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
9 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
25.03.2013
25.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
14.03.2013
13.03.2013
13.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
07.03.2013
05.03.2013
26.02.2013
26.02.2013
22.02.2013
22.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
15.02.2013
25.01.2013
21.01.2013
08.01.2013
14.12.2012
13.12.2012
22.10.2012
10.09.2012
27.07.2012
01.11.2011
27.03.2013
Housing Development Finance Corp

Housing Development Finance Corporation Ltd. HDFC provides housing finance in
The PLC owns and operates the electricity transmission network in England and
Wales, the gas transmission network in Great Britain, and electricity
transmission networks in the Northeastern United States. National Grid also
operates the electricity transmission networks in Scotland.
Price/Volume
800
20.0 M
600
500
15.0 M
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.12.2012)
52-Week Low (16.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HDFC IB EQUITY YTD Change
HDFC IB EQUITY YTD % CHANGE
03/2012
01/yy
882.00
610.70
112'247.00
822.65
-6.73%
34.71%
78.12%
1'546.3
1'272'094.00
1'424'792.00
0.0
8'195.3
15'299.70
2'335'561.72
31.03.2008
88'194.2
15.67x
80'922.1
17.08x
27'130.0
23.73x
10.0 M
300
200
5.0 M
100
0
m-12
31.03.2009
31.03.2010
117'064.2
123'566.6
10.70x
14.26x
105'974.0
113'182.5
11.82x
15.57x
23'105.0
32'409.8
17.38x
23.91x
Profitability
LTM-4Q
31.03.2011
257'926.3
8.56x
132'326.9
16.68x
45'284.1
22.56x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
299'575.3
8.05x
178'648.6
13.50x
54'625.1
18.14x
178'648.60
35.15%
24.69%
2.82%
23.95%
3.69%
0.15%
59.6%
18.2%
67.02%
583.36%
-
Price/ Cash Flow
j-12
j-12
LTM
01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
a-12
01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
1.34
0.99
1'401.05
25.46%
-0.66%
0.992
50
3.680
112'344
117'070
119'964
FY+1
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4
06/13 Q1
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
7.89
7.98
583.4%
84.9%
0.15
50.39
-
9.00
18'000.0
8.00
16'000.0
7.00
14'000.0
6.00
12'000.0
5.00
10'000.0
4.00
8'000.0
3.00
6'000.0
2.00
4'000.0
1.00
2'000.0
0.00
03.04.2009
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
25.0 M
700
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Housing Development Finance Corp

Holdings By:
All
Holder Name
ABERDEEN
BLACKROCK
CRESCENT HOLDING GMB
LEGAL & GENERAL
SCOTTISH WIDOWS
FMR LLC
VANGUARD GROUP INC
VANGUARD GROUP INC
STOCK LENDING ACCOUN
STATE STREET
AXA
DEUTSCHE BANK PROP T
PEOPLES REPUBLIC OF
HSBC INVESTMENTS UK
NOMURA
FEDERATED INVESTORS
Firm Name
IIFL
Exane BNP Paribas
HSBC
AlphaValue
Credit Suisse
JPMorgan
Societe Generale
Goldman Sachs
Redburn Partners
Nomura
Cantor Fitzgerald
Berenberg Bank
S&P Capital IQ
Liberum Capital Ltd
Barclays
EVA Dimensions
Deutsche Bank
Day by Day
Morgan Stanley
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
JOHN MUSK
IAIN TURNER
VERITY MITCHELL
MYRIAM COHEN
MARK FRESHNEY
EDMUND REID
ASHLEY THOMAS
ANDREW MEAD
JAMIE TUNNICLIFFE
JONATHAN CONSTABLE
ANGELOS ANASTASIOU
LAWSON STEELE
CLIVE ROBERTS
GUILLAUME REDGWELL
PETER BISZTYGA
AUSTIN BURKETT
MARTIN BROUGH
VALERIE GASTALDY
BOBBY CHADA
SVEN DIERMEIER
Source
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
MF-AGG
REG
REG
REG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
outperform
outperform
overweight
reduce
outperform
neutral
sell
Sell/Neutral
buy
buy
sell
hold
hold
hold
overweight
underweight
sell
buy
Overwt/In-Line
hold
Amt Held
399'638'038
182'630'798
149'414'285
132'427'487
94'750'614
90'428'903
69'496'919
66'845'989
60'226'673
44'812'821
43'614'734
42'803'435
37'994'117
35'193'432
34'419'117
33'236'568
28'398'916
27'260'666
24'997'793
24'687'411
% Out
10.9
4.98
4.08
3.61
2.59
2.47
1.9
1.82
1.64
1.22
1.19
1.17
1.04
0.96
0.94
0.91
0.77
0.74
0.68
0.67
Weighting
Change
5
5
5
2
5
3
1
1
5
5
1
3
3
3
5
1
1
5
5
3
M
M
U
M
M
U
M
M
M
M
N
N
M
N
M
M
M
M
M
M
Latest Chg
(35'637'904)
2'720'054
15'922'916
1'757'999
(1'736'674)
(12'319'399)
3'422'249
(2'034'154)
4'093'896
18'660'830
(1'278'846)
(2'110'950)
19'219'117
14'402'655
5'959'620
1'333'083
1'812'745
Target Price
800
780
850
692
800
720
634
604
#N/A N/A
735
617
700
727
730
785
#N/A N/A
600
786
775
710
File Dt
21.02.2013
25.03.2013
03.12.2012
03.12.2012
03.12.2012
03.12.2012
03.12.2012
31.01.2013
31.12.2012
03.12.2012
03.12.2012
03.12.2012
26.03.2013
31.01.2013
03.12.2012
03.12.2012
03.12.2012
03.12.2012
03.12.2012
31.12.2012
Date
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
3 month
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Other
Government
Investment Advisor
Unclassified
Government
Investment Advisor
Date
27.03.2013
25.03.2013
21.03.2013
21.03.2013
20.03.2013
18.03.2013
11.03.2013
11.03.2013
08.03.2013
28.02.2013
11.02.2013
05.02.2013
29.01.2013
25.01.2013
25.01.2013
17.01.2013
07.01.2013
04.01.2013
13.12.2012
21.11.2012
27.03.2013
ICICI Bank Ltd

ICICI Bank Limited operates a network of bank's located throughout India. The
Company offers general and life insurance products and services for individuals,
small businesses, commercial enterprises, mid-sized and large corporations, and
multinational companies.
Price/Volume
300
1.4 M
250
1.2 M
1.0 M
200
Latest Fiscal Year:

LTM as of:
52-Week High (31.01.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ICICIBC IB EQUITY YTD Change
ICICIBC IB EQUITY YTD % CHANGE
03/2012
12/yy
1'231.00
767.00
269'578.00
1021.1
-17.05%
33.13%
54.76%
1'153.5
1'177'863.88
1'769'324.15
14'277.2
411'717.50
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.6 M
100
.4 M
50
.2 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
599'917.4
33'982.3
23.90x
.8 M
150
Valuation Analysis
31.03.2009
31.03.2010
641'516.2
595'176.1
35'769.5
46'702.9
10.36x
22.71x
Profitability
LTM-4Q
31.03.2011
615'647.1
60'932.7
20.85x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
666'619.9
76'429.4
13.42x
25.67%
25.66%
1.34%
13.11%
3.58%
0.12%
18.4%
29.28%
288.74%
-
Price/ Cash Flow
LTM
12/yy
52'980.0
3.11x
0.0
0.00x
3'750.0
8.80x
12/yy
70'446.0
2.48x
0.0
0.00x
3'872.0
10.07x
1.62
1.32
682.44
19.02%
-10.22%
1.317
66
4.682
528'858
317'850
282'296
FY+1
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4
06/13 Q1
90'649.0 113'240.0
12.98x
11.15x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.01.2007
NR
NEG
30.01.2007
A-3
288.7%
73.8%
0.12
12.21
-
14.00
80'000.0
12.00
70'000.0
60'000.0
10.00
50'000.0
8.00
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
10'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
ICICI Bank Ltd

Holdings By:
All
Holder Name
DEUTSCHE BANK TRUST
NORGES BANK
ABERDEEN
FMR LLC
CREDIT SUISSE
CREDIT SUISSE ASSET
VANGUARD GROUP INC
FRANKLIN RESOURCES
UBS FUND MANAGEMENT
PICTET & CIE
TWEEDY BROWNE COMPAN
SCHRODER INVESTMENT
UMB BANK N A
DIMENSIONAL FUND ADV
MORGAN STANLEY
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst

THOMAS SEIDL
Raymond James
DANNY JACQUES
AlphaValue
DIETER HEIN
EVA Dimensions
AUSTIN BURKETT
Exane BNP Paribas
THOMAS JACQUET
Barclays
ANDREW BROADFIELD
Oddo & Cie
NICOLAS JACOB
RBC Capital Markets
GORDON AITKEN
Morgan Stanley
MARCUS RIVALDI
Bank Vontobel AG
STEFAN SCHUERMANN
Berenberg Bank
PETER ELIOT
Credit Suisse
RICHARD BURDEN
STEFAN BONGARDT
GEORG MARTI
RALPH HEBGEN
JPMorgan
MICHAEL HUTTNER
Macquarie
HADLEY COHEN
Bankhaus Metzler
JOCHEN SCHMITT
FABRIZIO CROCE
Nomura
MICHAEL KLIEN
S&P Capital IQ
RODERICK WALLACE
Main First Bank AG
RENE LOCHER
Helvea
DANIEL BISCHOF
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Banca Akros(ESN)
MARCO CAVALLERI
CA Cheuvreux
Mediobanca SpA
MARC THIELE
Deutsche Bank
ROBIN BUCKLEY
HSBC
THOMAS FOSSARD
Day by Day
VALERIE GASTALDY
JOY FERNEYHOUGH
BEN COHEN
WERNER SCHIRMER
Societe Generale
JASON KALAMBOUSSIS
Goldman Sachs
VINIT MALHOTRA
Redburn Partners
PAUL GOODHIND
DZ Bank AG
WERNER EISENMANN
TIM PROUDLOVE
Source
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
market perform
outperform
buy
overweight
neutral
underweight
buy
outperform
Equalwt/In-Line
hold
hold
outperform
hold
market perform
market perform
neutral
neutral
buy
hold
buy
sell
underperform
neutral
sell
hold
select list
neutral
hold
neutral
buy
buy
buy
sell
hold
Buy/Neutral
neutral
buy
underperform
Amt Held
6'491'974
4'495'862
4'377'801
2'823'083
2'525'492
2'223'047
1'927'285
1'903'054
1'414'107
802'354
760'859
716'240
619'731
558'266
444'000
433'728
374'403
362'837
311'978
296'523
% Out
4.38
3.03
2.95
1.9
1.7
1.5
1.3
1.28
0.95
0.54
0.51
0.48
0.42
0.38
0.3
0.29
0.25
0.24
0.21
0.2
Weighting
Change
3
5
5
5
3
1
5
5
3
3
3
5
3
3
3
3
3
5
3
5
1
1
3
1
3
5
3
3
3
5
5
5
1
3
5
3
5
1
M
M
M
D
M
D
M
U
M
M
M
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
8'208
(23'819)
(719'223)
787
(39'432)
22'537
10
(311)
314'544
4'556
(13'585)
18'520
16'355
353'700
13'430
45'107
56'299
29'113
Target Price
269
297
309
#N/A N/A
245
247
300
290
261
270
290
282
270
#N/A N/A
300
263
270
290
213
290
230
265
255
252
245
300
292
265
254
270
300
260
200
252
292
#N/A N/A
240
216
File Dt
Inst Type
25.03.2013
Investment Advisor
23.06.2011
Government
31.01.2012
Unclassified
31.01.2013
Investment Advisor
23.03.2010
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.03.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.07.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
Date
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
9 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
6 month
12 month
Not Provided
6 month
12 month
Not Provided
3 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Date
27.03.2013
22.03.2013
21.03.2013
21.03.2013
14.03.2013
13.03.2013
05.03.2013
04.03.2013
26.02.2013
26.02.2013
21.02.2013
20.02.2013
19.02.2013
18.02.2013
17.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
13.02.2013
04.02.2013
30.01.2013
24.01.2013
16.01.2013
15.01.2013
08.01.2013
18.12.2012
30.11.2012
15.11.2012
11.10.2012
15.03.2012
05.12.2011
06.05.2011
27.03.2013
IDBI Bank Ltd

IDBI Bank Limited provides a range of banking and financial services. The Bank's
retails luxury goods. The Company produces jewelry, watches, leather goods,
writing instruments, and men's and women's wear.
Price/Volume
90
6.0 M
80
5.0 M
70
60
4.0 M
50
03/2012
12/yy
118.20
79.00
351'768.00
79.8
-32.49%
1.01%
2.04%
1'278.4
102'018.49
776'287.32
0.0
298.4
182'387.78
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30
2.0 M
20
1.0 M
10
0
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
99'623.0
7'465.9
8.65x
3.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.01.2013)
52-Week Low (26.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IDBI IB EQUITY YTD Change
IDBI IB EQUITY YTD % CHANGE
31.03.2009
31.03.2010
133'336.1
178'185.1
7'665.4
10'205.3
4.29x
8.17x
Profitability
LTM-4Q
31.03.2011
208'408.8
15'635.1
8.19x
31.03.2012
255'897.8
20'025.0
5.16x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
29.69%
0.74%
11.79%
2.27%
0.09%
29.6%
26.70%
400.33%
-
Price/ Cash Flow
LTM
06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
12/yy
7'515.0
0.00x
0.0
0.00x
0.0
0.00x
4.39
1.27
109.56
-24.06%
-28.37%
1.272
17
2.765
321'132
243'629
259'656
FY+1
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4
06/13 Q1
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.01.2007
NEG
30.01.2007
A-3
400.3%
80.0%
0.09
8.39
-
30.00
10'000.0
9'000.0
25.00
8'000.0
7'000.0
20.00
6'000.0
15.00
5'000.0
4'000.0
10.00
3'000.0
2'000.0
5.00
0.00
03.04.2009
1'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
IDBI Bank Ltd

Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
BLACKROCK
VANGUARD GROUP INC
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
FMR LLC
PICTET & CIE
PICTET ASSET MANAGEM
ALLIANCE BERNSTEIN
Firm Name
Investec
Cantor Fitzgerald
ISI Group
Day by Day
AlphaValue
EVA Dimensions
Nomura
Exane BNP Paribas
Aurel - BGC
Oddo & Cie
Societe Generale
Renaissance Capital
Berenberg Bank
Bryan Garnier & Cie
Barclays
HSBC
Macquarie
S&P Capital IQ
Morgan Stanley
Goldman Sachs
JPMorgan
Main First Bank AG
Raymond James
Deutsche Bank
CA Cheuvreux
Bank Vontobel AG
Redburn Partners
BNP Paribas Cadiz Securities
Natixis
Avior Research
Portfolio Name
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
ROGERIO FUJIMORI
JON COX
THANE DUFF
ALLEGRA PERRY
OMAR SAAD
VALERIE GASTALDY
VIRGINIE BLIN
CRAIG STERLING
CHRISTOPHER WALKER
LUCA GIUSEPPE SOLCA
DAVID DA MAIA
LEOPOLD AUTHIE
THIERRY COTA
MARIO ORTELLI
REY WIUM
LARS LUSEBRINK
JOHN GUY
DANA TELSEY
LOIC MORVAN
HELEN NORRIS
ERWAN RAMBOURG
WYNAND VAN ZYL
JASON ASAEDA
LOUISE SINGLEHURST
WILLIAM HUTCHINGS
MELANIE A FLOUQUET
PATRIK SCHWENDIMANN
MATTHIAS EIFERT
MARC WILLAUME
FRANCESCA DI PASQUANTONIO
THOMAS MESMIN
RENE WEBER
ANNABEL GLEESON
SHAMIL ISMAIL
JOSEPHINE CHEVALLIER
MATHEW MENEZES
Source
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
13F
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
outperform
buy
hold
hold
strong buy
hold
reduce
underweight
buy
outperform
buy
buy
buy
outperform
sell
buy
hold
no rating system
buy
overweight
neutral
outperform
hold
Equalwt/In-Line
Buy/Neutral
neutral
market perform
outperform
strong buy
buy
outperform
hold
buy
hold
neutral
neutral
Amt Held
12'427'709
9'166'906
8'606'776
7'764'653
7'459'676
7'162'235
6'983'477
5'275'767
4'749'863
3'424'524
3'141'085
3'073'903
2'829'979
2'734'006
2'457'766
1'978'900
1'666'800
1'291'101
1'266'927
1'110'872
% Out
2.38
1.76
1.65
1.49
1.43
1.37
1.34
1.01
0.91
0.66
0.6
0.59
0.54
0.52
0.47
0.38
0.32
0.25
0.24
0.21
Weighting
Change
5
5
3
3
5
3
2
1
5
5
5
5
5
5
1
5
3
#N/A N/A
5
5
3
5
3
3
5
3
3
5
5
5
5
3
5
3
3
3
M
M
M
M
M
D
M
U
M
M
M
M
M
M
M
N
M
M
M
M
M
U
M
M
M
M
D
M
M
U
M
M
N
D
M
D
Latest Chg
1'360'294
(1'002'480)
(153'770)
(5'806'400)
(43'763)
(49'746)
(11'372)
273'181
(62'997)
(123'534)
9'404
(4'415)
928'202
(809'000)
(362'873)
(2'744)
(12'780)
113'009
Target Price
85
90
87
74
80
#N/A N/A
76
#N/A N/A
83
105
86
93
95
100
76
90
72
84
82
86
83
90
80
74
114
72
#N/A N/A
83
90
86
88
80
#N/A N/A
64
60
70
File Dt
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
30.11.2012
31.01.2013
31.01.2013
31.12.2012
31.01.2013
31.01.2013
31.01.2013
31.12.2012
31.12.2012
31.01.2013
31.01.2013
31.12.2012
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
26.03.2013
25.03.2013
25.03.2013
24.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
15.03.2013
14.03.2013
21.02.2013
15.02.2013
10.02.2013
01.02.2013
28.01.2013
24.01.2013
22.01.2013
22.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
18.01.2013
16.01.2013
14.01.2013
09.01.2013
07.01.2013
27.11.2012
02.11.2012
05.09.2012
27.03.2013
Idea Cellular Ltd

Idea Cellular Limited offers cellular services, SMS services, and mobile
insurance and investment products and services. Insurance products include life,
accident and health, property and casualty insurance, as well as fixed and
variable annuities. Financial and investment services include personal and
group pensions, equity plans, mortgages and deposit accounts.
Price/Volume
1200
12.0 M
03/2012
12/yy
124.00
71.20
122'625.00
108.7
-12.34%
52.67%
71.02%
3'314.3
360'266.78
112'850.01
19.3
0.0
1'520.73
456'465.98
8.0 M
6.0 M
400
4.0 M
200
2.0 M
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2009
31.03.2010
101'312.9
123'978.8
1.92x
2.27x
28'274.1
33'714.1
6.88x
8.34x
8'815.8
9'539.4
16.65x
21.34x
Profitability
LTM-4Q
31.03.2011
154'384.0
2.11x
37'583.9
8.69x
8'987.1
24.77x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
194'886.9
2.25x
50'484.3
8.68x
7'229.9
45.17x
50'484.30
20'670.95
10.61%
5.41%
2.30%
5.70%
5.92%
0.62%
99.3%
25.9%
10.6%
3.7%
0.30
0.11
34.58%
86.49%
28.28
1.78
Price/ Cash Flow
LTM
FY+1
0.00
0.61
1'013.23
10.19%
4.82%
0.610
52
3.288
105'408
278'581
412'359
FY+2
FQ+1
FQ+2
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
0.0 222'663.3 251'594.4
57'308.0
62'688.0
#DIV/0!
2.18x
1.87x
0.0
59'180.0
69'743.7
16'125.3
17'214.0
0.00x
7.73x
6.56x
6.40x
5.88x
0.0
10'079.8
15'179.1
3'038.5
3'509.0
0.00x
35.37x
23.31x
22.72x
19.15x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
5.08
0.32
2.21
2.24
86.5%
46.4%
0.62
0.93
12.94
205.15
909.09
-690.99
160.00
60'000.0
140.00
50'000.0
120.00
40'000.0
100.00
30'000.0
80.00
20'000.0
60.00
10'000.0
40.00
0.0
20.00
-10'000.0
0.00
01.01.2010
10.0 M
600
Latest Fiscal Year:

LTM as of:
52-Week High (16.01.2013)
52-Week Low (24.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IDEA IB EQUITY YTD Change
IDEA IB EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
800
Valuation Analysis
31.03.2008
67'199.9
4.87x
22'624.3
14.47x
10'423.1
25.95x
16.0 M
1000
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
-20'000.0
27.03.2013
Idea Cellular Ltd

Holdings By:
All
Holder Name
ADITYA BIRLA NUVO LT
BLACKROCK
LEGAL & GENERAL
BAILLIE GIFFORD AND
SCOTTISH WIDOWS
FMR LLC
VANGUARD GROUP INC
JP MORGAN
UBS
SCHRODER INVESTMENT
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
LAZARD ASSET MANAGEM
AEGON
HSBC INVESTMENTS UK
AVIVA INVESTORS
Firm Name
HSBC
EVA Dimensions
AlphaValue
Berenberg Bank
Redburn Partners
Day by Day
Goldman Sachs
Credit Suisse
S&P Capital IQ
JPMorgan
RBC Capital Markets
Morgan Stanley
Macquarie
Barclays
Deutsche Bank
Investec
Societe Generale
Nomura
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ANDY HUGHES
BARRIE CORNES
KAILESH MISTRY
AUSTIN BURKETT
JEROME CASSAGNE
MATTHEW PRESTON
LANCE BURBIDGE
VALERIE GASTALDY
COLIN L SIMPSON
EAMONN FLANAGAN
CHRIS ESSON
GREIG N PATERSON
EDWARD HOUGHTON
RODERICK WALLACE
MARCUS BARNARD
ASHIK MUSADDI
GORDON AITKEN
JON HOCKING
NEIL WELCH
ALAN DEVLIN
OLIVER STEEL
KEVIN RYAN
ABID HUSSAIN
FAHAD CHANGAZI
TIM PROUDLOVE
Source
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
ULT-AGG
ULT-AGG
MF-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
ULT-AGG
REG
REG
REG
Recommendation
underperform
buy
overweight
hold
sell
buy
buy
buy
Buy/Neutral
buy
outperform
market perform
outperform
buy
buy
underweight
outperform
Overwt/In-Line
neutral
overweight
buy
hold
buy
reduce
outperform
Amt Held
256'652'047
128'527'550
109'343'285
104'285'746
88'407'117
73'996'286
72'178'671
53'089'266
47'303'661
46'730'225
41'823'885
39'310'345
33'734'493
32'116'464
29'093'870
25'199'103
24'499'349
24'085'771
23'132'403
22'537'114
% Out
10.04
5.03
4.28
4.08
3.46
2.89
2.82
2.08
1.85
1.83
1.64
1.54
1.32
1.26
1.14
0.99
0.96
0.94
0.9
0.88
Weighting
Change
1
5
5
3
1
5
5
5
5
5
5
3
5
5
5
1
5
5
3
5
5
3
5
2
5
M
M
M
U
D
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'911'502
(136'942)
401'633
3'700'201
17'691'038
(685'857)
(3'596'819)
5'884'645
(4'347'489)
(7'205'386)
(3'852'887)
1'381'546
(468'132)
(6'815'149)
(189'080)
2'472'324
(2'815'055)
Target Price
835
1'160
1'375
#N/A N/A
911
1'350
#N/A N/A
1'200
1'350
#N/A N/A
1'300
950
1'055
1'250
900
781
910
1'135
1'000
1'023
1'060
831
900
680
812
File Dt
01.01.2013
25.03.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
31.01.2013
31.12.2012
01.01.2013
31.01.2013
31.01.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
28.02.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
Date
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
3 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
9 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
6 month
Inst Type
Investment Advisor
Investment Advisor
Government
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
26.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
20.03.2013
18.03.2013
15.03.2013
15.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
11.03.2013
20.02.2013
11.02.2013
05.02.2013
04.02.2013
24.01.2013
07.01.2013
03.12.2012
15.08.2012
01.07.2011
27.03.2013
IDFC Ltd
IDFC Limited offers infrastructure project financing services. The Company
The Company offers life and non-life insurance, reinsurance, savings and pension
products, and asset management services. AXA operates in both domestic and
international markets.
Price/Volume
16
30.0 M
14
25.0 M
12
20.0 M
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.01.2013)
52-Week Low (07.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IDFC IB EQUITY YTD Change
IDFC IB EQUITY YTD % CHANGE
03/2012
12/yy
185.35
110.50
531'301.00
139.75
-24.60%
26.47%
39.08%
1'514.7
211'683.19
464'354.50
0.0
177.8
278.80
614'464.89
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
4
5.0 M
2
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
28'071.7
14.91x
24'539.3
17.05x
7'052.3
26.72x
15.0 M
31.03.2009
31.03.2010
36'386.4
40'745.4
8.39x
11.64x
31'232.6
34'392.0
9.78x
13.79x
7'498.3
10'622.9
9.34x
19.64x
Profitability
LTM-4Q
31.03.2011
49'364.8
12.05x
42'130.0
14.12x
12'816.6
17.62x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
64'303.5
10.39x
56'662.4
11.80x
15'540.1
13.19x
56'662.40
73.67%
33.82%
2.82%
13.26%
2.92%
0.12%
88.1%
24.2%
76.15%
377.98%
-
Price/ Cash Flow
LTM
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
FY+1
1.65
1.41
1'052.59
9.24%
-18.39%
1.406
43
4.140
774'638
670'475
588'104
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
33'852.5
40'232.4
8'989.0
5.95x
4.95x
26'482.8
30'941.0
23.21x
19.86x
17'855.5
21'378.6
5'574.0
5'560.0
11.86x
9.91x
8.49x
8.07x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
27.12.2011
BBBNEG
27.12.2011
A-3
8.19
8.20
378.0%
79.1%
0.12
15.15
-
3.00
140'000.0
2.50
120'000.0
100'000.0
2.00
80'000.0
1.50
60'000.0
1.00
40'000.0
0.50
20'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
IDFC Ltd
Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
AMUNDI
BLACKROCK
FRANKLIN RESOURCES
LANSDOWNE UK EQUITY
VANGUARD GROUP INC
LBPAM
AVIVA PLC
FMR LLC
AMUNDI
TEMPLETON INVESTMENT
AMUNDI
Firm Name
Portfolio Name
#N/A N/A
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

DANNY JACQUES
Oddo & Cie
NICOLAS JACOB
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Hammer Partners SA
ENRICO RACIOPPI
EVA Dimensions
AUSTIN BURKETT
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
THOMAS JACQUET
Credit Suisse
RICHARD BURDEN
AlphaValue
JEROME CASSAGNE
RBC Capital Markets
GORDON AITKEN
Hamburger Sparkasse
CHRISTIAN HAMANN
Helvea
DANIEL BISCHOF
Berenberg Bank
PETER ELIOT
RALPH HEBGEN
Goldman Sachs
COLIN L SIMPSON
CA Cheuvreux
STEFAN BONGARDT
S&P Capital IQ
RODERICK WALLACE
Nomura
MICHAEL KLIEN
Main First Bank AG
FEDERICO SALERNO
Banco Sabadell
MARIO LODOS
FABRIZIO CROCE
Barclays
CLAUDIA GASPARI
Mediobanca SpA
MARC THIELE
Deutsche Bank
OLIVER STEEL
Macquarie
NEIL WELCH
HSBC
KAILESH MISTRY
Natixis
BENOIT VALLEAUX
WERNER SCHIRMER
Morgan Stanley
JON HOCKING
Redburn Partners
LANCE BURBIDGE
JPMorgan
ANDREAS VAN EMBDEN
PIERRE CHEDEVILLE
DZ Bank AG
WERNER EISENMANN
JOY FERNEYHOUGH
TIM PROUDLOVE
BBVA
SILVIA RIGOL CARNEIRO
Source
Co File
Research
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
strong buy
buy
buy
buy
hold
hold
outperform
outperform
buy
sector perform
hold
buy
hold
outperform
Buy/Neutral
outperform
hold
buy
buy
underperform
buy
hold
underweight
outperform
buy
outperform
overweight
buy
buy
Overwt/In-Line
neutral
underweight
buy
buy
buy
outperform
outperform
Amt Held
% Out
342'767'775 14.34
91'682'238
3.84
79'974'315
3.35
65'131'985
2.73
50'254'088
2.1
48'018'741
2.01
35'243'907
1.47
(20'395'259) -0.85
19'768'792
0.83
18'896'417
0.79
12'758'066
0.53
11'629'095
0.49
10'723'804
0.45
7'885'132
0.33
7'000'250
0.29
5'835'130
0.24
5'664'606
0.24
4'466'038
0.19
4'309'635
0.18
4'295'639
0.18
Weighting
Change
5
5
5
5
3
3
5
5
5
3
3
5
3
5
5
5
3
5
5
1
5
3
1
5
5
5
5
5
5
5
3
1
5
5
5
5
5
M
M
M
N
D
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(20'493'797)
(77'990)
2'125'718
(9'366)
2'721'389
(323'861)
(7'936'172)
(2'318'038)
730'180
255'752
(143'415)
(3'360)
(13'091'874)
(52'090)
(9'429)
(792'488)
Target Price
19
16
17
21
#N/A N/A
#N/A N/A
18
16
17
15
#N/A N/A
16
18
18
18
17
14
15
23
14
15
10
14
18
16
16
20
18
16
15
#N/A N/A
12
16
14
21
16
22
File Dt
31.12.2012
15.05.2012
31.01.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
16.09.2011
31.01.2013
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.01.2013
31.10.2012
31.12.2012
25.03.2013
31.07.2012
31.01.2013
31.12.2012
Date
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
9 month
12 month
12 month
Not Provided
12 month
Not Provided
Inst Type
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
25.03.2013
25.03.2013
25.03.2013
25.03.2013
21.03.2013
19.03.2013
18.03.2013
08.03.2013
07.03.2013
26.02.2013
26.02.2013
26.02.2013
25.02.2013
24.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
15.02.2013
11.02.2013
04.02.2013
30.01.2013
24.01.2013
23.01.2013
16.01.2013
10.01.2013
07.01.2013
05.12.2012
22.11.2012
08.11.2012
07.11.2012
20.12.2011
05.10.2011
06.06.2011
17.02.2011
27.03.2013
Indian Oil Corp Ltd

Indian Oil Corporation Limited explores for and refines crude oil, in addition
The Company produces circuit breakers, remote installation management equipment,
panelboards, programmable logic controllers, industrial control products,
detectors, human-machine interfaces, and process controls. Schneider's products
are sold various brands.
Price/Volume
70
6.0 M
60
5.0 M
50
4.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.01.2013)
52-Week Low (19.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IOCL IB EQUITY YTD Change
IOCL IB EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
20
1.0 M
10
0
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
2'073'817.5
0.37x
133'175.9
5.79x
79'127.4
6.71x
3.0 M
30
03/2012
12/yy
375.00
239.00
94'755.00
273.95
-26.95%
14.62%
25.70%
2'428.0
665'137.63
800'153.30
0.0
19'437.4
145'522.60
1'339'205.73
31.03.2009
31.03.2010
2'441'665.6
2'333'291.8
0.32x
0.44x
135'248.5
144'779.6
5.70x
7.16x
25'994.0
107'131.9
18.11x
6.70x
Profitability
31.03.2011
3'089'159.9
0.40x
148'991.8
8.33x
78'307.2
10.32x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
4'072'314.3
0.32x
226'391.5
5.79x
42'259.8
15.09x
226'391.50
175'668.10
4.31%
0.98%
2.09%
7.17%
2.01%
5.6%
4.3%
1.0%
0.95
0.20
36.40%
132.53%
42.34
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
1.83
0.59
171.04
6.73%
1.56%
0.585
40
3.375
103'626
95'580
172'020
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
######### #########
0.28x
0.28x
168'530.4 189'828.4
7.94x
7.05x
61'274.0
76'755.6
10.50x
8.44x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.12.2009
NR
4.58
1.14
2.89
3.53
132.5%
56.2%
2.01
5.40
8.64
-
18.00
30'000.0
16.00
25'000.0
14.00
20'000.0
12.00
10.00
15'000.0
8.00
10'000.0
6.00
4.00
5'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Indian Oil Corp Ltd

Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
AMUNDI
VANGUARD GROUP INC
DODGE & COX
SCHNEIDER ELECTRIC S
FMR LLC
BLACKROCK
ABERDEEN
AVIVA PLC
LBPAM
INVESCO LTD
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Nomura
ANDREW CARTER
JPMorgan
ANDREAS WILLI
JAMES STETTLER
Nomura
DANIEL CUNLIFFE
Societe Generale
GAEL DE BRAY
MARTIN PROZESKY
AlphaValue
LIONEL PELLICER
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
OLIVIER ESNOU
HSBC
MICHAEL HAGMANN
ROB VIRDEE
EVA Dimensions
CRAIG STERLING
Barclays
NICK WEBSTER
Credit Suisse
SIMON TOENNESSEN
VOLKER STOLL
Deutsche Bank
MARTIN WILKIE
CA Cheuvreux
ALFRED GLASER
MARKUS FRIEBEL
Natixis
LUDOVIC DEBAILLEUX
Morgan Stanley
BEN UGLOW
PIERRE BOUCHENY
S&P Capital IQ
JAWAHAR HINGORANI
Banco Sabadell
MARIA CEBOLLERO
Goldman Sachs
DANIELA COSTA
ARI AGOPYAN
Berenberg Bank
WILLIAM MACKIE
Redburn Partners
JAMES MOORE
Source
ULT-AGG
Research
Research
MF-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
overweight
hold
neutral
buy
market perform
add
hold
outperform
overweight
neutral
hold
equalweight
neutral
hold
hold
outperform
hold
neutral
Equalwt/Cautious
reduce
hold
buy
Buy/Neutral
hold
hold
hold
buy
Amt Held
82'567'657
27'220'485
20'349'002
11'778'760
10'849'337
10'102'524
9'164'952
8'946'790
7'588'472
6'092'778
6'029'853
4'494'386
3'310'863
2'485'819
2'452'160
2'357'130
1'839'691
1'775'165
1'725'770
1'708'138
% Out
14.87
4.9
3.66
2.12
1.95
1.82
1.65
1.61
1.37
1.1
1.09
0.81
0.6
0.45
0.44
0.42
0.33
0.32
0.31
0.31
Weighting
Change
5
5
3
3
5
3
4
3
5
5
3
3
3
3
3
3
5
3
3
3
2
3
5
5
3
3
3
5
M
M
M
M
M
M
M
D
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
Latest Chg
(10'012'679)
(1'168'334)
477'308
(52'247)
95'500
1'797'130
(183'690)
223'109
1'063'472
46'843
(411'258)
551'587
(404'495)
(10'400)
3'134
(144'907)
28'032
(235'006)
Target Price
65
65
60
52
64
55
67
#N/A N/A
66
70
60
#N/A N/A
54
58
60
55
62
65
61
57
57
61
48
65
53
58
60
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
16.05.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
29.01.2013
Investment Advisor
31.12.2011
Corporation
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
28.02.2013
Investment Advisor
21.03.2013
Investment Advisor
30.11.2012
Investment Advisor
Date
12 month
9 month
12 month
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
27.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
19.03.2013
14.03.2013
08.03.2013
08.03.2013
04.03.2013
27.02.2013
25.02.2013
25.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
15.02.2013
30.01.2013
24.01.2013
21.01.2013
08.01.2013
08.10.2012
27.03.2013
IndusInd Bank Ltd

IndusInd Bank Limited is a national bank. The Bank provides a range of banking
herbicides, insecticides and fungicides, and seeds for field crops, vegetables,
and flowers.
Price/Volume
450
400
350
300
250
200
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IIB IB EQUITY YTD Change
IIB IB EQUITY YTD % CHANGE
03/2012
12/yy
448.90
288.00
180'635.00
399.9
-10.92%
38.85%
69.55%
522.7
209'018.80
129'219.63
0.0
0.0
55'999.14
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100
50
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
21'789.1
750.5
33.51x
150
1.0 M
.9 M
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
f-13 m-13
31.03.2009
31.03.2010
27'963.6
32'944.7
1'483.4
3'503.1
7.51x
18.88x
Profitability
LTM-4Q
31.03.2011
43'058.8
5'773.3
20.03x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
63'703.8
8'026.1
18.70x
43.90%
43.92%
1.55%
18.26%
5.50%
0.12%
29.6%
22.44%
272.52%
-
Price/ Cash Flow
LTM
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
12/yy
14'202.0
0.00x
0.0
0.00x
0.0
0.00x
0.55
1.12
434.31
30.55%
-4.07%
1.124
58
4.328
201'990
289'633
256'358
FY+1
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4
06/13 Q1
15.50x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
272.5%
73.2%
0.12
10.17
-
35.00
16'000.0
30.00
14'000.0
12'000.0
25.00
10'000.0
20.00
8'000.0
15.00
6'000.0
10.00
4'000.0
5.00
2'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
IndusInd Bank Ltd

Holdings By:
All
Holder Name
INDUSIND INTL HLDGS
BANK OF NEW YORK
FMR LLC
VANGUARD GROUP INC
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
INVESCO LTD
DWS INVESTMENT S A
SCHRODER INVESTMENT
DEUTSCHE BANK AG
Firm Name
HSBC
Exane BNP Paribas
JPMorgan
AlphaValue
Day by Day
Goldman Sachs
EVA Dimensions
Bank Vontobel AG
Redburn Partners
Equita SIM SpA
Barclays
Credit Suisse
Macquarie
CA Cheuvreux
Bankhaus Metzler
Nomura
Morgan Stanley
Jefferies
Hamburger Sparkasse
Deutsche Bank
DZ Bank AG
Main First Bank AG
Societe Generale
Liberum Capital Ltd
Berenberg Bank
S&P Capital IQ
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JEREMY REDENIUS
GEOFF HAIRE
JAMES KNIGHT
MARTIN EVANS
FABRICE FARIGOULE
VALERIE GASTALDY
RAKESH PATEL
CRAIG STERLING
PATRICK RAFAISZ
TONY JONES
MASSIMO BONISOLI
ANDREAS HEINE
CHRIS COUNIHAN
CHRISTIAN FAITZ
MARTIN ROEDIGER
DANIEL SEIDENSPINNER
JEAN DE WATTEVILLE
AMY WALKER
LAURENCE ALEXANDER
MARCO GUENTHER
BETTINA EDMONDSTON
VIRGINIE BOUCHER-FERTE
HEINZ MUELLER
RONALD KOEHLER
PETER CLARK
SOPHIE JOURDIER
MARTIN SCHREIBER
JAIDEEP PANDYA
JOHNSON IMODE
PAUL W SATCHELL
Source
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underperform
neutral
neutral
neutral
buy
buy
Buy/Neutral
hold
hold
buy
hold
equalweight
outperform
outperform
select list
buy
neutral
Equalwt/In-Line
hold
sell
buy
buy
buy
outperform
buy
buy
market perform
hold
hold
buy
Amt Held
5'198'082
4'634'983
3'907'159
2'358'941
1'756'149
1'664'500
1'407'596
937'171
932'280
858'339
645'945
590'695
536'300
496'141
388'585
385'059
375'752
337'986
248'343
241'169
% Out
5.58
4.98
4.2
2.53
1.89
1.79
1.51
1.01
1
0.92
0.69
0.63
0.58
0.53
0.42
0.41
0.4
0.36
0.27
0.26
Weighting
Change
1
3
3
3
5
5
5
3
3
5
3
3
5
5
5
5
3
3
3
1
5
5
5
5
5
5
3
3
3
5
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
42'023
162'039
74'818
(27'866)
17'936
(1'821)
13'889
(8'060)
(76'790)
7'247
75'179
138'979
6'630
(18'438)
9'906
49'414
Target Price
307
430
376
375
502
430
476
#N/A N/A
390
#N/A N/A
390
403
450
430
426
450
440
406
365
#N/A N/A
440
430
400
415
450
400
#N/A N/A
350
320
310
File Dt
25.03.2013
31.12.2012
26.02.2013
31.01.2013
31.12.2012
31.12.2012
31.01.2013
26.03.2013
31.01.2013
30.11.2012
31.12.2012
30.11.2012
31.12.2012
31.01.2013
31.12.2012
31.01.2013
21.03.2013
31.01.2013
31.12.2012
28.02.2013
Date
12 month
Not Provided
Not Provided
12 month
6 month
3 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Date
27.03.2013
27.03.2013
26.03.2013
20.03.2013
19.03.2013
05.03.2013
27.02.2013
13.02.2013
11.02.2013
11.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.12.2012
30.11.2012
20.11.2012
25.10.2012
23.10.2012
19.09.2012
17.07.2012
13.07.2012
18.05.2012
27.03.2013
Infosys Ltd
Infosys Limited provides IT consulting and software services, including
industrial and healthcare gases worldwide. These gases include liquid nitrogen,
argon, carbon dioxide, and oxygen. The Company also produces welding equipment,
diving equipment, and technical-medical equipment. Air Liquide sells its
products throughout Europe, the United States, Canada, Africa, and Asia.
Price/Volume
3.0 M
2.5 M
2.0 M
60
Latest Fiscal Year:

LTM as of:
52-Week High (07.03.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
INFO IB EQUITY YTD Change
INFO IB EQUITY YTD % CHANGE
03/2012
12/yy
3'010.00
2'101.65
24'858.00
2854.3
-5.17%
35.81%
82.86%
574.2
1'639'042.38
0.00
0.0
0.0
208'420.00
1'414'682.36
1.5 M
40
1.0 M
20
.5 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.5 M
100
80
Valuation Analysis
31.03.2008
166'920.0
4.52x
52'590.0
14.34x
46'590.0
17.66x
120
31.03.2009
31.03.2010
216'930.0
227'420.0
3.05x
5.97x
72'190.0
79'110.0
9.16x
17.17x
59'880.0
62'660.0
12.66x
23.82x
Profitability
LTM-4Q
31.03.2011
275'010.0
6.16x
89'750.0
18.87x
68'350.0
27.09x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
337'340.0
4.26x
107'490.0
13.37x
83'320.0
19.66x
107'490.00
98'210.00
29.11%
34.68%
23.83%
29.08%
29.08%
0.96%
44.1%
31.9%
29.1%
24.7%
4.38
3.87
0.00%
0.00%
6.40
-
Price/ Cash Flow
LTM
FY+1
1.30
0.90
430.89
1.24%
23.11%
0.903
75
3.680
46'800
70'783
106'234
FY+2
FQ+1
FQ+2
09/yy
14'255.5
0.00x
0.0
0.00x
0.0
0.00x
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
15'326.0 405'581.2 452'780.9 107'018.4 107'412.5
0.00x
3.49x
3.01x
15.32x
15.26x
0.0 118'036.4 131'124.3
30'926.9
30'870.6
0.00x
11.99x
10.79x
11.13x
10.89x
0.0
93'372.2 102'047.4
23'355.5
23'736.0
0.00x
17.49x
16.04x
16.93x
16.50x
S&P Issuer Ratings
07.05.2010
Long-Term Rating
BBB+
Long-Term Outlook
NEG
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
-1.94
Total Debt/EBITDA
0.00
Reference
Total Debt/Equity
0.0%
Total Debt/Capital
0.0%
Asset Turnover
0.96
7.07
57.15
Inventory Days
0.65
14.00
18'000.0
12.00
16'000.0
14'000.0
10.00
12'000.0
8.00
10'000.0
6.00
8'000.0
6'000.0
4.00
4'000.0
2.00
0.00
01.01.2010
2'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Infosys Ltd
Holdings By:
All
Holder Name
LIFE INSURANCE CORP
BLACKROCK
VANGUARD GROUP INC
LANSDOWNE PARTNERS L
DEUTSCHE BANK AG
AIR LIQUIDE
SCHRODER INVESTMENT
AMUNDI
HARTFORD INVESTMENT
LBPAM
FMR LLC
Portfolio Name
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Firm Name
Analyst
Standard Chartered
HSBC
Exane BNP Paribas
Day by Day
AlphaValue
JPMorgan
Nomura
Goldman Sachs
Hamburger Sparkasse
S&P Capital IQ
Main First Bank AG
Societe Generale
Deutsche Bank
Credit Suisse
Banco Sabadell
Morgan Stanley
Jefferies
Berenberg Bank
Barclays
EVA Dimensions
Liberum Capital Ltd
Macquarie
CA Cheuvreux
Alembic Global Advisors
Redburn Partners
Natixis
DZ Bank AG
JEREMY REDENIUS
GEOFF HAIRE
HEIDI VESTERINEN
VALERIE GASTALDY
FABRICE FARIGOULE
MARTIN EVANS
JEAN DE WATTEVILLE
RAKESH PATEL
MARCO GUENTHER
STEPHAN KIPPE
ULLE WORNER
JOHNSON IMODE
THOMAS SWOBODA
PETER CLARK
TIMOTHY JONES
CHRIS COUNIHAN
PATRICIA GARCIA SANCHEZ
PETER MACKEY
LAURENCE ALEXANDER
JOHN PHILIPP KLEIN
GUNTHER ZECHMANN
MARKUS MAYER
CRAIG STERLING
ADAM COLLINS
CHRISTIAN FAITZ
ARI AGOPYAN
KLAUS RINGEL
HASSAN I AHMED
TONY JONES
FREDERIC WILLIAMS-GOBEAUX
PAUL W SATCHELL
PETER SPENGLER
Source
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
outperform
overweight
outperform
hold
add
neutral
neutral
neutral/neutral
hold
add
buy
hold
outperform
hold
hold
outperform
hold
buy
Equalwt/In-Line
hold
hold
underweight
hold
underweight
buy
outperform
accumulate
outperform
neutral
buy
neutral
hold
buy
Amt Held
% Out
4'574'174
1.46
3'507'675
1.12
3'193'593
1.02
2'872'974
0.92
(2'249'662) -0.72
1'892'639
0.61
1'445'086
0.46
1'185'647
0.38
1'003'394
0.32
965'341
0.31
926'283
0.3
921'742
0.3
902'774
0.29
731'181
0.23
696'712
0.22
685'259
0.22
606'009
0.19
583'986
0.19
561'349
0.18
553'212
0.18
Weighting
Change
5
5
5
3
4
3
3
3
3
4
5
3
5
3
3
5
3
5
3
3
3
1
3
1
5
5
4
5
3
5
3
3
5
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
Latest Chg
4'446
119'140
30'891
(313'148)
90'770
(1'509)
58'091
(422)
(6'180)
(450'378)
308'898
(19'889)
56'202
(7'465)
(126'624)
11'929
31'333
Target Price
105
112
102
#N/A N/A
100
98
108
108
#N/A N/A
105
103
95
105
100
99
103
100
111
104
97
93
100
100
#N/A N/A
121
100
106
101
95
#N/A N/A
83
82
91
File Dt
31.01.2013
25.03.2013
31.12.2012
31.01.2013
22.03.2013
31.01.2013
28.02.2013
26.03.2013
31.12.2012
31.12.2012
25.03.2013
31.01.2013
31.12.2012
28.09.2012
31.10.2012
28.02.2013
31.12.2012
31.01.2013
31.12.2012
31.01.2013
Date
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
26.03.2013
26.03.2013
21.03.2013
21.03.2013
20.03.2013
18.03.2013
27.02.2013
25.02.2013
22.02.2013
20.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
04.02.2013
01.02.2013
15.01.2013
13.12.2012
21.11.2012
05.11.2012
26.10.2012
15.10.2012
08.10.2012
02.08.2012
18.05.2012
27.10.2011
27.03.2013
ITC Ltd
ITC Limited, a member of BAT Group of UK, is a holding company, which has a
and mobile communications in public and private networks. The Company produces
mobile telephones through its Sony Ericsson joint venture. Ericsson
manufactures and installs wired and wireless communications systems, wireless
microwave links, call center equipment, microelectronics, and radar systems.
Price/Volume
90
40.0 M
80
35.0 M
70
30.0 M
60
25.0 M
50
Latest Fiscal Year:

LTM as of:
52-Week High (04.02.2013)
52-Week Low (29.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ITC IB EQUITY YTD Change
ITC IB EQUITY YTD % CHANGE
03/2012
12/yy
310.75
221.80
323'330.00
306.1
-1.50%
38.01%
94.77%
7'901.8
2'418'751.00
1'176.00
0.0
1'570.9
74'907.80
2'346'590.17
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
30
20
10.0 M
10
5.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
146'591.0
5.12x
45'763.1
16.40x
31'577.6
24.59x
20.0 M
40
Valuation Analysis
31.03.2009
31.03.2010
165'561.4
191'358.7
4.03x
4.97x
51'170.1
63'787.9
13.03x
14.91x
33'245.9
41'681.8
20.96x
23.89x
Profitability
31.03.2011
222'791.1
6.05x
77'161.0
17.46x
50'179.3
27.87x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
261'795.2
6.50x
92'983.7
18.30x
62'581.4
28.18x
92'983.70
85'527.80
32.67%
35.06%
22.16%
34.82%
34.98%
0.93%
35.5%
32.7%
23.9%
1.70
0.93
0.39%
0.60%
22.86
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
1.47
0.72
4'750.59
38.29%
6.73%
0.724
49
4.510
325'964
298'713
359'681
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
307'220.8 358'396.2
7.68x
6.54x
110'202.3 131'052.5
21.31x
17.92x
75'005.1
88'701.9
32.06x
27.07x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
133.69
98.21
-0.79
0.01
0.6%
0.6%
0.93
2.37
16.01
-
40.00
250'000.0
35.00
200'000.0
30.00
25.00
150'000.0
20.00
100'000.0
15.00
10.00
50'000.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
ITC Ltd
Holdings By:
All
Holder Name
TOBACCO MANUFACTURER
BLACKROCK
SEB
AMF FONDER AB
ABERDEEN ASSET MANAG
INVESTOR AB
DODGE & COX
VANGUARD GROUP INC
FOLKSAM LO FOND AB
FRANKLIN RESOURCES
FMR LLC
SPP FONDER AB
LANSFORSAKRINGAR FON
AFA FORSAKRINGAR
Firm Name
Jefferies
AlphaValue
Nomura
Morgan Stanley
Goldman Sachs
Pareto Securities
Exane BNP Paribas
S&P Capital IQ
Day by Day
Pohjola Bank Plc (ESN)
Swedbank
JPMorgan
Danske Markets
Oddo & Cie
Berenberg Bank
Deutsche Bank
Grupo Santander
ABG Sundal Collier
HSBC
EVA Dimensions
Societe Generale
Credit Suisse
SEB Enskilda
Carnegie
Handelsbanken
Natixis
Liberum Capital Ltd
Barclays
CA Cheuvreux
Jyske Bank
DZ Bank AG
Sydbank
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
PIERRE FERRAGU
MIRKO MAIER
STUART JEFFREY
FRANCOIS MEUNIER
SIMON F SCHAFER
MARKUS FRIEBEL
DANIEL DJURBERG
ERIK PAULSSON
ALEXANDER PETERC
SEBASTIEN SZTABOWICZ
JAMES CRAWSHAW
VALERIE GASTALDY
HANNU RAUHALA
HAKAN WRANNE
SANDEEP S DESHPANDE
ILKKA RAUVOLA
VINCENT MAULAY
ADNAAN AHMAD
KAI KORSCHELT
PER LINDBERG
RICHARD DINEEN
ANDREW S ZAMFOTIS
ANDY PERKINS
ACHAL SULTANIA
ANDREAS JOELSSON
LENA OSTERBERG
MARTIN NILSSON
ERIC BEAUDET
JANARDAN MENON
ANDREW M GARDINER
ODON DE LAPORTE
ROBERT JAKOBSEN
OLIVER FINGER
MORTEN IMSGARD
JACQUES ABRAMOWICZ
Source
Co File
ULT-AGG
ULT-AGG
Co File
Co File
Co File
Co File
Co File
Co File
Co File
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
Recommendation
outperform
buy
reduce
buy
Overwt/In-Line
Buy/Neutral
hold
hold
hold
outperform
buy
strong buy
hold
accumulate
buy
overweight
buy
neutral
sell
buy
buy
buy
overweight
underweight
hold
neutral
buy
buy
reduce
buy
buy
equalweight
outperform
sell
buy
neutral
buy
Amt Held
141'913'401
105'813'729
92'171'054
75'600'000
69'572'027
67'628'249
58'953'636
58'709'995
54'067'771
54'063'621
35'689'314
33'508'867
33'412'756
25'579'300
22'519'333
21'423'488
17'828'540
17'746'645
17'556'069
15'779'975
% Out
4.66
3.48
3.03
2.48
2.29
2.22
1.94
1.93
1.78
1.78
1.17
1.1
1.1
0.84
0.74
0.7
0.59
0.58
0.58
0.52
Weighting
Change
5
5
2
5
5
5
3
3
3
5
5
5
3
4
5
5
5
3
1
5
5
5
5
1
3
3
5
5
2
5
5
3
5
1
5
3
5
M
M
D
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
U
U
M
M
M
M
M
M
D
M
U
M
Latest Chg
23'700
(1'067'250)
1'538'718
(65'425)
556'827
(2'368'034)
416'584
1'375'020
5'191'948
264'704
488'086
-
Target Price
100
94
85
96
84
112
90
87
90
97
95
100
#N/A N/A
102
88
90
90
80
60
87
85
90
90
#N/A N/A
70
70
84
#N/A N/A
55
80
90
65
70
70
72
#N/A N/A
92
File Dt
31.12.2011
25.03.2013
31.01.2013
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2012
31.12.2012
31.01.2013
31.12.2012
28.02.2013
31.12.2012
31.01.2013
28.02.2013
31.12.2012
31.12.2011
Date
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
9 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Date
21.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
11.03.2013
07.03.2013
07.03.2013
06.03.2013
05.03.2013
04.03.2013
01.03.2013
13.02.2013
05.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
19.09.2012
26.03.2012
25.01.2012
28.04.2011
26.01.2011
27.03.2013
Jaiprakash Associates Ltd

Jaiprakash Associates Ltd. is an industrial conglomerate. The Company's lines
coal, thermal coal, ferrochrome, vanadium, zinc, gold, lead, and silver. The
Group conducts operations in Australia, South Africa, Germany, Argentina, and
the United Kingdom.
Price/Volume
1400
60.0 M
1200
50.0 M
1000
40.0 M
800
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.12.2012)
52-Week Low (24.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
JPA IB EQUITY YTD Change
JPA IB EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
400
10.0 M
200
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
40'419.2
9.03x
17'877.3
20.42x
6'768.0
37.65x
30.0 M
600
03/2012
01/yy
106.75
58.05
2'951'224.00
64.15
-39.91%
10.51%
12.53%
2'219.1
142'354.22
531'742.40
0.0
29'465.6
31'834.50
671'727.72
31.03.2009
31.03.2010
46'177.9
63'743.3
6.04x
9.33x
19'046.5
23'459.3
14.65x
25.34x
4'202.5
11'191.8
27.77x
28.24x
Profitability
31.03.2011
113'749.1
5.25x
50'554.3
11.80x
17'928.2
11.00x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
148'735.0
4.73x
55'764.0
12.61x
6'329.2
27.45x
55'764.00
46'274.20
31.11%
10.93%
0.87%
5.69%
4.10%
0.20%
37.5%
31.1%
4.3%
1.00
0.29
67.07%
463.27%
9.49
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.78
1.62
1'120.63
-20.55%
-33.87%
1.618
38
4.026
2'581'985
2'006'710
1'868'539
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
178'533.0 223'489.1
3.72x
3.06x
67'300.5
81'834.4
9.98x
8.21x
8'412.2
10'889.5
3'372.0
15.05x
11.48x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.00
-3.13
8.96
9.54
463.3%
78.7%
0.20
0.33
38.57
-
14.00
40'000.0
12.00
35'000.0
30'000.0
10.00
25'000.0
8.00
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Jaiprakash Associates Ltd

Holdings By:
All
Holder Name
JAYPEE VENTURES PVT
QATAR HOLDINGS LLC
BLACKROCK
UBS
STATE STREET
LEGAL & GENERAL
JP MORGAN
SCOTTISH WIDOWS
Xstrata Plc Employee
SAFE INVESTMENT COMP
PEOPLES REPUBLIC OF
LLOYDS BANKING GROUP
NORTHERN CROSS LLC
HSBC Prop Trading/Ma
Firm Name
AlphaValue
Jefferies
BMO Capital Markets
Exane BNP Paribas
EVA Dimensions
S&P Capital IQ
RBC Capital Markets
CA Cheuvreux
Redburn Partners
SBG Securities
HSBC
Day by Day
Societe Generale
Nomura
Liberum Capital Ltd
Natixis
Standard Chartered
Credit Suisse
Bank Vontobel AG
Deutsche Bank
Morgan Stanley
Goldman Sachs
JPMorgan
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
#N/A N/A
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JEFFREY LARGEY
SACHIN KUMAR
PAUL GAIT
TONY ROBSON
SYLVAIN BRUNET
CRAIG STERLING
JENS MUENSTERMANN
JOHNSON IMODE
TIMOTHY HUFF
JOAKIM AHLBERG
SIMON TOYNE
PETER DAVEY
ANDREW KEEN
VALERIE GASTALDY
ALAIN WILLIAM
SAM CATALANO
ASH LAZENBY
RAOUDHA BOUZEKRI
SUBRAMANIAM VARADA
LIAM FITZPATRICK
PATRICK RAFAISZ
ROBERT CLIFFORD
ALAIN GABRIEL
EUGENE KING
BENJAMIN DEFAY
Source
REG
RNS-RUL8
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
RNS-RUL8
ULT-AGG
RNS-RUL8
REG
ULT-AGG
RNS-RUL8
REG
REG
MF-AGG
Recommendation
outperform
reduce
buy
outperform
market perform
neutral
sell
buy
sell
sector perform
outperform
neutral
sell
neutral
hold
hold
restricted
buy
neutral
outperform
restricted
buy
restricted
restricted
not rated
restricted
Amt Held
1'010'403'999
350'410'601
144'628'350
95'879'064
88'851'173
66'047'178
61'700'951
57'610'174
54'135'734
42'863'026
42'642'114
41'205'251
32'530'740
31'187'938
30'417'938
29'719'950
28'945'439
25'475'000
25'223'487
24'663'230
% Out
33.65
11.67
4.82
3.19
2.96
2.2
2.05
1.92
1.8
1.43
1.42
1.37
1.08
1.04
1.01
0.99
0.96
0.85
0.84
0.82
Weighting
Change
5
2
5
5
3
3
1
5
1
3
5
3
1
3
3
3
#N/A N/A
5
3
5
#N/A N/A
5
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
M
M
M
M
U
M
D
M
M
M
M
M
D
D
D
D
M
M
M
U
M
M
M
M
M
M
Latest Chg
(81'328)
16'255'320
124'313
(33'850)
8'186'775
(634'892)
(202'870)
(6'795'572)
(24'936)
66'360
(610'124)
(3'925'000)
2'450'000
(757'180)
137'523
Target Price
1'200
1'100
1'350
1'575
1'220
1'300
#N/A N/A
1'300
1'000
1'100
1'300
#N/A N/A
1'220
1'250
#N/A N/A
1'190
#N/A N/A
#N/A N/A
1'017
1'080
#N/A N/A
1'103
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
02.01.2013
14.01.2013
25.03.2013
25.03.2013
02.01.2013
26.03.2013
22.03.2013
25.03.2013
02.01.2013
02.01.2013
02.01.2013
22.03.2013
21.03.2013
02.02.2012
02.01.2013
28.02.2013
14.09.2012
02.01.2013
02.01.2013
31.12.2012
Date
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
Government
Investment Advisor
Unclassified
Government
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Government
Unclassified
Government
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Date
22.03.2013
21.03.2013
20.03.2013
15.03.2013
12.03.2013
12.03.2013
08.03.2013
07.03.2013
05.03.2013
04.03.2013
11.02.2013
11.02.2013
11.02.2013
07.02.2013
05.02.2013
31.01.2013
16.01.2013
10.01.2013
20.11.2012
08.09.2012
21.02.2012
07.02.2012
02.02.2012
02.02.2012
02.02.2012
02.02.2012
27.03.2013
Jindal Steel & Power Ltd

Jindal Steel & Power Ltd. (JSPL) manufactures sponge iron, mild steel, and
investment, private and retail banking. The Bank offers debt, foreign exchange,
derivatives, commodities, money markets, repo and securitization, cash equities,
research, equity prime services, loans, convertibles, advice on M&A and IPO's,
trade finance, retail banking, asset management and corporate investments.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.03.2012)
52-Week Low (12.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
JSP IB EQUITY YTD Change
JSP IB EQUITY YTD % CHANGE
03/2012
12/yy
557.15
321.10
154'505.00
352.9
-36.66%
9.90%
13.47%
934.8
329'902.84
170'908.00
0.0
3'071.0
1'327.10
529'339.84
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
18.0 M
40
16.0 M
35
14.0 M
30
12.0 M
25
10.0 M
20
8.0 M
15
6.0 M
10
4.0 M
2.0 M
0
m-12
31.03.2009
31.03.2010
108'747.3
110'915.4
2.37x
6.68x
54'887.4
60'205.0
4.69x
12.30x
30'457.2
35'729.7
6.12x
18.32x
Profitability
LTM-4Q
31.03.2011
131'121.5
6.02x
64'685.9
12.20x
37'538.8
17.36x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
182'086.0
3.75x
71'086.0
9.60x
39'648.9
12.85x
71'086.00
57'221.30
31.43%
28.61%
9.78%
24.61%
14.29%
0.45%
39.0%
31.4%
21.8%
0.87
0.10
37.97%
94.37%
14.80
-
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
0.45
1.26
752.50
-33.30%
-21.14%
1.260
38
3.737
182'803
187'004
159'655
FY+2
FQ+1
FQ+2
12/yy
50'925.0
0.00x
0.0
0.00x
4'132.0
6.64x
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
47'151.0 197'886.5 226'463.5
52'350.7
0.00x
2.71x
2.42x
0.0
71'091.5
79'549.7
19'478.0
0.00x
7.45x
6.65x
611.0
39'180.9
40'705.8
9'401.0
48.46x
8.52x
8.07x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.21
0.90
2.39
2.40
94.4%
48.1%
0.45
0.67
24.73
-
10.00
100'000.0
9.00
90'000.0
8.00
80'000.0
7.00
70'000.0
6.00
60'000.0
5.00
4.00
50'000.0
40'000.0
3.00
30'000.0
2.00
20'000.0
1.00
10'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
54'889.8
6.94x
24'002.8
15.87x
12'740.2
25.02x
45
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Jindal Steel & Power Ltd

Holdings By:
All
Holder Name
SUN INVESTMENTS LTD
DEUTSCHE BANK AG
DEKABANK DEUTSCHE GI
DEUTSCHE BANK AG
CREDIT AGRICOLE SA
COMMERZBANK AKTIENGE
VANGUARD GROUP INC
CREDIT SUISSE GROUP
GOLDMAN SACHS GROUP
JP MORGAN
BANK OF AMERICA CORP
DEUTSCHE TELEKOM
UBS
ALLIANCE BERNSTEIN
AXA
Firm Name
Portfolio Name
n/a
n/a
n/a
DEKABANK DEUTSCHE GI
DEUTSCHE BANK AKTIEN
CREDIT AGRICOLE SA
COMMERZBANK AKTIENGE
Multiple Portfolios
n/a
GOLDMAN SACHS GROUP
Multiple Portfolios
Multiple Portfolios
n/a
BANK OF AMERICA
n/a
n/a
n/a
n/a
n/a
Analyst
Deutsche Bank
AlphaValue
DIETER HEIN
Societe Generale
Nord/LB
MICHAEL SEUFERT
Credit Suisse
AMIT GOEL
STEFAN BONGARDT
Oddo & Cie
JEAN SASSUS
PHILIPP HAESSLER
DZ Bank AG
CHRISTOPH BAST
Exane BNP Paribas
DANIEL DAVIES
Grupo Santander
AURELIA FAURE
JPMorgan
KIAN ABOUHOSSEIN
Bankhaus Metzler
GUIDO HOYMANN
Morgan Stanley
HUW VAN STEENIS
INGO FROMMEN
RBC Capital Markets
FIONA SWAFFIELD
Macquarie
PIERS BROWN
Goldman Sachs
JERNEJ OMAHEN
ANDREW STIMPSON
ANDREW LIM
Banco Sabadell
MARIO LODOS
Redburn Partners
NICHOLAS WATTS
Barclays
JEREMY SIGEE
Hamburger Sparkasse
CHRISTIAN HAMANN
ARUN MELMANE
CA Cheuvreux
CYRIL MEILLAND
Natixis
ANTOINE BURGARD
Nomura
JON PEACE
M.M. Warburg Investment Research ANDREAS PLAESIER
Berenberg Bank
JAMES CHAPPELL
DIRK BECKER
S&P Capital IQ
FRANK BRADEN
EVA Dimensions
AUSTIN BURKETT
Day by Day
VALERIE GASTALDY
HSBC
ROBERT MURPHY
Hammer Partners SA
ENRICO RACIOPPI
SRC Research
STEFAN SCHARFF
Source
ULT-AGG
ULT-AGG
Co File
13F
13F
13F
13F
MF-AGG
Research
13F
MF-AGG
MF-AGG
ULT-AGG
13F
ULT-AGG
13F
Research
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
neutral
add
buy
add
buy
underperform
hold
neutral
accumulate
buy
outperform
underweight
neutral
buy
Equalwt/In-Line
buy
sector perform
neutral
Sell/Neutral
outperform
sell
buy
buy
overweight
hold
sell
buy
underperform
neutral
reduce
buy
sell
buy
hold
underweight
hold
overweight
buy
sell
Amt Held
73'721'977
49'064'352
24'888'999
24'458'657
16'957'871
16'648'807
14'797'901
9'550'425
9'379'275
8'557'620
7'115'570
6'857'407
5'952'018
5'677'666
4'655'730
3'906'432
3'832'262
3'758'375
3'350'113
3'250'565
% Out
7.93
5.28
2.68
2.63
1.82
1.79
1.59
1.03
1.01
0.92
0.77
0.74
0.64
0.61
0.5
0.42
0.41
0.4
0.36
0.35
Weighting
Change
3
4
5
4
5
1
3
3
4
5
5
1
3
5
3
5
3
3
1
5
1
5
5
5
3
1
5
1
3
2
5
1
5
3
1
3
5
5
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
D
U
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
1'022'636
(3'318'049)
(3'091'342)
5'959'356
3'630'244
10'133'323
384'651
3'906'478
(629'994)
165'336
(4'277'134)
(3'004'857)
(1'922'371)
176'476
1'963'628
(1'003'376)
(1'338'703)
Target Price
40
38
42
41
39
32
35
38
44
40
42
30
38
45
41
38
39
36
37
44
30
40
#N/A N/A
46
39
#N/A N/A
45
37
37
37
44
20
44
39
#N/A N/A
#N/A N/A
39
36
33
File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
08.06.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
13.11.2012
Unclassified
31.01.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
6 month
12 month
6 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
9 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
25.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
18.03.2013
14.03.2013
11.03.2013
08.03.2013
06.03.2013
06.03.2013
05.03.2013
05.03.2013
28.02.2013
27.02.2013
25.02.2013
15.02.2013
15.02.2013
12.02.2013
07.02.2013
04.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
17.01.2013
15.01.2013
05.09.2012
03.07.2012
08.02.2010
27.03.2013
JSW Steel Ltd

JSW Steel Limited is an integrated steel producer with manufacturing facilities
includes bulk commodities including iron ore, manganese and metallurgical
coal, base metals including copper and nickel and precious metals and minerals
including platinum and diamonds. Anglo American PLC has mining operations in
Africa, Europe, North and South America, Asia and Australia.
Price/Volume
2500
8.0 M
2000
6.0 M
5.0 M
4.0 M
1000
Latest Fiscal Year:

LTM as of:
52-Week High (29.01.2013)
52-Week Low (24.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
JSTL IB EQUITY YTD Change
JSTL IB EQUITY YTD % CHANGE
03/2012
01/yy
893.75
566.00
248'531.00
599.3
-32.95%
5.88%
10.16%
223.1
133'714.14
217'858.30
2'790.3
2'176.7
32'509.70
284'945.54
3.0 M
2.0 M
500
1.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
1500
Valuation Analysis
31.03.2008
124'566.5
2.37x
34'998.5
8.44x
16'400.4
9.05x
9.0 M
31.03.2009
31.03.2010
159'348.4
189'571.7
1.67x
2.35x
32'106.6
41'738.0
8.30x
10.65x
2'749.1
15'975.5
17.71x
14.72x
Profitability
LTM-4Q
31.03.2011
241'058.9
1.56x
48'796.6
7.68x
17'539.8
10.89x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
343'680.5
1.02x
61'153.7
5.74x
5'376.8
29.94x
61'153.70
41'718.70
12.14%
3.07%
1.07%
3.29%
3.35%
0.68%
17.8%
12.1%
1.6%
0.61
0.23
40.17%
132.27%
27.80
-
Price/ Cash Flow
LTM
FY+1
1.25
1.52
129.73
-18.11%
-26.19%
1.518
50
2.760
232'062
162'326
165'676
FY+2
FQ+1
FQ+2
01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
01/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
0.0 385'854.6 416'038.0
95'972.2
94'964.5
#DIV/0!
0.93x
0.88x
0.0
65'685.8
73'523.9
15'862.7
17'684.0
0.00x
4.34x
3.88x
4.43x
4.18x
0.0
15'358.9
19'427.8
3'280.0
5'335.0
0.00x
8.78x
7.01x
7.88x
6.92x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
4.73
1.57
3.03
3.56
132.3%
56.2%
0.68
1.02
13.92
-
16.00
35'000.0
14.00
30'000.0
12.00
25'000.0
10.00
20'000.0
8.00
15'000.0
6.00
10'000.0
4.00
5'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
JSW Steel Ltd

Holdings By:
All
Holder Name
JFE STEEL INTL EUROP
PUBLIC INVESTMENT CO
LEGAL & GENERAL
TARL INVESTMENT HOLD
EPOCH TWO INVESTMENT
FMR LLC
SCOTTISH WIDOWS
E OPPENHEIMER & SON
UBS
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
VANGUARD GROUP INC
CORONATION ASSET MAN
AVIVA INVESTORS
STATE STREET
Firm Name
Standard Chartered
S&P Capital IQ
Day by Day
Exane BNP Paribas
AlphaValue
Jefferies
Goldman Sachs
Macquarie
Morgan Stanley
Liberum Capital Ltd
Nomura
EVA Dimensions
Societe Generale
Deutsche Bank
Credit Suisse
JPMorgan
Natixis
SBG Securities
BMO Capital Markets
HSBC
Imara
Investec
Redburn Partners
Barclays
Standard Chartered
Avior Research
CA Cheuvreux
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
DES KILALEA
PAUL GAIT
JOHNSON IMODE
VALERIE GASTALDY
RAPHAEL VEVERKA
SACHIN KUMAR
EUGENE KING
KIERAN DALY
MENNO SANDERSE
BEN DAVIS
SAM CATALANO
CRAIG STERLING
ALAIN WILLIAM
SVEN DIERMEIER
GRANT SPORRE
LIAM FITZPATRICK
FRASER JAMIESON
RAOUDHA BOUZEKRI
PETER DAVEY
TONY ROBSON
ANDREW KEEN
STEPHEN MEINTJES
ALBERT MINASSIAN
SIMON TOYNE
IAN ROSSOUW
SUBRAMANIAM VARADA
CLINTON DUNCAN
JOAKIM AHLBERG
SCOTT FINLAY
ALISON TURNER
Source
ULT-AGG
REG
ULT-AGG
REG
REG
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
ULT-AGG
REG
REG
MF-AGG
REG
MF-AGG
ULT-AGG
REG
ULT-AGG
REG
Recommendation
underperform
outperform
sell
hold
underperform
add
buy
Sell/Neutral
outperform
Equalwt/In-Line
hold
reduce
underweight
sell
sell
buy
neutral
underweight
neutral
sell
market perform
overweight
hold
hold
sell
equalweight
in-line
outperform
outperform
hold
hold
Amt Held
78'986'629
77'592'603
51'483'011
47'275'613
42'166'686
31'057'459
29'466'453
29'199'945
25'200'000
21'574'878
17'579'059
17'290'964
15'661'337
14'290'980
14'199'373
11'914'195
10'535'767
10'437'360
9'755'061
9'024'700
% Out
5.67
5.57
3.69
3.39
3.03
2.23
2.11
2.1
1.81
1.55
1.26
1.24
1.12
1.03
1.02
0.85
0.76
0.75
0.7
0.65
Weighting
Change
1
5
1
3
1
4
5
1
5
3
3
2
1
1
1
5
3
1
3
1
3
5
3
3
1
3
3
5
5
3
3
D
M
D
M
M
M
M
M
M
M
M
D
D
M
M
M
M
M
M
M
M
U
N
M
D
M
M
M
M
N
M
Latest Chg
421'636
2'876'024
(2'557'012)
3'632'677
3'080'902
497'364
6'944'224
549'175
1'122'571
1'346'501
1'922'748
(639'640)
383'534
95'026
Target Price
1'800
2'300
1'640
#N/A N/A
1'700
2'073
2'450
1'450
2'250
2'080
#N/A N/A
1'700
#N/A N/A
1'900
1'800
2'290
2'100
1'640
1'900
2'000
2'200
2'240
#N/A N/A
2'259
#N/A N/A
1'970
1'960
2'338
2'250
3'329
2'756
File Dt
25.03.2013
01.11.2012
28.02.2013
01.11.2012
01.11.2012
31.01.2013
01.11.2012
30.11.2012
01.11.2012
31.01.2013
31.01.2013
01.11.2012
01.11.2012
31.12.2012
01.11.2012
31.12.2012
01.11.2012
01.11.2012
26.03.2013
01.11.2012
Date
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
9 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
Inst Type
Investment Advisor
Government
Unclassified
Unclassified
Unclassified
Investment Advisor
Government
Unclassified
Other
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Unclassified
Date
26.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
15.03.2013
15.03.2013
04.03.2013
22.02.2013
19.02.2013
19.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
07.02.2013
17.01.2013
16.01.2013
16.01.2013
14.01.2013
08.09.2012
27.08.2012
30.07.2012
21.04.2011
21.04.2011
27.03.2013
Kotak Mahindra Bank Ltd

Kotak Mahindra Bank Limited is a full service commercial bank. The Bank offers
full range of fixed-line telephone services, mobile communications services,
Internet access, and combined information technology and telecommunications
services for businesses.
Price/Volume
12
45.0 M
40.0 M
10
35.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.02.2013)
52-Week Low (29.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KMB IB EQUITY YTD Change
KMB IB EQUITY YTD % CHANGE
03/2012
12/yy
694.40
511.00
31'972.00
639.85
-7.86%
25.22%
70.26%
745.8
477'209.88
302'278.10
0.0
1'600.6
35'758.34
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
0
m-12
31.03.2009
31.03.2010
72'885.2
101'089.3
6'523.9
13'070.0
14.93x
19.86x
Profitability
LTM-4Q
31.03.2011
110'294.0
15'667.4
21.07x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
130'143.1
18'322.4
21.98x
31.36%
31.76%
2.21%
15.31%
4.87%
0.16%
21.6%
32.73%
233.67%
-
Price/ Cash Flow
12/yy
58'653.0
6.25x
19'004.0
4.48x
557.0
68.19x
j-12
j-12
a-12
LTM
12/yy
58'169.0
5.77x
17'708.0
4.54x
(5'255.0)
0.00x
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
0.09
1.02
344.33
18.68%
-1.50%
1.015
24
3.083
37'999
26'208
61'371
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
93'778.0 111'144.6
37'264.0
21'236.9
25'807.6
6'532.7
22.61x
18.39x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
233.7%
69.8%
0.16
21.53
-
3.50
70'000.0
3.00
60'000.0
2.50
50'000.0
2.00
40'000.0
1.50
30'000.0
1.00
20'000.0
0.50
10'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
76'774.4
9'912.3
21.13x
30.0 M
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Kotak Mahindra Bank Ltd

Holdings By:
All
Holder Name
KOTAK UDAY SURESH
FEDERAL REPUBLIC OF
BLACKROCK
BLACKSTONE
VANGUARD GROUP INC
SCHRODER INVESTMENT
ING INTERNATIONAL AD
FMR LLC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst

ROBIN BIENENSTOCK
Bankhaus Metzler
ULRICH TRABERT
AlphaValue
HEINZ STEFFEN
Societe Generale
OTTAVIO ADORISIO
Jefferies
ULRICH RATHE
STEFAN BORSCHEID
Exane BNP Paribas
MATHIEU ROBILLIARD
JPMorgan
HANNES C WITTIG
Berenberg Bank
PAUL ANDREW MARSCH
RBC Capital Markets
JONATHAN ATKIN
Hamburger Sparkasse
Morgan Stanley
NICK DELFAS
Macquarie
GUY R PEDDY
Oddo & Cie
ALEXANDRE IATRIDES
Natixis
JACQUES DE GRELING
Nomura
FREDERIC BOULAN
S&P Capital IQ
ALEXANDER WISCH
DZ Bank AG
KARSTEN OBLINGER
Barclays
JONATHAN DANN
Grupo Santander
JOHN DAVIES
Commerzbank Corporates & Markets HEIKE PAULS
Nord/LB
WOLFGANG DONIE
Raymond James
STEPHANE BEYAZIAN
MARKUS FRIEBEL
Bankhaus Lampe
WOLFGANG SPECHT
M.M. Warburg Investment Research JOCHEN REICHERT
ADRIAN PEHL
New Street Research
CHARLES GAYNOR
Goldman Sachs
TIMOTHY BODDY
CA Cheuvreux
PETER KURT NIELSEN
Liberum Capital Ltd
LAWRENCE SUGARMAN
Banco Sabadell
ANDRES BOLUMBURU
JAVIER BORRACHERO
Credit Suisse
JUSTIN FUNNELL
Deutsche Bank
MATTHEW BLOXHAM
EVA Dimensions
ANDREW S ZAMFOTIS
Steubing AG
TEAM COVERAGE
Day by Day
VALERIE GASTALDY
HSBC
DOMINIK KLARMANN
WILL DRAPER
JACQUES ABRAMOWICZ
Source
Research
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
outperform
sell
add
buy
hold
buy
neutral
not rated
hold
sector perform
hold
restricted
underperform
buy
reduce
buy
sell
sell
equalweight
underweight
hold
buy
outperform
hold
sell
hold
buy
reduce
neutral/neutral
select list
hold
sell
buy
restricted
sell
buy
sell
buy
buy
neutral
sell
buy
Amt Held
734'624'287
648'197'900
242'444'868
191'700'000
61'550'927
29'486'396
27'700'000
23'968'304
14'524'559
14'083'422
12'894'785
11'770'469
11'227'444
9'666'320
8'826'533
7'200'550
6'640'259
5'173'053
4'933'702
4'888'944
% Out
17
15
5.61
4.44
1.42
0.68
0.64
0.55
0.34
0.33
0.3
0.27
0.26
0.22
0.2
0.17
0.15
0.12
0.11
0.11
Weighting
Change
5
1
4
5
3
5
3
#N/A N/A
3
3
3
#N/A N/A
1
5
2
5
1
1
3
1
3
5
5
3
1
3
5
2
3
5
3
1
5
#N/A N/A
1
5
1
5
5
3
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(2'131'519)
6'437'130
1'150'782
742'202
442'723
7'267'197
2'108'496
2'089'161
5'012'513
341'400
690'125
(480'154)
101'043
(1'314'468)
Target Price
10
8
10
11
8
10
9
#N/A N/A
11
10
#N/A N/A
#N/A N/A
8
11
7
10
7
8
9
8
9
11
11
9
8
10
10
7
9
11
8
10
11
#N/A N/A
8
10
#N/A N/A
#N/A N/A
10
9
8
11
File Dt
Inst Type
30.09.2012
Investment Advisor
30.09.2012
Government
25.03.2013
Investment Advisor
03.08.2012
Unclassified
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
12 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
3 month
Not Provided
Not Provided
12 month
Date
27.03.2013
26.03.2013
21.03.2013
15.03.2013
08.03.2013
08.03.2013
08.03.2013
07.03.2013
06.03.2013
04.03.2013
04.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
26.02.2013
25.02.2013
19.02.2013
15.02.2013
30.01.2013
24.01.2013
23.01.2013
16.01.2013
15.01.2013
14.01.2013
10.01.2013
10.12.2012
10.12.2012
08.11.2012
27.03.2013
Larsen & Toubro Ltd

Larsen & Toubro Ltd manufactures engineering equipment, undertakes large scale
environment services throughout the world. The Company produces, trades,
transports, stores and distributes natural gas, and offers energy management and
climatic and thermal engineering services.
Price/Volume
25
45.0 M
40.0 M
20
35.0 M
30.0 M
15
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.10.2012)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LT IB EQUITY YTD Change
LT IB EQUITY YTD % CHANGE
03/2012
12/yy
1'719.50
1'106.40
214'224.00
1337
-22.24%
20.84%
37.61%
615.4
822'771.06
477'155.70
0.0
17'534.6
105'604.20
1'211'857.16
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
15.0 M
10.0 M
5.0 M
0
m-12
31.03.2009
31.03.2010
401'870.0
435'135.8
1.30x
2.53x
49'086.8
68'009.8
10.63x
16.19x
37'894.6
54'507.4
13.02x
18.20x
Profitability
LTM-4Q
31.03.2011
520'437.8
2.37x
79'986.1
15.40x
44'561.7
23.02x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
643'131.1
1.85x
94'404.3
12.61x
46'936.9
17.04x
94'404.30
78'601.40
12.22%
10.91%
4.39%
17.24%
7.75%
0.60%
14.7%
12.2%
7.3%
1.39
0.67
40.10%
162.37%
3.73
-
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
1.23
1.21
431.67
3.76%
-16.74%
1.211
55
3.964
222'641
223'810
203'061
FY+2
FQ+1
FQ+2
09/yy
89'792.0
0.00x
0.0
0.00x
0.0
0.00x
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
97'038.0 745'592.8 851'959.6
0.00x
1.79x
1.65x
0.0
99'211.5 113'150.7
0.00x
12.22x
10.71x
0.0
52'076.0
58'239.0
0.00x
15.78x
14.17x
S&P Issuer Ratings
12.12.2002
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
10.37
2.35
Net Debt/EBITDA
3.94
Total Debt/EBITDA
5.05
Reference
Total Debt/Equity
162.4%
Total Debt/Capital
60.5%
Asset Turnover
0.60
3.19
98.24
Inventory Days
6.00
120'000.0
5.00
100'000.0
4.00
80'000.0
3.00
60'000.0
2.00
40'000.0
1.00
20'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
291'985.0
3.29x
35'429.5
27.08x
24'389.2
35.79x
25.0 M
10
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Larsen & Toubro Ltd

Holdings By:
All
Holder Name
LIFE INSURANCE CORP
GDF SUEZ
CNP ASSURANCES
FRANKLIN RESOURCES
BLACKROCK
SOFINA SA
VANGUARD GROUP INC
LBPAM
INTERNATIONAL VALUE
AVIVA PLC
AMUNDI
Firm Name
Goldman Sachs
Macquarie
HSBC
Grupo Santander
Goldman Sachs
Nomura
Barclays
Morgan Stanley
Raymond James
KBC Securities
S&P Capital IQ
AlphaValue
Credit Suisse
Natixis
Banco Sabadell
Berenberg Bank
EVA Dimensions
JPMorgan
Day by Day
Deutsche Bank
Nord/LB
Societe Generale
Hamburger Sparkasse
DZ Bank AG
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
BENJAMIN LEYRE
SHAI HILL
ADAM DICKENS
OSCAR NAJAR RIOS
ANDREW MEAD
MARTIN YOUNG
ERKAN AYCICEK
SVEN DIERMEIER
JULIE ARAV
EMMANUEL TURPIN
EMMANUEL RETIF
DIETER FURNIERE
OLIVIER BAILS
CLIVE ROBERTS
MYRIAM COHEN
MICHEL DEBS
PHILIPPE OURPATIAN
ANDREW FISHER
AUSTIN BURKETT
NATHALIE F CASALI
VALERIE GASTALDY
MARTIN BROUGH
HEINO HAMMANN
ALBERTO PONTI
ANNEMARIE SCHLUETER
HASIM SENGUEL
TEAM COVERAGE
Source
Co File
ULT-AGG
Research
Co File
Co File
Co File
ULT-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
underperform
outperform
overweight
hold
Buy/Neutral
neutral
buy
hold
equalweight
Underwt/In-Line
underperform
hold
buy
hold
buy
neutral
neutral
buy
sell
hold
overweight
underweight
hold
hold
hold
buy
hold
hold
not rated
Amt Held
810'927'246
209'718'616
116'911'820
45'051'514
38'293'787
24'778'333
22'829'438
20'931'285
13'515'454
13'452'139
12'881'757
12'537'744
9'130'000
8'811'951
7'777'965
6'360'558
5'571'946
4'948'780
4'229'692
3'948'836
% Out
33.61
8.69
4.85
1.87
1.59
1.03
0.95
0.87
0.56
0.56
0.53
0.52
0.38
0.37
0.32
0.26
0.23
0.21
0.18
0.16
Weighting
Change
1
5
5
3
5
3
5
3
3
1
1
3
5
3
5
3
3
5
1
3
5
1
3
3
3
5
3
3
#N/A N/A
M
M
U
M
M
M
U
U
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
D
M
M
M
M
M
Latest Chg
(12'226'130)
(392'875)
1'423'055
639'284
(1'633'213)
359'256
602'100
134'083
124'302
(4'729'951)
(698'442)
(10'748'086)
-
Target Price
14
17
18
17
25
19
17
15
15
15
13
17
23
13
18
15
17
18
14
15
#N/A N/A
14
#N/A N/A
18
17
25
#N/A N/A
22
#N/A N/A
File Dt
Inst Type
31.12.2011
Government
31.12.2012
Investment Advisor
15.03.2012
Holding Company
31.12.2011
Government
31.12.2011
Corporation
31.12.2011
Insurance Company
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2011
Holding Company
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
25.03.2013
22.03.2013
21.03.2013
12.03.2013
12.03.2013
12.03.2013
05.03.2013
04.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
26.02.2013
20.02.2013
15.02.2013
05.02.2013
05.02.2013
17.01.2013
10.01.2013
20.12.2012
06.12.2012
06.12.2012
26.11.2012
27.02.2012
01.11.2011
31.10.2011
27.03.2013
LIC Housing Finance Ltd

LIC Housing Finance Limited provides housing finance services to individuals
manufactures, markets, and sells a range of cigarettes, tobaccos,
rolling papers, and cigars.
Price/Volume
3000
7.0 M
2500
6.0 M
5.0 M
2000
Latest Fiscal Year:

LTM as of:
52-Week High (02.01.2013)
52-Week Low (21.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LICHF IB EQUITY YTD Change
LICHF IB EQUITY YTD % CHANGE
03/2012
01/yy
300.00
209.10
252'129.00
221.35
-26.22%
5.86%
13.48%
504.7
111'707.16
465'112.97
0.0
0.8
2'387.51
574'433.47
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.03.2009
31.03.2010
29'030.5
34'746.9
9.37x
12.56x
27'417.2
33'108.2
9.92x
13.18x
5'321.7
6'888.3
3.58x
11.40x
Profitability
31.03.2011
48'746.6
9.72x
43'940.6
10.78x
9'518.8
11.27x
31.03.2012
62'445.8
9.54x
58'337.9
10.21x
9'198.5
13.63x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
58'337.88
75.19%
19.83%
1.57%
18.58%
1.96%
0.11%
93.4%
14.7%
72.10%
814.53%
-
Price/ Cash Flow
2.0 M
500
0
m-12
1.0 M
a-12 m-12
LTM-4Q
LTM
01/yy
01/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
-
1.63
1.10
288.66
-14.04%
-24.03%
1.100
46
4.109
456'960
414'639
652'766
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
18'643.5
24'224.5
10'993.5
14'872.0
10.52x
7.69x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
7.93
7.97
814.5%
89.1%
0.11
113.92
-
16.00
16'000.0
14.00
14'000.0
12.00
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
02.10.2009
3.0 M
1000
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
21'727.5
10.40x
19'937.2
11.33x
3'672.3
6.52x
4.0 M
1500
Valuation Analysis
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
LIC Housing Finance Ltd

Holdings By:
All
Holder Name
LIFE INSURANCE CORP
INVESCO LTD
BLACKROCK
LEGAL & GENERAL
SCOTTISH WIDOWS
FMR LLC
MORGAN STANLEY
VANGUARD GROUP INC
UBS
AXA
VANGUARD GROUP INC
Firm Name
Berenberg Bank
Natixis
Nomura
Credit Suisse
Exane BNP Paribas
Jefferies
Goldman Sachs
AlphaValue
Day by Day
Societe Generale
JPMorgan
Investec
Morgan Stanley
S&P Capital IQ
Barclays
EVA Dimensions
Renaissance Capital
Redburn Partners
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
DAMIAN MCNEELA
EDDY HARGREAVES
ERIK BLOOMQUIST
NICOLAS LANGLET
DAVID HAYES
ROGERIO FUJIMORI
CHRIS WICKHAM
JAMES BUSHNELL
DIRK VAN VLAANDEREN
FULVIO CAZZOL
ISABELLE COMBEMALE
VALERIE GASTALDY
RAE MAILE
MARTIN DEBOO
MATTHEW GRAINGER
LARS LUSEBRINK
CARL SHORT
SIMON HALES
AUSTIN BURKETT
REY WIUM
CHRISTIAN DE ROUALLE
JONATHAN FELL
Source
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
MF-AGG
REG
ULT-AGG
MF-AGG
MF-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
REG
Recommendation
buy
buy
hold
buy
reduce
outperform
buy
underperform
hold
neutral/attractive
buy
buy
buy
neutral
hold
Overwt/Attractive
buy
hold
equalweight
overweight
hold
sell
buy
Amt Held
66'461'651
61'000'000
53'000'000
42'126'524
30'498'871
29'706'695
22'902'506
20'453'291
17'630'376
16'997'045
15'549'556
15'439'779
14'733'204
13'734'190
13'368'645
13'190'673
13'022'970
12'498'191
12'129'371
11'373'592
% Out
6.8
6.24
5.42
4.31
3.12
3.04
2.34
2.09
1.8
1.74
1.59
1.58
1.51
1.4
1.37
1.35
1.33
1.28
1.24
1.16
Weighting
Change
5
5
3
5
2
5
5
1
3
3
5
5
5
3
3
5
5
3
3
5
3
1
5
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
380'781
(1'077'344)
1'083'885
(864'949)
4'070'578
(4'970'335)
595'616
4'426'083
26'099
465'216
(606'667)
(568'794)
(138'251)
306'789
2'126'754
1'874'094
311'401
Target Price
2'650
2'900
2'800
2'800
2'443
2'700
2'900
2'450
2'500
2'470
3'011
2'518
2'700
3'067
2'450
2'680
2'850
2'450
2'650
#N/A N/A
2'700
#N/A N/A
3'000
File Dt
31.12.2012
30.10.2012
25.03.2013
28.02.2013
01.12.2012
31.01.2013
01.12.2012
31.12.2012
31.12.2012
01.12.2012
31.12.2012
31.07.2012
31.12.2012
01.12.2012
31.01.2013
31.01.2013
01.12.2012
01.12.2012
28.02.2013
01.12.2012
Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
3 month
12 month
9 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
07.03.2013
07.03.2013
05.03.2013
28.02.2013
20.02.2013
15.02.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
17.01.2013
16.01.2013
16.01.2013
01.05.2012
27.03.2013
Lupin Ltd
Lupin Limited manufactures bulk actives and formulations. The principal bulk
financial solutions, and related advisory services. The Group attracts deposits
and offers credit, investment banking, securities trading, and insurance
products to private individuals, companies, institutions, and the public sector.
Nordea services the Scandinavian countries and the Baltic Sea region.
Price/Volume
80
50
15.0 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (25.03.2013)
52-Week Low (15.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LPC IB EQUITY YTD Change
LPC IB EQUITY YTD % CHANGE
03/2012
12/yy
638.65
507.00
41'903.00
622.05
-2.60%
22.69%
87.39%
447.5
278'385.72
14'808.70
0.0
722.9
4'009.40
288'221.42
10.0 M
30
20
5.0 M
10
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
60
Valuation Analysis
31.03.2008
27'063.7
1.91x
6'361.4
8.11x
4'082.5
9.97x
25.0 M
70
31.03.2009
31.03.2010
37'758.8
47'736.3
1.84x
3.27x
7'588.0
10'177.5
9.17x
15.34x
5'015.4
6'816.3
11.25x
102.76x
Profitability
LTM-4Q
31.03.2011
57'925.9
3.33x
11'666.9
16.55x
8'625.5
21.52x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
70'649.7
3.51x
14'631.7
16.95x
8'676.5
27.25x
14'631.70
12'356.50
17.49%
16.93%
12.34%
23.79%
18.18%
1.01%
20.7%
17.5%
12.3%
2.11
1.05
18.66%
36.90%
4.73
-
Price/ Cash Flow
LTM
12/yy
16'686.0
0.00x
0.0
0.00x
2'627.0
9.15x
12/yy
17'456.0
0.00x
0.0
0.00x
3'119.0
9.31x
FY+1
0.51
0.46
266.87
22.06%
1.43%
0.460
56
4.357
65'105
56'633
64'047
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
92'540.8 106'589.7
23'573.5
22'192.0
3.12x
2.67x
11.78x
20'612.7
23'769.1
5'064.2
4'575.0
13.95x
12.10x
11'896.8
14'338.1
2'969.3
3'111.0
23.33x
19.40x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
52.46
34.18
0.74
1.01
36.9%
26.6%
1.01
3.12
77.38
-
45.00
25'000.0
40.00
20'000.0
35.00
30.00
15'000.0
25.00
20.00
10'000.0
15.00
5'000.0
10.00
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Lupin Ltd
Holdings By:
All
Holder Name
ZYMA LABORATORIES LT
GOVERNMENT OF SWEDEN
AMF PENSION
NORWEGIAN PETROLEUM
SHB FUNDS
SEB
SEB FUNDS
FJARDE AP-FONDEN
NORDEA FUNDS
AFA INSURANCE
ABERDEEN
VARMA MUTUAL PENSION
SKANDIA LIV
AMF FONDER AB
VANGUARD GROUP INC
FORSTA AP FONDEN
ALECTA PENSIONSFORSA
Firm Name
Nomura
Mediobanca SpA
Exane BNP Paribas
SEB Enskilda
Nomura
Societe Generale
JPMorgan
DNB Markets
Jyske Bank
ABG Sundal Collier
RBC Capital Markets
Pareto Securities
S&P Capital IQ
Barclays
EVA Dimensions
Macquarie
Carnegie
Handelsbanken
SpareBank 1 Markets AS
Alm Brand Markets
Arctic Securities ASA
Danske Markets
Goldman Sachs
Berenberg Bank
Morgan Stanley
NYKREDIT
Evli Bank Plc
Swedbank
CA Cheuvreux
Sydbank
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
CHRISTOPHE NIJDAM
RICCARDO ROVERE
ANDREAS HAKANSSON
RONNY REHN
NICOLAS MCBEATH
OMAR KEENAN
GEOFF DAWES
SOFIE PETERZENS
HAKON FURE
CHRISTIAN HEDE
MAGNUS ANDERSSON
CLAIRE KANE
JON DAVID GJERTSEN
FRANK BRADEN
CHRISTOFFER ROSQUIST
AUSTIN BURKETT
EDWARD FIRTH
ASBJORN MORK
PETER GRABE
NILS CHRISTIAN OYEN
STIG NYMANN
FRIDTJOF BERENTS
PER GRONBORG
PAWEL DZIEDZIC
NICK ANDERSON
ALVARO SERRANO
MADS THINGGAARD
KIMMO RAMA
MATHS LILJEDAHL
CHRISTIAN HALL
MATS ANDERSON
BJORN SCHWARZ
Source
Research
Research
Research
Research
Research
Research
Research
ULT-AGG
Research
Research
MF-AGG
Research
Research
ULT-AGG
Research
Research
MF-AGG
MF-AGG
Research
Research
Recommendation
reduce
underperform
neutral
outperform
buy
buy
buy
neutral
buy
strong buy
buy
outperform
buy
buy
overweight
overweight
neutral
buy
reduce
buy
sell
buy
hold
Buy/Neutral
buy
Equalwt/In-Line
underperform
buy
not rated
buy
outperform
neutral
Amt Held
860'400'000
544'200'000
158'200'000
127'800'000
79'700'000
72'400'000
58'900'000
52'450'681
51'700'000
44'400'000
43'836'854
41'100'000
40'900'000
31'040'300
30'400'000
30'400'000
28'499'330
27'162'239
27'000'000
23'500'000
% Out
21.24
13.44
3.91
3.16
1.97
1.79
1.45
1.3
1.28
1.1
1.08
1.01
1.01
0.77
0.75
0.75
0.7
0.67
0.67
0.58
Weighting
Change
2
1
3
5
5
5
5
3
5
5
5
5
5
5
5
5
3
5
2
5
1
5
3
5
5
3
1
5
#N/A N/A
5
5
3
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
Latest Chg
(271'123)
1'335'441
(599'500)
(862'000)
1'287'716
-
Target Price
76
73
74
86
90
84
88
82
77
91
81
81
82
82
88
#N/A N/A
75
#N/A N/A
70
76
60
76
72
85
80
70
#N/A N/A
86
#N/A N/A
65
80
#N/A N/A
File Dt
28.09.2012
28.09.2012
28.09.2012
28.09.2012
28.09.2012
28.09.2012
28.09.2012
31.12.2012
28.09.2012
28.09.2012
28.02.2013
28.09.2012
28.09.2012
28.02.2013
28.09.2012
28.09.2012
31.12.2012
31.12.2012
28.09.2012
28.09.2012
Date
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
18 month
Not Provided
Not Provided
6 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Insurance Company
Government
Investment Advisor
Investment Advisor
n/a
n/a
Unclassified
n/a
Investment Advisor
n/a
Insurance Company
Unclassified
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
25.03.2013
20.03.2013
19.03.2013
19.03.2013
15.03.2013
14.03.2013
14.03.2013
08.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
06.03.2013
25.02.2013
18.02.2013
04.02.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
28.01.2013
28.01.2013
16.01.2013
08.10.2012
29.05.2012
16.04.2012
27.10.2011
16.08.2011
29.04.2011
27.03.2013
Mahindra & Mahindra Ltd

Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive
provides investment banking, private banking, and asset management services to
customers located around the world.
Price/Volume
30
35.0 M
25
30.0 M
25.0 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (10.01.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MM IB EQUITY YTD Change
MM IB EQUITY YTD % CHANGE
03/2012
12/yy
974.80
621.75
52'806.00
863.25
-11.44%
38.84%
68.40%
614.0
530'018.88
189'294.90
0.0
45'251.6
53'313.10
711'252.29
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
10
10.0 M
5.0 M
0
m-12
31.03.2009
31.03.2010
189'864.5
231'986.5
1.12x
1.89x
37'045.4
55'600.1
5.76x
7.89x
14'054.1
24'785.6
7.44x
12.01x
Profitability
LTM-4Q
31.03.2011
368'637.8
1.52x
61'269.0
9.12x
30'797.3
13.10x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
594'176.3
1.00x
74'259.3
7.99x
31'266.6
13.17x
74'259.30
56'227.00
9.46%
7.52%
5.46%
20.14%
11.77%
1.04%
12.5%
9.5%
5.3%
1.25
0.43
29.64%
112.88%
12.44
-
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
1.45
0.98
420.47
27.87%
-7.18%
0.979
58
4.069
69'412
81'508
78'415
FY+2
FQ+1
FQ+2
12/yy
42'715.0
0.00x
0.0
0.00x
1'953.0
16.85x
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
38'313.0 707'943.6 799'684.1
0.00x
1.19x
1.07x
0.0
85'635.7
99'079.1
0.00x
8.31x
7.18x
1'483.0
38'197.0
45'340.6
26.50x
13.54x
11.47x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
4.13
2.27
1.83
2.55
112.9%
47.1%
1.04
4.17
29.43
-
8.00
100'000.0
7.00
90'000.0
80'000.0
6.00
70'000.0
5.00
60'000.0
4.00
50'000.0
40'000.0
3.00
30'000.0
2.00
20'000.0
1.00
10'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
176'194.8
1.52x
37'437.6
7.14x
15'711.2
10.59x
20.0 M
15
Valuation Analysis
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Mahindra & Mahindra Ltd

Holdings By:
All
Holder Name
LIFE INSURANCE CORP
QATAR INVESTMENT AUT
CRESCENT HOLDING GMB
DODGE & COX
BLACKROCK
CREDIT SUISSE
MORGAN STANLEY
AXA
NORGES BANK
CREDIT SUISSE ASSET
VANGUARD GROUP INC
UBS FUND MANAGEMENT
PICTET & CIE
FMR LLC
Firm Name
Portfolio Name
n/a
#N/A N/A
#N/A N/A
#N/A N/A
n/a
#N/A N/A
n/a
n/a
n/a
n/a
#N/A N/A
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
Nomura
TIM DAWSON
Mediobanca SpA
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
DANIEL DAVIES
Morgan Stanley
HUW VAN STEENIS
Goldman Sachs
JERNEJ OMAHEN
JPMorgan
KIAN ABOUHOSSEIN
CA Cheuvreux
CHRISTIAN STARK
Bankhaus Metzler
GUIDO HOYMANN
AlphaValue
DIETER HEIN
Societe Generale
RBC Capital Markets
FIONA SWAFFIELD
Macquarie
PIERS BROWN
ANDREW STIMPSON
Oddo & Cie
JEAN SASSUS
DZ Bank AG
CHRISTOPH BAST
Redburn Partners
NICHOLAS WATTS
Barclays
JEREMY SIGEE
ANDREAS VENDITTI
Main First Bank AG
KILIAN MAIER
Natixis
ANTOINE BURGARD
Nomura
JON PEACE
S&P Capital IQ
FRANK BRADEN
Deutsche Bank
MATT SPICK
STEFAN BONGARDT
Berenberg Bank
JAMES CHAPPELL
DIRK BECKER
ARUN MELMANE
ANDREW LIM
Liberum Capital Ltd
CORMAC LEECH
INGO FROMMEN
EVA Dimensions
AUSTIN BURKETT
Bank Vontobel AG
TERESA NIELSEN
HSBC
ROBERT MURPHY
Nord/LB
MICHAEL SEUFERT
Grupo Santander
AURELIA FAURE
Hammer Partners SA
ENRICO RACIOPPI
Source
ULT-AGG
Co File
Co File
Co File
ULT-AGG
Co File
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Research
ULT-AGG
MF-AGG
Recommendation
neutral
outperform
hold
outperform
Overwt/In-Line
neutral/neutral
overweight
select list
sell
add
buy
outperform
outperform
outperform
neutral
sell
neutral
equalweight
market perform
outperform
neutral
buy
hold
hold
hold
buy
sell
buy
hold
hold
neutral
hold
hold
buy
hold
neutral
hold
hold
sell
Amt Held
88'790'736
81'886'795
80'566'040
66'037'738
39'622'643
39'622'643
39'396'381
36'381'320
32'818'874
32'002'938
29'056'605
18'440'996
18'419'971
10'904'019
10'447'937
6'808'428
6'196'536
4'500'000
4'377'233
4'030'117
% Out
6.72
6.2
6.1
5
3
3
2.98
2.75
2.48
2.42
2.2
1.4
1.39
0.83
0.79
0.52
0.47
0.34
0.33
0.31
Weighting
Change
3
5
3
5
5
3
5
5
1
4
5
5
5
5
3
1
3
3
3
5
3
5
3
3
3
5
1
5
3
3
3
3
3
5
3
3
3
3
1
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
D
M
M
U
M
N
M
M
D
M
M
D
M
M
M
Latest Chg
134'170
5'348'082
(3'890'327)
12'068'962
(26'636'525)
(272'042)
2'714'754
1'197'683
(21'919)
2'503'621
57'768
2'906'292
(17'300)
Target Price
27
31
#N/A N/A
32
30
30
34
30
24
28
33
30
30
34
28
24
#N/A N/A
27
#N/A N/A
30
24
32
28
27
29
32
13
30
23
29
25
25
27
#N/A N/A
23
24
#N/A N/A
20
21
File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
17.01.2013
04.03.2013
28.06.2010
25.08.2009
31.12.2012
31.01.2013
31.12.2012
31.12.2012
30.11.2012
31.01.2013
31.01.2013
31.12.2011
31.01.2013
31.12.2012
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
18 month
Not Provided
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Date
27.03.2013
25.03.2013
19.03.2013
18.03.2013
15.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
07.03.2013
05.03.2013
05.03.2013
05.03.2013
27.02.2013
27.02.2013
19.02.2013
15.02.2013
12.02.2013
11.02.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
04.02.2013
30.01.2013
23.01.2013
22.01.2013
17.01.2013
20.11.2012
07.11.2012
23.10.2012
18.09.2012
03.07.2012
27.03.2013
Maruti Suzuki India Ltd

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti
and commercial vehicles for sale worldwide. The Company produces the Passat,
Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi,
Seat and Skoda, which manufacture and sell cars in Spain and in southern and
eastern Europe, and Lamborghini, which makes sports cars in Italy.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MSIL IB EQUITY YTD Change
MSIL IB EQUITY YTD % CHANGE
Price/Volume
03/2012
12/yy
1'637.60
1'052.00
32'411.00
1293.2
-21.03%
22.93%
41.19%
288.9
373'618.47
15'573.00
0.0
0.0
72'170.00
317'021.47
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
181'041.0
1.31x
26'009.0
9.11x
17'899.0
13.35x
200
180
160
140
120
100
80
60
40
20
0
m-12
31.03.2009
31.03.2010
206'622.0
295'915.0
0.98x
1.23x
18'746.0
39'462.0
10.77x
9.25x
12'274.0
26'247.0
18.36x
15.61x
Profitability
31.03.2011
363'330.0
0.84x
36'891.0
8.27x
23'824.0
15.31x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
351'972.0
0.95x
25'408.0
13.13x
16'810.0
23.21x
25'408.00
13'781.00
3.92%
6.23%
7.97%
11.21%
10.76%
1.67%
7.2%
3.9%
4.8%
1.68
1.23
6.74%
9.94%
37.29
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
0.58
0.88
93.59
2.06%
-13.15%
0.879
64
3.938
45'484
78'106
81'466
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
425'051.8 491'911.0
0.79x
0.67x
32'796.2
48'942.9
9.67x
6.48x
19'283.1
29'008.9
19.57x
12.70x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
41.58
-7.38
-2.23
0.61
9.9%
9.0%
1.67
4.80
9.82
-
14.00
250'000.0
12.00
200'000.0
10.00
150'000.0
8.00
6.00
100'000.0
4.00
50'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Maruti Suzuki India Ltd

Holdings By:
All
Holder Name
SUZUKI MOTOR CORP
BLACKROCK
FMR LLC
CARMIGNAC GESTION
DEUTSCHE BANK AG
VANGUARD GROUP INC
BG MASTER FUND PLC
ADIG INVESTMENT
INVESCO LTD
JP MORGAN
UMB BANK N A
PRUDENTIAL FINANCIAL
UBS
Firm Name
Nomura
Exane BNP Paribas
EVA Dimensions
Macquarie
AlphaValue
JPMorgan
Hamburger Sparkasse
Societe Generale
Nord/LB
Goldman Sachs
Oddo & Cie
Day by Day
Morgan Stanley
Bankhaus Lampe
HSBC
Bankhaus Metzler
Natixis
S&P Capital IQ
Barclays
Redburn Partners
Credit Suisse
Main First Bank AG
Cyrrus
Hammer Partners SA
Deutsche Bank
CA Cheuvreux
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
MICHAEL PUNZET
MAX WARBURTON
MICHAEL RAAB
RABIH FREIHA
DANIEL SCHWARZ
CRAIG STERLING
FRANK BILLER
CHRISTIAN BREITSPRECHER
HANS-PETER WODNIOK
JOSE ASUMENDI
STEPHEN REITMAN
FRANK SCHWOPE
STEFAN BURGSTALLER
ZAFER RUZGAR
FRANCOIS MAURY
VALERIE GASTALDY
STUART PEARSON
MARC-RENE TONN
CHRISTIAN LUDWIG
HORST SCHNEIDER
JUERGEN PIEPER
GEORGES DIENG
TIM SCHULDT
MARNIE COHEN
MICHAEL TYNDALL
CHARLES WINSTON
ERICH HAUSER
LOTHAR LUBINETZKI
ALBRECHT DENNINGHOFF
JIRI SIMARA
ALBERTO ROLLA
JOCHEN GEHRKE
ALEXANDER NEUBERGER
Source
EXCH
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
buy
market perform
buy
outperform
buy
buy
buy
neutral
add
overweight
buy
buy
buy
buy/attractive
buy
neutral
hold
Overwt/In-Line
buy
buy
overweight
buy
buy
buy
buy
overweight
buy
buy
outperform
outperform
neutral
buy
buy
buy
outperform
Amt Held
% Out
26'355'116 15.49
6'811'077
4
6'373'641
3.75
5'769'375
3.39
4'904'952
2.88
2'424'693
1.43
1'823'701
1.07
1'590'080
0.93
1'505'412
0.88
(1'208'014) -0.71
1'186'836
0.7
1'093'080
0.64
894'264
0.53
707'619
0.42
554'996
0.33
545'030
0.32
442'029
0.26
435'232
0.26
432'917
0.25
415'317
0.24
Weighting
Change
5
3
5
5
5
5
5
3
4
5
5
5
5
5
5
3
3
5
5
5
5
5
5
5
5
5
5
5
5
5
3
5
5
5
5
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
40'022
(887'122)
592'800
172'087
(136'382)
1'011'201
(58'013)
(51'122)
(153'129)
187'225
178'639
125'708
16'745
36'337
(7'214)
7'182
(54'543)
Target Price
188
170
194
192
195
#N/A N/A
196
175
175
207
#N/A N/A
200
195
211
220
160
#N/A N/A
190
215
205
207
200
195
185
181
192
#N/A N/A
181
195
207
141
170
168
200
200
File Dt
Inst Type
10.03.2011
Government
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
07.11.2012
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor
21.03.2013
Investment Advisor
31.01.2013
Unclassified
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
Date
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
6 month
9 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
27.03.2013
26.03.2013
26.03.2013
25.03.2013
22.03.2013
22.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
07.03.2013
28.02.2013
27.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
22.02.2013
05.02.2013
08.01.2013
30.11.2012
16.11.2012
29.10.2012
18.10.2012
02.08.2012
30.04.2012
27.03.2013
Nestle India Ltd

Nestle India Ltd. manufactures brand name milk products and other food products.
services. The Company offers reinsurance, insurance, and asset management
services. MunichRe has subsidiaries in most major financial centers throughout
the world.
Price/Volume
160
2.5 M
140
2.0 M
120
100
Latest Fiscal Year:

LTM as of:
52-Week High (02.01.2013)
52-Week Low (27.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NEST IB EQUITY YTD Change
NEST IB EQUITY YTD % CHANGE
12/2012
12/yy
5'040.00
4'305.55
1'575.00
4588.5
-8.96%
6.57%
38.53%
96.4
442'403.53
10'501.90
0.0
0.0
6'018.20
446'887.22
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
60
40
.5 M
20
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
43'242.5
3.19x
8'671.4
15.89x
5'340.8
26.23x
1.5 M
80
Valuation Analysis
31.12.2009
31.12.2010
51'293.8
62'547.4
4.72x
5.82x
10'373.9
12'637.9
23.34x
28.78x
6'550.0
8'186.6
37.51x
44.92x
Profitability
LTM-4Q
31.12.2011
74'908.2
5.35x
15'744.8
25.46x
8'515.0
46.37x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
83'022.6
5.85x
18'511.8
26.25x
10'679.3
45.07x
18'511.80
15'740.30
18.96%
18.70%
22.33%
69.52%
42.65%
1.74%
22.3%
19.0%
12.9%
1.32
0.61
20.34%
58.40%
81.80
-
Price/ Cash Flow
LTM
12/yy
61'764.0
1.29x
0.0
0.00x
702.0
23.74x
12/yy
66'135.0
1.52x
0.0
0.00x
3'195.0
7.56x
1.06
0.40
33.41
3.62%
-7.81%
0.399
38
2.711
13'382
3'646
3'757
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
69.59
1.46
0.24
0.57
58.4%
36.9%
1.74
2.54
4.47
-
5.00
70'000.0
4.50
60'000.0
4.00
3.50
50'000.0
3.00
40'000.0
2.50
30'000.0
2.00
20'000.0
1.50
1.00
10'000.0
0.50
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Nestle India Ltd

Holdings By:
All
Holder Name
NESTLE SA
BLACKROCK
PEOPLES BANK OF CHIN
CREDIT SUISSE AG
FRANKLIN RESOURCES
VANGUARD GROUP INC
DEUTSCHE BANK AG
MACKENZIE FINANCIAL
TWEEDY BROWNE COMPAN
ADIG INVESTMENT
SARASIN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Nomura
THOMAS SEIDL
DZ Bank AG
THORSTEN WENZEL
Credit Suisse
ADAM MCINALLY
S&P Capital IQ
RODERICK WALLACE
AlphaValue
DIETER HEIN
EVA Dimensions
AUSTIN BURKETT
RBC Capital Markets
GORDON AITKEN
WILLIAM HAWKINS
Macquarie
HADLEY COHEN
Exane BNP Paribas
THOMAS JACQUET
Societe Generale
JASON KALAMBOUSSIS
Bankhaus Metzler
JOCHEN SCHMITT
Nomura
MICHAEL KLIEN
Nord/LB
JULIA SIEKMANN
Goldman Sachs
VINIT MALHOTRA
JPMorgan
MICHAEL HUTTNER
WERNER SCHIRMER
Oddo & Cie
NICOLAS JACOB
Natixis
BENOIT VALLEAUX
Helvea
DANIEL BISCHOF
STEFAN BONGARDT
Bryan Garnier & Cie
OLIVIER PAUCHAUT
PHILIPP HAESSLER
Day by Day
VALERIE GASTALDY
Bankhaus Lampe
ANDREAS SCHAEFER
CA Cheuvreux
FRANK KOPFINGER
Berenberg Bank
TOM CARSTAIRS
Raymond James
DANNY JACQUES
HSBC
THOMAS FOSSARD
Hamburger Sparkasse
CHRISTIAN HAMANN
FABRIZIO CROCE
Barclays
ANDREW BROADFIELD
Main First Bank AG
MICHAEL HAID
Morgan Stanley
MACIEJ WASILEWICZ
Mediobanca SpA
MARC THIELE
BEN COHEN
Redburn Partners
PAUL GOODHIND
JOY FERNEYHOUGH
TIM PROUDLOVE
Source
ULT-AGG
ULT-AGG
Co File
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
underperform
buy
neutral
hold
reduce
overweight
underperform
outperform
neutral
neutral
hold
buy
reduce
hold
Buy/Neutral
overweight
hold
reduce
neutral
neutral
hold
sell
hold
hold
hold
outperform
hold
market perform
underweight
buy
buy
hold
overweight
underperform
Overwt/In-Line
outperform
buy
neutral
neutral
outperform
Amt Held
20'086'215
17'466'054
5'380'236
3'097'431
2'261'723
2'242'202
1'886'892
1'798'228
1'713'886
1'374'140
1'050'506
925'403
909'100
834'488
800'520
619'738
590'450
574'580
539'431
492'477
% Out
11.2
9.74
3
1.73
1.26
1.25
1.05
1
0.96
0.77
0.59
0.52
0.51
0.47
0.45
0.35
0.33
0.32
0.3
0.27
Weighting
Change
1
5
3
3
2
5
1
5
3
3
3
5
2
3
5
5
3
2
3
3
3
1
3
3
3
5
3
3
1
5
5
3
5
1
5
5
5
3
3
5
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
U
Latest Chg
(16'460)
(397'577)
(130'604)
75'261
263'657
107'059
(234'487)
97'400
715'207
(376'953)
5'222
(33'714)
6'554
131'232
196'794
(10'900)
-
Target Price
106
165
155
150
141
#N/A N/A
135
170
150
145
133
171
140
155
175
167
150
125
140
142
150
136
125
#N/A N/A
145
157
140
#N/A N/A
135
#N/A N/A
153
147
157
145
152
164
142
#N/A N/A
118
119
File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Unclassified
25.04.2012
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2012
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Unclassified
31.07.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
6 month
Date
27.03.2013
27.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
12.03.2013
12.03.2013
12.03.2013
11.03.2013
20.02.2013
18.02.2013
11.02.2013
08.02.2013
07.02.2013
06.02.2013
05.02.2013
05.02.2013
04.02.2013
01.02.2013
31.01.2013
30.01.2013
09.01.2013
15.03.2012
02.02.2012
10.05.2011
27.03.2013
NHPC Ltd
National Hydroelectric Power Corp Ltd. is a hydro-power development company
Company's operations include electric generation at conventional, nuclear, and
renewable-source facilities, electric transmission via high-voltage wires
network, regional distribution of electricity, gas, and heat, power trading and
electricity, gas, and heat sales.
Price/Volume
25
50.0 M
03/2012
12/yy
29.40
14.65
1'342'707.00
19.95
-32.14%
36.18%
35.93%
12'300.7
245'399.83
180'926.20
0.0
20'348.6
74'891.50
371'783.13
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
40.0 M
10
30.0 M
20.0 M
10.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
29'248.3
23'851.0
11'461.7
-
60.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (07.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NHPC IB EQUITY YTD Change
NHPC IB EQUITY YTD % CHANGE
70.0 M
31.03.2009
31.03.2010
34'277.7
50'485.7
9.75x
26'082.6
42'854.1
11.48x
9'392.5
21'755.6
16.59x
Profitability
31.03.2011
51'436.5
8.62x
35'820.6
12.38x
23'161.6
13.44x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
69'203.3
5.33x
48'693.6
7.57x
30'855.8
7.85x
48'693.60
36'928.50
53.36%
62.88%
5.39%
11.19%
9.54%
0.12%
70.4%
53.4%
44.6%
1.46
1.02
30.01%
63.16%
4.91
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
3.51
0.71
1'677.37
5.53%
-21.61%
0.714
21
3.238
2'350'990
6'226'878
4'295'786
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
64'380.3
71'860.4
103.0
5.92x
5.41x
42'840.0
49'145.8
52.0
8.69x
7.58x
23'073.3
25'814.3
18.9
10.57x
9.58x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
25.09.2009
BBBNEG
23.08.2004
NR
3.74
1.21
2.18
3.72
63.2%
37.1%
0.12
0.19
74.50
-
6.00
140'000.0
5.00
120'000.0
100'000.0
4.00
80'000.0
3.00
60'000.0
2.00
40'000.0
1.00
20'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
NHPC Ltd
Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
GOVERNMENT OF NORWAY
E.ON AG
CREDIT SUISSE AG
MORGAN STANLEY
VANGUARD GROUP INC
DEUTSCHE BANK AG
FRANKLIN RESOURCES
ADIG INVESTMENT
CREDIT SUISSE ASSET
Firm Name
Goldman Sachs
Exane BNP Paribas
AlphaValue
HSBC
DZ Bank AG
Societe Generale
S&P Capital IQ
Grupo Santander
Nord/LB
Raymond James
Banco Sabadell
JPMorgan
Berenberg Bank
Deutsche Bank
Morgan Stanley
Macquarie
Hamburger Sparkasse
Bankhaus Metzler
Natixis
Nomura
Day by Day
Credit Suisse
Barclays
Main First Bank AG
EVA Dimensions
Redburn Partners
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JOHN MUSK
DEBORAH WILKENS
BENJAMIN LEYRE
EILEEN RYAN
TANJA MARKLOFF
ADAM DICKENS
MARC NETTELBECK
MICHAEL SCHAEFER
INGO BECKER
ALBERTO PONTI
STEPHAN WULF
CLIVE ROBERTS
OSCAR NAJAR RIOS
HEINO HAMMANN
EMMANUEL RETIF
SVEN DIERMEIER
VINCENT DE BLIC
ROBERT CHANTRY
ERKAN AYCICEK
ALEXANDER KARNICK
BOBBY CHADA
ROBERT SCHRAMM-FUCHS
ANNEMARIE SCHLUETER
PHILIPPE OURPATIAN
MARTIN YOUNG
VALERIE GASTALDY
VINCENT GILLES
PETER BISZTYGA
ANDREAS THIELEN
AUSTIN BURKETT
AHMED FARMAN
SEBASTIAN KAUFFMANN
SEBASTIAN ZANK
Source
ULT-AGG
Co File
Co File
Research
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underperform
Buy/Neutral
neutral
buy
hold
underweight
hold
hold
hold
hold
buy
buy
hold
hold
market perform
sell
buy
underweight
sell
buy
hold
sell
Underwt/In-Line
underperform
hold
sell
reduce
reduce
hold
underperform
equalweight
outperform
sell
neutral
underperform
not rated
Amt Held
172'665'399
118'276'492
95'529'865
46'680'225
25'888'854
25'026'728
18'679'962
13'832'519
9'652'792
7'475'000
7'351'606
7'243'436
5'928'365
5'219'136
4'940'060
4'406'169
3'863'245
3'154'858
3'041'428
2'804'442
% Out
8.63
5.91
4.77
2.33
1.29
1.25
0.93
0.69
0.48
0.37
0.37
0.36
0.3
0.26
0.25
0.22
0.19
0.16
0.15
0.14
Weighting
Change
1
5
3
5
3
1
3
3
3
3
5
5
3
3
3
1
5
1
1
5
3
1
1
1
3
1
2
2
3
1
3
5
1
3
1
#N/A N/A
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
D
M
M
M
D
M
M
M
M
M
M
M
Latest Chg
(62'158)
16'104'093
719'330
(288'536)
(1'454'174)
(544'741)
(18'477'247)
(551'821)
(953'996)
254'908
(1'125'000)
268'623
(49'616)
Target Price
11
19
14
17
14
12
14
14
13
13
17
15
16
13
#N/A N/A
11
14
13
12
15
13
13
11
12
#N/A N/A
11
12
14
#N/A N/A
11
15
17
#N/A N/A
#N/A N/A
17
#N/A N/A
File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2011
Government
31.12.2011
Corporation
09.05.2012
Investment Advisor
10.05.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
26.03.2013
Investment Advisor
31.05.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
6 month
6 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
9 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
27.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
19.03.2013
18.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
15.02.2013
06.02.2013
05.02.2013
04.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
25.01.2013
23.01.2013
17.01.2013
14.11.2012
14.08.2012
14.03.2012
27.03.2013
NMDC Ltd
NMDC Limited explores for minerals. The Company is exploring for iron ore,
bitters, whiskies, anis-based spirits, liqueurs, cognacs and brandies, and
white spirits and rums. Pernod Ricard markets its products worldwide.
Price/Volume
120
100
80
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.07.2012)
52-Week Low (22.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NMDC IB EQUITY YTD Change
NMDC IB EQUITY YTD % CHANGE
03/2012
12/yy
203.40
128.30
4'811'044.00
134.2
-34.02%
4.60%
7.86%
3'964.7
532'064.88
0.00
0.0
6.7
97'410.30
434'661.28
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
0
m-12
31.03.2009
31.03.2010
75'640.3
6.88x
58'371.0
8.91x
43'495.5
14.20x
Profitability
31.03.2011
31.03.2012
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
58'371.00
57'635.40
76.20%
87.59%
39.69%
43.65%
43.64%
0.69%
77.2%
76.2%
57.5%
10.12
9.26
0.00%
0.00%
10.05
-
1.65
1.02
527.56
-14.91%
-18.12%
1.017
37
4.541
3'832'477
939'202
669'502
LTM-4Q
LTM
FY+1
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4
06/13 Q1
Price/ Cash Flow
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-1.67
0.00
0.0%
0.0%
0.69
9.03
36.32
-
90.00
9'000.0
80.00
8'000.0
70.00
7'000.0
60.00
6'000.0
50.00
5'000.0
40.00
4'000.0
30.00
3'000.0
20.00
2'000.0
10.00
1'000.0
0.00
03.07.2009
a-12 m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
57'113.1
22.72x
43'366.9
29.93x
32'859.8
1250.58x
40
2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
f-13 m-13
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
1997199819992000200120022003200420052006200720082009201020112012
27.03.2013
NMDC Ltd
Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
FRANKLIN RESOURCES
CREDIT AGRICOLE ASSE
AMUNDI ASSET MANAGEM
BLACKROCK
CITIGROUP GLOBAL MAR
CARMIGNAC GESTION
LANSDOWNE PARTNERS L
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
Standard Chartered
NICOLAS CERON
Raymond James
Nomura
IAN SHACKLETON
Berenberg Bank
PHILIP MORRISEY
LAETITIA DELAYE
Barclays
SIMON HALES
AlphaValue
ISABELLE COMBEMALE
TREVOR STIRLING
RBC Capital Markets
Credit Suisse
ALEX MOLLOY
EDDY HARGREAVES
Exane BNP Paribas
Day by Day
VALERIE GASTALDY
PHIL CARROLL
EVA Dimensions
AUSTIN BURKETT
Investec
MARTIN DEBOO
JPMorgan
MIKE J GIBBS
Natixis
FRANCIS PRETRE
Bryan Garnier & Cie
NIKOLAAS FAES
S&P Capital IQ
CARL SHORT
Deutsche Bank
JAMES ISENWATER
Liberum Capital Ltd
PABLO ZUANIC
CA Cheuvreux
ERIC BOROIAN
Grupo Santander
ANTHONY J BUCALO
Goldman Sachs
MITCHELL COLLETT
Aurel - BGC
JEAN-MARIE L'HOME
Redburn Partners
CHRIS PITCHER
Jefferies
DIRK VAN VLAANDEREN
ALEX SMITH
HSBC
ERWAN RAMBOURG
Equita SIM SpA
FABIO FAZZARI
Davy
BARRY GALLAGHER
Source
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
Co File
Co File
Co File
Co File
ULT-AGG
13F
Co File
ULT-AGG
MF-AGG
Co File
MF-AGG
Co File
MF-AGG
Co File
Recommendation
buy
outperform
neutral
buy
hold
overweight
reduce
market perform
outperform
outperform
sell
outperform
hold
hold
sell
hold
overweight
buy
accumulate
neutral
buy
sell
sell
underperform
buy
buy/attractive
hold
neutral
hold
buy
neutral
hold
outperform
Amt Held
34'866'200
26'674'844
19'890'770
10'920'574
10'854'541
5'904'879
5'615'014
5'468'037
5'310'761
5'270'298
4'954'341
3'711'633
3'710'368
3'407'419
3'181'703
3'110'259
2'934'500
2'898'012
2'843'000
2'786'833
% Out
13.14
10.05
7.5
4.12
4.09
2.23
2.12
2.06
2
1.99
1.87
1.4
1.4
1.28
1.2
1.17
1.11
1.09
1.07
1.05
Weighting
Change
5
5
3
5
3
5
2
3
5
5
1
5
3
3
1
3
5
5
4
3
5
1
1
1
5
5
3
3
3
5
3
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
M
M
M
M
D
M
D
M
M
M
M
M
M
M
M
M
U
M
Latest Chg
(736'472)
1'064'185
(96'556)
102'126
70'829
10'620
1'227'037
859'128
-
Target Price
110
104
98
117
97
105
99
103
122
116
72
104
#N/A N/A
#N/A N/A
#N/A N/A
93
101
107
98
91
107
75
62
91
103
139
75
#N/A N/A
82
96
93
66
#N/A N/A
File Dt
Inst Type
29.08.2012
Corporation
18.02.2013
Investment Advisor
29.08.2012
Holding Company
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
29.08.2012
Investment Advisor
29.08.2012
Other
29.08.2012
Government
29.08.2012
Government
25.03.2013
Investment Advisor
29.08.2012
Investment Advisor
31.12.2012
Investment Advisor
29.08.2012
Investment Advisor
31.12.2012
Investment Advisor
29.08.2012
Unclassified
31.12.2012
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
9 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
14.03.2013
13.03.2013
07.03.2013
05.03.2013
22.02.2013
21.02.2013
20.02.2013
20.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
08.02.2013
25.01.2013
21.01.2013
14.01.2013
09.01.2013
14.12.2012
10.12.2012
26.10.2012
14.09.2012
08.08.2012
12.01.2012
26.07.2011
27.03.2013
NTPC Ltd
NTPC Ltd. owns and operates power generation plants that supply power to state
and long-distance telephone call products and services in the UK, international
telephone calls to and from the UK, broadband network solutions and web hosting
to corporate customers, network ADSL, ISDN, and IP services to communication
companies and narrowband and broadband internet access and related services.
Price/Volume
70.0 M
250
60.0 M
50.0 M
200
40.0 M
150
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.09.2012)
52-Week Low (21.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NTPC IB EQUITY YTD Change
NTPC IB EQUITY YTD % CHANGE
03/2012
12/yy
175.35
136.10
3'861'806.00
142.5
-18.73%
4.70%
16.31%
8'245.5
1'174'978.63
598'040.90
0.0
5'955.9
197'141.30
1'581'834.13
31.03.2008
395'547.0
4.48x
129'347.0
13.70x
76'704.0
21.13x
30.0 M
100
20.0 M
50
10.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
300
31.03.2009
31.03.2010
426'614.0
482'564.0
3.99x
4.09x
113'936.0
136'798.0
14.93x
14.43x
83'615.0
88'378.0
17.74x
19.34x
Profitability
31.03.2011
574'831.7
3.32x
128'580.8
14.84x
93'482.3
17.03x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
650'439.3
2.69x
152'329.5
11.48x
98'146.6
13.67x
152'329.50
121'258.60
18.64%
20.20%
6.73%
13.76%
10.34%
0.45%
23.4%
18.6%
15.1%
2.06
1.27
38.52%
80.52%
15.44
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
2.81
0.87
1'039.46
-11.00%
-6.63%
0.871
53
4.491
2'497'389
702'509
579'126
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
714'085.7 822'486.4
2.30x
2.07x
175'008.7 206'399.1
9.05x
7.67x
102'958.9 115'154.7
11.39x
10.10x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.01.2007
BBBNEG
3.41
-0.16
2.63
3.93
80.5%
44.4%
0.45
0.70
23.71
-
9.00
25'000.0
8.00
20'000.0
7.00
6.00
15'000.0
5.00
4.00
10'000.0
3.00
5'000.0
2.00
1.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
NTPC Ltd
Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
BLACKROCK
LEGAL & GENERAL
BT GROUP PLC SHAREVI
FMR LLC
AVIVA INVESTORS
SCOTTISH WIDOWS
ARTEMIS INVESTMENT M
PEOPLES REPUBLIC OF
ARTEMIS INVESTMENT M
VANGUARD GROUP INC
BT GROUP PLC EMPLOYE
VANGUARD GROUP INC
MAJEDIE ASSET MANAGE
Firm Name
Portfolio Name
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Nomura
PAUL SIDNEY
Nomura
JAMES BRITTON
JOHN KARIDIS
AlphaValue
JPMorgan
CARL MURDOCK-SMITH
ROBIN BIENENSTOCK
Barclays
MAURICE PATRICK
NICK BROWN
Exane BNP Paribas
MICHAEL WILLIAMS
Berenberg Bank
STUART GORDON
New Street Research
JAMES RATZER
Day by Day
VALERIE GASTALDY
Morgan Stanley
NICK DELFAS
Macquarie
GUY R PEDDY
Liberum Capital Ltd
LAWRENCE SUGARMAN
Deutsche Bank
DAVID A WRIGHT
Societe Generale
OTTAVIO ADORISIO
Goldman Sachs
ANDREW LEE
Jefferies
JEREMY A DELLIS
S&P Capital IQ
JAMES CRAWSHAW
Oddo & Cie
ALEXANDRE IATRIDES
EVA Dimensions
ANDREW S ZAMFOTIS
HSBC
STEPHEN HOWARD
Raymond James
STEPHANE BEYAZIAN
RALPH SZYMCZAK
Source
REG
ULT-AGG
ULT-AGG
REG
MF-AGG
REG
REG
REG
ULT-AGG
REG
ULT-AGG
REG
REG
REG
MF-AGG
MF-AGG
MF-AGG
REG
REG
REG
Recommendation
outperform
buy
buy
reduce
overweight
outperform
equalweight
neutral
neutral
buy
reduce
buy
Overwt/In-Line
underperform
buy
hold
hold
Buy/Neutral
buy
hold
reduce
overweight
neutral
outperform
sell
Amt Held
778'912'816
414'048'238
326'738'146
284'949'077
218'997'078
176'167'732
153'691'805
151'085'357
139'912'821
134'026'296
128'739'886
121'209'276
103'659'925
95'877'803
90'844'770
86'476'500
82'710'326
81'270'291
81'100'448
79'359'827
% Out
9.88
5.25
4.15
3.62
2.78
2.24
1.95
1.92
1.78
1.7
1.63
1.54
1.32
1.22
1.15
1.1
1.05
1.03
1.03
1.01
Weighting
Change
5
5
5
2
5
5
3
3
3
5
2
5
5
1
5
3
3
5
5
3
2
5
3
5
1
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
8'748'662
56'100'337
609'027
(2'425'817)
(9'615'159)
1'514'171
(16'511'149)
17'151'093
(6'162'708)
5'420'429
(857'049)
4'103'000
12'800'853
689'067
4'210'755
(197'922)
7'324'283
702'630
Target Price
300
360
330
278
280
285
230
250
250
280
225
309
290
180
300
277
245
320
278
260
175
#N/A N/A
220
245
190
File Dt
01.11.2012
25.03.2013
28.02.2013
01.11.2012
31.07.2012
01.11.2012
01.11.2012
01.11.2012
31.01.2013
01.11.2012
30.11.2012
01.11.2012
01.11.2012
01.11.2012
31.12.2012
31.12.2012
31.12.2012
01.11.2012
01.11.2012
01.11.2012
Date
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
3 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
26.03.2013
22.03.2013
21.03.2013
21.03.2013
19.03.2013
15.03.2013
15.03.2013
13.03.2013
08.03.2013
06.03.2013
06.03.2013
05.03.2013
20.02.2013
14.02.2013
05.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
30.01.2013
17.01.2013
20.11.2012
04.09.2012
25.07.2012
27.03.2013
Oil & Natural Gas Corp Ltd

Oil and Natural Gas Corporation Limited specializes in the exploration and
manufactures and distributes apparel. The Company operates retail chains in
Europe, the Americas, Asia, and Africa.
Price/Volume
120
35.0 M
100
30.0 M
25.0 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (18.01.2013)
52-Week Low (23.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ONGC IB EQUITY YTD Change
ONGC IB EQUITY YTD % CHANGE
03/2012
01/yy
354.10
240.10
178'295.00
302.7
-14.52%
26.07%
54.91%
8'555.5
2'589'747.00
159'842.06
0.0
22'084.3
286'004.65
2'485'668.57
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
15.0 M
40
10.0 M
20
5.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
967'821.8
2.00x
365'859.0
5.28x
200'760.2
10.45x
20.0 M
60
Valuation Analysis
31.03.2009
31.03.2010
1'045'883.9
1'017'545.7
1.52x
2.24x
369'067.1
354'383.0
4.31x
6.43x
197'953.4
194'035.3
8.46x
12.11x
Profitability
31.03.2011
1'175'251.0
2.02x
424'779.1
5.60x
224'559.3
11.10x
31.03.2012
1'463'694.7
1.50x
495'573.3
4.42x
281'436.2
8.16x
495'573.27
366'378.95
25.03%
29.24%
13.25%
22.36%
20.58%
0.69%
33.9%
25.0%
19.2%
1.19
0.80
6.90%
11.72%
13.50
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.22
0.86
1'104.97
18.76%
14.75%
0.856
61
4.164
345'363
418'870
453'870
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
######### #########
1.55x
1.42x
547'053.6 629'176.9
4.55x
3.96x
250'353.3 290'812.0
10.25x
8.85x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
131.20
80.53
-0.25
0.32
11.7%
10.3%
0.69
2.07
27.11
-
18'000.0
16'000.0
1.00
0.80
14'000.0
12'000.0
10'000.0
0.60
8'000.0
6'000.0
0.40
0.20
4'000.0
2'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
27.03.2013
Oil & Natural Gas Corp Ltd

Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
PARTLER 2006 SL
ROSP CORUNNA
JP MORGAN
FMR LLC
VANGUARD GROUP INC
CARMIGNAC GESTION
BLACKROCK
BAILLIE GIFFORD AND
UMB BANK N A
JENNISON ASSOCIATES
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
ICICI Securities
REBECCA MCCLELLAN
Exane BNP Paribas
BEN SPRUNTULIS
ISI Group
OMAR SAAD
EVA Dimensions
CRAIG STERLING
JAMIE MERRIMAN
Morgan Stanley
GEOFFREY RUDDELL
La Caixa
ANTONIO JOSE CASTELL NEYRA
Interdin Bolsa
SOFIA REBUELTA VILLEGAS
Societe Generale
ANNE CRITCHLOW
BPI
JOSE RITO
CA Cheuvreux
DANIEL OVIN
Cantor Fitzgerald
ALLEGRA PERRY
ZAFER RUZGAR
BBVA
ISABEL CARBALLO
FRANCISCO RIQUEL
DANA TELSEY
Credit Suisse
SIMON IRWIN
Raymond James
CEDRIC LECASBLE
HSBC
PAUL ROSSINGTON
Bankia Bolsa (ESN)
MARIA RIVAS RODRIGUEZ
Banco Sabadell
IGNACIO ROMERO
GERMAN GARCIA BOU
Bryan Garnier & Cie
PETER FARREN
Nomura
FRASER RAMZAN
S&P Capital IQ
WILLIAM MACK
Intermoney Valores
ANTONIO PAUSA RODRIGUEZ
JESUS DOMINGUEZ ANGULO
Redburn Partners
GEOFF LOWERY
FILIPE ROSA
AlphaValue
VIRGINIE BLIN
Deutsche Bank
WARWICK OKINES
Barclays
CHRISTODOULOS CHAVIARAS
Natixis
JEAN BAPTISTE TEISSIER
Hamburger Sparkasse
CHRISTIAN HAMANN
Day by Day
VALERIE GASTALDY
Goldman Sachs
FRANKLIN WALDING
NATALIA BOBO BJOERK
Mirabaud Finanzas Sociedad de ValoresGONZALO
S
SANZ
Source
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
13F
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
buy
neutral
strong buy
overweight
outperform
Equalwt/Cautious
underweight
sell
buy
neutral
underperform
hold
sell
market perform
neutral
no rating system
underperform
market perform
overweight
hold
buy
sell
sell
buy
buy
hold
neutral
buy
neutral
sell
buy
equalweight
buy
hold
buy
Buy/Neutral
buy
underweight
Amt Held
311'727'598
57'872'465
31'494'806
18'823'336
7'598'170
6'649'493
5'244'417
4'779'721
3'112'740
2'887'450
2'657'118
2'349'841
1'835'758
1'192'900
1'105'737
871'054
753'341
737'364
703'033
644'567
% Out
50.01
9.28
5.05
3.02
1.22
1.07
0.84
0.77
0.5
0.46
0.43
0.38
0.29
0.19
0.18
0.14
0.12
0.12
0.11
0.1
Weighting
Change
5
3
5
5
5
3
1
1
5
3
1
3
1
3
3
#N/A N/A
1
3
5
3
5
1
1
5
5
3
3
5
3
1
5
3
5
3
5
5
5
1
M
M
M
U
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
N
M
U
M
M
M
Latest Chg
(2'766)
759'500
(1'464'302)
86'426
893'049
(613'458)
(43'431)
62'876
(75'362)
61'061
119'400
(159'687)
(53'921)
(54'094)
518'290
(36'531)
(14'010)
Target Price
125
110
110
#N/A N/A
115
100
102
84
131
112
95
106
96
107
112
118
103
#N/A N/A
120
98
115
82
100
121
115
94
105
#N/A N/A
110
87
115
89
125
#N/A N/A
114
125
108
67
File Dt
Inst Type
31.01.2013
Unclassified
31.01.2013
Corporation
31.01.2013
Unclassified
30.11.2012
Unclassified
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
26.03.2013
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
3 month
12 month
Not Provided
12 month
Date
27.03.2013
27.03.2013
24.03.2013
21.03.2013
20.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
11.03.2013
07.03.2013
06.03.2013
22.02.2013
01.02.2013
18.12.2012
23.11.2012
07.11.2012
20.09.2012
21.03.2012
27.03.2013
Power Finance Corp Ltd

Power Finance Corporation funds power projects in India. The Company serves
for civil and military aircraft. The Group designs, constructs and installs
power generation systems, transmission and distribution systems, and equipment
for the marine propulsion, oil and gas pumping, and defense markets.
Price/Volume
1200
14.0 M
1000
12.0 M
10.0 M
800
Latest Fiscal Year:

LTM as of:
52-Week High (08.02.2013)
52-Week Low (16.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
POWF IB EQUITY YTD Change
POWF IB EQUITY YTD % CHANGE
03/2012
01/yy
227.00
139.00
362'088.00
182.4
-19.65%
31.22%
49.32%
1'320.0
240'770.73
1'101'259.10
0.0
0.0
235.70
1'341'794.14
6.0 M
400
4.0 M
200
2.0 M
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
600
Valuation Analysis
31.03.2009
31.03.2010
65'720.2
81'217.1
10.46x
11.91x
64'433.3
80'285.9
10.67x
12.05x
19'796.9
23'783.0
8.38x
12.47x
Profitability
LTM-4Q
31.03.2011
102'141.0
11.16x
100'484.9
11.35x
26'471.2
10.84x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
130'960.1
10.27x
126'219.8
10.65x
30'588.5
7.81x
126'219.80
89.63%
31.66%
2.54%
16.98%
2.64%
0.11%
96.4%
23.4%
81.16%
529.63%
-
Price/ Cash Flow
01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
FY+1
3.29
1.36
179.49
4.46%
-8.00%
1.359
36
4.278
318'810
295'344
280'685
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
63'092.0
78'390.5
17'423.0
43'037.0
53'296.0
5.61x
4.53x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.01.2007
BBBNEG
23.08.2004
NR
8.72
8.72
529.6%
84.1%
0.11
178.20
-
20.00
14'000.0
18.00
12'000.0
16.00
14.00
10'000.0
12.00
8'000.0
10.00
6'000.0
8.00
4'000.0
6.00
4.00
2'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Power Finance Corp Ltd

Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
FMR LLC
BLACKROCK
LEGAL & GENERAL
BAILLIE GIFFORD AND
SCOTTISH WIDOWS
DEUTSCHE PRIVATE BAN
VANGUARD GROUP INC
SCHRODER INVESTMENT
UBS
AEGON
Firm Name
JPMorgan
RBC Capital Markets
Jefferies
AlphaValue
Societe Generale
Investec
Barclays
S&P Capital IQ
Morgan Stanley
Natixis
Exane BNP Paribas
Deutsche Bank
Day by Day
Liberum Capital Ltd
EVA Dimensions
Credit Suisse
Arden Partners Ltd
CA Cheuvreux
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
EDWARD STACEY
DAVID H. PERRY
DOUGLAS S HARNED
ROBERT STALLARD
SANDY MORRIS
THOMAS PICHERIT
ZAFAR KHAN
ANDREW GOLLAN
CARTER COPELAND
UNAI FRANCO
RUPINDER VIG
HARALD LIBERGE-DONDOUX
ERIC CHADEYRAS
OLIVIER BROCHET
BEN FIDLER
CHRISTOPHE MENARD
VALERIE GASTALDY
BENJAMIN BOURNE
CRAIG STERLING
OLIVER SLEATH
GRAHAM J WEBSTER
ANTOINE BOIVIN-CHAMPEAUX
Source
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
MF-AGG
REG
MF-AGG
MF-AGG
REG
REG
REG
REG
REG
REG
ULT-AGG
ULT-AGG
Recommendation
neutral
overweight
market perform
outperform
buy
reduce
sell
add
overweight
hold
Overwt/In-Line
sell
neutral
outperform
hold
hold
hold
buy
underweight
neutral
add
underperform
Amt Held
112'822'192
102'165'089
93'986'631
75'786'766
58'757'257
45'853'311
45'308'048
43'402'486
43'022'491
41'865'846
36'507'917
36'150'309
30'897'478
27'706'884
26'924'567
25'928'040
25'368'833
24'908'239
21'984'871
21'891'388
% Out
6
5.43
5
4.03
3.13
2.44
2.41
2.31
2.29
2.23
1.94
1.92
1.64
1.47
1.43
1.38
1.35
1.32
1.17
1.16
Weighting
Change
3
5
3
5
5
2
1
4
5
3
5
1
3
5
3
3
3
5
1
3
4
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(3'289'064)
(56'735'470)
1'193'881
3'025'904
5'797'601
1'065'936
2'538'998
699'470
2'652'399
759'881
16'496
(5'380'217)
803'995
(428'418)
(8'010'744)
941'008
(462'155)
(15'824'804)
526'673
Target Price
950
1'300
880
1'180
1'250
987
900
1'125
1'225
1'100
1'200
800
1'100
1'075
930
1'050
#N/A N/A
1'030
#N/A N/A
900
#N/A N/A
800
File Dt
01.11.2012
31.01.2013
25.03.2013
01.11.2012
01.11.2012
01.11.2012
01.11.2012
30.11.2012
31.12.2012
01.11.2012
31.12.2012
31.07.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
31.01.2013
01.11.2012
Date
Not Provided
9 month
12 month
12 month
12 month
6 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Government
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Date
27.03.2013
26.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
11.03.2013
19.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
14.02.2013
04.02.2013
17.01.2013
16.01.2013
01.10.2012
27.07.2012
27.03.2013
Power Grid Corp of India Ltd

Power Grid Corporation of India Limited has been established by the Government
natural gas. The Company explores for oil in Europe, Africa, the Middle East,
Asia, and the Americas.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.09.2012)
52-Week Low (14.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PWGR IB EQUITY YTD Change
PWGR IB EQUITY YTD % CHANGE
03/2012
12/yy
124.45
100.10
95'306.00
105
-15.63%
4.90%
20.12%
4'629.7
486'121.16
543'554.40
0.0
0.0
33'111.80
996'563.77
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.03.2009
-
9.0 M
160
8.0 M
140
7.0 M
120
6.0 M
100
5.0 M
80
4.0 M
60
3.0 M
40
2.0 M
20
1.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
180
31.03.2010
Profitability
31.03.2011
86'117.6
9.73x
72'808.2
11.51x
26'719.1
16.62x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
103'115.2
9.81x
87'480.8
11.56x
33'029.9
15.16x
87'480.80
60'736.90
58.90%
45.48%
3.85%
14.68%
6.40%
0.12%
84.8%
58.9%
32.0%
0.65
0.40
57.74%
230.48%
5.81
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
2.01
0.75
1'274.41
1.98%
-6.90%
0.749
43
4.674
114'075
590'188
380'642
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
128'226.5 149'521.7
8.76x
8.30x
107'616.0 126'166.3
9.26x
7.90x
40'904.0
48'103.0
11.87x
10.46x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
03.01.2013
BBBNEG
5.10
-5.98
5.83
6.21
230.5%
69.7%
0.12
0.15
62.97
-
7.00
800'000.0
6.00
700'000.0
600'000.0
5.00
500'000.0
4.00
400'000.0
3.00
300'000.0
2.00
200'000.0
1.00
100'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Power Grid Corp of India Ltd

Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
DEUTSCHE BANK TRUST
STATE STREET
GOVERNMENT PENSION F
CLEARSTREAM BANKING
JP MORGAN CHASE BANK
NORTHERN TRUST CO
VANGUARD GROUP INC
DNB NOR ASSET MANAGE
SIX SIS AG
BLACKROCK
EUROCLEAR BANK SA
FRANKLIN RESOURCES
STOREBRAND FUND MANA
UBS
KLP AKSJE NORGE INDE
HSBC BANK PLC
Firm Name
Nomura
Jefferies
Grupo Santander
SEB Enskilda
SpareBank 1 Markets AS
Exane BNP Paribas
Swedbank First Securities
AlphaValue
Investec
RBC Capital Markets
Macquarie
HSBC
Credit Suisse
Societe Generale
Morgan Stanley
Carnegie
Handelsbanken
Pareto Securities
Nomura
Barclays
Norne Securities AS
Danske Markets
ABG Sundal Collier
S&P Capital IQ
DNB Markets
Arctic Securities ASA
JPMorgan
EVA Dimensions
Goldman Sachs
Deutsche Bank
Fondsfinans AS
CA Cheuvreux
Portfolio Name
#N/A N/A
#N/A N/A
n/a
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
Multiple Portfolios
Multiple Portfolios
#N/A N/A
n/a
#N/A N/A
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
#N/A N/A
Analyst
OLE-JACOB STORVIK
ROBERT KESSLER
BRENDAN MICHAEL WARN
JASON KENNEY
LARS HENRIK ROREN
ODDVAR BJORGAN
OSWALD CLINT
TEODOR SVEEN NILSEN
ALEXANDRE ANDLAUER
STUART JOYNER
PETER HUTTON
MARC B KOFLER
GORDON GRAY
PAUL SPEDDING
JEFFREY A DIETERT
KIM FUSTIER
IRENE HIMONA
HAYTHEM RASHED
MARTIN VOLD
KELLY CHEN
ANNE GJOEN
SIGURD-ERIK NISSEN-MEYER
THEEPAN JOTHILINGAM
RAHIM KARIM
IRMANTAS VASKELA
ENDRE STORLOKKEN
JOHN A SCHJ OLAISEN
CHRISTINE TISCARENO
ESPEN HENNIE
TROND OMDAL
NITIN SHARMA
CRAIG STERLING
MICHELE DELLA VIGNA
JENS MUENSTERMANN
MARK BLOOMFIELD
MORTEN EVJENTH LINDBACK
DOMINIQUE PATRY
Source
EXCH
EXCH
ULT-AGG
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
ULT-AGG
EXCH
MF-AGG
13F
ULT-AGG
MF-AGG
ULT-AGG
EXCH
EXCH
Recommendation
buy
accumulate
buy
underweight
sell
buy
outperform
market perform
buy
reduce
buy
top pick
neutral
buy
neutral
overweight
underperform
hold
Underwt/In-Line
buy
hold
accumulate
buy
reduce
equalweight
hold
hold
buy
hold
hold
buy
neutral
buy
neutral/cautious
buy
hold
Under Review
underperform
Amt Held
2'136'393'559
104'384'307
102'514'971
100'735'001
65'490'887
32'446'911
32'110'800
25'316'478
18'596'740
17'488'785
12'443'807
11'660'463
11'619'396
11'465'900
11'191'044
10'956'343
9'439'710
9'223'423
9'125'612
8'631'846
% Out
67
3.27
3.21
3.16
2.05
1.02
1.01
0.79
0.58
0.55
0.39
0.37
0.36
0.36
0.35
0.34
0.3
0.29
0.29
0.27
Weighting
Change
5
4
5
1
1
5
5
3
5
2
5
5
3
5
3
5
1
3
1
5
3
4
5
2
3
3
3
5
3
3
5
3
5
3
5
3
#N/A N/A
1
M
M
M
M
M
M
M
M
U
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'892)
1'378'710
93'028
(1'306'793)
(56'821)
(664'270)
191'000
(275'823)
-
Target Price
167
168
200
155
140
165
170
135
160
141
163
175
160
170
160
#N/A N/A
158
150
136
#N/A N/A
147
160
170
145
160
160
145
170
177
150
165
165
#N/A N/A
160
170
160
#N/A N/A
155
File Dt
25.03.2013
25.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
31.12.2012
28.02.2013
25.03.2013
25.03.2013
25.03.2013
31.12.2012
31.12.2012
31.12.2012
28.02.2013
25.03.2013
25.03.2013
25.03.2013
Date
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
6 month
12 month
Not Provided
12 month
12 month
6 month
12 month
Not Provided
Not Provided
3 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Corporation
Investment Advisor
Investment Advisor
Government
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
n/a
Bank
Date
27.03.2013
25.03.2013
22.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
13.03.2013
11.03.2013
07.03.2013
01.03.2013
21.02.2013
21.02.2013
21.02.2013
18.02.2013
15.02.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
17.01.2013
11.01.2013
09.01.2013
03.12.2012
08.05.2012
16.11.2011
27.03.2013
Punjab National Bank

Punjab National Bank provides financial services such as corporate and personal
a range of banking and financial services. The Company provides retail banking,
mortgages, pensions, asset management, insurance services, corporate banking,
and treasury services.
Price/Volume
60
700.0 M
50
600.0 M
500.0 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (18.04.2012)
52-Week Low (30.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PNB IB EQUITY YTD Change
PNB IB EQUITY YTD % CHANGE
03/2012
12/yy
942.90
659.00
89'742.00
712.7
-24.41%
8.15%
18.92%
353.5
251'920.48
616'380.00
0.0
3'314.2
327'056.40
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
300.0 M
20
200.0 M
10
100.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
166'526.2
22'030.9
7.30x
400.0 M
30
Valuation Analysis
31.03.2009
31.03.2010
226'340.4
254'333.6
31'970.3
39'725.7
4.06x
8.04x
Profitability
31.03.2011
312'036.4
45'747.3
8.36x
31.03.2012
416'824.7
50'254.6
6.24x
39.95%
40.40%
1.17%
19.40%
6.12%
0.10%
28.0%
13.10%
211.06%
-
3.09
1.08
115.64
-20.71%
-18.21%
1.078
68
3.559
108'046
75'113
95'644
LTM-4Q
LTM
FY+1
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4
06/13 Q1
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
NR
211.1%
67.6%
0.10
13.28
-
50'000.0
45'000.0
1.00
40'000.0
35'000.0
0.80
0.60
0.40
30'000.0
25'000.0
20'000.0
15'000.0
10'000.0
0.20
5'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Punjab National Bank

Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
FMR LLC
BLACKROCK
LEGAL & GENERAL
UBS
FRANKLIN RESOURCES
SCOTTISH WIDOWS
DEUTSCHE PRIVATE BAN
HALIFAX SHARE DEALIN
SCHRODER INVESTMENT
TD WATERHOUSE GROUP
SELFTRADE
SCHRODER INVESTMENT
PRIVATE INDIVIDUALS
VANGUARD GROUP INC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst

MICHAEL J TRIPPITT
Mediobanca SpA
Morgan Stanley
CHRISTOPHER MANNERS
Investec
IAN GORDON
Goldman Sachs
FREDERIK THOMASEN
AlphaValue
DAVID GRINSZTAJN
Macquarie
EDWARD FIRTH
Day by Day
VALERIE GASTALDY
Credit Suisse
CARLA ANTUNES-SILVA
Nomura
CHINTAN JOSHI
Exane BNP Paribas
TOM RAYNER
Barclays
VIVEK RAJA
Grupo Santander
ARTURO DE FRIAS
CHIRANTAN BARUA
Societe Generale
JAMES INVINE
GARY GREENWOOD
Deutsche Bank
JASON NAPIER
JPMorgan
RAUL SINHA
MARK J PHIN
RBC Capital Markets
CLAIRE KANE
GARETH HUNT
Berenberg Bank
JAMES CHAPPELL
Daniel Stewart & Co
SIMON WILLIS
S&P Capital IQ
FRANK BRADEN
Redburn Partners
FAHED KUNWAR
Liberum Capital Ltd
CORMAC LEECH
SHAILESH RAIKUNDLIA
EVA Dimensions
AUSTIN BURKETT
HSBC
PETER TOEMAN
Source
RNS-MAJ
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
REG
REG
REG
REG
REG
REG
MF-AGG
ULT-AGG
REG
MF-AGG
Recommendation
buy
neutral
Equalwt/In-Line
hold
neutral/neutral
reduce
underperform
hold
neutral
reduce
outperform
underweight
sell
buy
outperform
buy
buy
buy
neutral
underperform
outperform
hold
sell
sell
hold
buy
buy
sell
sell
overweight
Amt Held
27'608'563'642
2'359'287'182
2'335'851'144
1'661'879'228
1'113'818'748
1'096'594'012
1'089'919'867
1'075'638'770
1'075'023'992
1'052'501'056
742'242'002
739'647'720
724'279'567
675'500'000
609'121'200
597'593'904
590'792'286
539'931'137
456'479'052
445'836'749
% Out
39.25
3.35
3.32
2.36
1.58
1.56
1.55
1.53
1.53
1.5
1.06
1.05
1.03
0.96
0.87
0.85
0.84
0.77
0.65
0.63
Weighting
Change
5
3
3
3
3
2
1
3
3
2
5
1
1
5
5
5
5
5
3
1
5
3
1
1
3
5
5
1
1
5
M
M
M
M
M
M
M
D
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
Latest Chg
40'204'114
35'727'885
4'371'787
(49'558'902)
(189'806'781)
462'591'455
41'049'793
(14'804'023)
(38'913'754)
(128'253'574)
19'888'448
(36'378'354)
(40'000'000)
(225'724'735)
(17'125'603)
(893'151)
(97'393'597)
(1'330'422)
17'836'770
Target Price
63
53
53
50
60
47
46
#N/A N/A
45
42
60
40
41
66
64
61
#N/A N/A
64
55
51
69
35
24
39
55
#N/A N/A
62
48
#N/A N/A
65
File Dt
23.03.2012
31.01.2013
25.03.2013
28.02.2013
31.01.2013
28.02.2013
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
31.12.2012
31.01.2013
01.12.2012
31.12.2012
Date
Not Provided
Not Provided
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
9 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Government
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Unclassified
Unclassified
Government
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Date
27.03.2013
25.03.2013
25.03.2013
25.03.2013
24.03.2013
21.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
14.03.2013
13.03.2013
12.03.2013
11.03.2013
05.03.2013
04.03.2013
04.03.2013
03.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
04.02.2013
29.01.2013
17.01.2013
10.01.2013
27.03.2013
Ranbaxy Laboratories Ltd

Ranbaxy Laboratories Limited manufactures and distributes a wide range of
market products. The Company offers automobile, liability, accident,
engineering, marine, aviation, life, and health insurance. Swiss Re also
manages fixed-income and equity investments for itself and other insurance
companies.
Price/Volume
3.0 M
2.5 M
60
Latest Fiscal Year:

LTM as of:
52-Week High (04.09.2012)
52-Week Low (01.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RBXY IB EQUITY YTD Change
RBXY IB EQUITY YTD % CHANGE
12/2012
12/yy
578.30
370.50
192'923.00
444.7
-23.10%
20.03%
35.71%
423.0
188'111.14
48'461.90
0.0
889.5
46'024.93
191'437.64
50
2.0 M
40
1.5 M
30
1.0 M
20
.5 M
10
0
m-12
31.12.2009
31.12.2010
75'970.4
89'607.7
3.16x
2.95x
7'244.0
18'742.6
33.18x
14.08x
2'964.9
14'967.5
73.44x
16.83x
Profitability
LTM-4Q
31.12.2011
101'614.1
1.83x
21'719.1
8.58x
(28'997.3)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
122'528.9
1.76x
19'379.0
11.15x
9'227.6
23.05x
19'378.96
16'176.49
13.20%
10.01%
5.73%
26.54%
14.10%
0.76%
15.8%
13.2%
7.5%
1.12
0.74
29.43%
118.65%
4.86
-
Price/ Cash Flow
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
0.00
0.76
100.82
7.82%
-11.55%
0.755
48
3.458
247'773
156'400
121'486
FY+2
FQ+1
FQ+2
12/yy
27'797.0
3.93x
0.0
0.00x
2'626.0
6.64x
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
33'116.0 116'527.1 130'681.6
30'325.7
30'633.4
3.91x
1.70x
1.48x
0.0
17'314.1
22'803.7
4'305.0
4'758.3
0.00x
11.05x
8.39x
9.16x
4'180.0
11'341.3
15'482.2
703.0
2'562.5
5.97x
16.98x
12.86x
17.13x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
6.38
22.10
0.13
2.50
118.7%
53.7%
0.76
3.73
75.32
-
16.00
40'000.0
14.00
35'000.0
12.00
30'000.0
10.00
25'000.0
8.00
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
01.01.2010
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.5 M
80
70
Valuation Analysis
31.12.2008
74'140.0
1.70x
5'842.1
21.63x
(9'512.1)
-
90
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Ranbaxy Laboratories Ltd

Holdings By:
All
Holder Name
DAIICHI SANKYO CO LT
FRANKLIN RESOURCES
BLACKROCK
DODGE & COX
BERKSHIRE HATHAWAY I
VANGUARD GROUP INC
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
SARASIN
JP MORGAN
HARTFORD INVESTMENT
FMR LLC
BESSEMER GROUP INCOR
VONTOBEL ASSET MANAG
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Nomura
THOMAS SEIDL
RBC Capital Markets
GORDON AITKEN
AlphaValue
DIETER HEIN
Macquarie
HADLEY COHEN
Bank Vontobel AG
STEFAN SCHUERMANN
Exane BNP Paribas
NICCOLO DALLA PALMA
Oddo & Cie
NICOLAS JACOB
Credit Suisse
ADAM MCINALLY
WILLIAM HAWKINS
GEORG MARTI
FABRIZIO CROCE
WERNER SCHIRMER
Barclays
ANDREW BROADFIELD
Morgan Stanley
MACIEJ WASILEWICZ
S&P Capital IQ
RODERICK WALLACE
JPMorgan
MICHAEL HUTTNER
Hamburger Sparkasse
CHRISTIAN HAMANN
Bankhaus Metzler
JOCHEN SCHMITT
Nomura
MICHAEL KLIEN
Helvea
DANIEL BISCHOF
Societe Generale
JASON KALAMBOUSSIS
Nord/LB
JULIA SIEKMANN
Goldman Sachs
VINIT MALHOTRA
Berenberg Bank
TOM CARSTAIRS
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Main First Bank AG
RENE LOCHER
CA Cheuvreux
FRANK KOPFINGER
Day by Day
VALERIE GASTALDY
Mediobanca SpA
GIANLUCA FERRARI
EVA Dimensions
AUSTIN BURKETT
HSBC
THOMAS FOSSARD
BEN COHEN
DZ Bank AG
THORSTEN WENZEL
Raymond James
DANNY JACQUES
JOY FERNEYHOUGH
Source
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
underperform
sector perform
sell
neutral
buy
neutral
buy
neutral
underperform
market perform
buy
hold
overweight
Equalwt/In-Line
hold
overweight
buy
buy
reduce
neutral
buy
buy
neutral/neutral
sell
sell
underperform
select list
hold
neutral
buy
neutral
buy
sell
underperform
neutral
Amt Held
27'282'124
25'006'821
15'907'472
15'682'781
12'639'368
11'262'000
10'371'485
5'473'171
2'869'488
2'201'596
2'176'959
1'833'877
1'293'177
1'267'120
1'148'157
855'734
830'605
819'676
645'679
621'117
% Out
7.36
6.75
4.29
4.23
3.41
3.04
2.8
1.48
0.77
0.59
0.59
0.49
0.35
0.34
0.31
0.23
0.22
0.22
0.17
0.17
Weighting
Change
1
3
1
3
5
3
5
3
1
3
5
3
5
3
3
5
5
5
2
3
5
5
3
1
1
1
5
3
3
5
3
5
1
1
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'396'672)
(655'411)
(651'227)
638'074
(222'639)
(102'477)
(1'435)
27'594
705'661
(153'093)
11'836
(41'419)
(169'771)
(10'368)
145'000
10'202
(2'217)
Target Price
55
80
70
67
85
68
82
69
79
#N/A N/A
83
76
77
76
83
74
#N/A N/A
82
67
75
75
84
75
66
70
72
86
#N/A N/A
75
#N/A N/A
75
70
58
63
48
File Dt
Inst Type
29.03.2012
Unclassified
31.12.2012
Investment Advisor
05.03.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013
Unclassified
31.01.2013
Unclassified
31.12.2012
Investment Advisor
30.04.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.10.2012
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor
Date
12 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
9 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Date
27.03.2013
21.03.2013
21.03.2013
18.03.2013
15.03.2013
14.03.2013
05.03.2013
04.03.2013
03.03.2013
01.03.2013
01.03.2013
26.02.2013
26.02.2013
25.02.2013
25.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
18.02.2013
14.02.2013
30.01.2013
17.01.2013
16.01.2013
09.01.2013
10.09.2012
09.08.2012
12.01.2012
27.03.2013
Reliance Capital Ltd

Reliance Capital Limited is a full service financial services company. The
business energy solutions. The Company sources, generates, processes, stores,
trades, saves and supplies energy and provides a range of related services.
Price/Volume
400
35.0 M
350
30.0 M
300
25.0 M
250
Latest Fiscal Year:

LTM as of:
52-Week High (07.01.2013)
52-Week Low (16.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RCAPT IB EQUITY YTD Change
RCAPT IB EQUITY YTD % CHANGE
03/2012
01/yy
508.00
278.83
1'344'101.00
301
-40.75%
7.95%
9.68%
245.6
73'935.47
198'390.00
0.0
1'310.0
11'250.00
240'225.47
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
150
100
10.0 M
50
5.0 M
0
m-12
31.03.2009
31.03.2010
59'825.2
61'335.9
3.64x
5.31x
27'105.2
21'029.3
8.02x
15.50x
10'157.2
4'345.3
8.55x
42.74x
Profitability
LTM-4Q
31.03.2011
55'250.0
6.13x
18'540.0
18.27x
2'910.0
49.22x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
66'250.0
4.30x
28'940.0
9.84x
4'580.0
21.05x
28'940.00
14.67%
9.89%
1.36%
4.68%
1.53%
0.20%
43.7%
6.9%
56.13%
168.58%
-
Price/ Cash Flow
j-12
j-12
LTM
01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
a-12
01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
2.49
1.76
105.39
-20.72%
-37.27%
1.764
13
4.615
1'575'301
1'076'922
845'773
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
57'635.2
63'097.6
8'326.5
8'282.0
28.85x
29.01x
6'660.8
6'710.4
11.33x
10.85x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
6.47
6.86
168.6%
62.5%
0.20
39.67
-
12.00
30'000.0
10.00
25'000.0
8.00
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
49'120.2
8.01x
16'864.3
23.34x
10'056.5
30.01x
20.0 M
200
Valuation Analysis
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Reliance Capital Ltd

Holdings By:
All
Holder Name
AAA ENTERPRISES PVT
ABERDEEN
LEGAL & GENERAL
PETRONAS
BLACKROCK
SCOTTISH WIDOWS
NEWTON INV MGMT
FMR LLC
UBS
JP MORGAN
SCHRODER INVESTMENT
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
Firm Name
Barclays
AlphaValue
Exane BNP Paribas
HSBC
Nomura
Societe Generale
Goldman Sachs
JPMorgan
Raymond James
Cantor Fitzgerald
S&P Capital IQ
Mirabaud Securities
Credit Suisse
Berenberg Bank
Liberum Capital Ltd
Barclays
EVA Dimensions
Morgan Stanley
Deutsche Bank
Redburn Partners
Day by Day
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JOHN MUSK
MYRIAM COHEN
IAIN TURNER
VERITY MITCHELL
JONATHAN CONSTABLE
ASHLEY THOMAS
ANDREW MEAD
EDMUND REID
INGO BECKER
EMMANUEL RETIF
ANGELOS ANASTASIOU
CLIVE ROBERTS
GUS HOCHSCHILD
MARK FRESHNEY
ROBERT CHANTRY
GUILLAUME REDGWELL
PETER BISZTYGA
AUSTIN BURKETT
BOBBY CHADA
MARTIN BROUGH
JAMIE TUNNICLIFFE
VALERIE GASTALDY
Source
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
REG
ULT-AGG
MF-AGG
REG
ULT-AGG
REG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
REG
REG
REG
MF-AGG
Recommendation
sector perform
add
underperform
overweight
neutral
buy
neutral/neutral
neutral
hold
underperform
buy
strong buy
buy
neutral
hold
buy
underweight
overweight
Equalwt/In-Line
hold
buy
hold
Amt Held
258'200'185
244'433'202
199'643'469
199'375'000
198'230'837
192'620'011
178'317'146
168'873'344
135'169'676
115'829'394
110'850'900
107'778'794
90'418'317
81'472'000
77'307'596
74'740'477
74'363'376
68'473'929
67'827'517
67'616'691
% Out
4.98
4.72
3.85
3.85
3.82
3.72
3.44
3.26
2.61
2.23
2.14
2.08
1.74
1.57
1.49
1.44
1.43
1.32
1.31
1.3
Weighting
Change
3
4
1
5
3
5
3
3
3
1
5
5
5
3
3
5
1
5
3
3
5
3
M
M
M
M
M
M
M
D
M
M
M
M
M
M
D
M
M
M
M
M
M
M
Latest Chg
2'929'553
(2'602'961)
(217'034)
20'183'664
15'220'210
(3'909'961)
(7'934'002)
2'398'382
10'261'488
(3'099'325)
(10'651'045)
53'727'337
53'600
(11'993'141)
(2'361'053)
16'115'286
1'389'000
1'115'563
Target Price
370
382
280
400
350
400
416
370
320
321
403
525
435
325
370
370
325
#N/A N/A
345
340
#N/A N/A
#N/A N/A
File Dt
Inst Type
23.02.2012
Investment Advisor
28.02.2013
Unclassified
01.11.2012
Unclassified
23.02.2012
Government
25.03.2013
Investment Advisor
30.11.2012
Unclassified
31.01.2013
Investment Advisor
26.03.2013
Investment Advisor
01.11.2012
Government
31.01.2013
Unclassified
01.11.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
31.01.2013
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Government
01.11.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
27.03.2013
26.03.2013
25.03.2013
21.03.2013
13.03.2013
11.03.2013
11.03.2013
08.03.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
25.02.2013
15.02.2013
05.02.2013
25.01.2013
25.01.2013
17.01.2013
11.01.2013
07.01.2013
10.12.2012
22.10.2012
27.03.2013
Reliance Communications Ltd

Reliance Communications Ltd. offers integrated telephone services.
appliances, consumer electronics, and lighting. The Company produces imaging,
ultrasound and healthcare informatics equipment, shaving and beauty and health
and wellness products, displays, and peripherals, and lamps and luminaries.
Price/Volume
25
14.0 M
12.0 M
20
10.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.01.2013)
52-Week Low (30.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RCOM IB EQUITY YTD Change
RCOM IB EQUITY YTD % CHANGE
03/2012
12/yy
91.85
46.60
2'806'674.00
51.1
-44.37%
9.66%
9.94%
2'064.0
105'471.77
383'030.00
0.0
8'600.0
9'400.00
488'297.77
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
10
6.0 M
4.0 M
2.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
171'484.8
7.73x
81'990.7
16.17x
54'011.4
19.37x
15
31.03.2009
31.03.2010
207'429.1
206'850.5
3.53x
2.93x
87'269.4
69'905.3
8.38x
8.67x
60'449.3
46'550.0
5.97x
7.54x
Profitability
LTM-4Q
31.03.2011
220'890.0
2.58x
96'740.0
5.89x
13'450.0
16.52x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
187'160.0
2.97x
70'630.0
7.87x
9'280.0
18.69x
70'630.00
30'850.00
16.48%
4.72%
0.99%
2.40%
0.20%
48.4%
37.7%
16.5%
5.0%
0.56
0.20
41.32%
104.31%
5.10
17.82
Price/ Cash Flow
LTM
FY+1
0.49
1.53
395.17
-41.06%
-30.76%
1.531
38
2.158
2'968'016
2'610'172
2'786'974
FY+2
FQ+1
FQ+2
12/yy
22'582.0
3.02x
1'186.0
13.34x
(1'295.0)
0.00x
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
24'788.0 212'948.7 227'942.7
50'869.5
2.75x
2.18x
1.94x
2'463.0
67'083.9
73'713.0
15'285.0
7.69x
7.28x
6.62x
226.0
5'751.6
9'462.2
1'738.0
72.71x
16.85x
10.47x
25.55x
21.29x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
4.78
1.50
5.29
5.42
104.3%
50.5%
0.20
0.36
71.74
20.53
79.36
12.91
40.00
35'000.0
35.00
30'000.0
30.00
25'000.0
25.00
20'000.0
20.00
15'000.0
15.00
10'000.0
10.00
5'000.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Reliance Communications Ltd

Holdings By:
All
Holder Name
AAA COMMUNICATION PR
DODGE & COX
BLACKROCK
SOUTHEASTERN ASSET M
FRANKLIN RESOURCES
VANGUARD GROUP INC
FMR LLC
FORTIS INVESTMENTS
BARCLAYS PLC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Morgan Stanley
OLIVIER ESNOU
JAMES STETTLER
Societe Generale
GAEL DE BRAY
MARTIN PROZESKY
HANS SLOB
AlphaValue
THOMAS PICHERIT
RBC Capital Markets
ANDREW CARTER
Credit Suisse
SIMON TOENNESSEN
ING Bank
FABIAN SMEETS
ABN Amro Bank N.V.
ROBIN VAN DEN BROEK
Morgan Stanley
BEN UGLOW
JPMorgan
ANDREAS WILLI
PETER OLOFSEN
Nomura
DANIEL CUNLIFFE
HSBC
MICHAEL HAGMANN
ROB VIRDEE
Redburn Partners
PHILIP WILSON
EVA Dimensions
CRAIG STERLING
Nord/LB
WOLFGANG VASTERLING
Banco Sabadell
GLEN SPENCER-CHAPMAN
Day by Day
VALERIE GASTALDY
VOLKER STOLL
CA Cheuvreux
ANTOINE AZAR
Hamburger Sparkasse
MARCO GUENTHER
Natixis
LUDOVIC DEBAILLEUX
Barclays
DAVID VOS
Deutsche Bank
MARTIN WILKIE
Kempen & Co
ERWIN DUT
MARKUS FRIEBEL
Petercam
MARCEL ACHTERBERG
S&P Capital IQ
JAMES CRAWSHAW
Goldman Sachs
AARON IBBOTSON
Berenberg Bank
WILLIAM MACKIE
SNS Securities(ESN)
VICTOR BARENO
JOS VERSTEEG
DZ Bank AG
THOMAS MAUL
Jyske Bank
ROBERT JAKOBSEN
Source
Research
13G
ULT-AGG
13G
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
neutral
hold
hold
outperform
buy
add
outperform
neutral
buy
buy
Equalwt/Cautious
neutral
buy
buy
neutral
buy
buy
buy
buy
sell
hold
hold
hold
outperform
sell
buy
equalweight
hold
buy
hold
hold
hold
neutral/neutral
buy
hold
buy
buy
sell
Amt Held
47'895'476
46'061'138
45'264'486
41'502'897
13'434'710
10'760'946
9'615'086
9'437'496
6'622'250
5'481'917
4'800'000
4'020'057
3'920'784
3'875'475
2'924'969
2'911'837
2'860'801
2'569'692
2'523'231
2'477'382
% Out
5
4.81
4.73
4.34
1.4
1.12
1
0.99
0.69
0.57
0.5
0.42
0.41
0.4
0.31
0.3
0.3
0.27
0.26
0.26
Weighting
Change
3
3
3
5
5
4
5
3
5
5
3
3
5
5
3
5
5
5
5
1
3
3
3
5
1
5
3
3
5
3
3
3
3
5
3
5
5
1
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
U
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
15'514'236
(6'799'141)
(5'070'179)
498'208
2'767'369
586'900
(220'702)
282'727
623'576
153'795
2'263'827
(78'890)
(687'730)
71'742
Target Price
25
20
24
27
28
27
27
23
27
28
24
25
23
25
24
27
#N/A N/A
#N/A N/A
24
20
#N/A N/A
23
25
25
#N/A N/A
26
21
23
23
24
23
23
23
25
15
23
17
23
File Dt
Inst Type
08.02.2013
Corporation
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
04.05.2012
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
6 month
12 month
Not Provided
12 month
Not Provided
12 month
9 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
27.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
12.03.2013
08.03.2013
08.03.2013
08.03.2013
05.03.2013
26.02.2013
15.02.2013
15.02.2013
06.02.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
17.01.2013
08.01.2013
22.10.2012
04.09.2012
27.06.2012
29.03.2010
27.03.2013
Reliance Industries Ltd

Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber
raw materials to industrial consumers. The Company operates in three groups:
Metals and Minerals, Energy Products, and Agricultural Products.
Price/Volume
450
250.0 M
400
200.0 M
350
300
150.0 M
250
200
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RIL IB EQUITY YTD Change
RIL IB EQUITY YTD % CHANGE
03/2012
06/yy
954.80
673.50
497'065.00
783.4
-17.95%
16.32%
39.07%
3'228.7
2'529'334.00
924'470.00
0.0
7'990.0
679'040.00
2'782'753.98
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100
50.0 M
50
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'371'466.6
2.72x
222'702.8
16.76x
195'678.3
16.83x
100.0 M
150
31.03.2009
31.03.2010
1'512'240.1
2'037'397.2
1.99x
1.78x
242'169.1
303'332.8
12.44x
11.96x
149'687.2
245'031.4
14.09x
13.05x
Profitability
31.03.2011
2'658'106.0
1.35x
380'722.6
9.40x
192'936.8
16.20x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
3'585'010.0
0.69x
351'080.0
7.09x
197'240.0
11.35x
351'080.00
227'070.00
6.33%
7.09%
6.22%
12.19%
8.54%
1.13%
9.8%
6.3%
5.5%
1.82
1.07
28.25%
54.56%
21.97
-
Price/ Cash Flow
LTM-4Q
LTM
06/yy
06/yy
-
FY+1
-
1.09
1.17
1'491.51
8.50%
-6.64%
1.173
52
3.481
584'453
444'751
421'817
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
######### #########
0.74x
0.77x
334'000.3 349'470.5
8.33x
7.96x
208'614.3 219'739.8
11.94x
11.33x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
23.11.2005
BBB
POS
16.05
8.56
0.70
2.63
54.6%
35.2%
1.13
2.70
16.66
-
70.00
250'000.0
60.00
200'000.0
50.00
150'000.0
40.00
30.00
100'000.0
20.00
50'000.0
10.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Reliance Industries Ltd

Holdings By:
All
Holder Name
LIFE INSURANCE CORP
MATE BADENE DANIEL F
MISTAKIDIS ARISTOTEL
PETERSON TOR
BEARD ALEXANDER FRAN
BLACKROCK
JSC VERNY CAPITAL
FEGEL GARY
MAHONEY CHRIS
LEGAL & GENERAL
FR GALAXY HOLDINGS S
STATE STREET
ABU DHABI INVESTMENT
POPOVIC NIKOLA
FMR LLC
WOLFENSBERGER CHRIST
BLUMGART STEVEN
ALVAREZ LUIS
CUTLER STUART
Firm Name
Barclays
Exane BNP Paribas
AlphaValue
Jefferies
BMO Capital Markets
Day by Day
RBC Capital Markets
Societe Generale
Deutsche Bank
Redburn Partners
SBG Securities
EVA Dimensions
Nomura
Liberum Capital Ltd
Standard Chartered
ABN Amro Bank N.V.
Credit Suisse
Morgan Stanley
JPMorgan
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
JEFFREY LARGEY
SYLVAIN BRUNET
SACHIN KUMAR
PAUL GAIT
TONY ROBSON
VALERIE GASTALDY
TIMOTHY HUFF
ALAIN WILLIAM
ROBERT CLIFFORD
SIMON TOYNE
PETER DAVEY
CRAIG STERLING
SAM CATALANO
ASH LAZENBY
SUBRAMANIAM VARADA
TEUN TEEUWISSE
LIAM FITZPATRICK
ALAIN GABRIEL
BENJAMIN DEFAY
Source
RNS-RUL8
RNS-MAJ
RNS-RUL8
Co File
Co File
ULT-AGG
RNS-RUL8
RNS-RUL8
RNS-RUL8
ULT-AGG
RNS-RUL8
ULT-AGG
ULT-AGG
RNS-RUL8
RNS-RUL8
ULT-AGG
RNS-RUL8
RNS-RUL8
RNS-RUL8
RNS-RUL8
Recommendation
outperform
neutral
reduce
buy
outperform
market perform
hold
outperform
hold
restricted
neutral
hold
sell
restricted
buy
outperform
buy
restricted
restricted
restricted
Amt Held
1'101'848'752
417'468'330
414'730'597
366'074'885
320'260'410
263'354'966
176'742'520
154'814'588
143'834'821
131'943'542
129'372'165
112'185'928
99'636'501
99'299'065
93'437'150
92'847'626
87'403'187
86'736'565
81'654'211
78'568'743
% Out
15.52
5.88
5.84
5.16
4.51
3.71
2.49
2.18
2.03
1.86
1.82
1.58
1.4
1.4
1.32
1.31
1.23
1.22
1.15
1.11
Weighting
Change
5
3
2
5
5
3
3
5
3
#N/A N/A
3
3
1
#N/A N/A
5
5
5
#N/A N/A
#N/A N/A
#N/A N/A
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
N
M
M
M
Latest Chg
2'700'000
3'000'000
(19'162)
(39'649)
16'875'000
(18'700)
157
3'072'650
13'162'571
200'000
Target Price
430
450
382
450
475
400
#N/A N/A
425
410
#N/A N/A
#N/A N/A
400
#N/A N/A
#N/A N/A
#N/A N/A
454
415
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
11.06.2012
11.10.2012
24.05.2012
26.03.2012
26.03.2012
25.03.2013
11.10.2012
15.02.2012
15.02.2012
22.03.2013
29.01.2013
25.03.2013
26.03.2013
02.02.2012
15.02.2012
25.03.2013
15.02.2012
15.02.2012
15.02.2012
18.05.2012
Date
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
n/a
n/a
n/a
n/a
n/a
Investment Advisor
Investment Advisor
n/a
n/a
Unclassified
Holding Company
Investment Advisor
Investment Advisor
Government
n/a
Investment Advisor
n/a
n/a
n/a
n/a
Date
22.03.2013
21.03.2013
21.03.2013
20.03.2013
15.03.2013
12.03.2013
11.03.2013
07.03.2013
06.03.2013
26.02.2013
11.02.2013
29.01.2013
17.01.2013
16.01.2013
10.01.2013
22.11.2012
31.10.2012
20.03.2012
02.02.2012
02.02.2012
27.03.2013
Reliance Infrastructure Ltd

Reliance Infrastructure Ltd. generates, distributes, and transmits electricity.
institutions. The Company offers corporate, investment, and private banking
services, asset and portfolio management, treasury services, and insurance. ING
Groep has offices throughout the world.
Price/Volume
9
70.0 M
60.0 M
50.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.04.2012)
52-Week Low (26.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RELI IB EQUITY YTD Change
RELI IB EQUITY YTD % CHANGE
03/2012
12/yy
621.90
320.25
885'609.00
323.7
-47.95%
1.08%
1.14%
263.0
85'129.86
182'897.00
0.0
2'056.6
44'180.60
225'496.36
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
40.0 M
30.0 M
20.0 M
10.0 M
1
0
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
68'689.8
5.06x
5'772.5
60.26x
11'782.1
24.58x
31.03.2009
31.03.2010
100'916.0
112'984.1
1.64x
2.59x
8'515.8
12'947.5
19.44x
22.57x
13'532.3
15'193.9
8.77x
14.82x
Profitability
LTM-4Q
31.03.2011
98'095.4
2.58x
18'980.8
13.34x
15'516.1
11.12x
31.03.2012
174'088.2
1.70x
28'899.6
10.22x
15'868.1
9.78x
28'899.60
24'866.30
14.28%
12.27%
2.83%
6.65%
6.28%
0.31%
16.6%
14.3%
9.1%
1.15
0.49
29.78%
75.78%
4.48
-
LTM
FY+1
2.26
1.57
109.03
-43.61%
-37.83%
1.574
23
4.565
1'186'743
561'242
451'851
FY+2
FQ+1
FQ+2
12/yy
46'023.0
22.59x
0.0
0.00x
5'766.0
6.43x
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
42'241.0 221'921.2 234'644.2
22.26x
0.92x
0.88x
0.0
29'800.7
35'118.4
0.00x
7.56x
6.42x
3'894.0
16'460.3
16'898.9
9.42x
5.21x
5.06x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.51
1.48
4.80
6.33
75.8%
42.9%
0.31
1.84
81.75
-
100'000.0
90'000.0
1.00
80'000.0
70'000.0
0.80
0.60
0.40
60'000.0
50'000.0
40'000.0
30'000.0
20'000.0
0.20
10'000.0
0.0
0.00
1997199819992000200120022003200420052006200720082009201020112012
27.03.2013
Reliance Infrastructure Ltd

Holdings By:
All
Holder Name
AAA PROJECT VENTURES
FRANKLIN RESOURCES
VANGUARD GROUP INC
CARMIGNAC GESTION
FMR LLC
DEUTSCHE BANK AG
SCHRODER INVESTMENT
ROYAL BANK OF CANADA
SNS INVESTMENT FUND
Firm Name
AlphaValue
JPMorgan
Exane BNP Paribas
Berenberg Bank
ABN Amro Bank N.V.
Oddo & Cie
Barclays
Credit Suisse
Macquarie
Day by Day
HSBC
Morgan Stanley
Hamburger Sparkasse
Main First Bank AG
SNS Securities(ESN)
Societe Generale
Deutsche Bank
Nomura
S&P Capital IQ
Petercam
EVA Dimensions
Goldman Sachs
RBC Capital Markets
CA Cheuvreux
DZ Bank AG
Natixis
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
ALAIN TCHIBOZO
JEROME CASSAGNE
COR KLUIS
BENOIT PETRARQUE
MICHAEL HUTTNER
FRANCOIS BOISSIN
JAMES CHAPPELL
JAN WILLEM WEIDEMA
NICOLAS JACOB
KIRI VIJAYARAJAH
RICHARD BURDEN
THOMAS STOEGNER
VALERIE GASTALDY
STEVEN HAYWOOD
DAVID ANDRICH
CHRISTIAN HAMANN
FEDERICO SALERNO
STEFAN BONGARDT
LEMER SALAH
PHILIP RICHARDS
DAVID LOCK
WILLIAM HAWKINS
DOMENICO SANTORO
RODERICK WALLACE
MATTHIAS DE WIT
AUSTIN BURKETT
MARTIN LEITGEB
GORDON AITKEN
WERNER SCHIRMER
HANS PLUIJGERS
WERNER EISENMANN
TOM MULLER
TIM PROUDLOVE
BENOIT VALLEAUX
Source
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
outperform
add
buy
reduce
overweight
neutral
buy
buy
reduce
equalweight
restricted
neutral
hold
neutral
Equalwt/In-Line
hold
outperform
hold
buy
buy
hold
market perform
buy
hold
hold
overweight
Rating Suspended
outperform
hold
outperform
buy
hold
outperform
suspended coverage
Amt Held
246'344'796
155'242'498
59'837'974
39'943'572
33'982'940
32'439'848
30'409'081
30'159'946
30'118'916
26'518'528
25'314'880
24'042'650
23'087'088
19'206'527
18'861'119
17'785'056
14'894'179
11'441'515
11'184'560
9'422'204
% Out
6.43
4.05
1.56
1.04
0.89
0.85
0.79
0.79
0.79
0.69
0.66
0.63
0.6
0.5
0.49
0.46
0.39
0.3
0.29
0.25
Weighting
Change
5
4
5
2
5
3
5
5
2
3
#N/A N/A
3
3
3
3
3
5
3
5
5
3
3
5
3
3
5
#N/A N/A
5
3
5
5
3
5
#N/A N/A
M
D
M
M
M
M
M
M
M
M
M
U
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'807'406)
(2'936'906)
599'105
1'701'096
(5'732'380)
1'170'048
122'201
968'030
(541'144)
(2'918'867)
1'817'067
1'256'401
(493'114)
3'877'089
(81'806)
(269'814)
(350'366)
Target Price
9
7
10
7
10
8
8
10
7
7
#N/A N/A
7
#N/A N/A
7
7
#N/A N/A
7
7
9
9
7
8
9
8
8
#N/A N/A
#N/A N/A
8
7
8
8
10
9
#N/A N/A
File Dt
Inst Type
25.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
30.11.2012
Bank
29.06.2012
Investment Advisor
Date
Not Provided
6 month
12 month
Not Provided
18 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
25.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
18.03.2013
14.03.2013
13.03.2013
05.03.2013
04.03.2013
01.03.2013
26.02.2013
26.02.2013
20.02.2013
19.02.2013
19.02.2013
19.02.2013
18.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
17.01.2013
07.12.2012
07.12.2012
08.11.2012
05.10.2012
13.01.2012
27.10.2011
17.06.2011
17.03.2009
27.03.2013
Reliance Power Ltd

Reliance Power Limited develops, constructs, and operates power projects both
motorcycles worldwide. The Company produces everything from convertible sports
cars to luxury sedans to touring motorcycles with large displacement engines.
Price/Volume
80
7.0 M
70
6.0 M
60
5.0 M
50
Latest Fiscal Year:

LTM as of:
52-Week High (03.04.2012)
52-Week Low (26.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RPWR IB EQUITY YTD Change
RPWR IB EQUITY YTD % CHANGE
03/2012
12/yy
123.70
58.90
2'055'641.00
59.15
-52.18%
0.42%
0.39%
2'805.1
165'923.23
150'650.00
0.0
15.0
25'309.90
351'115.64
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
30
20
2.0 M
10
1.0 M
0
m-12
31.03.2009
(932.6)
2'445.1
100.33x
Profitability
31.03.2010
207.2
1619.01x
(1'056.1)
6'838.9
52.38x
LTM-4Q
31.03.2011
10'547.6
39.82x
2'298.5
182.72x
7'604.4
44.32x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
20'192.1
22.48x
6'247.8
72.66x
8'667.8
37.91x
6'247.80
5'033.30
24.93%
47.17%
2.66%
5.04%
3.95%
0.06%
30.9%
24.9%
42.9%
1.60
0.90
38.37%
85.74%
4.03
-
Price/ Cash Flow
12/yy
68'821.0
5.13x
11'677.0
7.75x
4'881.0
6.95x
m-12
j-12
j-12
a-12
LTM
12/yy
76'848.0
5.09x
12'014.0
8.70x
5'096.0
9.39x
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
0.00
1.45
576.14
-50.52%
-36.64%
1.451
21
2.286
2'175'390
1'494'726
1'417'444
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
47'753.7
71'828.8
14'363.0
8.02x
6.78x
29.65x
18'271.5
31'443.1
4'879.0
19.22x
11.17x
10'006.8
10'565.5
2'638.0
16.56x
16.00x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.22
-36.05
20.06
24.11
85.7%
46.2%
0.06
0.09
90.84
-
20.00
90'000.0
18.00
80'000.0
16.00
70'000.0
14.00
60'000.0
12.00
50'000.0
10.00
40'000.0
8.00
30'000.0
6.00
20'000.0
4.00
10'000.0
2.00
0.00
01.01.2010
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
0.0
(344.4)
853.8
2135.86x
4.0 M
40
Valuation Analysis
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Reliance Power Ltd

Holdings By:
All
Holder Name
RELIANCE INFRASTRUCT
QUANDT JOHANNA
KLATTEN SUSANNE
BLACKROCK
FMR LLC
DODGE & COX
VANGUARD GROUP INC
DEUTSCHE BANK AG
SEB
ADIG INVESTMENT
Firm Name
Brics Securities
DZ Bank AG
Exane BNP Paribas
Macquarie
Nord/LB
JPMorgan
Oddo & Cie
AlphaValue
EVA Dimensions
Morgan Stanley
Credit Suisse
Societe Generale
Day by Day
Creative Global Investments
S&P Capital IQ
Bankhaus Lampe
Bankhaus Metzler
Redburn Partners
HSBC
Goldman Sachs
Natixis
Main First Bank AG
Hamburger Sparkasse
CA Cheuvreux
Barclays
Cyrrus
Dr. Kalliwoda Equity Research
Deutsche Bank
Steubing AG
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MAX WARBURTON
MICHAEL PUNZET
MICHAEL RAAB
RABIH FREIHA
DANIEL SCHWARZ
CHRISTIAN BREITSPRECHER
FRANK SCHWOPE
JOSE ASUMENDI
FRANK BILLER
ZAFER RUZGAR
FRANCOIS MAURY
MARC-RENE TONN
TIM SCHULDT
HANS-PETER WODNIOK
CRAIG STERLING
STUART PEARSON
ERICH HAUSER
PHILIPPE BARRIER
VALERIE GASTALDY
CARLO R BESENIUS
RODERICK BRIDGE
CHRISTIAN LUDWIG
JUERGEN PIEPER
CHARLES WINSTON
HORST SCHNEIDER
STEFAN BURGSTALLER
GEORGES DIENG
LOTHAR LUBINETZKI
THOMAS BESSON
KRISTINA CHURCH
JIRI SIMARA
ALBRECHT DENNINGHOFF
NORBERT KALLIWODA
JOCHEN GEHRKE
MICHAEL BROEKER
Source
Co File
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
sell
buy
neutral
add
neutral
sell
overweight
hold
buy
reduce
buy
buy
add
hold
Equalwt/In-Line
outperform
buy
hold
buy
strong buy
buy
sell
buy
neutral
strong buy
neutral/attractive
buy
outperform
hold
outperform
overweight
accumulate
not rated
buy
hold
buy
Amt Held
104'747'161
98'125'214
75'851'392
36'126'021
14'833'170
8'265'500
7'021'307
6'403'800
3'796'472
3'474'386
2'987'994
2'917'838
2'667'376
2'407'518
1'314'060
1'310'054
1'212'526
1'200'968
1'149'062
961'711
% Out
17.4
16.3
12.6
6
2.46
1.37
1.17
1.06
0.63
0.58
0.5
0.48
0.44
0.4
0.22
0.22
0.2
0.2
0.19
0.16
Weighting
Change
5
1
5
3
4
3
1
5
3
5
2
5
5
4
3
3
5
5
3
5
5
5
1
5
3
5
3
5
5
3
5
5
4
#N/A N/A
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
D
M
M
M
D
M
M
M
D
M
M
M
M
M
M
M
N
M
M
Latest Chg
(168'858)
113'170
(130'000)
204'186
289'797
(1'064'286)
120'702
6'788
(191'841)
(414'675)
12'465
28'645
46'158
380'695
8'114
Target Price
90
65
83
74
87
80
61
95
70
90
60
84
88
82
#N/A N/A
79
80
83
#N/A N/A
87
83
90
64
#N/A N/A
82
83
92
82
77
#N/A N/A
85
84
66
#N/A N/A
81
68
100
File Dt
Inst Type
31.12.2012
n/a
31.12.2012
n/a
31.12.2012
n/a
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
29.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
28.09.2012
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Unclassified
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor
28.02.2013
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
9 month
Not Provided
12 month
Not Provided
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Date
26.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
14.03.2013
13.03.2013
19.02.2013
12.02.2013
01.02.2013
01.02.2013
10.01.2013
10.12.2012
26.11.2012
08.11.2012
07.11.2012
07.11.2012
29.10.2012
16.10.2012
06.06.2012
26.03.2012
05.01.2012
27.03.2013
Rural Electrification Corp Ltd

Rural Electrification Corporation Limited engages in the financing and promotion
range of industrial and medical gases mainly used in energy sector, steel
production, chemical processing, as well as in food processing. The Engineering
Division develops olefin plants, natural gas plants and air separation plants,
as well as hydrogen and synthesis gas plants.
Price/Volume
4.0 M
120
3.5 M
3.0 M
2.5 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (04.01.2013)
52-Week Low (07.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RECL IB EQUITY YTD Change
RECL IB EQUITY YTD % CHANGE
03/2012
12/yy
267.50
142.00
478'347.00
202.1
-24.45%
42.32%
47.89%
987.5
199'565.47
900'581.80
0.0
0.0
53'753.60
1'046'393.67
2.0 M
60
1.5 M
40
1.0 M
20
.5 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.5 M
140
100
Valuation Analysis
31.03.2008
35'412.5
12.01x
34'198.3
12.44x
8'619.3
9.71x
160
31.03.2009
31.03.2010
49'365.4
67'475.9
10.71x
11.86x
48'165.7
65'794.1
10.97x
12.16x
12'745.8
23'480.2
6.47x
9.26x
Profitability
31.03.2011
85'321.9
10.81x
82'868.6
11.13x
25'848.9
9.69x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
105'535.7
9.95x
102'575.0
10.23x
28'386.6
7.15x
102'575.00
91.88%
36.25%
2.91%
20.55%
3.02%
0.11%
97.2%
26.9%
82.77%
608.26%
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
3.71
1.37
286.60
4.30%
-15.18%
1.371
35
4.229
321'469
242'657
205'326
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
55'331.7
61'494.3
13'295.0
13'522.0
36'580.0
38'431.5
8'803.0
8'966.0
5.50x
5.06x
6.20x
6.13x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
8.26
8.78
608.3%
85.9%
0.11
148.62
-
14.00
18'000.0
12.00
16'000.0
14'000.0
10.00
12'000.0
8.00
10'000.0
6.00
8'000.0
6'000.0
4.00
4'000.0
2.00
0.00
01.01.2010
2'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Rural Electrification Corp Ltd

Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
BLACKROCK
FMR LLC
DEUTSCHE BANK AG
VANGUARD GROUP INC
FRANKLIN RESOURCES
DODGE & COX
ADIG INVESTMENT
MFS FINANCIAL SERVIC
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst

HSBC
Exane BNP Paribas
JPMorgan
Bankhaus Lampe
Nomura
Societe Generale
AlphaValue
Credit Suisse
Equita SIM SpA
Bankhaus Metzler
S&P Capital IQ
Main First Bank AG
Morgan Stanley
Nord/LB
Baader Bank
Berenberg Bank
Natixis
DZ Bank AG
Day by Day
Goldman Sachs
Barclays
EVA Dimensions
Jefferies
Liberum Capital Ltd
Deutsche Bank
Macquarie
CA Cheuvreux
Hamburger Sparkasse
Alembic Global Advisors
Redburn Partners
JEREMY REDENIUS
SEBASTIAN SATZ
HEIDI VESTERINEN
MARTIN EVANS
HEIKO FEBER
JEAN DE WATTEVILLE
PETER CLARK
STEPHAN KIPPE
ULLE WORNER
HANS-PETER WODNIOK
CHRIS COUNIHAN
MASSIMO BONISOLI
EGGERT KULS
LARS HETTCHE
JOHNSON IMODE
THOMAS SWOBODA
PETER MACKEY
THORSTEN STRAUSS
NORBERT BARTH
JOHN PHILIPP KLEIN
FREDERIC WILLIAMS-GOBEAUX
NADESHDA DEMIDOVA
PETER SPENGLER
VALERIE GASTALDY
RAKESH PATEL
GUNTHER ZECHMANN
MARKUS MAYER
CRAIG STERLING
LAURENCE ALEXANDER
ADAM COLLINS
TIMOTHY JONES
CHRISTIAN FAITZ
KLAUS RINGEL
MARCO GUENTHER
RALF GROENEMEYER
HASSAN I AHMED
TONY JONES
PAUL W SATCHELL
Source
Research
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
market perform
overweight
neutral
overweight
buy
neutral
buy
buy
buy
add
underperform
hold
buy
buy
buy
hold
outperform
Equalwt/In-Line
buy
buy
buy
neutral
buy
hold
buy
Buy/Neutral
equalweight
buy
sell
buy
buy
buy
outperform
select list
hold
buy
neutral
neutral
hold
Amt Held
9'252'936
8'717'675
6'880'592
4'801'614
4'605'392
4'402'491
3'880'191
2'572'241
1'850'348
1'839'840
1'825'948
1'815'684
1'580'518
1'553'523
1'230'595
820'205
776'040
699'871
665'092
566'970
% Out
5
4.71
3.71
2.59
2.49
2.38
2.09
1.39
1
0.99
0.99
0.98
0.85
0.84
0.66
0.44
0.42
0.38
0.36
0.31
Weighting
Change
3
5
3
5
5
3
5
5
5
4
1
3
5
5
5
3
5
3
5
5
5
3
5
3
5
5
3
5
1
5
5
5
5
5
3
5
3
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
626'980
(174'285)
(340'139)
155'280
(174'980)
61'948
(31'340)
67'654
(678'316)
(20)
127'709
(293'938)
(17'345)
(55'000)
22'217
(121'000)
Target Price
149
168
137
160
160
160
165
180
160
160
130
145
160
165
154
140
170
150
165
153
160
147
155
141
146
167
139
147
#N/A N/A
149
156
160
150
153
#N/A N/A
160
120
#N/A N/A
114
File Dt
Inst Type
14.01.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
29.01.2013
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
3 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
27.03.2013
27.03.2013
26.03.2013
20.03.2013
19.03.2013
18.03.2013
13.03.2013
13.03.2013
12.03.2013
11.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
28.02.2013
27.02.2013
04.02.2013
01.02.2013
17.01.2013
02.01.2013
13.12.2012
06.12.2012
21.11.2012
30.10.2012
29.10.2012
29.10.2012
15.10.2012
08.10.2012
18.05.2012
27.03.2013
Satyam Computer Services Ltd

Satyam Computer Services Limited is a global consulting and IT services
and television to film and telecommunications. The Company provides digital and
pay television services, sells music compact discs (CDs), develops and
distributes interactive entertainment, and operates mobile and fixed-line
telecommunications.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.03.2013)
52-Week Low (17.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SCS IB EQUITY YTD Change
SCS IB EQUITY YTD % CHANGE
03/2012
12/yy
131.20
66.25
699'317.00
126.35
-3.70%
90.72%
92.53%
1'177.3
148'749.78
241.00
0.0
150.0
28'008.00
118'563.38
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
84'734.9
2.63x
18'433.3
12.09x
16'878.9
15.70x
20
18
16
14
12
10
8
6
4
2
0
m-12
31.03.2009
31.03.2010
88'126.0
54'810.0
0.33x
1.48x
1'649.0
1'691.0
17.73x
48.07x
(81'768.0)
(1'246.0)
Profitability
LTM-4Q
31.03.2011
51'450.0
0.92x
6'168.0
7.71x
(1'473.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
63'956.0
1.05x
12'404.0
5.42x
13'060.0
7.26x
12'404.00
10'827.00
16.93%
21.62%
19.98%
55.43%
54.12%
0.98%
19.4%
16.9%
20.4%
2.31
1.74
0.35%
0.81%
5.06
-
Price/ Cash Flow
LTM
12/yy
28'813.0
5.00x
8'847.0
4.03x
2'681.0
7.83x
12/yy
28'994.0
4.98x
6'531.0
6.01x
164.0
118.88x
FY+1
0.00
1.01
624.99
64.20%
18.19%
1.010
29
4.241
438'488
507'852
530'992
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
77'284.8
85'027.2
19'735.3
1.54x
1.28x
16'361.7
17'134.7
4'036.0
7.30x
6.97x
12'395.9
13'733.0
2'964.5
12.20x
11.00x
11.70x
11.28x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1127.64
875.91
-2.24
0.02
0.8%
0.8%
0.98
6.98
72.33
-
4.00
70'000.0
3.50
60'000.0
3.00
50'000.0
2.50
40'000.0
2.00
30'000.0
1.50
20'000.0
1.00
10'000.0
0.50
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Satyam Computer Services Ltd

Holdings By:
All
Holder Name
VENTURBAY CONSULTANT
CIE DE CORNOUAILLE S
SOCIETE GENERALE
AMUNDI
FRANKLIN RESOURCES
PEG VIVENDI
BAUPOST GROUP LLC
QATAR HOLDINGS LLC
BANK OF AMERICA CORP
UBS
CREDIT SUISSE SECURI
GROUPE BOLLORE
HSBC HOLDINGS PLC
FMR LLC
VANGUARD GROUP INC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
Angel Broking Limited

FILIPPO PIETRO LO FRANCO
Oddo & Cie
BRUNO HARENG
Barclays
JULIEN ROCH
Societe Generale
CHRISTOPHE CHERBLANC
CLAUDIO ASPESI
Credit Suisse
OMAR SHEIKH
Jefferies
WILL SMITH
Nomura
MATTHEW WALKER
Macquarie
ANGUS TWEEDIE
Morgan Stanley
PATRICK WELLINGTON
Raymond James
STEPHANE BEYAZIAN
EVA Dimensions
ANDREW S ZAMFOTIS
Hamburger Sparkasse
ANNEMARIE SCHLUETER
CONOR O'SHEA
AlphaValue
CA Cheuvreux
ANDREA BENEVENTI
S&P Capital IQ
ALEXANDER WISCH
Exane BNP Paribas
CHARLES BEDOUELLE
Goldman Sachs
RICHARD JONES
LARS LUSEBRINK
ERIC RAVARY
New Street Research
RUSSELL WALLER
Banco Sabadell
ANDRES BOLUMBURU
Day by Day
VALERIE GASTALDY
HSBC
NICOLAS COTE-COLISSON
Grupo Santander
WILL DRAPER
Liberum Capital Ltd
IAN WHITTAKER
MIRKO MAIER
Natixis
JEROME BODIN
Deutsche Bank
PATRICK KIRBY
DZ Bank AG
HARALD HEIDER
Source
ULT-AGG
Research
Research
Research
Research
Co File
ULT-AGG
Co File
Co File
Co File
Co File
Co File
ULT-AGG
Co File
MF-AGG
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
overweight
buy
overweight
buy
market perform
outperform
buy
neutral
outperform
Equalwt/Attractive
outperform
overweight
hold
buy
buy
outperform
strong buy
neutral
neutral/neutral
hold
hold
neutral
buy
hold
neutral
buy
buy
buy
hold
buy
hold
buy
Amt Held
78'670'926
66'174'684
62'157'815
57'756'435
57'389'860
48'191'364
34'074'702
33'192'445
26'349'991
25'862'423
25'789'649
19'320'712
18'802'966
17'995'960
14'815'566
14'021'059
13'811'784
13'716'052
13'307'220
13'250'434
% Out
5.94
5
4.69
4.36
4.33
3.64
2.57
2.51
1.99
1.95
1.95
1.46
1.42
1.36
1.12
1.06
1.04
1.04
1.01
1
Weighting
Change
5
5
5
5
3
5
5
3
5
3
5
5
3
5
5
5
5
3
3
3
3
3
5
3
3
5
5
5
3
5
3
5
M
M
M
M
M
M
M
D
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
D
M
M
M
Latest Chg
19'121
(36'465'062)
(5'812'102)
29'924'444
415'302
65'633
1'246'283
(5'089'327)
673'572
(4'398)
Target Price
20
19
18
17
18
19
19
18
17
17
19
#N/A N/A
#N/A N/A
19
23
17
18
19
18
17
17
17
18
#N/A N/A
18
22
18
20
17
22
16
23
File Dt
Inst Type
25.03.2013
Investment Advisor
14.11.2012
Unclassified
30.04.2012
Bank
14.05.2012
Investment Advisor
10.05.2012
Investment Advisor
31.12.2011
Government
31.12.2012
Investment Advisor
31.12.2011
Other
31.12.2011
Government
31.12.2011
Government
31.12.2011
Investment Advisor
31.01.2013
Unclassified
31.12.2011
Investment Advisor
31.12.2011
Holding Company
31.12.2011
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
Date
9 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Date
27.03.2013
27.03.2013
26.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
18.03.2013
15.03.2013
13.03.2013
12.03.2013
11.03.2013
08.03.2013
07.03.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
15.02.2013
05.02.2013
31.01.2013
23.01.2013
15.11.2012
24.10.2012
15.10.2012
21.09.2012
01.03.2012
06.12.2011
27.03.2013
Sesa Goa Ltd

Sesa Goa Limited is involved in iron ore mining, beneficiation and exports.
construction services, and operates toll roads. The Company builds and
maintains roads and produces road construction materials, builds electricity
and communications networks, installs fire protection and power and ventilation
systems, and operates toll highways, bridges, parking garages, and a stadium.
Price/Volume
45
40
35
30
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.07.2012)
52-Week Low (04.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SESA IB EQUITY YTD Change
SESA IB EQUITY YTD % CHANGE
03/2012
09/yy
207.90
148.20
180'788.00
151.2
-27.27%
2.02%
5.03%
869.1
131'408.14
37'341.80
0.0
0.0
5'921.90
166'734.44
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
5
0
m-12
31.03.2009
31.03.2010
49'179.4
57'978.0
0.96x
5.89x
27'117.1
31'547.0
1.75x
10.82x
19'881.3
26'291.3
3.94x
14.51x
Profitability
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
31.03.2011
91'933.3
1.81x
52'094.3
3.19x
42'224.5
5.93x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
83'100.6
2.41x
35'053.5
5.72x
26'955.0
6.28x
35'053.50
33'992.10
40.90%
44.73%
14.98%
19.30%
17.58%
0.46%
42.2%
40.9%
32.4%
0.60
0.28
18.30%
24.70%
13.49
-
Price/ Cash Flow
LTM
09/yy
33'699.5
0.00x
0.0
0.00x
0.0
0.00x
09/yy
37'494.5
0.00x
0.0
0.00x
0.0
0.00x
FY+1
2.65
1.33
389.99
-21.84%
-22.56%
1.334
40
3.225
189'852
213'140
215'805
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
28'461.1
55'614.1
3'803.0
5.60x
2.75x
9'672.5
16'269.0
540.0
17.28x
10.27x
25'551.3
27'416.3
7'952.5
7'750.0
5.16x
4.91x
3.91x
4.17x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
14.55
11.49
0.90
1.07
24.7%
19.8%
0.46
4.50
27.14
-
8.00
45'000.0
7.00
40'000.0
6.00
35'000.0
30'000.0
5.00
25'000.0
4.00
20'000.0
3.00
15'000.0
2.00
10'000.0
1.00
5'000.0
0.00
01.01.2010
a-12 m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
37'658.9
2.75x
23'052.4
4.50x
15'415.8
8.05x
15
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
f-13 m-13
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Sesa Goa Ltd

Holdings By:
All
Holder Name
FINSIDER INTERNATION
COMET LUXEMBOURG HLD
ARTEMIS SA
FRANKLIN RESOURCES
BLACKROCK
VANGUARD GROUP INC
FMR LLC
AVIVA PLC
AMUNDI
LBPAM
COHEN & STEERS CAPIT
DEUTSCHE BANK AG
DNCA FINANCE
COMMONWEALTH BANK OF
Firm Name
EVA Dimensions
Bryan Garnier & Cie
HSBC
BPI
Aurel - BGC
AlphaValue
Hamburger Sparkasse
Banco Sabadell
Day by Day
Societe Generale
Natixis
S&P Capital IQ
Exane BNP Paribas
Deutsche Bank
RBC Capital Markets
Barclays
Morgan Stanley
Goldman Sachs
CA Cheuvreux
JPMorgan
DZ Bank AG
Oddo & Cie
Nord/LB
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Source
Research
Research
ULT-AGG
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
ARNAUD PALLIEZ
CRAIG STERLING
SVEN EDELFELT
PIERRE BOSSET
FILIPE MARTINS LEITE
ERIC LEMARIE
GAETAN DUPONT
INGO SCHMIDT
MARIA CEBOLLERO
VALERIE GASTALDY
MURIEL FELLOUS
GREGOIRE THIBAULT
JEAN-CHRISTOPHE LEFEVRE-MOULENQ
JAWAHAR HINGORANI
NICOLAS MORA
LUIS PRIETO
OLIVIA PETERS
SUSANNA INVERNIZZI
JAIME ROWBOTHAM
WILL MORGAN
NABIL AHMED
ELODIE RALL
MARC NETTELBECK
HANS-PETER KUHLMANN
OLIVIER BECKER
JOSEP PUJAL
HEINO HAMMANN
outperform
sell
buy
neutral
buy
hold
buy
hold
buy
hold
buy
buy
hold
buy
strong buy
strong buy
neutral
buy
sector perform
overweight
Overwt/In-Line
Buy/Neutral
outperform
overweight
buy
hold
buy
buy
buy
Amt Held
40'940'297
31'714'315
13'142'000
8'072'735
7'915'159
5'462'669
5'401'971
4'772'800
4'772'712
2'633'758
2'147'140
2'114'012
1'945'486
1'663'965
1'658'463
1'457'470
1'405'036
1'335'216
1'325'000
1'235'358
% Out
7.06
5.47
2.27
1.39
1.37
0.94
0.93
0.82
0.82
0.45
0.37
0.36
0.34
0.29
0.29
0.25
0.24
0.23
0.23
0.21
Weighting
Change
5
1
5
3
5
3
5
3
5
3
5
5
3
5
5
5
3
5
3
5
5
5
5
5
5
3
5
5
5
M
D
M
M
M
M
M
D
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
2'679'200
398'303
9'442
176'206
(22'333)
1'057'163
(2'838)
(27'232)
19'058
133'200
(38'563)
53'000
(287'348)
(180'000)
106'285
Target Price
45
#N/A N/A
45
40
48
39
50
#N/A N/A
43
#N/A N/A
48
48
40
44
45
45
41
47
40
45
42
46
43
49
41
37
49
50
#N/A N/A
File Dt
Inst Type
31.12.2012
Corporation
31.12.2012
Corporation
31.12.2012
Investment Advisor
31.12.2012
Holding Company
28.02.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.09.2012
Investment Advisor
25.03.2013
Investment Advisor
28.02.2013
Investment Advisor
28.09.2012
Investment Advisor
30.11.2012
Bank
Date
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
22.03.2013
21.03.2013
20.03.2013
19.03.2013
07.03.2013
07.03.2013
07.03.2013
26.02.2013
15.02.2013
15.02.2013
11.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
01.02.2013
30.01.2013
29.01.2013
23.01.2013
15.01.2013
14.01.2013
21.11.2012
17.09.2012
17.09.2012
01.08.2012
01.08.2012
01.08.2012
14.06.2012
27.03.2013
Shriram Transport Finance Co Ltd

Shriram Transport Finance Co. Ltd. provides hire purchase finance for trucks.
Company operates hydroelectric, geothermal, and other generating plants. Enel,
through subsidiaries, also provides fixed-line and mobile telephone services,
installs public lighting systems, and operates real estate, factoring,
insurance, telecommunications, and Internet service provider businesses.
Price/Volume
4
3
3
2
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (15.01.2013)
52-Week Low (16.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SHTF IB EQUITY YTD Change
SHTF IB EQUITY YTD % CHANGE
03/2012
12/yy
800.00
475.00
8'159.00
674.55
-15.68%
42.01%
61.40%
226.9
153'031.06
186'363.89
0.0
0.0
22'156.86
313'481.07
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
348.6
29.08x
1
0
m-12
31.03.2009
Profitability
31.03.2010
44'965.6
6.35x
39'210.3
7.29x
8'730.3
12.82x
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
31.03.2011
54'833.8
5.57x
45'185.6
6.76x
12'171.1
14.76x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
61'876.3
4.85x
51'257.6
5.86x
13'088.1
10.38x
51'257.57
56.52%
31.64%
3.78%
23.96%
6.08%
0.18%
82.8%
21.2%
50.32%
308.93%
-
Price/ Cash Flow
12/yy
77'573.0
5.64x
15'554.0
0.00x
4'148.0
7.08x
LTM
12/yy
82'699.0
4.86x
16'150.0
6.35x
865.0
34.87x
FY+1
0.96
1.06
119.19
14.45%
-10.92%
1.056
38
4.132
12'135
93'124
66'223
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
38'726.8
45'106.4
10'301.0
10'530.0
2.14x
1.52x
14'295.0
16'909.1
3'897.0
3'937.0
10.66x
8.95x
8.81x
8.20x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.20
3.64
308.9%
75.5%
0.18
134.29
-
4.00
90'000.0
3.50
80'000.0
3.00
70'000.0
60'000.0
2.50
50'000.0
2.00
40'000.0
1.50
30'000.0
1.00
20'000.0
0.50
10'000.0
0.00
01.01.2010
a-12 m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
200.0 M
180.0 M
160.0 M
140.0 M
120.0 M
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
.0 M
f-13 m-13
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Shriram Transport Finance Co Ltd

Holdings By:
All
Holder Name
SHRIRAM HOLDINGS MAD
BLACKROCK
VANGUARD GROUP INC
FMR LLC
ARCA SGR SPA
STATE STREET BANQUE
AVIVA PLC
CREDIT SUISSE ASSET
ING INTERNATIONAL AD
JOHN HANCOCK INVESTM
UBS
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Credit Suisse
JAVIER GARRIDO
Exane BNP Paribas
PHILIP GOTTSCHALK
HSBC
ADAM DICKENS
Banca IMI
ROBERTO RANIERI
ICBPI
SIMONA PEDRAZZINI
Morgan Stanley
EMMANUEL TURPIN
S&P Capital IQ
CLIVE ROBERTS
Day by Day
VALERIE GASTALDY
Deutsche Bank
VIRGINIA SANZ DE MADRID
Grupo Santander
OSCAR NAJAR RIOS
Societe Generale
ALBERTO PONTI
SVEN DIERMEIER
FERNANDO GARCIA GARCIA
Natixis
PHILIPPE OURPATIAN
Raymond James
EMMANUEL RETIF
Banca Akros(ESN)
DARIO MICHI
CLAUDIA INTROVIGNE
Goldman Sachs
DARIO CARRADORI
AlphaValue
MYRIAM COHEN
Credit Suisse
STEFANO BEZZATO
Centrobanca
EDOARDO MONTALBANO
Nomura
JAVIER SUAREZ
Berenberg Bank
ANDREW FISHER
Barclays
SUSANNA INVERNIZZI
EVA Dimensions
AUSTIN BURKETT
Equita SIM SpA
ROBERTO LETIZIA
Banco Sabadell
Nord/LB
HEINO HAMMANN
ERKAN AYCICEK
Hammer Partners SA
CHRIS MOORE
DZ Bank AG
HASIM SENGUEL
Source
EXCH
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
underweight
underperform
underweight
Under Review
neutral
Equalwt/In-Line
buy
hold
hold
buy
buy
hold
neutral
neutral
market perform
hold
hold
neutral/neutral
buy
neutral
hold
reduce
buy
hold
equalweight
overweight
hold
sell
hold
hold
sell
hold
Amt Held
2'937'984'993
99'021'197
68'602'047
52'151'916
30'181'320
17'684'685
14'303'336
13'120'169
12'861'686
9'428'887
9'331'460
8'892'727
8'055'396
7'830'955
7'754'520
7'123'096
7'012'498
6'929'768
5'732'826
5'696'253
% Out
31.24
1.05
0.73
0.55
0.32
0.19
0.15
0.14
0.14
0.1
0.1
0.09
0.09
0.08
0.08
0.08
0.07
0.07
0.06
0.06
Weighting
Change
1
1
1
#N/A N/A
3
3
5
3
3
5
5
3
3
3
3
3
3
3
5
3
3
2
5
3
3
5
3
1
3
3
1
3
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
D
M
Latest Chg
705'523
2'529'990
(26'014'603)
5'582'196
1'277'038
6'820'235
216'500
775'921
317'904
(165'071)
61'977
23'874
(198'780)
3'250'432
39'692
185'790
(1'361'003)
Target Price
3
3
2
#N/A N/A
3
3
3
#N/A N/A
3
4
3
3
3
3
#N/A N/A
3
3
4
4
3
3
3
3
3
4
#N/A N/A
3
#N/A N/A
#N/A N/A
3
#N/A N/A
3
File Dt
20.11.2012
25.03.2013
31.12.2012
31.01.2013
31.01.2013
25.03.2013
31.01.2013
31.01.2013
28.02.2013
28.02.2013
28.02.2013
31.01.2013
31.12.2012
31.01.2013
28.09.2012
28.12.2012
26.03.2013
31.01.2013
31.12.2012
31.01.2013
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Unclassified
Date
25.03.2013
25.03.2013
21.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
11.03.2013
07.03.2013
05.03.2013
08.02.2013
08.02.2013
06.02.2013
05.02.2013
25.01.2013
17.01.2013
30.11.2012
03.08.2012
05.06.2012
09.03.2012
08.03.2012
18.11.2011
27.03.2013
Siemens Ltd
Siemens Ltd. has its operations in various areas: in the transportation sector
produces beers, spirits, wines, and soft drinks under various brand names.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.04.2012)
52-Week Low (04.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SIEM IB EQUITY YTD Change
SIEM IB EQUITY YTD % CHANGE
09/2012
12/yy
838.70
482.35
50'144.00
527.25
-37.13%
9.31%
12.60%
355.5
187'434.61
0.00
0.0
0.0
12'750.40
174'684.21
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.5 M
60
3.0 M
50
2.5 M
40
2.0 M
30
1.5 M
20
1.0 M
10
.5 M
0
m-12
30.09.2009
30.09.2010
92'336.3
95'752.1
1.88x
2.70x
10'386.8
13'296.2
16.67x
19.47x
7'046.0
7'577.7
26.66x
36.64x
Profitability
30.09.2011
119'063.4
2.29x
12'670.3
21.49x
8'677.5
32.71x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.09.2012
m-12
LTM-4Q
LTM
12/yy
12/yy
12'670.26
11'130.35
9.35%
10.83%
8.91%
24.46%
24.70%
1.22%
24.1%
10.6%
9.3%
7.3%
1.35
0.86
0.00%
0.00%
3.14
11.84
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
-
1.14
0.91
53.28
-30.25%
-20.23%
0.910
27
1.852
41'889
50'936
35'198
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
131'673.6 145'190.1
1.25x
1.08x
11'493.4
14'000.0
15.20x
12.48x
7'082.6
8'656.8
25.49x
20.85x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
99.55
65.51
-1.01
0.00
0.0%
0.0%
1.22
9.65
116.24
30.84
116.43
30.65
10.00
20'000.0
9.00
18'000.0
8.00
16'000.0
7.00
14'000.0
6.00
12'000.0
5.00
4.00
10'000.0
8'000.0
3.00
6'000.0
2.00
4'000.0
1.00
2'000.0
0.00
01.01.2010
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
96'336.4
1.24x
7'274.2
16.46x
5'995.5
22.41x
70
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Siemens Ltd
Holdings By:
All
Holder Name
SIEMENS AG
CB EQUITY LLP
CREDIT SUISSE GROUP
DAVIS INVESTMENTS LL
VANGUARD GROUP INC
INVESCO LTD
FMR LLC
SKAGEN AS
BLACKROCK
MFS FINANCIAL SERVIC
UNITED SERVICES AUTO
UNIVERSAL INVEST CON
FRANK RUSSELL TRUST
CI INVESTMENTS INC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

WIM HOSTE
SNS Securities(ESN)
RICHARD WITHAGEN
KAREL ZOETE
Nomura
IAN SHACKLETON
TREVOR STIRLING
ING Bank
MARCO GULPERS
AlphaValue
ISABELLE COMBEMALE
ABN Amro Bank N.V.
ROBERT JAN VOS
RBC Capital Markets
Liberum Capital Ltd
PABLO ZUANIC
EDDY HARGREAVES
Societe Generale
ANDREW HOLLAND
Exane BNP Paribas
JPMorgan
MIKE J GIBBS
EVA Dimensions
AUSTIN BURKETT
Deutsche Bank
JONATHAN FELL
Natixis
Day by Day
VALERIE GASTALDY
Barclays
SAMAR CHAND
Kempen & Co
SANDER VAN OORT
Jefferies
DIRK VAN VLAANDEREN
HSBC
LAUREN E TORRES
Petercam
KRIS KIPPERS
Bryan Garnier & Cie
NIKOLAAS FAES
S&P Capital IQ
CARL SHORT
Berenberg Bank
PHILIP MORRISEY
TOM MULLER
Grupo Santander
ANTHONY J BUCALO
CA Cheuvreux
ERIC BOROIAN
Goldman Sachs
MITCHELL COLLETT
Redburn Partners
CHRIS PITCHER
ALEX SMITH
Credit Suisse
SANJEET AUJLA
Davy
BARRY GALLAGHER
TEAM COVERAGE
Source
Research
Research
ULT-AGG
Research
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
reduce
hold
neutral
outperform
buy
add
hold
sector perform
hold
sell
buy
outperform
neutral
underweight
buy
buy
buy
underweight
hold
underperform
neutral
hold
buy
hold
hold
hold
hold
outperform
neutral/attractive
neutral
neutral
not rated
underperform
reduce
Amt Held
288'030'112
58'426'684
26'749'481
19'749'284
8'514'203
6'894'332
4'732'907
3'390'445
2'588'234
2'240'550
2'205'111
2'110'234
1'540'251
1'287'725
1'280'256
1'165'000
853'141
837'474
694'714
658'436
% Out
50
10.14
4.64
3.43
1.48
1.2
0.82
0.59
0.45
0.39
0.38
0.37
0.27
0.22
0.22
0.2
0.15
0.15
0.12
0.11
Weighting
Change
5
2
3
3
5
5
4
3
3
3
1
5
5
3
1
5
5
5
1
3
1
3
3
5
3
3
3
3
5
3
3
3
#N/A N/A
1
2
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
N
Latest Chg
(1'036'753)
3'372'552
4'253'020
53'695
(429'726)
2'442
49'679
(64'810)
(45'616)
99'498
(28'080)
(48'250)
96'772
Target Price
62
50
55
54
64
65
61
53
62
#N/A N/A
45
62
64
57
#N/A N/A
60
60
59
48
48
43
56
50
67
56
49
54
57
55
56
#N/A N/A
45
#N/A N/A
#N/A N/A
34
File Dt
Inst Type
30.07.2011
Corporation
29.06.2011
Holding Company
31.01.2013
Investment Advisor
04.05.2010
Investment Advisor
16.02.2012
Other
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
21.03.2013
Investment Advisor
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.05.2012
Investment Advisor
30.06.2012
Investment Advisor
30.11.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
9 month
Not Provided
12 month
Not Provided
3 month
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
26.03.2013
26.03.2013
26.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
11.03.2013
08.03.2013
05.03.2013
26.02.2013
22.02.2013
21.02.2013
20.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
07.02.2013
22.01.2013
21.01.2013
21.01.2013
09.01.2013
10.12.2012
20.09.2012
28.08.2012
14.08.2012
27.09.2011
27.03.2013
State Bank of India

State Bank of India provides a wide range of banking and financial services to
commercial, and residential customers. The Company produces natural gas and oil,
mines coal, delivers and distributes gas, and supplies drinking water.
RWE AG operates mainly in Europe.
Price/Volume
40
12.0 M
35
10.0 M
30
8.0 M
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.01.2013)
52-Week Low (16.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SBIN IB EQUITY YTD Change
SBIN IB EQUITY YTD % CHANGE
03/2012
12/yy
2'550.00
1'804.50
336'451.00
2051.4
-19.55%
13.68%
33.12%
671.0
1'376'582.25
2'093'349.15
0.0
37'256.7
1'451'021.22
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
10
2.0 M
5
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
899'701.7
89'606.1
10.06x
6.0 M
15
31.03.2009
31.03.2010
1'131'245.9
1'338'617.8
109'552.9
117'338.3
6.18x
11.24x
Profitability
LTM-4Q
31.03.2011
1'478'646.7
106'849.5
16.43x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
1'770'798.4
153'431.0
8.68x
28.10%
28.05%
0.88%
16.18%
5.32%
0.10%
17.5%
11.44%
197.06%
-
Price/ Cash Flow
LTM
FY+1
1.71
1.18
186.23
-1.97%
-13.94%
1.175
63
3.619
457'337
426'309
372'821
FY+2
FQ+1
FQ+2
12/yy
49'153.0
2.84x
6'912.0
4.66x
1'806.0
8.13x
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
39'773.0 970'236.3 #########
3.72x
7'228.0
0.00x
1'033.0 187'262.5 216'363.1
0.00x
7.41x
6.45x
S&P Issuer Ratings
30.01.2007
Long-Term Rating
BBBLong-Term Outlook
NEG
30.01.2007
Short-Term Rating
A-3
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
197.1%
Total Debt/Capital
65.6%
Asset Turnover
0.10
25.49
Inventory Days
6.00
100'000.0
90'000.0
5.00
80'000.0
70'000.0
4.00
60'000.0
3.00
50'000.0
40'000.0
2.00
30'000.0
20'000.0
1.00
0.00
01.01.2010
10'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
State Bank of India

Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
BLACKROCK
CREDIT SUISSE GROUP
MONDRIAN INVESTMENT
SOCIETE GENERALE SA
VANGUARD GROUP INC
FMR LLC
DEKA INTERNATIONAL S
NUVEEN ASSET MANAGEM
MACQUARIE GROUP
Firm Name
HSBC
Exane BNP Paribas
EVA Dimensions
Redburn Partners
Grupo Santander
JPMorgan
Nomura
AlphaValue
Goldman Sachs
Raymond James
DZ Bank AG
Hamburger Sparkasse
Societe Generale
Morgan Stanley
Nord/LB
Bankhaus Metzler
S&P Capital IQ
Main First Bank AG
Banco Sabadell
Day by Day
Credit Suisse
Berenberg Bank
Barclays
Macquarie
Steubing AG
Deutsche Bank
Natixis
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
JOHN MUSK
ADAM DICKENS
BENJAMIN LEYRE
TANJA MARKLOFF
AUSTIN BURKETT
AHMED FARMAN
OSCAR NAJAR RIOS
VINCENT DE BLIC
MARTIN YOUNG
EILEEN RYAN
DEBORAH WILKENS
EMMANUEL RETIF
MARC NETTELBECK
ERKAN AYCICEK
ANNEMARIE SCHLUETER
ALBERTO PONTI
BOBBY CHADA
HEINO HAMMANN
CLIVE ROBERTS
SVEN DIERMEIER
STEPHAN WULF
INGO BECKER
ANDREAS THIELEN
VALERIE GASTALDY
VINCENT GILLES
LAWSON STEELE
PETER BISZTYGA
ROBERT SCHRAMM-FUCHS
MICHAEL BROEKER
MICHAEL SCHAEFER
ALEXANDER KARNICK
PHILIPPE OURPATIAN
SEBASTIAN KAUFFMANN
SEBASTIAN ZANK
Source
Co File
ULT-AGG
Research
Co File
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
sector perform
underweight
neutral
hold
buy
buy
underweight
underweight
reduce
buy
neutral/neutral
underperform
buy
sell
hold
sell
Overwt/In-Line
hold
sell
hold
hold
buy
reduce
underperform
sell
hold
underperform
sell
hold
underweight
neutral
buy
hold
sell
neutral
outperform
not rated
Amt Held
86'361'823
28'787'275
28'008'409
17'272'365
6'421'155
5'726'000
5'509'049
5'122'429
2'919'473
2'349'710
2'317'638
1'358'033
1'146'153
1'066'091
1'043'884
986'543
928'678
900'000
845'432
822'801
% Out
15
5
4.86
3
1.12
0.99
0.96
0.89
0.51
0.41
0.4
0.24
0.2
0.19
0.18
0.17
0.16
0.16
0.15
0.14
Weighting
Change
3
1
3
3
5
5
1
1
2
5
3
1
5
1
3
1
5
3
1
3
3
5
2
1
1
3
1
1
3
1
3
5
3
1
3
5
#N/A N/A
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
N
M
M
D
M
M
D
M
D
M
Latest Chg
4'226'000
3'963'686
196'272
78'546
(446'152)
(565'153)
(298'847)
(164'548)
(1'416'019)
79'174
900'000
(13'576)
800'000
Target Price
28
23
32
29
#N/A N/A
#N/A N/A
#N/A N/A
28
25
34
36
25
35
25
#N/A N/A
24
33
31
25
29
30
34
27
29
37
#N/A N/A
28
25
34
27
30
60
35
27
34
38
#N/A N/A
File Dt
31.12.2012
25.03.2013
04.05.2012
16.05.2012
19.02.2013
31.12.2012
28.02.2013
31.12.2012
28.09.2012
28.12.2012
31.01.2013
25.03.2013
26.03.2013
28.02.2013
31.01.2013
31.01.2013
31.10.2012
31.01.2013
31.01.2013
31.01.2013
Date
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
9 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Other
Investment Advisor
Investment Advisor
Hedge Fund Manager
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
27.03.2013
26.03.2013
25.03.2013
22.03.2013
21.03.2013
18.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
11.03.2013
08.03.2013
08.03.2013
07.03.2013
07.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
05.03.2013
05.03.2013
05.03.2013
01.03.2013
15.02.2013
14.02.2013
06.02.2013
05.02.2013
28.01.2013
25.01.2013
22.01.2013
14.01.2013
11.01.2013
07.01.2013
05.11.2012
14.06.2012
06.03.2012
27.03.2013
Steel Authority of India Ltd

Steel Authority of India Limited is an integrated steel manufacturing company.
the United Kingdom, United States, Spain, Portugal, and Latin America. The
Company specializes in clean energy and more specifically wind power.
Price/Volume
5
4
4
3
3
2
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.04.2012)
52-Week Low (26.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SAIL IB EQUITY YTD Change
SAIL IB EQUITY YTD % CHANGE
03/2012
12/yy
101.75
60.25
613'615.00
61
-40.05%
1.24%
1.81%
4'130.5
251'962.05
180'281.70
0.0
0.0
64'929.20
367'314.55
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1
1
0
m-12
31.03.2009
31.03.2010
432'186.9
405'770.0
0.69x
2.40x
92'919.6
99'514.9
3.23x
9.79x
62'452.7
68'506.1
6.38x
15.23x
Profitability
31.03.2011
433'993.9
1.69x
78'383.7
9.35x
50'139.1
13.97x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
466'581.6
1.08x
64'239.0
7.86x
35'930.9
10.83x
64'239.00
47'304.10
10.14%
11.32%
4.59%
9.23%
7.05%
0.60%
13.8%
10.1%
7.7%
1.51
0.59
22.97%
44.76%
10.45
-
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
3.28
1.28
382.34
-33.61%
-31.29%
1.277
51
2.843
658'629
487'678
464'424
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
453'037.5 513'419.5 113'974.0 128'361.0
0.93x
0.98x
58'363.4
73'762.6
18'016.0
6.29x
4.98x
29'429.8
32'298.6
6'796.0
7'142.0
8.41x
7.62x
8.92x
8.82x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.04.2010
BBBNEG
8.61
-4.47
1.80
2.81
44.8%
30.9%
0.60
1.12
35.02
-
9.00
40'000.0
8.00
35'000.0
7.00
30'000.0
6.00
25'000.0
5.00
20'000.0
4.00
15'000.0
3.00
10'000.0
2.00
5'000.0
1.00
0.00
01.01.2010
a-12 m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
395'765.1
1.66x
116'897.0
5.62x
75'957.6
10.08x
500.0 M
450.0 M
400.0 M
350.0 M
300.0 M
250.0 M
200.0 M
150.0 M
100.0 M
50.0 M
.0 M
f-13 m-13
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Steel Authority of India Ltd

Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
ACS ACTIVIDADES CONS
BANCAJA (VALENCIA CA
BILBAO BIZKAIA KUTXA
NATIXIS
BLACKROCK
SOCIETE GENERALE
IBERDROLA SA
AMUNDI
VANGUARD GROUP INC
FMR LLC
DEUTSCHE BANK AG
DE URRUTIA VAL VICTO
INVERCAIXA GESTION S
MAINFIRST SICAV
MACQUARIE GROUP
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Nomura
ALOK KUMAR NEMANI
Standard Chartered
SATISH KUMAR
IDFC Securities Ltd
PRAKASH JOSHI
India Infoline
TARANG BHANUSHALI
JATIN KOTIAN
ICICIdirect.com
DEWANG SANGHAVI
Centrum Broking Pvt Ltd
ABHISAR JAIN
GOUTAM CHAKRABORTY
BHAVESH CHAUHAN
AMIT AGARWAL
SANJAY JAIN
RAJESH ZAWAR
ICICI Securities
ABHIJIT MITRA
PRITAM LALA
Macquarie
RAKESH ARORA
GIRIRAJ DAGA
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE
ASHISH KEJRIWAL
Barclays
CHIRAG SHAH
Credit Suisse
NEELKANTH MISHRA
MSFL - Institutional Business Group
TANUJ RASTOGI
KUNAL AGRAWAL
Phillip Securities
DHAWAL DOSHI
UMESH PATEL
IIFL
BIJAL SHAH
JPMorgan
PINAKIN M PAREKH
KAMLESH BAGMAR
JM Financial Institutional Securities P ASHUTOSH SOMANI
Sunidhi Consultancy Services
CHINTAN J MEHTA
RAM MODI
Edelweiss Capital
PRASAD BAJI
Systematix Shares & Stocks Ltd
ERIC MARTINS
Morgan Stanley
VIPUL PRASAD
Religare Capital Markets
VARUN LOHCHAB
EVA Dimensions
CRAIG STERLING
Karvy Stock Broking Ltd
PALLAV AGARWAL
CIMB
RAHUL JAIN
RITESH SHAH
DEEPAK PODDAR
ABHISHEK PODDAR
Deutsche Bank
ABHAY LAIJAWALA
NIRAJ SHAH
Maybank Kim Eng
ANUBHAV GUPTA
Source
Co File
Co File
Co File
EXCH
Co File
ULT-AGG
Co File
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
buy
in-line
underperform
Subscribe
sell
buy
sell
accumulate
avoid
hold
sell
hold
add
outperform
outperform
sell
hold
reduce
underweight
underperform
sell
buy
neutral
accumulate
reduce
overweight
reduce
hold
neutral
sell
buy
buy
Underwt/In-Line
sell
hold
buy
underperform
sell
outperform
hold
buy
sell
buy
Amt Held
514'250'814
415'111'949
314'887'559
309'430'747
277'971'800
266'519'132
182'216'094
83'188'438
60'811'776
41'196'587
26'238'031
17'171'395
14'465'535
13'973'808
13'214'700
8'811'697
8'353'126
8'200'000
7'236'945
7'034'262
% Out
8.19
6.61
5.01
4.93
4.43
4.24
2.9
1.32
0.97
0.66
0.42
0.27
0.23
0.22
0.21
0.14
0.13
0.13
0.12
0.11
Weighting
Change
5
3
1
5
1
5
1
4
1
3
1
3
4
5
5
1
3
2
1
1
1
5
3
4
2
5
2
3
3
1
5
5
1
1
3
5
1
1
5
3
5
1
5
M
M
M
M
M
M
M
U
M
M
M
M
M
M
U
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
Latest Chg
(13'299'908)
1'999'736
9'929'612
2'388'677
6'809'180
(1'721'294)
1'000'000
7'602'990
(673'854)
1'181'206
263'277
1'750'634
Target Price
103
95
59
72
65
82
59
70
#N/A N/A
71
39
78
82
77
82
62
79
76
67
50
70
100
89
88
66
120
74
80
90
72
103
120
70
75
#N/A N/A
130
69
63
95
87
106
69
111
File Dt
Inst Type
31.12.2012
Government
31.12.2012
Corporation
31.12.2012
Bank
24.01.2013
Bank
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
17.01.2013
Bank
31.12.2012
Corporation
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
27.02.2013
n/a
25.03.2013
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
9 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Date
27.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
13.03.2013
12.03.2013
08.03.2013
28.02.2013
27.02.2013
20.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
15.01.2013
10.01.2013
07.01.2013
26.11.2012
09.11.2012
09.11.2012
08.11.2012
08.11.2012
07.11.2012
27.03.2013
Sterlite Industries India Ltd

Sterlite Industries (India) Ltd. manufactures a wide range of electrical wires
and children. The Company sells a variety trendy, sporty, and classic garments
in addition to accessories such as jewelery, bags, and scarves, and cosmetics.
H&M owns and operates stores in many European countries and the United States.
Price/Volume
300
14.0 M
250
12.0 M
10.0 M
200
Latest Fiscal Year:

LTM as of:
52-Week High (03.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
STLT IB EQUITY YTD Change
STLT IB EQUITY YTD % CHANGE
03/2012
02/yy
123.35
88.60
607'999.00
91.15
-26.10%
2.88%
7.34%
3'360.7
306'324.03
144'725.00
0.0
121'989.9
229'536.50
370'822.94
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
100
4.0 M
50
2.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
247'053.6
2.38x
82'353.4
7.15x
45'060.9
10.70x
8.0 M
150
Valuation Analysis
31.03.2009
31.03.2010
211'442.2
245'006.0
0.94x
2.77x
48'237.9
63'339.8
4.12x
10.70x
35'399.9
37'437.4
7.16x
18.16x
Profitability
LTM-4Q
31.03.2011
304'285.0
1.89x
80'498.2
7.14x
50'425.2
11.58x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
411'789.4
1.00x
101'685.8
4.04x
48'279.2
7.73x
101'685.80
83'387.70
20.25%
22.10%
6.04%
11.04%
10.98%
0.51%
24.7%
20.3%
11.7%
2.46
1.54
16.93%
31.42%
23.97
-
Price/ Cash Flow
LTM
FY+1
1.10
1.52
1'404.65
-16.91%
-21.86%
1.525
43
3.767
526'191
494'790
473'325
FY+2
FQ+1
FQ+2
02/yy
02/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
113'328.0 121'358.0 431'466.6 472'877.1 104'646.3
12.17x
11.80x
0.92x
0.72x
23'862.0
25'182.0 102'626.9 120'270.4
25'722.5
15.57x
14.50x
3.61x
3.08x
15'942.0
16'586.0
57'064.6
64'994.8
15'197.3
16'202.0
24.69x
23.16x
5.35x
4.71x
4.60x
4.73x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
17.64
4.73
-0.83
1.42
31.4%
19.9%
0.51
1.35
15.27
-
25.00
140'000.0
120'000.0
20.00
100'000.0
15.00
80'000.0
60'000.0
10.00
40'000.0
5.00
0.00
04.12.2009
20'000.0
0.0
04.06.2010
04.12.2010
04.06.2011
04.12.2011
04.06.2012
04.12.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Sterlite Industries India Ltd

Holdings By:
All
Holder Name
TWINSTAR HOLDINGS LT
THAM LOTTIE
SEB
AMF FORAKRING OCH FO
CLEARSTREAM BANKING
SSB CL OMNIBUS
FOLKSAM GROUP
AFA FORSAKRINGAR
FJARDE AP-FONDEN
BENGTSSON JAN
AMF FONDER AB
NORDEA INVESTMENT FU
FORSTA AP FONDEN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
Standard Chartered
SIMON BOWLER
ISI Group
OMAR SAAD
ABG Sundal Collier
ANDREAS LUNDBERG
JAMIE MERRIMAN
Raymond James
CEDRIC LECASBLE
HSBC
PAUL ROSSINGTON
SEB Enskilda
NICKLAS FHARM
Cantor Fitzgerald
ALLEGRA PERRY
STEFAN STJERNHOLM
Handelsbanken
ERIK SANDSTEDT
Bryan Garnier & Cie
PETER FARREN
Natixis
JEAN BAPTISTE TEISSIER
Nomura
FRASER RAMZAN
DNB Markets
HAAKON ASCHEHOUG
Barclays
CHRISTODOULOS CHAVIARAS
DANA TELSEY
Danske Markets
ANDERS HANSSON
Grupo Santander
REBECCA MCCLELLAN
Credit Suisse
SIMON IRWIN
Carnegie
NIKLAS EKMAN
Stifel
RICHARD E JAFFE
AlphaValue
VIRGINIE BLIN
Societe Generale
ANNE CRITCHLOW
Hamburger Sparkasse
CHRISTIAN HAMANN
EVA Dimensions
CRAIG STERLING
S&P Capital IQ
TUNA AMOBI
Redburn Partners
GEOFF LOWERY
ZAFER RUZGAR
Morgan Stanley
GEOFFREY RUDDELL
Deutsche Bank
CHARLIE MUIR-SANDS
Swedbank
CHRISTIAN ANDERSON
CA Cheuvreux
DANIEL OVIN
CAROLINE GULLIVER
Goldman Sachs
FRANKLIN WALDING
Sydbank
SOEREN LONTOFT HANSEN
Pareto Securities
HELENA NORDMAN-KNUTSON
Source
Research
Research
Research
Research
ULT-AGG
Research
Research
Research
Research
Research
Research
ULT-AGG
Research
Research
MF-AGG
Research
MF-AGG
MF-AGG
Research
Research
Recommendation
underperform
neutral
hold
underperform
underperform
underweight
buy
sell
sell
buy
sell
neutral
neutral
sell
equalweight
no rating system
hold
underweight
underperform
buy
hold
reduce
sell
hold
hold
hold
sell
sell
Underwt/Cautious
hold
neutral
underperform
sell
neutral/neutral
hold
hold
Amt Held
429'449'332
88'080'400
65'340'000
46'207'198
34'110'194
33'183'861
29'003'861
28'345'566
27'316'541
17'812'084
17'365'420
16'296'650
15'518'751
15'328'521
14'537'070
14'222'030
13'523'874
12'305'880
11'904'522
10'964'430
% Out
29.4
6.03
4.47
3.16
2.34
2.27
1.99
1.94
1.87
1.22
1.19
1.12
1.06
1.05
1
0.97
0.93
0.84
0.82
0.75
Weighting
Change
1
3
3
1
1
1
5
1
1
5
1
3
3
1
3
#N/A N/A
3
1
1
5
3
2
1
3
3
3
1
1
1
3
3
1
1
3
3
3
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
U
M
M
Latest Chg
(1'369'533)
(10'445'500)
2'239'650
2'337'150
-
Target Price
190
230
220
195
196
230
255
200
215
270
225
235
216
205
240
212
235
190
175
#N/A N/A
#N/A N/A
241
219
#N/A N/A
#N/A N/A
260
#N/A N/A
210
195
240
220
200
185
238
#N/A N/A
240
File Dt
Inst Type
31.01.2013
n/a
31.01.2013
n/a
31.01.2013
Investment Advisor
13.01.2013
Unclassified
31.01.2013
n/a
31.01.2013
Bank
31.01.2013
Investment Advisor
31.01.2013
Other
28.09.2012
Insurance Company
31.01.2013
Insurance Company
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
n/a
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
Date
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
Date
27.03.2013
24.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
22.02.2013
21.02.2013
12.02.2013
01.02.2013
01.02.2013
31.01.2013
30.01.2013
23.01.2013
14.01.2013
30.11.2012
19.11.2012
07.11.2012
01.10.2012
28.09.2012
27.03.2013
Sun Pharmaceutical Industries Ltd

Sun Pharmaceutical Industries Limited manufactures and markets pharmaceuticals
military equipment. The Company produces commercial aircraft including the
Airbus, military fighter aircraft, military and commercial helicopters,
missiles, satellites, and telecommunications and defense systems, and offers
military and commercial aircraft conversion and maintenance services.
Price/Volume
45
30.0 M
40
25.0 M
35
30
20.0 M
25
03/2012
12/yy
848.00
554.00
38'231.00
822.1
-3.05%
48.39%
91.19%
1'034.0
850'036.69
3'207.30
0.0
11'614.5
25'093.20
839'765.28
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
10.0 M
10
5.0 M
5
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
33'565.3
7.29x
14'387.7
17.00x
14'869.0
16.47x
15.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.03.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SUNP IB EQUITY YTD Change
SUNP IB EQUITY YTD % CHANGE
31.03.2009
31.03.2010
42'723.0
38'086.3
4.89x
9.25x
18'745.7
13'811.0
11.15x
25.51x
18'118.8
13'510.8
12.71x
27.47x
Profitability
LTM-4Q
31.03.2011
57'279.0
7.78x
20'043.3
22.22x
18'160.6
25.19x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
80'194.9
7.23x
32'828.5
17.67x
25'872.5
22.80x
32'828.50
29'916.90
37.31%
41.85%
18.07%
23.90%
24.57%
0.56%
40.9%
37.3%
32.3%
3.50
1.80
1.97%
2.64%
5.29
-
Price/ Cash Flow
LTM
FY+1
0.52
0.66
541.49
43.80%
11.77%
0.659
50
4.160
51'607
83'430
68'095
FY+2
FQ+1
FQ+2
12/yy
49'128.0
1.04x
3'381.0
4.51x
1'033.0
19.00x
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
56'480.0 110'344.1 128'867.8
28'573.9
26'581.0
1.39x
7.39x
6.14x
3'987.0
48'889.4
53'599.6
11'907.2
12'169.0
4.51x
17.21x
15.70x
19.09x
1'228.0
32'671.4
37'530.8
8'432.4
9'579.0
19.73x
26.08x
22.96x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
116.41
91.13
-0.67
0.10
2.6%
2.3%
0.56
2.96
69.17
-
45.00
60'000.0
40.00
50'000.0
35.00
40'000.0
30.00
25.00
30'000.0
20.00
20'000.0
15.00
10.00
10'000.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Sun Pharmaceutical Industries Ltd

Holdings By:
All
Holder Name
SHANGHVI DILIP SHANT
DAIMLERCHRYSLER AERO
SOCIEDAD ESTATAL DE
FEDERAL REPUBLIC OF
BLACKROCK
AMUNDI SA
VANGUARD GROUP INC
VIKING GLOBAL INVEST
OLD MUTUAL
STATE STREET
PRIMECAP MANAGEMENT
DEUTSCHE BANK AG
INVESCO LTD
BARCLAYS CAPITAL SEC
AMUNDI
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
PRIMECAP MANAGEMENT
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Analyst

CHIRAG TALATI
Credit Suisse
ANUBHAV AGGARWAL
Nomura
SAION MUKHERJEE
DEEPAK SHIVPRAKASH KHETAN
ALOK DALAL
RASHMI SANCHETI
RAHUL SHARMA
Quant Broking Pvt Ltd
KIRIT GOGRI
HSBC
GIRISH BAKHRU
India Infoline
BHAVIKA SHINDE
RANJIT KAPADIA
DEVINA MEHRA
JM Financial Institutional Securities P JESAL SHAH
Sharekhan Ltd
TEAM COVERAGE
Barclays
BALAJI V PRASAD
SBI Capital Markets
VIVEK KUMAR
ICICIdirect.com
SIDDHANT KHANDEKAR
HITESH MAHIDA
Edelweiss Capital
MANOJ GARG
ANMOL GANJOO
IIFL
BINO PATHIPARAMPIL
ROHIT V BHAT
HARDICK BORA
SURAJIT PAL
Jefferies
PIYUSH NAHAR
HDFC Securities
SUDARSHAN PADMANABHAN
Ventura Securities Ltd
TEAM COVERAGE
Khambatta Securities Ltd
FATHIMA KHAN
Standard Chartered
RAVI AGRAWAL
JPMorgan
PRINCY SINGH
SRIRAM RATHI
MONICA JOSHI
India Nivesh Ltd
DALJEET SINGH KOHLI
PRAFUL BOHRA
Kotak Securities
KRISHNA PRASAD
Macquarie
ABHISHEK SINGHAL
CIMB
PRAKASH AGARWAL
Morgan Stanley
SAMEER BAISIWALA
AMIT SHAH
IDFC Securities Ltd
NITIN AGARWAL
DEEPAK MALIK
VIHARI PURUSHOTHAMAN
SARABJIT KOUR NANGRA
Source
Research
Research
Research
Research
ULT-AGG
ULT-AGG
RNS-RUL8
RNS-RUL8
RNS-RUL8
RNS-RUL8
ULT-AGG
RNS-RUL8
ULT-AGG
13F
MF-AGG
MF-AGG
RNS-RUL8
ULT-AGG
RNS-RUL8
MF-AGG
Recommendation
buy
outperform
neutral
Under Review
buy
neutral
buy
reduce
overweight
buy
buy
moderate outperform
buy
buy
overweight
buy
hold
buy
hold
buy
buy
buy
neutral
buy
buy
outperform
hold
strong buy
in-line
neutral
hold
hold
hold
hold
reduce
outperform
neutral
Overwt/In-Line
accumulate
outperform
buy
buy
neutral
Amt Held
183'337'704
122'225'136
44'690'871
22'725'182
22'700'810
22'605'402
15'584'382
15'385'347
12'117'860
11'930'093
9'406'422
9'211'702
8'703'509
6'266'690
4'821'239
4'590'746
3'879'592
2'739'880
2'644'421
2'581'514
% Out
22.12
14.74
5.39
2.74
2.74
2.73
1.88
1.86
1.46
1.44
1.13
1.11
1.05
0.76
0.58
0.55
0.47
0.33
0.32
0.31
Weighting
Change
5
5
3
#N/A N/A
5
3
5
2
5
5
5
4
5
5
5
5
3
5
3
5
5
5
3
5
5
5
3
5
3
3
3
3
3
3
2
5
3
5
4
5
5
5
3
M
M
M
M
M
N
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
U
U
M
M
M
M
U
M
M
M
M
M
M
M
M
M
Latest Chg
(61'096'851)
3'758
472'675
(2'721)
3'341
(1'079'438)
(41'413)
(9'990)
20'206
60'000
(71'788)
(24'565)
(144'726)
(833'201)
(27'533)
Target Price
900
900
842
950
900
830
825
794
953
930
892
#N/A N/A
900
858
936
925
766
857
774
818
917
850
848
950
870
809
#N/A N/A
860
770
720
824
798
796
768
750
880
790
845
805
850
800
847
#N/A N/A
File Dt
Inst Type
11.12.2012
Holding Company
11.12.2012
Corporation
11.12.2012
Holding Company
06.12.2012
Government
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
25.09.2012
Government
10.10.2012
Other
09.10.2012
Investment Advisor
31.01.2013
Unclassified
05.10.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
13.09.2012
Investment Advisor
31.01.2013
Investment Advisor
10.10.2012
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
24 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
18 month
Not Provided
12 month
Not Provided
Date
26.03.2013
25.03.2013
25.03.2013
22.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
17.03.2013
14.03.2013
14.03.2013
11.03.2013
11.03.2013
08.03.2013
08.03.2013
05.03.2013
05.03.2013
05.03.2013
04.03.2013
01.03.2013
27.02.2013
25.02.2013
22.02.2013
19.02.2013
15.02.2013
13.02.2013
13.02.2013
12.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
10.02.2013
09.02.2013
09.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
27.03.2013
Suzlon Energy Ltd

Suzlon Energy Ltd. designs, manufactures, operates, and maintains wind
equipment. The Company's products allow semiconductor manufacturers to choose
the optimal numerical aperture and wavelength for their applications, assure
uniformity, and produce more using less floor space.
Price/Volume
60
18.0 M
16.0 M
50
14.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.03.2012)
52-Week Low (22.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SUEL IB EQUITY YTD Change
SUEL IB EQUITY YTD % CHANGE
03/2012
12/yy
28.10
13.20
4'321'870.00
13.5
-51.96%
2.27%
2.01%
1'777.4
23'994.44
109'482.60
59.4
827.8
26'964.60
143'239.84
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
8.0 M
20
6.0 M
4.0 M
10
0
m-12
2.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
136'794.3
3.41x
20'984.3
22.21x
10'301.0
37.28x
12.0 M
30
31.03.2009
31.03.2010
260'817.0
206'196.6
0.81x
1.04x
33'284.1
11'658.8
6.35x
18.32x
2'364.8
(9'825.6)
26.83x
Profitability
LTM-4Q
31.03.2011
178'791.3
0.99x
10'122.5
17.46x
(13'239.7)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
210'823.7
0.61x
18'998.4
6.75x
(4'785.8)
18'998.40
12'386.10
5.88%
-0.83%
-1.55%
-8.17%
0.68%
9.0%
5.9%
-2.3%
0.84
0.36
33.55%
211.32%
4.41
-
Price/ Cash Flow
LTM
FY+1
0.00
1.60
800.76
-50.82%
-27.22%
1.600
10
1.700
6'710'136
12'792'490
11'540'340
FY+2
FQ+1
FQ+2
12/yy
5'651.0
7.30x
1'806.4
6.33x
1'467.0
9.41x
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
4'731.5 217'740.5 273'873.6
12.93x
0.64x
0.49x
1'343.4
2'091.8
22'369.0
13.11x
68.39x
6.40x
1'146.3 (24'125.0)
170.9
17.78x
34.18x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.36
0.72
4.34
5.76
211.3%
67.5%
0.68
4.95
82.91
-
250.00
6'000.0
5'000.0
200.00
4'000.0
150.00
3'000.0
100.00
2'000.0
50.00
0.00
01.01.2010
1'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Suzlon Energy Ltd

Holdings By:
All
Holder Name
SANMAN HOLDINGS PVT
FMR LLC
BLACKROCK
STICHT ADM TSMC
ASML HOLDING NV
VANGUARD GROUP INC
DEUTSCHE BANK AG
HENDERSON GLOBAL INV
BESSEMER GROUP INCOR
SARASIN
Firm Name
Grupo Santander
AlphaValue
Credit Suisse
Piper Jaffray
Societe Generale
Morgan Stanley
Pacific Crest Securities
Natixis
JPMorgan
ING Bank
EVA Dimensions
Day by Day
Deutsche Bank
Liberum Capital Ltd
ABN Amro Bank N.V.
Baader Bank
Bank of Valletta
CA Cheuvreux
Petercam
S&P Capital IQ
Main First Bank AG
Barclays
Kempen & Co
Jefferies
Goldman Sachs
SNS Securities(ESN)
Redburn Partners
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
JEROME RAMEL
PETER OLOFSEN
PIERRE FERRAGU
LIONEL PELLICER
SATYA KUMAR
JAGADISH IYER
PETER KNOX
FRANCOIS MEUNIER
WESTON TWIGG
PHILIP SCHOLTE
STEPHANE HOURI
SANDEEP S DESHPANDE
MARC ZWARTSENBURG
ANDREW S ZAMFOTIS
VALERIE GASTALDY
KAI KORSCHELT
JANARDAN MENON
ROBIN VAN DEN BROEK
GUENTHER MICHAEL HOLLFELDER
TEAM COVERAGE
WALTER SCHNEIDER
BERND LAUX
MARCEL ACHTERBERG
JAMES CRAWSHAW
JUERGEN WAGNER
ANDREW M GARDINER
MARKUS FRIEBEL
JOS VERSTEEG
THOMAS M BECKER
ERWIN DUT
LEE SIMPSON
SIMON F SCHAFER
VICTOR BARENO
SUMANT WAHI
Source
20F
ULT-AGG
ULT-AGG
ULT-AGG
20F
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
neutral
reduce
hold
outperform
reduce
outperform
overweight
hold
Overwt/Cautious
sector perform
hold
buy
overweight
hold
underweight
buy
hold
hold
buy
hold
overweight
hold
outperform
hold
buy
underperform
overweight
sell
hold
reduce
hold
hold
not rated
suspended coverage
neutral
Amt Held
62'977'877
51'453'097
36'311'008
22'878'489
20'992'625
8'980'030
8'028'537
4'226'859
3'325'708
2'855'626
1'645'738
1'451'319
1'245'258
1'164'538
1'036'267
1'033'023
990'324
855'324
842'648
836'932
% Out
15.35
12.54
8.85
5.58
5.12
2.19
1.96
1.03
0.81
0.7
0.4
0.35
0.3
0.28
0.25
0.25
0.24
0.21
0.21
0.2
Weighting
Change
3
2
3
5
2
5
5
3
5
3
3
5
5
3
1
5
3
3
5
3
5
3
5
3
5
1
5
1
3
2
3
3
#N/A N/A
#N/A N/A
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
U
U
U
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
U
Latest Chg
191'077
1'261'872
28'372
(621'636)
39'872
(71'809)
(147'643)
700'111
130'859
291'137
2'376
827'721
(92'410)
Target Price
50
40
43
58
53
60
57
56
56
#N/A N/A
52
62
65
60
#N/A N/A
63
47
45
60
52
59
50
59
57
58
40
53
40
50
40
50
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
06.02.2013
Other
06.02.2013
Investment Advisor
06.02.2013
Investment Advisor
25.03.2013
Investment Advisor
06.02.2013
n/a
01.07.2012
Corporation
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
31.01.2013
Unclassified
Date
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
3 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
26.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
13.03.2013
05.03.2013
26.02.2013
25.02.2013
25.02.2013
21.02.2013
12.02.2013
01.02.2013
29.01.2013
28.01.2013
22.01.2013
22.01.2013
22.01.2013
21.01.2013
21.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
17.01.2013
15.01.2013
07.01.2013
06.01.2013
18.12.2012
23.11.2012
01.11.2012
11.07.2012
27.03.2013
Tata Chemicals Ltd

Tata Chemicals Ltd. manufactures salt and salt by-products, alkalies and heavy
marine and industrial uses, and aircraft engine components. The Company also
offers repair and maintenance, lease financing, insurance, and financial
services to its customers.
Price/Volume
120
40.0 M
35.0 M
100
30.0 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (09.01.2013)
52-Week Low (08.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TTCH IB EQUITY YTD Change
TTCH IB EQUITY YTD % CHANGE
03/2012
12/yy
381.50
299.00
27'444.00
323
-15.33%
8.03%
29.09%
254.8
82'286.27
69'624.20
0.0
4'480.9
16'813.00
139'641.68
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
15.0 M
40
10.0 M
20
5.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
59'757.2
1.85x
9'383.2
11.76x
9'644.0
6.45x
25.0 M
60
Valuation Analysis
31.03.2009
31.03.2010
126'519.8
94'486.8
0.67x
1.31x
17'665.1
16'304.2
4.83x
7.60x
6'481.0
6'059.1
5.13x
12.81x
Profitability
LTM-4Q
31.03.2011
110'605.8
1.21x
18'784.3
7.11x
6'534.7
13.10x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
138'060.6
1.05x
23'384.1
6.23x
8'375.9
10.54x
23'384.10
18'297.30
13.25%
10.00%
4.82%
14.11%
10.43%
0.79%
16.9%
13.3%
6.1%
1.24
0.76
36.42%
108.48%
7.52
-
Price/ Cash Flow
LTM
FY+1
3.10
0.74
163.80
-1.85%
-8.49%
0.742
20
4.250
30'616
43'721
68'455
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
310'367.0 303'646.0 146'742.6 155'928.5
37'149.0
35'378.0
3.61x
3.78x
0.94x
0.82x
42'597.0
32'392.0
22'684.2
24'844.2
5'760.0
5.80x
8.78x
6.15x
5.61x
17'751.0
11'038.0
8'600.9
9'910.7
2'041.5
2'822.0
8.60x
16.31x
9.63x
8.46x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
6.25
4.13
2.26
2.98
108.5%
50.3%
0.79
2.97
48.69
-
60.00
350'000.0
50.00
300'000.0
250'000.0
40.00
200'000.0
30.00
150'000.0
20.00
100'000.0
10.00
50'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Tata Chemicals Ltd

Holdings By:
All
Holder Name
TATA SONS LTD
NORGES BANK
AMF FORSAKRING
SEB FONDER AB
AMF FONDER AB
SHB FUNDS
SEB
FOLKSAM LO FOND AB
BLACKROCK
VANGUARD GROUP INC
DIDNER & GERGE FONDE
FJARDE AP-FONDEN
ANDRA AP FONDEN
LANSFORSAKRINGAR FON
Firm Name
GEPL Capital Pvt Ltd
Phillip Securities
Dalal & Broacha
IIFL
Deutsche Bank
Kotak Securities
HSBC
Microsec Capital
EVA Dimensions
Sharekhan Ltd
India Infoline
ICICIdirect.com
Unicon Securities Pvt Ltd
AK Stockmart Pvt Ltd
Right Horizons Financial Services
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
HIMANSHU NAYYAR
ADITYA ANAND BAPAT
AYYATHURAI RAJKUMAR
GAURI ANAND
TARUN SURANA
APURVA SHAH
MUKESH SARAF
ABHIJIT R AKELLA
HARSHAD KATKAR
JASDEEP WALIA
PUNEET GULATI
ROHAN GUPTA
GARGI DEB
CRAIG STERLING
TEAM COVERAGE
PRITESH MEHTA
RAHUL METKAR
NIRMAL RAGHAVAN
AMIT GUPTA
TEAM COVERAGE
GAURAV OZA
RANGAPRIYA SAIVASAN
Source
Research
Research
Research
Research
ULT-AGG
Research
MF-AGG
Research
MF-AGG
Research
ULT-AGG
Research
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Research
Research
MF-AGG
Recommendation
buy
buy
outperform
neutral
hold
buy
add
buy
hold
add
underweight
accumulate
buy
overweight
buy
buy
buy
hold
buy
accumulate
accumulate
hold
Amt Held
80'013'209
78'657'058
71'955'474
66'910'000
60'488'880
42'544'960
41'696'882
35'329'637
31'934'960
27'578'727
27'473'308
23'592'830
23'301'799
20'281'485
15'936'269
14'291'900
13'240'000
12'895'181
11'526'751
9'898'756
% Out
5.02
4.94
4.52
4.2
3.8
2.67
2.62
2.22
2
1.73
1.72
1.48
1.46
1.27
1
0.9
0.83
0.81
0.72
0.62
Weighting
Change
5
5
5
3
3
5
4
5
3
4
1
4
5
5
5
5
5
3
5
4
4
3
M
N
M
D
D
M
D
M
M
D
M
D
M
M
M
M
M
D
M
M
M
M
Latest Chg
5'950'000
2'523'000
2'208'704
294'923
489'457
1'218'851
619'858
600'000
(819'640)
Target Price
421
421
380
385
370
414
375
390
350
370
330
400
#N/A N/A
#N/A N/A
400
403
394
372
365
414
418
425
File Dt
28.12.2012
28.12.2012
28.12.2012
28.12.2012
31.12.2012
28.12.2012
31.12.2012
28.12.2012
31.12.2012
28.12.2012
31.01.2013
28.12.2012
31.12.2012
28.02.2013
25.03.2013
31.12.2012
31.12.2012
28.12.2012
28.12.2012
31.12.2012
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
3 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
Investment Advisor
Government
Investment Advisor
Other
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.03.2013
21.02.2013
15.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
10.02.2013
10.02.2013
08.02.2013
08.02.2013
30.01.2013
15.01.2013
04.01.2013
20.12.2012
14.12.2012
12.11.2012
03.10.2012
14.02.2012
13.02.2012
12.02.2012
27.03.2013
Tata Consultancy Services Ltd

Tata Consultancy Services, a division of Tata Sons Limited, is a global IT
professional, and large business customers. The Company offers public
fixed-line telephone, leased lines and data transmission, mobile
telecommunications, cable television, Internet and wireless applications, and
broadcasting services, and telecommunications equipment sales and rentals.
Price/Volume
12
30.0 M
25.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (07.03.2013)
52-Week Low (23.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TCS IB EQUITY YTD Change
TCS IB EQUITY YTD % CHANGE
03/2012
12/yy
1'598.00
1'039.86
51'850.00
1557.35
-2.54%
49.77%
92.72%
1'957.2
3'048'078.00
2'265.50
0.0
5'587.7
75'180.70
2'948'333.22
20.0 M
15.0 M
10.0 M
2
5.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
35.0 M
Valuation Analysis
31.03.2008
226'195.2
3.37x
57'113.8
13.36x
50'260.2
15.78x
40.0 M
10
31.03.2009
31.03.2010
278'128.8
300'289.2
1.77x
4.87x
71'698.0
86'945.5
6.88x
16.81x
52'564.2
70'006.4
10.04x
21.88x
Profitability
LTM-4Q
31.03.2011
373'245.1
6.08x
111'790.7
20.31x
90'570.4
25.58x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
488'938.3
4.54x
144'564.9
15.36x
103'879.2
22.02x
144'564.90
135'173.70
27.65%
28.42%
28.05%
38.56%
38.10%
1.32%
29.6%
27.6%
21.2%
2.20
1.80
0.55%
0.77%
4.96
-
Price/ Cash Flow
LTM
FY+1
1.09
0.87
447.96
35.49%
24.02%
0.869
72
3.569
85'821
107'177
122'920
FY+2
FQ+1
FQ+2
12/yy
45'277.0
0.00x
0.0
0.00x
0.0
0.00x
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
43'515.0 630'084.2 714'537.7 167'294.6 173'291.7
0.00x
4.69x
4.06x
18.25x
17.61x
0.0 182'298.4 205'491.6
48'530.7
49'573.3
0.00x
16.16x
14.34x
14.46x
14.04x
0.0 139'391.6 155'373.7
36'834.0
37'974.3
0.00x
21.88x
19.63x
19.87x
19.18x
S&P Issuer Ratings
07.05.2010
Long-Term Rating
BBB+
Long-Term Outlook
NEG
Short-Term Rating
Credit Ratios
302.44
260.45
Net Debt/EBITDA
-0.50
Total Debt/EBITDA
0.02
Reference
Total Debt/Equity
0.8%
Total Debt/Capital
0.7%
Asset Turnover
1.32
8.58
73.79
Inventory Days
3.50
60'000.0
3.00
50'000.0
2.50
40'000.0
2.00
30'000.0
1.50
20'000.0
1.00
10'000.0
0.50
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Tata Consultancy Services Ltd

Holdings By:
All
Holder Name
TATA SONS LTD
SOCIETE GENERALE
AMUNDI
FRANKLIN RESOURCES
BLACKROCK
VANGUARD GROUP INC
FRANCE TELECOM SA
DNCA FINANCE
AMUNDI
LBPAM
AVIVA PLC
STATE STREET
AMUNDI
MORGAN STANLEY
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
Standard Chartered
PANKAJ KAPOOR
ANKUR RUDRA
Nomura
ASHWIN MEHTA
PRIYA ROHIRA
SHASHI BHUSAN
ANKITA SOMANI
Credit Suisse
ANANTHA NARAYAN
JPMorgan
VIJU K GEORGE
SHWETA MALIK
ICICI Securities
KULDEEP KOUL
Techno Shares & Stocks
DEBASHISH MAZUMDAR
Jefferies
VISHAL AGARWAL
CIMB
SANDEEP R SHAH
Maybank Kim Eng
URMIL SHAH
SBI Capital Markets
DIPESH N MEHTA
JM Financial Institutional Securities P GOVIND AGARWAL
Dalal & Broacha
APURVA SHAH
Brics Securities
SUSHIL SHARMA
Edelweiss Capital
SANDIP KUMAR AGARWAL
Sharekhan Ltd
TEAM COVERAGE
Equirus Securities Pvt Ltd
BHAVIN SHAH
HARIT SHAH
Morgan Stanley
VIPIN KHARE
RUMIT DUGAR
PRALAY KUMAR DAS
Kotak Securities
KAWALJEET SALUJA
IDFC Securities Ltd
HITESH SHAH
HSBC
YOGESH AGGARWAL
HDFC Securities
MADHU BABU
EVA Dimensions
ANDREW S ZAMFOTIS
IDBI Capital Market Services Ltd
PRATIK GANDHI
IIFL
SANDEEP MUTHANGI
India Nivesh Ltd
AMAR MOURYA
ABHIRAM ELESWARAPU
ASHISH CHOPRA
NIRAL DALAL
DEEPAN S KAPADIA
BASUDEB BANERJEE
Microsec Capital
NITIN PRAKASH DAGA
NITIN PADMANABHAN
BP Equities Private Limited
AMIT CHANDRA
Deutsche Bank
ANIRUDDHA BHOSALE
Macquarie
NITIN MOHTA
Source
Research
Research
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
outperform
sell
neutral
hold
accumulate
accumulate
outperform
neutral
hold
add
hold
buy
neutral
buy
hold
buy
buy
add
hold
hold
sell
sell
Overwt/In-Line
buy
reduce
reduce
neutral
overweight
underperform
hold
hold
reduce
hold
hold
neutral
buy
outperform
buy
buy
neutral
hold
buy
underperform
Amt Held
360'248'428
132'135'951
129'217'007
39'954'280
28'552'964
23'340'657
19'392'378
15'456'045
13'910'873
11'401'463
8'638'644
7'761'976
7'460'542
5'369'828
5'174'475
4'580'800
4'211'079
3'775'692
3'716'633
3'521'145
% Out
13.6
4.99
4.88
1.51
1.08
0.88
0.73
0.58
0.53
0.43
0.33
0.29
0.28
0.2
0.2
0.17
0.16
0.14
0.14
0.13
Weighting
Change
5
1
3
3
4
4
5
3
3
4
3
5
3
5
3
5
5
4
3
3
1
1
5
5
2
2
3
5
1
3
3
2
3
3
3
5
5
5
5
3
3
5
1
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
M
M
D
M
M
M
D
D
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(27'339'807)
(3'894'321)
638'687
27'407
4'937'505
1'826'645
(368'000)
(255'991)
(16'681)
(527'072)
(26'670)
(9'177'060)
1'905
(59'716)
1'153'077
Target Price
1'640
1'417
1'470
1'736
1'590
1'624
1'760
1'500
1'631
1'707
#N/A N/A
1'785
1'400
1'810
1'490
1'580
1'566
1'600
1'587
1'650
1'435
1'480
1'670
1'500
1'525
1'320
1'430
1'785
1'489
#N/A N/A
1'335
1'351
1'395
1'500
1'465
1'496
1'365
1'686
1'364
1'450
1'445
1'670
1'200
File Dt
08.03.2013
16.05.2012
11.06.2012
31.12.2012
25.03.2013
31.12.2012
31.01.2013
31.12.2011
28.09.2012
31.12.2012
31.01.2013
31.12.2012
28.02.2013
25.03.2013
31.12.2012
31.12.2012
31.07.2012
26.03.2013
31.10.2012
31.12.2012
Date
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Inst Type
Government
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Corporation
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
26.03.2013
26.03.2013
24.03.2013
22.03.2013
20.03.2013
20.03.2013
19.03.2013
18.03.2013
15.03.2013
14.03.2013
13.03.2013
11.03.2013
11.03.2013
11.03.2013
11.03.2013
11.03.2013
11.03.2013
11.03.2013
11.03.2013
11.03.2013
11.03.2013
11.03.2013
10.03.2013
10.03.2013
09.03.2013
08.03.2013
08.03.2013
07.03.2013
05.03.2013
01.03.2013
28.02.2013
27.02.2013
27.02.2013
22.02.2013
22.02.2013
18.02.2013
12.02.2013
04.02.2013
30.01.2013
23.01.2013
17.01.2013
15.01.2013
15.01.2013
27.03.2013
Tata Global Beverages Ltd

Tata Global Beverages Ltd. cultivates tea and coffee on its plantations. The
Company manufactures, sells domestically and exports instant, blended and
packet teas, and instant and ground coffee.
Price/Volume
40
12.0 M
35
10.0 M
30
8.0 M
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.11.2012)
52-Week Low (15.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TGBL IB EQUITY YTD Change
TGBL IB EQUITY YTD % CHANGE
03/2012
12/yy
181.70
100.00
367'659.00
123.5
-32.03%
23.50%
28.76%
618.4
76'372.23
9'155.99
0.0
10'659.2
8'235.43
89'098.83
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
10
2.0 M
5
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
43'096.5
1.49x
7'079.4
9.04x
15'425.5
3.30x
6.0 M
15
31.03.2009
31.03.2010
48'478.7
57'829.5
1.24x
1.19x
6'497.2
6'865.0
9.22x
9.99x
7'005.5
3'903.0
5.16x
15.51x
Profitability
LTM-4Q
31.03.2011
59'824.2
1.19x
6'093.9
11.64x
2'543.3
23.77x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
65'852.6
1.23x
6'230.5
13.01x
3'561.4
19.51x
6'230.54
5'269.19
8.00%
8.48%
4.44%
8.36%
7.34%
0.82%
9.5%
8.0%
5.4%
2.24
0.98
11.06%
20.05%
10.75
-
Price/ Cash Flow
LTM
12/yy
42'116.0
0.00x
0.0
0.00x
0.0
0.00x
12/yy
43'198.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
1.74
0.97
371.96
14.28%
-22.74%
0.969
17
3.471
373'333
432'289
448'497
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
74'224.4
82'604.1
19'233.0
1.17x
1.05x
7'423.6
8'675.3
12.00x
10.27x
4'169.2
4'982.5
601.0
18.47x
15.54x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
9.73
7.91
0.15
1.47
20.1%
14.0%
0.82
11.32
34.04
-
12.00
50'000.0
45'000.0
10.00
40'000.0
35'000.0
8.00
30'000.0
6.00
25'000.0
20'000.0
4.00
15'000.0
10'000.0
2.00
0.00
01.01.2010
5'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Tata Global Beverages Ltd

Holdings By:
All
Holder Name
TATA SONS LTD
FONDS DU PLAN D EPAR
AMUNDI SA
GROUPAMA SA
CIE DE SAINT GOBAIN
COGEMA
BLACKROCK
VANGUARD GROUP INC
PREDICA
AVIVA PLC
SOCIETE GEN GESTION
FMR LLC
DODGE & COX
AMUNDI
JP MORGAN
Firm Name
Sharekhan Ltd
Maybank Kim Eng
Kotak Securities
Morgan Stanley
EVA Dimensions
Fairwealth Securities Ltd
SBI Capital Markets
India Infoline
HDFC Securities
Portfolio Name
#N/A N/A
n/a
n/a
#N/A N/A
#N/A N/A
#N/A N/A
Multiple Portfolios
#N/A N/A
n/a
Multiple Portfolios
Multiple Portfolios
#N/A N/A
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
HEMANT B PATEL
AMOL RAO
TEAM COVERAGE
TEAM COVERAGE
GANESH RAM
SRINIVASAN VISWANATHAN
TUSHAR PENDHARKAR
AMRITA BASU
ASHIT DESAI
NILLAI SHAH
AUSTIN BURKETT
TEAM COVERAGE
TEAM COVERAGE
SAGARIKA MUKHERJEE
VANMALA NAGWEKAR
SAMEER NARANG
HIMANI SINGH
Source
Co File
Co File
Research
Co File
Co File
Co File
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
sell
buy
hold
buy
buy
neutral
buy
buy
underperform
Equalwt/In-Line
underweight
buy
buy
sell
buy
outperform
reduce
Amt Held
91'581'114
42'844'966
40'161'206
13'924'614
10'175'679
9'104'555
6'617'178
5'891'183
4'692'838
4'217'347
4'101'338
3'213'372
2'716'101
2'536'782
2'316'466
1'784'591
1'671'822
1'522'906
1'334'277
1'233'527
% Out
17.24
8.07
7.56
2.62
1.92
1.71
1.25
1.11
0.88
0.79
0.77
0.61
0.51
0.48
0.44
0.34
0.31
0.29
0.25
0.23
Weighting
Change
1
5
3
5
5
3
5
5
1
3
1
5
5
1
5
5
2
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
17'861'078
274'884
180'416
(846'845)
203'000
(88'176)
(320'096)
50'015
-
Target Price
140
168
162
149
175
#N/A N/A
200
165
145
143
#N/A N/A
200
210
114
184
119
92
File Dt
Inst Type
31.12.2011
Investment Advisor
31.12.2011
n/a
27.06.2012
Other
31.12.2011
Government
31.12.2011
Insurance Company
31.12.2011
Corporation
31.12.2012
Investment Advisor
31.12.2011
Corporation
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011
Insurance Company
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
29.01.2013
Investment Advisor
31.01.2013
Unclassified
31.07.2012
Investment Advisor
25.03.2013
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Date
22.03.2013
15.03.2013
13.03.2013
07.03.2013
05.03.2013
04.02.2013
04.02.2013
02.02.2013
01.02.2013
31.01.2013
15.01.2013
03.12.2012
07.11.2012
02.11.2012
25.10.2012
11.07.2012
27.01.2012
27.03.2013
Tata Motors Ltd

Tata Motors Limited manufactures cars and commercial automotive vehicles in
India. The Company designs, manufactures and sells heavy commercial, medium
commercial and small commercial vehicles including trucks, tankers, vans,
buses, ambulances and minibuses. Tata also manufactures small cars and sports
utility vehicles.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.01.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TTMT IB EQUITY YTD Change
TTMT IB EQUITY YTD % CHANGE
03/2012
12/yy
337.05
202.95
1'028'324.00
275.25
-18.34%
35.62%
53.91%
2'665.5
809'274.88
512'277.00
0.0
3'071.3
236'936.60
992'965.65
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
342'856.6
1.09x
38'809.6
9.63x
21'677.0
11.07x
200
180
160
140
120
100
80
60
40
20
0
m-12
31.03.2009
31.03.2010
708'809.5
925'192.5
0.64x
0.82x
(51'622.3)
76'392.1
9.92x
(108'080.3)
25'710.6
15.56x
Profitability
LTM-4Q
31.03.2011
1'221'279.2
0.87x
168'129.7
6.34x
92'736.2
8.04x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
1'656'544.9
0.70x
223'067.2
5.16x
135'165.0
6.46x
223'067.20
166'858.60
10.07%
8.18%
10.99%
52.12%
1.35%
13.5%
10.1%
8.2%
0.87
0.44
35.35%
156.67%
22.44
-
Price/ Cash Flow
LTM
FY+1
1.45
1.46
1'600.03
2.79%
-11.89%
1.456
61
4.082
1'120'556
944'387
1'045'624
FY+2
FQ+1
FQ+2
12/yy
81'203.0
9.56x
20'076.0
9.47x
12'963.0
13.86x
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
90'533.0 ######### ######### 559'745.3 433'236.0
8.98x
0.59x
0.51x
21'892.0 243'173.9 291'890.0
73'723.3
57'549.0
9.92x
4.08x
3.40x
13'901.0 103'201.8 128'778.2
31'079.0
27'544.0
15.57x
8.60x
6.92x
7.97x
7.31x
S&P Issuer Ratings
09.07.2012
Long-Term Rating
BB
Long-Term Outlook
POS
Short-Term Rating
Credit Ratios
9.28
3.51
Net Debt/EBITDA
1.23
Total Debt/EBITDA
2.30
Reference
Total Debt/Equity
156.7%
Total Debt/Capital
60.8%
Asset Turnover
1.35
6.00
16.31
Inventory Days
30.00
100'000.0
90'000.0
25.00
80'000.0
70'000.0
20.00
60'000.0
15.00
50'000.0
40'000.0
10.00
30'000.0
20'000.0
5.00
0.00
01.01.2010
10'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Tata Motors Ltd

Holdings By:
All
Holder Name
TATA SONS LTD
CITIBANK NA
TATA STEEL LTD
LIFE INSURANCE CORP
TATA INDUSTRIES LTD
VANGUARD GROUP INC
BLACKROCK
JF ASSET MANAGEMENT
RELIANCE CAPITAL TRU
TATA INVESTMENT CORP
PRUDENTIAL ICICI ASS
CARMIGNAC GESTION
FMR LLC
TATA AIG LIFE INS CO
MORGAN STANLEY
Firm Name
Nomura
Credit Suisse
Morgan Stanley
IDFC Securities Ltd
JPMorgan
Brics Securities
ICICIdirect.com
Barclays
Kotak Securities
Edelweiss Capital
Maybank Kim Eng
HDFC Securities
India Nivesh Ltd
Shah Investor's Home Limited
Standard Chartered
Macquarie
CIMB
JM Financial Institutional Securities P
Phillip Securities
India Infoline
IIFL
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
KAPIL SINGH
JATIN CHAWLA
CHIRAG SHAH
MUKESH SARAF
BINAY SINGH
PRAMOD KUMAR
ROHAN KORDE
ADITYA MAKHARIA
UMESH KARNE
YARESH KOTHARI
ASHVIN SHETTY
NISHANT VAAS
SAHIL KEDIA
MAHANTESH SABARAD
HITESH GOEL
KAUSHAL MAROO
AASHIESH AGARWAAL
JIGAR A SHAH
SURJIT SINGH ARORA
SORABH TALWAR
JINESH K GANDHI
BHAUMIK BHATIA
ASHISH NIGAM
ABHISHEK JAIN
NAVIN MATTA
VIJAY CHUGH
KUNAL DALAL
DEVINA MEHRA
TEAM COVERAGE
AMEYA HARDAS
AMIT KASAT
AMIT MISHRA
PRAMOD AMTHE
AMBRISH MISHRA
ANNAMALAI JAYARAJ
DEEPAK JAIN
ABHISHEK GAOSHINDE
MIHIR JHAVERI
MITUL SHAH
PRAYESH JAIN
JOSEPH GEORGE
BASUDEB BANERJEE
AJAY SHETHIYA
Source
Co File
20F
Co File
EXCH
ULT-AGG
Co File
MF-AGG
13F
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
EXCH
ULT-AGG
Recommendation
neutral
outperform
buy
buy
Overwt/Attractive
underperform
buy
overweight
add
accumulate
buy
buy
underweight
buy
buy
accumulate
reduce
sell
buy
underperform
buy
buy
buy
not rated
buy
hold
buy
moderate outperform
hold
hold
in-line
outperform
outperform
buy
outperform
neutral
neutral
buy
buy
market perform
reduce
buy
buy
Amt Held
702'333'345
446'246'135
147'810'695
141'782'919
130'262'877
68'436'485
33'430'638
28'718'455
14'473'465
11'715'845
11'285'184
10'716'969
10'525'000
7'722'237
7'364'631
6'764'774
6'705'382
6'675'274
5'473'110
5'104'936
% Out
26.35
16.74
5.55
5.32
4.89
2.57
1.25
1.08
0.54
0.44
0.42
0.4
0.39
0.29
0.28
0.25
0.25
0.25
0.21
0.19
Weighting
Change
3
5
5
5
5
1
5
5
4
4
5
5
1
5
5
4
2
1
5
1
5
5
5
#N/A N/A
5
3
5
4
3
3
3
5
5
5
5
3
3
5
5
3
2
5
5
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
U
M
M
M
M
D
M
M
M
M
M
M
D
M
M
M
M
M
M
Latest Chg
2'080'610
(15'578'091)
10'155'054
903'898
(330'505)
813'665
1'112'254
121'342
135
(1'531'767)
Target Price
304
385
372
327
346
254
346
330
305
326
350
360
253
350
340
330
253
265
360
332
348
317
353
#N/A N/A
360
300
350
#N/A N/A
328
308
294
360
341
318
332
265
292
340
328
313
305
350
347
File Dt
Inst Type
31.12.2012
Holding Company
30.06.2012
Bank
31.12.2012
Corporation
07.01.2013
Government
31.12.2012
Investment Advisor
31.12.2012
Corporation
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
25.03.2013
Investment Advisor
28.02.2013
Other
31.12.2012
Private Equity
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.05.2012
Investment Advisor
27.03.2012
Insurance Company
28.02.2013
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
9 month
12 month
12 month
12 month
Date
26.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
19.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
12.03.2013
12.03.2013
11.03.2013
05.03.2013
05.03.2013
05.03.2013
04.03.2013
04.03.2013
04.03.2013
04.03.2013
01.03.2013
25.02.2013
21.02.2013
20.02.2013
20.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
27.03.2013
Tata Power Co Ltd

Tata Power Company Limited generates and supplies electricity in Mumbai and its
suburbs. The Company also constructs and operates independent power plants as
well as captive power plants for industrial concerns. Tata Power also provides
various services related to electricity distribution, erects and commissions
transmission lines, and is diversifying into the telecommunications market.
Price/Volume
600
500
400
300
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.12.2012)
52-Week Low (24.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TPWR IB EQUITY YTD Change
TPWR IB EQUITY YTD % CHANGE
03/2012
01/yy
113.20
85.80
155'723.00
94.75
-16.30%
10.43%
32.66%
2'373.1
224'848.59
338'705.90
0.0
16'312.7
45'122.40
534'744.80
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100
0
m-12
31.03.2009
31.03.2010
174'787.2
188'000.7
1.77x
2.66x
36'722.4
37'363.3
8.42x
13.37x
12'187.4
19'668.4
13.96x
16.23x
Profitability
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
31.03.2011
194'507.6
17.51x
46'651.8
73.00x
20'596.0
153.96x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
260'014.0
2.11x
53'479.4
10.27x
(10'876.8)
53'479.40
40'133.00
15.43%
2.22%
-1.94%
-8.71%
-7.18%
0.46%
20.6%
15.4%
-4.2%
0.87
0.51
54.85%
285.43%
13.20
-
Price/ Cash Flow
LTM
FY+1
1.32
0.97
1'302.54
-0.24%
-14.14%
0.970
44
3.318
288'977
237'568
393'458
FY+2
FQ+1
FQ+2
01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
01/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
0.0 304'399.7 354'773.6
#DIV/0!
1.78x
1.49x
0.0
62'212.3
74'495.1
0.00x
8.60x
7.18x
0.0
11'254.5
13'608.5
2'164.0
4'865.0
0.00x
19.11x
16.31x
S&P Issuer Ratings
24.08.2007
Long-Term Rating
BBLong-Term Outlook
NEG
Short-Term Rating
Credit Ratios
2.17
-0.48
Net Debt/EBITDA
5.49
Total Debt/EBITDA
6.33
Reference
Total Debt/Equity
285.4%
Total Debt/Capital
71.5%
Asset Turnover
0.46
0.79
27.73
Inventory Days
45.00
9'000.0
40.00
8'000.0
35.00
7'000.0
30.00
6'000.0
25.00
5'000.0
20.00
4'000.0
15.00
3'000.0
10.00
2'000.0
5.00
1'000.0
0.00
01.01.2010
a-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
107'872.5
3.26x
20'802.7
16.93x
10'550.7
23.31x
200
.5 M
.5 M
.4 M
.4 M
.3 M
.3 M
.2 M
.2 M
.1 M
.1 M
.0 M
f-13 m-13
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Tata Power Co Ltd

Holdings By:
All
Holder Name
TATA SONS LTD
SWATCH GROUP AG
VANGUARD GROUP INC
CREDIT SUISSE ASSET
BLACKROCK
FMR LLC
PICTET & CIE
UBS FUND MANAGEMENT
WINTERGREEN ADVISERS
SCHRODER INVESTMENT
GRETHER ESTHER
ROYAL BANK OF CANADA
Firm Name
Jefferies
ICICI Securities
CIMB
Credit Suisse
HSBC
Standard Chartered
IDFC Securities Ltd
IIFL
Deutsche Bank
HDFC Securities
ICICIdirect.com
Barclays
ITI Securities Ltd
India Nivesh Ltd
Morgan Stanley
JPMorgan
IFCI Financial Services
Edelweiss Capital
Kotak Securities
EVA Dimensions
NVS Brokerage Limited
Macquarie
SPA Securities Ltd
SMC Global Securities Ltd.
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
GIRISH NAIR
ABHAY MOGHE
BHAVIN VITHLANI
LAVINA QUADROS
PRAKASH GAURAV GOEL
HARISH BIHANI
AMISH SHAH
NALIN BHATT
VISHAL BIRAIA
ARUN KUMAR SINGH
RAHUL MODI
LAKSHMINARAYANA GANTI
SHIRISH RANE
ABHINEET ANAND
HARSHAWARDHAN S DOLE
BHARGAV BUDDHADEV
TEAM COVERAGE
ABHISHEK PURI
SUBHADIP MITRA
ABHINAV SHARMA
RUPESH D SANKHE
CHIRAG J SHAH
VENUGOPAL GARRE
ABHISHEK B PATEL
ABHISHEK JAIN
PARAG GUPTA
SUMIT KISHORE
RUPA SHAH
AMIT GOLCHHA
SACHIN MEHTA
SHANKAR K
MURTUZA ARSIWALLA
AUSTIN BURKETT
TEAM COVERAGE
TEAM COVERAGE
INDERJEET SINGH BHATIA
SITARAMAN IYER
MISAL SINGH
ROHIT SINGH
RINA SANGHAVI
HITESH KUVELKAR
JAISHEEL GARG
Source
ULT-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
Recommendation
reduce
hold
hold
buy
add
neutral
underperform
neutral
outperform
overweight
hold
underperform
neutral
sell
buy
buy
hold
hold
hold
underperform
buy
hold
equalweight
buy
buy
Underwt/In-Line
overweight
accumulate
hold
sell
buy
add
sell
buy
buy
neutral
hold
hold
buy
hold
Moderate Underperformer
outperform
Amt Held
1'445'313
505'000
463'841
448'873
374'750
351'347
266'305
255'065
246'404
230'863
196'392
184'025
178'394
154'625
154'414
144'672
114'000
112'640
108'442
105'398
% Out
4.69
1.64
1.5
1.46
1.22
1.14
0.86
0.83
0.8
0.75
0.64
0.6
0.58
0.5
0.5
0.47
0.37
0.37
0.35
0.34
Weighting
Change
2
3
3
5
4
3
1
3
5
5
3
1
3
1
5
5
3
3
3
1
5
3
3
5
5
1
5
4
3
1
5
4
1
5
5
3
3
3
5
3
2
5
M
M
M
M
M
N
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(70'942)
63'157
(10'129)
78'689
(167'524)
(25'035)
(255'195)
15'790
(180)
(169)
(621)
21'810
(69'287)
(88'242)
20'597
(5'868)
34'075
Target Price
85
104
100
120
103
105
83
105
107
117
94
86
103
88
120
120
#N/A N/A
97
97
97
119
97
95
119
125
87
118
111
95
92
122
113
#N/A N/A
135
117
103
106
105
116
116
#N/A N/A
124
File Dt
31.12.2012
31.12.2011
31.12.2012
31.01.2013
25.03.2013
31.01.2013
28.02.2013
31.01.2013
31.01.2013
30.11.2012
31.12.2012
31.12.2012
31.01.2013
28.09.2012
31.12.2012
31.01.2013
31.12.2011
30.11.2012
28.02.2013
31.01.2013
Date
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
6 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Corporation
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Bank
Investment Advisor
Mutual Fund Manager
Date
25.03.2013
25.03.2013
22.03.2013
20.03.2013
19.03.2013
12.03.2013
11.03.2013
07.03.2013
07.03.2013
06.03.2013
28.02.2013
26.02.2013
26.02.2013
26.02.2013
22.02.2013
20.02.2013
13.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
09.02.2013
17.01.2013
17.01.2013
28.11.2012
07.11.2012
18.10.2012
10.09.2012
08.08.2012
28.05.2012
27.02.2012
09.01.2012
27.03.2013
Tata Steel Ltd

Tata Steel Ltd. is an integrated steel producer which manufactures a variety of
steel products. The Company's products include steel ball bearing rings, alloy
steel bearing rings, annular forgings, flanges, bearings, welded steel tubes,
cold rolled strips and seamless tubes. Tata Steel also manufactures
metallurgical machinery.
Price/Volume
140
8.0 M
120
7.0 M
6.0 M
100
5.0 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.04.2012)
52-Week Low (26.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TATA IB EQUITY YTD Change
TATA IB EQUITY YTD % CHANGE
03/2012
12/yy
482.00
305.00
1'046'612.00
306.2
-36.47%
0.39%
0.68%
971.2
297'386.13
621'053.70
0.0
10'911.5
135'834.90
753'685.22
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
40
2.0 M
20
1.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'315'336.3
0.80x
188'723.9
5.58x
123'499.8
3.93x
4.0 M
60
31.03.2009
31.03.2010
1'473'292.6
1'023'931.2
0.49x
0.99x
187'616.9
84'118.7
3.83x
12.04x
49'509.0
(20'092.2)
3.10x
Profitability
LTM-4Q
31.03.2011
1'187'531.2
0.89x
167'466.7
6.30x
89'826.9
6.28x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
1'328'997.0
0.72x
124'167.9
7.69x
53'897.7
8.41x
124'167.90
79'001.40
5.94%
6.66%
3.81%
13.71%
7.30%
0.94%
9.3%
5.9%
4.1%
1.22
0.60
42.18%
144.30%
8.95
-
Price/ Cash Flow
LTM
FY+1
3.92
1.35
509.20
-29.41%
-28.51%
1.351
58
3.397
811'919
771'015
694'135
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
98'515.0 101'719.0 ######### ######### 351'677.0 368'849.0
7.22x
8.10x
0.65x
0.65x
34'382.0
39'711.0 120'767.4 155'407.5
32'622.0
5.22x
5.52x
6.24x
4.85x
7'937.0
9'490.0
16'568.7
37'836.9
2'406.5
11'074.0
19.98x
18.44x
17.35x
7.95x
8.37x
6.98x
S&P Issuer Ratings
09.08.2011
Long-Term Rating
BB
Long-Term Outlook
NEG
Short-Term Rating
Credit Ratios
2.99
0.07
Net Debt/EBITDA
3.91
Total Debt/EBITDA
5.00
Reference
Total Debt/Equity
144.3%
Total Debt/Capital
58.5%
Asset Turnover
0.94
2.47
40.88
Inventory Days
9.00
120'000.0
8.00
100'000.0
7.00
80'000.0
6.00
5.00
60'000.0
4.00
40'000.0
3.00
2.00
20'000.0
1.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Tata Steel Ltd

Holdings By:
All
Holder Name
TATA SONS LTD
LIFE INSURANCE CORP
HDFC ASSET MANAGEMEN
ICICI PRUDENTIAL LIF
NATIONAL INSURANCE C
NEW INDIA ASSURANCE
VANGUARD GROUP INC
FRANKLIN RESOURCES
BLACKROCK
TATA MOTORS LTD
ROBECO INVESTOR SERV
TATA CHEMICALS LTD
MORGAN STANLEY
TATA ASSET MANAGEMEN
Firm Name
Standard Chartered
Nomura
IDFC Securities Ltd
EVA Dimensions
Muthoot Securities
Edelweiss Capital
Morgan Stanley
HSBC
Credit Suisse
Phillip Securities
ICICIdirect.com
Deutsche Bank
Macquarie
CIMB
India Infoline
Barclays
IIFL
JPMorgan
Kotak Securities
ICICI Securities
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
SATISH KUMAR
VANESSA LAU
NITESH JAIN
ALOK KUMAR NEMANI
PRAKASH JOSHI
CRAIG STERLING
VINEET PAUL
SANJAY JAIN
RAJESH ZAWAR
GOUTAM CHAKRABORTY
GIRIRAJ DAGA
TEAM COVERAGE
PRASAD BAJI
VIPUL PRASAD
ASHISH KEJRIWAL
PRITAM LALA
JIGAR MISTRY
BHAVESH CHAUHAN
ASHUTOSH TIWARI
TEAM COVERAGE
NEELKANTH MISHRA
UMESH PATEL
DHAWAL DOSHI
DEWANG SANGHAVI
TANUJ RASTOGI
ABHAY LAIJAWALA
RAKESH ARORA
RAHUL JAIN
KAMLESH BAGMAR
CHINTAN J MEHTA
VARUN LOHCHAB
TARANG BHANUSHALI
RAM MODI
AMIT AGARWAL
ERIC MARTINS
JATIN KOTIAN
CHIRAG SHAH
BIJAL SHAH
ABHISAR JAIN
PINAKIN M PAREKH
KAWALJEET SALUJA
ABHIJIT MITRA
PALLAV AGARWAL
Source
Co File
Co File
ULT-AGG
MF-AGG
Co File
Co File
Co File
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Co File
Co File
MF-AGG
Co File
MF-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
Recommendation
in-line
market perform
buy
buy
underperform
hold
buy
sell
buy
reduce
sell
hold
buy
Overwt/In-Line
accumulate
underperform
neutral
buy
neutral
hold
underperform
hold
neutral
hold
buy
buy
underperform
underperform
accumulate
underperform
buy
buy
reduce
buy
buy
buy
equalweight
add
sell
overweight
add
buy
buy
Amt Held
288'898'245
145'709'683
17'162'293
16'880'481
15'624'088
11'054'459
10'784'993
7'996'272
6'602'319
5'814'609
4'559'355
4'432'497
3'385'885
3'000'000
2'491'977
2'467'713
2'225'377
2'045'075
1'961'702
1'849'402
% Out
29.75
15
1.77
1.74
1.61
1.14
1.11
0.82
0.68
0.6
0.47
0.46
0.35
0.31
0.26
0.25
0.23
0.21
0.2
0.19
Weighting
Change
3
3
5
5
1
3
5
1
5
2
1
3
5
5
4
1
3
5
3
3
1
3
3
3
5
5
1
1
4
1
5
5
2
5
5
5
3
4
1
5
4
5
5
M
M
M
M
M
U
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(37'100)
(805'000)
(40'992)
(13'000)
75
(59'081)
125'000
Target Price
329
420
495
443
304
#N/A N/A
502
305
443
349
307
403
516
496
411
328
400
443
417
#N/A N/A
300
395
416
374
421
445
304
360
430
335
440
422
396
465
498
484
403
406
355
505
400
463
461
File Dt
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.07.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.01.2013
31.12.2012
28.02.2013
27.03.2012
28.02.2013
25.03.2013
28.02.2013
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
15 month
Not Provided
Not Provided
Not Provided
Not Provided
15 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
9 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
9 month
Not Provided
12 month
Not Provided
Inst Type
Holding Company
Government
Government
Investment Advisor
Insurance Company
Insurance Company
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Private Equity
Investment Advisor
Corporation
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
18.03.2013
15.03.2013
15.03.2013
12.03.2013
09.03.2013
06.03.2013
01.03.2013
28.02.2013
25.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
20.02.2013
16.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
12.02.2013
10.01.2013
27.03.2013
Titan Industries Ltd

Titan Industries Ltd. manufactures and retails jewelry and watches. The
Company produces quartz analog electronic watches, watch movements, step
motors, and watch cases. Titan Industries serves customers throughout the
United States.
Price/Volume
2
2
1
1
1
1
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.11.2012)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TTAN IB EQUITY YTD Change
TTAN IB EQUITY YTD % CHANGE
03/2012
12/yy
313.60
203.90
263'259.00
251.7
-19.74%
23.44%
43.57%
887.8
223'455.77
58.89
0.0
0.0
9'535.38
213'979.27
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
0
0
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
29'968.8
1.63x
2'508.2
19.46x
1'399.6
33.52x
500.0 M
450.0 M
400.0 M
350.0 M
300.0 M
250.0 M
200.0 M
150.0 M
100.0 M
50.0 M
.0 M
f-13 m-13
31.03.2009
31.03.2010
38'326.4
46'771.6
0.94x
1.72x
3'150.6
3'992.2
11.42x
20.19x
1'639.2
2'513.0
21.17x
32.51x
Profitability
31.03.2011
65'331.4
2.42x
6'179.2
25.60x
4'331.2
39.06x
31.03.2012
88'484.3
2.19x
8'377.1
23.09x
6'013.6
33.74x
8'377.09
7'920.93
8.95%
9.50%
14.19%
48.18%
50.36%
2.09%
9.5%
9.0%
6.8%
1.31
0.35
0.12%
0.40%
62.57
-
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
0.70
0.74
424.89
6.72%
-11.33%
0.744
32
3.875
386'488
335'404
297'431
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
103'217.2 127'616.3
2.04x
1.61x
10'181.8
12'788.8
21.05x
16.76x
7'310.4
9'115.3
30.67x
24.68x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
19.16
15.78
-1.13
0.01
0.4%
0.4%
2.09
26.05
5.85
-
35'000.0
30'000.0
25'000.0
0.80
20'000.0
0.60
15'000.0
0.40
10'000.0
5'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Titan Industries Ltd

Holdings By:
All
Holder Name
TAMILNADU INDUSTRIAL
TATA SONS LTD
KALIMATI INVESTMENT
JHUNJHUNWAL RAKESH R
JHUNJHUNWALA REKHA R
MATTHEWS INTERNATION
TATA CHEMICALS LTD
FMR LLC
TATA GLOBAL BEVERAGE
IIFL VONTOBEL INDIA
MERRILL LYNCH CAPITA
VANGUARD GROUP INC
EWART INVESTMENTS LT
BLACKROCK
MIRAE ASSET GLOBAL I
Firm Name
Morgan Stanley
HSBC
IIFL
Credit Suisse
Nomura
Goldman Sachs
Edelweiss Capital
Standard Chartered
ICICIdirect.com
JPMorgan
Jefferies
Kotak Securities
IDFC Securities Ltd
EVA Dimensions
Deutsche Bank
Proactive Universal
HDFC Securities
Fairwealth Securities Ltd
Greshma Shares & Stock Ltd
India Infoline
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
HEMANT B PATEL
NILLAI SHAH
ALOK DALAL
AMIT SACHDEVA
AVI MEHTA
ARNAB MITRA
MANISH JAIN
PUNEET JAIN
GAUTAM DUGGAD
TEAM COVERAGE
ABNEESH ROY
SANJAY SINGH
SUMAN MEMANI
ABHIJEET KUNDU
BHARAT CHHODA
LATIKA CHOPRA
RAJASA KAKULAVARAPU
AMRITA BASU
ASHIT DESAI
NIKHIL K VORA
PRITESH TALAKSHI CHHEDA
VARUN LOHCHAB
AMIT PUROHIT
CRAIG STERLING
MIHIR P SHAH
MANOJ MENON
KAUSTAV KAKATI
SAMEER NARANG
HITESH PAREKH
RICHARD LIU
TEAM COVERAGE
HITESH KUVELKAR
TEAM COVERAGE
Source
Co File
Co File
Co File
Co File
Co File
Co File
MF-AGG
Co File
ULT-AGG
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
EXCH
Recommendation
buy
Equalwt/In-Line
buy
overweight
reduce
outperform
buy
neutral/neutral
buy
buy
buy
outperform
buy
hold
buy
underweight
hold
add
buy
outperform
buy
buy
buy
underweight
buy
buy
hold
underperform
sell
buy
buy
moderate outperform
sell
Amt Held
247'476'720
96'345'411
77'555'840
71'509'100
20'041'120
17'225'640
15'132'580
13'826'180
10'913'759
9'248'060
9'241'253
9'121'538
7'117'442
6'275'226
4'991'667
4'964'480
3'977'147
2'977'931
2'682'062
2'661'027
% Out
27.88
10.85
8.74
8.05
2.26
1.94
1.7
1.56
1.23
1.04
1.04
1.03
0.8
0.71
0.56
0.56
0.45
0.34
0.3
0.3
Weighting
Change
5
3
5
5
2
5
5
3
5
5
5
5
5
3
5
1
3
4
5
5
5
5
5
1
5
5
3
1
1
5
5
4
1
M
U
M
M
M
M
M
M
M
M
M
M
M
D
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
355'740
457'045
62'528
(30'184)
(503'091)
(150'000)
Target Price
334
245
337
330
255
338
321
298
320
311
320
318
325
290
319
270
288
325
330
300
285
310
347
#N/A N/A
340
330
249
220
220
248
240
#N/A N/A
203
File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
28.02.2013
25.03.2013
28.09.2012
04.04.2012
Date
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
9 month
12 month
Not Provided
Not Provided
18 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
Holding Company
Investment Advisor
n/a
n/a
Private Equity
Investment Advisor
Corporation
Investment Advisor
Corporation
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Date
22.03.2013
21.03.2013
20.03.2013
12.03.2013
11.03.2013
07.03.2013
28.02.2013
22.02.2013
22.02.2013
15.02.2013
11.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
15.01.2013
24.12.2012
22.11.2012
01.08.2012
11.07.2012
03.05.2012
31.01.2012
07.10.2011
29.07.2011
11.07.2011
27.03.2013
Ultratech Cement Ltd

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company
represents the cement operations of Larsen & Toubro which were spun-off into a
separate entity in which Grasim Industries holds a majority interest.
Price/Volume
80
3.0 M
70
2.5 M
60
2.0 M
50
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.10.2012)
52-Week Low (04.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UTCEM IB EQUITY YTD Change
UTCEM IB EQUITY YTD % CHANGE
03/2012
12/yy
2'074.80
1'254.90
5'425.00
1850.55
-10.81%
47.47%
72.65%
274.2
507'376.78
55'460.20
0.0
622.6
28'529.10
534'930.47
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
20
.5 M
10
0
m-12
31.03.2009
31.03.2010
65'636.4
71'750.7
1.21x
1.99x
17'383.2
19'806.5
4.56x
7.20x
9'780.6
10'952.0
7.02x
13.13x
Profitability
31.03.2011
136'874.0
2.30x
26'906.5
11.68x
13'673.5
22.68x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
190'855.6
2.32x
41'583.6
10.64x
24'032.6
17.27x
41'583.60
31'954.50
16.74%
17.53%
10.33%
20.48%
15.48%
0.82%
21.8%
16.7%
12.6%
1.28
0.70
22.27%
43.25%
19.95
-
Price/ Cash Flow
m-12
LTM-4Q
LTM
12/yy
12/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
-
0.43
0.64
100.29
24.72%
-6.64%
0.636
59
3.305
6'588
6'539
12'459
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
216'093.1 250'734.5
2.59x
2.20x
48'752.7
58'742.4
10.96x
9.10x
27'922.8
33'144.3
18.34x
15.42x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
14.07
2.55
0.65
1.33
43.2%
30.1%
0.82
1.38
18.35
-
18.00
18'000.0
16.00
16'000.0
14.00
14'000.0
12.00
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
01.01.2010
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
56'238.2
2.00x
17'319.7
6.51x
10'100.5
9.67x
1.5 M
30
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Ultratech Cement Ltd

Holdings By:
All
Holder Name
GRASIM INDUSTRIES LT
ABERDEEN
LIFE INSURANCE CORP
TURQUOISE INVESTMENT
VANGUARD GROUP INC
TRAPTI TRADING AND I
HINDALCO INDUSTRIES
BLACKSTONE ASIA ADVI
BLACKROCK
DANSKE INVEST A/S
DANSKE INVEST MANAGE
MONTGOMERY ASSET MAN
SBI FUNDS MANAGEMENT
EDINBURGH FUND MANAG
L&T INVESTMENT MANAG
Firm Name
IIFL
EVA Dimensions
Deutsche Bank
ICICI Securities
Goldman Sachs
HDFC Securities
Credit Suisse
ICICIdirect.com
Standard Chartered
Maybank Kim Eng
Jefferies
Sharekhan Ltd
Edelweiss Capital
Morgan Stanley
Phillip Securities
HSBC
SBI Capital Markets
IDFC Securities Ltd
Brics Securities
Almondz Global Securities Ltd
BOB Capital Markets
JPMorgan
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
J RADHAKRISHNAN
MANGESH BHADANG
JAGDISHWAR TOPPO
NAVEEN JAIN
CRAIG STERLING
CHOCKALINGAM NARAYANAN
KRUPAL MANIAR
PRITAM LALA
NAVIN GUPTA
ANKUR KULSHRESTHA
ANUBHAV AGGARWAL
RASHESH SHAH
SATISH KUMAR
KAMLESH BAGMAR
SANJEEV KUMAR SINGH
AJIT MOTWANI
NITIN BHASIN
NIRAV SHAH
SIDDHANT KUMAR
RAJESH KUMAR RAVI
JIGAR A SHAH
JINESH K GANDHI
RAVI SODAH
ANAND AGARWAL
TEAM COVERAGE
BINOD MODI
NAVIN SAHADEO
DEVINA MEHRA
TEAM COVERAGE
ASHISH G JAIN
VAIBHAV AGARWAL
JIGAR MISTRY
TEAM COVERAGE
MILIND RAGINWAR
JASPREET SINGH ARORA
BHOOMIKA NAIR
NIRAJ AGARWALLA
NOVONIL GUHA
MANISH RAJ
AMIT K SRIVASTAVA
JINAL JOSHI
PINAKIN M PAREKH
Source
Co File
ULT-AGG
ULT-AGG
Co File
MF-AGG
Co File
MF-AGG
EXCH
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
reduce
hold
buy
underweight
buy
buy
outperform
neutral/neutral
underperform
neutral
hold
outperform
reduce
buy
hold
sell
buy
reduce
buy
buy
buy
accumulate
hold
hold
accumulate
buy
outperform
buy
Equalwt/In-Line
buy
underweight
hold
reduce
hold
underperform
hold
sell
neutral
hold
buy
buy
underweight
Amt Held
165'335'150
23'111'110
10'251'971
7'143'991
1'964'156
1'898'049
1'712'803
1'382'528
1'313'748
1'268'218
948'000
882'763
502'862
477'187
443'770
286'000
264'238
238'047
186'718
175'746
% Out
60.3
8.43
3.74
2.61
0.72
0.69
0.62
0.5
0.48
0.46
0.35
0.32
0.18
0.17
0.16
0.1
0.1
0.09
0.07
0.06
Weighting
Change
5
2
3
5
1
5
5
5
3
1
3
3
5
2
5
3
1
5
2
5
5
5
4
3
3
4
5
5
5
3
5
1
3
2
3
1
3
1
3
3
5
5
1
M
M
M
M
D
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
D
M
M
M
M
M
M
M
M
U
M
M
Latest Chg
670'000
98'992
(213'934)
(6'000)
31'254
(7'924)
123'100
-
Target Price
2'578
1'856
1'790
2'250
#N/A N/A
2'100
2'250
2'245
1'800
1'765
1'900
2'110
2'127
1'927
2'314
1'950
1'805
2'227
1'739
2'300
2'201
2'338
2'220
2'020
2'100
2'266
2'244
#N/A N/A
2'180
2'050
2'727
1'610
#N/A N/A
1'723
2'150
1'600
1'948
1'525
#N/A N/A
1'934
2'252
2'156
1'600
File Dt
31.12.2012
28.02.2013
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
14.02.2013
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.01.2013
28.02.2013
31.12.2012
31.01.2013
28.02.2013
28.02.2013
28.02.2013
31.07.2012
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
24 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
18 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
9 month
Inst Type
Corporation
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
15.03.2013
11.03.2013
11.03.2013
08.03.2013
06.03.2013
06.03.2013
05.03.2013
05.03.2013
01.03.2013
28.02.2013
28.02.2013
27.02.2013
22.02.2013
22.02.2013
20.02.2013
20.02.2013
20.02.2013
12.02.2013
07.02.2013
07.02.2013
05.02.2013
28.01.2013
24.01.2013
23.01.2013
22.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
20.01.2013
27.03.2013
Union Bank of India

Union Bank of India Limited provides a full range of banking services
throughout India. The Company's activities include retail banking, commercial
and personal banking, investment management, treasury and NRI services, cash
management and assorted ATM facilities. Union Bank has an online tele-banking
facility for all its core banking customers.
Price/Volume
60
35.0 M
30.0 M
40
25.0 M
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.01.2013)
52-Week Low (30.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UNBK IB EQUITY YTD Change
UNBK IB EQUITY YTD % CHANGE
03/2012
12/yy
288.00
150.10
239'622.00
210.25
-27.00%
40.07%
43.62%
550.5
115'752.93
289'550.80
1'110.0
405.4
239'597.47
-
31.03.2009
-
20.0 M
15.0 M
20
10.0 M
10
5.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
50
31.03.2010
Profitability
31.03.2011
185'010.2
22'078.9
8.25x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
234'694.5
17'718.5
6.98x
29.01%
29.06%
0.71%
12.89%
4.50%
0.09%
19.2%
11.01%
197.41%
-
Price/ Cash Flow
3.80
1.03
183.42
0.80%
-23.32%
1.030
56
3.482
201'328
176'595
195'595
LTM-4Q
LTM
FY+1
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4
06/13 Q1
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
17.06.2008
BBBNEG
17.06.2008
A-3
197.4%
66.1%
0.09
10.19
-
10.00
120'000.0
9.00
100'000.0
8.00
7.00
80'000.0
6.00
60'000.0
5.00
4.00
40'000.0
3.00
2.00
20'000.0
1.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
1998 1999 20002001 2002 2003 2004 20052006 2007 2008 2009 20102011 2012
27.03.2013
Union Bank of India

Holdings By:
All
Holder Name
GOVERNMENT OF INDIA
LIFE INSURANCE CORP
HDFC LIFE INSURANCE
BIRLA SUN LIFE INSUR
GCIC LTD/CANADA
ALLIANCE BERNSTEIN
TEMPLETON ASSET MGMT
BIRLA SUN LIFE ASSET
BLACKROCK
IDFC MUTUAL FUND
KOTAK MAHINDRA
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

RAKESH KUMAR
PRAVEEN AGRAWAL
Phillip Securities
MANISH AGARWALLA
JM Financial Institutional Securities P PUNEET GULATI
CLYTON FERNANDES
Credit Suisse
ASHISH GUPTA
IDFC Securities Ltd
MANISH CHOWDHARY
RAJIV PATHAK
IIFL
SAMPATH S K KUMAR
Standard Chartered
MAHRUKH ADAJANIA
SAIKIRAN PULAVARTHI
VIJAY NARA
ANAND DAMA
SANDEEP JAIN
AMIT JAIN
Macquarie
SURESH GANAPATHY
Asian Markets Securities Pvt. Ltd
ASUTOSH KUMAR MISHRA
ALPESH MEHTA
ABHIJIT MAJUMDER
PUNIT SRIVASTAVA
SHIVRAJ GUPTA
Sharekhan Ltd
TEAM COVERAGE
HATIM K BROACHWALA
GANESHRAM JAYARAMAN
Morgan Stanley
SUMEET KARIWALA
BHAVESH KANANI
A SV KRISHNAN
NITIN KUMAR
HSBC
TEJAS MEHTA
HDFC Securities
VISHAL MODI
SREESANKAR RADHAKRISHNAN
SIDDHARTH TELI
India Infoline
RAJIV MEHTA
VAIBHAV AGRAWAL
ALOK KAPADIA
MANISH OSTWAL
Deutsche Bank
MANISH SHUKLA
CIMB
JATINDER AGARWAL
Kotak Securities
MB MAHESH
ADARSH PARASRAMPURIA
KASHYAP JHAVERI
Edelweiss Capital
NILESH PARIKH
Goldman Sachs
TABASSUM INAMDAR
Source
Co File
Co File
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
reduce
buy
buy
buy
hold
underperform
underperform
buy
reduce
outperform
neutral
hold
outperform
hold
reduce
underperform
accumulate
buy
hold
outperform
buy
buy
buy
sell
Underwt/In-Line
neutral
buy
accumulate
underweight
outperform
sell
buy
buy
accumulate
buy
accumulate
hold
underperform
add
accumulate
hold
buy
neutral/neutral
Amt Held
299'214'515
67'912'851
16'530'088
12'309'658
5'808'538
5'731'340
4'454'648
4'250'499
3'775'538
3'295'929
2'530'594
1'668'860
1'609'502
1'560'104
1'505'459
1'476'480
1'106'659
1'076'137
1'073'904
989'163
% Out
54.35
12.34
3
2.24
1.06
1.04
0.81
0.77
0.69
0.6
0.46
0.3
0.29
0.28
0.27
0.27
0.2
0.2
0.2
0.18
Weighting
Change
2
5
5
5
3
1
1
5
2
5
3
3
5
3
2
1
4
5
3
5
5
5
5
1
1
3
5
4
1
5
1
5
5
4
5
4
3
1
4
4
3
5
3
Latest Chg
(158'000)
(608'780)
100'000
(45'774)
-
Target Price
D
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
U
M
M
M
M
M
M
U
M
M
U
M
M
M
M
M
M
M
220
288
300
265
254
232
205
290
200
295
244
251
260
242
248
220
265
305
255
260
275
295
315
166
185
260
285
270
221
270
226
310
285
286
280
275
310
250
285
290
240
295
270
File Dt
Inst Type
31.12.2012
Government
31.12.2012
Government
31.12.2012
Insurance Company
28.02.2013
Investment Advisor
31.12.2012
Insurance Company
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
30.11.2012
Investment Advisor
31.05.2012
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
31.07.2012
Investment Advisor
28.02.2013
Other
28.02.2013
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Date
26.03.2013
22.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
17.03.2013
13.03.2013
13.03.2013
07.03.2013
05.03.2013
28.02.2013
27.02.2013
26.02.2013
26.02.2013
22.02.2013
21.02.2013
19.02.2013
19.02.2013
19.02.2013
13.02.2013
06.02.2013
05.02.2013
05.02.2013
04.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
27.01.2013
27.03.2013
Unitech Ltd
Unitech Limited is a real estate development company. The Company develops
self-sustaining residential areas, commercial spaces, amusement parks,
infrastructure development, thermal power plants, transmission lines, highways,
flyovers, industrial facilities, steel plants, and overseas turnkey projects.
Price/Volume
16
35.0 M
14
30.0 M
12
25.0 M
10
Latest Fiscal Year:

LTM as of:
52-Week High (15.01.2013)
52-Week Low (04.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UT IB EQUITY YTD Change
UT IB EQUITY YTD % CHANGE
03/2012
12/yy
40.90
18.20
3'076'637.00
22.1
-45.97%
21.43%
17.18%
2'614.5
57'780.85
32'060.75
0.0
717.9
4'200.49
88'841.85
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
6
4
10.0 M
5.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
41'148.5
12.58x
22'666.3
22.84x
16'613.4
26.99x
20.0 M
Valuation Analysis
31.03.2009
31.03.2010
28'449.1
29'309.8
4.98x
7.94x
16'323.3
10'756.0
8.68x
21.64x
11'964.3
6'750.5
4.74x
24.80x
Profitability
LTM-4Q
31.03.2011
33'960.2
4.19x
9'867.4
14.40x
5'676.6
18.01x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
24'183.0
4.29x
3'289.5
31.55x
2'373.8
31.69x
3'289.47
2'855.45
11.81%
17.99%
1.03%
2.01%
1.79%
0.10%
13.6%
11.8%
9.8%
2.49
0.33
13.85%
26.66%
1.30
-
Price/ Cash Flow
LTM
12/yy
93'973.0
2.92x
10'117.0
5.35x
2'263.0
15.75x
12/yy
84'213.0
2.47x
7'150.0
7.17x
(3'726.0)
0.00x
FY+1
0.00
1.52
1'627.34
-23.26%
-34.32%
1.516
22
2.591
4'875'834
5'461'467
6'135'747
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
25'168.3
30'954.1
10'707.5
4.21x
3.45x
4'727.9
6'667.2
1'254.0
18.82x
13.34x
3'052.7
4'085.4
918.0
18.09x
13.67x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
5.84
3.87
8.47
9.75
26.7%
21.0%
0.10
0.87
281.61
-
60.00
140'000.0
50.00
120'000.0
100'000.0
40.00
80'000.0
30.00
60'000.0
20.00
40'000.0
10.00
20'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Unitech Ltd
Holdings By:
All
Holder Name
PRAKAUSALI INV INDIA
HARSIL PROJECTS PVT
HSBC GLOBAL INV MAUR
PLATINUM INVESTMENT
IL&FS TRUST CO LTD
R V TECHNO INVEST PV
MAYFAIR INVESTMENTS
TULIP INVSTS PVT LTD
INDRUS COUNTERTRADE
CHANDRA SANJAY
COLLEGE RETIREMENT E
VANGUARD GROUP INC
GOVT PENSION FUND GL
SCHRODER INVESTMENT
BLACKROCK
BAHRI RAHUL
WADHA MINOTI BAHRI
UNIBILD ENGINEER & C
Firm Name
IIFL
JPMorgan
ICICI Securities
Jefferies
HSBC
Goldman Sachs
EVA Dimensions
Standard Chartered
Macquarie
Edelweiss Capital
Phillip Securities
IFCI Financial Services
Nomura
Kotak Securities
IDFC Securities Ltd
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
BHASKAR CHAKRABORTY
SAURABH S KUMAR
SANDIPAN PAL
AVNEESH SUKHIJA
SHALEEN SILORI
PREM KHURANA
ANAND AGARWAL
KEJAL MEHTA
HIMANSHU MAHESHWARI
ARUN AGGARWAL
ASHUTOSH NARKAR
PUNEET JAIN
AUSTIN BURKETT
GAURAV PATHAK
ABHISHEK BHANDARI
AASHIESH AGARWAAL
ABHISHEK RANGANATHAN
RAJEEV DESAI
PRABHAT AWASTHI
ROHIT JAIN
HITESH KUVELKAR
SAMAR SARDA
NITIN AGARWAL
NIYATI JHAVERI
CHIRAG NEGANDHI
Source
EXCH
EXCH
Co File
Co File
EXCH
Co File
EXCH
Co File
Co File
Co File
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
Co File
Co File
Co File
MF-AGG
Recommendation
sell
underweight
buy
hold
buy
outperform
hold
reduce
sell
buy
overweight
neutral/attractive
underweight
underperform
underperform
not rated
Under Review
sell
suspended coverage
hold
underperform
not rated
Under Review
hold
Under Review
Amt Held
563'679'623
227'501'000
182'190'342
153'751'981
153'075'000
124'212'400
103'311'765
77'085'970
70'129'800
66'894'880
48'143'686
39'295'538
38'438'765
30'653'938
18'810'838
17'678'166
8'422'350
8'290'900
6'240'000
4'343'434
% Out
21.56
8.7
6.97
5.88
5.85
4.75
3.95
2.95
2.68
2.56
1.84
1.5
1.47
1.17
0.72
0.68
0.32
0.32
0.24
0.17
Weighting
Change
1
1
5
3
5
5
3
2
1
5
5
3
1
1
1
#N/A N/A
#N/A N/A
1
#N/A N/A
3
1
#N/A N/A
#N/A N/A
3
#N/A N/A
M
D
M
M
M
U
M
M
M
M
U
M
M
D
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(686'658)
18'810'838
(128'633)
-
Target Price
35
25
58
33
34
31
33
25
24
50
43
36
#N/A N/A
28
23
#N/A N/A
#N/A N/A
20
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
39
#N/A N/A
File Dt
13.03.2013
13.03.2013
30.09.2012
30.09.2012
18.03.2011
30.09.2012
05.03.2013
30.09.2012
30.09.2012
30.09.2012
30.09.2012
31.12.2012
31.07.2012
30.09.2012
30.06.2012
25.03.2013
30.09.2012
30.09.2012
30.09.2012
25.03.2013
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Other
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Holding Company
Corporation
Other
Other
n/a
Other
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
n/a
n/a
Other
Investment Advisor
Date
08.03.2013
06.03.2013
22.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
30.01.2013
23.01.2013
17.01.2013
16.01.2013
15.01.2013
07.01.2013
15.11.2012
06.11.2012
05.11.2012
11.07.2012
28.05.2012
16.05.2012
19.09.2011
31.05.2011
13.11.2010
27.03.2013
United Breweries Ltd

United Breweries Ltd. brews beer. The Company produces lager, pilsner, and
strong beers.
Price/Volume
70
3.0 M
60
2.5 M
50
2.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.12.2012)
52-Week Low (31.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UBBL IB EQUITY YTD Change
UBBL IB EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
20
.5 M
10
0
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
15'607.7
3.20x
1'909.0
26.16x
541.7
88.56x
1.5 M
30
03/2012
12/yy
1'023.30
458.00
66'253.00
689
-32.67%
50.44%
40.86%
264.4
182'175.16
11'056.50
740.7
11.5
1'714.80
192'269.05
31.03.2009
31.03.2010
19'294.6
22'755.0
1.58x
2.44x
2'469.5
2'367.4
12.36x
23.46x
455.8
896.4
56.37x
56.89x
Profitability
31.03.2011
30'598.1
4.32x
3'903.3
33.88x
1'474.9
91.15x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
36'251.5
4.21x
4'125.0
37.01x
1'267.7
115.01x
4'125.00
2'636.10
7.27%
6.02%
4.16%
10.59%
7.94%
1.19%
11.4%
7.3%
3.5%
1.15
0.60
33.56%
85.60%
5.94
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
0.10
0.67
71.65
28.39%
-26.01%
0.666
7
1.000
95'287
250'404
209'798
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
41'413.4
50'116.8
4.63x
3.80x
5'292.0
6'923.2
36.42x
27.84x
2'188.0
3'016.4
451.0
83.86x
60.64x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
4.19
0.32
2.26
2.68
85.6%
44.7%
1.19
2.85
61.59
-
25.00
16'000.0
14'000.0
20.00
12'000.0
10'000.0
15.00
8'000.0
10.00
6'000.0
4'000.0
5.00
0.00
01.01.2010
2'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
United Breweries Ltd

Holdings By:
All
Holder Name
SCOTTISH & NEWSCASTL
UNITED BREWERIES HOL
MALLYA VIJAY
MCDOWELL HOLDINGS LT
KAMSCO INDUSTRIES
MALLYA PVT LTD
ARISAIG PARTNERS ASI
UNITED SPIRITS LTD
NEW WORLD FUND INC
GEM INVEST & TRADING
ACACIA PARTNERS LP
TREE LINE ASIA MASTE
COLUMBIA WANGER ASSE
DEVI INVESTMENT & DE
VANGUARD GROUP INC
PHARMA TRADING CO
PLATINUM INVESTMENT
BLACKROCK
AMUNDI LUXEMBOURG SA
Firm Name
Kotak Securities
EVA Dimensions
IDFC Securities Ltd
India Infoline
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Analyst
KRISHNAN SAMBAMOORTHY
JASDEEP WALIA
VARUN LOHCHAB
ASHIT DESAI
AUSTIN BURKETT
NIKHIL K VORA
BHAVESH GANDHI
Source
Co File
Co File
Co File
EXCH
Co File
Co File
Co File
EXCH
ULT-AGG
Co File
Co File
Co File
Co File
MF-AGG
Co File
MF-AGG
Co File
EXCH
ULT-AGG
MF-AGG
Recommendation
sell
sell
sell
sell
sell
underperform
market perform
Amt Held
98'484'230
30'295'911
21'353'620
10'707'344
9'786'666
9'786'666
8'760'165
8'500'000
6'006'768
5'131'864
4'315'132
3'780'000
2'890'000
2'522'126
1'859'300
1'730'567
1'514'366
1'462'635
1'281'601
622'100
% Out
37.25
11.46
8.08
4.05
3.7
3.7
3.31
3.21
2.27
1.94
1.63
1.43
1.09
0.95
0.7
0.65
0.57
0.55
0.48
0.24
Weighting
Change
1
1
1
1
1
1
3
M
M
M
M
M
M
M
Latest Chg
8'325
1'673'989
1'776
-
Target Price
336
700
500
450
#N/A N/A
650
428
File Dt
31.12.2012
31.12.2012
31.12.2012
25.02.2013
31.12.2012
31.12.2012
31.12.2012
19.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
11.10.2012
25.03.2013
31.10.2012
Date
Not Provided
Not Provided
12 month
Not Provided
Not Provided
18 month
9 month
Inst Type
Holding Company
Holding Company
n/a
Holding Company
Other
Corporation
Investment Advisor
Corporation
Investment Advisor
n/a
Other
Investment Advisor
n/a
Investment Advisor
Other
Investment Advisor
Private Equity
Investment Advisor
Investment Advisor
Investment Advisor
Date
05.03.2013
10.02.2013
10.02.2013
08.02.2013
17.01.2013
11.11.2012
08.02.2012
27.03.2013
United Phosphorus Ltd

United Phosphorus Ltd. manufactures, distributes and exports off-patent
agrochemicals. The Company also manufactures phosphorus & phosphorus-based
compounds and its products include herbicides, fungicides, insecticides,
fumigants and rodenticides. United Phosphorus also manufactures industrial
chemicals, specialty chemicals and chloralkaline products
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UNTP IB EQUITY YTD Change
UNTP IB EQUITY YTD % CHANGE
Price/Volume
03/2012
12/yy
144.10
105.00
112'874.00
116.6
-19.08%
11.05%
29.67%
442.6
51'607.66
32'446.50
2'499.0
8'234.70
78'318.46
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.03.2009
31.03.2010
48'021.2
52'900.4
1.26x
1.34x
9'791.1
9'156.9
6.16x
7.74x
4'558.7
5'261.6
9.47x
12.46x
Profitability
LTM-4Q
31.03.2011
57'606.8
1.15x
10'858.3
6.09x
5'576.2
12.00x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
76'547.2
1.13x
13'900.6
6.24x
5'555.5
10.81x
13'900.60
10'976.80
14.34%
9.00%
5.96%
14.07%
13.92%
0.82%
18.2%
14.3%
7.3%
1.85
1.05
31.34%
77.75%
3.90
-
Price/ Cash Flow
.0 M
.0 M
.0 M
.0 M
.0 M
a-12 m-12
j-12
LTM
12/yy
12/yy
322'520.0 342'058.0
2.44x
3.40x
78'506.0
72'897.0
3.44x
4.06x
15'189.0
21'673.0
11.01x
8.61x
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
2.14
1.05
287.45
-8.22%
-10.48%
1.050
29
4.621
127'199
160'683
254'652
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
86'914.2
96'009.9
24'238.0
0.95x
0.82x
15'409.5
17'112.0
4'377.3
5.08x
4.57x
7'021.1
8'083.9
2'209.3
7.37x
6.36x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.35
2.35
1.74
2.33
77.8%
42.3%
0.82
5.88
93.83
-
9.00
400'000.0
8.00
350'000.0
7.00
300'000.0
6.00
250'000.0
5.00
200'000.0
4.00
150'000.0
3.00
100'000.0
2.00
50'000.0
1.00
0.00
01.01.2010
.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
35'155.1
1.86x
6'216.3
10.53x
2'574.9
20.28x
50000
45000
40000
35000
30000
25000
20000
15000
10000
5000
0
m-12
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
United Phosphorus Ltd

Holdings By:
All
Holder Name
NERKA CHEMICALS PVT
UNIPHOS ENTERPRISES
LIFE INSURANCE CORP
HDFC LIFE INSURANCE
GOLDMAN SACHS INV MA
SBI FUNDS MANAGEMENT
CITIBANK INTERNATION
ALLIANCE BERNSTEIN
INVESCO ASSET MANAGE
NORDEA INVESTMENT FU
SUNDARAM ASSET MANAG
SHROFF SHILPA R
VANGUARD GROUP INC
Firm Name
HDFC Securities
Morgan Stanley
India Nivesh Ltd
Sharekhan Ltd
Indsec Securities & Finance Ltd
IIFL
Quantum Securities Pvt Ltd
Deutsche Bank
CIMB
Kotak Securities
IDFC Securities Ltd
Edelweiss Capital
EVA Dimensions
Phillip Securities
Shah Investor's Home Limited
Prime Broking Company
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
HIMANSHU NAYYAR
SATISH MISHRA
BALWINDAR SINGH
GIRISH ACHHIPALIA
JINESH K GANDHI
DALJEET SINGH KOHLI
RAHUL METKAR
TEAM COVERAGE
TARUN SURANA
MILAN WADKAR
ABHIJIT R AKELLA
AMIT RANE
AMIT MURARKA
ATUL RASTOGI
JASDEEP WALIA
G VIJAYARAGHAVAN
NITIN AGARWAL
ROHAN GUPTA
SARABJIT KOUR NANGRA
MANISH MAHAWAR
CRAIG STERLING
GAURI ANAND
TEAM COVERAGE
MUKESH SARAF
AMEYA HARDAS
ROHIT SANGHAVI
Source
Co File
Co File
Co File
MF-AGG
Co File
Co File
Co File
Co File
ULT-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
Recommendation
accumulate
outperform
buy
Overwt/Attractive
buy
buy
buy
buy
buy
buy
reduce
outperform
buy
outperform
reduce
buy
outperform
accumulate
buy
buy
buy
neutral
buy
add
buy
buy
Amt Held
98'633'100
25'337'060
20'421'357
18'000'370
17'126'042
16'673'565
8'208'573
7'322'309
6'717'478
6'000'000
5'681'083
5'440'000
4'541'402
3'951'633
3'327'511
3'265'479
2'970'472
2'907'279
1'241'149
1'163'294
% Out
22.28
5.72
4.61
4.07
3.87
3.77
1.85
1.65
1.52
1.36
1.28
1.23
1.03
0.89
0.75
0.74
0.67
0.66
0.28
0.26
Weighting
Change
4
5
5
5
5
5
5
5
5
5
2
5
5
5
2
5
5
4
5
5
5
3
5
4
5
5
N
N
M
U
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
D
M
D
Latest Chg
(652'970)
8'721
(161'637)
(4'739'092)
-
Target Price
132
142
170
162
203
217
154
171
171
174
130
164
157
175
120
160
222
172
170
165
#N/A N/A
115
134
140
158
167
File Dt
Inst Type
31.12.2012
Other
31.12.2012
Corporation
31.12.2012
Government
28.02.2013
Investment Advisor
31.12.2012
Insurance Company
31.12.2012
Investment Advisor
31.12.2012
Other
31.12.2012
Insurance Company
31.12.2012
Government
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
31.01.2013
Investment Advisor
31.10.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
n/a
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
Date
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
18 month
12 month
12 month
Not Provided
Not Provided
18 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Date
25.03.2013
13.03.2013
04.03.2013
25.02.2013
22.02.2013
21.02.2013
08.02.2013
02.02.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
17.01.2013
12.11.2012
30.10.2012
23.07.2012
03.05.2012
31.01.2012
27.03.2013
United Spirits Ltd

United Spirits Ltd. manufactures and distributes a variety of alcohols and
spirits, including whiskey, brandy and rum. The Company's well known brands
include "McDowell's No. 1 Whiskey," "McDowell's No. 1 Brandy," "McDowell's
Diplomat Whiskey" and "McDowell's Signature Whiskey." United Spirits also
manufactures Indian-made foreign liquor brands.
Price/Volume
160
.4 M
100
03/2012
01/yy
2'149.00
547.15
131'395.00
1885.2
-12.28%
244.55%
83.53%
130.8
246'574.67
87'595.39
0.0
146.1
3'801.14
330'515.03
.3 M
60
.2 M
40
.1 M
20
0
m-12
31.03.2009
31.03.2010
54'680.6
63'623.1
2.47x
3.37x
7'703.6
10'538.3
17.56x
20.36x
(4'084.1)
(227.1)
Profitability
31.03.2011
73'761.9
2.66x
11'778.0
16.66x
5'695.2
22.65x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
91'864.9
1.78x
11'797.8
13.83x
1'879.2
40.59x
11'797.81
10'323.66
11.24%
3.64%
1.31%
4.25%
5.22%
0.64%
12.8%
11.2%
2.0%
1.09
0.42
55.24%
187.90%
5.47
-
Price/ Cash Flow
m-12
LTM-4Q
LTM
06/yy
01/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
-
0.13
1.02
92.99
238.09%
-0.75%
1.022
22
4.227
290'070
288'203
271'541
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
105'767.4 120'757.0
20'109.0
2.99x
2.41x
14'290.3
17'118.8
2'361.0
23.12x
19.30x
3'451.7
7'388.0
658.0
67.73x
36.46x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.45
0.67
7.10
7.42
187.9%
65.2%
0.64
4.99
66.93
-
7.00
35'000.0
6.00
30'000.0
5.00
25'000.0
4.00
20'000.0
3.00
15'000.0
2.00
10'000.0
1.00
5'000.0
0.00
01.01.2010
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.5 M
120
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.11.2012)
52-Week Low (31.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UNSP IB EQUITY YTD Change
UNSP IB EQUITY YTD % CHANGE
31.03.2008
46'275.3
4.60x
11'766.7
18.09x
2'720.6
47.54x
.6 M
140
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
United Spirits Ltd

Holdings By:
All
Holder Name
UNITED BREWERIES HOL
KINGFISHER FINVEST I
PLATINUM INVESTMENT
PALMER INVESTMENT GR
JP MORGAN
USL BENEFIT TRUST
NEW WORLD FUND INC
CLSA MAURITIUS LTD
FMR LLC
VANGUARD GROUP INC
MERRILL LYNCH CAPITA
MORGAN STANLEY ASIA/
BLACKROCK
DB INTERNATIONAL ASI
CREDIT SUISSE/SINGAP
GOLDMAN SACHS INV MA
Firm Name
India Infoline
IIFL
Nomura
Morgan Stanley
JPMorgan
Maybank Kim Eng
Credit Suisse
Kotak Securities
IDFC Securities Ltd
Edelweiss Capital
Deutsche Bank
EVA Dimensions
Macquarie
HDFC Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst
BHAVESH GANDHI
ALOK DALAL
AVI MEHTA
MANISH JAIN
GAUTAM DUGGAD
DEVINA MEHRA
ABHIJEET KUNDU
NILLAI SHAH
LATIKA CHOPRA
GANESH RAM
ASHIT DESAI
VARUN LOHCHAB
ARNAB MITRA
AMRITA BASU
NIKHIL K VORA
ABNEESH ROY
MANOJ MENON
AUSTIN BURKETT
AMIT MISHRA
SAMEER NARANG
Source
EXCH
EXCH
EXCH
Co File
Co File
ULT-AGG
Co File
Co File
ULT-AGG
Co File
ULT-AGG
MF-AGG
Co File
Co File
MF-AGG
MF-AGG
ULT-AGG
Co File
Co File
Co File
Recommendation
buy
buy
buy
buy
buy
outperform
neutral
hold
restricted
overweight
buy
buy
buy
outperform
add
outperform
buy
buy
sell
underperform
buy
Amt Held
23'220'123
12'676'342
6'401'026
4'480'210
4'376'771
3'556'760
3'459'090
3'044'752
3'044'752
2'850'281
2'650'858
2'314'100
2'195'349
2'130'514
1'988'227
1'984'099
1'927'259
1'858'649
1'449'760
1'302'758
% Out
17.75
9.69
4.89
3.43
3.35
2.72
2.64
2.33
2.33
2.18
2.03
1.77
1.68
1.63
1.52
1.52
1.47
1.42
1.11
1
Weighting
Change
5
5
5
5
5
5
3
3
#N/A N/A
5
5
5
5
5
4
5
5
5
1
1
5
M
N
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
N
M
M
M
Latest Chg
130'000
(440'002)
368'213
(14'057)
(2'768)
36'214
-
Target Price
2'150
2'173
2'220
2'200
2'490
#N/A N/A
#N/A N/A
2'010
#N/A N/A
2'265
2'100
2'025
2'500
2'400
2'000
#N/A N/A
2'320
2'700
#N/A N/A
1'165
700
File Dt
18.02.2013
04.03.2013
04.10.2010
31.12.2012
31.12.2012
22.02.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
28.02.2013
28.02.2013
25.03.2013
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Inst Type
Holding Company
Corporation
Investment Advisor
Investment Advisor
Other
Unclassified
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Other
Investment Advisor
Investment Advisor
Bank
Bank
Investment Advisor
Date
25.03.2013
06.03.2013
27.02.2013
24.02.2013
22.02.2013
21.02.2013
07.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
23.01.2013
15.01.2013
12.11.2012
29.03.2012
27.03.2013
Wipro Ltd
Wipro Limited specializes in IT and computer related technologies. The Group's
services encompass a number of areas, including software architecture, business
intelligence systems, e-commerce, data warehousing, Internet access devices,
network management, system administration, messaging systems, IT consulting and
design. Wipro also has a presence in niche markets of consumer products.
Price/Volume
70
60
50
40
Valuation Analysis
30
Latest Fiscal Year:

LTM as of:
52-Week High (08.03.2013)
52-Week Low (30.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WPRO IB EQUITY YTD Change
WPRO IB EQUITY YTD % CHANGE
03/2012
12/yy
455.80
325.60
48'906.00
435.8
-4.39%
33.85%
84.64%
2'462.9
1'073'321.25
58'958.00
0.0
849.0
119'627.00
980'666.24
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
0
m-12
31.03.2009
31.03.2010
256'995.0
272'129.0
1.37x
3.69x
53'606.0
60'811.0
6.56x
16.50x
38'999.0
46'310.0
9.17x
22.25x
Profitability
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
31.03.2011
310'542.0
3.61x
65'434.0
17.14x
52'977.0
22.08x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
371'971.0
2.75x
70'864.0
14.43x
55'987.0
19.25x
70'864.00
60'735.00
16.33%
18.75%
13.87%
21.33%
17.81%
0.92%
29.2%
19.1%
16.3%
15.1%
2.32
1.70
13.52%
20.66%
5.24
25.84
Price/ Cash Flow
LTM
FY+1
1.38
0.87
493.66
3.60%
11.06%
0.867
67
3.328
72'386
128'748
145'199
FY+2
FQ+1
FQ+2
12/yy
15'605.0
5.53x
2'217.0
9.72x
1'161.0
16.70x
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
16'510.0 432'744.0 475'104.4 108'918.3 112'700.0
6.49x
2.29x
2.03x
9.91x
9.58x
2'658.0
85'467.7
93'169.4
22'435.6
21'480.8
11.22x
11.54x
10.58x
11.08x
10.71x
1'510.0
65'808.6
71'154.0
17'280.7
17'193.3
17.93x
16.29x
15.01x
15.53x
14.91x
S&P Issuer Ratings
02.04.2012
Long-Term Rating
BBB+
Long-Term Outlook
NEG
Short-Term Rating
Credit Ratios
67.04
54.77
Net Debt/EBITDA
-0.86
Total Debt/EBITDA
0.83
Reference
Total Debt/Equity
20.7%
Total Debt/Capital
17.1%
Asset Turnover
0.92
6.52
69.84
Inventory Days
14.16
63.26
20.74
16.00
18'000.0
14.00
16'000.0
12.00
14'000.0
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
01.01.2010
a-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
199'796.0
3.19x
41'111.0
15.50x
32'829.0
19.10x
20
.5 M
.5 M
.4 M
.4 M
.3 M
.3 M
.2 M
.2 M
.1 M
.1 M
.0 M
f-13 m-13
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Wipro Ltd
Holdings By:
All
Holder Name
PREMJI AZIM HASHAM
LIFE INSURANCE CORP
BLACKROCK
VANGUARD GROUP INC
COMMONWEALTH BANK OF
JF ASSET MANAGEMENT
SCHRODER INVESTMENT
TEMPLETON ASSET MGMT
NORTHERN TRUST CORPO
HSBC INVESTMENTS HON
FRANKLIN RESOURCES
INVESCO LTD
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Standard Chartered
PANKAJ KAPOOR
PRIYA ROHIRA
Kotak Securities
KAWALJEET SALUJA
Nomura
ASHWIN MEHTA
ANKUR RUDRA
EVA Dimensions
ANDREW S ZAMFOTIS
JPMorgan
VIJU K GEORGE
SHASHI BHUSAN
ABHIRAM ELESWARAPU
ANKITA SOMANI
IIFL
SANDEEP MUTHANGI
ICICI Securities
KULDEEP KOUL
NITIN PADMANABHAN
Edelweiss Capital
SANDIP KUMAR AGARWAL
Credit Suisse
ANANTHA NARAYAN
PRATISH KRISHNAN
PRATIK GANDHI
PRALAY KUMAR DAS
Jefferies
VISHAL AGARWAL
ASHISH CHOPRA
Morgan Stanley
VIPIN KHARE
BHAVIN SHAH
SBI Capital Markets
DIPESH N MEHTA
IDFC Securities Ltd
HITESH SHAH
NIRAL DALAL
DEEPAN S KAPADIA
Phillip Securities
DEEPAK JAIN
SRIVATHSAN RAMACHANDRAN
Sharekhan Ltd
TEAM COVERAGE
HARDIK R SHAH
Deutsche Bank
ANIRUDDHA BHOSALE
CIMB
SANDEEP R SHAH
ATUL THAKKAR
HDFC Securities
MADHU BABU
India Infoline
ANIRUDDHA MEHTA
ANURAG PUROHIT
Barclays
BHUVNESH SINGH
BASUDEB BANERJEE
TEAM COVERAGE
PRIYA SUNDER
HSBC
YOGESH AGGARWAL
NAUSHIL SHAH
MANIK TANEJA
Source
Co File
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
outperform
sell
reduce
buy
sell
hold
overweight
buy
buy
accumulate
add
add
buy
buy
outperform
buy
reduce
sell
buy
buy
Overwt/In-Line
buy
hold
outperform
hold
underperform
neutral
reduce
hold
hold
buy
neutral
hold
underperform
buy
hold
underweight
accumulate
hold
add
overweight
neutral
reduce
Amt Held
1'925'303'553
41'133'533
11'321'872
8'443'184
6'715'586
5'766'060
4'153'891
3'809'431
3'543'000
3'335'972
3'323'569
3'313'845
3'006'750
2'930'180
2'770'643
1'752'687
1'423'928
1'382'939
1'335'000
1'141'932
% Out
78.17
1.67
0.46
0.34
0.27
0.23
0.17
0.15
0.14
0.14
0.13
0.13
0.12
0.12
0.11
0.07
0.06
0.06
0.05
0.05
Weighting
Change
5
1
2
5
1
3
5
5
5
4
4
4
5
5
5
5
2
1
5
5
5
5
3
5
3
1
3
2
3
3
5
3
3
1
5
3
1
4
3
4
5
3
2
U
M
M
M
M
D
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
285'894
(77'827)
107'866
135'000
11'724
(17'810)
25'446
330'643
(124'420)
388'299
-
Target Price
490
424
400
490
312
#N/A N/A
465
480
470
473
484
482
475
515
490
460
355
385
475
471
471
455
425
440
388
370
400
405
440
409
460
415
410
413
464
420
380
473
#N/A N/A
442
460
400
390
File Dt
Inst Type
31.12.2012
n/a
31.12.2012
Government
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
30.11.2012
Bank
28.02.2013
Investment Advisor
30.06.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
29.11.2012
Investment Advisor
31.10.2012
Investment Advisor
25.03.2013
Investment Advisor
26.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.07.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
15 month
12 month
18 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
9 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
26.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
18.03.2013
14.03.2013
07.03.2013
05.03.2013
04.03.2013
01.03.2013
28.02.2013
27.02.2013
25.02.2013
22.02.2013
21.02.2013
21.02.2013
20.02.2013
18.02.2013
18.02.2013
12.02.2013
06.02.2013
05.02.2013
31.01.2013
24.01.2013
22.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
20.01.2013
18.01.2013
18.01.2013
18.01.2013
27.03.2013
Yes Bank Ltd

Yes Bank Ltd attracts deposits and offers comprehensive banking and financial
solutions in India. The Company primarily serves customers in the food and
agribusiness, life sciences, healthcare, biotechnology, telecommunications,
media, information technology and infrastructure development industries.
Price/Volume
180
3.0 M
160
2.5 M
140
120
2.0 M
100
03/2012
12/yy
539.00
294.25
213'117.00
425.5
-21.06%
44.60%
53.63%
358.5
152'527.66
182'447.72
0.0
0.0
36'736.66
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60
1.0 M
40
.5 M
20
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
16'653.7
2'000.2
24.03x
1.5 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
YES IB EQUITY YTD Change
YES IB EQUITY YTD % CHANGE
31.03.2009
31.03.2010
24'384.9
29'458.3
3'038.4
4'777.4
4.88x
16.37x
Profitability
LTM-4Q
31.03.2011
46'654.6
7'271.4
14.66x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
71'659.1
9'770.0
13.23x
58.66%
58.61%
1.47%
23.07%
5.34%
0.11%
39.5%
24.77%
390.13%
-
Price/ Cash Flow
LTM
12/yy
81'203.0
9.56x
20'076.0
9.47x
12'963.0
13.86x
12/yy
90'533.0
8.98x
21'892.0
9.92x
13'901.0
15.57x
0.94
1.24
251.98
21.49%
-8.34%
1.238
68
4.132
288'934
254'515
255'504
FY+1
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4
06/13 Q1
12'902.0
17'259.0
9.78x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
390.1%
79.6%
0.11
46.30
-
25.00
100'000.0
90'000.0
80'000.0
20.00
70'000.0
15.00
60'000.0
10.00
50'000.0
40'000.0
30'000.0
20'000.0
5.00
10'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Yes Bank Ltd

Holdings By:
All
Holder Name
KAPUR MADHU
KAPOOR RANA
LIFE INSURANCE CORP
DOIT CAPITAL INDIA P
MORGAN CREDITS PVT L
WASATCH ADVISORS INC
CREDIT SUISSE/SINGAP
CLSA MAURITIUS LTD
MAGS FINVEST PVT LTD
JP MORGAN
JP MORGAN INVESTMENT
RABOBANK NEDERLAND
RELIANCE LIFE INSURA
BLACKROCK
COLUMBIA WANGER ASSE
OEKOWORLD LUX SA
PRINCIPAL FINANCIAL
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst

PRAVEEN AGRAWAL
CLYTON FERNANDES
Nomura
ABHISHEK BHATTACHARYA
IDFC Securities Ltd
MANISH CHOWDHARY
RAJIV PATHAK
Standard Chartered
MAHRUKH ADAJANIA
SAIKIRAN PULAVARTHI
VIJAY NARA
ARUN SETHIA
IIFL
ABHISHEK MURARKA
Firstcall India Equity Advisors Pvt Ltd ASHISH KUSHWAHA
KANIKA THACKER
Asian Markets Securities Pvt. Ltd
ASUTOSH KUMAR MISHRA
Macquarie
SURESH GANAPATHY
ALPESH MEHTA
PUNIT SRIVASTAVA
SHIVRAJ GUPTA
Sharekhan Ltd
TEAM COVERAGE
Morgan Stanley
SUMEET KARIWALA
Edelweiss Capital
NILESH PARIKH
ABHIJIT MAJUMDER
Barclays
ANISH TAWAKLEY
GANESHRAM JAYARAMAN
NITIN KUMAR
ULJK Securities Pvt. Ltd. India
SIDDHARTH PUROHIT
ADARSH PARASRAMPURIA
Aditya Birla Money Limited
SUMIT JATIA
JYOTI KHATRI
SBI Capital Markets
RAVIKANT BHAT
TEAM COVERAGE
JAGDISH BHANUSHALI
Maybank Kim Eng
VARUN VARMA
BP Equities Private Limited
SHWETA RANE
HSBC
SACHIN SHETH
JM Financial Institutional Securities P KARAN UBEROI
ICICI Securities
SHASHIN UPADHYAY
HDFC Securities
VISHAL MODI
SREESANKAR RADHAKRISHNAN
India Infoline
RAJIV MEHTA
ALOK KAPADIA
ICICIdirect.com
KAJAL GANDHI
EVA Dimensions
AUSTIN BURKETT
Deutsche Bank
MANISH SHUKLA
Source
Co File
ULT-AGG
Co File
EXCH
Co File
Co File
MF-AGG
Co File
Co File
Co File
MF-AGG
ULT-AGG
MF-AGG
Co File
Co File
ULT-AGG
MF-AGG
MF-AGG
13F
ULT-AGG
Recommendation
buy
buy
buy
neutral
buy
outperform
buy
hold
outperform
buy
buy
reduce
accumulate
outperform
buy
outperform
buy
buy
Overwt/In-Line
buy
hold
underweight
buy
accumulate
hold
buy
accumulate
buy
add
buy
buy
buy
hold
overweight
buy
buy
buy
hold
market perform
buy
hold
underweight
buy
Amt Held
35'125'000
23'590'832
20'000'000
18'182'991
15'125'000
14'050'000
10'563'211
8'633'636
8'586'178
7'942'450
6'997'764
5'660'283
4'612'069
4'008'436
3'711'435
3'357'017
3'055'602
2'700'000
2'447'166
2'110'379
% Out
9.8
6.58
5.58
5.07
4.22
3.92
2.95
2.41
2.4
2.22
1.95
1.58
1.29
1.12
1.04
0.94
0.85
0.75
0.68
0.59
Weighting
Change
5
5
5
3
5
5
5
3
5
5
5
2
4
5
5
5
5
5
5
5
3
1
5
4
3
5
4
5
4
5
5
5
3
5
5
5
5
3
3
5
3
1
5
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
(38'655)
5'739'515
(799'919)
1'871
1'350'000
31'536
141'929
Target Price
567
595
615
510
580
635
386
472
560
610
589
500
586
600
619
585
601
600
675
615
536
380
605
575
445
560
569
702
555
473
700
571
544
605
700
625
597
532
531
558
550
#N/A N/A
590
File Dt
Inst Type
30.09.2012
n/a
31.12.2012
Investment Advisor
30.09.2012
n/a
10.09.2012
Government
30.09.2012
Other
30.09.2012
Other
31.12.2012
Investment Advisor
30.09.2012
Bank
30.09.2012
Investment Advisor
30.09.2012
Corporation
31.12.2012
Investment Advisor
31.01.2013
Unclassified
30.09.2012
Bank
30.09.2012
Insurance Company
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
18 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
9 month
Not Provided
12 month
Not Provided
12 month
Date
22.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
13.03.2013
13.03.2013
07.03.2013
05.03.2013
05.03.2013
02.03.2013
27.02.2013
26.02.2013
25.02.2013
22.02.2013
19.02.2013
19.02.2013
19.02.2013
13.02.2013
11.02.2013
06.02.2013
31.01.2013
28.01.2013
25.01.2013
23.01.2013
22.01.2013
22.01.2013
22.01.2013
21.01.2013
21.01.2013
21.01.2013
18.01.2013
18.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
16.01.2013
27.03.2013
Zee Entertainment Enterprises Ltd

Zee Entertainment Enterprises Limited produces and develops Hindi films,
serials, game shows and children's programs. The Company also purchases rights
to Hindi films, serials and other programs from their producers on a contract
basis. Zee also produces and exports entertainment software for transmission on
its ZEE TV channel. The Company also produces motion pictures.
Price/Volume
18
8.0 M
16
7.0 M
14
6.0 M
12
5.0 M
10
Latest Fiscal Year:

LTM as of:
52-Week High (24.12.2012)
52-Week Low (10.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Z IB EQUITY YTD Change
Z IB EQUITY YTD % CHANGE
03/2012
12/yy
247.00
119.30
599'738.00
208.6
-15.55%
74.85%
69.93%
958.8
199'999.45
12.00
0.0
(32.0)
3'283.00
190'027.65
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
6
4
2.0 M
1.0 M
0
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
18'353.7
6.00x
5'479.0
20.09x
3'832.7
27.83x
4.0 M
Valuation Analysis
31.03.2009
31.03.2010
21'773.1
21'997.8
2.31x
5.02x
5'491.9
6'226.1
9.15x
17.73x
5'123.6
6'313.7
9.01x
18.97x
Profitability
LTM-4Q
31.03.2011
30'088.0
3.89x
8'291.0
14.10x
6'251.0
19.34x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
30'405.0
3.89x
7'505.0
15.75x
5'906.0
20.80x
7'505.00
7'182.00
23.62%
27.65%
14.43%
18.08%
18.22%
0.74%
52.9%
24.7%
23.6%
19.4%
3.67
1.39
0.03%
0.03%
3.50
2.25
Price/ Cash Flow
LTM
12/yy
9'972.5
9.50x
2'449.1
9.06x
1'331.2
16.38x
12/yy
10'834.0
8.64x
2'952.6
8.39x
1'699.0
14.30x
FY+1
0.72
0.73
360.53
66.89%
-5.57%
0.726
41
3.854
285'235
310'471
395'025
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
36'673.9
42'499.8
9'539.8
8'430.0
5.23x
4.43x
9'279.3
11'416.0
2'333.7
2'333.0
20.54x
16.69x
7'101.4
8'639.2
1'885.0
1'582.0
28.11x
23.03x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
153.16
136.12
-0.44
0.00
0.0%
0.0%
0.74
14.14
104.69
162.85
99.47
168.07
60.00
14'000.0
50.00
12'000.0
10'000.0
40.00
8'000.0
30.00
6'000.0
20.00
4'000.0
10.00
2'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Zee Entertainment Enterprises Ltd

Holdings By:
All
Holder Name
CYQUATOR MEDIA SERVI
ESSEL MEDIA VENTURES
ESSEL CORP RESOURCE
25FPS MEDIA PVT LTD
ESSEL HOLDINGS LTD
GOVT PENSION FUND GL
ESSEL INTERNATIONAL
LIFE INSURANCE CORP
HDFC LIFE INSURANCE
VANGUARD GROUP INC
BLACKROCK
IDFC MUTUAL FUND
Firm Name
HSBC
Sharekhan Ltd
Goldman Sachs
Edelweiss Capital
IIFL
CIMB
Techno Shares & Stocks
EVA Dimensions
Standard Chartered
JPMorgan
Nomura
Deutsche Bank
ICICI Securities
Macquarie
Phillip Securities
HDFC Securities
Morgan Stanley
Jefferies
Kotak Securities
IDFC Securities Ltd
ICICIdirect.com
SBI Capital Markets
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
RAJIV SHARMA
TEAM COVERAGE
PRATISH KRISHNAN
SACHIN SALGAONKAR
SIDDHARTH GOENKA
ABNEESH ROY
BIJAL SHAH
SRINIVAS SESHADRI
DEBASHISH MAZUMDAR
CRAIG STERLING
SAURAV ANAND
TEAM COVERAGE
YOGESH KIRVE
LATIKA CHOPRA
ANKUR AGARWAL
SHOBHIT KHARE
GAURAV BHATIA
VIKASH MANTRI
AASHISH UPGANLAWAR
TEAM COVERAGE
ARCHANA SHIVANE
NITIN MOHTA
KUNAL D VORA
ROHIT DOKANIA
NAVEEN KULKARNI
HIMANSHU SHAH
BALLABH MODANI
TEAM COVERAGE
ANKIT KEDIA
MOHAN LAL
PARAG GUPTA
PIYUSH NAHAR
AMIT KUMAR
NIKHIL K VORA
NAVAL SETH
KARAN MITTAL
RAHUL KUNDNANI
AMIT PUROHIT
HITESH KUVELKAR
CHIRAG NEGANDHI
Source
EXCH
MF-AGG
Co File
EXCH
EXCH
Co File
MF-AGG
Co File
Co File
ULT-AGG
Co File
Co File
MF-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
overweight
buy
hold
neutral/neutral
buy
buy
buy
neutral
accumulate
underweight
outperform
buy
buy
neutral
buy
neutral
buy
sell
buy
buy
buy
neutral
hold
underperform
neutral
outperform
sell
buy
buy
buy
Overwt/Attractive
hold
reduce
outperform
buy
buy
add
accumulate
Moderate Underperformer
hold
Amt Held
241'402'908
108'495'755
102'888'286
71'727'960
56'170'750
46'378'518
27'488'858
24'397'954
23'000'000
14'263'861
14'162'218
13'455'409
13'453'605
11'987'118
11'834'997
8'284'704
8'138'657
5'594'269
4'480'000
4'161'821
% Out
25.18
11.32
10.73
7.48
5.86
4.84
2.87
2.54
2.4
1.49
1.48
1.4
1.4
1.25
1.23
0.86
0.85
0.58
0.47
0.43
Weighting
Change
5
5
3
3
5
5
5
3
4
1
5
5
5
3
5
3
5
1
5
5
5
3
3
1
3
5
1
5
5
5
5
3
2
5
5
5
4
4
2
3
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
U
U
M
M
M
D
M
M
U
M
M
M
M
U
M
M
M
M
M
M
Latest Chg
(1'527'416)
(56'170'750)
56'170'750
(88'193)
(1'869'592)
27'284
(531)
-
Target Price
272
280
220
225
270
301
253
277
250
#N/A N/A
280
265
275
240
276
232
220
210
266
267
265
240
247
171
220
250
225
262
257
290
281
208
190
277
275
268
210
136
#N/A N/A
121
File Dt
28.02.2013
31.01.2013
31.12.2012
16.11.2011
16.11.2011
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
25.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
18 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Other
Investment Advisor
Other
Corporation
Other
Other
Investment Advisor
n/a
Corporation
Government
Government
Insurance Company
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.03.2013
22.03.2013
21.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
13.03.2013
13.03.2013
12.03.2013
07.03.2013
05.03.2013
03.03.2013
28.02.2013
22.02.2013
20.02.2013
20.02.2013
28.01.2013
28.01.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.10.2012
03.10.2011
22.07.2011
17.01.2011

Fundamental Equity Analysis - BSE 100 Index Members (BSE100 Index)

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Fundamental Equity Analysis - BSE 100 Index Members (BSE100 Index)

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This material does not constitute investment advice and should not be

viewed as a current or past recommendation or a solicitation of an

Fundamental Analysis &

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

ADANI ENTERPRISES LTD

ADANI PORTS AND SPECIAL ECON

ADANI POWER LTD

AMBUJA CEMENTS LTD

ASHOK LEYLAND LTD

ASIAN PAINTS LTD

AXIS BANK LTD

BAJAJ AUTO LTD

BHARAT FORGE LTD

BHARAT HEAVY ELECTRICALS

BHARAT PETROLEUM CORP LTD

BHARTI AIRTEL LTD

CAIRN INDIA LTD

COAL INDIA LTD

COLGATE PALMOLIVE (INDIA)

CROMPTON GREAVES LTD

CUMMINS INDIA LTD

DABUR INDIA LTD

DIVI'S LABORATORIES LTD

DR. REDDY'S LABORATORIES

EXIDE INDUSTRIES LTD

FEDERAL BANK LTD

GAIL INDIA LTD

GLENMARK PHARMACEUTICALS LTD

GMR INFRASTRUCTURE LTD

GODREJ CONSUMER PRODUCTS LTD

GRASIM INDUSTRIES LTD

HCL TECHNOLOGIES LTD

HDFC BANK LIMITED

HERO MOTOCORP LTD

HINDALCO INDUSTRIES LTD

HINDUSTAN PETROLEUM CORP

HINDUSTAN UNILEVER LTD

HINDUSTAN ZINC LTD

HOUSING DEVELOPMENT & INFRAS

HOUSING DEVELOPMENT FINANCE

ICICI BANK LTD

IDBI BANK LTD

IDEA CELLULAR LTD

INDIAN OIL CORPORATION LTD

INDUSIND BANK LTD

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014