CORPORATE FINANCE ASSIGNMENT

THE WEST COAST PAPERS MILLS LTD.

NAME : VIKAS KEJRIWAL

BATCH : PGCBM06
ROLL # : 710304009
CENTRE : KOLKATA
INTRODUCTION

The SKB Group is a diverse, dynamic, growing group of companies, expanding fields under
dynamic team having strong vision headed by its Group chairman Sri S.K. Bangur. The span is
from Paper to Power Cables, Tele and Optical fiber cables, Chemicals, Tea, coffee, Rubber and
Rubber Plantations & Information Technology.

Some of the SKB Group companies have traditions that span a century. Some are young. But all
share a vision to build on strengths and synergies, to seek out opportunities and to achieve with
commitment and quality for forging ahead in an increasingly competitive world.

Today the Group's turnover is approaching Rs.5000 Millions. They aim to touch a turnover of
Rs.10,000 Millions within next 4 years.

Snapshot of The WEST COAST PAPER MILLS LTD.

Industry Paper & Paper Boards
Registered Office Bangur Nagar
Dandeli
Phone Number(s)
331391
395 (5 Lines)
Corporate Office Chandra Kiran,
4th floor, 10/A, Kasturba Road
Bangalore
Phone Number(s)
2231828-1837

Chandra Kiran
10-A, Kasturba Road,
Bangalore
Phone Number(s)

Board of Directors Lt. Gen. K S Brar Director

Mr. Bodhiswar Rai Director
Mr. C K Somany Director
Mr. K L Chandak Executive Director
Mr. P N Kapadia Director
Mr. R N Mody Director
Mr. S K Bangur Chairman and Managing director

Mr. Saurabh Bangur Director

Mr. V N Somani Director
Mrs. Shashi Devi Bangur Director
Company Secretary Mr. Ratan Navlakha
Auditors Batliboi & Purohit
Listing BSE
CoSE
NSE
Market Lot 1
Registrars Intime Spectrum Registry Ltd.
YEAR EVENTS

1955 - The Company was Incorporated on 25th March, at Mumbai. The Company’s object - to
manufacture paper, pulp and other raw materials. The Company manufactures printing papers,
writing papers, wrapping papers etc. Bamboo is the chief raw material.
- In August, the Government of Mumbai granted concessions for extraction of bamboo for
a period of 30 years on a royalty of Rs.3.12 per ton of paper or pulp going out of the factory
subject to revision after 5 years and subsequently after every 10 years.
1963 - The Govt. of Mysore sanctioned the extraction of 20,000 tonnes of bamboo from the
forests outside the company’s areas at a royalty of Rs.7.50 per tonne.
- The Company made a beginning towards self plantation of 10,000 acres with bamboo of
a special variety and other fast growing trees like eucalyptus, hybrids and paper mulbery.
1964 - The total land under plantation since the scheme was taken up increased to 36,564
acres, comprising 5,316 acres for woods and 31,248 acres for bamboo.
1966 - A further 27,155 acres were brought under plantation between 1966-67 and 1969-70.
- In order to augment the working capital resources the company sold some of its old
equipments to various leasing companies for Rs.200.92 lacs under ‘Sale and Lease Back’
scheme.
1973- The company was allotted 37.657 acres of bamboo forests to replace the areas lost to
the company due to Kali River project and clear felling for new teak plantation undertaken by
the forest department of the state. The agreement with the State Govt. of Karnataka for
extraction of bamboo in the leased areas was due to expire in 1989 and necessary steps were
being taken to renew the lease.
1975 - 40,000 No. of equity shares issued at a prem. of Rs.35 per share to the financial
institutions (IFCI, LIC and IDBI) on conversion of loans.
1979 - 10,000 No. of equity shares issued at a prem. of Rs.35 per share to UTI during 1976-77
on conversion of part of the debentures issued to them.
1991 - Despite higher sales realisation, profits were affected due to escalation in the cost of
raw material, coal, chemicals, etc.
1992 - Installation of remaining equipments like pulp mill, chemical recovery etc. under the
first phase of the modernisation and renovation programme was in progress. The second phase
of the said programme costing Rs.85 crores involving the installation of bagasse pulping
equipments, coating plant a new paper machine and other balancing equipments would be taken
up in due course.
- 4,10,000 rights equity shares issued (prem. Rs.30 : prop. 1:1). Additional 61,500
shares allotted to retain oversubscription. Another 12,568 shares allotted to employees.
1994 - As a part of the on-going modernisation/expansion/diversification programme the
company installed UTM pulpers on paper M/s. Nos.I and II and CD Profiler on Paper M/s. No.III,
to improve the productivity. The company undertook the second phase of modernisation
programme at a total capital outlay of Rs.235 crore which includes a Duplex Board machine,
bleach plant, Bagasse pulping plant, falling film evaporators, power plant nor 15 MW and two
paper machines for weight papers of MG and MF and superior quality duplex boards.
- The Company has also applied for Letter of Intent to set up a Caustic Soda and liquid
chlorine plant.
- The company also proposed to set up a sugar mill and applied for an Industrial licence.
- The company diversified into high-tech product area in the telecommunication field by
putting up a unit at Mysore for production of optical fibre cables. The civil work of the Duplex
Board mill and optical fibre cables unit was under progress.
1995 - The performance of the Company surpassed all its past records. Production and sales
increased significantly mainly due to the relentless efforts made at all levels in optionally
utilising the resources available.
- As a part of the on-going modernisation/expansion/diversification programme the
company has installed a state-of-the art plant to manufacture optical fibre cables with foreign
technical collaboration, a running plant with a capacity of 9000 MT P.A. for the manufacture of
chromo, Art paper and Board was installed at Gurgaon (Haryana).
- The Company also installed a 1050 KW wind power mill in Chennai.
 - The Company has received letter of intent for setting up a sugar mill of 2500 tonnes
crushing capacity per day and a caustic soda and liquid chlorine plant as a step towards
backward integration.
1996 - The Company has taken the following new project as a part of its expansion-cum-
modernisation programme:
- (a) Bleach Plant: The 250 TPD new Bleach plant was expected to be commenced by the
end of December 1997.
- (b) Digester No. 10 : A new digester was planned to cope-up with the increased
requirement of mill made pulp for higher level of production. Digester was expected to be
commissioned by March 1998.
- (c) New Power Plant: Apart from installing 5 new DG sets, the company intending to set
up a new power plant by installing one 70 TPH FBC Boiler and a 12 MW capacity Double
extraction partial condensing Turbo Generator set.
- (d) Caustic Soda Plant: The company has received letter of intent from the Government
of India to set up the above plant as a step towards backward integration project.
- The Company is also planning to set up a sugar mill of 2500 tonnes cane crushing
capacity per day.
2000 - The Company has taken up modernisation, expansion & diversification programme with
a capital outlay of Rs 214.50 crores for increase in the production capacity and technology
upgradation of paper, duplex board and cable divisions.
SHAREHOLDER VALUE

There are various measures used by market analysts and financial experts to derive the
maximum Shareholder Value of a particular company but we would take the following broad
measures for our understanding of the Company better.

i. Earnings Per Share (EPS)

EPS = Profit after Tax / No. of Equity Shares

ii. Book Value (BV)

BV = Net Worth / No. of Equity Shares

iii. Market Capitalisation (MC)

MC = Market Price of a unit of Share x No. of Equity Shares

iv. Price to Earnings per Share (P/E)

P/E = Market Capitalisation / Profit after Tax

v. Price to Book Value per Share (P/BV)

P/BV = Market Capitalisation / Net Worth

The following table gives us the performance of our company on the above mentioned measures
:
As on March 2004 As on March
2003
(Rs. Crores) (Rs. Crores)

Earnings per Share 28.44 / .894 36.04 / .894

= 31.81 = 40.31

Book Value 149.29 / .894 138.29 / .894

=166.99 = 154.68

Market Capitalisation 166.65 x .894 89 x .894

= 148.99 = 79.57

Price to Earnings per Share 148.99 / 28.44 79.57 / 36.04

= 5.24 = 2.21

Price to Book Value per Share 148.99 / 149.29 79.57 / 138.29

= 0.99 = 0.58

Now if have a closer look into the above inferred data we could interpret the situation as –

EPS
The earnings per share of the company have fallen by 21% which can deduced by the fall in the
overall profitability of the company.

Book Value
The BV of the firm has risen which can be attributed to accumulation of reserves.

Market Capitalisation
The MC has doubled over the past year which is strongly due to increase in the share prices
which reflects the increased shareholder sentiment towards the company.

Price to Earnings per Share

The P/E of the company also shows a steady increase as a result of greater Market Capitalisation
which in itself could be a reason for increased share prices.

Price to Book Value

The increase in P/BV ratio of the company can also be attributed to higher MC which in long run
might have led added to a greater market price of the share of the company.

The factors having influence on the Shareholder Value Maximisation are :

Growth : The company has good growth prospects which can be inferred from a increasing P/E
ratio.

Profitability : The company has shown lower profitability in comparison to previous year but a
steady P/BV ratio indicating that the lower profitability could be because of modernization and
expansion plans but the shareholders foresee a good future prospect.

Capital market : The capital market condition for the company is in a very good position as the
investors have shown their support for the company resulting in a greater market capitalisation.

Risk : No company is immune to risks, but still with a better market capitalisation the risk factor
seems to be well taken care of.
VALUATION

The valuation of the stock of a company is can be estimated on the growth rate of the company.
The financial analysts have various tools to estimate the growth rate but we will highlight on the
two most commonly used tools for forecasts by the experts.

The Constant Growth Model Approach

The constant growth model follows the assumption that dividends by a corporation will grow
forever at a particular constant rate.

Assuming

The constant growth rate => R = 12%

The expected rate of Return => P = 20%

In the case of our company the dividends proposed by the company in the Fin. Yr. 2003-04 was
Rs. 10/-

So
D0 = 10

Thus the Intrinsic Value (IV) of a share of the company is :

IV = D1 / (P – R)
= D0 (1 + R) / (P – R) Since D1 = D0 (1 + R)
= 10 (1 + 0.12) / (0.20 – 0.12)
= 11.20 / 0.08
= 140

But the market price of each unit of share of WCP stands at Rs.166.65. Thus the Intrinsic Value
of WCP is lower than the Market Price. But since the difference is marginal I would rather hold
on for some more time instead of selling or buying the shares. After some time the market price
of the share which is likely to go up would be an ideal time to sell the shares.

The Growth in Phases Model Approach

This particular model of growth is based on the assumption that the rate of dividend of a
particular share will grow at 2 or more constant rates after a specific interval.

Say,
Dividend in last year D0 = Rs.10
The expected rate of Return => P = 20%
The two Growth rates R1 = 10%
R2 = 12%

Assuming the company will have a constant growth rate of R2 after a period of 6 years, the IV
will work as :

IV = M1 + M2 + M3 + M4 + M5 + M6
= {D1 / (1 + P)} + {D2 / (1 + P)2} + {D3 / (1 + P)3} + {D4 / (1 + P)4} +
{D5 / (1 + P)5} + {D6 / (1 + P)5 (P – R2)}
Now, Thus
D1 = D0 (1 + R1) M1 = D1 / (1 + P)
= 10 (1 + 0.10) = 11 / (1 + 0.20)
= 11.00 = 9.17

D2 = D0 (1 + R1)2 M2 = D2 / (1 + P)2
= 10 (1 + 0.10)2 = 12.10 / (1 + 0.20)2
= 12.10 = 8.40

D3 = D0 (1 + R1)3 M3 = D3 / (1 + P)3
= 10 (1 + 0.10)3 = 13.31 / (1 + 0.20)3
= 13.31 = 7.70

D4 = D0 (1 + R1)4 M4 = D4 / (1 + P)4
= 10 (1 + 0.10)4 = 14.64 / (1 + 0.20)4
= 14.64 = 7.06

D5 = D0 (1 + R1)5 M5 = D5 / (1 + P)5
= 10 (1 + 0.10)5 = 16.10 / (1 + 0.20)5
= 16.10 = 6.47

D6 = D0 (1 + R1)5 (1 + R2) M6 = D6 / (1 + P)5 (P – R2)

= 10 (1 + 0.10)5(1 + 0.12) = 19.32 /(1 + 0.20)5(0.20–0.12)
= 19.32 = 97.05

Therefore IV = 135.85

But again the market price of each unit of share of WCP stands at Rs.166.65. Again we see
that the IV< Market Price. It is generally suggested that the shares should be sold and income
should be earned if the IV<MP. But since the difference is marginal my stand again would be to
hold on for some more time instead of selling. The Market Capitalisation of WCP should increase
more and then it would be a better profit earning scenario by sale of shares.
COST OF CAPITAL

We can calculate the weighted average cost of capital of our company on the basis of the
following :

Cost of Capital = (Cost of Equity x Proportion of Equity) + (Cost of Debts + Proportion of Debts)

Which can also be denoted as

Ck = Rf + Bv (Re – Rf)

And
Ck = Cost of Capital
Rf = Risk Free Rate of Return
Bv = Beta Value of the company
Re = Expected rate of Return in Market

With an assumption that,

Rf = 10 %
Re = 20 %

The value of Cost of Equity works out to = 0.10 + 0.83(0.20-0.10)

= 0.183 or 18.30%

Now Proportion of Equity = Equity / ( Debts + Equity )

= 149.30 / ( 175.86 + 149.30)
= 0.459

Cost of Debt = Interest Rate x ( 1 – Corporate Tax)

= 4.9% x (1 – 13%)
= 0.4263

Thus Proportion of Debt = Debt / ( Debt + Equity )

= 175.86 / ( 175.86 + 149.30)
= 0.541

Thus the cost of Capital = (0.183 x 0.459) + (0.4263 x 0.541)

= 0.3146 or 31.46%

This is clear indicator that our company has to be very careful in selecting projects for
investments as they have to assure a minimum return of 31.46%, because anything below that
will have a direct affect on the Capital Budgeting.
FINANCIAL STATEMENT ANALYSIS

The financial statement analysis is done as per the various financial statements of the company
which are mentioned herein for the last 4 years.

Balance Sheet (Rs. Crores)

Asset Mar-04 Mar-03 Mar-02 Mar-01
I Inventories 95.81 93.43 86.22 84.76
ii Accts. Recv. 40.09 40.43 50.11 42.99
iii Cash & Bank 5.84 8.11 17.03 5.03
iv Loans & Advances 30.19 26.60 28.23 38.44
V Current Assets (i+ii+iii+iv) 171.93 168.57 181.59 171.22
vi Fixed Assets 268.90 240.95 164.96 105.26
vii Other Assets 49.26 21.53 27.66 25.23
viii Total Assets(v+vi+vii) 490.09 431.05 374.22 301.70
Liability Mar-04 Mar-03 Mar-02 Mar-01
I Current Liab. & Prov. 164.94 149.45 124.71 76.84
ii Long Term Liab. 175.85 143.31 138.69 118.76
iii Net Worth 149.30 138.29 110.82 106.10
iv Total Liabilities (i+ii+iii) 490.09 431.05 374.22 301.70
Profit & Loss A/c. (Rs. Crores)
Income Mar-04 Mar-03 Mar-02 Mar-01
I Total Sales 513.41 466.16 435.42 350.02
ii Other Income 3.00 2.45 2.70 4.76
iii Operational Expenditure 444.04 384.31 364.85 281.16
iv Gross Profit 72.37 84.30 73.27 73.62
V Interest 13.20 19.15 25.61 24.77
vi Depreciation 16.89 18.23 12.09 10.28
vii PBT 42.28 46.92 35.57 38.57
viii Tax 15.24 7.97 5.39 9.50
ix PAT 27.04 38.95 30.18 29.07
X Dividend declared per share 10.00 8.50 6.50 5.00

If we have a closer look at the figures over subsequent years, we can have the following
interpretation ;

The inventories have increased over the last few years which shows that the company might be
stocking at various locations in turn leading to more time in inventory consumption. Accounts
receivable has been lesser in comparison to earlier years and then stagnating itself may be
relating to better revisions in credit policy of the firm. Cash and bank balances have decreased
by around 38% may be because of increased investment policy. Overall current assets
increasing marginally over last years may be attributed to consistent credit checks and controls
over asset management. Higher fixed assets may be as a result of expansion and heavy
expenditure on better technological advancements. It is interesting to note that the current
liabilities of the firm has increased at a steady rate highlighting firms negotiating capabilities
with its creditors. The long term debts going high mildly confirm the company’s plan of major
expansion in a big way. The net worth of the company has also kept pace with time with healthy
accumulation of reserves, which in some way raises questions about management’s decision to
borrow funds instead of reinvestment. Referring to the income statement of the company it can
be easily sighted that the company doesn’t have any problem in managing its clients and thus
increased sales over the period of years. The gross profit has been proportionately down in
comparison to earlier years, which can be because of costly material inputs thus increasing the
operational expenditure. The company has focused on bringing its interest cost down but still
had to manage with lower profitability. The higher rate of dividends declaration by the company
in the current year finds its roots in profits accumulated over a period of years.
Common Size Analysis

We denote the items of the Balance Sheet and The P/L a/c’s in terms of Percentage of the total
Absolute value in that column. eg. as a %age of Total Assets or Total Liabilities and %age of
Total Sales in P/L account.

Balance Sheet (Rs. Crores)

Asset Mar-04 Mar-03 Mar-02 Mar-01
i Inventories 19.55 21.67 23.04 28.09
ii Accts. Recv. 8.18 9.38 13.39 14.25
iii Cash & Bank 1.19 1.88 4.55 1.67
iv Loans & Advances 6.16 6.17 7.54 12.74
v Current Assets (i+ii+iii+iv) 35.08 39.11 48.52 56.75
vi Fixed Assets 54.87 55.90 44.08 34.89
vii Other Assets 10.05 4.99 7.38 8.37
viii Total Assets 100.00 100.00 100.00 100.00
Liability Mar-04 Mar-03 Mar-02 Mar-01
i Current Liab. & Prov. 33.66 34.67 33.33 25.47
ii Long Term Liab. 35.88 33.25 37.06 39.36
iii Net Worth 30.46 32.08 29.61 35.17
iv Total Liabilities (i+ii+iii) 100.00 100.00 100.00 100.00
Profit & Loss A/c. (Rs. Crores)
Income Mar-04 Mar-03 Mar-02 Mar-01
i Total Sales 100.00 100.00 100.00 100.00
ii Other Income 0.58 0.53 0.62 1.36
iii Operational Expenditure 86.49 82.44 83.79 80.33
iv Gross Profit 14.10 18.08 16.83 21.03
v Interest 2.57 4.11 5.88 7.08
vi Depreciation 3.29 3.91 2.78 2.94
vii PBT 8.24 10.07 8.17 11.02
viii Tax 2.97 1.71 1.24 2.71
ix PAT 5.27 8.36 6.93 8.31
x Dividend declared per share 1.95 1.82 1.49 1.43

The common size analysis refines the broader analysis done on financial statements already.
Lower accounts receivables attributes to better credit policy and fast collection from the clients.
Lower share of cash and bank balance may be sighted to a high increase in other assets which
primarily is investment policy of the corporation. Fixed assets have a major area of
concentration for the last couple of years confirming the company’s plan to increase its
production capacity or higher outputs. Overall current assets have contributed to a lesser extent
in the last two years if compared to earlier years which might reflect company’s shift from
higher liquidity. The composition of liabilities seems to shuffle around in the same region
highlighting good planning on debts payments and controlling expenses. The suppliers to the
firm should be adequately satisfied with the payment policy being consistent. The company
needs to control its operational expenditure as far as possible as it eats up that extra income
which the company used to enjoy earlier. High depreciation in the last two years is evident
because of high investment in infrastructural development. The firm has provided for higher tax
rates may be due to change in government rates and taxes which also eats up into the firms
profitability.
Index Based Analysis

In such analysis we take fin year 2001 as base year and performance of the company is
evaluated in subsequent years on the scale of the base year.

Balance Sheet (Rs. Crores)

Asset Mar-04 Mar-03 Mar-02 Mar-01
i Inventories 113.04 110.23 101.72 100.00
ii Accts. Recv. 93.25 94.05 116.56 100.00
iii Cash & Bank 116.10 161.23 338.57 100.00
iv Loans & Advances 78.54 69.20 73.44 100.00
v Current Assets (i+ii+iii+iv) 100.41 98.45 106.06 100.00
vi Fixed Assets 255.46 228.91 156.72 100.00
vii Other Assets 195.24 85.33 109.63 100.00
viii Total Assets 162.44 142.87 124.04 100.00
Liability Mar-04 Mar-03 Mar-02 Mar-01
i Current Liab. & Prov. 214.65 194.50 162.30 100.00
ii Long Term Liab. 148.07 120.67 116.78 100.00
iii Net Worth 140.72 130.34 104.45 100.00
iv Total Liabilities (i+ii+iii) 503.44 142.87 124.04 100.00
Profit & Loss A/c. (Rs. Crores)
Income Mar-04 Mar-03 Mar-02 Mar-01
i Total Sales 146.68 133.18 124.40 100.00
ii Other Income 63.03 51.47 56.72 100.00
iii Operational Expenditure 157.93 136.69 129.77 100.00
iv Gross Profit 98.30 114.51 99.52 100.00
v Interest 53.29 77.31 103.39 100.00
vi Depreciation 164.30 177.33 117.61 100.00
vii PBT 109.62 121.65 92.22 100.00
viii Tax 160.42 83.89 56.74 100.00
ix PAT 93.02 133.99 103.82 100.00
x Dividend declared per share 200.00 170.00 130.00 100.00

Indexed based analysis can provide us the key performance of the company over a particular
period of years in relation to any past year. Like as presented above we can easily see that
company has cut down on its credit line to its clients and still maintained a better sales, which
might be due to better quality products in the market. Liquid money has been heavily invested
into infrastuctural development and key investment policies. The lending policy raises a bit of
eyebrows but still it seems to be under control as far the loans and advances are concerned.
Higher advances can also be because of many prepaid expenses in relation to expansion plans.
Long-term loans raise concerns about the company borrowing policy but it is negated by lower
interest payments, which actually highlight concrete and sound planning on the finance
department’s part. The major area of concern is lower profitability inspite of better sales and
reduced interest costs, but it seems that the inflation has only affected the input costs of the
firm. The shareholders have been kept together by appropriating higher dividends, praising
management’s decision to greater market capitalization.
Analysis on basis of Financial Ratios

Another widely prevalent technical tool for analysis and fair interpretation of financial data are
the financial ratios.

Ratios
Profitability Ratios % Mar-04 Mar-03 Mar-02 Mar-01
Operating Profit Margin 13.51 17.56 16.21 19.67
Gross Profit Margin 11.52 13.98 10.95 13.96
Net Profit Margin 5.27 8.36 6.93 8.31
Turnover Ratios
Inventory Turnover Ratio 4.63 4.11 4.23 3.32
Debtor Turnover Ratio 12.81 11.53 8.69 8.14
Fixed Asset Turnover Ratio 1.92 2.13 2.66 3.5
Solvency Ratio
Current Ratio 1.04 1.13 1.46 2.23
Debt Equity Ratio 1.18 1.04 1.25 1.12
Interest Covering Ratio 5.26 4.27 2.76 2.78
Performance Ratio %
Return On Investment 21 29 28 31
Return On Net Worth 18 28 27 27
Dividend Yield 1 0.85 0.65 0.5
Debt Equity Ratio 118 104 125 112

Financial Experts use the ratios as the most effective tool to measure a firm’s performance.

Profitability Ratios – The company has nothing to boast about its profitability over the past
years. The gross profit over sales; operating profit over sales and obviously net profitability have
been declining which is a good as well as a bad indication. The good indication is towards the
company’s expansion plans which have resulted in lower profits in current years but in future
they have high chances of surging past ahead in profitability after the infrastructure has been
put in place. The bad indication is because of obvious reasons; laying grounds for doubts in the
shareholders mind.

Turnover Ratios – These ratios forces the corporation another step backward as analysts will
definitely cross check firms potential on inventory and debtor management but a good fixed
assets turnover don’t lend the required support to defend.

Solvency Ratios – These ratios would be something that the company would be standing firm
ground upon as a near perfect current ratio and equally better interest covering ratio keeps the
lenders and the shareholders respectively of the company tension free. Debt equity ratio raises
the doubts on under utilization of owned funds by the company.

Performance Ratios – Return on Investment is something the shareholders would be concerned

about which be under close watch until the expansion plans near completion. Return on Net
worth would also raise certain eyebrows if compared to earlier yester years but keeping the
industry average in mind this would not be a bad rate. Dividend Yield has been generously
decided to keep the investors happy and thus gain better market capitalization. Debts to Equity
is something which company will not worry about as it is well under control of the management.
The liquidity position is after all optimum.
Important Notes :
The data provided in the above work can be cited at the following sites :

www.nseindia.in

www.economictimes.com

www.sebiedifar.nic.in

www.indiainfoline.com

www.westcoastpaper.com

www.indiabizclub.net/paper

Publishings by Asian CERC IT Ltd.

Disclaimer :

The interpretation and analysis provided in the above material is of pure individual
interest and any claims or liabilities arising out of actions resulting after reading the
said work will not be entertained as the analysis stated above is very premature in
form and relates to study skills only.