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NVS Wealth Managers Pvt. Ltd.

Investment Advisers


(Formerly known as Bombay Stock Exchange)


A Glimpse Into BSE 2

Business Profile 3

BSE- Demutualisation & The Bumper Bonus Offer 3

BSE- Eshtablishment of International Exchange at GIFT City 3-4

BSE- Family Tree 4

BSE- Business segment 5

BSE Excellent Dividend Payout Record 6

BSE Brand value & huge value unlocking 6-7

BSE The Illustrious shareholder family 7

Recent developments 7-8

Valuation & Recommendation 8

Disclaimer & disclosure
NVS Wealth Managers Investment Advisers

Asias Oldest Stock Exchange with glorious 140 years

Reco: Strong Buy

Nifty 7,557 Bombay Stock Exchange Ltd. (BSE), established in 1875, is the oldest Stock
Sensex 24,685 Exchange in Asia with a glorious history of over 140 years. It is the fastest
Nifty PE 20.83 Stock Exchange in the world clocking a median trade speed of 6 micro
Sensex PE 19.08 seconds.
BSE is the No.1 Exchange in the World having over 5,500 listed companies
Shareholding Pattern (%)
and it is also the 5th largest Exchange globally in Index Options.
BSE was demutualised and corporatized in the year 2006-07 and above 51%
Particulars Mar 16 of its Equity Share Capital was sold by member stock brokers and bought by
Individuals 7.85 host of Institutional Investors including Singapore Exchange Ltd. (SGX),
Deutsche Bourse Ag (German Stock Exchange), FIIs, Financial Institutions,
HUF 0.51
Large Corporates and HNIs.
Financial Institutions/
Banks BSE posted total income of Rs. 386 Crs in H1FY17( 24%) (Rs. 311 Crs), with a
FII 9.05 PAT of Rs. 129 Crs ( 59%) (Rs. 81 Crs). In FY1617, BSE posted total income
FDI 20.72 of Rs. 670 Crs (Rs. 625 Crs) and PAT of Rs. 177 Crs (Rs. 180 Crs) on a tiny
Bodies Corporate 8.38 equity capital of Rs. 10.74 Crs. BSE has huge Reserves of Rs. 2,565 Crs and
Trading Members
cash & bank balance of Rs. 249 Crs as at 30th Sept 2016.
and their Associates
BSE has received approval to establish Gujarat International Finance Tec-City
NRI 0.42 (GIFT), Indias first International Financial centre. It offers host of platforms
Total 100 for dealing in equities, derivatives, wholesale debt market desk, futures and
Revenue & PAT options, currency trading, separate platform for SME IPOs and listing,
(Past 4 Years) OFS trading platform, etc. covering almost the entire financial market. BSE is in
the final stages of setting up a Bullion Exchange, a first of its kind in India. BSE is
700 also expected to launch the commodity trading market very soon.
500 BSE has filed the DRHP with SEBI and the IPO is expected to hit the
400 markets within the next 3 months. We believe it could be the first multi-
300 platform stock exchange in India to be listed. The IPO would be an offer for
200 sale by existing shareholders.
0 Considering the fact that non-members who acquired 51% of BSE shares viz,
Singapore Exchange Ltd. (SGX), Deutsche Bourse (German Stock
Exchange), Foreign Institutional Investors (FII), Financial Institutions,
Large Corporates and HNIs at Rs. 400/Share, we believe that the IPO price is
unlikely to be less than Rs. 400/Share. (Mcap - Rs. 4,296 Crs i.e $632 mn)
Equity shares of BSE offer long term investment opportunity for its
investors and the investment could offer huge growth and appreciation post
listing and prove to be a multi-bagger.
NVS Research Financial Performance
+91-022-66315511/12 INR Crs H1FY17 H1FY16 FY15-16 FY14-15 FY13-14 FY12-13
Total Income 386 311 658 625 530 553
EBITDA 198 138 301 331 287 301
Profit before Exceptional Items 173 112 238 272 257 270
Exceptional Items 21 23 72 51 61 98
PAT 129 81 97 156 135 108
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Source: BSE Published Results
NVS Wealth Managers Investment Advisers

BSE Profile
BSE, Asias first Stock Exchange and one of Indias leading exchange groups, was initially established
as "The Native Share & Stock Brokers' Association" in 1875.

BSE provides an efficient and transparent market for equity, derivatives, debt instruments, mutual funds, IPO
bidding and OFS bidding. BSE also provides a host of other services to capital market participants
including risk management, clearing, settlement, market data services and education. Over the
past 140 years, BSE has facilitated the growth of the Indian corporate sector by providing it with an
efficient capital raising platform and is the world's No.1 exchange in terms of the number of listed
companies (over 5500).

BSE's popular equity index - the S&P BSE SENSEX - is India's most widely tracked stock market
benchmark index. It is traded internationally on the EUREX as well as leading exchanges of the BRCS
nations (Brazil, Russia, China and South Africa).

The S&P BSE SME IPO Index was launched in December 2012. BSE is the first exchange in India
to launch this type of Index for SMEs. The Index enables investors to track the performance of SME
companies listed on BSEs SME platform, currently having 110 companies listed on the exchange.

BSE Demutualization and Bumper Bonus offer

BSE which was running as Association of Persons (AOP) was demutualised and corporatized in the
year 2006-07 and above 51% of its Equity Share Capital, was diluted from 100% to 49% by way of offer
for sale/fresh issue by the member stock brokers including the chief promoter.

BSE member stock brokers who were allotted 10,000 Equity Shares of BSE at Re. 1 each at par in 2006-
07, sold 51% of the total equity of BSE to non-members viz, Singapore Exchange Ltd. (SGX), Deutsche
Bourse (German Stock Exchange), Foreign Institutional Investors (FII), Financial Institutions,
Large Corporates and HNIs for Rs. 400/Share immediately after receiving a bumper bonus of 12:1 in the
year 2008-09. Thus BSE member stock brokers earned a whopping ~Rs. 5,200/Share (pre-bonus
share price).

BSE rewarded its shareholders with bumper bonus issue in the ratio of 12:1 in 2008-09 and now the
share price of BSE stands at Rs. 400/Share (pre-bonus share price of ~Rs. 5,200/Share) with a Face
Value of Re. 1.

BSE Establishment of International Exchange at GIFT City

BSE has received approval from the Corporate Affairs Ministry to establish BSE International Exchange
& BSE International Clearing Corporation at Gujarat International Finance Tec-City (GIFT SEZ-
IFC), a multi-services Special Economic Zone (SEZ) being developed as India's first International Financial
Services Centre (IFSC) by Gujarat International Finance Tec-City Company Ltd (GIFTCL). This project is
hailed as PM Shri Narendra Modis darling project and has received full support from him.

The International exchange will provide an electronic platform for facilitating trading, clearing and
settlement of securities, commodities, interest rates, currencies, other classes of assets and derivatives by
international investors in the GIFT SEZ-IFSC, subject to necessary approvals and operating guidelines
for IFSCs. The International exchange will open up a new revenue stream for BSE Ltd and add to
its profitability.
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NVS Wealth Managers Investment Advisers

The new exchange will provide a platform for Indian companies to raise capital by issuing foreign
currency instruments, allow start-ups to raise equity from foreign investors by getting listed on
the international exchange and also allow companies incorporated outside India to list in the
International Financial Services Centre.

It will enable members to trade from the international financial services centre in global capital
markets such as NYSE, LSE, NASDAQ, etc., which many brokers are currently doing from
other financial centres such as Singapore and Hong Kong.

The cost of operating at GIFT City that houses Indias first International Financial Services Centre (IFSC)
will be about 80% less when compared to similar destinations in Dubai, Singapore and Hongkong.

BSE The Family Tree

BSE Ltd.

CDSL(54.2%)* ICCL(100%) BIL(100%) MTPL(100%)

(Central Depository (Indian Clearing (BSE Institute Ltd.) (Marketplace
Services (India) Ltd.) Corporation Ltd.) Technologies Pvt. Ltd.)

Provides depository and ICCL carries out the BIL in ties with various Leading provider of cutting
record keeping services function of clearing, national and edge IT solutions with
to the securities industry settlement, collateral international focus on Equity, Stock
in India, facilitating management and risk educational institutions, Commodities, Banking and
dematerialization of management for various conducts certification Financial Services markets
holding of securities and segment of different courses and post in India. In FY15-16, the
book-entry settlement. stock exchanges. 20 graduate programs to company earned a total
In FY15-16, the company banks are empanelled promote financial income of Rs.28.75 Crs
earned a total income of with ICCL as Clearing education across the and PAT of Rs.2.4 Crs
Rs.116 Crs and PAT of Banks for BSE activities. globe. In FY15-16, the
Rs.63.4 Crs In FY15-16, the company company earned a total
earned a total income of income of Rs.17.8 Crs
Rs.69.6 Crs and PAT of and PAT of Rs.75 Lakhs
Rs.48.29 Crs.

*In October 2016 BSE sold 4.15% stake in CDSL for Rs.34.2 Crs valuing CDSL around Rs.825-830 Crs. Now CDSL is filing for an IPO
wherin BSE will sell 26% stake valuing CDSL around Rs.1200-1500 Crs. This would create a windfall gain to BSE of around Rs.300-350

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NVS Wealth Managers Investment Advisers

BSE Business Segments

The average daily value of equity turnover for FY 2015-16 was Rs. 2,996 Crs vis-
Equity Trading -vis Rs. 3,552 Crs in FY 2014-15, a decrease of 16%. Transaction charges rose 9%
to Rs.55 Crs from 50 Crs.

As per WFE statistics, BSE is ranked the 5th most liquid index options market in
the world, as on March 2015. BSE Ltd has decided to stop the LEIPS Scheme and
Derivatives Trading instead introduce incentives in terms of technological support to gain market
share in this segment.

BSE is the largest exchange in the world in terms of number of Currency Options
Currency contracts traded and 3rd largest in the world in terms of number of currency
futures contracts traded (Source: WFE).). BSEs market share increased to 36.41%
Derivatives in FY16 from 33.86% in FY15. Open Interest in FY16 also increased 93.82%.

In the Fixed Income Segment, BSE offers Reporting of Secondary Market Trades
in Government Securities, Treasury Bills, Corporate Bonds, Certificate of Deposit
Debt Segment (CDs) and Commercial Paper (CPs) on the platform called Indian Corporate
Debt Markets (ICDM).

BSE offers trading in following two products, 91-Day T-Bill Futures and 10-yr G-
sec Futures
Interest Rate The Interest Rate Derivatives Segment already has more than 299 registered
Derivatives Trading members. The segment has witnessed a turnover of Rs. 41,913 Crs till 31st
March, 2015. During FY 15-16,BSEs market share increased to 17.19% from

It is a web-based transaction processing system that can be accessed anytime

and anywhere, and enabled for Intra AMC switches, DPC, NRI
BSE StAR MF transactions, Minor Transactions and unique X-SIP. It has emerged as the largest
Platform online platform in mutual funds with 85% market share. It has already processed
over 32.65 lakh orders, amounting to over Rs 43,000 crore in FY16.Turnover in
FY16 increased 321% to Rs.44,325 Crs.

It is a platform to serve small and medium-size enterprises on stock exchanges.

BSE SME Since inception, the BSE SME platform has been a market leader. As of today BSE
SME has 137 companies on the platform with a market capitalization of around
Platform Rs.9,357 Crs. During FY15-16 the SME platform continued to be a front runner
with a market share of 90%. 38 compnaies raised Rs.238 Crs from the market.

BSE and Deutsche Bourse have entered into a partnership in October 2013 under
Data Information which Deutsche Bourse would act as the licensor of BSE market data and
Products information to all international clients. The total revenue from this segment was
Rs. 22.42 Crs in FY 2015-2016 as compared to Rs.22.1 Crs in FY14-15.

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NVS Wealth Managers Investment Advisers

BSE Excellent Dividend payout Record

Financial Year Dividend (in %) Dividend

(in Rs./ Share)
2015-16 750%** 7.5
2014-15 500% 5
2013-14 400% 4
2012-13 400% 4
2011-12 600%* 6
2010-11 400% 4

Face Value Rs. 1/ share

*In F.Y 11-12, dividend of 600% includes special one time dividend of 200%.
** In F.Y 15-16, BSE rewarded its shareholders with an interim and final dividend of 350% and 400% respectively,
aggregating to 750% dividend payout.

BSE The Brand Value

BSE is the numero uno stock exchange in Asia and in India to be granted permanent recognition
under the Securities Contract Regulation Act, 1956 and the pioneer of securities transaction business.
BSE prides itself on being at the forefront of bringing innovations to the Indian capital markets while
creating diverse investment opportunities for the investor community in India throughout its long
history of 140 years.

BSE Ltd., is an institutional brand with an immense value attached to it and it has been synonymous
with the capital markets in India. Its S&P BSE SENSEX is the benchmark equity index that reflects
the health of the Indian economy.

BSE Ltd is expected to add one more to its record of firsts, when it will be listed and it will be one
of the most valued and desired stock as it will be the only Exchange to be listed in India.

BSE Huge Value Unlocking Opportunity

BSE was demutualised and corporatized in the year 2006-07 and above 51% of its Equity Share
Capital, was diluted from 100% to 49% by way of offer for sale/fresh issue by the member stock brokers
including the chief promoter. BSE member stock brokers sold 51% of the total equity of BSE to non-
members viz, Singapore Exchange Ltd. (SGX), Deutsche Bourse (German Stock Exchange),
Foreign Institutional Investors (FII), Financial Institutions, Large Corporates and HNIs for Rs.
400/Share immediately after receiving a bumper bonus of 12:1 in the year 2008-09. Thus BSE member
stock brokers earned a whopping ~Rs. 5,200/Share (pre-bonus share price).

We believe that when BSE comes up with an IPO, it is expected to be listed at Rs. 400/Share, valuing
the stock exchange at not less than Rs. 4,150 Crs, thus creating a huge value for its investors.

On 22nd May 2014, BSE announced USEs merger with itself via swap of shares. Under the merger
terms, a USE shareholder received 1 share of BSE for every 385 shares held. The deal valued BSE at ~Rs
3,900 Crs. and USE at ~Rs 150 Crs.

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NVS Wealth Managers Investment Advisers

BSE has large embedded value from its direct and indirect subsidiaries - CDSL, ICCL, BIL,
MTPL etc., especially most of them being profit making and earning good margins. BSE Training Institute
(BIL) is a strong brand name for finance related courses and has tie ups with Top Educational
Institutes. The education sector is highly valued in the markets. As and when these all subsidiaries grow
larger and maybe even get listed, then BSE can unlock huge value for its stakeholders.

BSE which holds 54.20% in CDSL, has got SEBI nod to get CDSL listed and bring its holding down to 24% to
comply with SEBI norms, this will bring huge unlocking value to BSE. BSE is currently valuing CDSL at
around Rs 800 Crs.

Thus Rs. 400/share price of BSE is without even considering huge brand value of BSE, which can
possibly add huge value to the stock in the near future.

BSE -The Illustrious Shareholder Family

Singapore Exchange Ltd. (SGX) and Deutsche Boerse Ag (German Stock Exchange), two of the
worlds most prestigious Stock Exchanges became the Anchor investors each investing over Rs. 205
Crs. with a stake of 4.91%.

Billionaire Investor George Soros acquired 4% equity stake through his hedge fund Quantum
(Mauritius) from Dubai Financial Holding, at about Rs 375-380 per share, in August 2010.

Top 10 Shareholders as at 31st March 2016

S.No. Name Shares % Holding

1 Singapore Exchange Limited 50,98,886 4.91
2 Deutsche Boerse AG 50,98,886 4.91
3 State Bank Of India 50,19,443 4.83
4 Life Insurance Corporation Of India 50,19,443 4.83
5 GFKK Ventures 49,13,863 4.73
6 Quantum (M) Limited 40,15,544 3.86
7 Caldwell India Holdings Inc 40,15,544 3.86
8 Atticus Mauritius Ltd 40,15,544 3.86
9 Acacia Banyan Partners Limited 40,15,544 3.86
10 Bajaj Holdings and Investment Limited 30,06,796 2.89

Other Developments
Liquidity Enhancement Incentive Programme (LIEPS)
BSE has decided to discontinue the LIEPS on single stock options contracts which shall significantly
reduce the expenses incurred on the same. Presently LIEPS charges amount to Rs. 17 Crs in FY16 (Rs. 34
Crs in FY15).

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NVS Wealth Managers Investment Advisers

Set up of India's first bullion exchange

India Bullion and Jewellers Association (IBJA) has signed an agreement with the BSE for setting up a
bullion exchange, the first of its kind in India. Both entities have approached the Union ministry of finance
for approval. The exchange will primarily trade in gold. Once this stabilises, trading in silver will be
launched. It would primarily offer three settlements a day for both buyers and sellers.
Set Up of Commodities Exchange as part of BSE
BSE has plans to set up commodity exchange in India. That will allow trading in metals, oil and gas.SEBI
has already given permission and BSE has now applied for the license from Forward Marckes
Global Value Enhancement Initiatives
BSE has strategic tie ups with overseas market participants which enhance the exchanges operating and
delivery mechanism.
Partnership with S&P Dow Jones Indices on Index Products
Exchange Technology from Deutsche Boerse Group (Eurex Platform)
Cross listing of benchmark index S&P BSE SENSEX in BRICS countries

Valuation & Recommendation

BSE has filed the DRHP with SEBI and is in the final process of compliance with guidelines and the
policy framework for listing of Stock Exchange in the country from the Capital Market regulator
SEBI and will be the first multi- platform stock exchange to be listed in the country.
BSE has appointed Edelweiss Financial Services as lead merchant banker, AZB & Partners and
Nitish Desai Associates as legal counsel for the issue. The investment bankers involved in the process
said the exchange could be valued at around Rs 4,984-6,646 Crs pointing to a value of Rs. 500-650 per
share. In 2012, BSE had hired as many as 14 investment banks to manage its IPO. These included domestic
i-banks such as Kotak Mahindra Capital, Edelweiss Financial Services, ICICI Securities and Axis Capital, and
foreign ones such as Bank of America Merrill Lynch, Barclays, UBS and JPMorgan Chase.
Considering the fact that 51% of the shareholders including Foreign Institutional Investors (FIIs),
Financial Institutions, Large Corporates and HNIs have bought the BSE shares at Rs. 400/Share, we
believe the IPO price is unlikely to be less than Rs. 400/Share.
The robust financials of BSE with huge Reserves of Rs. 2,565 crs. and a Cash & Bank balance of Rs.
1,420 Crs as against tiny share capital of only Rs. 10.73 Crs and huge dividend payout of 750% for
FY15-16 (500% for FY14-15) is a pointer to the fact that shareholders can be rewarded in future with
larger dividend and liberal bonus issues from time to time.
We believe, based on guidance from various statutory authorities and investors it is only a matter of
time that BSE will be listed in India. The government is keen to unlock value for investors through
this much awaited IPO and we see it happening any time sooner or later. The shares of BSE offer long
term investment opportunity for the investors and the investment could fetch huge growth and
appreciation post listing and prove to be a multibagger. We strongly recommend investors to add
BSE shares to their portfolio of investments.

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NVS Wealth Managers Investment Advisers

Disclosures and Disclaimers:

This report has been prepared and issued by NVS Wealth Managers Pvt. Ltd. "SEBI registered Investment Advisers".

NVS Wealth Managers (NVS) is a subsidiary of NVS Brokerage Pvt. Ltd. (Stock Broking member of Bombay Stock Exchange, registered with SEBI).
This report is prepared and distributed by NVS for information purposes only and neither the information contained herein nor any opinion
expressed should be construed or deemed to be construed as solicitation or as offering advice for the purposes of the purchase or sale of any
security, investment or derivatives. The information and opinions contained in the Report were considered by NVS to be valid when published.
The report also contains information provided to NVS by third parties. The source of such information will usually be disclosed in the report.
Whilst NVS has taken all reasonable steps to ensure that this information is correct, NVS does not offer any warranty as to the accuracy or
completeness of such information. Any person placing reliance on the report to undertake trading does so entirely at his or her own risk and
NVS does not accept any liability as a result. Securities markets may be subject to rapid and unexpected price movements and past performance is
not necessarily an indication to future performance.

This report does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may
receive this report. Investors must undertake independent analysis with their own legal, tax and financial advisors and reach their own conclusion
regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should
understand that statements regarding future prospects may not be realized. In no circumstances it is to be used or considered as an offer to sell
or a solicitation of any offer to buy or sell the Securities mentioned in it. The information contained in the research reports may have been taken
from trade and statistical services and other sources, which we believe are reliable. NVS or any of its group/associate/affiliate companies do not
guarantee that such information is accurate or complete and it should not be relied upon as such.

Any opinions expressed reflect judgments at this date and are subject to change without notice.

Important: These disclosures and disclaimers must be read in conjunction with the research report of which it forms part. Receipt and use of the
research report is subject to all aspects of these disclosures and disclaimers. Additional information about the issuers and securities discussed in
this research report is available on request.

Certifications: The research analyst(s) who prepared this research report hereby certifies that the views expressed in this research report
accurately reflect the research analysts personal views about all of the subject issuers and/or securities, that the analyst/research entity/associate
have no known material conflict of interest, no financial interest and no part of the research analysts compensation was, is or will be, directly or
indirectly, related to the specific views or recommendations contained in this research report. The research analyst has not served as an officer,
director or employee of the subject company.

Independence: NVS has not had an investment banking relationship with, and has not received any compensation for investment banking services
from, the subject issuers in the past twelve (12) months, and NVS does not anticipate receiving or intend to seek compensation for investment
banking services from the subject issuers in the next three (3) months. The analyst/ research entity or its associates have not received any
compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in
the past twelve months. The analyst/ research entity has not managed or co-managed public offering of securities for the subject company in the
past twelve months.

The analyst or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with
the research report. The subject company is not and was not a client during twelve months preceding the date of distribution of the research

The analyst or NVS is not a market maker in the securities mentioned in this research report, although it or its affiliates may hold either long or
short positions in such securities. NVS or the research analysts do not hold more than 1% of the shares of the company (ies) covered in this
report at the end of the month immediately preceding the date of publication of the research report. However NVS, associate companies
and their clients might be holding this stock in their personal capacities.

Suitability and Risks: This research report is for informational purposes only and is not tailored to the specific investment objectives, financial
situation or particular requirements of any individual recipient hereof. Certain securities may give rise to substantial risks and may not be suitable
for certain investors. Each investor must make its own determination as to the appropriateness of any securities referred to in this research
report based upon the legal, tax and accounting considerations applicable to such investor and its own investment objectives or strategy, its
financial situation and its investing experience.

The value of any security may be positively or adversely affected by changes in foreign exchange or interest rates, as well as by other financial,
economic or political factors. Past performance is not necessarily indicative of future performance or results.

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NVS Wealth Managers Investment Advisers

Sources, Completeness and Accuracy: The material herein is based upon information obtained from sources that NVS and the research analyst
believe to be reliable, but neither NVS nor the research analyst represents or guarantees that the information contained herein is accurate or
complete and it should not be relied upon as such. Opinions expressed herein are current opinions as of the date appearing on this material and
are subject to change without notice. Furthermore, NVS is under no obligation to update or keep the information current.

Copyright: The copyright in this research report belongs exclusively to NVS. All rights are reserved. Any unauthorized use or disclosure is
prohibited. No reprinting or reproduction, in whole or in part, is permitted without NVSs prior consent, except that a recipient may reprint it
for internal circulation only and only if it is reprinted in its entirety.

Caution: Risk of loss in trading can be substantial. You should carefully consider whether trading is appropriate for you in light of your experience,
objectives, financial resources and other relevant circumstances.

Method: We have not rated the stock.

Rating Scale : This is a guide to the rating system used by our Research team. Our rating system comprises six rating categories, with a
corresponding risk rating.

Risk Rating

Risk Description Predictability of earnings/ Dividends; Price volatility

Low risk High predictability / low volatility

Medium risk Moderate predictability / volatility

High risk Low predictability / High volatility

Total expected return matrix

Rating Low Risk Medium Risk High Risk

Buy Over 15% Over 20% Over 25%

Accumulate 10% - 15% 15% - 20% 20% - 25%

Hold 0% - 10% 0% - 15% 0% - 20%

Sell Negative returns Negative returns Negative returns

Neutral NA NA NA

Not Rated NA NA NA

Please Note: Our recommendations are for a minimum period for one year.

Contact Details:

Corporate Office Address: 702, Embassy Centre, Nariman Point, Mumbai 400 021 Tel.:+91 22 6631 5511/12,

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