Hero project .xlsx

8/19/2019 Hero project .xlsx

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Sales Figures 2010

Sales of Hero4600130

Industry Total sales 9936924

Production Figures Hero MotoCorp Ltd 2010

4596245

Capacity

Desirable utiliation

!lant utiliation


2/175

2011 2012 2013 2014 2015 2016

5402444 6235205 60"35#1 6245960 6631"03 "315#6#$"

1"% 15% &3% 3% 6% 10%

126021#" 1459#319 14961494 16160444 1"696#2# 1#"5#63"$"

2"% 16% 2% #% 10% 6%

2011 2012 2013 2014 2015 2016

5400#49 6266516 6061613 623"2#" 66446#" "3"5602$5"

1#% 16% &3% 3% "% 11%

"500000 "500000

6"50000 6"50000


3/175

2017 2018 2019 2020 2021 2022

"#2"9"9$5 #6"0992$6# 93646"2$1 10113#45$9 10"206"6$6 1136391"$2

"% 11% #% #% 6% 6%

200"1"42$3 216""4#1$" 234116#0$2 252#4614$" 26#01691$5 2#409"93

"% #% #% #% 6% 6%

2017 2018 2019 2020 2021 2022

"965650$"# #602902$#4 9291135$06 1012"33"$2 106#4340$# 11325401$2

#% #% #% 9% 5% 6%

#"00000 9900000 10500000 10500000

"#30000 #910000 9450000 9450000

#40992$6#1 15346"2$1 22#3#45$#6


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2023 2024 2025

12045"52$2 12"6#49"$4 1353460"$2

6% 6% 6%

301143#0$6 31921243$4 33#3651#$1

6% 6% 6%

2023 2024 2025

12004925$3 12"25220$# 134##"34$1

6% 6% 6%


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Assumptions

'ar(et S)are o* +ero 'otoCorp is assu,ed to be 39-40 %

!rodution is e.pected to gro/ /rt to t)e de,and

Industry is e.pected to gro/ at 6% in F2016 and at C #%t)erea*ter till 2020$ T)erea*ter t)e 2 industry is e.pected to,ature an gro/ at about 6% till 2025

Firstly t)e e.isiting capacity /ill be utilied to 90% o* its,a.i,u, alue as per t)e ongoing trend o* +ero


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7/175

oto Corp nnual eport

e Crisil researc)


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!e"r #nd 2010 2011 2012

S78CS 7F F8:DS

S)are Capital 399$4 399$4 399$4

S)are /arrants ; 7utstandings 0 0 0

esere 34250$# 29161$2 4249#$9S)are)older


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2013 2014 2015

399$4 399$4 399$4

0 0 6$"

49663 55599$3 6500"$250062$4 5599#$" 65413$3

0 0 0

3323$2 "44$3 969$5

3323$2 "44$3 969$5

533#5$6 56"43 663#2$#

66#50$" 690#9$4 #1140$3

36140$9 46656$9 52013$4

0 0 0

0 0 0

620$9 #541$1 "125$5

0 0 0

0 0 0

44403$3 46139$" 3#311$2

636"$6 6695$5 #154$9

6650 9205$# 13#95$9

1#10$4 11"5 1592$5

1"#0$5 16"5$9 3923$9

40"4 404"$" 2350$#206#2$5 22"99$9 2991#

2"609$# 2#"#6$" 31493$6

1409" 15443$3 "340$6

41"06$# 44230 3##34$2

&21024$3 &21430$1 Δ$2

0 0 0

&1324$1 1059$# "35$4

533#5$6 56"43 663#2$#4"0$9 292$4 40$9


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2018 2019

Sales *ro, ! !lant 'n e)icles 0$##40992 1$5346"2

!riceAe)icle 4"#9#$46#6 49335$4226

Sales 'illions 42346$99"" "5"13$691"

C7S G "3% o* sales 30913$30#3 552"0$9949ross proHt 11433$6#94 20442$696#

S; G "% o* sales 2964$2#9#4 5299$95#42

7perating proHt #469$39955 15142$"3#3

Depriciation G 3 % o* sales 12"0$40993 22"1$410"5

?IT "19#$9#961 12#"1$32"6

Ta.G30% 2159$696## 3#61$39#2#

!T 5039$292"3 9009$92931

Inentories 1020$3##62 1#24$3###2

Inentory days #$#

ccounts eceiables "64$566343 1366$99515

ecieable days 6$5

ccounts !ayable 416#$"6221 "453$4""0"

!ayable Days 26$6

or(ing Capital &23#3$#0"25 &4262$09311C)ange in or(ing Capital &1#"#$2#5#6

Capital .penditure #4$6939955 151$42"3#3

0$2% o* reenue

FCFF &16000 #60#$#1592 15392$005#

Initial Inest,ent 16000

acc 12%

:! 43B266$94


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2020 2021 2022 2023 2024

1$62 1$62 1$62 1$62 1$62

50#15$4#5293 52339$9499 53910$14#3 5552"$452# 5"193$2"64

#2321$0#61"4 #4"90$"1## #"334$4403 #9954$4"35 92653$10""

60094$39290" 61#9"$224" 63"54$1414 65666$"65" 6"636$"6#622226$69326" 22#93$4941 235#0$29#9 242#"$"0"9 25016$3391

5"62$4"60322 5935$35031 6113$410#2 6296$#1315 64#5$"1"54

16464$21"235 1695#$143# 1"466$###1 1"990$#94" 1#530$6215

2469$6325#52 2543$"2156 2620$03321 269#$63421 2""9$59323

13994$5#465 14414$4222 14#46$#549 15292$2605 15"51$02#3

419#$3"53949 4324$32666 4454$05646 45#"$6"#15 4"25$30#49

9"96$209254" 10090$0955 10392$"9#4 10"04$5#24 11025$"19#

19#3$599#"1 2043$10"#" 2104$4011 216"$53314 2232$55913

14#6$2902956 1530$#"9 15"6$#053" 1624$10954 16"2$#32#2

#103$92#296 #34"$04614 #59"$45"53 ##55$3#126 9121$04269

&4634$03#129 &4""3$0592" &4916$25105 &5063$"3#5# &5215$650"4&3"1$94501#9 &139$021144 &143$191""# &14"$4#"532 &151$91215"

164$6421"235 169$5#143# 1"4$66###1 1"9$90#94" 1#5$306215

16"35$23""9" 1"23"$2949 1""54$413# 1#2#"$0462 1##35$65"6


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2025 2026 2027 2028 2029 2030

1$62 1$62 1$62 1$62 1$62 1$62

5#909$0"4" 606"6$3469 62496$63"3 643"1$5364 66302$6#25 6#291$"63

95432$"01 9#295$6#2 101244$552 1042#1$##9 10"410$346 110632$656

69665$#"1" "1"55$#4"9 "390#$5233 "6125$""9 "#409$5524 #0"61$#3#925"66$#293 26539$#341 2"336$0292 2#156$11 29000$"933 29#"0$#1"1

66#0$2#90" 6##0$69""4 "0#"$11#6" "299$"3223 "51#$"242 ""44$2#593

190#6$5402 19659$1364 2024#$9105 20#56$3""# 214#2$0691 22126$5312

2#62$9#103 294#$#"046 303"$3365" 312#$4566" 3222$3103" 331#$9"96#

16223$5592 16"10$2659 1"211$5"39 1""2"$9211 1#259$"5## 1##0"$5515

4#6"$06""5 5013$0"9"# 5163$4"21# 531#$3"634 54""$92"63 5642$26546

11356$4914 1169"$1#62 1204#$101" 12409$544# 12"#1$#311 13165$2#61

2299$5359 236#$5219# 2439$5""64 2512$"649" 25##$14"92 2665$"9236

1"23$01"#1 1""4$"0#34 1#2"$94959 1##2$"##0# 1939$2"1"2 199"$449#"

9394$6"39" 96"6$51419 9966$#0962 10265$#139 105"3$"##3 10#91$002

&53"2$12026 &5533$2#3#" &5699$2#239 &5#"0$260#6 &6046$36#6# &622"$"59"4&156$469522 &161$16360# &165$99#516 &1"0$9"#4"2 &1"6$10"#26 &1#1$39106

190$#65402 196$591364 202$4#9105 20#$563""# 214$#20691 221$265312

19400$"2"3 199#2$"491 205#2$2316 21199$69#5 21#35$6#95 22490$"602


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2011 2012 2013 2014

$ross s"%es &'s Mi%%ions( 209841)3 253160)9 256596)7 270195)5

units sold ,illions 5$402444 6$235205 6$0"35#1 6$24596

ealiationAe)icle 3##41$9204 40601$#56" 4224#$00#2 43259$242#


14/175

2015 2016 2017 2018 2019

290693)3 330303$39652 36402"$3#4 41532"$23# 462010$051

6$631"03 "$315#6# "$#2"9"9 #$6"0992 9$3646"2

43#33$##3996 4514#$900516 46503$36"5 4"#9#$46#6 49335$4226


15/175

2020 2021 2022 2023 2024 2025

513939$942 561119$644 61263$0451 66##69$926 "302"2$1"# "9"311$1"4

10$113#45 10$"206"6 1$136391" 12$045"52 12$"6#49" 13$53460"

50#15$4#53 52339$9499 53910$14#3 5552"$452# 5"193$2"64 5#909$0"4"


16/175

606"6$3469 62496$63"3 643"1$5364 66302$6#25 6#291$"63 "0340$5159


17/175

"2450$"314 "4624$2533


18/175

&Figures in 's)Mi%%ions( 2010 * 11 2011 * 12

$ross s"%es 209841)3 100+ 253160)9

Total excise & indirect taxes -14203.0 *7+ -16661.8

et s"%es 195638)3 93+ 236499)1

Other related income 1664.1 1+ 2289.4

,per"ting income 197302)4 94+ 238788)5

cogs 15"202$# 75+ 1#6490$0

#-penditure. 0+

aterial costs 141483.4 67+ 1!3!90.3

Traded "oods #$rchased 3196.2 2+ 294%.2

'ccretion( )ecretion to stoc*s -24%.4 0+ -921.6

+ons$ma,le stores 8!!.! 0+ 1022.8

oer and f$el 1004.! 0+ 1126.6

/m#loee costs 6189.% 3+ !3%%.2

Other man$fact$rin" ex#enses 4696.! 2+ 11!1.%

Other ex#enses %1%!.0 2+ 6329.2

Sellin" ex#enses 8680.6 4+ 9639.3

Cost o/ s"%es 171040)4 82+ 202458)5

O)T 26262.0 13+ 36330.0

nterest and finance char"es 130.4 0+ 213.0

,P 26131)6 12+ 36117)0

)e#reciation 4023.8 2+ 109!3.4

,P 22107)8 11+ 25143)6

on-o#eratin" income 2!44.3 1+ 3%10.0

'T 248%2.1 12+ 286%3.6

+ash ad$stments 0.0 0+ 0.0

on cash 'd$stments 0.0 0+ 0.0

/xtraordinar income 0.0 0+ 0.0

/xtraordinar ex#enses -804.% 0+ -6.%

P 24047)6 11+ 28647)1

Tax 3828.4 16+ %2%0.9

ro5ision for deferred tax 940.2 0+ -38%.1

Pro/it "/ter t"- PA 19279)0 9+ 23781)3


19/175

2012*13 2013*14

100+ 256596)7 100+ 270195)5 100+

*7+ -188!1.% *7+ -18800.8 *7+

93+ 237725)2 93+ 251394)7 93+

1+ 2062.9 1+ 1!39.8 1+

94+ 239788)1 93+ 253134)5 94+

74+ 1##5"#$0 73+ 19"296$3 73+

0+ 0+ 0+

69+ 1!389!.% 68+ 182392.! 68+

1+ 181%.9 1+ 142.9 0+

0+ 3!0.2 0+ 311.0 0+

0+ 10%8.! 0+ 821.4 0+

0+ 1291.8 1+ 13!4.6 1+

3+ 8209.2 3+ 9300.4 3+

0+ 1934.! 1+ 29%3.3 1+

3+ !066.0 3+ 80%6.2 3+

4+ 11222.! 4+ 1223!.1 5+

80+ 206866)7 81+ 217589)6 81+

14+ 32921.4 13+ 3%%44.9 13+

0+ 119.1 0+ 118.2 0+

14+ 32802)3 13+ 35426)7 13+

4+ 1141!.% 4+ 110!3.! 4+

10+ 21384)8 8+ 24353)0 9+

1+ 3913.1 2+ 4324.0 2+

11+ 2%29!.9 10+ 286!!.0 11+

0+ 0.0 0+ 0.0 0+

0+ 0.0 0+ 0.0 0+

0+ 0.0 0+ 0.0 0+

0+ -%.9 0+ -4.% 0+

11+ 25292)0 10+ 28672)5 11+

18+ 4868.9 19+ 996%.6 35+

0+ -!%8.% 0+ -2383.9 *1+

9+ 21181)6 8+ 21090)8 8+


20/175

2014*15

290693)3 100%

-1!22%.1 &6%

273468)2 94%

2331.4 1%

275799)6

95%215259)6 "4%

0%

1981!6.9 6#%

10.9 0%

-394.3 0%

1069.6 0%

1%84.! 1%

11!28.! 4%

3083.% 1%

9936.! 3%

1%2%3.3 5%

240449)6 #3%

3%3%0.0 12%

110.9 0%

35239)1 12%

%400.1 2%

29839)0 10%

%006.8 2%

3484%.8 12%0.0 0%

0.0 0%

0.0 0%

-190%.6 &1%

32940)2 11%

8989.1 2"%

324.4 0%

23626)7 #%


21/175

1"1040$4 20245#$5 206#66$" 21"5#9$6 240449$6

8680.6 9639.3 11222.! 1223!.1 1%2%3.3

%1%!.0 6329.2 !066.0 80%6.2 9936.!

13#3"$6 1596#$5 1#2##$" 20293$3 25190$0

0$0659431" 0$0630"649 0$0"12"41 0$0"510599 0$0#66549


22/175

!e"r #nd 2010 2011 2012

arnings !er S)are s 111$"6 96$54 119$09

C!Ss 121$35 116$69 1"4$03

[email protected] !S s$ 111$"6 96$54 119$09

D!Ss 110 105 45

[email protected] D!Ss 110 105 45?oo( :AS)ares 1"3$51 14#$03 214$#1

[email protected] ?oo( alue s 1"3$51 14#$03 214$#1

Ta. ate% 21$1# 19$#3 16$99

Diidend !ay 7ut atio% 9#$43 10#$"6 3"$"9

'argin atios

Core ?ITD 'argin% 15$56 12$29 14$01

?IT 'argin% 16$#9 11$63 11$44

!re Ta. 'argin% 16$## 11$55 11$35

!T 'argin % 13$3 9$26 9$42

Cas) !roHt 'argin % 14$44 11$2 13$""

!er*or,ance atios

7 % 30$59 20$04 23$0"

7 % 61$43 60$05 65$64

7C % "6$4# 55$94 51$#1

sset Turnoer. 2$3 2$16 2$45

Inentory Turnoer. 43$9" 43$31 42$04

Debtors Turnoer. 129$92 1"4$2 125$2"

SalesAFi.ed sset. 6$3" 5$02 4$26

or(ing CapitalASales. 10$3 $01 51$55Jciency atios

Fi.ed CapitalASales. 0$16 0$2 0$23

eceiable days 2$#1 2$1 2$91

Inentory Days #$3 #$43 #$6#

!ayable days 26$26 35$6# 39$""

ro/t) atio

:et Sales ro/t)% 2"$92 23$1 21$55

Core ?ITD ro/t)% 53$99 &4$0" 3"$26

?IT ro/t)% 5#$#5 &14$61 19$26!T ro/t)% "4$12 &13$62 23$35

!S ro/t)% "4$12 &13$62 23$35

Financial Stability atios

Total DebtAKuity. 0$02 0$"3 0$4

Current atio. 1$34 0$96 1$11

Luic( atio. 1$25 0$#" 0$96

Interest Coer. 1349$44 159$52 135$49


23/175

2013 2014 2015

106$0" 105$61 119$46

163$24 161$06 146$5

106$0" 105$61 119$46

60 65 60

60 65 60250$69 2#0$41 32"$52

250$69 2#0$41 32"$52

16$25 26$44 2#$33

56$5" 61$55 50$23

12$44 12$69 11$"#

9$9 10$6 11$4

9$#6 10$56 11$36

#$25 "$"" #$14

12$" 11$#4 9$9#

21$69 21$49 23$34

45$5" 39$"" 39$3

42$46 4#$66 53$"6

2$63 2$"" 2$#"

39$11 41$5# 39$46

54$"5 34$25 25$3"

3$95 4 3$9

2#$29 23$9" 20$95

0$25 0$25 0$26

6$6" 10$66 14$39

9$33 #$"# 9$25

3"$3# 35$52 40$9#

0$# 6$34 9$14

&"$54 #$24 1$22

&11$95 13$3 16$01&10$93 &0$43 13$11

&10$93 &0$43 13$11

0$19 0$05 0

1$22 1$26 1$36

1$06 1$1 1$15

213$36 243$5# 301$16


24/175

2011 2012 2013

s"%es &'s Mi%%ions( 209841)3 253160)9 256596)7

C7S G"3% o* ross Sales 1"1040$4 20245#$5 206#66$"

ross !roHt 3##00$9 50"02$4 49"30$0

Capital .p 499$6 3##$4 620$9

0$0023#0#4" 0$0015342 0$002419"5


25/175

2014 2015 2016 2017 2018

270195)5 290693)3 330303$39" 36402"$3#4 41532"$23#

21"5#9$6 240449$6 241121$4"9 265"39$991 3031##$##4

52605$9 50243$" #91#1$9 9#2#"$4 11213#$4

#541$1 "125$5


26/175

2019 2020 2021 2022 2023 2024

462010$051 513939$942 561119$644 61263$0451 66##69$926 "302"2$1"#

33"26"$33" 3"51"6$15# 40961"$34 44"22$0229 4##2"5$046 53309#$69

124"42$" 13#"63$# 151502$3 16541$0 1#0594$9 19"1"3$5


27/175


28/175

+ate er! '!t!C!rp

4&'ar&13 1B63#$55

5&'ar&13 1B645$65

6&'ar&13 1B646$50

"&'ar&13 1B"13$20

#&'ar&13 1B"42$90

11&'ar&13 1B699$15

12&'ar&13 1B6""$65

13&'ar&13 1B6"1$20

14&'ar&13 1B66#$#0

15&'ar&13 1B6#3$20

1#&'ar&13 1B6#6$20

19&'ar&13 1B643$90

20&'ar&13 1B653$05

21&'ar&13 1B623$20

22&'ar&13 1B656$20

25&'ar&13 1B616$05

26&'ar&13 1B5"2$50

2#&'ar&13 1B541$90

1&pr&13 1B535$65

2&pr&13 1B533$10

3&pr&13 1B49#$#5


29/175

4&pr&13 1B45#$#5

5&pr&13 1B4"#$50

#&pr&13 1B4"#$#5

9&pr&13 1B465$05

10&pr&13 1B459$60

11&pr&13 1B451$50

12&pr&13 1B450$55

15&pr&13 1B43"$25

16&pr&13 1B4##$25

1"&pr&13 1B493$40

1#&pr&13 1B502$"0

22&pr&13 1B52#$20

23&pr&13 1B5"2$05

25&pr&13 1B620$00

26&pr&13 1B596$95

29&pr&13 1B64#$65

30&pr&13 1B645$10

2&'ay&13 1B612$#5

3&'ay&13 1B609$90

6&'ay&13 1B64"$25

"&'ay&13 1B"0"$40

#&'ay&13 1B6""$00


30/175

9&'ay&13 1B6"6$10

10&'ay&13 1B"05$30

11&'ay&13 1B"10$35

13&'ay&13 1B6#1$50

14&'ay&13 1B6"2$20

15&'ay&13 1B"03$#5

16&'ay&13 1B695$30

1"&'ay&13 1B6#5$#5

20&'ay&13 1B"01$05

21&'ay&13 1B6#5$25

22&'ay&13 1B650$#5

23&'ay&13 1B649$15

24&'ay&13 1B634$"0

2"&'ay&13 1B661$15

2#&'ay&13 1B"45$"5

29&'ay&13 1B"#"$45

30&'ay&13 1B"52$35

31&'ay&13 1B"30$"0

3&Mun&13 1B66"$55

4&Mun&13 1B66#$20

5&Mun&13 1B664$00

6&Mun&13 1B642$95


31/175

"&Mun&13 1B646$10

10&Mun&13 1B652$45

11&Mun&13 1B649$55

12&Mun&13 1B610$50

13&Mun&13 1B60#$#5

14&Mun&13 1B602$30

1"&Mun&13 1B623$#0

1#&Mun&13 1B640$30

19&Mun&13 1B619$60

20&Mun&13 1B599$95

21&Mun&13 1B624$90

24&Mun&13 1B5#0$#0

25&Mun&13 1B5#3$45

26&Mun&13 1B63#$15

2"&Mun&13 1B652$65

2#&Mun&13 1B662$25

1&Mul&13 1B69#$50

2&Mul&13 1B6#0$25

3&Mul&13 1B659$25

4&Mul&13 1B654$"0

5&Mul&13 1B646$90

#&Mul&13 1B651$#5


32/175

9&Mul&13 1B65#$45

10&Mul&13 1B651$"0

11&Mul&13 1B699$95

12&Mul&13 1B"0#$50

15&Mul&13 1B"26$90

16&Mul&13 1B692$#0

1"&Mul&13 1B6#"$40

1#&Mul&13 1B"26$90

19&Mul&13 1B""2$15

22&Mul&13 1B"##$40

23&Mul&13 1B"#4$50

24&Mul&13 1B"5"$"5

25&Mul&13 1B#29$10

26&Mul&13 1B#65$10

29&Mul&13 1B#"4$25

30&Mul&13 1B#4"$60

31&Mul&13 1B#19$20

1&ug&13 1B#10$#5

2&ug&13 1B"96$"5

5&ug&13 1B#53$45

6&ug&13 1B#4#$65

"&ug&13 1B#29$"0


33/175

#&ug&13 1B#50$55

12&ug&13 1B905$05

13&ug&13 1B941$60

14&ug&13 1B936$40

16&ug&13 1B9#2$95

19&ug&13 1B926$40

20&ug&13 1B#99$45

21&ug&13 1B#69$#0

22&ug&13 1B902$60

23&ug&13 1B901$05

26&ug&13 1B945$"0

2"&ug&13 1B900$50

2#&ug&13 1B913$20

29&ug&13 1B9"2$#0

30&ug&13 2B030$10

2&Sep&13 2B026$#0

3&Sep&13 1B#93$45

4&Sep&13 1B92"$15

5&Sep&13 1B943$#0

6&Sep&13 1B92#$95

10&Sep&13 2B06#$30

11&Sep&13 2B0##$50


34/175

12&Sep&13 2B010$"5

13&Sep&13 2B052$35

16&Sep&13 2B095$30

1"&Sep&13 2B0"0$00

1#&Sep&13 2B011$25

19&Sep&13 2B039$"0

20&Sep&13 1B9#2$10

23&Sep&13 1B999$60

24&Sep&13 2B004$55

25&Sep&13 2B035$15

26&Sep&13 2B015$20

2"&Sep&13 2B04#$20

30&Sep&13 2B00#$#0

1&7ct&13 1B99"$"0

3&7ct&13 2B030$30

4&7ct&13 2B032$#5

"&7ct&13 2B03"$20

#&7ct&13 2B019$#0

9&7ct&13 2B060$45

10&7ct&13 2B046$15

11&7ct&13 2B0"#$00

14&7ct&13 2B100$05


35/175

15&7ct&13 2B04#$"5

1"&7ct&13 2B0"1$30

1#&7ct&13 2B096$60

21&7ct&13 2B09#$65

22&7ct&13 2B069$95

23&7ct&13 2B0#"$"0

24&7ct&13 2B0"9$35

25&7ct&13 2B034$90

2#&7ct&13 1B99"$00

29&7ct&13 2B062$00

30&7ct&13 2B0"3$10

31&7ct&13 2B0""$10

1&:o&13 2B101$35

3&:o&13 2B111$90

5&:o&13 2B091$#5

6&:o&13 2B106$25

"&:o&13 2B109$90

#&:o&13 2B092$95

11&:o&13 2B053$20

12&:o&13 2B03"$#0

13&:o&13 2B000$00

14&:o&13 2B04"$40


36/175

1#&:o&13 2B056$#5

19&:o&13 2B05#$95

20&:o&13 2B015$#5

21&:o&13 1B99#$20

22&:o&13 1B9""$10

25&:o&13 2B024$55

26&:o&13 2B044$95

2"&:o&13 2B051$"0

2#&:o&13 2B059$"5

29&:o&13 2B050$60

2&Dec&13 2B062$90

3&Dec&13 2B04#$15

4&Dec&13 2B030$95

5&Dec&13 2B050$95

6&Dec&13 2B09#$"0

9&Dec&13 2B121$"5

10&Dec&13 2B203$10

11&Dec&13 2B169$"5

12&Dec&13 2B12#$30

13&Dec&13 2B064$95

16&Dec&13 2B041$30

1"&Dec&13 2B055$45


37/175

1#&Dec&13 2B119$90

19&Dec&13 2B0#4$05

20&Dec&13 2B12"$35

23&Dec&13 2B162$90

24&Dec&13 2B132$#5

26&Dec&13 2B09"$50

2"&Dec&13 2B0#6$#0

30&Dec&13 2B06"$50

31&Dec&13 2B0"4$#0

1&Man&14 2B0#6$05

2&Man&14 2B0#0$40

3&Man&14 2B096$50

6&Man&14 2B06#$05

"&Man&14 2B06"$"5

#&Man&14 2B064$95

9&Man&14 2B06#$25

10&Man&14 2B035$15

13&Man&14 2B03#$"5

14&Man&14 2B035$50

15&Man&14 2B0"4$05

16&Man&14 2B0"3$90

1"&Man&14 2B0"5$15


38/175

20&Man&14 2B0#5$"5

21&Man&14 2B0"1$55

22&Man&14 2B059$"5

23&Man&14 2B052$#0

24&Man&14 2B035$20

2"&Man&14 2B014$#0

2#&Man&14 2B013$45

29&Man&14 2B0"0$#5

30&Man&14 1B999$"5

31&Man&14 1B9"0$45

3&Feb&14 1B963$05

4&Feb&14 1B9##$15

5&Feb&14 1B9#3$40

6&Feb&14 1B9#3$35

"&Feb&14 2B00"$35

10&Feb&14 1B99"$40

11&Feb&14 1B960$#5

12&Feb&14 1B9"4$#0

13&Feb&14 1B9"2$05

14&Feb&14 1B936$"0

1"&Feb&14 1B9"5$25

1#&Feb&14 1B9""$55


39/175

19&Feb&14 1B94"$05

20&Feb&14 1B92#$10

21&Feb&14 1B91#$35

24&Feb&14 1B950$35

25&Feb&14 1B951$10

26&Feb&14 1B9"3$05

2#&Feb&14 1B965$10

3&'ar&14 1B956$10

4&'ar&14 1B9"#$95

5&'ar&14 1B9"1$"5

6&'ar&14 2B011$"0

"&'ar&14 2B003$20

10&'ar&14 2B016$65

11&'ar&14 2B01#$00

12&'ar&14 2B063$15

13&'ar&14 2B100$60

14&'ar&14 2B125$35

1#&'ar&14 2B129$60

19&'ar&14 2B11"$15

20&'ar&14 2B10"$#5

21&'ar&14 2B066$90

22&'ar&14 2B0"1$20


40/175

24&'ar&14 2B122$60

25&'ar&14 2B190$60

26&'ar&14 2B1"6$"5

2"&'ar&14 2B244$45

2#&'ar&14 2B246$50

31&'ar&14 2B2"2$#5

1&pr&14 2B24#$55

2&pr&14 2B250$15

3&pr&14 2B250$65

4&pr&14 2B250$10

"&pr&14 2B23#$90

9&pr&14 2B243$30

10&pr&14 2B205$10

11&pr&14 2B1"1$55

15&pr&14 2B222$40

16&pr&14 2B16#$10

1"&pr&14 2B21"$"0

21&pr&14 2B246$20

22&pr&14 2B266$20

23&pr&14 2B249$95

25&pr&14 2B203$#0

2#&pr&14 2B165$05


41/175

29&pr&14 2B145$20

30&pr&14 2B193$#5

2&'ay&14 2B194$45

5&'ay&14 2B211$15

6&'ay&14 2B1#0$95

"&'ay&14 2B164$30

#&'ay&14 2B132$05

9&'ay&14 2B215$60

12&'ay&14 2B304$55

13&'ay&14 2B42#$#5

14&'ay&14 2B431$"5

15&'ay&14 2B441$25

16&'ay&14 2B39"$#0

19&'ay&14 2B444$40

20&'ay&14 2B369$30

21&'ay&14 2B343$65

22&'ay&14 2B306$95

23&'ay&14 2B34"$#0

26&'ay&14 2B303$25

2"&'ay&14 2B302$40

2#&'ay&14 2B350$30

29&'ay&14 2B344$05


42/175

30&'ay&14 2B343$"5

2&Mun&14 2B3#5$10

3&Mun&14 2B455$"5

4&Mun&14 2B543$35

5&Mun&14 2B5#"$50

6&Mun&14 2B6#2$65

9&Mun&14 2B"25$90

10&Mun&14 2B662$60

11&Mun&14 2B"05$40

12&Mun&14 2B"0#$55

13&Mun&14 2B5##$#5

16&Mun&14 2B610$"5

1"&Mun&14 2B5#9$20

1#&Mun&14 2B543$20

19&Mun&14 2B53"$#5

20&Mun&14 2B520$00

23&Mun&14 2B5#0$10

24&Mun&14 2B613$65

25&Mun&14 2B640$05

26&Mun&14 2B644$45

2"&Mun&14 2B623$45

30&Mun&14 2B62"$20


43/175

1&Mul&14 2B640$#0

2&Mul&14 2B6"4$20

3&Mul&14 2B5#9$40

4&Mul&14 2B5#2$"0

"&Mul&14 2B614$25

#&Mul&14 2B5"4$40

9&Mul&14 2B536$"0

10&Mul&14 2B435$55

11&Mul&14 2B434$"5

14&Mul&14 2B452$25

15&Mul&14 2B409$15

16&Mul&14 2B433$90

1"&Mul&14 2B444$35

1#&Mul&14 2B50#$50

21&Mul&14 2B515$65

22&Mul&14 2B521$05

23&Mul&14 2B553$05

24&Mul&14 2B536$30

25&Mul&14 2B5"4$95

2#&Mul&14 2B533$20

30&Mul&14 2B601$35

31&Mul&14 2B596$05


44/175

1&ug&14 2B59#$90

4&ug&14 2B606$65

5&ug&14 2B5#4$20

6&ug&14 2B596$55

"&ug&14 2B602$50

#&ug&14 2B590$15

11&ug&14 2B606$15

12&ug&14 2B59#$40

13&ug&14 2B5#0$45

14&ug&14 2B510$95

1#&ug&14 2B509$35

19&ug&14 2B540$65

20&ug&14 2B545$#5

21&ug&14 2B55"$55

22&ug&14 2B531$00

25&ug&14 2B5"#$65

26&ug&14 2B563$"5

2"&ug&14 2B604$90

2#&ug&14 2B60#$15

1&Sep&14 2B"59$25

2&Sep&14 2B#01$65

3&Sep&14 2B""5$30


45/175

4&Sep&14 2B#25$95

5&Sep&14 2B"64$95

#&Sep&14 2B"#1$90

9&Sep&14 2B"49$25

10&Sep&14 2B6#2$15

11&Sep&14 2B"20$#0

12&Sep&14 2B"56$90

15&Sep&14 2B#00$95

16&Sep&14 2B"91$30

1"&Sep&14 2B#39$95

1#&Sep&14 2B99#$15

19&Sep&14 2B951$05

22&Sep&14 2B999$#0

23&Sep&14 2B9#5$45

24&Sep&14 2B949$55

25&Sep&14 2B934$30

26&Sep&14 2B#96$20

29&Sep&14 2B#63$"0

30&Sep&14 2B#42$05

1&7ct&14 2B#"#$90

"&7ct&14 2B#11$"5

#&7ct&14 2B#03$50


46/175

9&7ct&14 2B#1#$90

10&7ct&14 2B#42$20

13&7ct&14 2B#"3$#0

14&7ct&14 2B#56$"0

16&7ct&14 2B"91$#5

1"&7ct&14 2B#""$10

20&7ct&14 2B936$90

21&7ct&14 2B995$10

22&7ct&14 3B115$95

23&7ct&14 3B11"$10

2"&7ct&14 3B0#6$"0

2#&7ct&14 3B034$#0

29&7ct&14 3B041$45

30&7ct&14 3B030$15

31&7ct&14 3B061$60

3&:o&14 3B010$"5

5&:o&14 2B95"$35

"&:o&14 2B#9#$50

10&:o&14 2B930$"5

11&:o&14 2B923$65

12&:o&14 2B96"$40

13&:o&14 2B926$45


47/175


48/175

16&Dec&14 3B134$00

1"&Dec&14 3B061$90

1#&Dec&14 3B06"$05

19&Dec&14 3B063$30

22&Dec&14 3B115$60

23&Dec&14 3B140$10

24&Dec&14 3B10#$90

26&Dec&14 3B09"$30

29&Dec&14 3B150$#5

30&Dec&14 3B0#4$#5

31&Dec&14 3B103$40

1&Man&15 3B10"$30

2&Man&15 3B09"$"5

5&Man&15 3B11#$65

6&Man&15 3B011$#0

"&Man&15 2B9""$10

#&Man&15 2B9#4$45

9&Man&15 2B993$15

12&Man&15 2B936$20

13&Man&15 2B#93$"0

14&Man&15 2B905$20

15&Man&15 2B950$25


49/175

16&Man&15 2B#96$#5

19&Man&15 2B#41$"5

20&Man&15 2B#2"$"0

21&Man&15 2B#"6$50

22&Man&15 2B#3#$15

23&Man&15 2B#59$65

2"&Man&15 2B#56$"0

2#&Man&15 2B#65$45

29&Man&15 2B#"5$40

30&Man&15 2B#69$55

2&Feb&15 2B#34$40

3&Feb&15 2B#12$35

4&Feb&15 2B#29$90

5&Feb&15 2B#4"$05

6&Feb&15 2B""9$50

9&Feb&15 2B"2#$50

10&Feb&15 2B"20$65

11&Feb&15 2B"52$45

12&Feb&15 2B#05$35

13&Feb&15 2B#52$50

16&Feb&15 2B#06$25

1#&Feb&15 2B663$45


50/175

19&Feb&15 2B66"$20

20&Feb&15 2B659$#5

23&Feb&15 2B646$#0

24&Feb&15 2B651$20

25&Feb&15 2B625$55

26&Feb&15 2B625$65

2"&Feb&15 2B6"0$35

2#&Feb&15 2B6#2$65

2&'ar&15 2B624$"5

3&'ar&15 2B636$95

4&'ar&15 2B621$40

5&'ar&15 2B60#$10

9&'ar&15 2B599$65

10&'ar&15 2B620$55

11&'ar&15 2B61"$00

12&'ar&15 2B642$65

13&'ar&15 2B609$50

16&'ar&15 2B629$65

1"&'ar&15 2B652$45

1#&'ar&15 2B6"4$05

19&'ar&15 2B665$05

20&'ar&15 2B614$#0


51/175

23&'ar&15 2B63#$00

24&'ar&15 2B60"$#0

25&'ar&15 2B595$60

26&'ar&15 2B60#$05

2"&'ar&15 2B5"6$"5

30&'ar&15 2B636$55

31&'ar&15 2B642$60

1&pr&15 2B655$60

6&pr&15 2B6"1$#0

"&pr&15 2B640$00

#&pr&15 2B605$10

9&pr&15 2B610$00

10&pr&15 2B5#4$25

13&pr&15 2B5#0$65

15&pr&15 2B523$#5

16&pr&15 2B42#$#5

1"&pr&15 2B410$15

20&pr&15 2B314$"0

21&pr&15 2B329$45

22&pr&15 2B40#$60

23&pr&15 2B3"2$55

24&pr&15 2B352$55


52/175

2"&pr&15 2B324$05

2#&pr&15 2B356$35

29&pr&15 2B3"2$#5

30&pr&15 2B329$45

4&'ay&15 2B3#6$00

5&'ay&15 2B35"$"0

6&'ay&15 2B325$95

"&'ay&15 2B354$10

#&'ay&15 2B301$55

11&'ay&15 2B3#4$20

12&'ay&15 2B459$90

13&'ay&15 2B502$10

14&'ay&15 2B529$95

15&'ay&15 2B52#$40

1#&'ay&15 2B520$60

19&'ay&15 2B5"5$10

20&'ay&15 2B5"9$25

21&'ay&15 2B602$50

22&'ay&15 2B600$90

25&'ay&15 2B5#6$#5

26&'ay&15 2B616$05

2"&'ay&15 2B605$05


53/175

2#&'ay&15 2B641$95

29&'ay&15 2B696$00

1&Mun&15 2B"09$"0

2&Mun&15 2B60"$#5

3&Mun&15 2B5"#$05

4&Mun&15 2B54#$40

5&Mun&15 2B5"6$#5

#&Mun&15 2B519$20

9&Mun&15 2B501$65

10&Mun&15 2B516$25

11&Mun&15 2B503$65

12&Mun&15 2B506$#0

15&Mun&15 2B509$25

16&Mun&15 2B543$90

1"&Mun&15 2B525$60

1#&Mun&15 2B523$90

19&Mun&15 2B551$"0

22&Mun&15 2B5#0$60

23&Mun&15 2B523$20

24&Mun&15 2B521$15

25&Mun&15 2B552$05

26&Mun&15 2B54"$00


54/175

29&Mun&15 2B53#$45

30&Mun&15 2B524$30

1&Mul&15 2B51#$#0

2&Mul&15 2B532$#5

3&Mul&15 2B5""$#0

6&Mul&15 2B612$40

"&Mul&15 2B562$50

#&Mul&15 2B552$95

9&Mul&15 2B605$40

10&Mul&15 2B5"2$50

13&Mul&15 2B600$65

14&Mul&15 2B640$20

15&Mul&15 2B660$10

16&Mul&15 2B650$00

1"&Mul&15 2B649$#0

20&Mul&15 2B660$"5

21&Mul&15 2B6#5$#5

22&Mul&15 2B"0"$"0

23&Mul&15 2B"14$30

24&Mul&15 2B"3#$20

2"&Mul&15 2B605$65

2#&Mul&15 2B531$55


55/175


56/175

2#&ug&15 2B400$95

31&ug&15 2B39"$35

1&Sep&15 2B3#5$30

2&Sep&15 2B343$25

3&Sep&15 2B329$95

4&Sep&15 2B292$55

"&Sep&15 2B2"9$#0

#&Sep&15 2B31"$30

9&Sep&15 2B34"$"5

10&Sep&15 2B343$95

11&Sep&15 2B342$05

14&Sep&15 2B34#$60

15&Sep&15 2B310$60

16&Sep&15 2B363$00

1#&Sep&15 2B42#$55

21&Sep&15 2B424$#0

22&Sep&15 2B3#6$10

23&Sep&15 2B401$30

24&Sep&15 2B3#0$65

2#&Sep&15 2B350$"5

29&Sep&15 2B331$"0

30&Sep&15 2B395$65


57/175


58/175

4&:o&15 2B614$40

5&:o&15 2B63#$60

6&:o&15 2B632$90

9&:o&15 2B61#$50

10&:o&15 2B65"$40

11&:o&15 2B644$40

13&:o&15 2B610$95

16&:o&15 2B611$45

1"&:o&15 2B59"$#0

1#&:o&15 2B5"1$#5

19&:o&15 2B591$35

20&:o&15 2B563$65

23&:o&15 2B63"$25

24&:o&15 2B645$#0

26&:o&15 2B6#0$#0

2"&:o&15 2B"04$15

30&:o&15 2B"02$65

1&Dec&15 2B6""$"5

2&Dec&15 2B6"5$#5

3&Dec&15 2B61#$35

4&Dec&15 2B61"$15

"&Dec&15 2B621$35


59/175

#&Dec&15 2B602$#5

9&Dec&15 2B546$#0

10&Dec&15 2B545$60

11&Dec&15 2B523$30

14&Dec&15 2B53"$45

15&Dec&15 2B563$#5

16&Dec&15 2B593$45

1"&Dec&15 2B649$"5

1#&Dec&15 2B641$60

21&Dec&15 2B695$#0

22&Dec&15 2B669$00

23&Dec&15 2B6"5$20

24&Dec&15 2B6#9$"0

2#&Dec&15 2B"02$25

29&Dec&15 2B"34$25

30&Dec&15 2B"11$65

31&Dec&15 2B695$25

1&Man&16 2B6#"$#5

4&Man&16 2B645$50

5&Man&16 2B621$05

6&Man&16 2B5#1$"5

"&Man&16 2B513$15


60/175

#&Man&16 2B4#9$00

11&Man&16 2B503$20

12&Man&16 2B469$55

13&Man&16 2B4"0$"5

14&Man&16 2B433$10

15&Man&16 2B425$35

1#&Man&16 2B431$20

19&Man&16 2B4#2$95

20&Man&16 2B4##$05

21&Man&16 2B4"3$50

22&Man&16 2B5#6$05

25&Man&16 2B520$#0

2"&Man&16 2B4#2$05

2#&Man&16 2B44#$55

29&Man&16 2B562$#0

1&Feb&16 2B535$00

2&Feb&16 2B521$#0

3&Feb&16 2B4#4$"0

4&Feb&16 2B510$50

5&Feb&16 2B5"#$05

#&Feb&16 2B56#$10

9&Feb&16 2B5"9$65


61/175


62/175


63/175

, chan-e ense# , chan-e

1#B#""$96

0$43 19B143$1" 1$40

0$05 19B252$61 0$5"

4$05 19B413$54 0$#4

1$"3 19B6#3$23 1$39

&2$51 19B646$21 &0$19

&1$2" 19B564$92 &0$41

&0$3# 19B362$55 &1$03

&0$14 19B5"0$44 1$0"

0$#6 19B42"$56 &0$"3

0$1# 19B293$20 &0$69

&2$51 19B00#$10 &1$4#

0$56 1#B##4$19 &0$65

&1$#1 1#B"92$#" &0$4#

2$03 1#B"35$60 &0$30

&2$42 1#B6#1$42 &0$29

&2$69 1#B"04$53 0$12

&1$95 1#B#35$"" 0$"0

&0$41 1#B#64$"5 0$15

&0$1" 19B040$95 0$93

&2$23 1#B#01$64 &1$26


64/175

&2$6" 1#B509$"0 &1$55

1$35 1#B450$23 &0$32

0$02 1#B43"$"# &0$0"

&0$93 1#B226$4# &1$15

&0$3" 1#B414$45 1$03

&0$55 1#B542$20 0$69

&0$0" 1#B242$56 &1$62

&0$92 1#B35"$#0 0$63

3$55 1#B"44$93 2$11

0$35 1#B"31$16 &0$0"

0$62 19B016$46 1$52

1$"0 19B169$#3 0$#1

2$#" 19B1"9$36 0$05

3$05 19B406$#5 1$19

&1$42 19B2#6$"2 &0$62

3$24 19B3#"$50 0$52

&0$22 19B504$1# 0$60

&1$96 19B"35$"" 1$19

&0$1# 19B5"5$64 &0$#1

2$32 19B6"3$64 0$50

3$65 19B###$95 1$09

&1$"# 19B990$1# 0$51


65/175

&0$05 19B939$04 &0$26

1$"4 20B0#2$62 0$"2

0$30 20B122$32 0$20

&1$69 19B691$6" &2$14

&0$55 19B"22$29 0$16

1$#9 20B212$96 2$49

&0$50 20B24"$33 0$1"

&0$56 20B2#6$12 0$19

0$90 20B223$9# &0$31

&0$93 20B111$61 &0$56

&2$04 20B062$24 &0$25

&0$10 19B6"4$33 &1$93

&0$## 19B"04$33 0$15

1$62 20B030$"" 1$66

5$09 20B160$#2 0$65

2$39 20B14"$64 &0$0"

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&1$24 19B"60$30 &2$25

&3$65 19B610$4# &0$"6

0$04 19B545$"# &0$33

&0$25 19B56#$22 0$11

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66/175

0$19 19B429$23 &0$46

0$39 19B441$0" 0$06

&0$1# 19B143$00 &1$53

&2$3" 19B041$13 &0$53

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&0$41 19B1""$93 1$#6

1$34 19B325$#" 0$""

1$02 19B223$2# &0$53

&1$26 19B245$"0 0$12

&1$21 1#B"19$29 &2$"4

1$56 1#B""4$24 0$29

&2$"1 1#B540$#9 &1$24

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3$45 1#B552$12 &0$41

0$#9 1#B#"5$95 1$"5

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67/175

0$40 19B439$4# 0$59

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&1$9" 19B#51$23 &0$91

&0$32 19B94#$"3 0$49

2$34 20B12#$41 0$90

2$62 20B149$#5 0$11

0$92 20B159$12 0$05

&0$22 20B302$13 0$"1

&1$50 20B090$6# &1$04

4$06 19B#04$"6 &1$42

1$9" 19B"4#$19 &0$29

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&1$42 19B34#$34 &1$25

&1$54 19B345$"0 &0$01

&0$46 19B31"$19 &0$15

&0$"# 19B164$02 &0$"9

3$16 19B1#2$26 0$10

&0$26 1#B"33$04 &2$34

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68/175

1$14 1#B"#9$34 0$6"

2$95 1#B946$9# 0$#4

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2$40 1#B59#$1# &3$9"

&2$#5 1#B30"$52 &1$56

&1$40 1#B246$04 &0$34

&1$56 1"B905$91 &1$#6

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&0$0# 1#B519$44 1$13

2$35 1#B55#$13 0$21

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0$6" 1"B996$15 0$16

3$12 1#B401$04 2$25

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&0$16 1#B##6$13 1$43

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1$"# 1#B56"$55 1$#3

0$#6 1#B9"9$"6 2$22

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69/175

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1$41 20B646$64 3$43

&2$#2 20B263$"1 &1$#5

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1$53 19B#56$24 &0$32

&0$9# 19B#93$#5 0$19

1$64 19B"2"$2" &0$#4

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1$63 19B902$0" 1$9"

0$13 19B915$95 0$0"

0$21 19B#95$10 &0$10

&0$#5 19B9#3$61 0$44

2$01 20B249$26 1$33

&0$69 20B2"2$91 0$12

1$56 20B52#$59 1$26

1$06 20B60"$54 0$3#


70/175

&2$44 20B54"$62 &0$29

1$10 20B415$51 &0$64

1$22 20B##2$#9 2$29

0$10 20B#93$#9 0$05

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0$#6 20B"6"$## &0$4"

&0$40 20B"25$43 &0$20

&2$14 20B6#3$52 &0$20

&1$#6 20B5"0$2# &0$55

3$25 20B929$01 1$"4

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0$19 21B164$52 0$62

1$1" 21B196$#1 0$15

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0$69 20B#94$94 &0$3#

0$1" 20B#22$"" &0$35

&0$#0 20B666$15 &0$"5

&1$90 20B490$96 &0$#5

&0$"5 20B2#1$91 &1$02

&1$#5 20B194$40 &0$43

2$3" 20B399$42 1$02


71/175

0$46 20B#50$"4 2$21

0$10 20B#90$#2 0$19

&2$09 20B635$13 &1$22

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2$40 20B605$0# 1$92

1$01 20B425$02 &0$#"

0$33 20B420$26 &0$02

0$39 20B534$91 0$56

&0$44 20B"91$93 1$25

0$60 20B#9#$01 0$51

&0$"2 20B#54$92 &0$21

&0$#4 20B"0#$"1 &0$"0

0$9# 20B95"$#1 1$20

2$33 20B996$53 0$1#

1$10 21B326$42 1$5"

3$#3 21B255$26 &0$33

&1$51 21B1"1$41 &0$39

&1$91 20B925$61 &1$16

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&1$15 20B659$52 &0$2"

0$69 20B612$14 &0$23


72/175

3$14 20B#59$#6 1$20

&1$69 20B"0#$62 &0$"3

2$0# 21B0"9$"2 1$"9

1$6" 21B101$03 0$10

&1$39 21B032$"1 &0$32

&1$66 21B0"4$59 0$20

&0$51 21B193$5# 0$56

&0$92 21B143$01 &0$24

0$35 21B1"0$6# 0$13

0$54 21B140$4# &0$14

&0$2" 20B###$33 &1$19

0$"" 20B#51$33 &0$1#

&1$36 20B"#"$30 &0$31

&0$01 20B693$24 &0$45

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0$16 20B"13$3" &0$0#

&1$60 20B"5#$49 0$22

0$1# 21B134$21 1$#1

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1$#9 21B2#9$49 1$22

&0$01 21B265$1# &0$11

0$06 21B063$62 &0$95


73/175


74/175

&1$54 20B"22$9" 0$43

&0$9" 20B536$64 &0$90

&0$51 20B"00$"5 0$#0

1$6" 20B#11$44 0$53

0$04 20B#52$4" 0$20

1$13 20B9#6$99 0$65

&0$40 21B120$12 0$63

&0$46 20B946$65 &0$#2

1$1" 21B209$"3 1$26

&0$36 21B2"6$#6 0$32

2$03 21B513$#" 1$11

&0$42 21B919$"9 1$#9

0$6" 21B934$#3 0$0"

0$0" 21B#26$42 &0$49

2$24 21B#56$22 0$14

1$#2 21B""4$61 &0$3"

1$1# 21B#09$#0 0$16

0$20 21B#32$61 0$10

&0$5# 21B#32$#6 0$00

&0$44 21B"40$09 &0$42

&1$94 21B"53$"5 0$06

0$21 21B"55$32 0$01


75/175

2$4# 22B055$4# 1$3#

3$20 22B055$21 0$00

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3$11 22B214$3" 0$54

0$09 22B339$9" 0$5"

1$1" 22B3#6$2" 0$21

&1$0" 22B446$44 0$2"

0$0" 22B551$49 0$4"

0$02 22B509$0" &0$19

&0$02 22B359$50 &0$66

&0$50 22B343$45 &0$0"

0$20 22B"02$34 1$61

&1$"0 22B"15$33 0$06

&1$52 22B62#$96 &0$3#

2$34 22B4#4$93 &0$64

&2$44 22B2""$23 &0$92

2$29 22B62#$#4 1$5#

1$29 22B"64$#3 0$60

0$#9 22B"5#$3" &0$03

&0$"2 22B#"6$54 0$52

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&1$"6 22B631$61 &0$25


76/175

&0$92 22B466$19 &0$"3

2$2" 22B41"$#0 &0$22

0$03 22B403$#9 &0$06

0$"6 22B445$12 0$1#

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&0$"6 22B323$90 &0$#2

&1$49 22B344$04 0$09

3$92 22B994$23 2$91

4$01 23B551$00 2$42

5$39 23B#"1$23 1$36

0$12 23B#15$12 &0$24

0$39 23B905$60 0$3#

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1$94 24B363$05 1$00

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&1$5" 24B3"4$40 0$31

1$"" 24B693$35 1$31

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2$0# 24B556$09 0$03

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77/175

&0$01 24B21"$34 &0$0"

1$"6 24B6#4$#5 1$93

2$96 24B#5#$59 0$"0

3$5" 24B#05$#3 &0$21

1$"4 25B019$51 0$#6

3$6# 25B396$46 1$51

1$61 25B5#0$21 0$"2

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1$61 25B4"3$#9 &0$43

0$12 25B5"6$21 0$40

&4$42 25B22#$1" &1$36

0$#5 25B190$4# &0$15

&0$#3 25B521$19 1$31

&1$"# 25B246$25 &1$0#

&0$21 25B201$#0 &0$1#

&0$"0 25B105$51 &0$3#

2$3# 25B031$32 &0$30

1$30 25B36#$90 1$35

1$01 25B313$"4 &0$22

0$1" 25B062$6" &0$99

&0$"9 25B099$92 0$15

0$14 25B413$"# 1$25


78/175

0$52 25B516$35 0$40

1$26 25B#41$21 1$2"

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&0$26 25B962$06 0$54

1$22 26B100$0# 0$53

&1$52 25B5#2$11 &1$9#

&1$46 25B444$#1 &0$54

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&0$03 25B024$35 &1$3"

0$"2 25B006$9# &0$0"

&1$"6 25B22#$65 0$#9

1$03 25B549$"2 1$2"

0$43 25B561$16 0$04

2$62 25B641$56 0$31

0$29 25B"15$1" 0$29

0$21 26B025$#0 1$21

1$2" 26B14"$33 0$4"

&0$66 26B2"1$#5 0$4#

1$52 26B126$"5 &0$55

&1$62 25B991$23 &0$52

2$69 26B0#"$42 0$3"

&0$20 25B#94$9" &0$"4


79/175


80/175

1$#3 2"B0#5$93 &0$20

&2$16 2"B026$"0 &0$22

0$61 2"B319$#5 1$0#

&1$1" 2"B265$32 &0$20

&2$44 2"B05"$41 &0$"6

1$44 26B995$#" &0$23

1$33 2"B061$04 0$24

1$60 26B#16$56 &0$90

&0$34 26B492$51 &1$21

1$"4 26B631$29 0$52

5$5" 2"B112$21 1$#1

&1$5" 2"B090$42 &0$0#

1$65 2"B206$"4 0$43

&0$4# 26B""5$69 &1$5#

&1$20 26B"44$69 &0$12

&0$52 26B46#$36 &1$03

&1$30 26B626$32 0$60

&1$12 26B59"$11 &0$11

&0$"6 26B630$51 0$13

1$30 26B56"$99 &0$23

&2$33 26B2"1$9" &1$11

&0$29 26B246$"9 &0$10


81/175

0$55 26B63"$2# 1$49

0$#3 26B29"$3# &1$2#

1$11 26B3#4$0" 0$33

&0$60 26B349$33 &0$13

&2$2" 25B999$34 &1$33

3$05 26B10#$53 0$42

2$0# 26B429$#5 1$23

1$9# 26B5"5$65 0$55

4$03 26B"#"$23 0$#0

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0$22 2"B09#$1" 0$#1

&0$3" 2"B346$33 0$92

1$04 2"B#65$#3 1$90

&1$66 2"B#60$3# &0$02

&1$"" 2"B915$## 0$20

&1$99 2"B#6#$63 &0$1"

1$11 2"B#"4$"3 0$02

&0$24 2"B910$06 0$13

1$50 2#B00#$90 0$35

&1$3# 2"B940$64 &0$24


82/175

1$29 2#B046$66 0$3#

2$15 2#B1""$## 0$4"

&0$53 2#B163$29 &0$05

&0$33 2#B032$#5 &0$46

&0$22 2#B06"$56 0$12

1$12 2#B334$63 0$95

1$51 2#B499$54 0$5#

&0$94 2#B33#$05 &0$5"

1$"5 2#B3#6$19 0$1"

0$23 2#B43#$91 0$19

1$1# 2#B693$99 0$90

3$69 2#B559$62 &0$4"

&1$1" 2#B444$01 &0$40

&0$#3 2#B442$"1 0$00

0$"3 2#B562$#2 0$42

&0$9# 2#B45#$10 &0$3"

&0$#3 2#B119$40 &1$19

&0$"5 2"B"9"$01 &1$15

1$13 2"B#31$10 0$12

&1$62 2"B602$01 &0$#2

0$2# 2"B350$6# &0$91

0$56 2"B319$56 &0$11


83/175

&0$39 26B"#1$44 &1$9"

&2$30 26B"10$13 &0$2"

0$1" 2"B126$5" 1$56

&0$12 2"B3"1$#4 0$90

1$"1 2"B"01$"9 1$21

0$"9 2"B506$46 &0$"1

&0$99 2"B20#$61 &1$0#

&0$3" 2"B241$"# 0$12

1$"3 2"B395$"3 0$5"

&2$09 2"B403$54 0$03

0$60 2"B499$42 0$35

0$13 2"B50"$54 0$03

&0$31 2"B##"$90 1$3#

0$6" 2"B#42$32 &0$16

&3$43 26B9#"$46 &3$0"

&1$15 26B90#$#2 &0$29

0$25 2"B2"4$"1 1$36

0$29 2"B45#$3# 0$6"

&1$90 2"B5#5$2" 0$46

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0$40 2"B346$#2 &0$29

1$55 2#B0"5$55 2$66


84/175

&1$#1 2#B121$#9 0$1"

&1$90 2#B262$01 0$50

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&1$33 29B006$02 0$41

0$"6 29B2"#$#4 0$94

&0$10 29B5"1$04 1$00

0$31 29B559$1# &0$04

0$35 29B6#1$"" 0$41

&0$20 29B1#2$95 &1$6#

&1$22 29B122$2" &0$21

&0$"# 29B000$14 &0$42

0$62 2#B##3$11 &0$40

0$61 2#B#50$9" &0$11

&2$3" 2#B"1"$91 &0$46

&1$#3 2#B22"$39 &1$"1

&0$29 2#B355$62 0$45

1$1" 2#B533$9" 0$63

1$92 2#B#05$10 0$95

1$6# 29B094$93 1$01

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&5$09 29B320$26 0$63


85/175

0$14 29B462$2" 0$4#

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0$1" 29B004$66 0$10

&0$9" 29B00"$99 0$01

0$00 2#B"46$65 &0$90

1$"0 29B220$12 1$65

0$46 29B361$50 0$4#

&2$16 29B459$14 0$33

0$46 29B593$"3 0$46

&0$59 29B3#0$"3 &0$"2

&0$51 29B44#$95 0$23

&0$32 2#B#44$"# &2$05

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0$9# 2#B930$41 0$95

&1$25 2#B503$30 &1$4#

0$"" 2#B43"$"1 &0$23

0$#" 2#B"36$3# 1$05

0$#1 2#B622$12 &0$40

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86/175

0$#9 2#B192$02 &0$24

&1$14 2#B161$"2 &0$11

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0$4# 2"B45"$5# &2$33

&1$20 2"B45#$64 0$00

2$32 2"B9"5$#6 1$##

0$23 2"B95"$49 &0$0"

0$49 2#B260$14 1$0#

0$61 2#B504$46 0$#6

&1$19 2#B516$59 0$04

&1$32 2#B"0"$"5 0$6"

0$19 2#B##5$21 0$62

&0$99 2#B#"9$3# &0$02

&0$14 29B044$44 0$5"

&2$20 2#B"99$69 &0$#4

&3$"6 2#B666$04 &0$46

&0$"" 2#B442$10 &0$"#

&3$96 2"B##6$21 &1$95

0$64 2"B6"6$04 &0$"5

3$40 2"B#90$13 0$""

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&0$#4 2"B43"$94 &1$0"


87/175

&1$21 2"B1"6$99 &0$95

1$39 2"B396$3# 0$#1

0$"0 2"B225$93 &0$62

&1$#3 2"B011$31 &0$"9

2$43 2"B490$59 1$""

&1$19 2"B440$14 &0$1#

&1$35 26B"1"$3" &2$63

1$21 26B599$11 &0$44

&2$23 2"B105$39 1$90

3$59 2"B50"$30 1$4#

3$1# 26B#""$4# &2$29

1$"2 2"B251$10 1$39

1$11 2"B206$06 &0$1"

&0$06 2"B324$00 0$43

&0$31 2"B6#"$30 1$33

2$16 2"B645$53 &0$15

0$16 2"B#3"$21 0$69

0$90 2"B#09$35 &0$10

&0$06 2"B95"$50 0$53

&0$54 2"B643$## &1$12

1$13 2"B531$41 &0$41

&0$42 2"B564$66 0$12


88/175

1$42 2"B506$"1 &0$21

2$05 2"B#2#$44 1$1"

0$51 2"B#4#$99 0$0"

&3$"6 2"B1##$3# &2$3"

&1$14 26B#3"$20 &1$29

&1$15 26B#13$42 &0$09

1$12 26B"6#$49 &0$1"

&2$24 26B523$09 &0$92

&0$"0 26B4#1$25 &0$16

0$5# 26B#40$50 1$36

&0$50 26B3"0$9# &1$"5

0$13 26B425$30 0$21

0$10 26B5#6$55 0$61

1$3# 26B6#6$51 0$3#

&0$"2 26B#32$66 0$55

&0$0" 2"B115$#3 1$06

1$10 2"B316$1" 0$"4

1$13 2"B"30$21 1$52

&2$22 2"B#04$3" 0$2"

&0$0# 2"B"29$6" &0$2"

1$23 2"B#95$9" 0$60

&0$20 2"B#11$#4 &0$30


89/175

&0$34 2"B645$15 &0$60

&0$56 2"B"#0$#3 0$49

&0$22 2#B020$#" 0$#6

0$56 2"B945$#0 &0$2"

1$"" 2#B092$"9 0$53

1$34 2#B20#$"6 0$41

&1$91 2#B1"1$69 &0$13

&0$3" 2"B6#"$"2 &1$"2

2$05 2"B5"3$66 &0$41

&1$26 2"B661$40 0$32

1$09 2"B961$19 1$0#

1$52 2"B932$90 &0$10

0$"5 2#B19#$29 0$95

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&0$01 2#B463$31 0$06

0$41 2#B420$12 &0$15

0$94 2#B1#2$14 &0$#4

0$#1 2#B504$93 1$15

0$24 2#B3"0$#4 &0$4"

0$## 2#B112$31 &0$91

&4$#4 2"B561$3# &1$96

&2$#4 2"B459$23 &0$3"


90/175

1$3" 2"B563$43 0$3#

0$#3 2"B"05$35 0$51

3$36 2#B114$56 1$4#

0$#" 2#B1#"$06 0$26

&2$"3 2#B0"1$93 &0$41

1$3# 2#B223$0# 0$54

&0$29 2#B29#$13 0$2"

0$30 2#B236$39 &0$22

1$6" 2#B101$"2 &0$4#

&0$9" 2"B#66$09 &0$#4

&1$62 2"B512$26 &1$2"

0$32 2"B549$53 0$14

2$65 2#B06"$31 1$##

&2$23 2"B#"#$2" &0$6"

&0$44 2"B#31$54 &0$1"

1$#2 2"B931$64 0$36

&2$09 2"B60"$#2 &1$16

&2$#1 2"B366$0" &0$##

&3$16 25B"41$56 &5$94

&0$06 26B032$3# 1$13

&3$45 25B"14$66 &1$22

&0$4" 26B231$19 2$01


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0$#5 26B392$3# 0$61

&0$15 26B2#3$09 &0$41

&0$50 25B696$44 &2$23

&1$"6 25B453$56 &0$95

&0$5" 25B"64$"# 1$22

&1$61 25B201$90 &2$1#

&0$56 24B#93$#1 &1$22

1$64 25B31"$#" 1$"0

1$31 25B"19$5# 1$59

&0$16 25B622$1" &0$3#

&0$0# 25B610$21 &0$05

0$2# 25B#56$"0 0$96

&1$62 25B"05$93 &0$5#

2$2" 25B963$9" 1$00

2$"" 26B21#$91 0$9#

&0$15 26B192$9# &0$10

&1$60 25B651$#4 &2$0"

0$64 25B#22$99 0$6"

&0$#6 25B#63$50 0$16

&1$26 25B616$#4 &0$95

&0$#1 25B""#$66 0$63

2$"4 26B154$#3 1$46


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0$"4 26B220$95 0$25

3$66 26B"#5$55 2$15

1$24 26B932$## 0$55

0$26 2"B035$#5 0$3#

0$02 26B#45$#1 &0$"0

1$01 2"B0"9$51 0$#"

&0$69 26B904$11 &0$65

&0$35 26B#46$53 &0$21

&1$30 26B""9$66 &0$25

2$46 2"B010$14 0$#6

0$"6 2"B214$60 0$"6

1$03 2"B364$92 0$55

&0$33 2"B306$#3 &0$21

0$54 2"B2#"$66 &0$0"

&0$92 2"B4"0$#1 0$6"

0$94 2"B361$96 &0$40

0$04 2"B253$44 &0$40

0$12 2"B039$"6 &0$"#

0$0# 26B#3#$14 &0$"5

&1$55 26B656$#3 &0$6#

&1$39 26B559$15 &0$3"

1$36 26B590$59 0$12


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1$19 26B552$92 &0$14

0$93 26B304$20 &0$94

&0$22 26B265$24 &0$15

&0$55 26B121$40 &0$55

1$49 25B"43$26 &1$45

&0$49 25B#66$95 0$4#

&1$26 25B610$53 &0$99

0$02 25B"60$10 0$5#

&0$52 25B#64$4" 0$41

&1$00 25B4#2$52 &1$4#

0$"6 25B#41$92 1$41

&1$0" 25B#6#$49 0$10

2$#" 25B#19$34 &0$19

0$32 25B""5$"4 &0$1"

1$32 25B95#$63 0$"1

0$#" 26B12#$20 0$65

&0$06 26B145$6" 0$0"

&0$92 26B169$41 0$09

&0$0" 26B11"$#5 &0$20

&2$15 25B##6$62 &0$#9

&0$05 25B63#$11 &0$96

0$16 25B530$11 &0$42


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&0$96 24B934$33 0$33

0$5" 24B#25$04 &0$44

&1$34 24B6#2$03 &0$5#

0$05 24B#54$11 0$"0

&1$52 24B""2$9" &0$33

&0$32 24B455$04 &1$2#

0$24 24B1##$3" &1$09

2$13 24B4"9$#4 1$21

0$21 24B062$04 &1$"1

&0$5# 23B962$21 &0$41

4$55 24B435$66 1$9#

&2$52 24B4#5$95 0$21

&1$54 24B492$39 0$03

&1$35 24B469$5" &0$09

4$6" 24B#"0$69 1$64

&1$0# 24B#24$#3 &0$1#

&0$52 24B539$00 &1$15

&1$4" 24B223$32 &1$29

1$04 24B33#$43 0$4#

2$69 24B616$9" 1$14

&0$39 24B2#"$42 &1$34

0$45 24B020$9# &1$10


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&1$25 23B"5#$90 &1$09

&1$92 22B951$#3 &3$40

&0$4# 22B9#6$12 0$15

1$1" 23B554$12 2$4"

&0$29 23B191$9" &1$54

0$62 23B3#1$#" 0$#2

3$#5 23B649$22 1$14

3$20 23B"09$15 0$25

0$04 23B"##$"9 0$34

&1$69 23B410$1# &1$59

&1$39 23B0##$93 &1$3"

&0$01 22B9"6$00 &0$49

&2$52 23B154$30 0$"#

&2$25 23B002$00 &0$66

6$69 23B""9$35 3$3#

5$2# 24B242$9# 1$95


97/175


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)/A

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,


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0.(1"570167

"$#0%

0$04

14$2434#63##2


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'arc)B 2015

'ar(et Capitalisation crores 56B0"0$#0

Total no o* s)ares 199B6#"B500

S)are !rice 2B#0"$"5

Total Kuitycrores 5606"$25"#125

=ong& ter, debt crores 0

S)ort&ter, Debt crores 0

0

142$13

erage debt crores 142$13

Total Kuity N Debt 56209$3#"#125

eig)t o* eKuity 0$99"4"141##

eig)t o* debt 0$00252#5#12

erage long ter, debtcroreserage s)ort ter, debtcrores


169/175

Ta. % 32

Interest paid crores 11$"

Cost o* debt 0$0559"69225

is( *ree rate 0$0"#05

?eta & alue 0$#125"0136"

'ar(et return rate 14$2434#63##2

Cost o* eKuity 11$5##4605#23

CC 11$559299"612


170/175

'arc)B2014

0

2#4$26


171/175


172/175

2010 2011 2012

eenue

Inentories 4364 5249$3 6"55$"

Inentory Turnoer ratio 43$9" 43$31 42$04

Inentory Days #$3 #$43 #$6#erage inentory Days #$"95

ccounts eceiables 10#3$9 1305$9 2"23$1

eceiables turnoer ratio 129$92 1"4$2 125$2"

receiable Days 2$#1 2$1 2$91

erage eceiable Days 6$59

ccounts !ayable 3#050$6 49"13$2 32#93$"

Creditors turnoer atio 13$#994669 10$229#206 9$1""""219

!ayable Days 26$26 35$6# 39$""

erage !ayable Days 35$931666"

or(ing Capital &32602$" &4315# &23414$9

C)ange in or(ing Capital &10555$3 19"43$1


173/175

2013 2014 2015 2016 2017 2018

42346$99""

636"$6 6695$5 #154$9 1020$3##62

39$11 41$5# 39$46

9$33 #$"# 9$25

6650 9205$# 13#95$9 "64$566343

54$"5 34$25 25$3"

6$6" 10$66 14$39

2"609$# 2#"#6$" 31493$6 416#$"6221

9$"645"999 10$2"59009 #$906"#3#

3"$3# 35$52 40$9#

&14592$2 &12##5$4 &9442$# &23#3$#0"25

##22$" 1"06$# 3442$6


174/175

2019 2020 2021 2022 2023 2024

"5"13$691" #2321$0#62 #4"90$"1## #"334$4403 #9954$4"35 92653$10""

1#24$3###2 19#3$599#" 2043$10"#" 2104$4011 216"$53314 2232$55913

1366$99515 14#6$2903 1530$#"9 15"6$#053" 1624$10954 16"2$#32#2

"453$4""0" #103$92#3 #34"$04614 #59"$45"53 ##55$3#126 9121$04269

&4262$09311 &4634$03#13 &4""3$0592" &4916$25105 &5063$"3#5# &5215$650"4

&1#"#$2#5#6 &3"1$945019 &139$021144 &143$191""# &14"$4#"532 &151$91215"


175/175

2025

95432$"01 9#295$6#2 101244$552 1042#1$##9 10"410$346 110632$656

2299$5359 236#$5219# 2439$5""64 2512$"649" 25##$14"92 2665$"9236

1"23$01"#1 1""4$"0#34 1#2"$94959 1##2$"##0# 1939$2"1"2 199"$449#"

9394$6"39" 96"6$51419 9966$#0962 10265$#139 105"3$"##3 10#91$002

&53"2$12026

&156$469522

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