DCF

VALUATION OF THE COMPANY CEAT Ltd.,SUBMITTED BY

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Contents Click Below to go to Sheet1 Assumptions

2 WACC

3 DCF Valuation

4 Cash Flow

5 Balance Sheet

6 Profit and Loss Account

7 Quarterly Data

8 Projections Sales

9 Financial Ratios

10 Final Report Requirements

11 Relative Valuation12 Operating Metrics

Assumptions!A1

WACC (daily)'!A1

DCF Valuation'!A1

Cash Flow'!A1

Qtrly data'!A1

Projections sales'!A1

Finacial Ratios'!A1

Final Report requirements'!A1

Relative ValuationOperating Metrics

VALUATION OF THE COMPANY CEAT Ltd.,SUBMITTED BY

----------------------------ENROLLMENT NUMBER - ------------------

Email - ----------------------------

Phone - -----------------------

Click Below to go to SheetAssumptions!A1

WACC (daily)'!A1

DCF Valuation'!A1

Cash Flow'!A1

BS '!A1

PL!A1

Qtrly data'!A1

Projections sales'!A1

Finacial Ratios'!A1

Final Report requirements'!A1

Relative ValuationOperating Metrics

Assumptions

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

2. The company buys semifinished goods processes it and then sells it, hence production is not equal to sales.

3. Company has taken several measures to reduce its cost and hence its miscellaneous expenses have reduced in future.

4. Company will pay no dividend, it will retain all the profits for future expansions.

5. The tax rate has been assumed at 33.33% as the current efffective tax rate of 56.67% is too high and the tax rate has remai

6. The projections has been done based on percentage of sales method.

7. The sales for the first year has been projected at 6% as in the first quarter company is growing by 6%, and it is expected th

9. The growth is expected to reduce to 8.92% and 8.21% in the third year and fourth year due to increase in inflation, which will increase the cost of production thereby increasing the price of the product and reducing its competitiveness.

10. The growth is expected to increase to 9.87% as the company will again put in place cost cutting measures, which will help

11. All the projections has been done on moving average, however some of them which are not according to trend has been d

12. The market return has been taken at 12% based on global average.

13. The risk free rate is 6.91% which is of 10 yr government bond.

14. The growth rate has been taken at 6%, which is the rate at which economy is expected to grow over the coming three years.

15. The company's sales to production ratio is around 2 and has been taken for the coming years at moving average.

16. The company will finance its expansion by internal accruals as well as debt.

17. Extraordinaray items is excluded as they cannot be projected.

18. The finance charge for the future debt has been taken at PLR and is kept at 12.5% and 13% for future expansion.

19. The quarterly weights has been forcasted based on the trend of the past quarters.

20. Projecting Capital WIP is a very tough tough job, which is done by chartered engineers, hence the values of capital WIP has been taken based on our assumptions.

21. It is assumed that the perpuity growth rate is same as the normal growth rate.

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8. Due to the various measures taken by government the growth is expected to increase to 10.45% in the 2nd year.

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

2. The company buys semifinished goods processes it and then sells it, hence production is not equal to sales.

3. Company has taken several measures to reduce its cost and hence its miscellaneous expenses have reduced in future.

4. Company will pay no dividend, it will retain all the profits for future expansions.

5. The tax rate has been assumed at 33.33% as the current efffective tax rate of 56.67% is too high and the tax rate has remai

6. The projections has been done based on percentage of sales method.

7. The sales for the first year has been projected at 6% as in the first quarter company is growing by 6%, and it is expected th

9. The growth is expected to reduce to 8.92% and 8.21% in the third year and fourth year due to increase in inflation, which will increase the cost of production thereby increasing the price of the product and reducing its competitiveness.

10. The growth is expected to increase to 9.87% as the company will again put in place cost cutting measures, which will help

11. All the projections has been done on moving average, however some of them which are not according to trend has been d

12. The market return has been taken at 12% based on global average.

14. The growth rate has been taken at 6%, which is the rate at which economy is expected to grow over the coming three years.

15. The company's sales to production ratio is around 2 and has been taken for the coming years at moving average.

16. The company will finance its expansion by internal accruals as well as debt.

18. The finance charge for the future debt has been taken at PLR and is kept at 12.5% and 13% for future expansion.

19. The quarterly weights has been forcasted based on the trend of the past quarters.

20. Projecting Capital WIP is a very tough tough job, which is done by chartered engineers, hence the values of capital WIP has been taken based on our assumptions.

21. It is assumed that the perpuity growth rate is same as the normal growth rate.

ue to the various measures taken by government the growth is expected to increase to 10.45% in the 2nd year.

9. The growth is expected to reduce to 8.92% and 8.21% in the third year and fourth year due to increase in inflation, which will increase the cost of production thereby increasing the price of the product and reducing its competitiveness.

20. Projecting Capital WIP is a very tough tough job, which is done by chartered engineers, hence the values of capital WIP has been taken based on our assumptions.

9. The growth is expected to reduce to 8.92% and 8.21% in the third year and fourth year due to increase in inflation, which will increase the cost of production thereby increasing the price of the product and reducing its competitiveness.

Operating MetricsFrom Annual report 2008

MD&A

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Company Analysis

Operating Metrics : From Notes of the accounts after Major sechdules

57.14286

11 7 1.571429Capacity Utilization 12 7 1.714286Production Growth rate in produ 0.06Sales in million

2006-07 2007-08 2008-09 2009-10 2010-11 2011-12Installed Capacity 43.11 45.42 45.42 45.42 71.37429 95.42Capacity Utilized 0.910462 0.82959 0.7509908 0.901189 0.619363 0.491081Production 39.25 37.68 34.11 40.932 44.20656 46.85895

Units sold 76.43 80.68 74.38 85.53481 94.47623 100.0818Amount 215685.5 234481.1 256051.40 271521.1 299904.7 326642.3

8.71 9.20 6.04 10.45 8.92Revenue/tyre 2822 2906.31 3442.4765 3174.393 3174.393 3263.754Sales/Production 1.947261 2.141189 2.1805922 2.089681 2.137154 2.135809

WEIGHTS0.24 AMJ 6517.291 7198.578 7840.3580.26 JAS 6944.253 7670.173 8353.9980.24 OND 6562.753 7248.793 7895.050.26 JFM 7127.837 7872.948 8574.851

Net Sales Q1 AMJ Q2 JAS 6 months Q3 OND 9 months Q4 JFMFY2004-05 3462.2 3829.1 7291.3 3799.8 11091.1 4188.8FY2003-04YoY Growth(%)FY2005-06 4027.7 4496 8523.7 4106.9 12630.6 4843.6FY2004-05 3462.2 3829.1 7291.3 3799.8 11091.1 4188.8YoY Growth(%) 16.33% 17.42% 16.90% 8.08% 13.88% 15.63%

FY2006-07 4976.6 5375.7 10352.3 5366.6 15718.9 5628.9FY2005-06 4027.7 4496 8523.7 4106.9 12630.6 4843.6YoY Growth(%) 23.56% 19.57% 21.45% 30.67% 24.45% 16.21%FY2007-08 5364.4 5831.9 11196.3 5641.1 16837.4 6462.3FY2006-07 4976.6 5375.7 10352.3 5366.6 15718.9 5628.9YoY Growth(%) 7.79% 8.49% 8.15% 5.11% 7.12% 14.81%FY2008-09 6573.64 6701.5 13275.14 5841.5 19116.64 6217.4FY2007-08 5364.4 5831.9 11196.3 5641.1 16837.4 6462.3YoY Growth(%) 22.54% 14.91% 18.57% 3.55% 13.54% -3.79%FY2009-10E 6739.6 7292.05 14031.65 7000.37 21032.02 7875.42FY2008-09 6573.64 6701.5 13275.14 5841.5 19116.64 6217.4YoY Growth(%) 2.52% 8.10% 5.39% 19.84% 10.02% 26.67%FY2010-11E 7673.19 8158.83 15832.02 7802.69 23634.72 8741.61FY2009-10E 6739.6 7292.05 14031.65 7000.37 21032.02 7875.42YoY Growth(%) 13.85% 11.89% 12.83% 11.46% 12.37% 11.00%

Weightage(2009-10) 0.24 0.25 0.24 0.27Weightage(2010-11) 0.24 0.25 0.24 0.27

28907.44 22167.84

Sales Projection2004-05 2005-06 2006-07 2007-08 2008-09 2009-10E

Capacity Installation(mn) 4.311 4.311 4.311 4.542 4.542 5.43Capacity Addition(mn) 0 0 0.231 0 0.89Production(mn) 18.39 17.64 19.24 17.17 19Gross Sales Volume(mn) 18.29 17.85 19.97 17.18 21Net Sales(mn) 15279.9 17474.2 21347.8 23299.7 25136.9 28907.44Growth(%) 14.36 22.17 9.14 7.89 15Gross Sales value(mn) 17803.1 19519.9 23906.1 26029.66 27322.72 31421.13

Growth(%)2008-09 5.222 9.76

Automobile 4% 21.54465 26029.66Tyre IndustryGrowth of CEAT Ltd.

CEAT Ltd.`s PerformanceMinning & HCVs Tractors LCVs PCs 2-Wheelers

2006-07 5 64 7 13 4 7Segmental Performance

2007-08 2008-09Replacement market(%) 61.12 70.3OEMs(%) 20.37 20.07Exports(%) 18.51 9.63

M&OV HCVs Tractors LCVs PCs 2-WheelersCEAT Ltd.(%)(2006-07) 0.05 0.64 0.07 0.13 0.04 0.07ATMA(%) 1.01 16.81 5.3 6.6 19.39 48.57% share captured by Ceat 0.0505 10.7584 0.371 0.858 0.7756 3.3999

Gross salesExcise dut Net Sales Growth(%)2003-04 16479.5 16.23% 14008.32004-05 17803.1 14.17% 15279.9 8.03%2005-06 19519.9 10.48% 17474.2 9.64%2006-07 23906.1 10.70% 21347.8 22.47%2007-08 26029.66 12% 23299.7 8.88%2008-09 27584.05 8% 25136.9 5.97%2009-10 31421.125 8% 28907.442010-11 35191.66 8% 32376.33

2729.96

IIP Mining ManufacturElectricity General Capital Goods2004-05 4.4 9.2 5.2 8.4 13.92005-06 1 9.1 5.2 8.2 15.82006-07 5.4 12.5 7.2 11.6 18.22007-08 5.1 9 6.4 8.5 182008-09 2.6 2.8 2.8 2.8 7.32009-10(Apr-Jun) 7.3 3.2 6 3.7 1

JUNE`09 15.4 7.3 8 7.8 11.8

Operating Metrics Global Tyre Industry

Statagies Implemented in last fiscal

0

0.08 0.2 0.09 0.11

2012-13 2013-14 2014-15105.42 115.42 120.42

0.493393 0.491203 0.51788852.01344 56.69465 62.36411

110.3143 120.8322 132.7934353467 388368.1 428570.5

8.21 9.87 10.353204.18 3214.109 3227.348

2.120881 2.131281 2.129324

8484.228 9321.9549040.049 9932.657

8543.41 9386.989279.039 10195.24

12 months15279.9

2004-05 2005-0617474.2 Q1 0.23 0.2315279.9 Q2 0.25 0.2614.36% Q3 0.25 0.24

21347.8 Q4 0.27 0.2817474.222.17%23299.721347.8

9.14%25136.923299.7

7.89%28907.44 22446.2 57814.88

25136.915.00%

32376.3328907.44

12.00% 33532.63

Prices Of tyres tubes & FlapsPrice of Tyre Price of Tubes

2010-11E Sales Volu Gross SalePrice(Rs) Sales Volu Gross SalePrice(Rs)7.304 2005-06 76.43 174911.5 2288.52 81.97 17462.13 213.03

1.87 2006-07 76.35 215685.5 2824.96 76.85 19997.09 260.2125 2007-08 80.68 234481.1 2906.31 87.6 22179.91 253.2

28.33 2008-09 74.38 247394.4 3326.09 73.94 24228.03 327.6732376.33 2009-10 76.56 282790.1 3693.94 78.71 26707.96 339.34

12 2010-11 80.65 316724.9 3927.15 83.5 29912.91 358.2435191.66

Proportion of Tyres, Tubes & FlapsTyres Tubes Flaps total

21.67 2005-06 0.42 0.45 0.13 182.882006-07 0.43 0.43 0.14 178.47 213478 0.0008362007-08 0.42 0.45 0.13 194.33 232997 0.000834

27322.72 2008-09 0.43 0.43 0.14 171.8 2513692009-10 0.43 0.44 0.14 248.32010-11 0.42 0.44 0.14 283.3

2008-09 74.38 73.94 23.482009-10 105.6 108.57 34.13

2-Wheelers 2010-11 120.25 124.5 38.54

2-Wheelers1

97.6816.2134

CAGR(%)

9.84%

2312.595

2006-07 2007-08 2008-09 2009-10 2010-110.23 0.23 0.26 0.236 0.23720.23 0.25 0.27 0.252 0.25240.25 0.24 0.23 0.242 0.2404

0.27 0.28 0.25 0.27 0.27

Price of FlapsSales Volu Gross SalePrice(Rs)

24.48 2821.04 115.24 182.8825.27 2257.38 89.33 178.47 Tyres Tubes Flaps26.05 3633.74 139.49 194.33 260294.7 260294.7 0.9 0.085 0.015 123.48 4318.03 183.9 171.8 275940.524.74 4713.17 190.52 180 314211.325.85 5278.75 204.21 190 351916.6

4318.03

Company - CEAT Ltd.,(UN)AUDITED FINANCIAL RESULTS FOR QUARTER ENDED 31st Jun/Sep/Dec/Mar

(Rs. in millions, except per share data) Stand alone

Particulars 2003-04 2004-05 2004-05Annual(ApAMJ JAS

1 Turnover 16479.50 4100.10 4468.20 Less Excise Duty 2471.20 637.90 639.10

2 Net Turnover 14008.30 3462.20 3829.103 Other Income 1222.20 111.90 165.604 Total Operational Expenditure 13817.00 3337.00 3825.60

a) Consumption of Raw Materials 248.90 2436.50 2631.60

c) Purchase of Trade Goods 1158.90 0.00 0.00

d) (Increase) / Decrease In Stock In Tra 0.00 -79.40 102.30

e) Power and Fuel 0.00 0.00 0.00

f) Freight and Delivery Charges 0.00 0.00 0.00

g) Research & Development Exp. 0.00 0.00 0.00

h) Staff Cost 9320.50 282.80 284.00

g) Other expenditure 3088.70 697.10 807.705 Operating Profit (PBDIT) 191.30 125.20 3.50

Depreciation 221.00 58.30 54.706 PBIT -29.70 66.90 -51.20

Interest & Financial Charges 764.10 173.20 167.907 Profit before Tax 428.40 5.60 -53.508 Provision for Current Tax (incl. FBT) 28.00 0.50 -0.509 Provision for deferred Tax 53.60 1.40 -1.40

Others 0.00 0.00 0.0010 Profit After Tax (Reported PAT) 346.80 3.70 -51.6011 0 Extra Ordinary Items -206.20 0.00 0.0012 Net Profit (Adjusted PAT) 140.60 3.70 -51.6013 350.90 350.90 350.9014 Reserves and surplus incl. revaluation r 2993.40 0.00 0.0015 Earning per share (each of Rs 10) 0.00

a) Basic 9.85 0.11 -1.47b) Diluted 9.85 0.11 -1.47

16 Number of Outsanding Shares (of par value Rs 10) 0.00a Basic 35.21 35.21 35.21b Diluted (Incl. of bonus & convertible 35.21 35.21 35.21

17 Share price (Current price) 0.00 0.00 0.00Market Capitalization 0.00 0.00 0.00

18 Dividend (Annual Data only) 39.70 0.00 0.00

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Sr.No.

Paid up equity share Capital (Equity share of Rs 10 each)

Dividend % 0.11 0.00 0.0019 Retained earnings (Annual Data only) 307.10 0.00 0.0020 Capital Employed (Annual Data only) 10949.80 0.00 0.00

a Total asset 0.00 0.00 0.00b Current Liability 0.00 0.00 0.00

2003-04 2004-05 2004-05As a percentage of TurnoverAnnual(Apr-Mar)AMJ JASConsumption of Raw Materials 1.78% 70.37% 68.73%Purchase of Trade Goods 8.27% 0.00% 0.00% (Increase) / Decrease In Stock In 0.00% -2.29% 2.67%Power and Fuel 0.00% 0.00% 0.00%Freight and Delivery Charges 0.00% 0.00% 0.00%Research & Development Exp. 0.00% 0.00% 0.00% Staff Cost 66.54% 8.17% 7.42%Other expenditure 22.05% 20.13% 21.09%Depreciation 1.58% 1.68% 1.43%Interest & Financial Charges 5.45% 5.00% 4.38%Provision for Current Tax (incl. FBT 0.20% 0.01% -0.01%Provision for deferred Tax 0.33% 0.03% -0.03%Other income as a % of revenue 8.72% 3.23% 4.32%Total Tax 140.60 3.7 -51.6Tax as a %age of EBIT 502.14%Current tax as a %age of EBIT 1238.57% 740.00% ###Deferred Tax as a %age of EBIT -736.43%Operating Profit 1.37% 3.62% 0.09%Net Consuption

2004-05 2004-05 2004-05 2004-05 2004-05 2005-06 2005-066-m (Apr- OND 9-m (Apr- JFM Annual(ApAMJ JAS

8568.30 4433.00 13001.30 4801.80 17803.10 4548.90 5028.101277.00 633.20 1910.20 613.00 2523.20 521.20 532.10

7291.30 3799.80 11091.10 4188.80 15279.90 4027.70 4496.00277.50 84.00 361.50 119.60 388.79 62.90 44.507162.60 3666.00 10828.60 4098.60 14883.51 3904.20 4379.40

5068.10 2676.30 7744.40 2842.70 10090.08 3038.70 3147.10

0.00 0.00 0.00 0.00 469.12 0.00 0.00

22.90 -59.70 -36.80 79.00 42.20 -239.80 50.80

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

566.80 273.60 840.40 254.00 1094.41 293.50 302.30

1504.80 775.80 2280.60 922.90 3187.70 811.80 879.20128.70 133.80 262.50 90.20 396.39 123.50 116.60

113.00 55.40 168.40 52.20 220.56 53.70 56.2015.70 78.40 94.10 38.00 175.83 69.80 60.40

341.10 151.00 492.10 149.80 641.87 156.30 159.30-47.90 11.40 -36.50 7.80 -77.25 -23.60 -54.400.00 0.00 0.00 -10.00 -10.00 4.20 -23.000.00 0.00 0.00 0.00 0.00 -8.00 8.300.00 0.00 0.00 0.00 0.00 0.00 0.00

-47.90 11.40 -36.50 17.80 -67.25 -19.80 -39.700.00 0.00 0.00 0.00 48.51 0.00 0.00

-47.90 11.40 -36.50 17.80 -18.74 -19.80 -39.700.00 350.90 0.00 351.00 351.00 351.00 351.200.00 0.00 0.00 0.00 5950.40 0.00 0.000.00 12.45 12.45 3.58 16.03 0.00

#DIV/0! 0.32 #DIV/0! 0.51 -1.91 -0.56 -1.13#DIV/0! 0.32 #DIV/0! 0.51 -1.91 -0.56 -1.13

0.00 0.00 0.00 0.00 0.00 0.000.00 35.21 0.00 35.21 35.21 35.22 35.120.00 35.21 0.00 35.21 35.21 35.22 35.120.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 -67.25 0.00 0.000.00 0.00 0.00 0.00 10937.63 0.00 0.000.00 0.00 0.00 0.00 4909.79 0.00 0.000.00 0.00 0.00 0.00 6027.84 0.00 0.00

2004-05 2004-05 2004-05 2004-05 2004-05 2005-06 2005-066-m (Apr-Sep) OND 9-m (Apr-Dec) JFMAnnual(Apr-Mar)AMJ JAS

69.51% 70.43% 69.83% 67.86% 66.03% 75.45% 70.00%0.00% 0.00% 0.00% 0.00% 3.07% 0.00% 0.00%

0.31% -1.57% -0.33% 1.89% 0.28% -5.95% 1.13%0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

7.77% 7.20% 7.58% 6.06% 7.16% 7.29% 6.72%20.64% 20.42% 20.56% 22.03% 20.86% 20.16% 19.56%1.55% 1.46% 1.52% 1.25% 1.44% 1.33% 1.25%4.68% 3.97% 4.44% 3.58% 4.20% 3.88% 3.54%0.00% 0.00% 0.00% -0.24% -0.07% 0.10% -0.51%0.00% 0.00% 0.00% 0.00% 0.00% -0.18% 0.17%

3.81% 2.21% 3.26% 2.86% 2.54% 1.56% 0.99%-47.9 11.4 -36.5 17.8 -18.74 -19.8 -39.7

187.35%#DIV/0! #DIV/0! #DIV/0! -178.00% 672.48% -471.43% 172.61%

-485.13%1.77% 3.52% 2.37% 2.15% 2.59% 3.07% 2.59%

2005-06 2005-06 2005-06 2005-06 2005-06 2006-07 2006-076-m (Apr- OND 9-m (Apr- JFM Annual(ApAMJ JAS

9577.00 4546.70 14123.70 5396.20 19519.90 5566.70 6025.001053.30 439.80 1493.10 552.60 2045.70 590.10 649.30

8523.70 4106.90 12630.60 4843.60 17474.20 4976.60 5375.70107.40 56.10 163.50 50.00 226.26 64.20 37.708283.60 3910.20 12193.80 4585.70 16788.22 4791.20 5106.10

6185.80 3023.30 9209.10 3167.70 12092.41 3639.50 3973.70

0.00 0.00 0.00 0.00 284.36 0.00 0.00

-189.00 -260.30 -449.30 219.00 -230.28 -64.10 -190.90

0.00 0.00 0.00 0.00 623.33 0.00 0.00

0.00 0.00 0.00 0.00 616.93 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

595.80 302.90 898.70 283.80 1185.88 307.90 328.80

1691.00 844.30 2535.30 915.20 2215.59 907.90 994.50240.10 196.70 436.80 257.90 685.98 185.40 269.60

109.90 56.90 166.80 57.70 224.50 75.50 77.70130.20 139.80 270.00 200.20 461.48 109.90 191.90

315.60 164.70 480.30 153.70 635.56 161.20 158.50-78.00 31.20 -46.80 96.50 52.17 12.90 71.10

-18.80 6.00 -12.80 5.10 37.00 3.70 10.100.30 9.80 10.10 35.00 10.00 6.90 13.000.00 0.00 0.00 8.60 0.00 0.00 5.10

-59.50 15.40 -44.10 47.80 5.17 2.30 42.900.00 0.00 0.00 0.00 0.00 0.00 -4.60

-59.50 15.40 -44.10 47.80 5.17 2.30 38.300.00 351.20 0.00 456.80 456.80 456.80 456.800.00 0.00 0.00 0.00 3033.24 0.00 0.000.00 12.45 12.45 3.58 16.03 0.00

#DIV/0! 0.44 #DIV/0! 1.05 0.11 0.05 0.94#DIV/0! 0.44 #DIV/0! 1.05 0.11 0.05 0.94

0.00 0.00 0.00 0.00 0.00 0.000.00 35.12 0.00 45.66 45.66 45.66 45.660.00 35.12 0.00 45.66 45.66 45.66 45.660.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 5.17 0.00 0.000.00 0.00 0.00 0.00 8842.66 0.00 0.000.00 0.00 0.00 0.00 3754.02 0.00 0.000.00 0.00 0.00 0.00 5088.63 0.00 0.00

2005-06 2005-06 2005-06 2005-06 2005-06 2006-07 2006-076-m (Apr-Sep) OND 9-m (Apr-Dec) JFMAnnual(Apr-Mar)AMJ JAS

72.57% 73.62% 72.91% 65.40% 69.20% 73.13% 73.92%0.00% 0.00% 0.00% 0.00% 1.63% 0.00% 0.00%

-2.22% -6.34% -3.56% 4.52% -1.32% -1.29% -3.55%0.00% 0.00% 0.00% 0.00% 3.57% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 3.53% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

6.99% 7.38% 7.12% 5.86% 6.79% 6.19% 6.12%19.84% 20.56% 20.07% 18.90% 12.68% 18.24% 18.50%1.29% 1.39% 1.32% 1.19% 1.28% 1.52% 1.45%3.70% 4.01% 3.80% 3.17% 3.64% 3.24% 2.95%

-0.22% 0.15% -0.10% 0.11% 0.21% 0.07% 0.19%0.00% 0.22% 0.07% 0.65% 0.05% 0.12% 0.22%1.26% 1.37% 1.29% 1.03% 1.29% 1.29% 0.70%-59.5 15.4 -44.1 47.8 517.40% 2.3 38.3

13.98%316.49% 256.67% 344.53% 937.25% 13.98% 62.16% 424.75%

0.00%2.82% 4.79% 3.46% 5.32% 3.93% 3.73% 5.02%

71.84% 70.37%

2006-07 2006-07 2006-07 2006-07 2006-07 2007-08 2007-086-m (Apr- OND 9-m (Apr- JFM Annual(ApAMJ JAS

11591.70 6004.20 17595.90 6310.20 23906.12 6009.50 5831.901239.40 637.60 1877.00 681.30 2558.34 645.10 0.00

10352.30 5366.60 15718.90 5628.90 21347.78 5364.40 5831.90101.90 28.70 130.60 113.80 244.43 37.40 77.409897.30 4976.50 14873.80 5189.70 20068.15 4870.90 5286.40

7613.20 3613.90 11227.10 3641.60 14425.18 3571.10 3631.90

0.00 0.00 0.00 0.00 443.52 0.00 150.00

-255.00 76.70 -178.30 154.70 -23.62 -138.00 -61.70

0.00 0.00 0.00 0.00 729.99 0.00

0.00 0.00 0.00 0.00 658.92 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

636.70 324.90 961.60 316.10 1282.31 343.90 399.00

1902.40 961.00 2863.40 1077.30 2551.85 1093.90 1167.20455.00 390.10 845.10 439.20 1279.63 493.50 545.50

153.20 78.40 231.60 79.00 310.61 80.00 79.30301.80 311.70 613.50 360.20 969.03 413.50 466.20

319.70 155.70 475.40 128.90 604.27 140.30 138.0084.00 184.70 268.70 345.10 609.19 310.60 405.60

13.80 22.40 36.20 63.80 100.00 170.50 150.6019.90 40.00 59.90 39.90 92.92 -20.00 0.00

5.10 4.50 9.60 7.30 23.78 7.60 0.0045.20 117.80 163.00 234.10 392.49 152.50 255.00-4.60 0.00 -4.60 0.00 0.00 151.0040.60 117.80 158.40 234.10 392.49 303.50 255.00

456.80 456.80 456.80 456.80 456.80 456.80 456.800.00 0.00 0.00 0.00 3329.58 0.00 0.000.00 12.45 12.45 3.58 16.03 0.000.99 2.58 3.57 5.13 8.60 3.34 5.590.99 2.58 3.57 5.13 8.60 3.34 5.590.00 0.00 0.00 0.00 0.00 0.00

45.66 45.66 45.66 45.66 45.66 45.66 45.6645.66 45.66 45.66 45.66 45.66 45.66 45.66

0.00 0.00 0.00 0.00 0.00 156.25 162.500.00 0.00 0.00 0.00 0.00 7133.91 7419.260.00 0.00 0.00 0.00 96.16 0.00 0.00

0.00 0.00 0.00 0.00 0.24 0.00 0.000.00 0.00 0.00 0.00 296.33 0.00 0.000.00 0.00 0.00 0.00 8941.74 0.00 0.000.00 0.00 0.00 0.00 3693.94 0.00 0.000.00 0.00 0.00 0.00 5247.80 0.00 0.00

2006-07 2006-07 2006-07 2006-07 2006-07 2007-08 2007-086-m (Apr-Sep) OND 9-m (Apr-Dec) JFMAnnual(Apr-Mar)AMJ JAS

73.54% 67.34% 71.42% 64.69% 67.57% 66.57% 62.28%0.00% 0.00% 0.00% 0.00% 2.08% 0.00% 2.57%

-2.46% 1.43% -1.13% 2.75% -0.11% -2.57% -1.06%0.00% 0.00% 0.00% 0.00% 3.42% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 3.09% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

6.15% 6.05% 6.12% 5.62% 6.01% 6.41% 6.84%18.38% 17.91% 18.22% 19.14% 11.95% 20.39% 20.01%1.48% 1.46% 1.47% 1.40% 1.45% 1.49% 1.36%3.09% 2.90% 3.02% 2.29% 2.83% 2.62% 2.37%0.13% 0.42% 0.23% 1.13% 0.47% 3.18% 2.58%0.17% 0.67% 0.34% 0.63% 0.39% -0.33% 0.00%0.98% 0.53% 0.83% 2.02% 1.15% 0.70% 1.33%

40.6 117.8 158.4 234.1 ### 303.5 255392.49%

327.54% 525.89% 450.28% 366.93% 392.49% 89.44% 169.32%0.00%

4.40% 7.27% 5.38% 7.80% 5.99% 9.20% 9.35%71.08% 68.77% 70.29% 67.44% 69.54% 64.00% 63.79%

2007-08 2007-08 2007-08 2007-08 2007-08 2008-09 2008-096-m (Apr- OND 9-m (Apr- JFM Annual(AprAMJ JAS

11841.40 5641.10 17482.50 6462.30 26029.66 6573.64 6789.10645.10 0.00 645.10 0.00 2729.99 0.00 0.00

11196.30 5641.10 16837.40 6462.30 23299.67 6573.64 6789.10114.80 82.50 197.30 105.40 230.72 118.19 11.10

10157.30 5223.20 15380.50 5466.60 21457.44 6574.09 7001.30

7203.00 3662.10 10865.10 4046.40 14785.28 4682.84 5104.00

150.00 189.60 339.60 236.70 702.45 304.83 379.00

-199.70 -119.10 -318.80 143.40 -175.39 -194.86 -512.30

0.00 0.00 0.00 801.61 0.00 0.00

0.00 0.00 0.00 0.00 714.72 0.00 216.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

742.90 351.10 1094.00 336.20 1430.21 375.13 386.40

2261.10 1139.50 3400.60 703.90 3198.56 1406.15 1428.201039.00 417.90 1456.90 995.70 1842.23 -0.45 -212.20

159.30 75.10 234.40 95.50 329.90 86.73 42.60879.70 342.80 1222.50 900.20 1512.33 -87.18 -254.80278.30 149.20 427.50 141.90 569.40 139.75 166.40716.20 276.10 992.30 863.70 1173.64 -108.74 -410.10321.10 83.90 405.00 40.00 430.00 -5.07 -121.80-20.00 0.00 -20.00 60.20 40.23 3.00 0.00

7.60 0.00 7.60 -5.80 16.83 0.00 0.00407.50 192.20 599.70 769.30 686.58 -106.67 -288.30151.00 0.00 151.00 0.00 799.46 0.00 0.00558.50 192.20 750.70 769.30 1486.04 -106.67 -288.30178.50 342.40 178.50 342.40 342.40 342.44 342.40

0.00 0.00 0.00 0.00 4790.15 0.00 0.0012.45 3.58

8.93 5.61 13.13 22.47 20.05 -3.12 -8.428.93 5.61 13.13 22.47 20.05 -3.12 -8.42

0.00 0.0045.66 34.24 45.66 34.24 34.24 34.24 34.2445.66 34.24 45.66 34.24 34.24 34.24 34.24

0.00 209.35 0.00 0.00 0.00 0.00 0.000.00 7168.24 0.00 0.00 0.000.00 0.00 0.00 0.00 160.25 0.00 0.00

0.00 0.00 0.00 0.00 0.23 0.00 0.000.00 0.00 0.00 0.00 526.33 0.00 0.000.00 0.00 0.00 0.00 10181.60 0.00 0.000.00 0.00 0.00 0.00 4646.39 0.00 0.000.00 0.00 0.00 0.00 5535.21 0.00 0.00

2007-08 2007-08 2007-08 2007-08 2007-08 2008-09E 2008-09E6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM Annual(Apr-Mar) AMJ JAS

64.33% 64.92% 64.53% 62.62% 63.46% 71.24% 75.18%1.34% 3.36% 2.02% 3.66% 3.01% 4.64% 5.58%

-1.78% -2.11% -1.89% 2.22% -0.75% -2.96% -7.55%0.00% 0.00% 0.00% 0.00% 3.44% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 3.07% 0.00% 3.18%0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

6.64% 6.22% 6.50% 5.20% 6.14% 5.71% 5.69%20.20% 20.20% 20.20% 10.89% 13.73% 21.39% 21.04%1.42% 1.33% 1.39% 1.48% 1.42% 1.32% 0.63%2.49% 2.64% 2.54% 2.20% 2.44% 2.13% 2.45%2.87% 1.49% 2.41% 0.62% 1.85% -0.08% -1.79%

-0.17% 0.00% -0.11% 0.93% 0.15% 0.05% 0.00%1.03% 1.46% 1.17% 1.63% 0.99% 1.80% 0.16%558.5 192.2 750.7 769.3 ### -106.67 -288.3

345.59%126.91% 229.08% 148.07% 1923.25% 159.67% 2103.94% 236.70%

185.92%9.28% 7.41% 8.65% 15.41% 7.91% -0.01% -3.13%

63.89% 66.17% 64.65% 68.50% 65.72% 72.91% 73.22%

2008-09 2008-09 2008-09 2008-09 2008-09 2009-10E 2009-10E6-m (Apr- OND 9-m (Apr- JFM Annual(ApAMJ JAS

13362.74 5930.40 19293.14 6312.00 25605.14 6517.29 6944.250.00 0.00 0.00 0.00 0.00 0.00 0.00

13362.74 5930.40 19293.14 6312.00 25605.14 6517.29 6944.25129.29 0.60 129.89 2.30 132.19 4.80

13575.39 5818.30 19393.69 5741.30 25134.99 6561.35

9786.84 3655.70 13442.54 3513.50 16956.04 4534.98 4800.21

683.83 225.20 909.03 118.30 1027.33

-707.16 321.90 -385.26 267.30 -117.96

0.00 0.00 0.00 0.00 0.00 0.00

216.00 0.00 216.00 0.00 216.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

761.53 383.00 1144.53 462.40 1606.93 397.65 431.69

2834.35 1232.50 4066.85 1379.80 5446.65 1020.03 1329.45-212.65 112.10 -100.55 570.70 470.15 6517.29 382.90129.33 63.20 192.53 63.60 256.13 63.10-341.98 48.90 -293.08 507.10 214.02 6454.19 382.90306.15 267.70 573.85 144.10 717.95 121.00-518.84 -218.20 -737.04 365.30 -371.74 6337.99 382.90

-126.87 -1.80 -128.67 9.30 -119.37 313.303.00 0.00 3.00 -96.20 -93.20 0.000.00 0.00 0.00 1.90 1.90 0.00

-394.97 -216.40 -611.37 450.30 -161.07 6024.69 382.900.00 0.00 0.00 0.00 0.00 0.00

-394.97 -216.40 -611.37 450.30 -161.07 6024.69 382.90342.40 342.40 342.40 342.40 342.40 342.40

0.00 0.00 0.00 0.00 4541.38 0.00

-11.53 -6.32 -17.85 13.15 -4.70 175.92 #DIV/0!-11.53 -6.32 -17.85 13.15 -4.70 175.92 #DIV/0!

34.24 34.24 34.24 34.25 34.25 34.2534.24 34.24 34.24 34.25 34.25 34.25

0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 -161.07 0.00 0.000.00 0.00 0.00 0.00 11498.30 0.00 0.000.00 0.00 0.00 0.00 6429.75 0.00 0.000.00 0.00 0.00 0.00 5068.54 0.00 0.00

2008-09E 2008-09E 2008-09E 2008-09E 2008-09E 2009-10E 2009-10E6-m (Apr-Sep) OND 9-m (Apr-Dec) JFMAnnual(Apr-Mar) AMJ JAS

73.24% 61.64% 69.68% 55.66% 66.22% 69.58% 69.12%5.12% 3.80% 4.71% 1.87% 4.01% 0.00% 0.00%

-5.29% 5.43% -2.00% 4.23% -0.46% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

1.62% 0.00% 1.12% 0.00% 0.84% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

5.70% 6.46% 5.93% 7.33% 6.28% 6.10% 6.22%21.21% 20.78% 21.08% 21.86% 21.27% 15.65% 19.14%0.97% 1.07% 1.00% 1.01% 1.00% 0.97% 0.00%2.29% 4.51% 2.97% 2.28% 2.80% 1.86% 0.00%

-0.95% -0.03% -0.67% 0.15% -0.47% 4.81% 0.00%0.02% 0.00% 0.02% -1.52% -0.36% 0.00% 0.00%0.97% 0.01% 0.67% 0.04% 0.52% 0.07% 0.00%

-394.97 -216.4 -611.37 450.3 -161.07 6024.6906359 382.90155134.93%

311.32% ### 475.15% 4841.94% 134.93% 1922.98% #DIV/0!0.00%

-1.59% 1.89% -0.52% 9.04% 1.84% 100.00% 5.51%73.07% 70.87% 72.39% 61.77% 69.77% 0.696 0.691

2009-10E 2009-10E 2009-10E 2009-10E 2009-10E 2010-11E 2010-11E6-m (Apr- OND 9-m (Apr- JFM Annual(ApAMJ JAS

13461.54 6562.75 20024.30 7127.84 27152.13 7198.58 7670.170.00 0.00 0.00 0.00 0.00 0.00 0.00

13461.54 6562.75 20024.30 7127.84 27152.13 7198.58 7670.174.80 4.80 4.80

12865.32 6256.79 19180.16 6596.19 26012.62 6579.74 7015.17

9334.82 4502.19 13838.99 4697.56 18556.78 4954.81 5270.21

0.00 0.00

0.00 0.00 0.00

0.00 0.00 620.87

0.00 0.00 633.34

0.00 0.00 0.00

829.43 409.87 1237.98 431.09 1667.22 437.16 479.38

2701.07 1344.73 4103.18 1467.55 4534.41 1187.77 1265.58596.22 305.96 844.14 531.64 1139.52 618.84 655.0163.10 63.10 63.10533.12 305.96 781.04 531.64 1076.42 618.84 655.01

121.00 121.00 121.00416.92 305.96 664.84 531.64 960.22 618.84 655.01

313.30 313.30 313.300.00 0.00 0.000.00 0.00 0.00

103.62 305.96 351.54 531.64 646.92 618.84 655.010.00 0.00 0.00

103.62 305.96 351.54 531.64 646.92 618.84 655.010.00 0.00 0.000.00 0.00 4725.05

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

0.00 0.00 0.000.00 0.00 0.000.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 646.92 0.00 0.000.00 0.00 0.00 0.00 11250.08 0.00 0.000.00 0.00 0.00 0.00 5548.13 0.00 0.000.00 0.00 0.00 0.00 5701.95 0.00 0.00

2009-10E 2009-10E 2009-10E 2009-10E 2009-10E 2010-11E 2010-11E6-m (Apr-Sep) OND 9-m (Apr-Dec) JFMAnnual(Apr-Mar)AMJ JAS

69.34% 68.60% 69.11% 65.90% 65.75% 68.83% 68.71%0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 2.29% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 2.33% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

6.16% 6.25% 6.18% 6.05% 6.14% 6.07% 6.25%20.07% 20.49% 20.49% 20.59% 16.70% 16.50% 16.50%0.47% 0.00% 0.32% 0.00% 0.23% 0.00% 0.00%0.90% 0.00% 0.60% 0.00% 0.45% 0.00% 0.00%2.33% 0.00% 1.56% 0.00% 1.15% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.04% 0.00% 0.02% 0.00% 0.02% 0.00% 0.00%103.62496 305.95952 351.53723 531.64253 646.92 618.8369 655.00521479

206.49%33.08% #DIV/0! 112.20% #DIV/0! 206.49% #DIV/0! #DIV/0!

0.00%4.43% 4.66% 4.22% 7.46% 4.20% 8.60% 8.54%

0.693 0.686 0.691 0.659 0.683 0.688 0.687

2010-11E 2010-11E 2010-11E 2010-11E6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM

14868.75 7248.79 22117.54 7872.950.00 0.00 0.00 0.00

14868.75 7248.79 22117.54 7872.950.00 0.00

13594.75 6622.17 20220.32 6934.77

10224.71 4968.78 15198.74 5148.24

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

916.69 457.34 1372.18 487.50

2453.34 1196.05 3649.39 1299.041274.01 626.62 1897.22 938.18

0.00 0.001274.01 626.62 1897.22 938.18

0.00 0.001274.01 626.62 1897.22 938.18

0.00 0.000.00 0.000.00 0.00

1274.01 626.62 1897.22 938.180.00 0.00

1274.01 626.62 1897.22 938.180.00 0.000.00 0.00

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

0.00 0.000.00 0.000.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.00 0.00

2010-11E 2010-11E 2010-11E 2010-11E6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM

68.77% 68.55% 68.72% 65.39%0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00%

6.17% 6.31% 6.20% 6.19%16.50% 16.50% 16.50% 16.50%

0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00%

1274.0053541221 626.62171145 1897.2206885037 938.17624153

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

8.57% 8.64% 8.58% 11.92%0.688 0.685 0.687 0.654

2010-11E 2011-12E 2011-12E 2011-12EAnnual(Apr-Mar) AMJ JAS 6-m (Apr-Sep)

29990.49 7840.36 8354.00 16194.360.00 0.00 0.00 0.00

29990.49 7840.36 8354.00 16194.360.00 0.00

28377.08 7205.41 7677.58 14882.70

20377.10 5522.85 5877.07 11399.53

0.00 0.00

0.00 0.00

572.53 0.00

624.16 0.00

0.00 0.00

1854.85 467.31 505.64 973.04

4948.43 1215.26 1294.87 2510.131613.41 634.94 676.42 1311.66

0.00 0.001613.41 634.94 676.42 1311.66

0.00 0.001613.41 634.94 676.42 1311.66

0.00 0.000.00 0.000.00 0.00

1613.41 634.94 676.42 1311.660.00 0.00

1613.41 634.94 676.42 1311.660.00 0.000.00 0.00

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

0.00 0.000.00 0.000.00 0.00

0.00 0.00 0.00

0.00 0.00 0.00 0.001613.41 0.00 0.00 0.00

0.00 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.00 0.00

2010-11E 2011-12E 2011-12E 2011-12EAnnual(Apr-Mar) AMJ JAS 6-m (Apr-Sep)

65.14% 70.44% 70.35% 70.39%0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00%1.91% 0.00% 0.00% 0.00%2.08% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00%

6.18% 5.96% 6.05% 6.01%16.50% 15.50% 15.50% 15.50%

0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00%

1613.41 634.94464707 676.41692619 1311.6591547#DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0!5.38% 8.10% 8.10% 8.10%

0.679 0.704 0.704 0.704

2011-12E 2011-12E 2011-12E 2011-12E 2012-13EOND 9-m (Apr-Dec)JFM Annual(Apr-Mar) AMJ

7895.05 24089.41 8574.85 32664.26 8484.230.00 0.00 0.00 0.00 0.00

7895.05 24089.41 8574.85 32664.26 8484.230.00 0.00

7198.45 22085.00 7406.80 30345.81 7700.57

5474.35 16880.18 5518.45 22436.17 5906.59

0.00 0.00

0.00 0.00

0.00 248.97

0.00 572.42

0.00 0.00

500.36 1470.96 559.24 2025.28 512.86

1223.73 3733.86 1329.10 5062.96 1281.12696.60 2004.41 1168.05 2318.45 783.65

0.00 0.00696.60 2004.41 1168.05 2318.45 783.65

0.00 0.00696.60 2004.41 1168.05 2318.45 783.65

0.00 0.000.00 0.000.00 0.00

696.60 2004.41 1168.05 2318.45 783.650.00 0.00

696.60 2004.41 1168.05 2318.45 783.650.00 0.000.00 0.00

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

0.00 0.000.00 0.000.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 2318.45 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

2011-12E 2011-12E 2011-12E 2011-12E 2012-13EOND 9-m (Apr-Dec) JFM Annual(Apr-Mar) AMJ

69.34% 70.07% 64.36% 65.70% 69.62%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.01 0.00%0.00% 0.00% 0.00% 1.75% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%

6.34% 6.11% 6.52% 6.20% 6.04%15.50% 15.50% 15.50% 15.50% 15.10%

0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%

696.60392765 2004.4097754 1168.0542707 2318.45 783.65314886#DIV/0!

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

8.82% 8.32% 13.62% 7.10% 9.24%0.693 0.701 0.644 0.687 0.696

2012-13E 2012-13E 2012-13E 2012-13E 2012-13EJAS 6-m (Apr-Sep)OND 9-m (Apr-Dec)JFM

9040.05 17524.28 8543.41 26067.69 9279.040.00 0.00 0.00 0.00 0.00

9040.05 17524.28 8543.41 26067.69 9279.040.00 0.00

8196.46 15896.74 7708.43 23608.18 8032.99

6273.37 12179.53 5880.36 18065.09 6051.54

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

558.04 1071.04 538.02 1606.88 580.31

1365.05 2646.17 1290.05 3936.22 1401.13843.59 1627.54 834.98 2459.50 1246.05

0.00 0.00843.59 1627.54 834.98 2459.50 1246.05

0.00 0.00843.59 1627.54 834.98 2459.50 1246.05

0.00 0.000.00 0.000.00 0.00

843.59 1627.54 834.98 2459.50 1246.050.00 0.00

843.59 1627.54 834.98 2459.50 1246.050.00 0.000.00 0.00

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

0.00 0.000.00 0.000.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

2012-13E 2012-13E 2012-13E 2012-13E 2012-13EJAS 6-m (Apr-Sep) OND 9-m (Apr-Dec) JFM69.40% 69.50% 68.83% 69.30% 65.22%

0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%

6.17% 6.11% 6.30% 6.16% 6.25%15.10% 15.10% 15.10% 15.10% 15.10%

0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%

843.5891653 1627.539025 834.98149002 2459.5027015 1246.0507322

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

9.33% 9.29% 9.77% 9.44% 13.43%0.694 0.695 0.688 0.693 0.652

2012-13E 2013-14E 2013-14E 2013-14E 2013-14EAnnual(Apr-Mar) AMJ JAS 6-m (Apr-Sep)OND

35346.73 9321.95 9932.66 19254.61 9386.980.00 0.00 0.00 0.00 0.00

35346.73 9321.95 9932.66 19254.61 9386.980.00 0.00

32981.52 8516.17 9046.39 17520.29 8498.45

24150.79 6490.88 6901.75 13392.18 6468.08

0.00 0.00

0.00 0.00

584.15 0.00

726.52 0.00

0.00 0.00

2182.71 561.75 611.70 1173.60 592.77

5337.36 1463.55 1532.94 2954.51 1437.602365.21 805.78 886.27 1734.32 888.53

0.00 0.002365.21 805.78 886.27 1734.32 888.53

0.00 0.002365.21 805.78 886.27 1734.32 888.53

0.00 0.000.00 0.000.00 0.00

2365.21 805.78 886.27 1734.32 888.530.00 0.00

2365.21 805.78 886.27 1734.32 888.530.00 0.000.00 0.00

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

0.00 0.000.00 0.000.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.002365.21 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

2012-13E 2013-14E 2013-14E 2013-14E 2013-14EAnnual(Apr-Mar) AMJ JAS 6-m (Apr-Sep) OND

65.53% 69.63% 69.49% 69.55% 68.90%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%

1.65% 0.00% 0.00% 0.00% 0.00%2.06% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%

6.18% 6.03% 6.16% 6.10% 6.31%15.10% 15.70% 15.43% 15.34% 15.31%

0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00%

2365.21 805.77903431 886.26620487 1734.3160478 888.5324875#DIV/0!#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!#DIV/0!6.69% 8.64% 8.92% 9.01% 9.47%

0.683 0.696 0.695 0.696 0.689

2013-14E 2013-14E 2013-14E9-m (Apr-Dec)JFM Annual(Apr-Mar)

28641.59 10195.24 38836.830.00 0.00 0.00

28641.59 10195.24 38836.830.00 0.00

26014.31 8830.37 36200.16

19866.93 6625.72 26533.04

0.00 0.00

0.00 0.00

0.00 559.75

0.00 762.38

0.00 0.00

1763.80 644.61 2402.74

4383.58 1560.04 5942.252627.28 1364.87 2636.68

0.00 0.002627.28 1364.87 2636.68

0.00 0.002627.28 1364.87 2636.68

0.00 0.000.00 0.000.00 0.00

2627.28 1364.87 2636.680.00 0.00

2627.28 1364.87 2636.680.00 0.000.00 0.00

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

0.00 0.000.00 0.000.00 0.00

0.00 0.00

0.00 0.00 0.000.00 0.00 2636.680.00 0.00 0.000.00 0.00 0.000.00 0.00 0.00

2013-14E 2013-14E 2013-14E9-m (Apr-Dec) JFM Annual(Apr-Mar)

69.36% 64.99% 65.46%0.00% 0.00% 0.00%0.00% 0.00% 0.00%0.00% 0.00% 1.44%0.00% 0.00% 1.96%0.00% 0.00% 0.00%

6.16% 6.32% 6.19%15.30% 15.30% 15.30%

0.00% 0.00% 0.00%0.00% 0.00% 0.00%0.00% 0.00% 0.00%0.00% 0.00% 0.00%0.00% 0.00% 0.00%

2627.2795976 1364.8726072 2636.68#DIV/0!

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

9.17% 13.39% 6.79%0.694 0.650 0.683

Profit And Loss Statement - CEAT Ltd.,Rs in million

Particulars 2003-04 2004-05 2005-06 2006-07Net Sales 14008.30 15279.90 17474.20 21347.78% Growth 0% 9.08% 14.36% 22.17%Total Revenue 15230.50 15668.69 17700.46 21592.22% Growth 0% 2.88% 12.97% 21.99%EXPENDITURESStaff Costs 9320.50 1094.41 1185.88 1282.31% of Net Sales 67% 7.16% 6.79% 6.01%Other Manufacturing/Operating costs 1407.80 10601.40 13386.75 16233.99% of Net Sales 10% 69.38% 76.61% 76.05%Miscellaneous Expenses 3088.70 3187.70 2215.59 2551.85% of Net Sales 22% 20.86% 12.68% 11.95%Total Expenditures 13817.00 14883.51 16788.22 20068.15% of Net Sales 99% 97.41% 96.07% 94.01%EBITDA 191.30 396.39 685.98 1279.63EBITDA Margin % 1% 2.59% 3.93% 5.99%Growth % 107.21% 73.06% 86.54%Depreciation & Amortisation 221.00 220.56 224.50 310.61EBIT -29.70 175.83 461.48 969.03Financial Charges 764.10 641.87 635.56 604.27Other Income 1222.20 388.79 226.26 244.43PBT 428.40 -77.25 52.17 609.19Pre-tax Margin % 3.06% -0.51% 0.30% 2.85%Tax 81.60 -10.00 47.00 216.70Effective Tax Rate % 19% 12.95% 90.08% 35.57%Adjusted PAT 346.80 -67.25 5.17 392.49Net Profit Margin % 2% -0.44% 0.03% 1.84%Growth in Adjusted PAT % 0% -119.39% -107.69% 7485.72%Extrodinary Income -206.20 48.51 0.00 0.00Reported PAT 140.60 -18.74 5.17 392.49Shares In Issue 35.21 35.21 45.66 45.66Adjusted EPS 3.99 -0.53 0.11 8.60Growth % 0.00% -113.33% -121.30% 7486.38%

Dividend paid 0 0 0 96Dividend pay out ratio 0.00 0.00 0.00 0.24Net profit transferred to Reserves Acccoun 140.60 -18.74 5.17 296.33

DPS 0.00 0.00 0.00 2.11

Profit And Loss Statement - CEAT Ltd.,Rs in million

2007-08 2008-09 2009-10E 2010-11E 2011-12E 2012-13E2013-14E23299.67 25605.14 27152.13 ### 32664.26 ### ###

9.14% 9.89% 6.04% 10.45% 8.92% 8.21% 9.87%23530.39 25737.33 27392.11 ### 32903.45 ### ###

8.98% 9.38% 6.43% 10.36% 8.85% 8.29% 9.85%

1430.21 1606.93 1667.22 1854.85 2025.28 2182.71 2402.746.14% 6.28% 6.14% 6.18% 6.20% 6.18% 6.19%

16828.68 18081.41 19810.99 ### 23257.57 ### ###72.23% 70.62% 72.96% 71.94% 71.20% 72.03% 71.72%

3198.56 5446.65 4534.41 4948.43 5062.96 5337.36 5942.2513.73% 21.27% 16.70% 16.50% 15.50% 15.10% 15.30%

21457.44 25134.99 26012.62 ### 30345.81 ### ###92.09% 98.16% 95.80% 94.62% 92.90% 93.31% 93.21%

1842.22 470.15 1139.52 1613.41 2318.45 2365.21 2636.687.91% 1.84% 4.20% 5.38% 7.10% 6.69% 6.79%

43.97% -74.48% 142.37% 41.59% 43.70% 2.02% 11.48%329.90 256.13 348.28 368.08 381.30 433.14 468.58

1512.32 214.02 791.23 1245.33 1937.14 1932.07 2168.10569.40 717.95 755.73 852.26 968.55 1004.19 1119.45230.72 132.19 239.98 238.96 239.20 284.29 302.07

1173.64 -371.74 275.48 632.03 1207.79 1212.18 1350.725.04% -1.45% 1.01% 2.11% 3.70% 3.43% 3.48%

487.06 -210.67 91.82 210.65 402.56 404.02 450.1941.50% 56.67% 33.33% 33.33% 33.33% 33.33% 33.33%686.58 -161.07 183.67 421.37 805.24 808.16 900.522.95% -0.63% 0.68% 1.41% 2.47% 2.29% 2.32%

74.93% -123.46% -214.03% 129.42% 91.10% 0.36% 11.43%799.46 0.00 0 0 0 0 0

1486.04 -161.07 183.67 421.37 805.24 808.16 900.5234.24 34.25 34.25 34.25 34.25 34.25 34.25

43.40 -4.70 5.36 12.30 23.51 23.60 26.30404.85% -110.84% -214.03% 129.42% 91.10% 0.36% 11.43%

160 0 0 0 0 0 00.11 0.00

1325.79 -161.07 183.67 421.37 805.24 808.16 900.52

4.68 0.00 0.00 0.00 0.00

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ActualsProjected

Company - CEAT Ltd.,

Net sales (Operating revenue excluding other income)

Q1 AMJ Q2 JAS 6 months Q3 OND 9 months

FY 2004-05 3462.20 3829.10 7291.30 3799.80 11091.10FY 2003-04 0.00 0.00 0.00 0.00 0.00

YOY Growth% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!FY 2005-06 4027.70 4496.00 8523.70 4106.90 12630.60FY 2004-05 3462.20 3829.10 7291.30 3799.80 11091.10

YOY Growth% 16.33% 17.42% 16.90% 8.08% 13.88%FY 2006-07 4976.60 5375.70 10352.30 5366.60 15718.90FY 2005-06 4027.70 4496.00 8523.70 4106.90 12630.60

YOY Growth% 23.56% 19.57% 21.45% 30.67% 24.45%

FY 2007-08 5364.40 5831.90 11196.30 5641.10 16837.40FY 2006-07 4976.60 5375.70 10352.30 5366.60 15718.90

YOY Growth% 7.79% 8.49% 8.15% 5.11% 7.12%

FY 2008-09 6573.64 6789.10 13362.74 5930.40 19293.14

FY 2007-08 5364.40 5831.90 11196.30 5641.10 16837.40

YOY Growth% 22.54% 16.41% 19.35% 5.13% 14.59%

FY 2009-10 6517.29 5104.00 11621.29 3655.70 15276.99

FY 2008-09 6573.64 6789.10 13362.74 5930.40 19293.14

Growth% -0.86% -24.82% -13.03% -38.36% -20.82%

FY 2010-11 7198.58 0.00 7198.58 0.00 7198.58

FY 2009-10 6517.29 5104.00 11621.29 3655.70 15276.99

Growth% 10.45% ### -38.06% -100.00% -52.88%

Q4 JFM 12 months

Q1 Q2 Q3 Q$4188.80 15279.90 0.23 0.25 0.25 0.27

0.00 0.00

#DIV/0! #DIV/0!4843.60 17474.20 0.23 0.26 0.24 0.284188.80 15279.90

15.63% 14.36%5628.90 21347.78 0.23 0.25 0.25 0.264843.60 17474.20

16.21% 22.17%

6462.30 23299.67 0.23 0.25 0.24 0.285628.90 21347.78

14.81% 9.14%

6312.00 25605.14 0.26 0.27 0.23 0.25

6462.30 23299.67

-2.33% 9.89%

3513.50 16956.04 0.24 0.26 0.24 0.26

6312.00 25605.14

-44.34% -33.78%

0.00 0.00

3513.50 16956.04

-100.00% -100.00%

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Cash Flow Statement - CEAT Ltd.,Rs in million

Cash Flow from Operating Activities2005-06 2006-07 2007-08 2008-09

PAT 5.17 392.49 1486.04 -161.07

Add: Depreciation 246.95 279.41 146.92 309.63

Add: Interest Expense 635.56 604.27 569.40 717.95

Add: Other Non-Cash Charges 0.00 0.00 0.00 0.00

Add: Direct taxes paid 47.00 216.70 487.06 -210.67

Operating Profit Before WC Chan 934.68 1492.87 2689.42 655.83

Changes in Current Assets (excluding 4303.13 (407.22) (1899.43) 1128.41

Changes in Current Liabilities (939.21) 159.17 287.42 (466.67)

Changes In WC 3363.92 (248.05) (1612.01) 661.74

Cash Generated From Operations 4298.60 1244.82 1077.41 1317.57

Less: Direct Taxes Paid 47.00 216.70 487.06 -210.67

Others 0.00 0.00 0.00 1.00Net Cash Generated From Operat 4251.60 1028.12 590.35 1527.24

Cash Flow from Investing Activities

Capital Expenditure (CAPEX) (2061.97) (121.05) (946.48) (358.10)

Investments 629.85 0.00 1182.07 (330.65)

Others 0.00 0.00 0.00 1.00Net Cash Used In Investing Activi ### (121.05) 235.58 (687.75)

Cash Flow from Financing Activities

Change in Debt 716.36 (197.26) (106.33) 1565.45

Change in Equity 105.82 0.00 -114.37 0.01

Dividends Paid 0.00 (96.16) (160.25) 0.00

Interest Paid (635.56) (604.27) (569.40) (717.95)

Others (2922.33) 0.01 134.78 (87.70)Net Cash used in Financing Activi ### (897.68) (815.57) 759.82

Net Increase in Cash and Cash Eq 83.76 9.39 10.36 1599.31

Cash and cash equivalents At the 312.363 396.127 405.513 415.87

Net Increase in Cash and Cash Eq 83.76 9.39 10.36 1599.31

Cash and cash equivalents At the 396.13 405.51 415.87 2015.18

cash balance as per balance shee 396.1 405.5 415.9 2015.2

difference 0.00 0.00 0.00 0.00

Cash Flow Statement - CEAT Ltd.,Rs in million

2009-10E2010-11E2011-12E2012-13E2013-14E

183.67 421.37 805.24 808.16 900.52

348.28 368.08 381.30 433.14 468.58

755.73 852.26 968.55 1004.19 1119.45

0.00 0.00 0.00 0.00 0.00

91.82 210.65 402.56 404.02 450.19

1379.50 1852.37 2557.64 2649.50 2938.75

(361.16) ### ### ### ###

633.41 751.17 331.49 672.13 310.63

272.25 ### ### ### ###

1651.74 1575.52 2367.34 2506.13 2459.66

91.82 210.65 402.56 404.02 450.19

1559.93 ### ### ### ###

(1354.02) ### ### ### ###

(773.22) 5.12 ### 240.87 (84.64)

### ### ### ### ###

(431.89) 753.19 787.32 471.41 861.90

(755.73) ### ### ### ###

0.00 0.00 0.00 0.00 0.00 ### (99.08) ### ### ###

### 35.34 6.88 384.18 (7.88)

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2015.18 260.25 295.59 302.47 686.65

-1754.94 35.34 6.88 384.18 -7.88

260.25 295.59 302.47 686.65 678.77

260.3 295.6 302.5 686.7 678.8

0.00 0.00 0.00 0.00 0.00

Financial Ratios

2004-05 2005-06 2006-07 2007-08 2008-09E

Profitability RatiosReturn on Assets (ROA) -0.40% 0.04% 2.77% 4.37% -0.97%Return on Equity (ROE) -1.07% 0.15% 10.37% 13.38% -3.30%Return on Capital Employed (ROC 1.61% 5.22% 10.84% 14.85% 1.86%

Dupont Analysis-ROE DecompositionPAT/PBT (Tax Efficiency) 0.87 0.10 0.64 0.59 0.43PBT/EBIT (Interest Burden) -0.44 0.11 0.63 0.78 -1.74EBIT/Sales (OPM) 0.01 0.03 0.05 0.06 0.01Sales/Total Assets (Asset Turnove 0.90 1.25 1.50 1.48 1.55TA/NW (Financial Leverage) 2.69 3.99 3.75 3.06 3.39

ROE -1.07 0.15 10.37 13.38 -3.30

Liquidity RatiosCurrent Ratio 1.59 1.06 1.11 1.39 1.62Acid Test Ratio 1.32 0.70 0.69 0.78 1.18Debt-Equity Ratio 0.74 1.53 1.36 0.98 1.35

Efficiency RatiosAssets Turnover Ratio 0.90 1.25 1.50 1.48 1.55Working Capital Turnover Ratio 4.26 57.33 37.97 10.67 8.20F.A. Turnover Ratio 2.81 2.41 3.01 2.95 3.22C.A. Turnover Ratio 1.59 3.24 3.67 3.02 3.13Debtors Velocity 56.52 52.89 45.00 48.24 45.43

Margin Ratios (%)EBITDA Margin 2.59% 3.93% 5.99% 7.91% 1.84%Pre-Tax Margin -0.51% 0.30% 2.85% 5.04% -1.45%Net Profit Margin -0.44% 0.03% 1.84% 2.95% -0.63%

Growth Ratios YoY (%)Net Sales 9.08% 14.36% 22.17% 9.14% 9.89%EBITDA 107.21% 73.06% 86.54% 43.97% -74.48%Adj.PAT -119.39% -107.69% 7485.72% 74.93% -123.46%Adj.EPS -113.33% -121.30% 7486.38% 404.85% -110.84%

Working Ratios (Days)Inventory 40.18 38.32 37.82 53.43 31.28Debtors 56.52 52.89 45.00 48.24 45.43Net Working Capital Excluding Ca 3272.57 -91.35 156.70 1768.71 1106.97

Other Ratios (%)Other Income/PBT -503.30% 433.67% 40.12% 19.66% -35.56%

Per Share (Rs.)Adj.EPS -0.53 0.11 8.60 43.40 -4.70CEPS 5.73 5.03 1.54 5.30 0.28DPS 0.00 0.00 0.21 0.47 0.00BVPS 178.95 76.44 8.29 14.99 14.26Cash Per Share 8.87 8.68 8.88 12.15 58.84

Financial Ratios

2009-10E

1.08%3.62%7.03%

0.670.350.031.603.35

3.62

1.190.721.23

1.6024.80

3.033.99

40.15

4.20%1.01%0.68%

6.04%142.37%

-214.03%-214.03%

36.5040.15

834.72

87.11%

5.361.550.00

14.807.60

Balance Sheet - CEAT Ltd.,Rs in million

Particulars 2004-05 2005-06 2006-07 2007-08

Gross Asset 8,898.27 11,067.84 11,130.29 12,143.32

Accumulated Depriciation 3,603.84 3,850.78 4,130.20 4,277.11

Capital WIP 150.33 42.74 101.33 34.79

Net Fixed Asset 5,444.76 7,259.79 7,101.43 7,901.00

Investments & Deposits 1,907.94 1,278.09 1,278.09 96.02

Current Asset 9,612.77 5,393.41 5,810.01 7,719.79

Cash 312.36 396.13 405.51 415.87

Inventories 1,682.04 1,834.54 2,212.17 3,410.60

Trade Debtors 2,366.00 2,532.28 2,631.71 3,079.08

Loans and Advances 5,252.36 630.46 560.62 814.24

Current Liabilities & Provision 6,027.84 5,088.63 5,247.80 5,535.21

Net Current Asset Excluding C 3,272.57 -91.35 156.70 1,768.71

Miscellaneous ItemsCapital Deployed ### 8,842.66 8,941.73 ###

Non-Current Liabilities

Secured Debt 3,388.53 2,912.23 2,757.59 2,653.91

Non-secured debt & Trade deposit 1,117.83 2,300.50 2,164.96 2,122.08

Deferred Tax Liabilities 129.89 139.89 232.81 273.04

Total Liabilities 4,636.25 5,352.61 5,155.36 5,049.03

Contingent Liabilities

Share Capital 350.98 456.80 456.80 342.43

Reserve and Surplus 5,950.40 3,033.24 3,329.58 4,790.15

Total Stock Holder's Equuity 6,301.38 3,490.04 3,786.38 5,132.57

Capital Employed ### 8,842.66 8,941.74 ###

DIFF 0.00 0.00 0.00 0.00

current ratio 1.59 1.06 1.11 1.39

D\E 0.74 1.53 1.36 0.98

cash from cash flow statement #REF! 396.13 405.51 415.87

difference between the two cash #REF! 0.00 0.00 0.00

Closing Cash Balance from Cash F #REF! 396.13 405.51 415.87

Balance Sheet - CEAT Ltd.,Rs in million

2008-09 2009-10E 2010-11E 2011-12E 2012-13E 2013-14E

12,340.60 13,779.12 15,085.46 16,241.61 17,763.03 19,453.79

4,586.74 4,935.02 5,303.10 5,684.40 6,117.54 6,586.12

195.61 111.11 40.34 261.00 165.61 150.00

7,949.47 8,955.21 9,822.70 10,818.21 11,811.10 13,017.67

426.67 1,199.89 1,194.78 1,594.64 1,353.77 1,438.42

8,190.70 6,796.92 7,860.28 8,388.95 9,588.63 10,370.47

2,015.18 260.25 295.59 302.47 686.65 678.77

2,194.16 2,715.21 2,999.05 3,110.64 3,478.48 3,801.36

3,187.09 2,986.73 3,598.86 3,952.38 4,312.30 4,660.42

794.26 834.72 966.78 1,023.46 1,111.20 1,229.91

5,068.54 5,701.95 6,453.12 6,784.61 7,456.74 7,767.37

1,106.97 834.72 1,111.57 1,301.87 1,445.24 1,924.33

11,498.30 11,250.08 12,424.64 14,017.20 15,296.76 17,059.18

3,981.24 3,426.03 3,887.89 4,419.15 4,607.76 5,117.03

2,470.20 2,501.25 2,770.41 3,031.20 3,268.20 3,594.64

163.04 152.39 286.41 308.98 289.41 352.05

6,614.48 6,182.59 6,935.78 7,723.10 8,194.51 9,056.41

342.44 342.44 342.44 342.44 342.44 342.44

4,541.38 4,725.05 5,146.42 5,951.66 6,759.81 7,660.34

4,883.82 5,067.48 5,488.85 6,294.09 7,102.25 8,002.77

11,498.30 11,250.08 12,424.63 14,017.19 15,296.76 17,059.18

0.00 0.00 0.00 0.00 0.00 0.00

1.62 1.19 1.22 1.24 1.29 1.34

1.35 1.22 1.26 1.23 1.15 1.13

click to go back

2015.18 260.25 295.59 302.47 686.65 678.77

0.00 0.00 0.00 0.00 0.00 0.00

2015.18 260.25 295.59 302.47 686.65 678.77

CEAT Ltd.,2 3 4 5 6

Date CEAT Sensex2-Apr-07 108.4 12455.373-Apr-07 106.4 12624.58 -0.02 -0.02 0.01 0.014-Apr-07 106 12786.77 0.00 -0.01 0.01 0.015-Apr-07 105.95 12856.08 0.00 0.00 0.01 0.009-Apr-07 106.75 13177.74 0.01 0.01 0.03 0.02

10-Apr-07 108.5 13189.54 0.02 0.01 0.00 0.0011-Apr-07 112.25 13183.24 0.03 0.03 0.00 0.0012-Apr-07 111.5 13113.81 -0.01 -0.01 -0.01 -0.0113-Apr-07 116.6 13384.08 0.05 0.04 0.02 0.0216-Apr-07 124.2 13695.58 0.07 0.06 0.02 0.0217-Apr-07 123 13607.04 -0.01 -0.01 -0.01 -0.0118-Apr-07 125 13672.19 0.02 0.01 0.00 0.0019-Apr-07 137 13619.7 0.10 0.09 0.00 0.0020-Apr-07 141.95 13897.41 0.04 0.03 0.02 0.0223-Apr-07 134.55 13928.33 -0.05 -0.05 0.00 0.0024-Apr-07 151.1 14136.72 0.12 0.12 0.01 0.0125-Apr-07 148.75 14217.77 -0.02 -0.02 0.01 0.0026-Apr-07 143.55 14228.88 -0.03 -0.04 0.00 0.0027-Apr-07 141.4 13908.58 -0.01 -0.02 -0.02 -0.0230-Apr-07 142.55 13872.37 0.01 0.01 0.00 0.003-May-07 144.25 14078.21 0.01 0.01 0.01 0.014-May-07 142.2 13934.27 -0.01 -0.02 -0.01 -0.017-May-07 139 13879.25 -0.02 -0.02 0.00 0.008-May-07 134.8 13765.46 -0.03 -0.03 -0.01 -0.019-May-07 136.3 13781.51 0.01 0.01 0.00 0.00

10-May-07 144.1 13771.23 0.06 0.06 0.00 0.0011-May-07 143.25 13796.16 -0.01 -0.01 0.00 0.0014-May-07 144.85 13965.86 0.01 0.01 0.01 0.0115-May-07 142 13929.33 -0.02 -0.02 0.00 0.0016-May-07 140.65 14127.31 -0.01 -0.01 0.01 0.0117-May-07 148.45 14299.71 0.06 0.05 0.01 0.0118-May-07 147.4 14303.41 -0.01 -0.01 0.00 0.0021-May-07 150.65 14418.6 0.02 0.02 0.01 0.0122-May-07 169.85 14453.72 0.13 0.13 0.00 0.0023-May-07 166.7 14363.26 -0.02 -0.02 -0.01 -0.0124-May-07 157.25 14218.11 -0.06 -0.06 -0.01 -0.0125-May-07 171.3 14338.45 0.09 0.09 0.01 0.0128-May-07 170 14397.89 -0.01 -0.01 0.00 0.0029-May-07 176.05 14508.21 0.04 0.03 0.01 0.0130-May-07 179.25 14411.38 0.02 0.02 -0.01 -0.0131-May-07 182.1 14544.46 0.02 0.01 0.01 0.01

1-Jun-07 178.5 14570.75 -0.02 -0.02 0.00 0.00

Ri Ri-Avg(Ri) Rm RM-Avg(RM))

4-Jun-07 180 14495.77 0.01 0.01 -0.01 -0.015-Jun-07 177.3 14535.01 -0.01 -0.02 0.00 0.006-Jun-07 168.7 14255.93 -0.05 -0.05 -0.02 -0.027-Jun-07 167 14186.18 -0.01 -0.01 0.00 -0.018-Jun-07 162.05 14063.81 -0.03 -0.03 -0.01 -0.01

11-Jun-07 162 14083.41 0.00 0.00 0.00 0.0012-Jun-07 154.1 14130.95 -0.05 -0.05 0.00 0.0013-Jun-07 155 14003.03 0.01 0.00 -0.01 -0.0114-Jun-07 153.5 14203.72 -0.01 -0.01 0.01 0.0115-Jun-07 147.65 14162.71 -0.04 -0.04 0.00 0.0018-Jun-07 145.95 14080.14 -0.01 -0.01 -0.01 -0.0119-Jun-07 148.35 14295.5 0.02 0.02 0.02 0.0120-Jun-07 153.45 14411.95 0.03 0.03 0.01 0.0121-Jun-07 158.6 14499.24 0.03 0.03 0.01 0.0122-Jun-07 155 14467.36 -0.02 -0.02 0.00 0.0025-Jun-07 151 14487.72 -0.03 -0.03 0.00 0.0026-Jun-07 149 14501.08 -0.01 -0.01 0.00 0.0027-Jun-07 147.9 14431.06 -0.01 -0.01 0.00 -0.0128-Jun-07 162.55 14504.57 0.10 0.10 0.01 0.0029-Jun-07 156.5 14650.51 -0.04 -0.04 0.01 0.01

2-Jul-07 160.2 14664.26 0.02 0.02 0.00 0.003-Jul-07 159.6 14806.51 0.00 -0.01 0.01 0.014-Jul-07 172.5 14880.24 0.08 0.08 0.00 0.005-Jul-07 168.4 14861.89 -0.02 -0.03 0.00 0.006-Jul-07 169.85 14964.12 0.01 0.01 0.01 0.019-Jul-07 168.5 15045.73 -0.01 -0.01 0.01 0.00

10-Jul-07 165.95 15009.88 -0.02 -0.02 0.00 0.0011-Jul-07 163 14910.62 -0.02 -0.02 -0.01 -0.0112-Jul-07 170 15092.04 0.04 0.04 0.01 0.0113-Jul-07 166.4 15272.72 -0.02 -0.02 0.01 0.0116-Jul-07 164.1 15311.22 -0.01 -0.02 0.00 0.0017-Jul-07 166.15 15289.82 0.01 0.01 0.00 0.0018-Jul-07 169 15301.17 0.02 0.02 0.00 0.0019-Jul-07 169 15550.13 0.00 0.00 0.02 0.0220-Jul-07 169.25 15565.55 0.00 0.00 0.00 0.0023-Jul-07 180.7 15732.2 0.07 0.07 0.01 0.0124-Jul-07 181 15794.92 0.00 0.00 0.00 0.0025-Jul-07 185.45 15699.33 0.02 0.02 -0.01 -0.0126-Jul-07 185.95 15776.31 0.00 0.00 0.00 0.0027-Jul-07 183.15 15234.57 -0.02 -0.02 -0.03 -0.0430-Jul-07 176.5 15260.91 -0.04 -0.04 0.00 0.0031-Jul-07 179.1 15550.99 0.01 0.01 0.02 0.021-Aug-07 166.25 14935.77 -0.07 -0.07 -0.04 -0.042-Aug-07 168.2 14985.7 0.01 0.01 0.00 0.003-Aug-07 168 15138.4 0.00 0.00 0.01 0.016-Aug-07 167.7 14903.03 0.00 0.00 -0.02 -0.027-Aug-07 166.65 14932.77 -0.01 -0.01 0.00 0.008-Aug-07 168.1 15307.98 0.01 0.01 0.03 0.02

9-Aug-07 160 15100.15 -0.05 -0.05 -0.01 -0.0110-Aug-07 159.9 14868.25 0.00 0.00 -0.02 -0.0213-Aug-07 169.9 15017.21 0.06 0.06 0.01 0.0114-Aug-07 164.7 15000.91 -0.03 -0.03 0.00 0.0016-Aug-07 157 14358.21 -0.05 -0.05 -0.04 -0.0417-Aug-07 155.9 14141.52 -0.01 -0.01 -0.02 -0.0220-Aug-07 161 14427.55 0.03 0.03 0.02 0.0221-Aug-07 153 13989.11 -0.05 -0.05 -0.03 -0.0322-Aug-07 154.5 14248.66 0.01 0.01 0.02 0.0223-Aug-07 153 14163.98 -0.01 -0.01 -0.01 -0.0124-Aug-07 160.2 14424.87 0.05 0.05 0.02 0.0227-Aug-07 163.4 14842.38 0.02 0.02 0.03 0.0328-Aug-07 164.3 14919.19 0.01 0.00 0.01 0.0029-Aug-07 160.5 14993.04 -0.02 -0.02 0.00 0.0030-Aug-07 163 15121.74 0.02 0.01 0.01 0.0131-Aug-07 162.1 15318.6 -0.01 -0.01 0.01 0.01

3-Sep-07 165 15422.05 0.02 0.02 0.01 0.014-Sep-07 167 15465.4 0.01 0.01 0.00 0.005-Sep-07 171.75 15446.15 0.03 0.03 0.00 0.006-Sep-07 175.4 15616.31 0.02 0.02 0.01 0.017-Sep-07 173.05 15590.42 -0.01 -0.01 0.00 0.00

10-Sep-07 176.85 15596.83 0.02 0.02 0.00 0.0011-Sep-07 182.6 15542.77 0.03 0.03 0.00 0.0012-Sep-07 183.05 15505.36 0.00 0.00 0.00 0.0013-Sep-07 183 15614.44 0.00 0.00 0.01 0.0114-Sep-07 181.9 15603.8 -0.01 -0.01 0.00 0.0017-Sep-07 176.4 15504.43 -0.03 -0.03 -0.01 -0.0118-Sep-07 176.8 15669.12 0.00 0.00 0.01 0.0119-Sep-07 172.5 16322.75 -0.02 -0.03 0.04 0.0420-Sep-07 168.5 16347.95 -0.02 -0.02 0.00 0.0021-Sep-07 166.9 16564.23 -0.01 -0.01 0.01 0.0124-Sep-07 165.7 16845.83 -0.01 -0.01 0.02 0.0225-Sep-07 164.75 16899.54 -0.01 -0.01 0.00 0.0026-Sep-07 162.4 16921.39 -0.01 -0.02 0.00 0.0027-Sep-07 162.15 17150.56 0.00 0.00 0.01 0.0128-Sep-07 164.5 17291.1 0.01 0.01 0.01 0.01

1-Oct-07 162.3 17328.62 -0.01 -0.01 0.00 0.003-Oct-07 163.25 17847.04 0.01 0.00 0.03 0.034-Oct-07 159.95 17777.14 -0.02 -0.02 0.00 0.005-Oct-07 155 17773.36 -0.03 -0.03 0.00 0.008-Oct-07 152.2 17491.39 -0.02 -0.02 -0.02 -0.029-Oct-07 154 18280.24 0.01 0.01 0.05 0.04

10-Oct-07 167.4 18658.25 0.09 0.09 0.02 0.0211-Oct-07 171.8 18814.07 0.03 0.02 0.01 0.0112-Oct-07 174.2 18419.04 0.01 0.01 -0.02 -0.0215-Oct-07 181.25 19058.67 0.04 0.04 0.03 0.0316-Oct-07 179.1 19051.86 -0.01 -0.01 0.00 0.0017-Oct-07 170.35 18715.82 -0.05 -0.05 -0.02 -0.02

18-Oct-07 163.2 17998.39 -0.04 -0.04 -0.04 -0.0419-Oct-07 158.1 17559.98 -0.03 -0.03 -0.02 -0.0322-Oct-07 160.7 17613.99 0.02 0.02 0.00 0.0023-Oct-07 171 18492.84 0.06 0.06 0.05 0.0524-Oct-07 167 18512.91 -0.02 -0.02 0.00 0.0025-Oct-07 167.55 18770.89 0.00 0.00 0.01 0.0126-Oct-07 179.05 19243.17 0.07 0.07 0.03 0.0229-Oct-07 179.7 19977.67 0.00 0.00 0.04 0.0430-Oct-07 179 19783.51 0.00 -0.01 -0.01 -0.0131-Oct-07 176.4 19837.99 -0.01 -0.02 0.00 0.001-Nov-07 170.55 19724.35 -0.03 -0.03 -0.01 -0.012-Nov-07 167 19976.23 -0.02 -0.02 0.01 0.015-Nov-07 169.5 19590.78 0.01 0.01 -0.02 -0.026-Nov-07 164 19400.67 -0.03 -0.03 -0.01 -0.017-Nov-07 165.65 19289.83 0.01 0.01 -0.01 -0.018-Nov-07 164.5 19058.93 -0.01 -0.01 -0.01 -0.019-Nov-07 167.5 18907.6 0.02 0.02 -0.01 -0.01

12-Nov-07 163.45 18737.27 -0.02 -0.03 -0.01 -0.0113-Nov-07 163.85 19035.48 0.00 0.00 0.02 0.0214-Nov-07 162.85 19929.06 -0.01 -0.01 0.05 0.0515-Nov-07 163.4 19784.89 0.00 0.00 -0.01 -0.0116-Nov-07 166 19698.36 0.02 0.01 0.00 -0.0119-Nov-07 174.2 19633.36 0.05 0.05 0.00 0.0020-Nov-07 180 19280.8 0.03 0.03 -0.02 -0.0221-Nov-07 168 18602.62 -0.07 -0.07 -0.04 -0.0422-Nov-07 165 18526.32 -0.02 -0.02 0.00 0.0023-Nov-07 171 18852.87 0.04 0.03 0.02 0.0226-Nov-07 168.25 19247.54 -0.02 -0.02 0.02 0.0227-Nov-07 196.5 19127.73 0.17 0.17 -0.01 -0.0128-Nov-07 199.75 18938.87 0.02 0.02 -0.01 -0.0129-Nov-07 200.55 19003.26 0.00 0.00 0.00 0.0030-Nov-07 197.4 19363.19 -0.02 -0.02 0.02 0.02

3-Dec-07 196.25 19603.41 -0.01 -0.01 0.01 0.014-Dec-07 199.35 19529.5 0.02 0.01 0.00 0.005-Dec-07 203 19738.07 0.02 0.02 0.01 0.016-Dec-07 214 19795.87 0.05 0.05 0.00 0.007-Dec-07 219.8 19966 0.03 0.03 0.01 0.01

10-Dec-07 227.5 19930.68 0.04 0.03 0.00 0.0011-Dec-07 218.5 20290.89 -0.04 -0.04 0.02 0.0212-Dec-07 217.4 20375.87 -0.01 -0.01 0.00 0.0013-Dec-07 215.1 20104.39 -0.01 -0.01 -0.01 -0.0114-Dec-07 217.2 20030.83 0.01 0.01 0.00 0.0017-Dec-07 207.5 19261.35 -0.04 -0.05 -0.04 -0.0418-Dec-07 207 19079.64 0.00 0.00 -0.01 -0.0119-Dec-07 200 19091.96 -0.03 -0.04 0.00 0.0020-Dec-07 205.15 19162.57 0.03 0.02 0.00 0.0024-Dec-07 209.9 19854.12 0.02 0.02 0.04 0.04

1-Feb-08 181 18242.58 -0.14 -0.14 -0.08 -0.08

4-Feb-08 192 18660.32 0.06 0.06 0.02 0.025-Feb-08 190.6 18663.16 -0.01 -0.01 0.00 0.006-Feb-08 187 18139.49 -0.02 -0.02 -0.03 -0.037-Feb-08 176.5 17526.93 -0.06 -0.06 -0.03 -0.038-Feb-08 160 17464.89 -0.09 -0.09 0.00 0.00

11-Feb-08 137.1 16630.91 -0.14 -0.14 -0.05 -0.0512-Feb-08 143.05 16608.01 0.04 0.04 0.00 0.0013-Feb-08 136 16949.14 -0.05 -0.05 0.02 0.0214-Feb-08 140 17766.63 0.03 0.03 0.05 0.0515-Feb-08 146 18115.25 0.04 0.04 0.02 0.0218-Feb-08 151 18075.66 0.03 0.03 0.00 0.0019-Feb-08 146 17617.6 -0.03 -0.03 -0.03 -0.0320-Feb-08 144.5 17734.68 -0.01 -0.01 0.01 0.0121-Feb-08 145 17349.07 0.00 0.00 -0.02 -0.0222-Feb-08 145.85 17650.57 0.01 0.00 0.02 0.0225-Feb-08 147.5 17806.19 0.01 0.01 0.01 0.0126-Feb-08 145 17825.99 -0.02 -0.02 0.00 0.0027-Feb-08 143.35 17824.48 -0.01 -0.01 0.00 0.0028-Feb-08 143 17578.72 0.00 0.00 -0.01 -0.0129-Feb-08 140 16677.88 -0.02 -0.02 -0.05 -0.05

3-Mar-08 132.5 16339.89 -0.05 -0.05 -0.02 -0.024-Mar-08 128.9 16542.08 -0.03 -0.03 0.01 0.015-Mar-08 125 15975.52 -0.03 -0.03 -0.03 -0.047-Mar-08 125 15923.72 0.00 0.00 0.00 0.00

10-Mar-08 141.1 16123.15 0.13 0.13 0.01 0.0111-Mar-08 141 16127.98 0.00 0.00 0.00 0.0012-Mar-08 132.7 15357.35 -0.06 -0.06 -0.05 -0.0513-Mar-08 121 15760.52 -0.09 -0.09 0.03 0.0314-Mar-08 115.5 14809.49 -0.05 -0.05 -0.06 -0.0617-Mar-08 107 14833.46 -0.07 -0.08 0.00 0.0018-Mar-08 100.9 14994.83 -0.06 -0.06 0.01 0.0119-Mar-08 94.15 15289.4 -0.07 -0.07 0.02 0.0224-Mar-08 98 16217.49 0.04 0.04 0.06 0.0625-Mar-08 95.85 16086.83 -0.02 -0.02 -0.01 -0.0126-Mar-08 96 16015.56 0.00 0.00 0.00 -0.0127-Mar-08 97.5 16371.29 0.02 0.01 0.02 0.0228-Mar-08 101.5 15644.44 0.04 0.04 -0.04 -0.0531-Mar-08 108.25 15626.62 0.07 0.07 0.00 0.00

1-Apr-08 105.1 15750.4 -0.03 -0.03 0.01 0.012-Apr-08 103.5 15832.55 -0.02 -0.02 0.01 0.003-Apr-08 101 15343.12 -0.02 -0.03 -0.03 -0.034-Apr-08 100 15757.08 -0.01 -0.01 0.03 0.037-Apr-08 98.8 15587.62 -0.01 -0.01 -0.01 -0.018-Apr-08 97 15790.51 -0.02 -0.02 0.01 0.019-Apr-08 103 15695.1 0.06 0.06 -0.01 -0.01

10-Apr-08 100.2 15807.64 -0.03 -0.03 0.01 0.0111-Apr-08 102.7 16153.66 0.02 0.02 0.02 0.0215-Apr-08 104 16244.19 0.01 0.01 0.01 0.00

16-Apr-08 124.65 16481.2 0.20 0.20 0.01 0.0117-Apr-08 120.3 16739.33 -0.03 -0.04 0.02 0.0121-Apr-08 125.8 16783.87 0.05 0.04 0.00 0.0022-Apr-08 124.7 16698.04 -0.01 -0.01 -0.01 -0.0123-Apr-08 125 16721.08 0.00 0.00 0.00 0.0024-Apr-08 122 17125.98 -0.02 -0.03 0.02 0.0225-Apr-08 123.5 17015.96 0.01 0.01 -0.01 -0.0128-Apr-08 133.6 17378.46 0.08 0.08 0.02 0.0229-Apr-08 138.5 17287.31 0.04 0.04 -0.01 -0.0130-Apr-08 136.25 17600.12 -0.02 -0.02 0.02 0.022-May-08 136.5 17490.9 0.00 0.00 -0.01 -0.015-May-08 136.5 17373.01 0.00 0.00 -0.01 -0.016-May-08 135 17339.31 -0.01 -0.01 0.00 0.007-May-08 135 17080.65 0.00 0.00 -0.01 -0.028-May-08 134.35 16737.07 0.00 -0.01 -0.02 -0.029-May-08 127.1 16860.9 -0.05 -0.06 0.01 0.01

12-May-08 121.9 16752.86 -0.04 -0.04 -0.01 -0.0113-May-08 122 16978.35 0.00 0.00 0.01 0.0114-May-08 121.05 17353.54 -0.01 -0.01 0.02 0.0215-May-08 119.1 17434.94 -0.02 -0.02 0.00 0.0016-May-08 118.55 17230.18 0.00 -0.01 -0.01 -0.0120-May-08 118.5 17243.16 0.00 0.00 0.00 0.0021-May-08 118 16907.11 0.00 -0.01 -0.02 -0.0222-May-08 114.6 16649.64 -0.03 -0.03 -0.02 -0.0223-May-08 110 16348.5 -0.04 -0.04 -0.02 -0.0226-May-08 105.05 16275.59 -0.05 -0.05 0.00 -0.0127-May-08 101.5 16525.37 -0.03 -0.04 0.02 0.0128-May-08 99.75 16316.26 -0.02 -0.02 -0.01 -0.0129-May-08 97.9 16415.57 -0.02 -0.02 0.01 0.0130-May-08 96.9 16063.18 -0.01 -0.01 -0.02 -0.02

2-Jun-08 93.2 15962.56 -0.04 -0.04 -0.01 -0.013-Jun-08 93.5 15514.79 0.00 0.00 -0.03 -0.034-Jun-08 91.85 15769.72 -0.02 -0.02 0.02 0.025-Jun-08 91.8 15572.18 0.00 0.00 -0.01 -0.016-Jun-08 96 15066.1 0.05 0.04 -0.03 -0.039-Jun-08 91.9 14889.25 -0.04 -0.04 -0.01 -0.01

10-Jun-08 90.75 15185.32 -0.01 -0.01 0.02 0.0211-Jun-08 90.2 15250.2 -0.01 -0.01 0.00 0.0012-Jun-08 88.6 15189.62 -0.02 -0.02 0.00 0.0013-Jun-08 87 15395.82 -0.02 -0.02 0.01 0.0116-Jun-08 86.6 15696.9 0.00 -0.01 0.02 0.0217-Jun-08 87.35 15422.31 0.01 0.01 -0.02 -0.0218-Jun-08 87.7 15087.99 0.00 0.00 -0.02 -0.0219-Jun-08 86.1 14571.29 -0.02 -0.02 -0.03 -0.0420-Jun-08 85.25 14293.32 -0.01 -0.01 -0.02 -0.0223-Jun-08 81.75 14106.58 -0.04 -0.04 -0.01 -0.0124-Jun-08 80.65 14220.07 -0.01 -0.01 0.01 0.0125-Jun-08 78.95 14421.82 -0.02 -0.02 0.01 0.01

Source: 2017 GS as on 20th Jan - Source - RBISource: 2017 GS as on 20th Jan - Source - RBISource: 2017 GS as on 20th Jan - Source - RBISource: 2017 GS as on 20th Jan - Source - RBI

26-Jun-08 79.1 13802.22 0.00 0.00 -0.04 -0.0427-Jun-08 79 13461.6 0.00 0.00 -0.02 -0.0330-Jun-08 78 12961.68 -0.01 -0.01 -0.04 -0.04

1-Jul-08 72.35 13664.62 -0.07 -0.07 0.05 0.052-Jul-08 74.15 13094.11 0.02 0.02 -0.04 -0.043-Jul-08 71.15 13454 -0.04 -0.04 0.03 0.034-Jul-08 72 13525.99 0.01 0.01 0.01 0.007-Jul-08 76.15 13349.65 0.06 0.06 -0.01 -0.018-Jul-08 76.1 13964.26 0.00 0.00 0.05 0.059-Jul-08 77.9 13926.24 0.02 0.02 0.00 0.00

10-Jul-08 81.45 13469.85 0.05 0.04 -0.03 -0.0311-Jul-08 78.35 13330.51 -0.04 -0.04 -0.01 -0.0114-Jul-08 75.5 12676.19 -0.04 -0.04 -0.05 -0.0515-Jul-08 72.6 12575.8 -0.04 -0.04 -0.01 -0.0116-Jul-08 74 13111.85 0.02 0.02 0.04 0.0417-Jul-08 72.25 13635.4 -0.02 -0.03 0.04 0.0418-Jul-08 75.4 13850.04 0.04 0.04 0.02 0.0121-Jul-08 74.7 14104.2 -0.01 -0.01 0.02 0.0222-Jul-08 74.95 14942.28 0.00 0.00 0.06 0.0623-Jul-08 77.55 14777.01 0.03 0.03 -0.01 -0.0124-Jul-08 76.55 14274.94 -0.01 -0.01 -0.03 -0.0325-Jul-08 75.6 14349.11 -0.01 -0.01 0.01 0.0028-Jul-08 72.75 13791.54 -0.04 -0.04 -0.04 -0.0429-Jul-08 70.05 14287.21 -0.04 -0.04 0.04 0.0430-Jul-08 70.55 14355.75 0.01 0.01 0.00 0.0031-Jul-08 70.8 14656.69 0.00 0.00 0.02 0.021-Aug-08 73.6 14577.87 0.04 0.04 -0.01 -0.014-Aug-08 74.85 14961.07 0.02 0.02 0.03 0.035-Aug-08 78 15073.54 0.04 0.04 0.01 0.016-Aug-08 77.5 15117.25 -0.01 -0.01 0.00 0.007-Aug-08 78 15167.82 0.01 0.01 0.00 0.008-Aug-08 80.5 15503.92 0.03 0.03 0.02 0.02

11-Aug-08 83.5 15212.13 0.04 0.04 -0.02 -0.0212-Aug-08 83.25 15093.12 0.00 0.00 -0.01 -0.0113-Aug-08 82.25 14724.18 -0.01 -0.01 -0.02 -0.0314-Aug-08 79.65 14645.66 -0.03 -0.03 -0.01 -0.0118-Aug-08 78.25 14543.73 -0.02 -0.02 -0.01 -0.0119-Aug-08 76.65 14678.23 -0.02 -0.02 0.01 0.0120-Aug-08 80 14243.73 0.04 0.04 -0.03 -0.0321-Aug-08 75.5 14401.49 -0.06 -0.06 0.01 0.0122-Aug-08 75.1 14450.35 -0.01 -0.01 0.00 0.0025-Aug-08 76 14482.22 0.01 0.01 0.00 0.0026-Aug-08 75.4 14296.79 -0.01 -0.01 -0.01 -0.0127-Aug-08 75 14048.34 -0.01 -0.01 -0.02 -0.0228-Aug-08 75.1 14564.53 0.00 0.00 0.04 0.0429-Aug-08 75.35 14498.51 0.00 0.00 0.00 -0.01

1-Sep-08 74.2 15049.86 -0.02 -0.02 0.04 0.042-Sep-08 77.5 14899.1 0.04 0.04 -0.01 -0.01

4-Sep-08 75.6 14483.83 -0.02 -0.03 -0.03 -0.035-Sep-08 76.85 14944.97 0.02 0.02 0.03 0.038-Sep-08 75 14900.76 -0.02 -0.03 0.00 0.009-Sep-08 75 14662.61 0.00 0.00 -0.02 -0.02

10-Sep-08 72.95 14324.29 -0.03 -0.03 -0.02 -0.0211-Sep-08 72 14000.81 -0.01 -0.01 -0.02 -0.0212-Sep-08 71.5 13531.27 -0.01 -0.01 -0.03 -0.0315-Sep-08 67.8 13518.8 -0.05 -0.05 0.00 0.0016-Sep-08 65.5 13262.9 -0.03 -0.04 -0.02 -0.0217-Sep-08 65.45 13315.6 0.00 0.00 0.00 0.0018-Sep-08 63.65 14042.32 -0.03 -0.03 0.05 0.0519-Sep-08 65.8 13994.96 0.03 0.03 0.00 0.0022-Sep-08 65.75 13570.31 0.00 0.00 -0.03 -0.0323-Sep-08 64.2 13692.52 -0.02 -0.02 0.01 0.0124-Sep-08 64.05 13547.18 0.00 0.00 -0.01 -0.0125-Sep-08 65.25 13102.18 0.02 0.02 -0.03 -0.0326-Sep-08 64 12595.75 -0.02 -0.02 -0.04 -0.0429-Sep-08 60.6 12860.43 -0.05 -0.05 0.02 0.0230-Sep-08 58.85 13055.67 -0.03 -0.03 0.02 0.01

1-Oct-08 59.9 12526.32 0.02 0.02 -0.04 -0.043-Oct-08 58.8 11801.7 -0.02 -0.02 -0.06 -0.066-Oct-08 55.9 11695.24 -0.05 -0.05 -0.01 -0.017-Oct-08 53.2 11328.36 -0.05 -0.05 -0.03 -0.038-Oct-08 50.35 10527.85 -0.05 -0.05 -0.07 -0.07

10-Oct-08 47.45 11309.09 -0.06 -0.06 0.07 0.0713-Oct-08 52 11483.4 0.10 0.09 0.02 0.0114-Oct-08 53 10809.12 0.02 0.02 -0.06 -0.0615-Oct-08 49.9 10581.49 -0.06 -0.06 -0.02 -0.0216-Oct-08 46.9 9975.35 -0.06 -0.06 -0.06 -0.0617-Oct-08 46.8 10223.09 0.00 0.00 0.02 0.0220-Oct-08 45 10683.39 -0.04 -0.04 0.05 0.0421-Oct-08 44.7 10169.9 -0.01 -0.01 -0.05 -0.0522-Oct-08 43.75 9771.7 -0.02 -0.02 -0.04 -0.0423-Oct-08 43 8701.07 -0.02 -0.02 -0.11 -0.1124-Oct-08 37.75 8509.56 -0.12 -0.12 -0.02 -0.0227-Oct-08 37 9008.08 -0.02 -0.02 0.06 0.0628-Oct-08 39.85 9044.51 0.08 0.08 0.00 0.0029-Oct-08 39.25 9788.06 -0.02 -0.02 0.08 0.0831-Oct-08 40.6 10337.68 0.03 0.03 0.06 0.063-Nov-08 41.95 10631.12 0.03 0.03 0.03 0.034-Nov-08 43.1 10120.01 0.03 0.03 -0.05 -0.055-Nov-08 42.25 9734.22 -0.02 -0.02 -0.04 -0.046-Nov-08 39.85 9964.29 -0.06 -0.06 0.02 0.027-Nov-08 39.5 10536.16 -0.01 -0.01 0.06 0.06

10-Nov-08 40.1 9839.69 0.02 0.01 -0.07 -0.0711-Nov-08 39.35 9536.33 -0.02 -0.02 -0.03 -0.0312-Nov-08 39 9385.42 -0.01 -0.01 -0.02 -0.0214-Nov-08 38.3 9291.01 -0.02 -0.02 -0.01 -0.01

17-Nov-08 37.4 8937.2 -0.02 -0.02 -0.04 -0.0418-Nov-08 35.95 8773.78 -0.04 -0.04 -0.02 -0.0219-Nov-08 35.2 8451.01 -0.02 -0.02 -0.04 -0.0420-Nov-08 34.3 8915.21 -0.03 -0.03 0.05 0.0521-Nov-08 36 8903.12 0.05 0.05 0.00 0.0024-Nov-08 36.35 8695.53 0.01 0.01 -0.02 -0.0225-Nov-08 38.25 9026.72 0.05 0.05 0.04 0.0426-Nov-08 36.85 9092.72 -0.04 -0.04 0.01 0.0128-Nov-08 36.9 8839.87 0.00 0.00 -0.03 -0.03

1-Dec-08 35.6 8739.24 -0.04 -0.04 -0.01 -0.012-Dec-08 35.4 8747.43 -0.01 -0.01 0.00 0.003-Dec-08 35.8 9229.75 0.01 0.01 0.06 0.054-Dec-08 36.95 8965.2 0.03 0.03 -0.03 -0.035-Dec-08 36.8 9162.62 0.00 -0.01 0.02 0.028-Dec-08 34.75 9654.9 -0.06 -0.06 0.05 0.05

10-Dec-08 35.75 9645.46 0.03 0.03 0.00 0.0011-Dec-08 35.95 9690.07 0.01 0.00 0.00 0.0012-Dec-08 35.9 9832.39 0.00 0.00 0.01 0.0115-Dec-08 36.5 9976.98 0.02 0.02 0.01 0.0116-Dec-08 39.45 9715.29 0.08 0.08 -0.03 -0.0317-Dec-08 39.15 10076.43 -0.01 -0.01 0.04 0.0418-Dec-08 40.4 10099.91 0.03 0.03 0.00 0.0019-Dec-08 40 9928.35 -0.01 -0.01 -0.02 -0.0222-Dec-08 40.7 9686.75 0.02 0.02 -0.02 -0.0323-Dec-08 40 9568.72 -0.02 -0.02 -0.01 -0.0124-Dec-08 39.4 9328.92 -0.02 -0.02 -0.03 -0.0326-Dec-08 38.45 9533.52 -0.02 -0.03 0.02 0.0229-Dec-08 37.5 9716.16 -0.02 -0.03 0.02 0.0230-Dec-08 37.9 9647.31 0.01 0.01 -0.01 -0.0131-Dec-08 38.5 9958.22 0.02 0.01 0.03 0.03

1-Jan-09 40 10275.6 0.04 0.04 0.03 0.032-Jan-09 39.5 10335.93 -0.01 -0.01 0.01 0.015-Jan-09 40.4 9586.88 0.02 0.02 -0.07 -0.076-Jan-09 42.1 9406.47 0.04 0.04 -0.02 -0.027-Jan-09 37.5 9110.05 -0.11 -0.11 -0.03 -0.039-Jan-09 36.5 9071.36 -0.03 -0.03 0.00 -0.01

12-Jan-09 36.4 9370.49 0.00 0.00 0.03 0.0313-Jan-09 36.5 9046.74 0.00 0.00 -0.03 -0.0414-Jan-09 37.1 9323.59 0.02 0.02 0.03 0.0315-Jan-09 36.5 9329.57 -0.02 -0.02 0.00 0.0016-Jan-09 36.3 9100.55 -0.01 -0.01 -0.02 -0.0319-Jan-09 36.95 8779.17 0.02 0.02 -0.04 -0.0420-Jan-09 37.05 8813.84 0.00 0.00 0.00 0.0021-Jan-09 36.6 8674.35 -0.01 -0.01 -0.02 -0.0222-Jan-09 36 9004.08 -0.02 -0.02 0.04 0.0423-Jan-09 35.4 9257.47 -0.02 -0.02 0.03 0.0327-Jan-09 35.95 9236.28 0.02 0.01 0.00 0.0028-Jan-09 35.35 9424.24 -0.02 -0.02 0.02 0.02

29-Jan-09 35.3 9066.7 0.00 0.00 -0.04 -0.0430-Jan-09 37.85 9149.3 0.07 0.07 0.01 0.012-Feb-09 35.9 9201.85 -0.05 -0.05 0.01 0.003-Feb-09 35.45 9090.88 -0.01 -0.01 -0.01 -0.014-Feb-09 35.65 9300.86 0.01 0.00 0.02 0.025-Feb-09 34.65 9583.89 -0.03 -0.03 0.03 0.036-Feb-09 34.95 9647.47 0.01 0.01 0.01 0.019-Feb-09 35.2 9618.54 0.01 0.01 0.00 0.00

10-Feb-09 35.45 9465.83 0.01 0.01 -0.02 -0.0211-Feb-09 36 9634.74 0.02 0.01 0.02 0.0212-Feb-09 38.15 9305.45 0.06 0.06 -0.03 -0.0413-Feb-09 37.2 9035 -0.02 -0.03 -0.03 -0.0316-Feb-09 37.25 9015.18 0.00 0.00 0.00 0.0017-Feb-09 35.55 9042.63 -0.05 -0.05 0.00 0.0018-Feb-09 35.65 8843.21 0.00 0.00 -0.02 -0.0219-Feb-09 34.5 8822.06 -0.03 -0.03 0.00 0.0020-Feb-09 34.5 8902.56 0.00 0.00 0.01 0.0124-Feb-09 33.9 8954.86 -0.02 -0.02 0.01 0.0125-Feb-09 33.75 8891.61 0.00 -0.01 -0.01 -0.0126-Feb-09 34 8607.08 0.01 0.01 -0.03 -0.0327-Feb-09 33.2 8427.29 -0.02 -0.02 -0.02 -0.02

2-Mar-09 33.7 8446.49 0.02 0.01 0.00 0.003-Mar-09 32.65 8197.92 -0.03 -0.03 -0.03 -0.034-Mar-09 32.6 8325.82 0.00 0.00 0.02 0.015-Mar-09 32.05 8160.4 -0.02 -0.02 -0.02 -0.026-Mar-09 31.8 8343.75 -0.01 -0.01 0.02 0.029-Mar-09 31.85 8756.61 0.00 0.00 0.05 0.05

12-Mar-09 32.05 8943.54 0.01 0.00 0.02 0.0213-Mar-09 33.45 8863.82 0.04 0.04 -0.01 -0.0116-Mar-09 33.9 8976.68 0.01 0.01 0.01 0.0117-Mar-09 34.95 9001.75 0.03 0.03 0.00 0.0018-Mar-09 34.75 8966.68 -0.01 -0.01 0.00 0.0019-Mar-09 36.1 9424.02 0.04 0.04 0.05 0.0520-Mar-09 35 9471.04 -0.03 -0.03 0.00 0.0023-Mar-09 36.75 9667.9 0.05 0.05 0.02 0.0224-Mar-09 34.85 10003.1 -0.05 -0.05 0.03 0.0325-Mar-09 34.6 10048.49 -0.01 -0.01 0.00 0.0026-Mar-09 33.95 9568.14 -0.02 -0.02 -0.05 -0.0527-Mar-09 33.7 9708.5 -0.01 -0.01 0.01 0.0130-Mar-09 34.5 9901.99 0.02 0.02 0.02 0.0231-Mar-09 35 10348.83 0.01 0.01 0.05 0.04

1-Apr-09 37.4 10534.87 0.07 0.07 0.02 0.022-Apr-09 40.25 10742.34 0.08 0.07 0.02 0.026-Apr-09 42.15 10803.86 0.05 0.05 0.01 0.008-Apr-09 46.75 10967.22 0.11 0.11 0.02 0.019-Apr-09 46.25 11284.73 -0.01 -0.01 0.03 0.03

13-Apr-09 47.35 10947.4 0.02 0.02 -0.03 -0.0315-Apr-09 48.75 11023.09 0.03 0.03 0.01 0.01

16-Apr-09 43.4 10979.5 -0.11 -0.11 0.00 0.0017-Apr-09 43.5 10898.11 0.00 0.00 -0.01 -0.0120-Apr-09 45 10817.54 0.03 0.03 -0.01 -0.0121-Apr-09 45 11134.99 0.00 0.00 0.03 0.0322-Apr-09 44.9 11329.05 0.00 0.00 0.02 0.0223-Apr-09 47.05 11371.85 0.05 0.05 0.00 0.0024-Apr-09 47 11001.75 0.00 0.00 -0.03 -0.0327-Apr-09 48.3 11403.25 0.03 0.03 0.04 0.0428-Apr-09 48 12134.75 -0.01 -0.01 0.06 0.0629-Apr-09 54.5 12131.08 0.14 0.13 0.00 0.004-May-09 57.6 11952.75 0.06 0.06 -0.01 -0.025-May-09 57.9 12116.94 0.01 0.00 0.01 0.016-May-09 55.15 11876.43 -0.05 -0.05 -0.02 -0.027-May-09 57.05 11682.99 0.03 0.03 -0.02 -0.028-May-09 56.6 12158.03 -0.01 -0.01 0.04 0.04

11-May-09 54.15 12019.65 -0.04 -0.04 -0.01 -0.0112-May-09 55 11872.91 0.02 0.01 -0.01 -0.0113-May-09 55.3 12173.42 0.01 0.00 0.03 0.0214-May-09 57.3 14284.21 0.04 0.03 0.17 0.1715-May-09 57.6 14302.03 0.01 0.00 0.00 0.0018-May-09 62 14060.66 0.08 0.07 -0.02 -0.0219-May-09 60 13736.54 -0.03 -0.03 -0.02 -0.0220-May-09 64.2 13887.15 0.07 0.07 0.01 0.0121-May-09 73 13913.22 0.14 0.14 0.00 0.0022-May-09 80 13589.23 0.10 0.09 -0.02 -0.0225-May-09 88.05 14109.64 0.10 0.10 0.04 0.0426-May-09 85 14296.01 -0.03 -0.04 0.01 0.0127-May-09 87.9 14625.25 0.03 0.03 0.02 0.0228-May-09 90.5 14840.63 0.03 0.03 0.01 0.0129-May-09 89 14874.91 -0.02 -0.02 0.00 0.00

1-Jun-09 92.5 14870.9 0.04 0.04 0.00 0.002-Jun-09 88.6 15008.68 -0.04 -0.04 0.01 0.013-Jun-09 88 15103.55 -0.01 -0.01 0.01 0.014-Jun-09 86 14665.92 -0.02 -0.02 -0.03 -0.035-Jun-09 85.6 15127 0.00 -0.01 0.03 0.038-Jun-09 86 15466.81 0.00 0.00 0.02 0.029-Jun-09 85.45 15411.47 -0.01 -0.01 0.00 0.00

10-Jun-09 88.65 15237.94 0.04 0.04 -0.01 -0.0111-Jun-09 93.1 14875.52 0.05 0.05 -0.02 -0.0212-Jun-09 96.9 14957.91 0.04 0.04 0.01 0.0015-Jun-09 92.05 14522.84 -0.05 -0.05 -0.03 -0.0316-Jun-09 94 14265.53 0.02 0.02 -0.02 -0.0217-Jun-09 91.75 14521.89 -0.02 -0.03 0.02 0.0218-Jun-09 87.8 14326.22 -0.04 -0.04 -0.01 -0.0119-Jun-09 89.5 14324.01 0.02 0.02 0.00 0.0022-Jun-09 87.4 14422.73 -0.02 -0.02 0.01 0.0123-Jun-09 86.3 14345.62 -0.01 -0.01 -0.01 -0.0124-Jun-09 90.8 14764.64 0.05 0.05 0.03 0.03

25-Jun-09 93.35 14785.74 0.03 0.03 0.00 0.0026-Jun-09 92 14493.84 -0.01 -0.02 -0.02 -0.0229-Jun-09 88.55 14645.47 -0.04 -0.04 0.01 0.0130-Jun-09 88.8 14658.49 0.00 0.00 0.00 0.00

1-Jul-09 90 14913.05 0.01 0.01 0.02 0.022-Jul-09 89 14043.4 -0.01 -0.01 -0.06 -0.063-Jul-09 93.25 14170.45 0.05 0.05 0.01 0.016-Jul-09 97.95 13769.15 0.05 0.05 -0.03 -0.037-Jul-09 99.5 13757.46 0.02 0.01 0.00 0.008-Jul-09 103.2 13504.22 0.04 0.04 -0.02 -0.029-Jul-09 108.4 13400.32 0.05 0.05 -0.01 -0.01

10-Jul-09 109.1 13853.7 0.01 0.01 0.03 0.0313-Jul-09 106.25 14253.24 -0.03 -0.03 0.03 0.0314-Jul-09 111.6 14250.25 0.05 0.05 0.00 0.0015-Jul-09 117.15 14744.92 0.05 0.05 0.03 0.0316-Jul-09 119 15191.01 0.02 0.01 0.03 0.0317-Jul-09 120 15062.49 0.01 0.01 -0.01 -0.0120-Jul-09 120 14843.12 0.00 0.00 -0.01 -0.0221-Jul-09 124 15231.04 0.03 0.03 0.03 0.0322-Jul-09 127 15378.96 0.02 0.02 0.01 0.0123-Jul-09 123 15375.04 -0.03 -0.03 0.00 0.0024-Jul-09 128.25 15331.94 0.04 0.04 0.00 0.0027-Jul-09 126.65 15173.46 -0.01 -0.01 -0.01 -0.0128-Jul-09 126 15387.96 -0.01 -0.01 0.01 0.0129-Jul-09 119.85 15670.31 -0.05 -0.05 0.02 0.0230-Jul-09 115 15924.23 -0.04 -0.04 0.02 0.0231-Jul-09 116.05 15830.98 0.01 0.01 -0.01 -0.013-Aug-09 121.8 15903.83 0.05 0.05 0.00 0.004-Aug-09 127.9 15514.03 0.05 0.05 -0.02 -0.035-Aug-09 130.1 15160.24 0.02 0.02 -0.02 -0.026-Aug-09 132 15009.77 0.01 0.01 -0.01 -0.017-Aug-09 139 15074.59 0.05 0.05 0.00 0.00

10-Aug-09 130.45 15020.16 -0.06 -0.06 0.00 0.0011-Aug-09 130 15518.49 0.00 0.00 0.03 0.0312-Aug-09 128 15411.63 -0.02 -0.02 -0.01 -0.0113-Aug-09 133.6 14784.92 0.04 0.04 -0.04 -0.0414-Aug-09 134.5 15035.26 0.01 0.01 0.02 0.0217-Aug-09 129.9 14809.64 -0.03 -0.04 -0.02 -0.0218-Aug-09 133 15012.32 0.02 0.02 0.01 0.0119-Aug-09 136.95 15240.83 0.03 0.03 0.02 0.0120-Aug-09 141.05 15628.75 0.03 0.03 0.03 0.0221-Aug-09 139 15688.47 -0.01 -0.02 0.00 0.0024-Aug-09 142.75 15769.85 0.03 0.03 0.01 0.0025-Aug-09 141 15781.07 -0.01 -0.01 0.00 0.0026-Aug-09 144 15922.34 0.02 0.02 0.01 0.0127-Aug-09 146 15666.64 0.01 0.01 -0.02 -0.0228-Aug-09 149 15551.19 0.02 0.02 -0.01 -0.0131-Aug-09 150.15 15467.46 0.01 0.01 -0.01 -0.01

1-Sep-09 143.3 15398.33 -0.05 -0.05 0.00 -0.012-Sep-09 145.95 15689.12 0.02 0.02 0.02 0.023-Sep-09 149.6 16016.32 0.03 0.02 0.02 0.024-Sep-09 147 16123.67 -0.02 -0.02 0.01 0.017-Sep-09 149 16183.55 0.01 0.01 0.00 0.008-Sep-09 152.9 16216.86 0.03 0.02 0.00 0.009-Sep-09 152.8 16264.3 0.00 0.00 0.00 0.00

10-Sep-09 161 16214.19 0.05 0.05 0.00 0.0011-Sep-09 154.7 16454.45 -0.04 -0.04 0.01 0.0114-Sep-09 156.55 16677.04 0.01 0.01 0.01 0.0115-Sep-09 159 16711.11 0.02 0.01 0.00 0.0016-Sep-09 160.1 16741.3 0.01 0.01 0.00 0.0017-Sep-09 163.85 16886.43 0.02 0.02 0.01 0.0118-Sep-09 163.25 16719.5 0.00 -0.01 -0.01 -0.0122-Sep-09 162.2 16781.43 -0.01 -0.01 0.00 0.0023-Sep-09 158.5 16693 -0.02 -0.02 -0.01 -0.0124-Sep-09 159.4 16852.91 0.01 0.00 0.01 0.0125-Sep-09 165.55 17126.84 0.04 0.04 0.02 0.02

Average 0.00141 0.00083

Beta 0.26263Rf 6.91% 10 year govt. bond yieldRm(daily avg) 0.08% LAA+ corporate bond - ICRA Limited August 2007Rm 15.00% Risk premium(As per Leman Brothers' Report)

Ke 9.03% 0.00%

9.03% BetaNW 4,883.82 RfDebt 6,451.44 Market Risk Premium(Rmcapital employed 11,335.26 KeTax Rate 35.0%

12.75%WACC 8.61%

Ke

kd

CEAT Ltd.,7 8

Col. 6 ^2

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

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CovarianceCol. 4

XCol. 6

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.01 0.01

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.010.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.01 0.000.01 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.01 0.000.00 0.000.00 0.000.00 0.000.01 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.01 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.03 0.010.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.34 0.09

Beta 0.26

10 year govt. bond yieldLAA+ corporate bond - ICRA Limited August 2007Risk premium(As per Leman Brothers' Report)

0.262634.51%2.12%9.03%

12 months average shareShares Outstanding (Millio

MRF 2739.8 4.24

Apollo Tyres. 27.6 504.02

JK Tyre & Industries. 61.3 41.06

CEAT Industries 70.6 34.42Industry 2899.30 583.74

fluctuation 10%

Peer set analysis (as on March 31, 2008) MRF Apollo Tyres.

11,616.88 13,910.98Book Value 11,200.00 13,557.13Debt / Equity 1.86 0.51P/E (Trailing) * 0.00 12.86Dividend Yield %EPS 0.00 2.15Return on Net Worth 12% 8%Current RatioQuick Ratio

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Market Capitalization  ( Rs mn )

Relative ValuationMarket Capitalisation (m) Debt (m) Enterprise Value (m)

11616.88 20820 32436.88

13910.98 6955.15 20866.13

2516.98 13824 16340.98

2429.02 6,614.48 9043.5030473.86 48213.63 78687.49

2008-09 2009-10 2009-10 P/E Expected EPS Expected Price9.16 5.4 49.1

10.18 5.4 54.611.19 5.4 60.0

P/BV Expected Price0.75 142.6 107.00.83 142.6 118.90.92 142.6 130.8

EV/EBIDTA6.64 470.1 3123.3

7.38 470.1 3470.3

8.12 470.1 3817.4

Peer set analysis (as on March 31, 2008)JK Tyre & Industries. CEAT Industries

2,516.98 2,429.026,916.40 4,883.822.00 1.353.6 -15.08

17.04 -4.6810% -3%

Expected Book value/share

Expected EBIDTA (m)

Expected EV (m)

Relative ValuationEarnings(Adj PAT) Book Value or Networth EBIDTA

1374.30 11200.00 4426.20

1081.89 13557.13 3258.84

699.83 6916.40 2505.15

-161.07 4883.82 470.152994.95 36557.35 10660.34

Expected Price

-73.9-63.8-53.7

CASH EPS P/E

1023.5

3045.98 2.15 12.9

1.7 17.04 3.6

2015.18 -4.68 -15.16086.36 5.13 565.1

P/BV EV/EBIDTA

DCF VALUATION - CEAT Ltd.,

Assumptions FY05 FY06 FY07 FY8

Revenue Growth (%) 22.2% 9.1% 9.9% 6.0%

FCF Margin (%) 11.0% 5.0% -2.5% -3.0%

Tax Rate (%) 0.0% 0.0% 0.0% 0.0%

Capex/Sales 11.8% 0.6% 4.1% 1.4%

DCF VALUATION (as on August 31, 2009)

2005-06 2006-07 2007-08 2008-09ERevenue 17474.20 21347.78 23299.67 25605.14EBIT 461.48 969.03 1512.32 214.02% of Revenues 2.64 4.54 6.49 0.84Depreciation 224.50 310.61 329.90 256.13

% of Revenues 1.28 1.45 1.42 1.00

EBITDA 685.98 1279.63 1842.22 470.15

% of Revenues 3.93 5.99 7.91 1.84

Less: Cash Tax 0.00 0.00 0.00 0.00

NOPLAT 685.98 1279.63 1842.22 470.15

Capex -2061.97 -121.05 -946.48 -358.10Changes in WC 3280.16 -257.44 -1622.37 -937.57

Post Tax Non-operating cash flows 22.44 157.48 134.97 57.28

Free Cash Flows 1926.60 1058.62 -591.65 -768.25

It is assumed Free Cash flow beyond FY14 grows at 6%

PV of Estimated FC Flows

Horizontal Value

PV of Estimated Perpetuity Flows

Total Present Value (EV) 9305.0

Growth rate 6%

Book Value of Debt 6451.4

Fundamental Value of Equity 2853.5

No of Outstanding Shares 34.24

Fundamental Value per share (Rs) 83.34

Sensitivity Analysis

Continuing Rate 6.00% FY9E FY10EWACC 6.5%

1822.55 13.03Total Present Value 41170

Fundamental Value per share 1014.0

Continuing Rate 6.00%WACC 7.0%

1818.29 12.93Total Present Value 2588

Fundamental Value per share -112.8

Continuing Rate 6.00%WACC 7.5%

1814.05 12.84Total Present Value 14899

Fundamental Value per share 246.7

Continuing Rate 6.00%WACC 8.0%

1809.85 12.76Total Present Value 11611

Fundamental Value per share 150.7

Continuing Rate 6.00%WACC 8.61%

1804.77 12.65Total Present Value 9305

Fundamental Value per share 83.3

Continuing Rate 6.00%WACC 9.00%

1801.53 12.58Total Present Value 8318

Fundamental Value per share 54.5

Continuing Rate 6.00%WACC 9.5%

1797.41 12.49Total Present Value 7376

Fundamental Value per share 27.0

Continuing Rate 6.00%WACC 10.0%

1793.32 12.41Total Present Value 6667

Fundamental Value per share 6.3

Continuing Rate 6.00%

1014.0 -112.8 246.7

Con

tin

uin

g G

row

th (

%) Weighted Average Cost of Capital (%)

7% 7.0% 7.5%

5 259.54 160.29 100.68

5.5 448.15 253.06 155.44

6 1013.98 438.60 246.71

6.5 -112.37 995.23 429.25

7 -1249.34 -112.83 976.87

Table 1: DCF Sensitivity Rs.

DCF VALUATION - CEAT Ltd.,

FY9E FY10E FY11E FY12E FY13E

10.5% 8.9% 8.2% 9.9% -100.0%

6.9% 0.0% 1.5% 0.6% 0.6%

11.6% 16.9% 20.8% 20.9% 20.8%

5.0% 4.1% 4.2% 4.0% 4.3%

DCF VALUATION (as on August 31, 2009)Rs in m Rs in m

2009-10E 2010-11E 2011-12E 2012-13E 2013-14E27152.13 29990.49 32664.26 35346.73 38836.83

791.23 1245.33 1937.14 1932.07 2168.102.91 4.15 5.93 5.47 5.58

348.28 368.08 381.30 433.14 468.58

1.28 1.23 1.17 1.23 1.21

1139.52 1613.41 2318.45 2365.21 2636.68

4.20 5.38 7.10 6.69 6.79

91.82 210.65 402.56 404.02 450.19

1047.70 1402.76 1915.89 1961.19 2186.49

-1354.02 -1235.57 -1376.82 -1426.02 -1675.152027.18 -312.19 -197.18 -527.55 -471.21

159.99 159.31 159.47 189.54 201.39

1880.85 14.32 501.36 197.15 241.51

It is assumed Free Cash flow beyond FY14 grows at 6%

1804.77 12.65 407.83 147.66 166.55

0.00 9810.79

0.00 6765.51

Sensitivity Analysis

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FY11E FY12E FY13EPV of Horizon Value

428.33 158.16 181.92 38566.01

PV of Horizon Value

423.34 155.58 178.12 18880.82

PV of Horizon Value

418.44 153.07 174.42 12325.90

PV of Horizon Value

413.61 150.60 170.82 9053.39

PV of Horizon Value

407.83 147.66 166.55 6765.51

PV of Horizon Value

404.19 145.82 163.88 5790.38

PV of Horizon Value

399.59 143.50 160.54 4862.02

PV of Horizon Value

395.07 141.23 157.28 4167.93

150.7 83.3 54.5 27.0 6.3

Weighted Average Cost of Capital (%)8.0% 8.6% 0.090 9.5% 10.0%

60.89 27.25 11.05 -5.61 -18.96

96.81 50.78 29.68 8.65 -7.73

150.69 83.34 54.53 26.99 6.30

240.49 131.33 89.30 51.44 24.35

420.09 209.13 141.47 85.66 48.41

Table 1: DCF Sensitivity Rs.

CEAT Ltd.,

Rs. in bln

Key Financials * 2005-06 2006-07 2007-08 2008-09 2009-10

Net sales 17.47 21.35 23.30 25.61 27.15%Growth 14.36% 22.17% 9.14% 9.89% 6.04%EBITDA 0.69 1.28 1.84 0.47 1.14EBITDA Margin % 3.93% 5.99% 7.91% 1.84% 4.20%Adjusted PAT 0.01 0.39 0.69 -0.16 0.18%Growth -107.69% 7485.72% 74.93% -123.46% ###Net profit margin % 0.03% 1.84% 2.95% -0.63% 0.68%EPS (based on Adj.Pat) 0.11 8.60 43.40 -4.70 5.36

76.44 82.93 149.90 142.61 147.97Return on equity 0.15% 10.37% 28.95% -3.30% 3.62%

Key ratios (%) 2005-06 2006-07 2007-08 2008-09 2009-10

Market Price 65.75 107.30 109.00 35.00 35.00P/E 580.24 12.48 2.51 -7.44 6.53P/BV 0.86 1.29 0.73 0.25 0.24EV/EBITDA 11.60 7.54 4.51 12.33 6.25EV/Sales 0.46 0.45 0.36 0.23 0.26

Key data

Face value (Rs.) 10Shares outstanding (mn) 586.63Market cap (Rs. In bln) 38.852 week high/low (Rs.) 244/84.25 BSE CodeNSE Code CEATBloomberg Code CEAT:INReuters Code CEATf:NS

Book value per share *

500878     

2010-11E2011-12E2012-13E2013-14E Valuation Inputs 2003-04Price as on March 31 (Rs) 380.00

29.99 32.66 35.35 38.84 No of Outstanding Shares 35.2110.45% 8.92% 8.21% 9.87% Market Capitalisation 13381.12

1.61 2.32 2.37 2.64 Debt 0.005.38% 7.10% 6.69% 6.79% Cash & Equivalents 0.00

0.42 0.81 0.81 0.90 Enterprise Value 13381.12129.42% 91.10% 91.79% 11.83% EBITDA 191.30

1.41% 2.47% 2.29% 2.32% Sales 14008.3012.30 23.51 23.60 26.30 EV/EBITDA 69.95

160.28 183.79 207.39 233.68 EV/Sales 0.967.68% 12.79% 11.38% 11.25%

2010-11E2011-12E2012-13E2013-14E

35.00 35.00 35.00 35.002.84 2.84 1.49 1.480.22 0.22 0.19 0.174.86 3.72 3.68 3.630.26 0.26 0.25 0.25

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Rs. In million

2004-05 2005-06 2006-07 2007-08 2008-09 2009-10E 2010-11E 2011-12E629.70 65.75 107.30 107.30 35.00 35.00 35.00 35.00

35.21 45.66 45.66 34.24 34.25 34.25 34.25 34.2522173.93 3002.15 4898.89 3674.00 1198.63 1198.63 1198.63 1198.63

4636.25 5352.61 5155.36 5049.03 6614.48 6182.59 6935.78 7723.10312.36 396.13 405.51 415.87 2015.18 260.25 295.59 302.47

26497.82 7958.63 9648.73 8307.16 5797.92 7120.97 7838.82 8619.26396.39 685.98 1279.63 1842.22 470.15 1139.52 1613.41 2318.45

15279.90 17474.20 21347.78 23299.67 25605.14 27152.13 ### ###66.85 11.60 7.54 4.51 12.33 6.25 4.86 3.72

1.73 0.46 0.45 0.36 0.23 0.26 0.26 0.26

2012-13E 2013-14E35.00 35.0034.25 34.25

1198.63 1198.638194.51 9056.41

686.65 678.778706.49 9576.272365.21 2636.68

### ###3.68 3.63

0.25 0.25