finxpress_23september2012

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September 23 ,2012

Company In Focus

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Cover Sto

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Fun Corner

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Term of the Week : Mutual Funds

INSTITUTE OF MANAGEMENT TECHNOLOGY, GHAZIABAD

Cover Story : Outperformance by assets in Gold

September 23 ,2012

EDITORIAL

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Dear Readers, Greetings from FinNiche! With the onset of summer placements week 1st year students have started rigorous preparations receiving all tips and tricks from the seniors. The campus is full with energy and enthusiasm. Team FinNiche gives best wishes to all the first year students and duly respect the togetherness and cooperation given by the second year students. In this edition of FinXpress, we have Tata Capital, Dabur and SAB Miller as the “Company in Focus” section. In the “Term of the Week” we move to Mutual Funds. In the markets section, we discuss about Sensex which has touched it’s highest level in over fourteen-and-a-half months. In the “special page” we will cover Outperformance by assets in gold in the last 3 years. We sincerely hope that the readers find our content engaging. We would appreciate feedback and suggestions for improvement. We hope to bring you more information in the future thus keeping you updated and adding to your knowledge base. Till then, “Enjoy Reading”! Yours Sincerely, The Editorial Board “FinXpress”

September 23 ,2012

COMPANY IN FOCUS

Tata Capital

Tata Capital Financial Services Limited ("TCFSL") is a subsidiary of Tata Capital Limited. The Company is registered with the Reserve Bank of India as a Systemically Important Non Deposit Accepting Non Banking Financial Company (NBFC) and offers fund and fee-based financial services to its customers, under the Tata Capital brand.

TCFSL caters to the diverse needs of retail, corporate and institutional customers, across various areas of business namely the Commercial Finance, Infrastructure Finance, Wealth Management, Consumer Loans and distribution and marketing of Tata Cards.

The company is focused on providing multiple financial services through an extensive network of over 1,000 customer touch-points covering tier I, tier II and tier III cities.

Areas of business Tata Capital has financial products and services in the following seven sectors:

1. Distribution and broking: Third-party investment products, equity and commodity trading for retail and institutional

customers.

2. Retail finance: Passenger and commercial vehicle loans, used car loans, personal loans, home loans, credit cards and

consumer durable loans for retail customers.

3. Commercial finance: Financial products for small and medium enterprises, and project finance for capital equipment

and infrastructure.

4. Investment banking: Advisory and debt and equity market products for corporate and small and medium

enterprises.

5. Private equity: Investments in India and other countries.

6. Wealth management: Suite of advisory and investment offerings for high net worth individuals.

7. Rural finance: Relevant financial products for rural customers, including financing of farm equipment, agricultural

inputs and agricultural enterprises. The company has entered into an understanding with Japan-based Mizuho Securities Co to promote an alliance in private equity, investment banking including cross border merger and acquisition, securities business including broking and distribution, structured finance and other business areas such as wealth management. It has also entered into an understanding with Equifax Inc and CRISIL to develop plans to create a credit information company in India.

Dabur India Ltd

Dabur (Dabur India Ltd.) is the largest Ayurvedic medicine manufacturer & the fourth largest FMCG Company in India with Revenues of US$1 Billion (over Rs 5,300 Crore) & Market Capitalisation of US$4 Billion (Rs 20,000 Crore). Building on a legacy of quality and experience of over 125 years, Dabur operates in key consumer products categories like Hair Care, Oral Care, Health Care, Skin Care, Home Care & Foods.

It began with a small, but visionary endeavour by Dr. S. K. Burman, a physician in Bengal. He has set up Dabur in 1884 to produce and dispense Ayurvedic medicines. Reaching out to a wide mass of people who had no access to proper treatment, Dr. S. K. Burman's commitment and ceaseless efforts resulted in the company growing from a fledgling medicine manufacturer in a small Calcutta house, to a household name that at once evokes trust and reliability. His mission was to provide effective and affordable cure for ordinary people in far-flung villages. With missionary zeal and fervour, Dr. Burman undertook the task of preparing natural cures for the killer diseases of those days, like cholera, malaria and plague. Soon the news of his medicines traveled, and he came to be known as the trusted 'Daktar' or Doctor who came up with effective cures. That is how his venture Dabur got its name - derived from the Devanagri rendition of Daktar Burman. Dabur's Ayurvedic Specialties Division has over 260 medicines for treating a range of ailments and body conditions-from common cold to chronic paralysis. Dabur International, a fully owned subsidiary of Dabur India, has sold its stake in UAE based Weikfield International on 25 June 2012.

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September 23 ,2012

Dabur At-a-Glance

Turnover of Rs. 5,283 Crore (FY12)

2 major strategic business units (SBU) - Consumer Care Business and International Business Division (IBD)

2 Subsidiary Group companies - Dabur International and NewU and several step down subsidiaries: Dabur Nepal Pvt Ltd (Nepal), Dabur Egypt Ltd (Egypt), Asian Consumer Care (Bangladesh), Asian Consumer Care (Pakistan), African Consumer Care (Nigeria),Naturelle LLC (Ras Al Khaimah-UAE), Weikfield International (UAE) and Jaquline Inc. (USA)

17 ultra-modern manufacturing units spread around the globe

Products marketed in over 60 countries Wide and deep market penetration with 50 C&F agents, more than 5000 distributors and over3.4 million retail outlets all over India

Consumer Care Business addresses consumer needs across the entire FMCG spectrum through four distinct business portfolios of Personal Care, Health Care, Home Care & Foods Master brands:

Dabur - Ayurvedic healthcare products

Vatika - Premium hair care

Hajmola - Tasty digestives

Réal - Fruit juices & beverages

Fem - Fairness bleaches & skin care products International Business Division (IBD) caters to the health and personal care needs of customers across different international markets, spanning Nepal, Bangladesh, the Middle East, North & West Africa, EU and the US with its brands Dabur & Vatika

Key Fundamentals Annual Trend of Stock Price

Market Cap (Rs Cr.):21,804

EPS - TTM (Rs):3.08

P/E Ratio (x):40.75

Face Value (Rs):1.00

Latest Div. (%):75.00

Div. Yield (%):1.03

Book Value / sh. (Rs) :7.47

P/B Ratio (x):16.74

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September 23 ,2012

SABMiller SABMiller is a British multinational Brewing and Beverage Company headquartered in London, United Kingdom. It is the world's second-largest brewing company measured by revenues (after Anheuser-Busch InBev) and is also a major bottler of Coca-Cola. Its brands include Grolsch, Miller Genuine Draft, Peroni Nastro Azzurro and Pilsner Urquell. It has operations in 75 countries across Africa, Asia, Australasia, Europe, North America and South America and sells around 21 billion litres of lager per year.

SABMiller has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It had a market capitalisation of approximately £35.6 billion as of 23 December 2011, the 11th-largest of any company with a primary listing on the London Stock Exchange. It has a secondary listing on the Johannesburg Stock Exchange. SABMiller India Since arriving in India in 2000, SABMiller has invested close to USD 800 Million. SABMiller India has performed remarkably well in strong beer segment with brands like Haywards 5000 and Knock Out. Royal Challenge and Foster’s are also very popular in the mainstream mild segment. With 10 high quality breweries located strategically across 9 states in India, SABMiller India is well placed to service the markets quickly and efficiently with a dedicated workforce of over 2900 people. The Company’s brewery in Andhra Pradesh is India’s first brewery to have a capacity of 1.5 Million HL, which is twice the size of the second largest brewery in India. The wide sales and distribution network covering every single State in India, ensures that the company meets the expectations of the trade and consumers. The modern trade practices and transparent dealings followed by SABMiller India has ensured a long lasting partnerships with its key stakeholders, viz., customers and consumers. Innovations:

Set benchmark in the Indian beer industry with the introduction of beer in PET bottles.

Launched India’s first spice beer-Indus Pride in four different variants. Indus Pride is an Indian specialty beer brewed with authentic Indian spices. It carters to the diverse range of the Indian taste palette.

SABMiller India offers the widest range of pack sizes of the beer in India, which includes 650ml bottle, 500ml bottle, 330ml bottle, 250ml, 500ml can, 330ml can, 50 litre draught and 30 litre draught.

New and innovative technologies and best practices are being adopted to reduce, rescue and recycle the water. These include lower water consuming technologies-mash filtration and flash pasteurization. Investments have been made in setting-up electron spin resonance (ESR) machines for flavour stability.

The manufacturing program is fully aligned with the global SABMiller manufacturing way & implementation has produced positive results, not only in performance, but improving effective work practices in many aspects like process controls, quality management, asset care and competency development. Corporate Social Responsibility With the objective to improve the barley supply chain, SABMiller India initiated a ‘Malt Barley Development Programme’, called Saanjhi Unnati (*Progress trough Partnership”) in Rajasthan in the 2005. This project assists the farmers and local community in maximizing land use and securing good income. It has now grown to 27 centres in 5 States with membership of over 7400 farmers.

SABMiller India, as a company recognizes HIV/AIDS is a major threat to the world of work. In 2007 it started its HIV/AIDS internal workplace programme jointly with International Labour Organization (ILO). The programme has been extended to supply chain (truckers) and trade (liquor retail outlets). The programme has so far reached out to more than 25,000 truck drivers and is prevalent in states like Rajasthan, Pondicherry, Haryana, Andhra Pradesh and Karnataka. SABMiller India have focused on the efficient use of water and improvement of water balance. This is reflected in the “5R” water management strategy which has internal measure to Reduce, Recycle, Reuse and external measures to Replenish and Redistribute. They have set themselves the demanding target of reducing water use by 25% per litre to beer of beer between 2008 and 2015. Promoting responsible drinking is one of SABMiller’s key sustainable development priorities. In October 2011, they launched ‘Respect the Road’- Don’t drink and drive campaign with the traffic police to promote responsible drinking behavior.

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September 23 ,2012

TERM OF THE WEEK : Mutual Funds

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Funds are a mode of investing money indirectly into stocks and bonds. A mutual fund is a type of fund that is available to small (retail) investors. The structure of mutual funds is: 1. Asset Management Company (AMC): Funds are managed by an Asset Management Company. An AMC raises money from investors and invests in a defined group of assets. 2. Sponsors: The sponsor initiates the idea to set up a mutual fund. It could be a registered company, scheduled bank or financial institution. 3. Trustees: A trustee means a member of the Board or a Director of the Trustee Company; his role is to protect investors’ interests. The funds may charge a fee which is known as “load”. This could be 1. Front-end or Entry Load: Fees charged when you are entering or purchasing units from the fund. 2. Back-end or Exit Load: Fees charged when you are exiting or selling units to the fund. Categorization of Mutual Funds On the basis of liquidity mutual funds are categorized as 1. Open-ended Funds: Funds where investors can purchase the shares (units) of the fund from the fund Company, and sell them back to the company, at any time. There is no limit on the number of investors and the funds have no fixed maturity. 2. Close-ended Funds: Units of closed ended funds can be purchased from the fund company only during the initial offer period and there is a limit on the total amount (corpus) that will be invested in the fund. Close-ended funds typically have a fixed maturity. On the basis of investment objective mutual funds are classified as: 1. Equity Funds: These are funds which invest primarily in equity. 2. Income Funds: Funds which invest primarily in debt instruments. 3. Balanced Funds: Balanced funds invest in both debt and equity, typically in equal amounts. 4. Money Market Fund: Funds investing in money market instruments such as CPs, CDs, and T-bills. 5. Sectoral Fund: Funds which invest in equity of companies in specific sectors. An IT sector fund is one example, which invests only in the shares of IT companies. Net Asset Value (NAV) The funds publish the value of their units daily. This value is known as the ‘Net Asset Value’ or NAV. NAV = (Market Value of the fund investments (incl. cash) + Income Receivable- Expenses Payable)

Number of outstanding units Disadvantages of MF: Advantages of MF:

1.Fees 1.Increased Diversification

2.Less control over timing of recognition of gains 2. Daily liquidity

3.Less predictable income. 3.Proffessional Investment Management

4. Service and Convenience

September 23 ,2012

MARKET THIS WEEK

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SENSEX gained 1.56% from last week and ended at 18752.83 this week.

Simple Moving Averages

Returns – BSE Sensex

Nifty gained 2.03 % from last week and ended the week at 5691.15

Simple Moving Averages

Returns – Nifty

30 Days 50 Days 150 Days 200 Days

17,804.35 17,544.06 17,223.74 17,051.37

YTD 21.34 % 1 Week 1.60% 1 Month 4.90% 3 Months 10.10%

6 Months 6.50% 1 year 9.90 % 2 Year -6.20 % 3 Year 11.10%

30 Days 50 Days 150 Days 200 Days

5,387.62 5,314.28 5,224.66 5,162.92

YTD 23.07 % 1 Week 2.00 % 1 Month 5.00 % 3 Months 10.20 %

6 Months 6.10 % 1 year 10.90% 2 Year -5.30 % 3 Year 13.40 %

September 23 ,2012

Overview

Buoyed by the newfound resolve of the UPA government and a fresh wave of foreign capital flows, bulls appear to be

in command for now. The 30-share Sensex on Friday finished at 18752.83, its highest closing level in over

fourteen-and-a-half months, and the 50-share Nifty closed at a sixteen-and-a-half month high of 5691.15.

The market reaction or rather, over-reaction to the reform measures announced by the government must have

surprised even the most die-hard of bulls. After all, it will take some time for the FDI policies in retail and aviation to

bring in the much-needed foreign capital. And the hike in diesel prices and the cap on the number of cooking gas

cylinders is simply not enough to meaningfully reduce the fuel subsidy bill.

But the rally right now is more about liquidity and less about fundamentals. In three trading sessions between

September 14-18, foreign institutional investors pumped in Rs 6262 crore into Indian shares. One could argue that

fundamentals still don't support a sustained rally. Industrial output has been slowing down, inflation is not yet under

control, oil prices continue to rise, and corporate earnings are unlikely to look up any time soon. If these trends

persist, the market would be back to square one in a couple of months time.

Policy Rates Reserve Ratios Lending Deposit Rate

Bank Rate 9% CRR 4.50% Base Rate 10%-10.5%

Repo Rate 8% SLR 23%

Savings

Deposit Rate 4%

Reverse Repo

Rate 7%

Term

Deposit Rate 8%-9.25%

Margin Standing 9%

Exchange Rate

v/s INR Commodities unit Rs./unit

%

change

Currency Symbol Rate

%

change Gold 10 gms. 31505 1.16%

US Dollar $ 53.90 0.70% Silver 1 Kg. 63261 1.58%

Euro € 70.01 1.58% Crude Oil 1 BBL 4967 6.81%

Dirham AED 14.52 1.52%

Japanese Yen ¥ 0.682 1.58%

Chinese Yuan CNY 8.46 1.51%

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September 23 ,2012

NEWS OF THE WEEK

‘Silent PM’ Seeks Voice of the Nation in Reform Push Call for Support In a rare televised address, Manmohan Singh urges countrymen not to be misled by doomsayers on a day Chidambaram unveils more reform measures Prime Minister Manmohan Singh has stoutly defended the government’s return to economic prudence in the face of widespread political opposition and appealed to people not to be misled by naysayers. In an address to the nation on Friday evening, just hours after the central ministers of Mamata Banerjee-led Trinamool Congress quit the Congress-led ruling coalition in protest against the decision to hike fuel prices and allow foreign supermarkets into the country, Singh said the government had acted in national interest. The PM said at a time the global economy is on the decline, the government had to take hard decisions to revive confidence of investors at home as well as abroad. Reluctance to act could also come in the way of the ability of domestic companies to borrow funds, slowing down employment, he said. “Money does not grow on trees,” Singh said, “If we had not acted, it would have meant a higher fiscal deficit, that is, an unsustainable increase in government expenditure vis-à-vis income. If unchecked, this would lead to a further steep rise in prices and a loss of confidence in our economy.” Never Mind RBI, Gold Loans Won’t Lose Their Shine Finance cos skirt rules on loans against gold. Don’t obsess over gold — RBI officials earlier and P Chidambaram on Friday advised Indians. And a few months ago, RBI had reduced lending capacity of gold loan non-banking financial companies (NBFCs) — from 70% of the value of gold pledged by borrowers to 60%. But what the government and regulators propose often does not work. Gold loan NBFCs have found an ingenious way to bypass strict lending rules imposed on them. And what gold NBFCs may lose by way of business will be taken up by banks and local money lenders. After the Reserve Bank’s new rule, NBFCs changed the way gold is valued to include making charges and also tax. This is how it used to work: if the gold content in a piece of jewellery is valued at `100, a loan of Rs. 70 was typically possible. Now, to the `100 are added making charges (say, about ` 10) and the VAT (12%). So, the loan is given on the replacement cost of the jewellery — `123 (`100 + `10 + `13). And 60% of `123 is greater than 70% of `100; so the new norm doesn’t look bad. If the gold loan NBFCs did not pad up the value of the gold, growth would have fallen to 5-10%, according to a report by ICRA Management Consulting Services, or IMaCs. It estimates that by taking into account the making charges and other taxes, growth will be 18-20% — still lower than the 22-26% clocked before the new regulations. “Yes, including making charges has offset the impact to some extent,” says Munish Dayal, a partner at Baring Private Equity Partners India, which is an investor in Muthoot Finance and Manappuram Finance — the two most aggressive players in the gold loan sector. FDI in Retail and Aviation Sectors Now a Reality The government on Thursday evening braved intense political opposition and a nationwide bandh to notify the rules for allowing foreign retailers such as Walmart and Carrefour to set up stores in India. The government also notified the relaxed conditions for single-brand retail as well as the norms for allowing 49% investment by foreign airlines in Indian carriers and permitting greater foreign investment in some sections of the broadcasting sector, sending out a clear message that it will not be cowed down by protests and effectively severing its relations with Trinamool Congress. These notifications give effect to the decisions taken by the Cabinet last Friday, which have resulted in a political uproar and possibly threatened the long-term stability of the Manmohan Singh government. Industry was quick to welcome the government’s move. “…the notifications have been issued quite promptly, reflecting the government’s strong commitment towards the reforms process. This will put to rest all apprehension on whether there would be any turnaround,” said CII Director-General Chandrajit Banerjee. The policy says foreign retailers can only open stores in states that have agreed to allow FDI in multi-brand retail. “The above policy is an enabling policy only,” said the press note issued by the Department of Industrial Policy & Promotion. JPMorgan faces money laundering probe: Source

JP Morgan Chase & Co's compliance with US anti-money laundering laws is being reviewed by a banking regulator, a source said, making the largest US bank the latest target of a wide investigation of how banks prevent transactions involving drug money and sanctioned countries.

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September 23 ,2012

According to a source the Office of the Comptroller of the Currency, an independent branch within the Treasury Department, is examining JPMorgan's systems that are designed to monitor and filter such transactions. In its quarterly filing with the US Securities and Exchange Commission last month, JPMorgan said it expected heightened scrutiny by regulators of its compliance with new and existing regulations, including anti-money laundering laws. The latest investigation comes in the midst of stepped-up efforts by regulators to crack down on money laundering, including transfers of drug money through bank networks and funds from countries facing international sanctions such as Iran.

RBI Governor Duvvuri Subbarao cuts CRR by 25 bps; leaves interest rates unchanged

Reserve Bank of India (RBI) Governor Duvvuri Subbarao has once again dodged pressure from industry and left interest rates unchanged but cut the cash reserve ratio (CRR) by 25 basis points to 4.5%, a move which would release `17,000 crore worth of funds locked up with RBI into the banking system and could prod banks to lower lend-ing rates. The prospects of an interest rate cut in its next review on October 30 rose with the government promising to deliver more on reforms. The government raised diesel prices by an unprecedented 12% last Thursday in what was seen as a decisive move towards greater fiscal discipline, and quickly followed it up next day with a surprise decision to allow foreign firms into the supermarket sector. These measures had led some to believe that RBI would play ball by cutting repo rate - the rate at which it lends to banks and now stands at 8% - by at least 25 basis points. As for RBI's priority, he said its focus at the moment remained on managing high inflation.The central bank's decision not to cut rates didn't go down well with the markets. The Sensex, which had rallied to as high as 18,715, slid to a low of 18,480.54, and ended 0.4% higher at 18,542. Bond prices fell with the yields on 10-year bonds ending at 8.18%, after opening at 8.13%.

Kudankulam plant: PIL in Supreme Court to make supplier liable for damage

A second petition was filed in the Supreme Court, by activist lawyer Prashant Bhushan, seeking to enforce liability of the supplier or makers of the plant in case of a nuclear mishap at the Kudankulam plant. The PIL claims that the agreement to set up the nuclear plant at Kudankulam could not have completely excluded the liability of the supplier/manufacturer. Even the Civil Liability for Nuclear Damage Act, 2010, caps the liability at `1,500 crore, it pointed out. The government has exempted the Russian company from even this minimal liability by giving an undertaking to the Russian government that the Indian public exchequer and the Indian taxpayers would foot the bill in case of an accident and the Russian company would be indemnified. The PIL said that this is against the principles of "polluter pays" and "absolute liability principles" evolved by the courts over the years to make polluting parties pay .It also urges the court to direct that at least the cap of `1,500 crore laid down in the Nuclear Liability Bill should apply in this case too.

Finance ministry to ensure PSUs meet investment target

The finance ministry is contemplating a raft of measures to ensure that the cash-rich state-run companies stick to their investment targets. The ministry has proposed to review the performance of these companies on a quarterly basis. The ministry is also likely to suggest that performance-linked pay of senior executives be held back in case the company fails to meet its investment goals. If the companies still do not fall in line, the ministry may ask them to surrender their cash to the government through big dividends, these officials said. "The PSUs (public sector undertakings) had argued that they have capital expenditure plans. We want them to review their milestones accordingly," said a finance ministry official. "There is also a suggestion that the companies, which are only earning profits on their investments, should not be allowed to give performance-related pay."

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September 23 ,2012

COVER STORY

A study conducted by Assocham says that the yellow metal, in terms of profit, has surpassed equity market which has given negative returns on investment in the last three years. Those who invested in gold during August-September in 2009 have seen their money grow more than double up to August-September this year, thanks largely to the yellow metal becoming the first choice for investors not only in India but all round the globe.

On the other hand, investors in the equity market have seen their wealth erode in the same period. The erosion has been seen more for the retail investors who generally invest in the small mid-cap stocks. Property which is generally out of reach for the small investors too has seen good returns but not as much as gold, which has outshone all other investment avenues when the global economy has been through tumultuous times.

Standard gold was selling at around `15,000-15,500 per ten grams in India just about three years ago. Today it is well above `32,000 per ten grams giving more than double the returns on investment in three years. The worst performer has been the equity market. The high point of the benchmark Sensex in 2009-10 was 17,711. Today, it is trading in the same range. So, the investments in equity have not even given a simple bank interest rate equivalent and are negative in actual yield.

In fact, on a five-year horizon, the equity investors have lost significantly. The high point of Sensex in fiscal 2007-08 was 20873 whereas it is range-bound between 17,000 - 18,000 now. Assocham Secretary General D S Rawat said whether it is local investor or global investors, they have all gone by the conventional wisdom of gold being the safest bet when there is uncertainty about all other investment avenues. Thus, it would be wrong to blame Indian passions for gold, as if it is only this passion which led to a big yellow metal import of $60 billion in fiscal 2011-12. There were global risk aversion factors at play.

On the five- year horizon, gold has given even more handsome results to the investors. The precious metal was selling around `9,500 per ten grams five years ago in September, 2007. So, the returns on this time horizon are about 350 per cent. Its prices have seen a sharp rise even in the London Metal Exchange (LME). It was being traded in the range of $900-1000 per ounce in 2009 and now it is selling above $1700 ounce. The property prices, according to the study, have given average yield of 40-50 per cent on all-India basis. It is true that prices in some pockets of big cities like Delhi, Mumbai, Chennai, Gurgaon have doubled in the past three years. But these cases are far and few. There are also cases in cities like Hyderabad where the investors have not got the yield at simple interest rates in property. Net-net, gold has absolutely outdone other asset classes and it is likely to remain an attractive bet as long as uncertainty over the global economy stays according to the study.

Source – Assocham report

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Outperformance by assets in gold in the last 3 years

September 23 ,2012 PAGE 11 http://www.imtgfinxpress.co.cc

CAN YOU SOLVE IT? Match the following:

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LAST WEEK’S ANSWERS

1) Renault Nissan Carlos Ghosn

2) Hindustan Unilever Harish

Manwani

3) Coca Cola Atul Singh

4) VIP Dilip G Piramal

5) HSBC Sir Thomas

Sutherland

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SAB Miller Praveen P Kadle

Texas Instruments Sir Osborne Smith

Tata Capital Anshu Jain

Deutsche Bank Graham Mackay

Reserve Bank of India Richard K. Templeton