12 February, 2009

India
Jaiprakash Associates
CMP: Rs.73 Target: Rs. 110
Diversified
— We initiate a BUY with a one year target of 114. At CMP of Rs 73, the stock is trading at
14x TTM EPS of Rs 5.2 and trailing P/BV of 2. Stock is trading at, trailing P/BV of 2,
forward P/E Ratio 9 for (FY10E) and 6 for (FY11E). We recommend the investors to BUY
Sovid Gupta the stock, with our 12 month price target of Rs 110 providing an upside potential of
52%.
Equity Analyst: Fairwealth Securities
Private. Ltd. Earnings for 2009 are expected to show a modest increase

Strong Q3 09 numbers should allay much of the fears of the investors about company’s
future valuations and Earnings potential.

Outlook:
Priced on Feb’12, 2009
Our Outlook for the stock remains immensely positive considering company’s huge order
±% potential 52%
book contributing to assured revenues over next 6 years, and huge land bank value which
Target set on 12 Feb’09
will unlock in coming years.
Company is going to witness exponential growth in revenues from 4 sectors. i.e. Cement
(Capacities to triple), Construction(Revenue Growth at 40% CAGR over next 3 years), Real
Estate and Hotels( We expect EBITDA to increase from 8% in Q3 to around 30% in 3
Market Data years), and Power(3000 MW capacity addition over next 6 years expected)
Beta 1.75
12M hi/lo 510 / 64
Restructuring Highlights:
Market cap, INR Millions 86350
Shares in issue (mn.) 1,173.8 Jaiprakash Associates (JPA) under flagship of Jaypee Group has decided to acquire four
Companies and merged into JPA. The companies are as under:-
Reuters JAIA.BO
Bloomberg JPA: IN • Jaypee Hotels Ltd (JPH)
• Jaypee Cements Ltd (JPC)
• Gujarat Anjan Cements Ltd (GAC)
• Jaiprakash Enterprises Ltd (JEL)

As per the scheme of the merger, the swap ratio will be 1:1 for JHL, 1:10 for JCL, 3:1 for
Share Holding Pattern JEL, and 1:11 for GACL. Since the Company is planning to transfer the cross-holding to a
Promoters 44.44% trust instead of cancelling it, it is likely to issue 220 million new shares, which will result in
MF’s the dilution of earnings.
13.0%
FII 21.7% After acquisition of four companies by JPA as stated herein above, 22.04 crore shares of
Others 20.9% JPA of Rs.44.08 crores would be issued. As a result equity dilution will rise by 18.77% from
Rs. 234.76 crores to Rs.278.84 crores.
Of 22.04 crore new shares of JPA being issued, 10.60 crore shares would get parked in
Trust, while 11.44 crore shares would get issued to non-JPA shareholders.

Our take on this step is positive as it will help company in raising more funds as the
company has huge line up of projects. Company definitely needs to raise Equity and bring
down Debt Equity levels to a more suitable level of 2:1.

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Higher revenues and lower margins for
the construction and cement business.
Increased contribution from real estate
projects.
Fairwealth Securities
Jaiprakash Associates - Buy
Result Round up:
Increase in Top line by 47%. Cement and Construction margins down.
Sales jumped to Rs. 1321.69 crore. Revenues from Real Estate sector increased by 150%
q-o-q. Cement sales grew 11%. Margins however, were trimmed by 606 bps from 24.76% to
18.71%.
Construction revenues grew by 71% with increased margins from the Baglihar project to the
tune of 350 bps and huge dilution of 700 bps, due to lower margins from Taj Yamuna
Express way.
Tempered by falling margins, Operating Profit rose to Rs. 247.26 cr (+10.97 % Y-o-Y). After
providing for interest, the company generated cash profit before depreciation Rs. 273.52
Crore.
Achievements (FY07-FY08):
Engineering and Construction
• Participated in 54% of hydropower projects in the 10th Five Year Plan.
• Built largest underground surface powerhouse.
• Following Projects with power generation capacity of 1,030 MW completed during
2007-08:
a. Teesta-V Hydro-electric Project (510 MW) in Sikkim.
b. Omkareshwar Hydro-electric Project (520 MW) in Madhya Pradesh.
Cement
• To be a 30 Million Ton Per Annum cement producer by 2011.
Power
• India's largest private sector hydropower producer.
• Slated to be a 4270 MW power entity by 2013.
Real Estate & Expressway
• Constructing 165 km Noida - Agra, Yamuna Expressway.
• Constructing 1047 km Noida - Ballia, Ganga Expressway.
• Real Estate Development rights for over 37 million square feet.
Industry Potential
Company gets all its revenues from Sunrise sectors like Infrastructure, Real Estate and
Power. Although marred by recession country is still likely to witness more than 6% growth
over next 10 years, which will add around 1 trillion dollars to Indian GDP.
Installed capacity of the cement industry is expected to increase to 219 MTPA by financial
year 2009 from 198.62 MTPA in the financial year 2008. It will further go up to 241 MTPA
by the financial year 2010, according to an ICRA Industry Monitor report.
We expect strong showing by cement companies although with lower realizations,
continuous growth in Infrastructure as 4 lane and above highway development remains a
priority sector for both UPA and NDA governments. And hydel power development remains
another major priority considering India’s potential of 150,000 MW of Hydel capacity and
efforts to keep Thermal to Hydel ratio of 60:40.
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 Jaiprakash Associates - Buy
Company Description:

Jaiprakash Associates Limited is India’s leading Engineering and Construction

Company and fourth largest cement manufacturer with strong focus on development of
River Valley and Hydro Electric Projects.

The company's business can be broadly classified in the following sectors:

1. Engineering & Construction

2. Cement
3. Energy (Power, Oil & Gas)
4. Real Estate and Expressways
5. Hospitality

Cement Division:

The cement segment contributes around 40% to the standalone net revenues of
the Company. Jaiprakash Associates has a total installed capacity of 11.5 MTPA
(FY08), and as per the management, more than 4 MTPA of new capacity is expected to
be commissioned in the next 2–3 months..The cement revenue was driven by volume
growth of 15% on account of commissioning of 2 MTPA plant in MP and ramp up at
earlier commissioned capacities in Uttar Pradesh and a grinding unit at Haryana. With
this addition of new capacity the total production capacity will be ~18 MMTPA.
Company plans to raise capacities to up to 25 MTPA by 2010 and to further
expand it to 30 MTPA by 2011. Company is developing its captive power units in most
of the cement plants to reduce costs. JAL has so far commissioned captive thermal
power plants with an aggregate capacity of 88.50 MW.

Company has also procured coal blocks in Madhya Pradesh to meet its captive power
requirement for future capacity expansion in Cement division.

.
Engineering and Construction Division:

Given the robust growth of the Indian economy, investment in the roads and bridges
sector, during the Eleventh Plan is projected at US$ 78.5 billion over the five-year
period starting from 2007-08.

Construction work on Yamuna Expressway project is in progress and the project is

schedules to be completed by 2010. On the revenue growth of 71% the construction
division recorded pre-exceptional EBIT growth of 111% (EBIT of Rs922 mn). The EBIT
margins for the construction division (excluding severance pay to workers of Bagilhar
Project) improved by 350 bps yoy from 14.7% to 19% on account of strong execution of
projects like Karchamwangtoo which is witnessing the peak of its execution.

However the same fell by a massive 1300 bps Q-o-Q due to increased share of
revenues from Taj Expressway where margins are lower compared to complex
construction projects.

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 Jaiprakash Associates - Buy
EBIDTA margins for the Engineering and
Construction sector is significantly lower, Real Estate Segment:
especially in projects which do not require
much capital outlay as well as in those projects Company won the 6 Lane 160 KM Taj Expressway project, through which it got 25
which are of comparatively low value. million square feet of Land Development rights at 5 locations between Noida and Agra.
Most of the land that company got was at 2003 rates. Rates since then have increased
Consequently E&C division witnessed manifold.
lower margins for Q3’09 as revenue
contribution from Taj Expressway Company also has real estate comprising of residential, commercial and institutional
increased. development spread across 452 acres of land in Greater Noida, Uttar Pradesh, India.

Company also got rights to develop part of 1047 KM 8 lane Ganga Express way, which
will give company to develop part of 30000 acres total entailed for development.

Energy Segment:

Company has assured land development
rights for 37 million square feet in Noida,
Greater Noida, along with other places
between Agra and Greater Noida. Separate
independent valuations have valued these
lands at over 2 billion USD. This does not
include additional land development right
company will earn through Ganga Expressway
project.
JAL is developing India's largest BOO Hydro power project --- the 1,000 MW Karcham
Wantoo project in Himachal Pradesh, which is expected to be commissioned by 2011.
This will increase the Company’s hydro power operating assets to 1,700 MW, Company
plans to scale up its total Hydel Power capacity under BOOT model to up to 5000
MW(2500 MW in Arunachal Pradesh and 700 MW in Meghalaya, along with 1700
mentioned already).
Hospitality:
Company operates 3 five star properties and also manages 2 other properties which
are owned by the company. During the yaer 2007-08 the compnany achieved the
turnover of Rs. 172.91 Crores as compared to Rs. 130.80 Crores in previous year
registering the growth of 32%. The Net profit for the year was registered at Rs. 17.54
Crores vis-a-vis Rs. 13.64 Crores in previous year.

Future Estimates

Net Sales PAT EPS P/E

(RS. Crores) (Rs. Crores)
FY07 4,149 566 4.04 18.55
FY08 4,455 690 4.93 15.22
FY09 5,740 730 5.21 14.38
FY10 8,500 1,100 7.86 9.55
FY11 13,000 1,650 11.81 6.30
Source: Fairwealth Securities Research Estimates

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 Jaiprakash Associates - Buy

Cement and Construction contributed to 90% of

the firms standalone revenues while Real
Estate, Wind Power and other divisions Results Round up:
contributed remaining 10%.(See Table below)
SEGMENT RESULTS Consolidated (Inc. Minority Share Holding)
Segmental Revenues-Stand Alone(Rs. Crores)
Quarterly Revenues(Rs. Crores PBIT(Rs. Crore)
Q3FY09 Q3 FY08 Growth(%)) Segments 200812 200712 Var (%) 200812 200712 Var (%)
Cement 577.3 500.4 15.4% Sales
Cement 577.33 500.39 15.38 155.16 165.88 -6.46
Construction 751.7 440.3 70.7%
Construction 751.7 440.32 70.72 91.94 64.82 41.84
Real 66.4 - NA Hotel 7.31 8.46 -13.59 1.28 1.11 15.32
Total 1395.4 940.7 48.3% Hospitality 0 0 0 0 0 0
Hydro Electric 3.66 1.01 262.38 2.09 0.16 1206.3
Source: Company Report
& Wind Power
Cement segment contributed to 45% of EBIT, Real Estate 66.43 0 0 27.23 0 0
though sharply down from ~55% for the same Investment 66.49 58.69 13.29 66.49 58.69 13.29
quarter last year, margins for the business saw TOTAL 1472.9 1008.9 46 344.19 290.66 18.42
a huge 630 bps drop. Construction segment
Source: Capital Line, Company Reports.
business saw increase in margins decline due
to lower margins from Taj Express way project.

EBIT (Rs. Crores) PBIT Margin (%) ROCE(%)

Q3FY09 Q3FY08 Growth(%) Cement 26.88 33.15 -18.91 2.07 3.31 -37.46
Construction 12.23 14.72 -16.92 6.04 7.23 -16.46
Cement 155.2 165.9 -6.4%
Hotel 17.51 13.12 33.46 0.52 0.93 -44.09
Constructio
91.9 64.8 41.8% Hospitality 0 0 0 0 0 0
n
Hydro Electric & Wind 443.7
Real 27.2 - NA 57.1 15.84 260.48 0.87 0.16
Power 5
Total 344.1 290.6 18.9% Real Estate 40.99 0 0 6.7 0 0
EBIT Margins(%) Investment 100 100 0 1.76 2.27 -22.47
TOTAL 23.37 28.81 -18.88 2.51 3.18 -21.07
Cement 26.9% 33.2%
Source: Capital Line, Company Reports.
Construction 12.2% 14.7%
Although PBIT Margins for Cement segments were 27% versus 13% for Construction,
Real Estate 41.0% NA but ROCE was 2%, versus 6% for Construction business.
Total 19.7% 24.5%
Reason for such mismatch is low capital expenditures in Construction projects as
Note: Segmental Numbers may not add up to there are is low capital expenditures in Construction projects and huge capital
combined results, these are only approximations. requirements in Cement segment as capacity is being increased from 11.5 MTPA in
Source: Company Report FY08 to 25 MTPA by FY10E.

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 Jaiprakash Associates - Buy

Financial Ratio Analysis:

DuPont Analysis
EBIT margins have increased over last 3
years, thanks to higher realisation in Year End 200803 200703 200603
Cement and Construction business. a.OPM % 29 28 22
Company’s Debt has increased over last 3 b. EBIT Margin % 24 23 17
years, however Interest costs on Debt and c. Turnover / Assets 0.35 0.45 0.49
total Interest dilution have gone down due
to cheap, dollar and yen funding company d.ROA % (d=b*c) 8 10 8
availed during good times. e. Interest Cost % 4.59 5.34 6.92
f. Debt / Assets 0.66 0.66 0.61
Company’s interest cost stayed to a low of g. Interest Dilution % (g=e*f) 3.0 3.5 4.2
4.6% for 2008.
h.ROA after Interest %(h=d-g) 5.4 6.8 4.1
D/E ratio of 2.8 is expected for FY11 and
interest cost of around 8%, company’s
Interest dilution will rise to 5.8% and i. Assets / Shareholder Funds 2.98 2.91 2.57
ROA after at same margins and j.ROE before other Inc% (j=h*i) 15 20 10
turnover will fall to around 4%. k. Other Inc/Shareholders fund
7 3 20
%
l. RONW after Other % (l=j+k) 22 24 30

m. Tax Rate % 27 33 16
n.ROE after Tax% (n=l-
16 16 25
(l*m/100)
o. Book Value 33.22 116.95 99.77
p. Earnings Per Share (p=n*o) 5.35 18.67 25.05*
Source: Capital Line

Status of company’s debt raised in form of Foreign Currency Convertible Bonds

Issue Amount(I Conversi Shares As of Mar' 08)
Size NR Rs. on Price (m)
Crore)
Converted Outstanding
US$100 437.8 47 93 4,28.8 9.0

Euro165 885.7 111 79 8,34.8 50.9

US$400 1,614.0 248 65 18.2 1595.8

Source: Company Reports

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Cement:
Downward margin pressure on
account of additional capacities and
lower price realisations.
Construction:
Lower margins pressure on account
of low margins in highway projects
Fairwealth Securities
Source: Capital Line
Jaiprakash Associates - Buy
Key Risks:
• Highly leveraged balance sheet to adversely affect funding.
On a consolidated basis company had Debt to Equity Ratio of 2.3 in FY08, which is
expected to reach to a high of 2.8 by FY10. Also most of the funds to be raised further
would be at higher interest rates from Indian Banks/ Institutions.
However much of the company’s Debt (around 1600 crores), maturing in 2012 is in
form of convertible Debenture and Warrants, convertible at Rs. 270, which will lower
company’s Debt Equity Ratio. We do not see share prices rising to those levels before
H2 2010.
• Expiry of Cheaper Debt Funding in FY12
The company shall face much problems in arranging low cost funds as at present funds
from FCCB are at less than 4%
In case the conversion does not happen, problems are going to multiply as these are
very cheap debt funding of less than 4% PA, and company will face difficulty in raising
cheap funding or in cases where Government regulations against ECB hamper
company’s growth potential.
• Political Factors and Higher Business/ Unsystematic Risks:
Various political factors in state of Uttar Pradesh can immensely hamper company’s
growth projections and valuations as all the land bank is in that state and we put higher
business risks attached to Real Estate business in state of Uttar Pradesh.
Also a lot of construction and Cement plants of the company are in same state, so
investors need to keep an eye on that too.
• Weak business environment:
Most of the company’s turnover comes from Cement, Construction, Real Estate and
Hospitality business, all of which are highly capital intensive projects and are worst hit
as credit crunch has hit these factors adversely from the supply as well as the demand
side.
Stock Price of the company has fallen by 80%
over last year, while S&P Nifty has fallen around
50% at its current price.
We estimate diverse nature of Company’s
business will help the company to whether the
current downturn.
Strong Q3 09 numbers should allay much of the
fears of the investors about company’s future
valuations and Earnings potential.
Page 7

Value lies in Top Line Growth and Assets
Top line growth of 40% CAGR expected.
Margins to remain at similar levels.
Higher Revenue contribution from high
margin Real Estate business, will act as a
support to falling margins and bottom line.
Shareholding pattern: Jaiprakash Associates
Source: Company Reports, NSE.
Shareholding pattern has remained more or less
unchanged.
Fairwealth Securities
Jaiprakash Associates - Buy
Investment Rational
Cement:
Company plans to increase Cement capacity by 2.5 x from FY08 levels, which will lead to
more than 100% rise in revenues by FY11E. Similar expansion is envisaged by several
other players across the industry, while the supply will grow at more than 20%, demand
will grow much slower as recession fears loom large. We expect cement prices to fall from
these levels, leading to lower margins. Long term margins for the business will settle at
around 20%.
Real Estate:
Real Estate segment had high margins of 41%, segmental revenues were mere 8%, and
going forward increase in segmental revenues will increase overall profitability for the
business.
Company has two major real Estate projects.
8mn sq. ft development at JP Greens-Noida.
6250 acres of land bank along Taj Expressway.
Power
Company has been the biggest hydropower player in the country, and has operated at
significant higher margins. EBITDA margins stood at 35% in FY08 compared to 16% in
FY06.
BOOT power projects comprise 1700 MW. Company is expected to raise total capacity to
5000 MW Hydel (additional capacities to be commissioned by 2014).
Construction:
• Expressway: Taj Expressway and Ganga valley projects will be huge
contributors.
• Hydro power: Combined order book of 2100 MW could add Rs. 8400 crores to
order book.
• Irrigation: JP Associates won an order of Rs. 1950 crores. For 51 Km. long
tunnel.
• Real Estate: Intersegment orders from Real Estate business would be
significant contributor to this division.
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 Jaiprakash Associates - Buy

Annexure:

1. Income Statement:

PROGRESS AT A GLANCE OF LAST 5 YEARS(Rs. Crores)

200803 (12) 200703 (12) 200603 (12) 200503 (12)
Net Sales 4194.45 3930.62 3269.35 2997.75
Other Income 273.91 144.79 549.57 97.3
Total Income 4455.36 4149.51 3798.57 3145.11
Total Expenditure 2441.9 2504.23 2341.17 2143.39
Operating Profit 2013.46 1645.28 1457.4 1001.72
Interest 601.55 496.95 397.13 422.56
Gross Profit 1411.91 1148.33 1060.27 579.16
Depreciation 318.83 259.57 214.88 235.15
Profit Before Tax 1093.08 888.76 845.39 344.01
Total Tax 296.13 247.28 150.06 137.32
Net Profit before Minority
796.95 641.48 695.33 206.69
Interest
Minority Interest 120.15 88.22 60.67 0
Net Profit after Minority Interest 676.8 553.26 634.66 206.69
Extraordinary Items -12.72 -12.85 297.31 3.14
Adjusted Net Profit 689.52 566.11 337.35 203.55
EPS Adjusted 6 6 6 2
EPS Adjusted(after minority Int) 5.34 4.87 5.81 2.21
Source: Company Report, Capital Line

Company has not shown any significant Sales and Earnings jump up to 2008, with top line showing 11% CAGR.
Bottom line has risen exponentially at a rate of 56% compounded annually.

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 Jaiprakash Associates - Buy

2. Cash Flow Statement:

Cash Flow Summary(Rs. Crore)
200803 200703 200603 200503

Cash and Cash Equivalents at Beginning of

the year 1823.0 1847.0 821.8 266.5
Net Cash from Operating Activities 912.3 1099.6 218.1 261.4
Cash Flow From Operating Activities
Net Profit before Tax & Extraordinary Items 1093.1 888.8 469.1 344.1
Adjustment For
Depreciation 318.8 259.6 141.3 235.2
Interest (Net) 460.6 402.2 299.6 330.4
Others 9.8 17 11.6 53.8
Total Adjustments (PBT & Extraordinary
Items) 789.0 678.5 452.3 503.0
Op. Profit before Working Capital Changes 1882.0 1567.3 921.5 847.0
Working Capital Adjustments -749.8 -226.9 -558.4 536.8
Cash Generated from/(used in) Operations 1132.2 1340.4 363.1 310.3
Direct Taxes Paid -220.0 -240.8 -144.9 -48.9
Total-others -220.0 -240.8 -144.9 -48.9
Cash Flow before Extraordinary Items 912.3 1099.6 218.1 261.4
Net Cash Used in Investing Activities 4656.4 2411.2 -540.0 597.3
Cash Flow from Investing Activities
Purchase and Sale of Fixed Assets 4690.3 2523.8 1021.5 653.1
Purchase and Sale of Investments -112.6 -3.1 395.3 10.2
Interest Received 97.3 56.5 42.8 11.4
Others 49.0 58.9 43.3 33.9
Net Cash Used in Financing Activities 4383.3 1287.5 1347.1 891.2
Cash Flow From Financing Activities
Proceeds:
Proceeds from Issue of shares (incl share
premium) 1202.9 98.8 330.0 436.3
Proceed from 0ther Long Term Borrowings 3403.6 1725.2 1204.0 963.9
Dividend Paid -176.2 -81.4 -105.9 -32.2
Interest Paid -557.9 -458.7 -342.4 341.8
Others 510.9 3.6 261.4 135.0
Net Cash Used in Financing Activities 4383.3 1287.5 1347.1 891.2
Net Inc/(Dec) in Cash and Cash Equivalent 639.2 -24.1 1025.2 555.3
Cash and Cash Equivalents at End of the
year 2462.2 1823.0 1847.0 821.8
Source: Company Report, Capital Line

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 Jaiprakash Associates - Buy

3. Balance Sheet:

Balance Sheet Summary (Rs. Crore)

200803 200703 200603 200503
SOURCES OF FUNDS :
Share Capital 234.3 219.2 215.1 176.2
Reserves Total 4344.4 2709.3 2390.8 989.8
Total Shareholders Funds 4578.7 2928.6 2605.8 1166.0
Minority Interest 702.5 459.1 377.1 33.7
Secured Loans 7796.7 6251.2 4854.1 4345.0
Non Convertible Debentures 796.3 830.0 1240.0 1516.3
Term Loans Total 6757.1 5082.5 3394.3 2612.3
Other/Misc 243.3 338.0 217.1 209.1
Unsecured Loans 3786.6 1879.4 1540.3 684.6
Debentures / Bonds 2816.9 1356.8 1010.9 436.3
Deffered Tax and Liabilities 111.9 68.1 47.0 38.9
Unsecured Loans Others 667.7 313.7 390.9 158.4
Total Debt 11583.2 8130.6 6394.3 5029.5
Total Liabilities 16864.5 11518.2 9377.2 6229.2
APPLICATION OF FUNDS :
Gross Block 8822.3 7709.0 5671.1 5089.1
Less: Accumulated Depreciation 1883.5 1591.7 1411.0 1285.0
Net Block 6938.8 6117.2 4260.1 3804.1
Capital Work in Progress 6225.0 2697.1 2311.4 1196.0
Investments 120.3 7.7 4.6 23.5
Current Assets, Loans & Advances
Inventories 1436.0 1203.7 1226.0 632.4
Sundry Debtors 771.7 741.6 575.9 517.0
Cash and Bank 2462.2 1823.0 1847.0 821.8
Loans and Advances 2721.2 1307.7 973.3 898.0
Total Current Assets 7391.0 5076.0 4622.2 2869.2
Less : Current Liabilities and
Provisions
Current Liabilities 2767.2 1477.3 1109.4 1022.0
Provisions 481.4 405.0 245.6 192.2
Total Current Liabilities 3248.6 1882.3 1355.1 1214.2
Net Current Assets 4142.4 3193.6 3267.2 1655.0
Miscellaneous Expenses not
written off 37.4 25.9 50.7 62.2
Net Deferred Tax -599.5 -523.3 -516.8 -511.6
Total Assets 16864.5 11518.2 9377.2 6229.2
Contingent Liabilities 2022.2 1781.2 1914.5 1570.1
Source: Company Report, Capital Line

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 Jaiprakash Associates - Buy

Disclaimer

This publication has been prepared solely for information purpose and does not constitute a solicitation to any person to buy or sell a security. While
the information contained therein has been obtained from sources believed to be reliable, investors are advised to satisfy themselves before making
any investments. Fairwealth Securities Pvt Ltd., does not bear any responsibility for the authentication of the information contained in
the reports and consequently, is not liable for any decisions taken based on the same. Further, Fairwealth Research Reports only provide information
updates and analysis. All opinion for buying and selling are available to investors when they are registered clients of Fairwealth Investment Advisory
Services. As a matter of practice, Fairwealth refrains from publishing any individual names with its reports. As per SEBI requirements it is stated that,
Fairwealth Sec Pvt Ltd., and/or individuals thereof may have positions in securities referred herein and may make purchases or sale
Thereof while this report is in circulation.

Fairwealth Securities Page 12