Annual Report 2010-11-02

SMC GLOBAL SECURITIES LIMITED
17 ANNUAL REPORT 2010-11
TH
Winner of India's Best Equity Broker 2010 Best Currency Broker 2011
Contents
Messages from the Management Chairman's Message
|02 |08
Vice-Chairman's Address
Corporate Overview The Company The Ethos
|14 |16 |17 |18
|15
The Offerings
The Milestones
Memberships & Registrations
Reports Directors' Report
|28 |37 |58
Corporate Governance Report
Management Discussion and Analysis Report
Financial Statements Standalone
|66 |110 |146
Consolidated
Statement Pursuant to Section 212 (8) of the Companies Act, 1956
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17 th Annual General Meeting Day: Date: Time: Venue: Friday 30th day of September, 2011 11.00 AM "URDU GHAR" 212, Rouse Avenue, Deen Dayal Upadhyaya Marg, New Delhi-110002
SMC GLOBAL SECURITIES LIMITED
Mr. Madhu Kannan (3rd from right), Managing Director & Chief Executive Office, Bombay Stock Exchange Ltd., presenting Best Equity Broker Award-2010 to (starting from left) Mr. Anurag Bansal, Whole-Time Director, SMC Global Securities Ltd., Mr. Subhash C Aggarwal, Chairman & MD, SMC Global Securities Ltd. & Mr. Ajay Garg, Whole-Time Director, SMC Global Securities Ltd. (extreme right)
Mr. Pranab Mukherjee (2nd from right), Hon'ble Union Finance Minister, Govt. of India, presenting the Best Currency Broker Award-2011 to (L-R) Mr. Anurag Bansal, Whole-Time Director, SMC Global Securities Ltd., Mr. Subhash C Aggarwal, Chairman & MD, SMC Global Securities Ltd. & Mr. Mahesh C Gupta, Vice-Chairman & MD, SMC Global Securities Ltd. (extreme right)
Chairman's Message
Mr. S.C. Aggarwal
Chairman & Managing Director
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MESSAGES FROM THE MANAGEMENT
CORPORATE OVERVIEW
REPORTS
FINANCIAL STATEMENTS
Dear Shareholders, As a premier financial services provider in India, your company SMC Global Securities Limited has a distinct track record in financial services space. Over the years, SMC has expanded its operations domestically as well as internationally. Today your company has a strong pan India presence with 2400+ offices, catering to all segments of an ever growing clientele. We are also amongst the first financial firms in India to expand operations in the lucrative gulf market, by acquiring license for broking and clearing member with Dubai Gold and Commodities exchange (DGCX).We are recognized as a leading financial conglomerate in India, with as many as seven subsidiaries in India and abroad. It is our persistent efforts over the years that catapulted your company to be awarded with India's Best Equity Broking House-2010 alongwith the appreciation as Broking House with Largest Distribution Network (Source:-BSE-D&B Equity Broking Awards 2010). Further SMC has been awarded as India's Best Currency Broker 2011 (Source: ICRA & Bloomberg-UTV Financial Leadership Awards, 2011) and it has also been ranked Sixth amongst distributors of IPOs in retail, (source -Prime Data Rankings, Jun. 2010). A blend of extensive experience, diverse talent and client focus has made us achieve this landmark.
PREVALENT ECONOMIC CONDITIONS AND ITS IMPACT ON SMC :From a macroeconomic perspective, the year 201011 was a year of great contrasts. Indian economy came out quite unscathed from the global financial turmoil. It has also emerged resilient and continued its robust growth momentum. During the year under review, the Indian economy posted an impressive growth of 8.6% YOY. This growth was driven by the rural sector which benefited from good monsoons, increased flow of bank credit and generous funding by the government on various employment and other schemes. The service sectors which has been a dominant part of India's GDP, also has maintained its strong growth momentum. On the flip side, inflation was the major concern for the policy makers for the year under review. The policy makers responded by tightening the monetary policies and tightening the interest rates very aggressively. I have no doubt in
the potential and robust India growth story in the long term. The key variables to watch out for in the short term would be global crude and commodity prices, local inflation and monetary policy stance, government decisions on infrastructure, reforms policies and monsoon. During the year under review, the Indian capital markets showed Resilience to a number of negative news. The key benchmark indices Sensex and Nifty moved up but the market sentiment and environment remained volatile and choppy. This also led to continued fall in relative share of cash market turnover and delivery volumes. This understandably led to fall in weighted average brokerage yield of most players and operating margins came under a major squeeze. This can lead to a consolidation in the industry. The survivors should emerge stronger and benefit from the long term industry growth.
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SMC GLOBAL SECURITIES LIMITED | ANNUAL REPORT 2010-11
CUSTOMER CARE & INVESTOR AWARENESS We are committed to adopt best-in-class Investor relation practices to enhance communication with the investing community so that we are trusted as responsive and transparent. We are a serviceoriented organization. We endeavour to redefine 'service' by not only being proactive, but also being educative and incessantly striving to enhance and enrich customer experience.
a favourable opportunity for the financial intermediation space over the medium to long term. The financial service sectors while has tremendous long term potential to grow, has a distinct characteristic of being cyclical. Therefore we see a sort of roller coaster ride. Long term players like your Company, see this as an opportunity rather than an obstacle. Invariably when head winds are strong, the weaker players fall off the roller coaster, paving way for the long term players to emerge strong.
Investor Awareness Programs are being regularly conducted by SMC at various places in the country to educate the investors and to create awareness among the investors regarding the capital market. Technology is the backbone of our business. To be competitive, we have to reach out to the customer wherever he or she is.
Our focus remains strong in our valuedriven research approach, increasing distribution reach across India and growing our related business segments, together with maintaining a risk-free balance sheet.
Due to these factors, we firmly believe that we are favourably poised to tap the resultant opportunities. At the company level, the overall theme will revolve
We reach our customers through internet, mobile and call centers. THE ROAD AHEAD Your Company is well placed to seize the long term opportunity in financial services space in India. India's national income is set to grow. India's growth story remains intact and its GDP is expected to reach US$5 trillion by 2020. With the consequent growth in discretionary income and savings pool, there is
around our long-term strategy to have focus in emerging businesses and opportunities. The opportunities in wealth & advisory and insurance are huge. In FY11 we have done businesses of selling more than seventy thousand of policies from 100+ retail outlets of Honda Cars. Along with this we have also been mandated for the retail insurance business of a leading car Company. In a bid to further augment our reach to the new age consumers in the digital space, we are creating online distribution of
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CORPORATE OVERVIEW
REPORTS
insurance policies by tie up with companies. As incomes rise, consumption soars, and the market explodes. Your Company is committed to maintain cordial relations with all its stake holders for purpose of achieving better standards of Corporate Governance. We use investor Relations as bridge between the Company and Its investors. I would like to express my gratitude to shareholders, who have reposed their trust in us and given us constant support and it is our pledge that we would ensure to maintain the growth momentum to maximize their wealth. With Warm Wishes sd/S.C. Aggarwal Chairman and Managing Director
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India's Best Equity Broker 2010
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Vice-Chairman's Address
Mr. Mahesh C. Gupta
Vice-Chairman & Managing Director
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CORPORATE OVERVIEW
REPORTS
Dear Shareholders, It gives me immense pleasure to converse with you at the backdrop of Your Company's 17th Annual Report. At the outset, I would like to thank you for your continuous trust, support and patronage extended to the Company, which is recognized as a premier brand in the Indian Financial Services space. Recent recognitions awarded to SMC have added to its brand value for which each SMCians including all stakeholders needs to be given a due credit. We are working collectively to achieve new bench marks and setting up new parameters for our performance. We need your support for that and we are confident of it.
In the last few years, we expanded our portfolio of businesses significantly and diversified into six main lines of business, making SMC one of the most diversified financial services companies in the country. Today, the businesses of your Company consist of Equity Broking, Commodity Broking, Insurance Broking, Investment Banking, NBFC, Retail Distribution of IPOs and Mutual Fund, Clearing, Depository Participant, Arbitrage, Portfolio Management and Wealth Management Services. PERFORMANCE ANALYSIS: The consolidated revenue for the period FY 2010-11 stood at ` 29753.58 lacs , which is higher by ` 3126.33 lacs from last year, despite tough market conditions. Total cost stood at ` 32156.13 lacs , which is higher by ` 3313.06 lacs from last year, resulting into Net loss before tax of ` 2402.55 lacs, which is higher by ` 186.72 lacs as compared to last year. FUTURE ROAD MAP To grow in challenging environment like India, we need to maintain a continuity of strategy while continuing to grow more efficient. At SMC we have
constantly endeavoured to do this. Our long-term strategy remains constant - de-risk by moving into adjacent spaces, invest during hard times to build scale while continuing to focus on client needs. This ensures that when the cycle turns, we are ideally positioned to benefit from it. In FY11 we carried on in a similar vein. Insurance and wealth management advisory are two sunrise sectors which are poised to grow in coming time and in both these sectors we have necessary infrastructure to avail and capture
With combined wealth of strong NRI Diaspora estimated to over one trillion dollars and with increasing wealth management services, we are hopeful to generate a good business out of this emerging opportunity.
substantial business. It is our constant endeavor to reach more and more people and offer them our state of art trading facilities. Foray into internet trading, tie-up with PNB and our
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awareness campaign among masses are steps toward that aspiration. We have created the web infrastructure so that our existing customers as well as people who are interested in investing in capital markets could enjoy the hassle free trade at their will from anywhere. Robust risk management is at the core of our very existence. With the help of modern technology and some hard nuts in the risk management room we have been able to keep the risks of our business to the bare minimum. Throughout its existence of over two decades, SMC has endeavored to provide best available services to its customers and maximize the wealth of the shareholders.
People, it is of ten said, are a Company's biggest resource. This is more relevant in a service industry like securities business. Our success lies in the fact that we have been able to hire, train and retain the desired people. Our team has just the right blend of youth and experience. I express my gratitude to all the shareholders, for their continued support and trust in us. With best regards
Sd/Mahesh C. Gupta (Vice-Chairman & Managing Director)
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CORPORATE OVERVIEW
REPORTS
SMC Global Securities Ltd.

BOARD OF DIRECTORS
MR. SUBHASH CHAND AGGARWAL (Chairman & Managing Director) MR. MAHESH C. GUPTA (Vice-Chairman & Managing Director) MR. AJAY GARG (Whole-Time Director) MR. PRADEEP AGGARWAL (Whole-Time Director) MR. ANURAG BANSAL (Whole-Time Director) MR. RAKESH GUPTA (Whole-Time Director) MR. F. JACOB CHERIAN (Non-Executive Director) MR. SATISH CHANDRA GUPTA (Independent & Non-Executive Director) MR. N .D. GUPTA (Independent & Non-Executive Director) MR. DEBA PRASAD ROY (Independent & Non-Executive Director) MR. P. K. BANSAL (Independent & Non-Executive Director) MR. K. M. AGARWAL (Independent & Non-Executive Director) MR. R. C. JINDAL (Independent & Non-Executive Director)
U. S. GAAP AUDITORS
AJSH & CO. Chartered Accountants
REGISTERED OFFICE
11/6B, Shanti Chamber, Pusa Road, New Delhi-110005. Tel + 91-11-30111000, 40753333 Fax + 91-25754363/65 E-mail: smc@smcindiaonline.com Website: www.smcindiaonline.com
REGISTRAR & SHARE TRANSFER AGENT

LINK INTIME INDIA PVT. LTD. A-40, 2nd Floor, Naraina Industrial Area, Phase-II, Near Batra Banquet Hall, New Delhi-110028. Tel. 011-41410592-94 Fax.011-41410591 E-mail id: delhi@linkintime.co.in
BANKERS
HDFC Bank Ltd., Canara Bank, Citi Bank N.A., ICICI Bank Ltd., Punjab National Bank, AXIS Bank Ltd., State Bank of India, State Bank of Bikaner and Jaipur, Federal Bank Ltd., Bank of India, Yes Bank Ltd., South Indian Bank Ltd., Kotak Mahindra Bank Ltd., Allahabad Bank, Vijaya Bank.
COMPANY SECRETARY & COMPLIANCE OFFICER

MR. SUMAN KUMAR E-mail: sumankumar@smcindiaonline.com
AUDITORS
ATUL & RAJINDER Chartered Accountants
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India's Best Currency Broker 2011
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The Company
GROWING SINCE INCEPTION

SMC Group, founded in 1990, is India's award winning provider of financial services and investment solutions. A blend of extensive experience, diverse talent and client focus has made it Best Equity Broking House-2010 and Best Currency Broker-2011. The group offers a wide range of financial services for diverse customer needs through a growing network of more than 2400 offices spread across 460+ cities. These services are made available by a highly dedicated workforce of approx 5000 employees through more than 9000 trading terminals, one of the largest networks in India. Reliability, customer focus and innovative services have made SMC one of the top investment solutions companies in the country, enjoying the trust of
CORPORATE OVERVIEW
REPORTS
The Ethos
DEDICATED TO YOUR GROWTH

OUR VISION: CORE VALUES: ETHICAL DEALS: Honesty is the only policy. EXPERIENCE AND TRUST: Over 20 years of experience has made SMC earn the trust of more than 6,00,000 investors. EXPERTISE: Know-how and skills to provide investors an edge. PERSONALIZED SOLUTIONS: Every investor is unique. Every solution is unique. To be a global major in providing complete investment solutions, with relentless focus on investor care, through superior efficiency and complete transparency. OUR APPROACH : VALUE FOR INVESTOR'S TRUST: SMC values the trust reposed in by the clients and is committed to uphold it at all cost. INTEGRITY AND HONESTY: Integrity, honesty and transparency are the underlying principles in all our dealings. PERSONALIZED ATTENTION: The most valued asset is our relationship with the clients, which has been built over the years by giving personalized attention. RESEARCH BASED ADVISORY SERVICES: SMC offers proactive and timely world class research based information to its clients to enable them to take informed decisions.
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The Offerings
ONE STOP INVESTMENT SOLUTIONS

BROKING: Equity, Derivatives, Currency, Commodities, Commodities Spot Market, Online Trading, Mobile Trading, Commodity Trading in international market through DGCX INVESTMENT BANKING: IPOs, Follow on Public Offers, M&A, Private Equity, Debt Syndication, ESOP Valuation etc. DISTRIBUTION OF FINANCIAL PRODUCTS: Life & General Insurance Broking, Distribution of IPOs and Mutual Funds (web based capabilities), Mobilization of Company Fixed Deposits and Non-Convertible Debentures, Distribution of Bond Products-Capital Gain/Tax Saving Bonds, Government of India Bonds, etc. DEPOSITORY AND CLEARING SERVICES: Depository Services for Shares and Commodities, Clearing Services in NSE SX(Currency) and DGCX (F&O, Currency), BSE (F&O), MCX & NCDEX (Commodities), MCX WEALTH MANAGEMENT: Wealth Advisory & Portfolio Management for HNIs and Corporates NRI & INSTITUTIONAL BROKING: Dedicated desk for NRI and Institutional clients. RESEARCH: Research support to clients through Intraday SMS and E-mails, Weekly research magazine - Wise Money - covering wide range of asset classes and Wise Fund Focus - a monthly magazine on mutual funds, education programs MARGIN FUNDING: Expertise in financing shortterm loan facility to buy securities from the capital market Regular investor
CORPORATE OVERVIEW
REPORTS
The Milestones
CREDENTIALS YOU CAN RELY UPON

Best Currency Broker-2011(Source: ICRA & Bloomberg-UTV Financial Leadership Awards, 2011) Best Equity Broking House-2010 (Source: BSE-D&B Equity Broking Awards, 2010) Broking House with Largest Distribution Network (Source: BSE-D&B Equity Broking Awards, 2010) Fastest growing Retail Distribution Network in financial services (Source: Business Sphere, 2010) Major Volume Driver award for 3 consecutive years (Source: Bombay Stock Exchange, 2004-05, 05-06 & 06-07) Corporate Excellence Award 2008 from the Institute of Economic Studies Nominated among the top 3 in the CNBC Optimix Financial Services Award 2008 under the National Level Retail Category One of the largest proprietary desks for carrying risk-free arbitrage in equity and commodities Institute of Economic Studies (IES) has honored SMC Chairman with the 'Pride of India' and 'Udyog Rattan' awards. He is also the recipient of the 'Glory of India' award conferred by IIFS.
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Memberships & Registrations
Trading Member of NSE (Cash, Derivatives & Currency), BSE (Cash & Derivatives), NCDEX, ACE, MCX, ICEX, NMCE, DGCX (Dubai), MCX-SX, NSEL , USEIL and NCDEX Spot Exchange
Clearing Member in NSE (Derivatives & Currency), BSE (Derivatives), NCDEX , MCX, NMCE, ICEX, ACE, MCX-SX and DGCX
Depository Participant with CDSL and NSDL Category- I Merchant Banker, registered with SEBI Direct Insurance Broker for Life & General Insurance, registered with IRDA
Distributor of IPOs & Mutual Funds, registered with AMFI Portfolio Management Services (PMS), registered with SEBI Non Banking Financial Company (NBFC), registered with RBI Association with London based ICON Capital, registered under FSA & NSA (London)
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Directors & Key People of SMC Group

Mr. S. C. Aggarwal (Chairman & Managing Director) Mr. Mahesh C. Gupta (Vice-Chairman & Managing Director)
Mr. D. K. Aggarwal (Chairman & Managing Director) SMC Comtrade Ltd.
Mr. Ajay Garg (Whole-time Director)
Mr. Pradeep Aggarwal (Whole-time Director)
Mr. Anurag Bansal (Whole-time Director)
Mr. Rakesh Gupta (Whole-time Director)
Mr. NARENDRA BALASIA (Whole-time Director) SMC Comtrade Ltd.
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CORPORATE OVERVIEW
REPORTS
Mr. F. Jacob Cherian (Non-Executive Director) Chairman & CEO, Millennium India Acquisition Company Inc., USA
Mr. S. C. Gupta (Independent & Non-Executive Director) Ex-CMD, PNB & IOB
Mr. N. D. Gupta (Independent & Non-Executive Director) Ex-President, ICAI
Mr. D. P. Roy Independent & (Non-Executive Director) Ex-Executive Chairman, SBI Capital Markets Ltd.
Mr. P. K. Bansal (Independent & Non-Executive Director)
Mr. K. M. Agarwal (Independent & Non-Executive Director)
Mr. R. C. Jindal (Independent & Non-Executive Director)
Mr. Ravi Aggarwal (Whole-time Director) SMC Insurance Brokers Pvt. Ltd .
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Mr. Lalit Aggarwal (Whole-time Director) Moneywise Financial Services Pvt. Ltd
Mr. Pravin Agarwal (Whole-time Director) SMC Insurance Brokers Pvt. Ltd .
Mrs. Shweta Aggarwal (Director) SMC Capitals Ltd.
Mr. Himanshu Gupta (Sr. V. P. - Operations)
Ms. Aditi Aggarwal (Sr. V. P. - Business Development)
Mr. Jagannadham Thunuguntla (Head - Research)
Mr. Suman Kumar (Company Secretary & Head-Legal)
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Conferences & Seminars
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Wisdom. Everyday. Every Minute.
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S OC LD U O M L R II C ST M N E 21 G EI L BU A IE T AL R 1 S E N P0 | A T R 1 0
Directors' Report
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CORPORATE OVERVIEW
REPORTS
c n nc a pd t oy oe n o u hoCe, 5 rrosn ms a e d sn pa c d e a h t p y s r ef e p A 6 D ,a t i t i g t oi c , ucbo h a t9 m n 1y i t s oe r e s d fn a i cr nl . ae iy a t rr n r i d t Og hpto e f eet e e a c r he si e n v oe rn e mp a t i M n f d un a a e a ei, f t : n td u ro h a ae n c g nr e e mt q i yr t m CES CL I T H I H A D A N EI N G A P U H R T R E A N G F IY 1 I N AN E0 A CR1 A2 L 0 1 Ti n n s c s r f e h o g ha t t o e rsc i a pru t e h net u a e r il c a e h c ni t f n e1 H, oyn i c a 0 o mr h i Y - w pu e ar a g nl d a 21 e 0. 1 v e r t Cy oee so h m s a t cn t e p a t d o fh o hb hn a n i n e t e s on ed0 e, 1 hl r tr ea t e e0 a e e t t2 c r r dh i e si h i m e D 2 nd g hm b 0 Ie n st rriide o n i a tnnmc e t a I e P L ov f ro n l ve t s e t n me t f a f a al u ` 1 cp o ./ c ts 0hri f 9 en a / a m 2 ad m - t e ` 9 - hh e e au a m9 a 5 e i e f ltn si o e p r m n a t d l n o. g DR IC RS E T O M Gh e t w s ra u o D hrb . k p l t ic o R e tW ro re s a e h , i mr e , e y t i rt afh gae e n o tec A e M d t n o i n n ea a t ro n i o h tm l nu r G t ai l n g bliese e p n egf h f hp e i e ,f is tr o t nb rm e im gl o i e lo - n . f r at Me g W D o r r pa h e c fh . a Aa o P d gl e r, w lt e i t i mo t r r e e c n o srt a fh g oy re o t e c mhr b i p a , w e y ot o i t i tn a h o r m t n A eM d e ,f h n n ea i lie s e n e en gl o is u r a at l G l i n b ib r m g e gf n e l f f hp e o -on rr p t t e im e n. at M K aI e n nu r wasd e oc . a r n p tN t Pu a m ln d n B a e & xv , n E e e i ( I h a on c s e i n ei f a a t r ) tp t t nc ft e rn r a huo h p oea u l n o f n ae3a 0e i c rd 1 r 2h nle d s c1 ay n nM 1 i a e ot h , , t a b o Sde pl At t a a e p ci la c gd v n i e u as b c n n he n r f wt e ord r o ae n e ps l e he a e e l d rr m a on a d tl i ar t u f ts r he oa m; e m
i h c c geee i ) e eo o e i s d n li e ci e u i s a nc rp p ft a n,,1t h o A o lt t 4 E a S r lm6 q rt A h e 7 u e N e oo3 iS f 7 y s L M ( Tl t a t p wld ct l nD mm o n t ic a g n t dro e e s yh t ie sa e r d n e s j u t ds at tt a slau nm r a e r n daa e b pt e e e nn e s s i h ro d t a d st i aar w t o o gr nv fe f a vu f i o a s e o t dehe ea i ts t a o oyt s c 1 frfe a a M fs c n 3a 0 at m i hp a 1r 2 s t h ,1 a hi f C f hi ; n e o oy a d dp t m tr or h pr p f o e at e t f t n o o ( P nieee eh i r r s nh n f e i o di tr s t n i ) p u c bk t e f af ca e o a ar mc e a t r rn a n deu e i ie o u c gd n e qc i c t nf a aa o t n o n s a a w pofh c n i t rs o c ct ho s t oe r d h ev i n i e Cet 9r fu t oi A5 s a h m c 6 a rg p a n , s 1f og ei de n a o oy fp i a s fe ade g s t c n oe n eh p t s m rv a rn d n t n d ga eus e f d hg ; t i r n r li e adi c uo et t n t r a r r i e ( Tn c hee o i hu o aep n vea u v n r a ) a a t e pd n cs b a l n r e 'i c n ; go' s onb nca gr i e s
Doc no so a ic t oy rert te ro ep hrb i ef t r h a m , w e y oh t i tn a t C A EC R OT R R RE NE P GA P OO E T RV NO fh gae e n g l o i AG e a i e , ro n e M d lie tm l n t c nu r n ai l n b ib g eg n ois tr p e fse e p n f h fh o t e lo - im rm e n . f r at P tC oii Ae r r u tl s f L g n e r na9 s r s o et t u a u hn e t p 4e g m o ete t , h o p G ce i t A ' n o ong w u Cee e t o ra v r t r nt hh d aorth ir e et o s M C Gh a t a ra h u o p d . t S a p w ie a i s n tw hd a ao s r a , s n n p Ceo ch ad g et np i t r r nn r a can eaag t i f o ln i g M i c m i es d a i n A a t f c n0 , 1 d lict oy t a 1 dD hp 3 y a in o t i oe e a r r o m h2 d oM n n 0 D 'ei r rg ln C icdt e ca fo roc n d m e t r la g o c d sa r o i a n p oe i e o f ir e he asi dc n c o c nr vni e o t oy e ae s f mp pw t h m c he o a et n i C b r es S a e o y db d r n n n d B m e u o c a t Ma n a t e rn i M o g e m w meii h n pe rgab f gt i t r s i f t r mg iie o i o e s nnn p n myst rn i oo o P eaamh u o e l ae f s fs a r r n t d rp i n e s i t hd a A p o n s cn o rt n t o l R t . tca f . t CGto hde Sh ur fe ei t o a a ph au r i nrM d sn t hd ae r a f of i c N NC N AS A T G DS N L E S O DY A I S o tn oi 2tCe fror f c5 epAM E I U AN drt s t 7 oi c AMSI ic e sn f e i mo o m t e h a , n s 1 9 5 6 . D RP I Y M I C ES S E R SOTT T E ' SBT N TR I I A O N L E R E P O R T M nu a a e sid a ecn n R r r n t s nl i p e a DoA g i s ds o q e si m y sr t a e u
uhi Ae i tS c s ne g m ht Eg dL g nt ek a e i n es h r s r t t etw o h ( ) c n x e P ttp ntee2A u t es o d t 1 ) r n r i sano( s oo c u h io i iS 7 a v n n c 2 i nA i n amhc e sx d p et ' p a dr a D R n ns f i o o e f e o rt r r t o e s r t .
2 9
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Sp d g e tn MsC-r n e C L t rM a C t ay c k a il . eI h t a( o a r B )
C .r s B ) A ( pRe RP d u L t e s n MR, a At s re SCo A i s / ujd r d n w a Md o C s s& e t Aa C c a h t t l i r nh e cno r e ot u, e t i r tegae ereib h i A eMe e ,r e nu r ean l f n n n t s n u l G ai l nblie gi g g o Th e mh i t n o ha n a c n a f e s nt l a hu r e bo r e e n er i a g e t e r p e Syir f e p e imt t A oC . -on a u at t p n at r d t oy su o t oh a s m n b seia h p sa u o u r. e a p d s f s ii T m r r i shse C h p n t b s oy e e d n a e T v i e r ahctr h e h et tehie e f s Ce f t t r y u di hr an af t e t h t i c of a e e Ca i n t m r ca o t Fi S nt o c n ea a t s m s d c te i o l i d nl e i a nt p c ln i e a tnd lbitl i p e p e ao w i tr rd p t e dh m i o i im , u i n sc n f m w t h e e e s b w c i s rat a e i t a t t annet tho a s l i g n h cg d i gm eu n n d d n s r es ( ) u e2 )tCe 1 n c2o oi A6 dt 4f ei r o( sn B m t 5 1h p c . ea , n 9 s ee t se ge s o x d h k aw h f e wt x er e s c i e ut t hoh h c n c se a t hr e oy ae n d m t n ry . e ln i e Tu oed B f ic t C a rtlt I ca i hdm n ei C e t o D A t m i t a e ro t t ha d ro hm c l ie o ch e r s e pr u s np w u t s r e hn e a o 3 t et es d , u o d r m a tnM&d C oii Aed n t ee pe c n p tf / t R, l s fe g mtci e od o o A a m e im sl d n u j e a2 L g nid la i r n i c e f phuo a t m rt a r t is n a s ot o n f l e . C At s Sy ir f enl a t r a i n p h d u ,s u u o a r t e ca r ec n t t A ota t r d t n a o t o hf n te m sar s C f h c r1 oy e iy0. m fn a pr i a t nl 22 n o ae1 a 1 LGM II A E S GN T RT N E( E S ) A e 2t Ce, 5 a s c 1h pA 6 r p t 2 oi c ,e ei r oo m t S n fe a n 1w s 9 e r id ae t 'eB S e t t h icR a h q o tD u a h op l c e r e t c r r e s oa e r t n t , e
a o L c os ii t u nf n so o se r d a s u u iao P d At rb s r i t oc f n ur d o Tc o oylt o i t hu fep e n S ers C aeD c st t m i d l o e i i eh a s n r e k h alr rT is f otA n e hn or afr n p eir u o a t . M C e i, t y p o fs r a Eg. Se ut Eg x e (E C Sx e c L h t D a d ) hl t o c n , Ta c ch t ak a n G nd i G iu .2 o en eeC o1 v tI ivs r ra2 e o i t n c r n f a m d e lN 1 a r / l 0 L ( E hS xg. S iid ) ua kh L E m , d t E e ( ) t C i e S a oc t L Ln c a d , n d t ey 1 rd et t a h a 1 p de n t8 r , e Fr 0si am d b 2av n p u h o e xi o o A b chLS T u h a k at Ad a m t Eg ( E h h e S c d) d o n. a d x e ae a nG t i c no p i S 2o oi f c i w i 1 v m mn e 2 d p r og c a e s mt t l y h o pd n r e i Sxgid) h p s t E ee E C hi oc L ( . e a p c h i t G oy a k a m Tm n S n a d s c n u t ad od uoi p hd o a cm b ei ci t hp a e lh u s i s t en e s l d A ii Ft e e gdg n s eho h a t n t ers x e L uno t a g f e k a ni l L c n c s in s f nt mh u o w i c te t a r r sh nl a tn n e A a as n e a t i ae i s np l . e v e FGA e d o i o e S Sn u n pl e E E d e - tb o a ip f n si d nt go e fl nc i r e pea ci tf na t u d n n e c te b t n o a as n lh i shu s d i t m ea o i l l dnl e i a s n f tr e xg r h ccs o ei e e m t e vh . s en p a ta r r 1 t e d t n huo0 e i o c e a t - h ee o ne 0, rr np l 21 f t s t 1 o n a o i n nl e ou r. a t m s ii a s b s S I Y P AO A tf na tfr se UR A N ST h cteo ia B S CI I D O S C I E e is nu d A M N D OD i E N L D F IS E IN A T N T N A CT S AE L M T te st e2 h p hep tS 1 e a em a c 2 Ce s nu t a tr n t u ooo oi i nf t m n s
, 1a 9d n c 2d h eh a l N e l r 0e a A sc 1 i sc n t s t r 2lw n a r ec6 i G iu.2 t8 oM f n n a0o e m e A r w r ra / 1 t 3 h og oi a 1 ,1 l v p e e h t 5 t eC o1 d s Fr 0ng a n f n ey 1a io nr i c b 2o r , 1 ti n t of a u a c nr i i nf mb o i nl e i a s ii o oy ur f C : bee a ss ia t m d hp n Sm.o i B M d C trn C e mo C L mk o t t r d o i) a ( d g y doab ftFi Yd e fe s iy e ca d t teu r r i n r e a hhia h a e i l s cs o nle d a n ota 0s deh u n M 1bi l ds a 3 r 2a no t A 1 c1 e c i i n s h he s , s n n l
p o r t . S r e ri t d tuB Mc ea (e r e r R C B re icar ) Iu r s L n s a o v .rI n k nk Pt D n s ce e o h o f es c nn e u t u r oi at c s h ia m d n b d a e t s h Sm ta Co o M Ie nCmk C n i lM d i ) Ct a D o i B o ro en x ( mrn Ct y g T c o s iy p a e rt d io n bd ib e e n t wm l l let dml e e a a a f a i di l e ri ol av e a a Sven i r t(rr a Mm A Lo S t nr l r t h al s ia C nd o . ml Ie t n s s d d e n o h dh i s as t a v s s Fl ya m y e o o wu r aa e e n e b s of h l g l s iy d d
S e M nre .(e o a e a l f i p b Mt amv L W fmr l v e ni y C h a t es ) W ne i a l g S e ct d a l t h t n a a oe ie a oa rso t d s ib l c t nh e MnS a e ) n tM a & g P e m m f C a as c n es oye b oi m e aw ia p bh p e r t m ls d m o n l s iy a s ur e s t gd o oy s ii h t e ef i r f i ch a u r t m n ns s ia M Fai st d i u) ars o fep dd os n r P tMd nec v r e a n e i iS i L rFg t ee e C a be y n e v . g i w i a l c a ( nn e cn oe nd c. e r
I e ta d ( i Lr tt n e nv I a. i o v n ds n t p h c n e s io nao ss A t m i r ddr o ) s o a oi s g n t a p t m e u f a tni p a e k c ri s i n hm o yn t
3 0
CORPORATE OVERVIEW
REPORTS
D A O N UN ie i b aot m r o E NR A I D T DMS R E t s onp s ey t A I I L N T RE R re ti cf a t w S F I A O Q Dn d i gy E U enn ohem t a t t n i e a t e e a r y C a ee oy e t mh e m t n ah a e n t g i r SN( F O S9 E 2 d E AC C 7O M T T ( ) T PA5 h p c o oyet d I 1 O) 1 H N , 6tC Srfep trs CI E1 of C . fe oy fo m i t ce a hp n T o y o d cn t h m sa t o o e p a t ee s fh C hb hn a n i n e t e K D NG OM LE s on ed5e f hAWN hl r tr ea tu 1 eC E T a e e t t1 n 1 r dh i e si hi m e J 0t nd g h 2r , o ae 3 7i S tS lt n , , E h o L lm 6 q a o o7 tf 6 u r 8 t y e A s N A M Y ew p e epo o c i tx tr t lp t ut s r h f r D i oh e i r uen r r s o s g a ii es a ra c Ie n st rriide o n i a tnnmc e t a I e P L ov f ro n l ve t s e t n me t f a f a al u ft v lsr d e r i d o a u a -r nvo r h a pnoo e e bp c ae f l eo o t c r u t p i e m ` 1a a i o 1 e n 0 hp / c r u ` 1 0 ae - ae f et m m 0 ad 5c t . 1h h sr rb so ,e , a, uk u aav rb b s i ssen - e s st b, n o e c i sd n o k s e r s a n ss i . lt t he d lm ap oo mn e ei e f t n g f n s n e s o rs i c t i s s hl r e r nlnov s r d g a i it , i at u i t , a e ir nr o es t h, a hn raam h i , ai e s C V OR E L O A F G H Y s r f ge d g . NT S I E OEY N R N N T O aa s e dtr n E , C Gdt e t i n ae O ne r n a e c A T OEN N D B I , R XG I A SO I O F N R P N G AA N E C EG H R E N To l er rt i e po haan d n a ii er c e i sera B d oo p c s r pt c en c O U T G O ta e p v c eI i a o tC ' a u r n d w oyl d md r h a us s a d m et s n s oi n n o hp o c s e a eo d t nf i de b r dm T ro na a dt y a ftsr d e p y i h e r e g i s ge b r uan e eh e n i x e nr hr r e f ghe a o c e nrgn a r o p c n o t n nu e i to an satc af h nno rr ht n e it a k d o c r z df gi ao l ow en o ot o n e i u u eH,rnau ` 0 nv o f i e g o. de w e c o f 7 e w e g nto 8 ri . e r v r ox e h g so a p e peo n t v n u L a nr dt y n u t sr rts f r a s r t uhr a t c b p r e oo s e o i h e e n e c o i ui e h t . edg a c f hp li ii u n texe rlg s a e s v p. l i nn e GO - RR R R RS S S O I E A OE UN T F H PT F R NF S E E A Yro pn dd n oe aa r r e p o uc l l e c i e s r t sc etre e D i r o o s o h s f e a ii ft d seh l e pt o e e o m po ho r s e o ra r en e t c v ev f e e d i ct p y s
dh ue u e nv r ty de i n e ew g a ri . r r Aidr g 3 ( fe rs s ru eo ( i t S r e eu ( e h u e n q d li 1) u R n )o e a ) t c i t i e r aB t o ne e dh a o a d a c B I i( b l ci o o nlf B nh o n utA o F o f hr d na d s Egr f a t i qn x ed a o S au f a n it s i S a a r ei s9r s h nk ) gn 7 o a d oRo 9e r e Te u , s e v l a 1p t s n cu r (m t d ne ot G ow e o nno s g p i ii hn f ti i t u n n fi c g t ei h it o t h g and MsRv s r s e e oi a s ed o d u h o nt i u e n e p di p fd t n i r o l e e r c t / TP s 1f t pe a S g r ri A 9 hpf i g. Aa a a c ) re o a dt e c t9 c e, 6 o u ol r s v i n Cw . a gl r e t f aa o p n x i r p iy t rs oCn n D en mo pi fh vs (a &gr r p mb o l l i c t e iof o i h i a ag t r m a ic M e i n o ) Ro 1 eseo g e n 2 a iR n i n g 1 of a us v u 0 f o li a t t ot r da ae he g ,e li t r itA e ce a m h nn A e woa i he a d i n so ex t hr t d p s n ut r ah h r r t e f t f Ae n p n o u r a t l R . PU F O AL EY R R PS T S L I A M CO E E P eh le D a w c : N i e l Dtu 2 a hs 1 t 0 u1 e A 0 : 1 g t ,
S n r ls p a id t m t a m s ru a t p rf l e r e e te a o o e n e oc e e q d f i u y s u r sn A Ce 1nrs e2) t oi A 6 e c1 o mc a u t 7fep t 5t l i o 2h a , ( n 9 h s de f e e f so eH, r d nr p h o es a hd m e a iR o a t uo r t p w e rm s r r t f t . v e r p p nS 2) )v t e rs ot 1 ( ( o re io e 9b f e t os c hv i f i o ( n 1 i ) h Ce 1 h r nore oi A 6 p d n b mc ,e t a t e p t 5r s c s i a , n 9 eac an s t o u g sohm o e t e e a mat st h n lt es t t l e b dr n e e r n e td t h i l er o ei ts e a r e ed xn t m tls p u c heocoo n l ga tpa m e u e nr d t f i u f l e r y s sn A Ce 1 n b e2) t oi A 6 e c1 o mc . y e t 7fep t 5 m i o2 ( h a , n 9 s A m r
3 1
(rg f D ' p F p t icR o ah t e mo r r o i nt e o r r e s t ) G ier foee s)( fe rsEgrfd s l r f n t s s u l e )o e a c B I i( b o ts e a du (i tS u r a f r n a(e hu nh o nut p - n h o e r r sr C1 3) c i t d na i e x ed a t i a o S a a n Ai oeT eg s c o a d v eo9 qn r n o u , 7 u f it S s h i sar ak s li 1 e) R n a 9 t 1 2 3 4 5 6 7 8 9 A on L t C t )d on s t Zu ( s P l t a . A e Ct t V a d ot Zr p . n il u t ea L AP s L g o P. b l ett r y v om d s r . A e. d S sL Mv . P tt i P p J ba kt a e r rn. i m ei L AS o d y B h g Mi s L A ott Rn d F P. a s v h . M T P. Vrrn. d R a v S d tt h i a e g L P e tv . u s sL l I tn . d i n e tt n m v P S x tt h i P. ia v v m r j E .d L
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1 0 S a kt MBL C rr d So . h e r e s 1 1 S c P. ve s L au v nr S i t tt i e. d
3 2
CORPORATE OVERVIEW
REPORTS
Certification By Chief Executive Officer (CEO) And Sr. V. P. (Financial Accounting & Taxation)
( R T U V HNET P NL 4 FLG M U T A9 TS G ) S O E) U C A S OI I A E ( E T R E N
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tc natnl p a h h p r i o ir r n a e a t n aege oy i g n o dv m nf c t p e i a i nw e W g lC aag t e . g hnMD ,. Aa i a S a a nn ic Cw r r, m d g ro a e i n r n n s af nn eo o d i i nc s eg tu y f t ie i t d r f on i a n d c hi g ce i i e s n ( O i da a i Vet Cd K a e i - i n E V u mrcs )no r a n mr n e d J S o P r e oo crcl pn h ar. e o ieo r af n n t st l t i u n o s ( aAt &o ep r Fi c i T n C h i n c ga f oyb nl o c u a ) t me a n x o n t i h a y n e ct : ea rh t t i f y Wi tt eo tAm ei co dn u m hd tA a a a hir d d i e v e e nd u t shi oe e ct t t t te hr e a a t h : e r W i en a tnco e rei c te d s h vd i s n t aw a w a m hh v e e f nlt a e a s ef l s et yn1r 2 d t mee3 c 1h Ni n gie o v a a t hr et h a t t n ef o e d a0 t t r a d M n oof t a i n cl en s ,1 a s a n t at o c ii g cs r n r n h nn r c e l of i i nl a tb u l gb h on e e e fr w d: e kd s t o en f o al i e r r dh ; e g ty p ue o r t i nn e i ga r
Ts eo oaayuNi n g c i p dt ht mnn n eu e t n o ay r n s e dc e at s t t i nm t tl il r a e o c aia t o u e san ii t g c s c gi n h nu l en f e o n i sg nc r h i s e mt l c nt m ed t m i ne tc s e y n a to y r a o a t t n t m oat n a eo a i f r t r a a i n e s r ; a t mie; h h sn a tm tg l d i ba e i g N cs a d o oi , o eg tue tu e i t s n f h mo n of n a ert s a f i n i i c r av co c n
T t m t p a nv f w oea n nl et h a t g r nea o hv t m t ap o e te e e t ar w i i l hne s e t h s r de e n e eu f i s s r o t i c v h e a n g o mf e e r e e m o h y tc n ad ca i egoy gi nnoye h paa i o c x e a frn n ln hnC hs a itC ' t a oy i m fsa m t ii ' s r e pw i e s t mi i i te p vg r h pn a n f oe a r n a n l c m n n s l i a t s r a b a us c i t aplad t . c g dla seo o a s i e n li u n, p l n d n c wg r a n cl s oy. n t ts r e om
T r o eo wne h e e ok dd , e , tb u l g b o r eth t ro e e a s f n e a lf i n t sn rio c nny r a edy oy g a ai s e b mi t e n c n nt t o et h p r h t ea d e u r w f di g iafe a he ul aoo oy i aute vvh p c r l , lr li han ot tc n r e l e m ' s cfn o o. d d e u o c ct
s d / PNh le D ae i cw : e l D0 1 a .. 1 t30 e0 : 5 2 Sg . Aa Cw . a gl r (a &gr r Cn n D h i a ag t r m a ic M e i n o )
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3 3
At SMC, Relationships Come First
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Brand Activation
3 6
CORPORATE OVERVIEW
REPORTS
Corporate Governance Report

( R T U FLG M P NL 4TS G T U T A9HNE ) S OE U C A S OI I A E E T R E N
1O C S .GA I O V E E RP P NH H NO L Y Ss oh i Ced M nf l d m I i C h a n en pi n b e e oi n e oa e t ga n s a t a t p ps o o o p l e pt fo e hua r rs C v i c o e ra en ae m r y p t G cga a rnt on onm jn v e v c ee h e . r nI at e e w i e sr nf r oo k s htt a f ta r o i ea s e aes g s r oi l n pl h n s d d h d n c sie b cc b s c v f a o o i s re e l n f u t e ao d u t s ot l n e a u rl so th. ad ke er l s W t gCe e e ee ao r aon b h d oG c e lv to o ie p r t v r n a ee ta t o e s mmi i feau er hla tbd r f g s ec ht o o po pn s nn d m nts o c tl a e cam i h n t i a p g r cdlnhw e a n pw m e ca t e i e a cd dc e s d f o w r e ht n o u i a nt i e a pt h t l e he h e og t r ha s s d t s cb ss r p as e a e de i . nn u t a ni sc ry nh Tm e t p ns h par e sv s e a c ah a u Cp e a l oy s m n g l i s uh oe c ap edr o m s o n ie f e e e e at i m t w ng i r mn t t p, ysl e o y s t s c e m cn r p i dnn ed ae nn c a r s l t a ni r y io i p as s ko g sa b t l s ahe w u h t i ni l a i a t te, rdai s l n ea e d o a f t c lg l nt . h Tp sg e e c hri b lw t i e e c e l d hp s t e ci f a e o s et n oi n nn c i o h ot tt C ' sn a n dh m u d v t e e p er c uo oy s i b a n te sa i g. rt o w h 2 AD R .B F T O IC RR S DE O O C I NB O I OO M P O F A S T R T HD OE : T mo t a r r n h pps v oe e a ly h pb f C ' i i o ae d oy c n s ep o l Ev NcD t a x e o uicot e a n t ro ia c n- i u d xve m t i E et e r s n i n i e n t Bnh e n do o d st d e fed te ie p ch r ee n a a am at m s tBu sga f eerfc oe e p o n a a t r a di o onr n vcm f r ,o n m n s,ha n o a er n erct f n t e t Bo a . g Pl e m e t y o s d is s t e ew e C , t h D i ac hn f i e c tnu a o rnt t i o r r h s Ev i a o x em t i r u w e NcD , u h v e ei icfr i s a nu ro a c no t h r e xve o e et r s r e W D aw M hmt o e c no a g lt e i od a n i r r e s t r ea g i n D. ic ro e t r s An p ooae t s oi n B s r p,m f r t ec s t a u e o hr t i oe i dn sd : 8 . 9 . 7 . 6 . 5 . 2 . 3 . 4 . S N ay e . . aC o t N mgD o et r ic &o r r ef o s 1 . MsAa ru Cw . b .g l S h a hg a r ( a &gro C hn n D i a ag t r m a ic M e i n r ) Mhu ra C . h. p MG e s t a ( ern n D V a &gro i - i a ag t c m a ic C h M e i n r ) Ma rj G . ag Ar y ( oet W D hm r l T ic e ro i e ) M prl rr e a . a Aa P g d g e w ( oet W D hm r l T ic e ro i e ) M B rn a .u n A r as ga l ( oet W D hm r l T ic e ro i e ) M G ra u . k p R e t s a h ( oet W D hm r l T ic e ro i e ) M ba r JC . ah F .ce or i n ( n u ic NcD o t ro - i Eve x et e r ) MCG ra h u .t S a p i s n t hd a r a * ( e n n u ic I p tNcD n d o t ro de e & xve n - i E et e r ) Mu r .G . D Np . t a ( e n n u ic I p tNcD n d o t ro de e & xve n - i E et e r )
1 0 M rd . rea o . ba Ds y a R P ( e n n u ic I p tNcD n d o t ro de e & xve n - i E et e r ) 1 1 Ma . r.. n . Ka P s B l ( e n n u ic I p tNcD n d o t ro de e & xve n - i E et e r ) 1 2 Mg . r.. a . Ml K r A w a ( e n n u ic I p tNcD n d o t ro de e & xve n - i E et e r ) 1 3 Mi a . r..n . C Rd J l ( e n n u ic I p tNcD n d o t ro de e & xve n - i E et e r )
* ooBn D a 1 Aet o 3a y a p ded t y , 1 p n a 0 o 2s i n hr t o h f M 0 I e n ncD n dN u ic d e o t ro pt e &Eve n x et e i r .
3 7
T a cea l o t u h r n ie f B h i edi s r a a r h 2 c,07c r0 d B t o f oh ur r os 8 te1 t e e1 3 u n t sl d g o t t o 0 D , 0 1 hb , h m a s O 20 e 2 n t r b C eer n C ee Jr0 oeh d i oee m T a d mm a, 1 m i s B t . t o a t sm t i s a n t t t u 1 a . y 2 r l ie e ns gta ur. av r l M AT N E S TA E NN T I N A G DD EC E F eo o D w d i M fede ed v ts B ic re i ei e nt a ro e u g h rf t o r s hr l n g tf n aet r 2 h ts h c rd M 1m e i yn1 c . ei i nle d a 0 a a e3 h T e s ,1 e n g wd 7 y1 tA 2 e l o h, 01 g 0 re 2a 0 e n M , hu 1 h t 21 u s 0 t , , a t d fro oedh ) An ict a eu e t a D ar t r t e ee B i n ot c r s dnn M i g g Fi Y1 l tn n e i n a -a u e e nle 0 s a r t a c r 1 A eM a 21 n 0, l G ai l n g ( Mu oee i a A nmoD h d G nrf t ) db hro n a e r ic p t r s C sMiom a hn esf m f c a h m Ce h i a/ b r m i p e rp h oee i s t o t i ac n nsa v oi : r i o p u m e s
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B o a r d M gl C & r.. g . Cwa S a Aahn r ia r m MD ag t n ic a ro ge i n r Mh ra C V a & . h. M e s i -i a c rn em C h G u p t a MD ag t n ic a ro ge i n r Mp rr e .a P d e Aa gl g a r w WD h et o l t ic e ro i mr e 5 5 4 & 1 * 2 5 5 * 4 3 4 3 4 0
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M GW D ra u . k p h et R e t s a o h l t ic e ro i mr e Ma rj G . ag Ar y WD h et o l t ic e ro i mr e
M B WD rn a . u n h et A r as ga o l l t ic e ro i mr e Mg r.. a I e n . Ml n d K r A wd e a pt e & n NcD o u ic n t ro - i Eve x et e r Mu r.. p I e n . D N t G a nd de pt e & n NcD o u ic n t ro - i Eve x et e r Ma r.. n I e n . Ka n d P s B l de pt e & n NcD o u ic n t ro - i Eve x et e r Mi a I e n r..n . C Rd n d J l de pt e & n NcD o u ic n t ro - i Eve x et e r M r dn d rea . ba Ie n Ds a P de pt e & n R o y NcD o u ic n t ro - i Eve x et e r M C Nc rn h . ne o u F i er yi a n t n - i Ev x e e D ic ro e t r *n r nu e f n dseoi o r i e p t g ce oe h v o c t es r h t dn n eg
3 8
CORPORATE OVERVIEW
REPORTS
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A sc 1 p s lw s t r 2 oy h i o M , m tfo n a0 3 h C h og 1 ,1 a n e n a l f Ce i o e v m e i s m t : t i Aoe )um dm i t C e i t t i Rr nm i e a oe ) m C e ui n e t o i m t t i S l r I e'ra i h dnr i n i a e v s vs ) r e s sG h' o/ t oe c e Ce o e m m i t t i O aio i Ce v r ncM m )p l e a o e e D a t i o s k i nn m g i t t ( Mt O m D ie Ce o ) m t N a m e Mp rD . . t Na .G u Ma rM . . rl K w .A g a Mn rK l . . s P a .B a Di et so ia g n n C hn a ia r m M e m b e r M e m b e r
3 DM (A O E i UM ) I T IE CT T I oe rI ee o c tm t e et n u ci s e p & xv pf r o nd s hd n - t n N i E e e D . e o ot m i cTm f d m ro c s A e hp t r s oi n i oe t i ou C e i a t s t o M 1 sr n a0s d 3 r 2an 1c w e s h t ,1a : u
C ay tr e g o I e nn tD n d o uic d e Ev t pt e & e ro nN i x e r c e I e nn tD n d o uic d e Ev t pt e & e ro nN i x e r c e I e nn tD n d o uic d e Ev t pt e & e ro nN i x e r c e
Tm n ub o tA Bs f ao e e h s e s t y ahi e oetlehr e t ef r e a tB r r c e f i p d e t d u . T io n n l e od t on t f a p e r i r yo em k o m y m . ao r fw el s a : s l o C em e tL Ae oe r o 4 e g m m t s u o ii g n m i i ef s f s r t n t c 9 l a hn e t et C b teor fsa. . T i ueors l v o o l ah ea e o sgt p i t a i n dlr e oni o c d D s aa fus rv . T ue e tet et o r t do i r i l a e t n o c n e c s w n d h e ei ,tn n a x e s er p i ce e. e f o ss r i t s i r cy d s
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3 9
R T D MC T O HT IEL H L E CT U E E AOE D O U M NS F I T I E FW OG LN L : O I 1 vh t c nnlr r . O o oy a e g e f e p fn p r t hmi c o s i g a ' s i a t i n ps t d uftf n r s d i l ro i c o ah cei n l c ne o e s s s i a a io ns a i n a t n t tnh f c te f a e t t nlt m r i o eh i s n m ut o r e a a ei s ct fi td l ose c e r , f n rb r u ad e i c cn i . e 2e e th r hon . R no o e im c d tB a t t o i m m n ed p e g a , t p , n r e a tn ir idran p ed ut em p t o a e , e ct im f q hl e o n n r e pe r ro huu aafd elf Syt n i o me t A d n i v a t o ir f t a oa t tr d o i o t sx u fs e e .
5 i i ,i tm ns e A w h a tem .e g e g , t n R wa e at v e t n h n et t m e h o /pn d dg f e lafnsr h ua t os t u s po s i i c f r ui ha a on e i u l i u ts e i i u s us h e r a s b es , f n e eisi i u els ( c, p r sre g p ts e emde us t ts eu i dr e c t nni fp .h ) , a tf s oo t eo u r p f t l z s o ast i t o ct t t t ed f d n hn s n f o / e ht r h o ehr u a e e m e p tnaer b b r e on r t m o s et e u d s /i p t dp i c c h st y u o t e tma mtuo hir g o giaf eo e n h to o g yir e i n t i nct n o t n i n l i z p sp rh e a r eac t s d g o obi s a k c f u r iu m e d l o sn i i g n a r r m nh ro pa o d t ed p e ms B ri e e o cn oo p t a t a t i o t t us m asn a kt i ht ep p t t e i sr e .
6e g t m nf a f . R ,i h a te n v w a er i i e t e g, oe wh n n e p c m r m o s r d at , e on t t aeu aaie a nr ar d yt a t yi n i sq f r u o n d t l o u n c l cl s. oys n t ts r e om
3pl f y t t t A fa . A o eSyir ry p pt a u o r o a o o t v a m tr d n u o n s o re e tSyt . t s s rb t t A hv e d a u ei r e e o ir r c dy t r d e n hu o s
v hq f r a n i i i eu n dt e w d yt at i n c l f o n 4e g m n a f n 7e g e on iu , . R ,i a ee a c . R taaieu cf v wa t i i e t n , w nh g t ni i e hu m na lnl a a c t s r f end n l i h c t ie u yu e t o n a , i d ng t u hr n r e u t ai l t s e ess t har t mob n er o a t f u i oB t n r m t o e b s e io s d f a a pa e : pl i a re t pw u r e r ,t r l r n oh v t i cf c e o a tsidi l e e t ' .M u b dhc a e te d D tr ro u t i o e e n i rq c nr r e s d eaa n o o e nfg si f ei p ttn e a , f n i t t fa r t mi s dr o hc y fl i h g d ee gc e t e np su a hp t o t t d ea , i n r t m r r t i nu r r e cgf u feu oe e y ra v aq o a . e n e i ni r d nn d a r ct l t
R il S nedt e b a t b eh s iye t i l d p i tm n i e ot te n s oc n u si cn n s i t ai s s a s t hnd y i n l t o i f i c B Ri t s l s A 8i u wr ar nnt o e n o e )f . Do ie u ag a p e f a2 r d o r ' s r t muA c ( o S2h p c6 e 1e a t 5 c 7Ce 1 t i oo oi A . nf t m , n 9 s f i sop n i n f wo n al ue dd t g l n oh. e r
v h na r i ei s i i eg n n t e wi n n o ta t n n l i g b nia a t p a 9e g df yn so . h , n c i o n . R tf i s ie va C f y c gi a g e s , i n u le o n i s nc d bn ar t aw r yieu io r h e t t at n tsr e hr d e l i sm e i n o t e e s t h p se f he ri a s r s a n ot a c dn e . t c r s e ao m c j a t e i oet .Mo n ng a aci o u t r c ge l n r v ni s v se i ni s t m b ni o m ne a e eg b g . s x f e y e e e j dr ocue a n sd tm t n a m sca i g oun ue d u ra f e s d o li ae r pf er r t ur a f r i n r r et y i o a l t l clys m t ap o s o t la no n t f a n dt ts r om e u rr e ar i ar e eg i n tm e . hto a e rhr a tB tt e o d
dnt j tn dh n . i iaut a tf c S n s s ee i g a e f i cd m i m ni nl a a 1 i usSyt b hi 0 cn t t A e e .Doh o ir f ta si w ru s i a s t t u d o u o r se d t s ein fdn t m g an. a tr ou i s t ni u ii g e a t s s of td c n b nao u o c o a np d ma h r d o a m u t e e t s t u s f is , ee c a e t em wi a tr g . on i lt C ct i n d l a p l e i a h g oe s nh l e r im i tnl a t e el n a t m q n t o is e u t a fn t n r s g ce. e r e i a s f Dr aa rr a . . i l un ey c s e rtp n n c oe a s s ofy d ai s l t t t o gai s ddr . u t i ht ie Q o ea p lc n a t o ia t r u t f n i f r . 5e g t m n ql . R , i hne ery v i i w a e wh nt e a th t g, e t u m a e r f pl oo rp aa r . v ws i i utsia a eo t cn e n o ls- d i ot y f l p d s a nr at a so c u s r aa e cn o. n c e r 1o t e nut e it 1 l kh os n fl n .T ioaf b l a h o tr s s d o n e ot i sr a au e t s p t t do b h , a t h o, e r o y o e rdu l r m e s e n ps e i t n d t ee s s o(c f n edd hl rn o p t e a e a n y oa r d e s s om c h i e a f le n r ddc r ida d v s rt . i n do en i s ) e
f na teu i t ed .Ti t fcg e tB i c te f ss o a 1o wnnt W w nl e b b n B 2 re u i o h l e a t m r mt o i s no i o a s e s hr eh t v ei of n hil o s e r m ,c e i x . es a ssi cmhe t h i s aeg a nt mn n i e i s
4 0
CORPORATE OVERVIEW
REPORTS
1A l fp e C. e E S A O E 2p oon F t Ar . p at t o v a p im O n o ( hM OUM f i . e E F DM T T I I N H CT GE T IE T w enicr ye h o Fe t o o l t i ce a h e nD i m a ro n r r t F e o A oe rh oe fh dm e l u ts t u r i M n g e i C ee t m i t wd t e p hg f n n o e e t i cc r r s a haf t ode e i n i n n u o n dt f ne d e d : uh ca a n b r e i ynm e i n i g nl r t a a os i e w et ol no dg t c f a i t i h t f t)t sn s i h i a sg c g n e sh a a or e e r n u n s qa e n a u . 2a 0 A 2 8te 0 u tse & r d ai , pe k e 7y , t u 0 t c, 1 lc x c c n i o r f n i i eb g t o c t , 1 h s 0 O2 h 2 1g 1 hb M 1 u , 0 t , 2 o0 r oa t f ca t n. hi e ed d as a1 n Jr0 da, 1 3n 1u t y . 2
1 a o o nae d 3r g yr cs n it .C u t f t i r y t h i i nn u a e o m n Te e c e drt A n s i e ehn o o b c h i t o h e d f h m ta u n aa e f t n a mi o et t c e re t r d t se oum ef r e A m roef m nhi oe r ce C e e f t d i . t t t C ei ss bn : oe t a e ge me r pe b m n a av l i M er l i t t e g t ew o N tD a hc m i t ee o o r r f e s Mu M g rD . . p r Ml M a N t .G a. .a K r . A w r Ka a . .n P s .B l 2a 0 7y t ,1 h2 M 0 1u 2 1g0 t u1 hs 0 A t , 2c, 1 8te 0 t o0 hb O2 r 3 n2 1 u0 s a1 t Jr 1 a, y N d m ts g o i oe i d . A me u ot f u C e nr i M i t t e gn tFi Y h ne e ca i nl r a a Ad td te e n A b s e n t %a on ft n A c td ee Y Y Y N 4 3 1 7 5 % Y N Y Y 4 3 1 7 5 % Y Y N Y 4 3 1 7 5 %
D a t e
Managing Director, CFO, Internal Auditor along with the Statutory Auditors were invited and attended the meetings of the Audit Committee. The Company Secretary is the Secretary of the Committee.
3(ii) REMUNERATION COMMITTEE: It comprises of three Independent & Non-Executive Directors. The composition of remuneration Committee as on 31st March, 2011 was as under:
N a m e Md rC . . a R l .J i n Mn rK l . . s P a .B a Mp rD . . t N a .G u
Di et so ia g n n C hn a ia r m M e m b e r M e m b e r
4 1
M n a m c he R RP r u K C Sr ae E A O . m r oy r y b S u am p e , a n e s n MI t a UO Y NN E T L I C d tarr tRr n i e e e e ye n C . s dc o e a oe ia S f g se h uo m n t a m e t i m t t Te r n m i s m h m Ce e n k e ui Ra o e w a n e t ome a e i t r t v d s T m C e bue h uo m e t i d e nn i h eh t Rr e a oe e t i ma no o t t s az r r m n a s sq a e e s n a,et n c n o uap is o d n ar m a t i o n li l ers d u ie di t C 'po uo e e oy ly r nn t n e hm on e o r m ep a i n c er s m f a t i o mt ns xvd t e m i nE e N h pn d oc ao e l e r o co y o t i f e nn u t i drn gpo m o ici l i c n p t dr ro u os a at e c t s d mn e n e a y ne t i n h Ev cnoo x et an p . e D dee c i os m ur r t e i se l e i r y s rti u e s. le e as d s T uoc ic w a h nny re a w e e ps t t r r rg r er m o d o en a l i e t i i dd d s i Tm nl e a p u h se i u me n e oe cht si t ef r e t tsi d r r cd e n er c d f e f ee r p aboi oi e o e na n w en a r f o ee re a m r cs e fc en m dv , h t v s C o t Ae lsf li gn a9 i n e u ts r e h gm 4e et . p a . enn in n e la ruo y o n ri bh e p i n c i c iT o s er d s m o ca a l s s e t i i c o Dh nedsr 2 oi tegt ri . u e c a e ta 0 r t f i y n 1 c1 i n i g nl r d M 1 wx I u a a a e3 h n t en s c , h ii n p ht d s r t y c e mf C e h e o oer l e t m ed ts i nh m e ge i s e t w. t R ro c bm aa e a d d cieer m n ie ui n e t e dy m ot rF t e i , Tanpde r p dem a e So i r nn i l At st ra m is t n .
R R O T ftyn 1 r 2 E A FC o eds c 1 MI U OI O hr et h ) N N ES e e 3a 0 E T DR R ( r a dM ,1 Nh at m e o f e Ds ic ro e t r R s in s m e r no e n e ht F os m P a M li i S e m R a e n o a p g Ci t o n t i e i o ui s n n e t of r r c m e t a r y wr iO tt h h e Ds ic ro e t r Mg rC a . . a S rl .A g w Mh p raC . h. t MG e u s a MG rku . ep R a st ha Mp w raAa . dg P gl r ea e r Mr rag . y A jG a MB ru n . r a A n as ga l Mp rD . . t N a .G u Md rC . . a R l .J i n Ma r Ml . . r K w .A g a Mn rK l . . s P a .B a Mr d r ba . a R Ds y e P o a MC r ne . er F h i yi n a n N o n e N o n e N o n e N o n e N o n e N o n e N o n e N o n e N o n e N o n e N o n e N o n e N i l N i l N i l N i l N i l N i l 1 8 ,0 0 0 1 5 ,0 0 0 2 3 ,0 0 0 2 3 ,0 0 0 4 0 ,0 0 0 N i l ( I n `) oi n P r o f t ah n r d O t e ( I n `) N2 c i l 6L . a 5s 7 N2 c i l 6L . a 5s 7 N 1a i l 4 c . L 9s 0 N 1a i l 4 c . L 6s 6 N8 c i l 2L . a 0s 4 N2 c i l 3L . a 2s 9 N i l N i l N i l N i l N i l N i l N i l N i l N i l N i l N i l N i l L i e Vf n k da lo u e (`) I n N i l N i l N i l N i l N i l N i l N i l N i l N i l N i l N i l N i l ( I n `) N i l N i l N i l N i l N i l N i l N i l N i l N i l N i l N i l N i l ( I n A c Ie Pis `) l a l n n eq oe c s u w s n et t i v rs ie
N o t e s : 1 er ndao s m a p iseI o x 1 . R a c s,l a ao vo u a t n Tt 6 m i l e r lw n e l f rs s h m , 1 uoua n ns y n d t e t i l a c e n u et p c a 9 a e q r y ie r e e c , A ei c n no rd n xn pc u Pn . c oy t t t o F l gaoi o e d u m r n v u d ' si b i t 2ot dr t rt oo ic t c n e uS 6 . N h cs e f y rro ep d ne o n et i h i e i o e vahe f oy f dr c f o r s f e l e a n Do m i t e t h a r and t s ee i o n t Ce, 5 h pA 6 e ac . oi m t n 1 s 9
4 2
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3 A D I ES V ( S O /V 'R E i H L ' NR E i i ) RE E R HS S G C T O IA N CT OE M M IE T I oe rI e n n u tm t e e & xv ci s e p t o c pf r o nd s hd e - t n N E e e i N a m e Mn rK l . . s P a .B a Md rC . . a R l .J i n Ma rM . . rl K w .A g a Di et so ia g n n C hn a ia r m M e m b e r M e m b e r
D . hm o r l r i c Toi nS d ro e p e t r s cs fh e o t i o a s e ' h / o Iv r Gco t a no r a C e o es ivem s s' t e n m i e n t 3 r 2an 1 c 1 sr s h wd t M a0s e ,1a : u
Toe ko ue rt h m o vs s e i C es a i t ' lep a1r 2 o t sq s m i t l t o t r nr a e s sc 1h n u i ni ov s d n o M . s r f e o d n a0 a ee i n 3 h N ar s g t ,1 r e r t i u l i r ef m s o s, uea p fa e w i a 1r 2 r l s o sn gs c is r l r e dr l o t hd s n s i c d o ln e s ad o M 1 u t f a oh/ s n n a0 e y p s sc . g s e n g 3 h Ar e t ,1 a m i ert t nr li o v sn se : t a o g T rs r foe a fa n h s e r s N i on e o pa S n tB h r e f l ce c e a et N i oe t o pv s n t dd. r e f i nc c id e e , I u ue ca s f p s et s dt h r e e laa t oi c r i ef i c Or t q he ei r e u s m a d o p c is o g r e f ed m n n r at e o t ir t o ds h i i n e l s n n p g ln a / ri elwe a q s f e C. u b l d oy e i o b m i en s g oy t hp n Tm nh m r m h s e o oee a e oef C e t ts t ef r e r r c e i cht e f t mv t o t er e si u l so ii Aeh p n a9 L g n e du fe g m c e e t s r i dr f e C 4 h nett t ew i tS c s h ka e Eg t x e oh. c n M K oy efep r mr m rr tC i . a a p c o oy Su u ma t n , C Sy n ah a e m n s
T a D h l ah e aa p O h r f ic ae t p ocs lni r e d ros g e r B o o t e r s de o f ed w t t Cc e i no e . gm f i af c a i t s dm s ah p gfa n i oe o p r e t soh n r rn r r i na d oa n v n a sf r s s t e D ec r1 tC e n u f n a0 em o r t i i y0, i h a 21 oe n nle - h i m ga 1 me t t t me o n ar a s al ci t oef t i u ts o a f re e e t i e rk s i n oh t s o l d sc i i csf , 2a 0 A 2 8te 0 7y , t u 0 t c, 1 t , 1 h s 0 O2 h 2 1g 1 hb M 1 u , 0 t , 2 o0 r d t s cc d r z / u e r ea e i i t p h r t, ma l a a t e al i i c ei f s i tao e n as a1 n Jr0 da, 1 3n 1u t y . 2 raz oeerd t s e ii t f a rsnra mi t la s , gaan e o r t ir r an s h o as r f t h ee r a o c ne a e t ehe e af e dr t g f ep h e t oy R r s h Tt aoh mct e n h a t s m . T A vl e T o l s en f c m i t a p a p a n e td c o be e oh rr mu a ey tsll tr a e r rg . S l rnr ra oe ts h d v s v C ei a eeG r e s s i n me h' o/ t ' e I o c m n e i M t t e g a e ge r pe b er l i n : a av l sb t ew o D ec r1 tC r i d u f n a - h pc r t i i y0,e a e i h a 21 oy v n nle 0 ga 1 m e n e n p H op q w o lne n lnu e c isn c ise r ot m a . c ot e m , a / r i ee s
4 3
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N tD a hc m i t ee o o r r f e s Ma r Ka r Cl M g . . n M ia r Ml P s .B l . .n Rd .J . .a K r . A w a N Y Y Y 4 Y N Y Y 4
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f wt. ogn l im l n i o e e g O m n d pers D i e s ft u o u Me teh o a C icur o s it o r m o t t t e s i pv f o p Om 3 c 1 o s i oD i e s h i o moM s t s t ,1 oo d ee i it d aCt o ct a 1r 2 pn ri ms h t y oi n Men a0 e a o aa n a r lnt a au tsn e o t i nt r g ri y d mf u n : a o C .h ufv Ds r fr f e p e t or M d fs hm m eOae a t oy i a n Ti e e n s y N a m e Mg rC a . . a S rl .A g w M C r h. p .a G M u e s t h a Di et so ia g n n C hn a ia r m M e m b e r C ay tr e g o C&i D hn a ic a M ro i aagt r m ge n n r V a& i D i - i aagt c rn a ic e m ge C M ro h n n r T l f e i c t( tp oy l tt oi se a o ryn ) en pre p c i cnn lh e / c o o e c t( oi s nn n ) e . c o Ae rt th i oo n r r li o upn y w n e eao o o g r nr s t hk e to e f a t t i tc n hsi ht h p i i oi d i. e a c te e oy sp m w h nc r h f ew e M KC Sra n ru u oyr y b . m r mc h e S ma e s a a pe n , n t a e d tarr tO m e ee y D i e s d ef i a S o Me g s t h C . n c ae o m t t
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4 4
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REPORTS
3 R GS S N ( B I S T &S v R , VE L )O O I EN A W N N TO M CTI O E OE M MB M M L IE IE CT T ( T )
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f wt. ogn l im l n i o e e g B m n deo a IC e s ftpen L i icur u o lg oeot o r m t s te h s d t i t ph f i n m fLm 1 c i p o B i a s h s s i oI m o a 0 t s t t ,1 v sts t C wpooi n C e 3 r 2 a m fh mi r e r i o a o oyh c Ct o oe nM 1 u t e r e p te t a n s t n d : bi sstn s m e ae o g tn l n i toy s r r nve d. e ev r o, e s o hu e u w i n m a a T nf r s N a m e Mg rC a . . a S rl .A g w M C r h. p .a G M u e s t h a Di et so ia g n n C hn a ia r m M e m b e r C ay tr e g o C&i D hn a ic a M ro i aagt r m ge n n r V a& i D i - i aagt c rn a ic e m ge C M ro h n n r Te a oan m ( ay s kl n ) o ; Tv o ea o u e od o u e r a , p caa / ere r e r gt t gt o r t re i p n h a n st f u noase e i a f k r fii a cn rb ft c v u v a r i yo o e hleid r se i t a l bgc n u r oi / y r oi / b c n i o ms iy p t u p sp a e s s ia m d a e s b sc u aa s st i so ; n se e i s M KC Sra n ru u oyr y b . m r mc h e S ma e s a a pe n , n t a e d tarr tBm e e e y I oe s d ef L i e iaS o C . g s t h m n c ae t t
T m k vseh p h m s am e a i oe io s i e ni C l t ot r a f C t o ots oy u rt m to n we o g stn s r i r c r i s tn l ne t st r nve d u h tb e ow e s o d p o, i n m a a n t s ion n c o B h ent ai ts ha e r ,o d i u i cl p v s r o d nt o r o er e f d bno ert t e t Be e o te a tsn w e w m li : o r dn g i g a Ta n a e r ffi y oi bg t, v t c a a ue e a, v l kr a oa l n d r i t b; a n k e r s bi s o rt c f t og r n dr e ii r h r o at c f lem w n ed i s h i a t o e
To e ow bm oo r r n y ; T uy o c ,ue o i, wu t ps a b f bor c q r e asr n h r y s ii p co a oi tst o t b r a t w e syrdo he c f oo p ehr r s ei u ae c t i e n hy r oe o ei efd c n r t w t uf oy t he t nh p o i neo m os s r v hs t ea ;
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4 6
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T m p f weua h p s e i t r li s e a a og eo C hs l n oy n as l d o hs n r o s e t b nA1 f ec f s t o re o A o i t u f t i l 5t r s t l s leo 2eb 1 o 3ut oc 8 h ie p s n 9p r0 r h. S i e os t t e 0u c li ohe, ir u nS a t m , 2h t g At ooy s i f cn s oe a o c t m i n a hp . p a d t 1 fepA o lt e i 9 t Ce, s l usn o oi c t o rc 2h a t a l b n oA e m n s 1et ep(soeo 9 dh ap feu 5 w oi a tr li 6 i tCe s h t r a h m n i s n g sn o P W U H AL E HD T S L R O CE LO S O CT P B N OE OA ND T T ba t l , 0 y lau 1 p l) e . o l R s os t b 2 0 ES XE E: R C I 1 c i t l io - o a d . I r e e ftca n n ni t Ie r l s e h a s m r r ton n p oe a T rfeooymlo h dcf C ae e e ot t m b ds o i o e at e d a r r h pi n t si h t n n g i e tn c 7tCe n e d t 3fep v n ei s s r oA oi t m sn o m ue 2 h a n s 1 yu2a oMG 1 o s 0 pd a o t a g0 at si h f u1 p d A t , h ie K e dn . v l t a, A6 c . t5 , 1 9 P g ac a t e n g rin p rr s i rc t a C S y r z oi c oye c f d t c m t si i n a u ou e nr c n 2lr n j t u t Mu t p a t p ia n s t . A o c s h omea t i r s f a nn t t fba fe r e a O e i o e co e d l mo a f ht l v on n o l o c s og s a t p l b ne i d a r r r ae At o c n pi t s i s o t oy e g m o c f e pom i nh a r rt h a a m f in t e n n e r . V PN OA : T T I NE GR T Tt d av p fP ar s s r h i s rf t a o a toia e e l uyo tno l p sn d e m i a m nt r s l e o gr e t oe u l B c s d : Pa ar r ls t i c u Nl oa .B ot f l o N o . o f % a g e o f Frid o n oc r e m s v cp e e r o r d tl t ei sn oe g to as v E h q a u r iS t y e ed sr v c ie e 7 3 5 6 8 5 7 80 ,5 17 3 , 9 7 0 1 80 ,5 16 3 , 2 86 ,3 12 2 , 0 1 0 0 0 .8 0 0 6 94 9 .1 9 9 97 9 .0 8 5
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5S R .D U IL E C S O: S i Toy n t d a . h m s e io e p atn n y C hoe t n a n r e t sn m aw ra o a n i t ai n c f t o ae t t l ut h r i a r h e e P r icr M nr ro ro e gte os t o a e i me t n , t, e D r ha t s e h m s ii oi s hy a u r rae t h y be l vcm n ss t t a a ia r e t ae d e . v pa f w ieo olct i t n f e ti o t h r e n h ts t n t l i c ee h t C a. oyg mr pl e aa n t i Nl s srwon i . o t ar ee s p e n t s ipo n due a i e t i c r m e d tC o u i ii r t h p a tdn i e a c opa oy c f c y n m o sa o n n n l c t nr Sxg h e aie t E e e kt b k a) r e e y h oc ( w chs e n , t h st o oyie E e sepe oI c f C a dB u t m lt r o r i i e h a s S n r r a t r t i, a trtt n t a t n a le y o o ne d s y rom t a u u h y y ra te o Ca u e r e a r, r tl te s p k i ht e . il t a ena y M g ha t d s r i NlB o s a d i i o ee y eo y . W rl hep hl i so i antb t w p b c d e tC . hp ea oy m n i Toy ceta vhm s p i l t . e p am h h cn a ho w e ld l i m r im e e d a r q nh sa ny re tc 4 de a u tf l t o e o a9 s u n a o l so x o l a def n I fe s p u Ae t ot c ( d a) n D e 2 e u h r C , tRr n i e l so e a oe a9e n C . u nm e h uo m 4 e t m i t t
Ta ic fep i m l hrf eo oy eh e o t tC a ee b dr h a t t o ro d s ms i n t n g d o d u2a r t N r n a g0d v o 1 y u1 A hi f 1 o s 0 p ee t hf A t , hp o e t o c P B r s ntt E t o a oaw x o s lt c l g hp r t a l ps l o e oi h el a ay n S n o f s ltme t m rtP ara tM a td oa f , p s te f a t l o o . ea m l o p d n o B i n Ko c C Sr S e a e t g ac a t r v l rin p r yc i G c m es iz t a,a oy t P i n a ri e u n fc t tp a t p ia d o u ht lt i r sfa rn g s l v on n oi e l og s i d c no a o c a b ne r t s t n d vC ot r p a nr t ar v ae n a e l d e nn e p h n E a rm r ap e a n o ef s . Tm c to d u2 h p dle 3 o s 0 e a o dra g 1 C hm 2 y u oy n apn e dA 0 f t , t dho a r a i p h af s lt m t o e t otB s g s i cP l f s p ao l ol w a o n h g t e p b sy l tt ess r i u r ep mw e s ev o m e p i sl n a n pe i de o s bh eo r n ) po e o b o a ar n g f m n m a tR m s t e e hiees 1 ( pd s e et s r e r a3 h Dg 1 a u0 y s . o t f A2 u 0 , Tttf eP ar wD hdr i oa tm h eae f s l f s 7 l ae p t l oa a so t o o c l B s y 2 t oe, 1 fp r 0 Sb . e e t m 2 0 R a e et nain ed v m ep g l s ai e nr a e d t ne p v e s t h sr i t ei n wg h e D oi oafe e w ac t fs o ol g t f m dh No h e p o l oi t t t a i e n p hi c c n t P a r a see o a o lt m t to i fo s l f s La r p s tB ao l on drc P d a f e t t l Bm m arf t es lt s h b lf r e e o o m om r .
Ts lt m n n f u ht ar hetd c y . M CNN e l l f s ep r e d P o a k e s o a od e s t B b u a o 6E F UO A OC N MT S M : O I I A is P aoe o ct n d l lt x f c nn e o lb o m o a s o s r me l et a B e e e b e f m sy c. r u t i n A lar r i d h e rg l o lt m u e o i l s l f sv t c f k P o e p l t a oc B e oo o e t s w n h nD p r 1 l ttx o 2 y tb 0 s f d u 7 oe, ,e a r s t ae e t ae o hf S m hde 2 0 i fr i o o ltmesd o p P ar, dce r et s l f sb n e f c ht o h nd t el a oa o e B e ir i c. ni sy r u t n Tr i revaf s ltm h t e di t oa f s e iz re i Par, S a c u f ui o t l o nt e n l o r f c o B st ho ern C o u dptC o oy b ir r h i ah p m eoh fe a i t st e t a t m m n n 2 ypr1 8 oe, 0 ta tb . hf D S e e m 2 0 T utP ae o o h l o o lt rn e 9 etfea w u n r s e ht l s s o ac2 l B e n n dt h Dp r1 a tb 0 y e, . o m f S e e 2 0 Anh cs ns t t c g s leo e i h c l t pr li s t n oy r ,ei d i e o a o e a u s u t N ddpbeer f o b l pd r it ao t he a eh s j i i an r c e yo t qm e u v e i y u o t y tS l r tC . hr d h p e h o oy h eea a s e of m n Pt oa Fi R o ui b nQ i n e f la f uya i o c rl nl s t e r c u a l t s C i ep oyw m sr pna a n p n e : Tfaaf nsr g hy/ ry cu r ll eeu i ir l au hr a lql n e ea l yt a e r a t ey l s r s ie t s e n a ut t ho x g n b d ec c e d mo t k h s t a aey lh E N e l r ll pe n ep s u ud g w oa b i g r i s nlh sr i s p a s E i T a l i Np c ced n s r o n i s a o m m no e e s ws p a oa l gN t e d f r u u aa s i s v l a e hi ( ) e a a v TH n n c r gb m a a r i n r idh i A n h c e bL g t tS q y ine o t u t s r e ek r e e ge f t m o Eg huoiuth x e e a r ct o c ( Tnp ra t hs a r t c a) n . nes le e l i d s oQ s sat t hl r u aa l sf a ea w u lo r d ry l ar s est h . e e n uh r l l n e e C aup o e f oy g l d hst mr ll o n b h p ey e ei o a n r a a tw e er u d t e C i. wi n m oyw d e m p wi a . . a n . e. c l c s oo mi nn
4 8
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REPORTS
7E H L N T . N A DO N G S O F I: EL EE R R R RM A HI A O Rech p e d o oy g o fe a iefe C : s f t r i t m n 1 S hru a 1 h a, s d / 6a ma , Bi , n b R t C P e o N i 1. el-0 w 0 D 0 e h 5 1 T - 00 3 e 1 1, 7 l9 1 4 3 .1 : 11 0 3 - 0 5 30 3 F- 55 a15 x 14 : 9 7 1 - 3 26 E s ml .m -l m d e m s i no ac i a c i : @ o c i n n W w i no e w i a .m b wde s i: . c l c t e s o mi n n Di ef lO he if c :
F 73 a 1 1 x 42 : +9 96 32 Ep s m -l a mc m acx an i : k c.m j @e oo AG e n eM n n e u e t a r l ai l n g D a t e D a y T ie m V e n u e :3 p r 1 0 tb 1 te e he, S m 2 0 :F ry i d a :1A 1M : 0 0 :Ua ,ov, rG R e dr 2 e u u, h 2u n 1 s e A Dy a a , e ad M e l py r n U D h a a y g a N i1 el-0 w 0 D 0 e h 2 1 Fi Y si2 3a i ne nl a t r 0 1 r a c r a :1 l 1 s c A 0 t h p t , oM , 2 0 1 1 D o:2a eb1 aB t f o 6y p r 1 e k o t ho e, D t e t f S m o 2 0 C lu o s r e 3a eb1 0y p r 1 t hoe, D t e f S m 2 0 (ta l i ) B ss o i u h ne dc y v L o :D chL ii n s t n g eoc t l Sxg hk a d it E e n. S t o c k Eg x e c( hs a) n Tl t t Eg h uo hL e t c at CS c d a c ak n . x e LnchL uak a t dSxg ht E e i aoc n. d A b c hL h a k at m t Eg e Sx e d oc a d n. d T u t Eg h hoc L e ach t G a Sx e t ka d i n. S d :D0 c e r o iC p S9 E 1 9 5 :C8 9 S61 E 1 8 206 90 1 2 :L C SG E S M :A 0 S0 E 5 5 5 :G S E /4 L 6 8 IN S IN o . :I 11 N 0 E 1 0 0 3 C 0
8, ,eu M a, B7 j b a rG , 1tS 9 N h r aa B a a g i s , yn h D j N i 1. el-0 w 0 D 0 e h 2 1 T - 03 1 e 1 1, 2 l9 1 6 0 .1 : 11 60 - 3 2 33 1 F- 37 8 a16 2 2 x 1337 : 9 2, 2 1 - 2 5 29 0 Mfe uO m : bc a i f i DSu, t o . h a ii 1 rp e g ln F p e ad r a r j B s , gl O o G S l ,n d d) ont uk ,a e r or bR l ( s e p g o a s Laat C i o M W M0 u4 . m6 b0 a 4 i0 T-6 0 e2 4 l 17 0 : 21 9 3 - 6 F -2 0 a 20 x 25 : 9 86 1 8 - 6 KO o fe lt f : k i ac a 1bS o o a. 8naPC t o ,aand u e, R i r r, d rG da i a t r , N 4 4o a0 t l ro7 . h, l t 0 F k 0 o K a0 - 1 T -3 0 e 34 l9 9 0 .1 8 : 37 - 0 F -3 0 a 34 x 37 : 9 94 1 8 - 0 CO : h fe e f n i nc a i 2 F ob m 4 A l r oi C N , d, kk p . 2o a o o n Ma l o m e , x L eh a l o e 0 a s a dp h-0 di c oy en 0 y kr D i a R a C6 , M r , n 0 a 4 i T-4 6 4 8 e40 94 5 l 12 948 : 48 1 2 6 9 1 ,- 0 - 0 - 2 F -2 9 a 46 x 41 : 9 48 1 6 - 7 Df ufe : bc a i i O 3 l a ii ,l N7 1 s B P 39 2h u o 1 , ,e t ln t . 8 B l ad g o 0 A a .uS a l a Or u r, K p i r , p s ek a m n p e S er M t Px7 ePf , . B 2 noi O1 , t sc .o 1 r t e - 0 a O 1 C l f D.. u A b E a i , U . T7 3 9 6 e1 1 7 1 l 9 6 +2 3 : +9 , 1 2 42 54 30 08
Sr f :Lt I iPL . ha an r s e e i Iie rt iid Tr n k n i ee n da t m vm a A g e n t A d Nna -2 oad 4 F aI u 0 l r ra t , n , i o ns r i l A aNr a r P,et n e s aa u ae r , h I I B q a B e t H D0 a lN i1 l eh 2 ,w 0 e l- 8 1 T- 19 e1 1l1 4 9 : 1 04 9 - 5 4 2 F - 19 a11 x 10 : 9 4 1 - 5 4 1 E en e m@ .. al l ii c idi n o l h t : i k m i n De :7 s o oy e t m ai t a D l s 5 h fep .% t c n 3a h a 1r e s m he d r e a e e ii d v nm f e i b ntl az r e o a m a3 n 1 s0 e . o J2 n u1 t h, 0
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Dr e i pe os s i t o :NS so L T- 19 a e D rt tau e y i l c o r n i t i e s d e1 1p i t o. l1 4 9 : 1 04 9 - 5 4 2 T o' i , r W n a r' W dl A ed g , 4 t l raM t 5o al h F m &o h, K i l l a s C d rr on e l m oa p LP o w, u , e M0 u4 . m1 b0 a 3 i0 C e re eD y i s n p S t r ao re l s i t ov c (iL I a nt d. )d P Jb w h eh e iz j o r r o e T, ee o e y s 1l rar, 6o l t t t ol S h , ae F De M0 u-0 m 0 b0 a 1 i4 S ln h d :P r5 a n ai r e g ro . % h o os 6d m 5n t6 e N o P a tn t e r P r4 a3 ro . % t os 4 o m 4s 0 t3 e n h J2 u1 n1 e , 0 M e o g es o ar r P :N he e n ki e tc t i a nr rn bb a s oe d v d D a t a D / / /Er S AEio E SG /ELS C S n S E u sw e s ch e y e r e qa i pe u r , r t hi h t s o oylt f r m ie o pe . u a s C a d n r F - 19 a11 x 10 : 9 4 1 - 5 4 1 E di ii .. -l en e m@ c al l n o i : h t i k m i n Cy o : m p a n So c L M S st C e G u iid la r b i l t m i e e 1 S hru a 1 h a, s d / 6a ma , Bi , n b R t C P e o N i 15 el - 0 w 1. D 0 e h 0 T - 00 3 e 1 1, 7 l9 1 4 3 .1 : 11 0 3 - 0 5 30 3 F- 55 a15 x 14 : 9 7 1 - 3 26 D U P B G( O I L E E P A) F SR R A P C A S RH O S UA C S R SN R CE E IF IF DI C P S L TO I I I A O T HX O U E I I : R I MM S U E N O A CA - O T R HP A T FM . T P E P N . H GS E A M DR CY A G OE A N IC T M A R OO GE F I N T H N P Pl t a tnpe m r n eo t r s n t e hp s e t y pe im o o n n i sp o d o h l y ruo 50 pi L n er n 0/ u F cl m o 0 ( ev s ) n e f a ` t i , - e a y 0R e O 0 s w fhi r eo ,0 e hn r n d 8 / p i c t b ap 0 ( e c u e st 0 h r a ec u e ` 0u 0 R s
E c ) r ntr m n i t s p tn c n o g Omh m fe h n o e e L l eh e d t ay o o a h t i o S OO ETI C Rr n i e ploB H L F- C R Sm C apr t o A D NE E T RI E NO U E H GN I D Re a oe a a hrf XV O uo m n e t i m d vmd t nr f t o e o a D o oy icf C . ro e a e t m t r hp s n Nh p td xve o otI e nNcD f n e e a n uic e nd o d e o t ro f n n- i E et e r s o p l a r f cn u a d h t oy r c ns a h p oy nee a m h y s o so m . S aS h ny a ss r ef t Tr e re m I RI TE OUI NEH I C N I G MO E A S E NR R C F NN L E A E T O A G HMT FR U O D R MS T L EC R H , . K P E A E I O W T R I E OO . F M T P HA E N CY
T a D h l ah e h r f i c ae t p o e d ros g e r B o o t e r s de o f ed w t Pl t m m i i r e r net ruon d e hner nc f s e t y o h n se r l y e a t i ao s m a i t s dm s ah p gfa n i oe o p r e t soh n r rn r r i na d oa n v n a sf r s s t e ` 3 c 4 ct ,m c . L ` . L u ruo b 2s 5sh nn e 5t a o6 F er a rr . e e a a n t i me o n ar a s al ci t oef t i u ts o a f re e e t i e rk s i n oh t s o l d sc i i csf , i r e itl i f t 60px n d h o ` 0/uS c w i tu 0 ( e e in at e p , - e sh m o0 0 R i s dahcc de a ut s ea e ri t / p l e r r t, m in i c a t e ei f s al o i ta i z L n ronr m n e a l pn t e e o c y m ho d f s )e t O h e m o cn a t t i oh raz oeerd t s e ii t f a rsnra mi t la s , gaan e o r t ir r an s h o as r f t h ee r Rr n i e ploB e a oe a a t o m C apr hrf uo m n e t i m d vmd t nr f t o e o a a ooyh a rpd g fe al e ts pb e tc n s t a r nh pl t s mt e r e v . A m ae e o y D o oy icf C . ro e a e t m t r hp s n tR llS l rae t e h r a a ey s o eeyr d cp t T rh A . e s on : g u h m oh o r r d R r Srf g e aa n e g nr a A ia h s n s d Tr t t r e e : Lt I iPL . i Iie rt iid n k n i ee n da t m vm a A d,a I uA a - 2 oad r P, 4 F ras e s 0 l r i na ,h , n N o n t r a e i l I I Nr a H D 0 etB aw1 a a ulN i 0 r B n l el- 2 a q , e t e h 8 1
5 0
CORPORATE OVERVIEW
REPORTS
DA E T CI LO AN R (d u I )) Ct on Ul s ((o o v c n a9 i f ra e e e eD o e r ) r C 4 i pG r n a Wd a nh Ba eb adr a o s h e n f t t a ld e c r e lec y r o teda i m hr h i d cf no a m s o o o far es e w o u l o bdr ne d l d e a ct B d c r m ni r an o m nh pn s h e a e t c n t aa n n t e ad m a o oy h eb g f e m m ae s e p b o W t cn o y n e o oy s t e u t d s h b f e pe es h a . i t e m i . w i i no wde w a .m .c l c s o mi n n Wd a nh c a n eelec t t os fhc n f a d b u e dr te he rr a o t r i m he e ct ta m t B n i iu o es ha d r ra c le lm o o dl bf er e r ds ae n o mee e ty er d ams laha f e n nr n d ha a t g p e o ne v f n i m ca i tcfn o c he d m t eo u p wo o. lnh d i e ct c F C Se o Gc L r So u t M e s la r b i l t d i . s d / Sg . Aa Cw . a gl r (a &gr r Cn n D h i a ag t r m a ic M e i n o ) Dtu 2 a hs 1 t 0 u1 e A 0 : 1 g t , P eh le D a w c : N i e l
5 1
AR TT C A U ' R EOT DC A I SI T E O F OO I C N R RE P GA O C V E E R N N T es C e se o m tM f Gc L . h b MS e e r S bu iid o l ar m o l i t i et Ntg ce i a3a o o a an s 1 r i e r nr e nri v s e sp v e d ot c n nM g s h ,
2 0 1 1 . W xe ca fon e e d o c co h a t a m v i e n e p od o h ln m i e ns i t i f Ce r c MS st o G e C e Le e e e scash r av p onS bu t hW st u mi n a o e b Gc d r t n y lar a o l i t i e( . fh t hc p u t rraa h ln e n t t o c ie i e t r C ) re e ota 0 oy t y n n M 1 ant e vtfep r m hr d 3 r 2 s s c tf ra tC n po e e 1 c1 a n f a ds h, , a s e h ei o oyh u a ui iy r as t ou l bh a t m e n o s tic 4e g m s e c f tn i w m n tlea9 L Aeh i a l s f ii g ne p net s r u d uo t hn eoa fi y f i et h ea t ett i f df n e ew h a e ie r e sh t c o vs c i h g c n e m C wka) oyS c ( m t Eg pt o hs ah x e n i c n . h dtao oy a uhr tC . s ces ct oe f f nd a h p f i ea m n
Tmfns r av c F l R h p o i no e r e o & e e ln o o oon Cc d f p o e t i a co i C G i r t e s r n a Aa t uj r i n d t r ot f ea n e a F0 N h n om t u i t e s e il s b t a e rai pi iy h g. n e On m x o . .5 m nR4 . 0 N2 0 w doe ipt n o h du at t r d n l e t e C Ats se c s m t h l i oe a e i i m pu d m e r n a r, o f a ca r t e cn r e ot n a d C fe go c d b oy n tcaf o y m s hpo pt t eh pr u e ln e a n or i n m i e s d / t coCe r c n a hdo o oni e n e i n o G e ie o s rav . s r n f p t i r t e I n t t a h RM a a je o i rlt n h d r a an es fp o f n ur d a ri o i i o x oo n i c t ne pn io t nl s n nh i e a a Po ri r o p r e t s etC . t me a a tf oy t n e o m s hp n (N8 M6 . .3 o 0 F) 8 I oio th t oo e no a t b uwn u i n e o k dd r nd p n oe r lg s f n e a Dtu 2 a hs 1 t 0 u1 e A 0 : 1 g t , a i thrtsea go c g io n x tsn c o f aa p n t o tni r d em dn i n o nl i a oe v P eh le D a w c : N i e l u c t t C h mh s eh , ei a oy ce wy hms p i r t f t e pa ld a n o w i t m co Ce e e a r on o G c ny d o p ons d ns r a v a t o i t i f o r t r n a a s ti hvn LAe tleeei ei g n i atam i n e p no t d u d be os r nt gm et .
5 2
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The People
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The Market is Now Mobile
Management Discussion & Analysis Report

M OE N A CC M C NN E R OV N O MO E I I R T E yi atk c : vno oR d n e o eo m wl u o Ii C a na r dp k ail na e t M t T i c mt sbty h na en r svt e a aw o cn I ail rs s uit h n p kie d t t e t ii e d a e p FTa w p l a a Y e e r l oy r lr rf 1 m e o i i e o1 t .hrs a s k e t s ie t v T s a i y f o r vo h b c e e i ey ih el sa c c e s e a r a ns cooc f n mrr o il nye n rdp e n e oa lpa b t f c sr o i lgl s u b e beec r e dma c sy r uc i o I i T o ra o pf p n h n e dh ha d e o m t a rd a e y i . c me e o n n t i i u Ca Oeu e s le I ia I H, bn si o n L v s t e a s k l d M e el n d.o sq w r u y r r c htlrr th g e ndi au oi rt s e a l ed ho u a s y nt g h g nv e r ute e h w n em tw feee e s eo i o mh g enk no a T a nt t i vt s h u i t e tt rs o d hk t . p s ao g f n r a a iw rhb cis ta s e l a i c n ht , b t o a sd e e li f nl i a e mo d a d l k q a c ebc y c u rst i t k n t etb y e i t nof e a o u f e a f em o hr t ac i c i m Tu m n o n en c o l w ct . e e co d r n r oo - m e c ie yl v s tFsc n n b i e ve w n t se s o Iod r r eri t t nr li I a t, a f a c o l l n e os sr i I i i c t e a e c na h r b ei e n a n i o d a i d n rg s re y m a c z g n o oa .i ieas c n r e sh s s a d carg n r aft o ei H r t l f e r t n g ee p n t t o e d m sn o m e i o o u d e i di c y ate mn s h t of s m a i n t u oc m t c ri a t u nh m a a c h b Tm pinit r h s c d il s ty g d o i t a gi v oo e o . t y c p de ai e tty o t a ag o tn i. n i n k p n e it s ow un ene s a m ncv i f m c v meoi iv fe o a a w ve ws n l rs a l l n o u g k rl o i ee a er r t s t p el s o b I t e h fc i r vi F n a a e c e Y h l p o n ey 1 ey s r e o o c n0 m r o , c d e see r i it o i pWc n i n e mrs e os sn m .ehc e g oi t c y e np t r s t h i e tr syeeti e n e e r,ryc e t v nw lg l t h n s s h ar i t m ga p l e gv y l f n nr o e a t y h fs e i a a rf e a oH, t n r t h r e uw h lp y o e a .o w a d v e r rt i cH,ee s t e eky o tm eo - nl s g. w o c e c e v e om b r h n e m m t u s ee s e t t e irn x d itirru e e i pb h s rx t at eo co nc p t t nf u a en d d w u h t r a f t itm t a G a s l e e r nt D p ir c he ql P e s d oe ry i n e n rc g e eu e r ti u a fi ctr h x h s la na u ec e t r y gc n e ne d d r ecp i s a a c, i yc p wt e aoI d d ot t y a n t I a is t o es dh tI a w h r m nP ng s i a l y a ' rh . r sh y i e ttyv tlt a en n eit rv e h h i v n i t i i h rl f c s a o n t ft o t m c e v e a o m e g be b aa . c g e e mb s rAn t ea n r l y t a c th r k a e nn yd o o d r d i y Fa fa t e ea e eo iy s h s a t ar r ooe bl i h r at r nran n . v ee , s heg a e a rd t C t t d et p d et Ss v se v b e a a t si n i c m e h r tc o y n ii as l d m b ee poy e eda w a e v ne rsn rt q e t l o o mhm u p f t k t c e i od t O Oao aspi fe ) Dc s oti s f ( , P tct n r s i C c S G t r t cne f ao t ac m r nsR Sve a I e ie B Ee a rs c kn t ,e n Ia n e e t . t t I dh k m a Bt h a eee a t f6 n e x d ieo 8c t y p t g g o e i hr e ot r h p ne c rs t r w . rt e a nrste tca d t uos v h oo r. m p ee r b at bt oo o e m eed f l p r t nk p e I 21 t mr d rn t 0. i hc o ea f e 1 Is u p p c h 0t eh v r 1 i m f e oe m o iee fh r ii u a n s c a e mans x d rro nc p p t u e n ndo eh t tt r s r e e f s i n at s i21igod g ren-h o p a rl e r 0 t sg vn i ut c c 1 a i tr e u o 0 t n o 1 i s n t f n e a wa e to i c c l g f l g m ha s ef e i s nl a t oi i o r nh t s c utvG tn a s s p o D h i rr u e t o l P .f o es i c e g Il n s e k r a r l o ay r m w t pe ci t w d f ca n oa i s e o o o n i s o pm o ed on u a r r t l d l l r n d pb r s . te g m l n ad r osoi fpdn ft b f a s am a a r r in i mu d - c x p e s o oy d i es Mta o uie tf r orene B sse r e df a in r u e h t r r l t te s o v , v T y r at , e sl e u w f anc u o a i hsp ot ce t ti i l e h c d nn sb g si h nt i gr g i ry i b n l o d ir c f r anpi ae n t o o o oy c t u c t d - t nd o n pbr a dt d i o oe s b r ei l r i d - p e o ttn d e sr u mi en t m es n g ge ads A a no n d s. i e r e h i r o t r y i r ds cd t rr iee e w pt h mc fl a u i o f sp t a p l wro x d u s e t o h e s to e e r nd d p r n t b ei e s r u e o i g n a iess d e m n d s e ee s gz da A h ue a e e rsn sgd l ne ms a e f v t be I i aht k i t . da n r a he o c m f astdti u o e y l es d e o m d m o s sf ptb l n i e es a a s s c u r e r he e irruv ee n f r a n c eme i o o f tt d a r e n x ooe s el u ot pt p , ha s c t n p r r go gmhtb e in t. ere tcla s fi Tv n e a a i il n o td n n n he a e a n n r k r b a ese a ee o r b ip n x d n k c m dp t de o m ma t e re i t i v se o c t tno a w eb e a am h p e r g k rss i ar m i v gu u c a i es h t r e poon d a t i b aru c if rhu e mcan w c c a ro a ue t l o j s fpu n u m o eo e il t t esr t a r t ili fr hit swr e h t e e i i uhe r e os lus, i we n a i d e ce f n. a T q y s ht h rra l e e rp f s a o ec m i n. e i t yhteg y it an e v r t o .ha r lr hr e d aT i i e e,aa ow n a s t ael i OI RE TT T T D S R f c fna o i a c t OUA E ot a r m s a f. P NN A rs e oa e s a v e gn o l o s o n o m P I SH o r Ci a er e a an o n e t , fl te e n g s o e e tI i s lh c ir l d t f s ev h e aw t hn d s a O is p t pi oe r t u n i e t ra e gitst , n e ys m nhr v n hw i l hr m s s s dn e t m t o l o al ra y o t e E yri aly l d c i g t aa i t o s n er e o n o o h ta m g t en w h g tl gI i c poi t g h - n o t s so et dn i t i t r . om s o s n n e a un r n mr l yl s i e t p un n e il q t v n te e s / aim t m r r c a e
5 8
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G i n re s hw ri FiS i u so t o nle n ' a a w cv d n ai s t g a c r y rf l s el e S nbd s l d gi it w o i l a if w ouo o w l n l ql y f i oi o o sn. rp c d bm s l a ee I r e nf mf l a n ds c tn o d c ie o p r c e ny ot o l n a ti s t e m i i o a H r o n wa e u k pt r a n n g eo f e a t e t ri ol m m ty ap u t hg e m g le lar oy b s la p se i r saa a e e p sI i w n n r v rd n e i c v a nl m t o e d t ha g e m U bn on n l c i ns f reo d a e ci v o o co a m t i bs t si f m l us r f n m w s i am i ns o r e n g r oe e r a e t h s atri w a rgwl. fu on t ei g e g d o a n gh SE MI CE OW V R V L mr whn n Aven r s a a a a a t p t o ws i c v oy r gs e i g e i es e a s t i n ee to r a f er d ise p li i f a c l e nl i c n di a e f m iu nc se r a n S buL wp i1 M st iid ca 9 C e se i oe 9 Gc m n rd 4 l ar o i l i e t a r t n, s o R r f sl a a rp e yr w g p a g r m i rei t u e od r t i lo a o u ea o t d t cn i h e s f isn ren a r a o'e di f c s gon a i s i i ee n d d e nl m e a i v d a d I l gi f a b s vs y se a ot ll f s lanr c i o se p A s 2 e m e c ns1y , h o r s a o J 1 ar v oi . n u 1 v e i cm e 3l 0 s t w e Lg hy a s ts t 2 fe4 i s s i Iw ei t n tn eca h 0c 6t a I a a vn o e b i e eo bt cda 0 s 0 r g l oep a cg l r e a n n oi 4f n c c nt s i + i eo . r s d pe rs os c. e s G t sae a p i T r ' r t v s c aa o e hr nr u s ee on. e p s s o p es I c s nh d d r f wt e eo h tal i c a i og i l s l n ; n a r
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S e S ss f w t i e t, C cl o a g E T P M H n pM ey e a S - E R HH c i i nnh c o a s l de s uf cuo s y G I E AI L l l t r M ES O E I T N W RN F C G GS o r i io r sa n c fi s nwt s e ln dy t e s l s wt v n n acs e eg i f ee e ri , e BG S RB S O S K I I U NN E s nis ysr too e t h t hp hr n g . ses o eao m t g ue p s e s r T a ap t de f t i S o l b i st i p a E r g Mc y n iy e n q o C y b tl ts r c u k a c r gi o f c ei r s sn a t r s gb oe m . iB t i: yn Trg o e b f wC hai c m t og is y m d e i S st s pt y l n te l n ho M e e l W f l d k hna en e g r o I i n a o a r aun d r e e b g e ar e t oh i oe i d a ne s e st i,rt i a- vD d t g G t l g i ,i re r h o h t e . n ew o mv s h w n e wi r ee s f i s ay ohi ts eh i i n r ta e e n g t e h& i s t e n p bs r v g f f i ca l i n cd v e o a m t r neaak a ns e s s us nea, v t m ti M t u er ,e R g m uade a e q e es m r e l d c s dEE i F e e gI i ( &i l n ) a x en S i nh i ga n B S d O n a Nu & ng c m a ae Pi aud o n l P rs l ua tt dt o ont n i e q v a d u p fs c i y l ee , o lr e S aha r5 o t o Mee a . % r e C tas o ' r sw x s mr k p 2ftur p 5 on tl av s b a s u C ea t g v A l Ssr s r r o n e r tM g a n d. a , al u e s h a e ed m o & F1e b cu f E E1 Wecl NS 0 S i Y. he ei B n1 a n s v s s e u fn t di l d a seao r i re i f ne o a ue e i c r s nn l v dn i y s a nl v r i t i f g ai cgi z gt av 1b ei t o` 7 l n ng e 9i . e ur r a r o0 nn f 0 i l o w e ou i ar e d tlg fo. h a pt an r c r g s
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So c L ia b u M S st s m rcB c m f reah C e G u iid e o n u a an agy g la r b i l t mm c y o p r a or lo n i e e e r r f e y il kd b t c s a t n a e al e r a t t v u e s n on h iI ii.C le uo ay m t I e tt cc a n .M i ir cf B at d a go u e gn m ew y n d X f r r ex e a cs eS k d A a e e iP X nt , t o n A m fr l O i o Sp s n o, oe r N c w aat ccg s a r i ri lc ip S e ee t n uy rnt n e el a u E n h l .e R t l y a skhr v o e ee r n a y d s tai nc ds i gm a a t e i nn l o cg o b n l i mio(n t Eg C o s u ri a t itI s esf E d x e h fi e a t rpn O m Ui S c ) M fn od t a h . C b e rp U o h. h Sec a Ss e ngai i t k n a r g r e cn P ce l p oe S i M b h a i B rc k 1hw o a 1 d t e o sa s r y e1a i nkr d0i o e s I s tu B 0 n e n e e rr c n d C no 2 s d rfo 2 i b a e o n 0r r e t w u0 t s s u ( uC l m Fi L s a tcy v o o n S I A o - i ne h c hn le n p i o Ror Ta a i r c e & b Vc d : B g nl e U a e rp r e t oa t pt o ot r s s u ee i r gh o . sr y t u A 2I YS cd o F F 1 h n d m w 1 F1 ha t l eoY S bnxo a0 r d1 2 M k a s )n 1C el u , . 0 , a s l o o m t 1 M reh g t v r h0 C as e1 a , s e kt n e i as t o b oe SnM d t o i e p eb f ` 3670 i ntli E c C l ci y c y X l i lc n u & S i i oP ta Pae o v Ne l e r r x s r Is ae D . . t r sO is r b f u n rl rm s i t a a C iB o to mr g mk o i: d n y So ` 45l s Y M z 1 7 nF 1 Cid 9 M m b ie l 2 i 9 l . i i o n0 1 1 ci 5 mar l no ag p .%h e d t u 1a r r n 4r s i ts a k e a it e n y i t i c n
is n M e, e m 1 po o i d 1 pn l i 1l i n i a S m . 0u r fMl b sCz17 c i Mad% y C C d, 0 s o G u . Ce 1 s i o L t r t b ia So d l a s S b 5 a ts b i g r i s oi g c s W ia a l vt e S s e m aom r layn fa h u e L , ab l a m c iid e o j c d e t ruh l e b u m mm o r i t i et i s el r f r o i s tc t i e aed t i . m s d vnu d u lvs e i a ee r s uf t uA e t u a l e g d u m ho x e ii. lC i Egdc t A n di mn c s a t mx e i h iI .M o c f aui a n eio t n n d a I y nn s o 2i t r n b `6 i u M l o LM t am a e s i i to 0 n t ( X i lC i s D d )N o t n rt . C o ,a n m dv o d i e i ed i f4l . a Eg .N N M m x e ( Da c L C tal C i h t a d E i l um n Xo to t ) , n i o d y Ie tn ne k v n i: s B t mn a g Eg I i L M i C i x e n t( C a m c oa N I n m h fd a n d E )n o t , d o d y Eg idX Do h x e t (ECp c , S a L i S r ' i e t c L I )N Sxg Mam M s s h i e a m , n C E t X E e C l iid C a n C p is t s G ne t e o v n u p t m N S x g i dE A b at a sesta al p ce t ( L C n r Ii f e i e b t ao h L i o n t E a i eS nm N ) & E k m uvn e n a i n. sl r g l i c tn k v mi n g C i a e eh L . M pne1 hafn o t nrt Eg idC a d o e t n r l d m d a x e t S c n c r mbfi e m o d y dv c i i v a i e nm oy ay r nk g m at g c a o a e Ce dari ae r h a e ar re s i C o L a sn lr no m n d s s st a m i l h a p eg n tdo i a E p t i t s ie nst u r m a e d ot t no e h c a a v e c q il g ni y cr e m s v o yt u a i 1s iyC Ie n C a D il a P q e & t 0 b ,Mx n l M rs t p rsau rs s 0 s S m a D Me t k rt i, g %r u ia d C t ta C k b a ei e y e on i er o , e C t , a M v t t , EM r w a b D od m A i s A su i n u h i i m f u l ao i c h s e o ad C t m b e r i G nm o d c o &dc f c r y qn ) nud e i u it ( s M tt i ar r n D ea . n g EgC g ay0,t f n anc1 C a d x e X tf n a -t l i c r i M , Cs e c ( h D u ec r1 o nl e a 1 a Gi h i e 0 a a e g 2 M pe n ) r . ni D nl 21 a 1 iyn r 0 a d h Sp rr a il t t an t o S m .n em wgaI i a ei rib ur Mad l h o r e C d ot c d i M ndi x el o no Ce v f o L a oi t r t l m t y t oS ns c e o ha l r te a su t n y t l va k s e gI i w 5osn r i p ftpo h u f x e ds 0n t o u a o ri u i lss c s a ` 5i ( e v n rr h t s gcu h i n a3l t a n, n b h re n t r l i e ur n n e gn y e ge e a h cl s i d s i l ea c dc s r 5 Ca S p a r i dns lt o i e g e % I i I .M l h ovn c oh m h w u fl e o x e e d m t y a h n 9 o PC s a c a a ld nO a C s e i t a l se i en t o c iom aM pe a e r i p o,r ur k s orc s a ri m b u a f S re e f nl d t a h C v c i on w e g X j x e n i p d b n rrU o n d n a t on t c no o n n B l t e k ge f o No h m 1 Y w eu o P i , p t e Cl w on Dyi i E ) c rh 0Yt tHn e o ee f X n h e 0o hh s p O x d id s t a% g. r o i tC n d a p f n eo r Ff g c b e r t l e M h o i ai an m t r looe v i e t or a rg t n dl e i h u s T cd tn r et e o i v s s ngi v w ei , m cee o w e r oh o n e i f bl n a u g t ea h gsns e v t . et e s m d c d mor so b psw a r Sp rr o i s nt l ah a a a ht B o te i i m g o m rn v e m era ee n o te t y , u t k ta l l n rrp U Ma l k t i i i nn s S g n y ge h n a l a d n y tc dh g m 4 h m a rf 3t.%o t g o t lgi re i e o c s r .% o i e gw 9 7 m t y ne 4 x e o o . 5 t uns o a di r l oea f e s s e rr t s hn h e e e r tv d i f t a Iti a i : no o s nk it lr g t uB n f n ref sd ` 1 i n i c vp iI i T 2l nle l o nh 0 o as s r n. e 0 i ai c tm a a M l i I oFm ts i Sp Pa & gmhC O l Ia y ,w Cs fx M e gs i h x i s ne n Ml c a i t a
o i k ndg M g u gM e ) r , i ih i t i Tm r s nk re s ia R L a ( L w t h pf I t i a i s s h Bn e nBsn e e ae it lrn i ic son a a R an cn s u B e n oy noo v a o t f g c g f opar coa W r pt kn oh o t t i l . arts e lgt nn nv s nas a t i d i e ta i t i ll e wta r m dt u e dv gt r noe ni s e p aon n e em eu cl i a o it i e n hr iee i s c v se ae eo n d o e n a t dBf S R rK L oL I i a r .h cm d k h abm CM I n d d e du s s a l d a Ti l e a ,a a b e uuub no s a n t f l n n , f ns n r e a n i ct i s aoi as nl it , u c nd ano ii t aui nc p s n m F e I s I . Irru ' r s 1 M a n c t pe2 i n n f tt L o ` a r dp s e u so d 0i I 5l P 0 l o d O
6 0
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c m 0o tq n n mftrinci s el o a` 5ln ey af n ta ma i t s o a de i u b s a n s e 0 pe r c r u d m i l r i i v u tai t o n oes e eLP d r t a hl r t e a au o e ns f s n a D e n i ed d S I i P ( V a G o y ev e g L a nC a L e l mn t I d M D e otnr .ni , pE s e t i o n vd o g rp p d t t As n u m lw o ke C ) a n C adon mr i a h l t El oc r nI il d s m C c e p s e x C i b gd i l i c n i u b a il t a hd t a e o sa w n e m o r rl a wn n n pM e r a g ga e e oy n a a . S r s ar h nk os ( B peo la a e a e o s p der e E e a nr f s n n l b h a rr o i u C tl e f a h a t se s t e nnc ) b m d ct s y m g e m o c n e h fel n ee i r n a s n c n a t p c li bi oy r e r e f ano n vbnA id' m pne h u r s ad u a t a p d aa m m i c e ct & e a nL I is d n t rdC u t n s pr u o y a ti e a l a i ri t o m o d De ip livsed e t se as o i l. e r n r t s v h a e nu ih Tm t s y i o g inl d lb enkao r af s e m seo bu a ga un i e.n t r i nt a r g r i d v tr I i fh cw dt e c n fd v ti tq d a ne tneuitd oi o ri i ev u M g uh e c e e l m u n b ey & utr c e g m it p na a pea A m a h anr h a a en g , ai n s i s d r t er t o o w ss g o n i wp t ` 2 M h id a eSrc g ert o rm 2 i n ar ra ia t p e 4 l . e h s w M ri o d i ho l x y 0i W e p 0 l o v e c aC e n i i o e t a a l et ni nt s n b u qi m r p tt i e t o r e i b uhp le uvaw e e n e f s p y p c n ae p t n h s lt i t a ne oo t e e tn i u o r a v m ncl e t a i si n c ew a i i oi k t m e s b bs a ue n s s k is i nn . ge F I B S INU : N A CS NN GE IS w erm wp o wo . ee r uw p . c WA E E NN A A T L T G H E M M
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a p do u p o s n o e e r o em d w p O l a ro e em m r e l e p rut y . e e Tm r r xd d ie h p py s cr n e a ia p otkr c n m e r i ,t s oy i s ie t e l o is e t ip aae tret i a m sn v h n g d o s da e t e n rt e w t a t n l u t , e ai r i l n t y r r,i itr a pn kh a k d k ooi se t i lu i e q s d alr . s i y ne a r t i s T d i .h n e i use eoe c re s a r d T a s s ti n it c a n f i i nl v n ai cd r y v e c nt at s s aad oy e o y ae a m r cl s r de pi n r t an ' s l n e e un o m q t e g t i i dsdl . s v i u ts m o I u on w n aliy c ln s h a n t n vd i r y ty m i i vt a h p ,m ri ssl an rdohn a e r e oa oh r o s c v i e neg n s o g t , t e bu f a a a i n Sce s a f nr eMn hnc e mC i s i i n n n v t o, rgt g e ez e f o i co r rgsn oo a t l e c t a o r n lm o r c fp s l a dai s e i i nn t o a n t i e r i a c ae ae m b h n e th es u a df t s pt i i n t o cn a g he e rr a a ho t i s l s d r e d v pi at nt es oint oi s a s a p gcg i i n p n rdon s f c fo r t t i e ag n i c tn n af tlW r 0 a m ney ap0 l t ac e e h o e t a g i .ea 5 og e v e h f c v x e p 0 m l s oyet a i i i s o c n tIe u so o ps n a s u s ms e r f a a. r s nd l t s Ss a l q a a r t gi w ei e g f r M o l u nr o oC n a n r h w pd d ee d e p e c ttstaa h n t oe s eu tieo nd e d ye ar d os e o t l n u a hq f n cl c s c r o s fuhg et h guy u cn hs a r l o t r ae f c i el l e. s a n e r T g g n a t pu ds nr o re r dn ea ieai e oep e t r r r vd c s r s d p ew e a c, h t e r os e s e m t c gm sr n e d h e ac e v n h ln i n a el r ot n a oi u s ef k t n o g m b u m tB o d s y d m edyp tA hi oe e C e o l ao t i o a i ne t f t hr c r s . P c ao f n ert n itt w e c d rs s s atran p et h rf ii i e i i e h nl a &i o c e ee s e a cts u ka ntr t o n n e e i um r i ad n d p r oe r e r e bo s h c t a s nf o e c n act a onr oy v oe p i ak mh p a t emnfs w o am rs l o id t d o e ie u. e ns l me n ar h e re e v t at T c av n , r d n i s R e e ta l o e t yd os ph f e i do ano in ot gr f tt aco rw e m d p g c h g o n nr s i h he i i e v ou m m i h nn n s k gt d e ec d om n i i t d r fus a , t g c n cr a e h oa e e o i n n ea m n ieAo rngdt e n .lm eu a e d t i l p a od cz g e e e an n r t y l e ce i y s r ni i v h ci r i lch e is a oc g ra e to s m ne tn x r b n e e a l t a ef a ey s a d s t e s r dl a u t a oh lc i rvn s r g mt n n s a te f i t e f e i e etd n ei t r d y d r sm e e n s a of e t f tl i t a n ba ro i y i, s d u t r w f vd o k e c e f ye s s ca s s MtM t ets aF F a o r i t ocN M j i f e i f nhC I co h i c u , A . r e t y m krd , ra tel ar Oa o ro s y nse bu d u a a . ao B n t g v e i nv o i e c np o e eva ur a a a m atehi ta s p h i d e e bn l e o s t s ad o enci y s b c f cs i c aan gi M n i .e c r ig ok gtl e r l l u u a ei s i t o inR a p W i c edr i s e o n m c put lnd e h 2 ree i t n Wid eit o h g h r 2 - s c a. r i q e l i n a e0 v e 4 c e v o e B Cy o t acevs o n o apsu t i n h m en n u e r n i s ti h i e i t s n u qi m w rct rv uv nri e n h a aep t x e e n l t ae i t a o h i w p i e n et e l e Pc ri lte l weat . a hi cs ni h i s de p l o yd . s ni t Fi Y0 i o e tu h a e 1 n g d en a 0 mn er g i c r nl a 21 u 1 r I ER N NRI S V E : S L T A OT O C ei ho pi o u oyl nnm ng m u i g ae u p px g f nr ac n dr i o w ro r cn oi . m p a e s Wre li s ao so ei i s atep a f ce te oi rtp o nr t n v r o nt s d o n b m e a c n t L O O o i sw e ii t s t dU u ns ei b r pa OK rs ab n n a n T b s ev u a e u e l i e l g r d nn oes w s o A t pa i e t h i o k es e ni r os u er l n t rad ad p h th. l s l i s W t m ii b l gI i en e pct o m c e ai s o n n o on t u - d n r i t t i u o ah t m t ee a r c na l i erehn oy r wvem o m ea e t p pe a , w n n g es u og a a r y n r i s o s no n alf a ss t a p i st o r e o t pt t i i f c c r d oe w o t . y h r i h l es o et u t r sr i ertsg oi o e nr li p tp u s v e s a r a rd i t , t o oo n r m e nr o rv s v o T n re o eord h c v e eer ai e i s s r x dw n f ai s i pt o l i nl c ts c g p ae c t iy at ne er i apn n a h k et c t d a d s ow m l s ot h y s t ad h r l s oe l a e a a e i e m en n n c c ot o , t ei x nn n e w h p do go v n v mn H i e i r . e r a t iu t c na d n ce r f e p p c p o oy s ct u c r at eh a m t ' s au nr r e st f t -ie wa s hrr ie t eeet o o t m i c gt r m o hl h e t e mt e bl m r l ln a h p a n pcd gre e n d r en te t r f o e t os s i f h r c hs ar s m aep t te o a w r o itier t Ce iet unt t . S e l m tk n e M l p l t e oh i m o ho e em r A v , r t h f rn e wp l ee uIt r r e u aeid t . ha h t p r r u i g e s da i c q , v n t e hu e
6 2
CORPORATE OVERVIEW
REPORTS
l tw wco u onC A T T a y e o si a r gA RE s e h n lb p f er a a s y na s v c , e i u l t e t i U YM T SE I OT N NA mt wre o pa o a ee a c m d i e s di c a rs lh t l i s r l v ds il k i f st a e t S nh a nu a a t m e gt cn n, a t tm d i nl i te e i s n a e s ds n e i s as m o s y aei u stief rs cs g eg ao i s ti h n t h cun it a i v v q nn o u i nu r s h bs e e d i t c n b s j ts en s g oy j t , rc, c hmovpi r i b ep a ' se c i e on e o s n mrtt at is e tn tpl hi o t g ao o , ey t a m e di s s ty bw m a n i l t h n d et ax ts b ao se ea m rro t s ia n e ny f dn m dc p t i oa o l k e w i g d m l .ennc l u ic r c W t v r a fuk e c eeo r f l ay i t e s o ot s tc n i s s t i u a l o s e ii t m f p l s t m n e ola w a t t ha a b a t nh e w s en pl a d i n g i e n c k e sre ri s r m e r n ep t i v a y a t ap i nde oo c o n a r p t o i t oe i t u ek t r li su ui tf mf eoce m ray g . t rl u A s gf a t n a t h l s d tl r i ee o r il m a coio non po on u t t x o t o ns d Isie e uf f i . t t r i nn p r ri ti o a do o l t erp oi . C n y hie e rp M d o s es i ld in e e xe t hr d e s s m S or t un a se s o h us r n e , e ee e f t t , d rs t vi i n p n oa u c v i nl pa r e n irr e , cn c ua oi tua ,o rs f a bnb e den r la p m i oe r d it ol g o l yn fr i aw i c d yv y m o c g c t es b s d ret o nr o i s n ere p a u n a a a m c r se t e r e e o u s c s e l k t mt b fn sn o s e hs a b t o a tn a i n t n ei o sq g e o s y e ue u c op t n t m e o u g eoee rd n s r cg ei t i ny a hy rba u u e oog l d l g g n d m rt o t t mh e e f a re a t t v no n n te e e ti me S n l os p, ni ov se i s n s er eo , i ei m t g yr w t m a r r ea e hrg e oeyH w g rs nv . v e r e nk t m n u a a di t a e cn ai en n t si n l s c h a g d o n, s g e i s ds m s y r i be oo t d e n i t r n u r g e do n e t f i he e i p n e r m v el o c e he po s e t m c c nj tse ,t te oy e ,o s ac m cpi e e pb a ' s i ovrc s s ej t oi nm t . pe l s e ngsn a s t s e ar l i t s h ai t , wd e c i e o r n o gt h u t gu rn s e u st et . h- i e o dr r mm t ou m
6 3
Comprehensive Solutions For Your Peace of Mind
Auditors' Report
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r ot t x a i o ec e il i o so n f n s b esp t i i p i s pnohnl n s iy r e i n ea n s a i Tl c e PLc d i i h ne r & c e ) e e td BS a h a aoo o a nf i t s ul s nt At s e s oi tm d a a tan d t n e ut e b s ou r . wi e r a eh o i b p i g ntb f ty on mhk hsre et tr t h a r ewo i es t o W t od c ni ag e u uii a a t u c e an r cht o du n d c r t c e o wi d d i n at c; c o u n s rgl a e d s n t aey p I i TSd a s r c d a ed n d n c i nh t a d a e n. o e l t as r i Ion e c e PL v ui , B S d & ) n pt a h rio l e t o h ne r n a aoo nf i t s s r i t wa r t a oi e h p d r h it b q a l nf u te r e a p n e et o o m u d t a n At a b r r mt c d i y e ow c et t p p h o lw i u th s t n ho l i e c y t h r o a nb h t f n e bs e ue ha a l s co t s eu a w e c n a r a t h e i i r nl a a ts re t s c C c i t afe u t ( ) c g dr o - i 3 o a s d bo u n rr i n d e ne n sn s er e a me a tm f o r i tm u at e f tl s n d t n r m s tn e ae e s i a a . t e At i ooo oi A6 fc1 e a c ; snf Ce 1 e2h p t 5 t 1 i t m , n 9 s i l em a av eo ns in t b i npg cei , ux g e i ecp d nnts d ui a os s e , sr t n ta tn l u tf n a t v n s rnsi sv m h u d si h c te e n d r nnlt m ) O i fi r et r i d m i o o s s e e is n acs i a a e. s tb wp a e f hs t e n eo a t r tn e e e oe o cr A a l e sh upe n l i u s g c gp a s deta t ri s uo s s e n i l dn ai i t c sn c i o n nc tdr s1r2 d o hc ot c 1 k et , nM a e i o 3 h nn r s e a s , 1t a0 an un i aiaa m n s di n tm a e e s tt e e n t di f e s ba , an s g c m d y g a e s m r ry oD , r ra e tB ic e t tn c hrfro eh e o e o t wt n d b a e d r s p o o w et t o f ns e e v i hei ct m l aa g v nl an l sl n u er a aa l l i at t e p a ev a rd a l r n. b o i oa n et W ut v r o si e n e rd i s s e t o l eu i e p e eb a b rrio ao i. s u n i op s o f n Aidep( dRO s rbCe ir e r , r et oi Aso e e y mu q u h a n t s op d ' r t ) r I ii t s bo oi 2 t n e f -t ( ) sno d r o sn f c 2h a m e 4 e 7e n sc A t ui o f Ce,9 eo t A e oi A 6ee e x mc , p t 5 n i h ea a n s 1 ws cn n l n u r s etme ip pn t me r cn r s 5 a t ht si t n eo a p n ts i da 4 e f ea h d ra a g oa ee tp t e a f sr t ea b C . t iO h d x pl o m e d ot rh ni e oy t e la t c hp n odr di d 3a fe t i i u a 1 r t ics a s s c h o sf r s q e leo t h i nM , 2 m p aro m 0 bp d ict s 1 e o se ef 1 i a t a tn o f r o gie dr r n n i c ( o snf c 7h l s f bo sno a ) s c1e 2 t u e u t ( oi g -i ) e t o fe 4 Ce 1 oi A6 m t5 p c ; a , n 9 s
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h a n n kn s C h t at aa oy o t a y , n d h nc rd M n . T ms g /e l n a p lv b a e 3 e pa re n o s hl e y n t b y ye e g e s ei ai f i t ha e m s ds d mi ,m e o c tr c n s c r e ,/ o e o u u r o mi r e nef u o pf a r r s o a cd e t m t p o i t rs ae hr et r i e e hien s r ne v e g ia r t d i n u S 3 t Ce ,5 n e 0 hm c . dc 1 e p A6 et r i o o oi n f a t n 1 s 9 Anu s, )d n o c gb e c (a)f c l sl oy c ( ( ( f d r , d i ab ) ) ( u) , , g c ( oa 4 h m l s) f apo Ce ai ui e i p hf e p ra g r t oi a n s ( d eO0a e h As r r , 3 e b u R d , m t ir p e a n y t o o r ' t ) 2s d e 0 d CedR( e n e oi ( ir e A e d mu p Aso ntr , a n t s o p m) r ' r t ) dO m 2 r ola t C f t 0ea b h p re 0 np t e a h 4 t i l o oy a pe c m n o ct r ue r y r a e . n
vdts e o r t ef he oi f h r r emln i f o t n dm i e m a th o t f g e 4 on d dtio n . I ui a c t e an np no o f t a rio a i o nc g n i r n hr o m d dt p aa y s eo rp n p l py t n d h o a t s ir i cs by i i c a ea g ot en u x ts n srsaa p ne u l i a n i t , e ae ov h i de q t va fe ca cf ei o h r t i a rt i o s ee s f n i c t at s e hr i ef i cn o ieo y c n wi n cl s o s i ts t ar t mt t e r n e m n ts l o m u hz e eh r a e shp l rb a e t eh f , tm n ods m n t c i y o ha k nc l i a y eg e m o oy h rf b s e fep d t o s ft tC a n i u o h a t a t i sh m ee n n us e nr d hr tyn ui , u e a e . on r ty t i n e hrdrio g a ee / aI np o n ps t - a ee ft ue cr , ds o r cok d a ar hfot e s n h as i n f - i x s de t tf u fra r o. h e v t ie b e n ei s n r c i o sl ey f n q oc i a e a sf od et , tbf a on i sh hio lo ss . rr e e d e F o a gar v u n s c e s ( n o , e e os bo io pu fh )I u i t r d p l r nh c s y p n oe r i c a va f ot ewh ei o kal e t rt i ot - d f n cr f i c si n o b l de oy M nr o a e i a e e b aa n te n n q a a sl du g r a e de e m a t n o mf e s r r o u i t obac f e r ai e a t ono t x oh k e n n od dh s C ,n o t h rt a oy a i on i n m drg emd p a n ac c d t io n n f a o ea go e n c x tsns h e o pn t , l i a n i o eu a ie e v w vt e rm h
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a nve rd yti c o bf e n i n r or e io o c g s he m o s a n n f an n u f r ct j w e e s aoc r a s a i i er m n it f a l to a k n o u r e o e he es s rd ieoy. n cl s t ar t r n e nts l om 5) I ui ac t e a . ( np no of t a on ddtio n rioa i o nc g n i r n hr o m ap nn tpa nl ag u a rf dn i ts r ls e ts oe u x i a oe , v hi t co cc ae rr ti os rgt e o n o nnfe n t t r r me r a ae s r d S3 h p A h e 0e a c a c 1 Ce 1 v t i oo oi nf t m t5 e n s 9 6 bn i t rs qt e e t de tr id ee hie r o nr n e e e e g u b r e m uh t. aeesn ia nai n t dt e i nd c rt o ( I ui ac t e a bon ddtio n ) np no of t rioa i o nc g n i r n hr o m ap n n,ea nl ag u t sn dn i ts r c e ts o x i a oe t ai s v h n t o mp c s cc a u eu n o d r nf c t t r e s oh rs i nu a o a ae axi t v o rgt n e hu r m e n af a e d e ee nn s cg l d dh h e e e h ue a n a s r ty v mci i n e e ap h g a b di w r e t r c a slh r r tpn r a e gd r i g e n aet e l ro v g h a e bi a n a oe v i m ee n. ars rvm r p t et e k e a la tch i t ei t
s rdn g i n d t t u c P tu a t y sl i u e u rd n o i d o F nv e , i e et a r c fd nrd n p i u v s u t o c no n , a de i o t o t n e e t s eml m t i u, oxs ps r i l eean- s o a n y s nc e a ct e a , t wx va s d aea re c xa , e t u u , l- s t h t i c, t x ot m y , e d s o as r x u s t ma c t ed i sy aht lt t e cn r e t y , er i a o u d s la i t a r u a bt hpt e p l w pa s p a i e c h e r ie o p ai s ue t t. h o r i ( An e anl a bc t io n x ts ) c g n t ap n o of i r dt i hr o e i m dn a o go d coc n i n aer fep v u tr d es h s t n e o t oy h a m e e seo om x d,e nsc a bhe e o m t ad i i n urr u ny f e t s x l- sec aewx i - u x t ea va t , l aa , r t s a, t he xo t c, m d c t d hv b u i d c i h te tx u e c n n ysy s h o , e n w ee e a s a d ec o i u e d oa p p o un t o n ny e s at i t c f d. s
R F k r e a r 1h pa a u l s a u i L i e o p 0 C h cle e t p v h s fnt e es p e an c y y .T ms c t oa s t a e a nu ds oy o m s s n a M 2na i u nh a11 ih tc a s r3 a s n c 0d n r h 1 t , or y e c da l s tf n ae h e onnle da o s h c rd t d i e e i yn n a n s i i a a e o tr t tim r da e heyei n a e d eg iy m pi f c r iec nl . a t l n a
6 ep s c d e f . T m n eapr h a o p y s m c g r ro oy i d C htc noo1 c t e dep a oy n a a e ds t i t 1 o oc f C e e .An e t m m r dt o h a i h s n n x t p iit mf c5d h l w e oi s a ecn a S 8 u t hn e bh i ei n t g oA n n 5f Atrseer 8 h n um n A c h f du A tdl r t o a t e e ah d e ee r . 7 on ep s t ai . I u i , C h ie u n p t oy a r a r io o h a n m nn t n an d l bs u. s is n e 8 er o en s r rd . Tn v nd n s h tG tI iht c C e o ap e e ar l n f ao i m e b s c )S2h o f u t ( f c0e r o bo e 9 Ane -i 1 t sn e oi ooc y nf t t ah f t ptf C . rcea oo oy dt m uhp s n bn io n x t g y d f a nl a i n u t nt ap n t s hr i ae m e i v o dn e a o o u C ht fld at s oyn a ir y o ,ep s e n m t m ou ee h a n ad t ep f n da ns n k u n ct i o s e y ii it rn s f au b t i o ano nl t a .
s c n wz no 1hms g a an y os i is d f s mt tsat i t e m m u hea t e eti n r s 2 C h trey s r a u e .Toy na nn e pa a n ot n dl o d a a e e or yo e ds b st w d v o a eb f g a ns c n t c hs u aef if i y y po l s , b s t st. h er n r u a e a e rs rdu d e e n s t eo c h i i e
tmcoo d so3 p nnc t a b hn es ru l e et ncc na ) a ie o r d r u f 1hvs y i s plt n f t a e s c( e d .T ioaet t p o e sos l a la ri o f p u i e a ec c d im e d t a h / ht bf / ii r iu i / u fu c e t f n ue n e n d a i l n t se o s n la tC . oco m tp t e a ab pl h p i e oy n
9) Anhrt a p n4on ep s tep .( a c t em ea 1nptC h ia r r c g io n x t o o f a nl i r dt n i i o dn a o . I ui , oy a d rio m m p o h a n n an o i n e gtu r r o c n i n s e f ep vo n o t oy e ac ddh a s m e e s rio oy x d, one a a b ui tc n m i i nu o h p y np n m i s gl r l i d i uu eyu endd n e no nt e g r a a p l r s i gs t i e p r r osn ccao e fai s os i t c t a a n rt o r c n t te d n s t od a l n r g d onhst, b s e r ds , c du a t i i ae se lg g r i nr an su e r e r i i e n t e ahe t uhr dy ne s sn y ne d i tnr t e t l o ve i t n r m g a i d ea m
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st h s i t e b lb e s a ka v n y c e t - d ed u l s n h e r i i e d cr a h o e e 1h p s s nes g 9 C ht uy nd .Tm n e du r e a o de r u oy i n a s ab t en i t C ii o m e o h p tw o n f e a s n rt a i oy m n n n a ihe e n m t s tyneono d h a rr du tn s e da e r u i a e t a he b st n r e ne t e a s g n e e t e oet o s p enh m mc he t xi i nx t e e o x fe p t t t en o a as a t b ht t lc te hn e. e ed ae g u e4e ree i 9A a n c oc n dt t dS r of nt t h . 2 ep s a n e u 0 C hti d oyl . h a n e mp Tm o a n b oy n ar sy y bi c 1 on d dtio n 5 ui a c t e an .I rio a i o f t a np no hr i o nc g n o r n m d i u i ty sdh . su e en e sga r r ea goh pa n x tsn , e a s p n t s cn g l i a n i oe v u oy i t m he v ca reo etu r 2 e b f etm m o e nr n b b r tu ea n s iy 1 he ot aa p pgtfl t o a o ay s r a ki s ia .W e rd a / l e d a n v i m e n h ne e a g o e y r a e pae ans n r u p t s on dg oy end or c n r dt t om h , t m i h co i o l naateah f c / re n j i lo s oae ou t e ua nr h gt ep i u rd t c ief c n n ooy t se a r t m e thp . 1 onnot e an 6 ui , d dtio n .I rio a i of t a npac o n cg ni r n hr o m d eag u n l a e x ts ts ob t p nn ov s e l i a n i o ar i t r oe , v ne s m a , l h l n b pr pe h o v net us i a e a f h or c s e lde s w h ei o r a p po h f t wi d hr te e o . y b ea en 1 naar xafe c 7 tb n l ai oa .Os oe t tb hi f v m h n e oe i o s a n l n l e a so oyui ac h tC , on d d eh p ee a rio a i t f m o no n i np nc g r n t e anl ag u e of t ap nn t tio nx ts ts hm e i ni r o dn i oe a oe , r v h afd dhr a i h ro re st bh v ens an s oo ui a nr m ce t es h i s a w be n i e t e dg n e e fo m n not v . ur sl e s r t m 1h m s m pn 8 C hod .Toy nan f t e p at e rri a n aea y el e a n s tp aoi lt tfh oi nm lm a o or e e a dp s r t e cn s a e s cdrsaee i 3 oit e m u e 0 v ng ia n c 1 eht n r ee e t d S i r i nd t r o n F UJR O &D R R A A T L IE N F. 0 . N0 R 5 .: 4 0N 2 CR OT HE US AD N RA T T CA E CN s d / R RO A MA J IEH N L D A T R PE R O OR P R I T M0 . .F8 N8 0 3 : 6 0 P: W L NH AE I C D E E L D30 A 01 T .. 1 E 0 : 5 2 om di ro in d f o y et ca p n p ye s ' s o s op ro a a h t mr di s o Rc i pa c ou s s s p st f a ieu a t . l pt e r o r i em 2 n 4 o a f f c c sn y nu r lno uhr d i o t c dt e e t m i a t r e ua e u i n g a rd . I ei sn ed a h n aa r s tma v t r ps ha s so i o ae g t n i g e gn n r e r b i i e epahh es d c n w i emh a s h s n sTm d . s oy i e ht l d t i le a c n o a e b n oy a t r a f d ms q mi ne t n t h pa e l s e a l de i s u y cd psielb ly ob r nr si iy v y ev e c h ca l p r eo e m i o m e n t i i d a c w s. i ti u t ee h r h r n s
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It sui e f ee h n o u p e aa e f r do v t t e r o t r mA R t o dt d na c F UJR O &D R R A A T L IE N F DH T A OO L H D R NF E A BO O N E FB A R F. 0 . N0 R 5 .: 4 0N 2 CR OT HE US AD N RA T T CA E CN s d / R RO A MA J IEH N L D A T R PE R O OR P R I T M0 .. 8 N 3 o 6 : F8 0 s d / SG .A A CR . A GL W (A &G CAA G H I NA RM MN I N DR IC R) E T O s d / AA J R AG Y G ( E) DR IC R T O s d / M. P ACA HG E U S H T ( ER M VH & G I - I AA G C MN C NA A I N DR IC R) E T O s d / SK UU MA A R N M ( M CY C YE O SA PE R A R) N T
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(Amount in `) Yd 32 e e 10 a d- 1 r eo 3 n n -1 0 Sc m .. r a Np oiN S e 1 A B B L t d 2 Hd D F C L t 3 B dL a ut j Hn a sd ji t n a. 4 C e &t L eT n x Iu t t ut r is s d yl ed ne. r i s 5 B ao t h r vd a t r ah r . t E e M s L 6 Bl ti L h e c. a cs r a r t E ot nd 7 B SSt h t& L u et s er d h l a n i p s . 8C ia p lL t d 9 Cnv d rpr e. o Gt ma t eL o s 1 Dd 0 a iL ba u t r I nd 1 h el t ll . 1B a c t a v rs r a y i t He Ea c d 1 Hn l m t L 2 i u e Ci t n P d t ur a d s r t ao oo e pn o r . 1 I It 3F C L d 1 R Ct 4e a d ln p . i c il a et a L 1 Snd 5 t BI i a k a ta n e o f 1 S 6A I L 1 Td L 7 in t t tI u d a s . ne r i s 1 Dy o s 8 r d bi L RL t e aot d rr d s a e. 1 Eit 9s l d s L a r O 2G 0T L L t d 2 od L 1G u t d s d rne. e t j I r i s 2H n 2 Dk F L Ct B. ad 2 H do. 3 en t L r o ot oa r d H M s 2 Hnxt C L 4 i u i p np d n O a oy d l l i s E o a . t a o r m n t 2 Hn L 5iui t n Zd d n s c t a . 2 Io cgd 6n T l i L fy h e. s ns s o t eo 2 Jl t i L 7Cot Trc. E s e c nd 2Jt L 8 S lt W. Sd e e 2 K aa L 9 o hB . t M ad air n kn k d t 3 Lu i n . 0 I HFe Cg c o nL s at i n d 3 ud 1L t p iL n 3S a 2e L s t a d G o 3 Gd L 3 rm s a u t s s d iI t ne. r i 3 O r apn 4 i N soL l aG r &a Ci t tl u oo ra d t . 3OaC e 5 rt n oc i ak m e n l B om f e r 3O 6r S kl a y i k 3P Tl i L 7 a eo t d cgd mo i n ns i h e. 3R Iu L 8 e ne. ln s t ic t ad e r d i s Q t y 3 5 ,0 5 0 1 0 ,0 0 0 5 0 0 3 ,0 0 0 1 ,4 0 3 2 ,0 0 0 1 6 ,0 0 0 7 ,6 0 9 1 ,0 0 0 5 2 ,0 0 0 9 ,6 0 7 2 8 ,3 4 4 2 6 ,5 4 8 3 ,5 6 2 6 ,7 2 2 2 2 ,0 4 5 1 3 ,7 1 9 2 ,5 6 2 1 5 ,7 2 6 4 0 ,0 0 0 1 5 ,5 6 2 1 6 ,0 0 0 2 1 ,0 0 0 7 ,0 0 0 4 2 ,0 0 0 4 1 2 ,0 0 0 1 ,0 7 5 9 5 ,0 0 0 3 ,0 5 0 2 3 ,0 4 5 5 0 2 4 ,3 7 8 Vm a t `) l( . u i e n A 2,0 45 ,0 8 1 9 70 1 2 , 0 0 15 7 5 , 0 2 20 ,6 00 5 , 8 18 ,5 78 3 , 2 80 7 5 , 7 0 50 ,6 10 3 , 8 1 ,2 49 ,3 6 2 7 30 5 6 , 9 5 20 ,7 70 3 , 8 53 ,6 23 7 , 3 7,0 88 ,7 7 2 3 42 ,5 49 9 , 8 1 ,1 33 ,4 8 1 3 1 ,1 05 ,3 2 0 2 22 ,5 75 9 , 0 3,1 01 ,9 9 1 9 49 ,4 14 6 , 6 37 ,6 07 6 , 3 50 ,2 50 0 , 0 5,9 01 ,4 5 7 2 2 3 ,0 5 2 1 ,0 90 ,2 2 4 3 35 ,7 10 9 , 9 90 ,8 40 6 , 9 1 ,1 6 6 30 ,4 40 8 , 8 48 ,7 38 0 , 1 2,0 70 ,9 5 5 5 13 ,4 35 5 , 2 2,7 52 ,7 9 6 6 Yd 32 e e 10 a d- 1 r eo 3 n n -0 0 Q t y Vm a t `) l( . u i e n A 80 3 0 , 2 0 17 ,9 71 3 , 1 1 ,2 71 ,6 6 9 9 15 ,2 94 7 , 9 10 ,3 29 1 , 5 95 ,0 20 7 , 2 90 1 3 , 8 5 18 ,2 70 1 , 8 1 ,8 41 ,0 6 7 5 80 2 7 , 9 7 76 8 5 , 6 3 5,1 01 ,4 2 1 4 39 ,5 63 8 , 0 71 5 8 , 4 5 14 ,1 00 2 , 4 20 ,4 73 3 , 9 4 1 ,5 0 5 10 8 2 , 3 9 68 ,3 90 9 , 1 12 ,8 20 0 , 5 1 ,0 0 0 1 2 ,5 8 2 3 4 ,8 7 6 1 ,5 8 7 5 5 4 2 7 ,0 5 0 3 ,0 5 0 1 0 ,0 8 0 6 ,0 1 5 2 ,0 6 0 1 5 ,0 7 6 6 6 ,0 5 4 1 4 ,5 6 3 4 1 2 8 0 0 1 9 ,8 7 6 1 0 0 1 ,0 3 0 3 ,0 6 0 5 ,7 2 6
1 8 ,5 5,6 5 9 04 ,5 4 4 4
4 3 ,0 7,0 0 0 25 ,4 2 2 9
2 8 ,2 5,8 3 8 97 ,6 0 0 1
2 1 ,2 4,5 9 2 26 ,4 3 6 2
1 0 ,0 1 ,5 5 0 27 ,3 6 3 0 3 6 ,0 9,5 6 5 51 ,3 8 4 4 1 6 ,0 0 0 3 0 ,0 2 4 14 17 0 7 , 9 4 3,0 39 , 9 4 0 3 2 ,0 2,3 4 5 47 ,6 3 0 6 6 ,0 7 5 7 0 0 1 ,0 5 2 1 ,2 2 3 1 3 ,0 2 0 2 3 ,0 4 5 5 0 50 ,6 80 8 , 0 18 ,7 15 3 , 1 72 1 6 , 0 7 34 ,6 40 6 , 5 42 ,5 20 3 , 2 -
2 2 ,0 2,5 0 5 42 ,1 2 2 9
14 18 2 8 , 6 5 3,1 82 , 0 2 5
1 0 1
(Amount in `) Yd 32 e e 10 a d- 1 r eo 3 n n -1 0 Sc m .. r a Np oiN S e 3P Iu L 9 e ne. a d t c s d o t c r k i s 4 R Lt s 0 a aot n bi L b o a rr d x a y e. 4 o iL 1R a lI td a t nd 4 JS 2i a L nw d t la d 4 R Irru . 3 e n ct ln at L ic s r d a ft e e u 4 T wp d 4a e a . t o oy a rm P C L n t 4A 5C C L t d 4H Iu L 6 i ad t n ne d l cs d ot r i s 4 T e. 7a e tt L alt Sd 4 To i ts 8 a mo . t am L Cc t u n n a d i 4 L &o 9a T L r s ot e ud n b. r 5M M t 0 aa h L h & d. i r aa n d ird n 5 ot 1B d s c h L 5S L 2i e e t m n s d 5 Tot 3at L t o ar d M s 5V t 4od ls tL a 5 Hn vd 5 i u nL n U t d ie s l r. t ae 5 I i Hoy 6n o m . dtC L ae p d nl s a n t 5I L 7T C t d 5 A yt 8 p rL o e. lT d l o s 5 SI u I iL 9 tt d nd e r nea l i e t d. s r i s t 6 Zta t t rs 0 ee e e L er mr e. Ei n p t n t n Ei nsd 6 a nd 1G d. b iL rI a i e t l 6W 2 io p. rt L d 6U t 3 nL ic. t ed h 6 V o. 4 a rt tC sp a L d 6 Jpl L 5 ai Rd i ao . R lr d t e 6 Fi T l i I iL 6 i neo d. nl cg a a c he t a ns d o n 6 I iC L 7ne t d ed a n. m t s 6 LO L 8a r i t ug d r a . en l c s 6 Ad 9f L t t e. k 7 I Ct t sot 0V f ru PL Ra r& td L u Ir c n s erc j e. 7 n i oi L 1I i O r n dl r a t aC o n p o d t . 7 Ms h t L 2 a ls Iu t nac s d n Td a e G ne. r i s 7 Kac L 3 h lS s aar t n e d u d w i t i e. 7 Dn 4e k n a B a 7 W rt 5 e C. l up s o p L n d Q t y Vm a t `) l( . u i e n A 5 3 2 25 2 2 , 0 2 10 ,8 30 8 , 0 20 ,8 80 5 , 8 15 ,7 50 4 , 5 22 ,2 25 6 , 9 20 ,9 40 1 , 2 44 ,1 53 9 , 3 52 ,1 41 6 , 0 54 ,8 68 8 , 4 2,1 63 ,6 3 6 0 2,0 20 ,5 3 5 2 60 2 3 , 7 5 2 8 5 15 2 7 , 3 9 95 ,3 20 5 , 9 90 ,3 30 6 , 6 19 5 7 , 0 9 60 2 1 , 7 5 1 ,0 00 ,2 5 2 6 73 9 4 , 8 4 25 1 6 , 7 2 10 ,7 10 4 , 2 21 5 7 , 9 3 40 8 9 , 6 0 60 6 8 , 5 0 50 ,2 87 6 , 8 30 ,7 10 2 , 5 30 ,8 93 0 , 8 Yd 32 e e 10 a d- 1 r eo 3 n n -0 0 Q t y Vm a t `) l( . u i e n A 5 7 2 1 ,0 15 ,7 7 7 2 93 9 8 , 4 2 1 ,0 60 ,4 9 8 0 8,1 04 ,6 2 0 4 20 ,5 70 4 , 2 1 ,0 32 ,2 2 4 6 33 ,6 82 3 , 2 34 ,3 50 7 , 8 92 ,2 28 7 , 8 6,5 13 ,9 8 7 6 18 ,0 39 6 , 1 11 ,0 40 4 , 8 21 ,8 25 2 , 3 15 8 8 , 9 2 40 7 8 , 7 1 2 3 9 53 4 4 , 6 4 12 ,6 73 7 , 6 11 ,6 20 0 , 5 1 ,8 44 ,6 4 7 1 11 7 0 , 5 6 50 4 3 , 0 0 16 ,3 56 1 , 9 61 ,7 70 2 , 1 7 8 ,8 4 8 18 ,8 50 2 , 8 33 4 6 , 9 7 91 9 2 , 7 3 20 ,2 40 9 , 7 96 ,5 28 5 , 5 85 2 3 , 7 2 1 ,9 80 ,6 9 4 6
2 0 0 5 0 0 1 0 ,0 0 0 1 4 ,0 0 0 2 ,0 2 5 1 ,1 7 0 2 ,0 2 5 2 2 ,5 0 0 8 ,1 8 0 2 3 ,1 8 1 1 5 ,8 9 4 3 2 ,0 0 0 5 0 0 1 1 ,3 5 1 5 1 ,0 0 0 5 4 ,0 0 0 1 ,0 2 7 1 5 ,0 0 0 2 2 ,0 0 0 1 9 ,0 6 5 1 ,0 0 0 1 0 0 2 5 0 1 2 ,0 0 0 1 0 0 2 0 ,2 9 0 6 ,0 0 0 2 ,0 0 0 1 0 ,0 0 0 39 1 9 , 4 9 3 0 ,0 0 0 1 8 ,8 9 3
2 0 0 2 4 ,0 8 0 5 ,0 5 7 8 0 ,0 0 0 8 0 ,9 3 3 2 ,0 0 0 1 3 ,3 9 3 2 1 ,3 1 1 5 ,9 6 4 3 3 ,0 0 7 3 8 ,8 0 4 2 ,6 4 9 3 0 0 3 ,9 0 0 2 5 0 2 ,0 7 0 1 5 ,1 3 1 6 ,0 7 5 1 7 ,0 0 0 1 7 ,1 0 8 6 3 5 1 5 ,0 0 0 2 ,2 1 4 9 1 ,0 6 5 1 ,0 0 0 1 0 0 5 0 1 1 ,0 6 0 1 0 0 2 0 ,2 9 0 6 ,2 0 0 8 ,0 4 0 1 0 ,0 0 0 46 0 2 , 4 1 1 0 ,0 5 0 6 9 ,8 3 3
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(Amount in `) Yd 32 e e 10 a d- 1 r eo 3 n n -1 0 Sc m .. r a Np oiN S e 7 BI i 6a n nd k a o f 7G L 7 aa ind ld Ii t 7 ICL 8Ck IB Iad n t 7 Gu t 9 a gd y a. a r t r i SL s 8 An 0Xk IB SL ad t 8 o o Ld 1P fab liS a. a tr r sw L e t 8 Hhi L 2Co t Ln s T l e. eo d cg 8 J SP t 3i a l o d ne w de e l t &r . L 8B 4L B L t d 8 Ti En L 5 e ne i t l io t I a e i e v g nd s h d. 8 Ho . 6 Bl L P t o d ri to f 8 T E r &t L 7 rnn i in i v g gu t e ie I s d e ne. nd r i s 8 O u iL 8p iI a t i t d. o s t Cnd r c 8R M s 9 e e rL ln dk. i c i od a ea t W 9 Up d 0 n is id L t St er . i t 9 o h I iL 1S and l yr d. v mt a a P a 9 PNB 2u a a n tak j ai l n bn o 9 O aSS L 3 re c re a . anl e o t c n v frd lFi i ai ct e w 9Ca 4 aB n n a k r a 9D o s 5 is rr L vbi t iL t ao d a e. 9 MuiL 6 aund rS d. u ka t z i i I t 9 P ms t 7 a py L t or t d n u e. i C S t e m 9B t 8io od c n L 9 Jk s t L 9a s o t i aA e. p r hc d as s i a 1 To nre. 0 a n cvL 0t s yi s au S t C l t ae d c 1 NT l o o i L 0 a h P ra t 1 ta m C o i l e wo d o r n a epn r r t . 1 DC H t 0 e hei L 2 c rcln. c o o d a n d n i l g 1 Jk oes 0 a s et L 3 i aP n t p r h r ud aw r . V e 1 I iIo d 0nf e 4d l L an n t i . 1 M s d. 0 c und 5 l de L e si t o l a R I 1 IC 0D. 6F L t d 1 Snt 0 u ed 7 z rL l E og n y . 1 SeSL 0 h nu t 8 rR gd eu a. ek r a s 1 T S L 0u e t 9 l I re. i Tc pv d is 1 Py . 1 u d 0n L jl Lt o d 1 E pi s 1 d S L 1 u o t c lo. o u d mn t 1 Gt Ptd 1 u at e 2 ja e n . a te L r t S r t o 1 Gef t t L 1 V rIrru . 3 K & u t P nc d o wa r s e 1 R N e e. 1 e aR s 4 ln t l s L i cu o t a er a u d r c Q t y 5 0 0 4 1 ,0 1 3 2 1 ,0 0 0 10 1 3 , 3 5 2 1 ,0 5 0 2 2 ,0 0 0 5 0 0 2 1 ,0 5 0 7 6 ,9 1 5 1 0 0 2 ,0 0 0 3 ,0 0 0 2 4 ,0 1 0 2 ,0 5 0 5 5 0 2 5 0 2 4 ,6 0 2 1 4 1 6 ,9 9 9 4 ,0 0 0 1 8 ,6 0 4 4 1 ,0 7 5 2 2 ,0 0 0 1 2 ,0 0 0 4 3 ,0 0 0 6 8 ,0 0 0 4 ,0 0 0 4 8 ,0 0 0 4 ,0 0 0 1 4 ,0 1 0 1 0 ,0 6 0 4 0 0 Vm a t `) l( . u i e n A 20 3 9 , 0 5 1 ,0 95 ,5 1 2 4 2,0 35 ,7 3 6 7 37 3 8 , 9 1 3,5 07 ,8 1 7 4 40 ,4 10 5 , 7 20 3 8 , 2 5 1 ,0 50 ,9 0 1 9 75 4 0 , 2 6 3 ,0 1 2 10 9 2 , 0 0 80 2 7 , 2 5 38 ,5 65 3 , 4 27 ,6 65 2 , 3 63 7 1 , 0 8 45 9 6 , 0 2 1 ,0 58 ,3 0 4 8 9 5 ,2 3 0 88 ,3 86 4 , 5 18 ,5 30 7 , 0 12 ,9 65 6 , 5 4,5 97 ,9 3 6 3 40 ,6 20 4 , 0 90 6 3 , 0 0 1 6 9 70 5 6 , 6 0 1 ,0 00 ,9 5 2 8 10 7 8 , 6 0 30 ,0 30 4 , 8 50 6 3 , 2 0 90 1 2 , 2 7 40 ,7 40 5 , 3 1 0 ,0 3 8 Yd 32 e e 10 a d- 1 r eo 3 n n -0 0 Q t y Vm a t `) l( . u i e n A 20 ,9 50 8 , 7 56 ,3 09 8 , 5 2,0 14 ,0 3 4 8 41 7 9 , 4 7 7,0 62 ,5 2 2 3 32 ,3 20 2 , 2 14 ,0 10 8 , 7 4,0 30 ,0 8 2 4 38 7 2 , 4 0 29 ,9 26 5 , 0 4 ,0 5 3 22 ,4 10 0 , 8 46 4 2 , 4 7 11 ,7 10 6 , 2 1 ,0 25 ,8 5 5 0 20 ,1 80 9 , 0 1 ,0 06 ,5 9 4 2 25 0 7 , 0 4 37 ,0 60 1 , 6 38 ,8 38 6 , 0 4,0 78 ,6 0 1 1 50 ,0 09 1 , 6 97 ,4 70 2 , 7 1 ,9 76 ,6 4 3 7 32 ,0 75 0 , 1 50 2 4 , 1 1 2 7 0 26 ,5 59 6 , 6 5 4 2 2,0 08 ,0 9 1 7 90 ,5 20 7 , 1 30 ,1 90 2 , 5 14 ,9 20 5 , 0 1 ,0 44 ,9 9 1 3 7 4 ,5 7 8 50 3 3 , 7 5 1 7 ,0 9 2 21 ,3 96 0 , 2 7 ,0 6 0 1 2 ,5 4 0 2 2 ,0 4 0 10 1 3 , 3 5 6 5 ,0 2 0 1 9 ,0 6 0 3 ,0 3 0 6 2 ,0 4 0 2 8 ,7 5 3 2 9 ,2 9 0 1 0 0 1 5 ,3 4 0 2 ,0 0 4 5 ,0 4 0 9 ,0 5 0 1 ,0 0 0 1 0 ,0 8 0 9 0 8 ,9 7 9 4 ,0 9 6 3 3 ,0 2 0 9 ,3 3 6 3 4 ,0 2 0 17 1 6 , 5 1 1 7 ,5 8 7 3 ,0 4 0 4 2 2 ,6 4 9 2 10 2 9 , 8 0 10 2 9 , 0 0 5 5 ,0 0 0 1 ,0 5 0 8 4 ,0 1 0 1 0 0 6 ,0 1 0 4 0 0 4 6 ,8 6 3
16 15 8 9 , 0 0 4,5 78 , 8 5 7
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(Amount in `) Yd 32 e e 10 a d- 1 r eo 3 n n -1 0 Sc m .. r a Np oiN S e 1 R Ci t L 1 e oc t 5 ln mo ic m d a e u n n a . i 1 G s rt 1 Mru . 6 R uL Ir c d n t ft e a 1 T aa 1 e hL 7 c i rt hn d M . d 1 L Irc. 1 a fed 8 n aL c t t o h n 1 Gs L 1 rO t 9 e hd a o. tf r f e 1 CiL 2a a 0iI rd n t nd 1 P i n ra t 2 o nCi L 1 w c pn e eo d raoo F r t . 1 Ial L 2dl a 2el r . Ct e d u 1 I i ua t t 2nl Ra . 3d e e a b ls d l sE tL 1 F e rt 2 o ae 4 rH L t i slc d t h . a 1 D 2L 5F L t d 1 HD en c . 2 o emrre 6 u v nf t rt s e tI a L i n l g o & ud p s 1 M r SE iZt 2 uP p c c L 7 no e o o . dt r a &an n c o e i l m d 1 R Pt 2 e od 8 ln w ic e a er. L 1 Sti n r a t 2 o t a oi L 9 m c pn D eo d a F Co n r t . 1 S BL 3 tnt t 0e ied r o . lg c i h 1 W iI u L 3 e I as t 1 s nd t d t e r n ne. r d i s 1 Dt L 3 e e. 2 wl t ae n d S 1 N i i Ci L 3 eL o o 3 y g ra t v n pn e t l i eo d r t . 1 Ht 3 aL 4li d o . n x 1 Au 3 mL 5 tA eo k t t d 1 A& L 3 r Td. 6e D t v Ii d an a 1 Af o . 3 b sL 7 a hd n rt O f e 1 St e e. 3 pyo L 8e P s c tb ii a r l l ut d 1 O es a u L 3 rd i l& a a . 9 ch h m h es iC c Pc l t a r m t i cd 1 Mt 4 pL 0 h d a s i s 1 B Ras 4o a s L 1 m ni by h t ao o . y Fn d 1 C 4E 2S C L t d 1 CP m t L 4 h e Ci t 3 e t ur a d n r n o oo a l i e pn o r . 1 I It 4D 4B L d . 1 Jrt S L 4 a a ys 5 iIg s t ni r ot i nm ed . 1 ML 4 aa 6 x t Ii d n d 1 Na t t C L 4 a C i oy 7 g o o pd a n n a . r j u s n r u m c n t 1 P Hrt 4 im c d 8ral a . ae e l a L t h 1 A i N. 4 dr u 9 ia tB o yl v a L t d 1 I a sL 5s d t 0 tu d p t I ne. r i s 1 R yu L 5 u as t 1 c I t h ne. io S d r d i s 1 S Fe . 5 u art 2 n ss d t r a e d m L n Q t y 3 3 ,0 0 0 4 ,0 0 0 5 4 5 5 6 ,0 0 0 10 4 8 , 0 0 4 ,1 0 0 7 5 ,0 0 0 1 0 ,0 0 0 6 ,8 4 6 1 7 ,0 4 0 9 ,9 9 9 6 ,7 0 3 4 ,0 1 0 5 0 3 ,0 1 0 8 ,0 1 5 1 2 ,0 0 0 1 0 0 4 2 ,0 0 0 1 2 ,0 5 3 3 ,0 0 0 1 ,0 5 0 2 ,0 0 0 10 0 4 , 0 0 2 ,0 5 0 8 ,0 0 0 1 2 ,0 0 0 4 2 ,0 6 5 7 5 0 2 0 ,0 0 0 2 4 ,0 0 0 5 ,0 0 0 Vm a t `) l( . u i e n A 30 ,4 50 5 , 1 10 6 2 , 8 0 38 6 8 , 3 3 20 ,0 20 2 , 4 5,0 10 ,5 9 8 0 15 ,1 00 0 , 2 50 ,2 00 6 , 5 15 ,4 20 4 , 0 95 7 8 , 2 8 31 ,6 00 5 , 3 13 ,4 34 6 , 6 79 8 2 , 9 9 3 6 ,0 0 8 18 ,9 25 2 , 3 70 ,3 30 9 , 8 1 ,0 20 ,8 6 1 9 54 ,6 22 0 , 8 70 7 8 , 2 0 45 6 6 , 5 7 40 4 6 , 0 0 1 ,0 40 ,4 8 1 8 45 4 6 , 3 7 12 ,7 20 7 , 0 10 ,4 20 1 , 4 1 ,5 78 ,0 7 8 7 68 1 0 , 5 3 40 4 6 , 0 0 20 ,1 50 4 , 6 20 5 5 , 2 5 Yd 32 e e 10 a d- 1 r eo 3 n n -0 0 Q t y Vm a t `) l( . u i e n A 54 ,6 40 9 , 5 30 1 3 , 5 0 1 ,0 57 ,8 0 3 6 28 ,9 63 9 , 8 30 ,3 20 7 , 2 1 ,5 13 ,0 8 3 7 60 1 9 , 8 0 29 ,7 25 9 , 2 90 9 1 , 2 5 20 ,6 19 8 , 3 1 ,0 74 ,2 7 9 6 2,5 87 ,8 7 9 8 25 3 7 , 0 7 55 ,0 61 8 , 8 3 8 ,9 4 9 25 6 9 , 8 7 61 4 0 , 9 6 64 ,1 60 1 , 6 10 ,1 50 8 , 1 65 8 5 , 5 7 15 ,5 47 1 , 6 35 ,9 20 3 , 2 29 ,8 15 1 , 4 13 ,4 20 4 , 0 3 2 ,0 2 0 5 ,0 0 0 1 7 ,0 6 2 5 1 ,3 6 2 8 ,0 0 0 3 8 ,0 7 5 2 ,0 4 0 3 5 ,0 1 0 6 ,0 5 0 1 1 ,4 9 3 5 7 ,0 6 0 15 0 0 , 6 2 3 0 0 3 7 ,9 9 9 4 ,0 1 0 2 ,0 5 0 5 0 3 ,0 1 0 4 ,5 4 2 8 1 ,5 0 2 8 ,0 1 5 2 ,0 2 5 1 ,5 2 1 1 0 0 2 1 ,0 0 0 3 ,5 4 1 5 ,0 7 5 -
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Auditors' Report
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C aa we o tC S n n e h tm s dFa t o l i d s l ot e
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FE OE RA T R FE H Y OE RA T R H Y E30 E30 N. 2 D3 E . 1 N. 2 D 1 1 0 D3 E .0 D 1 1 0
(0 1 24 4,1 , 8 2 ) 5
(17 22 2,5 , 3 5 ) 8
12 0,7 31 , 6 4 5 1 ,4 03 ,5 2 9 9 18 2,1 27 , 7 1 6 1 ,5 88 ,1 7 8 8 12 5,0 81 , 1 0 6 37 ,1 92 5 , 9 4 9 ,3 1 3
9,4 71 ,0 0 5 8 1 ,4 04 ,6 1 3 1 1 ,0 96 ,5 0 7 7 75 ,6 04 7 , 1 7,8 73 ,0 4 2 9 92 ,5 43 8 , 6 (7 40 5) , 3 9
9,8 48 ,8 0 2 3 8,3 22 ,9 4 7 2
5,7 56 ,5 0 7 9 (,0 5,9 65 8 ) 7 6
96 0,4 63 , 6 6 7 3,4 18 ,0 7 2 0 (6 9 78 1 ,5 , 6 7 ) 5 ( 6) 85 ,5 32 , 2 20 0,0 89 , 2 5 8 43 2,1 17 , 8 8 5 (,6 3,0 24 7 ) 8 1 46 7,4 18 , 6 5 4
( 4,2 1 6) ,6 5 19 , 2 9 51 5,0 11 , 9 8 3 ( 8) 27 ,2 01 , 4 (,4 8,7 19 9 ) 9 5 (2 3 28 8,4 , 1 1 ) 5 (19 92 6,4 , 0 3 ) 7 4,4 97 ,2 6 0 3 (8 8 91 6,9 , 1 6 ) 4
(,1 7,1 63 8) 1 1 9,8 48 ,8 0 2 3 (0 15 9) , 2 0 -
(2 2 29 2,3 , 5 1 ) 0 5,7 56 ,5 0 7 9 ( 8) 37 ,7 66 , 3 3,7 48 ,2 0 1 6
1 1 6
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(Amount in `)
DT E IS SO C R I N P ( r er e e t I e e iI s s n ) c n tn c / e ne a s a v d s m N UIe A s eh i n gi t se v C d sc a s nt i ni i te v t C Fr Fi A s C wi n c : a F ngi s h oa l om c ti ni e v t P s I u ha i l i p ) r e m S pc ri o f s f a iln g u cr s eo e r d o et C u e a d m ( n m P f sa t m r e h pn y o r a la o c o rpo e em i i d ec n Ie n r L n ouo t sS r e e t c a en ds P s S L o kt r e m om e o f cr e eo u a B ) d c r en a df r n s ( N CnrIe hiMt s a n i i n g n r e o e t y t N F i n cs eh Fi A t s m gi C a r n oa c ti ni e v t N acnh a(B ee ad Ee + t res cqn + I n i c n a s il t s h au s C v A ) C C i l t t bnhr a d Ee h i i o e s au a e g y h s v te n t a a ha n qn g fe n
FE OE RA T R FE H Y OE RA T R H Y E30 E30 N. 2 D3 E . 1 N. 2 D 1 1 0 D3 E .0 D 1 1 0 17 8,7 44 , 6 0 5 24 0,9 16 , 9 0 8 (2 6 46 8,8 , 9 4 ) 4 (9 1 65 1 ,3 , 2 1 ) 5
( 3) 40 ,6 50 , 0 (8 1 12 5,0 , 1 0 ) 6 43 3,6 20 , 7 2 3 (2 7 18 2,1 , 7 1 ) 6 16 4,5 72 , 8 4 6 88 2,8 08 , 3 0 9 124 ,9 7 48 0, , 3 0
40 3,3 48 , 6 0 0 1 ,0 00 ,6 5 3 0 (,0 7,8 73 4 ) 2 9 74 3,5 47 , 6 7 6 29 2,0 35 , 8 2 1 11 0 ,5 7 30 2, , 2 0 (2 3 26 6,2 , 1 6 ) 9 10 ,15 64 7,6 , 0 9
Notes : 1 The above Cash flow statement has been prepared under the indirect method setout in AS-3 issued by the Institute of Chartered Accountants of India. 2 Cash and cash equivalents at the end of the year include ` 19,223.61 lacs (Previous Year : ` 11,168.68 lacs) held as fixed deposits with scheduled banks which have been pledged with the banks and/or with the exchanges/clearing corporation and/or sales tax and other authorities. Refer Note No. VII on Schedule 14 B. 3 The significant accounting policies and notes to the accounts - Schedule 14 forms an integral part of the Cash Flow Statement. 4 Previous year figures have been regrouped and recast wherever necessary to confirm to the current year classification.
In terms of our Audit Report of even date attached FOR ATUL & RAJINDER F. R. N. : 005402N CHARTERED ACCOUNTANTS sd/RAJINDER MALHOTRA PROPRIETOR M. No. : F 083680 FOR AND ON BEHALF OF THE BOARD
sd/S. C. AGGARWAL (CHAIRMAN & MANAGING DIRECTOR)
sd/MAHESH C. GUPTA (VICE-CHAIRMAN & MANAGING DIRECTOR)
sd/AJAY GARG (DIRECTOR) PLACE : NEW DELHI DATE : 30.05.2011
sd/SUMAN KUMAR (COMPANY SECRETARY)
1 1 7
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SC HP A IL RT E A A
DT E IS SO CN R I P A ID UE T H O R S 2,0yro/ c 8 0i S f1 h ,0 qh ` 0 0 E a 1 0u e t s e a (e Y,0 qh f1 c P e 00yro/ h roa 1 E a ` 0 ) v i s 2, ur 8 0i S 0u e t s e a 5 0 e S f1 c 0 0 r ee 0 h ,, P c ro/ 0 r eh ` 0 e 0 f na s e a (e Y,,0 r ee 1 c P e 0 P c ro/ h roa 0 r e h f 0 ) v i s 5 0e S ` ur 0 0e f na s e a 30 3,0 00 , 0 1 0 I UBE P : S S IDA SU E S AI P DC N U , R D B D 1,7 s ( vy0 8i s) 0 8i hP e4 e h ,8 q ar u 1,7 4 e r e a7 q a 7 u e i s ,8 u r 3 t y s or 3 t e y s o / c p ic f1 h a n ` 0 f - ui u a el al d s y ph T O T A L 13 0,0 47 , 8 7 8 13 0,0 47 , 8 7 8 13 0,0 47 , 8 7 8 13 0,0 47 , 8 7 8 30 3,0 00 , 0 1 0 5,0 00 ,0 0 0 0 5,0 00 ,0 0 0 0 20 8,0 00 , 0 1 0 20 8,0 00 , 0 1 0
(Amount in `)
A 10 S..1 S..1 A3 T 2 3 1A 10 0 A3 T 2 3 0 0
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DT E IS SO CN R I P C RE A E P S IL R T E A V O l t: no n Ca o i n o s i d Aa r sl ta p y e e r s A er t Y d nn e j t t i hr u d e s u mg a O an ngo A a m : at lm i Aa r sl ta p y e e r s Oir n t: F e o ru f e A dt Y d u e# d r hr i ng e t i on a i Sa ul b T o t RE UCI T E F /5 R , 3 S U 4FC E N RD I V SO B1 A 4 9 Aa r sl ta p y e e r s A dt Y d ue d r hr i ng e t i on a i Sa ul b T o t SP M T H E AN A MO R I C E U U R C Aal c e sl t a h PBS e a r s ne et A r i dge me u e oc dt y u v r hr n ei t e n a Sa ul b T o t G RE EL R NE S E S : RE A V Aal c e sl t a h PBS e a r s ne et Sa ul b T o t P A SO RN AN O L C FD C I T O U S T A al e t sLa h pt a e e B e rs c S B t s dt y a r fei hr lc eu e a a dge nn e r r r n a Sa ul b T o t 25 8,9 28 , 1 1 4 (1 2 11 5,6 , 6 5 ) 0 13 3,3 06 , 5 6 4 47 3,9 57 , 1 5 0 (3 9 11 5,0 , 9 3 ) 6 25 8,9 28 , 1 1 4 67 2,7 62 , 1 2 9 67 2,7 62 , 1 2 9 67 2,7 62 , 1 2 9 67 2,7 62 , 1 2 9 28 ,7 0 65 8,3 , 5 8 28 ,7 0 65 8,3 , 5 8 29 ,8 3 33 7,0 , 0 9 32 0,3 87 , 4 8 9 28 ,7 0 65 8,3 , 5 8 7 5 ,9 9 0 69 7 8 , 5 7 78 5 4 , 4 8 7 5 ,9 9 0 7 5 ,9 9 0 18 2,0 30 , 2 9 9 45 7,2 76 , 4 5 9 37 5,2 36 , 2 5 9 12 0,0 42 , 6 1 0 12 0,0 42 , 6 1 0 24 4,2 94 , 6 4 9 21 1 ,5 55 , 9 4 8 3,7 48 ,2 0 1 6
(Amount in `)
A 10 S..1 S..1 A3 T 2 3 1A 10 0 A3 T 2 3 0 0
1 1 9
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DT E IS SO CN R I P F N NC NV OC C T RE R UY U E E R F A S I G EL T E R UI OR Aa r l c e sl ta n e p ya S e eah r s B et A er t Y d nn e j t t i hr u d e s u mg a Sa ul b T o t T O T A L # r t o Se ( fN Vh 1 R e o dB e e N c 4 o. f e u) l 97 ,6 55 4 , 8 (0 15 9) , 2 0 97 ,6 30 5 , 6 33 ,2 1 92 3,3 , 8 5 1 ,1 35 ,4 2 3 2 ( 8) 37 ,7 66 , 3 97 ,6 55 4 , 8 34 ,9 6 97 5,5 , 8 5
(Amount in `)
A 10 S..1 S..1 A3 T 2 3 1A 10 0 A3 T 2 3 0 0
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SD E L CO UA R N E S
DT E IS SO CN R I P L o k r at R om c gF a B u aD n a f r n ei s ds e n Lo ku a h ome at a a B c gS n a f r n r s ei s ds r n e s L oF ps d s r om oi e at a a N m c gS n B a u ah f r Cn r Ce e i s n e s L o k r at h om c gVs a B u ae n a f r n ei s d s ie e n c l T a IC e n Ck rom n m l f r IB o Ia * *a e l u o t ) ( itra n D A P G fro g s re ic n o a s n t ee r s T O T A L 107 ,6 1 48 5, , 5 8 181 ,3 1 04 2, , 8 5
(Amount in `)
A 10 S..1 S..1 A3 T 2 3 1A 10 0 A3 T 2 3 0 0 60 6,0 00 , 0 0 0 24 6,0 67 , 8 3 6 44 ,3 77 2 , 6 50 2,0 50 , 0 0 0 20 4,0 20 , 0 5 0 62 8,2 69 , 9 2 1 9,0 20 ,0 5 0 0 21 ,1 69 4 , 8 -
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(Amount in `) DII EA PT RO E N C NC E K T B L O
FA ID S XS EE S T
DT E IS SO CN R I P
GL R O OC S K S B
A AN S S DS AD T IO T I A L E A / S A U F ES / T P O DE T O TJ N U R UT H T AM P T OA S A A T S A T 00 1 1 .. 0 0 4 2 AM ..110 D N01 00 Y R F 01..1..1 J E 10 ..1 UT 3 0 S 3 T 2 4 2 E I E 3 0 1010 AT F3 3 1 4 RT W N1 1 0 O . .2 3 0 0 2 0 2
Tl a n g ie b -0 0 1 ,0 ,2 0 2 3 - 0 0,2 1 ,0 2 ,2 1 ,0 0 2 00 3 0 3
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1 ,0 00 ,2 0 2 3
Oii fe n f B i u cl g 6,3 d 70 ,1 1 2 4
- 8 2 ,8 7 0 ,1 ,3 5,1 31 82 75 6 4,3 6 525 5 , 1 8 8 ,5 2 4 6 2 5 , 2 0 , 6 9 9 2 ,7 5,2 6 ,0 9 5,6 , 1 38 2 1 , 7 0 90 5 7 2
Ou t 1 8 1 ,7 ,51 5 2,973117 7 ,2 9,5 fep f E e 1 ,4,1 i q n 6 84 5 3 3 , ,6 0 1 , ci m , 8 0 9 0 7 6 35 6 4 2 0 3 8 ,6 , 5 7 0,0 4 3 ,53,5 41 0 3 4 3 9 8 07 9 9, 0 , 41 ,2 0 3,8 0 4 39 9 5 4
F ets3 79 1 0 6 ,3 3,956 ,64,3,31 7 u & r r F 1 7 1 ,7 ,41 ,4 1 1 , n iu 5,0,9 1 ,3 7 i t ux r e , 9 9 7 1 0 9 9 1 6 0 1 3 ,6 8 2 2 ,0 9 8 15 ,9 1 ,181 1 9 1 4 1 52 5 1 2 18 9 9 02 2, , , 28 8 8 5 2 3 0 -19 (7 2 22 9 ,5 91 44 9 1 ,1 8 , 2 0) ,3 , 3 35,0 0 , 2 6 8 1 -
Lh eo al sd e Ip e mn rm ot v s e
- 7 8 ,7 1 ,6 ,5 ( 0) 5 1 80 26,3 6 , 9 73 0 , 4 7 4
Cr o m p u t e H ae ra d w r
28 2,1 ,6231 4 4,2 ,51 5 9,8 1 0,6,1 7 59 5 2 5 , ,6 3 , 2 3 7 4 2 2 81 1 8 3 0 3 1 ,7 , 4 4 5 , ,38 8 0 3 13 18 3 5 7 1 3 5 5 0 97 48 2 0,3 3 4, , 5 , 7 ,7 4 4 5 0 9, 9 2 2
V e h ie c l -6 3 ,9 2 7 3,6 8 ,4 1 ,585 6 6 7 5 3 ,4 7 4 8 , 5 -3 4 ,8 ,1 3 9 8989 2 , 0 1 , 7 2 ,0 2 5
2,7,1 6 75 1 14 0 8 ,0 4 7 114 9 ,1 1 ,7 ,8 7 4 0 67 ,5 3,10003 ,71 ,4 97 5 4 , 3 637 0 , 1 ,3 1 , 8 9 2 8 ,8 9 7 2 , 3 39 9 1 , 2 , 57 ,1 9 5 8,7 9 49 9 6 2 -8 1,0 2,5 1 ,0 9 ,4 1 ,6 8 6 7 7 2,3 0 9 70 0 3 1 - ,1 34 89 2 , 0 -
V S A T
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Tr ea m p o r y Irru nc f tt a r s e u
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Cr f r 7,0,1 o S m t e ,6 1 ,4 po u w4 63 1 t e a 9 2 1 3 5 0 -0 0 1 ,0 ,0 0 0 0 -
-8 7 ,0 1 ,9 8,4245 ,7 3, 2 7 1 2 2 ,6 1 35 1 4 0
G o o d w i l l
1 ,0 00 ,0 0 0 0
CT U Y 74 9,2,7 722012 R E 0,9 6 R A 7 8 ,5 2,8, ,31947 ,339 4 , 43 E R, 3 0 80 47 2 , , N 2 0 5 5 0 9 7008, , 9 7 6 3 5 3 1 6 9 , ,0 , 3 7 0 2 06 5 263 5 2 7 5 1 , ,0 , 4 7 1 0 30 1 4 4 78 2 8
PU R Y 42 26 1,5,417 9,4 ,720 4 , 35 E E 8,6 58,4 7 ,925 5 V A8 5 , , IS OR3 , 6 9 60 37 8 , , 2 23 6 3 5 0 3 6 6 ,0 6 2 0 3 5 7 1 3 9 , ,9 , 8 2 9 9 0 8 201 2 3 5 7 0 , ,2 , 7 0 8 7 00 2 0 50 8 3 2
1 2 1
Sl 5 ce he d u
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DT E IS SO CN R I P LTI EN OM E N N T G V E SS R T M (lp al ds Fa n e o uiu v a ) l dd y pa t t uc (n U twe N es e S : o T n he d r a ls r d e O i t ) st a Q I EN UNE O SS TV T E T : D M Dn o L ) a ( m iid i D la t re y A i m n r D e y H S iid a hm me t i ns e l t o o L Iee cid na a i t tSnL r ti n e t Fe m J pl L a i Rm y dr id Ro t a l i e e K b iid . R ee Re m .u L b r i t t Md L a I u iid j tne t e s m s i ct r i se MtL are id l pet aS e n li u m Pr L a u id a gt mi e Dm s Rn B L a Be iid jt a a m a s l hl a & gt rs e i n SL t st h aoiid ia o L l x rr m p a bi e e St a o i L o Fe o iid mn r a m d c pne a ti nC o t r t Si L S)m Iniid ( at I d e Sc L u u iid r e st a r j S i t m i e e Tt L .. e id N it S e e lm W ( i,m i at a id l y I )i t wn F o L rd e Nm Hid Pt C L i e Sd Jt V N L Teg P haii& g et s a G t r Lcr o k i n S PL e rt t re a . v i e is cv d MeI iL a s nm n O iid g rdt a e n e ae S Ci o L h ood inpn i t p ra f a i go r t I nd P& ad u Sn n i B. j a nk bd L t UE ND Q: U O T LnchAt uak a s i dSxgo h t E ec i aoc ns o i n a L (d iide m ) t T e r a 1 2 ,0 0 0 5 4 ,0 2 0 0 ,0 5 0 0 4 ,0 0 0 2 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 4 0 0 7 0 0 4 ,0 0 2 F A C E V A L U E
(Amount in `)
AS AT 31.03.2011 AS AT 31.03.2010 N AT N AT O M S . O U N OM S O . U N
2 ,0 1 1 0 2 ,0 6 0 4 ,0 1 8 4 0 5 7 , 5 2 2 ,0 5 7 0 4 ,0 0 0 1 ,0 6 1 0 4 ,0 0 0 2 3 3 5 0 0 4 ,2 4 4 2 ,0 5 0 1 ,0 4 3 0 7 ,5 1 2 5 0 1 0 5 ,5 0 2 1 ,0 5 6 0 6 ,0 4 8 5 ,0 6 0 0 2 ,0 5 0 9 0 4 0 2 ,5 3 4 1 0 0 1 0 0 1 ,0 5 0 1 ,0 5 0 -
592 4 3 2,2 3 4 2,2 4 2 4 , 0 5 ,5 59 9 9 6 8 , 0 ,5 5 6 8 1 04,6 ,9 764 5 1 , 5 ,7 7 0 1 1 04 0 0 0 , 0 0 ,0 70 0 , 0 3 8 2,7 ,82 9 6 1 ,2 0 0 2 31 3 5 0 5 4,6 , 7 2 ,5 1 7 0 1 0 ,916 5 6 ,0 50 6 , 2
2 79 75 2,7 ,8 1 0 53 9 73, ,1 4 3 0 0 , 43 9 1 1 , 9 ,2 94 1
1 2 2
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Sl 5 ce he d u
I EN NE V T SS T M
DT E IS SO CN R I P Tn a v id r o m.m aT t P t c ei kl es L c i e t P e iid ri t L i t a t k i m n l R se I EN SE NE A A V T O: S I ST T N I S M C ST C ( i L a re p d id n u oyat l a s m )m m t e a n I ni e S a kiid MBL C rrm So t h e e r e s C TS S U I EN RNE RV T E N T : M S U r r u ta b l S ms ih h - t o F Sat f r T n P e dl I nn Ui R d T Tt an r r Il ne - t m Fg F h o tu o a S e Lv l F rt l I S ud h C P -w a s Ga i n uo n g n P H st na d e D hF r uv F MTr a C g-s C ue A g a d yn t a Ie t P ne M v n S s i t m n 1 4 1 7 1 9 -6 1 0 6 ,1 9,7 37,6 0 , 1 7 0 4 -2 67 6 ,7 3,0 24,7 0 , 9 0 5 3 -09 9,0 ,5 7 3 5 - 21 1 ,5 ,3 0 7 0 3 7 5,0 9 1 8 ,9 ,0 9 95 3 8 7 9 3 4,2 ,5, 2 4 02 1 7 4 1 0 1 0 30 ,0 9 0 , 0 3 0 30,0 0 90 9 0 , 0 0 30 , 0 90 0 0 , 0 1 0 ,0 0 0 1 ,0 0 1 ,0 , 0 0 0 1 0,0 0 0 0 0 0 00 , 0 0 0 0 0 SIe t ne i L a ne an )m 1 1 ,0 ,0 1 ,0,0 nv n g ( a e l a s M td id 0 5 0 9 0 ,0 1 ,0 m t m eI a m it n ,0 1 ,0 9 5 0 9 9 0 5 0 5 09 0 9 0 9 0 9 0 F A C E V A L U E 1 0 1 0
(Amount in `)
AS AT 31.03.2011 AS AT 31.03.2010 N AT N AT OM S O . U N OM S O . U N 4 9 2,0 4 2,0 ,0 ,7 0 13 0 5 6 5 9 13 ,0,7 0 5 0 6 5 20 ,0 5 0 2,0 5 2,0 , 0 5 0 20,0 0 0 0 0 0 50 , 0 0 0 0 0
- 1 ,3 11 ,3 7 7 9
1 ,9 038 52 6 3 ,52,5 4 ,8 2 , 8 1 9 2 93 9 4 ,3 9,4 6 5 9, 0 41 0 7 T o t a l 1 ,2 1 43 64 9 11 69821 ,7 462, 5 2 3, 4 , 4 ,8 1 , 7 5 8, 1 45 1 3
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1 2 3
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C T TA DS U A , NV R S L &N R SOA E E E N SSA C
DT E IS SO CN R I P CT T UA R S RS E E N S Ie s nr v i: n t o e SD u e n b dt r yo r s (s d U ) ne e c u r ae s n :on o M im ra t xt h h s -n d Ce d o s G ir o d o e -n d t Ce b o s D ir o d u e f u l br :t s O h e -n d Ce d o s G ir o d o e LPn o D e rs r u e s o fD s v ob b : io i t f ut l C Bl c ad Bs s a a h nn a k e n a : C a aH s n h d i n F C iH o u n rn n a e rc n i gr y d e B wda a i su n l c ce k a t hds nh l b e e in no ) C cs i uAt rt c r e u n iiF e At in D c s ) i ds o x p c eo u i t n
( l i Ie c o ) I un a d R n g sr n c t tc F d r ne u D e
(Amount in `)
A 10 S..1 S..1 A3 T 2 3 1A 10 0 A3 T 2 3 0 0
11 6 ,7 3 24 9, , 4 9 11 6 ,7 3 24 9, , 4 9
27 ,3 7 21 0,0 , 0 8 27 ,3 7 21 0,0 , 0 8
38 1 ,6 04 , 8 0 0 84 6 6 , 9 7 14 ,7 6 11 0,4 , 5 0 11 ,7 8 47 1 ,4 , 3 9 84 6 6 , 9 7 1 5 ,7 1 40 1 ,0 , 4 0 31 ,0 41 9 , 5 19 6 5 , 1 4 17 1 ,0 56 , 6 5 8 26 ,0 4 13 1 ,2 , 4 0 20 ,9 6 26 2,2 , 7 3
33 1 ,9 88 , 2 2 2 70 ,9 55 4 , 9 12 ,9 1 19 4,0 , 8 3 11 4 ,5 0 43 7, , 0 0 70 ,9 55 4 , 9 159 ,7 9 43 6, , 0 5 63 ,7 24 4 , 9 16 1 4 , 8 5 7,2 22 ,4 0 8 6 172 ,0 6 30 3, , 9 6 124 ,9 7 48 0, , 3 0 13 4,3 19 , 7 2 1 13 ,1 4 51 8,7 , 9 9 11 0 ,3 4 75 2, , 7 4 67 ,3 8 88 0,3 , 2 7
L A VS OD C A A E N D S NN A Sap e no c ds u D r i t y e i t s A s ve sikr d Ra c r i o v a e ba n n c li c o n on e e r h d fV be oe R rl t e i d a u oe c v e T O T A L 22 9,3 32 , 3 5 7 23 ,6 1 12 4,2 , 1 3 20 ,9 3 44 3,5 , 4 9 75 ,3 4 36 8,3 , 0 4
1 2 4
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C TI I A OS U LI S R N RI L NI RA EB N T DS E PI V O
DT E IS SO CN R I P C TI I U LI S RI L RA EB N T E Ee a x sb pP e a n y s l e Be w s o rf i B o dt a k r h O v t a n k SC u rt ne dd r y ir o s S &s c e DR c e ed u p r i t y o e i t si v e M er C a ed ln rR f g i i c o t nv m e i s e Ob t Li h ie el s r i i t a PI S RN O V I S O PnG rsf ri os a v ou io i r t t y PnLEm rsf e n e os a c n v o es t io i r va h PnI ox rsf n t os c a v om io i r e
{ o nx S,,,4 4 ,3 N v T D 5 6 ` ,, 1 ed a tA f a c & f4 9 e T` o7 ( 8 P4 ) 4 Y 7} 11 2 (Amount in `)
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Managing Risks To Help You Sail Smooth
smc
Moneywise. Be wise.
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Annual Report 2010-11-02

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SMC GLOBAL SECURITIES LIMITED

17 ANNUAL REPORT 2010-11

Corporate Overview The Company The Ethos

|14 |16 |17 |18

Memberships & Registrations

Reports Directors' Report

|28 |37 |58

Corporate Governance Report

Management Discussion and Analysis Report

Financial Statements Standalone

|66 |110 |146

Statement Pursuant to Section 212 (8) of the Companies Act, 1956

SMC GLOBAL SECURITIES LIMITED

MESSAGES FROM THE MANAGEMENT

SMC GLOBAL SECURITIES LIMITED | ANNUAL REPORT 2010-11

MESSAGES FROM THE MANAGEMENT

India's Best Equity Broker 2010

MESSAGES FROM THE MANAGEMENT

SMC GLOBAL SECURITIES LIMITED | ANNUAL REPORT 2010-11

Sd/Mahesh C. Gupta (Vice-Chairman & Managing Director)

MESSAGES FROM THE MANAGEMENT

SMC Global Securities Ltd.

REGISTRAR & SHARE TRANSFER AGENT

COMPANY SECRETARY & COMPLIANCE OFFICER

India's Best Currency Broker 2011

GROWING SINCE INCEPTION

MESSAGES FROM THE MANAGEMENT

DEDICATED TO YOUR GROWTH

ONE STOP INVESTMENT SOLUTIONS

MESSAGES FROM THE MANAGEMENT

CREDENTIALS YOU CAN RELY UPON

Memberships & Registrations

SMC GLOBAL SECURITIES LIMITED | ANNUAL REPORT 2010-11

Directors & Key People of SMC Group

Mr. D. K. Aggarwal (Chairman & Managing Director) SMC Comtrade Ltd.

Mr. Ajay Garg (Whole-time Director)

Mr. Pradeep Aggarwal (Whole-time Director)

Mr. Anurag Bansal (Whole-time Director)

Mr. Rakesh Gupta (Whole-time Director)

Mr. NARENDRA BALASIA (Whole-time Director) SMC Comtrade Ltd.

MESSAGES FROM THE MANAGEMENT

Mr. N. D. Gupta (Independent & Non-Executive Director) Ex-President, ICAI

Mr. P. K. Bansal (Independent & Non-Executive Director)

Mr. K. M. Agarwal (Independent & Non-Executive Director)

Mr. R. C. Jindal (Independent & Non-Executive Director)

SMC GLOBAL SECURITIES LIMITED | ANNUAL REPORT 2010-11

Mrs. Shweta Aggarwal (Director) SMC Capitals Ltd.

Mr. Himanshu Gupta (Sr. V. P. - Operations)

Ms. Aditi Aggarwal (Sr. V. P. - Business Development)

Mr. Jagannadham Thunuguntla (Head - Research)

Mr. Suman Kumar (Company Secretary & Head-Legal)

Conferences & Seminars

SMC GLOBAL SECURITIES LIMITED | ANNUAL REPORT 2010-11

Wisdom. Everyday. Every Minute.

F , tl k w upt a u a oo f r p i s rr e i ta t o n n t f o h r n r u oe e gder i s t u d ce t ft , uc eft o i o cy i t b o nneo rroi e e s g a oe lv h ir h r d r s D r e s r

MESSAGES FROM THE MANAGEMENT

uhi Ae i tS c s ne g m ht Eg dL g nt ek a e i n es h r s r t t etw o h ( ) c n x e P ttp ntee2A u t es o d t 1 ) r n r i sano( s oo c u h io i iS 7 a v n n c 2 i nA i n amhc e sx d p et ' p a dr a D R n ns f i o o e f e o rt r r t o e s r t .

I e ta d ( i Lr tt n e nv I a. i o v n ds n t p h c n e s io nao ss A t m i r ddr o ) s o a oi s g n t a p t m e u f a tni p a e k c ri s i n hm o yn t

MESSAGES FROM THE MANAGEMENT

MESSAGES FROM THE MANAGEMENT

s d / PNh le D ae i cw : e l D0 1 a .. 1 t30 e0 : 5 2 Sg . Aa Cw . a gl r (a &gr r Cn n D h i a ag t r m a ic M e i n o )

At SMC, Relationships Come First

MESSAGES FROM THE MANAGEMENT