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1 | P A G E
SECTOR: FMCG REPORTING DATE: 14TH AUGUST, 2017
REI Agro Ltd www.reiagro.com
REI Agro Ltd NSE Code - REIAGROLTD TABLE 1 - MARKET DATA (STANDALONE) (AS ON 6TH AUGUST, 2017)
Sector - FMCG NSE Market Price (`) 0.25 NSE Market Cap. (₹ Cr.) 23.95
Face Value (`) 1.00 Equity (` Cr.) 95.80
Business Group – N.A. 52 week High/Low (₹) 0.7/0.2 Net worth (₹ Cr.)* -4,230.42
Year of Incorporation - 1994 TTM P/E (TTM) N.A. Traded Volume (Shares) 8,16,782
TTM P/BV N.A. Traded Volume (lacs) 2.04
Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A. – Not Applicable, * As on 30th Sept, 2016.
Everest House 15th Floor, Room 15B, COMPANY BACKGROUND
46C, Chowringhee Road, REI Agro Limited, a company dealing with fragmented basmati rice industry, was
established in the year 1994. REI Agro follows an integrated business model and is
equipped with the latest technology available globally. The company's products are
comes under in three brands, in the form of Premium, Midrange and Economy.
Kolkata - 700 071, West Bengal
Company Website:
www.reiagro.com
Revenue and Profit Performance
The revenue of the Company decreased from ₹106.62
crores to ₹17.61 crores from quarter ending Sep’15 to
quarter ending Sep’16. The Company made a loss of
₹66.3 crores in quarter ending Sep’16 vis-a-vis making a
loss of ₹130.74 crores in quarter ending Sep’15.
Source - Money Control
Performance vis-à-vis Market
TABLE 2- Returns
1-m 3-m 6-m 12-m
REI Agro Ltd -16.67% -60.00% -50.00% -54.55%
Nifty 2.93% 6.53% 14.37% 15.97%
NIFTY FMCG -6.79% 6.41% 12.77% 14.34%
Source – Capitaline / NSE
-
0.50
1.00
1.50
Aug16
Sep16
Oct16
Nov16
Dec16
Jan17
Feb17
Mar17
Apr17
May17
Jun17
Jul 17
REI Agro Ltd NIFTY NIFTY FMCG
17.61
73.33106.62
-66.3
-169.54-130.74
-200
-100
0
100
200
Sep'16 Mar'16 Sep'15
Quarterly revenue and Profit (₹ CRORE)
Revenue Profit
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SECTOR: FMCG REPORTING DATE: 14TH AUGUST, 2017
REI Agro Ltd www.reiagro.com
TABLE 3 - FINANCIALS
(₹ Cr.) Sep’16 Mar’16 Sep’15 % Change
Sep ’16 vs Mar’16 Mar’16 vs Sep’15
Net Worth -4,230.42 -3,850.31 -3,545.55 N.A. N.A.
Current Assets 91.68 338.69 602.21 -72.93% -43.76%
Non-Current Assets 2,685.04 2,730.30 2,781.90 -1.66% -1.85%
Total Assets 2,776.73 3068.98 3,384.11 -9.52% -9.31%
Investments 386.93 386.92 386.92 0.00% 0.00%
Finance Cost 26.86 29.85 61.96 -10.02% -51.82%
Long Term Liabilities 26.48 1.06 29.04 2,398.11% -96.35%
Current Liabilities 6,980.66 6,918.24 6,900.61 0.90% 0.26%
Turnover 17.61 73.33 106.62 -75.99% -31.22%
Profit After Tax (PAT) -66.3 -169.54 -130.74 N.A. N.A.
EPS (₹) -0.69 -1.77 -1.36 N.A. N.A.
Source - Money Control/ Stock Exchange Filing
AUDIT QUALIFICATIONS
Audit Qualifications: Auditors have raised qualification in last two years (viz. FY 2015-16 and 2015-16).
Audit Qualifications – FY 2015-2016
1) During the year due to sudden death of one of the Independent Director Mr. Asoke Chatterjee on 04.08.2015 and
subsequently due to resignation of Dr Ing Narpinder Kumar Gupta on 23.11.2015, Number of Directors on the Board of
the Company has reduced to Two {2} only which is not a Competent Board. However, the Board have finalized and
approved the 3rd Quarterly Results with the existing two directors and now submitting the yearly results which is again
subject to final approval by the duly constituted Board. Meanwhile the company has communicated and appraised the
facts to the Regulatory Authority and also sought certain waivers and reliefs from the Hon’ble BIFR. Company being a
Net Worth eroded Company, is registered under Sick Industrial Companies (Special Provisions) Act, 1985.
2) The Company’s Fixed Assets have been hypothecated / pledged with the Banks / Financial Institutions etc against
various credit facilities availed by the Company and due to the accounts being classified as NPA, the Bankers / FIs have
taken legal actions for recovery. Fixed Assets / Inventories are not insured.
3) The Company has not provided Interest on loans availed from Banks and Financial Institutions which has been classified
as NPA. The Amount not so provided amounts to ₹ 1,127.42 Crore {including ₹ 426.07 Crore for previous year} up to
31st March 2016.
4) Provision for Gratuity and Leave Encashment has been made on the basis of estimate and not as per the Actuarial
Valuation, which is not in consonance with AS -15.
5) The Company had provided Corporate Guarantee to overseas lenders for the borrowings by its Subsidiary Company
namely Ammalay Commodities JLT. The said subsidiary company defaulted in the repayment of the facilities provided
by the lenders and the lenders to the subsidiary company had invoked the Corporate Guarantee of the Company
provided to them amounting to ₹ 3105.93 Crore against which no provision has been made till the year ended 31st
March 2016.
6) No balance confirmation and / or Bank Statement of the outstanding loan could be obtained, in absence of which, we
are unable to confirm the correctness of the balances appearing in the financial statement.
7) The Net Worth of the company has fully eroded and the company’s reference filed before the Hon’ble BIFR was
registered. The Company’s ability to continue the business as going concern is significantly dependent upon the viability
of the restructuring plan as may be approved by the Hon’ble BIFR.
Management Response (2015-16)
1. During the year under review, Mr. Asoke Kumar Chatterjee one of the Independent Director of the Company expired on
04.08.2015 and subsequently another Independent Director Dr Ing Narpinder Kumar Gupta resigned on 23.11.2015.
Thus, the number of Directors on the Board of the Company reduced to Two {2} Directors only, which is not a
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Competent Board. Therefore, In this regard the Company has filed “Misc. Application” with Hon`ble BIFR seeking their
approval to allow the Company to act with only two existing Directors till the Company is in BIFR or per the order of
Hon`able BIFR. Further Company has also submitted that it will get review all the results as placed before two Directors
will be placed before the competent Board as and When Constituted.
2. Company has been facing financial crunch due to various reasons for the last two years and due to financial problems
faced by the Company, it has failed to pay principal and interest due thereon to Banks / Financial Institutions on due
dates, some of the Bankers thereafter have issued notices under provisions of Securitization and Reconstruction of
Financial Assets and Enforcement of Security Interest Act, 2002. Further due to severe liquidity crunch faced by the
Company, company has failed to get insurance to its assets.
3. Majority of the Loan accounts of the Company has turned NPA, As per banking regulations, banks are not charging any
interest on NPA accounts hence the Company has not accounted the interest on said accounts, but qualified the same
by way of Notes to reflect the present status.
4. Board of Directors submit that total strength of the employees of the Company has been reduced by more than 90%
from the peak number of employees; therefore, company used the estimation method for calculation for gratuity and
leave encashment.
5. The company had provided Corporate Guarantee to the lenders for the borrowings by its wholly owned foreign
Subsidiary Company, i.e. Ammalay Commodities JLT and has shown in the contingent liabilities in the financial
statements of the Company and in case the lenders fail to recover the amount from subsidiary by realizing their assets,
the Company will make suitable provision for the liabilities towards the corporate guarantees.
6. As majority of the loan accounts of the Company has turned NPA, no such balance confirmation and /or Bank
Statement were provided by the banks to the Company, in absence of which, the Company has not been in position to
provide such statements to the Auditors.
7. The net worth of the company has been fully eroded and the Company filed a reference in terms of the provisions of
section 15(1) of SICA with the Board for Industrial and Financial Reconstruction (BIFR) on 28th April, 2015 to study the
reasons of Sickness and determination of measures to be adopted for revival of the Company, which as accepted by
Hon`ble BIFR vide its letter dated 3rd July, 2015 and same has been registered a case no. 85/2015 under the provisions
of SICA. The revival and rehabilitation scheme for the Company is under process which outlines the measures for the
revival and rehabilitation for continue the business of the Company as going concern.
Audit Qualifications – FY 2014-2015: The Auditors have raised similar qualification in the financial year 2014-2015.
Response Comment
Frequency of Qualifications Appeared in last 2 years
Have the auditors made any adverse remark in last 3 years? No
Are the material accounts audited by the Principal Auditors? Yes -
Do the financial statements include material unaudited financial statements? No -
TABLE 4: BOARD PROFILE (AS PER ANNUAL REPORT FY 2015-16)
Regulatory
Norms Company
% of Independent Directors on the Board 50% 50%
% of Promoter Directors on the Board - 50%
Number of Women Directors on the Board At least 1 1
Classification of Chairman of the Board - Executive Promoter Director
Is the post of Chairman and MD/CEO held by the same person? - Yes
Average attendance of Directors in the Board meetings (%) - 70.97%
Composition of Board: As per Regulation 17(1)(b) of the Listing Regulations, 2015, the Company should have at least 50%
Independent Directors as the Chairman of the Board is a Promoter Executive Director. The Company has 50% of Independent
Directors and hence, it meets the regulatory requirements.
Board Diversity: The Company had 5 directors during the financial year 2015-16 out of which one was female director.
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SECTOR: FMCG REPORTING DATE: 14TH AUGUST, 2017
REI Agro Ltd www.reiagro.com
TABLE 5 - FINANCIAL RATIOS
Ratios Sep’16 Mar’16 Sep’15
% Change
Sep ’16 vs
Mar’16
Mar’16 vs
Sep’15
Turn
ove
r
Rat
ios
Inventory Turnover 20.72 10.30 5.16 101.16% 99.67%
Debtors Turnover 0.29 0.25 0.22 18.78% 11.45%
Fixed asset Turnover 0.01 0.03 0.04 -75.58% -29.92%
Current Asset Turnover 0.19 0.22 0.18 -11.28% 22.29%
Ret
urn
Rat
ios Operating Profit Margin -197.50% -100.49% -39.79% N.A. N.A.
Net Profit Margin -376.49% -231.20% -122.62% N.A. N.A.
Return on Assets (ROA) N.A. N.A. N.A. N.A. N.A.
Return on Equity (ROE) N.A. N.A. N.A. N.A. N.A.
Return on Capital Employed (ROCE) N.A. N.A. N.A. N.A. N.A.
Liq
uid
ity
Rat
ios
Current Ratio 0.01 0.05 0.09 -73.17% -43.90%
Quick Ratio 0.01 0.05 0.08 -72.85% -43.13%
Cash Ratio 0.00 0.00 0.01 -7.45% -66.54%
Working Capital Turnover ratio N.A. N.A. N.A. N.A. N.A.
Solv
en
cy
Rat
ios Debt to equity ratio N.A. N.A. N.A. N.A. N.A.
Interest Coverage Ratio N.A. N.A. N.A. N.A. N.A.
Trad
ing
Rat
ios Market Cap / Sales 2.99 0.59 0.58 408.95% 0.66%
Market Cap/ Net Worth N.A. N.A. N.A. N.A. N.A.
Market Cap/PAT N.A. N.A. N.A. N.A. N.A.
Market Cap/EBITDA N.A. N.A. N.A. N.A. N.A.
Source - Money Control
TABLE 6 - TRADING VOLUME
Jun-17 Dec-16 Jun-16
% Change
June 17 vs Dec 16 Dec 16 Vs June 16
Trading Volume (shares) (avg. of 1 qtr) 9,04,931 6,27,321 8,28,699 44.25% -24.30%
Trading Volume (shares) (high in 1 qtr) 48,47,989 27,60,526 35,97,510 75.62% -23.27%
Trading Volume (shares) (low in 1 qtr) 1,84,166 585 86,412 31381.37% -99.32%
Ratio - High/low trading volume 26.32 4,718.85 41.63 -99.44% 11234.65%
Ratio - High/average trading volume 5.36 4.40 4.34 21.74% 1.37%
Source - Capitaline
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SECTOR: FMCG REPORTING DATE: 14TH AUGUST, 2017
REI Agro Ltd www.reiagro.com
TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS
31-Mar-17 31-Dec-16 30-Jun-16 Comments
Shar
eho
ldin
g (%
)
Promoter
shareholding 28.00 28.04 28.04
• No new equity shares were issued during the period from June- 16 to Mar, 17.
• The promoter shareholding decreased from 28.04% as on June -16 to 28.00% as on Mar, 17 due to sale of shares in secondary market.
• The shareholding of public institution decreased from 13.16% to 9.14% and that of public others increased from 58.80% to 62.86% during the same period.
• The promoters have pledged 8.42% of their shareholding.
Public - Institutional
shareholding 9.14 11.08 13.16
Public - Others
shareholding 62.86 60.87 58.80
Non-Promoter Non-
Public Shareholding 0.00 0.00 0.00
Source - NSE
MAJOR SHAREHOLDERS (AS ON 31st March, 2017)
S. No. Promoters Shareholding S. No. Public Shareholders Shareholding
1 Shree Kgfm Pvt Ltd 9.58% 1 Bay Pond Mb 4.81%
2 Aspective Vanijya Pvt Ltd 7.73%
2 Elara India Opportunities Fund
Limited 2.15%
3 Rei Steel And Timber Pvt. Ltd. 3.56% 3 Bay Pond Bmd Mb 1.61%
4 Subhchintak Vancom Pvt Ltd 2.75%
5 Snehapushp Barter Pvt Ltd 2.46%
Source - NSE
TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS
Market Activity of Promoters The Promoters of the Company sold 4,50,000 shares in the secondary market in last 9
months.
Preferential issue to promoters No preferential issue of shares was made to the promoters in last one year.
Preferential issue to others No preferential issue of shares was made to other shareholders during last one year.
GDRs issued by the Company The Company did not issue any GDRs during last one year.
Issue of ESOPs/Issue of shares
other than Preferential allotment The Company does not have any ESOP Scheme.
Source - Annual Report 2015-16
TABLE 8: PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
Sr. No. Name and Description of main products / services % to Total turnover of the Company
1 Rice Milling 96.40
Source - Annual Report 2015-16
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REI Agro Ltd www.reiagro.com
Glossary
Equity: The equity shares capital of the Company
Net Worth: The amount by which the Assets exceeds the liabilities excluding shareholders’ funds of the Company
Turnover: The revenue earned from the operations of the Company
EPS: Earning Per Share is net profit earned by the Company per share
𝐸𝑃𝑆 =Profit After Tax
Number of outstanding shares
P/E ratio: It is the ratio of the Company’s share price to earnings per share of the Company
𝑃/𝐸 𝑟𝑎𝑡𝑖𝑜 =Price of each share
Earnings per share
Current Assets: Cash and other assets that are expected to be converted to cash in one year
Fixed Assets: assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land,
buildings, and equipment
Total Assets: Current Assets + Fixed Assets
Investments: An investment is an asset or item that is purchased with the hope that it will generate income or appreciate in
the future.
Finance Cost: The Financing Cost (FC), also known as the Cost of Finances (COF), is the cost and interest and other charges
incurred during the year in relation to borrowed money.
Long Term Liabilities: Long-term liabilities are liabilities with a maturity period of over one year.
Current Liabilities: A company's debts or obligations that are due within one year.
Inventory Turnover ratio: Inventory Turnover is a ratio showing how many times a company's inventory is sold and replaced
over a period.
𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover
Inventory
Debtors Turnover: Accounts receivable turnover is an efficiency ratio or activity ratio that measures how many times a business
can turn its accounts receivable into cash during a period
𝐷𝑒𝑏𝑡𝑜𝑟𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover
Accounts recievables
Fixed Asset Turnover: The fixed-asset turnover ratio is a financial ratio of net sales to fixed assets
𝐹𝑖𝑥𝑒𝑑 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover
Fixed Assets
Current Asset Turnover: The current-asset turnover ratio is a financial ratio of net sales to fixed assets
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover
Current Assets
Operating Profit Margin: Operating margin is a measurement of what proportion of a Company’s revenue is left over after
paying for variable costs of production such as wages, raw materials etc. It can be calculated by dividing a Company’s operating
income (also known as “operating profit”) during a given period by its sales during the same period.
𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Operating profit
Sales Turnover
Net Profit Margin: Net profit margin is the percentage of revenue left after all expenses have been deducted from sales
𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Net profit
Sales Turnover
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Return on Assets: ROA tells you what earnings were generated from invested capital (assets)
𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐴𝑠𝑠𝑒𝑡𝑠 =Net profit
Total Assets
Return on equity/net worth: return on equity (ROE) is the amount of net income returned as a percentage of shareholders’
equity.
𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐸𝑞𝑢𝑖𝑡𝑦 =Net profit
Net worth
Return on Capital Employed: Return on capital employed (ROCE) is a financial ratio that measures a company's profitability
and the efficiency with which its capital is employed.
𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑑 =Net profit
Total Debt + Equity share capital
Current ratio: The current ratio is a financial ratio that measures whether or not a firm has enough resources to pay its debts
over the next 12 months. It compares a firm's current assets to its current liabilities.
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑟𝑎𝑡𝑖𝑜 =Current Assets
Current Liabilities
Quick ratio: The quick ratio is a measure of how well a Company can meet its short term financial liabilities.
𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =Current Assets − Inventories
Current Liabilities
Cash ratio: The ratio of the liquid assets of a Company to its current liabilities.
𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =Current Assets − Inventories − Account Recievables
Current Liabilities
Working Capital Turnover ratio: The working capital turnover ratio is also referred to as net sales to working capital. It indicates
a Company's effectiveness in using its working capital.
𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟
Current Assets − Current Liabilities
Debt to Equity ratio: The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion of
shareholders' equity and debt used to finance a company's assets.
𝐷𝑒𝑏𝑡 𝑡𝑜 𝐸𝑞𝑢𝑖𝑡𝑦 𝑟𝑎𝑡𝑖𝑜 =𝑆ℎ𝑜𝑟𝑡 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡 + 𝐿𝑜𝑛𝑔 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡
𝑁𝑒𝑡 𝑊𝑜𝑟𝑡ℎ
Interest Coverage ratio: The Interest coverage ratio is a debt ratio and profitability ratio used to determine how easily a
Company can pay interest on outstanding debt.
𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝐶𝑜𝑣𝑒𝑟𝑎𝑔𝑒 𝑅𝑎𝑡𝑖𝑜 =𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝐵𝑒𝑓𝑜𝑟𝑒 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑎𝑛𝑑 𝑇𝑎𝑥
𝐹𝑖𝑛𝑎𝑛𝑐𝑒 𝐶𝑜𝑠𝑡
Market Cap/Sales ratio: Market Cap/sales ratio, Price–sales ratio, P/S ratio, or PSR, is a valuation metric for stocks. It is
calculated by dividing the company's market cap by the revenue in the most recent year; or, equivalently, divide the per-
share stock price by the per-share revenue.
𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑆𝑎𝑙𝑒𝑠 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝
𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟
Market Cap/ Net Worth ratio: It is a valuation ratio calculated by dividing Company’s market cap to net worth.
𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝
𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ
Market Cap/ PAT ratio: It is a valuation ratio calculated by dividing Company’s market cap to net profit.
𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑃𝐴𝑇 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝
𝑛𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡
Market Cap/ EBITDA ratio: It is a valuation ratio calculated by dividing Company’s market cap to EBITDA.
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𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝐸𝐵𝐼𝑇𝐷𝐴 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝
𝐸𝐵𝐼𝑇𝐷𝐴
Trading Volume (shares) (avg. of 1 year): Average number of shares/day traded in 1 year
Trading volume (shares) (high in 1 year): Highest number of shares/day traded in 1 year
Trading volume (shares) (minimum in 1 year): Lowest number of shares traded on any one day in 1 year
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9 | P A G E
SECTOR: FMCG REPORTING DATE: 14TH AUGUST, 2017
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Research Analyst: Varun Krishnan