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Institutional EYE Special report | 2014

Dividends iias.in 1

Dividends: Companies that can pay more

This is the second in a series of two special reports on dividends.

Related Reports Dividends: Is there room for a larger payout?

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The market as a whole has the ability to pay higher dividends. IiAS’ study of the S&P BSE 500 conservatively identifies 77 companies that can pay more. The incremental dividend from these companies alone could aggregate almost ₹360 bn.

Going forward, while finalizing its voting recommendations, IiAS will highlight companies that can - and should, pay-out more. In our earlier report ‘Dividends: Is there room for a larger payout?’ we discussed the general patterns and trends of dividend payout of S&P BSE500 companies between 2007-08 and 2011-12. In this report, we have identified companies in the S&P BSE500 index (- excluding banks and NBFCs) based on 2012-13 financials that we believe can and should pay higher dividends. Most companies tend to keep cash on their balance sheets given the complexity and uncertainty of fundraising. On the other hand, higher dividend payouts increase shareholder interest in the stock – and to that extent make fund raising easier. Dividend payments demonstrate a company’s confidence to continually generate earnings in future and show that its earnings are real. In our earlier report, we highlighted that dividend as being one of the factors that has a bearing on company valuations i.e. higher the payout ratio, higher is the valuation. Indian companies tend to be controlled about dividend payments, and hold the purse strings tightly. The excess cash is usually invested in bank deposits and debt mutual funds. As these cash holdings increase in a company’s books, its return ratios generally deteriorate. Additionally, there is enough anecdotal evidence that this excess cash leads to sub-optimal capital allocation decisions. The market as a whole has the ability to step up dividends. In this report we have conservatively identified 77 out of the S&P BSE 500 companies that can pay higher dividend (see chart 1). While some of these companies already pay healthy dividends (- an average of 27.2% of their profits for 2012-13), they have headroom to pay still more. Our methodology is discussed later in Annex A.

Some of the key takeaways from this report are:

Incremental dividend payout from the 77 companies identified could aggregate to almost ₹360 bn., after taxes, almost twice the amount these companies actually paid out in FY13 (- or ₹194 bn).

Three companies can pay over ₹ 100 per share to shareholders without any stress. These are M R F, Oracle Financial Services Software and Shree Cements.

Three companies can pay between ₹50.1 and ₹100 as dividends incrementally. These are Bosch, Eicher Motors and Maruti Suzuki.

Note: In preparing this report IiAS has relied on latest available year-end data provided by CMIE. Unless specified, all numbers refer to aggregate data of 77 companies. Standalone company data has been used for analysis. Dividend payments are after taxes. FY14 Interim dividends are not considered.

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Dividends iias.in 2

Companies such as Whirlpool India, Jubilant Foodworks, Gujarat Pipavav, Oracle Financial Services Software, and Just Dial Ltd paid no dividends in 2013, despite being profitable.

We believe that as the foreign parents take money by way of royalty, they are less sensitive to the amount of dividend declared by the Indian business. For example Maruti Suzuki’s dividend payout at 12% was low in comparison to the S&P BSE Sensex’s median payout at 27%. In absolute amounts it paid ₹2,828 mn as dividends, of which 56% went to its foreign promoter, Suzuki Motor Corporation. In contrast the company paid ₹24,538 mn - which halved its profits after tax - as royalties to Suzuki. This is discussed in Annex 3.

While the regulations in India do not mandate companies to declare a dividend policy, in Brazil (- where governance laws are far less progressive than those in India) regulations require that the bye-laws of a company mention minimum percentage of dividends from its net income that would be distributed to shareholders on an annual basis (- read more) This report, like the previous one, argues that companies follow a transparent mechanism for declaring dividends and retaining earnings accrued in a given financial year - whether the earnings are being retained for future capital expenditures, working capital or for retiring debt. Such details and expected timelines for cash utilization should be enclosed in the company’s annual filings. IiAS recommends that all companies articulate a dividend policy as well as a ‘retention approval’ as part of their charter documents. Under this companies should disclose how much cash they intend to retain and the rationale for doing so and pay-out the balance to shareholders as dividends: this cash belongs to all shareholders and is not for company managements to keep.

Source: CMIE, IiAS Research. Dividends are after distribution tax.

Chart 1: Bucketing on incremental DPS – 77 companies

(in ₹)

Nu

mb

er

of

com

pa

nie

s

> 100 50.1-100 15.1 - 50 1 - 15

Incremental Dividend per share (₹)

3 3

14

57

0

10

20

30

40

50

60


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Incremental Payouts, after taxes – 77 Companies (All figures in ₹)

A I A Engineering 4.0 Infotech Enterprises 4.5 Monsanto India 22.0 Maruti Suzuki 8.0 Oracle Finan. Serv. -

Ajanta Pharma 4.2 Ipca Laboratories 4.0 H C L Technologies 12.0 Eicher Motors 30.0 Shree Cement 20.0

Amara Raja Batteries 2.5 J B Chemicals & Pharma 3.0 A C C 30.0 Bosch 60.0 M R F 30.0

Asian Paints 4.6 Jubilant Foodworks - V A Tech Wabag 7.0

Astral Poly Technik 0.5 Just Dial - Wabco India 5.0

Bajaj Auto 45.0 K P I T Technologies 0.9 P C Jeweller 1.0

Bajaj Holdings & Invst 25.0 Kirloskar Oil Engines 5.0 Abbott India 17.0

Balmer Lawrie & Co 17.6 M O I L 5.5 F A G Bearings India 5.0

Bata India 6.0 Mahindra & Mahindra 13.0 Nestle India 48.5

Bharti Infratel 5.3 Mphasis 17.0 Mindtree 11.9

Biocon 7.5 Nesco 3.5 Kaveri Seed Co. 15.9

Clariant Chemicals (India) 27.5 Neyveli Lignite Corpn. 2.8 Infosys 42.0

Colgate-Palmolive (India) 28.0 P T C India 1.6 Glaxosmithkline Consumer 45.0

D B Corp 5.5 Petronet L N G 2.5 Reliance Industries 8.1

Divi'S Laboratories 15.0 Phoenix Mills 2.2

Eclerx Services 25.1 Pidilite Industries 2.6

Emami 5.3 S J V N 1.0

Engineers India 6.0 S K F India 7.5

Entertainment Network 1.0 S R F 10.0

Eros International Media 1.5 Sanofi India 33.0

F D C 2.3 Symphony 6.5

Finolex Industries 5.5 Thermax 7.0

Glenmark Pharmaceuticals 2.0 Titan Company 2.1

Gujarat Gas Co. 7.0 Ultratech Cement 9.0

Gujarat Pipavav Port - Unichem Laboratories 4.5

Gujarat State Petronet 1.0 Whirlpool Of India -

Hindustan Zinc 3.1 Wipro 7.0

Indraprastha Gas 5.5 Zydus Wellness 6.0

Info Edge (India) 1.0

> ₹100

DPS (₹) 2012 -13 ₹ 1 - 15

> ₹15

to ₹50

> ₹50 to

₹100


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IiAS View

Companies should dividend-out their excess earnings on a yearly basis,

post their forecasted capital expenditure, incremental working capital

requirements and debt repayments.

Accumulating excess cash and non-core investments on companies’ books

typically lead to lower return ratios.

Companies with high cash balances tend to have lower balance sheet

discipline.

While the new Companies Act is progressive in comparison to the

prevailing regulations in most countries, it must encourage companies to

declare a dividend policy. Companies should spell out the minimum

dividend they will pay-out as a percentage of its earnings.

The converse of the dividend policy is the ‘retention approval.’ We

strongly believe that companies should obtain shareholder approval to

retain cash specifying the rationale for doing so, and pay-out the balance

to shareholders as dividends: this cash belongs to all shareholders and is

not for company managements to keep.

IiAS will review cash and non-core investments on the on the company’s books and highlight cases where companies can pay higher dividends.


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Annexure A

Methodology:

We have used the following approach to identify companies in the S&P BSE500 index that can pay higher dividends based on FY13 data.

1. From the S&P BSE500 index we filtered out banks and NBFCs. This reduced the companies from 500 to 422.

2. We have considered only those companies that have profitability of ₹500 mn or above. Further we have considered only those companies that have a positive net cash flow from operations for FY13. This reduces the companies from 422 to 279.

3. Further, we have considered only those companies that have positive operational cash flows even after providing for 75% of their three year average capex. We have deducted the 2012-13 equity and preference dividends paid from this. This reduces the number of companies to 189.

4. High financial leverage impacts a company’s earnings and cash flows and consequently its ability to pay out dividends. Given this, we have excluded companies that have debt/ equity greater than 1X and debt/ EBITDA of more than 2X. This reduces the list to 132 companies.

5. In order to meet unforeseen liabilities, companies invest their surplus cash into bank deposits, bank certificates, mutual funds, in equity or debt instruments of non- group companies. We have clubbed these non-core investments and cash and bank balances as cash and cash equivalents1.

From this we have deducted contingent liabilities2. Companies with positive cash and cash equivalents after deducting for contingent liabilities, reduces the number of companies to 88.

6. We have considered the lower of 3 and 5 above. This helps us arrive at the excess cash available for dividend payments. This amount also indicates the dividends that companies can pay incrementally.

7. Finally we have considered each company’s performance in the quarters post their respective financial year ending. We have eliminated companies in which profitability has fallen by 50% or more in these quarters in comparison to the corresponding quarters in the 2012. This reduces the list to 86.

8. Also we have not considered companies that can pay ₹1 per share or less as dividends. This reduces the list to 81 companies.

9. From this list of 81 companies, we have excluded (i) Financial Technologies given the recent financial crisis in the company (ii) Ambuja Cements, given the proposed outflow of ₹35 bn from its balance sheet post restructuring (- money that should have rightfully been distributed to all shareholders and not just Holcim, its parent) (iii) Wyeth, as it declared a dividend of ₹145 per share after its merger with Pfizer (iv) Coal India, as it recently paid an interim dividend of ₹29 per share.

This gives the final list of 77 companies.

1Cash and cash equivalents include investment in equity and preference shares, and debt instruments of non-group companies. It includes investments in bonds of government and local bodies, mutual funds, and cash and bank balances. These include both current and non-current investments.

2Contingent liabilities include disputed taxes, disputed claims etc., guarantees and counter guarantees and bonds issued in favour of government authorities. It includes liabilities on account of non-fulfilment of export obligation, forward foreign exchange contract, arrears of preference dividend, unprovided employee due, un-called and partly paidup shares & debentures, and other miscellaneous contingent liabilities.

All except

NBFC, Banking

Filters – BSE500

Companies

CFO > 0 PAT >

500

Capex

422 Companies

189 companies

Gear

ratios

Cont.

Liab

Cash &

equiv.

88 companies

Excess

cash

Qual.

Factors

77 companies


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Annexure B Regulations on dividends: Both the Companies Act 2013 and the Companies Act 1956 provide for safeguarding shareholders’ interests. Companies have, in the past, declared dividends despite having reported losses. This can be detrimental to the long term interest of the company and its shareholders. To avoid such practises, the new Act states that in case a company wishes to declare an interim dividend in which it has made a loss up to the end of the quarter immediately preceding the date of declaration of interim dividend, the interim dividend declared shall not be higher than average rate of dividends declared during the immediately preceding three financial years. In addition to the above, certain restrictions on dividend payments in the new Act are similar to those provided in the Companies Act, 1956. Section 205 of the Companies Act, 1956 states that dividend payments shall be made from:

Profits of the company for that year arrived at after providing for depreciation

Profits of the company for any previous financial year(s) after providing for depreciation

Or out of the money provided by the Central or State Government for the payment of dividend in addition guarantees provided by that government.

In case the company has incurred losses in the previous financial year(s), and proposes to pay dividend in the profit making year then it has to set off against its profit the lower of (i) the amount of loss incurred for the year(s) (ii) the amount provided for depreciation for the year(s).

However, the Act has stopped short from mandating companies to declare a certain percentage of dividends out of its profits in a given financial year. For example, in markets like Brazil, the law requires that the bye-laws of a company mention minimum percentage of dividends from its net income that would be distributed to shareholders on an annual basis. Given this, however, the law provides flexibility to companies in case they are unable to pay dividends in a certain year i.e. companies can request shareholders’ approval if the payment of dividend may affect the financial position of a company. In such cases, the board informs the shareholders of its intent to either completely retain its net income or distribute a lower percentage of profits as dividends.


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Annexure C Royalty and dividends

Royalty is typically paid to the legal owner of a brand, technology or franchise.

Remitting royalties and related payments takes away a large pie. This leads to a

smaller corpus available for paying to dividends. While providing technology

and know-how maybe critical to company’s operations, its bearing on the

bottom-line cannot be altogether ignored by foreign promoters.

IiAS has repeatedly pointed out that in India the increase in the percentage of

royalty paid has little or no relation to increase in sales or profits:

Whirlpool skipped dividends since FY09, it paid ₹1.6 bn as royalty and

technical know- how fee to Whirlpool Corporation Inc., USA, during the five

year period.

Maruti Suzuki’s dividend payout at 12% was low in comparison to the S&P

BSE Sensex’s median payout at 27%. In absolute amounts it paid ₹2,828 mn

as dividends, of which 56% went to its foreign promoter, Suzuki Motor

Corporation.

In contrast the company paid ₹24,538 mn - which halved its profits after tax

- as royalties to Suzuki.

We believe that as the foreign parents take money by way of royalty, they are

less sensitive to the amount of dividend declared by the Indian business.

Table 1: Royalty and dividends ( in ₹ Mn)

Company Name PAT Royalty

paid* Dividend

paid Royalty % PAT

Dividend % PAT

Maruti Suzuki 23,921 24,538 2,828 103% 12%

Kaveri Seed Company 1,299 782 255 60% 20%

FAG Bearing 1,591 506 96 32% 6%

Whirlpool 1,277 355 0 28% 0%

Bosch 9,583 3,513 2,190 37% 23%

SKF India 1,901 496 459 26% 24%

GSK Consumer 4,368 1,094 2,199 25% 50%

ACC 10,612 998 6,546 9% 62% Source: IiAS Research, Company Filings *Includes royalty, technology/know-how fees, management services/ professional/ Consultancy fees, trade mark fees and such fees capitalized.


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Annexure D

Complete List of BSE 500 companies excluding NBFCs and Banks. The green blocks indicate companies satisfy

that particular filter.

Source: CMIE, IiAS Research

Note: A negative debt to networth or debt to PBITDA indicates that a company has a negative networth or PBITDA as per

latest available financials on CMIE

Company Name (Rs. mn) Standalone

Financials

PAT > =

500CFO > 0

CFO - 75% (Average

Capex) - FY13 total

dividend - FY13

preference dividend

> 0

Debt/

Networth

<=1

Debt/

PBITDA

<= 2

Cash & cash

equivalents -

Contingent

liabilities > 0

Excess cash

available > 0

Qualititive

factors,

Quarterly

PAT etc.

3M India Ltd. 523 638 -196 0.3 1.3 376 -164 Eliminated

A B B India Ltd. 1,374 -502 -3,219 0.1 0.7 -5,190 -4,325 Eliminated

A B G Shipyard Ltd. 1,071 -734 -3,415 2.6 5.5 -13,321 -11,101 Eliminated

A C C Ltd. 10,612 14,917 3,894 0.0 0.1 13,973 3,245 Qualifies

A I A Engineering Ltd. 1,691 1,646 624 0.1 0.5 2,746 520 Qualifies

Aban Offshore Ltd. -126 3,339 2,051 1.0 3.5 -25,134 -20,945 Eliminated

Abbott India Ltd. 1,447 1,014 611 - - 3,106 509 Qualifies

Accelya Kale Solutions Ltd. 712 965 -343 0.0 0.0 550 -286 Eliminated

Adani Enterprises Ltd. 5,198 -1,801 -5,729 0.5 4.2 -11,454 -9,545 Eliminated

Adani Ports & Special Economic Zone 17,542 13,698 3,062 1.3 3.1 -39,599 -32,999 Eliminated

Adani Power Ltd. -19,520 19,699 -7,414 6.3 18.8 -24,623 -20,519 Eliminated

Aditya Birla Nuvo Ltd. 4,231 19 -3,247 0.6 3.5 -21,808 -18,173 Eliminated

Advanta Ltd. 29 524 514 1.6 10.4 -824 -687 Eliminated

Agro Tech Foods Ltd. 416 177 -74 - - -397 -331 Eliminated

Ajanta Pharma Ltd. 1,011 2,058 1,417 0.3 0.6 284 237 Qualifies

Akzo Nobel India Ltd. 2,188 1,928 -3,058 - - 8,874 -2,548 Eliminated

Alembic Pharmaceuticals Ltd. 1,574 2,743 1,669 0.4 0.7 -128 -107 Eliminated

Alok Industries Ltd. 9,202 -3,519 -15,267 3.2 2.6 -17,863 -14,886 Eliminated

Alstom India Ltd. 1,837 264 -1,117 0.0 0.0 762 -931 Eliminated

Alstom T & D India Ltd. 841 4,028 2,731 0.5 1.1 -599 -499 Eliminated

Amara Raja Batteries Ltd. 2,867 3,302 2,064 0.1 0.2 3,744 1,720 Qualifies

Ambuja Cements Ltd. 12,971 18,286 6,477 0.0 0.0 23,754 5,397 Eliminated

Amtek Auto Ltd. 4,507 7,171 -2,370 1.4 5.9 -6,681 -5,567 Eliminated

Amtek India Ltd. 1,563 2,322 -3,088 1.4 5.0 5,648 -2,573 Eliminated

Anant Raj Ltd. 1,010 -1,095 -1,628 0.4 5.8 1,636 -1,356 Eliminated

Anukaran Commercial Enterprises - -28 -28 - - 37 -23 Eliminated

Apollo Hospitals Enterprise Ltd. 3,091 3,371 -413 0.4 1.6 5,144 -345 Eliminated

Apollo Tyres Ltd. 3,125 7,700 2,955 0.9 2.2 -628 -523 Eliminated

Arvind Ltd. 2,612 3,987 2,680 1.0 2.7 -3,056 -2,547 Eliminated

Asahi India Glass Ltd. -918 2,700 1,692 14.8 8.0 45 38 Eliminated

Ashok Leyland Ltd. 4,337 6,851 772 1.4 3.4 611 509 Eliminated

Asian Paints Ltd. 10,500 10,811 2,000 0.0 0.0 7,284 1,667 Qualifies

Astral Poly Technik Ltd. 595 688 232 0.4 0.8 114 95 Qualifies

Astrazeneca Pharma India Ltd. -895 -76 -300 0.0 -0.0 -94 -250 Eliminated

Atul Ltd. 1,355 1,671 879 0.5 1.3 -1,116 -930 Eliminated

Aurobindo Pharma Ltd. 4,960 6,249 3,044 0.9 2.6 878 732 Eliminated

B A S F India Ltd. 1,141 2,304 524 0.3 1.3 -351 -292 Eliminated

B E M L Ltd. -799 -1,385 -2,743 0.6 6.4 -479 -2,286 Eliminated

B F Utilities Ltd. 49 138 137 1.3 5.0 -269 -224 Eliminated

B G R Energy Systems Ltd. 1,637 718 -151 1.8 4.3 6,568 -126 Eliminated

B S Ltd. 564 613 176 1.0 2.1 701 146 Eliminated

Bajaj Auto Ltd. 30,436 19,231 1,337 0.0 0.0 35,490 1,114 Qualifies

Bajaj Corp Ltd. 1,674 1,234 29 - - 2,919 24 Eliminated

Bajaj Electricals Ltd. 512 1,285 734 0.2 0.9 -633 -527 Eliminated

Bajaj Hindusthan Ltd. -2,346 -12,663 -13,751 1.4 8.3 -26,058 -21,715 Eliminated

Bajaj Holdings & Invst. Ltd. 6,633 5,063 1,411 - - 32,381 1,176 Qualifies

Balkrishna Industries Ltd. 3,558 5,501 702 1.5 3.0 -17,784 -14,820 Eliminated

Ballarpur Industries Ltd. 332 1,597 -56 0.5 5.2 -7 -46 Eliminated


Dividends iias.in 9





Financials

PAT > =

500CFO > 0

CFO - 75% (Average

Capex) - FY13 total

dividend - FY13

preference dividend

> 0

Debt/

Networth

<=1

Debt/

PBITDA

<= 2

Cash & cash

equivalents -

Contingent

liabilities > 0

Excess cash

available > 0

Qualititive

factors,

Quarterly

PAT etc.

Balmer Lawrie & Co. Ltd. 1,628 1,187 285 - - 1,669 238 Qualifies

Balrampur Chini Mills Ltd. 1,620 5,554 4,768 1.3 3.8 2,210 1,842 Eliminated

Bata India Ltd. 1,716 1,846 851 - - 1,678 709 Qualifies

Bayer Cropscience Ltd. 11,617 -1,294 -203 - - 7,939 -169 Eliminated

Berger Paints India Ltd. 2,098 1,766 8 0.3 0.8 -755 -629 Eliminated

Bharat Electronics Ltd. 8,898 -16,618 -20,079 0.0 0.0 51,800 -16,733 Eliminated

Bharat Forge Ltd. 3,056 4,232 1,150 0.8 2.2 4,801 958 Eliminated

Bharat Heavy Electricals Ltd. 66,147 18,648 -6,784 0.0 0.1 43,535 -5,654 Eliminated

Bharat Petroleum Corpn. Ltd. 26,429 54,218 24,194 1.4 2.7 -1,624 -1,353 Eliminated

Bharti Airtel Ltd. 50,963 1,38,839 58,042 0.3 0.9 -5,98,761 -4,98,968 Eliminated

Bharti Infratel Ltd. 10,098 21,721 3,252 - - 34,915 2,710 Qualifies

Bhushan Steel Ltd. 9,089 -2,156 -39,182 3.2 8.5 -2,206 -32,652 Eliminated

Biocon Ltd. 2,757 3,318 382 0.1 0.3 5,033 319 Qualifies

Birla Corporation Ltd. 2,698 1,884 -1,507 0.5 2.3 12,679 -1,256 Eliminated

Blue Dart Express Ltd. 1,887 1,814 -485 - - 2,366 -404 Eliminated

Blue Star Ltd. 517 385 -244 0.8 2.5 -2,201 -1,834 Eliminated

Bombay Burmah Trdg. Corpn. 189 -263 -6 0.6 3.5 163 -5 Eliminated

Bombay Dyeing & Mfg. Co. Ltd. 757 3,225 2,794 2.7 6.7 -1,914 -1,595 Eliminated

Bombay Rayon Fashions Ltd. 1,888 5,101 -141 1.3 4.7 521 -118 Eliminated

Bosch Ltd. 9,583 9,335 3,217 0.0 0.1 29,638 2,681 Qualifies

Britannia Industries Ltd. 2,339 2,778 532 0.4 0.6 -989 -824 Eliminated

Byke Hospitality Ltd. 78 150 -12 0.3 1.1 25 -10 Eliminated

C E S C Ltd. 6,185 15,927 9,126 0.7 2.1 8,850 7,375 Eliminated

C M C Ltd. 1,984 243 -1,131 - - -118 -942 Eliminated

C Mahendra Exports Ltd. 312 204 161 1.8 6.8 -744 -620 Eliminated

Cadila Healthcare Ltd. 4,986 4,232 -384 0.6 2.3 -10,215 -8,513 Eliminated

Cairn India Ltd. 1,47,468 1,34,442 97,488 0.0 0.0 93,470 77,892 Eliminated

Carborundum Universal Ltd. 745 1,179 487 0.2 0.8 -2,737 -2,281 Eliminated

Ceat Ltd. 1,064 5,606 3,693 1.4 2.3 -609 -507 Eliminated

Century Textiles & Inds. Ltd. -345 4,856 -2,978 2.7 7.4 -13,045 -10,871 Eliminated

Chambal Fertilisers & Chemicals 3,056 -12,529 -13,945 2.6 5.3 200 -11,620 Eliminated

Chennai Petroleum Corpn. Ltd. -17,668 -13,543 -17,609 2.9 -11.6 -2,385 -14,674 Eliminated

Cipla Ltd. 15,071 13,553 6,690 0.1 0.4 -32,712 -27,260 Eliminated

Clariant Chemicals (India) Ltd. 1,013 766 312 - - 1,741 260 Qualifies

Claris Lifesciences Ltd. 744 2,478 547 0.6 2.2 -705 -587 Eliminated

Coal India Ltd. 97,943 1,05,430 16,679 0.1 0.1 1,65,079 13,899 Eliminated

Colgate-Palmolive (India) Ltd. 4,968 5,531 369 - - 4,284 308 Qualifies

Container Corpn. Of India Ltd. 9,400 9,196 3,716 0.0 0.0 -2,31,924 -1,93,270 Eliminated

Coromandel International Ltd. 4,440 9,984 7,317 1.0 2.2 -1,627 -1,356 Eliminated

Cox & Kings Ltd. 534 132 -496 0.5 3.0 -26,700 -22,250 Eliminated

Cressanda Solutions Ltd. 4 -16 -16 - - 2 -13 Eliminated

Crompton Greaves Ltd. 4,458 1,687 -252 0.0 0.0 -4,897 -4,080 Eliminated

Cummins India Ltd. 7,641 5,286 -396 - - 7,210 -330 Eliminated

D B Corp Ltd. 2,306 2,305 329 0.1 0.4 1,740 274 Qualifies

D B Realty Ltd. 3 -690 -753 0.1 8.0 -20,832 -17,360 Eliminated

D C M Shriram Ltd. 1,905 2,719 2,114 1.1 2.9 1,064 886 Eliminated

D L F Ltd. 5,016 -1,291 -8,702 1.1 5.4 -92,419 -77,016 Eliminated

Dabur India Ltd. 5,910 6,630 2,850 0.2 0.3 -5,772 -4,810 Eliminated

Deepak Fertilisers & Petrochemicals

Corpn. Ltd. 1,469 2,231 359 0.9 2.7 2,677 299 Eliminated

Delta Corp Ltd. 216 562 518 0.0 0.0 -2,280 -1,900 Eliminated


Dividends iias.in 10





Financials

PAT > =

500CFO > 0

CFO - 75% (Average

Capex) - FY13 total

dividend - FY13

preference dividend

> 0

Debt/

Networth

<=1

Debt/

PBITDA

<= 2

Cash & cash

equivalents -

Contingent

liabilities > 0

Excess cash

available > 0

Qualititive

factors,

Quarterly

PAT etc.

Den Networks Ltd. 450 197 -946 0.9 4.4 3,208 -789 Eliminated

Dish T V India Ltd. -658 6,140 245 -10.5 2.4 3,350 204 Eliminated

Dishman Pharmaceuticals &

Chemicals Ltd. 632 602 -216 0.7 2.7 -4,055 -3,379 Eliminated

Divi'S Laboratories Ltd. 6,114 4,828 519 0.0 0.0 2,962 433 Qualifies

Dr. Reddy'S Laboratories Ltd. 12,655 2,888 -4,778 0.3 0.9 -5,852 -4,877 Eliminated

E I D-Parry (India) Ltd. 3,317 -918 -2,532 1.4 2.8 -463 -2,110 Eliminated

E I H Ltd. 510 1,244 -31 0.2 1.8 -2,216 -1,847 Eliminated

Eclerx Services Ltd. 1,559 1,188 153 - - 2,024 128 Qualifies

Eicher Motors Ltd. 2,786 3,667 2,009 0.0 0.1 7,855 1,674 Qualifies

Elder Pharmaceuticals Ltd. 937 -279 -1,061 1.5 4.0 -1,153 -961 Eliminated

Electrosteel Steels Ltd. -2,800 647 -10,138 4.1 -109.2 393 -8,448 Eliminated

Elgi Equipments Ltd. 713 20 -498 0.0 0.2 143 -415 Eliminated

Emami Ltd. 3,238 3,074 1,125 0.1 0.2 3,663 938 Qualifies

Engineers India Ltd. 6,286 3,441 729 - - 22,338 608 Qualifies

Entertainment Network (India) 677 862 788 - - 3,290 657 Qualifies

Era Infra Engg. Ltd. 1,683 2,210 15 2.4 5.0 -15,995 -13,329 Eliminated

Eros International Media Ltd. 1,171 4,072 193 0.5 0.6 1,586 161 Qualifies

Escorts Ltd. 696 554 -166 0.4 2.4 -25 -139 Eliminated

Ess Dee Aluminium Ltd. 764 1,094 134 0.5 1.9 -224 -187 Eliminated

Essar Oil Ltd. -11,804 -7,912 -31,353 36.8 6.1 13,424 -26,127 Eliminated

Essar Ports Ltd. -384 1,933 1,352 0.2 12.6 -15,403 -12,836 Eliminated

Exide Industries Ltd. 5,228 3,597 -1,273 - - 1,689 -1,061 Eliminated

F A G Bearings India Ltd. 1,592 1,344 479 - - 1,257 399 Qualifies

F D C Ltd. 1,583 1,431 780 0.0 0.0 4,459 650 Qualifies

Financial Technologies (India) 3,229 3,220 2,179 0.2 1.3 8,793 1,816 Eliminated

Finolex Cables Ltd. 1,453 1,572 1,046 0.2 0.7 -741 -618 Eliminated

Finolex Industries Ltd. 1,361 2,678 1,348 0.4 0.8 874 728 Qualifies

Firstsource Solutions Ltd. 1,360 3,300 3,107 0.1 0.5 -14,430 -12,025 Eliminated

Fortis Healthcare Ltd. 173 15 -386 0.3 5.3 -27,108 -22,590 Eliminated

Future Lifestyle Fashions Ltd. -3 -6 -6 - - 2 -5 Eliminated

Future Retail Ltd. 2,733 -49 -3,447 1.1 3.3 -2,454 -2,872 Eliminated

G A I L (India) Ltd. 40,222 50,334 -5,734 0.4 1.2 -86,696 -72,247 Eliminated

G M R Infrastructure Ltd. 535 -1,145 -1,818 0.6 9.0 -1,57,622 -1,31,352 Eliminated

G V K Power & Infrastructure -240 296 293 0.2 10.1 -72,860 -60,717 Eliminated

Gateway Distriparks Ltd. 576 656 -181 0.0 0.2 -2,883 -2,402 Eliminated

Geometric Ltd. 344 174 44 - - -1,804 -1,503 Eliminated

Gillette India Ltd. 872 221 -660 0.0 0.0 -1,181 -984 Eliminated

Gitanjali Gems Ltd. 2,652 10,158 9,882 1.1 5.2 -26,042 -21,702 Eliminated

Glaxosmithkline Consumer Healthcare 4,368 5,305 2,391 - - 11,796 1,992 Qualifies

Glaxosmithkline Pharmaceuticals 5,773 2,354 -2,767 0.0 0.0 18,723 -2,306 Eliminated

Glenmark Pharmaceuticals Ltd. 3,861 2,849 1,523 0.2 1.3 1,169 974 Qualifies

Global Infratech & Finance Ltd. 11 -239 -239 0.3 5.4 8 -199 Eliminated

Godfrey Phillips India Ltd. 1,695 1,744 -179 0.3 0.8 2,674 -150 Eliminated

Godrej Consumer Products Ltd. 5,109 5,538 665 0.1 0.4 -23,556 -19,630 Eliminated

Godrej Industries Ltd. 967 70 -2,079 0.6 4.6 4,368 -1,733 Eliminated

Godrej Properties Ltd. 1,227 1,165 704 0.6 3.2 -3,162 -2,635 Eliminated

Goenka Diamond & Jewels Ltd. 212 -200 -260 0.5 4.3 183 -216 Eliminated

Graphite India Ltd. 1,631 -7 -1,481 0.4 1.9 1,634 -1,234 Eliminated

Grasim Industries Ltd. 12,260 8,366 -2,197 0.1 0.7 19,298 -1,831 Eliminated

Great Eastern Shipping Co. Ltd. 1,463 4,917 2,983 0.7 4.9 30,585 2,485 Eliminated







Financials

PAT > =

500CFO > 0

CFO - 75% (Average

Capex) - FY13 total

dividend - FY13

preference dividend

> 0

Debt/

Networth

<=1

Debt/

PBITDA

<= 2

Cash & cash

equivalents -

Contingent

liabilities > 0

Excess cash

available > 0

Qualititive

factors,

Quarterly

PAT etc.

Greaves Cotton Ltd. 1,380 1,046 290 0.0 0.0 743 242 Eliminated

Greenply Industries Ltd. 1,142 2,147 1,432 1.3 2.3 -2,197 -1,830 Eliminated

Grindwell Norton Ltd. 977 947 5 - - -104 -87 Eliminated

Gujarat Alkalies & Chemicals Ltd. 2,354 4,234 2,335 0.1 0.5 -574 -478 Eliminated

Gujarat Fluorochemicals Ltd. 3,983 3,671 -1,567 0.3 1.0 2,203 -1,306 Eliminated

Gujarat Gas Co. Ltd. 2,867 3,278 1,225 - - 3,607 1,021 Qualifies

Gujarat Mineral Devp. Corpn. Ltd. 6,008 2,200 -792 - - -1,834 -1,528 Eliminated

Gujarat N R E Coke Ltd. 310 -1,492 -2,204 1.2 5.8 -31,677 -26,398 Eliminated

Gujarat Narmada Valley Fertilizers &

Chemicals Ltd. 2,731 -1,689 -7,960 1.2 5.0 2,979 -6,633 Eliminated

Gujarat Pipavav Port Ltd. 740 2,621 1,939 0.3 1.6 672 560 Qualifies

Gujarat State Fertilizers & Chemicals 5,181 -8,933 -13,088 0.4 1.5 2,979 -10,907 Eliminated

Gujarat State Petronet Ltd. 5,381 6,927 3,344 0.5 1.4 5,769 2,787 Qualifies

Gulf Oil Corpn. Ltd. 530 409 172 0.7 2.1 121 101 Eliminated

H C L Infosystems Ltd. -813 2,325 1,790 0.6 4.6 4,572 1,492 Eliminated

H C L Technologies Ltd. 36,112 38,817 24,472 0.1 0.1 14,473 12,061 Qualifies

H M T Ltd. -1,454 -184 -191 -15.7 -25.6 -111 -159 Eliminated

H T Media Ltd. 242 1,668 1,182 0.3 2.9 8,020 985 Eliminated

Hathway Cable & Datacom Ltd. 32 358 -1,299 0.9 3.2 -1,046 -1,083 Eliminated

Hatsun Agro Products Ltd. 447 1,402 649 3.1 2.7 310 258 Eliminated

Havells India Ltd. 3,714 3,645 1,553 0.1 0.2 -2,014 -1,678 Eliminated

Hawkins Cookers Ltd. 341 230 -108 0.4 0.4 478 -90 Eliminated

Hero Motocorp Ltd. 21,182 17,447 -233 0.2 0.3 37,034 -194 Eliminated

Hexaware Technologies Ltd. 2,856 1,720 -303 - - 3,605 -252 Eliminated

Himachal Futuristic Communications 548 843 690 0.5 2.1 3,730 575 Eliminated

Hindalco Industries Ltd. 16,992 -3,523 -52,683 0.7 7.3 61,238 -43,903 Eliminated

Hinduja Global Solutions Ltd. 540 978 216 0.2 1.1 -1,749 -1,457 Eliminated

Hindustan Construction Co. Ltd. -1,376 3,406 2,332 4.0 8.9 -21,488 -17,907 Eliminated

Hindustan Copper Ltd. 3,556 2,000 -392 - - 460 -327 Eliminated

Hindustan Petroleum Corpn. Ltd. 9,047 11,496 -22,565 2.5 5.2 2,765 -18,804 Eliminated

Hindustan Unilever Ltd. 37,967 29,541 -17,053 - - 31,111 -14,211 Eliminated

Hindustan Zinc Ltd. 68,995 47,517 20,080 0.0 0.0 1,94,322 16,733 Qualifies

Honeywell Automation India Ltd. 852 -173 -377 - - 607 -314 Eliminated

Housing Development &

Infrastructure Ltd. 1,454 5,190 5,105 0.3 2.7 -13,408 -11,174 Eliminated

I I F L Holdings Ltd. 958 490 -500 - - -54,964 -45,803 Eliminated

I L & F S Transportation Networks 2,712 -450 -1,411 1.8 4.4 -13,561 -11,301 Eliminated

I R B Infrastructure Developers 1,873 4,669 3,340 1.1 3.9 -62,092 -51,744 Eliminated

I T C Ltd. 74,184 61,398 -1,336 0.0 0.0 91,900 -1,113 Eliminated

I V R C L Ltd. -1,017 3,616 3,183 1.3 7.7 -11,942 -9,951 Eliminated

Idea Cellular Ltd. 8,183 57,083 16,964 0.9 2.4 -60,373 -50,311 Eliminated

India Cements Ltd. 1,636 6,665 2,975 0.8 3.6 -10,884 -9,070 Eliminated

Indiabulls Power Ltd. -263 4,125 -5,357 0.6 -1,115.3 1,854 -4,465 Eliminated

Indiabulls Real Estate Ltd. 2,686 1,863 983 0.2 2.2 -8,912 -7,427 Eliminated

Indian Hotels Co. Ltd. -2,766 3,320 1,297 0.8 5.3 -9,490 -7,909 Eliminated

Indian Infotech & Software Ltd. 0 -4 -4 0.0 0.9 1,624 -3 Eliminated

Indian Oil Corpn. Ltd. 50,052 1,15,845 2,913 1.3 4.1 33,417 2,428 Eliminated

Indraprastha Gas Ltd. 3,541 6,433 1,160 0.3 0.6 1,923 967 Qualifies

Info Edge (India) Ltd. 1,023 985 621 0.0 0.0 4,394 517 Qualifies

Infosys Ltd. 91,160 65,040 26,428 - - 1,66,600 22,023 Qualifies

Infotech Enterprises Ltd. 1,843 1,371 255 - - 4,225 213 Qualifies

Ingersoll-Rand (India) Ltd. 779 474 9 - - 4,307 7 Eliminated







Financials

PAT > =

500CFO > 0

CFO - 75% (Average

Capex) - FY13 total

dividend - FY13

preference dividend

> 0

Debt/

Networth

<=1

Debt/

PBITDA

<= 2

Cash & cash

equivalents -

Contingent

liabilities > 0

Excess cash

available > 0

Qualititive

factors,

Quarterly

PAT etc.

Inox Leisure Ltd. 185 713 360 0.6 2.7 -1,534 -1,278 Eliminated

International Paper A P P M Ltd. -237 1,741 1,279 1.0 3.5 -907 -756 Eliminated

Ipca Laboratories Ltd. 3,314 3,869 1,420 0.4 1.0 466 388 Qualifies

J B Chemicals & Pharmaceuticals 849 809 137 0.0 0.3 5,443 114 Qualifies

J B F Industries Ltd. 515 3,589 1,925 1.7 3.3 -2,428 -2,023 Eliminated

J K Cement Ltd. 2,336 4,196 1,649 0.9 2.1 -330 -275 Eliminated

J K Lakshmi Cement Ltd. 1,757 3,323 -483 1.1 2.9 3,689 -402 Eliminated

J S W Energy Ltd. 9,930 9,740 -1,061 0.8 2.2 -9,538 -7,948 Eliminated

J S W Holdings Ltd. 217 -264 -264 - - 699 -220 Eliminated

J S W Steel Ltd. 18,012 39,247 3,240 0.9 2.7 -40,685 -33,904 Eliminated

Jagran Prakashan Ltd. 2,205 1,899 169 0.5 1.4 1,604 140 Eliminated

Jai Corp Ltd. 749 -97 -238 0.0 0.1 9,407 -199 Eliminated

Jain Irrigation Systems Ltd. 301 3,728 878 1.2 4.0 -4,452 -3,710 Eliminated

Jaiprakash Associates Ltd. 5,013 35,145 -2,313 1.9 6.7 -18,278 -15,232 Eliminated

Jaiprakash Power Ventures Ltd. 3,292 24,153 -15,182 2.8 10.0 -2,993 -12,652 Eliminated

Jaypee Infratech Ltd. 6,945 9,285 -1,835 1.3 5.4 2,543 -1,529 Eliminated

Jet Airways (India) Ltd. -4,855 18,390 23,214 -11.6 5.9 -18,395 -15,330 Eliminated

Jindal Saw Ltd. 1,934 3,126 -1,590 0.9 5.7 -9,318 -7,765 Eliminated

Jindal Stainless Ltd. -8,208 1,048 -5,145 7.5 16.4 -12,098 -10,082 Eliminated

Jindal Steel & Power Ltd. 15,926 10,215 -25,169 1.7 4.0 -92,603 -77,169 Eliminated

Jubilant Foodworks Ltd. 1,351 2,098 1,152 0.0 0.0 1,207 960 Qualifies

Jubilant Life Sciences Ltd. -433 8,258 4,540 1.5 5.3 -5,800 -4,833 Eliminated

Just Dial Ltd. 685 1,023 831 - - 5,082 693 Qualifies

Jyothy Laboratories Ltd. 440 44 -542 0.8 3.5 -697 -581 Eliminated

K E C International Ltd. 46 -1,508 -2,161 1.1 2.7 -7,698 -6,415 Eliminated

K P I T Technologies Ltd. 1,031 1,164 696 0.3 1.2 1,610 580 Qualifies

K S K Energy Ventures Ltd. 133 664 679 0.4 7.1 -25,577 -21,314 Eliminated

Kajaria Ceramics Ltd. 1,006 1,153 311 0.6 1.0 -354 -295 Eliminated

Kalpataru Power Transmission 1,377 1,833 779 0.3 1.5 -313 -261 Eliminated

Kansai Nerolac Paints Ltd. 2,922 2,140 -125 0.1 0.1 1,117 -104 Eliminated

Kappac Pharma Ltd. -1 85 85 - - 196 71 Eliminated

Kaveri Seed Co. Ltd. 1,299 1,011 603 0.0 0.0 1,493 502 Qualifies

Kesoram Industries Ltd. -3,292 4,480 1,160 8.3 10.1 -3,050 -2,542 Eliminated

Kingfisher Airlines Ltd. -43,011 -14,288 -14,991 -0.8 -4.4 -21,803 -18,169 Eliminated

Kirloskar Brothers Ltd. 585 1,709 1,195 0.3 1.8 -3,850 -3,208 Eliminated

Kirloskar Oil Engines Ltd. 1,988 2,061 422 - - 2,662 352 Qualifies

Kolte Patil Developers Ltd. 657 159 -151 0.2 1.6 -1,007 -840 Eliminated

Lakshmi Machine Works Ltd. 1,175 894 -151 - - 7,780 -126 Eliminated

Lanco Infratech Ltd. 133 2,098 -303 1.3 6.2 -1,86,962 -1,55,802 Eliminated

Larsen & Toubro Ltd. 49,107 20,653 -2,383 0.3 1.0 -54,114 -45,095 Eliminated

Linde India Ltd. 895 942 -1,949 0.8 3.8 164 -1,624 Eliminated

Lovable Lingerie Ltd. 189 125 4 0.1 0.4 825 4 Eliminated

Luminaire Technologies Ltd. -2 -2 -2 0.0 -12.8 1 -2 Eliminated

Lupin Ltd. 12,604 9,850 4,883 0.1 0.4 -2,883 -2,403 Eliminated

M M T C Ltd. -706 5,404 5,280 1.1 12.2 -10,782 -8,985 Eliminated

M O I L Ltd. 4,317 3,434 2,015 - - 22,666 1,679 Qualifies

M R F Ltd. 8,022 14,223 8,821 0.4 0.9 10,300 7,351 Qualifies

Mahanagar Telephone Nigam Ltd. -53,211 -3,742 -10,082 -4.3 -4.6 -22,836 -19,030 Eliminated

Maharashtra Seamless Ltd. 1,533 2,793 1,520 0.0 0.3 6,184 1,267 Eliminated

Mahindra & Mahindra Ltd. 33,528 40,446 21,903 0.2 0.7 5,192 4,327 Qualifies







Financials

PAT > =

500CFO > 0

CFO - 75% (Average

Capex) - FY13 total

dividend - FY13

preference dividend

> 0

Debt/

Networth

<=1

Debt/

PBITDA

<= 2

Cash & cash

equivalents -

Contingent

liabilities > 0

Excess cash

available > 0

Qualititive

factors,

Quarterly

PAT etc.

Mahindra C I E Automotive Ltd. 409 861 730 0.0 0.5 -119 -99 Eliminated

Mahindra Holidays & Resorts 1,070 2,078 936 0.0 0.0 -8,094 -6,745 Eliminated

Mahindra Lifespace Developers 975 -1,535 -1,781 0.3 2.4 1,717 -1,484 Eliminated

Mandhana Industries Ltd. 653 -165 -974 1.8 3.9 159 -812 Eliminated

Mangalore Refinery & Petrochemicals -7,569 9,806 -15,675 1.2 7.5 7,781 -13,062 Eliminated

Marico Ltd. 4,291 4,444 3,387 0.4 1.2 -3,947 -3,289 Eliminated

Maruti Suzuki India Ltd. 23,921 43,491 18,637 0.1 0.3 39,505 15,530 Qualifies

Max India Ltd. 5,615 -2,440 -6,408 0.1 0.2 -6,130 -5,340 Eliminated

Mcleod Russel India Ltd. 2,257 1,343 -125 0.2 0.6 676 -104 Eliminated

Mindtree Ltd. 3,389 2,663 1,499 0.0 0.1 4,348 1,249 Qualifies

Monnet Ispat & Energy Ltd. 2,503 3,166 -6,706 2.3 10.7 3,684 -5,589 Eliminated

Monsanto India Ltd. 673 838 322 - - 1,817 268 Qualifies

Motherson Sumi Systems Ltd. 4,696 5,856 1,930 0.6 1.1 -12,024 -10,020 Eliminated

Mphasis Ltd. 5,395 7,631 2,894 - - 17,065 2,412 Qualifies

Multi Commodity Exchange Of India

Ltd. 2,986 423 -1,240 - - 12,801 -1,034 Eliminated

N C C Ltd. 627 3,722 2,732 0.9 3.5 -21,902 -18,252 Eliminated

N H P C Ltd. 23,482 17,722 -11,590 0.7 3.8 67,301 -9,658 Eliminated

N I I T Technologies Ltd. 1,679 1,234 187 0.0 0.0 -833 -694 Eliminated

N M D C Ltd. 63,424 27,337 -15,112 - - 2,00,525 -12,594 Eliminated

N T P C Ltd. 1,26,194 1,41,742 -8,719 0.7 2.6 1,15,035 -7,266 Eliminated

Natco Pharma Ltd. 781 700 -264 0.6 2.0 84 -220 Eliminated

National Aluminium Co. Ltd. 5,928 8,762 -593 - - 32,066 -494 Eliminated

Nava Bharat Ventures Ltd. 2,383 1,559 455 0.1 0.4 -3,112 -2,593 Eliminated

Navneet Education Ltd. 1,111 125 -674 0.4 0.9 23 -562 Eliminated

Nesco Ltd. 817 552 217 - - 2,554 181 Qualifies

Nestle India Ltd. 10,679 16,207 3,334 0.6 0.6 6,018 2,778 Qualifies

Network18 Media & Invst. Ltd. -299 -686 -491 0.1 2.0 777 -409 Eliminated

Neyveli Lignite Corpn. Ltd. 14,598 12,199 2,775 0.3 1.2 9,854 2,312 Qualifies

Nitin Fire Protection Inds. Ltd. 175 333 222 1.5 4.6 405 185 Eliminated

Novartis India Ltd. 1,197 23 -378 0.0 0.0 -359 -315 Eliminated

Oberoi Realty Ltd. 3,275 -562 -2,238 - - 8,182 -1,865 Eliminated

Oil & Natural Gas Corpn. Ltd. 2,09,257 3,06,857 14,115 - - -2,01,826 -1,68,188 Eliminated

Oil India Ltd. 35,893 8,314 -20,170 0.1 0.2 1,25,338 -16,809 Eliminated

Omaxe Ltd. 859 4,049 3,824 0.8 3.4 -490 -408 Eliminated

Opto Circuits (India) Ltd. 2,410 -930 -1,079 0.6 2.9 -5,830 -4,858 Eliminated

Oracle Financial Services Software 10,293 11,775 11,323 - - 50,240 9,436 Qualifies

Orchid Chemicals & Pharmaceuticals

Ltd. -5,302 1,749 -2,559 7.0 12.3 -452 -2,132 Eliminated

Orient Cement Ltd. 1,617 2,630 2,134 0.2 0.5 -219 -182 Eliminated

Out Of City Travel Solutions Ltd. -1 -87 -89 - - 100 -74 Eliminated

P C Jeweller Ltd. 2,907 5,196 4,769 0.2 0.5 7,208 3,974 Qualifies

P I Industries Ltd. 963 1,026 -18 0.4 1.1 -2,733 -2,278 Eliminated

P T C India Ltd. 1,287 4,519 3,955 - - 4,434 3,296 Qualifies

P V R Ltd. 549 1,120 330 0.6 3.0 -211 -176 Eliminated

Page Industries Ltd. 1,125 871 -24 0.5 0.5 -97 -81 Eliminated

Parsvnath Developers Ltd. 737 2,894 2,396 0.6 3.9 -3,440 -2,867 Eliminated

Peninsula Land Ltd. 1,970 4,592 4,017 0.6 2.7 3,860 3,217 Eliminated

Persistent Systems Ltd. 1,818 1,883 782 0.0 0.0 -739 -616 Eliminated

Petronet L N G Ltd. 11,493 18,234 9,322 0.7 1.5 13,184 7,769 Qualifies

Pfizer Ltd. 5,032 -86 -185 - - 10,212 -154 Eliminated

Phoenix Mills Ltd. 1,339 1,588 383 0.2 1.1 1,049 319 Qualifies

Pidilite Industries Ltd. 4,608 5,127 2,590 0.0 0.1 2,300 1,917 Qualifies







Financials

PAT > =

500CFO > 0

CFO - 75% (Average

Capex) - FY13 total

dividend - FY13

preference dividend

> 0

Debt/

Networth

<=1

Debt/

PBITDA

<= 2

Cash & cash

equivalents -

Contingent

liabilities > 0

Excess cash

available > 0

Qualititive

factors,

Quarterly

PAT etc.

Pipavav Defence & Offshore Engg. Co 287 6,103 -570 2.3 7.8 2,887 -475 Eliminated

Piramal Enterprises Ltd. -2,316 -11,162 22,217 0.4 27.0 31,987 18,514 Eliminated

Polaris Financial Technology Ltd. 1,671 1,127 -339 0.1 0.4 2,419 -283 Eliminated

Power Grid Corpn. Of India Ltd. 42,345 1,08,285 -36,375 2.6 5.9 -8,468 -30,313 Eliminated

Praj Industries Ltd. 662 203 -413 0.0 0.0 1,821 -345 Eliminated

Prestige Estates Projects Ltd. 2,761 76 -876 0.6 3.0 -14,755 -12,296 Eliminated

Prime Focus Ltd. -592 635 291 1.0 5.3 -3,043 -2,535 Eliminated

Prism Cement Ltd. -595 2,359 118 1.5 5.6 -2,755 -2,296 Eliminated

Procter & Gamble Hygiene & Health

Care Ltd. 2,032 924 -392 0.0 0.0 718 -326 Eliminated

Punj Lloyd Ltd. 196 -1,623 -3,665 1.3 5.4 -44,170 -36,808 Eliminated

Puravankara Projects Ltd. 1,123 1,808 1,086 1.0 4.0 -626 -522 Eliminated

Radico Khaitan Ltd. 773 499 -138 1.1 3.4 -1,806 -1,505 Eliminated

Rain Industries Ltd. 564 556 339 1.0 4.0 -4,403 -3,669 Eliminated

Rainbow Papers Ltd. 354 787 -968 2.0 7.6 182 -806 Eliminated

Rajesh Exports Ltd. 4,526 28,486 28,177 1.1 3.4 97,123 23,481 Eliminated

Rallis India Ltd. 1,194 1,461 449 0.1 0.4 -505 -421 Eliminated

Ramco Cements Ltd. 4,037 6,681 1,693 1.1 2.5 -5,825 -4,854 Eliminated

Ranbaxy Laboratories Ltd. -1,623 6,413 4,359 2.5 7.7 23,131 3,633 Eliminated

Rashtriya Chemicals & Fertilizers 2,809 -5,877 -8,411 0.7 2.4 -1,638 -7,009 Eliminated

Rasoya Proteins Ltd. 207 -342 -695 0.8 4.3 125 -579 Eliminated

Raymond Ltd. -478 1,371 533 1.3 5.3 3,068 445 Eliminated

Redington (India) Ltd. 1,714 1,498 1,206 0.6 1.6 -5,343 -4,452 Eliminated

Rei Agro Ltd. 2,110 5,448 131 2.1 5.6 -10,605 -8,838 Eliminated

Reliance Communications Ltd. 6,240 27,070 -2,325 1.0 7.4 -62,750 -52,292 Eliminated

Reliance Industrial Infrastructure Ltd. 244 137 -140 - - 334 -117 Eliminated

Reliance Industries Ltd. 2,10,030 2,54,490 1,91,745 0.4 1.9 4,12,060 1,59,788 Qualifies

Reliance Infrastructure Ltd. 19,995 25,715 14,472 0.6 3.2 19,629 12,060 Eliminated

Reliance Mediaworks Ltd. -7,036 -56 -70 -10.0 -67.7 -4,130 -3,441 Eliminated

Reliance Power Ltd. 5,139 -371 86 0.1 3.2 -16,922 -14,101 Eliminated

Risa International Ltd. 0 -6 -6 0.0 3.6 4 -5 Eliminated

Rolta India Ltd. -7,374 16,294 6,251 1.6 2.3 408 340 Eliminated

Ruchi Soya Inds. Ltd. 2,363 500 -2,248 2.4 4.6 21,784 -1,874 Eliminated

S J V N Ltd. 10,523 15,531 5,623 0.3 1.2 20,147 4,686 Qualifies

S K F India Ltd. 1,901 1,990 895 - - 2,520 745 Qualifies

S R F Ltd. 2,585 3,658 409 0.5 1.6 385 321 Qualifies

S R K Industries Ltd. 19 26 -75 0.0 0.2 15 -63 Eliminated

Sadbhav Engineering Ltd. 741 689 75 0.9 3.4 -11,107 -9,256 Eliminated

Sanofi India Ltd. 1,767 2,864 153 - - 3,124 127 Qualifies

Schneider Electric Infrastructure -285 361 240 1.0 3.0 -263 -219 Eliminated

Sesa Sterlite Ltd. 1,208 -1,283 -5,487 0.3 6.2 -44,825 -37,354 Eliminated

Shasun Pharmaceuticals Ltd. 263 3 -686 1.4 5.1 -240 -572 Eliminated

Shipping Corpn. Of India Ltd. -1,143 8,087 -11,329 1.2 8.1 7,752 -9,441 Eliminated

Shoppers Stop Ltd. 392 1,124 247 0.5 2.0 -1,215 -1,013 Eliminated

Shree Cement Ltd. 10,040 12,597 5,498 0.3 0.7 25,160 4,581 Qualifies

Shree Renuka Sugars Ltd. 518 22,824 18,746 1.5 4.2 -14,571 -12,143 Eliminated

Shrenuj & Co. Ltd. 305 -1,683 -1,816 2.7 9.0 -13,636 -11,363 Eliminated

Siemens Ltd. 1,940 1,018 -3,191 0.0 0.0 3,772 -2,659 Eliminated

Sintex Industries Ltd. 2,692 5,988 3,148 1.0 4.2 2,762 2,302 Eliminated

Siti Cable Network Ltd. -618 418 -256 -13.9 11.8 1,661 -214 Eliminated







Financials

PAT > =

500CFO > 0

CFO - 75% (Average

Capex) - FY13 total

dividend - FY13

preference dividend

> 0

Debt/

Networth

<=1

Debt/

PBITDA

<= 2

Cash & cash

equivalents -

Contingent

liabilities > 0

Excess cash

available > 0

Qualititive

factors,

Quarterly

PAT etc.

Sobha Developers Ltd. 1,966 3,927 2,598 0.5 2.3 -5,463 -4,553 Eliminated

Solar Industries India Ltd. 758 463 -188 0.6 1.8 122 -157 Eliminated

Som Distilleries & Breweries Ltd. 178 157 16 0.1 0.3 131 13 Eliminated

Spicejet Ltd. -1,911 -538 -4,806 -8.0 55.6 4,389 -4,005 Eliminated

State Trading Corpn. Of India Ltd. 180 5,308 5,094 2.6 5.4 -3,845 -3,204 Eliminated

Steel Authority Of India Ltd. 21,704 22,437 -59,831 0.5 3.8 -26,922 -49,859 Eliminated

Sterlite Technologies Ltd. 475 2,769 1,375 0.9 3.5 -2,607 -2,173 Eliminated

Strides Arcolab Ltd. 560 102 -297 0.5 2.0 -4,520 -3,767 Eliminated

Sulabh Engineers & Services Ltd. 4 -20 -20 0.0 0.1 5 -17 Eliminated

Sun Pharma Advanced Research Co.

Ltd. -225 -954 -985 0.8 -5.5 1,037 -821 Eliminated

Sun Pharmaceutical Inds. Ltd. 5,166 351 -8,353 0.0 0.1 8,679 -6,961 Eliminated

Sun T V Network Ltd. 6,833 7,830 -492 - - 150 -410 Eliminated

Sundram Fasteners Ltd. 951 2,187 995 1.1 2.7 -196 -163 Eliminated

Sunteck Realty Ltd. 69 -720 -749 0.4 6.3 54 -624 Eliminated

Supreme Industries Ltd. 2,724 4,040 1,196 0.6 0.9 -158 -131 Eliminated

Surabhi Chemicals & Investments Ltd. 9 -1 -0 - - 144 -0 Eliminated

Suzlon Energy Ltd. -29,898 2,828 1,655 3.2 -15.2 -7,856 -6,547 Eliminated

Swan Energy Ltd. 205 -2,197 -2,347 0.9 3.4 -1,858 -1,956 Eliminated

Symphony Ltd. 627 570 245 - - 936 204 Qualifies

T T K Prestige Ltd. 1,331 973 50 0.3 0.5 -486 -405 Eliminated

T V S Motor Co. Ltd. 1,160 4,456 2,783 0.5 1.4 -1,975 -1,646 Eliminated

Tamil Nadu Newsprint & Papers Ltd. 915 6,195 3,874 1.4 3.5 -3,912 -3,260 Eliminated

Tata Chemicals Ltd. 6,433 -2,978 -8,394 0.7 2.4 -13,160 -10,966 Eliminated

Tata Coffee Ltd. 937 509 -29 0.2 0.7 -115 -96 Eliminated

Tata Communications Ltd. 4,752 15,955 10,368 0.1 0.5 -1,33,289 -1,11,075 Eliminated

Tata Consultancy Services Ltd. 1,27,863 91,570 27,042 0.0 0.0 -13,577 -11,314 Eliminated

Tata Elxsi Ltd. 210 333 -77 0.3 0.9 -5 -64 Eliminated

Tata Global Beverages Ltd. 2,587 -819 -2,594 0.2 1.3 -910 -2,161 Eliminated

Tata Motors Ltd. 3,018 22,584 -3,897 0.9 4.4 -1,22,835 -1,02,363 Eliminated

Tata Power Co. Ltd. 10,247 3,918 -7,799 0.7 3.4 -1,31,256 -1,09,380 Eliminated

Tata Steel Ltd. 50,630 1,08,829 54,084 0.5 2.2 -20,572 -17,143 Eliminated

Tata Teleservices (Maharashtra) Ltd. -6,588 2,988 -3,794 -3.5 9.5 -3,910 -3,258 Eliminated

Tech Mahindra Ltd. 6,525 6,344 2,779 0.3 1.1 -1,361 -1,134 Eliminated

Thermax Ltd. 3,500 2,071 375 0.0 0.0 4,178 313 Qualifies

Thomas Cook (India) Ltd. 492 1,032 850 0.5 1.6 487 406 Eliminated

Tilaknagar Industries Ltd. 503 -492 -1,038 1.4 4.1 -693 -865 Eliminated

Timken India Ltd. 442 131 -223 - - 332 -186 Eliminated

Titan Company Ltd. 7,252 4,279 1,226 0.0 0.0 9,212 1,022 Qualifies

Torrent Pharmaceuticals Ltd. 5,464 -687 -4,497 0.4 0.9 2,763 -3,747 Eliminated

Torrent Power Ltd. 3,850 15,131 4,535 0.8 3.2 8,786 3,779 Eliminated

Tree House Education & Accessories

Ltd. 333 -139 -743 0.2 1.0 487 -620 Eliminated

Trent Ltd. 623 409 -193 0.1 2.0 2,705 -161 Eliminated

Tribhovandas Bhimji Zaveri Ltd. 850 -3,034 -3,359 1.0 2.7 299 -2,800 Eliminated

Triveni Turbine Ltd. 1,066 702 335 0.0 0.0 279 233 Eliminated

Tube Investments Of India Ltd. 1,040 2,973 1,437 1.1 3.8 -813 -678 Eliminated

Turbotech Engineering Ltd. -0 -0 -0 0.2 -237.0 127 -0 Eliminated

Tv18 Broadcast Ltd. 102 1,751 1,688 0.1 1.7 -4,349 -3,624 Eliminated

U P L Ltd. 2,081 1,760 -1,014 0.6 3.2 -28,353 -23,627 Eliminated

Uflex Ltd. 1,385 5,071 2,906 0.7 1.8 -17,111 -14,259 Eliminated

Ultratech Cement Ltd. 26,554 35,371 13,571 0.4 1.1 4,854 4,045 Qualifies







Financials

PAT > =

500CFO > 0

CFO - 75% (Average

Capex) - FY13 total

dividend - FY13

preference dividend

> 0

Debt/

Networth

<=1

Debt/

PBITDA

<= 2

Cash & cash

equivalents -

Contingent

liabilities > 0

Excess cash

available > 0

Qualititive

factors,

Quarterly

PAT etc.

Unichem Laboratories Ltd. 1,296 1,759 572 0.0 0.1 298 248 Qualifies

Unitech Ltd. 1,520 5,627 5,742 0.5 7.9 -94,480 -78,733 Eliminated

United Breweries Ltd. 1,722 1,522 -2,295 0.9 2.4 -625 -1,913 Eliminated

United Spirits Ltd. 3,208 10,628 8,669 0.7 3.4 -45,699 -38,082 Eliminated

Usha Martin Ltd. 71 3,865 -1,579 1.9 5.0 -1,158 -1,316 Eliminated

Ushdev International Ltd. 796 4,116 3,902 2.1 4.6 -7,687 -6,406 Eliminated

Uttam Galva Steels Ltd. 616 8,643 5,175 1.9 3.8 814 678 Eliminated

V A Tech Wabag Ltd. 901 1,094 724 0.1 0.3 556 463 Qualifies

V I P Industries Ltd. 315 736 441 0.2 0.6 -118 -99 Eliminated

V S T Industries Ltd. 1,263 1,184 -214 - - 2,115 -178 Eliminated

Vaibhav Global Ltd. 264 483 452 0.3 0.6 -1,440 -1,200 Eliminated

Vakrangee Ltd. 1,093 784 -545 1.0 1.4 357 -454 Eliminated

Vardhman Textiles Ltd. 3,237 2,647 -675 1.3 3.2 3,907 -562 Eliminated

V-Guard Industries Ltd. 629 88 -193 0.6 1.4 14 -161 Eliminated

Videocon Industries Ltd. -716 -6,825 -14,215 2.3 6.5 1,881 -11,846 Eliminated

Voltas Ltd. 1,801 655 124 0.1 0.6 -12,051 -10,042 Eliminated

Wabco India Ltd. 1,308 902 406 - - 1,094 339 Qualifies

Whirlpool Of India Ltd. 1,278 1,440 754 - - 791 628 Qualifies

Wipro Ltd. 56,502 61,191 34,332 0.3 0.7 1,33,929 28,610 Qualifies

Wockhardt Ltd. 6,227 14,289 13,747 0.2 0.2 -9,487 -7,906 Eliminated

Wyeth Ltd. 1,301 923 462 0.0 0.0 3,471 385 Eliminated

Zee Entertainment Enterprises 6,407 6,704 3,901 0.0 0.0 -9,825 -8,188 Eliminated

Zee Learn Ltd. -212 -398 -522 1.4 -38.2 -1,157 -965 Eliminated

Zydus Wellness Ltd. 971 735 422 - - 1,449 352 Qualifies



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