MIRA INFORM REPORT

Report Date :

11.08.2011

IDENTIFICATION DETAILS

Name :	BOMBAY BURMAH TRADING CORPORATION LIMITED BCL SPRINGS (DIVISION OF THE BOMBAY BURMAH TRADING CORPORATION LIMITED)

Registered Office :	9, Wallace Street, Fort, Mumbai – 400001, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	09.04.1863

Com. Reg. No.:	11-000002

Capital Investment / Paid-up Capital :	Rs.139.627 Millions

CIN No.: [Company Identification No.]	L99999MH1863PLC000002

Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.

Line of Business :	Manufacturing, Processing and Selling of Tea, Coffee and other Plantation Products.

No. of Employees :	Not Divulged by the management

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 5800000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is an old and well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Payments are reported to be correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Name :	Mr. M H Datanwala
Designation :	Vice President
Date :	11.08.2011

LOCATIONS

Registered Office :	9, Wallace Street, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22079351
Fax No.:	91-22-22071612
E-Mail :	bbtcl@bom2.vsnl.net.in sales@bclsprings.com
Website :	www.bclsprings.com

Tea and Coffee Estates :	Mudis Group of Estates, Mudis P.O. – 642117, Coimbatore District, Tamilnadu, India Singampatti Group of Estates – Manjolai, P.O. – 627420, Tirunelvedi District, Tamilnadu, India Dunsandle Estate – Dunsandle P.O., Ootacamund – 643005, Nilgiri District, Tamilnadu, India Elk Hill Group of Estates – Post Box No. 12, Sidapur, P. and T.O. – 571253, South Coorg, Karnataka, India Usambara Group, Marvera and Herkulu Estates, P.O. Box. 22, Soni, Tanzania.

Sunmica Division :	Plot No. 23 to 26, and 46 to 48, Sector 5, II E, Pant Nagar Industrial Estate, Rudrapur, Udhamsingh Nagar, Uttarakhand – 263153, India

BCL Springs :	F-13, MIDC Industrial Area, Chikalthana, Aurangabad – 431210, Maharashtra, India Tel. No. : 91-240-6637000 Fax No. : 91-240-6637277 K-103, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra, India Tel. No. : 91-240-2551328 / 2553087 Fax No. : 91-240-2553088

Weighing Products :	Plot 304, GIDC, Valsad Industrial Estate, Gundlav, Valsad – 396035, Gujarat, India
Tel No.:	91-2632-36364/ 36684
Fax No.:	91-2632-36684
E mail:	afcoset@quest4india.com

Dental Products :	Sector 5, II E, Pant Nagar Industrial Estate, Rudrapur, Udhamsingh Nagar, Uttarakhand – 263153, India

Malaysian Branch :	Suite 628, 6^th Floor, Pan Global Plaza, Jalan Wong Ah Fook 80000, Johar Bahru, Malaysia

Marketing Office:	Plot No. 2, Kanjur Village Road, Kanjur Marg (East), Mumbai-400042, Maharashtra, India
Tel No.:	91-22-5785651/ 5782852/ 5787529
Fax No.:	9122-5784389
Email:	afoset@vsnl.com

DIRECTORS

As on 31.03.2011

Name :	Mr. Nusli N. Wadia
Designation :	Chairman

Name :	Mr. A.K. Hirjee
Designation :	Vice Chairman

Name :	Mr. Keshub Mahindra
Designation :	Director

Name :	Mr. M.L. Apte
Designation :	Director

Name :	Mr. D.E. Udwadia
Designation :	Director

Name :	Mr. P.K. Cassels
Designation :	Director

Name :	Mr. B.N.B. Tao
Designation :	Director

Name :	Mr. Jeh Wadia, Esq (w.e.f. 01.04.2011)
Designation :	Director

Name :	Ms. Vinita Bali
Designation :	Director (w.e.f. 28.04.2010)

Name :	Mr. A. Panjwani
Designation :	Managing Director

Name :	Mr. Ness Wadia
Designation :	Managing Director (w.e.f. 01.04.2011)

KEY EXECUTIVES

Name :	Mr. N.H. Datanwala
Designation :	Vice President Corporate and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2011

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3,400	0.02
Bodies Corporate	7,965,448	57.08
Sub Total	7,968,848	57.11
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	1,228,301	8.80
Sub Total	1,228,301	8.80
Total shareholding of Promoter and Promoter Group (A)	9,197,149	65.91
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	150	-
Financial Institutions / Banks	18,590	0.13
Insurance Companies	161,137	1.15
Foreign Institutional Investors	19,709	0.14
Sub Total	199,586	1.43
(2) Non-Institutions
Bodies Corporate	455,973	3.27
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2,567,377	18.40
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	274,547	1.97
Any Others (Specify)	1,259,748	9.03
Trusts	6,350	0.05
Non Resident Indians	107,238	0.77
Overseas Corporate Bodies	1,132,140	8.11
Foreign Banks	20	-
Foreign Nationals	14,000	0.10
Sub Total	4,557,645	32.66
Total Public shareholding (B)	4,757,231	34.09
Total (A)+(B)	13,954,380	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	13,954,380	-

Shareholding belonging to the category :

"Promoter and Promoter Group"

Names of Shareholders	No. of Shares	Percentage of Holding
Maureen Nusli Wadia	1,700	0.01
Ness Nusli Wadia	1,000	0.01
Jehangir Nusli Wadia	700	0.01
Archway Investment Company Limited	2,607,720	18.69
N W Exports Limited	1,075,455	7.71
Damacus Invest and Trading Company Limited	888,000	6.36
Naperol Investments Limited	841,680	6.03
Jehreen Investments Limited	669,436	4.80
Lochness Investments Limited	536,788	3.85
Gherzi Eastern Investments Limited	494,500	3.54
Nowrosjee Wadia and Sons Limited	261,000	1.87
National Peroxide Limited	250,440	1.79
Nowrosjee Wadia and Sons Limited	198,504	1.42
Pointers Export Private Limited	55,600	0.40
Sunflower Inv and Textiles Private Limited	53,400	0.38
Go Inv and Trading Private Limited	22,525	0.16
Varnilam Inv and Trading Company Limited	6,900	0.05
Nessville Trading Private Limited	3,500	0.03
Nusli Neville Wadia	828,440	5.94
Nusli Neville Wadia	398,861	2.86
Nusli Neville Wadia	1,000	0.01
Total	9,197,149	65.91

"Public" and holding more than 1% of the Total No.of Shares

Names of Shareholders	No. of Shares	Percentage of Holding
Wallace Brothers Trading and Ind Limited	1,132,140	8.11
Total	1,132,140	8.11

BUSINESS DETAILS

Line of Business :

Manufacturing, Processing and Selling of Tea, Coffee and other Plantation Products.

Products :

Particulars	ITC Code
Tea	09024000
Springs	84639002
Laminates	48071000

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	*Installed Capacity	Actual Production
Tea/Green Leaf	Kgs.	15,810,320	1,429,624
Coffee	M Tonnes	Not Applicable	774
Other Plantation Products
i) paper	Kgs.	Not Applicable	40,436
ii) Cardamom, Coffee Husk, Arecanuts, etc.	Jgs,	Not Applicable	--
iii) Timber	C.Feet	Not Applicable	7
Phenolic Laminates (Industrial Laminates including copperclad Laminates and Surfacing Laminates)	M.T.	12,400	1,500.63
Precision Springs	Kgs.	10,968,000	203,118
Weighing Products	Nos.	2,000	3
Consumable Dental Goods	M. Tonnes/ Litres	Not Applicable	3,513
Trading Goods:
i) Purchased Tea	Kgs.	--	8,794
ii) Purchased Coffee	M. Tones	--	635
Prelam/ Laminates, Fabric Rod and Extenzo Tiles	M. Tones	--	52.15
Weighing Products	Nos.	--	22

Note : * As certified by the Management.

GENERAL INFORMATION

No. of Employees:

Not Divulged by the management

Bankers :

Axis Bank Limited
HDFC Bank Limited
The Bank of Rajasthan Limited

Facilities :

Secured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Loans and Advances from Banks Cash Credit/Overdraft Accounts/Working Capital Demand Loans (Secured by hypothecation of all stocks of Raw Materials, Finished Goods, Semi-finished Goods, Goods-in-process, Stores and Book Debts, both present and future and further secured by charge on property/investments)	540.566	103.281
Term Loans Term Loans and other facilities sanctioned from a Bank aggregating to Rs. 1800.000 Millions are secured by way of an Equitable Mortgage by Deposit of title deeds of Mudis and Singampatti Estates together with Buildings and structures thereon and all plant and machinery permanently attached to the earth and by way of hypothecation of current assets including inventories and receivables, present and future, subject to the prior charges created in favour of the Corporation's bankers for working capital requirements. The said facilities are further secured by way of any equitable mortgage by deposit of title deeds off leasehold land at Akurdi, Pune. Term Loan and other facilities sanctioned from a Bank aggregating to RS. 1510.000 Millions are secured by an extension of first charge on Elkhill estates and exclusive charge on Fixed Assets including land of Sunmica Division at Rudrapur, Uttaranchal and also by way of first charge on BCL Springs Division at Aurangabad as collateral. Additional Term Loan sanctioned from the said Bank aggregating to Rs. 1000.000 Millions is to be secured by extension of exclusive first charge over Elk-hill estate and extension of first charge on BCL Springs Division at Aurangabad..	1862.485	2327.748
Loans from Others (Loans are secured by a lien on vehicles purchased.	14.008	6.169
Total	2417.059	2437.198

Unsecured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Intercorporate Deposits	0.500	1.300
Short Term Loan from Bank	300.000	300.000
Other Loans : from Others	0.021	0.029
Total	300.521	301.329


Banking Relations :	--

Auditors :
Name :	BSR and Company Chartered Accountant
Address :	Lodha Excelus 1st floor, Apollo Mills Compound, N. M. Joshi Marg, Mahalakshmi, Mumbai 400 011 India

Solicitors :
Name 1 :	Crawford Bayley and Company
Address :	State Bank Building, 4^th Floor, Hutatma Chowk, Fountain, Mumbai – 400001, Maharashtra, India

Name 2 :	Udwadia and Udeshi
Address :	Elphinstone House, 1^st Floor, 17, Murzban Road, Fort, Mumbai – 400001, Maharashtra, India
Memberships :

Associates :	Lotus Viniyog Private Limited Inor Medical Products Limited Medical Microtechnology Limited

Subsidiaries :	Afco Industrial and Chemicals Limited DPI Products and Services Limited Sea Wind Investments and Trading Company Limited PT Indo Java Rubber Planting Company Leila Lands Senderian Berhad Electromags Automotive Products Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

13954380	Equity Shares	Rs.10/-each	Rs.139.544 Millions
	Add : Forfeited Shares – Amount paid-up		Rs.0.083 Million
	Total		Rs.139.627 Millions

Notes :

Of the above —

25,000 Shares of Rs. 107- each are allotted as fully paid-up pursuant to a contract without payment being received in cash and 1,25,000 Shares of Rs. 107- each are allotted as fully paid-up pursuant to the Scheme of Arrangement for relinquishment of special rights attached to the original shares.

1,07,94,377.50 Shares of Rs. 107- each are allotted as fully paid-up by way of Bonus Shares by capitalisation of General Reserve and Securities Premium Account.

On 10,50,000 Shares of Rs. 107- each a sum of Rs. 67- per share was credited by way of Bonus by capitalisation of Reserves.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		139.627	139.627	139.627
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1298.360	647.930	576.403
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1437.987	787.557	716.030
LOAN FUNDS
1] Secured Loans		2417.059	2437.198	3523.109
2] Unsecured Loans		300.521	301.329	0.853
TOTAL BORROWING		2717.580	2738.527	3523.962
DEFERRED TAX LIABILITIES		16.848	28.928	61.494

TOTAL		4172.415	3555.012	4301.486

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1086.815	995.647	963.158
Capital work-in-progress		23.558	36.860	20.149

INVESTMENT		1067.706	1067.322	1067.391
DEFERREX TAX ASSETS		0.000	0.000	0.000
Foreign Currency Monetary Item Translation Difference		0.000	12.745	265.459

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	961.545	859.241	709.421
	Sundry Debtors	537.629	560.299	540.389
	Cash & Bank Balances	130.242	146.403	558.968
	Other Current Assets	4.809	3.126	113.153
	Loans & Advances	1105.149	491.997	468.518
Total Current Assets		2739.374	2061.066	2390.449
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	475.220	486.330	317.074
	Other Current Liabilities	51.145	47.049	53.064
	Provisions	218.673	85.249	34.982
Total Current Liabilities		745.038	618.628	405.120
Net Current Assets		1994.336	1442.438	1985.329

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		4172.415	3555.012	4301.486

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3094.542	2938.816	2569.056
		Other Income	972.315	194.290	332.369
		TOTAL (A)	4066.857	3133.106	2901.425

Less	EXPENSES
		Raw Materials Consumed	1275.646	1211.779	997.080
		Purchase of Trading Goods	107.290	91.392	81.315
		Operation and Other Expenses	940.482	971.861	822.792
		Payments to and Provision for Employees	531.597	513.536	474.169
		Cost Relating to Real Estate Division	1.292	2.002	1.872
		Loss on Exchange	62.246	84.837	216.512
		Long Term Investment Written Off	0.000	0.000	118.888
		Increase in Stocks	[82.269]	(143.823)	(1.995)
		TOTAL (B)	2836.284	2731.584	2710.633

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11230.573	401.522	190.792

Less	FINANCIAL EXPENSES (D)		181.521	198.314	237.495

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1049.052	203.208	(46.703)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		88.559	80.578	77.364

	PROFIT BEFORE TAX (E-F) (G)		960.493	122.630	(124.067)

Less	TAX (I)		195.073	(13.925)	14.686

	PROFIT AFTER TAX (G-I) (J)		765.420	136.555	(138.753)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		65.603	0.000	124.478

Add	Transfer from General Reserve		0.000	0.000	30.601

Less	APPROPRIATIONS
		Transfer to General Reserve	80.000	14.000	0.000
		Proposed Dividend	97.681	48.840	13.954
		Corporate Tax on Dividend	15.846	8.112	2.372
	BALANCE CARRIED TO THE B/S		637.496	65.603	0.000

	EARNINGS IN FOREIGN CURRENCY
		Exports of Tea, Coffee and Others on F.O.B Basis	349.332	291.015	285.438
		Export of Laminates on F.O. B basis	32.538	21.136	48.091
		Export of Precision springs on F.O. B basis	24.850	144.494	2.360
	TOTAL EARNINGS		406.720	456.645	335.889

	IMPORTS
		Raw Materials	319.785	259.554	253.189
		Stores & Spares	2.318	4.150	5.843
		Capital Goods	59.599	0.129	4.050
		Others	5.932	7.248	21.940
	TOTAL IMPORTS		387.634	271.081	285.022

	Earnings Per Share (Rs.)		54.85	9.79	(9.94)

QUARTERLY RESULTS

PARTICULARS			30.06.2011
Type			1^st Quarter
Net Sales			861.090
Total Expenditure			744.900
PBIDT (Excl OI)			116.190
Other Income			10.240
Operating Profit			126.430
Interest			50.700
Exceptional Items			[1.970]
PBDT			73.760
Depreciation			23.680
Profit Before Tax			50.080
Tax			14.100
Provisions and contingencies			0.000
Profit After Tax			35.980
Extraordinary Items			0.000
Prior Period Expenses			0.000
Other Adjustments			0.000
Net Profit			35.980

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	18.82	4.36	(4.78)

Net Profit Margin (PBT/Sales)	(%)	31.04	4.17	(4.83)

Return on Total Assets (PBT/Total Assets}	(%)	25.10	4.01	(3.70)

Return on Investment (ROI) (PBT/Networth)		0.67	0.16	(0.17)

Debt Equity Ratio (Total Liability/Networth)		2.41	4.26	5.49

Current Ratio (Current Asset/Current Liability)		3.68	3.33	5.90

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(RS. in Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009

(i) Total Outstanding dues of micro enterprises and small enterprises	1.389	1.464	1.520
(ii) Total outstanding dues of creditors other than micro enterprises and small enterprises	473.831	484.866	315.554
Total	475.220	486.330	317.074

OPERATIONS

During the year the Corporation has achieved the highest ever profit before tax of Rs. 960.500 Millions

Profits before tax from the Operating Divisions at Rs. 231.200 Millions has also been the highest in the history of the Corporation. This improvement in profit is mainly attributable to the performance of BCL Springs and Coffee Divisions. Strong demand enabled substantial growth in both production and turnover of the Springs Division. Coffee results were driven by higher realisations per Kg. and by significant increase in volume because of higher outsourcing.

Health Care Division performed satisfactorily despite unprecedented rise in the price of silver. Higher sales of non-alloy products and traded goods made up for negative growth of alloys.

Profit before tax includes Rs. 669.400 Millions being profit on sale of investments in one of the foreign subsidiaries viz. P.T. Indo Java Rubber Planting Company (PTIJ), Indonesia. The Corporation had been holding 50.3% stake in PTIJ for over 50 years.

DIVISIONWISE PERFORMANCE:

(a) SOUTH INDIA ESTATES:

(I) TEA –

Sales were at 93 Lakh kgs. as against 98 Lakh kgs. in the previous year. The average price realisation during the year was lower than the previous year on account of higher global production. Consequently, the results of this Division were impacted.

(ii) Coffee –

Sales volume was 1,655 Tonnes as against 1,042 Tonnes in the previous year. Though the crop was lower at 891 Tonnes as against 998 Tonnes in the previous year, the increase in outsourced Coffee helped to achieve substantial increase in sales volume.

(b) TANZANIAN ESTATES:

The crop for the year was 9.21 Lakh kgs. as against 7.51 Lakh kgs. for 2009-10. Results were impacted due to substantial increase in wage costs and lower price realization due to global market condition.

(c) SUNMICA DIVISION:

Sales Turnover for the year was RS. 788.000 Millions as against Rs. 817.200 Millins in the previous year. Overall slowdown in projects and competitive market conditions negatively impacted sales volume. Margins were also under pressure due to higher raw material and power costs despite 12% higher sales realisation per tonne compared to previous year.

(d) BCL SPRINGS DIVISION:

Production for the year was 8,582 Tonnes as against 7,723 Tonnes for 2009-10. The auto sector witnessed an upturn during the year. As a result, the sales volume increased substantially over the previous year. Sales realization also improved and enabled the Division to achieve higher profits compared to previous year.

(e) WEIGHING PRODUCTS DIVISION:

Sale of balances for the year was 813 Nos. as against 748 Nos. for 2009-10. With better sales realisation/product mix, the Division improved upon its profitability compared to previous year.

(f) HEALTHCARE DIVISION:

Production of own products for the year was 107 Tonnes as against 92 Tonnes for 2009-10. Turnover declined marginally to RS. 130.700 Millions against Rs. 134.800 Millions in previous year. The Division was, however, able to improve its profitability because of higher sales of traded goods and improved product mix.

(g) REAL ESTATE DEVELOPMENT:

The Corporation continued to pursue the Real Estate development of its properties at Kanjur Marg in Mumbai and at Coimbatore. These assets have been converted to stock-intrade and necessary permissions for development of these properties are being sought.

RESTRUCTURING OF BUSINESS:

Members are aware that the Corporation has a number of diverse businesses viz. Tea and Coffee Estates under Plantations, BCL Springs under Auto Ancillary, Sunmica Laminates under Building Products, Dental Products under Health Care and Weighing Products under Electronics. Plantations continue to be the core business and the other divisions, although profitable, are relatively small in size.

The Directors have, after careful deliberation, decided that the business portfolio needs to be restructured so as to enable a move up the value chain by shifting the focus from commodity to branded offerings. A number of actions have been initiated to achieve this objective and some positive developments are expected to take place in the current year. The directors have approved a proposal to merge with its wholly owned subsidiary Electromags Automotive Products Private Limited

(EAPL) with effect from 1st April, 2011. EAPL is a profitable venture and has significant presence in the electro mechanical field with products such as slip rings, solenoids and switches. EAPL has created its own brand identity in this segment. The Directors are of the opinion that the merger of EAPL which has a turnover of approximately RS. 1000.000 Millions will improve the business portfolio. It is proposed to sell land at Akurdi, Pune. The proceeds from the same will be utilized to repay long term debts of the Corporation. The planned restructuring will not only strengthen the Corporation’s Balance Sheet but will enable the Corporation to evaluate growth options in value added businesses and thereby improve its profitability.

FINANCE:

The Corporation has repaid instalments of term loans availed of from the banks/institutions on their respective due dates. There were no deposits which were due for repayment and remained unclaimed as on 31st March, 2011.

MANAGEMENT DISCUSSION AND ANALYSIS

1. Business Segment

(a) Tea:

Industry Structure and Developments:

Indian crop was lower by 12.6 million kgs in Calendar Year ’10, with North India harvesting 11.9 million kgs. lower than Calendar Year ’09. South Indian crop was marginally lower at 243.4 million kgs. Whilst the Assam harvested 20 million kgs. lower, West Bengal recorded an increase of 8.2 million kgs. during the period.

Higher crop in Tamil Nadu was negated by an equal decline in Kerala leading to the South Indian crop declining by 0.76 million kgs. Global Tea crop was 134 million higher in Calendar Year ’10 with the Kenyan and Sri Lankan crops being higher by 84.81 and 39.60 million kg. respectively.

The Indian exports in Calendar Year ’10 were lower by 4.6 million kgs. At 193.3 million kgs. a decline of 2.3%. South Indian exports, however, recorded 90.8 million kgs.; an increase of 3.9% over the previous year.

The price realization of South Indian Exports, however declined by Rs.15.72 per kg.; a drop of 13.76% partly due to changed mix of teas exported.

Global exports were higher by 150.93 million kgs. in Calendar Year ’10; Africa recorded its highest exports with an increase of 109.58 million kgs. over the previous year.

Imports in Calendar Year ’10 were lower by 5.46 million kgs. at 17.49 million kgs, a decline of 23.8%. The average price of imports stood at ` 89.28 per kg. as against ` 84.44 per kg. during the previous year. Imports of tea from Indonesia and Vietnam declined during the year.

Global imports for consumption were at their highest level with an increase of 9.77% over the previous year. Internal consumption is estimated to be approximately 835 million kgs. In Calendar Year ’10.

A strong domestic market continued to support well-made teas with major packers operating forcefully on quality lines. Higher production of medium teas from North India and higher crops in Kenya and Sri Lanka could dampen demand for medium and plainer teas from South India in the year ahead.

Outlook:

The political turmoil in major tea drinking countries in the Middle East and northern Africa will put some pressure on Indian exports, particularly from South India. A normal monsoon will keep the crops at a reasonably high level.

The cumulative effect would be a buildup of stocks of the plainer teas. Firming up of Ocean Freights and a stronger rupee is expected to put further pressure on exports of plainer teas. Strong domestic demand will continue and good liquoring CTC teas will be in demand. The ongoing quality up gradation programme of the Corporation will help in tapping the quality sensitive markets ensuring better returns. Better awareness of the health benefits of Organic teas will help improve demand for the Organic teas pioneered by the Corporation.

PERFORMANCE HIGHLIGHTS:

Untimely rains and long dry spells lead to lower crops; Corporation’s production being lower by 8.4% as compared to FY’10. Channels of sales were carefully worked on to get better results;

Sales through exports and Auctions were increased resulting in overall improvement in returns. Volumes of Organic exports were increased improving the overall turnover. Export volumes increased by 14.24%, whilst volume at the Auctions moved up by 35.9%. This resulted to cushion the steep decline in market price realisation. Corporation’s tea price realisation dropped by ` 5.26 per kg. whilst the prices at the South Indian Auctions were lower by ` 11.63 per kg. in FY ’11 as compared to the previous year.

Exports: The overall export quantities of Corporation’s tea increased by 14.2% whilst price realisation was lower by 3.6%. Average of Indian exports was lower by 7.6%. Organic quantity exported was higher by 13.37% whilst price average was higher by 1.1%, beating a generally lower trend in the market. Corporation’s on-Organic sales were higher by 14.4% in volume and lower by 5.1% on average price realisations. Corporation’s tea exports increased the Foreign exchange earnings by 10.2%.

Domestic Sales: Lower crops and higher exports reflected in lower quantities available for sale within the country. Volumes declined by 9.82%, whilst price realisation was lower by 8.1%. The sales through the Depots reduced by 11.9% in volumes and 9.3% on average price realised. Quantity sold through auctions increased by 35.9% and the price averages were lower by 7.8%. The South Indian auction averages during the period were lower by 14.2%.

Overall tea sales of the Corporation showed a decline of 5.0% in volumes and 5.6% on average price realisation.

Opportunities:

They continued with the programme of uprooting low yielding fields and replacing them with superior clones raised in the nursery. They have planned to increase the planting density in these new clearings from 13,500 Plants/Ha to 18,000 Plants/Ha. They have expanded the nursery operation. They can raise 6.5 lakh Tea plants per annum in comparison to 5.5 lakhs last year to cater to the requirement of additional plants in new clearings.

Fertigation trials that were instituted last year in 5Ha, has shown positive results in increasing the yield in clonal tea. They intend to continue these trials.

The Corporation has produced and promoted Organic teas for over two decades and this experience will consolidate its position in the major Organic markets around the Globe. The Corporation has worked closely with major Blenders in UK and Europe to develop unique blends, consolidating its position in their blends and improving returns. The Corporation’s superior CTC’s have penetrated the quality sensitive markets in the west and south of India.

Threats:

Increase in wage costs and plant disease/attack by new pests like tea mosquito bugs are areas of concern. Steps are being taken to improve labour productivity and to achieve proper and timely management of pest and diseases. Overall pressures on Indian Tea exports due to political uncertainties in major Tea drinking countries coupled with higher shipping costs could lead to increase in pipeline inventories. Higher costs of inputs and inflationary pressures could affect margins.

(b) Coffee:

Industry Structure and Developments:

The total worldwide coffee output for 2010-11 is expected to be 133 million bags representing an increase of 8.1% compared to the preceding crop year. World consumption in calendar year 2010 was 134 million bags an increase of 2.4% from 2009.

Coffee stocks being at very low levels have lead to tense market conditions and high volatility in prices. Domestic production of both Robusta and Arabica has been lower than the previous crop year which is normal as per the alternate year higher cropping cycle.

Outlook:

Arabicas will continue to be strong in the coming year and with increased crops in the estates and a more assertive outsourcing programme should improve volumes. Robusta markets have been buoyant in the last quarter of 2010-11 and as long as quality standards are maintained they will be able to realize better prices in the coming year.

Performance Highlights:

Arabicas, due to lower production worldwide, have done well through out last year. The ICO prices are at a 34 year high and they have achieved crop stability and are looking at an increased yields in the coming years.

Indian Robusta faced a crisis last calendar year due to increased production of washed coffees leading to erosion in premiums for the same. However, due to the consistent quality standards they have been able to sell all the production and outsourced quantities above the average market prices.

Opportunities:

Due to a shortfall in world production and relatively high prices, there has been an opportunity to increase volumes through outsourced procurement. Cost efficiency and consistent quality standards are ensuring a better foot print worldwide for the coffees. Due to failure of Arabica crop in most producing countries an aggressive strategy to procure outsource Arabica is necessary and in progress.

Threats:

Shortage of man-power for regular operation of estates is a industry wide problem. This is being tackled by higher productivity. Repeated increase in Dearness Allowance has resulted in an increase of 13.86% in wages. This could have increased the cost of production. However with better cost management, these increases have been absorbed.

(c) Auto Ancillaries - BCL Springs:

Industry Structure and Developments :

Auto Components and parts of Auto Components depend mainly on the Automobile Production in the country. The Automobile Industry has grown by overall 27.45% YOY. The segment-wise growth is as under:

Segment	Growth
Passenger Vehicles	26.72%
Commercial Vehicles	32.63%
Three Wheeler	29.13%
Two Wheeler	27.24%

Outlook:

The Division has planned a sale of Rs. 1230.000 Millions for the year 2011-12. This includes growth in business from existing customers as well as business from new customers.

Performance Highlights:

Precision Springs The overall market share of BCL in the existing product range is at an all time high of 30%. BCL has now more than 60% share in the Valve Spring for Passenger Car segment. Overall market share for Valve Spring is at around 46% and Clutch Springs at around 56%.

Suspension Springs

They have increased the capacity during the year to meet the market demand which has grown more than 35%. One of the major OEM is contemplating manufacture of four wheeled CV during 2012-13 and BCL is geared to meet those demands.

Opportunities

There is a potential for higher growth in the domestic market due to the fact that the current car penetration level in India is just about 7 cars per thousand. The increase in purchasing power at the top echelon of about 300 million people in the country, where the per capita income is over ` 45,000, implies that passenger car growth in the domestic market shall remain firm. It is expected that the passenger car market which was 1 million in 2003-2004 would easily cross the 3 million mark by 2015.

This can lead to an increase in the size of the domestic auto-component market.

Threats

The availability of steel in the Domestic as well as Overseas Market continues to be a major threat. Product wise performance :

(d) Laminates:

Industry Structure and Developments:

Decorative Laminates are broadly categorised as part of the interior infrastructure segment which consists of Wood Panels and Decorative surfacing products such as tiles, paints, glass, plywood and decorative laminates among others.

The domestic demand for Decorative Laminates is linked with growth of Infrastructure and Real Estate Sector, which are showing signs of growth.

Some of the existing manufacturers have expanded their capacities. Also some of the plywood manufacturers and ceramic tile manufacturers have ventured into the Decorative Laminate Industry. The resultant capacities are in excess of the present demand because of which there is a severe price competition amongst the major sectors.

Outlook

With the growth in the infrastructure, domestic demand for Decorative Laminates should grow. However, over-supply will result in competitive pricing and erosion of margins.

Performance Highlights:

During the financial year 2010-11, the Corporation tried to augment its reach by appointing additional direct dealers to cater to project requirements.

There was a drop in sales revenue due to the cessation of sales of Formica brand. However, domestic Industrial Laminate business grew by 20% and overall Industrial business which is about 10% of the total laminate business grew by 29%. Factory recoveries were impacted due to lower volume and increase in input costs

Opportunities:

• There is a demand for premium products which can be tapped with new offerings.

• Real estate and Project Segment are showing signs of good growth.

• Indian economy has been consistently growing with increase in GDP Rate.

• There is an immense shortage of dwelling units in the country. With the requirement of new dwellings, the industry is expected to witness sustained growth.

Threats:

• Margins are under pressure because of addition of capacity as leading brands of Ceramic Tile manufacturers have joined the Industry.

• There is tremendous increase in the cost of raw materials, particularly phenol and kraft paper, which further erode margins.

• Cheap import of Chinese material, particularly in the lower thickness segment lead to further competition in the laminate industry.

(e) Health Care Division:

Industry Structure and Developments:

The total market for the Dental equipments and materials is estimated to be around Rs. 3400.000 Millions annually.

However, the market size of products manufactured by DPI is estimated at around Rs. 210.000 Millions.

The increase in the number of private dental hospitals and clinics, has boosted the demand for modern equipment and methods as they focus on higher income Indians and foreign tourists, often providing complete package including their stay and treatment facilities.

A number of foreign companies are investing in the Indian dental market. India is becoming a manufacturing hub, supplying dental equipment and material. Moreover, some Indian companies produce goods under license of a foreign manufacturer and also run a parallel activity as trade dealers and importers.

Performance Highlights and Outlook:

The Division registered a (-) ve growth and reported a decline of 10.98% in sales mainly due to its exiting from

distribution of Coltene Whaledent products.

After a year of record sales of alloy manufactured by the Division at ` 652 Lacs in the year 2009-10, sales during 2010-11 dropped to ` 444 Lacs. This was due to the steady rise in the price of the main input, viz. silver throughout the year. The usages of alloy and mercury have been significantly reduced by end users since amalgam restoration has become costlier compared to modern techniques of composite restoration. However these decline in manufactured products was partially offset by growth of almost 50% in traded products, as a result of which the overall turnover reduced marginally by 5% over previous year.

Depending on the price movements of Silver, the alloy sales strategy would be suitably revised. However the thrust would be on increasing sales of other ranges of manufacturing items and traded sales. They have added one new product – Chromatex on the manufacturing product line which is expected to grow rapidly during 2011-12.

They grew well on Implants segment (Anthogyr) and Composites (Ardent) and are expected to grow faster during 2011-12. Other than amalgam business, the overall outlook for dental products looks positive.

Opportunities:\

• The potential size of India’s dental market is vast and the growth is estimated at 8% to 10% p.a. • Every year, there are around 5,000 to 6,000 fresh graduates entering the workforce with 256 dental colleges which is the largest in the world.

Threats:

• Competition has increased by many folds with a number of foreign players entering the dental market in last two years with low price product portfolio and better quality products.

• The increase in the price of raw materials (silver, mercury and eugenol) will impact the margin.

2. Internal Control Systems and Adequacy:

The Corporation has adequate internal control procedures commensurate with its size and nature of business. These business control procedures ensure efficient use and protection of the resources and also compliance with

the policies, procedures and statutory requirements. The internal control systems provide for well-documented guidelines, authorisation and approval procedures.

The Corporation carries out audit through external agencies twice a year. The prime objective of such audit is to test the adequacy and effectiveness of all internal controls laid down by the management and to suggest improvements.

FIXED ASSETS

Land
Roads
Development – Plantations
Buildings
Plant and Machinery
Motor Vehicles and Tractors
Furniture and Fixtures

UNAUDITED FINANCIAL RESULTS FOR QUARTER ENDED 3OTH JUNE, 2011

(Rs. in Millions)

	Particulars	Three Months ended 30^th June, 2011 Unaudited
1.	(a) Net Sales / Income from Operations	810.657
	(b) Other Operating Income	50.430
	Total Income	861.087
2.	Expenditure a) (Increase) / Decrease in stock
	in trade and work in progress	22.607
	b) Consumption of raw materials	341.343
	c) Purchase of traded goods	2.103
	d) Employees cost	133.631
	e) Depreciation	23.679
	f) Other Expenditure	245.221
	g) Total	768.584
3.	Profit from Operations before Other income, Interest,
	Exchange difference on foreign currency loans and	92.503
	Exceptional Items (1-2)	92.503
4.	Other Income	10.244
5.	Profit from Operations before Interest, Exchange
	difference on foreign currency loans and Exceptional Items (3+4)	102.747
6.	Interest	50.700
7.	Profit after Interest but before Exchange difference on
	foreign currency loans and Exceptional Items (5-6)	52.047
8.	Exceptional Items
	a) Exchange difference on foreign currency loans (refer note 3)	(1.971)
	b) Profit on sale of Leasehold Land
9.	Profit from Ordinary Activities before tax (7+8)	50.076
10.	Tax expense / (Credit)	14.100
11.	Net Profit from Ordinary Activities after tax (9-10)	35.976
12.	Extraordinary items (net of tax expense)
13.	Net Profit for the period (11-12)	35.976
14.	Paid-up equity share capital (Face value of the Share - Rs.10/-)	139.544
15.	Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year
16.	Earnings Per Share (EPS) a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the
	previous year (not to be annualised)	2.58
	b) Basic and diluted EPS after
	Extraordinary items for the period,
	for the year to date and for the
	previous year (not to be annualised)	2.58
17.	Public shareholding
	- Number of Shares	4,757,231
	- Percentage of Shareholding	34.09
18.	Promoters and promoter group Shareholding a) Pledged / Encumbered
	- Number of shares	1,293,000
	- Percentage of shares (as a % of the total
	shareholding of promoter and promoter group)	14.06
	- Percentage of shares (as a % of the total
	share capital of the company)	9.27
	b) Non - encumbered
	- Number of shares	7,904,149
	- Percentage of shares (as a % of the total
	shareholding of promoter and promoter group)	85.94
	- Percentage of shares (as a % of the total
	share capital of the company)	56.64

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. in Millions)

Particulars	Three Months ended 30th June, 2011 Unaudited
Segment Revenue:
a) Plantations	291.186
b) Building Products	207.056
c) Auto Ancillary	281.189
d) Investments	11.327
e) Healthcare	31.871
f) Others	38.458
Total	861.087
Less : Inter Segment Revenue	-
Net Sales / Income from Operations	861.087
Segment Results:
a) Plantations	38.330
b) Building Products	13.389
c) Auto Ancillary	38.147
d) Investments	11.327
e) Healthcare	7.959
f) Others	16.430
Total	125.582
Less : i) Interest	(50.700)
ii) Other Un-allocable	(35.050)
expenditure net
iii) Un-allocable income	10.244
Total Profit before Tax	50.076
Capital Employed:
(Segment Assets -
Segment Liabilities)
a) Plantations	895.604
b) Building Products	588.057
c) Auto Ancillary	533.394
d) Investments	1591.857
e) Healthcare	73.288
f) Others	219.356
g) Unallocated	(2427.593)
Total	1473.963

Notes:

1. The above results have been reviewed and recommended by the Audit Committee for approval and were approved by the Board of Directors at its Meeting held on 5th August, 2011.

2. Expenditure of Rs.17.245 Millions (Previous period Rs.17.516 Millions) incurred during the quarter at the Coffee estates has been carried forward and will be accounted against the current season's coffee crop from November, 2011.

3. Following on auditors' observations in earlier period, since 31st March, 2011, the Corporation has provided for Notional losses on outstanding Derivative Contracts. These Contracts expire by 22nd June, 2012.

4. There were no Investor complaints pending at the beginning of the quarter. The Corporation received 6 complaints during the quarter and the same were redressed. There are no investor complaints pending at the end of the quarter.

5. During the quarter, The Board of Directors of the Corporation at the meeting held on 27th May, 2011 approved the merger of Electromags Automotive Products Private Limited (a wholly owned subsidiary) with the Corporation w.e.f. 1st April, 2011, subject to necessary approvals.

6. Figures relating to previous period have been recast and restated where necessary.

7. The Statutory Auditors of the Corporation have carried out a Limited Review of the Results for the quarter ended 30th June, 2011.

WEBSITE DETAILS

Company Profile :

Subject, one of the oldest companies in India, was established in 1886. The Precision Spring division of the subject was set up in 1985 in technical collaboration with NHK Spring Company Limited, Japan, to manufacture Cold Coiled Precision Springs. It commenced commercial production in 1987. In 1992, Subject was merged into The Bombay Burmah Trading Corporation Limited, India's second oldest publicly quoted company established in the year 1863. The Springs division of subject is now known as BCL Springs, a division of The Bombay Burmah Trading Corporation Limited

Over the years, BCL Springs has established itself as one of the leading manufacturers of Precision Springs in India with the support of satisfied customers.

BCL Springs expanded its installed capacity from 1000 Metric Tons to 10000 Metric Tons and from one manufacturing facility to two manufacturing facilities to cater to the growing demands of the Indian Automotive Components Market.

BCL Springs has a strong team of dedicated, competent and Quality minded technocrats committed for total customer satisfaction.

BCL Springs is a TS 16949 certified Company.

Milestones :

1985 Technical collaboration with NHK Spring Company, Japan
1987 Commenced commercial production
1988 Developed progressive Pitch Valve Spring for Tata Motors
1990 Expanded Capacity from 600 MT to 1000 MT.
1992 Merged into The Bombay Burmah Trading Corporation Limited.
1994 Developed 2-step Valve Springs to Maruti Udyog Limited.
1995 ISO: 9002 Certified by BVQI
1996 Nozzle Holder Springs developed for Bosch India
1997 Plunger and other critical springs developed for Bosch, India.
1998 Capacity increased from 1000 MT to 1500 MT.
2001 Developed Valve springs out of High Tensile Wire for MUL
2002 Turnover increased from Rs. 100 M during 1996 to Rs. 170 M
2002 QS 9000 certified by BVQI
2003 New plant for manufacture of Suspension springs.
2004 Capacity increased to 6000 MT.
2005 TS 16949 certification by BVQI
2006 Plant capacity increased to 8400 MT.
2007 Plant capacity increased to 10000 MT.

CMT REPORT (Corruption, Money Laundering and Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.21
UK Pound	1	Rs.73.51
Euro	1	Rs.64.76

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		65

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

961.545

859.241

537.629

560.299

130.242

146.403

4.809

3.126

1105.149

491.997

2739.374

2061.066

51.145

47.049

218.673

85.249

745.038

618.628

1994.336

1442.438

18.82

4.36

31.04

4.17

25.10

4.01

0.67

0.16

2.41

4.26

3.68

3.33

Unit