3QFY2017 Result Update | Pharmaceutical
January 31, 2017
Indoco Remedies
REDUCE
CMP
`275
Performance Highlights
Target Price
`240
Y/E March (` cr)
3QFY17
2QFY17
% chg (qoq) 3QFY16
% chg (yoy)
Investment Period
-
Net sales
272
276
(1.5)
256
6.2
Other operating income
7
6
26.2
4
68.7
Stock Info
Gross profit
174
179
(3.0)
162
7.6
Sector
Pharmaceutical
Operating profit
34
37
(9.2)
39
(13.4)
Market Cap (` cr)
2,533
Net profit
18
22
(20.5)
19
(7.3)
Source: Company, Angel Research
Net Debt (` cr)
73
Beta
0.4
Indoco Remedies posted lower than expected numbers for 3QFY2017. In sales,
52 Week High / Low
360/244
the company posted revenues of
`272cr
(`276cr expected) v/s
`256cr in
Avg. Daily Volume
10,283
3QFY2016, growth of 6.2% yoy. The lower growth was on the back of the
Face Value (`)
2
formulation business at `252.2cr, up 4.5% yoy, API at `18.2cr up 32.8% yoy. The
BSE Sensex
27,882
domestic formulation at `144.2cr recorded a yoy growth of 5.2%. On EBITDA
Nifty
8,641
front, the company posted an EBITDA of 12.4% (14.5% expected) v/s 15.4% in
Reuters Code
INRM.BO
3QFY2016. The dip came in on the back of the high R&D expenses, which came
Bloomberg Code
[email protected]
in at 5.1% of sales v/s 3.5% of sales in 3QFY2016. Consequently, PAT came in at
`18cr (lower than expectations) v/s `19cr in 3QFY2016, de-growth of 7.3% yoy.
On the back of valuations, we maintain our Reduce stance on the stock.
Shareholding Pattern (%)
Results lower than expected: Indoco Remedies posted numbers lower than
Promoters
59.2
expectations. In sales, the company posted revenues of `272cr (`276cr expected)
MF / Banks / Indian Fls
11.3
v/s `255cr in 3QFY2016, growth of 6.2% yoy. The low growth was on back of the
FII / NRIs / OCBs
13.0
formulation business at `252.2cr, up 4.5% yoy, API at `18.2cr up 32.8% yoy. The
Indian Public / Others
16.5
domestic formulation at `144.2cr recorded a yoy growth of 5.2%. On EBITDA
front, the company posted an EBITDA of 12.4% (14.5% expected) v/s 15.4% in
Abs. (%)
3m 1yr 3yr
3QFY2016. The dip came in on the back of the high R&D expenses, which came
Sensex
(0.1)
13.8
34.6
in at 5.1% of sales v/s 3.5% of sales in 3QFY2016. Consequently, PAT came in at
Indoco
(4.8)
(13.8)
126.9
`18cr (lower than expectations) v/s `19cr in 3QFY2016, de-growth of 7.3% yoy.
Outlook and valuation: We expect net sales to post a CAGR of 14.9% to `1,289cr
3-Year Daily Price Chart
and EPS to post a CAGR of 33.2% to `16 over FY2016-18E. At the current market
450
price, the stock is trading at 23.8x and 17.2x its FY2017E and FY2018E earnings,
400
respectively. We maintain our reduce rating on back of the valuations.
350
300
Key financials (Consolidated)
250
200
Y/E March (` cr)
FY2015
FY2016
FY2017E
FY2018E
150
Net sales
852
977
1112
1289
100
% chg
18.0
14.6
13.8
16.0
50
0
Net profit
82.8
83.0
106.6
147.1
% chg
42.3
0.2
28.4
38.0
EPS (`)
9.0
9.0
11.6
16.0
Source: Company, Angel Research
EBITDA margin (%)
18.9
14.9
16.2
18.2
P/E (x)
30.6
30.5
23.8
17.2
RoE (%)
17.0
15.1
17.0
20.1
RoCE (%)
18.3
11.9
14.4
19.1
P/BV (x)
4.9
4.3
3.8
3.2
Sarabjit Kour Nangra
EV/Sales (x)
3.1
2.7
2.4
2.0
+91 22 39357600 - Ext: 6806
EV/EBITDA (x)
16.2
18.2
14.8
11.0
[email protected]
Source: Company, Angel Research; Note: CMP as of January 27, 2017
Please refer to important disclosures at the end of this report
1
Indoco Remedies | 3QFY2017 Result Update
Exhibit 1: 3QFY2017 (Consolidated) performance
Y/E March (` cr)
3QFY2017
2QFY2017
% chg (qoq) 3QFY2016
% chg (yoy) 9MFY2017 9MFY2016
% chg (yoy)
Net sales
272
276
(1.5)
256
6.2
801
723
10.8
Other income
7.1
5.6
26.2
4
68.7
18
19
(8.5)
Total income
279
282
(1.0)
261
7.2
819
742
10.3
Gross profit
174
179
(3.0)
162
7.6
517
459
12.6
Gross margins (%)
63.9
64.9
63.0
64.5
63.5
Operating profit
33.9
37.3
(9.2)
39.1
(13.4)
108.0
111.4
(3.1)
OPM (%)
12.4
13.5
15.3
13.5
15.4
Interest
3
2
86.6
6
(47.9)
7
10
(28.4)
Dep & amortisation
14
17
(13.8)
15
(5.6)
48
45
6.1
PBT
24
25
(4.2)
22
5.4
71
76
(6.7)
Provision for taxation
5.8
2.6
122.8
3
84.3
11
15
(22.1)
Reported Net profit
18
22
(20.5)
19
(7.3)
60
61
(3.0)
Less : Exceptional items
0
0
-
0
0
0
PAT after exceptional items
18
22
(20.5)
19
(7.3)
60
61
(3.0)
EPS (`)
1.9
2.4
2.1
6.5
6.7
Source: Company, Angel Research
Exhibit 2: 3QFY2017 - Actual vs. Angel estimates
(` cr)
Actual
Estimate
Variation (%)
Net sales
272
276
(1.5)
Other operating income
7
6
27.1
Operating profit
34
40
(15.5)
Tax
6
3
121.9
Net profit
18
25
(29.1)
Source: Company, Angel Research
Revenues below expectations: In sales, the company posted revenues of `272cr
(`276cr expected) v/s `255cr in 3QFY2016, growth of 6.9% yoy. The lower growth
was on the back of the formulation business at `252.2cr, up 4.5% yoy, API at
`18.2cr up 32.8% yoy. The domestic formulation at `144.2cr recorded a yoy
growth of 5.2%.
Domestic Formulation markets (`144cr) posted a growth of 5.2% yoy, mainly,
while API sales (`5.7cr) posted a dip of 11.6% yoy. Exports Formulations
(`108cr) grew 3.6% yoy, while API exports (`12.5cr) grew 72.4% yoy. Europe
contributed 34.9% of International formulation sales, followed by US at 31.5%,
South Africa, Australia & New Zealand at 18.4% and Emerging markets at
15.3%.
During the quarter, the revenues grew by 27.5 % at `37.8cr as against
`29.7cr for the same period last year. YTD, the revenue grew by 17.9% at
`92.1cr as against `78.2cr for the same period last year. The company is
awaiting Establishment Inspection Report (EIR) from the USFDA for its Goa
Plant II & III for the audit conducted in the month of September 2016.
In terms of filings, the company (through partners or by itself), filed 25 ANDAs
which are pending approvals with 10 ANDAs approved till date.
January 31, 2017
2
Indoco Remedies | 3QFY2017 Result Update
The revenues for the quarter grew by 18.1% at `16.4cr, as against `13.9cr for the
same period last year. YTD to date, the revenues grew by 32.7% at `44.7cr as
against ` 33.7cr.
Exhibit 3: Domestic Formulation sales trend
180
169
170
160
150
142
144
136
140
131
130
120
110
100
90
80
70
60
50
3QFY2016
4QFY2016
1QFY2017
2QFY2017
3QFY2017
Source: Company, Angel research
Exhibit 4: Export sales trend
140.0
121
118
120.0
112
100
100
100.0
80.0
60.0
40.0
20.0
0.0
3QFY2016
4QFY2016
1QFY2017
2QFY2017
3QFY2017
Source: Company, Angel research
OPM lower than estimated: On EBITDA front, the company posted an EBITDA of
12.4% (14.5% expected) v/s 15.4% in 3QFY2016. The dip came in on back of the
high R&D expenses, which came in at 5.1% of sales v/s 3.5% of sales in
3QFY2016.
January 31, 2017
3
Indoco Remedies | 3QFY2017 Result Update
Exhibit 5: OPM trend
20
15.4
14.7
14.7
15
13.5
12.4
10
5
0
3QFY2016
4QFY2016
1QFY2017
2QFY2017
3QFY2017
Source: Company, Angel Research
Net profit lower than expectation: Consequently, PAT came in at `18cr (lower than
expectations) v/s `20.4cr in 3QFY2016, de-growth of 7.3% yoy. The lower than
expected net profit is on back of lower than expected sales and OPM.
Exhibit 6: Net profit trend
25.0
22
22
20
20.0
18
15.0
14
10.0
5.0
0.0
3QFY2016
4QFY2016
1QFY2017
2QFY2017
3QFY2017
Source: Company, Angel Research
January 31, 2017
4
Indoco Remedies | 3QFY2017 Result Update
Concall takeaways
The company has re-structured some of its marketing divisions in domestic
markets with addition to the field force to accelerate growth and build on its
core strengths in the mass speciality segments.
Going forward, the company’s business from US and EU territory is expected
to grow at a fast pace, as ANDAs and Dossiers will be commercialized at
regular intervals.
While surging ahead in the regulated markets, Indoco is also consolidating its
position in the emerging markets through active brand promotion. Part of the
emerging market is exploited through distributors appointed by Indoco and
part through alliances.
Investment arguments
Focus on domestic formulations- Aiming for a higher-than-industry growth: Indoco
has a strong brand portfolio of 135 products and a base of ~2,800 MRs. It
operates
in
various
therapeutic
segments including anti-infective,
anti-diabetic, CVS, ophthalmic, dental care, pain management and respiratory.
Prominent Indoco brands include Cyclopam, Vepan, Febrex Plus, ATM,
Sensodent-K and Sensoform. The company has seen strong growth across the
respiratory, anti-infective, ophthalmic and alimentary therapeutic segments.
Further, the company is investing to enhance the share of the chronic segment,
which constitutes 10% of overall sales.
Post the restructuring of the domestic business in FY2009, which has resulted in an
improvement in the working capital cycle, Indoco is back on the growth trajectory
with its domestic formulation business growing at 15.1% in FY2015. We expect the
domestic formulation segment to grow at a CAGR of 15.0% over FY2016-18E,
factoring in a muted FY2016, restructuring, and low monsoon.
Scaling-up on the exports front: Indoco has also started focusing on regulated
markets by entering into long-term supply contracts. The company is currently
executing several contract-manufacturing projects, and covering a number of
products for its clients in the UK, Germany and Slovenia. Indoco has received a
nod from the USFDA for two of its facilities in Goa. The company derived ~46% of
its revenues from exports in 2015-16.
The US cumulative ANDA filings stood at 34 with 26 pending approvals (including
3 tentative approvals). 54 products are under the development pipeline for the US.
The company has launched 8 products in the US market (five ophthalmic, one
solid dosage and two products supplied by Watson). A total of 14 products have
been filed through Watson. We expect the exports segment to grow at an 18.1%
CAGR over FY2016-18E.
Partnering with pharmaceutical majors: The company has a large customer base
of small and medium sized generic companies across the globe and has major
tie-ups with generic companies for certain territories and products. The company
has a deal with Watson Pharmaceuticals to develop and manufacture a number of
sterile (ophthalmic) products for marketing in the USA. The agreement with South
Africa's largest pharmaceutical company, Aspen Pharmacare, encompasses a
number of solid dosages and ophthalmic products, extending to 30 emerging
market countries, while the contract signed with DSM, Austria is for marketing 8 of
January 31, 2017
5
Indoco Remedies | 3QFY2017 Result Update
Indoco's APIs in various geographies. These deals have further strengthened
Indoco's image in the international arena.
Valuation: We expect net sales to post a CAGR of 14.9% to `1,289cr and EPS to
post a CAGR of 33.2% to `16.0 over FY2016-18E. At the current market price, the
stock is trading at
23.8x and
17.2x its FY2017E and FY2018E earnings,
respectively. We recommend a reduce rating on back of the valuations.
Exhibit 7: Key assumptions
FY2017E
FY2018E
Domestic sales growth (%)
15.0
15.0
Exports growth
18.0
18.0
Operating margins (%)
18.2
18.2
Capex (` cr)
60.0
60.0
Source: Company, Angel Research
Exhibit 8: One-year forward PE band
450
400
350
300
250
200
150
100
50
0
20x
25x
30x
35x
Source: Company, Angel Research
Exhibit 9: Recommendation summary
Company
Reco
CMP Tgt. price Upside
FY2017E
FY15-17E
FY2017E
(`)
(`)
(%) PE (x) EV/Sales (x) EV/EBITDA (x) CAGR in EPS (%) RoCE (%) RoE (%)
Alembic Pharma
Neutral
575
-
-
18.9
2.5
11.8
(10.8)
27.5
25.3
Aurobindo Pharma Accumulate
713
877
22.9
15.1
2.5
10.5
18.1
22.5
26.1
Cadila Healthcare
Accumulate
363
400
10.3
18.9
2.9
13.2
13.4
22.7
25.7
Cipla
Sell
580
490
(15.6)
21.3
2.7
14.7
20.4
13.5
15.2
Dr Reddy's
Neutral
2,999
-
-
21.0
2.7
10.2
1.7
16.2
15.9
Dishman Pharma
Neutral
234
-
-
20.7
2.3
10.2
13.3
10.3
10.9
GSK Pharma
Neutral
2,732
-
-
44.9
6.8
33.0
17.3
35.3
32.1
Indoco Remedies
Reduce
275
240
(12.7)
17.2
2.0
11.0
33.2
19.1
20.1
Ipca labs
Accumulate
537
613
14.2
27.3
1.9
12.4
36.5
8.8
9.4
Lupin
Buy
1,492
1,809
21.3
21.5
3.5
13.3
17.2
24.4
20.9
Sanofi India*
Neutral
4,181
-
-
24.3
3.2
17.3
22.2
25.6
28.8
Sun Pharma
Buy
640
847
32.4
18.1
3.5
11.5
26.5
18.9
20.1
Source: Company, Angel Research; Note: *December year ending, Price as of January 27, 2017
January 31, 2017
6
Indoco Remedies | 3QFY2017 Result Update
Company Background
Indoco has a strong brand portfolio of 135 products and a base of 2,300 MRs.
The company operates in various therapeutic segments including anti-infective,
anti-diabetic, CVS, ophthalmic, dental care, pain management and respiratory
areas. Prominent Indoco brands include Cyclopam, Vepan, Febrex Plus, ATM,
Sensodent-K and Sensoform. The company’s top-10 brands contribute over 50%
of its domestic sales. Indoco now proposes to scale up its exports through higher
exposure to the regulated markets.
Profit & loss statement (Consolidated)
Y/E March (` cr)
FY2013
FY2014
FY2015
FY2016
FY2017E
FY2018E
Gross sales
638
735
863
987
1,124
1,303
Less: Excise duty
11
13
11
10
12
14
Net sales
626
722
852
977
1,112
1,289
Other operating income
4
10
5
27
27
27
Total operating income
630
733
857
1,004
1,139
1,316
% chg
10.4
16.2
17.0
17.1
13.5
15.6
Total expenditure
537
612
691
831
932
1,055
Net raw materials
262
272
300
341
434
477
Other mfg costs
37
42
50
57
65
75
Personnel
100
130
140
183
199
231
Other
138
168
201
250
234
272
EBITDA
89
110
161
145
180
234
% chg
5.4
23.5
46.1
(9.7)
23.7
30.3
(% of Net Sales)
14.2
15.2
18.9
14.9
16.2
18.2
Depreciation& amortisation
24
31
47
60
65
70
EBIT
65
79
114
85
114
164
% chg
0.1
21.0
43.7
(25.4)
34.7
43.3
(% of Net Sales)
10.4
11.0
13.3
8.7
10.3
12.7
Interest & other charges
22
19
11
13
13
13
Other income
1
2
2
1
1
1
(% of PBT)
1.8
2.4
1.6
1.1
0.9
0.6
Share in profit of Associates
-
-
-
1.0
2.0
3.0
Recurring PBT
48
72
110
101
130
179
PBT (reported)
48
72
110
101
130
179
Tax
6
14
27
18
23
32
(% of PBT)
11.8
19.6
24.3
17.5
18.0
18.0
PAT (reported)
43
58
83
83
107
147
Add: Share of earnings of asso.
-
-
-
-
-
-
Less: Minority interest (MI)
-
-
-
-
-
-
Prior period items
-
-
-
-
-
-
PAT after MI (reported)
43
58
83
83
107
147
ADJ. PAT
43
58
83
83
107
147
% chg
(7.9)
36.5
42.3
0.2
28.4
38.0
(% of Net Sales)
6.8
8.1
9.7
8.5
9.6
11.4
Basic EPS (`)
4.6
6.3
9.0
9.0
11.6
16.0
Fully Diluted EPS (`)
4.6
6.3
9.0
9.0
11.6
16.0
% chg
(7.9)
36.5
42.3
0.2
28.4
38.0
January 31, 2017
7
Indoco Remedies | 3QFY2017 Result Update
Balance Sheet (Consolidated)
Y/E March (` cr)
FY2013
FY2014
FY2015
FY2016
FY2017E
FY2018E
SOURCES OF FUNDS
Equity share capital
18
18
18
18
18
18
Reserves & surplus
396
439
500
566
652
778
Shareholders funds
414
457
519
583
669
796
Minority Interest
0
-
-
-
-
-
Total loans
90
72
88
127
130
70
Other Long Term Liab.
9
9
9
9
9
9
Long Term Provisions
7
16
16
18
18
18
Deferred tax liability
35
31
27
24
24
24
Total liabilities
555
585
659
762
824
890
APPLICATION OF FUNDS
Gross block
447
481
561
649
709
769
Less: acc. depreciation
126
156
203
264
329
399
Net block
321
325
358
386
380
370
Capital work-in-progress
38
44
44
44
44
44
Goodwill
0
-
0
-
-
-
Investments
0
0
0
15
15
15
Long Term Loans And Adv.
57
55
58
71
109
126
Current assets
273
305
385
448
549
653
Cash
12
13
15
14
8
25
Loans & advances
41
42
85
78
111
129
Other
220
249
285
356
430
499
Current liabilities
134
144
187
201
274
318
Net current assets
139
160
199
247
275
335
Mis. Exp. not written off
0
-
-
-
-
-
Total assets
555
585
659
762
824
890
January 31, 2017
8
Indoco Remedies | 3QFY2017 Result Update
Cash Flow Statement (Consolidated)
Y/E March (` cr)
FY2013
FY2014
FY2015
FY2016
FY2017E FY2018E
Profit before tax
48
72
110
101
130
179
Depreciation
24
31
47
60
65
70
(Inc)/Dec in working capital
13
(18)
(39)
(63)
(73)
(60)
Less: Other income
1
2
2
1
1
1
Direct taxes paid
6
14
27
18
23
32
Cash Flow from Operations
79
69
90
80
98
156
(Inc.)/Dec.in fixed assets
(49)
(41)
(80)
(88)
(60)
(60)
(Inc.)/Dec. in investments
-
-
-
-
-
-
Other income
1
2
2
1
1
1
Cash Flow from Investing
(48)
(39)
(78)
(87)
(59)
(59)
Issue of equity
-
-
-
(1)
-
-
Inc./(Dec.) in loans
(22)
(9)
16
41
3
(60)
Dividend Paid (Incl. Tax)
(12)
(12)
(22)
(21)
(21)
(21)
Others
3
(16)
(3)
(15)
9
-
Cash Flow from Financing
(30)
(37)
(9)
5
(9)
(81)
Inc./(Dec.) in Cash
1
(7)
3
(2)
30
17
Opening Cash balances
10
12
13
15
14
8
Closing Cash balances
12
13
15
14
8
25
January 31, 2017
9
Indoco Remedies | 3QFY2017 Result Update
Key Ratios
Y/E March
FY2013
FY2014
FY2015
FY2016
FY2017E
FY2018E
Valuation Ratio (x)
P/E (on FDEPS)
59.4
43.5
30.6
30.5
23.8
17.2
P/CEPS
38.2
28.4
19.5
17.7
14.7
11.6
P/BV
6.1
5.5
4.9
4.3
3.8
3.2
Dividend yield (%)
0.4
0.4
0.7
0.7
0.7
0.7
EV/Sales
4.2
3.6
3.1
2.7
2.4
2.0
EV/EBITDA
29.3
23.6
16.2
18.2
14.8
11.0
EV / Total Assets
4.7
4.4
4.0
3.5
3.2
2.9
Per Share Data (`)
EPS (Basic)
4.6
6.3
9.0
9.0
11.6
16.0
EPS (fully diluted)
4.6
6.3
9.0
9.0
11.6
16.0
Cash EPS
7.2
9.7
14.1
15.6
18.7
23.6
DPS
1.1
1.0
2.0
2.0
2.0
2.0
Book Value
44.9
49.6
56.3
63.3
72.6
86.4
Dupont Analysis
EBIT margin
10.4
11.0
13.3
8.7
10.3
12.7
Tax retention ratio
88.2
80.4
75.7
82.5
82.0
82.0
Asset turnover (x)
1.2
1.3
1.4
1.4
1.5
1.6
ROIC (Post-tax)
10.8
11.6
14.2
10.3
12.3
16.3
Cost of Debt (Post Tax)
18.9
18.7
10.0
9.6
8.0
10.3
Leverage (x)
0.2
0.2
0.1
0.2
0.2
0.1
Operating ROE
8.9
10.4
14.8
10.5
13.1
17.0
Returns (%)
ROCE (Pre-tax)
11.9
13.9
18.3
11.9
14.4
19.1
Angel ROIC (Pre-tax)
13.0
15.3
20.2
13.0
15.5
20.5
ROE
10.7
13.4
17.0
15.1
17.0
20.1
Turnover ratios (x)
Asset Turnover (Gross Block)
1.5
1.6
1.6
1.7
1.7
1.8
Inventory / Sales (days)
52
50
55
54
58
60
Receivables (days)
66
64
62
68
74
76
Payables (days)
43
40
46
42
50
52
WC cycle (ex-cash) (days)
78
68
70
76
80
80
Solvency ratios (x)
Net debt to equity
0.2
0.1
0.1
0.2
0.2
0.1
Net debt to EBITDA
0.9
0.5
0.5
0.8
0.7
0.2
Interest Coverage (EBIT / Int.)
3.0
4.2
10.7
6.8
9.1
13.1
January 31, 2017
10
Indoco Remedies | 3QFY2017 Result Update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with CDSL
and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a
registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or co-managed public
offering of securities of the company covered by Analyst during the past twelve months.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine
the merits and risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the
contrary view, if any.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
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While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
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Disclosure of Interest Statement
Indoco Remedies
1. Financial interest of research analyst or Angel or his Associate or his relative
No
2. Ownership of 1% or more of the stock by research analyst or Angel or associates or relatives
No
3. Served as an officer, director or employee of the company covered under Research
No
4. Broking relationship with company covered under Research
No
Ratings (Based on expected returns
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
over 12 months investment period):
Reduce (-5% to -15%)
Sell (< -15)
January 31, 2017
11