Magma Fincorp Ltd.

Narsee Monjee Institute of Management Studies

August 2013 Dev Surti Vishal Singh Kunal Abrol Abhay Agarwal Ankur Agarwal Rohit Bharate Spandan Bhatnagar Swaminathan BS Shirshendu Datta

Magma Fincorp Limited

We had consistently very high performance till FY '12 and three years consequently we had 100% collection efficiency. However last year, we had a drop to 98.3% and similarly our writeoffs which went down to a historic low of 0.2% went up to about 0.55% in FY '13, which was an increase of 250% in terms of the impact. -Sanjay Chamria As he looked outside the window of his car, Sanjay Chamria, reminisced his 24 year journey with Magma Fincorp. Worry about the future growth of the company was quite visible on his face. Economy had slowed down and so did the collection efficiency from its major customers who included rural and semi urban households. The company had expanded in this time of de-growth into 3 new businesses namely gold loans, housing finance and insurance. However, with the RBI revising its norms for financing to NBFCs, acquiring capital to fund its expansion had suddenly become a difficult task. He was going to attend a conference press call hosted by IDFC Securities which included audience ranging from private investors to mutual funds. He was to join Mr. V Lakshmi Narasimhan CFO, and Mr. Kailash Baheti, CSO of Magma Fincorp to talk about companys performance and important events. His concerns were quite apparent in his quote mentioned in the beginning. He had huge aspirations for Magma and wanted to continue its expansion strategy to acquire new lines of businesses.

Introduction
Magma Fincorp (formerly Magma Leasing) is a Kolkata-headquartered asset financing company registered with the Reserve Bank of India. The company was incorporated in 1988

Magma Fincorp Ltd.

Narsee Monjee Institute of Management Studies

and commenced operations in 1989 and over time has grown into a mid-scale financial services company. In 1992, the company merged with Arm Group Enterprises to strengthen its presence and later in 1996 entered retail financing business for vehicles and construction equipment. In the year 2000, with the Acquisition of Consortium Finance Ltd, Magma expanded its network across Northern India. In early 2007, Magma acquired Shrachi Infrastructure Finance (SIFL), which helped it increase its footprint in southern and western India and enabled it to expand its distribution network to a Pan-India level. Same year, the company formed a joint venture with International Tractors Limited (ITL) to enter tractor finance business. In 2008, Magma completed a major re-branding exercise and renamed itself as Magma Fincorp Limited. In 2009, Magma inked a joint venture with German insurer HDI Gerling to enter general insurance business. The company has received its R1 license in April 2011. In the same year, Magma picked up 7% stake in the newly formed Experian Credit Information Company of India Private Ltd, the Indian arm of the global credit information services company. In 2011, Kohlberg Kravis Roberts (KKR) a large global PE firm and International Finance Corporation, an arm of the World Bank Group invested about $100 million in Magma. The company operates 275+ branches across 21 states and a union territory and has a strong presence in rural and semi-rural India. Company provides a bouquet of financial products including financing of Commercial Vehicles (new & used), Utility Vehicles & Cars, Construction Equipment, Tractors, Gold loans and SME Loans. Over 75% of the branches are located in rural and semi-urban markets, playing a crucial role in financial inclusion in these markets. Further, over 50% of Magmas customers have availed their first time loans from the organized financial lender. The company is eyeing a national footprint to leverage its diversified businesses by increasing its presence in western and southern India. Magmas unique business model of focusing on the under-penetrated rural and semi-urban markets has enabled it to deliver consistent and sustained performance over the years. It dealt with the economic slowdown during 2008-09 by adopting a series of initiatives, including introduction of additional business and collection verticals, increased focus on maintaining asset quality, effective management of treasury and operating costs and strengthening its robust collection mechanism.

Industry Overview
Non-banking financial companies (NBFCs) are fast emerging as an important segment of Indian financial system. It is a heterogeneous group of institutions (other than commercial and co-operative banks) performing financial intermediation in a variety of ways, like making loans and advances, leasing, hire purchase, factoring etc. They advance loans to the various wholesale and retail traders, small-scale industries and self-employed persons. Thus,
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Narsee Monjee Institute of Management Studies

they have broadened and diversified the range of products and services offered by a financial sector player. Gradually, they are being recognized as complementary to the banking sector due to their customer-oriented services; simplified procedures; relatively attractive rates of return on deposits; flexibility and timeliness in meeting the credit needs of specified sectors etc. Infrastructure holds the key to the economic resurgence of India and infrastructure financing holds the key to vitality of the infrastructure sector. On a policy plane, several initiatives have been taken to promote infrastructure financing, but it seems as if they are not enough and effective. Infrastructure Finance Companies and Non-banking finance companies in the asset-based financing space are growing at impressive growth rate. The world of nonbanking finance in India, asset finance in particular, has widely been perceived as parallel to the banking system. Other than remittance and ondemand deposits, NBFCs practically do everything that banks do. As per Economic Survey 2012, NBFCs take more than 12% share in the assets of the entire financial system this is quite a sizeable contribution. Asset finance companies provide funding against tangible assets. Asset finance companies have been riding the capital expenditure boom of corporate India. Infrastructure companies, in particular, have seen a strong correlation between infrastructure spending and the growth of the industry.

Sanjay Chamria
Sanjay Chamria, a chartered accountant at the age of 21 and son of a tax consultant, was an entrepreneur at his heart. He left the job offer from ITC and even RBI to try his hands at business. He always had a great passion to set up a business, come what may, and decided to pursue it. He along with two of his friends founded Magma Leasing in 1989 when leasing and hire purchase was a fad, with scores of entities popping up across the country. But only a few survived, only those who adapted to the changing business climate. He has been its Vice Chairman and Joint Managing Director since April 1, 2007. Mr. Chamria serves as an Executive Director of Magma FinCorp. Ltd. He served as an Independent Non-Executive Director of SKP Securities Limited. He serves as a Director of Viper Estates & Investments Private Limited. He is a Member of the Managing Committee of Equipment Leasing Association. He is a Fellow Member of ICAI. He has a great experience ranging from lending to purchase photocopiers and airconditioners; he switched to lending for purchase of heavy equipment used in infrastructure. That led him to a tie-up with one of the biggest equipment makers,

Magma Fincorp Ltd.

Narsee Monjee Institute of Management Studies

Caterpillar. What started as a three people firm more than two decades ago now employs 5,700 people in more than 200 locations with assets worth 14,000 crore.

Growth and Market share of Magma Fincorp in the NBFC sector

Magma Fincorp has been steadily growing in the NBFC sector. The relative reach of the NBFCs with respect to the bank gives them an edge over them. Moreover, faster processing and in-house collection/recovery infrastructure, give these NBFCs the push to outperform banks in this segment. The company has grown to more than 7000 employees across geographies. It has a 21% growth (5 years compounded) in assets under management (AUM) to 18378 cr as on March 31 2013. The reported PAT of the company has grown from 39.04 cr in 2008 to 122.8 cr in 2012. The total income has also increased from 625 cr in 2008 to 1606 cr in 2012 (Refer Exhibit for the YOY comparison of the company). The company has a diverse portfolio ranging from passenger cars, commercial vehicles, construction equipment, tractors, refinancing, SME loans, Gold loans, insurance and housing. Except for the commercial vehicle segment, Magma showed stable positive growth in all the various lines of businesses, even though the industry de-grew in some of the segments.

Strategy of Magma Fincorp

Magma was started as a vehicle leasing company in 1989 since then has expanded its operations into 10 lines of businesses. The main strategy of Magma has been to acquire well-established profit making entities to venture into new lines of businesses. However, in each line of business Magma has a different strategy employed to keep the business profitable and to achieve growth despite an economic downturn. Commercial Vehicle Segment Even though automobiles have been used in India for decades, the extent of underpenetration makes the Indian automotive industry a sunrise sector. This explains why even as India is the worlds fifth largest commercial vehicle manufacturer; it is also the fastest growing. While the small commercial vehicle (SCV) segment continued to sustain the sectorial momentum (19.8 percent volume growth y-o-y), the LCV and HCV segments degrew 12.9 percent and 27.6 percent respectively in 2012-13 following sluggish industrial movement. Magma constitutes a consolidated market share of 2.4 percent with presence in all segments. SCV and MCV being the highest margin segments among the commercial
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Narsee Monjee Institute of Management Studies

vehicle segment, Magma decided to further penetrate this segment while leaving out the LCV which is quite low margin. It also plans to penetrate deeper into the HCV segment which is again high margin but only when the industry shows signs of revival. This was the only segment which showed negative growth, however, it was more of a conscious withdrawal rather than an ominous sign. Passenger Car and utility vehicle segment Though the passenger car segment de-grew by 6.7%, Magma, with a strong presence in rural and semi-urban India capitalized on the growth provided by MUVs or Multi-Utility Vehicles. This segment grew by 32.1% and Magma to capitalize on its growth offered noincome proof loans based on bank documents with loan processing under 4 hours. This lean and hassle free approach loan availing approach led to a growth of 33.71% of Magma in this segment. Magma plans to continue its growth based on multi-utility vehicles and rope in contracts with various dealers to enable faster delivery of loans. Construction Equipment Infrastructure sector has experienced a dramatic slowdown which eventually hit the construction equipment segment. The segment saw de-growth of 8.22% over the last year. However, the strategy of Magma in this case has to tie-up with different OEMs like JCB, L&T, and Telecon to finance their products. Magma also boasts of the shortest TAT (Turn Around Time) for financing assets to customers. These tie-ups and speedy delivery of loans helped Magma to achieve a positive growth of 4.11% even though the industry saw a negative growth of 8.22%. Tractor Financing This is one of the recent endeavors of Magma which was initiated in 2007-08 through a JV with ITL (International Tractors Limited). In this segment too, Magma has collaborations with OEMs like John Deere, Mahindra & Mahindra and ITL to offer low interest loans to farmers. Magma focuses on farmers having less than 6 acres of land and has tried to extend its reach to deep rural farmers. However, it had to sacrifice its collection efficiency to achieve the growth in this segment which was reduced to 96% as compared to 97.2% in the previous year. Even though overall this segment saw a negative growth of 1.5%, Magma saw a positive growth of around 54% in this segment. Suvidha (Refinancing) This has been a natural extension of the commercial vehicle segment. Magma financed used-commercial vehicles (2-15 years old) targeting the lower end first-time rural buyers. Though in the niche stage, Magma has a strategy in place to target more customers by diversifying its product offerings to include tire loans. Magma also employs resident equipment evaluators to evaluate equipment valuation norms and to improve its collection

Magma Fincorp Ltd.

Narsee Monjee Institute of Management Studies

efficiency. In this segment, Magma saw a growth of 61.7% as compared to the previous year. SME Loans This segment was included in the portfolio in the year 2007-08. Magma boasts of the highest unsecured EMI based loans to SMEs, of upto 2 crores. Magma employs comprehensive balance sheet appraisals for working capital financing in this segment. It has diversified its portfolio into 3 segments unsecured SME with an eligibility of upto 2 crore, Micro-SME with an eligibility of upto 7.5 lacs and self-employed doctors where practicing doctors are given a loan of upto 15 lacs. The strategy in this segment has been to introduce new products to cater new un-banked segments of rural India. This product diversification has led to a y-o-y growth of around 45 % in this sector for Magma. Insurance A relatively newer addition to the portfolio, Magma started with this segment in the year 2012 with a joint venture with Germany-based general insurer, HDI Gerling. Product profile includes Motor insurance which includes passenger cars and commercial vehicles, Fire insurance and Industrial insurance. Coupled with financing of new and used vehicles, Magma also ventured in this post-buying solution to completely cater the demands of the segment. The strategy employed in this segment is to leverage on the already existing IT platform, branch network and support services to develop a low-investment insurance network across all states. It already has presence in 21 states with 42 shared branches and 3 independent branches. Within 6 months of it being operational, the company garnered a premium of 95.82 crores. Gold Loans With unavailability of cash with rural and semi-urban customers, Magma started with gold loans as it had complementary customer segments. This segment was started in 2012-13 and reported a collection of 58.4 cr in AUMs within the first nine months. The main strategy of Magma in this segment is to double its gold loan branches and focusing on states with high rural penetration like Gujarat, Madhya Pradesh and Rajasthan. Housing Finance The most recent venture of Magma, it became operational in May 2013 with its acquisition of GE Money Housing Finance. The strategy employed in this segment is to finance affordable housing needs with loans upto 25 lacs in Tier 2 and Tier 3 markets targeting the rural and semi-urban households.

Other Dynamics
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Narsee Monjee Institute of Management Studies

Drop in collection efficiency in CV/CE segment Amidst tough macro environment, Magmas collection efficiency dipped, especially in commercial vehicles, construction equipment and used vehicles segment, which led to increase in GNPLs. Small and medium enterprises (SME) loans, cars and tractor portfolio is still holding on well. Management stated that it is sharpening focus on stepping up engagement with customers to improve collection efficiencies and manage NPLs in comfortable range. It is building in credit cost of 100-120bps for FY14/15E. Disbursements modest, AUMs flat Disbursements were modest at INR19bn (down 5% y-o-y) as slowdown was across all segments, except tractors. While CV/CE portfolio will continue to decline, growth will be sustained in cars and SME loans, and momentum will be robust in tractor and mortgages (recently launched). The management expects yields to improve considering: rising share of high yield products (mortgages, gold loans, tractors, used CV); unamortized securitization income; and run down of loans originated in FY11 at lower yields. Refer to exhibit for further details.

Future course of action

Magma is a well-diversified (both product-wise and geographically) rural/semi-rural focused retail non-banking financial company (NBFC) with consolidated AUM of INR 162bn. The company is known for its differentiated approach and diversified business model. Magmas RoE profile was weak in FY12/13 at (<10%) due to regulatory changes pertaining to offbalance transactions. The strategy to normalize RoE to >15% will be led by NIM improvement (particularly yield enhancement). It has multiple levers at hand to improve yield: Increasing proportion of high yielding products (mortgages, gold loans, tractors, used CV); Unamortized securitization income; and Run-down of loans originated at lower yields in FY11. Despite diversifying in nine segments, auto financing (cars, CV, CE) still contributes ~70% to AUM. The growth and asset quality performance in these businesses would be correlated to underlying industry dynamics. Hence, Magmas earnings as well will be subject to seasonality and cyclicality of the same. Magma is one of the 26 applicants who have thrown in their hat in the ring for new bank license. Availing banking license can be structurally positive in the long run as it provides: (1) access to huge savings pool of India; and (2) lends scalability/diversity on asset as well liability fronts.
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Narsee Monjee Institute of Management Studies

Working capital paragraph to be added by spandan Refer to Exhibit 5 for working capital financing in India

Case Questions Q 1: Q 2: Q 3: Q 4:

Magma Fincorp Ltd.

Narsee Monjee Institute of Management Studies

Exhibit 1: Magma Fincorp- Organization Structure

Mr. Sanjay Chamaria

Mr. Sandeep Walunj Chief Marketing Officer

Mr. Ashutosh Shukla Chief Operating Officer

Mr. V. Lakshmi Narasimhan Chief Financial Officer

Mr. Brahmajyoti Mukherjee Chief People Officer

Mr. Vikas Mittal Business Head, Gold Loans

Mr. Sachin Khandelwal MD, Magma Housing Finance

Mr. Sumit Mukherjee Chief Sales Officer

Mr. G. P. Pattanaik Chief of Quality Mgmt

Mr. Kailash Baheti Chief Strategy Officer

Mr. Mahender Bagrodia Chief of Receivables Mgmt.

Magma Fincorp Ltd.

Narsee Monjee Institute of Management Studies

Exhibit 2: Key Income Statement Metrics 2010 Revenue growth Operating profit %Margin Profit After Tax % Margin Earnings Per Share
72306.58 18.04 11046.31 15.28 7005.71 9.69 5.78

2011
87403.23 20.88 18220.98 20.85 12014.05 13.75 8.38

2012
108000.42 23.57 10371.31 9.60 7400.83 6.85 3.56

(Rs in lacs) 2013

170147.17 57.54 21247.96 12.49 13824.29 8.12 6.55

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Narsee Monjee Institute of Management Studies

Exhibit 3: Key Balance Sheet Metrics 2010 Cash Fixed Asset Long Term Loans & Advances Short Term Loans & Advances Total Assets Share Capital Reserves & Surplus Long Term Borrowings Other NonCurrent Liabilities Short Term Borrowings Other Current Liabilities Total Liabilities
97,090.65 20,795.87 330,136.73

2011
100,753.13 18,712.97 451,429.04

2012
81,005.04 17,880.19 432,164

(Rs in lacs) 2013

121,784.70 19,023.11 763,151.38

16360.93 466295.82 13,787.91 33,048.95 365,433.13

17132.46 589166.04 18,533.83 54,629.23 459,244.69

284,331.02 815,380.25 18,061.16 106,360.26 212,452.03

407,421.78 1,311,380.97 23,499.18 135,941.14 386,927.37

5311.98

4792.47

3887.52

13745.75

43,401.68 5,312.17 466295.82

42,177.13 9,788.69 589,166.04

352,422.62 120314.86 815,380.25

576,710.52 172005.48 1,311,380.97

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Narsee Monjee Institute of Management Studies

Exhibit 4: Other Key Metrics 2010 Cash Flows From Operations Cash Flows From Investing Cash Flows From Financing Number of Branches Assets Under Management
-109555.92 920.89 115709.85 153.00 948130.00

2011
-103241.06 51.10 106852.44 172.00 1090650.00

2012
-216867.25 -2042.72 202283.58 200.00 1329280.00

(Rs in lacs) 2013

-289345.00 -53505.64 397677.80 275.00 1837770.00

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Magma Fincorp Ltd.

Narsee Monjee Institute of Management Studies

Exhibit 5: Working capital financing in India

Sources of Working Capital Finance in India Working capital which is the operating liquidity needed for a business and forms a part of the operating capital is financed in India mostly through Accruals, Trade credit, Advances by banks, Public deposits, Inter corporate deposits, Short term loans form financial institutions and NBFCs, Rights debentures for working capital, Commercial papers, Factoring, International factoring, Forfeiting etc. Bank finance for working capital Regulation of the bank finance for working capital was implemented by RBI in mid 1960s as a measure of discipline among industrial borrowers and to redirect credit to the priority sector of the economy. Several committees were set up by the India government to give recommendations and directives for working capital financing. Some of these groups were the Tandon committee, the Chore committee and the Marathe committee. Tandon committee (1974) The Reserve Bank of India had setup a committee under the chairmanship of Sh. P.L. Tandon in July 1974. The terms of reference of the Committee were to suggest the guidelines for commercial banks to follow up and supervise credit from the point of view of ensuring proper end use of funds and keeping a watch on the safety of advances, the type of operational data and other Information that may be obtained by banks periodically from the borrowers and by the Reserve Bank of India from the leading banks and to make suggestions for prescribing inventory norms for the different industries, both in the private and public sectors and indicate the broad criteria for deviating from these norms. The working capital financing practices of most banks are still influenced by the Tandon committee recommendations. Recommendations The Tandon committee gave recommendations on the norms for current assets viz raw materials, stock in progress, finished goods and receivables. It also suggested on the maximum permissible bank finance by giving three methods for calculating the same (Working Note 1). Some of the other aspects on which this committee gave recommendations were terms of loan payment and periodic information and reporting (Working Note 2). Chore Committee (1979) This committee was formed by RBI to review the cash credit system of banks. They gave recommendations on the mode and frequency of statements to be submitted by the borrowers to the banks, how frequently banks should review the limits and norms for fixing of credit limits. Detailed recommendations by the chore committee are given in Working Note 3.

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Narsee Monjee Institute of Management Studies

Marathe committee It was a committee set up to review the licensing policy for new urban co-operative banks. Headed by S. S. Marathe of the Reserve Bank of India (RBI) Board, the committees prescriptions submitted in May 1992 favor a liberal entry policy and include the establishment of new urban co-operative banks on the basis of need and potential, and achievement of revised viability norms. The one-bank-per-district approach is to be discarded; Achieving prescribed viability norms in terms of share capital, initial membership and other parameters within a specified time and Introduction of a monitoring system to generate early warning signals and for the timely detection of sickness. Present practice Presently, assessment of working capital requirement is done through projected balance sheet method, cash budget method and the Turnover method.

Working Note 1: Calculation of MPBF Three methods for determining MPBF suggested by Tandon committe were: Method 1: MPBF=0.75(CA-CL) Method 2: MPBF=0.75(CA)-CL Method 3: MPBF=0.75(CA-CCA)-CL Where, CA- current asset CL- current liabilities CCA- core current assets (permanent component of working capital) Working Note 2: Periodic information and reporting system Periodic reporting through the following devices was suggested by Tandon committee Quarterly information system-form I It gives Estimate production and sale for current and ensuring quarter. The estimate of current asset and liabilities for the ensuing quarter. Quarterly information system-form II It gives Production and sales during current year and for the latest completed year. Asset and liabilities for the latest completed year. Half yearly operating statements- form III Actual and estimated operating performance for the half year ended. Half yearly operating statements- form IIIB Actual and estimated sources and uses of funds for the half year ended.

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Narsee Monjee Institute of Management Studies

Working Note 3: Recommendations of the Chore committee The important recommendations of the Committee are as follows: The banks should obtain quarterly statements in the prescribed format from all borrowers having working capital credit limits of Rs. 50 lacs and above. The banks should not bifurcate cash credit accounts into demand loan and cash credit components. The banks should undertake a periodical review of limits of Rs. 10 lacs and above. Banks should discourage sanction of temporary limits by charging additional one per cent interest over the normal rate on these limits. The banks should fix separate credit limits for peak level and non-peak level, wherever possible. Banks should take steps to convert cash credit limits into bill limits for financing sales.

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Magma Fincorp Ltd.

Narsee Monjee Institute of Management Studies

Exhibit 6: Magma Fincorp- CMA format Form IIIB

Position as on (as recent a date as possible) A. BUILD UP OF ASSETS 1. Cash and Bank Balances 2. Investments (other than investments in subsidiaries/associate concerns and those of long term nature. Nature of investments to be specified) 3. Stock-on-hire under Hire Purchase Agreements (net of finance charges un-matured) 4. Outstanding credit under Lease Agreements* 5. Sundry Debtors 6. Advance to Suppliers 7. Advance payment of taxes 8. Other Current Assets Short term loans and advances Total (A) 1 78,909.00 0.00 Current Year Estimates 3 172,744.86 9,634.55 Following year projections 4 206,041.49 11,491.62

Last Year Actuals 2 116,396.00 6,491.79

0.00 0.00 0.00 860.64 258.52 0.00 4,745.87 271,278.97 356,053.00 Position as on (as recent a date as possible) 1

2,263.56 4,228.23 0.00 680.60 1,251.98 0.00 8,704.70 368,926.83 508,943.69

3,359.38 6,275.17 0.00 1,010.09 1,858.08 0.00 12,918.76 547,529.25 755,330.15 Current Year Estimates

4,006.90 7,484.71 0.00 1,204.78 2,216.23 0.00 15,408.86 653,065.67 900,920.26 Following year projections

Last Year Actuals 2 114,810.81 24,588.77 0.00

3 170,392.26 36,492.52 0.00

4 203,235.42 43,526.47 0.00

B. BUILD-UP OF LIABILITIES 1. Deposits maturing within one year 2. Sundry creditors for expenses 3. Sundry creditors for other finance 4. Instalments of term loans/deferred payment credits/debentures/preference hares, due within one year 5. Advances from customers 6. Provision for taxation 7. Dividend payable 8. Other statutory liabilities 9. Other current liabilities Total (B)

14,238.04 22,170.85 0.00

42,964.39 8,153.35 0.00 2,549.76 497.01 34,957.54 125,530.94 Position as on (as recent a date as possible) 1

70,944.90 6,210.22 0.00 3,120.63 543.12 47,580.49 267,798.94

105,290.28 9,216.67 0.00 4,631.37 806.0516714 70,614.84 397,444.00 Current Year Estimates

125,585.01 10,993.19 0.00 5,524.07 961.4183629 104,800.43 494,626.00 Following year projections

Last Year Actuals 2

C. ADDITIONAL INFORMATION : 1. Working Capital gap (A-B) 2. Actual projected bank borrowings for working capital, including bills purchased and discounted 3. Total build up of liabilities including bank borrowings (B + C2) 4. Contribution from long term sources towards Working Capital (A - C3) 230,522.06 192,745.29 318,276.23 37,776.77 Position as on (as recent a date as possible) 1 D. COMPUTATION 1. Working Capital gap (A-B) 2. 25% of Build up of Assets 3. Actual / projected contribution (Item C 4) 4. Item 1 minus 2 5. Item 1 minus 3 6. Outer limit for bank borrowing - i.e. 3 times of Net Owned Funds. @ 7. Maximum permissible bank finance i.e. lowest of 4, 5 and 6 230,522.06 89,013.25 37,776.77 141,508.81 192,745.29 201093.75 141,508.81 241,144.75 127,235.92 39,517.56 113,908.83 201,627.19 234013.68 113,908.83 357,886.16 188,832.54 58,648.54 169,053.62 299,237.61 267197.28 169,053.62 406,294.25 225,230.06 66,581.41 181,064.19 339,712.84 277135.95 181,064.19 241,144.75 201,627.19 469,426.13 39,517.56 357,886.16 299,237.61 696,681.61 58,648.54 Current Year Estimates 2 3 406,294.25 339,712.84 834,338.84 66,581.41 Following year projections 4

Last Year Actuals

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Narsee Monjee Institute of Management Studies

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