Assignments(1&2) on Gee El Woollens

Of
Merger & Acquisition




Section-C2DE









By- S Nandkumar(2013249) Faculty-Prof S N Sinha
Sagar Shaw (2013251)
Sahil Modh (2013252)











Assignment-1
Acquirers Motive
The main motive of the acquirer company is to expand its business and to have wider range as
Gee El Woollens was a growing company listed in NSC was profitable to be taken which has
been proof by the coming years.
Targets Motive
Gee El Woollens announced that the company has commenced its export activities in the new
name of Atlas Jewellery (India) in accordance with main object of the company.
Thus, it clear that the acquirer company has gone in for the acquisition because it feels that the
target company is undervalued and that with the acquisition done it can better reinforce the
company to earn better profits.

Financials of the acquirer
M/S ATLAS JEWELLERY PVT LTD (ACQUIRER)
This Offer is being made by Atlas Jewellery Pvt. Ltd ("AJP" or "Acquirer").
Atlas Jewellery Pvt Limited (hereinafter referred to as "AJP") is a private company incorporated
with the Asst. Registrar of Companies, Kerala at Kochi vide its certificate of incorporation dated
October 16, 2003 under the provisions of Company Act, 1956. At present the Registered Office
of the Company is situated at Door No. XI/305 II, Near Federal Bank Ltd, Opp. CIAL,
Vappalassery P.O. Nedumbassery, Angamally, Kerela - 683572.
Presently, the acquirer company is engaged in the business of goldsmiths, silversmiths, jewellers,
and gem and diamond merchants and of acquiring and trading in metals.
The Company does not belong to any group as such.
The Compliances under Chapter V of SEBI Takeover Regulations, 2011 was applicable to the
Acquirer for acquisition of shares in past and the acquirer has made the disclosures under the
provisions of the Regulations within due date as prescribed under the Regulations.




(Amount in INR Lacs)
Profit & Loss Statement Year Ended Year Ended Year
Ended
Period ended
31.03.2010 31.03.2011 31.03.2012 31.12.2012
(Audited) (Audited) (Audited) (Unaudited)
Income from Operations 0.00 0.00 427.40 12107.97
Other Income 0.00 0.00 0.00 22.91
Total Income 0.00 0.00 427.40 12130.88
Total Expenditure (1.67) 1.96 443.44 11610.71
Profit before Depreciation, Interest
and Tax
(0.58) (1.96) (16.04) 520.17
Depreciation 1.09 0.00 0.00 47.39
Interest 0.00 0.00 0.57 232.58
Profit before Tax 0.00 (1.96) (16.61) 240.20
Provision for Tax 0.00 0.00 0.00 73.03
Profit after Tax 0.00 (1.96) (16.61) 167.17
Balance Sheet Statement Year
Ended
Year Ended Year
Ended
Period ended
31.03.2010 31.03.2011 31.03.2012 31.12.2012
(Audited) (Audited) Audited) (Unaudited)
Sources of Funds
Paid up Share Capital 25.00 25.00 200.00 1100.00
Reserves & Surplus
(Excluding Revaluation Reserve)
(24.75) (26.71) (43.32) 123.85
Net worth 0.25 (1.71) 156.68 1223.85
Secured Loan 0.00 0.00 427.40 8615.80
Unsecured Loan 4.85 59.74 28.50 733.19
Total 5.10 58.03 612.58 10572.84
Uses of Funds
Net Fixed Assets 4.42 0.00 0.41 1647.23
Investments 0.00 0.00 0.00 0.00
Net Current Assets 0.62 58.00 612.17 8925.61
Miscellaneous Expenses not written
off
0.06 0.03 0.00 0.00
Total 5.10 58.03 612.58 10572.84
Other Financial Data Year
Ended
Year Ended Year
Ended
Period ended
31.03.2010 31.03.2011 31.03.2012 31.12.2012
(Audited) (Audited) (Audited) (Unaudited)
Dividend(%) 0.00 0.00 0.00 0.00
Earning Per Share (In Rs.) (16.74) (0.78) (1.61) 3.12
* As Certified by Mr M Gopalakrishnan, partner of M/S Gopan & Syam Associates, Chartered
Accountants,(Membership No.20933),being statutory auditor of the company having their office at
37/3980, Opp. Renewal Centre, Azad Road, Kaloor, Kochi - 682017, Phone No. 0484 - 2535530 vide
their Certificate dated February 22, 2013.
The shares of AJP are not listed on any stock exchange.
The Acquirer has not been prohibited by the Securities and Exchange Board of India (hereinafter
referred to as "SEBI") from dealing in securities, in terms of directions issued under Section
11B of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as
"SEBI Act") or under any of the Regulations made under the SEBI Act, 1992.
As per declaration provided by the acquirer, there is no litigations are pending against the
acquirer.
The Contingent Liabilities of the acquirer as on March 31, 2012 is Nil.

Key Ratios Acquirers Financials
Mar 2014 Mar 2013 Mar 2012
Debt-Equity
Ratio
0.01 0.07 0.07
RONW (%) 4.28 0.00 13.26
EPS 0.32 0.00 0.20



Financials of the target
COMPANY GEE EL WOOLLENS
LTD (GEE EL)
Share Capital Structure of the Target Company
Paid up Equity Shares No. of shares/ voting
rights
% of Shares / voting
rights
Fully paid-up equity shares 4205200 100.00
Partly paid-up equity shares Nil Nil
Total paid-up equity shares 4205200 100.00
Total voting rights in the Target
Company
4205200 100.00

The shares of the Target Company was suspended from trading w.e.f February 27, 1999 on
Bombay Stock Exchange Ltd, later Target Company filed an application for revocation of
suspension of trading of securities, which was considered by the Internal Committee of Bombay
Stock Exchange on August 04, 2011 and then suspension was revoked by the Exchange on
December 14, 2011 vide its Notice No. 20111214-26. The Delhi Stock Exchange Limited vide
its letter dated March 07, 2013 informed that the trading in the securities of the company is
suspended at the exchange due to non-compliance with the listing agreement and the target
company is taking steps to regularize the same.
All the shares of the Target Company are listed on Bombay Stock Exchange Limited (BSE),
Ahmadabad Stock Exchange Limited (ASE), Jaipur Stock Exchange Limited (JSE) and Delhi
Stock Exchange Limited (DSE).
There are no outstanding convertible instruments / partly-paid up Equity Shares in the target
company.

* None of the above Directors of the Target Company represent the Acquirer.
There have been no merger/de-merger / spin off during the last 3 years involving the Target
Company. Gee EL Woollens Limited (hereinafter referred to as "GEE EL"), was originally
incorporated as private company in the name of Gee El Woollens Private Ltd on May 31, 1989
with the Registrar of Companies, Jaipur, Rajasthan and subsequently it is converted in to Public
Limited Company vide fresh certificate of incorporation dated June 15, 1993, with the Registrar
of Companies, Rajasthan, Jaipur under its present name GEE EL Woolens Limited under the
provisions of Companies Act, 1956.


Financial Highlights of the Target Company
The brief audited financial details of the Target Company for the preceding three financial years
are as under.
(INR in Lacs)
Profit & Loss Statement Year
Ended
Year
Ended
Year
Ended
Half Year
ended
31.03.2010
31.03.2011

31.03.2012
30.09.2012
(Audited) (Audited) (Audited)
(Unaudited
)
Income from Operations 0.00 0.00 0.00 0.00
Other Income 15.74 16.81 100.01 0.00
Total Income 15.74 16.81 100.01 0.00
Total Expenditure 0.44 4.07 24.22 1.58
Profit before Depreciation, Interest
and Tax
15.30 12.74 75.79 (1.58)
Depreciation 0.68 0.50 0.37 0.00
Interest 0.04 0.02 0.00 0.00
Profit before Tax 14.58 12.22 75.42 (1.58)
Provision for Tax 0.36 0.65 1.67 0.00
Loss from exceptional items
(Loss from F & O Derivatives)
- - 65.31 0.00
Profit after Tax 14.22 11.57 8.44 (1.58)
Balance Sheet Statement Year
Ended
Year
Ended
Year
Ended
Half Year
ended
31.03.2010 31.03.2011 31.03.2012 30.09.2012
(Audited) (Audited) (Audited)
(Unaudited)
Sources of Funds Separately
provided as
per Revised
Schedule VI
Format
Separately
provided as
per
Revised
Schedule VI
Format
Paid up Equity Share Capital 426.02 426.02
Reserves & Surplus
(Excluding Revaluation Reserve)
(262.49) (250.92)
Net Worth 163.53 175.10
Secured Loans 0.00 0.00
Unsecured Loans 0.00 0.00
Total 163.53 175.10
Uses of Funds
Net Fixes Assets 1.94 1.44
Investments 0.00 0.00
Net Current Assets 161.59 173.66
Total 163.53 175.10
(INR in Lacs)
* As Certified by Mr Deepak Suneja, partner of M/S A.Kay. Mehra & Co., Chartered Accountants,
(Membership No.501957), beingstatutory auditor of the company having their office at 114 (Basement),
Mall Road, Kingsway Camp, Delhi - 110009 (Near GTB Nagar Metro Station), Phone No. 011 -
32965997.

Suitable action may be taken against the Target Company for violation of provisions of Regulation 8(3) of
SEBI (SAST) Regulations, 1997.




Key ratio of the target
Mar 2014 Mar 2013 Mar 2012
Debt-Equity
Ratio
0.01 - 0.14
RONW (%) 2.36 - -
EPS 0.32 -0.07 0.20

Effect on the Stock Price of the acquirer
Pre and Post Offer shareholding of the Acquirer/PACs in Target
Company:

Sr. No Shareholding of acquirer/PACs Number
shares
of % to total
capital as on
closure of
tendering
period
1 Shareholding before PA 996754 23.70
2 Shares acquired by way of an
agreement if applicable
592500 14.09
3 Share acquired after the PA
date but before 3 working




days prior to the
commencement of tendering
period

Through Market
Purchase
Through Negotiated
deals/off market deals




Nil


Nil




N.A


N.A
4 Share acquired in the open offer 46790 1.11
5 Shares acquired during
exempted 21 days period
after the offer, if applicable
Nil N.A
6 Post Offer shareholding 1636044 38.91


Further Details as under regarding the acquisition mentioned at points 3, 4 & 5
of the above table.

1 Name of entity who acquired the
shares
Alas Jewellery (P) Ltd as per
points 4
2 Whether disclosure about the above
entity was given in the letter of offer
as either acquirer or PACs
Yes, Shares to be acquired
from the public
shareholders under the
offer was disclosed in the
letter of offer.
3 No. of shares acquired per entity 46790
4 Purchase price per share 9.50
5 Mode of acquisition Off Market
6 Date of acquisition/Transfer 23.05.2013
7 Name of the Seller in case
identifiable
Public Shareholders

Effect on the Stock Price of the target

Details of the market price of the shares of Target Company:


Name of the stock exchanges where the shares of the target
company have most frequently traded during 12 calendar months
prior to PA, and the volume of trading relative to the total
outstanding shares of the target company.


Name of the
Stock Exchange
Total number of equity
shares traded during the 12
calendar months prior to
the month of PA i.e
February
2012 to January 2013
Total Number of
Listed Shares
BSE 1895078 4319200

Details of Market Price of the shares of the target company are the
aforesaid stock exchanges as under:

Sr.
No
Particulars Date Rs. Per Share
1 1 trading days prior to
PA
26.02.2013 Opening Price: 9.30
Closing Price: 9.30

2 On the date of PA 27.02.2013 Opening Price: 9.76
Closing Price: 9.76

3 On the date of
commencement of
tendering period
26.04.2013 Opening Price: 12.00
Closing Price: 10.95

4 On the date of expiry of
the tendering period
13.05.2013 Opening Price: Nil
Closing Price: Nil

5 10 working days after the
last date of
tendering period
23.05.2013 Opening Price: 9.36
Closing Price: 9.01

6 Average market price
during the tendering
period
Rs 9.72


Details of Public Shareholding in Target Company

1 The minimum public shareholding the
target company is required to maintain for
continuous listing
25%
2 The actual public shareholding and if it has
fallen below the minimum public
shareholding limit, delineate the steps
which will taken in accordance with the
disclosures given in letter of offer
61.09%




















Assignment-2





Introduction to the Acquisition
Atlas Jewellery (P) Limited acquired GEE EI Woolens Limited on 23
rd
may 2013 by paying Rs.
444505 in cash to 46790 shareholder @ Rs. 9.50 per share.
Background of GEE EI Woolens Limited (Target Company)
Gee El Woollens Limited (GEWL) was incorporated as a private limited company on 31st May,
1989 and obtained certificate of change of name from the Registrar of Companies, Rajasthan at
Jaipur. It is an existing profit making company engaged in the manufacture of woollen yarn at
Industrial Area, Bikaner with an installed capacity of 600 MT per annum with financial
assistance from RFC. The plant commenced commercial production in May, 1990.

Looking to the increasing demand for woollen yarn and woollen carpets in domestic and
international markets and with a view to reaping the benefits of economies of scale, the
Company proposes to increase its installed capacity of woollen yarn to 1500 MT per annum and
create fresah capacity for the manufacture of tufted and loom carpets of 60000 sq.mtrs. per
annum and 120000 sq.mtrs per annum respectively mainly for exports.

Background of Atlas Jewellery (P) Limited (Acquirer)
Atlas Jewellery Private Limited is a Private Company incorporated on 16 October 2003. It is
classified as Indian Non-Government Company and is registered at Registrar of Companies,
ROC-Ernakulam. Its authorized share capital is Rs. 1,000,000,000 and its paid up capital is Rs.
700,000,000.

Atlas Jewellery Private Limited's Annual General Meeting (AGM) was last held on 10
September 2012 and as per records from Ministry of Corporate Affairs (MCA), its balance sheet
was last filed on 31 March 2012.

Atlas Jewellery Private Limited's Corporate Identification Number is (CIN)
U36911KL2003PTC016547 and its registration number is 16547. Its registered address is DOOR
NO.XI/305 H, NEAR FEDERAL BANK LTD OPP.CIAL, VAPPALASSERY P.O,
NEDUMBASSERY, ANGAMALLY - 683572, Kerala INDIA.

There are 3 directors of Atlas Jewellery Private Limited. Current status of Atlas Jewellery
Private Limited is - Active.
It offer a wide range of choice in fashionable jewellery, modern & chic as well as traditional &
ethnic, and has over 50 establishments and a store in every major business market in the GCC.


Brief provisions of SEBI (SAST) Regulations, 2011
A. Public Announcement:
B. Detailed Public Statement:
C. Draft Letter of Offer & Letter of Offer:
D. Recommendation of the Committee of Independent Directors
E. Offer Opening Public Announcement
F. Post offer Advertisement
G. Post Open offer Advertisement

Rationale of the publication of each document:

A. Public Announcement:
B. Detailed Public Statement (DPS):
C. Draft Letter of offer (DLOF):
D. Letter of Offer:
E. Recommendations of the committee of independent directors:
F. Offer Opening Public Announcement:
G. Post Offer Advertisement:
H. Post Open Offer Report:

Brief Information of Acquisition
ACQURIER CO Atlas Jewellery (P) Limited
TARGET CO GEE EI Woolens Limited
MANAGER TO THE OFFER: D & A Financial Services (P) Limited
OFFER SIZE Rs 10386844.00 Cash, for Rs 9.50 per share







Details of Sellers

Name of
the Selling
Sharehold
ers
Part of
Promoter
Group (Yes
/No)
Details of Shares / voting rights held by the selling shareholders
Pre Transaction Post Transaction
Number
of Shares
% Number
of Shares
%
Vinod
Agarwal
Yes 352500 8.38% Nil Not Applicable
Pushpa
Rani
Agarwal
Yes 240000 5.71% Nil Not Applicable

Acquirer Company
The Shareholding Pattern of the Acquirer Company as on 31.12.2012 is given as under:

S. No.

Name

No. of Shares

% of shareholding

Promoters


1.

M.M Ramachandran

10999000

99.9

2.

Indira Ramachandran

1000

0.01%

Public

Nil

N.A
TOTAL
110000000

100.00





The brief consolidated financial information of the Target Company, as derived from its
audited consolidated review consolidated financial statements of the Target Company as at
and for the financial year ended March 31, 2013, is as under:

(Amount in INR Lacs)
Particulars As at and for the
financial year
ended Dec 31,
2012
(Unaudited)
As at and for the
financial year
ended March 31,
2012 (Audited)

As at and for the
financial year
ended March 31,
2011 (Audited)
As at and for the
financial year
ended March 31,
2010 (Audited)
Total Revenue 12130.88 427.40 0.00 0.00
Net
Income/(Loss)
520.17 (16.04) (1.96) (0.58)
EPS 3.12 (1.61) (0.78) (16.74)
Net Worth
(excluding
revaluation
reserves)
1223.85 156.68 (1.71) 10.25

Offer Price

The Offer Price of Rs 9.50/-(Rupees Nine and Paisa Fifty Only) per Offer Share is justified in
terms of Regulations 8(2) of the SEBI (SAST) Regulations, being the highest of the following
parameters:






Details Rupees
a. The Negotiated Price Rs. 9.00
b. The Volume Weighted average price paid or
payable for acquisition, by the Acquirer or
PAC during the fifty two weeks immediately
preceding the date of PA

Not Applicable
c The Highest Price paid or payable for any
acquisition by the Acquirer or PAC during the
twenty six weeks immediately preceding the
date of the PA

Rs 6.57






#
Price for the shares to be acquired under SPA
As per Regulation 8(2)(c) of the SEBI (SAST) Regulations, highest price paid for an
acquisition whether by the Acquirer , during the twenty six (26) weeks immediately preceding
the date of the PA is Rs.6.57/-

The price and volume data of the Equity Shares on BSE, i.e. where the Equity Shares of the
Target Company are most frequently traded, for a period of 60 (sixty) trading days immediately
preceding the earlier of, the date on which the primary acquisition is contracted, and the date on
which the intention or the decision to make the primary acquisition is announced in the public
domain, as per Regulation 8(2) of the SEBI (SAST) Regulations, are set forth below:


S. No. Date
Total traded equity
shares Total Turnover
Volume
Weighted
Average Price

1 16-Nov-12 2302 30003 13.03
2 19-Nov-12 1650 20707 12.55
3 20-Nov-12 5000 59846 11.97
4 23-Nov-12 4000 48365 12.09
5 26-Nov-12 3800 41290 10.87
6 27-Nov-12 3400 35224 10.36
7 29-Nov-12 6001 62350 10.39
8 30-Nov-12 19226 195126 10.15
9 3-Dec-12 4451 44227 9.94
10 4-Dec-12 5400 52934 9.8
11 5-Dec-12 250 2430 9.72
12 6-Dec-12 6000 58275 9.71
13 7-Dec-12 4200 41020 9.77
14 10-Dec-12 600 5706 9.51
15 11-Dec-12 485 4646 9.58
16 12-Dec-12 32765 319354 9.75
17 14-Dec-12 200 1916 9.58
18 17-Dec-12 600 5517 9.2
d The volume weighted average market price of
Equity Shares of the Target Company for a
period of sixty trading days immediately
preceding the date of the PA as traded on
Bombay Stock Exchange Limited, being the
Stock Exchange where the maximum volume
of trading in the shares of the Target Company
are recorded during such period, the shares
being frequently traded.
Rs 9.22
19 19-Dec-12 210 1894 9.02
20 20-Dec-12 400 3845 9.61
21 21-Dec-12 3090 30711 9.94
22 24-Dec-12 5704 55795 9.78
23 26-Dec-12 7592 73568 9.69
24 27-Dec-12 7343 73089 9.95
25 28-Dec-12 6656 68926 10.35
26 31-Dec-12 1 9 9
27 1-Jan-13 217 1965 9.06
28 2-Jan-13 410 3807 9.28
29 3-Jan 310 2805 9.05
30 4-Jan 5875 55638 9.47
31 7-Jan 2432 24098 9.91
32 8-Jan 93614 967874 10.34
33 9-Jan 100050 1049505 10.49
34 10-Jan 20502 210019 10.24
35 11-Jan 5 47 9.4
36 14-Jan 600 5891 9.82
37 15-Jan 1 8 8
38 16-Jan 1 8 8
39 17-Jan 60 512 8.53
40 18-Jan 100 827 8.27
41 23-Jan 1100 8657 7.87
42 24-Jan 300 2253 7.51
43 28-Jan 100 719 7.19
44 30-Jan 1333 10048 7.54
45 31-Jan 35050 231327 6.59
46 1-Feb 199 1245 6.26
47 5-Feb 150215 968433 6.45
48 6-Feb 1000 6890 6.89
49 7-Feb 100 723 7.23
50 8-Feb 1615 12257 7.59
51 11-Feb 500 3980 7.96
52 12-Feb 1293 10796 8.35
53 13-Feb 300 2628 8.76
54 14-Feb 5 45 9
55 15-Feb 5 43 8.6
56 18-Feb 800 6855 8.56
57 21-Feb 2 17 8.5
58 22-Feb 300 2700 9
59 25-Feb 201 1835 9.13
60 26-Feb 3161 29397 9.29
Volume Weighted Average Price (Total Turnover divided by Total Traded Equity Shares)
9.22
Based on the above data, the VWAMP (Total Turnover / Total Traded Quantity) for 60
trading days immediately preceding the date of PA is Rs 9.22.

Escrow Account

In accordance with Regulation 17(1) of the SEBI (SAST) Regulations, on 1st March, 2013, the
Acquirer had opened a fixed deposit account with Axis Bank Limited, a banking company
incorporated under the Companies Act and acting through its branch offices at Nehru Place, New
Delhi, India (Escrow Bank), and had made a cash deposit of ` 26, 00,000 (Rupees twenty six
lakhs only) in the same. The cash deposited in such fixed deposit account represented more than
25% of the total consideration payable to the Equity Shareholders under this Offer in compliance
with the Regulations 17(3) (a) and 17(4) of the SEBI (SAST) Regulations.
Details
Date(s) of creation Amount Form of escrow account
March 01, 2013 Rs. 26,00,000 Cash

Payment of Consideration
Sr. No. Item Details
1. Offer Price for fully paid shares of TC (Rs. per share) Rs. 9.50
2. Offer Price for partly paid shares of TC, if any N.A.
3. Offer Size (no. of shares x offer price per share) Rs. 4,44,505 (46790
equity
shares at Rs. 9.50 per
share)
4. Mode of payment of consideration (cash or shares or
secured listed debt instruments or convertible debt
securities or combination)
Cash
5. If mode of payment is other than cash, i.e. through shares / debt or convertibles:
a. Details of offered security
Nature of the security (shares or debt or
convertibles)
Name of the company whose securities have
been offered
Salient features of the security
N.A.
b. Swap Ratio (ratio indicating the number of securities of
the offeree company vis--vis shares of TC)
N.A.

Conclusion
Activity Schedule
Sr. No.


Activity

Due dates as
specified in the SAST
Regulations
Actual Dates
1

Date of the public announcement
(PA)
Wednesday, February
27, 2013
Wednesday, February
27, 2013
2 Date of publication of the Detailed
Public Statement (DPS)
Wednesday, March
06, 2013
Wednesday, March
06, 2013
3 Date of filing of draft letter of offer
(LOF) with SEB
Wednesday, March
13, 2013
Wednesday, March
13, 2013
4 Date of sending a copy of the draft
LOF to the TC and the concerned
stock exchanges (SE)
Wednesday, March
13, 2013
Wednesday, March
13, 2013
5 Date of receipt of SEBI comments Monday, April 08,
2013
Monday, April 08,
2013
6 Date of dispatch of LOF to the
shareholders / custodian in case of
Depositary Receipts
Wednesday, April 17,
2013
Wednesday, April 17,
2013
7 Dates of price revisions / offer
revisions (if any)
Monday, April 22,
2013
Monday, April 22,
2013
8 Date of publication of
recommendation by the
independent directors of the TC
Tuesday, April 23,
2013
Tuesday, April 23,
2013
9 Date of issuing the offer opening
Advertisement
Thursday, April 25,
2013
Thursday, April 25,
2013




Date of commencement of the


Friday, April 26,


Friday, April 26,
10 tendering period 2013 2013
11 Date of expiry of the tendering
period
Monday, May 13,
2013
Monday, May 13,
2013
12 Date of making payments to
shareholders / return of rejected
shares
Monday, May 27,
2013
Monday, May 27,
2013

Shareholding
Shareholding in a TC

Class of entities

Pre- offer Post offer (actuals)
No.

%

No.

%

1. Acquirers PACs 996754

23.70

1636044

38.91

2. Erstwhile
Promoters(persons who
cease to be promoters
pursuant to the Offer)
592500

14.09 Nil

N.A.

3. Continuing Promoters N.A.

N.A.

N.A.

N.A.

4. Sellers if not in 1 and 2

N.A.


N.A.

N.A.

N.A.

5. Other Public
Shareholders

2615946

62.21 2569156

61.09

TOTAL 4205200 100.00 4205200 100.00