Budget - Part II
Deepak Vaishnav
Subject: Budget
------------------------
From: Invest Mentor <bk.inve...@gmail.com>
Date: Wed, Mar 7, 2012 at 3:57 PM
To:
----------
From: Invest Mentor <bk.inve...@gmail.com>
Date: Wed, Mar 7, 2012 at 3:57 PM
To:
From: Sohani, Dipesh (IND Int) <dso...@mfglobal.com>
Date: Wed, Mar 7, 2012 at 2:53 PM
Subject: StockTalkS :-) MF Global India Budget Preview - Focus on Fiscal Consolidation: Union Budget 2012-2013-A Preview (Mar 2012)
To:
Kind Regards,
_____________________________ | _____________________________ |
DISCLAIMER:
Please be advised that effective 1st May 2009 our email ids have changed. Please note the new email ids and update your records accordingly.
*****************************************************************************************************************************************
This email was sent by MF Global Sify Securities India Pvt. Ltd. (MFGSSIPL) / MF Global Capital India Pvt. Ltd. (MFGCapIPL) / MF Global (India) Pvt. Ltd. (MFGIPL) / MF Global Commodities India Pvt. Ltd. (MFGComIPL) / MF Global Centralised Services India Pvt. Ltd. (MFGCSIPL) / MF Global Capital Services India Pvt. Ltd. (MFGCSIPL) / MF Global Middle East DMCC (MFGME) a member of the MF Global (collectively 'MFG'). For more information please visit our website: http://www.mfglobal.in. This message may contain financial product advice. Any such advice does not take into account your particular financial objectives, situation or needs. Opinions, conclusions and other information expressed in this email are not given or endorsed by us unless otherwise indicated.MFG does not warrant the correctness of any information herein or the appropriateness of any transaction. The contents of this electronic communication and any attachments are for informational purposes only and under no circumstances should they be construed as an offer to sell or a solicitation to buy any futures contract, option, security, commodity, or derivative including foreign exchange. The information is intended solely for the personal and confidential use of the recipient of this electronic communication. If you are not the intended recipient, you are hereby notified that any use, dissemination, distribution or copying of this communication is strictly prohibited and you are requested to return this message to the sender immediately and delete all copies from your system. All electronic communication may be reviewed by authorized personnel and may be provided to regulatory authorities or others with a legal right to access such information. At various times, MFG or its affiliates may have positions in and effect transactions in securities or other financial instruments referred to herein. Opinions expressed herein are statements only of the date indicated and are not given or endorsed by MFG unless otherwise indicated by an authorized representative. Due to the electronic nature of electronic communication, there is a risk that the information contained in this message has been modified. Consequently, MFG cannot guarantee that messages or attachments are virus free, do not contain malicious code or are compatible with your electronic systems and MFG does not accept liability in respect of viruses, malicious code or any related problems that you may experience. Trading in futures, securities, commodities, options or other derivatives, foreign exchange and OTC products entails significant risks, which must be understood prior to trading and may not be appropriate for all investors. Please contact your Relationship Manager for more information on these risks. Past performance of actual trades or strategies cited herein is not necessarily indicative of future performance. Privacy policy available upon request.
GENERAL ADVICE WARNING:
Please note that any advice given by MFG staff is deemed to be GENERAL advice, as the information or advice given does not take into account your particular objectives, financial situation or needs and MFG will not be held responsible for any losses on such advice. Therefore at all times you should consider the appropriateness of the advice before you act further.
E-Mail Admin: jag...@stocktalks.com
Group Link: http://groups.google.com/group/stocktalks/topics
Website / home page : http://www.stocktalks.com
DISCLAIMER: -
It's our endeavor & objective to provide reliable information. However, we shall not be responsible nor held liable, for any errors & /or losses that anyone may suffer or incur in anyway whatsoever due to &/ or by acting on the basis of any information provided herein.Without prejudice, it is deemed to be construed that, we may, directly or indirectly have vested interests, in the subject matter.
To subscribe or unsubscribe from the StocktalkS Network Group, send email to
jag...@stocktalks.com
--
----------
From: Invest Mentor <bk.inve...@gmail.com>
Date: Wed, Mar 7, 2012 at 3:58 PM
To:
----------
From: Invest Mentor <bk.inve...@gmail.com>
Date: Wed, Mar 7, 2012 at 3:58 PM
To:
----------
From: Invest Mentor <bk.inve...@gmail.com>
Date: Wed, Mar 7, 2012 at 4:06 PM
To:
From: Umang R Shah <umang...@motilaloswal.com>
Date: Thu, Feb 23, 2012 at 11:27 AM
Subject: StockTalkS :-) Budget Preview report from GS
To: "stock...@googlegroups.com" <stock...@googlegroups.com>
For important disclosures regarding Motilal Oswal Research, click here : http://www.motilaloswal.com/disclaimer/disclaimer.html
This e-mail (including any attachments to it) may contain confidential, proprietary or privileged information belonging to Motilal Oswal group and is intended solely for the addressees. Unauthorized disclosure, use, dissemination or copying (either whole or partial) of this e-mail, or any information it contains, is prohibited. If you are not the intended recipient of this e-mail, please delete it immediately from your system and notify the sender of the wrong delivery and the mail deletion. Internet communications may not be secure or error free as information could be intercepted, susceptible to alteration, corrupted, lost, destroyed, may arrive late or be incomplete, or may contain viruses etc. Neither the sender nor Motilal Oswal group /any of its associates accepts any liability for any errors or omissions in the contents of this message, and shall have no liability for any loss or damage suffered by the user, which may arise as a result of such e-mail transmission. The contents of this message do not necessarily represent the views or policies of Motilal Oswal group. This e-mail does not contain any professional advice and does not constitute an offer regarding any financial or other service towards the addressee.
The Motilal Oswal group does not accept responsibility for any loss arising from unauthorised access to, or interference with, any Internet communications by any third party. Replies to this e-mail may be monitored by the Motilal Oswal Group for operational or business reasons.
Any opinion or other information in this e-mail or its attachments that does not relate to the business of the Motilal Oswal Group, is personal to the sender and is not given or endorsed by the Motilal Oswal Group.
----------
From: Invest Mentor <bk.inve...@gmail.com>
Date: Wed, Mar 7, 2012 at 4:06 PM
To:
From: Bhavesh Kanani <bhavesh...@centrum.co.in>
Date: Mon, Feb 27, 2012 at 11:22 AM
Subject: StockTalkS :-) DB - India Strategy- Budget expectations - Bold economic budget after a long gap
To: Bhavesh Kanani <bhavesh...@centrum.co.in>
The message is ready to be sent with the following file or link attachments:
DB - India Strategy- Budget expectations - Bold economic budget after a long
gap
Note: To protect against computer viruses, e-mail programs may prevent
sending or receiving certain types of file attachments. Check your e-mail
security settings to determine how attachments are handled.
Disclaimer
This e-mail message is legally privileged, confidential and intended for the addressee only If you are not the intended receiver, please do not disclose, copy, circulate or in any other way use the information contained in this transmission. Such unauthorised use may be unlawful. Unintended recipients of this email are prohibited from disseminating, distributing, copying or using its contents. If you have received this message in error, please notify us immediately by email and delete the message. Internet communications may not be secure or error-free and may contain viruses. Recipients should run their own checks. We shall not be liable for any losses. The views expressed in this e-mail are solely of the sender and may or may not be the view of Centrum as a Company.
----------
From: Invest Mentor <bk.inve...@gmail.com>
Date: Wed, Mar 7, 2012 at 4:07 PM
To:
----------
From: Invest Mentor <bk.inve...@gmail.com>
Date: Wed, Mar 7, 2012 at 4:07 PM
To:
----------
From: Invest Mentor <bk.inve...@gmail.com>
Date: Wed, Mar 7, 2012 at 4:07 PM
To:
From: <aks...@ankitam.com>
Date: Thu, Mar 1, 2012 at 11:08 AM
Subject: StockTalkS :-) Fw: Citi Wealth Advisors : India Economics
To: Jagdish stocktalks Jagdish stocktalks <stock...@googlegroups.com>
India Economics : Moderation in 3QFY12 GDP to 6.1% Priced In - Implementation of PMO’s Recent Measures Key for FY13 Upgrades
· 3QFY12 GDP slows to 6.1% — Following the 7.7% and 6.9% growth in 1Q and 2QFY12 respectively, GDP growth slowed further to 6.1%YoY during 3QFY12 ( Citi & Consensus: 6.3%). Cumulative 9MFY12 growth was 6.9%YoY, vs. 8.1% last year. This implies that, in order for the government to meet its first advance GDP estimate of 6.9% for FY12 ,growth in 4Q is likely to be 6.9%. The deceleration seen in growth supports our view of cumulative easing of 100bps, although oil remains a wildcard.
· GDP by Activity: Industry is the Key Drag — Weak growth was due to a slowdown in industry, to 2.6%YoY – led by a deceleration in manufacturing (+0.4%) and a contraction in mining (-3.1%). However, this has already been largely priced in (the Index of Industrial Production averaged 1% during 3Q). Service sector growth held up at 8.9%YoY, supported by healthy trends in trade and communication (+9.2%) and financing and insurance (+9%). Agri growth remained lackluster at 2.7%YoY (see p. 2)
· GDP by Expenditure: Investments in the Red, Again — On the expenditure front, Gross fixed capital formation posted a contraction (-1.2%YoY) for the second consecutive quarter, a result of policy-related bottlenecks and coal/gas shortages. A point to note is that past data has been revised down significantly (e.g. growth during 1HFY12 was revised from ~3.5%YoY to 0.5%). However, consumption growth edged higher to 5.9%YoY, with trends supported by private consumption (+6.2%) while public consumption slowed marginally (+4.4%). Net exports widened to -7.8% of GDP as export growth moderated, even as imports posted double-digit growth.
· Policy Thrust is Key to Outlook — As highlighted earlier, the deceleration in growth in FY12 has been due to a collapse in investments. While we are maintaining our 7% GDP estimate for FY13 (see p. 4) , recent steps taken by the Committee of Secretaries, headed by Principal Secretary to the PM Singh - Pulok Chatterjee - are positive and could result in the investment cycle recovering in the latter half of the year. Key proposals include: (a) Fast track clearances for power and coal projects; (b) expansion in coal production of existing mines without fresh clearance; (c) Coal India instructed to sign Fuel Supply Agreements with power plants that have implemented PPAs.
· Policy Implications — Soft GDP data supports our view of the RBI easing the repo rate by 100bps in 2012, but the recent rally in commodities could influence rate decisions. Given that RBI has said that the quantum/timing of rate cuts would be dependent on fiscal consolidation, we expect the repo rate to be cut post the budget (on 16 March), during the RBI’s 17 April policy. However, given tight liquidity conditions we expect the RBI to cut the CRR by 50bps in the March 15th policy
This document is made available to you at your request. Please read the attached Research Report before taking any investment decisions. This is for your information only and should not be considered as solicitation of any transaction.”
To stop receiving these reports or to receive them on a different email address, please write to care.c...@citi.com from your registered email address". Also for any more clarifications, please check with your relationship professional.
Citi Wealth Advisors is a retail business unit of Citigroup Global Markets India Pvt. Ltd (CGM). Investments made through Citi Wealth Advisors in CGM, are not bank deposits or obligations or assurances of or guaranteed by CGM, Citibank, N.A., Citigroup Inc., or any of their respective affiliates or subsidiaries, are not insured including by any governmental agency, and are subject to investment risks, and market risks, including but not limited to the possible loss of the principal amount invested. CITI and Arc Design is a service mark of Citigroup Inc. and is used and registered throughout the world.
Registered Address: Bakhtawar, 12th floor, Nariman Point, Mumbai – 400021; Contact Number: 022 66319999
SEBI Registration Numbers: NSE- INB/INF 231141335, BSE- INB/INF 011141331 Depository Participant Number: IN-DP-NSDL-268-2006 DP ID for NSDL: IN303245 Compliance Officer Details: Name: Mr. Pankaj Gupta; email id:cgmcom...@citi.com ; contact number: 022- 66319999; Investor grievance e-mail ID: investo...@citi.com
----------
From: Invest Mentor <bk.inve...@gmail.com>
Date: Wed, Mar 7, 2012 at 4:08 PM
To:
From: <devash...@hsbc.co.in>
Date: Tue, Feb 28, 2012 at 10:23 AM
Subject: StockTalkS :-) SCB: Budget Preview
To: stock...@googlegroups.com
************************************************************
The Hongkong and Shanghai Banking Corporation Limited,
India Area Management Office,
52-60 Mahatma Gandhi Road, Fort, Mumbai-400001, India
Incorporated in the Hong Kong SAR with limited liability
************************************************************
----------------------------------------- ******************************************************************* This e-mail is confidential. It may also be legally privileged. If you are not the addressee you may not copy, forward, disclose or use any part of it. If you have received this message in error, please delete it and all copies from your system and notify the sender immediately by return e-mail. Internet communications cannot be guaranteed to be timely, secure, error or virus-free. The sender does not accept liability for any errors or omissions. ******************************************************************* "SAVE PAPER - THINK BEFORE YOU PRINT!"
----------
From: Invest Mentor <bk.inve...@gmail.com>
Date: Wed, Mar 7, 2012 at 4:08 PM
To:
----------
From: Invest Mentor <bk.inve...@gmail.com>
Date: Wed, Mar 7, 2012 at 4:08 PM
To:
----------
From: Invest Mentor <bk.inve...@gmail.com>
Date: Wed, Mar 7, 2012 at 4:09 PM
To:
----------
From: Invest Mentor <bk.inve...@gmail.com>
Date: Wed, Mar 7, 2012 at 4:09 PM
To:
----------
From: Invest Mentor <bk.inve...@gmail.com>
Date: Wed, Mar 7, 2012 at 4:09 PM
To:
----------
From: Invest Mentor <bk.inve...@gmail.com>
Date: Wed, Mar 7, 2012 at 4:09 PM
To:
----------
From: Invest Mentor <bk.inve...@gmail.com>
Date: Wed, Mar 7, 2012 at 4:10 PM
To:
----------
From: Invest Mentor <bk.inve...@gmail.com>
Date: Wed, Mar 7, 2012 at 4:10 PM
To:
From: Baburao Gajanan Shirsat <b.sh...@bsmail.in>
Date: Tue, Mar 6, 2012 at 8:08 PM
Subject: StockTalkS :-) Reports
To: stock...@googlegroups.com
Tuesday, March 06, 2012
Hi,
Please find attached report on
- Union Budget FY13 Expectations
If you see a story idea in this, please feel free to get in touch with me & I will gladly assist you.
Kind regards,
Alpesh Nakrani / Anirudh Rajan
9869121167 / 9892343828
Paradigm Shift Public Relations
Mumbai
Email: pr.parad...@gmail.com
parad...@gmail.com,
“We didn't actually overspend our budget. The allocation simply fell short of our expenditure.”
Indian government is scheduled to present the Union budget on 16th March 2012. With fiscal slippage expected to be ~1.2% of GDP (Fiscal deficit at 5.8% as against budgeted estimate of 4.6% in FY12) and GDP growth expected to be below 7% in FY12, the finance minister has to do a balancing act between fiscal consolidation and reviving economic growth. Our sense is that the finance minister has very little room for an expansionary budget and focus would be clearly on measures to reduce the non-plan expenditure (read subsidies). Further, with the RBI clearly signaling the need for concrete steps towards fiscal consolidation before embarking on the path of monetary easing, plausible measures from the central government in this regard would be keenly watched out for. While the finance minister has various options in his arsenal to achieve the desired end, measures taken to kick-start private investment growth and moderate non-plan expenditure would be critical in our view.
Given the current state of affairs, we highlight some of the options available to the finance minister to rein in fiscal deficit without any material impact on economic growth.
· The finance minister could revive tax collections by increasing union excise duties and service tax rates to pre-crisis levels. Further, introduction of a ‘negative list’ of services instead of the currently followed ‘positive list’ would bring more services under the service tax net, thereby boosting service tax collections.
· Concrete measures to reduce fuel and fertilizer subsidy burden in FY13, we believe, would be the main focus area in this year’s budget. While a full-fledged deregulation of tariffs could be still a while away, the finance minister could hike retail prices of fuel and fertilizers to reduce the under-recovery burden. Also, steps towards focused distribution of subsidies through direct cash transfers using UID would be a positive.
· Clear thrust on reviving private investment spends with measures towards faster clearance of projects and resolving issues pertaining to fuel availability would be critical. Further, measures could be taken to improve availability of long term financing to infrastructure sector through focus on programs such as Infra Debt Fund, IIFCL’s Credit Enhancement Scheme, Takeout financing.
· While non-tax revenue was muted in FY12 due to absence of any one-off income, the government could re-auction the spectrum obtained from cancellation of 2G licenses to mop-up ~Rs230bn in FY13.
· Also, while weak capital markets impacted disinvestment mop-up in FY12 (at ~Rs100bn as against budgeted estimate of Rs400bn!), improving equity market sentiments and utilization of auction route for disinvestment could prop up revenues in FY13.
CONFIDENTIALITY/ PROPRIETY NOTE:
These messages including any attachments are intended only for the addressee and may contain confidential, proprietary or legally privileged information. If you are not the named addressee or authorized to receive this mail, you shall not copy, forward, disclose or take any action based on this message or any part thereof.
In such case, please notify the sender of receipt of this message and delete this message including any attachment to it from your computer system immediately. The recipient acknowledges that the views, opinions, conclusions and other information expressed in this message are those of the individual sender and shall be understood as neither given nor endorsed by IDFC* , unless the sender does so expressly with due authority of IDFC and IDFC shall not be liable for any errors or omissions in the context of this message. E-mail transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept liability for any errors or omissions in the contents of this message, which arise as a result of e-mail transmission.
*Includes IDFC and all its subsidiary companies.
--
Regards,
Alpesh / Anirudh
Cell: 9869121167 /9892343828
Office: +91 - 22 - 22813797 / 98
Paradigm Shift Public Relations(See attached file: Budget Preview - Mar12.pdf)
| Metallica |
| Prices broadly stable; volatility likely ahead |
- n Ferrous: Steel prices maintaining stability
n Non-ferrous: Aluminium has been biggest gainer
n Macroeconomics: Overall supportive, however concerns remain
CMP |
TP | Reco
| |
| HZL | 142 |
159 | Buy |
| Tata steel | 460 |
422 | Hold |
| Sterlite Ind. | 121 |
123 | Hold |
| Hindalco | 147 |
154 | Acc |
| Sesa Goa | 208 |
205 | Hold |
| JSW Steel | 794 |
590 | Red |
| Bhushan | 391 |
315 | Hold |
| HEG | 241 |
230 | Acc |
| GPIL | 106 |
133 | Buy |
Regards,
| Goutam Chakraborty |
| Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com| | Email : goutam.ch...@emkayglobal.com |
| Board No. +91-22-66121212 | Extn. 275 | DID : 66121275 | Mob No. : +919867361765 | |
| Jagdish Agarwal |
| Senior Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : jagdish...@emkayglobal.com |
| Board No. : +91-22-66121212 | Extn. : 381 | DID : 66121381 | Mob : +919820869499 | |
 |
PL INDIA
Thermax Accumulate
Management Meet Update - Looking beyond the near-term weakness
We hosted the management of Thermax. Following are the key takeaways of the meeting:
n Base business orders to grow, large orders taking time: Thermax reiterated its ability to win base business orders of at least Rs5-6bn per quarter and hence, does not expect the order flow to be below the Q3FY12 levels (Rs5.9bn). The peak base business order flow was Rs10.5bn in FY08. The current capacities can take base business orders up to Rs14bn per quarter. However, with very few enquiries for large and captive power plants, the order flow is likely to be muted for the next two quarters due to the given current issues like coal availability and higher cost of funds. The company expects the recovery to happen by H2FY13. Sectors like Cement, Steel and Oil & Gas (refineries) are likely to lead the recovery apart from sectors like Food processing, Hotels and Hospitals which are already investing. Power sector is likely to take time to recover.
n Margins can be maintained if recovery happens in the next two quarters: Given the reduced order carry, sales are likely to de-grow by 8-10% next year. However, efforts are being made to curtail the fall. Though business like Chemical, Water, Absorption chiller, Services O&M, Standard boilers etc. are likely to show growth, large business segments like EPC and Boiler & Heating are likely to de-grow, leading to over all de-growth. Thermax will try and maintain margins at ~11% range despite lower turnover by various levers it has in the employee cost (Rs500m in variable pay and Rs350m in variable man power). However, if the recovery does not happen by H2FY13, then it will have to start taking orders even with lower margin to cover fixed cost.
n Super critical JV update: The JV for super critical boilers with Babcock & Wilcox is on track and is likely to be commissioned by September 2012. However, with no enquiries in the pipeline, it is unlikely that the JV will have an order at the time of commissioning. The burn out for JV assuming no revenues in FY13 or FY14 (due to lack of orders) could be ~Rs1bn (Thermax share 51%). Some of the losses could possibly be offset if the JV were to get some international orders from its partner Babcock and Wilcox. The management did not sound too worried as the company’s share of losses in the JV is not large compared to the net worth. Management believed that apart from issues like coal and land, the biggest hurdle for Power market will be for promoters garner equity. It also believes that though current preference is for Super critical plants, but given the constraint of coal and equity, smaller size plants of 150MW and 300MW might be back in favour. On issues of lack of coal linkage to captive plants, company commented that the economics will work for captive plants even if they have to import coal and run the plant as price of electricity is likely to go up further with capacity addition lagging target.
n Valuation and Outlook: The stock is trading at 17.8x FY13E earnings. We believe that though the next few quarters will be weak in terms of earnings and order flow, Thermax’s ability to bag base orders of ~Rs5-6bn per quarter gives us a confidence that it will be able to tide the slowdown and participate in the upturn of the cycle meaningfully and surprise positively in terms of order flow. Expectation of rate cut aiding recovery of capex cycle will also help support multiples. We maintain our ‘Accumulate’ rating on the stock
CONTACT:
Kunal Sheth
Research Analyst-Institutional Equities
Prabhudas Lilladher Pvt. Ltd.
Board Line No. +91 22 66322222
Direct No. +91 22 66322257
======================================
Tuesday, March 06, 2012
Please find attached the above reports courtesy Prabhudas Lilladher Private Ltd.
Please feel free to use this report in any of your stories with credits to Prabhudas Lilladher Private Ltd.
If you see a story idea in this, please feel free to get in touch with me & I will gladly assist you.
Kind regards,
Varsha Talreja / Alpesh Nakrani
Paradigm Shift PR
Mumbai
Tel: +91 – 22 - 22813797 / 8 / 22875122
Hand phone: +91 – 9821195211 / 9869121167
Email: prara...@gmail.com
Website: www.paradigmshiftpr.in
Disclaimer:
This document has been prepared by the Research Division of Prabhudas Lilladher Pvt. Ltd. Mumbai, India (PL) and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of PL. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, PL has not independently verified the accuracy or completeness of the same. Neither PL nor any of its affiliates, its directors or its employees accept any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient's particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor. Either PL or its affiliates or its directors or its employees or its representatives or its clients or their relatives may have position(s), make market, act as principal or engage in transactions of securities of companies referred to in this report and they may have used the research material prior to publication. We may from time to time solicit or perform investment banking or other services for any company mentioned in this document. (See attached file: TMX-5-3-12-PL.pdf)
Disclaimer: "This communication/message is for the named addressees only. This transmission may contain information that is privileged, confidential, proprietary or legally privileged, and /or exempt from disclosure under applicable law. If you are not the intended recipient, please immediately notify the sender and destroy the material in its entirety, whether in electronic or hard copy format. You are hereby notified that any disclosure, copying, distribution, or use of the information contained herein (including any reliance thereon) is STRICTLY PROHIBITED. You must not, directly or indirectly, use, disclose, distribute, print or copy any part of this message."
WARNING :"This electronic mail and any attachments are believed to be free of any virus or other defect, the recipient must ensure that it is virus free and no responsibility is accepted by Business Standard Limited and /or its employees as applicable for any loss or damage arising in any way from its use."
----------
From: Invest Mentor <bk.inve...@gmail.com>
Date: Wed, Mar 7, 2012 at 4:11 PM
To:
----------
From: Invest Mentor <bk.inve...@gmail.com>
Date: Wed, Mar 7, 2012 at 4:11 PM
To: