Monday, February 16, 2009

>India’s Companies’ Pledged Shares by Promoters

===============================================================================
Companies Date of Shares % Paid-up Lender
Disclosure Pledged Shares~
===============================================================================
Maytas Infra 02/09/09 8,912,700 15.14% n/a
Ansal Housing & Const. 02/09/09 5,218,208 29.70% n/a
Kemrock Inds. & Exports 02/09/09 1,309,729 11.89% n/a
Jain Irrigation Systems 02/09/09 3,715,321 5.13% n/a
Arvind International 02/09/09 786,320 11.22% n/a
Rajratan Global Wire 02/09/09 750,000 20.13% n/a
Walchandnagar Inds. 02/09/09 1,996,000 5.25% n/a
STL Global 02/09/09 6,000,000 21.85% n/a
Kopran 02/09/09 577,500 1.64% n/a
Eimco Elecon India 02/09/09 500,000 8.67% n/a
Birla Ericsson Optical 02/09/09 1,250,000 4.17% State Bank of India
===============================================================================
Companies Date of Shares % Paid-up Lender
Disclosure Pledged Shares~
===============================================================================
Kotak Mahindra Bank 02/09/09 50,000 0.01% n/a
Cranes Software Int. 02/09/09 31,880,000 27.00% n/a
Atlanta 02/09/09 333,335 2.05% n/a
Gujarat NRE Coke 02/09/09 75,309,956 15.96% n/a
Kirloskar Oil Engines 02/09/09 8,830,000 4.55% n/a
JIK Industries 02/09/09 32,385 0.13% n/a
Wintac 02/09/09 250,000 14.29% UCO Bank
Software Technology Grp. 02/09/09 2,529,000 18.59% J&K Bank
PVP Ventures 02/09/09 6,946,000 3.00% L&T Infra. Finance
02/09/09 500,000 0.22% Eureka Credit Fin.
Kamat Hotels India 02/09/09 6,214,750 47.09% n/a
India Infoline 02/09/09 150,000 0.05% n/a
Great Eastern Shipping 02/09/09 7,000 0.005% n/a
Shasun Chemicals 02/09/09 1,560,000 3.23% n/a
Geodesic 02/09/09 760,230 0.82% n/a
Dr Reddys Laboratories 02/09/09 10,419,829 6.19% n/a
Pioneer Embroideries 02/06/09 2,045,570 16.75% n/a
===============================================================================
Companies Date of Shares % Paid-up Lender
Disclosure Pledged Shares~
===============================================================================
Suryachakra Power Corp. 02/06/09 11,420,835 14.91% n/a
Rain Commodities 02/06/09 17,638,612 24.90% n/a
Everonn Systems India 02/06/09 576,210 3.81% n/a
HEG 02/06/09 4,100,000 9.47% n/a
Apollo Tyres 02/06/09 53,477,080 10.62% n/a
Sanghvi Movers 02/06/09 1,275,000 2.95% n/a
Kajaria Ceramics 02/06/09 1,500,000 2.04% Bank of Rajasthan
Prime Focus 02/06/09 1,900,000 14.93% Kotak Mahindra Bank
Spanco 02/06/09 2,000,000 9.69% n/a
Sutlej Textiles & Inds. 02/06/09 1,758,125 16.10% n/a
Kale Consultants 02/06/09 457,000 3.67% Kotak Mahindra Invst
02/06/09 1,390,000 10.15% Birla Global Fin.
Arshiya International 02/06/09 7,375,000 12.55% n/a
Subex 02/06/09 2,508,361 7.20% n/a
Shetron 02/06/09 1,664,858 18.49% Citicorp Finance
100,000 1.11% Union Bank of India
815,200 9.05% Dewan Housing Fin.
===============================================================================
Companies Date of Shares % Paid-up Lender
Disclosure Pledged Shares~
===============================================================================
546,000 6.06% Pam Pharmaceuticals
Oricon Enterprises 02/06/09 3,556,752 36.93% n/a
Jubilant Organosys 02/06/09 20,150,000 13.66% n/a
Bartronics India 02/06/09 2,656,760 9.17% n/a
Resurgere Mines 02/06/09 1,000,000 3.50% Union Bank of India
02/06/09 1,000,000 3.50% ICICI Bank
02/06/09 1,500,000 5.26% Pam Glatt PharmaTech
JK Cement 02/06/09 31,875,225 45.58% Allahabad Bank
Filatex India 02/06/09 500,000 2.91% n/a
SRF 02/06/09 20,920,795 32.83% n/a
Andhra Pradesh Paper M. 02/06/09 971,115 3.77% IDBI Trusteeship
GVK Power & Infra. 02/06/09 61,475,557 4.37% Axis Bank/IDBI Bank
OCL India 02/06/09 50,000 0.09% n/a
CCAP 02/06/09 873,998 24.48% State Bank of India
Amrit Banaspati 02/06/09 1,198,552 16.28% n/a
Silktex 02/06/09 500,000 6.56% State Bank of India
Network 18 Media & I. 02/06/09 1,035,861 1.68% SICOM
===============================================================================
Companies Date of Shares % Paid-up Lender
Disclosure Pledged Shares~
===============================================================================
02/06/09 8,355,089 13.52% State Bank of India
Television Eighteen 02/06/09 70,000 0.06% BNP Paribas
02/06/09 1,750,000 1.46% Birla Global Fin.
Gillette India 02/06/09 158,917 0.49% n/a
Vanasthali Textile I. 02/06/09 4,350,000 21.96% IDBI Bank
02/06/09 2,360,000 11.91% Allahabad Bank
Chambal Fert. & Chem. 02/05/09 32,150,000 7.72% n/a
Rajvir Industries 02/05/09 93,092 3.07% SBH*
02/05/09 200,000 6.59% Bank of Rajasthan
02/05/09 100,000 3.29% Axis Bank
Zicom Electronic S S 02/05/09 1,720,100 13.54% n/a
Alchemist 02/05/09 1,477,400 12.07% Bank of Rajasthan
Godawari Power & Ispat 02/05/09 3,380,000 12.04% n/a
Karuturi Global 02/05/09 84,472,370 18.77% Yes Bank
Sujana Metal Products 02/05/09 4,700,000 6.79% n/a
Sujana Towers 02/05/09 1,291,000 3.12% n/a
Zylog Systems 02/05/09 800,000 4.86% n/a
===============================================================================
Companies Date of Shares % Paid-up Lender
Disclosure Pledged Shares~
===============================================================================
J Kumar Infraprojects 02/05/09 2,025,000 9.76% Bank of India
Ganesh Benzoplast 02/05/09 6,279,538 21.45% n/a
Panchmahal Steel 02/05/09 4,057,000 29.00% n/a
Time Technoplast 02/05/09 58,970,000 28.18% n/a
Hindustan Motors 02/05/09 26,271,854 16.30% ICICI Bank
Sahara One Media & Ent. 02/05/09 1,500,000 6.97% IDBI Bank
Gangotri Iron & Steel 02/05/09 319,830 4.15% State Bank of India
Jindal Drilling & Ind. 02/05/09 6,159,400 26.86% n/a
Astra Microwave Prod 02/05/09 128,526 0.24% Religare Securities
Emco 02/05/09 1,391,105 2.36% n/a
Lanco Infratech 02/05/09 18,962,500 8.53% n/a
Solix Technologies 02/05/09 1,750,000 28.11% TDB-Govt. of India@
Haldyn Glass Gujarat 02/05/09 2,158,750 40.16% n/a
UTV Software 02/05/09 7,781,199 22.76% n/a
LG Balakrishnan & Bros 02/04/09 3,361,900 4.28% n/a
LGB Forge 02/04/09 3,361,900 3.36% n/a
Kavveri Telecom 02/04/09 500,000 5.09% n/a
===============================================================================
Companies Date of Shares % Paid-up Lender
Disclosure Pledged Shares~
===============================================================================
Kitply 02/04/09 12,004,395 35.19% IDBI Trusteeship
Suryajyoti Spng. Mills 02/04/09 500,000 3.24% State Bank of India
02/04/09 500,000 3.24% IDBI Trusteeship
CHD Developers 02/04/09 8,000,000 8.25% n/a
Torrent Power 02/04/09 52,287,000 20.97% n/a
Upper Ganges Sugar1 02/04/09 657,966 5.69% Bank of Rajasthan
Upper Ganges Sugar2 02/04/09 259,923 2.25% Bank of Rajasthan
Upper Ganges Sugar3 02/04/09 234,891 2.03% Bank of Rajasthan
Great Offshore 02/04/09 5,527,592 14.88% n/a
Shyam Telecom 02/04/09 2,200,000 19.52% State Bank of India
Fluidomat 02/04/09 734,078 14.83% n/a
Astra Microwave Prod. 02/04/09 300,000 0.56% Religare Finvest
Shree Ashtavinayaka CV 02/04/09 1,018,000 9.71% n/a
JB Chemicals 02/04/09 38,000 0.04% n/a
Murudeshwar Ceramics 02/04/09 2,278,840 13.02% IDBI
02/04/09 825,000 4.71% Dhanalakshmi Bank
02/04/09 412,000 2.35% Dev. Credit Bank
===============================================================================
Companies Date of Shares % Paid-up Lender
Disclosure Pledged Shares~
===============================================================================
Micro Inks 02/03/09 17,534,718 70.50% n/a
Balaji Telefilms 02/03/09 4,300,030 6.59% n/a
Khandwala Securities 02/03/09 1,733,321 14.52% Bajaj Auto#
Hind Syntex 02/03/09 580,902 5.33% ICICI Bank
Bhuwalka Steel 02/03/09 1,556,170 30.00% n/a
Kriti Industries 02/03/09 12,367,640 19.95% IDBI Bank
Radaan Mediaworks 02/03/09 12,500,000 23.08% IOB**
Aban Offshore 02/03/09 3,076,900 8.14% n/a
Shree Renuka Sugars 02/03/09 22,800,000 8.45% Crossborder Inves.
Pasupati Acrylon 02/03/09 15,125,000 21.26% IFCI Ltd.
Ganesh Housing Corp. 02/03/09 9,796,427 30.00% ICICI Bank
PVR 02/03/09 500,000 2.17% Axis Bank
Bilpower 02/03/09 1,160,000 11.05% n/a
Zuari Industries 02/02/09 780,000 2.65% IL&FS Fin. Serv.
02/02/09 750,000 2.55% Allahabad Bank
02/02/09 500,000 1.70% Birla Global Fin.
Crest Animation Studios 02/02/09 200,000 0.89% State Bank of India
===============================================================================
Companies Date of Shares % Paid-up Lender
Disclosure Pledged Shares~
===============================================================================
C&C Construction 02/02/09 2,300,000 12.60% Bank of Rajasthan
B.L. Kashyap & Sons 02/02/09 1,314,000 6.40% ECL Finance
Nava Bharat Ventures 01/30/09 5,000,000 6.44% IDFC^
HBL Power Systems 01/30/09 190,130 0.78% State Bank of India
Dolphin Offshore Ent. 01/29/09 2,136,512 22.34% State Bank of India
01/29/09 735,000 7.68% Canara Bank
Asian Paints 01/29/09 14,371,909 14.98% n/a
MindTree 01/28/09 26,428 0.07% ICICI Bank
01/28/09 75,000 0.20% HDFC
Godrej Consumer Products 01/23/09 19,500,000 7.78% JP Morgan Sec.
SSPDL 01/22/09 2,585,850 20.00% State Bank of India
Gammon India 01/31/09 6,000,000 6.86% India Infoline Invs.
===============================================================================
Notes: * SBH = State Bank of Hyderabad.
^ IDFC = Infrastructure Development Finance Company.
** IOB = Indian Overseas Bank.
# Company states that loan has been refunded and
there is no balance pending with Bajaj Auto Ltd.
~ Calculated by Bloomberg News, where not provided by the company and
may vary from actual company records.
@ Technology Development Board, Dept. of Science & Technology,
Ministry of Science & Technology, Govt. of India.

Source: Bombay Stock Exchange, National Stock Exchange of India.



RESEARCH REPORTS

Sunday, February 15, 2009

>The Little Book That Beats the Market (Joel Greenblatt)

This book was originally inspired by my desire to give each
of my five children a gift. I figured if I could teach them
how to make money for themselves, then I would be giving
them a great gift—truly one that would keep giving. I also
figured that if I could explain how to make money in terms
that even my kids could understand (the ones already in
sixth and eighth grades, anyway), then I could pretty much
teach anyone how to be a successful stock market investor.
While the concepts covered in this book may seem
simple—perhaps too simple for sophisticated investors—
each step along the way is there for a reason. Stay with it,
and I assure you the payoff for both beginning and experienced
investors will be huge.
After more than 25 years of investing professionally
and after 9 years of teaching at an Ivy League business
school, I am convinced of at least two things:

1. If you really want to “beat the market,” most professionals
and academics can’t help you, and
2. That leaves only one real alternative: You must do
it yourself.
Luckily, that might not be such a bad thing. As
improbable as it may seem, you can learn to beat the
market. Through a simple, step-by-step process, this
book can teach you how. To help you along, I have
included a magic formula. The formula is simple, it
makes perfect sense, and with it, you can beat the market,
the professionals, and the academics by a wide margin.
And you can do it with low risk. The formula has
worked for many years and will continue to work even
after everyone knows it. Although the formula is easy to
use and will not take much of your time, it will work for
you only if you make the effort to fully understand why it
works.
Along the way, you will learn:
• How to view the stock market
• Why success eludes almost all individual and professional
investors
• How to find good companies at bargain prices
• How you can beat the market all by yourself

Download the full e book here The little book that beats the Market
RESEARCH REPORTS

Saturday, February 14, 2009

>INSIDER TRADING 13-02-2009

526433ASM Technologies Ltd.IDS Systems Pvt Ltd03/02/2009B5599
756981.51
504646Bhagwati Autocast LimitedMs. Reena P. Bhagwati.02/02/2009 - 04/02/2009B6550.0230879510.72
504646Bhagwati Autocast LimitedMrs. Mandakini P. Bhagwati.02/02/2009 - 04/02/2009B10000.032374088.24
531590Bilpower Ltd.Suresh Kumar Choudhary.03/02/2009B51500.042842872.70
531590Bilpower Ltd.Suresh Kumar Choudhary.05/02/2009B15770.012898402.76
531590Bilpower Ltd.Prabha Devi Choudhary.06/02/2009B20000.01458610.43
532548Century Plyboards (India) Ltd.Brij Bhushan Agarwal.06/02/2009S117350
7534559
531041Competent Automobiles Co. Ltd.Raj Chopra13/01/2009B3500
331547553.94
531041Competent Automobiles Co. Ltd.Raj Chopra15/01/2009B4500
331997554.02
511072Dewan Housing Finance Corpn. Ltd.,Wadhwan Holdings Pvt Ltd06/02/2009B250000.0443067297.12
511072Dewan Housing Finance Corpn. Ltd.,Wadhawan Holdings Pvt Ltd09/02/2009B29204
43359337.16
500467Harrisons Malayalam Ltd.,Pankaj Kapoor29/01/2009 - 05/02/2009B6942
769420.42
517271HBL Power Systems Ltd.A J Prasad03/02/2009B40000.0219302307.95
532976Jai Balaji Industries LimitedJai Salasar Balaji Industries Pvt Ltd.06/02/2009B171280.0422508694.78
502420Orient Paper & Industries Ltd.Sri Chandrakant Birla04/02/2009B516600
18855700.98
530305Piccadily Agro Industries ltd.Sh. Siddartha Vashishta02/02/2009 - 06/02/2009B678660.29256821810.89
507498Piccadily Sugar & Allied Ltd.Sh. Siddartha Vashishta02/02/2009 - 06/02/2009B819270.28502709517.04
526109Pricol Ltd.Vanitha Mohan04/02/2009B1500000.1638011804.22
530695Prime Property Development Corporation Ltd.Padamshi L Soni05/02/2009 - 06/02/2009B12607
906834645.34
532791PYRAMID SAIMIRA THEATRE LTD.Nirmal Kotecha (Revised)30/12/2008 - 07/01/2009S436145015.42675020.23
531033Regal Entertainment & Consultants Ltd.Shri Satish Kusumbiwal02/02/2009 - 06/02/2009B600
--
511754Shalibhadra Finance Ltd.Mrs. Sheeta M Doshi09/02/2009B67
103499520.68
502563Shree Bhawani Paper Mills Ltd.,Girish Tandon Karta &PACs(Revised)20/01/2009B70000
3953502.41
521034Soma Textile & Industries LtdAjit Singh Chawla -HUF23/01/2009S11063063.355180751.57
521034Soma Textile & Industries LtdAjit Singh Chawla23/01/2009S346040.10162060.05
521034Soma Textile & Industries LtdRaminder Kaur Chawla23/01/2009S684120.21320390.10
532953V-Guard Industries Ltd.Kouchouseph Chittilappilly05/02/2009 - 06/02/2009B27705
663376722.23
511333VLS Finance LimitedVLS Capital Ltd.02/02/2009B11310.001190757729.92
511333VLS Finance LimitedVLS Capital Ltd.02/02/2009B65830.011191416029.93
511333VLS Finance LimitedVLS Capital Ltd.06/02/2009B73700.011194855630.02
511333VLS Finance LimitedVLS Capital Ltd.06/02/2009B161090.041196466530.06
511333VLS Finance LimitedVLS Capital Ltd.09/02/2009B44610.011196912630.07
511333VLS Finance LimitedVLS Capital Ltd.09/02/2009B80380.021197716430.09
B - Buy
S - Sale

RESEARCH REPORTS

Thursday, February 12, 2009

>INSIDER TRADING 12-02-2009

532828AMD Industries LtdHarswarup Gupta05/02/2009B7886
206666310.78
507828Ansal Housing & Construction Ltd.,Karun Ansal06/02/2009B474840.278330244.74
532974Apollo Sindhoori Capital Investments Ltd.V J Chacko--S453400
--
532974Apollo Sindhoori Capital Investments Ltd.Geetha Sridhar--S76975
0
532974Apollo Sindhoori Capital Investments Ltd.T P Venkoba Rao--S22144
--
532974Apollo Sindhoori Capital Investments Ltd.P B Subramaniyan--B241289
245721
532974Apollo Sindhoori Capital Investments Ltd.P B Subramaniyan--S246721
--
532974Apollo Sindhoori Capital Investments Ltd.P B Subramaniyan--B1000
246721
530999Balaji Amines Ltd.A Prathap Reddy07/01/2009 - 02/02/2009B11651
73998111.41
500039Banco Products (India) Ltd.,Mehul K Patel04/02/2009 - 06/02/2009B5524
42863596.03
500039Banco Products (India) Ltd.,Mehul K Patel09/02/2009B3822
42901816.04
532616Cambridge Solutions LimitedDilip Keshu09/02/2009S87145
840470.07
532616Cambridge Solutions LimitedDilip Keshu06/02/2009S35000
1711920.15
532548Century Plyboards (India) Ltd.Sumitra Devi Agarwal.29/01/2009B97750
3064740
532548Century Plyboards (India) Ltd.Sumitra Devi Agarwal.30/01/2009B97750
2966990
532548Century Plyboards (India) Ltd.Sumitra Devi Agarwal.03/02/2009B117600
2849390
532548Century Plyboards (India) Ltd.Sumitra Devi Agarwal.04/02/2009B117350
2732040
512018CNI Research LtdShreenath Finstock Pvt Ltd.04/02/2009B250000.08346381011.32
505200Eicher Motors Ltd.Arisaig Partners ( Asia) Pte Ltd04/02/2009B6220602.2013959095.16
500246Envair Electrodyne Ltd.Mr. Shripad Mirashi05/02/2009B4000.01156137251.36
532768FIEM INDUSTRIES LIMITEDSeema Jain10/02/2009B13048
153491412.83
501848Garware Offshore Services LimitedAshok B Garware20/01/2009 - 03/02/2009B9993
1550980.65
532345Gati LimitedMahendra Kumar Agarwal10/02/2009B45554
19058762.25
532754GMR Infrastructure LimitedGMR Holdings Private Ltd04/02/2009B5650000.03134999371074.14
532734GODAWARI POWER AND ISPAT LTD.Ram Real Mart Private Ltd04/02/2009 - 06/02/2009B29373
293730.10
532334HB Estate Developers Ltd.Shri H C Bhasin10/02/2009B150
549221945.61
500875ITC LtdK Vaidyanath03/02/2009 - 04/02/2009S18297
3079530.00
500875ITC LtdMr. B B Chatterjee03/02/2009S1000
351400.00
532705Jagran Prakashan LimitedMr. Mahendra Mohan Gupta.05/02/2009B12582
182119276.04
532976Jai Balaji Industries LimitedJai Salasar Balaji Industries Pvt Ltd.04/02/2009B2620.0022286764.73
532976Jai Balaji Industries LimitedJai Salasar Balaji Industries Pvt Ltd.05/02/2009B50650.0122337414.74
502901Jam Shri Ranjitsinghji Spg.& Wvg.MiNavaratan Damani.03/02/2009B14360.042613707.46
502901Jam Shri Ranjitsinghji Spg.& Wvg.MiNavaratan Damani.04/02/2009B5050.012618757.48
502901Jam Shri Ranjitsinghji Spg.& Wvg.MiNavaratan Damani.05/02/2009B7500.022626257.50
502901Jam Shri Ranjitsinghji Spg.& Wvg.MiNavratan Damani.06/02/2009B8000.022634257.52
532967Kiri Dyes and Chemicals LimitedMr. Manish Kiri03/02/2009B75000.0511707007.80
532967Kiri Dyes and Chemicals LimitedMr. Manish Kiri02/02/2009B175000.1211632007.75
532942KNR Constructions LimitedK Narasimha Reddy06/02/2009 - 10/02/2009B14580
961925834.20
512559Kohinoor Foods LtdVenture Business Advisors Pvt Ltd.04/02/2009B2000000.742000000.74
500247Kotak Mahindra Bank Ltd.Mr. S B Raichur03/02/2009S2000
38339
500247Kotak Mahindra Bank Ltd.Mr. R Sundarraman05/02/2009S5000
22050
513269Man Industries (India) LtdNikhil Mansukhani09/02/2009B5000
8939061.67
501343Motor & General Finance (M.G.F.) LtMGF Services Ltd.--B172
4859372.51
501343Motor & General Finance (M.G.F.) LtMGF Services Ltd.--B28950.014857652.50
532864Nelcast LimitedP Radhakrishna Reddy05/02/2009B122
509880629.30
532864Nelcast LimitedP Radhakrishna Reddy06/02/2009B20000
510880629.36
531349Panacea Biotec Ltd.First Lucre Partnership Co.02/02/2009B155380.024303230.64
530305Piccadily Agro Industries ltd.Shri Siddhartha Vashishta23/01/2009 - 30/01/2009B1139270.48250035210.60
507498Piccadily Sugar & Allied Ltd.Sh. Siddhartha Vashishta23/01/2009 - 30/01/2009B696830.24494516816.76
530695Prime Property Development Corporation Ltd.Padamshi L Soni02/02/2009 - 04/02/2009B26394
905573945.28
517556PVP Ventures LtdMr. Y Harish Chandra Prasad03/02/2009 - 06/02/2009B3023955
30239551.30
524542Sukhjit Starch & Chemicals Ltd.Shri I K Sardana05/02/2009 - 06/02/2009B14130
3883915.26
524542Sukhjit Starch & Chemicals Ltd.I K Sardana - HUF05/02/2009B5126
1228461.66
524542Sukhjit Starch & Chemicals Ltd.Shri K K Sardana05/02/2009 - 06/02/2009B25
4144195.61
530845Sunshield Chemicals Ltd.Shri Amit C Choksey09/02/2009B700
4852136.59
530199Themis Medicare Ltd.Mrs. Jayshree D. Patel02/02/2009B10000.014930206.12
500114Titan Industries LtdMr. Nihal Kaviratne04/02/2009S66200.01--
500148Uflex LimitedApoorva Extrusion Pvt Ltd & PACs05/02/2009 - 06/02/2009B8931
27769349
500148Uflex LimitedApoorva Extrusion Pvt Ltd09/02/2009 - 10/02/2009B11384
27780733
532477Union Bank of IndiaThe Children's Invest. Master Fund04/02/2009S60954971.21240827714.76
511431Vakrangee Softwares Ltd.Merrill Lynch Capital Mkts Espana SA SV09/02/2009S537999
10888935.09
500439Vardhman Holdings LimitedDevakar Investment & Trading Co.Pvt Ltd05/12/2008 - 06/02/2009B672512.1173197922.94
532824Vijayeswari Textiles Ltd.M/s Seshraj Enterprises Pvt Ltd06/02/2009B952710.52739778140.71
507817Wires & Fabriks (SA) Ltd.,W & F Securities Pvt Ltd04/02/2009B141000.46160195652.41
507817Wires & Fabriks (SA) Ltd.,W & F Securities Pvt Ltd06/02/2009B150000.49161695652.90
B - Buy
S - Sale

RESEARCH REPORTS