Analysis
on Rallis India Limited
Rallis India, a Tata Group firm, has been around for more than 150 years. The business makes agrochemicals and is involved in the entire value chain of agricultural inputs, from seeds to organic plant growth nutrients. Rallis also provides contract manufacturing services to multinational organisations.
(A) Analysis of Profit and Loss Statement (P&L)
i) Sales Growth:
The first criterion to examine is a companies previous sales growth. Companies with a high-demand product or service have typically seen rapid sales growth in the past.
Rallies India ltd increased its sales from 1282 crores in FY2012 to 2470 crores in FY2020, a compound annual growth rate (CAGR) of around 8% year on year.
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)
Companies that have risen at least at the rate of
inflation or greater in the past should be preferred by investors. Its worth
noting that extremely high growth rates, such as 50% or more, are unsustainable
in the long run.
ii) Profitability:
Profitability can be measured using two key metrics:
Operating Profit Margin (OPM) and Net Profit Margin (NPM).
OPM is the portion of sales income that remains
after deducting the costs of producing those sales, such as raw material costs,
employee costs, sales and marketing costs, power and fuel costs, and so on.
Operating profit excludes expenses such as fixed asset depreciation, interest,
and taxation. In addition, when calculating operating profit, we exclude
non-operating/other income.
NPM is the net profit left over after a company has
paid its interest, taxes, and depreciation. Net profit is the final remnant
after all expenses have been met, and it is available to the company for
reinvestment or distribution to shareholders as a dividend.
An investors goal is to find companies that have a
high level of profitability that they have been able to maintain in the past.
Companies with high profit margins can weather tough times while still making
money for their shareholders.
Let us examine Rallies Ltds profitability. (Please keep in mind
that some calculations in the table below may be off due to rounding off.)
![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAloAAADqCAYAAAB6Duu2AAAgAElEQVR4AexdXXbbONLtmZ6VWM5zEvc6IjtPbae3YckvcWYbsdwT51tHLMdZR/y3j1iu79wqFFAAScmSJRJC0+ckJAGQrIsCiauqYuG33377jfp/fR/0Y6AfA/0Y6MdAPwb6MdCPgfWOgV+/foFj/Ub9X349UIJeSsCAkVEKjn/961/09PSU32BfUqIex5IdtuHm//73v2k2m234Lpu/fCk4fv/9d3p8fNx8h23wDiVgQPf85z//oZ5obXCgvPTSJUzuJWCAHkvB0ROUlz6V6z2/FH2UQlBKwVECSSkBA94WPdFa7ztz7VcrYXIvAQMUWwqOUib2HsfaXzcvumApBKUUHCWQlBIw4KHqidaLXi2bP7mEyb0EDNB0KTh6grL553aZO5Sij1IISik4SiApJWDAu6AnWsu8ETtou9TkfndBw503tLPzmoaThyDt9JTLdnYOaXIXilfe4/vE15qODv09RvbeqxCUXHBM4x5aShc4tUMcKvl09JZ2hhdk1b70xH53QfsDHVf35KO7pqc02HlNPK5u9Y4v2PJ9Dmly6+9A0/Fbdw/c5zWNLp/8/V+E48zi+ESDgeA4M/deGYnB4ZHcfaX9wVt5Nkffyd5meRzmWsChN5nGOLR4dRy4zyGhT3Ctu/Mj10+iC37PmPsvTVBsn5jr0PQT7fJ4C/d+EYbdIzq7CeMG1wKWXafzY3tvIloFx8Gu0+3ZHc20468MjpuZH7crYbn7SgeMI77O3fkHj+MsucdSJIWv34BhF8/+IaXXXxbH1YnK+icdm366u/ovof8GO4d0/G0W+o+IlsLAiv1KB6/2+J3x7rPVxX/pFeP4kz7/jPtweRx/ufH5Jx3jHjYs8e4rvX91RGc/HyMcPdFatpdbbr/U5G4mdju53k0CCXop0bqbKpkzRIuJnDuuIWFLYeCHRe/xOiIJm8eB+woOudcpWa61NTh0jOp4WCPRwrhSkoA+WhfR4nHlJtdAtB5osv+WdkbfA5lQbES0PEEJhDHGoQRCJnZzi6V3gUMIlSUJ1zQevBWSyOTikCYvIoyBaO0Mv9CtY1qBCNl7Lw2BT7ib6j3qryX3iutWIShKPjeB4+7KYLBEyxGg48sZPTGpA4kIRGwVHEq0gOPGMa15JGgZrTAOJnIJ2QGOXVcGHLun9G0WcCxFUgzR2gQGugLRcbJa0ujuO/r2SLMp2pzSt8dAhJbCgE7F9RzR2nn3P/ppdLEWosU4jugziJQlVbj11Vc62AXJA5nridYyY7zztktN7m5iHQ5BrJQIPdBk+IbishVh6cStVgxrJvGXvKbRzpvIorYUBlwnBxyWPDps24aDrVnQ1ZqIlh9DbL0SEhSX+UGw3I6xmIl1TE0CQlCGE2N9MldelWipzGK9inG8yKLFOMQqwBYAZwmChWYwOKVLb3oyIFYijEIgLI4neqDz/bf+OVcrVHynZx4ZS1OEw58u9xqMvke/2lchKCBadTj23TtsZRzA4KxMjMEQKWKihUn/iZ5cuxFIlxt2q+AA0fI4+F4PdH6wRx5HYm3yXbloxxKgxKokRE7J1Q8a776l0beAYymS4u4TMIDsrAlDBeMPOnm1R0NYtaafArmypMvpYikMuI8jWsN3f9JgcOisV4rDllWEWqFAcOx/vqXHW1iyxJK20xOtFfqy41OWmtwdQRmNxFU4YnOMEB8pU/JFFFx9r2k4UteSI0mjU+eCjC06IECj0TXd1ZAQ303OTWldl0thwIUywCH9E+PPAodyENdPjfrgPjyl0ejN2ohWGFcQ4ppGgzfkx9Vt05iCoNJ2aMbVZQMOvBy9RSsiYBinsWVrVaLlcbBVyVmb+JkRC810dOTdlcMRLEY6uh3xi3D4Sh634/E13cKlmrrc2BJo2uolX0C0FuIYq6XuNQ2P1fLlMByf0pAtiDUE8O4r1eHwIqsVSImkq1iFoIBojY4/0mDwhtjCRNdCGLjM6aMJB8jN8Ucaskv2I10aaw4mXMZwCfedI1UKwJIrxWKI2Co4QLQiHE+O+CiOmxlNxx+86zXoQ9o9C4dahByOOqLF5MUNs6VIipIc1QUTNsi253A5axQRBRegjCux4P2gk909r4/BzsfIMqVdz1u2Cr2hd2d3dDOBO1GtWEJc2Lq1CgZc3BGtY48DliV3XS6DNUosZoJDQiLeHf/PWSIdeXLj6lk4HNE6Obmmm0sQR2fxMo977zqMRkB+B0tN7kpQpkKYdkbXREx8TmlqyRH21crhiJElZb6uqTvstaI2Yj3jWBrjc1sKA67XMQ51UY6mJs7tBbFmoxb0gfgG6xaGNQtkd7pOomVwPHF8lhlXExlTTEqYaEg8lQwPIVrWXRcNGz1wBMUTreknjhHiY0e61hGjNbr8TiNMziBufM9Turx05OjslAbqHnUxT+GeQlLEzaVC12z5vOBW4ziz4SGNhi7OLYkJWp4wikXreTieSCxqr+nYEMuBcTnWIJAiJSEJoRI8StzC2asQFCZaTh+D4+80uzzliTfSxz7c1U8klihHyJ6EkC3EYa1XQVQTo/Wahok+VsHBRCvCAYKXjKv9C5nMrevSETLgUJejETPsWjehltoydh2+ESvRKiRFida37zSC++v4imYgqXDlfTuNXZQWx+4bF1clRGshDmclQ0zk8bdHuhz/Qbseu5CcoYmtWoosol+UaH278jgemfwoDke04KY8uKCfjxhXEr8FeZSUDeB2RF3j3wP9/f4Pjo+T81xD61o0p/dEq7Ej86hYiqR4guIIz/CCpojPAqlKydHdNU0marl6TRHRAkGb95dey7VVgpIStaUw4Fod42A4NRi7xGGe2apmmPQYosX9J8frDIYfTe9pMpTgeh1XbL0ByYM7MR1T3mzliNboen5AcEq0IqTOEmPciMsTFInRGl0KDhCqS8SZgVi5e7PrUHG4DwAqRCuxrEVi4qCOaMHtA8Li3HLhmqvEminRuucYNkxuHocSRr7XNZ3jGXc4IqJ1HFsHKxgcDrYGRURLCE5KTtB8FYIiRMvgODuiwf4Xuk1xnIN0i1uWLV9KtEDO5j0cdUTLlimZXIdF6/KOJvt7xPpwOG6YODpr0N0POq/gEIsWk0z1XdYpw5IqU381dgHmw490PHy7BqIVMHw7O6Ld/S/EGKw1LcXBAeyOaB1f0eMchYgV7g3tvBNiOT3ZFNG6o7ODPdod/o8Ux89vp87a5GLAFAcH4gvx80RrEY6//5Lg+pSQ9UTLjM4t2l1qcvcEhUhIzyEN8SvaW7bcZMwkAq4YuAEl8NwSLev2q+2qGhIiljP3ZZixZuH8pTDghC5xeMDrizVD325aH9aixfdypGa9ROuJceBeOq7EsnXIpJ2/QtMxBbdiQrSaYq18l88lWtXA+NWJFnDAraY41LJ1SGewaA3ETXnrAtsDKXJkDxYQL3TNTkK0JHBcXXTmGu4iy+NQovVEt4twHH+nGEf1/jUIpEhJiCVaNURRz1+daM0qONiaApcf6+MNDYHjUj40kHiqZsKn8vDWkipXIV8cnjpXo3PdGavWKjjEoiU4QE7l+YCFzrkuG3Ho/c0XchEAd9BAtELT6nWWsgZ5ixYwgLwpBrVsObKolrPjK7q5vOCvBREXxgQFrkPzNWGQTTHol39KavD154Zch98eGQcC8N+9e8sWOrFsGYvW7ht653HssYVNiRbHXTU95M4ChvddZM0CzJ5oVdS+FQVLkRRDUCrEx5CjyJ3kSFcd0fIWqjSg2lxLOjG4DJnUJT27FAac2xkOK/h6idam9RGIltEFf7TgPsVXV/FKMUHOEjSFG0pTOsAKqsfupexdbkJWmogWkxyVTc9B188lWuu0aD3x12aS0sGljHDkiCdIlYnLbEoJQ1IwTJnkaP+aWK6EaMXB8OYaayBa+GquGYdz77k21qJlLVLha0V8OGFcgnVEq67MPTarEBSxaOnXf+JatV8Dij6cTEyaYtfhPBw33t0Yx2htkmjJV4zNONg9GOGoEiQhH2Fc+XOsVcm+qnhfrvPSYHg+35EpIRJON+7e0zGsRM7NyeQvdh0q0YowsPXqnj8O4LFqrUVMTFyMlid74Yu9pcgi+sG7DvUrRqcL/1WjEK0pXJb7zj3oiJN1HSrRAg75WvE18VeMj/d07lyGOxaH6qMnWtoT27VdiqRYguL2+SsufB1oyJEQKAn0VjJVR7Qae8pci9s4srazEweP6/lLYcBJHeHQfuFYpxTjCy1zimlT+ghES3tdtuu2aAGH5NRy7kImXoc04jxqpwTuhX5E2ocmohVLaI4SoiWE7FSC4x158fFbLyGMiFUyONhd6K6vOPCFoBKpl1q08DFAnN7BpXpw0F9i0VJXpP860OE4Pj70XzoqkWoiWkYD8W4NqZJriTUobvwS1+HMu1QtDlhVPI7Zk8/jZV2Hlmil8vAxk5qYaEWxXopxLa5DwQHrFuPAl4bu+jEOcfcJjirRasSREi1OJ4AcYUqG9AtEucJSJMWTnAYM7t63aoFifTgcz7FoOTKzkwbJ+/sqMdLA+BUw4BRLtNy+pFtAH8GiJkQLOF7tSsC+kqk6olXRRRMObdgTLe2J7douRVIsQSG1bDjyExGH6xCY676gEndh1YpT21vRtdQt5n6BOUuFdT8uhQE37AgHoc9s4tW1BcMD1Gb10RrRAg7ktgKphkXGEa3Jbd2YUheb++rQxFc1javoq0Pca3wUEuFe6vXk7OUJisZoIdeQ4BjsOJeeIyhnwMH44D6UGEaezPmWxhpVC8AV+muFnEawavmkr8ZNhTOWxxFch5rWoYrjO+MA4R26LwyFlBgMTa4RxaYkxLgON0a0XHoKfOXFXw8qQbq1OOQLQ48DXx0mfami+61exxAp1N35WKlDWlfCUnFpSiqBCo6bOhxwF6oLdBXX4QOd6xeZw48+saxiX5loPQUMnJeLLVfOdUg/6ORA0hjol5JixbqWrw4bXIeRhcvNEfjqEOFcm0hYKqRJcOwO3BeQngQhRusHnbzfY2vwO/eFIYLwH5+uOfWEWrS0L3WrpAzWPv33Dl8datJSf49glcO5fTC89mCm26VJSoY4SsCAbi0Fx9ITe4ZjCiL1OPJSzNKuw7zE99KUgmMpouXR57VTAgb0aE+08hpXFWlKmNxLwADFlIKjJyiVx6zTglL0UQpBKQVHCSSlBAx4ufREq9NX7OKblzC5l4ABmioFRykTe49j8fujzRalEJRScJRAUkrAgGcwIlqYSPp/fR/0Y6AfA/0Y6MdAPwb6MdCPgfWNgV+/foFf/dbmj5/+Xs/sgRL0UgIGqKsUHL0l6JkPX0vNStFHKZagUnCUYA0qAQNeI5FFq6X3Sn+bJXqghMm9BAxQWSk4SpnYexxLvEhaaFoKQSkFRwkkpQQMePR6otXCC+gltyhhci8BA3RYCo6eoLzkiVz/uaXooxSCUgqOEkhKCRjwxmgmWj7hJfJFmHXUmt4zaG+yTzc168uX64HNTe7I61SfYBQSaiJT5AqxObFUetTbcs4273OLxNftCoPKqnisvE34Ao7qmO8UB+ercrlbzJqBAUcsLycqZX3E5eiLzU3syE3l8mvZznf7UUZ4N1Z0WR7Ii5xP/K7hlandSZyTSnBrW7305nHUJ5riRZXNWEdyU/3TJKf83JgcT5o01Cfk1BM2rI/z/U80NfKZ2/rFpjkfULr2IefQkqzaOzXrCQLPPvKiBejLr3UYCTPv4IEUh7kdnxD61T0beF+5fkfd7kDG1FmSR0vuVn/dzREt5HX6RNOZya9mYIdcU5qzylVyHivRhWZeN6fxLs6FPuwyg5sgKUFG9HN97i/bRnNlQcirkz2nD+jE5bbinGZIfCr4bHucsykMmu2dc2ClgyrpXOA5mCDHllTc6TqHO6/J5tAK5X/S55/PyqOFxJXmBc0JKuPJM5FFkkz2RKvSLS8t2NTkLoSiQadMsrUuGQsMKE1sCtJmxksCuhMMkQyJvE34MM51Qe2ojVysOxxIBnpBSPCviU/D8jdKbJAU1CQRVTKmOMzLZFMERcidyhMpoOagWd59xoFMhkgwiutBeCTaRDb6AGRjOMYgfbo2YSo6yORRJIdv4eQV4gV5pZ0sk6PXQ7likjM3imOg9/VSup1rGu9f0C33LQiHzVY/rw6na5LNdojW1RiJJV0i0xRGdAy5PpmEp3Y9Q1du2jddd1NEq+l+LBInVq2RlzOn2/IjmiATvMFBVJ9dfu0kJZHlZLdGFm3z6JKCvtI2IJkfqrI3theAm8Dw/pVmn/9BJ6+O6Oxn2p+2c9Fmj3wC07uv9P7VJ/rm8X2gM5Aqzjpvr/uJLrmNXKveooWXs3+xo+H8iZQvVTnHCrvC/vQ0spiscIUiTln/5O4ylI9OadSwZE5qrUqPZTkfa+mqI2Oh+7vAEO6uyw8FeVM86bGcWx3zXeGAfCCA8ctVrI7WSgeiwwQsAl/Fsf6J3WWL1zGVChrJIwew/ED2alNcyxEqWLN03UGocSz49JxN4Rh4HHonCyAQKFuKfWBiK4+rUKsPFn621p82cIA4AcdxQupUZrYEjb5HFqm0zlpHtI63ztqlliOtWz9BEQI4GH1kHJwxXm9Ws9X+Bne0+2gKkjO+nDm886+7ERzIpj4HR2qR8vKir/cviNc7rOBwneAsXqmFad0kRSw7wWqmlh47TtKycIyM60q6gvJCvZSlx5vBYKxTibUqSKZ9Kwthq+VL5dNM8LBiwdp1M3FWL5ch/urkDxpfBqtWM9GyFq3k7vziV9O5tQBYcsZWMDX5P7gruEneuw20PLkBDnuixZ2yicl9ykvLgByp1aqm/00RrF+yFiIKZeLGmnBhkp9/rW4x1MlrwGGoRfhcXc0Ph65wgECFvg6ypwQxPeaWNTg2QVD8mOKJPchYvwdrVmyd8u1gFfLkylp/sB+fs0kcqdXJy8eWtdgiFeriPSVUKdFKSUAXOCCbJX9W8nl1eP7P9494bUt25RouugmCcnX1QE+8TE3VImVlFiubsyCyOyomt3GfP9C863aBAxO4df2FY2OlY8tVSlZgKQr6sKRn3SQl7m9xBYK82ns2t4FlKLbypG1xnBKUzWOICVEs0wOdv/9A4+ND2j8L5My2UXlvzoVwKQG7dwRMj+uJ1rwYHfvixr5O1rac7MRrrB3WNRO1saK7/Z5ocUesf3LXvrY60rKardUxqp0Oo0mddX9Iwx0XRzCJCXSnGOrktTBTfGbsB3IpJ3SFgy1VEzxrSf8ibsv/uNH1BEPf6w+i1Mq1/oldO9S4A7Wobgu5ay10R34xaj9/m8WfrdsQl90kjkaiBXn2zVhHPFAdxjusR2jWUfRuOhDGeI2+LnAwCZx8oeEA61aGuCZAmVeHNRt3R9eUkkect36Coh1ryYaWJVtYdcbfw6SPY1iC2DWqrrXY1SkutyqB2xwOyFG9HyNReZm1qLwuBorda2ahagvd4b5xVlNLejZKUtTl1xBvxiJqG7jQsH9wRMPBG37G01isSnuHcdMYghvRdqrbx7qF4+/08yyO0fItrRsRbQ++0M9HxN8Zd6OzcDUSrXAxfcHXWT8MibJEKyJUxsWBcj8x+DvEO2ij1jLdqtUsbvmPOOpqcpfOhX6r1qzJndEpGrLOwvjABG9JSncYgtssIoZ+5KT4fIWJhQplXeHg2Cfz3FgXIdfxc3JKk+QDBZFcrMiWbG1yYvdxYqHbKnuQOQ1sD43EDQl549gmU+4abxJHI9Hi4PwQ9wR34RiyBgAunszGPAl5kWD/Uzo7gzU4TPpd4ACZGgy/uBit2C3bXCfWLBBe7yY1wDdHUBYTLbjaUgudxERJ4DX6PK3Pimg5t+CAg/c/8hhhCxeI7e4p8eLOsCYe7JEsXo0BJ9asye2MbhOLGGo3R1J+8ALSo2/zrFlCNnwbXmxZY5jg2v1A46k9X9sHd9vGMbzao9G3+H7hMRZrFuLh0Lc2GF7aVOWFdUs+vvhInz/DonrnF5teTLTcneFeUfeF/lIWQuSCoFOipSTJbWvPnUegeosW93xXk7u4CIPOWRhDoOuJiwyWtK4zDHPlFQKi49IN82iTCw5LrCBgKpcK/dzyTU7si4mWi8G6MzO0AnBbncS91cSUsyXMnbpJHI1Eq0HWgEYIoSVSySmV+KEucLDVyhBE61prrHPWLFhNbHvF1x3RCgQw6EGlkm2dvLkRLSuxug71GVBLFcp3R7DcPRF5K94TExfresS1NkO0hOzBlaYyWbllf3Eb4AB5kWs0t98Yhvd7je5AxuCsWY8z6duYaD3Q3+//oP2zW0+k0j54lusQL2z/9ZW7gn+JY/Lyv66fZ9FKhZDjBRNdT7S4m7oiKfxVYkKEeVw0EGirYz9WXGFXGObJW4fPYsB+TjishTCVS+VOCZmWp+03ObEvJFruy7xp04zI/S7xNTrJ+KawJsHl6Ao2iWNVosXWoIYgc9VHSmS6wAHiYS1xlog01UEfYnGR2NvU5dgZ0VI37Rw3lg8u94MJ2qh35W0OR/39dFzYrcp7O4ljt1JyJRYUqw8lL5shWpBrd3RFs2aWJWkcRlcEktL0Z4kWW4Ia2m+CaM27n8oL+TQFhHrYNCD+OeejzeJgeI6fsi4jQ6iMlUBcRjUWrST+SoONeeIzk7eWK7ho2xMt7o5OSEpEpiOt+INo8rZjgoPL41QPnWDwkspORV7/Y8E0zBWHtRbb/rWxTraNLbftHdRNTuzPIlroe/sOrsh7RBM08KQMjTNyHRqyNx2bVA8gghyLZcYUdi1BBCnw8VrSbpP6aCSMiRyKg9Uyr85Bs8RM0W6OoCxwHSbysjzG2kN19dyonvhsDkf9/erkPcAYAVHROCcmkWL5Ca5D7XlxxW3cohXFkYV7R3tXn+iV+UrS1xkLEcquTj4QXJ5PSItQ196duHaixbFUFxxL5WVbsKOkkPNo8fkSixWdZvHd/x+9P7igG47XklbNrkO8uF3wLRhd+EUtcS3M8vgzaEfI7Ise18akpdaPhFzVlUdC9we+B9ojKdCrxFmxtUd1l7h+VbCIuPBkLoHa8ViR1u1hwP0CDpUVWyvvPHy2Loz5DHCAjFR0IVZheZ5ichtit/DsWlaz2SDymGjVBMcnpEp1BHkV3+gyxDzBjajlaVxXewTFfv1o461ek5WVrVnpc8PJM106Aa47pLPbgA/4u8LBBJBjguJgeNYJ3IQuiWSaxgH13RKthHh5UqWjCdukz2sTltYTn/aIlr2/kCgZ63HCUkz0arlKUzgoYrTZNNFia5YbLzqHizzXdOKC/KdRUlKxtGngu01Yeuxio9g6lFzz3efNWeXq73frkpEi7qr6ZaQlWo3nz8SdKHp6dsJSVV+/7boHNkdSqsimoxDQXq1dvaRNDJCyxzFfV5ub2Kv33ZQucKdWcYznZFivwl6qpBQcmyMo1e68cvqIf0JU261SUgqOtVuD5nTm1Ulzxvs5py2sahMDhLk6+S9NZ/MSmC4UubZBs0Wrtnlf2HYPtEdSHmgyud4IvPYwQPwexyIltjexb04XwNjjWKTptP6Bzs9DjFta+9Lj9ghKaTg2QRc3E6NVP0ZUH+vH0S7R2hyOnmjVj5xsStslKZuBXQIG9EwpONojKJsZT3rVHof2RB7b9ojWZvGWgqNdkrIZnZSAAT3TE63NjI+1XbWEyb0EDFBoKTh6grK2x3MtFypFH6UQlFJwlEBSSsCAl0REtDCR9P/6PujHQD8G+jHQj4F+DPRjoB8D6xsDv379Ar/6bS2/zvqLrLcHStBLCRig1VJwlGJB6XGs913z0quVYgkqBUcJ1qASMOC5iixaL33Q+vPX3wMlTO4lYIBmS8HRE5T1P6cvuWIp+iiFoJSCowSSUgIGvBt6ovWSN2QL55YwuZeAAaouBUcpE3uPo4UX0BK3KIWglIKjBJJSAgY8QvVEyyYbdUn2sJBw/9d+D2xuckeyyzl5s3zC2jgRpvaATQCqZbI+YvWanWFwiUp9cr3JQxCV95r6oL68SxwqeNrvOK7DF8qr+tscQUH29lNK8qOq6NEWiUixzqR+EG4Tlu7shEWbo6SaWIjZXGXzOOzdwo05iapN9BmqeLFlWaYmSUzKi1FLAsc0AegmcZzvN+f/4gSrjCOR1SUkbcLRlMh0cwQFyUcFR51GkEgzLA30kS7dUjxIqhoSfYZFvI26Wk68iqSk9fmmbFJS/zwn6wnWJSWVzPFvaWcnTnIKjJsjKc04cN+AJZEJ2dN3JbG1JjEN7VH+J53dxDmsNoEB8nk5PmuyUjsq7D4Wl06SmN59pfev9miw4xKTuuZxMtOP9O0xYGkmWiabu71tv99uD2xqcpcM6FVSJOhANNwEnWb85wayOkC6IHPTNbvBgCceqxsoRsgck44meZvKO8PhhxwyrZuFvhUfzz6oc/g4i7wSnmp29k1N7JKNXu/rha7ZURxKnBoWmo6W4EF29kOa3IapdmM4xshSb8ieReBkuuQFFyFTsgTPQM8z2eSxBExULucoko3i8Pe1IGqWBbLtOCv8KRMWrLQw3j2lqVsOhnHwGnYoj3FsimgJkQoEKkbSsKA0+nxXMDzxmoZHNKlkh0dm9reUEt9ucFhUNmO8lqusIWs6Z78/gA5m9ISlenTZHnfKJkgKLi0Z3j/St7q1JbEEz+6pIxkm07ouJcTkA+XQh1uCp679pjAwSbLyHdHZz0CItLd1K+TJkiZkgP9Ak5tHmuFabqkd6MKX64OtF5lr0SqNaG3p2onrn9xBot7QDi+fpCTEjAjsRuTKkC5t5iyegWjNv2YnGABjcshWExU7HDfJ21QuV+gKh8qPZa2wRIf2e8AjLfRYt3oeCJBdhmf9E7usQ+jHVM2LRmXhLXAMgEOJliOJhkRJu080GF6QFm9+MWbBMdBnQ1evNsLDmoWlThSiPbb7OMXL69dAlLN8ubvuJvRxvv+WgON4AOKr0hog0QprBAIAACAASURBVG5MVtLldby8IGBmnUZf7q61foLiltEZfWQcaqmKRGciGBM+1KcY0mO+BpbuwQ8XXiYpXHUjOA72aDAXR7h/reUKsu5CVkO0InIFK5MjXe5S6ydabpmgOTgg+8EkyAhSNr6c0SxZ0xAEBosuY9HsuH28GPO6Mah8vG4hjxO5vx4HLcCS9QftHruxp9apJnJFII8f6OznI9Wtpb20RYt/7fsFeWViGo5OaTi8oMnIrXdnSZpxQ+oEwRO5WycRZlJfzijdZJeu61Z3nXntQ4/JXk+0XI880HQKF1r9moDcCH1tdAidh3X/oJ9DGo0siZl/zU0QlIUYUv279RgFR5O8TeVysW5x1PV7DFIJVUq00uNNTOxeHzyxx3LFR2K90vEjFKBqdZNzjFUIE+rGLVpB/42LMcdgApliYp+QsHN3/JTiiInBJvXxLBzJosspKQnHxrpVQ3A2QVCurh7oCf3n1tKrUsZ5dUFZsIphwg+cU8iljMPYrdgNDpUVlitn7dEirNt4cOTeufdhIvdrPEqvpBjXTVJgtVF96NqGqT6UyCjZCMfXZh3BYNG6TYhZaC/g14/BdyrvKOFTeUOtwWrXP7SLR7N1T4mhsd6Fi/i9ZqJlF0f1xArnCRHiCQsTMurYhaGTsXXR2MnclHN745ry7h3MhnaS1/N1i/ub6+Cwtr3HF3Z6ohX6gvdsnyZVUZ9i7UDVbejvdPKWK9Rfc/0EReWtv5/WRlt1s0WFTefXl3eKwy3GXN/vmOWdmxRvPrT1z6y66UJ82vondu3UJsKk9U620TXdOmsjv6jhjhse+kXsg6VLcO3z4sax2xBX3CSO5xGUC+MSBLZPNGCLD6QDuTJuKXYfuliazhaVNnpwuyBRsC4em4W8gSNYrkBknodj/QRF5Z1DppgkHoWxk1in+AqRG9Fd05GUG7VQGsawORx1LkHFGMs1C4yQKJHVk4LWiZbK+sMvIm26TSrhOty/oBsWEuRjL1jh2H0It7yJ3QJxSdtvcFFpRcDbyI0Y1ZiDhEA1ES22dB3RcAB8r+kdYr9m4TLNRMtYNEJzt4eX+vCURg1xPH4ySCZsX87nX5DE18svdR9sj3P8JOHu13QdVNe1twKj3pJG7M/DZs/NYL+TyT3p70C0gq68LqM+ypCgsHyQy5BFL3O9vE3Wvk50wbI+o98HwBdeexIvheDrU5okLtRNEpTRXItWiMWCmw2WbJaYXYmIbRLFoA5YnjiAXGOexK3H5U5/m8SxmGgJkRpZgoLXEcd3Sb+fncHqe1/BAbeePa9bHOhMcdFZmRgHB8p/JOBgd2kUu1U9Z3MEZQ7RAtlAfJkJgB9j7PhHQWKbRjXWLMT73XqroxtURLQ5HIuJFqxS+8b1xrpxLkFYf6CHrImWj+HCM6Bj545mUxu7JS7I0aW42UIQuWnv9Lc5i5aQwNG3eldfGA3PJFpwjfpYM6L7v/+iE4cP11qNaOGFAjehEpaIOJnYmBqSw27CqH2YRBQcJnFPjnCPpuu4Eyrt9UJ221u0bG+s5jo0BGx7iBbGlwkgj3phS4iWs2bh3VPt93n4BGx6ziYn9rlEK8JhiFakE2AUl9utWhtcPcoHo7Ao8iZxzCdaQvoiy1uCAYfqcvM4lEjCijT67slAdziC0CprICjVuiYcOvFvjqDMIVpBTN6LcQgZ3E+tXMYSFLeXi20OxyKiVY2zUmsWLFxwq20D0bIqUVfgTRKLhfLd0Xd61MHjTtL2WrwZooX4qz3aP7ujamyWlR77zyRantjL+SBaiD1Tq9ZqRMtNuN7SEREnMxmYiTkSP2pfJVqhrZtEhoeB1IXKmr05k05PtJL+aiIZzg3lrYpBPxGhTWPo+Or11+zOEpT8IEh6oMly1VTeFY55/c6WK5CPCrZQoLFbWrLJiX0e0WKilFiX68hKE9Fi11wGRIutPYYoab+mWw0WTwlKLjisvHWEQ+vn4dgdXXsLy+YIympEi79WHH2nyA3nCLCmfdAf9DYgfnM4FhAt/TLPfM3HhMSlEgmyumDz1oPhdUTMcR1qE7fVYPg06J0SF5yelsZMbYJosQVtdFUheSpDvE2IVmMwfHzWGogWJtMkvgrEScuiGKp44q0nZmEih6g8qailzFnORtOG6zS2j0HzUU+0kk6J+zSuNDqJSHFolVpJpKb+ml0RlIVu5cYPAjLDEbo9tmhFsVimkbEcxV+QSpuuiJaRkK1WkevQkMXp6Igmd08cd4Z0AvLVXCauwygOyyLCy+pTsLjZAHOOzwou0Cxch1ZWdnmaAH24CJVA1eFgc0NGrsMxyJTo4mrscLg4s5s6E51RWx3B7JRoJSkajKhVi5YLkm87vQNbeZo+TkCM1thZqkAEkf4AylESyV/vGdchXG517R3wtRMtELyDC/q52JTlJEiIlk3jYElXQhyvTv6ic6SAcOOy2aKV/PLUr7UkNcC11z+7EBHIyjFb8tVh9BWhdfspgYombzOpu6vyNfX+ek7ddea19xJu9057JCUhF0yeoc8495T2Zr5EK+CIxtESFrg8LFoBh/Y5trbfQxyWJMLEL1559vBMuS+Aa/TXHtFqDo6H1coTLf5BJUGkwGBjhawVLLV+bRJH7DoMXw2yNUvfTTqm4JpiJQkZRDAsJ5A0Qe+Y0DWpprWe4LQucOC+jMVZS6JgeBeztSyOzRGU1KIVH7PlyuOQLwttWbAExV8X8vPUaYxWYuEyLk0eTsl/sG5FrkMG8JUOdttOWJpatOyxkCgZ6ybonS2JH3wC2ZCw1LbffMLSEA8W3pkcuM4PcEqq0ME1ZRxEPz9h6XES+1VPtBIFLzyMiNPC1n2DJXpgc0SrKsR01JBXq9p0qZI2MUCwHsd89WxuYq/ed1O6wJ1axTFuzrBeRb1cSSk4Nke0qv155fThDAbVBi8oKQXH2q1Bc/r06qQ+4/2cU55V1SYGCHR18l+azpoTmD5L6JpGPdGq6ZScitojKQ80mQRL5Tr7oD0MkLrHsUh37U3sm9MFMPY4Fmk6rX+g8/PwMUFa+9Lj9ghKaTg2QRc3uQRPOlJUH+vH0S7R2hyOnmilYyaz43ZJymbAl4ABPVMKjvYIymbGk161x6E9kce2PaK1Wbyl4GiXpGxGJyVgQM+sh2htpo/7qxYyuZdCUErB0ROUvF4tpeijFIJSCo4SSEoJGCpECxNJ/6/vg34M9GOgHwP9GOjHQD8G+jGwvjHw69cv8Kvf8vqZ10vDPVCCXkrAAGWUgqMUC0qPI6+XZCmWoFJwlGANKgEDntLedZjXu6oiTQmTewkYoJhScPQEpfKYdVpQij5KISil4CiBpJSAAS+Xnmh1+opdfPMSJvcSMEBTpeAoZWLvcSx+f7TZohSCUgqOEkhKCRjwDM4lWpylPUrOt5k8S8u8DDQJpSRQXebMurZICqmJHUMCM7+GY90pi8psYlXXdy+RtfXJvSK/0blPYioJGf1C4Jqh344Vv4RPRwRlHg6nQx3fNsGulmmSQ7vAeeu6gJzI8m77dQeZ0nUQIiGoHb91yWW1TTivE4ICHNFSImERacZo6nxi0rsL2vf4DgmLANu/bnB8qsHxxJnuI3zDL3SbZCXXpKXtJSy1vWX2ebFu877b0az1aCOLZYcxd0hnPvEqEoWGxLJpUtbWCQovKG3H/0e/uDQSTVZkvZFFpNPld+RZR3LNJ048mwOOb2YZHtGc4vlIz61rnaRAH7uxPr5xJnggQOJPJPnUcReSk8oyQ+a8d18kmzy1maIiPB+Q55XF8e5/IZM8MsDbup2PFDDqNRRrqGsmWjpR6YSpx3jR6/Va2K6XWKUCK9EKmF56v6bzm8pTidLjVid3T6Rcf6jOeQzYbOPuYdGxkZynWJXAtIoBHZjI4xclV3nRRrH5bOrV87LCAY6hpMvrQ1Zk4OfRYjZ8JBDHDomWJ0yOXCnpGl7QLeRmMoU6JYUgVfc02UfGa30xvyaQXsu1WidajAMyOWLSQFg0e3xEqEzbqLzVfGAY419pf1CDgYkhMtsf8SoflyCJvi0IDPRxRPtDhz2qkwHXKkFJ7v+kpItx3NO5kfUJbTl7uiVi8qYF+WXidRzWRGwbh2R2d7IZHLx0jZsQwpqHVaLVVNcq0eIldjCuHLlQQsKk6Z7ODz7I2EEyUNd2gLY3F6wb3n+c0fTkD9bHu8+ynmOrGHju+ErvmRAKjiDPLT3exnVPHqMhYkSEdQ6FjC0kWjqpxr+Q9aWtE6gbAxvd6GT3EqtQs4BVouUnYF36p/nk2pomeZvKay9iCtskKVX9mnEwxXqWb3iyu0NSUF7iJR4fXmwlMa4P28QAGebiuFPZwwTeOJ5zxjE5FRJiyaNXgO4ocQHW7oiWLqPjLVUYP0yiDmlicIBEYVkh/OodTcJ4u30y7Q3TaptoMY7Ba2KixF2sS+6I1Ud7ndc8hIWOF56WNQHDL3l3viHDbeKoWtVUvkM6O3NWxxprHDDtghDX1TngbRKUxThE1vlrHQYr0aWxILWLQ5alGZ65haJ5/UJYfuzyNSonnuOUaDXXtUlSlOxVcAx0XL2hHWOp8s9KuqPk5VgWfW4TQyoKHxt5fp6JpYuX7Jmh9oH+fg9i+Cd9/vlIXBRZ7hYRLf11nL7Eo/LqhBWvi6ckRic0tRrVnadtdCsTuE6YatqFqyoQlmsaYY3FyPVnJ/70/ri2yqBdqm1MeTS51siKPtF+0F/brp9ieRXLaxoOD80vcyujytG8bZukxJKY/on6xeohPgNHqiMlMN1igEQGB2eOv+As+KovlTNFkiUOZ/2ZTGRMNckuerAWoe6IVtqvrI+KFSuxaCkBY7Li1uVL1kFsk6BUMaBE3GzewuUaxRYtZJvW8SbrHXZq0aoAUVfhKZ2dHbJbNJUPp1SJTeVC1CZBqd5d3Zof5+Kw56k1K8XbLQ4lToFQYd3G4O4M5cAyr65bkhLcZzquwvqGVgvxvq5F2JlFKxaHgjy3VF2HOmBU96G2F86yiGglk6q/txIMJhaGhMByoedEdY5U1NbpArh2EgyTtMZJ6WSnFq1wrOe9JtTppJmeh4nI1y0kWgGT3C8chwlNyxIy6Kw3Qb6ABdey5b4/n7HTJUlRmblPVYc1OD0MbcMENJDXLjFAtgiHFzaMmaBbV5ktDkecRtdmTAdCb61WwX2q9fkQLbVaYVyxYce7FiGri8VSV1vGREsJlViuMNBs/JZzsdnx5haWTif2LgmjX1j6+DvdTsLC18FlKy4tJVqhHLqSOoXYJUHxi0g7HIGY6PhP3YZKaEJsVm44Zs59K67FgMPHaHl3XU1dR/FN2odXJ44cHl/RzcS5Z9UwwdtAQvgctRwldZ2RxQZ5FB+2nlQ56xtc7eJ2NPpwMWr1MVo60bhJ1V+8lmiphcYQkMjNhLNRp/Ekpt2dv7Lf8aSoYULXSXM0VaLlJvRI5qQusmj4WxlLh3aM23rcNbJGfWDiepxVK8gXJvhtJFpeDw6XJ9INerG96tu6c7skWhUcRlCtqxAtbaNjKkMcICsy6TkClYxLrR9OLtwHH3kQLXUj+ngrjdfiuCd1Eb6m0ci5RjMlWupGFFeaDhi3VcKVuNmUrORCtFQedQd60gVdzEyM1vALncGlyx8sOHKlMVIGY1dEq4pjL5LVx2gNv5B3JdpYqOSjhe5wiBsR+tD4LLVYDc++0GgAt3qwaM2rw0jsiqSoG1FdhVMlXRq/pTFada5EJTiurisM/on28sRxWHcah2UC5ZV4vfv8Pzrehfs3kMl6opW8tP1No3JLntDCkBIlWhGDBYkBKTPtlGjphGbbN0zogcgkZEqvwecldQuJVrC+eKy8UyNr1AdoFN8ryLe9REsJSORqjfo3xhb3GY7ifuuKaNXiMMJqfSPRyhGHi+2pym76XJ8/Jogap9U90fIki0mVKELLNH5Lj73lJEOi5UmWBsWbMSW7Ju7Jf7HX7H7rwqLlyYnBoGWBCAYcx8epWzHU6VeJXRAUlVmta3g8UAaLVh0O/bKw2iYosRscjmQ5K6FYer8SW7OYeAXXKFu01JpVV+egdEFSPMkyJEPLguvwgc4PQIZtHJr2v9Rx3NPNjP79++/0+PiolR1sH+jcx2HN2ALvSZbB6K1ZTLy+uy8sFxGtZIJRdPHLHS92tVKhRdOLXs/WrWkHoqXExbn19B6pC1BceXaCjwmOt6K0TbRUfmf12Hai5fs/dbNGOBMdqmr9Nq7vgmg14vAyznEd+jaZ4XAki8VzXyAGkhhkHY1sTGBsrR1Nn+i33/5FT8mveA95QzuBQMGlFm6i5Uq08Byz5UTjL/lLQ7V0xSkeOiEo3r1WdQ0GVFUSgjolBYEAyBlt41A50tgydX0G+QwODpR/U09eHJlsm6AEHIlb0FmranFwCgfF9ZqOL2eUPgrt46ghWTxetDx+hvEjJI77jeuPvwmmtomWEir/5aE+EM4qVALRuvWpHwKJ4mdbLVzWWOT2j7890r9//w/VL8GjFgxHIDyR8ROwvthdrFXUXuvUrWhJUVIXTeDaDl/sXLOaLHFBQTjWtnWuw9AOE1HzpJtcQweG3yaycnlc5q9dI2+QNcijhNHfYsFOqyRFdeF1bIVT3OahTseGHut13HGrGCCy3r8WR8CkuvNkJRrD5jo54DDkRBAklirFrDrwMJN2bacTcPqQfFgxyWIRfXwW6pRQvabR5T1NhuoedWMut/QO2seRq1DGDadQMG417oYcYrTU5WcsWQpDg/sHqEtch7dPwaJSrZPB2SpB8TgSksVgYlmrrkONz6o7l9oN6lfLlLVkBYWYvSCzj9HytfV1rRItg0MDw714/ks8R06s6/DyVHJvqRvR1s2e2nd/pq5CjbuCpermgg5M6ofKK9kDrgbJ17sO9QSdeDxLsy62mok3mtiUxOjErKRLz0uPtZ1u5V46GYLFx7FOev16ohVceno9bK38AJlcQ3H7bSqrq9BJTfvFTG5N5CrF4W+xYKdNkqKye7eN4mOXryEeXK76EwAWH59v+qRNDJBmIQ7X5yqzJ1qA6L7m832QM450HGJ8V57+7omWD37340mfSbFQqVVL+9xbtzwJQ/vYmgUVtm0J8sHvNTgqVsSEZEFetcAES4sMxDZxhDgs1YFuXWJST2C03MVkMQDNwVVTR+0SFB/8XqMLdmUCB+fOimWVxyMQE5vWQbSREY4bcVWJXEHmHImWD36v0wdwKIHy9cEiJJaw/BOWak4tfU+FrU3vAG0tS7R05NVuG0hIbduuCxcRqq7la75/2ySlWZLVa0rAAPSl4GhzYl991Cw+s8exuI/abNGqRWuDwErB0apFa0P6KAEDuma+RWtu5+VMtFS2+tQPc2FlVlnC5F4CBgyLUnD0BCWvh7wUfZRCUErBUQJJKQED3jaFEi34j9zn4d5UmboN83rZNklTwuReAgbopxQcpUzsPY6mt0Y35aUQlFJwlEBSSsCApzEiWphI+n99H/RjoB8D/Rjox0A/Bvox0I+B9Y2B+q8Ou/lR1N816QEM9G3/KwEDdFAKjt4SlNcTVYo+SrEElYKjBGtQCRjwtoksWnm9fnpp0AMlTO4lYChFF8BRysTe48jrHVkKQSkFRwkkpQQMeEp7opXXu6oiTQkkpQQMUEwpOHqCUnnMOi0oRR+lEJRScJRAUkrAgJdLT7Q6fcUuvnkJk3sJGKCpUnCUMrH3OBa/P9psUQpBKQVHCSSlBAx4BucSLZv40SZ1DJm3NRlcnLxS620WdEkE2fzln97L3ofPcRnX23xh5HSvdid3pMVIdGS/3kx08VydtYsB2qviUFklyVyMUesWjb0ccPASNfol7eia194C4rCI9IMfvvr8pDlM2ycoyPieJFPVpXaAJcExwBIjk3uPjROaok0CpDscQZA4iWlYlkfLbXJSTljq1m70SurElYslaD7R1HaoZreHPo6/ExLD408TnNbh0DaKpV2CEjAEbRDFiUxD5nctT3HsjoDVXqHdhKV4V50ffKLp7MmPd/RnWM4GazbeeX2EhaRDGbetwdEuSanisBjC8jsyWvwCzAab4ng0A6tdDJANaxt+osvHkCxWZd3ZQWLSGc10wBOR1r37fEuPruIey/GMr8jiaCRaPPn4iVXyUnnihIzUJmO2vtD9/V3GajtxTUd2XUTfUnbQnu+F+yhps/tJ+3/QYZuTuxAOS0KuaeT1XDMGnqmzNjFgaFRxzBlLS4y9znD4eaBOH0+y5NAzdYH+aZugSGZ4u/zONY32L+iOccmyO1iDET/Q9pl0oeyIJrdoYPfjB791HOO3xMvT+Im5QTbgGIMYggwIjie8wP1+BjgGgRTy0jv7F3TLuCDnWxpdPnE272VwtEm0hDgFIiU92tDHyBK/hD46x8FZ1GUZpCdCRvgjmmh29fE1zTCuDjCuQAbsfjyu2iQpkhn+I/ms9YqBCQsypTsMEBF1wDGD7B8EG+PQ/YCjTQy4qxCnkLWesCTP+LuQJl6O55T8EkM4Prmmx9kD/f0esj/SjMy+f283WrSQSd1OuOgcQ67sPnecqfPHpzQaXRDWjeaX5eiURqm1hOtczitH6kDIJjgJlhRXps3+idt2JnchUTvQkdF7hUBbBRj9LNJZOxggXD0OWWpJCbwFEY+zbHG4B1b1YZ5fAQPrkLMKWQxaliBukWgJifLjyuM48vJGslkc4yOagInB0lJjzcJ57REtwTHQ58MTrWsaD5QQGiRG5ilwYNFlU2Za8m6bOECigON4AAujKKTJ0oa+3x1hYodlK+DQshRHOwRFiOBg9JExxEvoYI1DJ6cVDotMj8VydWVxuDLbFPut4TjYozocsOzsT+69FcsfQx8exwchWqYsxdEOSQFZquKAzAeT2Ormjw15uTpRHIbQGCDtYMANYcnao91jN66MRSuIgzZKqMDKgsxXJ3/ROYjWNJSF85qIlplEQ2NjFXgW0bqgyUjJ2jWTropbSi9esSqYe2mbf+i2HZLyQNMpXE4xwYZlyFolIxUsobN2MEC6ehwprq3D4QgKLEO1+lhCF8De5sTuxxVP7NLzgiO4Br0+Khate2PZ8q38Thc4xoagsCUoOnaiVSxaAUeFJHekD4sD7kFM7J4/ag9XLEHzcbRFUK6uHuiJF7n+xItfhz4F0UrLxIISW7Ryx6EKkC2sd+NLt15gZNFSHMHNZc9sh6Q8kOrjpK7vnUCweAEDewUrFq07mnjLlkVALS4qbXC8il2HXiJYsA4u6ObRjbiKRUtxPHqSrOfWuw6XJFr6S1svqtav6eTUW6eGk+tq/I8/Qd09iM14iK1nps0/cbc9koLerRKt0eSChjuy4Gc6yYuLbrHO2sVQxSHj8XB7cRii1aSPKEYr/SGUPDjtERS9MRa2DjFakDXGEUgX6nyMFggLu7T0OvG2CxyWoLCrc9+MqzODg92MiK+5pyePI1ACi6RrHCBao8kXGg7eEmIYbRxTFKO1AEc7REt7roZUgRjuH4XnHH3vujyK0bpFO3WV6vXCtl0ccA3WkEMVR11wLoYritG6/UoHwGFimvQ0bNshWnrHH9RItBSDsRL52CbEaAEHCEwNjnYxAAvcnFWiBQvdq903dPwtJlEeB2K0bgMRS5/01YmWm3zrgouVaN1NTwlxXSBioymsVGrhUuXUbzGB4zydyP/JLsR2SUqVaO34GC3Rh4/TS1Q3T2ftYoBgMQ5ZjimMPRmPCQB3mCUOQ7Rifbwljm1KoDCRmT75AHkbbI6mXUzsKdEaDDHRieAqbwKDA7GBT8nXThJI3gWOiGhxAHmIdULQ/ngaBzUDExOZjHEwmRp+cTFaQd50sohwDOKgeeBsl6DUEC24CBF75kgJXKKsjwSIWogux3s08DhCo3ZxzCNaqHtLo28zTxjtM2Jx7NbgaJekNBEtEJc9xlDDoxgOyMr48pEux3+Q4AiB5O1igDj1REv6Ha7DP2ickC3VyTwcqxMtMwHrjfxWf1HfXdBo8kBTdiE+l2i5SVKvwXE3DfE1/obl7rRLUmKCoqRDexcEJbVqSd18nbWLARLFOFR+3W4djgZCUo/DWY/mPD9dEJSUaFmCCIKCcRWmOtEhk5rbCxqy9aEaeN4Fjoho6YByW+BgF1xUjjiuU5reqnUu4FC8XeNQAqXygKBUXYkgNvNxtEtQaohW1O/4cq8OhyM2N6qP+8pHCu3iaCJaEvu0b77Ki+ElOGb3JkBeWrZLUuqI1iIMkNMRG+iDrVrAEYLi28Vg5DHWN9vvGnumXxiGOofj5xexzj3eh3iup6YYrbqJyr+4k8D4cKew59s+0GSCWC0ExT+PaPnJA9fwAfJi4Qo3+OfstUtSYoICXVgLltdN0v2+vEFn7WKAcDGORFy2sNYRxmxxuBnwOfqoxxBbvrqY2C3RAiFZRLQ8aYG7ygXDp4SgCxzLEi0/2QMHf/lWtRh1jcNbftyD4mVW5oVXvpKWOTjaJSirES2PA+5D1scTp4TgGCiHt10c9USLXYQ1KRv0XeYD5OF247itKo52SUqVaPGXiKNgnVLZ7VaJC7sP+UvEJ/7yDxYuWMDaxQDJ5lm0JO0GgvpTonX3918c/M/uwxP5SlEtXMBRb9HCgzU5NF/9gSQZsuOJlO0ys2/qp7CC+E/Pg/vGtDa7ZoL018C9e4uW6aQN7pr+x128DuSW/ou2SAJzjm8f66xzopXEHG4dDp3wfP826cPEQvm2sS5wZhcTuyVaHNsEi7jDNR25Lwz9uHJWIATY+LigYAnSZl3giIhW8iWhfpmn8oHw+/YcPwR3acChau0ch5dNJFIcKh/jgDULM4ZvW8XRLkGpIVr+60LRgP/C0CvEkBqPI0OLFnDs18csCZQYh8RpZWbRwhd5czEAiSE1iOPK0aJlviyExPhKkr8u9GOqikMC5p9l0ZKr+BgpTiAYEiGmE3B0Txz4l7wQNrEe4IW/gGhVJkQJwu5jtCo9vKECHBzdSwAAIABJREFUQ5r0DtCJS5BZZwVK03D4MWNSc3ROtBAnM3Jjaed1ZKVTmFnjCDMepz1BsDgHLePDEftn0iOgGLFNrDuX+kGbdjGxR0SLhTuV+JgkOSnLqDgcbo4h4sSm36NYlS5weOLkOtPLhnGF3FPayYwxTk3h2+YWa6ayIs4nCYZnOCbNAzdFoL+PCeIW/F/nRAsTocZd7bymY3ypZxXiiZgU+racoDU0bBeHIU2uK9ma5XTh373WhViDI7cYLcmrpQnNZZsmLbXpEQBdA8t3joMVLAeLlpcLY6ouPqtCxqqxZo0WrfD49Htd9kD7JGX9aEvAgF4pBUf7BGX9YwpX7HFspl9XvWq7BGVVKRefVwqO9knK4r5dtkUJGIC5J1rLar7l9iVM7iVggNpLwdETlJYf4gW3K0UfpRCUUnCUQFJKwIDHvydaC16CXVeXMLmXgAHjoBQcpUzsPY6u307x/UshKKXgKIGklIABT0lEtDCR9P/6PujHQD8G+jHQj4F+DPRjoB8D6xsDv379Ar/6Lf550h9l0QMl6KUEDBgMpeDoLUFZPNpeiFL0UYolqBQcJViDSsCABz2yaPknv9/JpgdKmNxLwIABUQqOUib2Hkc2rykWpBSCUgqOEkhKCRjwcPREK693VUWaEib3EjBAMaXg6AlK5THrtKAUfZRCUErBUQJJKQEDXi490er0Fbv45iVM7iVggKZKwVHKxN7jWPz+aLNFKQSlFBwlkJQSMOAZnEu0bJLH2mSVuIJJTrqWh3rd11uLUN1dZGsm9zmJTfPFUE2iyysiNCQEzRdHzfhE0k+Ho/tFpWvke2aRT/K5c0gTXYXanZsv0Xqg8/1PNI2yZYrQfgmYkB+z43xgVVkhIyck1fFTSWJaPQfo8iQoQVbT5Sax6SGd3cSJZnPDERKYQtZZnBSXhxXWFPzEmfstxlxJil92R4VFws9dl1DaJCsFtBwx2ASmOzsf6Zuui3j3ld6/2qPBzp/0+acsISRP/RyixSTLZ/fGhNSwBM+6idG6r6dIt3S7FZM7dLajWf+RXT5eMilXDPJDQuV2Pxq2EEd1aF/TyC/6rs+uvtW2KNGnXeIGS/FgcWZDXnIlWkIOT+nSyCo6wpI8b2l4dh9lLO8SB8s6qJNVR5VbTBrL77g/OecjXZoyVOVGUCCTZH8XWT0Cm1kdS/HsnjIWrc8KRyLrQSKrYtwdfKRvs5gw5khSZNmdPRr6TPc/6OTggm55LMki1CO3ziGw5Yfhgf5+j0WvH2kGAf2fKb/7P5JleII+GixaNUuxWALUtO9v+oIde+0XXKaUU3MlKVH/wprlJ3ZZ7sYuRp0fBiEfO6NTGnliZZeLEnR+gWYHNj8ckRb8ga5TqhOHr3A7XU7sqSzPPw5r6+k5+eGAjG9poOMqJVogjoPXmRAtWHpE1uOEwGr/Yhtb4PScj8TnZE20YllBCuufB7Q7Ymup1mdFtKwyCEQEsqpVS4jJYCT6SDHmR1LAfMV6pcvxwLq1O5JFmCOo7iA/DFif8QOdwWJlBYY1C2s1PmKcGdLlBlU90UrWHJTrYXKCpcJNUjArY3J1xGji1pKruBjrXEp8zimNhjAXGosCbqREC1t+YYlJMbou6nZ07TpzvrmXn+ije2GduyC/b4P7mnOje9nO7GB/OyZ3S8y3waL1QNMp1gm0cleVC4uXHSPboQtZ43DeGM6PoFT7vlLiF5cONfnhCOMqXRORMEnuH9FodEjDSQ4WrXmyah/DmmVJiDlHF5nWptlZtB7o6uqBnp5qFp82ModFspVm5WmZY5Gx8PK+Wn9QMh9jfiQFxPCDewbuCDwdbrj9iexbteh+fhjMQtgqJLY16x2OjWVuBaJlyBBu4EgPT0i8b4hPNJGZCZjbxe4lLzMTI0fg1AUVXVeIkk6A+us9njTNBGrvxWTK3Rf73gpj2rPMDbJ5Idvb2ZbJXcfBjurMdFG+GKzejcDYjcac1OWLI5Ydi0mPJuHHSEq68iMosfzp0d3kiOPN0kWb88UBF2Hs5iTnBr2dHNF+FkRLe7lGVq1KFpPWYrxrx9kTLZW2umiz1sBah8WY08Wnc7RoseUHsn5LFspmMPUYsyMpjozcTI7owJErEK3x5AsNB2/5GVdLl+ooOwxsuToK8n6+pUeYtlohWp6wqNXLdRPIjI/zMq6ZmklMOzayaNVdF+f6cn+WWKTMvbw1wt7Lnmv3m+Q0l+9qdysmdyawSrBjIox+yxdDE9FCeWzNyhtHPDpBtMKPCLFwjabhF3u+BCXGER+JWw44FEm+OFLyEtxTII3bQrQQi5XKKjopg2gJFnExji4DgcmRaHlZD/bIyirl20C0xJo1uZnR7fmHiGjtDr/QjXNDM/EylqDsiBa7Pk99APzd33/RCeSd/pdejYMLNMWxHouWJz41RMt8ubKDr1cmD8E9KKMk/l8JkG651lw3KjenJmQpIloqnz3X7jNReE2QT/+lVgBzp1Z3cyUpEkhe31/ByihdlSuG2AqqahWiWKf/fHGo7LJli5YhVmmsWb4EJcaRHnmS4iryxZEQLRPUH8c8CZBucSSy+k4P5FCJra8qxKKleFKd5Eu0EDP3gclvHB63BUTLWHzsV4cpIbF10E92REsHjduCaME693j5aQWiFbn89IrGkmRJit0nQ4hwWkJ+vIzROb5UdrROt1xqrhuVm3OTey1NtIw1zFy1891tmNzTiTzVe74YqhYtJpANYyFfHPEwhT7UtY6aVD/dTuyxrMscbSvRwkQ+L11Ct/poIFr4Gg9fI8YzulNXSRatNOA/4xgtPMtbSrQgN9y0asjAFm7Cm8kHGk9nHK/F7ypj7cLx1hCt21WC4d3LObj95Fe+f3lbsmP3U6KVELZa8pO+afV6uuV6Q7T4HsatA4LFFis7aZp9e52m/SY5U9k6ON6KyR396j9qSMbKNrkO/ViqV/RW6AKi23GO3zujOOaw24m9vm9rS40lCPXT8RFN7oJ9JV8cDeSFJ8otcR2CaCHwOv1ykhW15UTLpkzgFBA24D8zolWR9YP56lCfmi2waKmojixqjBY+RjjA13redRjjy45oGcscIF2d/EXnnOrBfGn4/PQO0ivWPRS7UiSGxX51eMenWELkehaTl7rk1FKQTASupWy0Trd110XdUl8dXhDLZ69p93GPOjkjwbo52JbJHVYT1XM8VrYnRsuO9zos26ILHqkmYWmqj3wJSvUZk5xU8kt4q4PhHbTUTYXibvXRQAobA+Eh8ZYTLSZXe97KmHswfEhYuuXB8P4ZCDFaXMRxT5JFIPtgeCZXf3jr3PE3k5h0lYSlrk/6Tcc9sFWTe0NflYAB0ErB0e3E3jBIVijucazQaRs8JefYpmVgl4IjO2vQMkpwbUvAACj1wfArdEh/ymZ6oITJvQQM0G4pOHqCsplnddWrlqKPUghKKThKICklYMB7oSdaq74dWzqvhMm9BAxQdyk4SpnYexwtvYSeeZtSCEopOEogKSVgwOMTES1MJP2/vg/6MdCPgX4M9GOgHwP9GOjHwPrGwK9fv8Cvfnvm75a+WZs9UIJeSsAAnZeCo7cEtfkEL75XKfooxRJUCo4SrEElYMAbILJoLX4l9C3a7oESJvcSMEDvpeAoZWLvcbT9Npp/v1IISik4SiApJWDAU9MTrfnvjs5rS5jcS8CAgVAKjp6gdP5YRwKUoo9SCEopOEogKSVgwMPeE63olZffQQmTewkYMDJKwVHKxN7jyOt9VQpBKQVHCSSlBAx4SuuJVprMM6/n+R8lTZ6TOxLT6iLSssSLJvjUrU2SmSOGeQlWiVcfCPh0wOWIQ2SL9YEyXlhaEwUja39IqN5xgkztzbotFo6OZcWyOwOHYzi59wtK4+x8iRbWCfxEU5tVHVnudQmS0XeyVfniqOooLCd0SGe3YYFvtNwWggIM6XIww7N7r5NtwcHaQeb4XUn2OTy780vZoC5PkoLFpT/RdDYLzzKyw+++pcHOIZ3dmPJsMdQ8F3//Ra+cHnQOfPf5lh5n0nY1otUGEWvjHtX+yq4kx8ldMqhXiYh0nln+yPVmdhgwtvySQZA3XqKmCV92OFz/CqmyBKVmhQYzsnOd2IFjsHNKl0oK7y54vT0hLMhgfkiTW63Ml2hJNnvgUFmvaeyXswEJe0s2y32u+jBDRnaRLd6vf1jNDr9VBMWDqy5fszU4mKDIepRPBBxHNDFEJUeidXWyR7uDj/TtUQkViNcHkTtZjgcqyhGDHzqNOz/o5NUnuvQYV7VotUGC2rhHY0flU5HX5I4J/A3tjE5p5IlK3FfpAsaozQtDdZHlIPN8fLnhEMub0YfO61i7E6RE1sWKFZSlJQiWrLdhXDkc6SLS6XF+BEVwDPT5cESLrUCJFcsqJT8cVrqwny4fBEI5mgar1tYQlACJUkyo2hocsGbtm3UCx3s0vpx5y1xeJAWEao8Go490DLKuJCQiV4Z0OR3lhcEMnDm793//RVjLUa1ZaDrfogWywy8NZ5qcPJB/ucOcz4s5x+sEWpeRLG57SiNMzpiYzXqCUTu3ULSa3IaTa5nQ7T3mACu5Kq/J/YGmU4yBqtVKdFC1DqE8LwzV0QILliyYPh9ffjiMvANr0QLRsscx5vwm9iYcsdzpxJ4zjjH3vzBGyL0Pt6cnwjGu/HDE8ulRSkrS460hKArIW4ECWUTV9uCw1rjcLVoPdHX1QE9P17G1p7JI8x80vgzrB24f0YI16wOd/QwYMKYWEy11q1h3S2RtspNuMtHyOfrLek47EDBdcFon8ege/sn4x+3kN7lDBVaXRiWRHkN5nhicfHZce5Hr8eWLIyFW/Owc+oXX4x81+brceFw1EcTIjSiKypegxAs1M0GcfKHh4C0vvG7jgYAkXxz+gZAduA69CxSuw7dksWwPQXG4YBEaf6dZwoC3CoeLb9rZmvimxK1WGtFK8OgTtJhoqdWKrU6ONFkSlEyuwQ1DxBYtdTHNa4c6fx8nmr2HSvsP3OY5udcTEViG0kkdKssTAyQDDrVm2cFVjy9rHJagTE851kkD4PFMisVOMOY7sSeE0asExCWOa0JVzjhSi9Zg+IVu3YSev2XOd3xlB7JLUP9HOjs7jCx1W0VQiOhqvBfJr2C3BgcHwp/StxkscuKaG2XrOtTeLZtoXZ38QQdnIQheUa+HaPmvm17LLzZ2MTqipQQKZKqpHZpODkM9rFs90WId5Tm51xGR5gDsPDFIPFYdMWyy2OWJA8OkiaDIYx79+MmcoFRdnhL3lH5xCGTbRLRsLFPqcssXh4yfpv9THFtDUBgQPko44o8rUo/utuC4O//ARHGmMY3nH2h3FCx0ebrdSiZaD/T3ewT2x25DDLf1EC3v9kseSUuWEotW0tIcuglwdEpDJWmm9p+2m+fkXkO0oGu1XiZKyhEDf1nYNG4bXKM54pCuLpdosQWlIZA8X4ISuw5BSMYmaDwlKPniSB7k5DC1zG0LQWEYd19pf1e/2IuBbQuOlGhR4grdCqJVUjD83Vd6/+qT+aIyjKuXE61kUgqBxYlFa047tmaZSY+vMbnoiVa2brcGotVAjLMjKHWu6vBMNMagZYfDy5wQLbgOR9c+T810pHGSckK+E3uK4xMNhhdkMjp4xNjJGYd1HRImdR/bRDQdx5aUfHFE3U2EGK3RteRqSjCh5bYQFEZVI7+i3RocHJ+lZHFLXYfs8iwkvQOI1sEF3TzGH1dgXK1GtJg0vQlxVdYtaAhTxf3X1I4TLMqXjexe5GtgMjf30KfgH7bNc3KvIVpzLJa5YWBr1hw3dgmuQ5uwFG4r+5fvxB4TLbZmVfQUkpbmjCMiWuh8k7DUBpCjKl8cdtRgX3KASQLZ7U1YyqgS649FujVEC7YMuAtdItztSFiauA7R8S6gf5sTlsqY+i+9Gn+nR/XlmkFVT7RMg3632x7IjaSs0hslYADuUnBsz8Q+f7T1OOb3T9u120RQ5vVNKTjydB3O6/lqXQkYgKonWlXdZlVSwuReAgYMilJw9AQlq0d8iyxa8/utFIJSCo4SSEoJGPDU9ERr/ruj89oSJvcSMGAglIKjJ1qdP9aRAKXooxSCUgqOEkhKCRjwsEdECxNJ/6/vg34M9GOgHwP9GOjHQD8G+jGwvjHw69cv8Kvfol9Z/UEePVCCXkrAgNFQCo5SLCg9jjzeUSpFKZagUnCUYA0qAQOej8iipQ9Mv82nB0qY3EvAgBFRCo6eoOTzfEOSUvRRCkEpBUcJJKUEDHjGe6KV1zu3Ik0Jk3sJGKCYUnCUMrH3OCqvi04LSiEopeAogaSUgAEPZU+0On01Lb55CZN7CRigqVJw9ARl8XPXZotS9FEKQSkFRwkkpQQMeJfUEy2bWJQTBp7StM03T3ovu5RPWld3vGz7umtkUpbb5G7XpLTrBIbyOAs5ujE3DJApJC2N5Q04XlcWyM4Rhw5TyG31IeVYzqr67OY4sSPBqiTCxHqpp3TpFmBG0uP9AZIZH/K6dIoX2xxxqHzpMjvzyrcKB7LDsz5eU5p4NVeCUqsLJCx1OHaOw/qA0FO+OOK1DXlM8cLSLtl3giM7knL1X3q1q7Je+cSeknRVyt+d3cnKA+6ByQ4D5GrA4USm+7//ooPJHT3OtGQe0bIZ3kG8GpZXCZfqcK8gYpX2YlaTe7SeIbLDO5LCxFwn9GrW+KwwoINtFnuLye7z6gcxCcsOhx8syKj+pkK0JDv8KSWJ4TMkKFg4Gn0dZ7BHJvKJW/iXCRcvY+NBZ4hDZcNah28rRAQrDtSV50u0rmm8a3Bg2ZqBLPnCWHbjpYTyJCg/Ygysoh809ksiSbb70eWMlNvnjcMSkR80PrigW85EnvsSPD/opCLrI810GaHHGT0RssYf0eQG+/KXH9H6QSfvZZkdvJ/+fv8Hjb/ZRaSBYY/2P9+uQLScBWDUqVlLX2I1255o1XTK+otSq4ke61bvGK13malFS2XlyXwohCrFkR5nS7SwtuGOtcDJwuw7o1MaYaFvfWs50PlN7CCKVYtVTK4M6coWhxPMLbeTWnx0GZ60PD99BByw+nh5Yc3yBAVrNr4lLO+kwytLguIsVx4DL1tzRLuj2IrlEPMmWxy70EUgWmwJmoMjJ5KisqbL06Ac1h9dtSY9zgkDBgfkezUO1jg7bnjfWbverUq00kmHrQJuHTLvsnCEZzJy5kG1inH5KY2GKHeWD+Oe9OczkgsaYo1D67I0RApySN1r2uHru0kF7dXqZtpbOT1RRD1PQnKf6P6Vnuu2INvJ3ZDvdGykxzljqKzHadS9HYQR4/+QRiPrOnyg6fRBFscebAvRqsrJxASLY7uZPJ3Y8yQoQghFH/dedlkn8MjpyZbn6gKFpSeVFxauU5ryrIj93C1adRiIrsZ7tD+JdWAe+wxdh7BWBV0oKREcgaRYDNjPiaRcnaDPm2VV2a9O/qDxZbAQ5YQBMkK+g7PYWqWyi4XrA42PD2n/bBXXIZhcFANi3UPGhQQCs/OGhNCk5dYN03A+XAVDPV/uyWRKiZNugYzv5UibLdc6Jl3pfUx7dXvZ64Qey2YvW5Ji+y1yLaPPYzdWrhiUtHsCbrVu8bnyLHHAmjW6Tp5PBRIv0qyl2REUxGEND/0PrCEmQQgLy9C2ES0n8+3kKJ7Mm8pzjTWD9Wp0TRUc7D58yzFzZ7fBmgV1ZWcJcgtH3yS6AEEZT77QcAAcWxBrluCwRCvGEROZnEgKiJbKCut7GovF76bIjShvq5wwQCImgmf/o/3dPfYiRJYrWLPG3+nnmVjplo/RSomWjXGxdQnh8eQsnbSeeb50tSNVaq3yhQmRs/UqR3Ifb6HQer6WWAQmd/7CWe1kOblz/FIgxOiwEFx+SpOIlOcZDB+UHJN7KReymBKw/HQRxq5/1gKw7bFogSwi9sdZru4mR+KS2jqiFdybwBCsJmJZmdw+UVwuysqO+FKDvBwIrzFaaPOWRpeBbOVFtAKG23OrC7FoDYZf6MaZSpl4ZRujJdasye2Mbs/jYHjIvQscjnmlOHIiKSBakayJ5Yo4PmuPRlG8U15WOTytIFq7+/+jn4/ysgoWOMRrfaDJzSPdnq8aDG/JFO4GAuPchrpl91tEYIwVLCl/7vl+zjDnqxVC7uusZKaez9Hjnmj5LlzfjhCTee7WdNLPj6DEvRHL24wvOxzOmoVHPsag+LbEoqXiuq0nI4rPEbDsXYeGGEZfujWVO7zZES1nzcL8bXHYfYiO4wHHCAmQrIiWswLNnp4iDJA0JSQprnxxVInW2BBExA+B3KvFKzeiBVlVtjgWSwL54W7TevdoZOX+5LGTEMQ7/cLw8hNbsxCDtvpXh+zSM66/hMBop6TxLv7lr8RHGz7zfG3ur4vzvOWqt2j5/mlxhy1XGnvXcF9vOXT12RGURG4/TtUy14AvNxyQW3/o6DYmwFtOtOBS9F8aBmuRqi83ggKCOBggPUX4hyBsuN/qyjX2LDscIFANOIKVTly7cC/q5JgTQQF52q3BgD5H3RhB/GpBTSxeeeH4UINDCAnIyngavpbMmWiprDpWLNFiK9GoPsA8J7KI9w7kPjExZEq0biYfQuoK9/xbt2JzHi072UQEB7cDydHP+cVtxG4WECqNfbKfx6dEq+n8JEaLLV8gVnq+JWjY13tpvb6B/bGV0+z7epwQ3C96ek7brCb3yjhwPWX1EvWt1GeFASJZeZlcuR8RTfgczOxwOLmwsWQxFG8J0VLLlRN8OjpyqR4MuYpIlzTMjaCEfo8tQYvKtwZHlN4hd9dh6PXUYkXAYb6evBrnHtQvWFIiBRwHwOHYy9X4A8HF6PhjXtYgyHpwEdycJ07W6X/p1X4oD1qTvdyIFvr8PXB41+FfdH7zSCZl1pIWLfOrzH8paHsBk5K2UVLGk6x+XWg+N6+ZfCP3oZ6P66Nt41eHIEv6RSM+Xdc4IVeu1i57PyOnj7mx9T3Rslqdux/isMwv9gm+bhN3m4wHY/l0V8uRoFgsOi5smY5tayHKEYcqbKuJFpPdkLDUxv3gfdAnLFUtt79NSQqO1dplUyZAspwsQbanUgxc59I+4DnfHhyxa9DjcElAbeoH1GVHUkyiTw2GZ2tWYnl89zm4ELPDgI61OJI0Dqh+vuuQNbjCfxGBWeH8/pRKD+Q8uVeEbSgoAQOglYIjZwtKwxCqLe5x1HZLZ4W5Eq1lO6QUHFmSlCWVUQIGQK53HS7ZGb55T7R8V6xrp4TJvQQM0GcpOHqCsq6ncz3XKUUfpRCUUnCUQFJKwIC3RE+01vOu3NhVSpjcS8AABZeCo5SJvcexsdfOShcuhaCUgqMEklICBjxMEdHCRNL/6/ugHwP9GOjHQD8G+jHQj4F+DKxvDPz69Qv86reVfsX0J222B0rQSwkYoOVScPSWoM0+s8tevRR9lGIJKgVHCdagEjDgfRBZtJZ9QfTtN98DJUzuJWCApkvBUcrE3uPY/PtnmTuUQlBKwVECSSkBA56hnmgt8ybpoG0Jk3sJGKD6UnD0BKWDB3nOLUvRRykEpRQcJZCUEjDg0W8gWiZflebKwtbmu5rz4qitMvmsNEeR5i+qbe9zM1XzMtW3T0rt/V4id3LZtg+7mtw167jNIxWw6/gISWujvGgYK5rTrGOCkuLQYx2DYWuSltoxbxLzdqILJPNM5dGMhE4hiqlRVwPknjulqTuvk4kdOKJ8OWFtQ4ydat2TLCpdOSeA7wSH73PJJ8U5mFCGZXaMrHFupmsauwWMZbwdkl2QuW0cNhcWyzP8QreaJn0eDr+gNPLoxRjQBa0TFJMLS/r1I13O3NqLDXXAnmaM9zq5kXNzwPHN4nB5shSjr+NFmGVhbNbHTUhWCn20TlLQ56msjyITkq1G/f5O1miUcpcbM3rP/Umfb2b0799/p8fHR/fUtbOBTK8sjndhbUNOWPpKFpTe2fmTPv+Mk5WKhD/ohNt8pG8O/wKiFSZSTeY4nxw1d0TT+U3lIQnmakSr+brNMi5Ts+nrqyxdTe7yUJuksyqQy0Iu9W58IK0HJ5JNyIojuJ1ggLyGbNeTEMmozlggq8fhcOn5jjS2jsPKA36hpMuQWF+GxIucPNYoKtVVV0TLJx115EqJ1fCCboHREUFeVFrr/EsX5xjShXO6wqFda8gIEyrGhwkPsiIbP/aViMjixsOhw+HJijsmolaJVnJ/rB8JgljBMbum0S6SyFocIaksPzOWoLVNtDwOR66UWEGm2wva34UOqnW6kLSq0hOv4++EdRHx1yrR8mSpRlaDg8mVEhleSPqezg90wncJpM0C08DRKtEyOJhcaFJPEKqbCzrgsSTEY4qFmQevSZOWqi6wZeIFknMsS/K0ioEF+ErvDUnysiIx6dMDnb8X2XV+3LEkzAFBwlIhaisQLT9prWgdaiImTeU90RKttTu52wzv8vBWJ2+1ZqFeCEnVoiLLGmFymXZi0XoODvSvYpmHA7+2hEC2q4tAAoMOFBfk0X33kq0lWpj09ddidxYtXgOQ5bt3y4NgaR0hI6ORrNc4nKR1Ov7S8kOaOKbVKkHhx1HkthZGJihKDpl4EDF52XlNnOFeSVlCStw7mTft4zB3V/mOv9NThONJcAxe0/HlEz0psWEc2g9KwuR6bRIUtcoFy6EsCQRieHx8GMgjc6dQd+asViLxDxo7AuAtYS0TLbX0hKzussByjEMzpYe6s29fhExGpOuQzoxVq02S0ohjEMvE/a4kzJGpMBqrlqA2MQQ5zJ6V9eZCSBiTq3tHulKrlmLA++vFRKv6kvcMT3+Jml/dOhGnbYZDuyhuarmqu4dto5OkTjTOChH9ipe60UQtLq6tl63mHsNDswQQ2ofravfHeJxMav1Q/G5yDm3ddUy751gH253cH2gyuaDJ5JrXzoO+wiQv6JUYiy7zJChM0hfgABrVTYpR9ZwSsXZ1EaQIe0qcQJqeoyuQGfMkPqxnAAAgAElEQVR8dG0J8kACDrZi+XLs2DonMNer+60jSxDLYPvcug6tbJA/WLR0oelACCKwfNAl0YosWk+CYwDLXGrRmn6iXZB2tvw4MqkkzEFqk2hVe/G6ljRJu3pCpdasVDfd4giyehehB2vqvp2Km85Z4q7Ge2wlOv4WFpnulqQo4QhkQ2HosjupRUvI2hvKaQkeLyssWpefxFLlCKLWHX979Aura5m8dwP2Z7oOAyERchCOZZLSYyEdOoHZmC6doHF+074qQrZ6TRcbpgSFSZLWJSTHEyh7j7htLJvWKaHQ4+brqowWQzoha53iD8cXNBmKheE5JAv36mpy136KSIh3ZZnJG0L68pRMSj92hYFFm6jFBGsy2j8l6k7XtsrtB71dc0mXOCDAdOSI0+jaLxyL8mfrKhOiBRxsFUpwKEap+04aNsTlcHGBNI5CeZcEJSJQrASsyajENlh61PISCK/8eGN3KM5r23Xo7hnHlAXyygsu1+BA+5yJFogGx8g5IqgwsY3rlLwraYHFxcV1uZO6JFr1sopgSqaY7F66eKhMidbViRA/dQEyArUO8Y+/QEIEnRKzQ47NUi11RhbrZNWyJqKFBad9/Bae84BxAdHSCdVtvdswISQ60SrRSY95kggEQyewlHS5ce42yT1scPzUWaj0fm5haHVV4QL+HmrN0raRbMk9ojpcBfWHZK+rMvrrwzeW/OnEp0QrELG0H5MTaw67mtwVgyVaink4uXCLextrnxJhb0EB1oyJlsqr4yLpe8WfW1C/lUdFVlljXcmkH+kqA6KlbkTg0FirgONIyFRS13RONkRLXW4co6VuNXEdelLJdU/kiYxxJXaJwxMuyHOpHyXAonXP7l2QW3YdZky0PJk1ferHlAa/w8VmmbuJ6YrKW3YdqpzYqvttJ4m1qq3TeK0MiZbH4QLeLUbeV8Ji6+vK2o4zqwhqFpCGu/Db6VyLllqz3n3+Hx3vIn7u2UTLTKSREIsIiloLwvk6SafkypZHt7DE6g415p5KtKJJPUzsaO2vmxKtKC7HXBP3UKI157oqo7++Ei2duO25npgGq4OSD73Oom02REv7holJVb8xjrhfu8IAmepIyLxyW5e6jbvCoRhYHv2pZzpc6z3RSnWVw1eHrAtHpJh0GABz6jzJUqJiTuuSoFiL1u3EuhEx5uQY1reojnVn4oVuxZLSJQ68V8/3Jeg9jW3yBAaT+fQ0S4uWl1ED3834QJ186Wa+RnT1Wpe6DVHdhUXLk5NaHPrF3kfy7sRMiZbFoV/cGZW4XRdrZuK35Lw3lQD5zixaXmgNgP+TPn/+6Ny1EqivxIpdh2rN4vit76t/dejvyzvxROoJiloHohe9nGmJSdP+3HvUES29X3wiH/l7pEQrkm0BjprrapG/PoiWXjMJDvcWLV/vLFpz5Nbr67bryV0nb53MYxeI4Km4QT1eIdpdYUAfqtyKQ/pV9f6aUtm1fUqycF4XOCJ5akhWHcZwjhtvhvyPpk/022//oif76146ZaP/x4QpvlVTXVxeBd8lQVEyhYk6IlOApgHmcHM6a1eY0AOx0RQPXeKYR7QidyG+gINLMZNgeHTzqiQrYIa1LsQ06ahsm2hZcmKD8gVjDcniiq/8JZ9Yv/QLxDjwvG2SYnE0kywInxItPX5NNt4JLdvGgHvGf4Zo8QcIezSoCYa/PdcvDavvXGD69+//oZoleJazWKDjJPZIXEX+RW8sOpaYNO2nADWeiQmLWoyYpMT3C665Ogta3DaWLa5LcdRdV2W0GDzRYtm07zTvmN5DJnU9L5749arVbReTO6TQfqqXUzG6/o50E6yJem5XGJpxJPJrtycEUYt12zoOK0+VZ6hYi3XVtUUrTe/gJZcfKftOvigwPjqnHnyXBMUSracovUPsOnwiGyifgetQSaC62ezXhEqmYD1MXYfe8mUmEr2G02erBEXlrrEAsXvWpnew4433NT6raulCdds4kPrAp6KwstqUCZpXy9frF4ixPm5m4VlplaRYWV3uKC9q6hZ0bQfedajxWcHVpue2igE39bK63FmRpUq/NDR9zqQr9LnIXcWzIEYrEBcFLlslDyaQ2E8KTojEaqMEI3Ud6oQOS0lsXdB7GFDRF4A6WWq9kcW6DiOLUyqb3sOeO/+62g+x3HodlUW3pzQauc/rtT9MPykR0WvWbVuf3J0Qiq9eRu2jMD5Uv97iZUh2VxgApR5HVX60rWDwliAZH23jWCSPjpd6jFobvuLrKmFpiFPS50K3iH/U9BNatmjbZXoH7dPgHmRLFY8z5y50YyZYsFD51QTKA58JPu8gGD5YglxfG8KU1jXjCAH/2ittEhQfNO6fUR0388aUBr7nQ7RWxzHjlBtC0oA9tmZBJ22SFB/8XqMPpJy4bUhYKmOnSkx0TLWJQe8Jy1xLCUv1lv226x5oe3LfBN4SMKBfSsHRpSVoneOrx7HO3nz5tdokWi+XtvkKpeDogqQ09+pqNSVgAPIGi9ZqndKftf4eKGFyLwEDNFsKjp6grP85fckVS9FHKQSlFBwlkJQSMODd0BOtl7whWzi3hMm9BAxQdSk4SpnYexwtvICWuEUpBKUUHCWQlBIw4BHqidYSL5IumpYwuZeAAbovBUdPULp4kpvvWYo+SiEopeAogaSUgAFPfkS0MJH0//o+6MdAPwb6MdCPgX4M9GOgHwPrGwM16R2af331Ne32AAb6tv+VgAE6KAVHKRaUHkdeb4ZSLEGl4CjBGlQCBjylkUUrr8e2lwY9UMLkXgKGUnQBHD1ByevdUoo+SiEopeAogaSUgAFvm55o5fXOrUhTAkkpAQMUUwqOUib2HkflddFpQSkEpRQcJZCUEjDgoawSLZNQ0yef5CRkNqnnas+zJmC0STA52aJJbrnalcs9q63JXXWTrsXYVI4e17pF+mwLg5UpxSEjBIllQ5JVHTU54tAkpHgGK/1b8zwiKWht29E1pXmL2yQoYRkd4LgPsviFmONyTW5q2/I1gCMB0jqOgSTF1CSlOn54RYn9U5oaAadjrB/4mmzCT04GimV5usRxHhKrVmSz+JyMjGNQj8MkIeeuaIug2KSqFgMLoYtF4xlxCy6jXBOD2va4zu7oO80ShbSFQ2WqSzaKJLeSjDRORIpzsH7j8OyOtP956ZsaHG2RlLD0TixXSGIaY2B9nPzBON7V4HhUYC0nXbWJSt99vqVH9wzomobCh+Ls9VrH7Wc8Aun+77/o1VjWQ5SSOqKlNS6rtn3Jm6rld0HgmFBhslPSZveXv+Q/4YxWSAqW0FGyy0TbLK1TV46OX0KfrWCATE043EARQpUQrRxxWB1gEfSBe15ATrA6Ar8AUO72l8CArmiNoPDSNFZel9V9XjkTQyxjc0STWwC1+06RbtM2jkuekLGkjsomggipMtnegW8MYoh1DaXtEy9ho/td4UCGepUz4HjizPUN5UvgaIWgqKy8JM01jXdtn17TeP+CbllPsqbkCGsZ4pzccIAQjh3JY1KFZY9kkXGM+fMD4HLZ34EJ5APtxtc0w7jSets2HlbtZIaPZP9BJ9DHzYyepv+lV+PvxKRJ2+jSPIpjBhwfpD3j0P0ApC2yiL59/+qUZI1GZKr/QGc/Z8TP7fuqXCwhzjm5psfZA/3NbR5pRmbfETW0rVq0AkZevmRtRMtMgtNRmDj8BG/u2++GHmiNpPhbNpHfpHwJfbaPAWCsvNh/QzujUxpFyzjF5GzRuGwLB6xZ9rnTY92qqmD9wSLRIJgDZ7myGLRM2+u2LYICSxRw6PvGH0PeISZEkagWx/iIJnfA9kmw6UUURIuEEXLvG2tcOHbrGuq4UsuIkXkKHLdP9GTKDATebU0f5w6H60tYdIALi2IzvqQcMu+OMLETWRxaluJog2ipzNrV9hj7A7bsJJIZUnNl9OGJTtK8DRzxLS1xkiWbDpRcWSIFfThydjX+IETMlMXXbGcJHliBDiaxdc0ei0yWULn1BB0JuzpRHIaYGSBtES3FoVascHxtSJcRDLtYF9Hj+IvObx5pZgmmab4S0bJuDSVKbC3Q9fzcItN2sqhaQOxEaCTqd6MeaGty9zeFdcTr0ZeKBcuWV6wozfpsHQPEjnA80HT6QLJI+CKLVmY42EUrhColWv54CV2ga9qa2M3o4V1PqNhK12Dpiixa98aylV6tQxxj0Qd+7eq4GrN1UZlKatEKOGr4Ynf68DjivoWFDgS+agmaj6N9giIuwTGsVk+ybwmjR1WxaGWGAxYeT6wwgQdCBQxwFzJGtQR5i5bigOWl+tcWSbF3hrsQshrvn1jiDi7IL3itOLxF644m3rJlr9YOWYzvKEdwCY4vH2n2BOvWJ7pUa5xtXLFoKQ6cZxuuYtGyExj2vYVArAa8MDSsHXZSdveMYmHsdWKZ+iPTA22SFCXQ8eLeYWHmtPy5+mwTA7quCUct0UpjzeaMy7Zx8DDQZwwPrrME3XGFLBatP2ZAYnyM1hwMOLUTohW5C4UI7w+woHRYJBqyAQfHNsGChHPYFcSAK/91iUPciCoS3HAgjuHtGsVoeRyhXs/Ethsc1o1opDGuOZRGMVoLcLROtIys6FkmJJMvNBy4Z+Hs3sfDaTwUx2jdfnXjql4fbeKA5QQxV8eOLLImmoiWI5M+Rus2IWhGjdhtnWiBQO2eRqTE4/sWky8f24QYLeCwRMzgaB0D7m3diNg/OOIxhfeSjcVCU48DMV23aHtBN4/qAg5AVrJohdOvaYQXpbz5nRXhlEY+Biu0TPcwSWPi1slaLWNpu3/6cfuTuyHMUec3lUujefpsHwNkqpMX4zWxaEUYZTw2jcv2cUBePCdhQlBCtbNzSpPExahQ1HLk2zq3ota3P7ELKRxdOhwgjBwr5PS071ygKqDbqmVFyddOEkjeBY7x4C0BR9AIhK0SLQtlu3DU4RM0EQ4EznOweUDaJkHhPt+FrGLNghRMpoZfXIyWsQTFyvIWosvxHg08jtCoXRyQHK61vYBlDtEKvR3wAQfIlw3+R7t2SQris/ZolBAqkTfgSy09qFfr0eVYAuR3jkMgebsYIA0sWMDhrFJwD+5q7BYRiOMJW7oEmf1/Ho6ViJZaDCQK3xAttQ5oALWVItp3E57/5Y1JMb5O1PwffND+5C4WIbWU2K73ripbyPvz9dkFBohVlXcR0coJhxDFOj1o91fxocYFyc95ttolKBLHlH5FCFw6tSHmqRpP5sjL7QUN2apVDYrvGofqYT7RCjjEOhdwKP62cZzvv5UvQFUABiLB46ynqFxRIvD8lKa3amWs4miPoIis+8ZiBSm9i83Jb+O3FAUm0vHuJ7q8URz35oMFadUejiAVJnC4PZmIPItoJThm9yZAXq7bHkkRIrVvviAMyGQP+KqxW6hzrjnog61awBGCz9vDAFke6Pz9Hu2fhS8Om3A8ui8MQ73D8fOLWOce7+lcA+SfVnEdRm5BTEyGILkAabVuBCHiPT9BYDJwpGzROfEV/jlHXZAUr5+kmxeWN+izCwwQvSrvfKLl22eAgy29C36wqOXKqqkeQ2wxanNiZ2tUYlHzQfEquAnm1yIfcA53Fc7ngGyNjZJWreJAuobEoqayziNafrIHDv7yTdxxHAPlLpADDnYRNuLDL3kXMD8HR1sEhS1XNUHvkHGM2LI5RMvjgPuQ9fFUIWht4QjjRywlnmhFMVsgMe4LRHOCJ2Zwu/GXiFUcbZEUTuMwuqJZnbnKydxEtHy54pg9eQsXLtcWBojJbsBRsKaZ7va7Km9KtO7+/ouJJLsPT+RrS7VwAcfyFi3ztRl/Tu+JliFdmKgaXTRmskM7juXqLVpek8lOKyTF6pStko48N5VHMi7WZysYINNCeY2sEQYcmLqGcdkqjpoYR/t1YRzsr2CSlA8Nz1ZrE3vydaFKCdmRZkA8omLxsu7RiLigbdcWLXwxOCdWLJLXg5Qx5WO3EE+U4FDDUXv6UBx6Zyesx5eUeyzOmoUZYw6OVggKrD3cjzWyetmkzn9h6HE4KxDSKPi2HVm0KlYr9/Udy2rIVUS6FEiMQwLpO7JoOX34QHcV0XyRhyL/daHW89YEmgNnlxYtyHtwQT/1s0OVswYHf12o9TU4JE7rpRYtnpAQxPrafS6PGBJxc9g4q8Zf5JXJUK91HYneH0gPtDW5s744EeZrjp3T/m8q1/oquanqsy0MkGm+vIZMeQBu5xnjsi0cFoO45zVpqXvOahKWMorEMtR1jJaPrXLjSoL1JWkpuwtduXUrRjjcXMrWFrRNLC5tERR/f4sDbis/hhpitJKUDv46XeJwSUn9uDq7p0t8gFBTrpYhpNiwKR0Yh48J8p1AbRAtDWpX+XlMWRciJn7+yCJOsspSVshNtzFaFksUDA9hObAcQf3VZJ91XyV2FaMVkpJKMl/oQ5OQ2rrjutitConpLkaLrVnJM6BJS23dscZuhWEfpXlAsW9vYs3mWrTstfr9bnqgrcl9k+hKwID+KQVHWwRlk2MK1+5xbLqHl7t+G0RrOYlWa10Kjjbdbqv19OKzSsAAlD3RWqzrTluUMLmXgAGDoBQcPUHp9JGu3LwUfZRCUErBUQJJKQEDHvieaFVee3kVlDC5l4ABo6IUHKVM7D2OvN5VpRCUUnCUQFJKwICntCdaeb2rKtKUMLmXgAGKKQVHT1Aqj1mnBaXooxSCUgqOEkhKCRjwcomIFiaS/l/fB/0Y6MdAPwb6MdCPgX4M9GNgfWPg169f4Fe/dfqrrr95fQ+UoJcSMEA7peAoxYLS46h/Z3RVWoolqBQcJViDSsCA5zGyaHX1gPb3be6BEib3EjBAQ6Xg6AlK8/PWRU0p+iiFoJSCowSSUgIGvFN6otXFm3WJe5YwuZeAASorBUcpE3uPY4kXSQtNSyEopeAogaSUgAGPXj3R4szuSDxpltfRsrqM1Us9xEga6ZJamgSANtnpUpdDYySbtNfaiZNuLn29jE7IanJP+9mOhTl1XWLAkjSc1HDyUNFqbd0W4VD5o7Gvy90geWn0TGgm9m7zT2miUpukVMsiHJHsIRkiv5NuJVVol0SLZR64pJjRyELyUiSaPKVLl/ETy75ECUHNwsc4tXUcSKQaJWcMsiI5aVTnZK1g8Po5pLNbWWS7K4Kisg1t4lJe0/CteQaQ+NMtBm6SmvK7ITqPWkm8Gg0Zd4DlXZB4dGjWDNSy6NngxbyfeIFjTlTqdREvLN0VSVGZNXEpw0Ny0t0w79s6aR/qGKtL9tkJhkTWnZ2P9O1xJgmKl6l79z/ONI+31QKihWzMLmP7EkRLM1uPpnXDSYnWKWn1/PZ114jLms5vKo/PzvuoS5IS9YzqX8m3EhKMj3l1XVqCVMYdzaxuENXVZYxDSZNdZFqJli1jhB6HI1dKuhwxbn1i126HHG6CryNatkxP0a0nYyarenc4AhnhyV2F5PU1lVQ58oKlXgzx0uzwlhS0iiORxxMrECosGM2yOvKEjPDIss4TuwEJnEoeTV0nRMuQptCnWHT6iPaHogNebmcX5PejLCat+7PvNN4FGTMkjDoiWhGOO1lcmvu5Sr5UE0poLDHTOmy7ISmfPKHyZMpluR8wYflO41d7rs+FvCjR8u0NiNYx3H2l9yyfI1dKrECabi7oYGHdn/T55yPN9DxHGBcQrVMajRwh0pe3tWKYDrG78wlOlWh5i5SSOnuxZ+w33a+p/BmXzKZJLkSrOqnL+pTD4SlNKlajUAcy3T4Gu1SNWEMCGWmum4cxPxxYbgiTB6y3YTEYDNx6HMFC/du//kVPfn2VNoa6rGdof5VbUqVL9YwuYxxBsqqVCHWtEhQWRnAo6QWemGipnBhzxkoUgJAnNh0RRiVIMSkRsnF8fMhEOK4LhCXAwNqHOOcjXZqFhNslWiBT1mJlltxR0jL8QjfpOE/qpmNZhscugdM6jgMQj2C1tcQJy/TAaoUlbCpQ5tRBV+2SFKzPGOPwxElJx7svhDURpyey1I4uZ6NL1uhxGGdtY5DFvWF50+V3iB7o/D3k/ZPk+XB1M0j5QH/PrftA+0MhbL//5z9U/epQSZVTPk9SWuaJlhImHSBCyPQlLy9V43r0vafnBYtWTLSqE6F9QfO+lyFMKmmb4VBcRs1yeIGy3mmfpNR3h+q1SlgOaTRK3XOqQ9F/+xgeaDK5oMnkup50NNTNwzi564gwNsiKh3wyDOSpXmtaisWm0VYsXJ0QLYMDk0ogWkrCDmniXIIqtW7VmhXOkZpOiJbHIZYrS7TUWiXvnHqipW0CmemCMGrPYivkcLBzSmdndUTLWXycexBnVMmaXK91gnL+lZ/x24nRBda9Pj9yLrj7Cjkh71IESczBovVA5wZH7DpU8lKz3iEIABObujrRR+tEK8HhiRZh8WiQMJCO1KLlcAzqcbSLQfot/t/K7tyHvkGo+/z5iHaVoCUkDBauf/8+j2gNL2gyclatiGglL3l1wzgCNN+SlBItvZbGVYVjmdT1WCZtnQy9S9MsJAxXpb233fd9s2U77ZOUhg5S/WOyRhPVOVyJ0wsactxdTV0nBCVg0PESCOKcunkYs8Oh5El/6GBb98MmWL7wzMBm1D5BsX1+xL/eA2lqwOFJl1qJqkSscxw2RutO3W6qj4RoRbFPcV2XOOwC0U/edXgqlip1HcK15omWWrNsmei3XaJlxpRzYyp5VaIV//gW6xvbTOE+ZfehPDM+dstdsjscqZvwh7Mc6phSeTHhz6sTIF2RFHVpBqIFdv6VDtgKCgx/0tmNkhYlKxbjn/TZ1XeFQUeXWtt2zALRtXU3F/Uuxx1xJS4kWnd+QnUdATKlE5K3LIEMHRLcSJiE5xMcJVq2Y00sWPpLPb1Xepzcz97b7mvnbNs2G6KFjkvHAls83eQ+p65LDEsRrQUYs8Khz4EnV9c04mfwgu7MIFf8O/5ZzYxoMUFxljkmV9c02se75IL4UAmKHhtsXRKUNBg+WKq+0MjEZBlxZdfj+UK3zhfUFQ61TO3Y4HyVz7iyQOA90VLyZc9xILsjKLFFC+42iQV05EqJFVyJl6cSd8Zuz3uaOPdjd67DMEKUoHjXoSMn3P9MPH7Q+OCIhhpPx2RRLUGmzrlzuyIpisMTLXUdskXrniawxLE79JFmnoAFHCcOI9yMXWGAVoCDA/hdUHvQFNHd339V6zxOy22eS7RAfEaHzmLxmviF7V/y9oLYl0l3PsFRomVchxbBIqJF1fPt/Zr2o1ts0UGXk/v8bootjXHbuK5LDEo0nmXRikGwD96653LFIWLHfY4yxa4uQ4XX1cQuMqUWLZVKt7ErscltiNad41CLllqzmHyoBS62Wik6jvngyT2Qly5weJLVFEvGAmscVJBVz1PrUcDVURB5jStTLVpBxoAjjUPTthLwLzGC3RHG1KJlexf789yF1bquSEpKtOqP8ZHFFT2aGD9BKzgQEwWr1r9//50eHx/Tjtj4sSdZ9otDd1dPsmrqgmAhfutZrkP+dWytFbUWrXB57FmyE9fgqEqU4jbJhKGkTn+Rp8fJ/ey97X58j+056nJyn9tLqgd1JdrGSV2XGJRsrES0tgSHdH383CjulGShbRcTuw6PecTJ49hHkD9chWJxgAsIgfJpqHznOBzR0hih2FUlP0KrcodJX61EbeNQstQYsO+VpV9MatC7yv6ajmv00R1BiS1a5ALen0O0tG1PtFTpL9/WE6vXVLFwZUq05pIstXLNJVlEdP9/kStxfjC8khuQI7glEIfDZfFLPSVP8wnOkkQrsXD5CcR8oWjv17T/8uHTzRW6JCkRYiXbbkxoPzOBmVfXyVeHQXIdL88iWtuEI0nZwM+gug4tQUzZSW5ES1M+eNegdR0ifivOSRU0mwFhVIuWFcoFl3sSo644dbVpegU9blsfev86S1Yiq8ZvBcKi8VlKvCLgHeafSogWdGC+ivTpHeA6RByaT++QuesQhBG5pyA3W36MexAu0Ka63FyH3j2IYPjEdTh1+bXcF4n4WKFT12Ga3sEO8Xl16jZ0bkaN7eKvF2eL8mh5omXcEL5MCZO6D0Mgrk5u/EuUI6ettHreM12HONVPHO5eXga5rk76aTD8fDmsTPnuZ0O0jOXQ/3KvIbt1dV1i0DHwLKK1AGNuOBSb73P3VaGmfQjl8TPa/leH4fmqs2hpWZBX3W7z3XBtW4ICCrwPzeRuK1KiZVxbHp8hWTi1TRxKnrwsPhZL3IOVepMni79QNAQmgt1V/inTv4EQotAGvGP8h2B47y7Ur+q3KmHpR/o2E+uuWo6CLkMddJOL6xCypLJ665avQ5ymvqdcDqsOMChBCrKoTH/Su3dvfR7AuF7isC5d2gpfZyx29Xm00ieoP+6sB7qc3NcFugQM6ItScLQ5sa9rDNVdp8dR1yvdlXXlOlw34lJwdEW01qmPEjCgP3qitc5RsYFrlTC5l4ABqi0FR09QNvCgvuCSpeijFIJSCo4SSEoJGPBq6InWC16QbZxawuReAgbouhQcpUzsPY423kDPv0cpBKUUHCWQlBIw4Anqidbz3yOdtCxhci8BA5RfCo6eoHTyKDfetBR9lEJQSsFRAkkpAQMe/IhoYSL5//auNauNnInOWjD5nUlmHYPJvzy2gc2fwDoGMxOyj2CSrGMCYR/B1nduSSWVXm17wNWNvp5zMla3XnUldetSVa0a/41jMK6BcQ2Ma2BcA+MaGNfAuAaebg3ksQ6rf3uNGdojgIX+3P9rAQPmoBUcrWhQRhzDejO0oglqBUcL2qAWMOApjTRaw3psR2kwAi1s7i1gaGUugGMkKMN6t7QyH60QlFZwtEBSWsCAt81ItIb1zs2kaYGktIABE9MKjlY29hFH9rro9UYrBKUVHC2QlBYw4KEsEy0+IdsfIBYOI80OD/VBbd0zHh0uKuqlrwCUSw4eTYtE11G79hCx0iGUUZ0GLoawufOBsPYgtvViTo4AABftSURBVNpBsxhsRAzI89UxyPUrDlXNl0MurzwENF1fmjikHHwAXioP4eET4g9emjw/x4c6qgSFT34n+X5mYXT8nGTBpV0On1ZeqK+Fgw8n5XnALx2O6YUPCQ4uLQMxh5A3fPihq+9O7dfCEaREKJ1zs3RBrXE/Pqj0zFxnMehs7VAuxD/kdlUJiguz4+eiEAHBh9fBPkYHr4ZC8tDS6KBTxYNX00M8LZY7kw59KMeBl3nE5UGged4QSEqX7IwiPiQ0HFaK/P1huDeXb87N8mFVeCfZvOtCHvBQoGnPjV4aPv29C0edaNU2qIQg0Ybgy+LUd0GuaMPLN14e4J1+k35t2J8nansnQXQLa27uZWTYrMWclgvRXUvI8jnRxYBwUVeGYnS68E2IGFD6L5OXyDzLn6zlXjVaCEVzZpZhn7BwWF66jzLxPNkT4vN6ahs7kSfu38l3m4IAFASShuxrigIx5XA8vj7q4JR4xD8M9dVwRIsHcgBTkMNngxTOvhnKolA3fMK9L+FwxPW1cViyJGUD8XpHY1tAFYRfnpvD2TdLBBifYAVqREv0vaZwOyXZv5v59Mrc0mTYGI2z61WYm0NLJtfmu5kfvjOLHyGWphqOMLIGoWfmh+dEcKM5oDA8Z+40+KRMV95eSUokeP2CwtKcmS9EWL6b0xfnJicvCCL93ix+lAjP/oiWJUUxqWMgXXlcxv5KTAgiDRwPGVFG2UcTLdJw8caWkaHtN+kYQOEqa9sGr65tooUWnuUtXZJSGqKccOSlMM+/m4PZmZkVgkxrYoiJfy6pvVOWF3WlVii91sQhJU/l8HnQFvGzR+GDXpkZsbEEX/TmVtRoOfmYG4H4Wfk8ApsAoQIOktORLlQCcWHS5bQuqM9wtAkKhIV2a7ro0Mx5aGXyAk0K1WcQqhpGSzgmszNzEpFFkMcSWfFgCokcnxpBAcHwJMqYm/lrM2cS5SQljdXsq1kVCHE6B+m1Gg4xqtCUYF0I3kq56X2JtSsPlfenDRKCdyQh3/EiaOhuTu08xRhBVkB0tYgWtFWvzeHJR3oGYuLXlZcDvfv7A+F7WCEPON6bi3+1iJbUaOWyhTuSOCFNm7SNdyQ3O19BlqebKYlzm4tT6RXb8I09n0Rfm3sYIRAt1vKEu3Hq3iyX9/TXeqmsJgZoqTbPfbe8jA1tSSKviYNlIM1toqmK8xKNEanyBL6CJkyPoEhNXIdGC4QMmiAHjAkZaSs8IRiCRisQkjAHlRS0LoIM2FKhPmPFfb35COsi1spBrljLVkEVbhfw6REUBI1m7Q/SOUkEIUkJbRA+Tknyghw9HCwHa9VyspGSKXkt02gpvR4a0YJ8knhZ9FIrxOMRfp8ew725ubk36/W3goatKy/IFOR2xIpudOOoa7SEDfJA/NUcabDoL7y35sCbDkXw6aLPiBBWEiekmaBRurCxy/JoJi0HM6WXYxtyIGQZcLKfzV0MCI37W3N00EGCffHyuGtiIHK0wHr67/ISnHR99WU6TEiIH2pOkJzAGpsNbbYkOlxBc2O3z+l04uRj1VYQxaYSjIFoddfXIyhOYGkaTDGIa/bpml0H7RtlV+qr4yAzrCBWRJrEM54EWRbQKAkN0GTy0pwk+FQJCpkPX9G6v7hNxtk4LdfikzmaoEzsExfhQTvejGhzVHGgS2jo5mXtG+VNr8wPUgOBkL0yRxdOS+Q0e8W8AWi0DEyHQvbTF6+D7DwJd5/N8fE7czT53UwOXhoZbBpFnp5occddxKgrz9UHtvlX88DqubvP5g3heGVx/HVrrKbLlq8TLU9aWDD361/s7NhZIEUo6st15DOBQ1lOk19NYdPw7VX6BdHybSQyP+NLTZJSHKbEzw5mLKnliesMg2jJdZBqpbaR1/r/xdos1OtjLjo1dCAo0DaSesRqdGPTXM9EC/JN4AuE0YNJsGI6rBEtEBOqjwZCfdYGaRMU+DZtZza0eC+BV5ARX58BuMWojcP6uwmiFY0zNCPvzFyYaJ2YyQ/7PQWSo0ZQQDCwLlbom+Vw/ldOSmipJkefzA9nOky1VraYJS7ed8vVVcMhZJ0KE5u77X8g++EE+95Hc3HxNjIxduXtj6R40TYmYC6MZQ+mRKoc+XFZrdx8ufIm1P1h6CJTXXkWMvy4ji8EmUpw/Pz7gzm9DmbE/0a0diA01Y1CkiuZ7iJa3C+RrpzAgQTgrxf6VyOKG5fGsAr0sbl3jUDVX4gqDYNoSSK4u7yWsJTMj/pzkZrH45lJsdH6FyY4a3ZkIhbqam3s0OxgHJlXkKYnks/JVCFaqT+Ur+8a1MJhpQTRsyaqMJLdqdj3J/dp4tq6ONBrt6kwlpulzH/TcloEJe0X1xPyxwoypsQqrQPiDiI8LWjvtHBYaeEMjnWVmw0DmpBKzYMhZ3imQykb0mXTYVwqLTNMoiUc32Px/RWIFsykrNV6UqLFL3rfGwY3cTD2eZJcyfQ2RMu1G0yFvlWXqG+WacmhX+tv7t0jUp1PqtY/0YJ8jyFa+MOgtq7U54L/oGCmkkxNNhcJYRka0TKZfA5QxRk+JVrkHM9f9an6NlkN/dRr15KJqFxGmzuZuuSXfqHSSLTCWGyTisYVFbzpLdRGGdLKuWcnrQMiZslZ/nCpEi2YzhLTZUCRp1ICKUukefsjKbLX7dNlZ/i4/rMgWjATvjh3X1PG8vPVXokWvdgPpMkFG2/BDAhpJLmS6S2Jlu0rtI1NR26Q3SYjHo7h/6pv7umQRL5v+NIzjHla1M5JrmlUxRCtpR3l3WB+VsWBwU2wZOON/CGbDv3xDJA8mP4yHJSHddV1vEOoz1ujKkEBFnJuz6X3dxIfrOVcOGmTHxQfN+BrUEIVB/WYaLS65JaiyuMd6CtQgU/TiZxJa4fp0CTjfSPngn2bCl8kAq460cK6Yl8fOd5IexKJZ+OzOZZlu/L26t+UClm5ln5M5IvFvmaivCwDuKfvI+3e/shil3mwKw/vZfhjXZkfD/wmguCxz9bN6QdzKY56qGu02ATnfr2WYKuXv3VEhgnP1xNjS0nZjkxvTbSc4z2bE+nz9tCvJF1p18/pWn1zLwwOaXnSdWBK2qvSvR58m8ivzJqQgwmwJFt8T+JkE3So3xOOzNQW+13RHxhubqSsdhrjsjy1mhs7mfu8fPJYhEQ2ImW503y9vrJTf0JGeCzxx4X8Yo/OqOJnRfhnpdq4UF8ZB3Ucy4xb9mwt+8zETu74qu/MLB0RqJfTJSjQUMEhH89pOHBUfo3oSAp9iCHLWEd5ruufc2FCVCVakiz5RSHPy4Jp8TU5WNMhuNExCF15+3Qk94JuSDj5aJ7kgaoxkZEHfZ58CX5NaHwYRCuWNyVVPAhdOMpEi2uOv72PwBCI1mMHoQUMGINWcGgSrceuna76I46u0dHPUyUoe4TXCo79kZQ9Dn7SdAsYAGkkWsnEDu2yhc29BQxYF63gGAnKsJ7yVuajFYLSCo4WSEoLGPC2GYnWsN65mTQtbO4tYMDEtIKjlY19xJG9Lnq90QpBaQVHCySlBQx4KCOihY1k/DeOwbgGxjUwroFxDYxrYFwD4xp4ujXw69cv8Kvfev1raOy8PAItzEsLGDA7reAYNUHlZ62vu63MRyuaoFZwtKANagED3iuRRquvF83Yb30EWtjcW8CAGWoFRysb+4ij/t7oI6cVgtIKjhZISgsY8CyORKuPN9IOfbawubeAAVPWCo6RoOzwACoUbWU+WiEoreBogaS0gAGvkJFoKbxIH9NFC5t7Cxgwh63gaGVjH3E85s3y9HVbISit4GiBpLSAAU9amWiJAx/tgW7Jad/RAaOFB7aYz0FvC+V3vlVpC/0eiENLa6fS79zf4yvwYZjyUMn0NPtSL9qbexrWheXGYXmLu1hCztuESRMDy5TJK9a0lBeIuI68X5qbQeCgKcD6j5/J5eyVPbxxce8niTGI84spT5OgQK4JHeD51ixuU0lw2nsci5HLHy3C4aZpjEMGqIpjHnBcZDhwePK7KOA0H1waDtO0wZoR9iU9kFwTR/mgz/jA0oMDG7AZ48wHlJZwpIeZaxGUGgbIG/JwQGYIeE0hdybxwaUoe0gxEuN1qYWDZcoPIuUVjgM/z+mwWJYQdRCk+egiBGdG2JoSDi2SQv37w2ODXHSw56Hbj09uzINYMHy4558FHLKcFga7dt6bF07eP/+6Nf7gdwoYvQEHyq/svCH8zot5jLdOtGRQ5g2hSXhZdP9WyFF3pUpupa2E4PFGU2nk6W8n/fsOcJ/GE3IzYZFpXzJLaG7uHELJEw7MO68DIrFic98BkxqGmryR7DgNnufAhbnZcm56xcFvWiKGIFWCoOwwF1hgahu7jG0YheOxy9ySKsT/c8seZegkfBnAWabjx0MPx7mZcIxFh+M6Yks4af2VPaEcIqLM/JtZr2UgaZnuCQeHriHZITOH0KnIhvI74FAhKIyBwu/gJHjGwCfBW5K4NuJ09SHikCfCV+IdWlL10XwhrDb0y/H8m1lhXflA1DIdrysVkhLJ/t2cYj7o9Prv5vSYQwvZE+Jn1ytDXAt1gGOF++9deZkOOFQw0DOL+IVnLn4hToJ/by7+RaDv7+b0DYfbuTeXb/4wcz69HqF4Tr+Zh5UMMi3S/F7r1GjxBusw46/+ajidMC4dqQo56qhRz6q0hQ1HhOTZGCuu3sF/y0n751YEAfCxAsU9Llb6Vdvc0TlkQkgLoRUJMiXEUMi/CZMqBi+wkBeyinURreXnhIPCUyHo9ZmZSaIlCI2cCyIHfjxCQo2ghC5drEMXz9DFPezEgdh0iH1YDX2jSBgzHHZz97chI2tLcFPI7OMdinu+nktozQc0OFNoCt0GEK4l6RLSidiGEsfhDJu9KOeSGkQryGw7ldcyjVwQlfn1yqyBY/7VrNZr42MeinspEg0ccZ8pWbLEZDL7aE4QyJyJliBnN3MXE7ADhwZJSYNA8/WPhdWySe2UxyziAvrYhss4ViCX1cCAvlhu1mLxNXCk2imWTYbi8bENKzi202hBkMXbsAE7QrGU92QZQThIqwTTwdGZmR0JsuY29WxjR13aSKyqTm761bYYueiXbqXXTkaOb8XaGmy8sh8iHEw0hZyeaEbt8oZuyR+1LTZ1L0ekNeE6LHj9V4+kWJlmMzHPUqwIMwYy1dLVMelhEAJH8sqYhps0WkPGcW+WS5gG8ziBsca0jgEjpLWxi9mwWh48F7RB13HEGq2fZjFNSI1otDccUXBpq3Gzz40zd2YarYCjwE/6mQ9nFpwtYV7LYx/SMGeaoG4c+gRFkCnEXK4RydtUMzcwHNDwyGDR5t7c3Nyb9TqJ3ciaIK/RYhzQvOT/aZEU2fPNqSW31/PXZroQZkRZiHF4jdadWXjNliy4z1iHcT/pFUyb8+sHcz3/wxxfCDOiLJhptBhHHK8RVR5FtO6izUy83Pk+fvGXN3qiNBOtDRsfm3ay+qW2BHLu193KTIcyX7Zd1Xikcor+PZkq4BYicTLyA5JycIHKrxpJcZqdiFA7mZjgeqLp7m+LSQ1Dl7w03yDvwmz4bHCkr9GEaHlzotNGblhf2gSFA0PPvI3QDXxKGB0O+HSRjxYIS0RquJ797QXH5KUBDj8jTlN12+Wj5XH4WhEQbRzUOZvgoN5CevrW+7dKf6zIR2sDDnWixRikxofWC8YZpkNnzl2HQNKEDcTLl4umgi40cUBzAp+rE2jesuUhzJ9OzMhH6zYlaDEWdaIFAnV4Zq4fVmYJwrX4ZI4m1rdR+mJByshHCziOr8yPgppUHQOEA4FyZsQlCNfFP2Z6aAN7k++W88WKcMBH6/azeQMcD+L94KbkcUSLTBlu45Ivd067zdv2BULiiFZ0v6wts37XgsREdURbDgj9+M3URnUnPxaZH6WlZkMSKrTtCFXUp3WaJrLB+Kg9IWN0P+osumDTFRMV1qxFhdyFDkkJGEpEy4pSGXMnZxcmHQzp6Al5MY9M+J35LSWNXHu4OORbOCdaLD9+4fsETQV+ScNKfk+hRC8buzMXQq7w3wYc84CDHOoTR/JecRDZCv5jqTN8wGgdynk+hoHD+pR5wkimT/jK2bmBZmhOmi6JIsEB5+cTmONCGU2CAq0uiBT8fiRBARGBGffg4KO5uHgbmUpZUjYpQutCZQlHAKKLA1JZU2GKxZLF82A6ZADuV+IAWbPzEXDokhT4Z702sy/WDwuarcOjT548saZLrheGI7VHFkdwJNfFAIngnwUcVitFhHD6j/nX2RRZ1l1xPJJoWZJEm9byLJjfHOFITYu8ibEvkDfhSb+giKzUCYBvi2cLv1FdmRHSrJ2xfQfthm8PbUizIadpA3NEMeonyLhN/9bh/MwsfRuifhDTp1RIiiCUdaKVEGIvIRKOqFYwqWCI5LEXjIV/uQitATGvfH/oOCI5J8IZPmQEs2JlLlC0H4KC9fOO3hFhK+giWs6cdXtljkj7EEgNw+0TB/k6sW8clEKJRotlJEKAubpl7VzAweOgiwOO76+sxpAFCMJSKjXB2WwQm24cegTFYpheBH+zBEIHDqcl+sHz8dNcOvM0D4cejiA1NFtYU/EGnmu0Qo0Ex+qncJC3pfRIiiWKU/EFYUqs2Ocpxgc5QWzOzTXmg7RawMEO8tqmQzi7vzZTYSpMiRXj4C8M5XwQjn8/We3cw09z+QY4LGHbkmglZMC/xME+7JdpnqigZ84XGzhYe02jFYQVdemm6LfWlqzM/cp7Mo02vMlParQCDmzCXtsR9VnTaIl2NvUPeOzXhrJus4/GTsqrdHYTEQ/6BJ81gWWHeC97IqO/X8E0NKLFazaBsXFu+sYR5K0TlPJcWM0Q19fd2LnX3YiWJy4wV7kv/mDGsj5Fts0+cWBThLnQak/Ec4PNP0AOfkPAQV/wBc0Ql9PEQabARDMoxKVkiWj5ex04tAgKaa3oWIZU8viaNT5S4+VxeL8tOMg7p3k3IVo4pLS7Ei1fHmY3+hIxx6FFtEh7NbsxK8GiIN986b4yxL53+d4cF3y2/H3GsVqTWRH+UWhOCwPmgrRXs6BNwz3Id8pfSwocKdG6+/sD4SPz4elXOspCkrTtiFZEUNCb/LoPRAO+L87cRtK5fJTj+5Qu+WgJAiPrIp2aJottUUH7v0gucZ+TkjghHfnrfDMzctgPWi6v4aD6TmuTpmU7m/pnzQ/a8GUFmWQ5xa/25u43asggx4s0enJsWEgxLhVMahhq8kIuXjuS8DME+n0GOLy8NaIl7lfmAk2obeys8XFyL2fuS8ItcMxJYwdVEWsegiaIq+vhEMc74DnAF5HJWVqeGLJw9CuczMkP6srcrgMOdaIFE2HJNyn5IpLxsXyklYM2CztfBw4VgoIv70oYMN7+qzy8X0t+WEJD5PN70mh5We0o+68Io/Uj5K3d9470PWm03Hxk/lWQS/hd+a8LExykBXpYmbUv35NGC19CHl95E6EXE/5azu8K94DjEloqXwAJp5VzOGz5bTVakYZDkCi061/itjdoZCI/I5lPRKT7q8NqXUm00FWtLStGJhffDr9MCl+6T+SZ+NkShMNrvFwt7vPgZdB0YQgWb53/y5U4G8u1n7bBAmREwB2CVjRj2UpqJMXJGBEtIldOxgQ/Q8rJWI5JEwPNoVu7XjMp50uaqT0It7bEPPh2xL3+cIQtz4osCFWCQR7pMAQfLXtWltX4bOMMT3CYoDnYpIXBnCaaGDWiReSKDyxNnOHd+BeJVkZgXBs94WDH9shlw5nfZN6JdPYHPnHMA13i8FbvE+QGwBijQbRIm0U+WIkWkdaKNSnyAbnywFKSMiM3/fpoSSzbOsPXcPTlo0XarGQ+vOO7OOjT3wvLxcjjEXCbNEq0roJWSUuj5fsWvMcfWipxiINJPRRxXEUNR1mj5Vv4/0qkJGMI6DU3933hbQEDxqYVHJoEZV9rCu2OOPY5uru3rUG0dpdq9xqt4NAiKbuP8PY1WsAAtCPR8nMOE16iufN5/SVa2NxbwIAV0AqOkaD09zyXem5lPlohKK3gaIGktIABz/xItDAKzjwYHVpaeiP2cK+Fzb0FDJj6VnC0srGPOHp4IXV02QpBaQVHCySlBQx4ZCKihY1k/DeOwbgGxjUwroFxDYxrYFwD4xp4ujXw69cv81vHHypj1jgC4wiMIzCOwDgC4wiMIzCOwCNG4H+wK68WhY6UiAAAAABJRU5ErkJggg==)
We can see that Rallies India Ltd.’s Operating
Profit Margin (OPM) is on average 15% from FY2012 to 2021. Similarly, the
companys Net Profit Margin (NPM) has averaged 10% over the years.
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)
An investor must prefer companies with reliable or
improving profit margins to those with declining or fluctuating profit margins,
as the latter may see profits in some years and losses in others.
iii) Tax:
A company with good accounting and corporate governance
standards would want to pay all legitimate government taxes. The corporate tax
rate in India is 30% plus surcharge for Indian companies and 40% plus surcharge
for foreign companies. There are numerous tax incentive schemes for various companies/industries/states,
etc., that provide numerous tax-saving avenues that businesses use to reduce
tax expenses. Nonetheless, unusually low tax payments should raise red flags
and should be investigated.
Let us look at Rallies India Ltd.’s tax payment
history.
![](data:image/png;base64,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)
We can see that the company has paid most of its taxes at the corporate tax rate. Because of a change in Indias corporate tax rate in FY2020-21, the tax pay-out ratio has decreased.
Tax payments at the corporate tax rate is a positive sign. If an investor notices that a companys tax pay-out ratio is lower or higher than the standard corporate tax rate, she should thoroughly read the companys annual report to determine the reasons for the different tax rate. A lower tax pay-out ratio is frequently associated with the following factors:
· Tax breaks are available to the company as a result of its operations in SEZs, etc.
·
The government offers export incentives.
·
Tax-free earning, such as interest earned on the companys investments in tax-free bonds.
·
Earning taxed at a lower rate, such as short-term capital gains on investments such as stocks and equity mutual funds, and so on.
As a result, an investor should thoroughly examine the annual report to determine the reasons for a lower tax pay-out ratio. Companies have disclosed a tax pay-out reconciliation table in the annual report in
recent years as a result of the application of Indian Accounting Standards
(IndAS), which reconciles the differences between the standard corporate tax rate and the companys actual tax pay-out ratio in the profit and loss statement. This table is very useful for understanding any differences in company tax pay-out ratios.
iv) Interest coverage:
Interest coverage determines whether the companys
operating profits are sufficient to pay interest to lenders on funds borrowed from them. It is quantified by the Interest Coverage Ratio, which compares operating profit to interest expense:
Operating Profit / Interest Expense = Interest Coverage Ratio
An investor should look for companies with at least
a 3 interest coverage ratio. It implies that they make at least a 3 in
operating profit while incurring a 1 in interest expense. A higher interest ratio provides a cushion during bad economic times, and the company will be able to service its debt even during bad times.
Let take a look at Rallies Ltd.’s interest coverage.
![](data:image/png;base64,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)
We can see that Rallies ltd has kept an average
interest coverage ratio (C) of 24 over the last ten years. In recent years, the
interest coverage ratio has surpassed 50 percent.
A high interest coverage ratio for any company
indicates that the company will be able to service its debt even in difficult
times.
(B) Analysis of
Balance Sheet (B/S)
i) Debt to Equity
ratio (D/E, Leverage):
The D/E ratio assesses the composition of the funds
used to acquire a companys assets. The assets of the company are used to
produce goods and services that generate sales revenue for the company. The D/E
ratio indicates how much of the companys total funds are its own (shareholder
funds) and how much is borrowed from other lenders. A D/E of one indicates that
half of the funds are brought in by shareholders and the other half is borrowed
from lenders.
We prefer companies with very little debt. During difficult
times when the company may not be able to make good profits, the lender will
ask for their money, and the company may be forced to sell distressed assets to
repay the lenders. If the company is unable to find buyers willing to pay a
sufficient amount of money, it may go bankrupt. As a result, investors should
favour companies with a low debt-to-equity ratio.
Let us examine Rallies Ltd.’s debt to equity ratio over time.
![](data:image/png;base64,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)
We can see that Rallies ltd has kept a debt to
equity (D/E) ratio less than one in almost every year. The D/E ratio has
decreased over time, from.26 in FY2012 to 0.04 in FY2021.
ii) Current Ratio(CR):
The current ratio (CR) of a company is calculated as
the ratio of its current assets to its current liabilities.
Current Assets / Current
Liabilities = Current Ration
Current assets (CA) are assets that will be consumed within the
next year. They include inventory that is consumed and sold as a finished
product within a year, cash and similar investments held by the company to meet
day-to-day requirements, money due from customers (account receivables or
debtors), and loans given to various parties that are expected to be repaid within
a year.
Current liabilities (CL) are payables due within the
next year as well as short-term provisions.
A current ratio greater than one indicates that the companys CA
exceeds its CL and that the company would be able to pay off its short-term
liabilities with the money it receives from current assets.
Let us examine Rallis India Ltds current ratio (CR) over time.
(Please keep in mind that some calculations may result in a mismatch due to
rounding off.)
![](data:image/png;base64,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)
Rallis India Ltd. has kept its current assets
greater than its current liabilities in almost all years, which is a very
healthy sign. Investors should seek companies with a current ratio of 1.25 or
higher.
(C) Analysis of Cash
Flow Statement (CF)
This section contains information about the cash generated by a
companys operations during the previous fiscal year (cash flow from operations
or CFO). This chapter also includes information on cash used to make
investments or cash received from selling investments (cash-flow from investing
activities or CFI) and cash borrowed from or repaid to financial institutions
during the previous year (cash-flow from financing activities or CFF).
An investor should concentrate on companies that
generate a sufficient amount of cash flow from operations to cover their
investment (CFI) and debt repayment needs (CFF). If an investor can find a
company that generates so much cash that, after deducting CFI and CFF, it still
has a surplus, she will have struck gold.
Let us examine Rallis India Ltds cash flow statement over time.
Positive values indicate cash inflow, while negative values indicate cash
outflow. (Please keep in mind that some calculations may result in a mismatch
due to rounding off.)
![](data:image/png;base64,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)
Rallis India Ltd. has been generating a significant
amount of cash from operations (CFO) year after year. CFO has increased
significantly over the last decade, rising from 94 billion in FY2012 to 217
billion in FY2021.
We can see that Rallis India Ltd has been expanding
its manufacturing capacities over the last decade, as evidenced by the negative
cash flow from investing (CFI). However, almost all of the funds for investment
in the plant and machinery have come from its operations. This is because the
companys cash inflow has consistently been greater than its cash outflow under
CFI.
As a result, an investor can see that the surplus
CFO left over after accounting for the CFI outflow has been used by the company
to pay dividends to its shareholders as well as repay its debt. Furthermore,
Rallis India Ltd. has consistently paid a dividend of more than 20% of earnings
over the last decade.
(D) Parameters based
on a combination of B/S, P&L, and CF
Previously, we used ratios and growth rates based
solely on figures from B/S, P&L, or CF. We did not use any of the
ratios/parameters that use figures in these three financial statements.
A comparison of B/S, P&L, and CF is required
because it provides a sanctity check on the numbers reported by any company. It
will also provide additional insights into the companys financial position and
operational efficiency.
i) P&L and B/S
combination:
Some of the indicators of a companys operational
efficiency use a combination of P&L and B/S, such as:
·
Inventory turnover ratio,
·
Receivables turnover,
·
Payables turnover and
·
Asset turnover ratio etc.
These variables are the next level of analysis that
an investor should perform once she is familiar with the parameters discussed
above.
Even so, one analysis that compares P&L to CF is
required for each investor to perform on each company she is researching. It
compares cumulative net profit (profit after tax, PAT) over the last few years
to cumulative CFO over the same time period.
ii) Cumulative PAT
vs. Cumulative CFO:
A business that offers a product today may not
receive payment right away. It is, however, legitimately eligible to receive
it. As a result, accounting standards allow it to include this sale and its
profit in the profit and loss statement. The money received from the buyer, on
the other hand, will be reflected in CFO only when the money is actually
received from the buyer. As a result, when we compare PAT and CFO for any
given year, they will differ. However, cumulative PAT and CFO should be similar
over time.
If cumulative PAT is similar to CFO, it indicates
that the company can collect its profits in cash from its buyers. If the CFO is
significantly lower than the PAT, it means that the company, while legally
entitled to the money from the buyer, is unable to collect it, or the profits
are fictitious. In either case, the investor should steer clear of such a firm.
Let us compare Rallis India Ltd.’s cumulative PAT
and CFO over time.
![](data:image/png;base64,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)
Rallis India Ltd. reported net profits of 1704
crores during FY2012-2021 and cash flow from operations of 1798 crores. This is
a good sign for any business.
Financial Analysis Synopsis
The financial analysis entails delving into three key components
of the yearly report and thoroughly assessing them. The following are the three
sections:
1. Balance
Sheet (B/S),
2. Profit
& Loss statement (P&L)
3. Cash
Flow statement (CF)
Before you get the impression that financial
analysis entails a lot of arithmetic and complicated computations, let me
assure you that financial analysis is just a study of two things:
Ratios & Growth Rates
As we learn more about financial analysis, well
discover that it requires reviewing annual reports, noting down some key
figures, and analysing various ratios of these figures and their growth rates
over time.
To further simplify things, readers will be pleased
to learn that an investor no longer needs to look at the financial information
in the companys annual report and input them into a data analysis software
like Microsoft Excel (excel). The investor can utilise free internet tools to
obtain pre-packaged data files comprising financial details of companies, which
he or she can then use in Excel to conduct a thorough examination. www.stocksemoji.com is one such free
resource offered to Indian equity market investors.
We learned about financial analysis of a company in
detail in the current article in the series "Selecting Top Stocks to
Buy." The parameters discussed above are critical and should be sufficient
for any retail investors basic due diligence. As we all know, there is no end
to analysis, and analysts spend years analysing companies. There are hundreds
of other ratios that can be used to gain additional insight into a companys
financial position.
Even so, I believe that if a retail investor can
analyse the eight parameters discussed above and, more importantly, understand
the trend of these parameters over the life of the company, she will be able to
easily select financially sound stocks from among thousands of options. She
would also be able to avoid financially risky companies and save a significant
amount of time that would otherwise have been spent researching such risky
companies. Here is a summary of the eight financial parameters:
1. Sales
growth: Aim for high and sustainable growth of more than 15% per year. A growth
rate of more than 50% is unsustainable in the long run.
2. Profitability:
Seek high and long-term OPM and NPM. We prefer companies with an NPM of more
than 8%.
3. Tax
pay-out ratio: Unless the company qualifies for specific tax breaks, the tax
rate should be close to the general corporate tax rate.
4. Look
for companies with an interest coverage ratio greater than three.
5. Debt
to equity ratio: Look for companies that have little or no debt. D/E 0.5 is
preferred.
6. Look
for companies with a current ratio (CR) greater than 1.25.
7. Cash
flow: A positive CFO is required. Its ideal if CFO matches CFI and CFF
outflows.
8. Cumulative
PAT vs. CFO: Look for companies with similar cumulative PAT and CFO over the
last ten years.
Many times in the past, managements/companies attempted
to use shortcuts to show good financial performance in reported numbers when
the actual business on the ground was not doing well. These incidents have
occurred all over the world, whether it was Enron in the United States or
Satyam in India. Every investor should be aware of the tricks employed by such
managements and conduct financial analysis to determine whether the performance
displayed is genuine or fabricated. The above paragraph will assist readers in
learning about common shortcuts used by businesses to dress up their financial
statements.
If you want to get analysis of any company please
let us know by commenting in comment box and please do and share you own
analysis of company with us by learning
from above blog.