Indalytics - Business In Education - March 2012

Business in Education March 2012

INDALYTICS
ADVISORS BUSINESS IN EDUCATION

March 2012

www.indalytics.com

© 2012, Indalytics Advisors Private Limited | Indalytics.com | businessineducation@indalytics.com

© Indalytics Advisors l www.indalytics.com l businessineducation@indalytics.com 1


About Business in Education

Business in Education is a monthly report, which is focused on the supply side of education sector in India. The
report is aimed at helping education services providers with the latest activities in the sector.

The report covers the trends, as well as the opportunities in the Indian education sector, which were highlighted in
media. It is designed for the individuals and organizations, which are in the education business, or are planning to
enter it. It is also helpful for various products and services providers to the sector.

In order to get free subscription to Business in Education, please mail us at businessineducation@indalytics.com

You can also get the latest news about the Indian education sector by visiting www.indalytics.com

Keep yourself updated with the latest activities in Indian
Education Sector

Visit Indalytics.com – for Market Intelligence in
Indian Education

We cover latest trends, opportunities, regulations and best
practices in Indian Education sector — to help you gain
competitive edge



Table of Contents

Activities of Major Players ..................................................................................................................................... 4

New educational programs being introduced .................................................................................................... 4

Education companies going for overseas expansion .......................................................................................... 5

New companies and products introduced in education sector .......................................................................... 5

Higher education institute going for collaboration ............................................................................................ 6

Opportunities in the sector .................................................................................................................................... 7

PPP opportunities coming up in higher education ............................................................................................. 7

Higher education opportunities through meta–university ................................................................................. 7

Vocational education space also witnessing PPP opportunities ......................................................................... 7

Gujarat government focusing on education ....................................................................................................... 8

Other Prominent Trends in the Sector ................................................................................................................... 9

Organizations witnessing high competition ....................................................................................................... 9

Single engineering entrance test coming up ...................................................................................................... 9

Companies’ Score Card ........................................................................................................................................ 10

List of Institutions and Organizations................................................................................................................... 12



Activities of Major Players

New educational programs being Stock market regulator, Securities and exchange
introduced board of India (SEBI), which is planning to launch its
investor education and awareness campaign, has
asked for an expression of interest from private
Indian education sector is witnessing many new creative agencies. SEBI is currently working on a
educational programs by both Indian as well as campaign to educate retail investors regarding
foreign institutions and corporations. securities market and products.

The board will be publishing content such as TV and
Manipal Global Education Services has tied up with radio commercials, short films, and print and digital
Axis Bank to launch 'Young Bankers' program. The advertisements to help investors invest wisely, and
yearlong program, which is aimed at providing has asked creative agencies with a minimum annual
career & growth opportunities in tier—II & tier—III revenue of INR100 crore to bid for the opportunity.
cities, will train students in banking skills. For the Agencies, selected by SEBI, will be expected to
first nine months of the training, the students will be create approximately five short films of 25-30
given a stipend of INR3,000, followed by INR12,000 minute duration, 10 TV commercials of 30 seconds
per month for the remaining three month. Once each, 10 radio spots of 30 seconds each, and 10 print
they attain the Post Graduate Diploma in Banking advertisements.
Services, they will be recruited at a minimum salary
of INR350,000 as Assistant Manager with Axis bank.

Global chip manufacturing company, Intel
Corporation is starting a program in India to
University of South California’s USC Rossier School promote inquiry-based learning among students.
of Education, is introducing doctorate program in The program will include curricula prepared by
education (Ed.D.). The new program — which is in science teachers, which will help to promote
lines of MBA programs — is aimed at educational research and development among the students. The
professionals, who want to become high–level program will have seven modules, which will help
practitioners in the sector. The program, according inculcate inquiry-based learning in students.
to USC, will be different from a traditional Ph.D.
course, which is generally taken by students,
planning to take teaching as a profession.
Intel is planning to take the program to
approximately 50,000 students across the country,
with the help of various social organizations,
This program will be targeted toward other colleges, competitions and online educational
professionals, who want to become high–level resources. Intel is active in Indian education sector
practitioners. Approximately 25 candidates will be since 1999, through various collaborations with the
selected from across the world for the program, of government.
which 3–4 will be from India. USC is planning to
setup its office in Mumbai.



The state government of Assam is also working on Core has invested approximately US$2 million
introducing two new vocational subjects in higher (INR9.9 crore) in the tie–up. Under the revenue
education. In order to make the state’s education sharing model, the higher education institute is
curriculum compatible with the current job scenario, expected to have cash inflows of approximately
the government is planning to restructure it by AED9 million (INR12 crore) per year. Out of this, Core
bringing in vocational courses, which are demanded will pay AED2 million (INR2.7 crore) to the local
by the industry. The government will introduce the education authority, and 15% of tuition fee to Birla
courses in approximately 119 government and Institute of Technology, Mesra which is the
provincial colleges of the state. It’s further expected educational content provider of the institute.
to recruit approximately 1,200 new teachers to
teach these subjects.

Core has also entered into an agreement with the
Government of Ghana. Under the agreement, the
Education companies going for company will provide content for the K-12 segment,
worth US$13.5 million (INR66.6 crore), to the
overseas expansion government.

IT training major, NIIT Limited, will be expanding its
IT education business in Bhutan. Under the New companies and products
Bhutanese government’s IT literacy program, the
company has launched touchscreen ‘Playground
introduced in education sector
Kiosks’ in the country. These touchscreen kiosks are
equipped with a satellite dish, and a solar panel. The
US based investment banking advisory firm, Signal
kiosks will help Bhutanese students to surf and learn
Hill Capital Group LLC has started its advisory
the internet.
business in education sector. Signal Hill Capital
Advisory India Private Limited will work in advisory
services. The company will focus on sell-side M&A
The initiative is under the Bhutanese Government’s services and private placement work. Besides
vision to create an IT-enabled society, and help its education sector, the company will also provide
youth learn computers. NIIT is planning to set up advisory services in other sectors such as IT services,
approximately 130 Playground kiosks across whole BPO, mobile computing and mobile VAS, e–
of the Bhutan. commerce, IT security, and healthcare IT.

Core Education and Technologies Limited is doing Delhi based tablet manufacturing company, Go–
overseas expansions. The company is expanding in Tech, and International SaaS company, AcrossWorld
to school management in UAE. It has tied up with Education, have launched an Android based tablet at
the government of Ras al-Khamiah emirate for INR5,000. The tablet — called ATab — is a 7"
running an existing higher education institute. Core Android tablet, having 1.1 GHz processor and 512MB
will take over the operations of the institute from RAM. The tablet will also have a bundled educational
April 2012. technology platform by AcrossWorld Education —
EducationBridge — which will be available for three
years’ free and unlimited access to students.



Bharti Airtel Limited has introduced a new value Higher education institute going for
added service (VAS), ‘3 PackEducation Portal’. The
collaboration
exam preparation service is aimed at helping
students to prepare for entrance exams such as
UPSC, MBA, GRE, etc. through their mobile phones.
Assam’s newly formed private university, Kaziranga
Airtel will provide instructions, alerts, tips or general
University, has signed a memorandum of
information to subscribers of this service. They will
understanding (MoU) with UK’s University of
also get preparatory questions, and assessment and
Plymouth, to facilitate exchange of learning, faculty
performance reports for the tests. Besides study
and students between the two universities. As per
material, the VAS will also help students in English
the MoU, Kaziranga University will seek Plumouth’s
learning and campus search.
knowledge and expertise in the field of robotics,
engineering, computing and environmental sciences.
The MoU will further help students from northeast
to take advantage of various programs that
Plymouth is running in the UK.

Kaziranga University, which has been planned over
an area of 50 acres in Jorhat district, is expected to
roll out its first batch in engineering and
management from July 2012. The university is
established under the Assam Private University Act
No. XII of 2007.



Opportunities in the sector

PPP opportunities coming up in higher the Planning Commission for the forthcoming XII 5—
education year Plan.

Government has proposed four new public private
partnership (PPP) models for higher education. The
Higher education opportunities through
models are aimed at fulfilling the investments of meta–university
approximately US$150 billion (INR750,000 crore),
which the higher education sector need over the
period of next 10 years. The models are: There will also be other innovative opportunities
coming up in higher education as the government is
planning to introduce a university of universities — a
meta–university. Government is creating a network
Model 1: Basic Infrastructure Model — Private of universities, which will allow students in any
investors will invest in infrastructure and the university, to select and study courses of any other
government will operate and manage the university across the country.
institutions. Government will make payments to
private investors for their investments.

Model 2: Outsourcing Model — Private investors The government has linked approximately 31,000
will invest in infrastructure, and will also operate and colleges, 6,400 universities, and 2,000 polytechnics
manage the institution. Government will pay the across the country through Information and
investors for the specified services. communications technology (ICT), to create a
knowledge network. The knowledge will be imparted
Model 3: Equity / Hybrid Model — Investment in through the government’s national knowledge
infrastructure will be shared between government network program, which is aimed at connecting
and private investors. Operation and management major educational institutes across India through
will be done by the private investors. fiber-based broadband connectivity. The met-
university is expected to start from the academic
Model 4: Reverse Outsourcing — Government will
year 2012–13.
invest in infrastructure and the private investors will
look after operation and management of the
institutes, against fee.
Vocational education space also
witnessing PPP opportunities
Government is also planning to increase the Gross
Enrolment Ratio (GER) in higher education sector
from 12.4% at present to 30% by 2020. The There is a new opportunity for PPP coming up in
government therefore will be investing in vocational education space. The government has
approximately 1,000 universities and 45,000 colleges launched the ‘National Vocational Education
to get the desired GER. The four proposed models Qualification Framework (NVEQF)’, which will
will be submitted by University Grants Commission provide vocational training to students.



NVEQF is primarily a seven-level certification Gujarat government focusing on
program, which will provide vocational training at
education
school level. Students can opt for the program from
class IX, and can pursue it further to attain a degree
at the end of the seventh year. The program will be
State government of Gujarat has allocated INR2,770
launched from the academic year 2012-13, and will
crore for education in its 2012–2013 state budget.
make 1,000 hours of vocational training compulsory
The amount will be utilized to setting up
in each year.
infrastructure for new institutes and hostels, and
providing training to teachers. Of the total budget,
the government has allocated approximately INR551
The training will be imparted in sectors such as IT, crore for primary education — which will cover
media, entertainment, telecommunications, mobile constructing 15,600 classrooms and 7688 compound
communications, automobile, construction, retail, walls, repairing 1,200 school buildings, and recruiting
food processing, tourism, hotel management, 1,000 teachers. Further, approximately INR82 crore
jewellery design and fashion design. Government is will be spent on construction of 350 new secondary
expecting approximately five million students to opt schools, INR78 crore on promoting computes in
for the program. primary education, and INR32 crore on educational
materials. Gujarat counts classes till VIII in the upper
primary.

Any institution, which is planning to conduct these
courses will have to get requisite permission from
AICTE. The institute will be allowed to train In higher education, government is also planning to
maximum of 5,000 students, in any of the five setup an autonomous university for infrastructure,
sectors. engineering and management at Ahmadabad at an
investment of INR67 crore. It will also be introducing
15 new colleges in the Arts, Commerce and Science
streams. Also, INR4.5 crore will be spent on
vocational training of unskilled workers.



Other Prominent Trends in the
Sector

Organizations witnessing high The decision is taken across 419 schools, which are
with the government’s Sarva Shiksha Abhiyan. In
competition
order to make their teachers familiar with the
software, the government will be taking the help of
the District Institutes of Education and Training
International curriculum boards such as
(DIETs) in training teachers. The government might
International Baccalaureate (IB), International
expand the decision to another 335 schools under
General Certificate of Secondary Education (IGCSE),
Sarva Shiksha Abhiyan, which are expected to get
and Cambridge are expected to get a stiff
five desktops and one UPS each this year.
competition from the government, as it is
introducing the Central Board of Secondary
Education's international curriculum (CBSE-i) in
India. CBSE-i, which is being offered in 25 schools
Single engineering entrance test coming
globally, will be introduced in approximately 50 up
schools.

Government is planning to introduce a single
entrance test for all the under graduate science and
The net-based program, which was introduced in engineering programs across the country. The
2010, is provided through a portal to the teachers, proposed test, Indian Science - Engineering Eligibility
along with online help from an expert panel to Test (ISEET), is expected to be conducted in April /
answer queries. As the affiliation cost of the program May 2013 in two formats —ISEET main and ISEET
is expected to be half of IB’s affiliation cost, many advance.
more schools across the country are expected to go
with it. The course will also be cheaper for students,
as compared to IB, IGCSE and Cambridge, and will
also save their efforts of taking a bridge course Government has introduced the proposition before
before applying to foreign undergraduate courses. the Council of Boards of School Education in India
(COBSE), where 11 education boards have supported
it. It will further present it before the Central
Advisory Board of Education CABE committee and
Microsoft Corporation is also facing the cost state education ministers, to know their inputs on
controlling issue at Karnataka’s schools, as the the proposal.
government has opted for the cost—effective open
source software suite, Open Office, in the state
schools. The decision is expected to save the
government approximately INR53.6 lacs, by changing
the Microsoft Office with Open Office.



Companies’ Score Card

Debt- Price- Market
Operating Equity Equity Price
Margin Net Margin Ratio EPS Ratio change
Q3-2012 Q3-2012 Q3-2012 Q3-2012 February February
(%) (%) (%) (INR) 29, 2012 2012 (%)

Computer
Software
Training Aptech Ltd. 15.4% 17.9% 0.0% 0.88 99.03 (5.6)%

Computer
Software
Training BITS Ltd. (56.7)% 14.2% 0.5% 0.00 N.A. (5.7)%

Computer
Software
Training NIIT Ltd. 1.3% 36.4% 60.0% 3.38 14.10 12.6%

Software
Technology
ERP for Group
Educational International
Institutions Ltd. N.A. N.A. 112.7% N.A. N.A. 0.3%

ICT Birla Shloka
Solutions Edutech Ltd. 4.0% 1.9% 15.8% 0.56 17.57 9.7%

ICT Compucom
Solutions Software Ltd. 54.3% 11.8% 33.3% 0.26 48.85 0.2%

CORE
Education
and
ICT Technologies
Solutions Ltd. 39.8% 18.9% 82.9% 4.35 62.20 4.4%

ICT Edserv
Solutions Softsyst Ltd. 12.9% 4.2% 3.4% 0.41 88.17 (18.1)%

ICT Educomp
Solutions Solutions Ltd. 32.3% 15.4% 55.7% 4.27 49.65 (3.8)%



Debt- Price- Market
Operating Equity Equity Price
Margin Net Margin Ratio EPS Ratio change
Q3-2012 Q3-2012 Q3-2012 Q3-2012 February February
(%) (%) (%) (INR) 29, 2012 2012 (%)

Everonn
ICT Education
Solutions Ltd. 23.3% (7.4)% 47.0% (3.00) 0.00 1.9%

Comp-U-
Learn Tech
IT Education India Ltd. 14.3% 2.7% 2.8% 0.05 334.00 (1.2)%

Jetking
IT Education Infotrain Ltd. 17.0% 7.3% 12.9% 0.98 61.07 (1.2)%

Tree House
Education &
School Accessories
Education Ltd. 51.7% 27.0% 26.3% 1.82 113.79 (4.8)%

School
Education Zee Learn Ltd. (88.0)% (100.1)% 44.5% (0.48) 0.00 0.9%

Career Point
Infosystems
Tuitions Ltd. 41.4% 40.8% 0.0% 6.32 35.90 (14.2)%



List of Institutions and Organizations

AcrossWorld Education Intel Corporation

Aptech Ltd. Jetking Infotrain Ltd.

Axis Bank Kaziranga University

Bharti Airtel Ltd. Manipal Global Education Services

Birla Institute of Technology, Mesra Microsoft Corporation

Birla Shloka Edutech Ltd. NIIT Ltd.

BITS Ltd. Securities and exchange board of India

Career Point Infosystems Ltd. Signal Hill Capital Advisory India Private Ltd.

Compucom Software Ltd. Signal Hill Capital Group LLC

Comp-U-Learn Tech India Ltd. Software Technology Group International Ltd.

CORE Education and Technologies Ltd. Tree House Education & Accessories Ltd.

EdServ Softsyst Ltd. University of Plymouth

Educomp Solutions Ltd. University of South California

Everonn Education Ltd. USC Rossier School of Education

Go–Tech Zee Learn Ltd.



Get connected to thousands of readers of Business in Education

Business in Education is a monthly report, targeted at the supply side of Indian education sector. The magazine is
demanded by the key decision makers of educational institutions and service providers. Our readership spans
across directors and trustees of educational institutions, to CEO/directors of companies that provide services to
educational institutions. Report’s readership - though primarily concentrated in India – is scattered across
countries such as the US, the UK, Russia, UAE, Australia etc.

We would like to invite organizations that want to promote their brands and services, to join us. This report is an
ideal platform for them to reach to all the key decision makers, on the supply side of Indian education sector.

For alliance opportunities, please write to us at businessineducation@indalytics.com

Partial list of organizations, where this report is being read:

A K Vidyamandir Group of Institutions Aspire Human Capital Management Pvt. Ltd.

Aaron Institute Auuro Educational Services

Aditya Birla Public School, Renukoot AZURE IT Solutions

AEC Business School Bharat Forge Ltd. - Kalyani Group

Afairs Exhibitions and Media Pvt. Ltd. Billabong High International Schools

Alethia Education Birla Edutech Ltd.

Amity University Rajasthan BrainTree Global School

Anovus Institute of Clinical Research Brainy Kidzs

Apeejay Stya University Brightstar Learning Ltd.

ApplyEzee Education Private Ltd. British Council

Aravali Institute of Management at Jodhpur Cambridge Public School

Art of Learning Campus World Inc

Asia Direct Career Cubicle Pvt. LTD.

Asia Pacific Institute of Management Delhi Career Launcher



Career Point Infosystems Ltd. Edunova Educational Research And Training Pvt Ltd

Castle Rock Research Corp. edupaedia.in

Centum Learning Ltd Edupower.in

Charisma International Education Centre, Nigeria Eduvision India Services

CL Educate (Career Launcher) Eduwaves

Classteacher Solutions Edvance Learning

Connect2Gurukul Edvance Learning Pvt Ltd

Credila (HDFC LTD) E-KIDS Solution Private Ltd.

DALIA Institute of Management Elsevier India

DARE, a monthly magazine on Entrepreneurship. Elyon Education

Delhi Public School Emerge Learning Services Ltd.

Department of Education Ernst & Young

Deutsche Bank Group EuroKids International Ltd

Donbosco Tech, India Everonn Education Ltd.

E learning Evolve XL Pvt Ltd

E Z Vidya Examville.com, LLC

Easy Learning India Exioms

Ecole Solutions Pvt Ltd Explorers School

EdSaas Hyderabad EZVidya Pvt. Ltd.

Edsine Feydhoo School, Maldives

Education World Magazine FIITJEE Ltd.

Educational Initiatives FinPac Financial

EducationWorld Focus Educare Pvt. Ltd.

Educomp Raffles Higher Education Ltd Future Focus Infotech

Educomp Solutions Ltd Future VISTA View Edu Tech Pvt. Ltd.

EduNirvana Pvt Ltd Gabss EduSkill Ltd.



GD Goenka World Institute (Lancaster University) Ignite Young Minds

GEMS Education IIT Kharagpur

Gladioli Education IL&FS Education and Technology Services Ltd.

Global Education Management Corp. iLearn-International

Global indian school India Entry 360.Com

Global Learning India Venture Partners

Global Workforce Development & Consulting IndiaCan Education Pvt. Ltd ( A Pearson Educomp
Organisation Company)

Globalshiksha.com IndiaCo Ventures Ltd.

Gokuldham high school and junior college Indian School of Business & Finance

Grassroot Infosolutions Pvt Ltd. Indic Institute of Design and Research

Harbinger Knowledge Products Indigram Skill and Knowledge Initiatives Pvt. Ltd

HCL Technologies Ltd. Indus Learning Solutions Pvt Ltd

higherstudy.com Informatica

HOC Educational Services Pvt Ltd Innovative School of Business & Management Pvt.
Ltd.
HTC School
Intarvo Technologies Ltd.
i Big Wonder
Integrated EduTeam
IAMR Group of Institution
iProf India
IANS Education Services
Jagran Social Welfare Society
IBMR Business School
Jain Group of Institutions
ICFAI
Jain Heritage, a Cambridge School
ICS GROUP
Jetking Infotrain Ltd
iDiscoveri Education Pvt. Ltd.
Kakubhai Parikh Group of Schools
IDP Education Pty Ltd.
Kaligi Ranganathan Montford Group of Schools
iE&D Solutions BV
Kangaroo Kids Preschools
iEdvantage
Kennedy School
iGATE Patni



KPMG N & Z Edu Solutions Pvt Ltd

KQM Consultants narayana educational institutions

Laetus Education Private Ltd. Nascent Edutech Pvt. Ltd.

Latitude Edutech Consulting Pvt. Ltd. National Geographic Explorer

Leading Education Management Enterprise Navitas

LeapEd Knowledge Solutions Pvt. Ltd. Next Education India Pvt. Ltd.

Liberty Anything Skool NHELITE Education Services Ltd.

LIGHT EASY MIND Training & Coaching NIILM School of Business

Literati Training Private Ltd. NIIT Ltd.

Lord Krishna Group of Institutions NIMS

Lotus Learning Pvt Ltd Norwest Venture Partners

Macmillan Publishers India Ltd. Okapi Consultancy Ltd

Mahadev Educational Initiative Panacea People Group

Mahatma Gandhi International Schools Panjab University, Educational Institution,
Chandigarh
Mail Today
Peapod Preschool
Manya Education (P) Ltd.
Pearson Education India
Mastermind Classes
Pearson Education Services Pvt. Ltd. (Edurite
MBAGuru - Roots Education Pvt. Ltd. Technologies)

Mehan Edusolutions Pvt. Ltd Pearson Learning Solutions & Edexcel Ltd.U.K.

Mexus Education Pvt Ltd Pedagogues Education India Pvt. Ltd.

Mind Shaper Technologies Pvt Ltd. Power Coaching

MM ACADEMY Pratham Edusys Pvt Ltd

Modern Public School PricewaterhouseCoopers Pvt Ltd

Modi Public School Prism Infosolution

MRV International school Promethean

MyTrustedTutor.com PT Education



PT universe Shri Shankaracharya Group of Institutions

Q Point Shrishti Institutional Support for Economic
Development
Quest Tutorials
Smart Careers(Career Launcher)
R.D. Computers & Technologies
Space Technology & Education Pvt. Ltd
Radcliffe School
Sraw Educational Initiatives
Radiant Educational Investment LLC
St. Francis ICSE School
Rai Foundation
St. Soldier Management and Technical Institute
Reliable Institute of Law
Strategum Eduserve Pvt. Ltd.
Reliable Institute of Management & Technology
T.I.M.E. Pvt. Ltd.
RESONANCE Eduventures Pvt Ltd
Tata Teleservices Ltd.
Right Track Admizzionz Campuz
Teachwell P S Institute Pvt. Ltd.
RIS Tech Pvt. Ltd.
Techno Alliance
Roots Education
Technopak Advisors
Rumi Education Private Ltd.
TECNIA GROUP OF INSTITUTIONS
Sai Educations
Tekbos Business Solutions India Private Ltd.
Saint-Gobain Gyproc India Ltd.
The Achievers Programme
Samskar Academy of Kids Education Pvt. Ltd
The Economic Times
SANAKO Corporation
The Parthenon Group
Sancta Maria International School, Hyderabad
The Princeton Review
Sattava Edusys Pvt. Ltd.
The Shri Ram Competitive Classes
School Serv
The Times of India
Schooladmissions.in
The Wall Street Journal
se.eds - Swedish Education Services
Theschoolworld.com
Shanti Business School
Third Academy School
shiksha.com(Education Portal) at Info Edge India Ltd
TQMS Global
Shivaani Educational Services Private Ltd.
Universal Education Consultants


Business in Education Vibgyor High School March 2012
Vidya Prakashan Mandir Ltd

University of Mumbai Vidyalankar Group of Educational Institutes

University of Warwick Vyasa Learning Solutions (P) Ltd

University of Westminster Youreka - idiscoveri

Upacaar Zee Learn Ltd.

Usha Martin Education & Solutions Ltd. Zentrum

VectorSpan Inc.



Disclaimer

The information contained in this report is of a general nature and is not intended to address any particular
individual or entity’s circumstances. Although proper care has been taken to provide accurate and timely
information, there can be no guarantee that such information is accurate as of the date it is received or that it will
continue to be accurate in the future. The list of companies under ‘Partial list of organizations, where this report is
being read’ is the list of companies, where at least one employee has either subscribed to the report, or is
receiving it, without explicitly showing his or her intention to get unsubscribed from the mailing list. Indalytics
Advisors do not guarantee the company name provided by the readers to be accurate. It is understood that by
receiving the report, the readers allow Indalytics Advisors to use their organizations’ name in its list of readers. If
the readers have any objection to it, then they should report it to Indalytics Advisors immediately. Their absence of
objection will be treated as their approval to use their and their organizations’ name in this report. Indalytics
Advisors Private Limited does not guarantee that the information contained in this report is authentic and reliable.
No one should act upon such information without appropriate professional advice after a thorough examination of
the particular situation.

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Publication Volume: 12-003

Publication Date – March 2012

© 2012 Indalytics Advisors Private Limited

For further information, please contact businessineducation@indalytics.com


Indalytics - Business In Education - March 2012

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