CAMSON BIO TECHNOLOGIES – INDIA’S 1ST AND ONLY INTEGRATED AGRI

BIOTECH COMPANY.HBJ Capital, India.

From the desk of Head, Equity Research Cell Put Your Money Where Your Mouth Is !!!

Top Down Approach of Stock Investing : Think BIG Four Emerging Sectors as on Today. Opportunity in “Agriculture or Food Processing” Sector. Agriculture sector related with food processing sector. Bridging the gap between surging demand for food and a

limited supply of fertilizer. Niche area in agro commodity to do investment. 10in3 stock selected as per HBJ Capital’s five golden rules of

investment? Is Camson Bio Tech belongs to New Emerging Sector? Could you please, provide me a snapshot of Camson Bio Tech? Which are the other listed players in BSE/NSE doing similar business? Why

they can’t be 10in3 stock? Is Camson Bio Tech, a “Small Market Cap" company with leadership position

in its niche area of operation? What is the Scale of Opportunity here? How big Camson Bio Tech can become?

“Make the rest follow your path” – HBJ Capital.

Are the management unknown & undiscovered? Have you seen their passion at work more than qualification?

Credibility based on Shares held by Promoters or Non-Promoters? Is there any entry barrier, brand, products or any other moats for Camson Bio

Tech? Who are the clients for Camson’s Products? End users of Camson’s product are farmers, who are mostly poor, will they

afford to buy such products? Numbers speaks more than words. What are their past records/ performance

says? Latest significant announcement by the company & its impact? Its always the price at which you buy matters? Latest Bulk/Block deals - Buy/Sell reported in Camson Bio Tech & hidden

meanings behind this. Is there any risk associated with investment in this company? What is the best price to buy Camson Bio Tech? When do we Sell this stock?

Are you still looking for a multibagger? Go for next 10in3 report on small cap multibagger.

HBJ Capital, India – Our Services. Thank You To Our Subscribers.

Sometimes your best investments are the ones you don’t make

Dear Investors,There are three ways for a nation to acquirewealth. 4. The first is by war, as the Romans did, in

plundering their conquered neighbors. This is robbery.

5. The second by commerce, which is generally cheating.

6. The third by agriculture, the only honest way, wherein man receives a real increase of the seed thrown into the ground, in a kind of continual miracle, wrought by the hand of God in his favor, as a reward for his innocent life and his virtuous industry.

So, as a part of HBJ Capital’s 10in3 research report on small cap, we have discovered a most promising agro related company for the purpose of long term wealth creation. In many aspects this company stands out of the crowd….

“Rupees are lot like seeds, you can eat the seeds or sow them”. Choice is yours?

FROM THE DESK OF HEAD, EQUITY RESEARCH CELL.

In the current issue of 10in3 for Sept'08, the company discovered has all the merits to multiply its Mcap by

20-50 times in next 3-5 years.

A company from one of the most promising & emerging sector in India.

It is a sector leader, a niche player with very strong moats.

It is a small cap company, with lots of cash in hand (approx 35% of its Mcap) for further expansion.

Scale of opportunity for this company is almost 1000 times more than the Mcap or Sales of the company.

Unknown management, happy shareholders, massive expansion planned.

Valuation reasonable, almost zero debt, great financial performance shown in the past, once recognized by masses, PE expansion will take place which will create huge wealth.

They have vision to become #1 company in its niche area not only in India but also across the World.

Head, Equity Research, HBJ Capital

A market is the combined behavior of thousands of people responding to information, misinformation and whim.

FROM THE DESK OF HEAD, EQUITY RESEARCH CELL (CONTD.)

20-50 times, Hmm , Isn’t it

a lot of money?

Put Your Money

Where Your

Mouth Is !!!

Dear HBJ Team, Are you going to follow, “Top-Down” or “Bottom-Up” approach to Investment?

We believe at “Top Down” approach to investment.

Our futurist team predicts the future trends or emerging sectors and then…

Equity research team discovers best stocks available!!!

TOP DOWN APPROACH OF STOCK INVESTING : THINK BIG

"In a bull market your game is to buy and hold until you believe that the bull market is near its end."

CHOICE IS YOURS!!! – PLEASE CLICK HERE

Everyone has the brainpower to follow the stock market. If you made it through fifth-grade math, you can do it

If you have sufficient time, you can first understand the sector before going to the company.

If you don’t have enough time now, you can skip sector coverage & directly go to the company.

Dear HBJ Team, Pls tell us, which are the emerging sectors as on today where one can invest & create wealth?

Our focus “Agriculture Sector”

With growth in organized retail & uptrend in commodity market, agro-commodity will be in high demand.

Food & grocery constitute 25% of middle –class household expenditure in India.

GOLDMAN SACHS RECOMMENDS : TOP 4 SECTORS WHICH NEEDS SPECIAL FOCUS FOR INDIA TO ACHIEVE ITS 2050

POTENTIAL.

In the next 50 years we will see many wealth creating companies emerging from these 4 sectors. Education Sector - Education is

the second largest item of middle-class household expenditure in India, after food. Private sector participation thru 2 opportunities discussed in HBJ Newsletters, will open huge demand for wealth creating stocks, go for 10in3 stocks.

"It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!"

Financial Sector - Stark changes are expected in Indian Banking Industry in 2009 when Government and RBI will provide level playing field to foreign banks. Insurance, MF & Capital Market will be in high demand.

Agriculture Sector – With growth in organized retail & uptrend in commodity market, agro-commodity will be in high demand. Food & grocery constitute 25% of middle –class household expenditure in India.

Infrastructure Sector – What we have seen till now is just a tip of iceberg in infrastructure development, India need to go long way. In 2007-08, real estate attracted 30% (highest) of Private Equity money in India.

Do you see any opportunity in “Agriculture or Food Processing” Sector?

Productive Land is limited but Population is increasing day by day.

Only way to solve food crisis is to increase the crop productivity not at the cost of our health.

Hybrid seeds, Bio fertilizer, Bio pesticides & Zero residue fruits and vegetables are the only solution!!!

WORLD POPULATION VS PRODUCTIVE LAND World Population

In next 50 years, the world's population will increase by 50% from 6 billion at the end of 1999 to close to 9 billion in 2050. We are living at the end of the fastest growth period of human demographics.

Between 1995 and 2000, the growth rate was 78 million people per year. Between 2015 and 2020 the annual growth rate will decrease to 64 million and then to 30 million by 2045-2050. 

In 2050, the Earth will be inhabited by 8.9 billion humans. Africa and Asia will be home to 20 and 60%  of the world's population respectively.  Developed nations will have twice as many elderly people as youth.

"Men who can both be right and sit tight are uncommon."

Productive Land Climatic variations, natural

disasters, and human intervention are ceaselessly at work changing the boundaries of productive land.  

The loss of productive land can be attributed largely to the destruction of forests.

It is estimated that one hectare of productive land is lost every 7.67 seconds. 

14

AGRICULTURAL SECTOR: IMPORTANT FOR ECONOMIC GROWTH AND REDUCING POVERTY

When Jim Rogers were asked about which is the best investment as on today?

Rogers one of the top commodity trader in the world is bullish on agro based commodity.

India/China is going to consume more and more due to increasing income level and standard of living.

"The market does not beat them. They beat themselves, because though they have brains they cannot sit tight."

India is agriculture dependentNation…

70% of population lives in villages, 75% of poor are in rural areas.

Agriculture: Main source of livelihood for 60% of population.

Agriculture contributes about 20% to GDP, which is a huge opportunity out there.

AGRICULTURE SECTOR (FOOD PROCESSING): OPPORTUNITIES & CONSTRAINS.

Agriculture Sector in Focus. 60% of the workforce employed in agriculture, but the sector accounts for just 1% of overall

growth

India’s agricultural yields are a fraction of those of its more dynamic Asian neighbors.

Improvement needed on three fronts: public investment, new technology and deregulation

"He really meant to tell them that the big money was not in the individual fluctuations but in the main movements that is, not in reading the tape but in sizing up the entire

market and its trend.”

Agriculture will have to contend with two other problems.

First, the loss of arable land for non-agricultural uses as India industrializes and urbanizes.

Second, soil erosion due to intensive farming and environmental degradation.

Since there are limits to enhancing area under cultivation, as forest cover is already dwindling, raising agricultural productivity will be key.

F-O-O-D IS A FIGHTING WORD

Food crisis, reason behind all conflicts. 60% of all conflicts in the past 18 years have been driven, at their core, by disputes

stemming from a scarcity of food, land or water. By 2020s, regional food shortages could trigger hundreds of millions of new refugees and

leave no country on Earth unaffected. When those folks run out of food, where do you think they're going to immigrate to?

"Obviously the thing to do was to be bullish in a bull market and bearish in a bear market."

Agriculture will have to contend with two other problems.

U.S. consumers spend roughly 15% of every dollar on food. In China, 30% of consumer income is spent on food. In India, it's closer to 35% or even 40%.

In poorer nations, 80% of consumer income goes to food.

The United Nations World Food Program says the number of hungry mouths increased by 50 million in 2007 because of higher food prices.

Approximately 50 million acres of arable land disappear every year thanks to the growth in cities, urban sprawl and economic development.

How agriculture sector related with food processing sector?

If “Food Processing” industry is - forward integration then “Agriculture” can be called as - backward integration.

This might be the reason why big guys like Bharti/Reliance are going for “crop/vegetable cultivation” along with “food packaging” and “retail outlets”.

FOOD PROCESSING IS A LINK BETWEEN THE AGRICULTURE AND INDUSTRIAL SEGMENTS OF THE ECONOMY.

The food processing industry in India is a sunrise sector that has gained prominence in recent years.

India’s agricultural production base is reasonably strong, wastage of agricultural produce is sizeable.

Processing of fruits and vegetables is a low 2%, around 35% in milk, 21% in meat and 6% in poultry products. By international comparison, these levels are significantly low - processing of agriculture produce is around 40% in China, 30% in Thailand, 70% in Brazil, 78% in the Philippines and 80% in Malaysia.

Value addition to agriculture produce in India is just 20%, wastage is estimated to be valued at around US$ 13 bn (Rs 580 bn).

"When your security is acting right, you can safely add to your line from then forward!"

Considering the wide-ranging and large raw material base that the country offers, along with a consumer base of over one billion people, the industry holds tremendous opportunities for large investments.

India, with an arable land of 184 mn hectares is, the highest producer of milk in the world at 90 mn tonnes p.a., second largest producer of fruits & vegetables (150 mn tonnes), third largest producer of food grains and fish and has the largest livestock population.

INDIAN FOOD MARKET AT US$ 191 BN. THE PROCESSED FOOD MARKET IS PROJECTED TO BE OVER US$ 100 BN

The Ministry of Food Processing Industries, GoI, has estimated the size of the Indian food market at US$ 191 bn (Rs 8,600 bn). The processed food market is projected to be over US$ 100 bn, of which the primarily processed food market accounts for 60%, while the value-added processed food market is around 40%.

The food processing industry in India has a share of 1.5% in the total GDP of the country, and as part of total manufacturing accounts for 9%. India’s share in world trade in respect of processed food is about 1.6%.

"When I buy stocks for a rise I like to pay top prices and when I sell I must sell low or not at all."

An extensive and highly fragmented industry, the food processing sector largely comprises of the following sub-segments: fruits & vegetables, milk and milk products, beer & alcoholic beverages, meat and poultry, marine products, grain processing, packaged/convenience food and packaged drinks.

A large number of players in this industry are small sized companies, and are largely concentrated in the unorganized segment. This segment accounts for more than 70% of the output in volume terms and 50% in value terms. However, though the organized sector is comparatively small, it is growing at a much faster pace.

What will bridge the gap between surging demand for food and a limited supply of fertilizer?

Genetically modified (GM) foods

Agri-biotechnology

Residual Free Foods

ANSWER IS : “GENETICALLY MODIFIED (GM) FOODS”.

"Experience has proved to me that real money made in speculating has been in commitments in a stock or commodity showing a profit right from the start."

Why make GM crops?

GM technology enables plant breeders to bring together in one plant usefulgenes from a wide range of living sources, not just from within the cropspecies or from closely related plants.

What are the potential benefits of GM plants?

What are the potential risks of GM plants?

Are GM crops appropriate for developing countries?

Higher crop yields, Reduced farm costs, Increased farm profit,Improvement in health and the environment

#1. Danger of unintentionally introducing allergens in foods.#2. Likelihood of transgenes escaping from cultivated crops. #3. Potential for pests to evolve resistance to the toxins produced by GMCrops & Risk of these toxins affecting non-target organisms.

#1. Food prices directly affect the incomes of majority of the population.#2. They lack the scientific capacity to assess the bio safety of GM crops.

GM (GENETICALLY MODIFIED) CROPS KEY TO FOOD SELF SUFFICIENCY

In US, approx 70% of processed foods contain genetically modified ingredients. Considering that about 90 cents of every dollar spent at the supermarket goes toward processed foods, hence for every dollar you spent in malls you are buying GM foods worth 63 cents. Opportunity is huge!!!

India is currently facing a shortage of edible oil, wheat and rice. It imports more than 40% of its edible oil requirement. India imported 5.5 million tonnes of wheat in 2006 and 1.8 million tonnes in 2007. It barred export of non-basmati rice to meet local demand in 2007-08.

The success India has achieved through use of Bt cotton can be replicated for other crops also. It became the second largest producer of cotton through the use of GM crops.

India is currently testing GM rice and GM brinjal with commercialization likely to happen in 2011 and 2009 respectively.

"It is literally true that millions come easier to a trader after he knows how to trade, than hundreds did in the days of his ignorance."

Agri-biotechnology, What is this?

Uses molecular biology to develop commercial processes and products.

Generates social, economic and environmental benefits if specifically targeted at the needs of the resource-poor farmers.

Any niche area in Agro commodity do you suggest to focus on and do investment?

Today’s farmers are not looking for just seeds, chemical pesticides or fertilizers but…..

They are looking for hybrid seeds, bio fertilizer, bio pesticides, zero residue fruits and vegetables.

From the Green Revolution to the Gene Revolution

Hybrid seeds, bio fertilizer, bio pesticides, zero residue fruits and vegetables are the need of hour!!! There are many benefits of using

biotechnology in Agriculture like… Improve yield from crops Reduced vulnerability of crops to

environmental stresses Increased nutritional qualities of

food crops Improved taste, texture or

appearance of food Reduced dependence on fertilizers,

pesticides and other agrochemicals."From my point of view, the investors are the big gamblers. They make a bet, stay

with it, and if all goes wrong, they lose it all."

Avoid use of conventional pesticides, herbicides and fertilizers.

Use of Pesticides to kill insects, herbicides to kill weeds, and fertilizers to amend poor soil, all three of these have a negative impact on the environment.

Use of these can significantly influence the immune and endocrine systems as well as neurological health.

Fertilizers and pesticides are still legal, but they must be applied according to directions.

As per HBJ Capital’s five golden rules of picking 10in3 stocks, do you suggest any stocks for investment?

Yes, it is….Camson Bio Tech

HBJ CAPITAL’S FIVE GOLDEN RULES OF PICKING 10IN3 STOCKS.

Is Camson Bio Tech belongs to New Emerging Sector?

1st and only company in the world to offer range of…..

Hybrid seeds, Bio fertilizer,Bio pesticides, Zero residue fruits and vegetables.

AGRICULTURE BIOTECHNOLOGY: THE ANSWER TO FOOD SHORTAGES

Agriculture Biotechnology – Only solution to India’s food crisis!!! Agriculture is a dominant sector in India,

we see a huge opportunity in improving agricultural productivity.

The 'green revolution' is showing signs of fatigue and farm productivity increases are now flattening.

A revitalized Indian agriculture can be the engine of growth for the 21st century, and biotechnology can provide the needed fuel.

The greatest promise of biotechnology is in its application in developing countries like India and China because of their high reliance on agriculture, large farming areas, low crop yield and the urgency for food increase and economic revitalization.

“First I determine themes that will be played out over the next several years. Then I identify groups of stocks that reflect those themes.”

GENE REVOLUTION AND FOOD SECURITY Bio Agri will be a very strong sector in

the years to come, in view of the Indian government’s decision to open the market for biotech crops.

India offers a huge market for agribiotech products as more than half of the country’s population depends on agriculture. Indian market is big, value lies in making products suited to Indian agronomy and markets.

Development in the green movement is still in its infancy. Less than a dozen companies around the world are commercially manufacturing and selling small quantities of bio-pesticides and bio- fertilizers.

Unlike popular fertilizers and pesticides in common use today, these products can be safely metabolized by most living creatures, and leave no residues in their bodies. They have no adverse effects on the soil, and are produced from biological sources rather than chemical synthesis.

"There is only one side to the stock market; and it is not the bull side or the bear side, but the right side“.

Agribiotechnology…..

Agriculture occupies the prime position in the economy contributing 24.1% to the GDP and agriculture and allied activities employ about 60% of the work force.

Hence a lot is expected of agribiotechnology. New products in agribiotechnology sector would be increasing in the coming years.

Could you please, provide me a snapshot of Camson Bio Tech?

Camson Bio Tech Ltd, India’s first

wholly integrated Agriculture

Biotechnology Company, based at

Bangalore.

SNAPSHOT… HBJ Capital’s Views… CMP = INR 71/- as on Sept’08 H/L = 210/54 (Share price has come

closure to 52 week’s low) Mcap = Rs 70Cr (You are getting a

leader @ just Rs70Cr where scale of opportunity is 1000 times more than its Mcap, lot of head room available)

PE=7.47; EPS = 9.5 & FV=10 (Currently at reasonable PE, Monsanto trades at 12-15 PE, with 100% growth YoY, PE expansion and exponential EPS growth can’t be ruled out)

# of Shares = 98 Lakhs (Equity expansion expected for such a high growth company)

Official Websitehttp://www.camsonbiotechnologies.com

The markets are the same now as they were five or ten years ago because they keep changing-just like they did then.

Camson Biotechnologies operates in the niche segment of agriculture bio technology. Camson was incorporated in 1993, and became a Public Limited Company in 1995.

Camson Biotechnologies is nurturing a business where the opportunity space is big enough for Camson to attempt doubling revenues (and profits) every year for perhaps a decade.

This is the kind of product that the world's farmers are thirsting for, and if Camson does not do it, someone else will. It's the only listed company in India that seems to be getting a grip on this difficult (but promising) business.

1st and only company in the world to offer range of Hybrid seeds, Bio fertilizer and Bio pesticides, zero residue fruits and vegetables.

PICTURES SPEAKS MORE THAN WORDS!

[Click above] : Picturesspeak more than wordsSometimes.

The elements of good trading are cutting losses, cutting losses, and cutting losses.

The company has developed many unique biocides for plant protection and hybrid seeds for improved productivity.

It is active in the areas of Hybrid seeds, bio- fertilizers and bio-pesticides.

Camson visualizes a healthy and disease free society by providing safe food. Camson has recently been recognized as one of the fastest growing technology Companies in the ‘Technology fast 50 India 2007’ conducted by Deloitte Touche Tohmatsu, Asia Pacific.

The Company has successfully launched 32 products in the Indian market within last seven years. All these products have been received enthusiastically by the consumers.

Extensive research practice over 10 years.

AWARDS & CERTIFICATES.

Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.

1ST “PROTECT THE PLANT” AND 2ND “IMPROVE THE PRODUCTIVITY”.

Camson has developed many unique biocides for plant protection and hybrid seeds for improved productivity .

Superior technology in crop transformation and functional genomics has helped in developing new products which are first of its kind in the country.

Protect the plant and Improve the productivity.

Unique research and intellectual proprietary

Unique biocides for plant protection and hybrid seeds for improved productivity .

The trend is your friend except at the end where it bends.

Which are the other listed players in BSE/NSE doing similar business? Why they can’t be 10in3 stock?

Stock picking is more like a rejection process rather than selection;

So one should eliminate the

unwanted weeds and get the best crop!!!

BSE/NSE LISTED PLAYERS.

To avoid whipsaw losses, stop trading.

Is Camson Bio Tech, a “Small Market Cap" company with Leadership Position in its Niche area of operation?

Yes, Camson Bio is just Rs 70Cr Mcap company.

A wholly integrated company with leadership position in its niche area of operation, almost no competition!!!

WORLD IS LOOKING FOR : A CHEMICAL FREE FOOD Why farmers prefer bio-fertilizers & bio-pesticides? With the world increasingly becoming sensitive to

chemical-free food, and exports increasingly needing to be zero-residue, demand for bio-fertilizers & bio-pesticides is zooming yearly.

The world over, countries are moving towards banning agro-chemicals due to the increasing realization of the longer term costs on the health of their populations.

Bio-pesticides & hybrid seeds make up around 80% of the current turnover of the company. The company sells it's products at lower than the equivalent prices for the chemical-based products, and with the "chemical-free, zero-residue" advantages.

This makes it a win-win for the farmer / contract farmer. Company has all the necessary certifications of it's products.

Here's the essence of risk management: Risk no more than you can afford to lose, and also risk enough so that a win is meaningful. If there is no such amount, don't play.

Extensive details regarding the company, it’s products, it's vision etc can be accessed on it’s website : http://www.camsonbiotechnologies.com/

IF YOU WANT TO CREATE HUGE AMOUNT OF WEALTH THEN “CATCH THEM YOUNG”.

Just think for a moment… You are buying an undisputed leader

company whose Mcap is just Rs 70Cr, just like a child prodigy or a product based giant in making.

Remember that, best returns are generated by latching on early on unique companies with big moat  (R&D & Products Portfolio for Camson) around them & tremendous growth looming ahead (Opportunity 1000 times more than its Mcap or Sales).

As of now company is too small for FII or MF to take substantial stake in it. In fact FII/MF has not yet looked at it.

Company planning for Private Placement for further expansion, and you must be knowing that PE folks expects minimum 30-50% returns per year.

Markets are fundamentally volatile. No way around it. Your problem is not in the math. There is no math to get you out of having to experience uncertainty.

What is the Scale of Opportunity here? How big Camson Bio Tech can become?

India’s fertilizer (nitrogen, phosphorus, potassium: N-P-K) industry alone worth $5bn (Rs20,000Cr).

Usage of nutrients in India is only 98 kg per hectare compared with 254 kg in China. India need to use 2.5 times more nutrients.

INDIA NEED TO USE MORE & MORE BIO - NUTRIENTS!!!

Bio fertilizers are sooner or later going to replace the conventional NKP based fertilizers due to their side effect on human health.

Camson has products from following areas… Hybrid seeds, Bio fertilizer, Bio pesticides, Zero residue fruits and vegetables.

Out of the above just “Bio fertilizer” alone has market of $5bn, What about others? Think about it!!!

All these products from Camson is ready to capture major market share.

“An investment in knowledge always pays the best interest”

SIZE OF INDIAN FERTILIZER INDUSTRY : $5BN (APPROX)

Increase in productivity due to more usage of fertilizers and that too Bio-fertilizers.

Organized food retailing is likely to play an important role in increasing the consumption of processed food items. The retail format reduces the number of intermediaries and transaction costs. It also aids better understanding of consumer preferences as it is a vital link between the processors and consumers.

The current sales of processed foods through retail outlets are hardly 1% of total food sales, it is estimated to grow at an annual rate of 40% in the near future.

Indian corporate who have already ventured into this segment include ITC, Bharti, Reliance, Aditya Birla Group, Subhiksha and Future Group.

“Buy the stocks of small companies below their economic value, let the companies grow, and resell them as proven successes at full economic value.

India is primarily an agriculture based economy. The agricultural sector contribute about 25% to the GDP.

The Indian Fertilizer Industry is one of the allied sectors of the agricultural sphere. Due to various risks involved in usage of fertilizer slowly conventional fertilizers (NKP) will be replaced by Bio-fertilizers etc.

In a global fertiliser industry worth roughly $50 billion, India stands third in terms of production after China and the US. So, assuming India’s share of 10% in production, India’s fertilizer industry alone will be worth $5bn which is Rs20,000Cr.

However, in terms of usage of nutrients India consumes only 98 kg per hectare of arable land compared with 254 kg in China.

COMPARABLE COMPANY ACROSS GLOBE? Although there is no direct comparison

between Camson & other agro based companies across the globe due to diversified business, but by visualizing their size one can understand the scale of opportunity in agro biotech companies.. Monsanto Co, which is $61bn

listed in NYSE is 4000 times bigger than Camson Bio.

It commands PE of 31 which is 5 times more than Camson’s PE of 6-7.

Monsanto who is a global leader in agro biotech, has Indian subsidiary, mentioned below is the comparison between to giant (Monsanto) & giant in making (Camson Bio).

“First I determine themes that will be played out over the next several years. Then I identify groups of stocks that reflect those themes.”

Are the management unknown & undiscovered? Have you seen their passion at work more than qualification?

This company is promoted by a senior agricultural scientist.

Management belongs to a family of agricultural technologists with decades of experience in agriculture.

UNKNOWN MANAGEMENT ? UNDISCOVERED YET? Dhirendra Kumar – Managing Director

A senior agricultural scientist. Belongs to a family of agricultural technologists with decades of experience in agriculture. Technocrats with vast relevant experience. His vision is to create a healthy and disease free society by providing safe food. Aims at being world class manufacture of Biotechnology products. Board of Directors : A. N. Singh, Veerendra Kumar Singh, Krishnaswamy Ramaswamy

& B.C. Madappa

“The best company in a marginal industry is worth more than the third-best company in a major industry.”

These activities demonstrates promoter’s faith on this company. Promoters, associates & their group companies holding (including warrants outstanding)

is around 55-60% though in the classification only 19.9% is currently shown as promoter holding.

Impressive list of non-promoter shareholders; which includes Prof Mankekar & Jignesh Shah thru their own private ventures. Mr. Vivek Mundra, Alumnus of IIM Ahmadabad & Director, Jet Age Securities P. Ltd is the latest entrant, having picked up a 1% stake recently.

Huge stake taken by Prof Mankekar investment arm  Pivotal securities & MCX director Jignesh Shah & Financial technologies thru investment company.

Promoters have bought back shares from ICICI Bank & ING Vysya bank @ 125.

VISION, MISSION & VALUES Vision

To create a healthy and disease free society by providing safe food. To pursuit for wholesome goodness in agriculture and aims at being world class

manufacture of Biotechnology products. Camson visualizes a healthy and disease free society by providing safe food.Just remember, any company doing work for the cause of mankind or to solve

generics problems of ours are going to excel. Like Bharti on Telecom, Pantaloon in Retail, Educomp in Education, Infosys in IT……Camson in Bio-Nutrients & chemical free foods.

A fish at one with the water sees nothing between himself and his prey. A trader at one with his feelings feels nothing between himself and executing his method.

Mission Mission is to be a world class manufacturers of bio technology products, non

poisonous, eco friendly, zero residual product.

Values Camson Bio, not only produced the bio-nutrients but also adds value to the society by

providing us “Residue Free” foods. Just think if conventional fertilizer and bio-fertilizers are available at the same price

and same yield capacity then anyone in the world is going to choose bio-fertilizer which doesn’t have side effect.

HAPPY SHAREHOLDERS: A TESTIMONY OF GOOD PROMOTERS

Whether a promoter is good or not? This might not be reflected by the company’s income statement or balance sheet, but yes, if shareholders of the company are happy and wish to see it amongst the foremost companies in the world, in its field.

Such statement from shareholders are really motivating, that too in spite of share price of the company falling down by 50% from Rs 150+ to just Rs70-80 in last 6 months.

For a small company number of shareholders are normally less, and most of the time they know personally the promoters and their vision. So, even if share prices falls down, they are confident of the potential of the driver driving the bus.

The four most expensive words in the English language are "this time it’s different."

Any credibility based on Shares held by Promoters or Non-Promoters?

Promoters have bought back shares from ICICI Bank & ING Vysya bank @ 125. This gives comfortable margin of safety.

Non-Promoters: Huge stake taken by Prof Mankekar investment arm  Pivotal securities; MCX director Jignesh Shah of Financial technologies thru investment company.

PROMOTER’S HOLDINGS FROM DEC’07 TO JUNE’08 After listing the company

at BSE during Feb’08, Promoters has hiked their stake by 2% thru open market at Price close to Rs 120+.

Promoters, associates & their group companies holding (including warrants outstanding) is around 55-60% though in the classification only 19.9% is currently shown as promoter holding.

I thought, I'm only going to be on this planet once, and only for a short time. What can I do with my life that will lead to permanent benefits?

NON-PROMOTERS HOLDINGS FROM DEC’07 TO JUN’08 Indirect holding thru Promoter’s

group companies + Holdings in personal capacity… Camson Farm Produce Pvt Ltd

(12%) Santan Herbal & Naturals Ltd

(9.8%) Prashant Desai (2.16) Anand Subrahmaniyam (2.55) Devika Anand (2.55) Alagar Venkatesan (2.04) Murali Dharan (1.37) Shiela M (1.53)

Most investors don’t even stop to consider how much business a company does. All they look at are earnings per share and net assets per share

Holdings by Reputed Investors. Melchor Indian Opportunities Fund - (4%)

managed by U.R. Bhat (ex-JP Morgan) is new entry here.

Grand Slam Investment Pvt Ltd – (9.3%) held by Jignesh Shah of Financial Technologies/MCX.

Pivotal Securities Pvt Ltd – (4.43%) Prof Mankekar investment arm.

Vivek Mundra – (1%) Director MERLIN HOLDINGS PVT LTD (IIM -Ahmadabad graduates ) has more than two decades of experience in the Indian Financial Market.

Ventura Securities – (1%) Well known brokerage.

SHARE IN LOCKED-IN : THEY ARE LONG TERM INVESTORS

Let’s see approx. how much % of shares are in strong hand…. Promoters Holdings = 19.9% Public holding = 80.1%

Foreign Institutional Investors = 4.46% Persons Acting in Concert = 21.83% Bodies Corporate = 18.41% Individual shareholders holding nominal share capital in excess of

Rs. 1 lakh = 22.11% Individual shareholders holding nominal share capital up to Rs. 1

lakh = 13.30% Hence, 13.30% shares are in weak hand!!!

Investment planning is about structuring exposure to risk factors.

Is there any entry barrier, brand, products or any other moats for Camson Bio Tech?

#1. More than 10 years of Research.

#2. 46 Products, 10 in Pipeline.

#3. Strong Marketing Network

RESEARCH – TO DEVELOP ENVIRONMENTAL FRIENDLY AGRICULTURAL PRODUCTS

Camson launched its first product, CALPHOMIL, in 2001. This was a runaway instant success.

Its Product range - 22 Biocides, 7 Bio Fertilisers and 17 Hybrid Seeds.

The current research pipeline includes about 10 new products across the revenue streams.

The core focus of the Company is in providing Zero Residue Products.

It is the part or wise man to keep himself today for tomorrow, and not venture all his eggs in one basket

PRODUCTS – 22 BIOCIDES, 7 BIO FERTILISERS AND 17 HYBRID SEEDS.

It’s State-of-the-art production facility spread over 20 acres of land at Bangalore North.

Almost all agri – produce, available in the market, carry pesticides residue. In many cases, vegetables are produced using sewage water or contaminated water carrying dangerous chemicals/effluents. The unsuspecting general populace consume these pesticides and chemical residue loaded products.

These factors led to Camson’s vision and became the guiding force for launch of its especially created “Zero Residue Vegetables and Fruits”.

Risk is good. Not properly managing your risk is a dangerous leap

No Government controls for it's products.

Camson caters to the entire range of requirements of a farmer in that it provides him Hybrid Seeds, Bio Fertilisers and Biocides

Camson is the one of the first in the world to have started breeding Hybrid Seeds which would perform well under organic conditions.

CAMSON PRODUCT DETAILS & ITS NETWORK.

The essence of effective portfolio construction is the use of a large number of poorly correlated assets

With 22 Biocides, 7 Bio Fertilisers and 17 Hybrid Seeds,

Camson is going to capture major market share!!!

Who are the clients for Camson’s Products?

Phillip A. Fisher , one of the pioneers of modern investment theory, wrote his masterpiece “Common Stocks, Uncommon Profits”, mentioned 1st item in his checklist, “Does the company have products & services with a sufficient market potential to make possible a sizable increase in sales for at least several years ?"

Well, if there ever was a company that so perfectly fitted the above postulate, it is Camson Biotechnologies Ltd .

DIVERSIFIED CLIENT BASE. With the world increasingly becoming sensitive

to chemical-free food, and exports increasingly needing to be zero-residue, demand for bio-fertilizers & bio-pesticides is zooming yearly.

The world over, countries are moving towards banning agro-chemicals due to the increasing realization of the longer term costs on the health of their populations.

The company sells it's products at lower than the equivalent prices for the chemical-based products, and with the "chemical-free, zero-residue" advantages. This makes it a win-win for the farmer / contract farmer. Company has all the necessary certifications of it's products.

Year on year company is adding client base. No Government controls for it's products. The company has built the base to continue this scorching pace of growth for the next several years.

The most predictable thing about the stock market is the number of experts who take credit for predicting it

End users of Camson’s product are farmers, who are mostly poor, will they afford to buy such products?

Contract farming is the new trend after entry of Indian large business enterprises like ITC, Godrej, Venky’s India, Marico, Reliance, Bharti, Tatas etc, into the branded foods segment or fresh vegetables.

In order to do backward integration, these retailers are going for self farming or farming thru contract, what they expect is high yielding crop and chemical free food or vegetables.

OUT OF THE FRYING PAN...? & CAUGHT BETWEEN THE GREEN REVOLUTION AND THE NEW GENE REVOLUTION.

During last 5-6 years, organized retail sector has attracted many big business houses, who are not doing backward integration by getting into agriculture & food processing business directly.

Entry of Indian large business enterprises like ITC, Godrej, Venky’s India, Marico, Reliance, Bharti, Tatas etc, into the branded foods segment.

Another factor has been growth of retail stores, which are emerging as a driving factor for food processing, though they account for just 1% of food sales at present.

“ P/E ratio- The percentage of investors wetting their pants as this market keeps crashing.”

During last 60 years : Poor Indian farmers were not able to afford quality fertilizers.

Agro business were mostly unorganized.

Prominent food processing companies like Priya Foods, MTR, Surya Food & Agro and Haldiram’s were for long well-known names in their respective regions, with limited national presence.

Numbers speaks more than words. What are their past records/ performance says?

#1. 100% growth rate consistently from last 4 years.

#2. You are getting a sector leader @ Just Rs 46Cr (Mcap – Cash =70Cr – 24Cr =46Cr).

#3. Camson has never paid any rupees as dividend.

PROFIT & LOSS A/C – NUMBERS SPEAKS!!! Look at the Sales & Profit

numbers, from 2004-08 (4 years), company has shown 100% YoY Sales & Profit growth.

Employee cost is also increasing in same manner, which shows the addition of more employees which is good.

Camson has never paid any rupees as dividend, means they are using most of the profits for further expansion or they have expansion plan in pipeline.

Reserve Surplus is also growing, in case if company plan for expansion via organic route.

Book value of the company is also consistently growing year or year.

"...look for small securities in your area of competence where you can understand the business“

BALANCE SHEET – NUMBER LOOKS GREAT!!! Interest cost is within

control, company growing not because of debt but equity dilution.

Share Capital has increased from 7Cr to 9.8Cr (from 70 Lakhs to 98 Lakhs Shares of FV=10)

Company has 15Cr in Cash Reserve + Share Capital is 9.8Cr; excluding debt company has Cash Asset worth Rs 24Cr (approx).

Company with Mcap of 70Cr having 24Cr in cash, means you are getting it at 34% discount.

Astronomic price earnings ratios rarely last for long, as they thrive on excessive hope and for that reason the most has to be made of them while they persist

Q1 FY09 RESULT – SALES 132%; PROFIT 72%.

It’s human nature to find patterns where there are none and to find skill where luck is a more likely explanation

Q1 FY09 Result Update. Sales up 132%; Profit up 72% QoQ. Total expenses up 162%, Raw material cost up 150% and Other expenses up

188%; when these expenses increases more than sales & profit growth, it means company is in expansion mode and has better future earning visibility.

Staff cost is only 5.5Cr for Q1 FY09, which is just 30% of total income, even in IT industry staff cost constitute 50% of the total income. Since this is a product based company so major part of the cost will be for R&D which is good for long term.

Latest significant announcement by the company & its impact?

Company growing 100% YoY from last 4 years.

Shareholders are very happy with the company & its promoters.

Massive expansion planned, equity dilution expected.

NEWS 2 USE - DATE: 6TH SEPTEMBER 20084 years in a row – Revenue and Profits grow over 100%. Camson’s revenue grew by an astronomical 139%, during the year ended March

31,2008 to Rs.41.96 crores, from Rs.17.58 crores, during the year ended March 31, 2007. The profits registered a robust growth of 130%, at Rs.7.79 crores from Rs.3.38 crores, as at the end of the corresponding period, for the previous year.

Company to go ahead with its expansion plans and forward integration efforts. Company to continue its pioneering pursuits to launch trend setter products for

production of safe food.

It is a myth that profits are higher in fast growing industries

HBJ Capital’s Interpretations:- The basic purpose of Camson Bio is to provide safe food to mankind. A

company focusing on basic need of common man are most likely to excel, like Google for Search, Big Bazaar for cheap & best stuffs etc.

Very few company, like Infosys use to show 100% growth rate for 4 years in a row, so this company who is not only a leader but one and only one unique company in India, integrated backward and looking for forward integration now.

Leaders are always trend setters, with more than 10 years of experience in this field and popular products, Camson is undisputed leader.

NEWS 2 USE - DATE: 25TH JULY 2008.

Date: 25th July 2008.2. Issue of Equity Shares, Warrants and FCCB aggregating Rs 30.10 crores subject to

approval from Shareholders.3. Delisting of Equity Share from Hyderabad and Delhi Stock Exchanges

90 % of the people in the stock market, professionals and amateurs alike, simply haven’t done enough homework

HBJ Capital’s Interpretations:- A company with Mcap of Rs 70Cr, is planning for placement of share for Rs 30Cr

which is 40-50% of its Mcap. It clearly indicates two things, #1. Promoters might hike their shareholdings, or some

reputed FII or Investors will acquire stake worth Rs 30Cr at higher price #2. It looks like massive expansion plan is in pipeline, they have established product portfolio & 10 years of R&D experience is a proof that Camson growth rate of 100% YoY for next 5-10 years more.

Date: 15th August 2008.Camson signs MOU with Royal Science and Technology Park, Government of Swaziland.

HBJ Capital’s Interpretations:- In order to use latest technology, Camson has signed MOU for the purpose of R&D.

NEWS 2 USE - DATE: 20TH JUNE 2008Eco- friendly Investing“A long talk with the technocrat CEO Dhirendra Kumar followed by a visit to its R&D

centre convinced me that this company was nurturing a business where the opportunity space was big enough for Camson to attempt doubling revenues (and profits) every year for perhaps a decade. A parallel presence in hybrid seeds gives Camson critical mass in distribution. I know that this is the kind of stuff that the world's farmers are thirsting for, and if Camson does not do it, someone else will. Right now, it's the only listed company in India that seems to be getting a grip on this difficult (but promising) business. - Dipen Sheth, Head of Research, Wealth Management Advisory Services

I have probably purchased fifty ‘hot tips’ in my career, maybe even more. When I put them all together, I know I am a net loser.

HBJ Capital’s Interpretations:- Above statement made by Dipen Sheth is a clear indication about the management,

business, its R&D and scale of opportunity. Future visibility of this company looks very promising, if it comes true means 100%

growth for next 10 years, wow!!! It will be a great multibagger stock in making. Unique business, clear monopoly, strong line of products is its moats.

NEWS 2 USE - DATE: 4TH FEB 2008.1. Camson Bio Technologies Ltd has announced that the Company is wholly integrated

agribiotech Company to provide the complete solutions in the field of agriculture. It is active in the areas of Hybrid seeds, bio- fertilizers and bio-pesticides.

2. Camson visualizes a healthy and disease free society by providing safe food. Camson has recently been recognized as one of the fastest growing technology Companies in the ‘Technology fast 50 India 2007’ conducted by Deloitte Touche Tohmatsu, Asia Pacific.

3. The Company has successfully launched 32 products in the Indian market within last seven years. All these products have been received enthusiastically by the consumers. To meet the growing demand the Company has established its own godowns and offices at various strategic locations through out India.

The problem with the person who thinks he’s a long-term investor and impervious to short-term gyrations is that the emotion of fear and pain will eventually make him

sell badly.

HBJ Capital’s Interpretations:- This announcement was done after listing Camson Bio at BSE. Remember that Camson is just listed at BSE, no NSE listing yet. Most of the small

cap multibagger first get listed at BSE and after getting a scale they will list at NSE where it will be noticed well and general public will start buying making its valuation high. Similar case was for Pantaloon, ICSA, Karuturi Networks etc.

Its always the price at which you buy matters?

There is strong support around Rs60 and fall below this price should be considered as bargain prices!!!

SHARE PRICE MOVEMENT : JAN’08-SEPT’08

In Feb’08 it got listed @ BSE with trading price of Rs 150-180, its share prices fell down due to global sell off and formed bottom around Rs 60 during Mar’08.

The function of the press in society is to inform, but its role in society is to make money.

Re-listing on Feb 8th 2008 at BSE Camson Bio Technologies, a leader in hybrid seeds, bio- fertilizers and bio-pesticides,

got listed on the Bombay Stock Exchange on 8th Feb’08. Till now it had been listed on the regional stock exchanges.

Camson Bio Technologies resume trading at the base price of Rs 153.

Latest Bulk/Block deals - Buy/Sell reported in Camson Bio Tech & hidden meanings behind this.

Promoters are promptly accumulating share from open market!!!

MAY’08 TRANSACTIONS… Sell - Pivotal Securities Pvt Ltd sold 2.46% stake in the Open market during Feb 07,

2008 to May 13, 2008. Its holdings reduced from 6.89% to 4.43%.

Buy - Sunidhi Securities & Finance Ltd bought 0.03% stake from open market during May 09, 2008 & May 13, 2008.

Buy - Melchior Indian opportunities fund buys 2 lakh shares @ Rs 125/share.

Money talks… but all mine ever says is good-bye.

HBJ Capital’s Interpretations:- “Laxmi Shivanand Mankekar” owns “Pivotal Securities Pvt Ltd”. This farsighted

investors like Prof Mankekar (popular to make 100x returns in Pantaloon & Financial Technologies) thru his investment firm Pivotal securities holds stake in Camson Bio.

Melchior India Opportunities funds a very reputed long only FII headed by ex JP Morgan U R Bhat has purchased 2 Lacs shares of Camson Biotechnologies in bulk deal at Rs 125 per share.

FEB’08 TRANSACTIONS… Buy - Dhirendra Kumar – Promoters bought 2.04% stake from off market on 5th

Feb’08. His holdings increases from 7.11% to 9.15%

Bear Market-A 6 to 18 month period when the kids get no allowance, the wife gets no jewelry and the husband get no sex.

HBJ Capital’s Interpretations:- Stock sold by “Pivotal Securities Pvt Ltd” during Feb’08 are actually bought by

Dhirendra Kumar in person. Accumulation by Promoters at higher price between Rs 120-140 gives sufficient

margin of safety, because current price is around Rs 70-80.

Is there any risk associated with investment in this company?

So far it has been a one man show very promoter dependent.

Its a classic under researched & under owned stock which makes it specially attractive.

RISKS ASSOCIATED WITH CAMSON BIO? Equity dilution - Fully diluted

equity stands at 16 Cr . The Industry is working-capital intensive so maintaining the current rate of growth (company is growing 100% yearly) will require further cash infusions resulting in equity dilution – however incremental earnings will be at a far faster pace than any incremental equity dilution hereon.

Any adverse weather conditions affecting farming will impact the company in that particular quarter.

HR & other challenges typical to smaller companies growing at scorching rates.

Market Correction-The day after you buy stocks

What is the best price to buy Camson Bio Tech?

Best buying price for Camson Bio Tech is between Rs 30-40 per share. Why?

BEST PRICE BETWEEN RS 30-40 PER SHARE.

It is the best time now to accumulate Camson and add more on declines. In fact this is once in a year opportunity!!!

Most of the investors or even promoters has acquired share above Rs 100, but looking at current market scenarios HBJ Capital advice you to buy between Rs 30-40 only.

Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraisal.

When do we Sell this stock?

Personal Reason OR

Market Reason?

WHEN IS THE BEST TIME TO SELL A STOCK?Personal reasons : It depends on person to person.

“ A stock broker is one who invests other people’s money until its all gone.”

Risk Tolerance Reached You bought a company that looked like a steady growing concern, but instead it has turned out to be a roller coaster ride. For whatever reason, this stock is just too volatile for your nerves. Dump this firecracker and replace it with a stock that will let you sleep at night.

You Need some Cash An unexpected major bill can sabotage anyone’s budget. Using a stock, especially one that is underperforming, to solve a financial emergency is another reason to sell. However, take a close look at your personal finances. An emergency cash fund that is not tied up in investments is recommended to avoid, except in extreme cases, liquidating stocks to pay bills.

Moral, Ethical Conflicts More and more investors are becoming concerned about the social, environmental, ethical and moral standards of the companies they own. You may decide that a company you own has practices or products that conflict with your social, religious or moral beliefs. There is no better reason to sell if that is important to you.

The Grass is Greener This overlaps with market reasons to sell, but there is nothing wrong with dumping an underwhelming stock for a company that offers better returns. The danger here is that active trading can generate significant transaction costs and taxes, both of which eat into any potential gain. Look (and think) before you leap.

You’ve Reached your Goal It worked. Your plan to reach that financial goal, whether it was retirement or getting a child to college, is finally here. Now is the time to start systematically liquidating those stocks you’ve tagged for this goal. If you have been trading, make sure you have owned the stock at least one year before selling so it falls under long-term capital gains tax rules.

WHEN IS THE BEST TIME TO SELL A STOCK?Market reasons : Time to sell?

“ Average investors who try to do a lot of trading will only make their brokers rich.”

The Stock Drops by x% If you buy a stock as a trader, rather than an investor, you may set an arbitrary floor for the stock. When the stock falls to this floor, you sell. Many traders set that floor in the 6% – 8% range, depending on the volatility of the stock. They may not be happy about a small loss, but they make sure it doesn’t become a big loss.

The Company Flounders This is the investor’s signal to sell. The investor bought the company because of its fundamentals and its business plan. When something changes and the company loses its way, the investor has to re-examine whether it is the same company or not. Maybe a new CEO takes the company off in a direction that the investor (and market) believes is wrong.

When a Stock is Over Valued Can there be too much of a good thing? There certainly can in the market. When stocks are pushed way past their true value, they are often set up for a fall. The strategy is to sell when they are over valued and buy them back after a market correction has knocked the price back down. This, of course presumes an accurate knowledge of the top and bottom of prices – something very few of us are particularly good at with any consistency. Selling an over-valued stock is certainly preferable to buying an over-valued stock. Just be prepared to watch it keep going up after you sell, as happens sometimes. Don’t second-guess yourself; it could have more easily gone the other way.

Rebalancing Your Portfolio You have decided that the best allocation for your circumstances is 60% stocks, 30% bonds and 10% cash in your portfolio. Good fortune has smiled on you and your stocks, which are now valued at 70% of your portfolio. As tempting as it might be, your best move is to rebalance your portfolio by selling off some of your stocks and bringing the percentages back into alignment. Obviously, the stock(s) you sell should meet the long-term capital gains test of one-year ownership. Beyond that, look at how your stocks break out and decide which stocks can be sold to keep the diversification intact.

WHEN IS THE BEST TIME TO SELL CAMSON BIO TECH?

Market reasons : Time to sell Camson Bio?

Emotions are your worst enemy in the stock market

The Stock Drops Camson is a company one MUST keep on accumulating more and more if its share price falls below Rs50 per share.You MUST not sell due to fall in the share price. NEVER, NEVER, NEVER.

The Company Flounders Testimony of the promoters can be judge by company performance, this is a company growing 100% from last 4 years, in case if its growth rate falls below 50% or less for two consecutive quarters, take this as alert sign and get back to us, we would provide best act.Don’t worry about equity dilution, any company growing at 100% rate is most likely to dilute equity to raise funds or take debt.

When a Stock is Over ValuedThis stock should multiply at most 2-3 times per year, in case if you find it going up say 5-6 times in a year itself, we would suggest better sell it partly and acquire after it cools down. At any PE > 30, you must sell this stock and wait for PE around 10-12 to accumulate again.

Rebalancing Your Portfolio Camson can definitely occupy 10% of your portfolio, due to capital appreciation if it occupies portfolio 25-30%, better offload it partly.

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