At a time ,retail investors are fed up with the current lackluster
movement of stock market ,response to GTS -3 was surprising .Received
around 2o0 responses in e-mail ,out of which 32 were correct from the following
readers.
1) AKHAND GHAI 2) ANANDAMURTHY K 3) ARVIND KUMAR P
4) ASHISH C 5) BHARTIA C K 6) CHANDANA
7) DEEPAK KUMAR 8) DEVARAJ 9) DHARMESH JHAVERI
10) DIGI DANIEL 11) DILIP NIRMAL 12) DINI DANIEL
13) GAJENDRA JAIN 14) HARESH R. 15) HARI PRASAD
16) HOLLA K.S. 17) JATHIN SONI 18) JAYCHAND TATINENI
19) KAMAL BABARIA 20) KISHAN RAVIA 21 ) RAMESH
22) RITHESH SHAH 23) ROOPALI 24) SAMBIT S.
25) SANDEEP MADDALI 26) SANTHOSH R. 27) SAPANDEEP SINGH
28) SATHISH KUMAR D. 29) SHANKAR 30) VINOD KASHYAP
31) RAHUL GUPTA 32) RAVI VAKAYIL
Congratulations to all for your time and effort .
===============================================================
Mr. Shilpan Patel
Chairman & Managing Director of the Company
===============================================================
World over countries are spending crores to reduce pollution
and promote environment friendly products in many fields .This small company –
Arrow Coated Products ( ACP) BSE CODE - 516064 -is one step ahead in this endeavor from India .This company with self developed
technology backed by strong R&D and many patented products is in a unique position
in the efforts to save our earth. This knowledge based company possessing 28
patents across the globe for their various products.This unnoticed
small company is manufacturing many products for the future and I
believe Arrow Coated is a company with unlimited potential and filled with many ingredients to become a multi bagger if its promoters can utilise the
emerging opportunities effectively.ACP operating through various strategic business unis(SBU) and subsidiaries.
Its major products are Water Soluble Films(WSF),Bio Compostable Plastic,Oxy
Fresh Packaging films.Mouth Melting Strips, RFID and Smart Card
products..etc..
1)
Bio-Degradable
Cast Water Soluble Films
This product has unique
characteristic of completely dissolving in water at room temperature if it came
in touch with water beyond certain time period.. The dissolved film disappears
in water like sugar and the ingredients of the film change their appearance but
remain present as dissolved solids in water which can be washed or flushed out
after use.It is completely bio degradable and safe for environment and with
time to come the use of this film not only going to increase but also
indispensable because of its bio degradability. Many countries are trying to
reduce the usage of plastic and WSF is a good alternative for many uses of
plastic. Packaging industry especially Agrochemicals, pesticides ..etc offering large scope for this product in
future. In this segment company supplying water soluble pouches for the
Agrochemical industry at present.ACP also supplying different variants of this
product for industries like Embroidery,
Laundry Bags,
dyes, pigments, specialty chemicals and consumer goods such as detergents and
cleaning agents. Mandatory packaging of pesticides in bio-degradable pouches may even turn as a reality in future. ACP is also in advanced stage to develop some unique products for
the pharma industry based on WSF technology.
2) Mouth Melting
Strips (MMS)
Mouth Melting Strips is another unique product by ACP which got patent for its manufacturing
technology.World over less than 5 companies are manufacturing this product. The
technology invented by the company for making
Mouth Melting Strips (MMS) is an IP protected innovative technology,
which involves embedding actives into or upon water soluble film in any form.
Once dissolved, it will release the actives in precise quantity. These actives
can be in various forms, like mouth freshening menthols, Active Pharma
ingredients etc. The MMS manufacturing technology was invented by Pfizer in 2010 and till date only
less than 5 companies in the entire world including Arrow Coated having the know how to
produce this product .Even the multinational Johnson and Johnson depending
Pfizer’s technology to produced Listerine Mouth Freshener Strips marketed
by them .This indicating the uniqueness of efforts and success of ACP ,and
because of this reason it may turn as a takeover target even by MNC players. This
MMS project was actually scheduled to start in 2009 but delayed due to various
reasons including complexity of product..etc.Now the company overcome the
issues and decided to set up a plant with initial capacity of 2.8 Cr strips per
annum .The amount raised through its recent rights issue will be partly
utilized to set up this new manufacturing facility.
3) Digital Technology
based Security Products.
Operations of company in this sector is through a 50:50 JV with Switzerland based Nagra ID S.A.This Joint venture company is named as NagraID Arrow Secure
Cards Pvt. Ltd.Due to increasing credit cad fraud ..etc , in future more sophisticated technology based cards are expected to become popular in the coming years ,which will help the company going forward.
More details about this division is available in the website
of this company (HERE)
4) Oxy Fresh Film
Oxy
Fresh film is another innovation from ACPL .It is a post harvest
packaging solution which aims to reduce wastage in vegetables, fruits
& flowers caused by deterioration. This technology not only
increases the shelf life of vegetables & fruits but also helps to
maintain their moisture level by naturally controlling the respiratory
mechanism of vegetables & fruits.
More info about this product is available in the following Links
PERIODIC CALL AUCTION
This stock is currently trading in Periodic Call Auction.But
it is already recorded a trading volume
of more than 11 lakhs shares in this
quarter .Hence , average trading volume /day will be higher than 10000 shares and every chance to come out of PCA in next
revision which will happen in October.
Conclusion
This company was also in the field of trading of printing
machinery till 2009 .Thereafter it discontinued this business and concentrating
in its core business.For the past 20
years company spend lot of time and efforts to developed
many products having tremendous
potential in future.This is just starting to commercialize many of its long
waiting only now.Company following a strategy of commercializing a product only
after it receives patent for its product in all major potential markets.I
believe it is a wise strategy ,considering the nature of business.Now it is
looking to utilize all its inventions by signing partnership/joint venture
agreements with big companies especially outside India. Now it is a small
company unnoticed by market players and equity research firms.But I believe the
potential is beyond imagination if the promoters can replicate their success of
product development in marketing side too.One thing is sure , it is not a
company of ‘present ‘ but a company for future. The capacity utilisation's of
its Water Soluble Film division was just 34 % in 2008 which reached as high as 93 % in 2012 ,which clearly
indicating what the trend is. Low liquidity risk is also there ,but It may
change once more and more investors identify the company in future. On the
financial side company reported a turnover of Rs.15 Cr and a net profit of
Rs.2.75 Cr and an EPS of Rs.2.40 in
FY-2012-13 ( Consolidated) .As in the case of any industry where there is very
few producers with patent protection and high entry barrier ,company reported excellent profit margins in this year and back to dividend list first
time since the discontinuation of its trading division .
For a comparison of this year Consolidated Result with last year ,Click HERE
One thing is true it is not a stock of today but a stock for future .Enough patience is necessary for big gains but till then you can still enjoy dividend at a higher percentage of yield.
News about recently approved patents
HERE and
HERE
Company press release
HERE and
HERE
I believe this is a company deserves
some serious study by all serious
investors because of its uniqueness and
future prospects of its products. For that purpose ,as a first step ,below I am
reproducing the Management discussion and Analysis part taken from last year’s
annual report.Since it is the version of the company itself there may be many
forward looking statements and exaggeration.So take it only with a pinch of
salt.But I think it will help you to get
some in depth ideas about company’s operations.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
1. Industry Structure and Development
A. Water Soluble Film (WSF)
Arrow
Coated Products Ltd is one of the leading manufacturers of cast water soluble
film in the world,
having world class manufacturing facilities in Ankhleshwar, Gujarat & has
one of largest cast
water soluble film (PVAL) manufacturing machine in the world. Industry is now
waking up to the
need of water-soluble film and its packaging advantages. This Wonder Product
has got varied applications
ranging from Agrochemicals , Chemicals Industries, Construction chemicals,
Embroidery,Healthcare and toiletries ( Toilet Blocks), Water transfer printing ( 3D
printing) and provides
an instant solution to the various problems faced in handling of hazardous
material by industries
today. All the modern industries are turning to WSF as their primary packaging
product.Our
Company has developed a wide range of water soluble films especially for the
agrochemical industry
which dissolves completely in water & meets WHO standards (solubility
standards) as per
CIPAC method without damaging the environment or causing any harm to humans and
has no health
hazards.Various
NGOs and our own efforts for propagating the use of WSF in packaging of hazardous chemicals
like Fungicides, Herbicides and We decides which are exceptionally potent pesticidesand the
proper disposal of packaging materials, after the chemicals are dispensed with.
The failurewould
result in serious health problems to flora,fauna,animals and human beings is
now being acknowledged
by this Industry. This has also led to the realization to follow international
rules of packaging
these chemicals in WSF in future.
B. Bio-Compostable Products
Arrow
has been propagating Bio-Compostable plastics and other composites as an
alternative to petro-plastics.
Arrow has succeeded in developing a low cost Bio-Compostable plastic which can be used
for daily uses like shopping bags and garbage bags. We have started trial of
commercial production
of non soluble Bio-Compostable plastics made from Potato starch. This
technology is in
collaboration with Sphere S.A., France.
C. Oxy Fresh
Agriculture
is the backbone of Indian Economy and more than 60% of population is directly
or indirectly
dependent on agriculture for livelihood. India is second largest producers of
fruits and vegetables
in the world with more than 325 million tones of production every year.Arrow
Coated Products Ltd. introduces a revolutionary packaging technology called
OXY- Fresh films -
a post harvest packaging solution. A unique technology aimed at reducing
wastage in vegetables,
fruits and flowers caused by deterioration. This technology not only increases
the shelf life
of vegetables and fruits but also helps to maintain their moisture level by
naturally controlling
the respiratory mechanism of vegetables and fruits.
D. Mouth Melting Strip
This
technology is a relatively new development, which allows small quantities of
active ingredients to be
delivered in a user-friendly format. Adapting existing products such as oral
sprays, liquids
or tablets, or exploiting entirely new opportunities, Arrow MMS works closely
with clients to create the most effective thin film product and process
solutions.
E. Digital Technology Enabled Products
Arrow
moved forward to sign a Term Sheet to form a Joint Venture Company owned
jointly by NagraID
Switzerland and Arrow. NagraID is the world leader in Smart Cards and has
several patents
in this field. Nagra Smart Display card is a rage in the credit card market as
one of the most
secure credit cards in the world. This technology was introduced at the French
show Cartes IT. Our
joint venture is aimed towards National ID card project, which is yet to take
off, while Driver’s
License and E-Governance projects have moved ahead in several states in India.
This will create
demand for Smart Cards, NagraID, is part of Kudelski Group, which is a Blue
Chip Company on Swiss Stock Exchange
(SWX).
F. Security Products
Arrow
has been in the business of security documents and its components. This year
Arrow intends to
enter into a more volume business phase of brand protection. Taking cue from
our experience in designing
security products for high end security, this SBU has been divided into two
separate divisions.
Brand protection division shall handle medium end security products and Govt.
Business division
shall handle high end security products. As IPR becomes important, brand
protection will gain importance
and Arrow will have to be in the forefront to offer sharp solutions. Arrow has several
patents in this security cluster and intends to create revenues in the coming
years.
G. Patents and IPR SBU
IPR is
an important revenue stream for any Company. Arrow has spent reasonably heavy
amounts of money in R & D and filing of patents in the last couple of years. We have
been granted three more patents
in India this year. We have also filed 22 patents Nationally and
Internationally. Some of these
patents shall change the way many Detergents, Pharma and Agro chemical products
are being
packaged and delivered. We are pleased to announce the commercial launch of
Self Destructive Irreversible
Security Packaging Water Soluble Film. We are in discussion with companies on various
patent revenue models. Intellectual
proper is one of the things that sets the Company apart, with rotected core
technology in the
form of patents one has nuggets of wealth at the centre of the business. The
patents are value
creators for the companies as they can be licensed, sold, mortgaged, assigned
or cross licensed
so having a strong patent portfolio enables a Company to be royalty earner than
royalty payer.The
patent rights are territorial in nature, so one has to file and seek patent
grant in all the countries separately
where one wants to protect his invention. The filling of patent applications
all over the world
is an expensive task but once the patent is granted and various revenue
generation streams come in
to effect, it’s a WIN-WIN situation for the Company.
H. Arrow UK Activities
Arrow
UK purchased stake in Advance IP Technologies Limited, a UK based Company. This
Company is
jointly owned by Arrow and Israel based promoters. Advance IP specializes in
generating revenues
from various IPR (Patent) created by both the partners. Arrow is a Joint Patent
holder of a block
buster Patent in health and hygiene and the same has been assigned to Advance
IP. This Patent
has been granted in UK and is being examined in Europe, USA, Australia, China
and India.
I. Export Division SBU
Exports
of our products have increased but there is an unlimited and untapped potential
world wide. There
are only 3 major players in cast water soluble films and Arrow is one of them.
All of us have unique
methods of production of these films and have earned patent protection. Arrow
UK has generated
excellent inquiries and all this need special care. This year we segregated a
new division specially
to address to Arrow UK and other export markets. This should give a positive
impetus to our export sales this year.
J. Arrow Pharma Foray
Taking
advantage of the patented technology, our Company is in the process of securing
partner(s) in the
field of Pharmaceuticals and Nutraceuticals for entering into this highly
lucrative and IPR sensitive
field of saving human and animal lives. In future, Arrow would like to enter
crop protection using a
different version of this patented process and patented product. As India
starts it’s foray into
providing food grains for the world population, the need for low pesticides
residue will be very important.
These are long term revenue generating fields that your Company is targeting
using our Patents
and knowledge acquired over the years. Both these ventures will mean additional
Capital expenditures
and your Company is planning this ahead of time. Arrow’s Pharma foray will be
limited to the
use of its Patented drug (Active) delivery system, using edible Water Soluble
Film.
2. Opportunities and Threats
The
report of Intergovernmental Panel on Climate change, released recently in
Spain, is a grim warning
of the state of our planet. IPCC has articulated the threat to environment due
to greenhouse gas
emissions in much less uncertain terms than it ever did previously It said that
the earth may turn unliveable far
sooner than we presumed, unless the carbon emissions are controlled and rationalized.
About India, the report said that the country would become the third largest
carbon emitter
in the world by 2015. That would be a major slippage from its present slot of
the sixth largest.
One thing is clear, despite the fact that the developed world has
conventionally been much more
serious offender in polluting the planet, countries like China and India cannot
wish away the unpleasant
reality coming out of such reports. A recent Accenture survey found out that
90% consumers worldwide would switch to energy products and services with lower
greenhouse gas emissions. In fact 97% of respondents in emerging countries,
including in India, favour such buying practices compared to 73% of respondents
in Europe.Consumers are even prepared to reward the providers of green products
and services by paying a higher price to benefit from products and services
that help reduce the level of carbon emissions.64% of the respondents said they
would be willing to pay a higher price – a premium of 11%, on an average-for
products and services that produce lower greenhouse gas emissions.Need for
non-soluble Bio Compostable Plastics is gaining attention now. The threat of
flooding has resulted in the realization that Bio-Compostable Films as
preferred material to save the cities from flooding. The need for
Bio-Compostable film and Bio-Degradable film to save the environment is now
present universally and environmentally conscious people of planet earth are
looking at various ways to improve the quality of life.With new restrictions of
maximum ceiling on exports of garments on China being imposed by EU and USA,
along with anti dumping duties this business is bound to come to India and
neighboring countries. India meanwhile has built huge capacities in composite
garment manufacturing units, and the demand for our Embroidery film will show
an uptrend in the future. Distribution channels for exports have been further
widened by appointment of agents in Sri Lanka, Bangladesh, Thailand,Malaysia,
Indonesia, Cambodia, Vietnam and Myanmar. These are the emerging garment
business hubs along with traditional markets like Africa, Pakistan, and Turkey.
Arrow’s embroidery specific Water Soluble Films save time, money and
environment.Introduction of Schiffli embroidery film will replace the chemical
lace fabrics (which are environmentally harmful) and will result in more demand
for our WSF.Threats include non-specified materials (like blown films) from
China, compelling us to keep our prices low and resulting in inability to make
higher margins.
A. Bio Compostable Products :
Increase
in oil prices, has naturally resulted in acceptance of our Bio compostable
materials are made
from renewable resources like potatoes.100% Compostable, 100 % Degradable &
100% Eco Friendly Arrow
has offered the environmentally responsible packaging solution to eradicate the
toxic waste of
plastics. Arrow products are high performance, completely degradable with
unparallelled performance characteristics.
Conventional plastic has brought convenience to human life for decades;
however,
that convenience has come at grave cost to our environment, pollution and toxic
emissions,
and a
depletion of our natural resources. Our products are manufactured from potato
starch. If our
products are placed in an open or turned landfill they will decompose at the
rate similar to the other
biodegradable materials in the same manner. The sewages and pipelines which
were clogged due to
Petro Plastic films will get composted and breakdown due to action of the
organisms present in the
sewerages.
Overview of the products:
* Certified Compostable material.
* Once discarded in the soil or compost, it will decompose 100% in few
months.
* Arrow films have no adverse effect on human health or plant life.
* It has resistance to high and low temperatures and superior strength.
* It is certified by the international Standards such as EN 13432, DIN V
54900. ASTM D 6400- 99.
* Can be
coloured with master batches.
* Printable:
Graphic imprint to present your design and message.
* Arrow Bio Compostable Products for General Applications
* Short life bio degradable products for single use
disposable fast food packaging.
*Thermoformed products are also made like trays, bowls etc.
*Agriculture Products
* Packaging
* Shopping bags
B. Oxy Fresh
Approximately
25 - 35% of the fruit and vegetable production in India goes to waste due to
poor post
harvest systems.OXY
Fresh Film has been incorporated with Nano-particles that create micro cracks
which allow the
exchange of gases. These micro cracks respond to the environment within the
pack. For
instance
if the temperature rises slightly the respiration rate of the product goes up
and so more gas and
vapor are produced. This produces a slight pressure differential causing the
film to expand
and the cracks to increase in size and hence increasing permeability. The
internal pressure will
reduce and again form equilibrium. The
basic concept of Oxy Fresh Films extended freshness packaging, uses the ability
of fresh produce
to adjust its respiration rate via its biofeedback mechanism. In sense the
produce does the
work so as to ramp its metabolism down from high rate at packing to much lower,
steady rate in
storage and distribution. Arrow
Oxy Fresh Films provides higher gas permeability so as to allow greater inflow
of oxygen and
greater outflow of carbon dioxide from the packaging surrounding the produce,
thereby allowing
the produce enough flexibility to modify its surrounding air so as to survive
in a state of reduced
metabolic activity i.e. suspended animation. The
standard Arrow Oxy Fresh Films covers most produce over their normal packing,
storage and distribution
temperature ranges with the one formulation. Problems generally only occur when storage
protocols are violated, as would happen with any other life extension
packaging, particularly with
increased storage which greatly increases the produce’s mechanism.It
maintains firmness, acidity and sugar content of the fruit. It also maintains
original colour of fruits
and vegetables reduces the loss of chlorophyll, decreases the respiration rate
of fruit and vegetables,
there by reducing weight loss and shriveling of the skin.
C. Mouth Melting Strip
Arrow’s
fast dissolving and absorbable film delivery mechanism not only facilitates the
development of
innovative new products, but also represents a significant opportunity for our
commercial partners
to extend their existing brand products using our film technology.
D. RFID and Smart Card Products, Services And Technologies
Nagra
Arrow collaboration in production and marketing of Smart Cards for various
enduses,including
National ID cards, Logistics, Bank Credit Cards will be products for future
revenues for our company.NagraID
Arrow Secure Cards Pvt. Ltd, (NASC) is a joint venture between Arrow Coated
Products Ltd,
India and Nagra ID, Switzerland. NASC is based in Mumbai and focuses on RFID
and smart card
products, services and technologies.NASC is
presently involved in marketing sophisticated security smart cards for several
applications,including
Government sector applications and Banking. NASC is
an active member of the Smart Card Forum of India (SCAFI).
Business Strategies:
The
primary business strategy of the Company is focused on enabling its customer
organizations to
leverage smart cards and RFID technology for significant business and
operational advantage and
thereby become more profitable. The principal elements of this strategy are –
Growing the business organically and through select strategic
partnerships:
The aim
of the Company is to be among the top 3 players in the smart card industry in
India. In addition
to organic growth, the Company will evaluate potential strategic partnerships
with leading government
agencies or overseas manufacturers and distributors of similar products that
offer the opportunity to grow
business or expand its capabilities.
Market focused Growth Strategy to Drive Revenue and Margin
Expansion
NASC’s
growth strategy seeks to leverage its solutions, technologies, and high end
products to expand
its share in the high potential government sectors, and commercial sector
markets. Applications of RFID
and thus NASC’s products cover increasing number of areas such as supply chain management,
secure banking applications, food and animal tracking, fashion, pharma, retail
and asset
management.
The
Company plans to work with its customers to take their smart card / RFID
projects from conception
to completion, so as to improve flexibility, yield and profits.
Expanding into new growth products and markets.
The
Company will continue to expand its product range with new and innovative
products in the area of
RFID, such as smart loyalty cards, smart tickets, and secure financial cards.
Marketing and Promotional Activities:
The
Company has been actively participating in major RFID trade shows, expos and
conferences to acquire
new customers thereby expanding its customer base, and consolidating its
position in the market.Revenues
from Patents and exploiting of our patented products have also a bright future
for our Company.Expansion
programme includes production of edible films, using our patented technology to enter new
fields of Pharma sector and other personal hygiene sectors, is being planned.
This is a mid term
plan of our Company and effects of fruition should be felt during the coming
years.
E. Patents
Acquisition
of Shares of Advance IP Technologies Limited (UK) by Arrow Group.Arrow
Coated Products (UK) Limited, a Wholly owned subsidiary of Arrow Coated
Products Limited have
acquired 51% Equity Share Capital of Advance IP Technologies Limited (UK) as on
31-03-2010
and this acquisition shall facilitate the marketing of various patents granted
to the Company.Revenues
from these Patents and exploiting of our patented products have also a bright
future for our
Company.
2. Future Outlook
A. WSF and Biodegradable SBU
The
future is very bright for this product as new grades and products are being
patented and formulated.
As the world becomes conscious of it’s responsibilities and vagaries of
monsoons keeps
reminding us about the need to be eco friendly, this division will continue to
grow at very high
rates.
B. Oxy Fresh
India
has the potential to be food basket of the world and Global retail giants like
Walmart,Tesco are
entering Indian market to take advantage of the same. Oxy
fresh films are designed to increase the profit margins of retailers,
distributors and producer’s by
preventing wastage, retaining freshness, extending self life and enhancing
product appearance.
C. Mouth Melting Strip
It has
never been seen on Indian market and gives stiffer competition to competitors
using sugar based
candies in these segments.
D. Digital Technologies
i. Digital technology in infrastructure
projects: Though new to the business the concept is well known to Arrow.As airports and private retail sector
will open up, the need for paid parking space will increase. Arrow has the right solution to this problem by
enabling their skills in digital technology. Example: Remote Controlled V. H.F., RFID active labels etc. ii. Logistics: As supply chain
management will get more and more sophisticated the RFID solution with software enabled by digital technologies will
get importance. Arrow will gain as suppliers of Arrow RFID tags, cards and readers.iii. In the Digital field we intend to start production
of secure ID cards and access control cards to cater to the anticipated demand. For this we will
need to build a secure and dust free, class 10,000 factories. This will be part of our expansion programme.
Exploring new markets like Vietnam, Malaysia, Bangladesh, Pakistan,UAE, Turkey, Thailand, Spain,
Switzerland, Germany etc shall mean catering to the needs of embroidery and garment manufacturers.
E. Security SBU
This
SBU will handle the National ID card project. This project has now been
proclaimed as a priority
project and pilot project is likely to be completed shortly.
F. Expansion Programme
We
intend to expand into the above mentioned skills as majority stake holders in
our subsidiary companies
viz SP Arrow Bio-Plast Private Limited and NagraID Arrow Secure Cards Private
Limited.
G. Research and Development & Patents
Research
and Development is an ongoing process at our Company. This year we are
concentrating
on manufacturing
and marketing products based on our patented process (es). We have filed 19
patents,
which includes 2 joint patents filed with our partners in UK and Israel.We are
also looking at increasing our revenues through our UK offices and partners by
doing R & D and
compatibility tests of materials packaged in WSF, thus increasing revenues and
avenues for our
marketing department.Research
and Development is also being done on barrier coatings primarily on WSF as well
as on other
substrates. Incorporating our experience in security field to WSF will add to
our product variants
and will add to our revenue steams.Arrow
received grants for three of its Patents in the field Barrier Coated Films,
Active embedded Water
Soluble Film and Digital Printing.
Some more info available
in the slides posted HERE
Link to Company Website
HERE
Stock is currently trading
with a 7.5 % dividend @ Rs.12
Requesting all my readers
to share your findings about this industry/product/company as comments which
will help others too..
Disc: Holding few shares.
