Intrinsic value of Federated National Holding - FNHC

Previous Close

$15.87

  Intrinsic Value

$513.09

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

+290%

Previous close

$15.87

 
Intrinsic value

$513.09

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

+290%

Our model is not good at valuating stocks of financial companies, such as FNHC.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of FNHC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  26.40
  30.70
  28.13
  25.82
  23.74
  21.86
  20.18
  18.66
  17.29
  16.06
  14.96
  13.96
  13.06
  12.26
  11.53
  10.88
  10.29
  9.76
  9.29
  8.86
  8.47
  8.12
  7.81
  7.53
  7.28
  7.05
  6.84
  6.66
  6.49
  6.35
  6.21
Revenue, $m
  0
  413
  529
  666
  824
  1,004
  1,207
  1,432
  1,679
  1,949
  2,240
  2,553
  2,887
  3,241
  3,614
  4,008
  4,420
  4,851
  5,302
  5,772
  6,261
  6,769
  7,298
  7,848
  8,419
  9,012
  9,629
  10,271
  10,938
  11,632
  12,354
Variable operating expenses, $m
 
  306
  392
  493
  610
  744
  894
  1,061
  1,244
  1,444
  1,660
  1,892
  2,139
  2,401
  2,678
  2,970
  3,275
  3,595
  3,929
  4,277
  4,639
  5,016
  5,408
  5,815
  6,238
  6,678
  7,135
  7,610
  8,105
  8,619
  9,154
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  313
  306
  392
  493
  610
  744
  894
  1,061
  1,244
  1,444
  1,660
  1,892
  2,139
  2,401
  2,678
  2,970
  3,275
  3,595
  3,929
  4,277
  4,639
  5,016
  5,408
  5,815
  6,238
  6,678
  7,135
  7,610
  8,105
  8,619
  9,154
Operating income, $m
  3
  107
  137
  172
  213
  260
  312
  371
  435
  505
  580
  661
  748
  839
  936
  1,038
  1,145
  1,257
  1,373
  1,495
  1,621
  1,753
  1,890
  2,033
  2,180
  2,334
  2,494
  2,660
  2,833
  3,013
  3,200
EBITDA, $m
  4
  107
  137
  172
  213
  260
  312
  371
  435
  505
  580
  661
  748
  839
  936
  1,038
  1,145
  1,257
  1,373
  1,495
  1,621
  1,753
  1,890
  2,033
  2,180
  2,334
  2,494
  2,660
  2,833
  3,013
  3,200
Interest expense (income), $m
  0
  0
  7
  14
  23
  34
  45
  59
  74
  90
  108
  127
  147
  169
  193
  217
  243
  270
  298
  328
  359
  391
  425
  459
  496
  533
  572
  613
  655
  699
  744
Earnings before tax, $m
  3
  107
  131
  158
  190
  226
  267
  312
  361
  415
  473
  535
  600
  670
  744
  821
  902
  986
  1,075
  1,167
  1,262
  1,362
  1,466
  1,573
  1,685
  1,801
  1,922
  2,047
  2,178
  2,314
  2,455
Tax expense, $m
  3
  29
  35
  43
  51
  61
  72
  84
  98
  112
  128
  144
  162
  181
  201
  222
  243
  266
  290
  315
  341
  368
  396
  425
  455
  486
  519
  553
  588
  625
  663
Net income, $m
  0
  78
  95
  116
  139
  165
  195
  228
  264
  303
  345
  390
  438
  489
  543
  599
  658
  720
  785
  852
  922
  994
  1,070
  1,148
  1,230
  1,315
  1,403
  1,495
  1,590
  1,689
  1,792

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  813
  1,062
  1,360
  1,712
  2,118
  2,581
  3,102
  3,680
  4,317
  5,010
  5,759
  6,563
  7,421
  8,331
  9,291
  10,302
  11,362
  12,472
  13,630
  14,837
  16,094
  17,402
  18,761
  20,174
  21,642
  23,168
  24,754
  26,402
  28,117
  29,901
  31,758
Adjusted assets (=assets-cash), $m
  813
  1,062
  1,360
  1,712
  2,118
  2,581
  3,102
  3,680
  4,317
  5,010
  5,759
  6,563
  7,421
  8,331
  9,291
  10,302
  11,362
  12,472
  13,630
  14,837
  16,094
  17,402
  18,761
  20,174
  21,642
  23,168
  24,754
  26,402
  28,117
  29,901
  31,758
Revenue / Adjusted assets
  0.000
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
Average production assets, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Working capital, $m
  0
  7
  8
  11
  13
  16
  19
  23
  27
  31
  36
  41
  46
  52
  58
  64
  71
  78
  85
  92
  100
  108
  117
  126
  135
  144
  154
  164
  175
  186
  198
Total debt, $m
  5
  187
  405
  662
  959
  1,298
  1,678
  2,101
  2,566
  3,073
  3,621
  4,209
  4,836
  5,501
  6,203
  6,942
  7,717
  8,528
  9,374
  10,257
  11,176
  12,132
  13,125
  14,158
  15,231
  16,347
  17,506
  18,711
  19,965
  21,269
  22,626
Total liabilities, $m
  594
  776
  994
  1,251
  1,548
  1,887
  2,267
  2,690
  3,155
  3,662
  4,210
  4,798
  5,425
  6,090
  6,792
  7,531
  8,306
  9,117
  9,963
  10,846
  11,765
  12,721
  13,714
  14,747
  15,820
  16,936
  18,095
  19,300
  20,554
  21,858
  23,215
Total equity, $m
  219
  286
  366
  460
  570
  694
  834
  990
  1,161
  1,348
  1,549
  1,766
  1,996
  2,241
  2,499
  2,771
  3,057
  3,355
  3,666
  3,991
  4,329
  4,681
  5,047
  5,427
  5,822
  6,232
  6,659
  7,102
  7,564
  8,043
  8,543
Total liabilities and equity, $m
  813
  1,062
  1,360
  1,711
  2,118
  2,581
  3,101
  3,680
  4,316
  5,010
  5,759
  6,564
  7,421
  8,331
  9,291
  10,302
  11,363
  12,472
  13,629
  14,837
  16,094
  17,402
  18,761
  20,174
  21,642
  23,168
  24,754
  26,402
  28,118
  29,901
  31,758
Debt-to-equity ratio
  0.023
  0.660
  1.110
  1.440
  1.680
  1.870
  2.010
  2.120
  2.210
  2.280
  2.340
  2.380
  2.420
  2.450
  2.480
  2.500
  2.520
  2.540
  2.560
  2.570
  2.580
  2.590
  2.600
  2.610
  2.620
  2.620
  2.630
  2.630
  2.640
  2.640
  2.650
Adjusted equity ratio
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  0
  78
  95
  116
  139
  165
  195
  228
  264
  303
  345
  390
  438
  489
  543
  599
  658
  720
  785
  852
  922
  994
  1,070
  1,148
  1,230
  1,315
  1,403
  1,495
  1,590
  1,689
  1,792
Depreciation, amort., depletion, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  132
  78
  95
  116
  139
  165
  195
  228
  264
  303
  345
  390
  438
  489
  543
  599
  658
  720
  785
  852
  922
  994
  1,070
  1,148
  1,230
  1,315
  1,403
  1,495
  1,590
  1,689
  1,792
Change in working capital, $m
  62
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
Cash from operations, $m
  70
  76
  93
  113
  136
  162
  192
  224
  260
  299
  340
  385
  433
  483
  537
  593
  652
  713
  777
  844
  914
  986
  1,061
  1,140
  1,221
  1,305
  1,393
  1,484
  1,579
  1,678
  1,781
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
New CAPEX, $m
  -2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from investing activities, $m
  -33
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Free cash flow, $m
  37
  76
  93
  113
  136
  162
  192
  224
  260
  299
  340
  385
  433
  483
  537
  593
  652
  713
  777
  844
  914
  986
  1,061
  1,140
  1,221
  1,305
  1,393
  1,484
  1,579
  1,678
  1,781
Issuance/(repayment) of debt, $m
  0
  182
  218
  257
  297
  338
  381
  423
  465
  507
  548
  588
  627
  665
  702
  739
  775
  811
  847
  883
  919
  956
  994
  1,033
  1,073
  1,115
  1,159
  1,205
  1,253
  1,304
  1,357
Issuance/(repurchase) of shares, $m
  -11
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -10
  182
  218
  257
  297
  338
  381
  423
  465
  507
  548
  588
  627
  665
  702
  739
  775
  811
  847
  883
  919
  956
  994
  1,033
  1,073
  1,115
  1,159
  1,205
  1,253
  1,304
  1,357
Total cash flow (excl. dividends), $m
  27
  259
  312
  370
  433
  501
  572
  647
  725
  805
  888
  973
  1,060
  1,148
  1,239
  1,332
  1,427
  1,524
  1,624
  1,727
  1,833
  1,942
  2,055
  2,172
  2,294
  2,421
  2,552
  2,690
  2,833
  2,982
  3,138
Retained Cash Flow (-), $m
  14
  -67
  -80
  -94
  -109
  -125
  -140
  -156
  -171
  -187
  -202
  -216
  -231
  -245
  -258
  -272
  -285
  -298
  -312
  -325
  -338
  -352
  -366
  -380
  -395
  -410
  -427
  -444
  -461
  -480
  -500
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  192
  231
  276
  324
  376
  432
  492
  554
  619
  687
  757
  829
  904
  981
  1,060
  1,142
  1,226
  1,312
  1,402
  1,495
  1,590
  1,689
  1,792
  1,899
  2,010
  2,126
  2,246
  2,371
  2,502
  2,639
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  184
  212
  240
  267
  292
  314
  332
  346
  356
  360
  359
  354
  344
  329
  311
  290
  267
  242
  216
  190
  164
  140
  117
  97
  78
  62
  48
  37
  27
  20
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Federated National Holding Company (FNHC) is an insurance holding company that controls all steps in the insurance underwriting, distribution and claims processes through its subsidiaries and its contractual relationships with its independent agents and general agents. The Company is authorized to underwrite homeowners' multi-peril (homeowners), commercial general liability, federal flood, personal auto and various other lines of insurance in Florida and various other states. The Company markets, distributes and services its own and third-party insurers' products and its other services through a network of independent agents. The Company's insurance lines of business include Homeowners' Property and Casualty Insurance, Commercial General Liability, Personal Automobile and Flood. FNIC and MNIC underwrite homeowners' insurance in Florida, and FNIC underwrites insurance in Alabama, Louisiana and South Carolina. Alabama and Louisiana.

FINANCIAL RATIOS  of  Federated National Holding (FNHC)

Valuation Ratios
P/E Ratio 0
Price to Sales 0.7
Price to Book 1
Price to Tangible Book
Price to Cash Flow 3.1
Price to Free Cash Flow 3.1
Growth Rates
Sales Growth Rate 26.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 2.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 14%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 14.6%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 1.3%
EBITDA Margin - 3 Yr. Avg. 18.7%
Operating Margin 0.9%
Oper. Margin - 3 Yr. Avg. 18.6%
Pre-Tax Margin 0.9%
Pre-Tax Margin - 3 Yr. Avg. 18.4%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 11.6%
Effective Tax Rate 100%
Eff/ Tax Rate - 3 Yr. Avg. 57.8%
Payout Ratio 0%

FNHC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FNHC stock intrinsic value calculation we used $316 million for the last fiscal year's total revenue generated by Federated National Holding. The default revenue input number comes from 2016 income statement of Federated National Holding. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our FNHC stock valuation model: a) initial revenue growth rate of 30.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for FNHC is calculated based on our internal credit rating of Federated National Holding, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Federated National Holding.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of FNHC stock the variable cost ratio is equal to 74.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for FNHC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Federated National Holding.

Corporate tax rate of 27% is the nominal tax rate for Federated National Holding. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the FNHC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for FNHC are equal to 0%.

Life of production assets of 0 years is the average useful life of capital assets used in Federated National Holding operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for FNHC is equal to 1.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $219 million for Federated National Holding - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 12.933 million for Federated National Holding is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Federated National Holding at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
UVE Universal Insu 24.40 99.44  str.buy
UIHC United Insuran 16.38 266.07  str.buy
HRTG Heritage Insur 15.50 63.71  str.buy
ALL Allstate 92.46 185.19  str.buy
RLI RLI 57.92 55.71  hold
ERIE Erie Indemnity 121.42 120.70  hold
HCI HCI Group 38.57 86.31  str.buy
PGR Progressive Co 48.98 115.13  str.buy
TRV Travelers Cos. 128.82 357.60  str.buy

COMPANY NEWS

▶ How Tampa Bay and Florida insurers are making it through the storm   [08:05AM  American City Business Journals]
▶ Federated National posts 2Q profit   [Aug-07-17 07:43PM  Associated Press]
▶ Federated National posts 1Q profit   [May-09-17 05:02PM  Associated Press]
▶ Federated National reports 4Q loss   [Mar-09-17 04:45PM  Associated Press]
▶ Is Federated National Holding Co (FNHC) A Good Stock To Buy?   [Dec-14-16 06:12AM  at Insider Monkey]
Financial statements of FNHC
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.