The net Sales of W Ltd. is ` 45 crores. Earnings before interest and tax of the company as a percentage of net sales is 12%. The capital employed comprises ` 15 crores of equity, ` 3 crores of 12% Cumulative Preference Share Capital and 13% Debentures of ` 9 crores. Income-tax rate is 30%. Calculate the Return-on-equity for the company.

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