Anant Raj Industries

Initiating Coverage

BUY Real (Estate) Value

Anant Raj Industries (ARIL) is a prominent and well-diversified Real Estate player in the NCR
Price Rs 139
region. We expect ARIL's two super premium Residential projects of Hauz Khas and
Target Price Rs 189 Bhagwandas, located in the heart of Delhi, to drive its near-term operational visibility and help
Investment Period 12 months register Rs600cr Profit over the next three years. Further, ARIL has 70% and 30% pre-lease
commitments at its Manesar IT Park and Kirti Nagar mall respectively, coupled with five hotels
Stock Info getting operational by FY2011E wihich will improve rental visibility. At Rs139, the stock is
trading at 37% discount to our 1-year forward NAV, 11.4x FY2011E EPS and 1.1x FY2011E
Sector Real Estate
P/BV. We Initiate Coverage on the stock with a Buy recommendation and Target Price of
Market Cap (Rs cr) 4,105 Rs189, which is at 15% discount to our 1-year forward NAV.

Beta 0.8 Land acquisition at discounted price: Almost all of ARIL's land bank (872 acres) is
exclusively located in the NCR within 50km of Delhi, with approximately 525 acres in Delhi.
52 Week High / Low 164/38 This land bank has been acquired at an historical average cost of Rs300/sq ft with recent
transactions by ARIL executed at Rs450/sq ft and Rs130/sq ft in high-growth areas like Manesar
Avg. Daily Volume 310590
and Sonepat. ARIL's successful land acquisition strategy is attributed to its acquisition through
Face Value (Rs) 2 allocation route from DDA at significantly lower prices compared to prevailing rates and being
a focused NCR player, which helps in identifying areas with high economic potential in Delhi.
BSE Sensex 17,131 Super premium Residential projects to drive near-term visibility: We expect ARIL's
super premium residential projects of Hauz Khas and Bhagwandas, located in the heart of
Nifty 5,091
Delhi, to drive its near-term operational visibility and help register Rs600cr Profit over the next
BSE Code 515055 three years. Further, ARIL has 70% pre-lease commitments at its Manesar IT Park (1.2mn sq
ft) at Rs32/sq ft where 30% of lessees have already acquired fit-outs and another 40% will
NSE Code ANANTRAJ move in by March FY2010. Nearly 30% of its Kirti Nagar retail mall is pre-leased out at an
average rentals of Rs150/sq ft with Bharti Walmart as anchor tenant. It will also have five
Reuters Code ANRA.BO
hotels operational by FY2011E with transfer of occupancy risk to third party in return of fixed
Bloomberg Code ARCP@IN rentals.
Well-capitalised Balance Sheet: ARIL's land bank is fully paid and it has net cash
Shareholding Pattern (%) balance of Rs550cr. This augurs well for it even in a downturn and gives headroom to leverage
Promoters 61.4 at reasonable costs for timely execution of projects. Further, recent issuance of 2cr warrants
to promoters (Rs87/share), will further strengthen its cash balance by Rs175cr on conversion.
MF / Banks / Indian FIs 7.8
Key Financials (Consolidated)
FII / NRIs / OCBs 27.5 Y/E March (Rs cr) FY2008 FY2009 FY2010E FY2011E
Indian Public / Others 3.3 Net Sales* 604 251 278 481
% chg 190.2 (58.5) 10.7 73.4
Abs. 3m 1yr 3yr Net Profit 436 207 240 382
Sensex (%) 9.6 92.4 25.0 % chg 247.8 (52.5) 15.9 59.2

Anant Raj (%) 4.1 199.1 (44.0) FDEPS (Rs)** 13.9 6.6 7.6 12.2
EBITDA Margin (%) 93.1 88.0 94.7 94.5
Param Desai P/E (x) 10.0 21.1 18.2 11.4
Tel: 022 - 4040 3800 Ext: 310 RoE (%) 21.5 6.7 7.0 10.1
E-mail: paramv.desai@angeltrade.com RoCE (%) 24.8 6.5 6.7 10.9

Mihir Salot P/BV (x) 1.5 1.3 1.2 1.1

EV/EBITDA (x) 6.3 16.7 14.5 8.4
Tel: 022 - 4040 3800 Ext: 307
Source: Company, Angel Research, Note: * Net Sales = Sales - (Construction & Land cost); ** Assuming
E-mail: mihirr.salot@angeltrade.com dilution of warrants

January 30,24,
November 2008
2009 For Private Circulation Only - Sebi Registration No : INB 010996539 1
 Anant Raj Industries
Real Estate

Investment Arguments
Land acquisition at discounted price and at prime locations

ARIL’s land bank of 60mn sq ft Ananth Raj Industries (ARIL) has total 60mn sq ft saleable area out of which 67% is Non-Residential.
has been acquired at Almost all of ARIL's land bank (872 acres) is exclusively located in the NCR within 50kms of Delhi,
Rs300/sq ft while approximately 525 acres is in Delhi itself, making it one of the largest land owners in Delhi.
Pertinently, the company has acquired the land bank at an average cost of Rs300/sq ft, which
provides high comfort and scope to reduce prices even amidst a downturn. Also, around 50% of
the land bank is in high growth areas like Manesar, Greater Noida, Gurgaon and Sonepat.

Exhibit 1: Location-wise contribution of Land Bank (60mn sq ft)

120
35.0% 28.7% 6.6% 5.2% 4.6% 19.4%
100

80
(%)

60

40

20

0
Manesar Delhi Nazafgarh Sonepat Greater Others*
Nodia
Commercial Residential Hotels
Source: Company, Angel Research; Note: *Includes Faizalwas, Jaipur, Chandigarh etc.

Exhibit 2: Around 67% exposure to Non-Residential Sector

7.2mn sq ft

19.8mn sq ft

33mn sq ft

Source: Company, Angel Research

Ahead of competition

ARIL has acquired land
through allocation route at
significantly lower prices
compared to prevailing market
rates
ARIL's focus on NCR helps it to identify and acquire attractive land parcels ahead of competition,
and obtain timely approvals to launch its projects. Unlike competition, it does not acquire land
through auctions, but through the allocation route at significantly lower prices compared to prevailing
rates. A well-capitalised Balance Sheet also facilitates ARIL acquire distress land. Recently, ARIL
bought land at Manesar and Sonepat at attractive rates of Rs450/sq ft and Rs130/sq ft respectively,
while competition acquired land at higher rates. ARIL’s in-house construction arm with a development
capacity of 6-7mn sq ft annually also ensures timely execution of development plans.

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 Anant Raj Industries
Real Estate

Residential Segment - 33% of Total Saleable area

Super premium projects to drive near-term operational visibility

We expect Revenues from ARIL's Residential Segment accounts for 33% of its overall Saleable area. The company plans to
Hauz Khas and Bhagwandas launch premium properties in the heart of Delhi in Hauz Khas and Bhagwandas by end of FY2010E
to start contributing from and FY2011E, respectively. ARIL has appointed DTZ for marketing these projects. Average
FY2010E and FY2012E, residential capital values are in the range of Rs25,000-35,000/sq ft. We expect Revenues from
respectively Hauz Khas and Bhagwandas to start contributing from FY2010E and FY2012E, respectively. The
properties will comprise 80 flats each and contribute around Rs1,300cr and Rs600cr to Top-line
and Bottom-line respectively, over the next three years.

Exhibit 3: Super Premium Residential Projects in the heart of Delhi

Bhagwandas

Hauz Khas

Source: Google Map, Angel Research

Key mid-income launches over next two-three years

ARIL recently bought land at
Manesar and Sonepat (Rai) at
attractive rates of Rs450/sq ft
and Rs130/sq ft, respectively
where it intends to launch mid-
income projects.
Recently, ARIL bought land at Manesar and Sonepat (Rai) at attractive levels of Rs450/sq ft and
Rs130/sq ft, respectively. The Manesar property of around 10.6 acres is adjacent to DLF's Express
Green property, which DLF sold at Rs1,850-2,000/sq ft. ARIL will have 1mn sq ft of saleable area
and plans to launch it as mid-income residential apartments by FY2011E. The Rai property located
near its upcoming IT SEZ will also be launched as mid-income residential apartments. It also
intends to launch mid-range residential apartments at Kapashera near the Delhi International
Airport in FY2011E where the projects have received all the necessary approvals. This is in lieu of
developers' focus across the country on mid-income projects as it brings upfront cash by way of
customer advances. The Segment can also not be ignored as the middle class constitutes
60-65% of the population and home loan rates are also quoting at attractive levels currently.

January 30,24,
November 2008
2009 For Private Circulation Only - Sebi Registration No : INB 010996539 3
 Anant Raj Industries
Real Estate

Exhibit 4: Residential Projects in the Pipeline

Project Segment Saleable area Selling price Revenue Revenue EBIDTA
(mn sq ft) (Rs/ sq ft) schedule (Rs cr) (Rs cr)
Hauz Khas-South
Central Delhi Super-Premium 0.27 25,000 FY10-12 687 408
Bhagwandas-
Central Delhi Super-Premium 0.26 25,000 FY11-13 653 411
Manesar Mid-income 1.02 1,800 FY12-14 214 42
Kapashera-Delhi Mid-income 0.30 3,500 FY11-13 113 27
Rai, Sonepat Mid-income 0.80 1,800 FY13-16 180 40
Source: Company, Angel Research

Commercial Segment - 55% of Total Saleable area

Surge in leasing enquiries Post the sharp decline in the past few quarters, capital values have started to strengthen and
have come on the back of registered marginal appreciation across most micro markets in the NCR. Industry participants
renewed interest from have indicated that surge in leasing enquiries have come on the back of renewed interest from
corporates corporates. Recovery in the Commercial and Retail Segments generally lag recovery in the
economy. Accordingly, we believe demand in office space will start picking up 2H2011E onwards.
Cushman and Wakefield estimates pan-India cumulative demand for office space during
CY2009-13 to be 196mn sq ft.

Exhibit 5: Pan-India Commercial Demand over next five years

60

50

40
mn sq.ft

30

20

10

0
2009E 2010E 2011E 2012E 2013E
Commercial Space
Source: Cushman & Wakefield, Angel Research

ARIL banking on fast-growing Tier I cities

ARIL has seven IT SEZs/parks, of which three are at Manesar, and one each at Japiur, Sonepat,
Chandigarh and Greater Noida. The IT/ITES Sector, which earlier confined itself to the larger
canvas of Delhi and adjoining areas such as Gurgaon/Noida, Mumbai - the financial capital of the
country and Bangalore - the largest commercial hub, is now targeting Tier I and II cities and the
smaller towns where real estate is cheaper, infrastructure is on a growth curve and manpower
availability is not much of a problem.

November
January 30,24,
2008
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 Anant Raj Industries
Real Estate

IT/ITES companies are now Manesar: Manesar has undergone a sea change from being a mere village to transforming into a
focusing on Tier I and II cities lavish industrial and commercial trade center. Commercialisation in Manesar has presented the
and smaller towns where real perfect example of growth especially post development of the IMT Manesar Industrial area. Manesar
estate is cheaper, has traditionally been a manufacturing centre, with the manufacturing plants of India's largest
infrastructure is on a growth carmaker and bikemaker, Maruti Suzuki and Hero Honda respectively, situated there. Going ahead,
curve and manpower connectivity to Manesar is also set to dramatically improve once the Kundli-Manesar-Palwal (KMP)
availability is not much of a expressway gets operational, which will connect Manesar to West Delhi. Besides, the Delhi Metro
problem project will connect Manesar to South Delhi and Gurgaon. Thus, gauging the high potential of
Manesar's real estate market, real estate majors players like Anant Raj, DLF, Reliance Industries
and Unitech have shifted their focus to the city.

Greater Noida: It is an emerging hot spot destination owing to development of the Taj Expressway
and a proposal to set up a new airport in the area. IT majors (Wipro, HCL and NIIT Technologies)
have acquired land to set up their SEZs in Greater Noida. Major real-estate developers such as
Anant Raj, Jaypee, Unitech, and Ansal Group have also acquired land to set up IT SEZs.

Jaipur: Known as the pink city of India, Jaipur has been fast transforming into an IT/ITES outsourcing
hub following GE Capital Corporation’s decision to set up its latest contact centre there. The city
has an annual addition of over 11,500 engineers and over 200,000 graduates across the state.
Among the incentives available to the IT industry in Jaipur include rebate of up to 60% on land
charges, exemption from Stamp Duty for land registration, 50% exemption from electricity duty for
seven years and simplified labour regulations and procedures

Rental income will provide visibility

The visibility of ARIL’s ARIL's Commercial Segment accounts for 55% (33mn sq ft) of its overall saleable area, out of
Commercial Rental Income will which it intends to lease out around 32mn sq ft. Of this 33mn sq ft, 12.3mn sq ft is under 50:50 joint
improve from Rs12cr in venture (JV) with the Reliance ADA Group at Manesar where it intends build an IT SEZ. The
FY2009 to Rs95cr in FY2012E company's first IT Park at Manesar (1.2mn sq ft) is ready for fit-outs where almost 70% have
already been pre-leased out at Rs32/sq ft. The rentals started kicking in from 1QFY2010 with 30%
of space given for fit-outs and another 40% of lessees moving in over the next six months. The
company has also leased out its hotel (0.1mn sqft), which is a part of its Manesar IT Park, to the
Hilton management (Hampton) for 30 years at Rs24/sq ft (excluding maintenance cost) with 15%
escalation in the lease rental every three years. Currently, besides its Manesar IT Park, ARIL
derives its commercial rental income from three of its properties located in Delhi. Further, the
company intends to complete first phase of its ongoing project, IT SEZ at Rai, Sonepat by
3QFY2011E, post which it will have leasable area of around 1-1.5mn sq ft. By 2QFY2011E, ARIL
intends to start two more IT Parks in Jaipur and Panchkhula. Consequently, we expect visibility of
the company's Commercial Rental Income to improve from Rs12cr in FY2009 to Rs95cr in FY2012E.

January 30,24,
November 2008
2009 For Private Circulation Only - Sebi Registration No : INB 010996539 5
 Anant Raj Industries
Real Estate

Exhibit 6: 25 acres (2.7mn sq ft) Rai IT SEZ

Source: Company, Angel Research; Note: Tower I (LHS picture) would be ready for fit-outs by 3QFY2011E

Exhibit 7: Rental Income from Commercial Projects

Project (Rs cr) FY2010E FY2011E FY2012E
Jhandewalan 8.2 8.2 8.6
Faiz Road 0.2 0.2 0.2
Rani Jhansi 0.7 0.7 0.7
Manesar IT Park 17.3 28.1 36.2
Rai IT SEZ - 17.9 49.6
Total 26.3 55.0 95.4
Source: Company, Angel Research

Retail Segment - Prime location in Delhi

The share of Organised Retail is expected to increase from current levels of 5% to 15% by 2016E
highlighting the potential for Retailers to expand pan-India. According to Cushman & Wakefield,
the pan-India cumulative demand in the Retail Segment is expected to be 43mn sq ft during
2009-13E. On the other hand, Rentals have declined by 30-45% from their peak across markets,
while vacancy levels have risen from mid-single digits to mid-double digits in FY2009. Nonetheless,
we believe that demand is yet to pick up especially in Tier II and III cities, which is not the case with
the metros where the catchment areas are high.

Exhibit 8: Pan-India Retail Demand over next five years

14

12

10
mn sq.ft

0
2009E 2010E 2011E 2012E 2013E
Retail Demand
Source: Cushman & Wakefield, Angel Research

November
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2008
2009 For Private Circulation Only - Sebi Registration No : INB 010996539 6

Rentals at the Retail malls to
increase from Rs4.5cr in
FY2009 to Rs67cr in FY2012E
with Kirti Nagar Mall being
ready for fit-outs by March
2010
Exhibit 9: Kirti Nagar mall to be ready for fit-outs by March 2010
Source: Company, Angel Research
We expect ARRs to remain
stable at current levels over
the next six months as both
leisure and corporate demand
is showing signs of picking up
January 30,24,
November 2008
2009
Anant Raj Industries
Real Estate
ARIL has two premium Retail malls (Karol Bagh and Kirti Nagar) in Delhi aggregating 6,40,000
sq ft. The Karol Bagh property is already leased out at Rs150/sq ft, while the Kirti Nagar property
is nearing completion and would be ready for fit-outs by March 2010. ARIL has already pre-leased
out around 30% of the Kirti Nagar property at average rentals of Rs150/sq ft. ARIL has signed
Bharti-Walmart as anchor tenant at its Kirti Nagar mall for Rs80/sq ft. It may be noted here that
there are no Retail malls within a radius of 2-3km of the ARIL mall, and it is close to DLF's Capital
Green residential project as well. ARIL also plans to develop an amusement park on its 180 acre
land at Pur, North Delhi. We estimate rentals at the Retail malls to increase from Rs4.5cr in FY2009
to Rs67cr in FY2012E.
Exhibit 10: Rental Income Retail Malls
Project (Rs cr) FY2010E FY2011E FY2012E
Karol Bagh 4.2 4.4 4.7
Kirti Nagar - 29.7 62.1
Total 4.2 34.1 66.8
Source: Company, Angel Research
Hotel Segment - 12% of Total Saleable area
The upcoming Commonwealth Games 2010 scheduled to be held at the NCR has seen a rush by
many developers to come up with hotel sites. However, the recent cash crunch situation and
falling tourist levels have delayed the execution cycle for most upcoming hotel properties. The
average room rent (ARR) declined by 25% yoy to Rs8,321 during April-Sept 2009 as hotels slashed
rates to arrest declining occupancy rates. However, we expect ARRs to remain stable at current
levels over the next six months as both leisure and corporate demand is showing signs of picking
up. Delhi witnessed occupancy rate of 61% during April-Sept 2009. According to Cushman &
Wakefield, pan-India demand for the Hospitality Sector is estimated to be over 690,000 room
nights by 2013E, of which 15% of the demand will be led by the NCR region. We believe that ARIL
will be a key beneficiary as it will have five hotels operational by FY2011E near the Delhi airport.
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 Anant Raj Industries
Real Estate

Exhibit 11: Pan-India Hospitality Demand over next five years

(‘000)
200
180
160
Rooms 140
120
100
80
60
40
20
0
2009E 2010E 2011E 2012E 2013E

Hospitality
Source: Company, Angel Research

Exhibit 12: Five hotel properties to get operational by FY2011E

Hotel Properties

Source: Google Map, Angel Research

Transferring occupancy risk to third party

We believe that ARIL’s Hotel
rental income would increase
from Rs17.6cr in FY2010E to
Rs49.6cr in FY2012E
ARIL has 16 hotel properties in the NCR with around 4,500 rooms getting operational by FY2015E.
Currently, the company has two hotel properties operational (Exotica and Retreat) near the Delhi
airport adjoining Chattarpur where ARIL has transferred occupancy risks to third parties in return
of fixed rentals of Rs6.5mn and Rs7.5mn on a monthly basis for the next six years, with price
escalation after three years. This works out to Rs70 and Rs80/sq ft rental for the two hotel properties.
Further, three more hotel properties would be completed by 2HFY2011E. These hotel properties
are located on the main NH-8 near the Delhi airport and will add another 250 rooms. ARIL
management has indicated to work on a Revenue-sharing model or Fixed Rentals and transfer
the occupancy risk to a third party. Consequently, we believe that ARIL’s Hotel rental income
would increase from Rs17.6cr in FY2010E to Rs49.6cr in FY2012E.

November
January 30,24,
2008
2009 For Private Circulation Only - Sebi Registration No : INB 010996539 8
 Anant Raj Industries
Real Estate

Exhibit 13: Rental Income from Hotel Properties

Project (Rs cr) FY2010E FY2011E FY2012E
Exotica 7.5 7.5 7.5
Retreat 8.8 8.8 8.8
Grand - 6.7 7.0
Papillon - 4.4 4.6
Tri-color - 4.8 6.7
Manesar 1.4 2.7 2.7
Rai - - 3.6
Green Retreat - - 8.6
Total 17.6 34.9 49.6
Source: Company, Angel Research

Well-capitalised Balance Sheet

ARIL has Net Cash Balance of
Rs550cr. We believe that ARIL
will require Rs2,200cr for
execution over the next three
years, which would easily be
met through internal accruals
ARIL's land bank is fully paid and the company also has Net Cash Balance of Rs550cr. This
augurs well for it even amidst a downturn as would give it headroom to leverage at reasonable
cost for timely execution of projects. Further the recent issuance of 2cr warrants to promoters at
Rs87/share, would further strengthen the company’s Cash Balance by Rs175cr on conversion.
We believe that ARIL will require Rs2,200cr for execution over the next three years, which would
easily be met through internal accruals. ARIL's high debtors of Rs241cr include receivables of
Rs115cr for the property sold to IIPM. The money will be received by ARIL after six years during
which time it will be paid 15% coupon on annualised basis.

Exhibit 14: ARIL - Strong Balance Sheet v/s Peers (2QFY2010)

Company (Rs cr) Net Worth Debt Cash Net Debt/Equity (x)
ARIL 3,460 100 650 (0.16)
DLF 25,004 14,729 634 0.56
HDIL 6,644 3,271 110 0.48
IBREL 4,515 339 1,622 (0.28)
Parsvnath 2,072 1,936 207 0.83
Sobha 1,641 1,459 21 0.88
Unitech 5,545 6,500 740 1.04
Source: Company, Angel Research

Strategic alliances and fund raising temper risks

In the last four years, ARIL
raised Rs20bn till date and has
pedigreed investors like
Citigroup, GIC, Taib Bank,
Goldman Sach and ABN Amro,
among others
To temper risks of long gestation and high cash outflow projects, ARIL has tied up with reputed
businesses and raised funds at the parent and project levels on a regular basis. This strategy has
helped ARIL reduce commitment of upfront equity. For instance, it has formed a JV with the
Reliance ADA group for its Manesar SEZ and hotel project near the Delhi airport. The Government
of Singapore Investment Corporation (GIC), which has 5.9% stake in ARIL at Rs246/share has the
first right of refusal for every JV that ARIL is involved. ARIL also has 50:50 JV with Monsoon
Capital for development of its Panchkhula IT Park and sold 26% stake to Taib Bank at its Kirti
Nagar Mall for Rs17,000/sq ft. In the last four years, ARIL has raised Rs20bn till date and has
pedigreed investors like Citigroup, GIC, Taib Bank, Goldman Sach, ABN Amro, etc.

January 30,24,
November 2008
2009 For Private Circulation Only - Sebi Registration No : INB 010996539 9

Around 70% of demand for
Commercial space comes
from the IT/ITES Sector, which
has been impacted by the
global slowdown
Delays in new Residential
project launches will impact
our estimates and in turn our
NAV
November
January 30,24,
2008
2009
Anant Raj Industries
Real Estate
Exhibit 15: Fund raising till date (2QFY2010)
Date Source of Amount Issue price
Fund raising (Rs cr) (Rs/share)
Sep-05 Private placement 44 35
May-06 Private placement 243 120
May-07 Private placement 678 246
Feb-08 GDR 608 300
Jun-08 Sells 26% stake to Taib Bank in Kirti Nagar 216 Rs17,000/sq ft
Aug-09 Warrants to promoters 175 87
Sep-09 Sell 25% stake in Dhamaspur project 80 Rs850/sq ft
Source: Company, Angel Research
Concerns
High exposure to Non-Residential Segment
ARIL's 67% of saleable area is non-Residential - commercial and hotels. The company intends to
adopt a lease model for these assets. The property market slowdown in FY2009 resulted in a
decline in asset prices and rentals by 20-40% across micro markets in the NCR along with lower
occupancy levels. However, owing to softening Interest rates and improving Employment outlook,
a surge in demand has been witnessed in the Residential Sector unlike in the Non-Residential
Sector. Nonetheless, historically it has been seen that demand in the Non-Residential Sector lags
improvement in the economy. Besides, around 70% of demand for Commercial space comes from
the IT/ITES Sector, which has been impacted by the global slowdown. Our interaction with industry
participants indicates that leasing enquiries have improved with the overall IT/ITES Sector looking
at expanding its employee base. Further, ARRs for hotels are also likely to remain stable in the
medium term with the Commonwealth Games scheduled to be held in the NCR region in 2010.
We have assumed recovery in the Non-Residential Segment in 2HFY2011E. However, any delay
will impact our pricing assumptions.
Fall in property prices
In FY2009, pan-India property prices fell 20-50%. However, in the last six months, prices have
increased by 5-20% from their bottom lows especially in Mumbai and Delhi. For valuation purposes,
we have assumed 5% increase in the Residential prices and 5% decline in the Commercial and
Hotel rentals from current levels in FY2011E, but 5% increase thereon. Thus, a more-than-expected
correction in the prices will impact our NAV.
Delay in Execution
We have assumed ARIL's premium projects at Hauz Khas and Bhagwandas to be launched by
end of FY2010E and FY2011E respectively. We have assumed its Kirti Nagar mall to be ready for
fit-outs by March 2010. In the Hotel Segment, we expect another three hotels to get operational by
2HFY2011E. We expect first phase of ARIL's Rai IT SEZ to get operational in 3QFY2011E. However,
delays in execution or new launches will impact our estimates and in turn our NAV.
For Private Circulation Only - Sebi Registration No : INB 010996539 10
 Anant Raj Industries
Real Estate

We expect ARIL to deliver
38.5% and 35.8% Revenue and
PAT CAGR respectively, over
FY2009-11E
Financials
We expect ARIL to deliver 38.5% Revenue CAGR over FY2009-11E to Rs481cr. We expect the
Residential Segment to record Income of Rs460cr over the next two years driven by Premium
Residential launches in Delhi. Rental income visibility would increase from Rs16cr in FY2009E to
Rs124cr in FY2011E as two of the company’s IT Parks will be leased out and five hotel properties
will get operational by FY2011E. We expect EBIDTA Margins to improve from current levels of
88.0% to 94.5% in FY2011E on account of low land cost and premium residential launches.
Consequently, we estimate ARIL to register 35.8% CAGR in PAT over FY2009-11E.

Exhibit 16: Revenue and Profit Trends

700 96
94.7
600 94.5 94
93.1
92
500
90
(Rs cr)

400

(%)
88.0 88
300
86
85.1
200
84

100 82

0 80
FY2007 FY2008 FY2009 FY2010E FY2011E
Revenue PAT OPM (%)

Source: Company, Angel Research

Valuation -Trading at significant discount to NAV

Key Assumptions

Residential Segment valued at Rs49/share

We have assumed selling price of Rs25,000/sq ft for the company's premium projects of Hauz
Khas and Bhagwandas to be launched by end of FY2010E and FY2011E respectively. We have
assumed that the company’s mid-income projects of Kapashera, Manesar and Rai would be
launched over FY2011-13E. We have factored in 5% price escalation from current levels FY2011E
onwards in construction and capital value for all its projects. We have assumed that ARIL will
develop all its projects and sell them by FY2019E. Consequently, we have valued its Residential
Segment at Rs1,548cr, translating into Rs49/share.

Commercial Segment valued at Rs124/share

We expect the Manesar IT Park to achieve 70% occupancy level (current pre-lease commitments)
in FY2011E and first phase of the Rai IT SEZ to be delivered for fit-outs by 3QFY2011E. We have
assumed that the Kirti Nagar mall will be delivered for fit-outs in FY2011E and expect 50% occupancy
in FY2011E. We have factored in 5% correction in Rentals in FY2011E, but 5% increase FY2012E
onwards. Hence, we have valued the company's Commercial Segment at Rs3,896cr,
translating into Rs124/share.

January 30,24,
November 2008
2009 For Private Circulation Only - Sebi Registration No : INB 010996539 11
 Anant Raj Industries
Real Estate

Hospitality Segment valued at Rs50/share

We expect the company’s five hotels (situated in proximity to the Delhi airport) to get operational
by FY2011E. We have assumed ARIL to transfer occupancy risks to third parties in return for fixed
rentals in line with its existing strategy. We have factored in 5% correction in Rentals in FY2011E,
but 5% increase FY2012E onwards for the properties yet to be released. Consequently, we have
valued ARIL’s Hospitality Segment at Rs1,569cr, translating into Rs50/share.

We have assigned 15% WACC and 10% capitalisation rate.

Buy with a Target Price of Rs189

ARIL is trading at 37% discount to NAV (much higher than its peers), which gives a margin of
safety given its low-cost land bank situated at prime locations and well-capitalised Balance Sheet.
This is primarily owing to higher exposure to commercial assets (67%). However, we believe that
near-term Revenue visibility will be driven by ARIL's super premium residential projects. We
expect demand to pick up in the Commercial and Retail Segments in 2HFY2011E. Our channel
checks suggest that leasing enquiries have picked up following renewed interest from corporates.

The ARIL stock is trading at 11.4x FY2011E EPS and 1.1x FY2011E P/BV. We have assumed
conversion of warrants to promoters (at Rs87/share) issued in August 2009. We Initiate
Coverage on the stock with a Buy recommendation and Target Price of Rs189, which is at
15% discount to our 1-year forward NAV and provides potential upside of 36% from current
levels.

Exhibit 17: Valuation Summary

1 Yr forward NAV (Rs/share)
Commercial 124
Hospitality 50
Residential 49
Other income 12
Total 234
Add: Net Cash 22
Less: Present value of taxes (33)
NAV/share (Rs) 223
Target Price (Rs) 15% discount to NAV 189
Source: Angel Research

November
January 30,24,
2008
2009 For Private Circulation Only - Sebi Registration No : INB 010996539 12
 Anant Raj Industries
Real Estate

Exhibit 18: NAV Model Snapshot

Particulars FY2011E FY2012E FY2013E FY2014E FY2019E
Project Profit 501 869 861 819 1,634
Tax (96) (210) (203) (186) (362)
Profit After Tax 405 659 657 633 9,730
Discounted Cash Flow 336 476 413 345 2,640
Rentals capitalised in FY2019 8,458
WACC (%) 15
Cap rate (%) 10
PV of CF 5,482
Less Net Debt 595
Implied Market Value 6,078
No of shares (cr) 32
NAV/share 193
NAV (1-year forward) 223
15% discount to NAV 189
Source: Angel Research

January 30,24,
November 2008
2009 For Private Circulation Only - Sebi Registration No : INB 010996539 13
 Anant Raj Industries
Real Estate

Industry Outlook
We expect demand for The Real Estate Sector in India is now on a gradual improvement curve with new projects being
Commercial and Retail launched and liquidity position of developers improving on the back of QIPs and proposed public
Segments to pick up in issue offers. This has been supported by the government policies that allowed housing loans to
2HFY2011E owing to renewed individuals carrying a risk weightage of 50% to be increased from Rs2mn to Rs3mn along with
interest from Corporates allowing rescheduling of bank debt without it being classified as NPL. Over the last six months,
thereby catching up with the listed companies have raised US $3.5bn through QIPs and issuance of warrants. Further,
Residential Segment US $3bn would be raised from the proposed IPO hitting markets in early 2010E. According to
Cushman and Wakefield, the forecast for Pan- India commercial office space is 196mn sq ft, while
Retail space demand stands at 43mn sq ft for 2009-13. Demand for Hospitality and Residential
Segments is estimated at over 690,000 room nights and 7.5mn units respectively, over the mentioned
period. We expect demand from Commercial and Retail Segments to pick up in 2HFY2011E owing
to renewed interest from Corporates thereby catching up with Residential Segment.

Exhibit 19: QIP Proceeds eased Liquidity Exhibit 20: Forthcoming IPOs in early 2010
Company (US $mn) Company (US $mn)
Ackruti City 65 Ambience 200
DLF 830 DB Realty 400
HDIL 363 Emaar MGF 750
IBREL 570 Godrej Properties 100
Orbit Corp 30 Lodha Developers 500
Parsvnath 36 Nitesh Estates 100
Sobha Developers 115 Oberoi Constructions 150
Unitech 950 Sahara Prime City 700
Total 2,959 Total 2,900
Source: Company, Angel Research Source: Company, Angel Research

November
January 30,24,
2008
2009 For Private Circulation Only - Sebi Registration No : INB 010996539 14
 Anant Raj Industries
Real Estate

In 2005, the
consolidated other group
companies involved in the
construction and development
business in a phased manner
Company Background
company Though ARIL was incorporated in 1985 as Anant Raj Clay Products (ARCP), it began operations
in 1969 by offering construction business for DDA. Over the years, the company has constructed
11.5mn sq ft, and currently its construction arm has capacity to execute around 6-7mn sq ft annually.
Being a reputed contractor for DDA has always helped ARIL to acquire land at cheaper cost than
competition. Gradually, it also got involved in design, manufacture and sale of ceramic tiles under
the brand name, Romano, with manufacturing facilities at Rewari, Haryana. In 1999, the company's
Ceramic business was declared sick and referred to the BIFR. Post its financial restructuring
under IDBI, ARCP was merged into ARIL in 2005 and forayed into the Real Estate development
business in its bid to achieve forward integration and economies of scale for its Ceramic Tile
business. In the same year, the company also consolidated other group companies involved in
construction and development business into ARIL in a phased manner. Post the merger, ARIL
currently has 872 acres in the thriving NCR region with 90% within 50kms of Delhi and 525 acres
in Delhi, making it among one of the largest land holders in Delhi. It intends to focus as a local real
estate developer and enhance its management expertise in understanding the local market.

Exhibit 21: Chronology of Events

Rentals from its

Manesar IT park
started

Raised US$ 151mn

@7.494 US$/GDR

3rd Merger approved

by High Court Issued 20mn warrants
to promoters
Rs87/share

1st Merger approved 2 Hotel properties near

US$ 16mn by High Court Delhi airport
(@ Rs35/share) got operational
raised
through Private
Placement
Sell 26% stake to
Taib Bank in
Kirti Nagar mall
2nd Merger approved
by High Court
Commenced Consolidation of
production of the development
Ceramic Tiles and Raised US$ 168.8mn
construction (@ Rs246/share)
business

Name changed
Incorporated to Anant Raj
Industries Raised
as Anant Raj
Clay Products Ltd. US$ 66mn
(@ Rs120/share)

1985 1989 1995 2005 2006 2007 2008 2009

Source: Company, Angel Research

January 30,24,
November 2008
2009 For Private Circulation Only - Sebi Registration No : INB 010996539 15
 Anant Raj Industries
Real Estate

Appendix: NCR market

NCR is the largest Residential
and Retail and the second
largest Commercial real estate
market in India
The National Capital Region (NCR) covers an area of 30,242sq. km. including the states of Haryana,
Rajasthan, Uttar Pradesh and the National Capital Territory of Delhi. NCR is the largest Residential
and Retail and the second largest Commercial real estate market in India. Gurgaon is the preferred
location for the IT/ITES Sector, which controls 72% of the Commercial market in the NCR owing to
its proximity to the international airport and upcoming metro terminal. The Residential market is
largely dominated by speculators as large real estate agents pick up apartments in bulk during
launch. In the last six months, we have witnessed huge activity of launches across Gurgaon,
Noida and Greater Noida in the Mid-Income Housing Segment. Retail rentals have corrected
across most segments in the NCR with West Delhi leading the way. Overall, we expect the
Residential prices to remain stable, while further correction is expected in the Commercial and
Retail Segments over 1HFY2011E, followed by a phase of consolidation, with demand picking up.
We also expect emerging locations such as Manesar and Greater Noida to be looked at by
corporates owing to cost advantage, manpower availability and overall growth in IT/ITES recruitment.

Residential Segment to witness surge in New Launches

We expect prices to remain
stable at current levels with
further increase expected in
2HFY2011E as demand starts
picking up
Private developer apartment supply (vertical format high density developments) in the NCR has
been predominantly restricted to Gurgaon and Noida due to unavailability of land for development
in Delhi. There has been a sharp increase in apartment activity in the Gurgaon and Noida markets
over the last four to five years, which has led to a supply of organised apartments. The Residential
market in NCR unlike other markets is being sold through brokers sending soft mailers to know the
right pricing and actual demand. At the time of launches, the agents book apartments in bulk and
sell them out as price appreciates. We have seen a demand pick up in the first half of FY2010E on
account of new launches at discounted prices and improved liquidity thereby attracting investors.
Overall, we expect prices to remain stable at current levels with further increase expected in
2HFY2011E as demand starts picking up.

Exhibit 22: Surge in new launches in NCR

Company Project Location Launch Date Price Rs/sq ft
DLF Capital Green-Phase I Delhi Mar-09 6,500
Capital Green-Phase II Delhi Sep-09 7,500
Unitech Sunbreeze Gurgaon Aug-09 2,740
Vistas Gurgaon Sep-09 2,800
Unihomes Noida Jun-09 3,000
Unihomes Greater Noida Aug-09 1,800
IBREL Centrum Park Gurgaon Mar-09 2,500
Jaypee Kosmos Noida Jul-09 3,000
Aman Noida May-09 2,100
Source: Company, Angel Research

November
January 30,24,
2008
2009 For Private Circulation Only - Sebi Registration No : INB 010996539 16
 Anant Raj Industries
Real Estate

Commercial Segment - Rentals to stabilise

Office supply in NCR reduced
from 14mn sq ft in CY2008 to
10.5mn sq ft in CY2009 owing
to delays in execution,
subdued demand and liquidity
crunch faced by developers
Gurgaon, which handles around 72% of the Commercial market in NCR has seen the sharpest
rise and fall in Rentals. Office space rentals in Gurgaon have declined 31% since January 2008.
The supply in NCR is expected to reduce from 14mn sq ft in CY2008 to 10.5mn sq ft in CY2009
owing to delays in execution, subdued demand and liquidity crunch faced by the developers.
Overall, vacancy rates were recorded in the range of 11-13% due to reduced occupier demand
and lack of pre-commitments. We expect Rental values to stabilise across all micro markets owing
to renewed interest from Corporates.

Exhibit 23: Office Supply and Absorption Trends ( NCR)

16
14
12
mn sq. ft.

10
8
6
4
2
0
2002 2003 2004 2005 2006 2007 2008 1Q09 2Q09 3Q09

Supply Absorption*
Source: Cushman & Wakefield, Angel Research; Note: *Does not include pre-commitments

Exhibit 24: Rentals to stabilise

140 400

120 350

300
Rs/Sq.ft./month

100

Rs/Sq.ft./month
250
80
200
60
150
40
100
20 50

0 0
1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 3Q2009
Gurgaon (Comm.) Gurgaon (IT/SEZ) Noida (Comm.) Noida (IT/SEZ) CBD-Prime (RHS)

Source: Cushman & Wakefield, Angel Research

January 30,24,
November 2008
2009 For Private Circulation Only - Sebi Registration No : INB 010996539 17
 Anant Raj Industries
Real Estate

Retail Segment - Still some pain left

We believe that the Retailers
will continue to renegotiate
rentals at prevailing values to
attain more sustainable levels
With the sustained supply additions witnessed since 2004, cumulative supply of investment grade
mall format retail space in the NCR stood at 13mn sq ft as of 3QCY2009. The slowdown in
demand and reduced absorption forced developers to re-schedule the completion time of their
projects with some even re-considering the development plans. The fall in Retail Rentals is
highest across segments in the NCR with West Delhi leading the way due to high vacancy noted
in existing developments over the last one year. Rentals constitute 6-10% of Revenues for
Retailers like Pantaloon, Shopper Stop and 10-15% for foreign brands. The slowdown in demand
coincided with the significant supply of the malls. We believe that the Retailers are likely to
continue to re-negotiate rentals at prevailing values to attain more sustainable levels.

Exhibit 25: Rentals have corrected 30-40% over past one year
700

600

500
Rs/Sq.ft./month

400

300

200

100

0
1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 3Q2009

Gurgaon Noida South Delhi West Delhi

Source: Cushman & Wakefield, Angel Research

November
January 30,24,
2008
2009 For Private Circulation Only - Sebi Registration No : INB 010996539 18
 Anant Raj Industries
Real Estate

Profit & Loss Statement (Consolidated) Rs crore Balance Sheet (Consolidated) Rs crore
Y/E March FY2008 FY2009 FY2010E FY2011E Y/E March FY2008 FY2009 FY2010E FY2011E
Net Sales 604 251 278 481 SOURCES OF FUNDS
% chg 190 (58) 11 73 Equity Share Capital 59 59 59 63
Total Expenditure (42) (30) (15) (27) Reserves& Surplus 2,842 3,261 3,511 3,966
EBITDA 562 221 263 455 Shareholders Funds 2,901 3,320 3,570 4,029
(% of Net Sales) 93.1 88.0 94.7 94.5 Total Loans 58 210 110 110
Other Income 29 70 57 46 Deferred Tax Liability 2 3 3 3
Share in profits of associates - - - - Minority Interest 0 69 69 69
Depreciation& Amortisation (8) (9) (17) (21) Total Liabilities 2,961 3,601 3,751 4,210
Interest (3) (0) (0) (1) APPLICATION OF FUNDS
PBT 580 282 302 479 Gross Block 1,131 1,260 1,534 1,894
(% of Net Sales) 96.1 112.3 108.9 99.6 Less: Acc. Depreciation (37) (45) (61) (82)
Min. Int./EO/Prior Period Items 0 (1) (2) (1) Net Block 1,094 1,215 1,472 1,812
Tax (144) (73) (60) (96) Intangibles 141 146 146 146
(% of PBT) 24.8 26.0 20.0 20.0 Capital Work-in-Progress 386 721 721 721
Reported PAT 436 207 240 382 Investments 149 309 309 309
% chg 247.8 (52.5) 15.9 59.2 Current Assets 1,437 1,331 1,276 1,545
(% of Net Sales) 72.3 82.7 86.6 79.4 Current liabilities 246 126 178 328
Adj. PAT 436 208 242 383 Net Current Assets 1,191 1,205 1,097 1,217
% chg 247.7 (52.2) 16.0 58.6 Mis. Exp. not written off 1 5 5 5
(% of Net Sales) 72.2 83.1 87.1 79.7 Total Assets 2,961 3,601 3,751 4,210

Cash Flow Statement (Consolidated) Rs crore Key Ratios

Y/E March FY2008 FY2009 FY2010E FY2011E Y/E March FY2008 FY2009 FY2010E FY2011E
Profit before tax 580 282 302 479 Per Share Data (Rs)
FDEPS 13.9 6.6 7.6 12.2
Depreciation & Others (1) (55) 16 21
Cash EPS 14.1 6.9 8.2 12.8
Change in Working Capital (460) 7 (137) (148)
DPS 1.4 0.6 1.0 1.5
Direct taxes paid (144) (74) (60) (96) Book Value 92.2 105.5 113.5 128.0
Cash Flow from Operations (26) 160 120 256 Operating Ratio (%)
(Inc.)/ Dec. in Fixed Assets (173) (136) (274) (360) Cost / Net Sales (%) (6.9) (12.0) (5.3) (5.5)

Free Cash Flow (198) 24 (154) (103) Creditor (days) 97.1 179.7 90.7 76.1
Debtors (days)* 97.2 400.5 333.3 253.5
Inc./ (Dec.) in Investments (36) (160) - -
Debt / Equity (x) 0.0 0.1 0.0 0.0
Issue of Equity 1,349 233 44 131
Returns (%)
Inc./(Dec.) in loans (282) 152 (100) - RoE 21.5 6.7 7.0 10.1
Dividend Paid (Incl. Tax) (76) (21) (21) (34) RoCE 24.8 6.5 6.7 10.9

Others (214) (208) (0) (1) Dividend Payout 11.9 10.0 14.0 14.1
Valuation Ratio (x)
Cash Flow from Financing 740 (3) (78) 96
P/E 10.0 21.1 18.2 11.4
Inc./(Dec.) in Cash 542 21 (232) (8)
P/E (Cash EPS) 9.8 20.3 17.0 10.9
Opening Cash balances 63 605 626 394 P/BV 1.5 1.3 1.2 1.1
Closing Cash balances 605 626 394 387 EV / EBITDA 6.3 16.7 14.5 8.4

Note: * ARIL's debtors of Rs241cr includes receivables of Rs115cr for the

property sold to IIPM. The money will be received by ARIL after six years
during which time it will be paid 15% coupon on annualised basis.

January 30,24,
November 2008
2009 For Private Circulation Only - Sebi Registration No : INB 010996539 19
 Anant Raj Industries
Real Estate
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Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)

November
January 30,24,
2008
2009 For Private Circulation Only - Sebi Registration No : INB 010996539 20
 Anant Raj Industries
Real Estate
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Kalbadevi - Tel: (022) 2243 5599 / 2242 5599 Baroda (Akota) - Tel: (0265) 2355 258 / 6499 286 Kolkata (P. A. Shah Rd) - Tel: (033) 3001 5100 Rajkot - (Star Chambers) - Tel : (0281) 2225 401-3

Kandivali (W) - Tel: (022) 2867 3800/2867 7032 Baroda (Manjalpur) - Tel: (0265) 6454280-3 Kota - Tel : (0744) 3941 394 Rajkot - PCG - Tel: (0281) 2490 847

Kandivali - Tel: (022) 4245 1300 Bengaluru - Tel: (080) 4072 0800 - 29 Madurai Tel: (0452) 3941 394 Salem - Tel: (0427) 3941 394

Mahim - Tel: (022) 2444 6425 / 2444 9031 Bhavnagar - Tel: (0278) 3941 394 Mangalore - Tel: (0824) 3982 140 Secunderabad - Tel : (040) 3093 2600

Malad (E) - Tel: (022) 2880 4440 Bhavnagar (Shastrinagar)- Mobile: 92275 32302 Mansarovar - Tel:(0141) 3057 700/99836 74600 Surat (Mahidharpura) - Tel: (0261) 3092 900

Malad (Natraj Market) - Tel:(022) 28803453 / 24 Bhilwara - (01482) 398 350 Meerut - Tel:(0121) 4015 400 Surat - (Parle Point) - Tel : (0261) 3091 400

Masjid Bander - Tel: (022) 2345 5130 /1 / 8 / 42 /28 Bhopal - Tel :(0755) 3941 394 Mehsana - Tel: (02762) 645 291 / 92 Surat (Ring Road) - Tel : (0261) 3071 600

Mulund (W) - Tel: (022) 2562 2282 Bikaner - Tel: (0151) 3941 394 / 98281 03988 Mysore - Tel: (0821) 4004 200 - 30 Surendranagar - Tel : (02752) 223305

Nerul - Tel: (022) 2771 9012 - 17 Chandigarh - Tel: (0172) 3092 700 Nadiad - Tel : (0268) - 2527 230 / 34 Tirupur - Tel : (0421) 4302 800

Powai (E) - Tel: (022) 3952 5887 Deesa - Mobile: 97250 01160 Nagaur - Tel: (01582) 244 648 Udaipur - Tel : (0294) 3941 394

Sion - Tel: (022) 3952 7891 Dehradun - (0135): 3058 500 Nashik - (K C Complex) Tel: (0253) 3941 394 Valsad - Tel : (02632) 645 344 / 45

Thane (W) - Tel: (022) 2539 0786 / 0650 / 1 Erode - Tel: (0424) 3982 600 New Delhi (Bhikaji Cama) - Tel: (011) 41659711 Vapi - Tel: (0260) 3941 394

Vashi - Tel: (022) 2765 4749 / 2251 Faridabad - Tel: (0129) 3984 000 New Delhi (Lawrence Rd.) - Tel: (011) 3262 8699 / 8799 Varachha - (0261) 3091 500

Vile Parle (W) - Tel: (022) 2610 2894 / 95 Gajuwaka - Tel: (0891) 3987 100 - 30 New Delhi (Pitampura) - Tel: (011) 4751 8100 Varanasi - Tel: (0542) 2221 129, 3058 066

Wadala - Tel: (022) 2414 0607 / 08 Gandhinagar - Tel: (079) 4010 1010 - 31 New Delhi (Nehru Place) - Tel: (011) 3982 0900 Vijayawada - Tel :(0866) 3984 600

Agra - Tel: (0562) 4037200 Gandhidham - Tel: (02836) 237 135 New Delhi (Preet Vihar) - Tel: (011) 4310 6400 Warangal - Tel: (0870) 3982 200

Ahmeda. (Bapu Nagar) - Tel : (079) 3091 6900 - 02 Gondal - Tel: (02825) 398 200 Noida - Tel : (0120) 4639 900 / 1 / 9

Ahmedabad (C. G. Road) - Tel: (079) 4021 4023 Ghaziabad - Tel: (0120) 3980 800 Palanpur - Tel: (02742) 308 060 - 63

Ahmeda. (Gurukul) - Tel: (079) 3011 0800 / 01 Gurgaon - Tel: (0124) 3050 700 Patan - Tel: (02766) 222 306

Ahmedabad (Kalupur) - Tel: (079) 3041 4000 / 01 Himatnagar - Tel: (02772) 241 008 / 241 346 Porbandar - Tel : (0286) 3941 394

Ahmedabad (Maninagar) - Tel: (079) 3981 7430 / 1 Hyderabad - A S Rao Nagar Tel: (040) 4222 2070-5 Porbandar (Kuber Life Style) - Mob.-98242 53737

Ahmedabad (Odhav) Tel: (079) 2289 2869/98989 95031 Hubli - Tel: (0836) 4267 500 - 22 Pune - (Pentagon) Tel : (020) 3093 4400 / 3052 3217

Ahmeda. (Ramdevnagar) - Tel : (079) 4024 3842 / 43 Indore - Tel: (0731) 3049 400 Pune (Aundh) - Tel: (020) 4104 1900

Ahmedabad (Sabarmati) - Tel : (079) 3091 6100 / 01 Indore - Tel: (0731) 4238 600 Pune (Camp) - Tel: (020) 3092 1800

Ahmedabad (Satellite) - Tel: (079) 4000 1000 Jaipur - (Rajapark) Tel: (0141) 3057 900 / 99833 40004 Pune - (kalyani Nagar) Tel: (020) 6620 6591 / 6620 6595

Central Support & Registered Office:G-1, Akruti Trade Centre, Road No. 7, MIDC Marol, Andheri (E), Mumbai - 400 093 Tel : 2835 8800 / 3083 7700

January 30,24,
November 2008
2009 For Private Circulation Only - Sebi Registration No : INB 010996539 21