Balaji Telefilms posted disappointing quarterly results, with its top-line declining 32% year-over-year and 14% quarter-over-quarter due to a decrease in total programming hours as three shows went off air. While average programming rates increased sequentially, the company reported an operating loss for the quarter. Going forward, the company expects financial performance to remain under pressure due to low visibility in its programming slate and reduced programming hours.

1. 4QFY2010 Result Update I Media
April 29, 2010
Balaji Telefilms NEUTRAL
CMP Rs59
Performance Highlights Target Price -
Balaji Telefilms posted yet another quarter of a disappointing Top-line, which Investment Period -
declined by 32% yoy and 14% qoq to Rs33.5cr, as both commissioned and
sponsored programming registered a decline. However, on a sequential Stock Info
basis, the average realisations registered an improvement (both commission Sector Media
and sponsored realisations registered a spike to the tune of 11-15%). After
another disappointing quarter of results and volatility in the show pipeline, we Market Cap (Rs cr) 383
have revised our estimates for FY2011E and FY2012E downwards, factoring
Beta 1.0
in: 1) lower programming revenues, and 2) pressure on Margins, due to
higher production costs (new programs expected to launch in 1HFY2011E 52 WK High / Low 78/40
and a modest Movie pipeline). We recommend a Neutral view on the stock.
Avg. Daily Volume 351,470
Yet another quarter of disappointing results: Balaji Telefilms (BTL) posted yet Face Value (Rs) 2
another quarter of disappointing results. The Top-line for the company BSE Sensex 17,503
declined by 32% yoy and 14% qoq, impacted by a decrease in total
programming hours by 19% yoy and 22% qoq, as three commissioned shows Nifty 5,254
went off-air during the quarter. The company registered an Operating loss of Reuters Code BLTE.BO
Rs1.3cr, which was lower on a yoy basis; however, on a sequential basis, the
Operating loss increased, owing to the weak Top-line and rise in Staff cost. In Bloomberg Code BLJT @IN
terms of Earnings, Balaji posted a Rs3.4cr profit (over a loss of Rs14.6cr yoy),
Shareholding Pattern (%)
primarily aided by a one-time gain of Rs11.2cr, on account of a settlement of
dues from INX Media and lower depreciation charges. Promoters 40.2
MF/Banks/Indian FIs 22.5
Outlook and Valuation: Going ahead, we expect BTL’s financial performance
to remain under pressure, owing to a low visibility of its programming slate FII/NRIs/OCBs 27.4
and a cut in the programming hours (both sponsored programming hours
Indian Public 9.9
and commissioned programming hours). While BTL is ramping-up its
production slate, the rising competition in content production and lower shelf Abs. (%) 3m 1yr 3yr
lives for TV shows are likely to keep realisations and programming hours
volatile. Moreover, rich valuations at 15.8x FY2012E EPS cannot be justified, Sensex 7.0 53.5 25.8
given BTL’s highly unstable and volatile Earnings scenario. Hence, we
recommend a Neutral view on the stock. Balaji Tele. 8.5 33.0 (63.7)
Key Financials (Consolidated)
Y/E Mar (Rs cr) FY2009 FY2010E FY2011E FY2012E
Net Sales 337.5 159.2 182.8 238.1
% chg (10.8) (52.8) 14.8 30.3
Net Profit (Adj) 0.8 6.4 16.6 24.4
% chg (99.1) - 158.0 47.1
OPM (%) 4.8 (5.9) 7.2 10.3
EPS (Rs) 0.1 1.0 2.5 3.7
P/E (x) - 61.2 23.2 15.8 Anand Shah
Tel: 022 – 4040 3800 Ext: 334
P/BV (x) 1.0 1.0 1.0 0.9
E-mail: anand.shah@angeltrade.com
RoE (%) 0.2 1.7 4.3 6.1
RoCE (%) (1.9) (5.4) (0.1) 2.2
Chitrangda Kapur
EV/Sales (x) 0.5 0.9 0.8 0.5
Tel: 022 – 4040 3800 Ext: 323
EV/EBITDA (x) 9.6 (15.3) 10.7 5.3 E-mail: chitrangdar.kapur@angeltrade.com
Source: Company, Angel Research
1
Please refer to important disclosures at the end of this report Sebi Registration No: INB 010996539

2. Balaji Telefilms I 4QFY2010 Result Update
Exhibit 1: Quarterly Performance Update (Standalone)
Y/E March (Rs cr) 4QFY10 4QFY09 % chg FY10 FY09 % chg
Net Sales 33.5 49.4 (32.2) 152.8 294.9 (48.2)
Cost of Production 21.8 41.6 (47.5) 106.1 180.7 (41.3)
(% of sales) 65.2 84.3 69.4 61.3
Staff cost 4.9 2.1 133.1 16.4 13.2 24.0
(% of sales) 14.7 4.3 10.7 4.5
Other expenditure 8.1 23.0 (64.9) 31.0 61.3 (49.5)
(% of sales) 24.1 46.6 20.3 20.8
Total Expenditure 34.8 66.8 (47.8) 153.4 255.2 (39.9)
Operating Profit (1.3) (17.4) (0.6) 39.8
OPM (%) (3.9) (35.1) (0.4) 13.5
Interest 0.0 0.0 0.0 0.0
Depreciation 2.4 12.5 (80.6) 10.3 23.5 (56.1)
Other Income 14.6 6.1 138.5 33.2 21.3 56.0
PBT (excl Ext. Items) 10.8 (23.8) 22.3 37.5 (40.7)
Ext Income/(Expenses) 0.0 (0.3) 0.0 (0.3)
PBT (incl Ext. Items) 10.8 (24.1) 22.3 37.2 (40.1)
(% of Sales) 32.3 (48.8) 14.6 12.6
Prov. for Taxation 7.4 (9.5) 7.1 10.8 (34.9)
(% of PBT) 68.7 39.3 31.7 29.2
Recurring PAT 3.4 (14.3) 15.2 26.7 (43.0)
PATM (%) 10.1 (28.9) 9.9 9.0
Reported PAT 3.4 (14.6) 15.2 26.3 (42.3)
Equity Shares (cr) 6.5 6.5 6.5 6.5
EPS (Rs) 0.5 (2.2) 2.3 4.0
Source: Company, Angel Research
More shows called off; Top-line declines both yoy and qoq
Balaji Telefilms posted yet another quarter of a disappointing Top-line, which
declined 32% yoy and 14% qoq to Rs33.5cr, as both commissioned and sponsored
programming registered a decline. The total programming hours decreased by 19%
yoy and 22% qoq to 308 hours, as three commissioned shows went off-air during
the quarter. However, a sequential improvement in average realisations to
Rs1.1mn/hr (both commission and sponsored realisations registered a spike to the
tune of 11-15%) came in as a positive surprise. The management has attributed the
same to incentive payments gained on higher rating shows like Pavitra Rishta and
Bandini.
On a consolidated basis (including Movies), for FY2010, Balaji reported a Top-line
of Rs159cr (53% yoy de-growth), where the content business registered a Rs152.8cr
Top-line (de-growth of 48% yoy) and Movies posted a revenue of Rs6.4cr (Rs42.3cr,
only one release this year, named Love, Sex and Dhoka, LSD)
Operational Losses decline yoy due to base effect and lower Production costs
On the Operating front, the company registered a loss of Rs1.3cr (loss of Rs17.4cr
last year). The decrease in the Operating Loss may be attributed to a decrease in
Production costs (down by 1,911bp yoy) and a significant decline in Other
Expenditure, down by 2,250bp yoy, due to base effect, as 4QFY2009 had large
one-off items, including provision for doubtful debts (dues from INX Media), legal
charges against Star and diminution in long-term investments. However, on a
sequential basis, the operational losses increased from Rs0.5cr, owing to the weak
Top-line and a rise in Staff costs by 1,041bp yoy.
April 29, 2010 2

3. Balaji Telefilms I 4QFY2010 Result Update
One-time gain from INX and lower depreciation keep Earnings afloat in the green
In terms of Earnings, Balaji posted an Rs3.4cr profit (over a loss of Rs14.6cr yoy),
largely aided by a one-time gain of Rs11.2cr on account of settlement of dues from
INX Media (reflected in higher Other Income, which rose 139% yoy) and lower
depreciation charges, which stood at Rs2.4cr (Rs12.5cr), due to base effect
(4QFY2009 had additional depreciation of Rs9.5cr on account of full depreciation of
a set demolished due to a show being called off). On a sequential basis, the Net
Profit for the company registered an increase of 86.6% qoq. However, adjusted for a
one-time gain of INX dues and like-to-like depreciation charges, the company
registered a loss of Rs7.8cr for the quarter (Loss of Rs4.8cr yoy and profit of Rs1.8cr
qoq).
On a consolidated basis, for FY2010, Earnings jumped to Rs6.4cr (Rs0.8cr) despite
sharp de-growth in Top-line and operational loss, largely owing to high base effect
(FY2009 had significant one-off losses from INX (Rs28cr) and Movie business
(Rs23cr).
More shows called off; Sequential improvement in Realisation positive
During the quarter, the commissioned programming hours registered a decrease of
24% qoq to 164 hours from 216.5 hours on account of three shows being called off
air – Beyttaab Dil Kee Tamana Hai (Sony), Tujh Sang Preet Lagai Sajana (Star Plus)
and Kis Desh Mein Hain Mera Dil (Star Plus). The sponsored programming hours
registered a 19% decline qoq to 144 hours. Overall, total programming hours
decreased sequentially by 22% qoq. Moreover, in April, another show – Pyar ka
Bandhan (Sony) and two sponsored shows - Kanmaneeya (Sun TV) and
Kadhaparayum Kaaviyaanjali (Surya TV) – have been called off air.
Going ahead, the management has indicated the launch of 4 commissioned
programs in 1HFY2011E (delayed this quarter, due to IPL Season 3), whereas
sponsored programs are likely to remain at similar levels. According to Media
reports, possible show launches include Keshav Pandit on Zee and Sarwagun
Sampanna on NDTV Imagine.
In terms of realisations, a sequential improvement in average realisations to
Rs1.1mn/hr (both commission and sponsored realisations registered a spike to the
tune of 11-15%) came in as a positive surprise.
The management has attributed the improvement in realisations this quarter to
incentive payments gained on higher-rating shows like Pavitra Rishta and Bandini.
The management also indicated that 3QFY2010 witnessed the bottoming of
realisations and, going ahead, realisations are expected to improve by 10-15% yoy.
Exhibit 2: Operational Highlights – Programming Hours and Realisations
4QFY2010 4QFY2009 % yoy 3QFY2010 % qoq
Revenues (Rs cr)
Commissioned 28.0 42.5 (34.1) 33.0 (15.3)
Sponsored 5.5 6.9 (20.2) 5.9 (6.9)
Total Sales 33.5 49.4 (32.2) 39.0 (14.0)
Programming Hours
Commissioned 164.0 193.5 (15.2) 216.5 (24.2)
Sponsored 144.0 185.5 (22.4) 177.0 (18.6)
Total Hrs of Programming 308.0 379.0 (18.7) 393.5 (21.7)
Realisation/Hour (Rs mn)
Commissioned 1.71 2.20 (22.3) 1.53 11.9
Sponsored 0.38 0.37 2.8 0.33 14.4
Avg. Realisation 1.09 1.30 (16.5) 0.99 9.9
Source: Company, Angel Research
April 29, 2010 3

4. Balaji Telefilms I 4QFY2010 Result Update
LSD becomes a hit; Movies registers Rs6.4cr Revenue, Rs8.9cr loss
Balaji Motion Pictures Ltd (BMPL), a wholly owned subsidiary of the Company,
released only one movie during the year named Love, Sex Aur Dhoka (LSD) during
March 2010. LSD became a one of only 3 hit films in the year till date. BMPL posted
revenue of Rs6.4cr (Rs42.6cr) for the year and a Net loss of Rs8.9cr (Loss of
Rs23.3cr). The profitability of this division was partially hit due to a lower realisation
on the sale of satellite rights and provisions for doubtful debts, coupled with
selling/distribution expenses of LSD, partial benefits of which will accrue in the
coming year.
Balaji has lined up two upcoming releases in FY2011E – Once upon a time in
Mumbai (Starring Ajay Devgan, slated for release on July 30) and Shor (Directed by
DK & Raj). Both the movies have an estimated Budget of Rs30-35cr and Rs7-8cr,
respectively.
Bhayander property may lead to significant one-time gains, if settled
The Company has invested an amount of Rs31cr in land approximately measuring
24,687 sq mt and situated within the limits of the Mira Bhayander Municipal
Corporation, for the purpose of building studios. The Company has been made a
party in the dispute between the original owner of the land and a buyer. The matter
is sub judice at the Thane Civil Court. The interim application by the buyer was
dismissed by the Thane Civil Court and the Honorable Bombay High Court. The
special leave petition filed by the buyer on April 9, 2010 against these dismissals
before the Honorable Supreme Court was withdrawn and hence dismissed by the
Court.
The Management has indicated that the cost of the investment for the company
stood at Rs47-50cr (market value estimated to be higher). Moreover, while the initial
plan was to set-up studios, the management is open to evaluating other options with
regards to the use/sale of land, including development.
Outlook and Valuation
After another disappointing quarter of results and volatility in the show pipeline, we
have revised our estimates downwards, factoring in: 1) lower programming
revenues, and 2) pressure on Margins, due to higher production costs (new
programs expected to launch in 1HFY2011E and a modest Movie pipeline). Hence,
our Earnings estimates stands pruned by 18-23%.
Exhibit 3: Revision in Estimates
Old Estimate New Estimate % chg
(Rs cr) FY2011E FY2012E FY2011E FY2012E FY2011E FY2012E
Revenue 221.2 287.1 182.8 238.1 (17.4) (17.1)
EBITDA 8.1 10.9 7.2 10.3 (90bp) (59bp)
EPS 3.3 4.6 2.5 3.7 (23.3) (18.6)
Source: Company, Angel Research
Going ahead, we expect BTL’s financial performance to remain under pressure,
owing to a low visibility of its programming slate and a cut in the programming
hours (both sponsored programming hours and commissioned programming
hours). On the Operating front, we expect BTL to witness severe pressure on its
Margins, which are likely to remain in single-digits, owing to lower yields of its
shows, new program launches, investments in the Movie business and the New
Media business.
April 29, 2010 4

5. Balaji Telefilms I 4QFY2010 Result Update
While BTL is ramping up its production slate, rising competition in content
production and lower shelf lives for TV shows are likely to keep realisations and
programming hours volatile. Moreover, rich valuations at 15.8x FY2012E EPS
cannot be justified, given BTL’s highly unstable and volatile Earnings scenario.
Hence, we recommend a Neutral view on the stock. Nonetheless, upside risks to our
estimates include: 1) Settlement and disposal of the Bhayander Property, and 2)
Possible positive re-negotiations with Star.
Key Assumptions (Consolidated)
Exhibit 4: Revenue Growth
Y/E March (Rs cr) FY2009 FY2010E FY2011E FY2012E
Commissioned Revenues 268.4 128.4 126.3 167.6
Sponsored Revenues 26.5 24.4 18.5 25.5
Others (Incl Movie Biz) 42.6 6.4 38.0 45.0
Total Operating Revenues 337.5 159.2 182.8 238.1
YoY Growth (%)
Commissioned Revenues (10.8) (52.2) (1.6) 32.7
Sponsored Revenues (5.9) (7.7) (24.5) 38.0
Others (Incl Movie Biz) 6.8 (85.0) 495.1 18.4
Total Operating Revenues (8.5) (52.8) 14.8 30.3
Segmental Contribution (%)
Commissioned Revenues 79.5 80.6 69.1 70.4
Sponsored Revenues 7.8 15.4 10.1 10.7
Others (Incl Movie Biz) 12.6 4.0 20.8 18.9
Source: Company, Angel Research
Exhibit 5: Programming Hours
Y/E March FY2009 FY2010E FY2011E FY2012E
Commissioned 927 763 721 862
Sponsored 570 638 450 570
Total Hours 1,497 1,401 1,171 1,432
YoY Growth (%)
Commissioned 1.0 (17.7) (5.5) 19.6
Sponsored (12.6) 11.9 (29.5) 26.7
Total Hours (4.6) (6.4) (16.4) 22.3
Source: Company, Angel Research
Exhibit 6: Realisation
Y/E March (Rs mn) FY2009 FY2010E FY2011E FY2012E
Commissioned 2.90 1.67 1.75 1.94
Sponsored 0.47 0.39 0.41 0.45
Avg Realisation 1.97 1.09 1.24 1.35
YoY Growth (%)
Commissioned (11.6) (41.9) 4.1 10.9
Sponsored 7.6 (17.5) 7.1 9.0
Avg Realisation (6.0) (44.6) 13.4 9.0
Source: Company, Angel Research
April 29, 2010 5

6. Balaji Telefilms I 4QFY2010 Result Update
Profit & Loss Statement (Consolidated) Rs crore
Y/E Mar FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Gross sales 320 378 337 159 183 238
Less: Excise duty - - - - - -
Net Sales 320 378 337 159 183 238
Total operating income 320 378 337 159 183 238
% chg 14.2 18.2 (10.8) (52.8) 14.8 30.3
Total Expenditure 201 243 321 169 170 213
(Inc.)/ Dec. in trade (1) (6) 12 15 7 10
Cost of Production 163 201 224 97 112 146
Staff Costs 12 14 14 19 20 22
Power & Fuel 3 4 5 4 4 5
Other Expenses 24 30 66 33 26 31
EBITDA 119 135 16 (9) 13 25
% chg 27.6 12.9 (87.9) - - 87.1
(% of Net Sales) 37.3 35.7 4.8 (5.9) 7.2 10.3
Depreciation 11 13 24 10 14 16
EBIT 108 122 (7) (20) (1) 9
% chg 36.4 12.8 - - - -
(% of Net Sales) 33.8 32.2 (2.1) (12.4) (0.3) 3.7
Interest & other Charges 0 - - - - -
Other Income 9 18 19 33 24 26
(% of PBT) 8.0 12.6 162.0 248.5 102.3 74.9
Share of Associates - - - - - -
Recurring PBT 118 140 12 13 24 35
% chg 33.7 18.6 (91.6) 14.2 77.2 47.1
Extr. Exp./(Inc.) - (1) (0) (0) - -
PBT (reported) 118 140 12 13 24 35
Tax 38 43 11 7 7 10
(% of PBT) 32.6 31.1 93.0 51.9 30.0 30.0
PAT (reported) 79 97 1 7 17 24
Add: Share of associates - - - - - -
Less: Minority interest (MI) - - - - - -
PAT after MI (reported) 79 97 1 7 17 24
ADJ. PAT 79 96 1 6 17 24
% chg 33.4 21.3 (99.1) 679.3 158.0 47.1
(% of Net Sales) 24.7 25.4 0.2 4.0 9.1 10.2
Basic EPS (Rs) 12.2 14.7 0.1 1.0 2.5 3.7
Fully Diluted EPS (Rs) 12.2 14.7 0.1 1.0 2.5 3.7
% chg 33.4 21.3 (99.1) 663.4 163.4 47.1
April 29, 2010 6

7. Balaji Telefilms I 4QFY2010 Result Update
Balance Sheet (Consolidated) Rs crore
Y/E Mar FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
SOURCES OF FUNDS
Equity Share Capital 13 13 13 13 13 13
Preference Capital - - - - - -
Reserves& Surplus 291 360 358 362 376 398
Shareholders Funds 304 373 371 375 389 411
Minority Interest - - - - - -
Total Loans - - - - - -
Deferred Tax Liability 5 4 (4) (4) (4) (4)
Total Liabilities 309 377 367 371 385 407
APPLICATION OF FUNDS
Gross Block 79 95 98 118 152 176
Less: Acc. Depreciation 38 50 58 68 82 98
Net Block 41 44 41 50 71 79
Capital Work-in-Progress 4 18 51 47 30 26
Goodwill - - - - - -
Investments 177 220 216 226 236 246
Current Assets 126 170 102 83 87 105
Cash 8 8 12 14 8 9
Loans & Advances 36 69 30 29 35 40
Other 82 93 60 40 44 56
Current liabilities 39 75 43 35 38 49
Net Current Assets 87 95 59 48 48 56
Mis. Exp. not written off - - - - - -
Total Assets 309 377 367 371 385 407
Cash Flow Statement (Consolidated) Rs crore
Y/E Mar FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Profit before tax 118 140 12 13 24 35
Depreciation 11 13 24 10 14 16
Change in Working Capital (13) (36) 75 13 (7) (1)
Interest / Dividend (Net) (3) (6) (6) (10) (12) (13)
Direct taxes paid 38 43 31 7 7 10
Others (3) 0 (2) (0) 0 (6)
Cash Flow from Operations 71 67 71 20 12 21
Inc./ (Dec.) in Fixed Assets 14 30 55 15 18 20
Inc./ (Dec.) in Investments (11) (43) 8 (10) (10)
(10)
Cash Flow from Investing (25) (73) (47) (25) (28) (30)
Issue of Equity - - - - - -
Inc./(Dec.) in loans - - - - - -
Dividend Paid (Incl. Tax) 48 1 27 2 2 2
Interest / Dividend (Net) (3) (6) (6) (10) (12) (13)
Cash Flow from Financing (44) 6 (20) 8 9 11
Inc./(Dec.) in Cash 2 0 4 2 (6) 1
Opening Cash balances 6 8 8 12 14 8
Closing Cash balances 8 8 12 14 8 9
April 29, 2010 7

8. Balaji Telefilms I 4QFY2010 Result Update
Key Ratios
Y/E Mar FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Valuation Ratio (x)
P/E (on FDEPS) 4.9 4.0 467.1 61.2 23.2 15.8
P/CEPS 4.2 3.5 15.8 22.9 12.7 9.6
P/BV 1.3 1.0 1.0 1.0 1.0 0.9
Dividend yield (%) 0.1 0.1 0.0 0.0 0.0 0.0
EV/Sales 0.6 0.4 0.5 0.9 0.8 0.5
EV/EBITDA 1.7 1.2 9.6 (15.3) 10.7 5.3
EV / Total Assets 2.0 1.6 0.9 1.5 1.7 1.6
Per Share Data (Rs)
EPS (Basic) 12.2 14.7 0.1 1.0 2.5 3.7
EPS (fully diluted) 12.2 14.7 0.1 1.0 2.5 3.7
Cash EPS 13.9 16.7 3.7 2.6 4.6 6.2
DPS 3.5 3.5 0.3 0.3 0.3 0.3
Book Value 46.6 57.2 56.9 57.5 59.7 63.1
Dupont Analysis
EBIT margin 33.8 32.2 (2.1) (12.4) (0.3) 3.7
Tax retention ratio 0.7 0.7 0.1 0.5 0.7 0.7
Asset turnover (x) 3.0 2.8 2.3 1.2 1.3 1.6
ROIC (Post-tax) 69.3 61.6 (0.4) (7.1) (0.3) 4.2
Cost of Debt (Post Tax) - - - - - -
Leverage (x) (13.6) (15.8) (17.5) (17.9) (18.5) (19.1)
Operating ROE (870.7) (913.5) 5.8 119.4 4.9 (75.5)
Returns (%)
RoCE (Pre-tax) 38.4 35.6 (1.9) (5.4) (0.1) 2.2
Angel RoIC (Pre-tax) 87.4 81.8 (5.2) (15.1) (0.4) 5.7
RoE 28.6 28.4 0.2 1.7 4.3 6.1
Turnover ratios (x)
Asset Turnover (Gross Block) 4.1 4.0 3.4 1.4 1.2 1.4
Inventory / Sales (days) 14.3 17.8 10.0 10.4 11.4 12.2
Receivables (days) 79.3 72.1 54.9 81.1 76.8 73.0
Payables (days) 42.4 45.9 43.2 72.3 69.8 68.8
W.cap. cycle (ex-cash) (days) 90.6 84.1 51.1 77.7 80.8 72.3
Solvency ratios (x)
Net debt to equity (14.2) (17.5) (17.4) (18.4) (18.7) (19.5)
Net debt to EBITDA (1.5) (1.7) (14.0) 25.4 (18.5) (10.3)
Interest Coverage (EBIT / Interest) - - - - - -
April 29, 2010 8

9. Balaji Telefilms I 4QFY2010 Result Update
Research Team Tel: 022- 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
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Disclosure of Interest Statement Balaji Tele.
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies’ Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below Rs 1 lakh for Angel and its Group companies.
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Tel : (022) 3952 4568 / 4040 3800
Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP000001546 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE:
INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946
Angel Capital & Debt Market Ltd: INB 231279838 / NSE FNO: INF 231279838 / NSE Member code -12798 Angel Commodities Broking (P) Ltd: MCX Member ID: 12685 / FMC Regn No: MCX / TCM /
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April 29, 2010 9