Grasim Result Update 4qfy2010 - 210510

4QFY2010 Result Update I Diversified
May 21, 2010

Grasim Industries ACCUMULATE
CMP Rs2,453
Performance Highlights Target Price Rs2,837

Grasim Industries (Grasim) posted a robust 4QFY2010 consolidated Investment Period 12 Months
performance on the Bottom-line front (up by 11.5% yoy), led by an
outstanding performance by its VSF division. The VSF division’s net sales grew Stock Info
by a robust 65% yoy to Rs1,045cr (Rs634cr), aided by a 31% growth in
Sector Diversified
volumes and a 29% growth in realisations. The excellent performance from
the VSF division can be attributed to the fast recovery of the textile industry in Market Cap (Rs cr) 22,488
the emerging markets and a decline in global cotton production. The
company’s net profit grew by 15.1% to Rs654.5cr (Rs568.8cr) during the Beta 0.8
quarter. The stock trades at a P/E of 9.4x and at an EV/EBITDA of 4.6x, 52 WK High / Low 2,952/2,026
according to its FY2012E estimates. We maintain an Accumulate rating on the
stock. Avg. Daily Volume 40,928

VSF division puts up yet another impressive show: The VSF business’s Top-line Face Value (Rs) 10
grew by 65% yoy to Rs1,045cr (Rs634cr), aided by a 31% growth in sales BSE Sensex 16,446
volumes to 85,714 tonnes and a 29% growth in realisation to Rs111,644 per
tonne. The cement business clocked a 5.2% yoy growth in net sales to Nifty 4,931
Rs4,162cr (Rs3,956cr), aided by 9% increase in sale volumes to 10.36mn
Reuters Code GRAS.BO
tonnes, while the realisation was down by 3.8% yoy. The operating profit of
the company rose by a substantial 11.5% yoy to Rs1,433cr, primarily on Bloomberg Code GRASIM@IN
account of an outstanding performance from the VSF division.
Shareholding Pattern (%)
Grasim-Samruddhi demerger record date fixed: The record date for the
demerger has been fixed as May 28, 2010. Post the demerger, Grasim Promoters 25.5
shareholders will directly hold 35% in Samruddhi, while Grasim's stake in the MF/Banks/Indian FIs 25.1
company would get diluted to 65%. Eventually, Samruddhi would be merged
with Ultratech. FII/NRIs/OCBs 37.9

Outlook and Valuation: We have valued the company’s 60.3% stake in Indian Public 11.5
Ultratech (after the demerger of Samruddhi) at an average EV/tonne of Abs. (%) 3m 1yr 3yr
US $105/tonne and 6.5x FY2012E EV/EBITDA after providing 20% holding
company discount, to arrive at a value of Rs1,569/share. We have valued the Sensex 1.6 19.7 14.1
VSF business at 4x EV/EBITDA, implying a P/BV of 1.75x on FY2012E
estimate. Our SOTP Target Price for Grasim works out to Rs2,837 without Grasim (8.5) 11.9 (2.3)
considering demerger (Rs2,216 post merger). At current levels, the stock
trades at a P/E of 9.4x and at an EV/EBITDA of 4.6x on FY2012E estimates.
We maintain an Accumulate on the stock.
Key Financials (Consolidated)
Y/E March (Rs cr) FY2009 FY2010E FY2011E FY2012E
Net Sales 18,297 19,933 19,229 21,004
% chg 7.8 8.9 (3.5) 9.2
Net Profit 2,185 3,096 1,906 2,389
% chg (16.2) 41.6 (38.4) 25.3
FDEPS(Rs) 238 338 208 261
OPM (%) 23.7 29.0 24.2 25.9
P/E (x) 10.2 7.2 11.7 9.4
P/BV (x) 1.9 1.8 1.3 1.1 Rupesh Sankhe
Tel: 022 – 4040 3800 Ext: 319
RoE (%) 21.1 25.7 12.8 13.0
E-mail: rupeshd.sankhe@angeltrade.com
RoCE (%) 13.2 13.9 8.3 7.1
EV/Sales (x) 1.5 1.4 1.3 1.2
V Srinivasan
EV/EBITDA (x) 6.5 4.8 5.4 4.6 Tel: 022 – 4040 3800 Ext: 330
Source: Company, Angel Research
E-mail: v.srinivasan@angeltrade.com

1
Please refer to important disclosures at the end of this report Sebi Registration No: INB 010996539

Grasim I 4QFY2010 Result Update

Exhibit 1: 4QFY10 Financial Performance
Y/E March (Rs cr) 4QFY10 4QFY09 % chg FY10 FY09 % chg
Net Sales 5,475 4,942 11 19,933 18,297 8.9
Net Raw Material Costs 1,137 1,107 3 3,742 3,991 (6.2)
(% of Sales) 20.8 22.4 18.5 21.6
Power & Fuel 928.3 912.6 1.7 3,523 3,756 (6.2)
(% of Sales) 17.0 18.5 17.4 20.3
Staff Costs 273.7 229.7 19.2 1,058.6 953.6 11.0
(% of Sales) 5.0 4.6 5.2 5.2
Freight & Forwarding 759.6 658.6 15.3 2,750 2,346 17.2
(% of Sales) 13.9 13.3 13.6 12.7
Other Expenses 942.8 748.4 26.0 3,073 2,919 5.3
(% of Sales) 17.2 15.1 15.2 15.8
Total Expenditure 4,042 3,656 10.5 14,147 13,966 1.3
Operating Profit 1,433 1,286 11.5 5,786 4,331 33.6
OPM 26.2 26.0 0.17 30 23.7 6.20
Interest 89.8 71.2 26.0 334.6 306.7 9.1
Depreciation 257.7 225.2 14.4 994.7 865.8 14.9
Other Income 80.5 56.9 41.6 923.7 462.8 99.6
PBT (incl. Extr. Items) 1,167 1,046 11.5 5,381 3,622 48.6
Extr. Income/(Expense) - - 336.1 0
PBT (excl. Extr. Items) 1,167 1,046 11.5 5,045 3,622 39.3
Provision for Taxation 297.4 335.5 1,570 991.4 58.4
(% of PBT) 25.5 32.1 31.1 27.4
MI & Profits of Associates 214.7 141.8 714.1 444.5
Reported PAT 655 569 15.1 3,097 2,186 41.6
PATM 12.0 11.5 15.3 11.8
Equity Capital 91.7 91.7 91.7 91.7
EPS (Rs) 71.4 62.0 337.6 238.5

Segmental Performance

Cement Business

The revenues of the cement division were higher by 5.2% yoy (on a consolidated
basis) at Rs5,475cr (Rs4,942cr). The consolidated cement sales volume was up by
9%, aided by a 21% growth in the offtake by the northern region. The sales volumes
of Samruddhi (Demerged Cement unit) were higher by 11% yoy to 5.3mn tonnes
(4.8mn tonnes), aided by a 31% growth in installed capacity to 25.7mtpa. The
Cement realisations of Samruddhi declined by 2% yoy Rs3,3378/tonne. The OPM of
Samruddhi stood at 27.6% for the quarter, down by 630bp yoy.

May 21, 2010 2


Exhibit 2: Samruddhi Cement Realisation (Per Tonne)

(Rs)
3,800

3,700 3,689
3,664
3,600

3,500
3,446
3,448
3,400 3,404
3,366 3,382
3,378
3,300

3,200

3,100
1QFY09 2QFY09 3QFY09 4QFY09 1QFY10 2QFY10 3QFY10 4QFY10


Cement capacity ramped-up by 6mtpa in FY2010

Grasim’s cement capacity currently stands at 48.9mtpa. The company
commissioned a 3.1mtpa plant at Kotputli in Rajasthan during the quarter. On a
consolidated basis, the company expects to incur a total capex of Rs4,475cr over
FY2011-13E, for expanding the grinding and evacuation facility, logistics
infrastructure and captive power capacity. Additionally, the company plans to start a
Brown field expansion of 10mn tonnes from 4QFY2011E, after completion of a
detailed study.

Exhibit 3: Grasim’s Cement Capacity (Consolidated)
(mtpa)
60 55.9
52.9
48.9
50
41.6
40
33.8
30.1
30

20

10

0
FY07 FY08 FY09 FY10 FY11E FY12E


May 21, 2010 3


VSF Business: Posts stellar results once again

The net revenue of the VSF business grew by 65% during the quarter. The Top-line
growth was aided by a 31% growth in sales volumes to 85,714 tonnes and a 29%
growth in realisation to Rs111,644 per tonne. The excellent performance from the
VSF division can be attributed to the fast recovery of the textile industry in the
emerging markets and a decline in the global cotton production. The operating
margins of the VSF division grew by a whopping 1,810bp yoy to 34.3% (16.2%); yet,
on a qoq basis, the OPM declined by 750bp, on account of an increase in input
costs. The VSF division clocked a capacity utilisation of 97% during the quarter.

The company is planning to invest Rs1,000cr towards setting up a new VSF plant
with a capacity of 80,000tpa at Vilayat in Gujarat. The land for the project has been
obtained and the environment clearance is in place. This plant is expected to be
operational in FY2013E. The company is also doubling the capacity of its overseas
Joint Venture in China to 70,000tpa by March 2010.

Exhibit 4: VSF Division – Operating Profit Trend
(Rs cr)
500

403.7 394
400
354.8

300

195.3 198.1
200
147.7
109.7
100 63.5

0
1QFY09 2QFY09 3QFY09 4QFY09 1QFY10 2QFY10 3QFY10 4QFY10


Chemical Business

The net revenue of the Chemical Business declined by 2% yoy to Rs120.1cr during
4QFY2010. The sales of this division declined despite a 15% increase in the sales
volume to 59,585MT. However, the realisation declined by 20% to Rs16,767 per
tonne. The division’s OPM declined by 260bp yoy to 20.5%.

Exhibit 5: Grasim - Segment-wise Revenue (Consolidated)
Rs cr 4QFY10 4QFY09 yoy % FY10 FY09 yoy %

Fibre and Pulp 1,146 688 66.6 3,940 2,915 35.2
Cement 4,162 3,956 5.2 15,476 13,512 14.5
Sponge Iron* - 157 - 111 1,008 (89.0)
Chemicals 120 123 (2.4) 493 523 (5.7)
Textiles 92 71 29.6 351 318 10.4
Total (Gross) 5,475 4,942 10.8 20,195 18,496 9.2
Source: Company, Angel Research; * Note: Unit was sold in 1QFY2010

May 21, 2010 4


Grasim-Samruddhi demerger record date fixed at May 28, 2010
Grasim has decided to demerge its cement business to its subsidiary, Samruddhi
Cement (Samruddhi), as part of a restructuring plan. The Samruddhi demerger is
effective from May 18, 2010, while the record date for this spin-off is fixed at May
28, 2010 (Ex-date May 26, 2010). As a result of the de-merger, Grasim
shareholders will directly hold 35% in Samruddhi, while Grasim's stake would get
diluted to 65% in the company. On completion of the de-merger, Samruddhi would
be listed on the bourses in June 2010 to provide an exit opportunity to investors, as
eventually Samruddhi would be merged with Ultratech wherein its shareholders will
get four shares of Ultratech (face value of Rs10) for every seven shares (face value of
Rs5). The merger is expected to be completed in July 2010.

Change in Ultratech’s Shareholding Structure
Post the merger of Samruddhi with Ultratech, Grasim’s stake in Ultratech will
increase to 60.3% from 54.8%. The shareholders of Grasim will have a 19.1% direct
stake in Ultratech. The stake of other minority shareholders in Ultratech will stand
reduced to 20.6% from 45.2%.

Computation of Grasim’s price after the demerger
Based on the swap ratio (7:4) between Samruddhi and Ultratech, the per share
value of Samruddhi stands at 0.57 share of Ultratech. Adjusted for the 35% direct
shareholding of Grasim shareholders in Samruddhi, Grasim’s current value stands
at Rs1,914 based on May 21, 2010 market cap (refer Exhibit 6).

Exhibit 6: Estimated value per share of Grasim (Post Demerger)
Total No. of Shares (cr) in Samruddhi - (a) 26.17
- To be held by Grasim - (b) 17
- To be held by Grasim’s Shareholders - (c) 9.17

Value per Share of Samruddhi w.r.t one share of Ultratech 0.57
Per share value of Samruddhi computes on the basis of Ultratech’s closing 539
price of Rs946/share on May 21, 2010 - (d)

Grasim Market Capitalisation as on May 21, 2010 @ Rs2,453 per Share 22,488
(Rs cr) –(e)
Value of shares in Samruddhi held by Grasim Shareholders (c)*(d) – (f) 4,945
Grasim Market Capitalisation Post Demerger (e)-(f) 17,543
Total No. of shares in Grasim (cr) 9.17

Estimated value per share of Grasim (Rs) (Post demerger) 1,914

May 21, 2010 5


Outlook and Valuation

In the northern market, the capacity utilisation remained healthy at 86% in April
2010, due to Commonwealth-related spending. All the frontline states in the
southern region, like Andhra Pradesh, Tamil Nadu and Karnataka, had been
witnessing low demand in the recent months. The industry had also witnessed
aggressive inter-regional stock movement, pending the expansions in the other
regions, which exerted pressure on the prices and profitability. Overall, the cement
companies have been reporting strong sales volumes, on the back of new capacities
coming on stream, which has enabled most of the cement manufacturers to increase
their total cement production. Cement capacity addition in India during FY2010
stood at 27mn tonnes, taking the total capacity of the sector to around 252mtpa at
the end of FY2010. Going ahead, we expect the industry to add around 41mn
tonnes of capacity through FY2011-12E.

All-India demand is expected to remain robust, but accelerated capacity additions
and the stabilisation of new capacities would exert pressure on prices.

VSF demand is likely to remain stable in the short to medium term, on account of
improved demand due to a faster recovery in the textile sector in the emerging
markets and a decline in global cotton production. However, an increase in input
prices (pulp and sulphur) is expected to put pressure on the margins. VSF
realisations could also witness downward pressures on account of large capacity
expansions in China.

We have valued the company’s 60.3% stake in Ultratech (after the demerger of
Samruddhi) at an average EV/tonne of US $105/tonne and 6.5x FY2012E
EV/EBITDA after providing 20% holding company discount, to arrive at a value of
Rs1,569/share. We have valued the VSF business at 4x EV/EBITDA, implying a P/BV
of 1.75x on FY2012E estimates. Our SOTP Target Price for Grasim works out to
Rs2,837 without considering demerger (Rs2,216 post merger). At current levels, the
stock trades at a P/E of 9.4x and at an EV/EBITDA of 4.6x on FY2012E estimates.
We maintain an Accumulate on the stock.

Exhibit 7: SOTP Valuation for Grasim (Without considering demerger)
Segments Valuation Parameter Per Share (Rs)
Grasim’s stake in Ultratech (@ 20% holding company Average of EV/Tonne @US$105/Tonne, EV/EBITDA of
1,569
discount) (60.3%) 6.5x FY2012E
Average of EV/Tonne @US$105/Tonne, EV/EBITDA of
Grasim shareholder’s holding in Ultratech (19.1%) 621
6.5x FY2012E
VSF EV/EBITDA of 4x FY2012E 356
Chemicals and Others EV/EBITDA of 4x FY2012E 59
Cash and Unquoted Investments P/BV of 1x FY2012E 231
Per share value 2,837

Exhibit 8: SOTP Valuation for Grasim (Post -demerger)
Segments Valuation Parameter Per Share (Rs)
Grasim’s stake in Ultratech (@ 20% holding company Average of EV/Tonne @US$105/Tonne, EV/EBITDA of
1,569
discount) (60.3%) 6.5x FY2012E
VSF EV/EBITDA of 4x FY2012E 356
Chemicals and Others EV/EBITDA of 4x FY2012E 59
Cash and Unquoted Investments P/BV of 1x FY2012E 231
Per share value 2,216

May 21, 2010 6


Exhibit 8: 1-year forward EV/EBITDA Band
(Rs cr)
50,000

40,000

7x
30,000

5x
20,000

3x
10,000
1x
0
Apr-05 Apr-06 Apr-07 Apr-08 Apr-09 Apr-10


May 21, 2010 7


Profit & Loss Statement (consolidated) (Rs cr)
Y/E March FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Net Sales 14,095 16,973 18,297 19,933 19,229 21,004
Other operating income
Total operating income 14,095 16,973 18,297 19,933 19,229 21,004
% chg 37.9 20.4 7.8 8.9 (3.5) 9.2
Total Expenditure 10,123 12,015 13,966 14,147 14,573 15,561
Net Raw Materials 2,929 3,603 3,991 3,742 4,030 4,472
Other Mfg costs 2,473 2,907 3,756 3,523 3,782 4,015
Personnel 673 845 954 1,059 1,101 1,252
Other 4,048 4,659 5,265 5,823 5,660 5,821
EBITDA 3,972 4,959 4,331 5,787 4,656 5,443
% chg 92.0 24.8 (12.7) 33.6 (19.5) 16.9
(% of Net Sales) 28.2 29.2 23.7 29.0 24.2 25.9
Depreciation& Amortisation 610 670 866 995 1,164 1,210
EBIT 3,362 4,289 3,465 4,792 3,492 4,233
% chg 123.3 27.5 (19.2) 38.3 (27.1) 21.2
(% of Net Sales) 23.9 25.3 18.9 24.0 18.2 20.2
Interest & other Charges 229 222 307 335 290 296
Other Income 318 463 463 923 546 525
(% of PBT) 9.2 10.2 12.8 17.2 14.6 11.8
Share in profit of Associates (0) 2 16 - - -
Recurring PBT 3,451 4,530 3,621 5,380 3,748 4,462
% chg 121.9 31.2 (20.1) 48.6 (30.3) 19.1
Extraordinary Expense/(Inc.) - (282) - - - -
PBT (reported) 3,451 4,812 3,621 5,380 3,748 4,462
Tax 1,092 1,466 991 1,570 1,142 1,324
(% of PBT) 31.6 30.5 27.4 29.2 30.5 29.7
PAT (reported) 2,359 3,346 2,630 3,810 2,606 3,139
Add: Share of earnings of
(0) 2 - - -
associate
Less: Minority interest (MI) 392 457 444 714 700 750
Prior period items
PAT after MI (reported) 1,968 2,890 2,185 3,096 1,906 2,389
ADJ. PAT 1,968 2,607 2,185 3,096 1,906 2,389
% chg 89.9 32.5 (16.2) 41.6 (38.4) 25.3
(% of Net Sales) 14.0 15.4 11.9 15.5 9.9 11.4
Basic EPS (Rs) 215 315 238 338 208 261
Fully Diluted EPS (Rs) 215 315 238 338 208 261
% chg 89.1 46.8 (24.4) 41.6 (38.4) 25.3

May 21, 2010 8


Balance Sheet (consolidated) (Rs cr)
SOURCES OF FUNDS
Equity Share Capital 92 92 92 92 92 92
Preference Capital 6 35 57 57 57 57
Reserves& Surplus 6,464 9,017 11,421 12,382 17,155 19,374
Shareholders Funds 6,562 9,144 11,570 12,531 17,305 19,523
Minority Interest 859 1,276 1,670 3,754 3,754 3,754
Total Loans 4,873 5,577 5,916 5,599 4,499 3,649
Deferred Tax Liability 1,153 1,158 1,592 2,005 2,005 2,005
Total Liabilities 13,447 17,154 20,748 23,889 27,563 28,931
APPLICATION OF FUNDS
Gross Block 12,528 13,729 19,062 21,618 22,818 23,718
Less: Acc. Depreciation 6,012 6,340 6,825 7,820 8,984 10,193
Net Block 6,515 7,389 12,237 13,798 13,834 13,525
Capital Work-in-Progress 1,957 5,534 1,982 1,021 2,821 4,921
Goodwill 1,844 1,991 2,001 2,001 2,001 2,001
Investments 2,272 1,661 3,563 6,675 6,675 6,675
Current Assets 3,301 4,258 4,534 4,360 6,132 5,943
Cash 369 290 227 237 1,669 1,152
Loans & Advances 748 1,205 1,261 1,261 1,261 1,261
Other 2,184 2,763 3,046 2,862 3,202 3,530
Current liabilities 2,443 3,678 3,568 3,966 3,901 4,134
Net Current Assets 858 580 966 394 2,231 1,809
Mis. Exp. not written off - - 0 0 0 0
Total Assets 13,447 17,154 20,748 23,889 27,563 28,931

Cash Flow Statement (consolidated) (Rs cr)
Y/E March FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Profit before tax 3,451 4,812 3,621 5,380 3,748 4,462
Depreciation 610 670 866 995 1,164 1,210
Change in Working Capital (31) (56) 420 887 2,289 (479)
Less: Other income 318 463 463 923 546 525
Direct taxes paid 1,092 1,466 991 1,570 1,142 1,324
Cash Flow from Operations 2,620 3,497 3,453 4,769 5,513 3,344
(Inc)/ Decin Fixed Assets (2,553) (4,777) (1,782) (1,595) (3,000) (3,000)
(Inc)/ Dec in Investments (920) 611 (1,902) (3,112) - -
(Inc)/ Dec in loans and advances
Other income 318 463 463 923 546 525
Cash Flow from Investing (3,155) (3,703) (3,222) (3,785) (2,454) (2,475)
Issue of Equity - - - - - -
Inc./(Dec.) in loans 1,190 704 339 (317) (1,100) (850)
Dividend Paid (Incl. Tax) 294 355 327 323 237 240
Others 229 222 307 335 290 296
Cash Flow from Financing 667 127 (295) (975) (1,627) (1,386)
Inc./(Dec.) in Cash 132 (79) (63) 10 1,432 (517)
Opening Cash balances 237 369 290 227 237 1,669
Closing Cash balances 369 290 227 237 1,669 1,152

May 21, 2010 9


Key Ratios
Valuation Ratio (x)
P/E (on FDEPS) 11.4 7.8 10.3 7.3 11.8 9.4
P/CEPS 7.6 5.6 6.4 4.7 6.0 5.2
P/BV 3.4 2.5 1.9 1.8 1.3 1.2
Dividend yield (%) 1.3 1.6 1.5 1.4 1.1 1.1
EV/Sales 1.9 1.6 1.5 1.4 1.3 1.2
EV/EBITDA 6.8 5.6 6.5 4.8 5.4 4.6
EV / Total Assets 2.0 1.6 1.4 1.2 0.9 0.9
Per Share Data (Rs)
EPS (Basic) 214.6 315.2 238.3 337.6 207.9 260.5
EPS (fully diluted) 214.6 315.2 238.3 337.6 207.9 260.5
Cash EPS 323.8 438.1 381.2 524.0 411.2 474.2
DPS 32.1 38.8 35.7 35.2 25.9 26.2
Book Value 715.7 997.3 1,261.9 1,366.7 1,887.3 2,129.3
Dupont Analysis
EBIT margin 23.9 25.3 18.9 24.0 18.2 20.2
Tax retention ratio 68.4 69.5 72.6 70.8 69.5 70.3
Asset turnover (x) 1.2 1.1 1.0 0.9 0.8 0.8
ROIC (Post-tax) 20.0 19.9 13.5 15.4 9.8 11.1
Cost of Debt (Post Tax) 3.7 3.0 3.9 4.1 4.0 5.1
Leverage (x) 0.7 0.6 0.5 0.5 0.3 0.1
Operating ROE 31.4 30.6 18.6 20.5 11.5 12.0
Returns (%)
ROCE (Pre-tax) 28.4 28.0 18.3 21.5 13.6 15.0
Angel ROIC (Pre-tax) 39.5 46.1 26.8 25.8 16.7 20.2
ROE 34.5 33.2 21.1 25.7 12.8 13.0
Turnover ratios (x)
Asset Turnover (Gross Block) 1.2 1.3 1.1 1.0 0.9 0.9
Inventory / Sales (days) 33 33 40 39 39 38
Receivables (days) 18 20 18 18 22 21
Working capital cycle (ex-cash)
12 8 10 8 7 11
(days)
Solvency ratios (x)
Net debt to equity 0.7 0.6 0.5 0.4 0.2 0.1
Net debt to EBITDA 1.1 1.1 1.3 0.9 0.6 0.5
Interest Coverage (EBIT /
14.7 19.3 11.3 14.3 12.0 14.3
Interest)

May 21, 2010 10


Research Team Tel: 022-4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com

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Disclosure of Interest Statement Grasim Industries
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock Yes
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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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
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May 21, 2010 11

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