Sadbhav

1QFY2011 Result Update | Infrastructure
August 4, 2010

Sadbhav Engineering REDUCE
CMP Rs1,401
Performance Highlights Target Price Rs1,313

Y/E March (Rs cr) 1QFY11 1QFY10 % chg (yoy) 4QFY10 % chg (qoq) Investment Period 12 Months
Net sales 425.3 299.4 42.0 457.2 (7.0)
Operating profit 50.7 34.0 49.0 54.4 (6.8) Stock Info
Net profit 25.5 17.9 42.6 13.9 83.8 Sector Infrastructure
Source: Company, Angel Research Market Cap (Rs cr) 1,842

Sadbhav Engineering (SEL) reported top-line growth above our estimates mainly Beta 0.4
on account of the pick up in the order book over the last few quarters. The 52 Week High / Low 1,450/622
company has given guidance of >35% growth over the next 12 months. Robust Avg. Daily Volume 3,917
top-line growth and stable margins boosted bottom-line growth. We believe that Face Value (Rs) 10
SEL has performed particularly well over the last few quarters in the roads and BSE Sensex 18,217
mining segment, which reflects in order book swelling to Rs6,700cr at 5.3x Nifty 5,468
FY2010 revenues, one of the highest in the industry. However, we downgrade the Reuters Code SADE.BO
stock to Reduce as it is trading at rich valuations (15.6x P/E and 3.0x P/BV on Bloomberg Code SADE@IN
FY2012E standalone numbers), and in the last one year the stock has given back
whopping returns of 90%.
Shareholding Pattern (%)
Outlook and Valuation: We are penciling in CAGR of 25.7% and 44.4% for
Promoters 47.6
top-line and bottom-line over FY2010-12E on the back of strong order book.
MF / Banks / Indian Fls 25.7
However, we believe that SEL could face some delays or execution challenges
FII / NRIs / OCBs 23.9
given its record high order book-to-sales ratio. In fact, it could act as a
double-edged sword as any delays on the execution front would also impact its Indian Public / Others 2.8

toll revenues. At current levels of Rs1,401, the stock is trading at a premium to
our SOTP target price of Rs1,313. Hence, we downgrade the stock to Reduce. It
Abs. (%) 3m 1yr 3yr
may be noted here that our SOTP target price is based on 12x FY2012E EPS of
Rs89.8 (at 15% discount to larger peers like IVRCL, etc), 1.5x of equity in Sensex 6.3 15.1 20.3

operational BOT assets, 1x the money to be invested over the next two years, and Sadbhav 10 91 125.5
factors in the higher earnings growth and robust order book expected over the
next couple of years.

Key financials (Standalone)
Y/E March (Rs cr) FY2009 FY2010E FY2011E FY2012E
Net sales 1,074.2 1,256.9 1,621.4 1,986.3
% chg 19.5 17.0 29.0 22.5
Adj. net profit 75.4 53.8 96.8 112.2
% chg 48.0 (28.7) 80.0 15.9
EBITDA (%) 11.2 11.0 11.5 11.2
FDEPS (Rs) 60.3 43.0 77.4 89.8
P/E (x) 23.2 32.6 18.1 15.6 Shailesh Kanani
P/BV (x) 5.1 4.5 3.6 3.0 022-40403800 Ext:321
RoE (%) 23.9 14.6 22.2 21.0 shailesh.kanani@angeltrade.com
RoCE (%) 20.6 16.8 17.3 16.1
EV/Sales (x) 1.8 1.7 1.4 1.2 Aniruddha Mate
022-40403800 Ext:335
EV/EBITDA (x) 16.3 15.2 12.3 10.9
aniruddha.mate@angeltrade.com
Source: Company, Angel Research

Please refer to important disclosures at the end of this report 1

Sadbhav Engineering |1QFY2011 Result Update

Exhibit 1: 1QFY2011 performance (Standalone)
Y/E March (Rs cr) 1QFY11 1QFY10 % chg(yoy) 4QFY10 % chg(qoq) FY2010 FY2009 % chg
Net Sales 425.3 299.4 42.0 457.2 (7.0) 1,257 1,062 18.3
Total Expenditure 374.7 265.4 41.2 402.9 (7.0) 1,119 954.2 17.3
Operating Profit 50.7 34.0 49.0 54.4 (6.8) 137.7 108.3 27.1
OPM (%) 11.9 11.4 - 11.9 - 11.0 10.2 -
Interest 6.0# 4.6 32.7 11.0 (45.0) 33.1 21.4 54.7
Depreciation 6.5 5.6 14.8 11.7 (44.4) 23.3 15.7 48.3
Non Operating Inc. 0.2 0.6 (67.2) 6.9 (97.1) 16.6 11.7 42.4
Non recurring items - - - - - - - -
Profit Before Tax 38.3 24.4 57.0 38.6 (0.7) 98.0 82.9 18.1
Tax 12.8 6.5 97.0 24.7 (48.2) 44.1 19.6 124.6
Reported PAT 25.5 17.9 42.6 13.9 83.8 53.8 63.3 (14.9)
PAT (%) 6.0 6.0 0.4 3.0 - 4.3 6.0 -
EPS (Rs) 20.4 14.3 42.6 11.1 83.8 43.1 50.6 (14.9)
#
Source: Company, Angel Research; Note: Interest expense is post netting off interest received from subsidiaries to the tune of Rs5.5cr in 1QFY2011

Exhibit 2: Actual v/s Estimates
Estimates Actual Variation (%)
Revenues 347.1 425.3 22.6
EBITDA Margins (%) 11.2 11.9 71bp
PAT 16.5 25.5 54.8

Results above expectations

SEL posted numbers above expectations for 1QFY2011 with top-line increasing
42.0% yoy to Rs425.3cr as against our expectation of Rs347cr. This was mainly on
account of booking few projects during the quarter. On the operating front as well,
the company’s performance was decent with smart margin expansion of 71bp.
This resulted in bottom-line growth of 42.6% to Rs25.5cr.

Exhibit 3: Quarterly revenue trend Exhibit 4: Quarterly net profit trend
500 60.0 35.0 8.0
400 50.0 30.0
25.0 6.0
300 40.0
30.0 20.0 4.0
200 15.0
20.0 10.0
100 2.0
10.0 5.0
0 - 0.0 -
2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

1QFY11

Sales (Rs cr, LHS) Growth (yoy %, RHS) PAT (Rs cr, RHS) PATM (%, RHS)

Source: Company, Angel Research Source: Company, Angel Research

August 4, 2010 2


Order Book analysis

SEL has one of the strongest order book-to-sales ratio (5.3x FY2010 revenues) in
the industry, and one the reasons why it is expected to post robust numbers in
coming quarters. The company’s order book stands at an impressive Rs6,700cr
(as of June 30, 2010), which is majorly dominated by the road segment (74.1%)
followed by mining (17.1%) and irrigation (8.8%) segment. Notably, the company
has been bagging decent orders from the high-margin mining segment, which will
be reflected with SEL posting higher margins. In line with this, we are factoring in
higher margins for the company in coming quarters.

Exhibit 5: Order book break up (Rs cr)

591
1,147

Roads
Mining
4,961
Irrigation


Outlook and Valuation

NHAI has targeted to award orders worth Rs1lakh cr over the next one year, in line
with the long-term target of achieving 20km a day. We believe if NHAI is able to
achieve even 50% of its targets, then it would imply abundant opportunities for
road developers and contractors like SEL. Further, the recent structural changes
have also lessened the vagaries in road development. Hence, we are optimistic on
the road segment. SEL has recently secured five road BOT projects, taking the total
road BOT asset portfolio to nine. These recently secured road BOT projects entail
an equity funding of >Rs500cr over the next 2.0-2.5 years as per our analysis. The
company plans to part-fund this equity component via a rights issues (Rs125cr),
which is underway, internal accruals (~Rs300cr over FY2010-12E) and a possible
stake sale at an individual SPV/Sadbhav Infrastructure level. We believe that
securing equity funding for its road projects would be pivotal and would act as a
trigger for next level of re-rating of the stock. Hence, the way SEL structures its
equity commitments needs to be seen going ahead. Moreover, it should also be
noted, that SEL since 4QFY2010 has started booking interest income from SPV’s
and reporting net interest expense. We expect this component to increase as
advances to subsidiaries increase going ahead as road BOT projects ramp up.
However, we have clubbed this component under other income and do not net it
off against interest expense. This other income component is expected to be in the
range of 24-26% of recurring PBT going ahead, which speaks about the quality of
earnings.

August 4, 2010 3


We are penciling in CAGR of 25.7% and 44.4% for top-line and bottom-line over
FY2010-12E on the back of strong order book. However, we believe that SEL could
face some delays or execution challenges given its record high order book-to-sales
ratio. In fact, it could act as a double-edged sword as any delays on the execution
front would also impact its toll revenues. At current levels of Rs1,401, the stock is
trading at a premium to our SOTP target price of Rs1,313. Hence, we downgrade
the stock to Reduce. It may be noted here that our SOTP target price is based on
12x FY2012E EPS of Rs89.8 (at 15% discount to larger peers like IVRCL, etc), 1.5x
of equity in operational BOT assets, 1x the money to be invested over the next two
years, and factors in the higher earnings growth and robust order book expected
over the next couple of years.

Exhibit 6: SOTP Target price
Business Segment Methodology Remarks Rs cr Rs/share % to Target Price
Construction P/E 12x FY2012E earnings 1,077.2 862 65.6
Value of investments in BOT assets P/BV 1.5x of equity invested 564.1 451 34.4
Total 1,313 100.0

Exhibit 7: Key assumptions
(Rs cr) FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Order Inflow 1,477 1,000 3,041 3,558 2,975 3,611
Revenues 488 899 1,074 1,257 1,621 1,986
Order Backlog (Y/E) 2,399 2,500 4,467 6,768 8,122 9,746
Order Book to Sales ratio (x) 4.9 2.8 4.2 5.4 5.0 4.9

Exhibit 8: Change in Estimates
FY2011E FY2012E
Earlier Estimates Revised Estimates Variation Earlier Estimates Revised Estimates Variation
Revenues 1,559.8 1,621.4 3.9 1,910.8 1,986.3 3.9
EBITDA Margins 11.2 11.5 30bp 11.3 11.2 (10)bp
PAT 71.8 96.8 34.8 86.9 112.2 29.1

Exhibit 9: Angel EPS forecast v/s consensus
Bloomberg Variation
Angel Forecast
consensus (%)
FY2011E 77.4 61.4 (20.7)
FY2012E 89.8 72.6 (19.1)

August 4, 2010 4


Recommendation rationale

Aggressive ramp-up of road BOT portfolio, leveraging on EPC competence:
Sadbhav Engineering (SEL), has slowly and steadily moved up the value chain from
being a cash contractor to an asset owner. The company is leveraging upon its
core competence in EPC business and embarking on a path to encash upon the
upcoming opportunities in the Road BOT space. This not only serves to shore up
the EPC order book, but also ensures consistent revenue stream for SEL in the long
run.

Strong order book renders Top-line visibility: As on 1QFY2011 SEL has a strong
order book of Rs6,700cr (5.4x FY2010 Revenues - one of the strongest in the
industry), a qoq jump of 20% owing to strong order booking witnessed in the road
segment. This order book is spread across the verticals of road segment (74.1%)
followed by mining (17.1%) and irrigation (8.8%) segment with an average
execution period of 24-30months. Robust Order Book continues to provide Top-
line visibility.

Trading at rich valuations: At current levels of Rs1,401 the stock is trading at
premium to our SOTP target price (which we believe factors in all the positives). It
may be noted here that our SOTP target price is based on 12x FY2012E EPS of
Rs89.8 (at 15% discount to larger peers like IVRCL, etc), 1.5x of equity in
operational BOT assets, 1x the money to be invested over the next two years
Therefore we believe that there are other opportunities (read IVRCL Infra – CMP-
Rs176; TP-Rs216; and NCC – CMP-Rs175; TP-Rs201) in the infra space which can
generate higher return than SEL.

August 4, 2010 5


Exhibit 10: Recommendation summary
Company CMP TP Rating Top line EPS Adj. P/E OB/
(Rs) (Rs) FY10 FY11E FY12E CAGR (%) FY10 FY11E FY12E CAGR (%) FY10 FY11E FY12E Sale
CCCL 85 - Neutral 1,976 2,461 2,891 21.0 5.0 5.9 7.5 22.5 16.9 14.4 11.3 2.3
Gammon 213 - Neutral 4,489 5,575 6,607 21.3 8.4 10.0 12.1 20.0 12.9 10.9 9.0 2.4
HCC 142 - Neutral 3,629 4,146 4,900 16.2 2.7 3.2 3.7 17.4 24.8 21.1 18.0 4.7
IRB Infra 285 - Neutral 1,705 2,778 3,580 44.9 11.6 12.3 14.5 11.8 24.6 23.2 19.7 -
IVRCL 176 216 Buy 5,492 6,663 8,294 22.9 7.8 9.6 12.0 23.9 16.3 13.3 10.6 4.3
JP Assoc. 118 174 Buy 10,316 13,281 17,843 31.5 4.7 5.2 7.7 28.5 25.4 22.6 15.4 -
Punj 121 156 Buy 10,448 9,756 12,402 9.0 - 5.6 11.2 - - 21.6 10.8 2.5
NCC 175 201 Buy 4,778 5,913 6,758 18.9 7.8 8.9 10.1 13.7 14.7 12.9 11.4 3.6
Sadbhav 1,401 - Neutral 1,257 1,621 1,986 25.7 43.0 77.4 89.8 44.4 21.3 11.8 10.2 5.4
Simplex 484 570 Buy 4,568 5,545 6,445 18.8 25.7 31.9 40.7 25.9 18.9 15.2 11.9 2.5
PEL 43 563 Buy 3,081 3,685 4,297 18.1 23.4 31.2 32.9 18.6 (2.6) (1.9) (1.8) 3.5
MPL 156 174 Buy 1,308 1,701 2,120 27.3 5.8 7.7 9.8 29.8 13.7 10.4 8.1 3.1
L&T 1,807 - Neutral 37,035 44,047 55,519 22.4 47.5 55.1 68.9 20.4 29.7 25.6 20.5 2.7


Exhibit 11: Recommendation summary - SOTP break-up
Company Core Const. Real Estate Road BOT Invst. In Subsidiaries Others Total
Rs % to TP Rs % to TP Rs % to TP Rs % to TP Rs % to TP Rs
CCCL 89 100 0 - 0 - 0 - 0 - 89
Gammon India 121 54 0 - 0 - 0 - 104 46 225
HCC 51 41 59 46 16 13 - - - - 126
IRB Infra 113 41 3 1 154 56 5 2 - - 275
IVRCL 168 78 - - - - 48 22 - - 216
JP Assoc. 65 38 41 23 - - - - 68 39 174
Punj Lloyd 156 100 - - - - - - - - 156
NCC 141 70 19 9 19 10 - - 21 11 201
Sadbhav 862 66 - - 451 34 - - - - 1,313
Simplex In. 570 100 - - - - - - - - 570
Patel Engg 460 82 103 18 - - - - - - 563
Madhucon 98 56 4 2 - - 72 41 - - 174
L&T 1,447 79 - - - - 395 21 - - 1,842

August 4, 2010 6


Profit & loss statement (Standalone)
Y/E March (Rs cr) FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Net Sales 488 899 1,074 1,257 1,621 1,986
Other op. inc. - - - - - -
Total income 488 899 1,074 1,257 1,621 1,986
% chg 68.2 84.1 19.5 17.0 29.0 22.5
Total Expenditure 427.7 798.4 954.2 1,119.3 1,434.2 1,763.7
Net Raw Materials 136.9 233.9 276.4 336.6 429.7 524.4
Other Mfg costs 260.1 523.5 625.3 730.3 937.2 1,154.0
Personnel 30.3 39.5 51.3 51.5 66.5 83.4
Other 0.3 1.5 1.2 0.9 0.9 1.9
EBITDA 60.5 100.2 120.0 137.6 187.2 222.5
% chg 69.5 65.8 19.7 14.7 36.0 18.9
(% of Net Sales) 12.4 11.2 11.2 11.0 11.5 11.2
Depreciation 14.9 13.9 15.7 23.3 25.2 27.1
EBIT 45.6 86.4 104.3 114.3 162.0 195.4
% chg 108.9 89.5 20.8 9.6 41.7 20.6
(% of Net Sales) 9.3 9.6 9.7 9.1 10.0 9.8
Interest expense 6.9 15.7 21.4 33.1 53.5 73.0
Other Income/ Inc.
2.9 3.9 11.7 16.6 36.0 45.0
from Subs.
(% of PBT) 7.0 5.2 12.4 17.0 24.9 26.9
Share in profit of
- - - - - -
Associates
Recurring PBT 41.5 74.5 94.6 97.9 144.5 167.5
% chg 212.2 79.4 27.0 3.5 47.6 15.9
Extraordinary
- - - - - -
Expense/(Inc.)
PBT (reported) 41.5 74.5 94.6 97.9 144.5 167.5
Tax 12.0 23.6 19.2 44.1 47.7 55.3
(% of PBT) 28.9 31.7 20.3 45.1 33.0 33.0
PAT (reported) 29.5 50.9 75.4 53.8 96.8 112.2
Add: Share of
- - - - - -
earnings of assoc
Less: Minority interest - - - - - -
Prior period items - - - - - -
PAT after MI 29.5 50.9 75.4 53.8 96.8 112.2
ADJ. PAT 29.5 50.9 75.4 53.8 96.8 112.2
% chg 90.5 72.5 48.0 (28.7) 80.0 15.9
(% of Net Sales) 6.0 5.7 7.0 4.3 6.0 5.6
Reported EPS (Rs) 27.1 40.7 60.3 43.0 77.4 89.8
Fully Diluted EPS (Rs) 23.6 40.7 60.3 43.0 77.4 89.8
% chg 92.2 72.5 48.0 (28.7) 80.0 15.9

August 4, 2010 7


Balance sheet (Standalone)
SOURCES OF FUNDS
Equity Share Capital 10.9 12.5 12.5 12.5 12.5 12.5
Preference Capital - - - - - -
Reserves& Surplus 135.7 270.1 331.0 378.5 468.7 574.4
Shareholders Funds 146.6 286.1 343.5 391.0 481.2 586.9
Minority Interest - - - - - -
Total Loans 73.0 150.3 211.1 393.4 585.0 748.2
Deferred Tax Liability 9.3 9.7 11.0 11.0 11.0 11.0
Total Liabilities 229.0 446.1 565.7 795.5 1,077.2 1,346.0
APPLICATION OF FUNDS
Gross Block 202.0 241.4 260.6 305.6 375.6 415.6
Less: Acc. Depreciation 90.1 98.4 106.1 125.1 150.3 177.4
Net Block 111.9 143.0 154.5 180.5 225.4 238.3
Capital Work-in-Progress - - - - - -
Goodwill - - - - - -
Investments 46.1 120.5 124.6 159.9 258.6 357.3
Current Assets 323.5 433.6 592.0 806.8 1,041.1 1,306.6
Cash 25.1 10.3 10.0 57.0 39.1 67.6
Loans & Advances 98.6 168.5 275.7 323.8 417.5 513.4
Other 175.6 254.9 306.3 426.1 584.5 725.6
Current liabilities 250.0 204.3 259.2 306.3 402.4 510.6
Net Current Assets 68.4 180.9 288.1 455.1 593.3 750.5
Misc. Exp. not written off 2.6 1.8 0.8 - - -
Total Assets 229.0 446.1 565.7 795.5 1,077.2 1,346.0

August 4, 2010 8


Cash flow statement (Standalone)
Profit Before Tax 42 75 95 98 144 167
Depreciation 15 14 16 23 25 27
Change in Working Capital 16 127 105 123 156 129
Less: Other income - 6 - 17 36 45
Direct taxes paid 12 24 19 44 48 55
Cash Flow from Operations 29 (68) (14) (62) (70) (34)
(Inc.)/ Dec. in Fixed Assets (22) (39) (19) (45) (70) (40)
(Inc.)/ Dec. in Investments (36) (74) (4) (35) (99) (99)
Inc./ (Dec.) in loans and adv. - - - - - -
Other income - 6 - 17 36 45
Cash Flow from Investing (58) (108) (23) (64) (133) (94)
Issue of Equity - 90 - - - -
Inc./(Dec.) in loans 21 77 61 182 192 163
Dividend Paid (Incl. Tax) 5 6 6 6 7 7
Others (5) 0 (18) (4) - -
Cash Flow from Financing 11 161 37 173 185 157
Inc./(Dec.) in Cash (18) (15) (0) 47 (18) 28
Opening Cash balances 43 25 10 10 57 39
Closing Cash balances 25 10 10 57 39 68

August 4, 2010 9


Key Ratios
Y/E March FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Valuation Ratio (x)
P/E (on FDEPS) 59.3 34.4 23.2 32.6 18.1 15.6
P/CEPS 34.4 27.0 19.2 22.7 14.4 12.6
P/BV 10.4 6.1 5.1 4.5 3.6 3.0
Dividend yield (%) 0.2 0.3 0.3 0.3 0.3 0.3
EV/Sales 3.7 2.1 1.8 1.7 1.4 1.2
EV/EBITDA 29.8 18.9 16.3 15.2 12.3 10.9
EV / Total Assets 7.9 4.2 3.5 2.6 2.1 1.8
Per Share Data (Rs)
EPS (Basic) 27.1 40.7 60.3 43.0 77.4 89.8
EPS (fully diluted) 23.6 40.7 60.3 43.0 77.4 89.8
Cash EPS 40.8 51.8 72.9 61.7 97.6 111.4
DPS 3.5 4.0 4.0 4.0 4.5 4.5
Book Value 134.5 228.8 274.8 312.8 385.0 469.5
Dupont Analysis
EBIT margin 9.3 9.6 9.7 9.1 10.0 9.8
Tax retention ratio 71.1 68.3 79.7 54.9 67.0 67.0
Asset turnover (x) 2.4 2.8 2.2 1.9 1.8 1.7
ROIC (Post-tax) 15.9 18.5 16.8 9.7 12.2 11.3
Cost of Debt (Post
6.8 9.6 9.4 6.0 7.3 7.3
Tax)
Leverage (x) 0.3 0.4 0.5 0.7 1.0 1.1
Operating ROE 18.9 22.1 20.7 12.4 17.1 15.9
Returns (%)
ROCE (Pre-tax) 19.9 25.6 20.6 16.8 17.3 16.1
Angel ROIC (Pre-tax) 28.9 36.5 28.0 22.6 23.9 23.0
ROE 20.1 23.5 23.9 14.6 22.2 21.0
Turnover ratios (x)
Asset Turnover
2.4 4.1 4.3 4.4 4.8 5.0
(Gross Block)
Inventory / Sales
15.4 21.8 19.1 14.4 18.9 20.0
(days)
Receivables (days) 82 58 73 90 91 96
Payables (days) 180 104 89 92 90 94
Working capital (ex-
52 51 79 108 118 123
cash) (days)
Solvency ratios (x)
Net debt to equity 0.3 0.5 0.6 0.9 1.1 1.2
Net debt to EBITDA 0.8 1.4 1.7 2.4 2.9 3.1
Interest Coverage 6.6 5.5 4.9 3.5 3.0 2.7

August 4, 2010 10


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

DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.

Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.

Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way
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Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please
refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and
its affiliates may have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement Sadbhav Engg.
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, its Group companies and Directors.

Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)

August 4, 2010 11

Sadbhav

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