S.

Kumars Nationwide Ltd (SKNL)

BUY Target Price: Rs.50.00
CMP: Rs.38.00 Market Cap.:Rs.8987.38 mn.
Date: November 03, 2009

Key Ratios: SYNOPSIS

Particulars FY09 FY10E FY11E
OPM (%) 20.99 20.00 19.00 SKNL is one of Indias leading textile and Apparel
NPM (%) 7.81% 7.15% 7.34 Company with expertise in multi-fiber manufacturing.
ROE (%) 11.48 13.12 13.52
ROCE (%) 12.38% 13.01 13.36 Its recent acquisitions of Leggiuno and Harmarx have
P/BV(x) 0.33 0.50 0.44 enabled it to significantly enhance its global
P/E(x) 2.80 3.84 3.22 footprint, taking it closer to being a truly global
EV/EBDITA(x) 1.00 1.62 1.69. player.The financial benefit of the acquisitions will
Debt-Equity(x) 1.26 1.46 1.44 start reflecting in the coming quarters.

Key Data: SKNLs strong and diverse existing product portfolio

Sector Textiles along with its potentially remunerative foreign
Face Value Rs.10.00 initiatives puts it in good stead to grow healthily and
52 wk. High/Low 55.00/13.00 in a sustained manner going forward.
Volume (2 wk. Avg.) 441742
The Company's continuous focus on growing brand
BSE Code 514304
portfolio and efforts to introduce international brands
in India are positive.

The company Plans to raise Rs 10,000 mn via QIP

V.S.R. Sastry issue.
Vice President
Equity Research Desk The Net sales & Net profit of the company are
91-22-25276077 expected to grow at a CAGR of 29.55% and 10.73%
vsrsastry@firstcallindiaequity.com respectively over FY08 to FY11E.

Share Holding Pattern:

Dr. V.V.L.N. Sastry Ph.D.

Chief Research Officer
drsastry@firstcallindia.com

Firstcall India Equity Advisors Pvt Ltd

 Table of Content
Content Page No.

1. Investment Highlights 03

2. Company Profile 05

3. Peer Group Comparison 11

4. Key Concerns 11

5. Financials 12

6. Charts & Graph 14

7. Outlook and Conclusion 15

8. Industry Overview 16

Firstcall India Equity Advisors Pvt Ltd

Investment Highlights

Plans to raise Rs 10,000mn via QIP issue

The company is looking at raising about USD 70-80 million that is almost half of this amount in
the next 2-3 months. The reason why they are doing this actually is based on their growth plans
they are going on a very long term strategy which is maintaining a debt equity level which is
below one debt equity level and to that extent they have a lot of growth plans in the pipeline.
The QIP is being done basically to take care of maintaining their strategy from a balance sheet
perspective.

ICRA assigns LB/ A4 ratings to S Kumars Nationwide

Credit rating agency, ICRA has assigned an LB rating to the Rs 4.50 billion (enhanced from Rs
3.72 billion), term loans and the Rs 5.60 billion (enhanced from Rs 5.16 billion), long-term, fund
based limits of S. Kumars Nationwide.ICRA has also reaffirmed its A4 rating on the Rs 651
million, short-term, non-fund based facilities of SKNL. The ratings reflect delays by the company
in meeting some of its debt servicing obligations.

Despite a robust growth in revenues and profitability, the company`s liquidity remains stretched
on account of high working capital intensity, large capital expenditure and significant in-organic
investments.SKNL has been in the process of rapidly scaling up its various businesses requiring
substantial capital outlay.

S Kumars to acquire Hartmarx Corporation for USD 120 mn

The company has purchased through their wholly owned subsidiary SKNL North America BV, in
conjunction with its operating partner Emerisque UK, the Chicago (USA) headquartered clothing
giant Hartmarx Corporation at a gross enterprise value of approximately USD 120 million. SKNL
will directly be investing USD 35 million into this transaction.This acquisition will add
tremendous value to the SKNL group as Hartmarx is the largest formal-wear clothing company in
the US and directly owns and controls through licenses 34 clothing brands. Some of these brands
are leaders in their category. This acquisition will enable the SKNL Group to establish a
substantial footprint in the global clothing arena and will also bring significant volume of
business to the existing SKNL Group operations in India through a `front-end back-end synergy`
strategy.

Firstcall India Equity Advisors Pvt Ltd

 Three Hartmarx plants shut down

The Hartmarx factories that have been shut down are in Rock Island in Illinois employing 300
workers, a plant in Anniston, Alabama with 175 workers and a shirt factory in Hamilton, Ontario,
which had employed about 50 workers.

S Kumars to enter in JV with DKNY

In a bid to ensure more than half of its revenue from the joint venture (JV), S Kumars Nationwide
is on the verge to form a JV with global fashion accessory company DKNY,It is learnt that both
the firms are in final stages of discussion and an announcement is expected in a fortnight. It is
also learnt that the company will buy the majority stake in the JV, which will exclusively procure
textiles worth over USD 250 million from the city-based firm. The JV will have the right to
appoint all future franchisee of DKNY, a brand owned by the French luxury corporation Louis
Vinton. The financial contribution of the parties would be linked to their equity ownership. If the
deal goes through, SKNL will become the sole supplier to over 70 DKNY stores globally, including
20 in China, two in Canada and four in Dubai.

The company acquired Italian company Leggiuno

Last year, the company has successfully completed negotiations and acquired Leggiuno S.p.A.,
manufacturer of HVFC fabrics in Italy in October 2008.

GIC SI buys up to ~25% equity stake in Reid & Taylor (India) Ltd for Rs. 9,000 million

The companys wholly owned unlisted subsidiary Reid and Taylor (India) Ltd (RTIL) has come to
an agreement with Singapore based Indivest Pte Ltd. (Indivest) an affiliate of Government of
Singapore Investment Corporation Special Investments (GIC SI) whereby GIC SI will invest Rs.
9,000 million through a fresh issue of equity shares and warrants. Subsequently GIC SI will in
effect own up to 25.4% stake in RTIL and the balance 74.6% stake will remain in the hands of
SKNL. RTIL is valued at Rs. 35,400 million at transaction price and SKNL will now hold equity
worth around Rs. 26,400 million at transactionvalue.

Firstcall India Equity Advisors Pvt Ltd

Company Profile

SKNL is one of Indias leading textiles and apparel manufacturing companies with expertise in
multi-fibre manufacturing. The company has extended its presence in multiple product categories
from Fabrics to Apparels and Home Textiles. Ever since its inception, the company has been a
frontrunner in its line of business and has come to be known as one of the most respected
businesses in the sector.

SKNL offers an excellent set of high value products ranging from low cost high quality textiles to
world class premium ready-to-wear suiting and is present in every segment of the Indian textile
industry.

SKNL has stateoftheart manufacturing capabilities and is characterized by a distribution

network that is unparalleled in terms of its reach. The company also has a management team with
several years of experience translating to an exhaustive knowledge of the industry.

Firstcall India Equity Advisors Pvt Ltd

Manufacturing

Maintaining world-class quality has been a corner stone in SKNL's business strategy. The company
has invested extensively in manufacturing facilities to maintain high quality standards. Four state
of art manufacturing units based in Mysore (Karnataka) and Dewas (Madhya Pradesh) collectively
produce over 2,00,000 meters of high-quality fabrics each day.

The manufacturing capability gives SKNL a clear edge in the market place - stringent quality
measures and competent management systems ensure that the finest product reaches the
consumers, consistently.Luxury Textile fabrics are manufactured at a world-class integrated facility
situated near Mysore (Karnataka). Its high quality fabrics are well received in the domestic as well
as international market. In fact, Reid & Taylor - Scotland, sources its fabrics from this mill as well
for its international markets.

SKNL is the only manufacturer of fine count Damask in India. Its Chamunda Standard Mills and
Amana Manufacturing Unit in the outskirts of Dewas (Madhya Pradesh) manufactures this fine
fabric to cater to Indian & European markets.The company is constantly modernizing and
upgrading its existing facilities for Consumer Textiles and Home Textiles. Plans on the anvil are to
add new capacity to manufacture Worsted Suitings and Home TextilesTwo new plants at Bharuch,
Gujarat for Cotton have been recently established. SKNL plans to introduce yet another facility, of
the Ready-to-Wear SBU, near Bangalore to cater to the international market.

Distribution

The companys wide network reaches both domestic as well as overseas market. SKNL caters to
the entire socio-economic segments of the Indian market across 30,000 outlets through 300
dealers.Today, SKNL is the largest institutional supplier in India in the organized sector. The
company plans to establish high impact presence through multi-brand outlets, large format chain
stores and exclusive stores for all its brands.

Firstcall India Equity Advisors Pvt Ltd

Human Capital

SKNL has developed highly effective management capabilities due to a unique fusion of
entrepreneurship with professional expertise. The Board of Directors includes eminent people
from industry, law, banking, finance and economic sectors.

Brands

Ability to build brands, across the socio-economic segments has been one of the key factors in
SKNL's success. A keen understanding of the dynamic market trends, while keeping abreast with
the changing usage patterns, attitudes and preferences of the consumers has been the foundation
of creating successful brands.

Firstcall India Equity Advisors Pvt Ltd

Products:

Business Units:

Firstcall India Equity Advisors Pvt Ltd

Consumer Textiles:

Blended and Uniform fabrics

The manufacturing facilities are located at Dewas. Substantial part of the production is
outsourced. The work wear polyester/ viscose fabrics are used by industries, hospitals, navy,
schools and offices. The company has a market share of 8% in the Blended Suiting business and
30% in the work wear and daily wear fabrics business of the organized sector. The company offers
a range of high quality budget blends of polyester and viscose in numerous designs. Belmonte,
launched in 2006, is SKNLs offering in the mid-premium segment.
Most fabrics are characterized with special attributes such as wrinkle-free and moisture-absorbent
qualities thereby enhancing their value.

Home Textiles:

Total Home Expression

Carmichael house is a brand that offers complete home textile solutions in a range of fabrics and
weaves. Carmichael house caters to the mid-premium segment of the home textile market in the
country. In addition to the companys home textile manufacturing unit in Dewas, it is in the
process of developing another state of-the-art manufacturing unit at Jhagadia to cater to the rising
demand for premium and luxury branded home textiles. The industry is also characterized with
very few organized players. Establishing a strong presence at this juncture should assist SKNL to
achieve a dominant position in the market for organized home textiles.

Total Wardrobe Solutions (Ready to Wear)

Ready to wear garments include shirts, trousers, suits, casuals, ties, socks, for the mens segment.
At present, SKNL has three brand offerings in the ready-to-wear garment industry. The brands in
this segment include Stephens Brothers in the super premium segment, Reid & Taylor in the
premium segment and Belmonte in the mid premium segment. SKNL is focusing on and investing
in this area as it has identified it as a high growth segment. The company is also actively scouting
for potential opportunities to add brands in the economy and luxury segments. Branded
readymade garments constitute around 10% of SKNLs top line and this contribution is expected to
increase in the future owing to the forecasted growth in the branded clothing market in India. In
line with the growth in the industry, SKNL is constantly expanding its distribution reach.

Firstcall India Equity Advisors Pvt Ltd

High Value Fine Cottons (HVFC)

The high value fine cottons segment is the newest venture undertaken by SKNL. This business is
characterized by high margins and has the potential to deliver strong returns. SKNL has
commissioned production in the weaving unit of the completely integrated (yarn to fabric) 12.75
million meters per annum manufacturing facility for the production of High Value Fine Cotton
fabric in Jhagadia, Gujarat. Full commercial production would start later in the year. This is one of
the most technologically advanced textile manufacturing units in the country. With this facility,
SKNL will be one of the few companies in India offering high value shirting fabrics. Around 60-65%
of the high value fabrics produced will be exported to foreign luxury brands. Most of SKNLs
competitors in this segment are located in high wage countries, thereby giving the company a
natural advantage and an opportunity to supply high value fabric at a substantially lower cost.
There is also a backend-frontend synergy with Leggiuno whereby the design talent and capabilities
of Leggiuno will help the division and also division would get access to high end brand catered to
by Leggiuno.

Luxury Textiles

Reid & Taylor (India) Ltd. (RTIL), a subsidiary of SKNL, offers the Reid & Taylor brand in the
premium segment of the industry in India. In less than ten years after its introduction, Reid &
Taylor has been successful in capturing a healthy market share and is rated amongst top two
brands for premium clothing. Reid & Taylor has a diverse portfolio of products and also offers total
wardrobe solutions. The categories include high quality fabrics, over 500 designs of premium
ready-to-wear clothing, smart casuals and accessories. Stephens Brothers is a leading international
brand and is part of the Austin Reed group and is offered by RTIL in India. Stephens Brothers is an
English brand that offers a wide range of business attire that is designed to perfection. The brand
produces suits both for ladies and gentlemen with the finest pure wool and pure linen fabrics. The
luxury segment is a significant contributor towards the consolidated revenues of the company.

Subsidiary Companies

1. Reid & Taylor (India) Ltd

2. SKNL International B.V.

3. SKNL Europe B.V.

4. SKNL Italy S.p.A

5. Anjaneya Foundation

10

Firstcall India Equity Advisors Pvt Ltd

Peer Group Comparison

Name of the CMP(R.s) Market EPS P/E (x) P/BV Dividend

company (As on Nov Cap. (Rs.) (x) (%)
03,2009) (Rs. Mn.)
S.Kumars
Nationwide 38.00 8987.38 7.90 4.8 0.55 0.00
Alok Industries 18.60 11266.0 3.41 5.45 0.52 7.50
KPR Mill 78.00 2647.2 1.25 62.4 0.52 20.00
Zodiac clothing 271.00 2272.7 17.43 15.54 1.63 65.00

Key Concerns

The global economic slowdown

The global crisis will dent Indias growth trajectory as investments and exports slow.

Highly competition

High input costs

Adverse Govt policies

11

Firstcall India Equity Advisors Pvt Ltd

Financials

12 Months Ended Profit & Loss Account (Consolidated)

Value(Rs. in million) FY08A FY09A FY10E FY11E

Description 12m 12m 12m 12m

Net Sales 17,486.50 22,603.60 32,775.22 38,019.26
Other Income 105.10 158.50 163.60 189.36
Total Income 17,591.60 22,762.10 32,938.82 38,208.62
-
Expenditure 13,553.60 -18,018.40 -26,384.05 -30,985.69
Operating Profit 4,038.00 4,743.70 6,554.77 7,222.92
Interest -893.30 -1,388.10 -2,092.65 -2,569.23
Gross Profit 3,144.70 3,355.60 4,462.12 4,653.69
Depreciation -426.10 -442.10 -464.21 -487.42
Profit before Tax &E I 2,718.60 2,913.50 3,997.91 4,166.28
Exceptional Items -102.10 572.00 _ _
Profit after E I but before
Tax 2,616.50 3,485.50 3,997.91 4,166.28
Tax -560.60 -1,534.10 -1,319.31 -1,374.87
Profit after Tax 2,055.90 1,951.40 2,678.60 2,791.41
Minority Interest _ -185.60 -336.50 _
Net Profit 2,055.90 1,765.80 2,342.10 2,791.41
Equity Capital 2,100.50 2,233.90 2,365.10 2,365.10
Reserves 4,991.70 13,149.60 15,491.70 18,283.11
Face Value (Rs) 10.00 10.00 10.00 10.00
Total No. of Shares 210.05 223.39 236.51 236.51
EPS (Rs) 9.79 7.90 9.90 11.80
A=Actual, E=Estimated
12

Firstcall India Equity Advisors Pvt Ltd

Quarterly Ended Profit & Loss Account (Consolidated)

Value(Rs. in million) 30-June-09 30-Sep-09 31-Dec-09E

Description 3m 3m 3m

Net Sales 7,081.20 9,514.10 10,465.51

Other Income 28.40 30.50 35.30

Total Income 7,109.60 9,544.60 10,500.81

Expenditure -5,535.80 -7,789.30 -8,569.16

Operating Profit 1,573.80 1,755.30 1,931.65

Interest -488.10 -589.10 -623.56

Gross Profit 1,085.70 1,166.20 1,308.09

Depreciation -156.70 -164.70 -172.94

Profit before Tax 929.00 1,001.50 1,135.16

Tax -311.50 -309.00 -340.55

Profit after Tax 617.50 692.50 794.61

Minority Interest -105.40 -108.20 -106.30

Net Profit 512.10 584.30 688.31

Equity Capital 2,365.10 2,365.10 2,365.10

Face Value 10.00 10.00 10.00

Total No. of Shares 236.51 236.51 236.51

EPS(Rs) 2.17 2.47 2.91

13

Firstcall India Equity Advisors Pvt Ltd

Charts

A) Net Income & PAT Chart B) EV/EBITDA chart

C) P/E Chart D) Debt-Equity ratio chart

14

Firstcall India Equity Advisors Pvt Ltd

1 Year Comparative Graph

SKNL BSE SENSEX

Outlook and Conclusion

At the current market price of the stock Rs.38.00, the stock trades at a P/E of 3.84 x and 3.22 x
for FY10E and FY11E respectively.

The EPS of the stock is expected to be at Rs.9.90 and Rs.11.80 for the earnings of FY10E and
FY11E respectively.

The Net sales are expected to grow at a CAGR of 29.55%, and PAT at 10.73% over 2008 to
2011E.

On the basis of EV/EBDITA, the stock trades at 1.62 x and 1.69 x for FY10E and FY11E
respectively.

On the basis of Price to Book Value of the stock is expected to be at 0.50x and 0.44x
respectively for FY10E and FY11E.

The Company, already a leading domestic player, has made notable progress in establishing a
presence in the international arena through successful implementation of its inorganic growth
strategy for overseas markets.

The diversity in SKNLs business model has enabled in to successfully penetrate different age
groups, preferences and wallet shares and has played a primary role in enabling delivery of a
performance which is not just resilient but is in fact healthy.

SKNLs strong and diverse existing product portfolio along with its potentially remunerative
foreign initiatives puts it in good stead to grow healthily and in a sustained manner going
forward.

15

Firstcall India Equity Advisors Pvt Ltd

 Its recent acquisitions of Leggiuno and Harmarx have enabled it to significantly enhance its
global footprint, taking it closer to being a truly global player.

With well diversified branded product portfolio, a good blend of professional and
entrepreneurial personnel and an undiminished appetite for growth, SKNL is well placed to
deliver improving and sustainable financial and operational performances going forward.

The Indian textile industry is estimated to be around US$ 52 billion and is likely to reach US$
115 billion by 2012. The domestic market is likely to increase from US$ 34.6 billion to US$ 60
billion by 2012. It is expected that India's share of exports to the world would also increase
from the current 4 per cent to around 7 per cent during this period.

We recommend BUY in this particular scrip with a target price of Rs.50.00 for Medium to Long
term investment.

Overview of the Industry

The Indian textile industry is one of the oldest and most significant industries in the country. It
accounts for around 4 per cent of the gross domestic product (GDP), 14 per cent of industrial
production and over 13 per cent of the country's total export earnings. Moreover, it provides
employment to over 35 million people.

The Indian textile industry is estimated to be around US$ 52 billion and is likely to reach US$ 115
billion by 2012. The domestic market is likely to increase from US$ 34.6 billion to US$ 60 billion by
2012. It is expected that India's share of exports to the world would also increase from the current
4 per cent to around 7 per cent during this period.

India's textile exports have shot up from US$ 19.14 billion in 2006-07 to US$ 22.13 billion in 2007-
08, registering a growth of over 15 per cent.

Textiles and Apparel Trade

As per the latest figures available with the Ministry of Textiles, India exported textiles worth US$
17.62 billion during April-February 2008-09, a 7.08 per cent increase over the corresponding
period last year.

16

Firstcall India Equity Advisors Pvt Ltd

Indian textiles, handlooms and handicrafts are exported to more than 100 countries, with the US
being the largest buyer. Readymade garments (RMG) are the largest export segment, accounting
for almost 41 per cent of total textile exports. RMG exports from India were worth US$ 9.06 billion
in 2007-08. RMG exports from India were worth US$ 8.18 billion during April-February 2008-09, as
compared to US$ 6.89 billion in the corresponding period of 2007-08.

Significantly, apparel is the second largest retail category in India. The domestic apparel retailing
industry is estimated to be round US$ 2.7 billion and in spite of recession is likely to grow at 5-7
per cent in 2009-10. The domestic organised garment retailing clocked a growth of 13-14 per cent
for year ended March 2009.

The accessories market is pegged between US$ 298.6 million and US$ 597.3 million, which has
been growing at 15 to 18 per cent. Within this, the branded accessories segment is growing at 25
per cent.

Investments in the Textile Sector

The domestic textiles and apparels market in India is witnessing strong growth owing to a young
population, an increase in disposable incomes and a rapid growth in organised retail.

Consequently, the domestic market is estimated to grow to over US$ 50 billion by 2014.
Significantly, the textile sector is estimated to offer an incremental revenue potential of no less
than US$ 50 billion by 2014 and over US$ 125 billion by 2020.

The textile sector registered 50 per cent increase in investment during 2008-09 to US$ 10.46
billion from US$ 6.57 billion in 2007-08, according to an ASSOCHAM study.

The textile industry has attracted foreign direct investment (FDI) worth US$ 677 million from April
2000 to March 2009.

Textile and Apparel Sourcing

India is fast establishing itself as a global textile and apparel-sourcing hub with its abundant multi-
fibre raw material base, well established production bases, design capability and skilled labour
force.

17

Firstcall India Equity Advisors Pvt Ltd

According to the Textiles and Apparel Report 2007, by the Confederation of Indian Industry and
Ernst & Young, the Indian sourcing market is estimated to grow at an annual average rate of 12
per cent from an expected market size of US$ 22 billion-US$ 25 billion in 2008 to US$ 35 billion-
US$ 37 billion by 2011.

Simultaneously, world's cutting edge fashion brands such as Hugo Boss, Diesel and Liz Claiborne
are stepping up their sourcing from India.

Khadi

The Asian Development Bank (ADB) has offered to lend US$ 150 million to India to help revive the
popularity of Khadi. The revival of Khadi industry is expected to bolster employment opportunities
in India, particularly in the rural areas. Indias Eleventh Five Year Plan notes Khadi production has
huge employment prospects, particularly for women and minorities. A US$ 2 million grant will be
provided by the Japan Special Fund through ADB to support the implementation and monitor the
progress of the Khadi industry reform package funded by the ADB loan.

Technical Textiles

Technical or functional textiles are those textiles that have some functional properties attached to
it and are different from traditional textiles that are merely used for adoration. The technical
textiles market which at present is around US$ 80.1 million and growing at a healthy pace of about
12 per cent, is expected to touch US$ 13.7 million by 2012-13.

Keeping this in mind, the government has designed Centres of Excellence for agrotech, buildtech,
meditech and geotech group of technical textiles at an outlay US$ 8.97 million. The government
will shortly launch a US$ 122.42 million Technology Mission on Technical Textiles and also create a
Development Council for Technical Textiles.

Government Initiatives

In an effort to increase India's share in the world textile market, the government has introduced a
number of progressive steps.

100 per cent FDI allowed through the automatic route.

De-reservation of readymade garments, hosiery and knitwear from the small-scale
industries sector in end-2000.

18

Firstcall India Equity Advisors Pvt Ltd

 Technology Mission on Cotton was launched in February 2000 to make quality raw
material available at competitive prices.
Technology Upgradation Fund Scheme (TUFS) which was launched to facilitate the
modernisation and upgradation of the textiles industry in 1999 has been given further
extension till 2011-12. A total of 18,773 applications involving a project cost of US$ 24.91
billion have been sanctioned under TUFS up to March 31, 2008. The government has given
a further subsidy of US$ 533.9 million under TUFs to underpin its modernisation efforts for
meeting market challenges and enabling it to stay competitive in quality and price.
40 textile parks are being set up under the Scheme for Integrated Textile Parks (SITP) which
will attract an investment of US$ 4.38 billion.

The government has also announced a US$ 618 million financial package to waive loan overdues
of handloom cooperatives and make available loans at concessional rates for the industry.

The government is also implementing five new schemes during the 11th Five-Year plan period
(2007-12) for the development of the handloom sector and the welfare of weavers.

These schemes are namely, the Integrated Handloom Development scheme, the Handloom
Weavers' Comprehensive Welfare scheme, the Marketing and Export Promotion scheme, the Mill
Gate Price scheme and the Diversified Handloom Development scheme.

_____________________________________________________________

Disclaimer:

This document prepared by our research analysts does not constitute an offer or solicitation for the
purchase or sale of any financial instrument or as an official confirmation of any transaction. The
information contained herein is from publicly available data or other sources believed to be reliable but we
do not represent that it is accurate or complete and it should not be relied on as such. Firstcall India Equity
Advisors Pvt. Ltd. or any of its affiliates shall not be in any way responsible for any loss or damage that may
arise to any person from any inadvertent error in the information contained in this report. This document is
provide for assistance only and is not intended to be and must not alone be taken as the basis for an
investment decision.

19

Firstcall India Equity Advisors Pvt Ltd

Firstcall India Equity Research: Email info@firstcallindia.com
B. Harikrishna Banking
B. Prathap IT
C.V.S.L.Kameswari Pharma
U. Janaki Rao Capital Goods
E. Swethalatha Oil & Gas
D. Ashakirankumar Automobile
A Rajesh FMCG

First call India also provides

Corporate Advisory Services

For
Venture Capital, Private Equity, Corporate Finance, Structured Finance, M&A Valuations and other
Tailor Made Solutions

For Further Details, Contact

Dr.V.V.L.N.Sastry

Firstcall India Equity Advisors Pvt. Ltd

3rd Floor, Sankalp, The Bureau

Dr.R.C.Marg, Chembur

Mumbai-400071

Tel: 25272510, 25276077, 25276089

Telefax: 25276184

20

Firstcall India Equity Advisors Pvt Ltd