ARIHANT capital markets ltd.

Radha Madhav Corporation Ltd BUY –3rd April’08

CMP: Rs.62 Target Price: Rs.133 Industry: Packaging

Stock Info BSE Group B1 Shareholding Pattern

Market Capital Rs.135.06 cr BSE Code 532692 (As on 31st Dec, 2007)
Equity Capital Rs. 19.83 cr NSE Symbol RMCL Promoters 31.62%
Avg Trading Vol. 120275(Qtly) Bloomberg RMCL IN Domestic Institutions 0%
52 WK High/Low 150.40/52.25 Reuters RMCP.BO Foreign Institutions 16.76%
Face Value Rs. 10 BSE Sensex 15832 Corporate 14.10%
NSE Nifty 4772 Public & Others 37.52%
Key Investment Positives
Robust growth in packaging industry: Indian packaging industry is witnessing a growth phase. Rising disposable income,
growing health awareness & changing consumption habits of society are key triggers for healthy growth rate in retail (growing
at 40% rate) & pharma segment packaging. Changing consumption habits of society from loose to packed food due to
consistent quality, weight & enhanced shelf life & increased use of sachet consumption in both rural & urban areas due to
affordability, convenience & one time usage leads to robust growth in packaging industry. Size of Indian packaging industry
which is growing at 5-20% p.a estimated to be at Rs560bn while the domestic flexible packaging (RMCL operates in this
segment) is growing at over 20% per annum is estimated at Rs50bn (9% of total). To capture this growing demand in food &
pharma segment RMCL has planned capex of Rs 175cr for increasing capacity in Food & Pharma packaging vertical which
would be operationalised in Q1 FY09.
Expanding into pharma packaging: RMCL is venturing into fast evolving pharma packaging sector with annual capacity of
21570MT at Rudrapur (one of the largest in the country) with an investment outlay of Rs105cr (total capex for project is
Rs175cr & Rs50cr for R&D activities) & another project at Daman for specialized films & high-perform shrink films with
capacities of 21580MT with an investment outlay of Rs 70cr. In pharmaceutical packaging margins are at 22%-25% at
EBIDTA level which are higher than other form of packaging due to quality sensitivities. Company expects to drive 56% of its
revenue in FY09E from new units (Daman & Rudrapur) & rising to 62% in FY10E & 65% in FY11E, thereby company is
shifting its revenue & margin mix. Rudrapur offers taxation benefits for RMCL as it is located in an excise free zone (100%
excise exemption for 10 years & 100% income tax exemption for 5 years)
Diversified Product range: RMCL has diversified product range of food packaging such as BOPE high end shrink films,
laminated structures, wax coated structures. The company is expanding into pharma packaging from its Rudrapur plant with
total capex plan of Rs175cr via mix of debt & equity. New products would be PVdC coated blisters, Alu-Alu & collapsible
tubes etc . The margins are better in Pharma segment due to quality sensitive, after this expansion company expects revenue
mix from new units to go up at56% in FY09E & 62% in FY10E.
Well diversified Clientele relations: RMCL has diverse clientele relations with leading FMGC & pharmaceutical companies
across the globe. It has over 400 customers both in India & abroad hence de-risking client/product portfolio & not dependent
on single client.
Attractive Valuations: We believe that strong growth in packaging industry coupled with timely expansion (asset base expected to
be 5.5x from Rs38cr in FY07 to Rs.208cr in FY09E) & shifting revenue & margin mix (margin expansion from 15.4% in FY07 to
23% in FY09E) will take RMCL on high growth trajectory. At CMP, the stock trades at 8.9x FY08E and 4.5x FY09E EPS of Rs. 7.0
and Rs.13.8 respectively and EV/EBIDTA of 6.5x FY08E and 3.8x FY09E. We recommend a BUY with one year forward price
target of Rs.133 as per DCF valuation. At target price, the stock will trade at P/E of 9.6x FY09E & 6.8x FY10E earnings.
Share Price Movement Vs Sensex Valuation Summary (Rs. in crore)
Year FY07 FY08E FY09E FY10E
Net sales 78.4 148.7 382.9 470.0
Growth % 95.7 89.7 157.5 22.7
Net Profit 6.1 17.2 47.3 66.4
Net Profit Margin % 7.7 11.5 12.3 14.1
EPS (Rs) 3.1 7.0 13.8 19.5
P/E ( Rs62) 20.3 8.9 4.5 3.2
P/BV 1.9 1.4 1.0 0.7
EV/EBITDA 14.3 6.5 3.8 2.6
EV/Sales 2.2 1.5 0.9 0.6

ARIHANT capital markets ltd 1

Company Report RMCL
Background
RMCL incorporated in 2005 after taking over the operations of 3 partnership firms, is in the business of manufacturing barrier
& functional films which find applications in various food, pharma & chemical industries. RMCL manufacturing activity
includes Primary packaging & secondary packaging. Primary packaging material is in direct contact to the product & sold as an
integral part of single saleable unit like soap wrapper, confectionary packet, tea & shampoo sachet. Secondary packing is used
to pack single units in large numbers like cartons, stretch wraps etc.

The user industry for RMCL product includes FMCG sector, Pharmaceutical, food & spices, soaps & detergent, cosmetics &
health care products, edible oil & confectionary & milk & milk related products etc.

Robust Growth in packaging Industry

Indian packaging industry is witnessing a growth phase.

Main triggers for growth in Food packaging industry in India are:

• Rising disposable income
• Growing health awareness
• Changing consumption habits of society
• Rural marketing for pushing demand for sachets etc.

Changing consumption habits of society from loose to packed food due to consistent quality, weight & enhanced shelf life &
increased use of sachet consumption in both rural & urban areas due to affordability, convenience & one time usage leads to
robust growth in packaging industry.

Main triggers for growth in pharma packaging:

• The introduction of biologics based drugs has changed the pharmaceutical industry.
• Stricter Regulations & Standards governing production, storage & distribution

These highly sensitive drugs, whose efficacy is package-dependent, require high barrier material packaging. Moreover growing
regulatory scrutiny by various authorities warrants more consideration into packaging of these drugs.

Size of Indian packaging industry which is growing at 5-20% p.a Share of different sectors in packaging business
estimated to be at Rs560bn while the domestic flexible packaging
(RMCL operates in this segment) is growing at over 20% per annum
20%
is estimated at Rs50bn (9% of total). To capture this growing demand
in food & pharma segment RMCL has planned capex of Rs 175cr for Food
45%
increasing capacity in Food & Pharma packaging vertical which would 10%
Pharmaceutical
Personal pr oducts
be operationalised in Q1 FY09. Food

Other s
RMCL will be in direct competition with Bilcare & Ess Dee in this
segment. 25%
Pharma

Source: Company & Arihant Research

Expanding into Pharma Packaging

RMCL is venturing into fast evolving pharma packaging sector with annual capacity of 21570MT at Rudrapur (one of the
largest in the country) with an investment outlay of Rs105cr (total capex for project is Rs175cr & Rs50cr for R&D activities) &
another project at Daman for specialized films & high-perform shrink films with capacities of 21580MT with an investment
outlay of Rs 70cr. In pharmaceutical packaging margins are at 22%-25% at EBIDTA level which are higher than other form of
packaging due to quality sensitivities. Company expects to drive 56% of its revenue in FY09E from new units (Daman &
Rudrapur) & rising to 62% in FY10E & 65% in FY11E, thereby company is shifting its revenue & margin mix. Rudrapur
offers taxation benefits for RMCL as it is located in an excise free zone (100% excise exemption for 10 years & 100% income
tax exemption for 5 years)
Synergies of expanding into pharma packaging:
• Company targets to sell pharma packaging material to approximately 800 companies in Himachal Pradesh &
Uttaranchal so proximity to target client list.
• RMCL expected to get synergies from existing clientele base in pharma sector as it already catering to many pharma
companies.
• Rudrapur offers taxation benefits for RMCL as it is located in an excise free zone (100% excise exemption for 10 years
& 100% income tax exemption for 5 years)

ARIHANT capital markets ltd 2

Company Report RMCL

Product Name Capacities Application of products Capex

(Qty in MT) (Rs Cr.)
Existing Capacities (unit I,II,III,IV
Daman)
Milk & Diary Products, Spices, edible oil, cereals, Edible oil,
Barrier films 11850 Induction jellies, lubricants
MAP films 6700 Bulk drugs, vegetables, Fruits
Paper packaging 7500 Cartons for various bulk packaging
26050 Existing
New units (Unit V at Daman-Proposed)
Security Films 2500
Speciliased Films 9000
High Perform Shrink Labels 4000 Syrups, liquid food supplements
Laminated Structures & films 3330 Contraceptives, induction jellies, health supplements, ORS
Pharma Gas ducts & others 2750
21580 Rs70 Cr
New Unit (Unit VI at Rudrapur-Proposed)
PVdc Coated Blisters 10500 Tablets, capsules,
Alu Alu 1800 Tablets, Capsules
Collapsible Tubes 3600 Creams, ointments, jellies
Surlyn Based Laminates 5670 Contraceptives, corrosive medicines and medicinal products
21570 Rs105 Cr
Total Rs175Cr
Source: Company & Arihant Research

Capex &Funding plan: Total Capex required for expansion is Rs 175cr for Project & Rs50cr for R&D. Investment outlay for
Rudrapur plant is Rs105cr & for Daman (Unit V) is Rs70cr.

Total Clinical
Capex Plan Rs in Cr. Funding plan Rs in cr Project Trail
Capex for project 175 Equity 17
Equity premium 91
Capex for Clinical trails 50 108 78 30
Total Capex 225 Debt 77 77 0
Cash Accruals 40 20 20
225 175 50
Equity Schedule
Amt in Rs Crores Conversion Equity Rs Premium Rs Cr.
Share capital as on 31-03-07 19.83
4.5 lacs warrant converted to Eq (Non-promoters) issued
on 26-May-06@45 Converted on 26-11-07 0.45 1.58
0.60 lacs warrant converted to Eq (promoters) issued on
26-May-06 @45 Converted on 26-11-07 0.06 0.21
6 lacs Equity issued to promoters@85 25/11/2007 Share 0.60 4.50
5.5 lacs Equity issued to Non-promoters@85 25/11/2007 Share 0.55 4.13
20 lacs Equity issued to Indea Long term opp fund @85 25/11/2007 Share 2.00 15.00
10 lac Equity issued to India Star Mauritius@63.15 12/10/2007 Lock-in 1 yr 1.00 5.32
FY08E 24.49 30.73
15 lacs warrants issued to non-prom @85 25/11/2007 within 18m 1.5 11.25
34.90lacs pref sh to Deutsche sec @62.50 21/04/2007 within 18m 3.49 18.32
20.58 lacs pref sh to concordia @ 62.50 21/04/2007 within 18m 2.06 10.80
15 lac Warrants issued to Promoters @ 63.15 12/10/2007 within 18m 1.50 7.97
10 lac warrants issued to Non-promoters@ 63.15 12/10/2007 within 18m 1.00 5.32
1 lacs warrants to Non-promoters @40 16/12/2006 within 18m 0.10 0.30
Dilution in FY09 9.65 53.96
Total Equity by End of FY09E 34.14 84.69
Source: Arihant Research

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Company Report RMCL

Diversified Product Range

RMCL has diversified product range of food packaging such as BOPE high end shrink films, laminated structures, wax coated
structures. The company is expanding into pharma packaging from its Rudrapur plant with total capex plan of Rs175cr via mix
of debt & equity. New products would be PVdC coated blisters, Alu-Alu & collapsible tubes etc. The margins are better in
Pharma segment due to quality sensitive, after this expansion company expects revenue mix from new units to go up at56% in
FY08-09E & 62% in FY09-10E.

Competitive strengths: RMCL is R&D driven polymer & chemical packaging based company & it is not mare manufacturer
rather provide complete packaging Solution. It provides customized packaging & printing solutions with high end technology.

Pictorial view of RMCL’S Product portfolio:

Well Diversified Clientele relations

RMCL has diverse clientele relations with leading FMGC & pharmaceutical companies across the globe. It has over 400
customers both in India & abroad hence de-risking product portfolio & not dependent on single client.
RMCL cater to various corporate of small & big size. Its customer’s are based in different geographical locations & from
different industries. RMCL cater to industries like Textile, FMGC, Pharmaceutical, Food & beverage, Metal & cement etc so
this insulate company from slow down in any particular industry so de-risk business model to large extent.
RMCL’s client list include name of big corporate of FMCG & pharma segment like Amul, HUL, Britannia, Pepsi co, Tata Tea,
Various Dairies, Reliance retail, RIL, ITC, Godrej, Ranbaxy, Cadila Healthcare, Sun Pharma, Glaxco Smithkline, Torrent
pharma etc
Attractive Valuation & View:
We believe that strong growth in packaging industry coupled with timely expansion (asset base expected to be 5.5x from Rs38cr in
FY07 to Rs.208cr in FY09E) & shifting revenue & margin mix (margin expansion from 15.4% in FY07 to 23% in FY09E) will take
RMCL on high growth trajectory. At CMP, the stock trades at 8.9x FY08E and 4.5x FY09E EPS of Rs. 7.0 and Rs.13.8 respectively
and EV/EBIDTA of 6.5x FY08E and 3.8x FY09E. We recommend a BUY with one year forward price target of Rs.133 as per DCF
valuation. At target price, the stock will trade at P/E of 9.6x FY09E & 6.8x FY10E earnings.

Peer Comparison:

Year
Particulars ending Revenue EBITDA EPS P/E P/BV Mcap/Sales EV/EBIDTA RONW ROCE
Rs. In Cr. TTM % % %
RMCL Dec'07 131.0 21.0 7.6 7.0 2.0 160.4 13.5 13.8 12.8
Bil Care Dec'07 506.5 24.7 52.3 13.5 3.7 1441.0 9.7 33.8 19.1
Ess Dee Dec'07 287.0 26.9 25.9 17.9 4.5 1576.0 19.3 24.8 25.8
Source: Capitaline on TTM basis & Arihant Research

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Company Report RMCL

9MFY08 Financials:

Rs. In Cr. Q3Dec07 Q2 Sep07 Q-O-Q % Q1 June07 Q-O-Q %

Net sales 37.9 39.2 -3.3 33.4 17.6
Other Income 0.3 0.0 - 0.0 -
Total Income 38.2 39.2 -2.7 33.4 17.4
Total expenditure 30.0 30.0 0.0 25.2 19.2
EBITDA 7.9 9.2 -14.2 8.2 12.5
PBIDTA 8.1 9.2 -11.5 8.2 11.8
Interest 1.2 1.5 -18.5 0.8 81.6
Depreciation 1.0 1.0 1.3 0.7 45.6
PBT 5.9 6.7 -11.9 6.7 -0.4
Total Tax 1.1 1.0 7.7 1.7 -37.3
PAT 4.8 5.6 -15.5 5.0 11.9
EPS 1.9 2.8 - 2.5 -
Equity 24.5 19.8 - 19.8 -
FV 10.0 10.0 - 10.0 -
EBITDAM% 20.8 23.4 - 24.5 -
PATM% 12.5 14.3 - 15.1 -

Corporate Developments:

• RMCL has allotted 31,50,000 equity shares and 15,00,000 warrants to its promoters & non-promoters on
preferential basis at the rate of Rs85/- (Break-up: 6 lacs equity to Promoters & 25.5 lacs to non-promoters &
15 lacs warrant to non-promoters).
• Company has converted 4.5 lac warrants into equity on 26-Nov-07 @ Rs45 which was allotted on 26 May
2006.

Financial Information (Rs in Cr.)

P &L Account Cash Flow Y/E March

(Rs in Cr.) FY07 FY08E FY09E FY10E (Rs in Cr.) FY07 FY08E FY09E FY10E
Y/E March NP before tax and EO 8.7 24.5 60.0 82.9
Net Sales 78.4 148.7 382.9 470.0 Add:
Depreciation 1.1 3.3 12.8 16.6
YoY% 95.7 89.7 157.5 22.7
Interest paid on Borrowings 2.6 6.3 15.2 13.2
Other Income 0.3 0.0 0.0 0.0
Interest Income -0.2 0.0 0.0 0.0
Total Income (TI) 78.7 148.7 382.9 470.0 Net WC Change (+/-) -35.8 -13.2 -80.8 -33.3
EBITDA 12.1 34.1 88.1 112.8 Less : Direct taxes paid 1.3 7.4 12.7 16.6
YoY% 171.4 181.8 158.6 28.1 Cash Inflow/ (outflow)
Depreciation 1.1 3.3 12.8 16.6 from Operations -25.0 13.5 -5.5 62.9
EBIT 11.0 30.8 75.2 96.2 (Inc)/ Dec in FA -33.9 -50.0 -100.0 0.0
(Pur)/Sale of Inv 0.0 0.0 0.0 0.0
Interest 2.6 6.3 15.2 13.2
Interest recd on investment 0.2 0.0 0.0 0.0
EBT 8.4 24.5 60.0 83.0 Cash Inflow/ (outflow)
PBT 8.7 24.5 60.0 83.0 from Investments -33.7 -50.0 -100.0 0.0
Tax 2.6 7.4 12.7 16.6 Inc/(Dec) in Equity 24.5 23.2 63.6 0.0
Tax rate% 30.1 30.0 21.2 20.0 Inc/(Dec) in Debt 38.6 10.4 65.7 -20.7
PAT 6.1 17.2 47.3 66.4 less: Interest Paid -2.6 6.3 15.2 13.2
Less: Dividend Paid 0.0 0.0 0.0 0.0
YoY% 100.5 183.0 175.6 40.5
Cash Inflow/ (outflow)
OPM % 15.4 22.9 23.0 24.0 from Financing 60.5 27.4 114.1 -33.9
Net Margin % 7.7 11.5 12.3 14.1 Net Cash Inflow/ (outflow) 1.8 -9.1 8.6 29.1
Cash at beginning 11.2 13.1 4.0 12.6
Net Cash carried forward 13.0 4.0 12.6 41.7

ARIHANT capital markets ltd 5

Company Report RMCL

Balance Sheet Important Ratio’s

Balance Sheet FY07 FY08E FY09E FY10E Ratio's FY07 FY08E FY09E FY10E
Y/E March Performance Ratios
Equity Capital EBITDA % 15.4 22.9 23.1 24.1
(FV-10) 19.8 24.5 34.1 34.1
Sh application EBIT% 14.0 20.7 19.7 20.5
Money 12.1 0.0 0.0 0.0 Net Profit % 7.7 11.5 12.3 14.1
Reserves (Excl Reval) 33.4 81.3 182.5 248.9 Debt / Equity 1.0 0.7 0.6 0.4
Revaluation Reserves 0.0 0.0 0.0 0.0 Interest Coverage
Shareholders ratio 4.3 4.9 4.9 7.3
Equity 65.3 105.7 216.6 283.1 Enterprise Value 173.0 222.0 339.0 289.0
Secured Loan 53.4 73.8 139.5 118.9 Book Value 33.0 43.0 63.0 83.0
Unsecured Loan 10.0 0.0 0.0 0.0 Turnover Ratios
Total Debt 63.4 73.8 139.5 118.9 Debtors (Days) 120.4 90.0 90.0 90.0
Deferred Tax Inventory (Days) 100.8 60.0 60.0 60.0
Liability
( net) 1.0 0.0 0.0 0.0 Creditors (Days) 41.9 30.0 30.0 30.0
Total Liabilities 129.7 179.5 356.2 401.9 WC Cycle 179.4 120.0 120.0 120.0
Total Assets
Gross Block 32.7 32.7 207.7 207.7
Turnover 0.6 0.8 1.1 1.2
Accumulated
depreciation 1.5 4.8 17.6 34.2 Fixed-Asset Turnover 2.4 4.5 1.8 2.3
Net Block 31.2 27.9 190.1 173.5 Du-pont (%)
CWIP 25.0 35.0 0.0 0.0 PAT / Net Sales 7.7 11.5 12.3 14.1
Investments 0.0 0.0 0.0 0.0 Net Sales / Assets 0.6 0.8 1.1 1.2
Current Assets 82.2 126.7 191.6 256.4 Assets / Equity 2.0 1.7 1.6 1.4
Debtors 25.9 36.7 94.4 115.9 ROE 9.3 16.2 21.8 23.5
Inventory 21.7 24.4 62.9 77.3 Valuation Ratios
Loans and Advances 21.6 61.6 21.6 21.6 EPS 3.1 7.0 13.8 19.5
Cash and equivalent 13.1 4.0 12.6 41.7 Cash EPS 3.6 8.3 17.6 24.3
Current Liabilities 8.6 10.0 25.5 27.9 P/E (x) 20.3 8.9 4.5 3.2
Creditors & other EV/ EBITDA (x) 14.3 6.5 3.8 2.6
liabilities 7.8 8.2 23.6 26.1
EV/ Sales (x) 2.2 1.5 0.9 0.6
Provisions 0.8 1.8 1.8 1.8
Net Current Assets 73.5 116.6 166.1 228.5 P/BV (x) 1.9 1.4 1.0 0.7
Total Assets 129.7 179.6 356.2 402.0 ROCE 8.7 17.1 21.1 23.9
ROIC 6.5 13.1 17.6 19.8
ROA 4.7 9.6 13.3 16.5

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Company Report RMCL

DCF FY06 FY07 FY08E FY09E FY10E FY11E FY12E FY13E FY14E FY15E
Net Sales 40.1 78.4 148.7 382.9 470.0 479.5 569.3 596.7 624.2 651.6
OPERATING PROFIT 4.5 12.1 34.1 88.1 112.8 119.9
Less: Cash Tax 1.2 2.6 7.4 12.7 16.6 18.1
NOPAT 3.2 9.5 26.7 75.3 96.2 101.8 112.9 118.4 123.8 129.2
Incremental Fixed-Capital
Investment 17.2 33.9 50.0 100.0 0.0 0.0 10 10 10 10
Incremental Working-
Capital Investment 0.0 38.0 43.1 49.5 62.4 56.3
Total Incremental investment
Incl Working capital 17.2 71.9 93.1 149.5 62.4 56.3 10.0 10.0 10.0 10.0
Free Cash Flow -13.9 -62.4 -66.4 -74.1 33.9 45.5 47.7 50.1 52.6 55.3
Present Value of FCF -59.7 -59.9 24.6 29.7 28.1 26.5 25.0 23.6

DFC Assumptions % Particulars Rs In Cr.

Risk Free Rate (Rf) 8.0 Total Present Value of Cash Flows 399.3
Market Risk (Rm) 14.0 Less:
Beta(source capitaline) 0.85 Total Debt 73.8
Intrinsic Value 325.5
Cost of equity (ke) % 13.1
No of equity shares 2.4
Cost Of Debt (Post tax) 7.4
Intrinsic Value per share 133
CMP 62 Current Market price 62
MV (equity) 151.9 Potential % return 114
Total Debt 73.80
Total 225.7
WACC % 11.2
Assumption
Terminal Growth rate 1.0%
FCF growth rate (FY12-FY15) 5.0%

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Company Report RMCL
Pictorial view of Financial Information

ARIHANT capital markets ltd 8

Company Report RMCL

Head Institutions

Anita Gandhi Head Institutional Equity (91-22) 56205753 anita.gandhi@arihantcapital.com

Equity Research

Arpit Agrawal Research Head (91-22) 67664836 arpit.agrawal@arihantcapital.com

Satish Kannav Economist (91-22) 67664828 satish.kannav@arihantcapital.com
Rajesh Palviya Head- Technical (91-22)67664800 rajesh.palviya@arihantcapital.com
Divyata Dalal Senior analyst (91-22) 67664834 divyata.dalal@arihantcapital.com
Shruti Jain Research Analyst (91-22)67664837 shruti.jain@arihnatcapital.com
Tejvinder Singh Research Analyst (91-22) 67664830 tejvinder.singh@arihantcapital.com
Manisha Porwal Research Analyst (91-22) 67664834 manisha.porwal@arihantcapital.com
Paresh Nautiyal Research Analyst (91-22)67664827 paresh.n@arihantcapital.com
Meghna Doshi Research Associate (91-22) 67664832 meghna.doshi@arihantcapital.com
Suneel Rao Research Associate (91-22) 67664830 suneel.rao@arihantcapital.com
Sumit Ajmera Editor (91-22)64664800 sumit.ajmera@arihantcapital.com

Institutional Dealing Desk

Archana Kathe Dealer (91-22) 67664849 instdealing@arihantcapital.com

Sadhana Mishra Dealer (91-22) 67664800 instdealing@arihantcapital.com
Vidit Gupta Dealer (91-22) 67664850 instdealing@arihantcapital.com
Jigar Tanna Dealer (91-22) 67664852 instdealing@arihantcapital.com
Shailesh Jathar Dealer (91-22) 67664852 instdealing@arihantcapital.com
Bhavesh Katariya Dealer (91-22) 67664848 instdealing@arihantcapital.com

Head Office

3rd Floor, Krishna Bhavan,

Opp. Green House Restaurant,
67,Nehru Road, Vile Parle (East),
Mumbai-400057.
Tel: (91-22) 67664800
Fax: (91-22) 67664880

Registered Office

Arihant House,
E-5, Ratlam Kothi,
Amit Apartment,
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Tel: (91-731) 2519610
Fax: (91-731) 2519817

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ARIHANT capital markets ltd 9