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Initiating Coverage Company Update

BUY
Price Target Price Investment Period Rs40 Rs91 12 months

Spinning Success
We interacted with the management of JBF Industries (JBF) to get a fair idea of how it is placed in the current challenging macro business scenario. Consequent to which we estimate it to register Top-line CAGR of 22% over FY2008-10E, while Margins are estimated to decline to 9.5% levels leading to Bottom-line CAGR of 20% in the mentioned period. At Rs40, the stock is trading 1.3x FY2010E EPS and 0.3x FY2010E P/BV. On the basis of attractive valuation we maintain a Buy on the stock, though with a revised Target Price of Rs91 (Rs140). Unfavourable INR v/s US$ a major overhang on Profitability: The Indian Rupee (INR), which remained strong against the US Dollar (US$) for a major part of CY2007, depreciated significantly by 24% in CY2008. This adverse movement in the exchange rate has made repayment and servicing of Interest on foreign currency debts expensive. During 3QFY2009, JBF's foreign currency losses stood at Rs28.3cr, wiping off a major portion of its Profit before extra-ordinary items of Rs37.8cr. Raw material costs lower following decline in crude prices: Prices of two of JBFs key raw materials, viz. PTA and MEG (crude oil derivative) fell significantly qoq during 3QFY2009 following the steep decline in crude prices and adequate manufacturing capacity globally for the same. Hence, we estimate JBF's Margins to improve in FY2010. Commencement of new PC plant at Saregam to boost Volumes: During 3QFY2009, the 2,16,000mtpa PC capacity at Saregam, Gujarat commenced operations taking the companys total capacity to 5,50,800mtpa. This capacity expansion is expected to boost JBF's turnover going ahead and increase its marketshare as well. Bottom-line de-grows 39.8% during 9MFY2009: Although JBF maintained its good Operational performance during 9MFY2009, the company's Bottom-line eroded by 39.8%, primarily on account of the exchange loss of Rs72.6cr as against the gain of Rs5.3cr registered in 9MFY2008. We estimate JBF's Bottom-line to post a CAGR of 20% Over FY2008-10E.

Stock Info
Sector Market Cap (Rs cr) Beta 52 Week High / Low Avg Daily Volume Face Value (Rs) BSE Sensex Nifty BSE Code NSE Code Reuters Code Bloomberg Code Textiles 250 0.7 139/26 45398 10 10,804 3,342 514034 JBFIND JBFI.BO JBF@IN

Shareholding Pattern (%) Promoters MF / Banks / Indian FIs FII / NRIs / OCBs Indian Public / Others Abs. Sensex (%) JBF (%) 3m 1yr 38.2 16.6 32.0 13.2 3yr (7.3)

Key Financials (Consolidated)

Y/E March (Rs cr) Net Sales % chg Net Profits % chg OPM (%) FY2007 1,477 104.5 78.5 82.9 11.6 14.2 2.8 0.6 20.5 11.7 0.5 4.7 FY2008 2,792 89.0 130.2 65.8 9.6 20.9 1.9 0.4 22.3 11.3 0.3 3.0 FY2009E 3,911 40.1 105.0 (19.4) 9.2 16.9 2.4 0.4 15.1 13.7 0.2 2.2 FY2010E 4,164 6.5 186.8 78.0 9.5 30.0 1.3 0.3 21.5 14.9 0.2 2.0

14.2 (31.1)

2.2 (70.9) (55.5)

Girish Solanki
Tel: 022 - 4040 3800 Ext: 319
E-mail: girish.solanki@angeltrade.com

EPS (Rs) P/E (x) P/BV (x) RoE (%)

V. Srinivasan
Tel: 022 - 4040 3800 Ext: 330
E-mail: v.srinivasan@angeltrade.com

RoCE (%) EV/Sales (x) EV/EBITDA (x)

Source: Company, Angel Research

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Company Background
JBF commenced the manufacture of polyester chips (PCs) in 1982 and is currently a leader in the PC Segment with a marketshare of 55%. The company also manufactures partially oriented yarns (POY) in India and is amongst the Top-5 players in the Indian POY industry with a marketshare of close to 7%. While the company has installed capacity of 5,50,800mtpa of PC, its POY capacity currently stands at 1,63,200mtpa. JBF also holds 46% stake in the joint venture entered with Ras-Al-Khaimah Investment Authority, UAE, to manufacture PET chips and films for exports. JBF's manufacturing facilities at Silvassa and Sarigam in Gujarat caters to the Textile Iindustry. The companys plants in Gujarat are strategically located with quick access to the raw material suppliers and end consumers. Hence, its cost in terms of reaching its suppliers and consumers is comparatively lower than competitors. The company's plant in UAE manufactures PET chips and films that find end application in the Packaging industry. The company's manufacturing facility in UAE helps it reduce costs on account of lower raw material, power and fuel costs. During 3QFY2009, Microsynth Fabrics India (MFIL) was amalgamated with JBF effective from April 1, 2008. MFIL has a strong presence in the specialty POY production and its products are well accepted in the niche yarn markets, both domestic and international. Acquisition of MFIL is expected to complement JBF's existing product portfolio comprising PC, POY and PET chips.

Unfavourable Rupee v/s US$ a major overhang on company's Profitability

JBF has been hit by the depreciation in the INR as it has substantial foreign currency debt in its books Adverse movement in the INR has made repayment and servicing of Interest on foreign currency debts expensive for many players. The INR, which ruled strong against the US Dollar for a major part of CY2007, weakened by 24% during CY2008.

Exhibit 1: INR v/s US$ during CY2008

38 40 42 44 46 48 50 52 54

Apr-08

May-08

Feb-08

Mar-08

Oct-08

Jul-08

Aug-08

Nov-08

Source: Bloomberg, Angel Research

We

estimate

JBF's

JBF has also been hit by the depreciation in the INR as it has substantial foreign currency debt in its books. As of December 31, 2008, the company had incurred notional Losses of Rs54.5cr on a mark-to-market basis on its derivative contracts expiring in July 2010. This liability in INR terms, which stood at Rs160.4cr at the end of FY2008, has shot up considerably following the decline in INR. At the beginning of FY2009, JBF had external commercial borrowings (ECB) to the tune of US $40mn in its books - 50% Dollar denominated and 50% Yen denominated. During

Bottom-line to be under pressure over the next few quarters as well on account of a depreciating INR

Sep-08

Dec-08

Jan-08

Jun-08

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3QFY2009, the company's foreign currency losses stood at Rs28.3cr, wiping off a major portion of its Profits before extra-ordinary items of Rs37.8cr. For 9MFY2009, the company's total incurred Losses on account of exchange differences stood at Rs72.4cr. The Rupee continued to lose further ground against the US Dollar since the beginning of 4QFY2009. Hence, we estimate the company's Bottom-line to be under pressure over the next few quarters as well.

Raw Material costs lower following decline in Crude prices

The two key raw materials used by the company, viz. Purufied Terephtalic Acid (PTA) and Mono Ethylene Glycol (MEG) are derivatives of crude oil and hence their prices are linked to the Petroleum prices, which are based on the international parity pricing. Prices of these raw materials fell significantly in line with the decline in crude prices. Moreover, presence of adequate manufacturing capacity of PTA and MEG globally also ensures that the downstream consumers get the product at affordable prices. In line with the lower raw materials prices, average realisations of the companys products fell by 22% qoq, while they improved by 11% yoy. We estimate JBF's Margins to improve going ahead
130 110 90 70 50 30

Exhibit 2: Crude oil Price Trend (US $/bbl)

170 150

Source: Bloomberg, Angel Research

During 3QFY2009, while the domestic PTA prices declined by 40% qoq, the international PTA prices corrected by 49%. In the case of MEG, domestic and international prices fell by 43% and 51% qoq, respectively. In line with the lower raw materials prices, average realisations of the companys products fell by 22% qoq, while they improved by 11% yoy. We estimate JBF's Margins to improve going ahead.

Exhibit 3: Key Raw Materials - Domestic Price Trend (Rs/Kg)

300 250 200 150 100 50 0

Aug-08

Nov-08

Feb-09

Apr-08

Sep-08

Jun-08

Jul-08

Oct-08

May-08

PTA

MEG

Polyester Chips

POY - Yarn

Source: Bloomberg, Angel Research April 9, 30, 2008 January 2009 For Private Circulation Only - - SebiRegistration No :: INB 010996539 For Private Circulation Only Sebi Registration No

Mar-09
3

Dec-08

Jan-09

08/01/08 16/01/2008 25/01/2008 04/02/08 12/02/08 21/02/2008 29/02/2008 10/03/08 18/03/2008 27/03/2008 04/04/08 14/04/2008 22/04/2008 30/04/2008 08/05/08 16/05/2008 27/05/2008 04/06/08 12/06/08 20/06/2008 30/06/2008 09/07/08 17/07/2008 25/07/2008 04/08/08 12/08/08 20/08/2008 28/08/2008 08/09/08 16/09/2008 24/09/2008 02/10/08 10/10/08 20/10/2008 28/10/2008 06/11/08 14/11/2008 24/11/2008 04/12/08 12/12/08 22/12/2008 31/12/2008

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New 2,16,000mtpa Saregam PC plant comes on stream

The new capacity is expected to substantially contribute towards increasing JBF's Sales volume and help it consolidate and increase its marketshare in the PC market JBF commenced operations of its 2,16,000mtpa PC capacity at Saregam, Gujarat during 3QFY2009. Post this capacity addition, the company's total PC manufacturing capacity stands enhanced at 5,50,800mtpa enabling it to manufacture a variety of chips such as Bottle grade, Film grade, etc. This new capacity is expected to substantially contribute towards increasing JBF's Sales volume and help it consolidate and increase its marketshare in the PC market.

Financial Performance
For 9MFY2009, the company's Stand-alone Top-line increased by 19.5% yoy. The company was able to sustain its good Operational performance during the period notwithstanding the surge in raw material prices registering 8% yoy growth in Operating Profits. However, Net Profit fell by a substantial 39.8% during the period to Rs58.8cr (Rs97.7cr) on account of the exchange losses of Rs72.6cr (Rs5.3cr forex gains registered in 9MFY2008). On a Consolidated basis, the company's Net Revenues during 9MFY2009 stood at Rs3,398.7cr, a yoy growth of 73.8%. However, Consolidated Net Profit (after Minority Interest) during 9MFY2009 fell 23% to Rs73.5cr. Going ahead, we expect JBF to post a CAGR of 22% in Revenues to Rs4,164cr and CAGR of 20% in Bottom-line to Rs189cr over FY2008-10E. We have estimated Top-line post taking into account a 2-4% decline in average realisations across product categories.

Exhibit 4: Financial Performance (Standalone)

Y/E March (Rs cr) Net Sales Consumption of RM (% of Sales) Staff Costs (% of Sales) Other Expenses (% of Sales) Total Expenditure Operating Profit OPM (%) Interest Depreciation Other Income PBT (excl. Extr. Items) Extr. Income/(Expense) PBT (incl. Extr. Items) (% of Sales) Provision for Taxation (% of PBT) Reported PAT PATM (%) Equity shares (cr) EPS (Rs) Adjusted PAT
Source: Company, Angel Research

3QFY2009 629.2 493.0 78.4 6.5 1.0 57.0 9.1 556.5 72.7 11.5 43.6 14.4 2.0 16.7 16.7 2.7 7.4 44.3 9.3 1.5 62.2 1.5 9.3

3QFY2008 496.3 388.7 78.3 4.2 0.8 38.3 7.7 431.1 65.2 13.1 8.9 11.0 2.5 47.8 47.8 9.6 17.4 36.5 30.3 6.1 59.6 5.1 30.3

%chg 26.8 26.8 57.2 48.8 29.1 11.5 390.6 30.6 (19.8) (65.1) (65.1) (57.6) (69.3)

9MFY2009 1,819.7 1,422.7 78.2 16.9 0.9 165.9 9.1 1,605.5 214.2 11.8 94.0 36.6 9.7 93.3 93.3 5.1 34.5 37.0 58.8 3.2 136.0

9MFY2008 1,522.4 1,197.6 78.7 13.3 0.9 113.2 7.4 1,324.1 198.3 13.0 27.7 32.8 6.4 144.2 144.2 9.5 46.5 32.2 97.7 6.4 136.0 7.2 97.7

%chg 19.5 18.8 26.7 46.6 21.2 8.0 238.9 11.7 50.8 (35.3) (35.3) (25.8) (39.8)

(69.3)

4.3 58.8

(39.8)

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Exhibit 5: Financial Performance (Consolidated)

4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 FY2007 FY2008 Net Sales (Rs cr) FY2009E % chg FY2010E 120 100 80 60 40 20 0

Source: Company, Angel Research

Exhibit 6: Operational Performance - Change in Estimates

Earlier Estimates Polyester Chip FY2009E Installed Capacity Capacity utilisation (%) POY Installed Capacity Capacity utilisation (%) 150,000 96 Installed Capacity Capacity utilisation (%) 550,800 75 Installed Capacity Capacity utilisation (%) FY2009E 550,800 72 POY 163,200 91 163,200 92 FY2010E 550,800 82 Revised Estimates Domestic Operations

International Operations PET Chip FY2009E Installed Capacity Capacity utilisation (%) Sales (Rs cr) Realisation (Rs/mt) Installed Capacity Capacity utilisation (%) Sales (Rs cr) Realisation (Rs/mt)
Source: Company, Angel Research

FY2009E Installed Capacity Capacity utilisation (%) Sales (Rs cr) Realisation (Rs/mt) Installed Capacity Capacity utilisation (%) Sales (Rs cr) Realisation (Rs/mt) 216,000 95 1,280 62,400 108,000 95 652 63,504

FY2010E 216,000 95 1,255 62,152 108,000 95 639 62,234

216,000 80 1,016 58,800 108,000 70 480 63,504

PET Film

Exhibit 7: Revised Financial Estimates

Parameters (Rs cr) Revenue Operating Profit OPM (%) Net Profit EPS (Rs)
Source:Angel Research April 9, 30, 2008 January 2009 For Private Circulation Only - - SebiRegistration No :: INB 010996539 For Private Circulation Only Sebi Registration No

FY2009E Old 3,801 487.7 12.8 269.8 35.7

FY2009E Revised 3,911 359.7 9.2 105 16.9

FY2010E New 4,164 395.6 9.5 188.7 30.3

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Outlook and Valuation

JBF has managed to register good Operational performance amidst the ongoing economic slowdown. The company's decent Operational performance can be attributed, to a large extent, to the substantial decline in the crude oil prices, which resulted in the fall of raw material prices. Going ahead, demand for POY is expected to increase due to the price advantage over substitutes like cotton. The manufacturers of polyester products are also expected to benefit from the restrictions on the total arable land that can be used for cultivation of cotton. Moreover, with production of polyester becoming increasingly non-competitive in Taiwan and Korea, major capacities are shifting to China and India. India is fast becoming a production hub for polyester due to adequate availability of raw materials and lower conversion costs. The continuous weakening of the INR, which in the recent past hit its historical low against the US$, is expected to be a major overhang on the company's Profitability. Nonetheless, the sharp fall in the stock price discounts the concerns arising out of the exchange losses. Thus, going ahead, any positive news would provide an upside to the stock price. Moreover, the companys FCCBs are due for conversion in FY2011 at Rs90, which is more than two times the stock's current market price, which we believe will not happen. Hence, the company's announcement of the buyback of FCCBs worth $14.3mn at a discount of 32.3% is a step in the right direction. At Rs40, the stock is trading 1.3x FY2010E EPS and 0.3x FY2010E P/BV. We maintain a Buy on the stock, with a revised Target Price of Rs91 (Rs140) implying a P/E multiple of 3x its FY2010E Earnings. We have assigned this Target P/E multiple, in line with the de-rating that has happened in the valuation of the company's peers.

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Profit & Loss Statement

Y/E March (Rs cr) Net Sales % chg Total Expenditure EBIDTA (%of Net Sales) Other Income Depreciation& Amortisation Interest PBT (% of Net Sales) Extraordinary Expense/(Inc.) Tax (% of PBT) PAT % chg Ad. PAT % chg FY2007 1,477.1 104.5 1,306.4 170.7 11.6 11.4 36.9 26.9 118.3 8.0 1.3 39.8 33.6 78.5 82.9 77.2 81.3 FY2008 FY2009E 2,792.3 89.0 2,525.4 266.9 9.6 15.7 59.6 63.3 159.7 5.7 1.4 29.5 18.5 130.2 65.8 132.4 71.5 3,911.5 40.1 3,551.8 359.7 9.2 11.8 78.2 169.5 123.8 3.2 18.8 15.2 105.0 (19.4) 105.0 (20.7)

Rs crore
FY2010E 4,164.0 6.5 3,768.4 395.6 9.5 11.8 86.8 95.0 225.7 5.4 38.8 17.2 186.8 78.0 186.8 78.0

Balance Sheet
Y/E March (Rs cr) SOURCES OF FUNDS Equity Share Capital Reserves & Surplus Shareholders Funds Minority intrest Total Loans Deffered Tax Liability (net) Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc.Depreciation Net Block Capital Work-in-Progress Investments Current Assets Current liabilities Net Current Assets Total Assets 831.6 190.8 640.8 275.5 27.7 344.2 146.4 197.8 1,141.8 1,217.6 246.4 971.2 364.9 59.4 1,029.2 590.5 438.7 1,834.2 1,564.6 324.7 1,239.9 156.5 59.4 942.0 345.1 596.8 2,052.7 54.4 327.9 382.3 62.13 604.4 92.9 1,141.8 62.2 521.1 583.4 316.07 836.6 98.2 1,834.2 62.2 634.6 696.8 316.07 941.6 98.2 2,052.7 FY2007 FY2008 FY2009E

Rs crore
FY2010E

62.2 806.9 869.1 316.07 791.6 98.2 2,074.9

1,735.0 411.4 1,323.6 173.5 59.4 891.8 373.4 518.4 2,074.9

Cash Flow Statement

Y/E March (Rs cr) Profit before tax Depreciation (Inc)/Dec in Working Capital Interest (Net) Direct taxes paid Others FY2007 118.3 36.9 (65.1) 24.3 39.8 35.4 FY2008 FY2009E 159.7 59.6 76.2 59.6 29.5 256.8 582.4 475.5 106.9 (31.7) 82.8 232.1 12.3 59.6 243.0 318.1 17.1 335.3 123.8 78.2 (348.3) 165.8 18.8 (30.0) (29.3) 138.5 (167.8) 9.9 105.0 165.8 (50.9) (218.7) 335.3 116.6

Rs crore
FY2010E 225.7 86.8 (44.6) 91.3 38.8 19.6 339.9 187.5 152.4 (150.0) 14.6 91.3 (255.9) (103.4) 116.6 13.2

Key Ratios
Y/E March Per Share Data (Rs) EPS Cash EPS DPS Book Value Operating Ratio Sales/Invested capital Inventory (days) Debtors (days) Creditors (days) Returns (%) RoE RoCE Dividend Payout Valuation Ratio (x) P/E P/E(CashEPS) P/BV EV/Sales EV/EBITDA 2.8 1.9 0.6 0.5 4.7 1.9 1.3 0.4 0.3 3.0 2.4 1.4 0.4 0.2 2.2 1.3 0.9 0.3 0.2 2.0 20.5 11.7 19.0 22.3 11.3 9.3 15.1 13.7 21.5 14.9 6.7 1.3 19.1 34.0 28.1 1.9 33.9 38.5 72.0 2.0 20.3 38.5 31.1 2.0 20.3 38.5 30.0 14.2 21.2 2.3 70.3 20.9 30.5 1.7 93.7 16.9 29.4 111.9 30.0 44.0 2.0 139.6 FY2007 FY2008 FY2009E FY2010E

Cash Flow from Operations 110.0 Inc./(Dec.) in Fixed Assets Free Cash Flow (Inc)/Dec in Investments Issue of Equity Inc./(Dec.) in loans Dividend Paid (Incl.Tax) Interest (Net) 408.5 (298.5) 16.8 22.3 177.7 14.7 24.3

Cash Flow from Financing 161.1 Inc./(Dec.) in Cash Opening Cash balances Closing Cash balances (120.6) 137.8 17.1

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Ratings (Returns) :

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Accumulate (Upside upto 15%) Sell (Downside > 15%)

Neutral (5 to -5%)

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Textiles
612, Acme Plaza, M.V. Road, Opp Sangam Cinema, Andheri (E), Mumbai - 400 059 e-mail : nri@angeltrade.com e-mail : advisory@angeltrade.com e-mail : commodities@angeltrade.com e-mail : pmshelpdesk@angeltrade.com e-mail : feedback@angeltrade.com Tel : (022) 3941 3940 Tel : (022) 4000 3622 / 4026 2700 Tel : (022) 3952 4568 Tel : (022) 3081 7400 Tel: (022) 3953 2800 Tel : (022) 2835 5000

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Indore - Tel: (0731) 3092 100 Jaipur - Tel: (0141) 3941 3940 Kanpur - Tel: (0512) 3017 700 Kolkata - Tel: (033) 3941 3940 Lucknow - Tel: (0522) 3057 700 Ludhiana - Tel: (0161) 4697 400

Nagpur - Tel: (0712) 3041 533 Nashik - Tel: (0253) 3011 400 / 1 Mumbai (Goregoan) Tel: (022) 2879 0411-15 Mumbai (Powai) - Tel: (022)3952 6500 New Delhi - Tel: (011) 3045 1300 / 4077 1300 Pune - Tel: (020) 3071 0250 / 2551 3143

Rajkot - Tel :(0281) 2490 847 Surat - Tel: (0261) 3071 600 Visakhapatnam - Tel :(0891) 3987 200 - 29

Private Client Group Offices:

Ahmedabad (C. G. Road) - Tel: (079) 3982 9934 Surat - Tel: (0261) 3071 600 Rajkot (Race course) - Tel: (0281) 2490 847

Sub - Broker Marketing:

Powai - Tel: (022) 3952 6500

Branch Offices:
Andheri ( L o k h a n d w a l a ) - Te l : ( 0 2 2 ) 3 9 5 2 5 6 7 9 Andheri (W) - Tel: (022) 2635 2345 / 6668 0021 Bandra (W) - Tel: (022) 2655 5560 / 70 Bandra (W) - Tel: (022) 6643 2694 - 99 Borivali (W) - Tel: (022) 3952 4787 Borivali (Punjabi Lane) - Tel: (022) 3951 5700. Chembur - Tel: (022) 6703 0210 / 11 /12 Chembur - (Basant) - Tel:(022) 3267 9114/ 15 Fort - Tel: (022) 3958 1887 Ghatkopar (E) - Tel: (022) 6799 3185 - 88 Kalbadevi - Tel: (022) 2243 5599 / 2242 5599 Kandivali (W) - Tel: (022) 2867 3800/2867 7032 Kandivali - Tel: (022) 4245 1300 Malad (E) - Tel: (022) 2880 4440 Malad (Natraj Market) - Tel:(022) 28803453 / 24 Masjid Bander - Tel: (022) 2345 5130 /1 / 8 / 42 /28 Mulund (W) - Tel: (022) 2562 2282 Nerul - Tel: (022) 2771 9012 - 17 Powai (E) - Tel: (022) 3952 5887 Sion - Tel: (022) 3952 7891 Thane (W) - Tel: (022) 2539 0786 / 0650 / 1 Vashi - Tel: (022) 2765 4749 / 2251 Vile Parle (W) - Tel: (022) 2610 2894 / 95 Wadala - Tel: (022) 2414 0607 / 08 Agra - Tel: (0562) 4037200 Ajmer - Tel: (0145) 3941 3940 Alwar - Tel: (0144) 3941 3940 / 99833 60006 Ahmeda. (Bapu Nagar) - Tel : (079) 3091 6900 - 02 Ahmedabad (C. G. Road) - Tel: (079) 4021 4023 Ahmeda. (Gurukul) - Tel: (079) 3011 0800 / 01 Ahmedabad (Kalupur) - Tel: (079) 3041 4000 / 01 Ahmedabad (Maninagar) - Tel: (079) 3981 7430 / 1 Ahmeda. (Ramdevnagar) - Tel : (079) 4024 3842 / 43 Ahmedabad (Sabarmati) - Tel : (079) 3091 6100 / 01 Ahmedabad (Satellite) - Tel: (079) 4000 1000 Ahmedabad (Shahibaug) -Tel: (079)3091 6800 / 01 Amreli - Tel: (02792) 228 800/231039-42 Amritsar - Tel: (0183) 3941 3940 Anand - Tel : (02692) 398 400 / 3 Ankleshwar - Tel: (02646) 398 200 Baroda - Tel: (0265) 2226 103-04 / 6624 280 Baroda (Akota) - Tel: (0265) 2355 258 / 6499 286 Baroda (Manjalpur) - Tel: (0265) 6454280-3 Bengaluru - Tel: (080) 4072 0800 - 29 Bhavnagar - Tel: (0278) 3941 3940 Bhavnagar (Shastrinagar)- Mobile: 92275 32302 Bhopal - Tel :(0755) 3941 3940 Bikaner - Tel: (0151)3941 3940 / 98281 03988 Chandigarh - Tel: (0172) 3092 700 Deesa - Mobile: 97250 01160 Erode - Tel: (0424) 3982 600 Faridabad - Tel: (0129) 3984 000 Gajuwaka - Tel: (0891) 3987 100 - 30 Gandhinagar - Tel: (079) 4010 1010 - 31 Gandhidham - Tel: (02836) 237 135 Gondal - Tel: (02825) 398 200 Ghaziabad - Tel: (0120) 3980 800 Gurgaon - Tel: (0124) 3050 700 Himatnagar - Tel: (02772) 241 008 / 241 346 Hyderabad - A S Rao Nagar Tel: (040) 4222 2070-5 Hubli - Tel: (0836) 4267 500 - 22 Indore - Tel: (0731) 3049 400 Indore - Tel: (0731) 4238 600 Jaipur - (Rajapark) Tel: (0141) 3057 900 / 99833 40004 Jalgaon - Tel: (0257) 2234 832 Jamnagar(Indraprashta) - Tel: (0288) 3941 3940 Jamnagar (Cross Word) - Tel: (0288) 2751 118 Jamnagar (Moti Khawdi) - Tel: (0288) 2846 026 Jamnagar(Madhav Plaza) - Tel: (0288) 2665 708 Jodhpur - Tel: (0291) 3941 3940 / 99280 24321 Junagadh - Tel : (0285) 3941 3940 Keshod - Tel: (02871) 234 027 / 233 967 Kolhapur - Tel: (0231) 6615 962 / 3 Kolkata (N. S. Rd) - Tel: (033) 3982 5050 Kolkata (P. A. Shah Rd) - Tel: (033) 3001 5100 Kota - Tel : (0744) 3981 400 Mangalore - Tel: (0824) 3982 140 Mansarovar - Tel:(0141) 3057 700/99836 74600 Mehsana - Tel: (02762) 645 291 / 92 Mysore - Tel: (0821) 4004 200 - 30 Nadiad - Tel : (0268) - 2527 230 / 34 Nashik - Tel: (0253) 3011 500 / 1 / 11 New Delhi (Bhikaji Cama) - Tel: (011) 41659711 New Delhi (Lawrence Rd.) - Tel: (011) 3262 8699 / 8799 New Delhi (Pitampura) - Tel: (011) 4751 8100 New Delhi (Nehru Place) - Tel: (011) 3982 0900 New Delhi (Preet Vihar) - Tel: (011) 4310 6400 Noida - Tel : (0120) 4639 900 / 1 / 9 Palanpur - Tel: (02742) 308 060 - 63 Patan - Tel: (02766) 222 306 Patel Nagar - Tel : (011) 45030 600 Porbandar - Tel : (0286) 3941 3940 Porbandar (Kuber Life Style) - Mob.-98242 53737 Pune - Tel : (020) 3093 4400 / 3052 3217 Pune (Aundh) - Tel: (020) 4104 1900 Pune (Camp) - Tel: (020) 3092 1800 Pune - Tel: (020) 6640 8300 / 3052 3217 Rajamundhry - Tel: (0883) 3982 200 Rajkot (Ardella) Tel.: (0281) 2926 568 Rajkot (University Rd.) - Tel: (0281) 2331 418 Rajkot - (Bhakti Nagar) Tel: (0281) 2361 935 Rajkot - (Indira circle) Tel : 99258 84848 Rajkot (Orbit Plaza) - Tel: (0281) 3983 485 Rajkot (Pedak Rd) - Tel: (0281) 3985 100 Rajkot (Ring Road)- Mobile: 99245 99393 Rajkot (Star Chambers) - Tel : (0281)3981 200 Rajkot - (Star Chambers) - Tel : (0281) 2225 401-3 Salem - Tel: (0427) 3982 810 Secunderabad - Tel : (040) 3093 2600 Surat (Mahidharpura) - Tel: (0261) 3092 900 Surat - (Parle Point) - Tel : (0261) 3091 400 Surat (Ring Road) - Tel : (0261) 3071 600 Surendranagar - Tel : (02752) 223305 Udaipur - (0294) 3981400 Valsad - Tel - (02632) 645 344 / 45 Vapi - Tel: (0260) 3088 210 / 211 / 2400 214 Varachha - (0261) 3091 500 Varanasi - Tel: (0542) 2221 129, 3058 066 Vijayawada - Tel :(0866) 3984 600 Warangal - Tel: (0870) 3982 200 Nagaur - Tel: (01582) 244 648

Central Support & Registered Office:G-1, Akruti Trade Centre, Road No. 7, MIDC Marol, Andheri (E), Mumbai - 400 093 Tel : 2835 8800 / 3083 7700

April 9, 30, 2008 January 2009

For Private Circulation Only - - SebiRegistration No :: INB 010996539 For Private Circulation Only Sebi Registration No