Escolar Documentos
Profissional Documentos
Cultura Documentos
Initiating Coverage
January
July 24, 2009
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 1
South Indian Bank
Banking
Company Background
SIB is one of the oldest banks in South India, based out of Thrissur, Kerala. The Bank mainly
extends traditional banking services to its largely middle-income, semi-urban and urban clientele.
FII and domestic institutional holding in the Bank is at a high 36% and 12%, respectively. Notably,
the Bank has no identifiable promoter. SIB is helmed by Dr V A Joseph, who was earlier part of
Syndicate Bank's top management and under whose leadership SIB has seen creditable
improvement in its financial performance over the past two years.
13%
50%
36%
The Bank has around 4,600 employees and a network of 544 branches, 9 extension counters and
295 ATMs, with 91% of the branches concentrated in South India. Around 44% of the Bank's
branches are located in the semi-urban regions while 21% are located in the urban areas.
80%
21% Urban
60%
91% South
20%
19% Rural
9% North
0%
Corporate credit accounts for the largest portion of SIB's credit mix at 46%, followed by SME at
19% and Retail Credit at 24%.
July
January
24, 2009
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 2
South Indian Bank
Banking
29
20% 20 16 11 19
35 15
10 14 15 13 12 8
0% -
AXSB UNBK INDBK YESBK SIB FEDBK KNTBK
CASA Deposits constitute 24% of SIB's total deposits while Retail FDs constitute 46%. NRI Deposits
account for a significant 17% of the Bank's total deposits.
60% 59 56 79
76
59
14 51
40%
22
20% 21 24 12 19 20
21 2 14
9 7 5 4 4
0% 7
AXSB UNBK INDBK YESBK SIB FEDBK KNTBK
January
July 24, 2009
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 3
South Indian Bank
Banking
Concerns over Asset quality and slowing Credit growth, that were a major overhang over both the
Private and PSU Bank stocks, are now receding as the GDP growth outlook continues to improve.
We maintain our view that Monetary softening, strong Domestic Savings and falling Interest rates
will help revive domestic demand from late FY2010E and subscribe to the view that stimulus
packages and bank bailouts will continue to stabilise developed economies over a similar timeframe.
With capital markets reviving and equity issuances on the rise, aided further by internal generation,
leverage levels should also come down over the next 9-12 months, even as domestic demand
picks up. This should help create a base for revival in credit demand 2HFY2010E onwards. Overall,
given the reasonable mid-cycle valuations, we believe a longer term investment perspective needs
to be adopted to take advantage of the imminent upturn in GDP growth.
The central government's fiscal deficit estimate for FY2010E has been increased to 6.8% of GDP,
while the ceiling for overall state government fiscal deficit has been increased to 4%. This further
increase in fiscal deficit could be a short-term overhang for the Banking Sector. However, we see
this as an opportunity to invest in bank stocks, as interest rates are unlikely to go up, given our
strong domestic savings and RBI's liquidity infusions that amount to indirect monetisation of the
deficit (the RBI is doing this through a huge Rs80,000cr of Open Market Operations, planned in
the first half of this fiscal. Notably, post the recent Union Budget, indications from the government
are that this indirect financing by the RBI could be stepped up to Rs2lakh cr).
With GDP growth reviving, the banking sector will be amongst the biggest beneficiaries. As low
lending rates work through the system for a few quarters, we believe a base will be created for
revival of Retail credit demand and gradually capex demand, even though a perceptible trend
reversal in overall credit growth is likely to occur only in FY2011E.
July
January
24, 2009
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 4
South Indian Bank
Banking
Investment Arguments
Cost efficient, Technologically up-to-date network underpins Profitable growth
in line with Industry
SIB's largely semi-urban branch network is concentrated in the Southern states of India. While
enjoying customer loyalty spanning many years, the Bank has ensured that it remains sufficiently
in step with product, technology and service level developments in the industry. As a result, the
Bank has maintained its marketshare in not just Advances and Deposits, but also CASA Deposits
over the past ten years. The Bank was one of the first amongst its peers to have its network on the
Core Banking platform and presently offers its clients standard products and channel options,
including net banking, etc.
0.60
0.40
0.20
-
FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010E FY2011E
In line with industry trends, the Bank has substantially improved its operating efficiency aided by
technology and natural operating leverage. As a result, SIB's operating expenses, as a % of
assets, are low which has helped it maintain reasonable Return on Assets (RoA). Although, the
Bank has further scope for operating leverage, we do not expect it to be higher than its private and
PSU peers. Consequently, in line with our industry view, we do not expect further operating
leverage to accrue to the Bank at the RoA level, since industry-wide improvements have been
usually passed on.
Incidentally, the Bank incurred certain one-time Staff expenses in FY2009 that resulted in its Staff
cost increasing by 46% yoy (further exacerbated by provisions for imminent wage hikes). While
SIB has made further provisions for wage hikes up to 17% of wages in 1QFY2010, based on our
discussion with management, we expect overall growth in the Bank's Staff expenses to be limited
to around 5% in FY2010E.
January
July 24, 2009
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 5
South Indian Bank
Banking
45 branches to be opened in Management also indicated that it intends to open around 45 branches in FY2010E as a part of its
FY2010E, 250 over next four plans to open a total of around 250 branches over the next four years. About 150 of these branches
years are intended to be opened outside South India, where the Bank's strategy is to have a presence in
key centers, partly to widen its customer base as well as meet the requirements of its existing
clients. This is in keeping with the Bank's strategy to plug all gaps in its offerings. At the same time,
the management intends to keep a tight leash on incremental expenses by avoiding very expensive
locations for its new branches. Thus, while in the medium term, structural competition from newer
private banks could become increasingly challenging, SIB's overall strategy and execution has
been creditable in the past few years and the management's enunciated strategy continues to be
credible and reasonable, underpinning our positive outlook in the medium term.
Niche NRI Deposit base underpins Deposit cost advantage over several peers
Outsized NRE Deposit The Bank's Deposit franchise includes a niche NRI customer base that contributes a meaningful
marketshare of 3.2% 17% of its total deposits and gives it a distinguishing cost advantage over several of its peers. The
Bank's marketshare in NRE Deposits stands at about 3.2% (marketshare with respect to overall
NRI Deposits stands at about 1.9%). This is significantly higher than the Bank's overall marketshare
of 0.4% of total deposits. The cost of NRE Deposits, which is about 3.5-4% at present, puts these
deposits just a notch above CASA Deposits that have a blended cost of 2-2.5%.
Fall in wholesale deposit rates The NRE deposit base puts the quality of the Bank's deposit mix above that of several other
to further aid NIMs mid-sized PSU and Private banks. However, till recently the high component of bulk deposits (at
about 18-20% of overall deposits) was putting pressure on the Bank's overall cost of funds. But
now, wholesale deposit rates have declined sharply. As a result, we believe that the Bank will be in
a position to largely maintain its NIMs in FY2010E at about 2.8% notwithstanding structural
competitive pressures for most mid-sized banks like itself over the medium term.
8.0
7.5
7.0
6.5
6.0
7.5
5.5 6.9
6.5
6.2
5.0 5.8 5.7 5.6
5.5
4.5
4.0
AXSB UNBK INDBK YESBK SIB FEDBK KNTBK KVB
Source: Company, Angel Research. Note: AXSB - Axis Bank, UNBK - Union Bank of India, INDBK - Indian Bank,
YESBK - Yes Bank, SIB - South Indian Bank, FEDBK - Federal Bank, KNTBK - Karnataka Bank, KVB - Karur Vysya
Bank
July
January
24, 2009
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 6
South Indian Bank
Banking
Environment has turned conducive for cheap NRE deposit inflows recently
Moreover, the environment has become meaningfully more conducive for NRE deposits. The
RBI-mandated maximum spread to LIBOR permitted for NRE deposits stands at a high of 175bp
and is unlikely to be brought down for the time being considering that overall forex inflows into the
country remains subdued. The LIBOR itself is at very low levels of 1-2% due to the substantial
global liquidity created by major central banks such as the US Federal Reserve. Moreover, the
outlook on the Rupee exchange rate is also benign in the near term, creating the incentive of
further upside on NRE deposits through Rupee appreciation.
6.0 8,000
3.0 4,000
- -
(3.0) (4,000)
(6.0) (8,000)
(9.0) (12,000)
Sep-04
Sep-05
Sep-06
Sep-07
Sep-08
Mar-04
Mar-05
Mar-06
Mar-07
Mar-08
Mar-09
NRI Deposits Inflow / Outflow NRE FD Ceiling Rates QoQ Exchange rate variance
In 4QFY2009 alone, the quantum of inflows in the form NRI deposits was a huge Rs10,826cr,
much above the average level of Rs3,200cr in the preceding three quarters and a paltry Rs706cr
of total NRI inflows in FY2008. It should be noted that a good chunk of this was attributable to
terminal inflows ie. money being brought back into the country by returning expatriates who lost
their jobs as a fall-out of the ongoing global crisis (about 1.5 lakh individuals are estimated to have
returned to India in 4QFY2009).
Our discussion with management about the profile of its NRI customer base indicates that its
typical NRI customers belong to the Middle-Income Segment, working in the Middle-East and
having a family back home, usually in the semi-urban areas of the Southern states where the
Bank has most of its branches. Having had long-lasting ties with the Bank, there is usually a
substantial sense of customer loyalty from them. Typically, customers remit money to India either
for their families or because they feel more comfortable about the safety of their wealth saved in
Indian Rupees, since they eventually want to return back to the country. That is to say, a good
majority of the Bank's customers may not necessarily be very sensitive to near-term increase in
spreads or improvement in exchange rate outlook. Also, given the higher rates available on domestic
deposits (NRO accounts for NRIs), the Bank has seen a good chunk of NRI deposit inflows moving
into NRO accounts.
January
July 24, 2009
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 7
South Indian Bank
Banking
Having said that, the fact remains that the outlook for NRE inflows has improved and given the
Bank's substantial marketshare in this Segment, it is likely to receive a reasonable share of these
inflows. Added to its existing customer base in this Segment, the increasing tie-ups with
Middle-Eastern exchange houses are also expected to help the Bank garner a reasonable share
of incremental inflows. Under these tie-ups, the Bank deputes 8-10 members of its staff for
undertaking complete management of these exchange houses. This gives the Bank front-end
access to new NRI customers to whom its staff can cross-sell the Bank's deposit products. The
Bank added a few thousand customers through this route in FY2009. The Bank has also entered
into tie-ups with other financial services companies such as Geojit Securities to offer a wider
bouquet of services to its NRI customer base.
Financial Analysis
Growth in line with industry
Low cost of funds due to NRE We rate the Bank's peer group (ie. old private sector banks) on an average, broadly on par with
deposits aid healthy NII growth mid-sized PSU banks in terms of RoE and growth potential. Specifically, in case of SIB, as described
outlook earlier, it has done a creditable job of maintaining its marketshare in Deposits and Advances over
the past ten years. Moreover, its low-cost NRI deposit base gives it a cost advantage over several
peers. While it's overall cost of funds is not significantly lower, this is mainly because of high bulk
deposits that are now likely to get priced downwards. However, we have not factored in improvement
in NIMs above 2.8% delivered in FY2009, in line with our view that smaller banks have consistently
passed on any benefits from cost improvements to customers to ward off stiff competition from
new private banks. This coincides with our estimated 17% CAGR in the Bank's Balance Sheet
over FY2009-11E that implies marketshare being largely maintained over this period.
The Bank's funding cost advantage, to an extent, is eroded by its lower core Fee Income compared
to peers. The Bank's Fee Income is lower than industry averages partially due to the limited
opportunities to extend Fee Income services, especially in the newer segments, due to the typical
profile of the Bank's customer base. Management stated its charges for the traditional Fee Income
streams are on par with competition.
2.50
-
0.05
0.22
2.00 0.01
0.67
0.28
- -
1.50 0.49
0.59
0.36 0.91
0.24
0.07
1.00 0.10 0.25 0.50 0.24 0.12
1.69 0.14
0.36
0.14
0.41 0.19 0.42
- 0.14
0.50 0.24 0.89
0.27
0.14 0.70 0.14
0.13 0.49
0.34 0.30 0.28
0.15
-
AXSB UNBK INDBK YESBK SIB FEDBK KNTBK KVB
July
January
24, 2009
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 8
South Indian Bank
Banking
Keeping in mind the Bank's typical customer base, general trends in its peer group and
management's outlook on Fee Income, we have not factored in any improvement in Fee income
as a percentage of average assets ie. we expect Fee income (mainly from traditional sources) to
continue growing more or less in line with Balance Sheet growth. That said, upsides to Profitability
could accrue from economies of cross-sell, which potential acquirers with a wider and more
established product and service range can leverage more effectively. In any case, in our view, the
Bank's cost-efficient and technologically up-to-date network constitutes a reasonably attractive
and profitable standalone franchise as well.
We expect the Bank's Operating expenses to post a sedate 10% CAGR over FY2009-11E, mainly
due to a higher base of Staff expenses in FY2009 on account of one-time expenses (over and
above wage hike provisions). As a result, Opex, as a percentage of average assets, is expected to
fall in FY2010E back to FY2008 levels of 1.6%.
We have factored 10bp Incidentally, the Bank's provisioning expenses have declined significantly over FY2008-09, which
increase in NPA provisioning we believe is unsustainable. Accordingly, we have factored in a 10bp fall in NIMs adjusted for
costs by FY2011E provisioning expenses over FY2009-11E. Further downsides on this front represent a key investment
risk. The Bank's SLR book is largely de-risked, with only 16% of SLR investments in the AFS
portfolio, having a low duration of 0.7 years. The non-SLR book however, comprises a large 34%
of overall investments.
We believe the Bank will be able to sustain RoAs at around 1% levels over FY2009-11E,
notwithstanding structural competitive pressures from new private banks. In line with peers, the
Bank has a high Tier 1 ratio of 13.2% (as per Basel 2 norms) and management has indicated that
it is comfortable with a Tier 1 ratio of 10% on the lower side (as against 7-8% for PSU and new
Private Banks due to their ability to raise cheaper bond capital). Accordingly, we believe that the
Bank's normalised core RoEs would remain in the range of 14-16% over the medium term (with a
downward bias on account of competitive pressures). We expect SIB's RoEs to average around
16% over FY2009-11E and expect Net Profit to post 17% CAGR over the mentioned period.
January
July 24, 2009
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 9
South Indian Bank
Banking
July
January
24, 2009
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 10
South Indian Bank
Banking
Concerns
Asset quality pressures
Cyclical asset quality The Bank's asset quality has improved substantially FY2002 onwards in line with industry trends
deterioration to continue over underpinned by strong economic growth and improving recovery mechanisms. Especially over
the next few quarters in line FY2006-08, the Bank's gross NPAs fell from 5% to 1.8% while Net NPAs declined from 1.9% to
with industry 0.3%. In 4QFY2010, the Bank had a large technical slippage of Rs100cr that subsequently became
standard in 1QFY2010. Including this technical slippage, the Bank's slippage rate for FY2009 was
1.6%, but excluding this it was around 0.7%, similar to the slippage rate in FY2008. Going forward,
we believe that in line with industry trends, the Bank may also continue to face asset quality
pressures over the next few quarters. However, with the economic outlook improving, we expect
the Bank's asset quality to start stabilising increasingly 2HFY2010E onwards. The Bank’s
Restructured loans at about 20% of its Net Worth are also well below industry averages.
Increase in provisioning costs expected in light of credit mix and deteriorating provision
coverage
Moderate increase in NPA Given the Bank's credit mix that includes a substantial proportion of Personal and SME loans
provisioning costs expected (also reflected in its higher yield on assets), we do not expect the Bank's low NPA provisioning
irrespective of industry cycle costs over FY2008-09 to be sustainable from a structural point-of-view, notwithstanding a cyclical
improvement in industry-wide asset quality outlook. Accordingly, we have factored in an increase
in NPA provisioning costs, as a percentage of average assets, from 0.15% in FY2009 to 0.3% in
FY2011E. This is also taking into account deterioration in the Bank's provision coverage from 82%
in FY2008 to 64% in 1QFY2010 in spite of the above-mentioned technical slippage becoming
standard.
January
July 24, 2009
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 11
South Indian Bank
Banking
10.0% 75.0%
10.1% 10.0%
9.2%
8.0% 60.0%
7.6%
7.1% 6.9%
6.0% 6.6% 45.0%
6.0%
Partly on account of Rs100cr
5.0% of technical slippages that
4.0% 4.5% 30.0%
have become standard in
3.8% 3.9% 1QFY2010
2.0% 15.0%
2.2%
1.9% 1.8% 1.6% 1.3%
1.0% 0.3% 1.1% 0.6% 0.5%
0.0% 0.0%
FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10E FY11E
Competitive pressures
We expect structural competition from the newer Private Banks to be substantial in the medium
term. However, SIB's overall strategy and execution has been creditable over the past few years,
with the Bank maintaining its marketshare even in CASA deposits. While we expect a loss in
marketshare for the peer group that the Bank belongs to, however, based on the Bank's track
record, and keeping in mind the importance of customer loyalty in the Banking Industry, we expect
the bank to deliver profitable growth above the average growth rate of its peer group over the
medium term.
July
January
24, 2009
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 12
South Indian Bank
Banking
Overall, we believe that current valuations provide a reasonable margin of safety from inherent
and cyclical asset quality pressures as well as structural competitive pressures from the larger
Private Banks that are increasingly penetrating deeper into Tier II and Tier III towns. At the CMP,
the stock is trading at 4.5x FY2011E EPS and 0.7x FY2011E ABV. We value the stock at 0.9x
FY2011E ABV to arrive at a Target Price of Rs135, implying an upside of 26%. We Initiate Coverage
on the stock with a Buy recommendation.
January
July 24, 2009
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 13
South Indian Bank
Banking
250
200
150
100
50
0
Mar-02
Oct-02
Apr-03
Oct-03
Apr-04
Oct-04
Apr-05
Oct-05
Apr-06
Oct-06
Apr-07
Oct-07
Apr-08
Oct-08
Apr-09
Oct-09
Price 0.3x 0.6x 0.9x 1.2x 1.5x
Source: Company, Angel Research
July
January
24, 2009
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 14
South Indian Bank
Banking
Deposits 15,156 18,092 21,168 24,554 Dividend Yield 2.8 2.8 3.3 3.7
Borrowings 28 20 24 28
January
July 24, 2009
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 15
South Indian Bank
Banking
Research & Investment Advisory: Acme Plaza, 3rd Floor ‘A’ wing, M.V. Road, Opp Sangam Cinema, Andheri (E), Mumbai - 400 059
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Ratings (Returns) : Buy (Upside > 15%) Accumulate (Upside upto 15%) Neutral (5 to -5%)
Reduce (Downside upto 15%) Sell (Downside > 15%)
July
January
24, 2009
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 16
South Indian Bank
Banking
Corporate & Marketing Office : 612, Acme Plaza, M.V. Road, Opp Sangam Cinema, Andheri (E), Mumbai - 400 059 Tel : (022) 3952 7100 / 4000 3600
NRI Helpdesk : e-mail : nri@angeltrade.com Tel : (022) 4000 3622 / 4026 2700
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Feedback : e-mail : feedback@angeltrade.com Tel : (022) 2835 5000
Regional Offices:
Ahmedabad - Tel: (079) 3941 3940 Indore - Tel: (0731) 3941 394 Nagpur - Tel: (0712) 3941 394 Rajkot - Tel :(0281) 3941 394
Bengaluru - Tel: (080) 3941 3940 Jaipur - Tel: (0141) 3941 394 Nashik - Tel: (0253) 3941 394 Surat - Tel: (0261) 3941 394
Chennai - Tel: (044) 3941 3940 Kanpur - Tel: (0512) 3941 394 Mumbai (Goregoan) Tel: (022) 2879 0411-15 Visakhapatnam - Tel :(0891) 3941 394
Cochin - Tel: (0484) 3941 394 Kolkata - Tel: (033) 3941 3940 Mumbai (Powai) - Tel: (022)3952 6500
Coimbatore - Tel: (0422) 3941 394 Lucknow - Tel: (0522) 3941 394 New Delhi - Tel: (011) 3941 3940
Hyderabad - Tel: (040) 3941 3940 Ludhiana - Tel: (0161) 3941 394 Pune - Tel: (020) 3941 3940
Branch Offices:
Andheri (Lokhandwala) - Tel: (022) 2639 2626 Ahmeda. (Ramdevnagar) - Tel : (079) 4024 3842 / 43 Jalgaon - Tel: (0257) 2234 832 Pune (Camp) - Tel: (020) 3092 1800
Andheri (W) - Tel: (022) 2635 2345 / 6668 0021 Ahmedabad (Sabarmati) - Tel : (079) 3091 6100 / 01 Jamnagar(Indraprashta) - Tel: (0288) 3941 394 Pune - Tel: (020) 6640 8300 / 3052 3217
Bandra (W) - Tel: (022) 2655 5560 / 70 Ahmedabad (Satellite) - Tel: (079) 4000 1000 Jamnagar (Cross Word) - Tel: (0288) 2751 118 Rajamundhry - Tel: (0883) 3941 394
Bandra (W) - Tel: (022) 6643 2694 - 99 Ahmedabad (Shahibaug) -Tel: (079)3091 6800 / 01 Jamnagar (Moti Khawdi) - Tel: (0288) 2846 026 Rajkot (Ardella) Tel.: (0281) 2926 568
Borivali (W) - Tel: (022) 3952 4787 Amreli - Tel: (02792) 228 800/231039-42 Jamnagar(Madhav Plaza) - Tel: (0288) 2665 708 Rajkot (University Rd.) - Tel: (0281) 2331 418
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Chembur - Tel: (022) 6703 0210 / 11 /12 Anand - Tel : (02692) 398 400 / 3 Junagadh - Tel : (0285) 3941 3940 Rajkot - (Indira circle) Tel : 99258 84848
Chembur - (Basant) - Tel:(022) 022) 6156 1111 / 01 Ankleshwar - Tel: (02646) 398 200 Keshod - Tel: (02871) 234 027 / 233 967 Rajkot (Orbit Plaza) - Tel: (0281) 3983 485
Fort - Tel: (022) 3958 1887 Baroda - Tel: (0265) 2226 103-04 / 6624 280 Kolhapur - Tel: (0231) 6632 000 Rajkot (Pedak Rd) - Tel: (0281) 3985 100
Ghatkopar (E) - Tel: (022) 3955 8400/2510 1525 Baroda (Akota) - Tel: (0265) 2355 258 / 6499 286 Kolkata (N. S. Rd) - Tel: (033) 3982 5050 Rajkot (Ring Road)- Mobile: 99245 99393
Kalbadevi - Tel: (022) 2243 5599 / 2242 5599 Baroda (Manjalpur) - Tel: (0265) 6454280-3 Kolkata (P. A. Shah Rd) - Tel: (033) 3001 5100 Rajkot (Star Chambers) - Tel : (0281)3981 200
Kandivali (W) - Tel: (022) 2867 3800/2867 7032 Bengaluru - Tel: (080) 4072 0800 - 29 Kota - Tel : (0744) 3941 394 Rajkot - (Star Chambers) - Tel : (0281) 2225 401-3
Kandivali - Tel: (022) 4245 1300 Bhavnagar - Tel: (0278) 3941 394 Madurai Tel: (0452) 3941 394 Salem - Tel: (0427) 3941 394
Malad (E) - Tel: (022) 2880 4440 Bhavnagar (Shastrinagar)- Mobile: 92275 32302 Mangalore - Tel: (0824) 3982 140 Secunderabad - Tel : (040) 3093 2600
Malad (Natraj Market) - Tel:(022) 28803453 / 24 Bhopal - Tel :(0755) 3941 394 Mansarovar - Tel:(0141) 3057 700/99836 74600 Surat (Mahidharpura) - Tel: (0261) 3092 900
Masjid Bander - Tel: (022) 2345 5130 /1 / 8 / 42 /28 Bikaner - Tel: (0151) 3941 394 / 98281 03988 Mehsana - Tel: (02762) 645 291 / 92 Surat - (Parle Point) - Tel : (0261) 3091 400
Mulund (W) - Tel: (022) 2562 2282 Chandigarh - Tel: (0172) 3092 700 Mysore - Tel: (0821) 4004 200 - 30 Surat (Ring Road) - Tel : (0261) 3071 600
Nerul - Tel: (022) 2771 9012 - 17 Deesa - Mobile: 97250 01160 Nadiad - Tel : (0268) - 2527 230 / 34 Surendranagar - Tel : (02752) 223305
Powai (E) - Tel: (022) 3952 5887 Erode - Tel: (0424) 3982 600 Nashik - Tel: (0253) 3011 500 / 1 / 11 Udaipur - (0294) 3941 394
Sion - Tel: (022) 3952 7891 Faridabad - Tel: (0129) 3984 000 New Delhi (Bhikaji Cama) - Tel: (011) 41659711 Valsad - Tel - (02632) 645 344 / 45
Thane (W) - Tel: (022) 2539 0786 / 0650 / 1 Gajuwaka - Tel: (0891) 3987 100 - 30 New Delhi (Lawrence Rd.) - Tel: (011) 3262 8699 / 8799 Vapi - Tel: (0260) 3941 394
Vashi - Tel: (022) 2765 4749 / 2251 Gandhinagar - Tel: (079) 4010 1010 - 31 New Delhi (Pitampura) - Tel: (011) 4751 8100 Varachha - (0261) 3091 500
Vile Parle (W) - Tel: (022) 2610 2894 / 95 Gandhidham - Tel: (02836) 237 135 New Delhi (Nehru Place) - Tel: (011) 3982 0900 Varanasi - Tel: (0542) 2221 129, 3058 066
Wadala - Tel: (022) 2414 0607 / 08 Gondal - Tel: (02825) 398 200 New Delhi (Preet Vihar) - Tel: (011) 4310 6400 Vijayawada - Tel :(0866) 3984 600
Agra - Tel: (0562) 4037200 Ghaziabad - Tel: (0120) 3980 800 Noida - Tel : (0120) 4639 900 / 1 / 9 Warangal - Tel: (0870) 3982 200
Ajmer - Tel: (0145) 3941 394 Gurgaon - Tel: (0124) 3050 700 Palanpur - Tel: (02742) 308 060 - 63 Nagaur - Tel: (01582) 244 648
Alwar - Tel: (0144) 3941 394 / 99833 60006 Himatnagar - Tel: (02772) 241 008 / 241 346 Patan - Tel: (02766) 222 306
Ahmeda. (Bapu Nagar) - Tel : (079) 3091 6900 - 02 Hyderabad - A S Rao Nagar Tel: (040) 4222 2070-5 Patel Nagar - Tel : (011) 45030 600
Ahmedabad (C. G. Road) - Tel: (079) 4021 4023 Hubli - Tel: (0836) 4267 500 - 22 Porbandar - Tel : (0286) 3941 394
Ahmeda. (Gurukul) - Tel: (079) 3011 0800 / 01 Indore - Tel: (0731) 3049 400 Porbandar (Kuber Life Style) - Mob.-98242 53737
Ahmedabad (Kalupur) - Tel: (079) 3041 4000 / 01 Indore - Tel: (0731) 4238 600 Pune - Tel : (020) 3093 4400 / 3052 3217
Ahmedabad (Maninagar) - Tel: (079) 3981 7430 / 1 Jaipur - (Rajapark) Tel: (0141) 3057 900 / 99833 40004 Pune (Aundh) - Tel: (020) 4104 1900
Central Support & Registered Office:G-1, Akruti Trade Centre, Road No. 7, MIDC Marol, Andheri (E), Mumbai - 400 093 Tel : 2835 8800 / 3083 7700
January
July 24, 2009
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 17