TM

Angel Broking Jain Irrigation

Ceat
Service Truly Personalized
Initiating Coverage

BUY Going Tough

Ceat is expanding capacity by setting up a green-field plant for high-Margin Truck and Bus
Price Rs103
(T&B) Radial tyres. The company is also improving its product mix by enhancing capacity of
Target Price Rs147 high-Margin Specialty tyres. It is also increasing focusing on Exports. Further, we expect
Investment Period 12 Months value unlocking to happen as the company plans to sell its surplus land at Bhandup, Mumbai
over the next two years. Over FY2007-10E, we expect Ceat's Top-line to grow at a CAGR of
Stock Info 8.3%, and with Margins expected to sustain at 9MFY2008 levels (8.5%), we expect the
company's Bottomline to grow at CAGR of 34% in the mentioned period. Also, de-merger of
Sector Tyre
its investments has reduced Ceat's capital by 25% and is expected to improve Return Ratios.
Market Cap (Rs cr) 352 At current levels, the stock is trading at attractive valuations at 3.8x FY2009E EPS of Rs27.4
and 3.5x FY2010E EPS of Rs29.4 and FY2010E EV/Sales of 0.3x and EV/EBITDA of 3.2x.
Beta 0.9
We Initiate Coverage on the stock, with a Buy Recommendation and Target Price of
52 Week High / Low 244/92 Rs147, translating into an upside of 43% from current levels.

Avg Daily Volume 190618 „ Capacity expansions and Re-jig of Product mix to sustain Margins: Ceat is
aggressively expanding capacity, and re-jigging its product mix (focus on high-Margin
Face Value (Rs) 10
products) to sustain Margins. In line with this, the company has expanded capacity (capex of
Rs50cr) of its Bhandup and Nasik plants by 30 tonnes per day(tpd) for the manufacture of
BSE Sensex 15,808
T&B bias tyres. Ceat also plans to set up a 100tpd green-field T&B Radial facility at an
Nifty 4,778 investment of Rs500cr. It proposes to focus on the high-Margin passenger car radial (PCR)
and Specialty tyre segments by increasing capacity from the current 40-50tpd to 100tpd
going ahead. These initiatives will help the company sustain overall Margins and Profitability.
BSE Code 500878
„ Increasing focus on Exports: Ceat has a global footprint and exports to over 110
NSE Code CEATLTD
countries. Going ahead, it proposes to enhance focus on exports. Over the next two years,
Reuters Code CEAT.BO we estimate exports' contribution to gross sales to increase from the current 18% to 22%.

Bloomberg Code CEAT IN „ De-merged investments to improve Return Ratios: Ceat's investments in the RPG
group companies of Rs120cr, which were not yielding significant returns, have now been
de-merged. As a result, Ceat's capital has reduced by 25% and its RoCE is set to improve
Shareholding Pattern (%)
from 11.9% in FY2007 to 18.7% in FY2010E, and will aid a re-rating of the stock.
Promoters 43.2

MF / Banks / Indian FIs 28.5 Key Financials

Y/E March (Rs cr) FY2007 FY2008E FY2009E FY2010E
FII / NRIs / OCBs 11.6
Net Sales 2,133 2,290 2,473 2,721
Indian Public / Others 16.7 % chg 22.3 7.4 8.0 10.0
Net Profit 39.3 192.5 93.9 100.6
% chg - 390.4 (51.2) 7.2
Abs. 3m 1yr 3yr
OPM (%) 6.5 8.3 8.5 8.5
Sensex (%) (13) 20 147
EPS (Rs) 8.6 56.2 27.4 29.4
Ceat (%) (43) (7) 15 P/E (x) 12.0 1.8 3.8 3.5
P/BV (x) 1.2 0.8 0.7 0.6
Adj. RoE (%) 10.4 21.1 18.8 17.2
Girish Solanki
RoCE (%) 11.9 17.8 18.4 18.7
Tel: 022 - 4040 3800 Ext: 319 EV/Sales (x) 0.4 0.3 0.3 0.3
E-mail: girish.solanki@angeltrade.com EV/EBITDA (x) 5.8 3.2 3.1 3.2
Source: Company, Angel Research. Note: FY2008E, Adj PAT is Rs88.5cr and RoE has been
adjusted for sale of land.

January
April 11, 30,
20082008 For Private Circulation Only - Sebi Registration No : INB 010996539 1
 TM
Angel Broking Ceat
Service Truly Personalized
Tyre

Business Overview

In FY2007, the company
manufactured 7.5mn tyres and
registered an annual turnover
of Rs2,133cr
Ceat, a part of the RPG Group, is one of India's leading tyre manufacturers in the country. In
FY2007, the company manufactured 7.5mn tyres and registered an annual turnover of Rs2,133cr.
Ceat has strong brand equity and is well-entrenched in both the domestic and international
markets. The company has a domestic presence with 36 regional offices, more than 3,500
dealers, and over 100 Clearing & Forwarding agents and It is the largest tyre exporter in India
exporting to over 110 countries worldwide. Ceat also has long-standing business tie-ups with the
major OEMs like Tata Motors, Ashok Leyland, M&M, L&T, Eicher, Swaraj Mazda, caterpillar, Bajaj
Auto, Piaggio, Hero Honda, and TVS Motors. .

Ceat manufactures a wide range of tyres, which cater to almost all users including heavy-duty
trucks and buses, light commercial vehicles, earthmovers, forklifts, tractors, trailers, cars,
motorcycles and scooters, specialty tyres, radials and three wheelers. It also markets tubes and
flaps, which are outsourced from 13 partners. The company has also entered into an
agreement with Pirelli of Italy for outsourcing Radial tyres, marketed under the brand name, CEAT
Spider Radials. It has two manufacturing units located at Mumbai and Nasik.

Exhibit 1: Segment-wise revenue (FY2007)

Source: Company, Angel Research

April
January
11, 2008
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 2
 TM
Angel Broking Ceat
Service Truly Personalized
Tyre

Industry Overview

The Indian Tyre industry,
estimated at
Rs19,000cr, accounts for
around 4% of the global Tyre
market
The Indian Tyre industry, estimated at around Rs19,000cr, accounts for around 4% of the global
around Tyre market. Over FY2002-07, the industry clocked a CAGR of 10.6%. However, over the next five
years, industry is estimated to witness a marginal slow down and register CAGR of 8-9%. This blip
in growth would be on account of the likely slow down in the OEM off-take across categories.
Ceat is the fourth largest Tyre manufacturer in the country with a marketshare of 12% trailing MRF
(21.9%), Apollo Tyres (21.8%) and J K Industries (17.6%).

Exhibit 2: Marketshare across companies (FY2007)

Others
9.5%
Falcon
2.1% MRF
TVS shrichakra 21.9%
3.4%

Birla tyres
5.5%

Goodyear India
6.3%

Ceat Apollo Tyres

11.9% 21.8%

JK Inds
17.6%

Source: Crisinfac, Angel Research, Note: Marketshare is based on production minus exports

The Top-seven players Exhibit 3: Tyre Industry Overview (FY2007)

account for over 85% of the
Turnover (Rs cr) 19,000
industry marketshare and are
Export (Rs cr) 2,000
operating at above 90%
Installed capacity (million nos) 90.2
utilisation level
Production (million nos) 74.2
Production ('000 tonnes) 1,102
Historical CAGR (FY2003-07, %)
Production of MHCV tyres (in nos) 5.9
Value of Exports 12.9
Source: Crisi Infac, Angel Research

The Indian Tyre industry has an aggregate installed capacity of 90.2mn tyres. The Top-seven
players account for over 85% of the marketshare. As the Top-seven tyre players are
operating at above 90% utilisation level, it has allowed the players to hike the tyre prices last year,
leading stability to Margins. However, due to the capacity constraints, the Top-four players have
lined up expansion plans to be completed over the next few years. According to industry, the
capex requirement until FY2012 would be around Rs5,000cr. The vehicle population is expected
to rise and keep the Replacement demand buoyant. In FY2007, the Replacement segment
contributed 57% to the overall industry Sales, OEMs 29% and Exports 14%.

January
April 11, 30,
20082008 For Private Circulation Only - Sebi Registration No : INB 010996539 3
 TM
Angel Broking Ceat
Service Truly Personalized
Tyre

In FY2007, the Replacement Exhibit 4: Segment-wise Sales break up (FY2007)

segment contributed 57% to
the overall industry Sales,
OEMs 29% and Exports 14%

Source: Crisinfac, Angel Research

Growth drivers

Improving Road Infrastructure and higher Vehicle population to boost Tyre offtake

Expected growth in the
Automobile industry will
translate into sustainable
growth of its ancillary
segment, the Tyre industry,
both in OEM segment and
Replacement market over the
next 5-10 years
Investment in Road infrastructure is expected to grow at a CAGR of 11% over the next three
years, which is expected to result in cargo transport shifting from railways to roads. As a result,
commercial vehicles (CV) sales would also improve. Going ahead, India is expected to emerge as
an Automobile outsourcing and manufacturing hub. Expected growth in the Automobile industry
will translate into sustainable growth of its ancillary segment, the Tyre industry, both in OEM
segment and Replacement market over the next 5-10 years. The Replacement market for tyres,
which is around 57% of the overall domestic tyre offtake, is expected to grow at a much faster
pace due to the sharp increase in vehicle population. We see this market as the key growth driver
for the tyre manufacturers.

Exhibit 5: Tyre Industry - Gearing up for overall Healthy growth

Robust
Economic Freight movement & increased passenger traffic
performance

Focus on
infrastructure Demand creation both at time of construction & Subsequently
development

Boom
in Auto OEM demand leads to replacement demand
Industry
Source: Angel Research

April
January
11, 2008
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 4
 TM
Angel Broking Ceat
Service Truly Personalized
Tyre

The PV segment is expected Over the last five years, the Indian passenger vehicles (PV) segment grew by 17.8%, while
to grow at 11%, while the CV commercial vehicles (CV) demand grew 21.9%. The PV segment is expected to grow at 11%,
segment is expected to grow while the CV segment is expected to grow by 8%, albeit on a higher base, over FY2007-10.
by 8% albeit on a higher base
Exhibit 6: Auto sales (in '000)
Y/E March FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 CAGR (%)
Commercial Vehicles 203 277 349 391 518 546 21.9
LCV 82 108 137 170 223 253 25.4
MHCV 122 169 213 221 295 293 19.2
Passenger Vehicles 780 1031 1,228 1,319 1,578 1,766 17.8
Cars 612 821 981 1,052 1,269 1,414 18.2
UV 115 149 181 200 224 250 16.8
MPV 53 61 66 67 84 120 14.1
Two Wheelers 4,992 5,628 6,577 7,566 8,467 8,051 10.0
Motorcycles 3,771 4,357 5,242 6,197 7,098 6,544 11.7
Mopeds 362 331 352 376 393 432 3.6
Scooter 859 940 983 993 976 1,075 4.6
Total 5,975 6,936 8,154 9,275 10,562 10,363 11.6
YoY Growth (%) 16.1 17.5 13.8 13.9 (1.9)
Source: Society of Indian Automobile Manufacturers (SIAM), Angel Research

Buoyant OEM segment to boost Replacement Tyre segment

We expect the steady The Automobile sector is expected to continue on growth path over the medium term fuelled by
demand in OEMs to increasing domestic demand and growing exports. Penetration of cars in India is among the
create a huge base of lowest in the world, which leaves significant room for growth. Further, given the government's
vehicles, which will thrust on infrastructure spending, the CV segment would benefit from the same in turn aiding
consistently drive growth of the Tyre industry. Average disposable income levels have also been rising and so has
Replacement demand - a the availability of low-cost financing. All these factors are expected to keep domestic vehicle
major component of tyre demand robust, and in turn impact the OEM tyre offtake favourably.
offtake
While the domestic Automobile industry grew at a CAGR of around 11.6% during FY2003-08, it is
expected to grow by more than 10% (on an expanded base) over the next ten years. Also, in view
of the growth rate and interest shown by the global players, the government has indicated that
Auto hubs need to be set up in various parts of the country. Thus, India is set to become a hub for
the US $1trillion global Auto-components industry.

We expect the steady demand in OEMs to create a huge base of vehicles which will
consistently drive Replacement demand - a major component of tyre offtake.

January
April 11, 30,
20082008 For Private Circulation Only - Sebi Registration No : INB 010996539 5
 TM
Angel Broking
Service Truly Personalized
Over the last few years, with
the improvement in capacity
utilisation, the tyre companies
have displayed rational pricing
ability, which has provided the
much needed stability to the
industry
Ceat has increased capacity of
its Bhandup and Nasik plants
by 30tpd to 430tpd for T&B bias
tyres at a capex of Rs50cr
April
January
11, 2008
30, 2008
Ceat
Tyre
Investment Argument
Strong Tyre industry outlook
We expect tyre demand in the Replacement segment to grow at a CAGR of 8-9% over FY2007-
10E, due to strong vehicle sales over the last few years especially in the CV and PV segments.
Demand from OEMs is also expected to be buoyant as vehicle demand growth stabilises on a
high base. Further, there exists a huge opportunity in the global bias and off-the-road (OTR) tyres
segment. These tyres do not attract much demand from the global majors but fetch high margins.
Globally there is almost full radialisation of vehicle tyres due to which these countries import bias
tyres from India. Also, due to different types of tyres in the OTR segment and a comparatively
smaller international market for it, manufacturing these tyres locally renders it unviable. Against
this backdrop, we expect Ceat to meet the requirements of the export markets for bias and
OTR tyres as the company has already expanded its bias tyre capacity and is also expanding its
OTR capacity.
Exhibit 7: Demand Drivers in place
? CV demand to grow by 8% CAGR over FY07-10E
? PV demand to grow by 11% CAGR over FY07-10E
? Tractor demand to grow by 7% CAGR over FY07-10E
? 2W demand to grow by 9% CAGR over FY07-10E
OEM
? Ability to cater to ? Rising truck and car population
international demand ? Shrinking replacement cycle in PV
Demand
for tyres in OTR segment Exports Replacement segment
Drivers
as well as bias tyres in ? Strong freight demand resulting in
T&B segment increase in distance traveled per truck
Source: Angel Research
Two years back, the tyre companies were in the red as they were unable to aggressively price
their products owing to low levels of capacity utilisation in the industry. However, over the last few
years, with the improvement in capacity utilisation, the tyre companies have displayed rational
pricing ability which has provided the much needed stability to the industry. Going ahead, we
expect this trend to continue and benefit the tyre companies.
Capacity expansions and Re-jig of Product mix to stabilise Margins
Expansion of Existing facilities
Ceat has ramped up capacity of its Bhandup and Nasik plants by 30tpd for T&B bias tyres at a
capex of Rs50cr. This has taken its overall capacity from 400tpd to 430tpd. Both these plants are
running at optimum utilisation levels. Ceat also has an outsourcing production arrangement with
13 outsourcing partners through which it gets additional 100-110tpd outsourced production.
For Private Circulation Only - Sebi Registration No : INB 010996539 6

Angel Broking
Service Truly Personalized
Going ahead, Ceat expects to
double output of
high-Margin Specialty tyres,
which would in turn sustain
Margins and Profitability
Increasing distribution of
imported radial tyres, new
domestic capacities and OEM
fitment of radial tyres to be the
key enablers
January
April 11, 30,
20082008
TM
Ceat
Tyre
Exhibit 8: Capacity Expansion
Plant Existing capacity (tpd) Expansion (tpd)
Nasik 250 25
Bhandup, Mumbai 150 5
Source: Company, Angel Research
Over 69% of the company's revenue is generated from the T&B segments as there is huge
demand from the Replacement market and from the OEMs. Ceat also has plans to expand
production capacity of car radials from 60,000 units to 1,00,000 units over the next 12 months.
Due to capacity constraints, Ceat outsources its production from its 13 partners locally and from
low-cost countries like China and Vietnam. In FY2007, the outsourcing arrangement contributed
20% of its revenue. With increased demand and capacity expansion taking time to come up, Ceat
is increasing its outsourcing of tyres from its partners thereby ensuring good marketshare, volume
growth and profitability. Currently, it outsources close to 100/tpd but going ahead it plans to
increase this to 300/tpd.
Higher contribution from Specialty Tyre segment
Going forward, Ceat plans to focus on the high-margin Passenger car radial (PCR) and Specialty
the tyres segment by expanding capacity from the current 40-50tpd to around 100tpd. We expect
Ceat to clock overall volume growth of 5% and 6% in FY2009E and FY2010E, respectively. Ceat
has been primarily exporting Specialty tyres since the last two years and the share of Specialty
tyres in the company's overall revenues has been rising. During FY2004-07, the company's
exports (includes Specialty tyres) registered a CAGR growth of 29% and the contribution to gross
Sales moved up from 12.5% in FY2004 to 18% in FY2007. Going ahead, Ceat expects to double
output of the high-Margin Specialty tyres, which would in turn sustain Margins and Profitability.
Specialty tyre exports is a lucrative opportunity for the Indian players as they enjoy an edge over
their global peers on account of substantial cost advantage. Also, competition from global players
is low in this space as they do not see this business generating sufficient volumes and are hence
not actively involved in it. Nonetheless, Margins in this segment are substantially higher compared
to the cross-ply and radial tyre businesses.
Green-field capacity for T&B Radial tyres
Radial tyres offer better fuel efficiency and work out to be more cost-effective over the life of a tyre.
In India, the car segment has already achieved around 95% radialisation. As of FY2007, only 3%
radialisation has been achieved in the T&B segment and 12% in the LCV segment. The poor
roads in India render radial tyres unviable for trucks. However, due to ban on overloading of trucks
and government emphasis on improving the country's road infrastructure, we expect an
accelerated radialisation trend in the T&B space in the coming years. We expect radialisation in
the CV segment to pick up in the near future. Radialisation of MHCV tyres is expected to increase
to 8-10% by FY2012 from the current 3%. We expect increasing distribution of imported radial
tyres, new domestic capacities and OEM fitment of radial tyres to be the key enablers.
For Private Circulation Only - Sebi Registration No : INB 010996539 7
 TM
Angel Broking Ceat
Service Truly Personalized
Tyre

Ceat proposes to invest Exhibit 9: Radialisation in India (%)

Rs500cr to set up a 100tpd Segment 2001 2002 2003 2004 2005 2006 2007
greenfield T&B Radial tyre Passenger Cars 60 70 75 85 90 90 95
facility LCV 8 10 10 11 11 11 12
T&B 2 2 2 2 2 2 3
Source: Cris Infac, Angel Research

To keep pace with the expected increase in demand for radial tyres, most tyre majors including
Ceat have chalked out plans to enter the growing Radial tyre market in India, which is estimated
to be about 8% of the total domestic tyre market of Rs19,000cr. Ceat's proposed 100tpd greenfield
T&B Radial tyre facility, would be further used to manufacture cars, tractors and specialty tyres,
and would be set up at an investment of around Rs500cr. We have not factored the same in our
estimates as the project is still at the conceptualisation stage and benefits from the same would
only accrue post FY2010E. The company is currently scouting for land across India. Ceat plans to
partly fund this project from the sale of its 31acres land bank at Bhandup, Mumbai, where the
companies existing unit is located.

Ceat is setting up a plant to keep pace with the ever-increasing demand from the OEMs as its
existing facilities (Bhandup and Nasik) are operating at optimum utilisation levels.

According to Rs18.6cr/acre
price realised, the land
valuation for 24 acres works
out to Rs445cr
The Bhandup facility will be relocated either to Patalganga or Ambernath near Mumbai. The
company has already sold seven acres of vacant land in Bhandup for Rs130cr. Of this, Rs120cr
has already been received as advance and the balance would be paid within the next two months
when the deal will be completed.Over the next 2-3 years when the new facilities near completion,
it plans to sell off the remaining 24acres also and shift to the new plant. According to
Rs18.6cr/acre price realised, the land valuation for 24 acres works out to Rs445cr.

Increasing focus on Exports

Ceat has a global footprint and currently exports to over 110 countries. Going ahead, it intends to
increase its focus on exports riding high on a stable and extensive network in South America,
North America and Europe. Ceat's products have found high acceptance with several OEMs in
Europe amidst stiff competition from other global majors.

Over the years, the company's Export basket has improved in terms of price realisations and
profitability. For 9MFY2008, Exports contribution increased to 20.2% of overall revenues from
18.9% in 9MFY2007. The company registered a healthy yoy growth of 12% in Export sales in
9MFY2008. Further, with the domestic automobile industry grappling with higher interest rate
scenario and high base effect of last year, this negatively impacted growth in CV, and the share of
OEM sales in Ceat's revenues declined in 9MFY2008. This led to higher contribution of
Replacement Market and Export sales.

Ceat exports when the differential in realisation between the international and domestic market is
high which positively impacts Margins.

April
January
11, 2008
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 8
 TM
Angel Broking
Service Truly Personalized
Over the next two years, we
estimate Exports' contribution
to gross revenues to increase
from the current 18% to 22%
Owing to the De-merger of
Investments, Ceat’s RoCE is
set to improve from 11.9% in
FY2007 to 18.7% in FY2010E,
and will also aid a re-rating of
the stock
January
April 11, 30,
20082008
Ceat
Tyre
Exhibit 10: Higher Export contribution
Source: Company, Angel Research
Over the next two years, we estimate Exports' contribution to gross revenues to increase from the
current 18% to 22%. In FY2007, Ceat recorded export revenues of Rs429cr (Rs393cr in FY2006),
a yoy growth of 9.2%.
Exhibit 11: Growth in Export contribution (Rs cr)
Source: Company; Angel Research
De-merged Investments to improve Return Ratios
Ceat, with the intention to re-align its business operations, has transferred its investments into a
separate company called CHI Investment. Going ahead, Ceat will focus on its core business of
manufacture and sale of tyres. The transfer of investments to a different company has been done
in the larger interest of both companies, their shareholders, creditors and employees and the
general public. Also, the Rs120cr investments, which were mostly in the RPG group companies,
were not yielding returns. The de-merger has reduced Ceat's capital by 25% and thereby
improved Return Ratios. The restructuring will also result in enhancement of shareholders' value.
The companys RoCE is set to improve from 11.9% in FY2007 to 18.7% in FY2010E, and will also
aid a re-rating of the stock.
For Private Circulation Only - Sebi Registration No : INB 010996539 9
 TM
Angel Broking Ceat
Service Truly Personalized
Tyre

Exhibit 12: De-merger scheme

Ceat Ltd
Equity:Rs45.7

Ceat Ltd (Core) CHI Investments

Equity:Rs34.3cr Equity:Rs11.4cr

Source: Company; Angel Research

Financial Outlook

During FY2007-10E, we expect During FY2007-10E, we expect Ceat to report a CAGR of 8.3% in revenues, which would primarily
Ceat to report a CAGR of 8.3% come from 4.4% volume growth and 9.3% growth in realisations. In the last three years, growth
in revenues, which would has been driven largely on the back of higher realisations (partly on account of raw material cost
primarily come from 4.4% push) and increase in production outsourcing. Further, we expect volume growth in the T&B
volume growth and 9.3% segment to sustain at current levels on the back of increase in Replacements demand.
growth in realisations
Exhibit 13: Revenue Profile
FY2007 FY2008E FY2009E FY2010E CAGR (%)
Automobile Tyres 2,156.9 2,310.4 2,498.7 2,754.6 8.5
Automotive Tubes 200.0 210.0 222.8 241.0 6.4
Automotive Flaps 33.6 38.4 41.5 44.9 10.2
Total Sales 2,390.4 2,558.9 2,763.1 3,040.5 8.3
Yoy Growth (%)
Automobile Tyres 23.3 7.1 8.1 10.2
Automotive Tubes 14.5 5.0 6.1 8.2
Automotive Flaps 19.0 14.4 8.2 8.2
Total Sales 22.5 7.0 8.0 10.0
(% of Total)
Automobile Tyres 90.2 90.3 90.4 90.6
Automotive Tubes 8.4 8.2 8.1 7.9
Automotive Flaps 1.4 1.5 1.5 1.5
Source: Company, Angel Research

April
January
11, 2008
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 10
 TM
Angel Broking Ceat
Service Truly Personalized
Tyre

Margins to stabilise following focus on Exports and OTR segment

We believe Margins peaked out Currently, Exports and OTR tyres fetch superior margins compared to the OEM segment. With
in 1HFY2008 when the contribution from Export and OTR tyre increasing, going ahead we expect Margins to stabilise in
company registered 9% plus FY2009E and FY2010E at 8.5% levels.
OPMs. Going ahead, we
expect Margins to stabilise at Operating Margins have a direct correlation with raw material costs, which constitute 75% of
8.5% levels operating cost. During 2006-07, Ceat's raw material cost spiked as rubber prices increased sharply.
The company's, average blended rubber price in FY2007 shot up by 24.1% yoy, vis-a-vis a rise of
24% in the previous two years. Ceat has been continuously taking a hit on Margins as it did not
pass on the increase in cost price to consumers. But, industry conditions were also not conducive
to pass on the high costs to consumers as it was facing low capacity utilisation levels.
Nonetheless, since FY2006, Ceat effected price hikes post which its Margins have improved
substantially from abysmally low levels of 3.1% in FY2005 to 6.5% in FY2007 and further to 8.5%
in 9MFY2008. We believe Margins peaked out in 1HFY2008 when the company registered 9%
plus OPMs. Going ahead, we expect Margins to stabilise at 8.5% levels.

Inverse Correlation- OPM v/s Raw material cost

Apart from natural rubber, most of the key raw materials are petro-based. Thus, price trends and
demand-supply dynamics relating to natural rubber and crude oil have a significant bearing on the
company's Margins.

Exhibit 14: Raw materials component (FY2007)

Source: Company, Angel Research

There is a strong and inverse relationship between EBITDA Margins of any tyre company with the
raw material prices, specifically rubber. Rubber accounts for around 50% of raw material costs.

We believe that margins have peaked out at current levels. However, we expect strong demand
from the Replacement and OEM segments to continue, which we believe will not result in further

January
April 11, 30,
20082008 For Private Circulation Only - Sebi Registration No : INB 010996539 11
 TM
Angel Broking Ceat
Service Truly Personalized
Tyre

reduction in realisations. In the last three months, the natural rubber prices have been moving up
to Rs104/kg. We have assumed blended rubber prices of Rs96/kg and Rs102/kg for FY2009E
and FY2010E, respectively. Going ahead we expect the margin to stabilise as, the company will
pass on the rise in raw material cost to the consumers.

Exhibit 15: OPM v/s Raw material cost

Source: Company, Angel Research

PAT to post strong growth

We expect Ceat to post a
CAGR of 34% in Earnings over
FY2007-10E to Rs100.6cr
Higher realisations and softening natural rubber prices in 1HFY2008 resulted in an improvement
in Margins. Further, Ceat is the only tyre company paying Octroi, which if scrapped, will have a
positive impact on its Margins. However, due to lack of clarity on this issue we have not factored
the same in our estimates. We expect PAT Margins to improve from 2% in FY2007 to 3.7% in
FY2010E. We expect Ceat to post a CAGR of 34% in Earnings over FY2007-10E to Rs100.6cr. In
line with Profitability, Return Ratios are expected to improve going forward.

Exhibit 16: Improving Return Ratios and stable Margins

Source: Company, Angel Research

April
January
11, 2008
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 12
 TM
Angel Broking Ceat
Service Truly Personalized
Tyre

Concerns
Increase in Raw material prices: The Tyre sector is currently facing high cost push pressures,
with the prices of rubber and carbon black ruling high. Further, considering the overall Auto de-
mand, it might not be easy to pass on the same entirely to customers. Any upward movement in
the prices of these commodities could erode Margins particularly if Ceat is not able to pass on the
same as it had happened two years ago. However, chances of such a thing happening this time
looks low as the Tyre industry is running at above 90% capacity utilisation.

During 9MFY2008, Ceat benefited from the low raw material costs and strong realisation growth
leading to an almost 270bp expansion in Margins. Natural rubber accounted for around 50% of
total expenses for Ceat. During 1HFY2008, the Rubber prices were on a downturn ruling at around
80-85/kg. However, prices have again started picking up and in 3QFY2008 the prices were
ruling at above Rs100/kg.

We have assumed 5.5% rise in rubber prices in FY2009E from Rs91/kg as a base case, and a
further 6.8% in FY2010E. Any additional rise in Rubber prices could impact our forecast. However,
in the immediate past Ceat has been able to pass on the rise in raw material prices and have
maintained their Margins. Hence, in our projections too we have factored in certain price hikes.

Exhibit 17: Sensitivity Analysis - Impact of Rubber prices on FY2010E PAT

FY2009 % Hike
4.5% 5.0% 5.5% 6.0% 6.5%
4.8% 117.8 114.9 112.1 109.2 106.4
5.8% 112.1 109.2 106.3 103.4 100.6
FY2010 % Hike 6.8% 106.4 103.5 100.6 97.7 94.8
7.8% 100.7 97.8 94.8 91.9 89.0
8.8% 95.0 92.1 89.1 86.1 83.2
Source: Company, Angel Research

Auto Sector slowdown: We believe that with inflation hovering well above the government's
comfort level of 5%, chances of interest rate cuts in the near future seems unlikely. This might put
some pressure on the demand in the Auto sector as it is an interest rate sensitive sector. However,
the Replacement market for tyres, which is around 57% of the overall domestic tyre offtake, is
expected to grow at a much faster pace due to the sharp increase in vehicle population. We see
this market as the key growth driver for the tyre manufacturers.

Competition to wrest away marketshare: Competition in the Tyre industry is intense as

companies are competing on product design, performance, price, reputation, warranty terms,
customer service and convenience. In India, Ceat faces competition from six key players
including MRF, Apollo, Goodyear, JK, Birla Tyres and Bridgestone. Other global tyre
manufactures such as Michelin have also entered the Indian tyre market. Moreover, China
remains a key threat particularly in the Replacement market due to its cost competitiveness.
However, we believe that the credit period and after-sale service are important aspects on which
the Chinese cannot compete with the domestic players.

January
April 11, 30,
20082008 For Private Circulation Only - Sebi Registration No : INB 010996539 13
 TM
Angel Broking Ceat
Service Truly Personalized
Tyre

Outlook and Valuation

Ceat along with other tyre manufacturers has hiked its tyre prices over the last year, which is
indicative of a strong reversal in the pricing trend. Hence, we expect improvement in the
profitability of tyre companies to sustain. During the last three months, the stock of Ceat has
witnessed a steep decline on the bourses vis-à-vis its peers as well as the Sensex. While the
broader indices declined by 20%, Ceat has fallen by around 50%. However, we believe post this
sharp decline the stock is trading at attractive valuations. At the CMP of Rs103, the stock is
trading at 3.5x FY2010E Earnings and FY2010E EV/Sales of 0.3x, which compares favourably
versus its peers.

Moreover, considering the price Ceat was able to fetch for its seven acre land (Rs18.6cr/acre to
Rs130cr), it will be able to get Rs445cr for the remainng 24 acre land, which we believe will give
additional cushion to the stock. We Initiate Coverage on the stock with a Buy
recommendation and Target Price of Rs147, giving an upside of 43% from current levels.

Exhibit 18: Ceat trades at a discount to its peers (FY2010E)

Parameters JK Inds MRF Apollo Tyres Ceat
P/E 4.2 8.2 6.0 3.5
P/B 0.8 1.2 1.0 0.6
EV/Sales 0.5 0.4 0.4 0.3
EV/EBITA 4.0 4.3 3.0 3.2
Source: Angel Research; Industry, Note: For JK Industries and MRF valuation is as on Sep'09

April
January
11, 2008
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 14
 TM
Angel Broking Ceat
Service Truly Personalized
Tyre

Profit & Loss Statement Rs crore Balance Sheet Rs crore

Y/E March FY2007 FY2008E FY2009E FY2010E Y/E March FY2007 FY2008E FY2009E FY2010E
Net Sales 2,133 2,290 2,473 2,721 SOURCES OF FUNDS
% chg 22.3 7.4 8.0 10.0 Equity Share Capital 45.7 34.3 34.3 34.3
Total Expenditure 1,995.3 2,100.2 2,262.3 2,490.1 Reserves & Surplus 333.0 385.9 466.1 549.1
EBIDTA 137.8 190.0 210.7 231.2 Shareholders Funds 378.6 420.2 500.3 583.3
(%of Net Sales) 6.5 8.3 8.5 8.5 Total Loans 492.3 452.3 427.3 417.3
Other Income 24.4 169.4 22.6 15.6 Deffered Tax Liability (net) 23.3 23.3 23.3 23.3
Depreciation& Amortisation 31.1 30.5 35.5 40.1 Total Liabilities 894.2 895.7 950.9 1,023.8
Interest 70.3 58.8 55.5 54.2 APPLICATION OF FUNDS
PBT 60.9 270.1 142.2 152.4 Gross Block 1,113.0 1,174.5 1,268.2 1,432.2
(% of Net Sales) 2.9 11.8 5.8 5.6 Less: Acc.Depreciation 413.0 443.6 479.1 519.2
Extraordinary Expense/(Inc.) (2.5) 104.0 - - Net Block 700.0 730.9 789.1 913.1
Tax 21.7 77.6 48.4 51.8 Capital Work-in-Progress 10.1 11.7 50.7 71.6
(% of PBT) 35.6 28.7 34.0 34.0 Investments 127.8 - - -
PAT 39.3 192.5 93.9 100.6 Current Assets 581.2 771.7 759.5 730.6
% chg - 390.4 (51.2) 7.2 Current liabilities 524.9 618.7 648.5 691.4
Ad. PAT 41.7 88.5 93.9 100.6 Net Current Assets 56.2 153.0 111.0 39.2
% chg 5,861.4 112.0 6.1 7.2 Total Assets 894.2 895.7 950.9 1,023.8

Cash Flow Statement Rs crore Key Ratios

Y/E March FY2007 FY2008E FY2009E FY2010E Y/E March FY2007 FY2008E FY2009E FY2010E

Profit before tax 60.9 270.1 142.2 152.4 Per Share Data(Rs)
Depreciation 31.1 30.5 35.5 40.1 EPS 8.6 56.2 27.4 29.4
(Inc)/Dec in Working Capital (12.4) 48.7 (27.9) (36.9) Cash EPS 15.4 34.7 37.8 41.1

Interest (Net) 68.3 56.8 53.6 52.3 DPS 1.8 3.0 3.5 4.5

Direct taxes paid 21.7 77.6 48.4 51.8 Book Value 82.9 122.6 146.0 170.3

Others (6.3) 10.6 0.1 (2.6) Operating Ratio

Inventory (days) 37.9 37.4 40.1 42.8
Cash Flow from Operations 120.0 339.1 155.2 153.5
Debtors (days) 45.0 44.6 43.7 42.9
Inc./(Dec.) in Fixed Assets 12.1 63.0 132.7 184.9
Creditors (days) 83.8 92.9 90.4 87.7
Free Cash Flow 107.9 276.1 22.5 (31.5)
Returns (%)
(Inc)/Dec in Investments - 127.8 - -
Adj RoE 10.4 21.1 18.8 17.2
Issue of Equity - (139.2) - -
RoCE 11.9 17.8 18.4 18.7
Inc./(Dec.) in loans (29.0) (40.0) (25.0) (10.0)
Dividend Payout 23.0 13.3 14.6 15.3
Dividend Paid (Incl.Tax) 9.6 11.7 13.7 13.7
Valuation Ratio (x)
Interest (Net) 68.3 56.8 53.6 52.3
P/E 12.0 1.8 3.8 3.5
Cash Flow from Financing (106.9) (247.8) (92.3) (76.0) P/E (CashEPS) 6.7 3.0 2.7 2.5
Inc./(Dec.) in Cash 0.9 156.1 (69.7) (107.4) P/BV 1.2 0.8 0.7 0.6
Opening Cash balances 39.6 40.6 196.7 126.9 EV/Sales 0.4 0.3 0.3 0.3
Closing Cash balances 40.6 196.7 126.9 19.5 EV/EBITDA 5.8 3.2 3.1 3.2
Note:FY2008E, RoE has been adjusted for sale of land

January
April 11, 30,
20082008 For Private Circulation Only - Sebi Registration No : INB 010996539 15
 TM
Angel Broking Ceat
Service Truly Personalized
Tyre

Fund Management & Investment Advisory  022 - 4040 3800 / 2835 9600)
(
P. Phani Sekhar Fund Manager - ( PMS) phani.sekhar@angeltrade.com
Research Team  022 - 4040 3800 / 2835 9600)
(
Hitesh Agrawal Head - Research, Cement, Media hitesh.agrawal@angeltrade.com
Sarabjit Kour Nangra VP-Research, Pharmaceutical sarabjit@angeltrade.com
Vaishali Jajoo Automobile vaishali.jajoo@angeltrade.com
Harit Shah IT, Telecom harit.shah@angeltrade.com
Rohit Nagraj Oil & Gas rohit.nagraj@angeltrade.com
Pawan Burde Metals & Mining pawan.burde@angeltrade.com
Vaibhav Agrawal Banking vaibhav.agrawal@angeltrade.com
Girish Solanki Mid-cap girish.solanki@angeltrade.com
Shailesh Kanani Infrastructure, Real Estate shailesh.kanani@angeltrade.com
Anand Shah FMCG anand.shah@angeltrade.com
Sulabh Agrawal Mid-cap sulabh.agrawal@angeltrade.com
Puneet Bambha PMS puneet.bambha@angeltrade.com
Amit Bagaria PMS amit.bagaria@angeltrade.com
Akshat Vyas Research Associate (Pharmaceutical) akshat.vyas@angeltrade.com
Neha Idnany Research Associate - (PMS) neha.idnany@angeltrade.com
Sandeep Wagle Chief Technical Analyst sandeep@angeltrade.com
Ajit Joshi AVP Technical Advisory Services ajit.joshi@angeltrade.com
Milan Sanghvi Sr. Technical Advisor milan.sanghvi@angeltrade.com
Nitin Kunte Technical Advisor nitin.kunte@angeltrade.com
Brijesh Ail Technical Analyst brijesh@angeltrade.com
Vaishnavi Jagtap Technical Analyst vaishnavi.jagtap@angeltrade.com
Siddharth Bhamre Fund Manager - Derivatives & Equities siddarth.bhamre@angeltrade.com
Commodities Research Team
Amar Singh Research Head (Commodities) amar.singh@angeltrade.com
Samson P Sr. Technical Analyst samsonp@angeltrade.com
Anuj Gupta Sr. Technical Analyst anuj.gupta@angeltrade.com
Girish Patki Sr. Technical Analyst girish.patki@angeltrade.com
Commodities Research Team (Fundamentals)
Badruddin Sr. Research Analyst (Agri) badruddin@angeltrade.com
Mandar Pote Research Analyst (Energy) mandar.pote@angeltrade.com
Bharathi Shetty Research Editor bharathi.shetty@angeltrade.com
Bharat Patil Production bharat.patil@angeltrade.com

Research & Investment Advisory: Acme Plaza, 3rd Floor ‘A’ wing, M.V. Road, Opp Sangam Cinema, Andheri (E), Mumbai - 400 059

Disclaimer
This document is not for public distribution and has been furnished to you solely for your information and must not be reproduced or redistributed to any other person. Persons into whose
possession this document may come are required to observe these restrictions.
Opinion expressed is our current opinion as of the date appearing on this material only. While we endeavor to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject
to change without notice. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true and are for general guidance only. While
every effort is made to ensure the accuracy and completeness of information contained, the company takes no guarantee and assumes no liability for any errors or omissions of the information.
No one can use the information as the basis for any claim, demand or cause of action.
Recipients of this material should rely on their own investigations and take their own professional advice. Each recipient of this document should make such investigations as it deems necessary
to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult their own advisors
to determine the merits and risks of such an investment. Price and value of the investments referred to in this material may go up or down. Past performance is not a guide for future performance.
Certain transactions - futures, options and other derivatives as well as non-investment grade securities - involve substantial risks and are not suitable for all investors. Reports based on technical
analysis centers on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals and as such, may not match with a report on a company's
fundamentals.
We do not undertake to advise you as to any change of our views expressed in this document. While we would endeavor to update the information herein on a reasonable basis, Angel Broking, its
subsidiaries and associated companies, their directors and employees are under no obligation to update or keep the information current. Also there may be regulatory, compliance, or other
reasons that may prevent Angel Broking and affiliates from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject
to change without notice.
Angel Broking Limited and affiliates, including the analyst who has issued this report, may, on the date of this report, and from time to time, have long or short positions in, and buy or sell the
securities of the companies mentioned herein or engage in any other transaction involving such securities and earn brokerage or compensation or act as advisor or have other potential conflict of
interest with respect to company/ies mentioned herein or inconsistent with any recommendation and related information and opinions.
Angel Broking Limited and affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the
companies referred to in this report, as on the date of this report or in the past.

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

April
January
11, 2008
30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 16
 TM
Angel Broking Ceat
Service Truly Personalized
Tyre

Corporate & Marketing Office : 612, Acme Plaza, M.V. Road, Opp Sangam Cinema, Andheri (E), Mumbai - 400 059 Tel : (022) 4000 3600 / 2835 9600
Wealth Management : e-mail : wmshelpdesk@angeltrade.com Tel : (022) 4035 3100
Investment Advisory Helpdesk : e-mail : advisory@angeltrade.com Tel : (022) 4040 3800
Commodities : e-mail : commodities@angeltrade.com Tel : (022) 4035 8600
Feedback : e-mail : feedback@angeltrade.com Tel : (022) 2835 5000
Regional Offices:

Ahmedabad - Harshit Bhavsar Indore - Pramathu Chowksey Lucknow - Ejaz Moyi Pune - Sunita Magnani
Tel: (079) 3007 0749 - 751 Tel: (0731) 3013 360 - 65 Tel: (0522) 6567 826 Tel: (020) 2551 3143 / 2553 0912 - 14
Bengaluru - Dhiraj Pandey Jaipur - Ranveer Singh Nagpur - Sanchit Tiwari Rajkot - Vijay Popat
Tel: (080) 4153 6700 - 03 Jaipur - 302 001 Tel: (0141) 222 3334 Tel: (0712) 3041 500 Tel :(0281) 6451929 / 1910

Chennai - Thiruneer Selvan Kanpur - Vivek Singh Nashik - Nilesh Supekar Surat - Pinky Kothari
Tel: (044) 4226 9000 Fax: 2498 1742 Tel: (0512) 3017 700 Tel: (0253) 6614 235/236 Tel: (0261) 6696 666

Hyderabad - Shiva Shankar Kolkata - Vijay Kothari New Delhi - Rohit Pateria Visakhapatnam - Vamsi Krishna
Tel: (040) 6673 3573 / 74 Tel: (033) 4009 9899 Tel: (011) 4605 6600 / 4151 2555 / 2666 Tel :(0891) 6620 572-75

Private Client Group Offices: Sub - Broker Marketing:

Mumbai - Prakarsh Gagdani Rajkot (Race course) - Nishit Maniar Premier House - Pankaj Mungre
Tel: (022) 4040 3800 Fax: (022) 4040 3899 Mobile : 99989 59982 Tel: (022) 4035 8600

Ahmedabad (C. G. Road) - Arpit Shah Surat - Amit Keshwani

Tel: (079) 3007 4049 / 50 Tel : (0261) 6696 666

Branch Offices:
Andheri (Lokhandwala) - Muskaan Doultani Alwar - Ajay Khandelwal Gurgaon - Pankaj Varma Porbandar - Ketan Thanki
Tel : (022) 2639 2626 / 3255 0987 Tel: (0144) 2703 561 / 99826 23223 Tel: (0124) 4712 915 Tel : (0286) 221 5310 / 31 / 221 5450

Andheri (W) - Dinesh Nihalani Ahmedabad (Bapu Nagar) - Milan Kanabar Himatnagar - Sanjay Patel Pune - Sameer Amrute/Shraddha Gadekar
Tel: (022) 2635 2345 / 6668 0021 Tel : (079) 3026 0204 / 0205 Tel: (02772) 241 008 / 241 346 Tel : (020) 6620 6591 / 6620 6595

Bandra (W) - Gyan Joshi Ahmedabad (C. G. Road) - Ritesh Patel Hyderabad (A S Rao Nagar) - G J Sharma Pune - (Pentagon) Ishwar Magnani
Tel: (022) 2655 5560 / 70 Tel: (079) 4021 4023 Tel: (040) 4222 2070 - 5 Tel : (020) 6640 8300 / 3052 3220

Bandra (W) - Faruq Wakani Ahmedabad (Gurukul) - Kaivalya Shah Hyderabad (Warangal) - Santosh Kumar Rajkot (202 Race Course) Prashant Ukani
Tel: (022) 6643 2694 - 99 Tel: (079) 6522 5510 / 3012 5492-94 Tel: (0870) 6452 227 Tel : (0281) 2921 568 / 99049 10001
Borivali (W) - Gautam Agarwal Ahmedabad (Kalupur) - Jicky Thomas Indore - Alok Rathi Rajkot (Ardella) Hitesh Rupareliya
Tel:(022) 2895 2600 / 1 / 2 Tel: (079) 3240 7474 / 75 Tel: (0731) 4042 242 / 4044 366 / 4087 Tel : (0281) 2440 266 - 266
966
Borivali (W) - Tarun Dhami Ahmedabad (Maninagar) - Ashok Kumar Jaipur - (Rajapark) Amit Kumar Garg Rajkot (University Rd.) - Prashant Ukani
Tel: (022) 3092 1969 / 2892 8890 Tel: (079) 3048 0241 / 2 / 5 Tel: (0141) 4000 500, 94143 14448 Tel : (0281) 2577408

Chembur - Rajesh Mehta Ahmedabad (Ramdevnagar) - Krunal Pandya Jalgaon - Sandeep Mundra Rajkot (Bhaktinagar) - Dhaval Dave
Tel:(022) 6703 0210 / 11 /12 Tel : (079) 2692 6401 / 51 Tel: (0257) 3200 906 Tel : (0281) 236 1935 / 329 6881 / 329 8100

Chembur - (Basant) - Atul Dwivedi Ahmedabad (Sabarmati) - Kaushik Rathi Jamnagar - Jwalant Shingala Rajkot (Indira Circle) - Denish Patel
Tel:(022) 3267 9114/ 15/ 16 Tel : (079) 2692 6401 / 51 Tel : (0288) 266 4941 - 44, 3217 790 Tel : (0281) 2585 751, 99258 84848

Fort - Ajit Karandikar Ahmedabad (Satellite) - Rishi Parghi Jodhpur - Bharat Purohit Rajkot (Orbit Plaza) - Hitesh Popat
Tel: (022) 2263 4050-55 Tel: (079) 4000 1000 Tel: (0291) 5100 941 - 948 / 98284 26786 Tel: (0281) 2463 291-94

Ghatkopar (E) - Ashwin Thakkar Ahmedabad (Shahibaug) - Chirag Raghvani Junagadh - Nimesh Raichura Rajkot (Pedak Road) - Murtaja Sadikot
Tel: (022) 6799 3185 - 88 / 2510 1525 Tel: (079) 22861053 / 5 / 6 Tel : (0285) 2622 483 /2622 484 Mobile : 98245 00252

Goregaon (W) - Sanjiv Dhami Amreli - Nishith Hemani Kota - Sumit Maheshwari Rajkot (Star Chambers) - Manish Baradia
Tel: (022) 2878 9401 / 02 Tel: (02792) 228 800/231039-42 Tel : (0744) 5100 470 / 2365 200 Tel : (0281) 2233 230 / 50

Kalbadevi - Viren Ved Anand - Alay Brahmbhatt Mehsana - Alipt Doshi Rajkot (Star Chambers) - Kiran Marthak
Tel: (022) 2243 5599 / 2242 5599 Tel : (02692) 267 041-45 Tel: (02762) 645 291 / 92 Tel : (0281) 2225 401 / 02 / 03

Kandivali (W) - Sachin Ghelani Ankleshwar - Ankit Mathur Nadiad - Vipul Patel Secunderabad - Srinivas
Tel: (022) 2867 3800 / 2867 7032 Tel: (02646) 652 681-85 Tel : (0268) - 2527 230 / 31 Tel : (040) 6690 5192 / 3 / 4

Kandivali (Thakur Village) - Akharam Chaudhary Baroda - Rashmikant Thakar Nashik - Nilesh Supekar Surat (Mahidharpura) - Sameet Kapadia
Tel: (022) 2846 1267 / 1654 / 2056 / 2076 Tel: (0265) 2226 103-04 / 6624 280 Tel: (0253) 6611 201 / 206 Tel: 2402 911 - 915

Malad (E) - Satish Kanwarjani Baroda (Akota) - Jaydeep Shah New Delhi (Bhikaji Cama Place) - Sumit zBhuttan Surat (Parle Point) - Akshay Panwala
Tel: (022) 2880 4440 Tel: (0265) 2355 258 / 6499 286 Tel: (011) 41659 711/12 Tel : (0261) 2257 990 / 909

Malad (W) - Tushar Shah Baroda (Manjalpur) - Chirag Patel New Delhi (Lawrence Rd.) - Sanjeev Kumar Surat (Ring Road) - Piyush Bothra
Tel: (022) 2880 0960 / 68 Mobile : 098252 27403 Tel: (011) 3262 8699 / 8799 Tel : (0261) 6696 666

Mulund (W) - Niraj Anand Bhavnagar - Apurva Dhami New Delhi (Pitampura) - Roopal Agarwal Surendranagar - Prashant Jani
Tel: (022) 2562 2282 Tel: (0278) 2512099 / 755 / 3001717 / 18 Tel: (011) 4700 2380 / 84 Tel : (02752) 325905 / 223305

Powai (E) - Prashant Auti Bhopal - Sandeep Kothana New Delhi (Preet Vihar) -Gulshan Khurana Udaipur - Anurag Jain
Tel: (022) 40262170 / 1 / 2 / 3 Tel :(0755) 3256 663 / 4024 000 Tel: (011) 4242 1105 - 07 Tel - 098870 60723 / 099291 04723

Thane (W) - Rajesh Kumar Bikaner - Sharad Acharya Noida - Amit Gupta Valsad - Vinod Kumbarwadia
Tel: (022) 2539 0786 / 0789 / 0796 Tel :(0151) 2207 148 / 98281 03988 Tel : (0120) 4639900 / 1 / 9 Tel - (02632) 645 344 / 45
Vashi - Punit Chopra Deesa - Sandip Nayak Palanpur - Paresh Patel Vapi - Jalpa Desai
Tel: (022) 2765 4749 / 2251 Mobile: 98795 19881 Tel : (02742) 645 171 / 72 Tel: (0260) 2400 210 / 214 / 236
Vile Parle (W) - Dimple Shah Gandhinagar - Vivek Thakker Patan - Shikha Saxena Varachha - Naimesh Bhavsar
Tel: (022) 2610 2894 / 95 Tel: (079) 4010 1010 - 31 Tel: (02766) 222 306 (0261) 2551633 - 39
Ajmer - Ashwini Kumar Gondal - Lenin Trivedi Patel Nagar - Harpreet Singh Vijayawada - Badrinath Majeti
Mobile: 97845 99807 Tel: (02825) 240 693 / 4 Tel : (011) 45030 600 Tel :(0866) 6636900 / 901/ 902 / 903

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
April 11, 30,
20082008 For Private Circulation Only - Sebi Registration No : INB 010996539 17