1QFY2014 Result Update | Infrastructure

August 20, 2013

Simplex Infrastructures
Performance Highlights
Quarterly Highlights Standalone
Y/E March (` cr) Net sales Operating profit Adjusted Net profit 1QFY14 1,395 151 16 1QFY13 1,585 153 28 4QFY13 1,486 145 18 % chg (yoy) (12.0) (1.6) (43.1) % chg (qoq) (6.1) 3.8 (11.9)

BUY
CMP Target Price
Investment Period
Stock Info Sector Market Cap (` cr) Net Debt (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code Infrastructure 221 2,630 0.9 264/44 1,232 2 18,308 5,415 SINF.BO SINF@IN

`45 `56
12 months

Source: Company, Angel Research

For 1QFY2014, Simplex Infrastructures (SINF) reported a mixed set of numbers which were above our estimates on the profitability front. SINF reported slow execution due to stagnant order book and delayed payments from clients; however owing to stellar operational performance earnings were above our estimate.
Slower execution offset by higher-than-expected operational performance: On the top-line front, the company reported a decline of 12.0% yoy to `1,395cr in 1QFY2014, which was 7.8% lower than our estimate. Revenue contribution from domestic and overseas operations stood at 85% and 15%, respectively, for 1QFY2014. On the operating front, the company reported an EBITDA decline of 1.6% yoy to `151cr in 1QFY2014. Adjusting for the foreign exchange MTM loss of `3cr, the EBITDA margin stood at 10.8% and was higher than our estimate of 9.4%. The company reported an adjusted PAT of `16cr in 1QFY2014, a decline of 43.1% yoy which is above our estimate of `14cr. This was mainly owing to the stellar operational performance during the quarter. However, the high interest expense at 5.8% of revenues continues to remain a concern. Outlook and valuation: Simplex has not been performing well on the revenue front since the last six-seven consecutive quarters due to slow moving orders and delays in payments from clients. The company has a strong order book (`15,843cr; 2.8x trailing revenue) and we expect execution to pick up in 2HFY2014. Considering the current order book mix, we estimate revenue and PAT CAGR of 8.2% and 13.6% respectively over FY2013-15E. Given the recent fall in the stock price, we continue to maintain our Buy rating on the stock, with a target price of `56, valuing the company at 4x FY2015E earnings.

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 55.0 21.3 12.5 11.3

Abs. (%) Sensex Simplex

3m (9.8)

1yr 3.5

3yr (0.5) (90.8)

(59.0) (77.7)

Key financials (Consolidated)

Y/E March (` cr) Net Sales % chg Adj.Net Profit % chg EBITDA (%) FDEPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x) OB/Sales (x) Order Inflows % chg FY2012 5,983 24.5 89 (28.2) 8.9 18.1 2.5 0.2 7.8 10.7 0.4 4.3 2.6 6,561 (18.2) FY2013 5,885 (1.6) 53 (40.5) 9.1 10.8 4.2 0.2 4.2 8.6 0.5 5.2 2.6 6,117 (6.8) FY2014E 6,226 5.8 49 (8.3) 9.1 9.9 4.5 0.2 3.7 8.2 0.5 5.2 2.6 6,954 13.7 FY2015E 6,896 10.8 69 40.7 9.0 13.9 3.2 0.2 5.0 8.8 0.4 4.9 2.5 7,899 13.6

Viral Shah
022-39357800 Ext: 6842 viralk.shah@angelbroking.com

Source: Company, Angel Research; Note: CMP as of August 19, 2013

Please refer to important disclosures at the end of this report

Simplex Infra | 1QFY2014 Result Update

Exhibit 1: Quarterly performance (Standalone)

Y/E March (` cr) Net Sales Total Expenditure Operating Profit OPM (%) Interest Depreciation Non Operating Income Nonrecurring items Profit Before tax Tax Net Profit before MI PAT (%) Minority Interest (MI) Net Profit after MI Adj. PAT (%) Adj. FDEPS
Source: Company, Angel Research

1QFY14 1,395 1,245 151 10.8 82 50 6 (3) 22 9 13 0.9 16 1.1 3.2

1QFY13 1,585 1,432 153 9.7 70 51 5 (8) 30 10 20 1.3 28 1.8 5.6

4QFY13 1,486 1,341 145 9.8 77 50 7 25 8 18 1.2 18 1.2 3.6

% chg (yoy) (12.0) (13.1) (1.6) 114bp 17.3 (2.5) 11.6 (60.4) (26.6) (7.4) (36.4) (35)bp (43.1) (62)bp (43.1)

% chg (qoq) (6.1) (7.2) 3.8 104bp 6.4 (0.1) (14.4) (13.0) 25.3 (29.0) (30)bp (11.9) (8)bp (11.9)

FY2013 5,821 5,283 538 9.2 289 200 42 90 31 60 1.0 60 1.0 12.1

FY2012 5,924 5,390 534 9.0 228 183 18 (7) 133 44 89 1.5 96 1.6 19.4

% Chg (1.7) (2.0) 0.7 23bp 26.6 9.4 138.8 0.8 (30.9) (33.0) (48)bp (37.6) (59)bp (37.6)

Exhibit 2: 1QFY2014 Actual vs Estimates

(` cr) Net Sales EBITDA EBITDAM (%) Interest and Financial Charges Adj. PAT
Source: Company, Angel Research

Estimates 1,514 142 9.4 81 14

Actual 1,395 151 10.8 82 16

Variation (%) (7.8) 5.9 97bp 0.6 16.8

Execution disappoints
On the top-line front, the company reported a decline of 12.0% yoy to `1,395cr in 1QFY2014, which was 7.8% lower than our estimates. The slow execution was mainly due to (a) liquidity issues faced by the clients (mainly from real estate segment) and (b) stretched working capital cycle. Revenue contribution from domestic and overseas operations stood at 85% and 15%, respectively, for 1QFY2014. The Management has maintained its guidance for a revenue growth of ~10% and order inflows in the range of `6,500-7,500cr for the full year. On the back healthy order inflows in 1QFY2014 and huge order bidding pipeline, we believe the company would be able to meet its guidance in terms of order inflows.

August 20, 2013

Simplex Infra | 1QFY2014 Result Update

Exhibit 3: Execution performance disappoints

2,000 1,800 34.5 1,600 1,569 1,400 1,200 1,000 800 600 400 200 0 Sales (` cr, LHS) (13.9) (17.2) (12.0) 5.7 1,796 31.3 28.1 1,585 1,398 1,486 1,352 1,395 40.0 30.0 20.0 10.0 0.0 (10.0) (20.0)

Exhibit 4: Revenue mix (1QFY2014, %)

11 21 Buildings Roads & Bridges Industrial 28 Marine Pilling Power 25 5 1 10 Urban Infra

3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 Growth (yoy %, RHS)

Source: Company, Angel Research

Source: Company, Angel Research

Slower execution and high interest cost hurt profitability

On the operating front, the company reported an EBITDA decline of 1.6% yoy to `151cr in 1QFY2014. Adjusting for the foreign exchange MTM loss of `3cr, the EBITDA margin stood at 10.8% and is higher than our estimate of 9.4%. The company reported an adjusted PAT of `16cr in 1QFY2014, a decline of 43.1% yoy which however is above our estimate of `14cr. This was mainly owing to stellar operational performance during the quarter. However, the high interest expense at 5.8% of revenues continues to remain a concern.

Exhibit 5: EBITDAM improves

180 160 140 120 100 80 60 40 132 156 153 119 130 145 20 0 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 EBITDA (`cr, LHS) EBITDAM (%, RHS) 151 8.4 8.7 9.7 8.5 9.6 9.8 10.0 8.0 6.0 4.0 2.0 0.0 10.8 12.0

Exhibit 6: Slower execution hurts profitability

30 25 20 15 10 5 21 26 28 13 12 18 16 0 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 PAT (` cr, LHS) PATM (%, RHS) 0.9 0.9 1.4 1.2 1.1 1.8 1.4 2.0 1.8 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0

Source: Company, Angel Research

Source: Company, Angel Research

Order book analysis

The company secured orders worth `1,685cr in 1QFY2014, thus taking the order book to `15,843cr (excluding L1 orders of ~`4,200cr), indicating a growth of 2.2% yoy. This converts into an order book-to-sales ratio of 2.8x trailing revenues. Going forward, we expect the domestic segment to drive revenue growth, which constitutes 92% of the total order book.

August 20, 2013

Simplex Infra | 1QFY2014 Result Update

Exhibit 7: Order inflows Segment wise (%)

Exhibit 8: Order backlog Segment wise (%)

2 12

27 43 Buildings Bridges 19 Pilling Urban Infra 3 3 11 7 18

24

Buildings Bridges Industrial Marine 32 Pilling Power Rail Urban Infra

Source: Company, Angel Research

Source: Company, Angel Research

Outlook and valuation

SINF has not been performing well on the revenue front since the last 6-7 consecutive quarters due to slow moving orders and delays in payments from clients. However, the company has a strong order book (`15,843cr; 2.8x trailing revenue) and we believe execution should pick up in 2HFY2014. The Management has guided for a revenue growth of ~10% in FY2014; it expects order inflows to be in the range of `6,500-7,500cr in FY2014. We believe the company would be able to meet its guidance in terms of order inflows. Further, SINF is a well-diversified player in terms of sectors, geographies and client mix, and has limited exposure to road BOT assets unlike its peers. On the back of current order book mix we estimate a revenue and PAT CAGR of 8.2% and 13.6% over FY2013-15E. Given the recent fall in the stock price we continue to maintain our Buy rating on the stock, with a target price of `56, valuing the company at 4x FY2015E earnings.

Investment argument
Diversified play
SINF is one of the oldest infrastructure companies in India (over eight decades of work log). Since inception, the company has been involved in different segments of the infrastructure sector, from piling (1924) to power (1960), to roads, railways and bridges (1980), and the real estate business (2007). The company has executed ~2,400 projects and is currently involved in >150 ongoing projects in India and abroad. This reflects the company's execution capabilities, and ability to successfully execute complex and numerous projects on time. The company is also well spread geographically, with a presence in the Middle-Eastern countries of Qatar, Oman, Dubai and Abu Dhabi and is now venturing into newer geographies such as Bangladesh. In terms of its client profile, SINF has a healthy mix of government and private sector projects. This successful diversification has not only provided the company the experience of executing different and complex projects but has also qualified it to bid for bigger ticket-size projects going ahead.

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Simplex Infra | 1QFY2014 Result Update

Exhibit 9: Recommendation summary

Company ABL CCCL IRB Infra ITNL IVRCL JP Assoc. L&T NCC Punj Lloyd Sadbhav Simplex In. Unity Infra CMP 48 6 69 122 10 31 19 23 65 45 18 TP 60 106 156 41 27 99 56 Rating FY12 Buy Buy Buy Buy Buy Buy Buy Buy 1,853 1,931 3,687 6,645 3,759 - Neutral Top-line (` cr) FY13E 1,912 2,281 3,805 7,423 5,673 2,131 2,492 4,248 7,970 5,892 7.2 13.6 7.3 9.5 8.4 5.4 10.6 6.8 11.7 22.8 8.2 7.1 5.3 (3.3) 16.7 26.8 (3.3) 2.5 44.8 2.4 (0.2) 0.9 10.8 12.5 EPS (`) 5.0 0.7 15.0 30.3 (1.7) 1.2 46.9 2.4 0.9 5.9 9.9 9.3 5.5 2.0 15.8 31.9 (2.0) 2.7 52.2 2.6 1.0 6.7 13.9 9.6 1.3 (3.0) 9.2 4.1 8.0 2.4 177.2 13.6 (12.4) 9.0 (1.9) 4.1 4.6 12.5 16.5 7.8 75.0 4.2 1.5 P/E (x) 9.6 9.2 4.6 4.0 25.1 15.7 8.0 27.0 11.0 4.5 2.0 8.8 3.1 4.4 3.8 11.5 14.1 7.5 22.7 9.8 3.2 1.9 OB/ 2.2 2.2 2.1 2.2 4.6 2.5 3.2 1.8 4.9 2.8 1.9 FY14E CAGR (%) FY12 FY13E FY14E CAGR (%) FY12 FY13E FY14E Sales (x)

- Neutral

13,415 12,946 14,897 60,873 66,532 74,520 5,725 1,811 5,897 2,040 6,044 2,462 6,237 2,146 6,533 2,731 6,908 2,339

738 1,002

- Neutral 11,408 12,726 14,226

- Neutral

Source: Company, Angel Research

Exhibit 10: SOTP breakup

Company ` ABL CCCL IRB Infra ITNL IVRCL JP Assoc. L&T NCC Punj Lloyd Sadbhav Simplex In. Unity Infra 18 16 30 58 6 15 731 13 44 24 56 27 Core Const. % to TP 30 100 28 37 32 37 73 48 100 24 100 100 ` 15 Real Estate % to TP 37 ` 42 76 98 7 75 Road BOT % to TP 70 72 63 26 76 Invst. In Subsidiaries ` 13 271 % to TP 68 27 ` 11 7 Others % to TP 27 26 Total ` 60 16 106 156 19 41 1,002 27 44 99 56 27

Source: Company, Angel Research

Company background
SINF is one of the oldest construction companies in India, based in Kolkata. Over the years, it has diversified across various segments to encash upon the untapped opportunities emerging in the construction business and has delivered on an excellent track record. The company is present across eight segments buildings (24% of order book), bridges (13%), industrial (7%), marine (1%), pilling (3%), power (18%), rail and roads (21%) and urban infrastructure (12%).

August 20, 2013

Simplex Infra | 1QFY2014 Result Update

Profit & loss statement (Consolidated)

Y/E March (` cr) Net Sales Other operating income Total operating income % chg Total Expenditure R.M. consumed Construction expenses Employee expenses SG&A EBITDA % chg (% of Net Sales) Depreciation & Amortisation EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of PBT) Share in profit of Associates Recurring PBT % chg Extraordinary Expense/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) Add: Share of earnings of asso. Less: Minority interest (MI) Prior period items PAT after MI (reported) ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg
previous year numbers

FY2010 FY2011 FY2012 FY2013 FY2014E FY2015E 4,552 12 4,564 (3.1) 4,110 1,856 580 1,472 202 454 12.5 9.9 157 297 9.2 6.5 122 26 13.0 201 15.8 201 71.5 35.6 129 1.9 127 127 3.0 2.8 25.7 25.7 3.0 4,808 16 4,824 5.7 4,333 1,705 250 1,711 668 491 8.1 10.2 167 324 9.1 6.7 148 24 12.0 200 (0.1) 200 74.4 37.1 126 1.4 125 125 (2.0) 2.6 25.2 25.2 (2.0) 5,983 26 6,010 24.6 5,477 2,306 293 1,972 907 532 8.5 8.9 189 344 6.1 5.7 231 21 15.6 133 (33.5) (5.8) 127 44.7 35.1 83 (1.0) 84 89 (28.2) 1.5 18.1 18.1 (28.2) 5,885 12 5,897 (1.9) 5,361 2,252 252 2,015 841 536 0.7 9.1 206 330 (4.0) 5.6 290 43 51.8 83 (37.7) 83 30.9 37.3 52 (1.2) 53 53 (40.5) 0.9 10.8 10.8 (40.5) 6,226 11 6,237 5.8 5,672 2,310 274 2,217 872 565 5.3 9.1 213 352 6.7 5.7 330 50 69.2 72 (13.2) 72 24.5 34.0 47 (1.4) 49 49 (8.3) 0.8 9.9 9.9 (8.3) 6,896 12 6,908 10.8 6,286 2,572 303 2,439 972 621 10.1 9.0 226 396 12.5 5.7 349 55 54.2 102 41.6 102 34.6 34.0 67 (1.5) 69 69 40.7 1.0 13.9 13.9 40.7

Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with

August 20, 2013

Simplex Infra | 1QFY2014 Result Update

Balance sheet (Consolidated)

Y/E March (` cr) SOURCES OF FUNDS Equity Share Capital Share App Money - warrants Reserves & Surplus Shareholders Funds Minority Interest Total Loans Deferred Tax Liability Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Current Assets Inventories Sundry Debtors Cash Loans & Advances Other Current liabilities Net Current Assets Mis. Exp. not written off Total Assets
previous year numbers

FY2010 FY2011 FY2012 10 968 978 5 1,302 88 2,374 1,277 289 988 19 3 3,125 671 1,806 110 398 140 1,760 1,364 2,374 10 1,078 1,088 6 1,661 138 2,893 1,509 384 1,125 27 23 3,766 812 2,298 106 405 145 2,048 1,718 2,893 10 1,197 1,207 6 2,132 195 3,539 1,804 525 1,279 44 54 4,909 879 1,689 73 630 1,638 2,747 2,162 3,539

FY2013 FY2014E FY2015E 10 1,291 1,301 10 2,656 205 4,171 1,901 666 1,235 43 110 5,764 798 2,305 83 798 1,780 2,981 2,783 4,171 10 1,334 1,344 8 2,806 209 4,367 2,001 815 1,186 43 110 6,204 855 2,503 97 872 1,878 3,177 3,028 4,367 10 1,397 1,407 7 2,956 214 4,583 2,101 973 1,128 43 110 6,756 964 2,706 103 965 2,017 3,454 3,302 4,583

Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with

August 20, 2013

Simplex Infra | 1QFY2014 Result Update

Cash flow statement (Consolidated)

Y/E March (` cr) Profit before tax Depreciation Change in Working Capital Less: Other income Direct taxes paid Cash Flow from Operations (Inc.)/ Dec. in Fixed Assets (Inc.)/ Dec. in Investments Other income Cash Flow from Investing Issue of Equity Inc./(Dec.) in loans Dividend Paid (Incl. Tax) Others Cash Flow from Financing Inc./(Dec.) in Cash Opening Cash balances Closing Cash balances
previous year numbers

FY2010 FY2011 FY2012 201 81 (212) (26) (71) (28) (63) (1) 26 (37) (21) 82 (12) 7 56 (9) 119 110 200 95 (357) (24) (74) (160) (241) (20) 24 (237) 358 (12) 47 393 (4) 110 106 127 141 (478) (21) (45) (275) (312) (31) 21 (322) (0) 471 (11) 104 564 (33) 106 73

FY2013 FY2014E FY2015E 83 141 (611) (43) (31) (461) (96) (56) 43 (109) 524 (11) 68 580 10 73 83 72 149 (230) (50) (24) (83) (100) 50 (50) 150 (6) 4 148 14 83 97 102 158 (268) (55) (35) (98) (100) 55 (45) 150 (6) 5 149 6 97 103

Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with

August 20, 2013

Simplex Infra | 1QFY2014 Result Update

Key Ratios
Y/E March Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value Dupont Analysis EBIT margin Tax retention ratio Asset turnover (x) ROIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating ROE Returns (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) Wcap cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage
previous year numbers

FY2010 FY2011 1.7 0.8 0.2 4.5 0.3 3.1 0.6 25.7 25.7 57.5 2.0 197.7 6.5 64.4 2.1 8.8 6.2 1.2 11.9 13.0 13.8 13.5 3.7 54 139 156 234 1.2 2.6 2.4 1.8 0.8 0.2 4.5 0.4 3.6 0.6 25.2 25.2 58.9 2.0 219.9 6.7 62.9 1.9 8.1 6.3 1.3 10.5 12.3 12.9 12.1 3.5 56 155 159 253 1.4 3.2 2.2

FY2012 2.5 0.8 0.2 4.5 0.4 4.3 0.6 18.1 18.1 56.2 2.0 244.0 5.7 64.9 1.9 7.1 7.9 1.6 5.9 10.7 11.1 7.8 3.6 51 121 159 258 1.7 3.9 1.5

FY2013 4.2 0.9 0.2 2.2 0.5 5.2 0.7 10.8 10.8 52.5 1.0 262.9 5.6 62.7 1.6 5.5 7.6 1.8 1.6 8.6 8.8 4.2 3.2 52 124 194 325 2.0 4.8 1.1

FY2014E FY2015E 4.5 0.8 0.2 2.2 0.5 5.2 0.7 9.9 9.9 52.9 1.0 271.6 5.7 66.0 1.5 5.6 8.0 2.0 0.7 8.2 8.5 3.7 3.2 48 141 197 345 2.0 4.8 1.1 3.2 0.8 0.2 2.2 0.4 4.9 0.7 13.9 13.9 59.5 1.0 284.4 5.7 66.0 1.6 6.0 8.0 2.0 1.9 8.8 9.1 5.0 3.4 48 138 191 337 2.0 4.6 1.1

Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable with

August 20, 2013

Simplex Infra | 1QFY2014 Result Update

Research Team Tel: 022 - 39357800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the 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. Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions 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. 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, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Pvt. Limited endeavours 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. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Pvt. Limited and its 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. Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered

Simplex Infra No No No No

Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors.

Ratings (Returns):

Buy (> 15%) Reduce (-5% to -15%)

Accumulate (5% to 15%) Sell (< -15%)

Neutral (-5 to 5%)

August 20, 2013

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