2QFY2012 Result Update | Mining

October 26, 2011

Sesa Goa
Performance Highlights

ACCUMULATE
CMP Target Price
% chg (yoy) 1QFY12 % chg (qoq)

`206 `232
12 months

Particulars (` cr) Net sales EBITDA EBITDA margin (%) Adj. PAT

2QFY12

2QFY11

Investment Period
Stock Info Sector Market Cap (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code

790 260 32.9 235

918 340 37.0 347

(14.0) (23.5) (408)bp (32.2)

2,109 1,146 54.3 841

(62.6) (77.3) (2141)bp (72.0)

Mining 17,860 1.0 348/189 618539 1 17,289 5,202 SESA.BO SESA@IN

Source: Company, Angel Research

For 2QFY2012, Sesa Goa (Sesa) reported a 14.0% yoy decline in its net sales to `790cr, lower than our estimate of `1,125cr on account of lower-than-expected iron ore sales volumes. Adjusted PAT at `235cr was also below our estimate of `517cr. We recommend Accumulate on the stock. Lower sales volume impacts 2QFY2012 performance: For 2QFY2012, Sesas net sales decreased by 14.0% yoy to `790cr on account of a 23.0% yoy decline in iron ore sales volumes to 1.5mn tonnes. Iron ore realization increased by 14.4% yoy to US$84/tonne. Export duty increased by 65.5% yoy to `87cr in 2QFY2012, as the government had raised export duty on iron ore to 20.0% in February 2011. Thus, EBITDA fell by 23.5% yoy to `260cr and EBITDA margin slipped by 408bp yoy, as higher iron ore realization was more than offset by increased export duty. The company reported an exceptional item related to forex loss of `234cr in 2QFY2012. Accordingly, PAT fell to `1cr in 2QFY2012 compared to `385cr in 2QFY2011. Excluding the exceptional item, adjusted PAT decreased by 32.2% yoy to `235cr (below our estimate of `322cr). Outlook and valuation: Despite the recent correction in spot iron ore prices, we expect international iron ore prices to remain firm in the medium term, as we expect additional meaningful supplies to hit the sea-borne market only from CY2014. We believe the current stock price discounts negatives such as acquisition of a minority stake in the unrelated oil business via acquisition of Cairn Indias stake, increased export duty and railway freight and lower volumes from Goa mines. We recommend Accumulate on the stock with an SOTP-based target price of `232. Key financials (Consolidated)
Y/E March (` cr) Net sales % chg Net profit % chg FDEPS (`) OPM (%) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x)
Source: Company, Angel Research

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 55.1 5.2 23.8 15.9

Abs. (%) Sensex Sesa Goa

3m

1yr

3yr 98.7

(6.6) (14.5)

(26.5) (37.8) 177.9

FY2010
5,858 18.1 2,629 32.2 29.6 53.7 7.0 2.2 41.6 41.7 4.3 8.0

FY2011
9,205 57.1 4,222 60.6 47.5 56.5 4.3 1.4 40.7 42.9 3.0 5.4

FY2012E
7,979 (13.3) 2,621 (37.9) 29.5 45.2 7.0 1.2 18.7 21.1 2.0 4.5

FY2013E
9,073 13.7 2,934 11.9 33.0 45.2 6.2 1.0 17.7 19.4 2.0 4.4

Bhavesh Chauhan
Tel: 022- 39357600 Ext: 6821 Bhaveshu.chauhan@angelbroking.com

Please refer to important disclosures at the end of this report

Sesa Goa | 2QFY2012 Result Update

Exhibit 1: 2QFY2012 performance (Consolidated)

(` cr) Total sales Raw Material % of Net sales Consumption of Stores % of Net sales Staff Cost % of Net sales Export Duty % of Net sales Other Expenditure % of Net sales Total Expenditure % of Net sales EBITDA % of Net sales Interest Depreciation Other Income Exceptional Items Profit before tax % of Net sales Tax % of PBT Reported net income % of Net sales Adj.PAT
Source: Company, Angel Research

2QFY12

2QFY11

yoy (%)

1QFY12

qoq (%)

790 100 12.7 72 9.1 63 7.9 87 11.0 94 11.9 530 67.1 260 32.9 52 24 50 (234) 0.4 (1) 1 0.2 235

918 55 6.0 61 6.7 47 5.1 53 5.7 366 39.8 579 63.0 340 37.0 14 19 100 407 44.3 19 4.6 385 41.9 347

(14.0) 81.5 17.2 34.2 65.5 (74.4) (8.4) (23.5) 268.4 25.2 (49.8) (99.9) (104.8) (99.7) (32.2)

2,109 76 3.6 91 4.3 55 2.6 345 16.4 404 19.2 963 45.7 1,146 54.3 49 27 152 1,222 57.9 381 31.2 841 49.3 841

(62.6) 32.5 (21.2) 14.6 (74.7) (76.8) (45.0) (77.3) 4.7 (9.6) (66.9) (100.0) (100.2) (99.8) (72.0)

Exhibit 2: 2QFY2012 Actual vs. Angel estimates

(` cr) Net sales EBITDA EBITDA margin (%) Adj. PAT
Source: Company, Angel Research

Actual 790 260 32.9 235

Estimates 1,125 428 38.0 322

Variation (%) (29.8) (39.2) (508)bp (26.9)

October 26, 2011

Sesa Goa | 2QFY2012 Result Update

Lower sales volume impacts top-line growth

For 2QFY2012, Sesas net sales decreased by 14.0% yoy to `790cr, lower than our estimate of `1,125cr on account of lower-than-expected iron ore sales volumes. The decrease in revenue was mainly on account of a 23.0% yoy decline in iron ore sales volumes to 1.5mn tonnes (on wet metric tonne basis). Iron ore realization for the quarter increased by 14.4% yoy to US$84/tonne.

Exhibit 3: Iron ore sales volume fell by 23.0% yoy

8 7 6 120 100 80 60 40 20 0 2QFY10 4QFY10 2QFY11 4QFY11 2QFY12 Sales Volume (LHS) Average realization (RHS)

Exhibit 4: EBIT/tonne trending up

120 100
(US $/tonne)
(U $ /tonne)

(mn tonne)

5 4 3 2 1 0

80 60 40 20 0 2QFY10 4QFY10 Revenue/tonne 2QFY11 Cost/tonne 4QFY11 EBIT/tonne 2QFY12

Source: Company, Angel Research

Source: Company, Angel Research

EBITDA fell by 23.5% yoy

Export duty increased by 65.5% yoy to `87cr in 2QFY2012, as the government had raised export duty on iron ore to 20.0% in February 2011. Thus, EBITDA decreased by 23.5% yoy to `260cr and EBITDA margin slipped by 408bp yoy, as higher iron ore realization was more than offset by increased export duty. The company reported an exceptional item related to forex loss of `234cr in 2QFY2012. Consequently, PAT declined to `1cr in 2QFY2012 compared to `385cr in 2QFY2011. Excluding exceptional items, adjusted PAT decreased by 32.2% yoy to `235cr (below our estimate of `322cr).

Exhibit 5: EBITDA declined by 23.5% yoy

2500 2000 1500 1000 500 0 2QFY10 4QFY10 EBITDA (LHS) 2QFY11 4QFY11 2QFY12 EBITDA margin (RHS) 70 60 50

Exhibit 6: Net profit also down

1600 1400 1200 1000
(` cr)
(%)

60 50 40
(%)

(` cr)

40 30 20 10 0

800 600 400 200 0 2QFY10 4QFY10 Adj. PAT (LHS) 2QFY11 4QFY11 2QFY12 Net profit margin (LHS)

30 20 10 0

Source: Company, Angel Research

Source: Company, Angel Research

October 26, 2011

Sesa Goa | 2QFY2012 Result Update

Outlook
Crude steel consumption in China is expected to rise
According to China Iron and Steel Association data, Chinas steel production in CY2011 is expected to increase by 6.0% yoy over the coming five years. The Australian Bureau of Agricultural and Resource Economics and Sciences expects Chinese crude steel production to reach 674mn tonnes (+7.5% yoy) in CY2011.

Exhibit 7: China steel production to grow steadily

800 700 600 500 400 300 200 100 2009 2010E 2011E 2012E

Exhibit 8: China steel consumption to remain robust

660 640 620 600 580 560 540 520 500 480 2009 2010E 2011E 2012E

China crude steel production

Chinese steel consumption

Source: CISA, Angel Research

Source: World Steel Association, Angel Research

supporting firm iron ore prices in the medium term

Iron ore prices have declined steeply in the last one month. Nevertheless, we expect spot iron ore prices to remain firm during FY2012 and FY2013, considering the increase in crude steel production and muted growth in domestic production of iron ore in China. Further, in our view, any meaningful additional supplies in the sea-borne iron ore market are expected to come only from CY2014, thus supporting higher iron ore prices in the medium term.

Exhibit 9: China iron ore prod. remains muted

140 120 100 80 60 40 20 0 Oct-06 Jan-08 Apr-09 Jul-10
Iron ore production (LHS) mom change (RHS)

Exhibit 10: Spot iron ore prices declined recently

40 20 10 (10) (20) (30) (40) 250 30 200 150 100 50 0

(mn tonnes)

(%)

(US $/tonne)

Dec-10

Mar-11

Aug-11

Apr-11

Jul-11

Feb-11

Nov-10

May-11

Oct-11

Iron ore fines 63.5% Fe

Iron ore fines 58% Fe

Source: Bloomberg, Angel Research

Source: Bloomberg, Angel Research

October 26, 2011

Sep-11

Oct-11

Jan-11

Jun-11

Sesa Goa | 2QFY2012 Result Update

Iron ore imports by China continue to rise

Demand for imported iron ore has increased recently as Chinese steel production continues to rise. Iron ore imports by China stood at 509mn tonnes during January-September 2011, compared to 458mn tonnes during January-September 2010. However, iron ore inventories continued to remain steady at ~92mn tonnes currently.

Exhibit 11: Iron ore imports by China remain rise...

40

Exhibit 12: ...despite high inventories at Chinese ports

120 100 80 60 40 20 0

(mn tonnes)

20 10 0

Nov-10

Feb-11

May-11

Dec-10

Iron ore imports by China from India Iron ore imports by China from Australia Iron ore imports by China from Brazil

Chinese iron Ore inventory

Source: Bloomberg, Angel Research

Source: Bloomberg, Angel Research

October 26, 2011

Mar-11

Aug-11

Sep-11

Oct-11

Jan-11

Apr-11

Jun-11

Jul-11

Nov-10

Jan-11

Mar-11

May-11

Jul-11

Sep-11

(mn tonnes)

30

Sesa Goa | 2QFY2012 Result Update

Valuation
Despite the recent correction in spot iron ore prices, we expect international iron ore prices to remain firm in the medium term, as we expect additional meaningful supplies to hit the sea-borne market only from CY2014. We believe the current stock price discounts negatives such as acquisition of a minority stake in the unrelated oil business via acquisition of Cairn Indias stake, increased export duty and railway freight and lower volumes from Goa mines. We value Sesa at 3.0x FY2013 EV/EBITDA and Sesas stake in Cairn India at a 75% discount to the current market price. Thus, we derive a target price of `232/share and recommend Accumulate on the stock. A key catalyst for the stock would be commencement of production and sales from its Karnataka mine. We have lowered our sales volumes estimates for FY2012E, considering lower-than-expected sales volume during 2QFY2012. Hence, our profitability estimates are also reduced for FY2012E.

Exhibit 13: Change in estimates

(` cr) Net sales EBITDA EBITDA margin (%) PBT PAT PAT margin (%)
Source: Angel Research

Earlier estimates FY12E 8,711 4,041 46.4 4,169 2,960 34.0 FY13E 10,012 4,615 46.1 4,750 3,325 33.2

Revised estimates FY12E 7,979 3,605 45.2 3,692 2,621 32.9 FY13E 9,073 4,099 45.2 4,191 2,934 32.3

Upgrade/(downgrade) (%) FY12E (8.4) (10.8) (121)bp (11.4) (11.4) (112)bp FY13E (9.4) (11.2) (92)bp (11.8) (11.8) (87)bp

Exhibit 14: EPS Angel forecast vs. consensus

Year FY2012E FY2013E
Source: Bloomberg, Angel Research

Angel forecast Bloomberg consensus (%) (%)

29.5 33.0 39.6 43.5

Variation (%)
(25.6) (24.2)

Exhibit 15: Recommendation summary

Companies Coal India MOIL Sesa Goa NMDC CMP Target Price (`) (`) Reco. Mcap Upside (` cr) P/E (x) FY12E FY13E P/BV (x) FY12E FY13E EV/EBITDA (x) RoE (%) RoCE (%) FY12E FY13E FY12E FY13E FY12E FY13E

329 252 206 237

358 232 -

Accum. 207,682 Neutral Accum. Neutral 4,225 17,860 93,844

13 -

14.2 8.7 7.0 13.3

13.1 8.2 6.2 11.7

4.6 1.7 1.2 3.8

3.6 1.5 1.0 3.1

9.1 3.6
4.5

8.0 3.0
4.4

37.5 21.2
18.7

31.2 19.6
17.7

34.9 23.8
21.1

29.2 21.6
19.4

8.3

6.7

32.3

29.3

40.5

36.7

Source: Angel Research

October 26, 2011

Sesa Goa | 2QFY2012 Result Update

Exhibit 16: EV/EBITDA band

40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 (5,000) (10,000) Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 1.0x 2.5x 4.0x 5.5x 7.0x

(` cr)

4.0x 2.5x 1.0x

Source: Bloomberg, Angel Research

Exhibit 17: P/E band

600 500 400

(`)

300 200 100 0 Jan-04 Feb-05 Mar-06 Apr-07 May-08 3x 6x 9x Jun-09 Jul-10 12x Aug-11

Source: Bloomberg, Angel Research

Exhibit 18: P/BV band

800 700 600 500 400 300 200 100 0 Jan-03 Feb-04 Mar-05 Apr-06 May-07 Jun-08 1x
Source: Bloomberg, Angel Research

(`)

2.0x 1.0x

Jul-09 Aug-10 Sep-11 4x

2x

3x

October 26, 2011

Sesa Goa | 2QFY2012 Result Update

Profit and loss statement (Consolidated)

Y/E March (` cr) Gross sales Less: Excise duty Net sales Other operating income Total operating income % chg Total expenditure Net raw materials Other mfg costs Personnel Other EBITDA % chg (% of Net sales) Depreciation EBIT % chg (% of Net sales) Interest charges Other income (% of PBT) Share in profit of asso. Recurring PBT % chg Extra. Inc/(Expense) PBT (reported) Tax (% of PBT) PAT (reported) Add: Earnings of asso. Less: Minority interest Extra. Expense/(Inc.) PAT after MI (reported) ADJ. PAT % chg (% of Net sales) Basic EPS (`) Fully Diluted EPS (`) % chg FY2008 3,845 79 3,766 57 3,823 72.4 1,519 477 294 68 680 2,303 139.2 60.3 50 2,253 144.0 58.9 3 74 3.2 2,325 140.7 2,325 776 33.4 1,549 0 1,549 1,549 137.9 40.5 19.7 19.7 137.9 FY2009 4,991 73 4,918 41 4,959 29.7 2,417 494 394 77 1,452 2,542 10.4 51.3 52 2,490 10.5 50.2 4 224 8.3 2,710 16.6 2,710 715 26.4 1,995 (7) 1,988 1,988 28.4 40.1 25.3 25.3 28.4 FY2010 5,842 44 5,798 60 5,858 18.1 2,710 534 391 130 1,654 3,149 23.9 53.7 75 3,074 23.4 52.5 56 426 12.4 3,445 27.1 3,445 806 23.4 2,639 (10) 2,629 2,629 32.2 44.9 31.6 29.6 17.0 FY2011 9,209 64 9,145 60 9,205 57.1 4,002 858 958 207 1,979 5,203 65.2 56.5 96 5,107 66.1 55.5 38 540 9.6 5,608 62.8 487.8 5,560 1,337 24.1 4,222 4,222 4,222 60.6 45.9 49.1 47.5 60.6 FY2012E 8,138 160 7,979 7,979 (13.3) 4,374 661 1,645 207 1,860 3,605 (30.7) 45.2 96 3,509 (31.3) 44.0 196 380 10.3 3,692 (34.2) 3,692 1,071 29.0 2,621 2,621 2,621 (37.9) 32.9 29.5 29.5 (37.9) FY2013E 9,254 181 9,073 9,073 13.7 4,974 787 1,836 236 2,115 4,099 13.7 45.2 109 3,989 13.7 44.0 216 418 10.0 4,191 13.5 4,191 1,257 30.0 2,934 2,934 2,934 11.9 32.3 33.0 33.0 11.9

October 26, 2011

Sesa Goa | 2QFY2012 Result Update

Balance sheet (Consolidated)

Y/E March (` cr) SOURCES OF FUNDS Equity share capital Reserves & surplus Shareholders funds Share warrants 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 Cash Loans & advances Other Current liabilities Net current assets Mis. exp. not written off Total assets 770 294 476 21 2,051 864 21 59 784 376 488 3,036 886 342 544 49 3,125 1,683 18 1,103 562 584 1,099 4,817 2,751 574 2,177 79 4,565 4,416 2,392 1,146 879 1,240 3,176 9,997 3,065 649 2,416 729 8,800 3,660 897 1,322 1,441 1,726 1,934 13,878 39 2,904 2,943 27 66 3,036 79 4,637 4,716 33 2 66 4,817 83 7,835 7,918 43 1,961 75 9,997 87 12,724 12,810 999 68 13,878 FY2008 FY2009 FY2010 FY2011 FY2012E FY2013E

87 15,212 15,298 3,937 68 19,304 4,265 745 3,519 429 12,123 4,242 1,893 1,322 1,028 1,009 3,233 19,304

87 17,701 17,787 3,937 68 21,793 5,265 855 4,410 79 12,123 6,277 3,762 1,322 1,193 1,096 5,181 21,793

Note: Cash and bank balance include deposits

October 26, 2011

Sesa Goa | 2QFY2012 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 (Inc.)/Dec. in loans & adv. 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 69 (1,203) 184 (184) (0) 21 21 113 (999) 138 1,001 (1,139) (3) 21 18 (2,168) (5,394) 537 2,358 206 6 2,682 (141) 2,533 2,392 2,150 (2,965) (7) 328 85 (420) 149 748 897 FY2008 2,325 50 (170) (71) 747 1,387 (67) (1,205) FY2009 2,710 52 314 (221) 721 2,134 (147) (965) FY2010 3,445 75 179 (363) 764 2,571 (149) (3,078) FY2011 5,560 96 (304) (451) 1,368 3,533 (984) (4,131) FY2012E FY2013E

3,692 96 (303) 1,071 2,414 (900) (3,323) (4,223) 2,938 133 2,804 996 897 1,893

4,191 109 (79) 1,257 2,964 (650) (650) 445 (445) 1,870 1,893 3,762

October 26, 2011

10

Sesa Goa | 2QFY2012 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 Leverage (x) Operating RoE Returns (%) RoCE (pre-tax) Angel RoIC (pre-tax) RoE Turnover ratios (x) Asset T/o (gross block) Inventory (days) Receivables (days) Payables (days) WC capital (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA FY2008 FY2009 FY2010 FY2011 FY2012E FY2013E

10.4 10.1 5.5 1.1 4.8 7.9 6.0 19.7 19.7 20.3 2.3 37.4 58.9 66.6 4.4 172.0 172.0 96.2 264.5 68.0 5.1 234 35 102 53 (0.7) (0.9)

8.1 7.9 3.4 1.1 3.9 7.6 4.0 25.3 25.3 25.9 2.3 59.9 50.2 73.6 3.8 142.2 142.2 63.9 198.5 51.9 6.0 213 28 170 33 (1.3) (2.5)

7.0 6.3 2.2 1.6 4.3 8.0 2.5 31.6 29.6 32.5 3.3 95.3 52.5 76.6 2.5 101.6 101.6 41.7 136.3 41.6 3.2 261 20 351 12 (1.5) (3.7)

4.3 4.2 1.4 2.4 3.0 5.4 2.0 49.1 47.5 48.5 5.0 144.0 55.5 75.9 6.1 258.4 258.4 42.9 465.4 40.7 3.2 265 20 403 7 (1.4) (3.6)

7.0 6.7 1.2 0.7 2.0 4.5 0.8 29.5 29.5 30.5 1.5 172.0 44.0 71.0 0.7 23.3 23.3 21.1 34.7 18.7 2.2 270 24 250 18 (0.7) (2.8)

6.2 6.0 1.0 2.4 2.0 4.4 0.8 33.0 33.0 34.2 5.0 199.9 44.0 70.0 0.4 12.9 12.9 19.4 18.6 17.7 1.9 270 24 250 23 (0.7) (2.9)

October 26, 2011

11

Sesa Goa | 2QFY2012 Result Update

Research Team Tel: 022 3935 7800

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 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 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 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 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 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 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 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

Sesa Goa 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%)

October 26, 2011

12