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                                                                                                                            Initiating Coverage
                                                                                                                              Company Update



 NEUTRAL                                      Running out of Gas
                                              Aegis's Autogas Division has failed to embark on fast paced growth as expected. Further,
 Price                             Rs54       non-renewal of the RIL contract is expected to impact the company's overall Bottom-line
 Target Price                          -      going ahead. We estimate the company's Top-line to register CAGR of 7.7% over
                                              FY2008-10E, while Margins would decline to 13.7%. We estimate Bottom-line to de-grow
 Investment Period                     -      9.9% on a compounded basis in the mentioned period. At Rs54, the stock is trading 3.5x
                                              FY2010E EPS and 0.5x FY2010E P/BV. Poor Revenue visibility and non-enthusing future
 Stock Info                                   Profitability overweigh its seemingly attractive valuations. Hence, we downgrade the stock
 Sector                        Logistics
                                              from Buy to Neutral.
                                                  Non-renewal of RIL contract to impact Bottom-line: RIL, a key customer of Aegis'
 Market Cap (Rs cr)                  108
                                              high-Margin Liquid Logistics Segment, has been significantly contributing to the company's
 Beta                                0.7      overall Bottom-line. However, on account of non-renewal of the RIL contract the company's
 52 Week High / Low               293/52
                                              growth prospect is expected to be adversely impacted. Notably, the Liquid Logistics
                                              Segment had contributed 14% to the company's overall Top-line and 45% to Operating
 Avg Daily Volume                   7467      Profits in FY2008. Hence, a fall in Revenues of this Segment is a major cause for concern
 Face Value (Rs)                      10      as it impacts the company's Profitability. Following this development, we are downgrading
                                              our Earnings estimates of the Division.
 BSE Sensex                        8,756           Autogas business registers subdued growth: Aegis has failed to achieve its target of
                                              setting up 100 Autogas stations by the end of FY2009 and now expects to set up 60
 Nifty                             2,719
                                              stations. Pertinently, the company was able to add only two gas stations in 3QFY2009.
                                              Moreover, sluggish Auto sales coupled with the narrowing price differential between Autogas
 BSE Code                         500003      and other Auto fuels owing to the ongoing slowdown are expected to majorly impede future
 NSE Code                   AEGISCHEM         growth prospects of this business.
                                                  Disappointing 9MFY2009 performance: For 9MFY2009, the company reported 21%
 Reuters Code                 AEGS.BO
                                              growth in consolidated Revenue to Rs323.6cr (Rs268.2cr), which was 12% lower than our
 Bloomberg Code               AGIS@IN         estimate of Rs368.5cr. During the period, the company registered 17% de-growth in
                                              Bottom-line to Rs22.2cr (Rs26.6cr) as against our estimate of Rs39.3cr. Hence, we are
 Shareholding Pattern (%)                     pruning our Top-line and Bottom-line estimates. For FY2009E and FY2010E we estimate
                                              Top-line of Rs415cr (earlier Rs491cr) and Rs451cr (earlier Rs647cr), respectively. We are
 Promoters                          63.3      also lowering our Bottom-line estimates for the afore-mentioned years to Rs26cr (earlier
 MF / Banks / Indian FIs             7.3      Rs52cr) and Rs31cr (earlier Rs74cr), respectively.

 FII / NRIs / OCBs                   6.7          Key Financials (Consolidated)
                                                  Y/E March (Rs cr)            FY2007              FY2008           FY2009E            FY2010E
 Indian Public / Others             22.7
                                                  Net Sales                         240.4            389.3              415.4             451.2
 Abs.                3m     1yr      3yr          % chg                             55.6               62.0               6.7                  8.6
 Sensex (%)      (9.6) (43.0) (18.9)              Net Profits                        23.6              38.4              26.1                 31.2

 Aegis (%)      (15.0) (74.0) (78.0)              % chg                          (21.9)                63.0             (32.1)                19.6
                                                  OPM (%)                            12.4              17.5              13.4                 13.7
 Girish Solanki                                   EPS (Rs)                           14.5              19.3              13.1                 15.7
 Tel: 022 - 4040 3800 Ext: 319                    P/E (x)                             3.7               2.8                4.1                 3.5
 E-mail: girish.solanki@angeltrade.com            P/BV (x)                            0.8               0.7                0.6                 0.5
                                                  RoE (%)                            20.2              24.8              14.9                 15.6
 V Srinivasan                                     RoCE (%)                           13.7              19.9              13.0                 14.0
 Tel: 022 - 4040 3800 Ext: 330                    EV/Sales (x)                        0.5               0.5                0.5                 0.4
 E-mail: v.srinivasan@angeltrade.com              EV/EBITDA (x)                       4.3               2.6                3.6                 3.2
                                                  Source: Company, Angel Research

January 30, 2008
March 13, 2009                                                        For Private Circulation Only - - SebiRegistration No :: INB 010996539
                                                                        For Private Circulation Only Sebi Registration No INB                        1
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                                             Liquid Logistics Division
Liquid Logistics Segment had                 RIL has been a key customer of Aegis' high-Margin Liquid Logistics Segment contributing
contributed 14% to the company's             significantly to the Segment's Revenues and more importantly to the company's overall
overall Top-line and 45% to                  Bottom-line. In a recent development however, RIL has decided not to renew its contract with
Operating Profits in FY2008                  Aegis for utilising its liquid logistics facility. We believe this would adversely impact the company's
                                             Profitability going ahead. It's been a double whammy for the company as apart from the
                                             non-renewal of RIL contract in 3QFY2009 the Liquid Logistics Segment registered a decline in
                                             volumes handled on account of the ongoing slowdown in the Manufacturing sector. Demand for
                                             chemicals from the Spot traders also fell due to high volatility in the commodity prices. Notably,
                                             the Liquid Logistics Segment had contributed 14% to the company's overall Top-line and 45% to
                                             Operating Profits in FY2008. Hence, a fall in Revenues of this Segment is a major cause for
                                             concern as it impacts the company's Profitability.

                                              Exhibit 1: Liquid Logistics Division - Revised Estimates
                                                                                     Revised Estimates                       Old Estimates
                                                                                 FY2009E            FY2010E           FY2009E           FY2010E
                                              Revenue (Rs cr)                         67.2               69.0              76.5                 87.1
                                              Capacity Addition (kl)               51,000             56,000            51,000            56,000
                                              Year-end Capacity (kl)              288,000            344,000           288,000          344,000
                                              Utilisation (%)                         77.8               66.9              80.5                 75.6
                                              Effective Capacity (kl)             223,950            230,000           231,713          260,000
                                              Realisation per kl (Rs)                3,000              3,000            3,300             3,350
                                              YoY chg (%)                               (5)                 0                 5                   2
                                             Source: Angel Research

                                             Aegis, after suffering potential Revenue losses due to inadequate tankage capacity, has chalked
                                             out a long-term capacity expansion programme for the Segment, which would also help it have
                                             a pan-India presence. Thus, the company's liquid storage capacity is expected to touch 3,44,000kl
                                             by FY2010 from 1,62,000kl in FY2007. The company has acquired land near Mangalore port to
                                             develop a new 80,000kl terminal, which is proposed to be operational in FY2011. The company
                                             has also bought land near the Haldia port to develop a 40,000kl green-field liquid terminal, which
                                             will be operational by FY2011.

                                             The company's Mumbai facility achieved capacity utilisation of close to 100% in the last quarter
                                             even as capacity utilisation of its Kochi facility was considerably lower at 40-50% during the
                                             quarter. Aegis expects to continue its capex plans even though its utilisation levels were
                                             impacted in 9MFY2009. We have however, lowered our capacity utilisation estimates for FY2009E
                                             and FY2010E.

                                             Gas Division

                                             Aegis's Gas Division recorded 23.7% yoy decline in Revenues for 3QFY2009 despite the 37%
                                             increase in volumes handled to 54,400kl (39,738kl) during the quarter. Volumes of the Division
                                             increased despite the 44% yoy fall in Industrial Gas Sales volume, which dipped owing to lack
                                             of demand from the steel manufacturers. Revenues declined on account of the steep fall in gas




   March 13, 2009
   January 30, 2008                                                     For Private Circulation Only - - SebiRegistration No :: INB 010996539
                                                                          For Private Circulation Only Sebi Registration No INB                        2
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                                          prices and change in the product mix of industrial gas distribution and throughput business.
                                          Going ahead, lower demand from RIL's IPCL Division is expected to adversely impact the
                                          company's throughput business. In fact, RIL's throughput volume offtake declined 79% yoy in
                                          3QFY2009.

                                          Autogas Business - Trailing Targets

Both, the mood of the event               The Autogas business has not been progressing as per expectations. Aegis currently operates
and the annual report clearly             55 Autogas stations. It had earlier guided to set up 100 stations by the end of FY2009 but, now
lay emphasis on the fact that             expects to set up 60 stations, which is even lower than our estimate of 70 stations. Pertinently,
the M&E Industry in India is              the company was able to add only two gas stations in 3QFY2009.
clearly facing tough times
                                          Future outlook for the Division appears to be dismal as the ongoing slump in the economy is
                                          expected to protract for a few more quarters. The fall in Auto Sales on account of the ongoing
                                          economic slow-down coupled with the narrowing price differential between Autogas and other
                                          Auto fuels are expected to be major impediments to the medium-term growth prospects of this
                                          Division.

                                            Exhibit 2: Autogas LPG Division - Revised Estimates
                                                                                         Revised Estimates                Old Estimates
                                                                                     FY2009E         FY2010E         FY2009E         FY2010E
                                            Revenue (Rs cr)                              86.6           125.9           146.6            254.2
                                            No of operational stations at year end         60              90               70               105
                                            Volumes per station p.a. (tonne)              600             600             700                700
                                            Realisation per tonne (Rs)                30,400           27,968          39,900          41,496
                                            YoY chg (%)                                   (20)             (8)               5                 4
                                          Source: Angel Research

                                          To tackle some of the challenges faced by the Business Division, Aegis has drawn up a
                                          three-pronged programme:

                                          (i)    Improve Operating Efficiency,
                                          (ii)   Expansion of Autogas business to Tier I & II cities, and
                                          (iii) Foraying into handling and storage of jet fuel and crude oil.

                                          Financials

                                          For 9MFY2009, the company registered 21% growth in consolidated Revenues to Rs323.6cr
                                          (Rs268.2cr), which was 12% below our estimate of Rs368.5cr. During the period, the company
                                          also reported 17% de-growth in Bottom-line to Rs22.2cr (Rs26.6cr) v/s our expectation of Rs39.3cr.




January 30, 2008
March 13, 2009                                                       For Private Circulation Only - - SebiRegistration No :: INB 010996539
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                                           Exhibit 3: 3QFY2009 Performance
                                           Y/E March (Rs cr)         3QFY2009       3QFY2008         % chg     9MFY2009       9MFY2008         % chg
                                           Net Sales                        77.5           97.7       (20.7)      323.6           268.2          20.7
                                           Consumption of RM                50.4           66.4       (24.1)      238.1           186.9          27.4
                                           (% of Sales)                     65.0           68.0                       73.6         69.7
                                           Staff Costs                       3.8              3.2      20.6           12.2              8.8      38.5
                                           (% of Sales)                      4.9              3.2                      3.8              3.3
                                           Other Expenses                   10.6           11.4        (7.4)          29.7         31.4          (5.2)
                                           (% of Sales)                     13.6           11.7                        9.2         11.7
                                           Total Expenditure                64.8           81.0       (20.0)       279.9          227.0          23.3
                                           Operating Profit                 12.7           16.7       (23.9)          43.6         41.2           5.9
                                           OPM (%)                          16.4           17.1                       13.5         15.4
                                           Interest                          2.6              2.4       6.7            8.0              4.6      74.2
                                           Depreciation                      3.5              2.1      71.0           10.4              5.1     106.7
                                           Other Income                      1.3              0.8      64.1            2.6              2.3      14.0
                                           PBT (incl. Extr. Items)           7.9           13.1       (39.3)          27.7         33.8         (17.9)
                                           (% of Sales)                     10.2           13.4                        8.6         12.6
                                           Provision for Taxation            1.6              2.8     (41.8)           5.6              7.2     (22.3)
                                           (% of PBT)                       20.2           21.1                       20.1         21.2
                                           Reported PAT                      6.3           10.3       (38.6)          22.2         26.6         (16.8)
                                           PATM                              8.2           10.5                        6.8              9.9
                                           Equity shares (cr)               16.3           16.3                       16.3         16.3
                                           EPS (Rs)                          3.9              6.3                     13.6         16.3
                                           Adjusted PAT                      6.3           10.3       (38.6)          22.2         26.6         (16.8)
                                          Source: Company, Angel Research

                                          Hence, we are pruning our Top-line and Bottom-line estimates for FY2009E and FY2010E. Our
                                          revised Top-line estimates for the mentioned years are Rs415cr (earlier Rs491cr) and Rs451cr
                                          (earlier Rs647cr), respectively. Correspondingly, our revised Bottom-line estimates are Rs26cr
                                          (earlier Rs52cr) and Rs31cr (earlier Rs74cr), respectively.

                                           Exhibit 4: Revised Estimates
                                                                       Revised Estimates              Old Estimates                % chg
                                                                     FY2009E       FY2010E          FY2009E    FY2010E       FY2009E          FY2010E
                                           Net Sales                    415.4         451.2           491.3      647.2         (15.5)           (30.3)
                                           Operating Profits              55.5         62.0            78.8      108.3         (29.6)           (42.7)
                                           Net Profit                       26           31            52.4       74.2         (50.2)           (57.9)
                                           EPS                            13.1         15.7            26.3       37.2         (50.2)           (57.9)
                                          Source: Company, Angel Research




March 13, 2009
January 30, 2008                                                     For Private Circulation Only - - SebiRegistration No :: INB 010996539
                                                                       For Private Circulation Only Sebi Registration No INB                             4
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                                          Over FY2008-10E, we estimate Aegis to post CAGR of 7.7% in Revenues while Bottom-line is
                                          estimated to de-grow 9.9% on a compounded basis. We have factored in 379bp contraction in
                                          Margins due to which Bottom-line is expected to remain under pressure.


                                           Exhibit 5: Financial Performance
                                           750                                                                                             20.0
                                                                                                                                           18.0
                                           650
                                                                                                                                           16.0
                                           550                                                                                             14.0

                                           450                                                                                             12.0
                                                                                                                                           10.0
                                           350                                                                                             8.0
                                           250                                                                                             6.0
                                                                                                                                           4.0
                                           150
                                                                                                                                           2.0
                                            50                                                                                             -
                                                       FY2007               FY2008                 FY2009E              FY2010E

                                                                         Net Sales       NPM (%)         OPM (%)

                                          Source: Angel Research

                                          Outlook and Valuation

                                          Aegis expects to improve its business with existing customers (PSU oil companies) and handle
                                          new products, especially aviation turbine fuel (ATF). However, the ongoing slowdown has had a
                                          telling effect on most Sectors with the Manufacturing Sector being one of the worst hit. Aegis,
                                          which caters to the Manufacturing Sector, has also been at the receiving end. The company's
                                          Liquid Logistics Division failed to embark on fast paced growth, and we estimate it's Bottom-line
                                          to be impacted negatively following non-renewal of the RIL contract. At the CMP, the stock is
                                          trading 3.5x FY2010E EPS and 0.5x FY2010E P/BV. Poor Revenue visibility and non-enthusing
                                          future Profitability overweigh its seemingly attractive valuations. Hence, we downgrade the
                                          stock from Buy to Neutral.




January 30, 2008
March 13, 2009                                                     For Private Circulation Only - - SebiRegistration No :: INB 010996539
                                                                     For Private Circulation Only Sebi Registration No INB                        5
         Angel Broking
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Profit & Loss Statement                                        Rs crore     Balance Sheet                                                Rs crore
 Y/E March (Rs cr)              FY2007      FY2008 FY2009E     FY2010E        Y/E March (Rs cr)              FY2007   FY2008 FY2009E     FY2010E

 Net Sales                         240.4     389.3    415.4      451.2        SOURCES OF FUNDS
 % chg                              55.6      62.0      6.7        8.6        Equity Share Capital             16.3     19.9      19.9         19.9
 Total Expenditure                 210.5     321.0    359.9      389.2        Reserves & Surplus              100.3    135.0     155.3        180.7
 EBIDTA                             29.9      68.3     55.5       62.0        Shareholders Funds              116.6    155.0     175.2        200.6
 (%of Net Sales)                    12.4      17.5     13.4       13.7        Total Loans                      66.7    103.9     113.9        103.9
 Other Income                         6.1      3.8      3.3        4.8        Deffered Tax Liability (net)      7.6     23.7      23.7         23.7
 Depreciation& Amortisation           3.8     12.0     14.8       16.1        Total Liabilities               190.9    282.5     312.7        328.1
 Interest                             4.4     10.5     10.2       10.4        APPLICATION OF FUNDS
 PBT                                27.7      49.6     33.8       40.4        Gross Block                     133.6    318.0     361.2        392.3
 (% of Net Sales)                   11.5      12.7      8.1        8.9        Less: Acc.Depreciation           24.8     83.0      97.8        113.9
 Extraordinary Expense/(Inc.)         0.7         -        -          -       Net Block                       108.9    235.1     263.4        278.5
 Tax                                  4.2     11.2      7.7        9.2        Capital Work-in-Progress         45.7      1.9       1.4          1.6
 (% of PBT)                         15.0      22.5     22.7       22.7        Investments                       3.0      7.8       7.8          7.8
 PAT                                23.6      38.4     26.1       31.2        Current Assets                   87.8     98.9     108.0        112.5
 % chg                             (21.9)     63.0    (32.1)      19.6        Current liabilities              54.6     61.2      67.9         72.2
 Ad. PAT                            22.9      38.4     26.1       31.2        Net Current Assets               33.2     37.7      40.1         40.3
 % chg                             (15.6)     68.2    (32.1)      19.6        Total Assets                    190.9    282.5     312.7        328.1


Cash Flow Statement                                            Rs crore      Key Ratios
 Y/E March (Rs cr)              FY2007      FY2008 FY2009E     FY2010E        Y/E March                      FY2007   FY2008 FY2009E     FY2010E
 Profit before tax                  27.7      49.6     33.8       40.4        Per Share Data (Rs)
 Depreciation                         3.8     12.0     14.8       16.1        EPS                              14.5     19.3      13.1         15.7
                                                                              Cash EPS                         16.8     25.3      20.5         23.8
 (Inc)/Dec in Working Capital       27.4      (5.9)   (20.4)      (7.3)
                                                                              DPS                               2.5      4.5       2.5          2.5
 Interest (Net)                       1.7      8.9      9.2        7.9
                                                                              Book Value                       71.5     77.8      88.0        100.8
 Direct taxes paid                    4.2     11.2      7.7        9.2
                                                                              Operating Ratio
 Others                             (5.7)     71.7      7.0        0.4        Sales/Invested capital            1.4      1.5       1.4          1.4
 Cash Flow from Operations 50.8              125.1     36.7       48.2        Inventory (days)                  9.8     12.0      12.2         11.4
 Inc./(Dec.) in Fixed Assets        91.1     140.6     42.7       31.3        Debtors (days)                   36.8     38.9      35.3         38.4
                                                                              Creditors (days)                 74.7     51.7      54.6         53.4
 Free Cash Flow                    (40.3)    (15.5)    (6.0)      17.0
                                                                              Returns (%)
 (Inc)/Dec in Investments           13.9      (4.7)        -          -
                                                                              RoE                              20.2     24.8      14.9         15.6
 Issue of Equity                    (0.0)      3.6         -          -       RoCE                             13.7     19.9      13.0         14.0
 Inc./(Dec.) in loans               40.3      37.2     10.0      (10.0)       Dividend Payout                  20.9     27.3      22.3         18.7
 Dividend Paid (Incl.Tax)             4.8     10.5      5.8        5.8        Debt : Equity                     0.6      0.7       0.6          0.5
 Interest (Net)                       1.7      8.9      9.2        7.9        Valuation Ratio (x)
                                                                              P/E                               3.7      2.8       4.1          3.5
 Cash Flow from Financing 33.8                21.3     (5.1)     (23.7)
                                                                              P/E(CashEPS)                      3.2      2.1       2.6          2.3
 Inc./(Dec.) in Cash                  7.4      1.1    (11.0)      (6.7)
                                                                              P/BV                              0.8      0.7       0.6          0.5
 Opening Cash balances              14.9      22.4     23.5       12.5        EV/Sales                          0.5      0.5       0.5          0.4
 Closing Cash balances              22.4      23.5     12.5        5.8        EV/EBITDA                         4.3      2.6       3.6          3.2




March 13, 2009
January 30, 2008                                                      For Private Circulation Only - - SebiRegistration No :: INB 010996539
                                                                        For Private Circulation Only Sebi Registration No INB                         6
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  Commodities Research Team (Fundamentals)
  Badruddin                                                                     Sr. Research Analyst (Agri)                                          badruddin@angeltrade.com
  Mandar Pote                                                                   Research Analyst (Energy Complex)                                    mandar.pote@angeltrade.com
  Reena Walia                                                                   Research Analyst ( Base Metals)                                      reena.walia@angeltrade.com
  Vedika Narvekar                                                               Research Analyst ( Agri)                                             vedika.narvekar@angeltrade.com
  Nalini Rao                                                                    Research Analyst (Agri)                                              nalini.rao@angeltrade.com
  Bharathi Shetty                                                               Research Editor                                                      bharathi.shetty@angeltrade.com
  Bharat Patil                                                                  Production                                                           bharat.patil@angeltrade.com


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     Ratings (Returns) :           Buy (Upside > 15%)                                               Accumulate (Upside upto 15%)                                          Neutral (5 to -5%)
                                   Reduce (Downside upto 15%)                                       Sell (Downside > 15%)



January 30, 2008
March 13, 2009                                                                                   For Private Circulation Only - - SebiRegistration No :: INB 010996539
                                                                                                   For Private Circulation Only Sebi Registration No INB                                                        7
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 Bengaluru - Tel: (080) 4143 2900 / 3053 9800                                     Jaipur - Tel: (0141) 3941 3940                            Nashik - Tel: (0253) 3011 400 / 1                           Surat - Tel: (0261) 3071 600

 Chennai - Tel: (044) 3941 3940                                                   Kanpur - Tel: (0512) 3017 700                              Mumbai (Goregoan) Tel: (022) 2879 0411-15                  Visakhapatnam - Tel :(0891) 3987 200 - 29

 Cochin - Tel: (0484) 3941 3940                                                   Kolkata - Tel: (033) 3941 3940                             Mumbai (Powai) - Tel: (022)3952 6500

 Coimbatore - Tel: (0422) 3941 3940                                               Lucknow - Tel: (0522) 3057 700                            New Delhi - Tel: (011) 3045 1300 / 4077 1300

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  Private Client Group Offices:                                                                                                                                                                        Sub - Broker Marketing:
 Ahmedabad (C. G. Road) - Tel: (079) 3982 9934                                    Surat - Tel: (0261) 3071 600                              Rajkot (Race course) - Tel: (0281) 2490 847                 Powai - Tel: (022) 3952 6500

  Branch Offices:
 Andheri ( L o k h a n d w a l a ) - Te l : ( 0 2 2 ) 3 9 5 2 5 6 7 9             Ahmeda. (Ramdevnagar) - Tel : (079) 4024 3842 / 43       Jalgaon - Tel: (0257) 2234 832                                Pune - Tel: (020) 6640 8300 / 3052 3217

 Andheri (W) - Tel: (022) 2635 2345 / 6668 0021                                   Ahmedabad (Sabarmati) - Tel : (079) 3091 6100 / 01       Jamnagar(Indraprashta) - Tel: (0288) 3941 3940                Rajamundhry - Tel: (0883) 3982 200

 Bandra (W) - Tel: (022) 2655 5560 / 70                                           Ahmedabad (Satellite) - Tel: (079) 4000 1000             Jamnagar (Cross Word) - Tel: (0288) 2751 118                  Rajkot (Ardella) Tel.: (0281) 2926 568

 Bandra (W) - Tel: (022) 6643 2694 - 99                                           Ahmedabad (Shahibaug) -Tel: (079)3091 6800 / 01          Jamnagar (Moti Khawdi) - Tel: (0288) 2846 026                 Rajkot (University Rd.) - Tel: (0281) 2331 418

 Borivali (W) - Tel: (022) 3952 4787                                              Amreli - Tel: (02792) 228 800/231039-42                  Jamnagar(Madhav Plaza) - Tel: (0288) 2665 708                 Rajkot - (Bhakti Nagar) Tel: (0281) 2361 935

 Borivali (Punjabi Lane) - Tel: (022) 3951 5700.                                  Amritsar - Tel: (0183) 3941 3940                         Jodhpur - Tel: (0291) 3941 3940 / 99280 24321                 Rajkot - (Indira circle) Tel : 99258 84848

 Chembur - Tel: (022) 6703 0210 / 11 /12                                          Anand - Tel : (02692) 398 400 / 3                        Junagadh - Tel : (0285) 3941 3940                             Rajkot (Orbit Plaza) - Tel: (0281) 3983 485

 Chembur - (Basant) - Tel:(022) 3267 9114/ 15                                     Ankleshwar - Tel: (02646) 398 200                        Keshod - Tel: (02871) 234 027 / 233 967                       Rajkot (Pedak Rd) - Tel: (0281) 3985 100

 Fort - Tel: (022) 3958 1887                                                      Baroda - Tel: (0265) 2226 103-04 / 6624 280              Kolhapur - Tel: (0231) 6615 962 / 3                           Rajkot (Ring Road)- Mobile: 99245 99393

 Ghatkopar (E) - Tel: (022) 6799 3185 - 88                                        Baroda (Akota) - Tel: (0265) 2355 258 / 6499 286         Kolkata (N. S. Rd) - Tel: (033) 3982 5050                     Rajkot (Star Chambers) - Tel : (0281)3981 200

 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) 2225 401-3

 Kandivali (W) - Tel: (022) 2867 3800/2867 7032                                   Bengaluru - Tel: (080) 4072 0800 - 29                    Kota - Tel : (0744) 3941 3940                                 Salem - Tel: (0427) 3982 810

 Kandivali - Tel: (022) 4245 1300                                                 Bhavnagar - Tel: (0278) 3941 3940                        Mangalore - Tel: (0824) 3982 140                              Secunderabad - Tel : (040) 3093 2600

 Malad (E) - Tel: (022) 2880 4440                                                 Bhavnagar (Shastrinagar)- Mobile: 92275 32302            Mansarovar - Tel:(0141) 3057 700/99836 74600                  Surat (Mahidharpura) - Tel: (0261) 3092 900

 Malad (Natraj Market) - Tel:(022) 28803453 / 24                                  Bhopal - Tel :(0755) 3941 3940                           Mehsana - Tel: (02762) 645 291 / 92                           Surat - (Parle Point) - Tel : (0261) 3091 400

 Masjid Bander - Tel: (022) 2345 5130 /1 / 8 / 42 /28                             Bikaner - Tel: (0151)3941 3940 / 98281 03988             Mysore - Tel: (0821) 4004 200 - 30                            Surat (Ring Road) - Tel : (0261) 3071 600

 Mulund (W) - Tel: (022) 2562 2282                                                Chandigarh - Tel: (0172) 3092 700                        Nadiad - Tel : (0268) - 2527 230 / 34                         Surendranagar - Tel : (02752) 223305

 Nerul - Tel: (022) 2771 9012 - 17                                                Deesa - Mobile: 97250 01160                              Nashik - Tel: (0253) 3011 500 / 1 / 11                        Udaipur - (0294) 3981400

 Powai (E) - Tel: (022) 3952 5887                                                 Erode - Tel: (0424) 3982 600                             New Delhi (Bhikaji Cama) - Tel: (011) 41659711                Valsad - Tel - (02632) 645 344 / 45

 Sion - Tel: (022) 3952 7891                                                      Faridabad - Tel: (0129) 3984 000                         New Delhi (Lawrence Rd.) - Tel: (011) 3262 8699 / 8799        Vapi - Tel: (0260) 3088 210 / 211 / 2400 214

 Thane (W) - Tel: (022) 2539 0786 / 0650 / 1                                      Gajuwaka - Tel: (0891) 3987 100 - 30                     New Delhi (Pitampura) - Tel: (011) 47002380 / 84              Varachha - (0261) 3091 500

 Vashi - Tel: (022) 2765 4749 / 2251                                              Gandhinagar - Tel: (079) 4010 1010 - 31                  New Delhi (Nehru Place) - Tel: (011) 3982 0900                Varanasi - Tel: (0542) 2221129, 3262431

 Vile Parle (W) - Tel: (022) 2610 2894 / 95                                       Gandhidham - Tel: (02836) 237 135                        New Delhi (Preet Vihar) - Tel: (011) 4310 6400                Vijayawada - Tel :(0866) 3984 600

 Wadala - Tel: (022) 2414 0607 / 08                                               Gondal - Tel: (02825) 398 200                            Noida - Tel : (0120) 4639 900 / 1 / 9                         Warangal - Tel: (0870) 3982 200

 Agra - Tel: (0562) 4037200                                                       Ghaziabad - Tel: (0120) 3980 800                         Palanpur - Tel: (02742) 308 060 - 63                          Nagaur - Tel: (01582) 244 648

 Ajmer - Tel: (0145) 3941 3940                                                    Gurgaon - Tel: (0124) 3050 700                           Patan - Tel: (02766) 222 306

 Alwar - Tel: (0144) 3941 3940 / 99833 60006                                      Himatnagar - Tel: (02772) 241 008 / 241 346              Patel Nagar - Tel : (011) 45030 600

 Ahmeda. (Bapu Nagar) - Tel : (079) 3091 6900 - 02                                Hyderabad - A S Rao Nagar Tel: (040) 4222 2070-5         Porbandar - Tel : (0286) 3941 3940

 Ahmedabad (C. G. Road) - Tel: (079) 4021 4023                                    Hubli - Tel: (0836) 4267 500 - 22                        Porbandar (Kuber Life Style) - Mob.-98242 53737

 Ahmeda. (Gurukul) - Tel: (079) 3011 0800 / 01                                    Indore - Tel: (0731) 3049 400                            Pune - Tel : (020) 3093 4400 / 3052 3217

 Ahmedabad (Kalupur) - Tel: (079) 3041 4000 / 01                                  Indore - Tel: (0731) 4232 100 / 31 / 40                  Pune (Aundh) - Tel: (020) 4104 1900

 Ahmedabad (Maninagar) - Tel: (079) 3981 7430 / 1                                 Jaipur - (Rajapark) Tel: (0141) 3057 900 / 99833 40004   Pune (Camp) - Tel: (020) 3092 1800


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


March 13, 2009
January 30, 2008                                                                                                                   For Private Circulation Only - - SebiRegistration No :: INB 010996539
                                                                                                                                     For Private Circulation Only Sebi Registration No INB                                                                8

				
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