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 BUY                                        Geared up for the New Age
                                            Aegis Logistics, a total supply chain management service provider to the Indian Petroleum
 Price                            Rs243
                                            Industry, is expanding into the high-growth Auto LPG (ALPG) retailing business. It is also
 Target Price                     Rs335     expanding its liquid storage capacities across India, to establish a pan-India presence in this
 Investment Period          12 Months       high-Margin segment. Overall we estimate the Top-line to grow at a CAGR of 39.1% over
                                            FY2007-10, while Margins would improve to 16.7%. Bottom-line is estimated to grow at a
 Stock Info                                 CAGR of 46.5% in the mentioned period. At Rs243, the stock is trading at attractive
 Sector                       Logistics     valuations of 9.2x FY2009E EPS of Rs26.3 and 6.5x FY2010E EPS of Rs37.2. We Initiate
                                            Coverage on the stock, with a Buy recommendation and Target Price of Rs335
 Market Cap (Rs cr)                  485
                                            translating into an upside of 38% from current levels.
 Beta                                1.25
                                                   Entry into Auto-gas retailing to fuel growth: Aegis has proposed to commission 100
 52 Week High / Low               404/126
                                            ALPG stations by end of FY2009 from the current 34 stations. However, we have factored in
 Avg Daily Volume                  26018    only 70 operational stations in FY2009 and 105 stations in FY2010. Aegis intends to operate
 Face Value (Rs)                      10    90% of the fuel stations under the dealer-owned-dealer-operated (DODO) model wherein it is
                                            insulated from the burden of making initial investments. It aims to acheive optimum utilisation
 BSE Sensex                       16,650    of its gas capacity by expanding its LPG retailing business. We expect Aegis to clock a
                                            Top-line of Rs254cr in FY2010 from this segment.
 Nifty                              4,947
                                                   Expansion of Liquid Storage capacities to drive Margins: Aegis has proposed to
                                            increase its liquid storage capacities to 3,44,000 kilo-litres (kl) by FY2010 from the current
 BSE Code                         500003
                                            2,88,000kl. It is adopting both the organic and inorganic routes to expand capacity. We
 NSE Code                  AEGISCHEM
                                            believe capacity expansion in this high-Margin business would boost its Bottom-line going
 Reuters Code                AEGS.BO        ahead. We expect Top-line in this segment to grow at a CAGR of 19.1% over FY2007-10.
 Bloomberg Code               AGIS IN              Diversified Product Mix, positive for Margins: Aegis has witnessed an improvement
                                            in its Margins in the recent quarters primarily owing to its diversified product mix, and this is
 Shareholding Pattern (%)                   expected to continue in the future also on account of its balanced expansion programme
 Promoters                          63.5    involving different business segments. We believe the foray into LPG retailing and expansion
 MF / Banks / Indian FIs              2.3   plans in the Liquid Logistics segment will improve overall Margins from the existing 14.3% to
                                            16.7% levels in FY2010.
 FII / NRIs / OCBs                   12.8
                                                Key Financials (Consolidated)
 Indian Public / Others             21.4
                                                Y/E March (Rs cr)             FY2007          FY2008E          FY2009E          FY2010E
                                                Net Sales                      240.4             367.3             491.3            647.2
 Abs.                3m     1yr      3yr
                                                % chg                           55.6               52.8              33.8            31.7
 Sensex (%)     (10.4)     87.9 178.2           Net Profits                     23.6               36.8              52.4            74.2
 Aegis (%)         (4.0)   15.9 154.6           % chg                          (21.9)              55.8              42.6            41.5
                                                OPM (%)                         12.4               14.3              16.0            16.7
 Girish Solanki                                 EPS (Rs)                        14.5               18.5              26.3            37.2
 Tel: 022 - 4040 3800 Ext: 319                  P/E (x)                         16.8               13.2               9.2             6.5
 E-mail: girish.solanki@angeltrade.com          P/BV (x)                          3.3               3.2               2.5             1.9
                                                RoE (%)                         19.9               24.0              26.7            28.7
 V. Srinivasan                                  RoCE (%)                        16.2               20.4              24.6            27.2
                                                EV/Sales (x)                      1.6               1.4               1.0             0.8
 Tel: 022 - 4040 3800 Ext: 330
                                                EV/EBITDA (x)                   13.1                9.5               6.4             4.7
 E-mail: v.srinivasan@angeltrade.com
                                            Source: Company, Angel Research



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                                          Company Overview

In association with HALPG,                Aegis, founded in 1956, commenced the manufacture of chemicals in 1967 by setting up a
Aegis set up India's first                formaldehyde plant in Vapi, Gujarat. In 1970, the company started its pentaerythritol plant and has
private refrigerated LPG                  since become an important supplier of the chemical to the Paints industry. In 1977, Aegis
terminal                                  diversified into the Logistics business by establishing its first port terminal in Mumbai to handle
                                          cargos (chemicals) of ships. Further, in 2005 Aegis divested bulk of its chemical manufacturing
                                          operations in its bid to concentrate on liquid logistics and gas businesses. In association with
                                          Hindustan Aegis LPG Bottling Company (HALPG), Aegis set up India's first private refrigerated
                                          LPG terminal. HALPG, a company in which promoters of Aegis held 70% stake, was merged with
                                          the latter in FY2008. Aegis currently is one of the largest private LPG suppliers in India.


                                           Exhibit 1: Business Model

                                                                                             Aegis
                                                                                            Logistics
                                                                                             (FY2007)
                                                                                              Rs240cr




                                                                 Logistics Segment                                Gas Segment
                                                                   Sales Rs48.8cr                                Sales Rs191.6cr
                                                                 EBIT margin: 54.7 %                            EBIT margin: 5.2 %




                                                                Storage, distribution and
                                                                  logistics services of
                                                                                              Bulk Industrial Trading        Auto gas retail outlets
                                                                petroleum and chemical
                                                                        products



                                          Source: Company, Angel Research


                                          Logistics Segment

Aegis has a liquid storage                The Logistics segment is involved in the sourcing, marketing and distribution of various
capacity of 2,88,000kl                    chemicals, oil and petroleum products. The company provides logistics services primarily to
                                          the importers of petroleum and chemical products. It has a terminal at Trombay, Mumbai
                                          (established in 1977), which is connected to three jetties at the Mumbai port. The Mumbai port
                                          is strategically located in India's Western region, which is the heartland of India's Oil and
                                          Petrochemical sectors. The Trombay facility operates 36 tanks of various sizes ranging from
                                          1,100-10,000kl. During FY2008, the company acquired a 75% stake in 75,000kl Sealord
                                          Containers, and a 100% stake in 51,000kl Konkan Storage Systems at Kochi, thereby taking
                                          its total capacity to 2,88,000kl from FY2007 levels of 1,62,000kl. The company has an
                                          impressive customer base including HPCL, BPCL, RIL, Supreme, Jubilant, HUL, etc. It handles
                                          products like naptha, diesel, LSHS, motor spirit, caustic soda, etc., (all the products are under
                                          class A, B and C of Petroleum Act) for its clients. The Logistics Division’s Revenue stream is
                                          categorised under two heads viz., Storage Charges and Through Put.



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                                          Storage Charges: The storage charges include fees collected from the importers for storing
                                          cargo and loading them into tankers or vessels for further transportation. Aegis also charges
                                          customers for other facilities such as jetty operations and unloading.

                                          Through Put: HALPG had entered into a 10-year contract with IPCL for storing propane in one
                                          of its gas storage facilities. The IPCL plant is connected with HALPG through exclusive
                                          pipelines. Aegis receives fees from IPCL for using its gas storage facilities.

                                          Gas Segment

Aegis operates a 20,000mt                 Aegis operates a 20,000MT fully refrigerated LPG terminal, which is equipped with the
fully refrigerated LPG                    state-of-the-art facilities. It owns two gas tanks which handle LPG, Propane and Propylene.
terminal, which involves Gas              The Gas Division is involved in Gas Trading and Auto LPG (ALPG) Retailing.
Trading and Auto LPG
Retailing                                 Gas Trading: Aegis offers gas storage and handling services to various LPG bulk suppliers on
                                          an open user terminal basis. It also imports, markets and distributes bulk propane and LPG to
                                          industrial consumers in Maharashtra and is one of the leading private sector suppliers in India.

                                          ALPG Retailing: This is the latest business venture of the company and it operates under the
                                          brand name Aegis Autogas. ALPG Retailing is a logical extension of the company's existing
                                          gas trading business and it also helps it get higher Margins than gas trading. The ALPG
                                          stations market and sell LPG, which is an environment friendly fuel. These stations operate
                                          through the DODO and company-owned-company-operated (COCO) models. Aegis ventured
                                          into this business in FY2006, and currently has around 34 ALPG stations situated across
                                          seven states. The company plans to concentrate on Tier II cities and targets to substantially
                                          increase its LPG volumes by FY2010. We expect the company's ALPG Retailing venture to
                                          contribute substantially to its Top-line going ahead particularly owing to increasing awareness
                                          of LPG as an Auto fuel.

                                           Exhibit 2: Segment-wise Revenue                       Segment-wise EBIT



                                                                       20%                                   27%




                                                           80%
                                                                                                                                   73%




                                                     Logistics               Gas                                   Logistics        Gas


                                          Source: Company, Angel Research; Note: For FY2007




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                                          Industry Overview

India at present is the world's           Logistics: The Indian Logistics Industry was estimated at $90bn in FY2007, and is expected to
fifth largest energy consumer             touch $125bn by FY2010. Logistics' cost in India is over 13% of GDP as compared to less than
and is expected to go past                10% of GDP in almost the entire Western Europe and North America, and this is attributed to
Japan and Russia to become                under developed trade and inadequate logistics infrastructure in the country. Total merchandise
the world's third largest energy          exports of India during FY2007 stood at $126.4bn while merchandise imports stood at $185.7bn.
consumer by FY2030                        Foreign trade is expected to increase going ahead, which would provide substantial opportunities
                                          to the players in the Logistics sector.

                                          India at present is the world's fifth largest energy consumer and is expected to go past Japan and
                                          Russia to become the world's third largest energy consumer by FY2030. However, India's per
                                          capita energy consumption is lower in comparison with China and the US. This low per capita
                                          consumption is an indicator of the expected future growth of energy consumption in India. During
                                          FY2007, oil imports constituted around 35% of India's total imports, and around 37% of India's
                                          merchandise imports during April-December 2007. Apart from the import of crude oil and natural
                                          gas, India's import of chemical has also been rising over the years. Maritime transport constitutes
                                          around 95% of India's total international trade in volume terms, and 70% in value terms.

                                          The domestic Logistics market can be divided into four segments namely, Rail, Road, Air and
                                          Port. The Indian freight transport system is estimated to carry around 1,000 billion tonne km, of
                                          which the share of Road transport is 60-65%, Rail 30-32% and Coastal Shipping 6-7%
                                          (Source: International Business Conferences, Indian Maritime 2007). This is in stark comparison
                                          to the European Union, where the modal share of Coastal Shipping is more than 40%.

Increasing awareness about                ALPG: ALPG is a clean, high octane, abundant and eco friendly fuel. It is obtained from natural
the     need       for      energy        gas through fractionation and from crude oil through refining. It is a mixture of petroleum gases
conservation         has        been      like propane and butane. ALPG is a gas at atmospheric pressure and normal temperatures, but
instrumental in driving the               can be liquefied on application of moderate pressure or by reducing the temperature sufficiently.
consumption of ALPG at a                  This property makes it an ideal energy source for a wide range of applications, as it can be easily
CAGR of 162% in the past four             condensed, packaged, stored and utilised. When the pressure is released, the liquid makes up
years                                     about 250 times its volume as gas, so large amounts of energy can be stored and transported in
                                          a compact manner. The higher energy content in this fuel results in 10% reduction of CO2
                                          emission compared to CNG. ALPG causes least green house emissions in comparison with any
                                          other fossil fuels when measured through the total fuel cycle. Many countries promote the use of
                                          ALPG, not only because it is cheaper, but also due to its eco friendly nature. Increasing
                                          awareness about the need for energy conservation has been instrumental in driving the
                                          consumption of ALPG at a CAGR of 162% in the past four years.




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                                          Global ALPG

There are around 41,000 Auto              Globally, there are 10.26 million LPG vehicles plying on the road. The global ALPG consumption
LPG dispensing stations                   stands at 17.9mmt out of total LPG consumption of 215mmt. There are around 41,000 Auto LPG
(ALDS) globally                           dispensing stations (ALDS) globally. The average consumption per vehicle is 253ltrs pm. Major
                                          consumers of ALPG are Korea, Japan, Poland, Turkey and Australia who combined account for
                                          more than half the world consumption of ALPG.

                                           Exhibit 3: Leading Consumers of ALPG (mmt)
                                           Korea                                                                                              3.7
                                           Japan                                                                                              1.5
                                           Turkey                                                                                             1.3
                                           Australia                                                                                          1.2
                                           Italy                                                                                              1.2
                                           Mexico                                                                                             1.2
                                           Poland                                                                                             1.0
                                          Source: The Automotive Research Association of India

                                          ALPG scores over Petrol and Diesel: ALPG as an auto fuel has many advantages over other
                                          fuels such as Petrol and Diesel. The operating cost of using LPG vehicles is much lower than
                                          petrol and diesel vehicles. ALPG has higher octane content than petrol owing to which the
                                          combustion of LPG is smoother and knocking is eliminated. As knocking is eliminated, the
                                          average life of an ALPG engine is twice that of Petrol engines due to the absence of acids and
                                          carbon deposits in ALPG.

                                          Indian Scenario

As of March 18, 2008 there                Use of LPG as an automotive fuel became legal in India from April 24, 2000 and as of March 18,
were around 560 ALDS in                   2008 there were around 560 ALPG dispensing stations in India. The fact that ALPG doesn't enjoy
India                                     subsidy as opposed to domestic LPG, would encourage the oil marketing companies to increase
                                          their ALDS to focus on ALPG and pass on the increased cost of LPG procurement and maintain
                                          their Margins.

                                          One of the biggest markets of ALPG is the Auto-rickshaw sector. The price disparity between
                                          ALPG and domestic LPG has resulted in illegal usage of domestic gas as Auto fuel.
                                          The government on its part is taking measures to curb this illegal practice.

                                          ALPG over CNG: Although the operating cost of ALPG vehicles is higher than CNG vehicles, the
                                          cost of converting petrol/diesel vehicles into CNG vehicles is around Rs45,000 which is more than
                                          double the cost of converting into ALPG vehicles. Also, ALPG scores over CNG with regards to
                                          power, filling time, size of the tank, ease of handling, safety and availability of fuel, among others.

                                          Emergence of ALPG as the preferred choice of alternative fuel has caught the attention of leading
                                          Automobile manufacturers in India. These manufacturers have introduced dual fuel and ALPG




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                                          variants of their models. Maruti Suzuki, India's largest car manufacturer, introduced India's first
                                          ALPG car Maruti Omni, which is a dual fuel car that runs on both petrol and ALPG. Maruti has also
                                          launched the ALPG variant of its WagonR model. The ALPG variant of the Santro, the flagship
                                          brand of India's second largest manufacturer and the largest exporter, Hyundai, is expected to hit
                                          the roads in 2008. All these developments indicate the expected growth in demand for ALPG.

                                          With the availability of ALPG in more than 70 cities across India and installation of more and more
                                          ALDS, India is poised to become a major ALPG market in the next few years.

                                          The annual consumption of LPG in India stands at 10mmt and ALPG consumption is around
                                          0.08mmt and constitutes around 1.7% of the total LPG consumption in India. This is in stark
                                          contrast to the global share of Auto LPG as a percentage of Total volume of LPG consumed which
                                          is at 8.3%.

                                          Low infrastructure and conversion costs, easy availability, versatility of use and impeccable safety
                                          records makes ALPG a viable, un-adulterable and environment friendly Auto fuel in India.


                                           Exhibit 4: ALPG v/s CNG
                                           Features             ALPG                                       CNG
                                           Power                No difference compared to petrol/          Reduces by around 20% due to
                                                                diesel vehicles                            use of gas carburetors
                                           Size of the tank     One- thirds of the size of CNG tank        Larger than petrol/diesel tanks
                                           Weight of the tank 14kg                                         70kg
                                           Safety               As safe as petrol/diesel vehicles          Safety questionable due to high
                                                                                                           pressure
                                           Storage              Under 7 Bar Pressure                       Under 200 Bar Pressure
                                           Transportation       Through tankers                            Through pipelines
                                           Emission             10% of emission by                         30% of emission by petrol/diesel
                                                                petrol/diesel
                                           Filling time         Same as petrol/diesel                      Requires substantially longer time
                                                                                                           than petrol/diesel
                                           Conversion cost      Rs15,000-20,000                            Rs36,000-45,000
                                          Source: Industry, Angel Research




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                                          Investment Argument

                                          Well placed in thriving Third-party Logistics (3PL) Industry

The Outsourced logistics                  The Indian Logistics Industry is expected to reach a market size of over $125bn in year FY2010.
market is believed to be more             The Indian logistics market is dominated by the unorganised players and the growing demand for
than 25% of the total logistics           professional and integrated services provides lucrative opportunities for the large organised
market in India, and is                   players.
expected to grow at a CAGR of
over 16% during FY2007-10                 The Outsourced logistics market is believed to be more than 25% of the total logistics market in
                                          India, and is expected to grow at a CAGR of over 16% during FY2007-10. 3PL, a supply chain
                                          management practice, involves outsourcing one or more logistics functions to a 3PL provider.
                                          Outsourced logistics function include inbound freight, customs and freight consolidation, public
                                          and contract warehousing, order fulfillment and management of outbound freight to the client's
                                          customers. 3PL also includes activities related to customs clearance and other regulatory issues.

                                          Aegis has derived significant expertise in the logistics business due to its three-decade long
                                          successful operations in the Indian logistics industry. The company has a proven track record in
                                          the logistics business, and its client base includes companies such as, Reliance Industries, Bharat
                                          Petroleum, Hindustan Petroleum and HUL among others. The company at present provides
                                          integrated supply chain services, which includes product sourcing, shipping, customs, storage
                                          and distribution. Hence, Aegis is well placed to take maximum advantage of the booming 3PL
                                          segment.

                                          Entry into ALPG Retailing to fuel growth

The percentage of ALPG                    Aegis' foray into the ALPG business offers it substantial growth potential. The company's
consumption to total LPG                  increasing focus on its ALPG Retailing business coincides with the current scenario of rising oil
consumption in India is one of            prices. Increasing awareness about the use of LPG as an alternate fuel is expected to drive
the lowest in the world                   demand for ALPG going ahead. Further, the percentage of ALPG consumption to total LPG
                                          consumption in India is one of the lowest in the world. Determination of ALPG as a clean and
                                          environmentally acceptable fuel by the Supreme Court of India could also prompt various
                                          state governments to pass regulations promoting the use of ALPG in their respective states. A
                                          number of automobile manufacturers are also coming up with LPG variants of their four wheelers,
                                          and they have been well received by the customers. Few cities like Bangalore and Chennai have
                                          made it mandatory for the three-wheelers to use LPG or CNG engines. All these developments
                                          signal bright future for ALPG retailing. Of the 560 ALPG dispensing stations in India (as of March
                                          18, 2008), market leader IOC operates 149 ALDS, followed by Reliance which has 107 ALDS.




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                                           Exhibit 5: ALPG sales in India- Rising Trend
                                                                         No. of LPG        ALPG Sales        % Increase
                                           Year                            Stations    (in ‘000tonnes)             in Sales       Volume/Station       % Increase
                                           FY2004                               94                   10                                          106
                                           FY2005                              120                   35                  250                     292             174
                                           FY2006                              200                   95                  171                     475              63
                                           FY2007                              300                  180                   89                     600              26
                                          Source: Industry, Angel Research

                                          In our Sensitivity Analysis on the payback period for ALPG dealers at various levels of daily ALPG
                                          sales volume and at different levels of margins per unit, we have taken four slabs for daily sales
                                          ranging from 2,000-5,000 liters and three slabs for margins per liter ranging from Rs1.5-Rs2. We
                                          have calculated the Gross Annual Margins for computing the Payback period.


                                           Exhibit 6: Sensitivity Analysis- Break even period for Dealers
                                           SPD (ltr)                              2,000                   3,000                   4,000                  5,000
                                                                          GAM (cr)    PB (yrs)   GAM (cr) PB (yrs)       GAM (cr)     PB (yrs)    GAM (cr) PB (yrs)
                                           Margin per ltr




                                                                   1.5         0.11       3.65       0.16         2.44         0.22       1.83         0.27      1.46
                                                            (Rs)




                                                                   1.8        0.13        3.13       0.19         2.09         0.26       1.57         0.32      1.25
                                                                   2.0        0.15        2.74       0.22         1.83         0.29       1.37         0.37      1.10
                                          Source: Angel Research; Note: GAM- Gross Annual Margins, PB - Payback period, SPD- Sales per day


                                          The installation cost of LPG infrastructure ($80,000-1,00,000) is significantly low compared to
                                          setting up CNG infrastructure ($4,00,000). Hence, the dealers prefer to set up ALDS’ than CNG
                                          stations due to the shorter payback period on the infrastructure investment. This in turn clears
                                          apprehensions about the availability of ALPG in future. Taking into account the above factors,
                                          we believe the number of ALDS’ in India will increase significantly over the next four years.

                                          Various studies indicate that ALPG is a more economical fuel compared to Petrol and Diesel.
                                          The following table enumerates the economics of using alternative auto fuels.




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                                           Exhibit 7: Fuel Economics
                                           Fuel                                                      CNG* (kg)            LPG (ltr)       Petrol# (ltr)
                                           Fuel cost (Rs/unit)                                                22                 34                  49
                                           Mileage (km/ltr)                                                   18                 16                  18
                                           Operating Cost ( Rs/ km)                                          1.2                2.1                 2.7
                                           % compared to Petrol                                               45                 78
                                           Avg vehicle running per day/(km)                                 50.0               50.0                50.0
                                           Operating cost (Rs/day)                                          61.1             106.3               136.1
                                           Savings per day (compared to petrol)                             75.0               29.9                       -
                                           Annual savings (Rs)                                           27,375             10,899                        -
                                           Cost of Conversion Kit (Rs)                                   45,000             19,000                        -
                                           Pay back period of conversion kit (months)                         20                 21                       -
                                           Break even (km)                                               30,000             31,814                        -
                                          Source: Angel Research, Note: * - administered prices (un-administered price Rs27/ltr), # - subsidised prices


We expect revenue of the                  Currently, Aegis is operating around 34 ALPG stations. The company has signed 101 MoUs and
ALPG division to clock a CAGR             targets to roll out 100 ALPG stations by the end of FY2009. We have however, factored in only 70
of 117% over FY2008-10 on the             operational stations in FY2009 and 105 stations in FY2010. As of now the company has presence
back of higher volumes on                 in seven states across India. The company's outlets are at present concentrated in the states of
account of increased ALDS                 Maharashtra and Gujarat. It also has a notable presence in the state of Karnataka. In addition to
                                          this Aegis has presence in the states of Kerala, Andhra Pradesh, Madhya Pradesh and Rajasthan.
                                          It expansion plans for ALPG business, would catapult it into becoming one of the major players in
                                          the ALPG retailing segment.

                                          More than 90% of the company's outlets would run under the DODO model while the remaining
                                          would follow the COCO model. Advantages of the DODO model is that the company need not
                                          incur initial capex for the setting up the ALPG stations, and the company needs to pay a fixed
                                          margin of around 5% of Sales as commission to the dealers.

                                          Overall, we expect revenues of the ALPG Division to clock a CAGR of 117% over FY2008-10 on
                                          the back of higher volumes on account of increased number of ALDS. We estimate realisations to
                                          improve at a CAGR of 4.5% during the mentioned period.


                                           Exhibit 8: Growth trend of ALPG Division
                                           Aegis - ALPG Division                                     FY2008E             FY2009E             FY2010E
                                           Revenues (Rs cr)                                                  54                 147                 254
                                           No of operational stations at year end                            35                  70                 105
                                           Volumes per station p.a. (tonne)                                 600                 700                 700
                                           Realisation per tonne (Rs)                                   38,000              39,900              41,496
                                           chg (%)                                                                                5                   4
                                          Source: Angel Research




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                                          Substantial expansion in liquid storage capacities to drive Margins

The company's liquid storage              India's petroleum consumption has grown substantially over the years. Consumption of petroleum
capacity which stands at                  products in India has also increased from 100.1mn metric tonnes (mmt) in FY2001 to 114mmt in
2,88,000kl         currently         is   FY2007 and is expected to touch 131.8mmt growing at a CAGR of 2.9% over the next five years
expected to touch 3,44,000kl              ending FY2012. Considering that Aegis deals with most of these products, the expansion in
by end FY2010                             capacities will facilitate the company to cash in on the opportunities arising out of growth in
                                          demand for petroleum products.


                                           Exhibit 9: Petroleum Products - Expected Consumption in India
                                           Year                                                                         Consumption (mmt)
                                           FY2008                                                                                        116.1
                                           FY2009                                                                                        119.1
                                           FY2010                                                                                        122.0
                                           FY2011                                                                                        126.9
                                           FY2012                                                                                        131.8
                                          Source: Ministry of Petroleum and Natural Gas


                                          Aegis, after suffering potential revenue losses due to inadequate tankage capacity, has
                                          embarked on capacity expansion. It has chalked out a long-term capacity expansion programme
                                          in the high-Margin Liquid storage segment and expects to have a pan-India presence. The
                                          company is looking at both organic and inorganic routes to enhance its liquid storage capacities.
                                          The company has acquired 75% stake in Sealord Containers, Trombay from the Adani group for
                                          Rs25cr. Sealord Containers has 75,000kl capacity and has been operational since September
                                          2007. Aegis plans to have a presence in ports across India, and towards this it has acquired the
                                          51,000kl, Konkan Storage Systems at Kochi, for Rs6cr which is operational since March 2008.
                                          Aegis also plans to develop 56,000kl capacity in Trombay in addition to its existing capacities,
                                          which is expected to be operational by the end of FY2010. Thus, the company’s liquid storage
                                          capacity, which stood at 1,62,000kl at the end of FY2007 is expected to touch 3,44,000kl by
                                          FY2010.

                                          The company has acquired land near Mangalore port to develop a new 80,000kl terminal, which is
                                          expected 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.




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                                           Exhibit 10: Liquid Storage Capacities (kl)
                                                  500,000
                                                  450,000
                                                  400,000
                                                  350,000
                                                  300,000
                                            KL
                                                  250,000
                                                  200,000
                                                  150,000
                                                  100,000
                                                   50,000
                                                         0
                                                                FY2006          FY2007         FY2008        FY2009E        FY2010E         FY2011E

                                                         Trombay 1         Trombay 2         Kochi        Trombay 3         Haldia        Mangalore

                                          Source: Company, Angel Research

We expect revenue of the                  Overall, we expect revenue of the Liquid Logistics segment to clock a CAGR of 21.3% over
Liquid Logistics segment to               FY2007-10 on the back of higher volumes resulting from substantial capacity addition. We
clock a CAGR of 21.3% over                estimate realisations to record CAGR of 3.6% during the mentioned period. This is a high- margin
FY2007-10 on the back of                  business of the company, which operates at 54% EBIT Margins.
higher volumes resulting from
substantial capacity addition              Exhibit 11: Logistics Segment - Revenue Forecast
                                           Parameter                         FY2007         FY2008E         FY2009E         FY2010E        CAGR (%)
                                           Revenues (Rs cr)                      48.8            61.4             76.5            87.1            21.3
                                           Capacity addition (kl)                    -       1,26,000                 -        56,000
                                           Year end Capacity (kl)           1,62,000         2,88,000        2,88,000        3,44,000
                                           Utilisation (%)                        100                68             81               76
                                           Effective Capacity (kl)          1,62,000        1,94,813         2,31,713        2,60,000
                                           Realisation per kl (Rs)             3,013            3,150            3,300          3,350               3.6
                                           chg (%)                                   -               5                5              2
                                          Source: Company, Angel Research; Note: FY2008 low utilisation due to addition of Kochi facility in March'08


                                          Diversified Product Mix, positive for Margins

With     the foray into LPG               Aegis has witnessed an improvement in Margins in the recent quarters owing primarily to its
Retailing and expansion plans             diversified product mix. This is expected to continue going ahead also owing to its balanced
in   the   Liquid       Logistics         expansion programme in its different business segments. We believe the foray into LPG Retailing
segment, overall Margins will             and expansion plans in the Liquid Logistics segment will improve overall Margins from the existing
improve from the existing                 14.3% to 16.7% levels in FY2010.
14.3% to 16.7% levels in
FY2010                                    The merger with HALPG has enabled Aegis to own the latter's 20,000MT fully-refrigerated LPG
                                          terminal. Merger of HALPG has provided Aegis with surplus gas storage capacities, which it can
                                          use optimally in its relatively higher margin ALPG business. Aegis has issued 3.6 million shares to
                                          the shareholders of HALPG at a swap ratio of 1:3 and has assumed debt of Rs30.6cr.
                                          Management estimates that the tanks together can handle 5,00,000 tonnes of gas annually.




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                                           Exhibit 12: Diversified Product Mix improving Margins
                                                   700                                                                              16.7               18
                                                                                                             16.0
                                                   650
                                                                                      14.3                                                             16
                                                   600
                                                   550         12.4                                                                                    14
                                                   500
                                                                                                                                                       12
                                                   450
                                                   400                                                                                                 10
                                           Rs cr
                                                   350
                                                   300                                                                                                 8
                                                   250                                                                                                 6
                                                   200
                                                   150                                                                                                 4
                                                   100
                                                                                                                                                       2
                                                    50
                                                     0                                                                                                 0
                                                              FY2007                FY2008E                FY2009E                 FY2010E
                                                          Logistics Division     LPG-Traded       Auto Gas Retailing        Ebitda Margins (%) (RHS)

                                          Source: Company, Angel Research; Note: Logistics Division also includes through put charges

                                          The merger is of strategic importance for the company as the tanks will help maintain storage
                                          capacity and can be used to drive its ALPG Retailing business. This merger by Aegis has also
                                          helped in eliminating any doubt regarding the conflict of interests between the companies.

                                          Financial Performance

During FY2007-10, we expect               Net Sales increased by 55.6% to Rs240.4cr in FY2007 (Rs154.5cr) on the back of strong growth
Aegis to clock CAGR of 39%                clocked by the Gas segment, which grew 91% yoy. During FY2007-10, we expect Aegis to clock
in Revenue                                CAGR of 39% in Revenue. We estimate the Gas Segment to register 35% growth in volumes in
                                          the mentioned period. The Segment would be focusing on its ALPG Retailing business to clock
                                          better growth going ahead. We estimate realisations to improve at a CAGR of 7% in this Segment
                                          during the mentioned period.


                                            Exhibit 13: Segment-wise Revenue growth
                                           Particulars                            FY2007       FY2008E        FY2009E         FY2010E       CAGR (%)
                                           Gas                                      183.2          297.0            406.7         551.9                44
                                           Logistics (incl. Through put)              57.2          70.3             84.6           95.4               19
                                           Total                                    240.4          367.3            491.3         647.2                39
                                           (% of Sales)
                                           Gas                                        76.2          80.9             82.8           85.3
                                           Logistics (incl. Through put)              23.8          19.1             17.2           14.7
                                          Source: Company, Angel Research




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During FY2007-10, we expect               The company’s PAT is expected to grow at a CAGR of 46.5% on the back of improvement in
EBDITA Margins to improve                 Margins over FY2007-10. We expect Aegis to post EBIDTA of Rs108.3cr in FY2010, growing at a
from 12.4% to 16.7% primarily             CAGR of 53% over FY2007-10. During FY2007-10, we expect EBDITA Margins to improve from
aided by higher contribution              12.4% to 16.7% primarily aided by higher contribution from the high-Margin Logistics and ALPG
from the high-Margin Logistics            Retailing business.
income and ALPG Retailing
business                                   Exhibit 14: Revenue, Profitability Trend
                                                     750                                                                                       18
                                                                                                                                               16
                                                     650
                                                                                                                                               14
                                             Rs cr




                                                     550
                                                                                                                                               12
                                                     450                                                                                       10

                                                     350                                                                                       8
                                                                                                                                               6
                                                     250
                                                                                                                                               4
                                                     150
                                                                                                                                               2
                                                      50                                                                                       0
                                                                FY2007             FY2008E              FY2009E              FY2010E

                                                                     Net Sales            NPM (%)(RHS)             OPM (%)(RHS)

                                          Source: Company, Angel Research


We expect the company's RoE               We expect Aegis's Return Ratios to improve substantially over FY2007-10 owing to diversified
to improve from 19.9% to                  Revenue mix. We expect the company's RoE to improve from 19.9% to 28.7% while RoCE would
28.7% while RoCE would                    improve from 16.2% to 27.2% over the mentioned period. This would primarily be due to the
improve from 16.2% to 27.2%               increase in ALPG Retail outlets, operating under the DODO model, which do not require any
over FY2007-10                            investments from the company. We expect Aegis to attract higher valuations on the back of better
                                          Return Ratios estimated to be recorded in FY2010.


                                           Exhibit 15: Improving Return Ratios




                                          Source: Company, Angel Research




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                                          Concerns
                                          Price Volatility

                                          The biggest concern for Aegis is the volatile LPG prices. Aegis imports LPG from Saudi Arabia,
                                          and the LPG prices are subject to volatility due to the global demand and supply scenario. Also,
                                          LPG in Rupee terms is linked to currency exchange rates, which again is subject to fluctuations.
                                          Unfavourable changes in the exchange rate scenario could increase the prices of LPG
                                          significantly. We believe the company's ability to pass on the price to the consumers would
                                          determine its profitability. Any upward movement in the cost of LPG procurement could erode
                                          Margins particularly if Aegis is not able to pass on the same. However, chances of such a thing
                                          happening appears low as the company has entered into ALPG retailing, which provides it higher
                                          Margins compared to gas trading.

                                          During 9MFY2008, Aegis witnessed an improvement in Margins which is expected to continue
                                          going ahead. Raw material accounted for around 70% of total Sales for Aegis in FY2008. We
                                          have factored in 3% and 3.5% jump in the LPG procurement prices for FY2009E and FY2010E,
                                          respectively. Any additional rise in LPG procurement prices could impact our forecast. However, in
                                          the recent past, the company has been able to pass on the rise in raw material prices to the
                                          consumers and maintain Margins. In our projections, we have also factored in certain price hikes.



                                           Exhibit 16: Sensitivity Analysis - Impact of LPG procurement cost on FY2010E PAT
                                                                                                     FY2009 % Hike
                                                                               2.0%           2.5%            3.0%          3.5%             4.0%
                                             FY2010 % hike




                                                             1.5%               84.2           82.6            80.9          79.3            77.6
                                                             2.5%               80.9           79.2            77.5          75.9            74.2
                                                             3.5%               77.6           75.9            74.2          72.5            70.8
                                                             4.5%               74.2           72.5            70.8          69.1            67.3
                                                             5.5%               70.9           69.1            67.4          65.7            63.9
                                          Source: Company, Angel Research


                                          Reducing price differential between ALPG and other fuels

                                          The significant price differential between operating costs is the reason why ALPG is an attractive
                                          alternate fuel. Hence, any significant reduction in the price differential will make ALPG less
                                          attractive and would prevent consumers opting for LPG-driven vehicles. The price differential
                                          could arise either due to incremental subsidy on petrol and diesel, or due to steeper increase in
                                          the LPG prices compared to other fuels. However, the recent run up in crude oil prices is adding to
                                          the fiscal deficit which would eventually result in government raising the price of administered
                                          fuels, thereby increasing the price differential.




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                                          Outlook and Valuation

                                          Overall, the Indian Logistics Sector is set for fast-paced growth on the back of growth enablers
                                          including estimated infrastructure investments of over $475bn over the next 4-5 years and phased
                                          introduction of value-added-tax (VAT), among others. Outsourced logistics, which accounts for
                                          over 25% of the $90bn logistics market in India, is expected to grow at a CAGR of 16% during
                                          FY2007-10. With the sector dominated by the un-organised players, there exists substantial
                                          scope for the organised players to tap the emerging opportunities. Further, the government has
                                          also been taking initiatives to promote the ALPG segment in its attempts to control pollution and
                                          reduce/eliminate diversion of domestic LPG to the Automobile sector. Therefore, going ahead, the
                                          increasing number of LPG dispensing stations is expected to attract higher number of consumers,
                                          particularly those who hitherto have been illegally using domestic LPG for Auto purposes.

                                          We believe Aegis, with its three-decade long presence in the logistics industry, has well timed its
                                          liquid capacity programme. Its high-Margin Liquid Logistics segment, which clocked Rs48.8cr
                                          revenues in FY2007, is expected to record revenues of Rs87.1cr in FY2010. Besides, Aegis' foray
                                          into LPG is expected to optimise its capacity utilisation apart from increasing its Top-line. Overall
                                          Top-line is estimated to grow at a CAGR of 39.1% over FY2007-10, while Margins are expected to
                                          improve to 16.7%. Bottom-line is estimated to grow at a CAGR of 46.5% in the mentioned period.

                                          At Rs243, the stock is trading at attractive valuations of 9.2x FY2009E EPS of Rs26.3 and 6.5x
                                          FY2010E EPS of Rs37.2. We Initiate Coverage on the stock with a Buy recommendation and
                                          Target Price of Rs335, translating into an upside of 38% from current levels.




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Profit & Loss Statement (Consolidated)                             Rs crore       Balance Sheet (Consolidated)                                      Rs crore
  Y/E March                       FY2007 FY2008E FY2009E           FY2010E          Y/E March                      FY2007 FY2008E FY2009E           FY2010E
  Net Sales                          240.4       367.3    491.3      647.2          SOURCES OF FUNDS
  % chg                               55.6        52.8     33.8       31.7          Equity Share Capital                16.3        19.9     19.9      19.9
  Total Expenditure                  210.5       314.7    412.6      538.9          Reserves & Surplus                 102.2       133.2    176.3     238.8
  EBIDTA                              29.9        52.6     78.8      108.3          Shareholders Funds                 118.5       153.1    196.2     258.7
  (%of Net Sales)                     12.4        14.3     16.0       16.7          Total Loans                         34.7        69.7     84.7      96.7
  Other Income                          6.1        8.7      6.7        8.2          Deffered Tax Liability (net)            7.6      7.6      7.6       7.6
  Depreciation& Amortisation            3.8        5.7      7.9        9.7          Total Liabilities                  160.8       230.3    288.4     363.0
  Interest                              4.4        8.7     10.6       12.1          APPLICATION OF FUNDS
  PBT                                 27.7        46.9     66.9       94.7          Gross Block                         90.4       141.3    175.5     215.7
  (% of Net Sales)                    11.5        12.8     13.6       14.6          Less: Acc.Depreciation              24.5        30.2     38.1      47.8
  Extraordinary Expense/(Inc.)          0.7           -        -          -         Net Block                           65.8       111.1    137.4     168.0
  Tax                                   4.2       10.2     14.5       20.6          Capital Work-in-Progress                0.1      0.6      0.7       0.9
  (% of PBT)                          15.0        21.7     21.7       21.7          Investments                         16.5        16.5     16.5      16.5
  PAT                                 23.6        36.8     52.4       74.2          Current Assets                     114.0       179.2    230.1     299.3
  % chg                             (21.9)        55.8     42.6       41.5          Current liabilities                 35.7        77.0     96.2     121.6
  Ad. PAT                             22.9        36.8     52.4       74.2          Net Current Assets                  78.4       102.2    133.8     177.6
  % chg                             (15.6)        60.8     42.6       41.5          Total Assets                       160.8       230.3    288.4     363.0



Cash Flow Statement (Consolidated)                                 Rs crore        Key Ratios
  Y/E March                       FY2007 FY2008E FY2009E           FY2010E          Y/E March                      FY2007 FY2008E FY2009E           FY2010E

  Profit before tax                   27.7        46.9     66.9       94.7          Per Share Data (Rs)
  Depreciation                          3.8        5.7      7.9        9.7          EPS                              14.5         18.5      26.3       37.2
  (Inc)/Dec in Working Capital (21.5)             (8.5)   (24.7)     (40.0)         Cash EPS                         16.8         21.3      30.3       42.1
                                                                                    DPS                               2.5          2.5       4.0        5.0
  Interest (Net)                        1.7        2.5      6.5        6.5
                                                                                    Book Value                       72.7         76.9      98.5      129.9
  Direct taxes paid                     4.2       10.2     14.5       20.6
                                                                                    Operating Ratio
  Others                              (0.6)        1.3      0.9        1.9          Sales/Invested capital            1.7          1.9       2.0        2.1
  Cash Flow from Operations             7.1       37.6     43.0       52.2          Inventory (days)                  9.8          9.1       8.9        8.7
  Inc./(Dec.) in Fixed Assets           2.2       51.3     34.4       40.4          Debtors (days)                   37.7         38.4      35.3       38.4

  Free Cash Flow                        4.8      (13.7)     8.6       11.8          Creditors (days)                 46.1         70.0      66.0       63.3
                                                                                    Returns %
  (Inc)/Dec in Investments              0.5           -        -          -
                                                                                    RoE                              19.9         24.0      26.7       28.7
  Issue of Equity                            -     3.6         -          -         RoCE                             16.2         20.4      24.6       27.2
  Inc./(Dec.) in loans                  8.3       35.0     15.0       12.0          Dividend Payout                  20.9         15.8      17.8       15.7
  Dividend Paid (Incl.Tax)              4.8        5.8      9.3       11.6          Debt : Equity                     0.3          0.5       0.4        0.4
  Interest (Net)                        1.7        2.5      6.5        6.5          Valuation Ratio (x)
                                                                                    P/E                              16.8         13.2       9.2        6.5
  Cash Flow from Financing              1.8       30.3     (0.8)      (6.1)
                                                                                    P/E(CashEPS)                     14.5         11.4       8.0        5.8
  Inc./(Dec.) in Cash                   7.1       16.6      7.9        5.7
                                                                                    P/BV                              3.3          3.2       2.5        1.9
  Opening Cash balances               14.9        22.0     38.6       46.5          EV/Sales                          1.6          1.4       1.0        0.8
  Closing Cash balances               22.0        38.6     46.5       52.1          EV/EBITDA                        13.1          9.5       6.4        4.7




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




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   Chennai - Thiruneer Selvan Tel: (044) 4226 9000                                                  Kolkata - Vikram Malik Tel: (033) 4009 9899                                             Pune - Sunita Magnani / Sulbha Shinde Tel: (020) 2551 3143 / 3071 0250
   Coimbatore - Lakshminarayanan R Tel: (0422) 4294 801 - 26                                        Lucknow - Ejaz Mohyi Tel: (0522) 6567 826                                               Rajkot - Vijay Popat Tel :(0281) 2490 847
   Hyderabad - Shiva Shankar Tel: (040) 6673 3573 / 74                                              Nagpur - Sanchit Tiwari Tel: (0712) 3041 500                                            Surat - Pratik Sanghvi / Dinesh Maheshwari Tel: (0261) 6696 666
   Indore - Avtar Singh Grewal Tel: (0731) 3013 360 - 65                                            Nashik - Nilesh Supekar Tel: (0253) 6614 235/236                                        Visakhapatnam - Vamsi Krishna Tel :(0891) 6620 572-75

  Private Client Group Offices:                                                                                                                                                            Sub - Broker Marketing:
   Mumbai - Prakarsh Gagdani Tel: (022) 4040 3800                                                   Rajkot (Race course) - Nishit Maniar Mobile: 99989 59982                                Acme Plaza - Pankaj Mungre Tel: (022) 4035 8600

   Ahmedabad (C. G. Road) - Arpit Shah Tel: (079) 3007 4049 / 50                                    Surat - Amit Keshwani Tel : (0261) 6696 666

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   Andheri (Lokhandwala) - Muskaan Doultani Tel : (022) 2639 2626 / 3255 0987                       Ahmedabad (Shahibaug) - Chirag Raghvani Tel: (079) 22861053 / 5 / 6                     New Delhi (Bhikaji Cama Place) - Sumit Bhuttan Tel: (011) 41659 711/12

   Andheri (W) - Dinesh Nihalani Tel: (022) 2635 2345 / 6668 0021                                   Amreli - Nishith Hemani Tel: (02792) 228 800/231039-42                                  New Delhi (Lawrence Rd.) - Sanjeev Kumar Tel: (011) 3262 8699 / 8799

   Bandra (W) - Rohit Marathe Tel: (022) 2655 5560 / 70                                             Anand - Alay Brahmbhatt Tel : (02692) 267 041-45                                        New Delhi (Pitampura) - Roopal Agarwal Tel: (011) 4700 2380 / 84

   Bandra (W) - Faruq Wakani Tel: (022) 6643 2694 - 99                                              Ankleshwar - Ankit Mathur Tel: (02646) 652 681-85                                       New Delhi (Preet Vihar) - Gulshan Khurana Tel: (011) 4242 1105 - 07

   Borivali (W) - Deepak Jagtap Tel: (022) 2895 2600 / 1 / 2                                        Baroda - Rashmikant Thakar Tel: (0265) 2226 103-04 / 6624 280                           Noida - Amit Gupta Tel : (0120) 4639900 / 1 / 9

   Borivali (Punjabi Lane) - Gautam Agarwal Tel: (022) 4075 6000 / 01                               Baroda (Akota) - Jaydeep Shah Tel: (0265) 2355 258 / 6499 286                           Palanpur - Paresh Patel Tel : (02742) 645 171 / 72

   B o r i v a l i ( W ) - Ta r u n D h a m i Te l : ( 0 2 2 ) 3 0 9 2 1 9 6 9 / 2 8 9 2 8 8 9 0    Baroda (Manjalpur) - Raja Upadhyay Tel: (0265) 6454280-3/ Mob: 98251 11712              Patan - Shikha Saxena Tel: (02766) 222 306

   Chembur - Ashita Raman Tel: (022) 6703 0210 / 11 /12                                             Bhavnagar - Apurva Dhami Tel: (0278) 2512099 / 755 / 3001717 / 18                       Patel Nagar - Harpreet Singh Tel : (011) 45030 600

   Chembur - (Basant) - Atul Dwivedi Tel:(022) 3267 9114/ 15/ 16                                    Bhopal - Sandeep Kothana Tel :(0755) 3256 663 / 4024 000                                Porbandar - Ketan Thanki Tel : (0286) 221 5310 / 31 / 221 5450

   Fort - Hitesh Jain Tel: (022) 2263 4050-55                                                       Bikaner - Sharad Acharya Tel :(0151) 2207 148 / 98281 03988                             Pune - Sameer Amrute/Shraddha Gadekar Tel : (020) 6620 6591 / 6620 6595

   Ghatkopar (E) - Ashwin Thakkar Tel: (022) 6799 3185 - 88 / 2510 1525                             Deesa - Sandip Nayak Mobile: 98795 19881                                                Pune(Camp) - Shardul Kulkarni / Viral Shah Tel: (020) 3058 2862 / 3

   Goregaon (W) - Sanjiv Dhami Tel: (022) 2878 9401 / 02                                            Erode - Sherman Saphroni Gracias Tel: (0424) 4065 555 - 65                              Pune - Ishwar Magnani/Rohit Shinde Tel: (020) 6640 8300 / 3052 3217

   Kalbadevi - Viren Ved Tel: (022) 2243 5599 / 2242 5599                                           Faridabad - Pankaj Jugia Tel: (0129) 4281 401 - 23                                      Rajamundhry - G. Padmavathi Tel: (0883) 2477 571 - 5

   Kandivali (W) - Sachin Ghelani Tel: (022) 2867 3800 / 2867 7032                                  Gajuwaka - Shaik Meera Tel: (0891) 2541 571 - 4                                         Rajkot (Ardella) Hitesh Rupareliya Tel : (0281) 2926 568 / 99049 10001

   Kandivali - Akharam Chaudhary Tel: (022) 2846 1267 / 1654 / 2056 / 2076                          Gandhinagar - Vivek Thakker Tel: (079) 4010 1010 - 31                                   Rajkot (University Rd.) - Prashant Ukani Tel : (0281) 2577408

   Malad (E) - Satish Kanwarjani Tel: (022) 2880 4440                                               Gondal - Lenin Trivedi Tel: (02825) 240 693 / 4                                         Rajkot - Dhaval Dave Tel : (0281) 236 1935 / 329 6881 / 329 8100

   Malad (W) - Tushar Shah Tel: (022) 2880 0960 / 68                                                Gurgaon - Pankaj Varma Tel: (0124) 4712 915                                             Rajkot - Denish Patel Tel : (0281) 2585 751, 99258 84848

   Mulund (W) - Niraj Anand Tel: (022) 2562 2282                                                    Himatnagar - Sanjay Patel Tel: (02772) 241 008 / 241 346                                Rajkot (Orbit Plaza) - Hitesh Popat Tel: (0281) 2463 291-94

   Powai (E) - Prashant Auti Tel: (022) 40262170 / 1 / 2 / 3                                        Hyderabad (A S Rao Nagar) - G J Sharma Tel: (040) 4222 2070-5                           Rajkot (Pedak Road) - Murtaja Sadikot Mobile : 98245 00252

   Sion - Pritesh Bhatt Tel: (022) 2404 1054                                                        Hubli Aftab Kamalapur Tel: (0836) 4267 500 - 22                                         Rajkot (Star Chambers) - Manish Baradia Tel : (0281) 2233 230 / 50

   Thane (W) - Diksha Khushalani / Rajesh Kumar Tel: (022) 2539 0786 / 0650-651                     Indore - Sourabh Kasliwal Tel: (0731) 4238 600                                          Rajkot - Kiran Marthak Tel : (0281) 2225 401 / 02 / 03

   Vashi - Punit Chopra Tel: (022) 2765 4749 / 2251                                                 Indore - Alok Rathi Te l : ( 0 7 3 1 ) 4 0 4 2 2 4 2 / 4 0 4 4 3 6 6 / 4 0 8 7 9 6 6    Salem Alagurajan Tel: (0427) 4046 5555 - 62

   Vile Parle (W) - Dimple Shah Tel: (022) 2610 2894 / 95                                           Jaipur - Amit Kumar Garg Tel: (0141) 4000 500, 94143 14448                              Secunderabad - Srinivas Tel : (040) 6690 5192 / 3 / 4

   Ajmer - Ashwini Kumar Mobile: 97845 99807                                                        Jalgaon - Naresh Kulkarni Tel: (0257) 3200 906                                          Surat (Mahidharpura) - Sameet Kapadia Tel: 2402 911 - 915

   Alwar - Ajay Khandelwal Tel: (0144) 2703 561 / 99826 23223                                       Bengaluru - (Jayanagar) Umapathi K. Tel: (080) 4072 0800 - 29                           Surat - Akshay Panwala Tel : (0261) 2257 990 / 909

   Ahmedabad (Bapu Nagar) - Milan Kanabar Tel : (079) 3026 0204 / 0205                              Jodhpur - Bharat Purohit Tel: (0291) 5100 941-948 / 98284 26786                         Surat (Ring Road) - Piyush Bothra Tel : (0261) 6696 666

   Ahmedabad (C. G. Road) - Ritesh Patel Tel: (079) 4021 4023                                       Junagadh - Nimesh Raichura Tel : (0285) 2622 483 /2622 484                              Surendranagar - Prashant Jani Tel : (02752) 325905 / 223305

   Ahmedabad (Gurukul) - Kaivalya Shah Tel: (079) 6522 5510 / 3012 5492-94                          Kota - Sumit Maheshwari Tel : (0744) 5100 470 / 2365 200                                Udaipur - Anurag Jain Tel - 098870 60723 / 099291 04723

   Ahmedabad (Kalupur) - Jicky Thomas Tel: (079) 3240 7474 / 75                                     Mansarovar - Aditya Dwivedi Tel:(0141) 4000 600 / 98280 90009                           Valsad - Vinod Kumbarwadia Tel - (02632) 645 344 / 45

   Ahmedabad (Maninagar) - Ashok Kumar Tel: (079) 3048 0241 / 2 / 5                                 Mehsana - Alipt Doshi Tel: (02762) 645 291 / 92                                         Vapi - Jalpa Desai Tel: (0260) 2400 210 / 214 / 236

   Ahmedabad (Ramdevnagar) - Krunal Pandya Tel : (079) 4006 5842 / 43                               Mysore Ajay Kumar Tel: (0821) 4004 200 - 30                                             Varachha - Naimesh Bhavsar (0261) 2551633 - 39

   Ahmedabad (Sabarmati) - Kaushik Rathi Tel : (079) 2751 6788 / 97243 00677                        Nadiad - Vipul Patel Tel : (0268) - 2527 230 / 31                                       Vijayawada - Badrinath Majeti Tel :(0866) 6636900 / 901/ 902 / 903

   Ahmedabad (Satellite) - Rishi Parghi Tel: (079) 4000 1000                                        Nashik - Sanchit Patunkar Tel: (0253) 6614 252 / 3048 908                               Warangal - Santosh Kumar Kaja Tel: (0870) 6452 223 / 7




May 23, 2008
January 30, 2008                                                                                                                    For Private Circulation Only - Sebi Registration No : INB 010996539                                                           18

				
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