Anant Raj Industries

8/8/2019 Anant Raj Industries

1/21

1January 30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539November 24, 2009 For Private Circulation Only - Sebi Registration No : INB 010996539 1

Anant Raj Industries

Initiating Coverage

Stock Info

BUY

Price Rs 139

Target Price Rs 189

Investment Period 12 months

Sector Real Estate

Market Cap (Rs cr) 4,105

Beta 0.8

52 Week High / Low 164/38

Avg. Daily Volume 310590

Face Value (Rs) 2

BSE Sensex 17,131

Nifty 5,091

Shareholding Pattern (%)

Promoters 61.4

MF / Banks / Indian FIs 7.8

FII / NRIs / OCBs 27.5

Indian Public / Others 3.3

Abs. 3m 1yr 3yr

Sensex (%) 9.6 92.4 25.0

Anant Raj (%) 4.1 199.1 (44.0)

BSE Code 515055

NSE Code ANANTRAJ

Reuters Code ANRA.BO

Bloomberg Code ARCP@IN

Param Desai

Tel: 022 - 4040 3800 Ext: 310

E-mail: [email protected]

Mihir Salot

Tel: 022 - 4040 3800 Ext: 307

E-mail: [email protected]

Source: Company, Angel Research, Note: * Net Sales = Sales - (Construction & Land cost); ** Assuming

dilution of warrants

Key Financials (Consolidated)

Y/E March (Rs cr) FY2008 FY2009 FY2010E FY2011E

Net Sales* 604 251 278 481

% chg 190.2 (58.5) 10.7 73.4

Net Profit 436 207 240 382% chg 247.8 (52.5) 15.9 59.2

FDEPS (Rs)** 13.9 6.6 7.6 12.2

EBITDA Margin (%) 93.1 88.0 94.7 94.5

P/E (x) 10.0 21.1 18.2 11.4

RoE (%) 21.5 6.7 7.0 10.1

RoCE (%) 24.8 6.5 6.7 10.9

P/BV (x) 1.5 1.3 1.2 1.1

EV/EBITDA (x) 6.3 16.7 14.5 8.4

Real (Estate) Value

Anant Raj Industries (ARIL) is a prominent and well-diversified Real Estate player in the NCR

region. We expect ARIL's two super premium Residential projects of Hauz Khas andBhagwandas, located in the heart of Delhi, to drive its near-term operational visibility and help

register Rs600cr Profit over the next three years. Further, ARIL has 70% and 30% pre-lease

commitments at its Manesar IT Park and Kirti Nagar mall respectively, coupled with five hotels

getting operational by FY2011E wihich will improve rental visibility. At Rs139, the stock is

trading at 37% discount to our 1-year forward NAV, 11.4x FY2011E EPS and 1.1x FY2011E

P/BV. We Initiate Coverage on the stock with a Buy recommendation and Target Price o

Rs189, which is at 15% discount to our 1-year forward NAV.

Land acquisition at discounted price: Almost all of ARIL's land bank (872 acres) is

exclusively located in the NCR within 50km of Delhi, with approximately 525 acres in Delhi

This land bank has been acquired at an historical average cost of Rs300/sq ft with recent

transactions by ARIL executed at Rs450/sq ft and Rs130/sq ft in high-growth areas like Manesaand Sonepat. ARIL's successful land acquisition strategy is attributed to its acquisition through

allocation route from DDA at significantly lower prices compared to prevailing rates and being

a focused NCR player, which helps in identifying areas with high economic potential in Delhi

Super premium Residential projects to drive near-term visibility: We expect ARIL's

super premium residential projects of Hauz Khas and Bhagwandas, located in the heart o

Delhi, to drive its near-term operational visibility and help register Rs600cr Profit over the nex

three years. Further, ARIL has 70% pre-lease commitments at its Manesar IT Park (1.2mn sq

ft) at Rs32/sq ft where 30% of lessees have already acquired fit-outs and another 40% wil

move in by March FY2010. Nearly 30% of its Kirti Nagar retail mall is pre-leased out at an

average rentals of Rs150/sq ft with Bharti Walmart as anchor tenant. It will also have five

hotels operational by FY2011E with transfer of occupancy risk to third party in return of fixed

rentals.

Well-capitalised Balance Sheet: ARIL's land bank is fully paid and it has net cash

balance of Rs550cr. This augurs well for it even in a downturn and gives headroom to leverage

at reasonable costs for timely execution of projects. Further, recent issuance of 2cr warrants

to promoters (Rs87/share), will further strengthen its cash balance by Rs175cr on conversion.


2/21



Real Estate

Investment Arguments

Land acquisition at discounted price and at prime locations

Ananth Raj Industries (ARIL) has total 60mn sq ft saleable area out of which 67% is Non-Residential

Almost all of ARIL's land bank (872 acres) is exclusively located in the NCR within 50kms of Delhi

while approximately 525 acres is in Delhi itself, making it one of the largest land owners in Delhi.

Pertinently, the company has acquired the land bank at an average cost of Rs300/sq ft, which

provides high comfort and scope to reduce prices even amidst a downturn. Also, around 50% of

the land bank is in high growth areas like Manesar, Greater Noida, Gurgaon and Sonepat.

Ahead of competition

ARIL's focus on NCR helps it to identify and acquire attractive land parcels ahead of competition,

and obtain timely approvals to launch its projects. Unlike competition, it does not acquire land

through auctions, but through the allocation route at significantly lower prices compared to prevailing

rates. A well-capitalised Balance Sheet also facilitates ARIL acquire distress land. Recently, ARIL

bought land at Manesar and Sonepat at attractive rates of Rs450/sq ft and Rs130/sq ft respectively

while competition acquired land at higher rates. ARILs in-house construction arm with a development

capacity of 6-7mn sq ft annually also ensures timely execution of development plans.

ARILs land bank of 60mn sq ft

has been acquired at

Rs300/sq ft

ARIL has acquired land

through allocation route at

significantly lower prices

compared to prevailing market

rates

0

20

40

60

80

100

120

Manesar Delhi Nazafgarh Sonepat Greater Nodia

Others*

Commercial Residential Hotels

35.0% 28.7% 6.6% 5.2% 4.6% 19.4%

(%)

Source: Company, Angel Research; Note: *Includes Faizalwas, Jaipur, Chandigarh etc.

Exhibit 1: Location-wise contribution of Land Bank (60mn sq ft)

Source: Company, Angel Research

Exhibit 2: Around 67% exposure to Non-Residential Sector

33mn sq ft

7.2mn sq ft

19.8mn sq ft


3/21



Real Estate

Hauz Khas

Bhagwandas

Residential Segment - 33% of Total Saleable area

Super premium projects to drive near-term operational visibility

ARIL's Residential Segment accounts for 33% of its overall Saleable area. The company plans to

launch premium properties in the heart of Delhi in Hauz Khas and Bhagwandas by end of FY2010E

and FY2011E, respectively. ARIL has appointed DTZ for marketing these projects. Average

residential capital values are in the range of Rs25,000-35,000/sq ft. We expect Revenues from

Hauz Khas and Bhagwandas to start contributing from FY2010E and FY2012E, respectively. The

properties will comprise 80 flats each and contribute around Rs1,300cr and Rs600cr to Top-line

and Bottom-line respectively, over the next three years.

Source: Google Map, Angel Research

Exhibit 3: Super Premium Residential Projects in the heart of Delhi

Key mid-income launches over next two-three years

Recently, ARIL bought land at Manesar and Sonepat (Rai) at attractive levels of Rs450/sq ft and

Rs130/sq ft, respectively. The Manesar property of around 10.6 acres is adjacent to DLF's Express

Green property, which DLF sold at Rs1,850-2,000/sq ft. ARIL will have 1mnsq ft of saleable area

and plans to launch it as mid-income residential apartments by FY2011E. The Rai property located

near its upcoming IT SEZ will also be launched as mid-income residential apartments. It also

intends to launch mid-range residential apartments at Kapashera near the Delhi Internationa

Airport in FY2011E where the projects have received all the necessary approvals. This is in lieu ofdevelopers' focus across the country on mid-income projects as it brings upfront cash by way of

customer advances. The Segment can also not be ignored as the middle class constitutes

60-65% of the population and home loan rates are also quoting at attractive levels currently.

We expect Revenues from

Hauz Khas and Bhagwandas

to start contributing from

FY2010E and FY2012E,

respectively

ARIL recently bought land at

Manesar and Sonepat (Rai) at

attractive rates of Rs450/sq ft

and Rs130/sq ft, respectively

where it intends to launch mid-

income projects.


4/21



Real Estate

ARIL banking on fast-growing Tier I cities

ARIL has seven IT SEZs/parks, of which three are at Manesar, and one each at Japiur, Sonepat

Chandigarh and Greater Noida. The IT/ITES Sector, which earlier confined itself to the larger

canvas of Delhi and adjoining areas such as Gurgaon/Noida, Mumbai - the financial capital of the

country and Bangalore - the largest commercial hub, is now targeting Tier I and II cities and the

smaller towns where real estate is cheaper, infrastructure is on a growth curve and manpower

availability is not much of a problem.

Commercial Segment - 55% of Total Saleable area

Post the sharp decline in the past few quarters, capital values have started to strengthen and

registered marginal appreciation across most micro markets in the NCR. Industry participantshave indicated that surge in leasing enquiries have come on the back of renewed interest from

corporates. Recovery in the Commercial and Retail Segments generally lag recovery in the

economy. Accordingly, we believe demand in office space will start picking up 2H2011E onwards.

Cushman and Wakefield estimates pan-India cumulative demand for office space during

CY2009-13 to be 196mn sq ft.

Surge in leasing enquiries

have come on the back ofrenewed interest from

corporates


Exhibit 4: Residential Projects in the Pipeline

Source: Cushman & Wakefield, Angel Research

Exhibit 5: Pan-India Commercial Demand over next five years

0

10

20

30

40

50

60

2009E 2010E 2011E 2012E 2013E

Commercial Space

mnsq

.ft

Project Segment Saleable area Selling price Revenue Revenue EBIDTA

(mn sq ft) (Rs/ sq ft) schedule (Rs cr) (Rs cr)

Hauz Khas-South

Central Delhi Super-Premium 0.27 25,000 FY10-12 687 408

Bhagwandas-

Central Delhi Super-Premium 0.26 25,000 FY11-13 653 411

Manesar Mid-income 1.02 1,800 FY12-14 214 42

Kapashera-Delhi Mid-income 0.30 3,500 FY11-13 113 27

Rai, Sonepat Mid-income 0.80 1,800 FY13-16 180 40


5/21



Real Estate

IT/ITES companies are now

focusing on Tier I and II cities

and smaller towns where real

estate is cheaper,

infrastructure is on a growthcurve and manpower

availability is not much of a

problem

Manesar: Manesar has undergone a sea change from being a mere village to transforming into a

lavish industrial and commercial trade center. Commercialisation in Manesar has presented the

perfect example of growth especially post development of the IMT Manesar Industrial area. Manesar

has traditionally been a manufacturing centre, with the manufacturing plants of India's largest

carmaker and bikemaker, Maruti Suzuki and Hero Honda respectively, situated there. Going ahead,connectivity to Manesar is also set to dramatically improve once the Kundli-Manesar-Palwal (KMP)

expressway gets operational, which will connect Manesar to West Delhi. Besides, the Delhi Metro

project will connect Manesar to South Delhi and Gurgaon. Thus, gauging the high potential of

Manesar's real estate market, real estate majors players like Anant Raj, DLF, Reliance Industries

and Unitech have shifted their focus to the city.

Greater Noida: It is an emerging hot spot destination owing to development of the Taj Expressway

and a proposal to set up a new airport in the area. IT majors (Wipro, HCL and NIIT Technologies)

have acquired land to set up their SEZs in Greater Noida. Major real-estate developers such as

Anant Raj, Jaypee, Unitech, and Ansal Group have also acquired land to set up IT SEZs.

Jaipur: Known as the pink city of India, Jaipur has been fast transforming into an IT/ITES outsourcing

hub following GE Capital Corporations decision to set up its latest contact centre there. The city

has an annual addition of over 11,500 engineers and over 200,000 graduates across the state.

Among the incentives available to the IT industry in Jaipur include rebate of up to 60% on land

charges, exemption from Stamp Duty for land registration, 50% exemption from electricity duty for

seven years and simplified labour regulations and procedures

Rental income will provide visibility

ARIL's Commercial Segment accounts for 55% (33mn sq ft) of its overall saleable area, out of

which it intends to lease out around 32mn sq ft. Of this 33mn sq ft, 12.3mn sq ft is under 50:50 jointventure (JV) with the Reliance ADA Group at Manesar where it intends build an IT SEZ. The

company's first IT Park at Manesar (1.2mn sq ft) is ready for fit-outs where almost 70% have

already been pre-leased out atRs32/sq ft. The rentals started kicking in from 1QFY2010 with 30%

of space given for fit-outs and another 40% of lessees moving in over the next six months. The

company has also leased out its hotel (0.1mn sqft), which is a part of its Manesar IT Park, to the

Hilton management (Hampton) for 30 years at Rs24/sq ft (excluding maintenance cost) with 15%

escalation in the lease rental every three years. Currently, besides its Manesar IT Park, ARIL

derives its commercial rental income from three of its properties located in Delhi. Further, the

company intends to complete first phase of its ongoing project, IT SEZ at Rai, Sonepat by

3QFY2011E, post which it will have leasable area of around 1-1.5mn sq ft. By 2QFY2011E, ARIL

intends to start two more IT Parks in Jaipur and Panchkhula. Consequently, we expect visibility of

the company's Commercial Rental Income to improve from Rs12cr in FY2009 to Rs95cr in FY2012E.

The visibility of ARILs

Commercial Rental Income willimprove from Rs12cr in

FY2009 to Rs95cr in FY2012E


6/21


7/21



Real Estate

ARIL has two premium Retail malls (Karol Bagh and Kirti Nagar) in Delhi aggregating 6,40,000

sq ft. The Karol Bagh property is already leased out at Rs150/sq ft, while the Kirti Nagar property

is nearing completion and would be ready for fit-outs by March 2010. ARIL has already pre-leased

out around 30% of the Kirti Nagar property at average rentals of Rs150/sq ft. ARIL has signed

Bharti-Walmart as anchor tenant at its Kirti Nagar mall for Rs80/sq ft. It may be noted here thatthere are no Retail malls within a radius of 2-3km of the ARIL mall, and it is close to DLF's Capita

Green residential project as well. ARIL also plans to develop an amusement park on its 180 acre

land at Pur, North Delhi. We estimate rentals at the Retail malls to increase from Rs4.5cr in FY2009

to Rs67cr in FY2012E.

Rentals at the Retail malls to

increase from Rs4.5cr in

FY2009 to Rs67cr in FY2012E

with Kirti Nagar Mall being

ready for fit-outs by March2010


Exhibit 9: Kirti Nagar mall to be ready for fit-outs by March 2010


Exhibit 10:Rental Income Retail Malls

Project (Rs cr) FY2010E FY2011E FY2012E

Karol Bagh 4.2 4.4 4.7

Kirti Nagar - 29.7 62.1

Total 4.2 34.1 66.8

Hotel Segment - 12% of Total Saleable area

The upcoming Commonwealth Games 2010scheduled to be held at the NCR has seen a rush by

many developers to come up with hotel sites. However, the recent cash crunch situation and

falling tourist levels have delayed the execution cycle for most upcoming hotel properties. The

average room rent (ARR) declined by 25% yoy to Rs8,321 during April-Sept 2009 as hotels slashedrates to arrest declining occupancy rates. However, we expect ARRs to remain stable at current

levels over the next six months as both leisure and corporate demand is showing signs of picking

up. Delhi witnessed occupancy rate of 61% during April-Sept 2009. According to Cushman &

Wakefield, pan-India demand for the Hospitality Sector is estimated to be over 690,000 room

nights by 2013E, of which 15% of the demand will be led by the NCR region. We believe that ARIL

will be a key beneficiary as it will have five hotels operational by FY2011E near the Delhi airport.

We expect ARRs to remain

stable at current levels over

the next six months as both

leisure and corporate demandis showing signs of picking up


8/21



Real Estate

Transferring occupancy risk to third party

ARIL has 16 hotel properties in the NCR with around 4,500 rooms getting operational by FY2015E

Currently, the company has two hotel properties operational (Exoticaand Retreat) near the Delh

airport adjoining Chattarpur where ARIL has transferred occupancy risks to third parties in return

of fixed rentals of Rs6.5mn and Rs7.5mn on a monthly basis for the next six years, with price

escalation after three years. This works out to Rs70 and Rs80/sq ft rental for the two hotel properties

Further, three more hotel properties would be completed by 2HFY2011E. These hotel properties

are located on the main NH-8 near the Delhi airport and will add another 250 rooms. ARIL

management has indicated to work on a Revenue-sharing model or Fixed Rentals and transfer

the occupancy risk to a third party. Consequently, we believe that ARILs Hotel rental income

would increase from Rs17.6cr in FY2010E to Rs49.6cr in FY2012E.

We believe that ARILs Hotel

rental income would increase

from Rs17.6cr in FY2010E to

Rs49.6cr in FY2012E

0

20

40

60

80

100

120

140

160

180

200

2009E 2010E 2011E 2012E 2013E

Hospitality

(000)

Rooms


Exhibit 11: Pan-India Hospitality Demand over next five years

Source: Google Map, Angel Research

Exhibit 12: Five hotel properties to get operational by FY2011E

Hotel Properties


9/21



Real Estate

Project (Rs cr) FY2010E FY2011E FY2012E

Exotica 7.5 7.5 7.5

Retreat 8.8 8.8 8.8

Grand - 6.7 7.0

Papillon - 4.4 4.6

Tri-color - 4.8 6.7

Manesar 1.4 2.7 2.7

Rai - - 3.6

Green Retreat - - 8.6

Total 17.6 34.9 49.6


Exhibit 13:Rental Income from Hotel Properties

Strategic alliances and fund raising temper risks

To temper risks of long gestation and high cash outflow projects, ARIL has tied up with reputed

businesses and raised funds at the parent and project levels on a regular basis. This strategy has

helped ARIL reduce commitment of upfront equity. For instance, it has formed a JV with the

Reliance ADA group for its Manesar SEZ and hotel project near the Delhi airport. The Government

of Singapore Investment Corporation (GIC), which has 5.9% stake in ARIL at Rs246/share has the

first right of refusal for every JV that ARIL is involved. ARIL also has 50:50 JV with Monsoon

Capital for development of its Panchkhula IT Park and sold 26% stake to Taib Bank at its Kirt

Nagar Mall for Rs17,000/sq ft. In the last four years, ARIL has raised Rs20bn till date and has

pedigreed investors like Citigroup, GIC, Taib Bank, Goldman Sach, ABN Amro, etc.

In the last four years, ARIL

raised Rs20bntill date and has

pedigreed investors like

Citigroup, GIC, Taib Bank,

Goldman Sach and ABN Amro,

among others

Well-capitalised Balance Sheet

ARIL's land bank is fully paid and the company also has Net Cash Balance of Rs550cr. Thisaugurs well for it even amidst a downturn as would give it headroom to leverage at reasonable

cost for timely execution of projects. Further the recent issuance of 2cr warrants to promoters at

Rs87/share, would further strengthen the companys Cash Balance by Rs175cr on conversion.

We believe that ARIL will require Rs2,200cr for execution over the next three years, which would

easily be met through internal accruals. ARIL's high debtors of Rs241cr include receivables of

Rs115cr for the property sold to IIPM. The money will be received by ARIL after six years during

which time it will be paid 15% coupon on annualised basis.

Company (Rs cr) Net Worth Debt Cash Net Debt/Equity (x)ARIL 3,460 100 650 (0.16)

DLF 25,004 14,729 634 0.56

H D I L 6,644 3,271 110 0.48

IBREL 4,515 339 1,622 (0.28)

Parsvnath 2,072 1,936 207 0.83

Sobha 1,641 1,459 21 0.88

Unitech 5,545 6,500 740 1.04


Exhibit 14: ARIL - Strong Balance Sheet v/s Peers (2QFY2010)

ARIL has Net Cash Balance ofRs550cr. We believe that ARIL

will require Rs2,200cr for

execution over the next three

years, which would easily be

met through internal accruals


10/21



Real Estate


Exhibit 15: Fund raising till date (2QFY2010)

Date Source of Amount Issue price

Fund raising (Rs cr) (Rs/share)

Sep-05 Private placement 44 35

May-06 Private placement 243 120

May-07 Private placement 678 246

Feb-08 GDR 608 300

Jun-08 Sells 26% stake to Taib Bank in Kirti Nagar 216 Rs17,000/sq ft

Aug-09 Warrants to promoters 175 87

Sep-09 Sell 25% stake in Dhamaspur project 80 Rs850/sq ft

Concerns

High exposure to Non-Residential Segment

ARIL's 67% of saleable area is non-Residential - commercial and hotels. The company intends to

adopt a lease model for these assets. The property market slowdown in FY2009 resulted in a

decline in asset prices and rentals by 20-40% across micro markets in the NCR along with lower

occupancy levels. However, owing to softening Interest rates and improving Employment outlook,

a surge in demand has been witnessed in the Residential Sector unlike in the Non-Residential

Sector. Nonetheless, historically it has been seen that demand in the Non-Residential Sector lags

improvement in the economy. Besides, around 70% of demand for Commercial space comes from

the IT/ITES Sector, which has been impacted by the global slowdown. Our interaction with industry

participants indicates that leasing enquiries have improved with the overall IT/ITES Sector looking

at expanding its employee base. Further, ARRs for hotels are also likely to remain stable in the

medium term with the Commonwealth Gamesscheduled to be held in the NCR region in 2010.We have assumed recovery in the Non-Residential Segment in 2HFY2011E. However, any delay

will impact our pricing assumptions.

Fall in property prices

In FY2009, pan-India property prices fell 20-50%. However, in the last six months, prices have

increased by 5-20% from their bottom lows especially in Mumbai and Delhi. For valuation purposes,

we have assumed 5% increase in the Residential prices and 5% decline in the Commercial and

Hotel rentals from current levels in FY2011E, but 5% increase thereon. Thus, a more-than-expected

correction in the prices will impact our NAV.

Delay in Execution

We have assumed ARIL's premium projects at Hauz Khas and Bhagwandas to be launched by

end of FY2010E and FY2011E respectively. We have assumed its Kirti Nagar mall to be ready for

fit-outs by March 2010. In the Hotel Segment, we expect another three hotels to get operational by

2HFY2011E. We expect first phase of ARIL's Rai IT SEZ to get operational in 3QFY2011E. However

delays in execution or new launches will impact our estimates and in turn our NAV.

Around 70% of demand for

Commercial space comes

from the IT/ITES Sector, which

has been impacted by the

global slowdown

Delays in new Residential

project launches will impact

our estimates and in turn our

NAV


11/21



Real Estate

Financials

We expect ARIL to deliver 38.5% Revenue CAGR over FY2009-11E to Rs481cr. We expect the

Residential Segment to record Income of Rs460cr over the next two years driven by Premium

Residential launches in Delhi. Rental income visibility would increase from Rs16cr in FY2009E to

Rs124cr in FY2011E as two of the companys IT Parks will be leased out and five hotel properties

will get operational by FY2011E. We expect EBIDTA Margins to improve from current levels of

88.0% to 94.5% in FY2011E on account of low land cost and premium residential launches.

Consequently, we estimate ARIL to register 35.8% CAGR in PAT over FY2009-11E.

We expect ARIL to deliver

38.5% and 35.8% Revenue and

PAT CAGR respectively, over

FY2009-11E

Valuation -Trading at significant discount to NAV

Key Assumptions

Residential Segment valued at Rs49/share

We have assumed selling price of Rs25,000/sq ft for the company's premium projects of Hauz

Khas and Bhagwandas to be launched by end of FY2010E and FY2011E respectively. We have

assumed that the companys mid-income projects of Kapashera, Manesar and Rai would be

launched over FY2011-13E. We have factored in 5% price escalation from current levels FY2011E

onwards in construction and capital value for all its projects. We have assumed that ARIL wil

develop all its projects and sell them by FY2019E.Consequently, we have valued its Residentia

Segment at Rs1,548cr, translating into Rs49/share.

Commercial Segment valued at Rs124/share

We expect the Manesar IT Park to achieve 70% occupancy level (current pre-lease commitments)

in FY2011E and first phase of the Rai IT SEZ to be delivered for fit-outs by 3QFY2011E. We have

assumed that the Kirti Nagar mall will be delivered for fit-outs in FY2011E and expect 50% occupancy

in FY2011E. We have factored in 5% correction in Rentals in FY2011E, but 5% increase FY2012E

onwards. Hence, we have valued the company's Commercial Segment at Rs3,896cr,

translating into Rs124/share.


Exhibit 16: Revenue and Profit Trends

85.1

93.1

88.0

94.7

94.5

80

82

84

86

88

90

92

94

96

0

100

200

300

400

500

600

700

FY2007 FY2008 FY2009 FY2010E FY2011E

Revenue PAT OPM (%)

(%)

(Rs

cr)


12/21



Real Estate

Hospitality Segment valued at Rs50/share

We expect the companys five hotels (situated in proximity to the Delhi airport) to get operationa

by FY2011E. We have assumed ARIL to transfer occupancy risks to third parties in return for fixed

rentals in line with its existing strategy. We have factored in 5% correction in Rentals in FY2011E

but 5% increase FY2012E onwards for the properties yet to be released. Consequently, we have

valued ARILs Hospitality Segment at Rs1,569cr, translating into Rs50/share.

We have assigned 15% WACC and 10% capitalisation rate.

Buy with a Target Price of Rs189

ARIL is trading at37% discount to NAV (much higher than its peers), which gives a margin of

safety given its low-cost land bank situated at prime locations and well-capitalised Balance Sheet

This is primarily owing to higher exposure to commercial assets (67%). However, we believe tha

near-term Revenue visibility will be driven by ARIL's super premium residential projects. We

expect demand to pick up in the Commercial and Retail Segments in 2HFY2011E. Our channelchecks suggest that leasing enquiries have picked up following renewed interest from corporates.

The ARIL stock is trading at 11.4x FY2011E EPS and 1.1x FY2011E P/BV. We have assumed

conversion of warrants to promoters (at Rs87/share) issued in August 2009. We Initiate

Coverage on the stock with a Buy recommendation and Target Price of Rs189, which is at

15% discount to our 1-year forward NAV and provides potential upside of 36% from current

levels.

Source: Angel Research

Exhibit 17: Valuation Summary

1 Yr forward NAV (Rs/share)

Commercial 124

Hospitality 50

Residential 49

Other income 12

Total 234

Add: Net Cash 22

Less: Present value of taxes (33)

NAV/share (Rs) 223

Target Price (Rs) 15% discount to NAV 189


13/21



Real Estate

Exhibit 18: NAV Model Snapshot

Particulars FY2011E FY2012E FY2013E FY2014E FY2019E

Project Profit 501 869 861 819 1,634

Tax (96) (210) (203) (186) (362)

Profit After Tax 405 659 657 633 9,730

Discounted Cash Flow 336 476 413 345 2,640

Rentals capitalised in FY2019 8,458

WACC (%) 15

Cap rate (%) 10

PV of CF 5,482

Less Net Debt 595

Implied Market Value 6,078

No of shares (cr) 32

NAV/share 193

NAV (1-year forward) 22315% discount to NAV 189

Source: Angel Research


14/21



Real Estate

Industry Outlook

The Real Estate Sector in India is now on a gradual improvement curve with new projects being

launched and liquidity position of developers improving on the back of QIPs and proposed public

issue offers. This has been supported by the government policies that allowed housing loans to

individuals carrying a risk weightage of 50% to be increased from Rs2mn to Rs3mn along with

allowing rescheduling of bank debt without it being classified as NPL. Over the last six months,

listed companies have raised US $3.5bn through QIPs and issuance of warrants. Further

US $3bn would be raised from the proposed IPO hitting markets in early 2010E. According to

Cushman and Wakefield, the forecast for Pan- India commercial office space is 196mn sq ft, while

Retail space demand stands at 43mn sq ft for 2009-13. Demand for Hospitality and Residentia

Segments is estimated at over 690,000 room nights and 7.5mn units respectively, over the mentioned

period. We expect demand from Commercial and Retail Segments to pick up in 2HFY2011E owing

to renewed interest from Corporates thereby catching up with Residential Segment.

We expect demand for

Commercial and Retail

Segments to pick up in

2HFY2011E owing to renewed

interest from Corporates

thereby catching up with the

Residential Segment


Exhibit 19: QIP Proceeds eased Liquidity

Company (US $mn)

Ackruti City 65

DLF 830

HDIL 363

IBREL 570

Orbit Corp 30

Parsvnath 36

Sobha Developers 115

Unitech 950

Total 2,959

Exhibit 20: Forthcoming IPOs in early 2010

Company (US $mn)

Ambience 200

DB Realty 400

Emaar MGF 750

Godrej Properties 100

Lodha Developers 500

Nitesh Estates 100

Oberoi Constructions 150

Sahara Prime City 700

Total 2,900



15/21



Real Estate

Company Background

Though ARIL was incorporated in 1985 as Anant Raj Clay Products (ARCP), it began operations

in 1969 by offering construction business for DDA. Over the years, the company has constructed

11.5mn sq ft, and currently its construction arm has capacity to execute around 6-7mn sq ft annually

Being a reputed contractor for DDA has always helped ARIL to acquire land at cheaper cost than

competition. Gradually, it also got involved in design, manufacture and sale of ceramic tiles under

the brand name, Romano, with manufacturing facilities at Rewari, Haryana. In 1999, the company's

Ceramic business was declared sick and referred to the BIFR. Post its financial restructuring

under IDBI, ARCP was merged into ARIL in 2005 and forayed into the Real Estate development

business in its bid to achieve forward integration and economies of scale for its Ceramic Tile

business. In the same year, the company also consolidated other group companies involved in

construction and development business into ARIL in a phased manner. Post the merger, ARIL

currently has 872 acres in the thriving NCR region with 90% within 50kms of Delhi and 525 acres

in Delhi, making it among one of the largest land holders in Delhi. It intends to focus as a local real

estate developer and enhance its management expertise in understanding the local market.

In 2005, the company

consolidated other group

companies involved in the

construction and development

business in a phased manner


Exhibit 21: Chronology of Events

Incorporatedas Anant Raj

Clay Products Ltd.

1985 1989 1995 2005

Commencedproduction ofCeramic Tiles

Name changedto Anant Raj

Industries

Consolidation ofthe development

andconstruction

business

US$ 16mn(@ Rs35/share)

raisedthrough Private

Placement

RaisedUS$ 66mn

(@ Rs120/share)

1st appr ovedby High CourtMerger

2nd approvedby High CourtMerger

Raised US$ 168.8mn(@ Rs246/share)

3rd Merger approvedby High Court

Raised US$ [email protected] US$/GDR

2006 2007 2008

Sell 26% stake toTaib Bank in

Kirti Nagar mall

2009

Rentals from itsManesar IT park

started

2 Hotel properties nearDelhi airport

got operational

Issued 20mn warrantsto promotersRs87/share


16/21



Real Estate

Company Project Location Launch Date Price Rs/sq ft

DLF Capital Green-Phase I Delhi Mar-09 6,500

Capital Green-Phase II Delhi Sep-09 7,500

Unitech Sunbreeze Gurgaon Aug-09 2,740

Vistas Gurgaon Sep-09 2,800

Unihomes Noida Jun-09 3,000

Unihomes Greater Noida Aug-09 1,800

IBREL Centrum Park Gurgaon Mar-09 2,500

Jaypee Kosmos Noida Jul-09 3,000

Aman Noida May-09 2,100

Exhibit 22: Surge in new launches in NCR

Appendix: NCR market

The National Capital Region (NCR) covers an area of 30,242sq. km. including the states of Haryana,

Rajasthan, Uttar Pradesh and the National Capital Territory of Delhi. NCR is the largest Residentia

and Retail and the second largest Commercial real estate market in India. Gurgaon is the preferred

location for the IT/ITES Sector, which controls 72% of the Commercial market in the NCR owing to

its proximity to the international airport and upcoming metro terminal. The Residential market is

largely dominated by speculators as large real estate agents pick up apartments in bulk during

launch. In the last six months, we have witnessed huge activity of launches across Gurgaon,

Noida and Greater Noida in the Mid-Income Housing Segment. Retail rentals have corrected

across most segments in the NCR with West Delhi leading the way. Overall, we expect the

Residential prices to remain stable, while further correction is expected in the Commercial and

Retail Segments over 1HFY2011E, followed by a phase of consolidation, with demand picking up.

We also expect emerging locations such as Manesar and Greater Noida to be looked at by

corporates owing to cost advantage, manpower availability and overall growth in IT/ITES recruitment.

Residential Segment to witness surge in New Launches

Private developer apartment supply (vertical format high density developments) in the NCR has

been predominantly restricted to Gurgaon and Noida due to unavailability of land for development

in Delhi. There has been a sharp increase in apartment activity in the Gurgaon and Noida markets

over the last four to five years, which has led to a supply of organised apartments. The Residential

market in NCR unlike other markets is being sold through brokers sending soft mailers to know the

right pricing and actual demand. At the time of launches, the agents book apartments in bulk and

sell them out as price appreciates. We have seen a demand pick up in the first half of FY2010E on

account of new launches at discounted prices and improved liquidity thereby attracting investors.

Overall, we expect prices to remain stable at current levels with further increase expected in

2HFY2011E as demand starts picking up.

NCR is the largest Residential

and Retail and the second

largest Commercial real estate

market in India

We expect prices to remain

stable at current levels with

further increase expected in

2HFY2011E as demand starts

picking up



17/21



Real Estate

Commercial Segment - Rentals to stabilise

Gurgaon, which handles around 72% of the Commercial market in NCR has seen the sharpest

rise and fall in Rentals. Office space rentals in Gurgaon have declined 31% since January 2008.

The supply in NCR is expected to reduce from 14mn sq ft in CY2008 to 10.5mn sq ft in CY2009

owing to delays in execution, subdued demand and liquidity crunch faced by the developers.

Overall, vacancy rates were recorded in the range of 11-13% due to reduced occupier demand

and lack of pre-commitments. We expect Rental values to stabilise across all micro markets owing

to renewed interest from Corporates.

Office supply in NCR reduced

from 14mn sq ft in CY2008 to

10.5mn sq ft in CY2009 owing

to delays in execution,

subdued demand and liquidity

crunch faced by developers

0

50

100

150

200

250

300

350

400

0

20

40

60

80

100

120

140

1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 3Q2009

G urgaon (Comm.) G urgaon (IT/SEZ) Noida (Comm.) Noida (IT/SEZ) CBD-Prime (RHS)

Rs

/Sq

.ft./m

on

th

Rs

/Sq

.ft./m

on

th


Exhibit 24: Rentals to stabilise

Source: Cushman & Wakefield, Angel Research; Note: *Does not include pre-commitments

Exhibit 23: Office Supply and Absorption Trends ( NCR)

Supply Absorption*

02002

2

4

6

8

10

12

14

16

2003 2004 2005 2006 2007 2008 1Q09 2Q09 3Q09

mnsq

.ft

.


18/21



Real Estate

Retail Segment - Still some pain left

With the sustained supply additions witnessed since 2004, cumulative supply of investment grade

mall format retail space in the NCR stood at 13mn sq ft as of 3QCY2009. The slowdown in

demand and reduced absorption forced developers to re-schedule the completion time of their

projects with some even re-considering the development plans. The fall in Retail Rentals is

highest across segments in the NCR with West Delhi leading the way due to high vacancy noted

in existing developments over the last one year. Rentals constitute 6-10% of Revenues for

Retailers like Pantaloon, Shopper Stop and 10-15% for foreign brands. The slowdown in demand

coincided with the significant supply of the malls. We believe that the Retailers are likely to

continue to re-negotiate rentals at prevailing values to attain more sustainable levels.

We believe that the Retailers

will continue to renegotiate

rentals at prevailing values to

attain more sustainable levels


Exhibit 25: Rentals have corrected 30-40% over past one year

0

100

200

300

400

500

600

700

1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 3Q2009

Gurgaon Noida South Delhi West Delhi

Rs

/Sq

.ft./month


19/21



Real Estate

Profit & Loss Statement (Consolidated) Rs crore

Y/E March FY2008 FY2009 FY2010E FY2011E

Net Sales 604 251 278 481

% chg 190 (58) 11 73

Total Expenditure (42) (30) (15) (27)EBITDA 562 221 263 455

(% of Net Sales) 93.1 88.0 94.7 94.5

Other Income 29 70 57 46

Share in profits of associates - - - -

Depreciation& Amortisation (8) (9) (17) (21)

Interest (3) (0) (0) (1)

PBT 580 282 302 479

(% of Net Sales) 96.1 112.3 108.9 99.6

Min. Int./EO/Prior Period Items 0 (1) (2) (1)

Tax (144) (73) (60) (96)

(% of PBT) 24.8 26.0 20.0 20.0

Reported PAT 436 207 240 382

% chg 247.8 (52.5) 15.9 59.2

(% of Net Sales) 72.3 82.7 86.6 79.4

Adj. PAT 436 208 242 383

% chg 247.7 (52.2) 16.0 58.6

(% of Net Sales) 72.2 83.1 87.1 79.7


SOURCES OF FUNDS

Equity Share Capital 59 59 59 63

Reserves& Surplus 2,842 3,261 3,511 3,966Shareholders Funds 2,901 3,320 3,570 4,029

Total Loans 58 210 110 110

Deferred Tax Liability 2 3 3 3

Minority Interest 0 69 69 69

Total Liabilities 2,961 3,601 3,751 4,210

APPLICATION OF FUNDS

Gross Block 1,131 1,260 1,534 1,894

Less: Acc. Depreciation (37) (45) (61) (82)

Net Block 1,094 1,215 1,472 1,812

Intangibles 141 146 146 146

Capital Work-in-Progress 386 721 721 721

Investments 149 309 309 309

Current Assets 1,437 1,331 1,276 1,545

Current liabilities 246 126 178 328

Net Current Assets 1,191 1,205 1,097 1,217

Mis. Exp. not written off 1 5 5 5

Total Assets 2,961 3,601 3,751 4,210

Balance Sheet (Consolidated) Rs crore

Cash Flow Statement (Consolidated) Rs crore


Profit before tax 580 282 302 479

Depreciation & Others (1) (55) 16 21

Change in Working Capital (460) 7 (137) (148)

Direct taxes paid (144) (74) (60) (96)

Cash Flow from Operations (26) 160 120 256

(Inc.)/ Dec. in Fixed Assets (173) (136) (274) (360)

Free Cash Flow (198) 24 (154) (103)

Inc./ (Dec.) in Investments (36) (160) - -

Issue of Equity 1,349 233 44 131

Inc./(Dec.) in loans (282) 152 (100) -

Dividend Paid (Incl. Tax) (76) (21) (21) (34)

Others (214) (208) (0) (1)

Cash Flow from Financing 740 (3) (78) 96

Inc./(Dec.) in Cash 542 21 (232) (8)

Opening Cash balances 63 605 626 394

Closing Cash balances 605 626 394 387

Key Ratios


Per Share Data (Rs)

FDEPS 13.9 6.6 7.6 12.2Cash EPS 14.1 6.9 8.2 12.8

DPS 1.4 0.6 1.0 1.5

Book Value 92.2 105.5 113.5 128.0

Operating Ratio (%)

Cost / Net Sales (%) (6.9) (12.0) (5.3) (5.5)

Creditor (days) 97.1 179.7 90.7 76.1

Debtors (days)* 97.2 400.5 333.3 253.5

Debt / Equity (x) 0.0 0.1 0.0 0.0

Returns (%)

RoE 21.5 6.7 7.0 10.1

RoCE 24.8 6.5 6.7 10.9Dividend Payout 11.9 10.0 14.0 14.1

Valuation Ratio (x)

P/E 10.0 21.1 18.2 11.4

P/E (Cash EPS) 9.8 20.3 17.0 10.9

P/BV 1.5 1.3 1.2 1.1

EV / EBITDA 6.3 16.7 14.5 8.4

Note: * ARIL's debtors of Rs241cr includes receivables of Rs115cr for the

property sold to IIPM. The money will be received by ARIL after six years

during which time it will be paid 15% coupon on annualised basis.


20/21



Real Estate

Disclaimer

This document is not for public distribution and has been furnished to you solely for your information and must not be reproduced or redistributed to any other person. Persons into whosepossession this document may come are required to observe these restrictions.

Opinion expressed is our current opinion as of the date appearing on this material only. While we endeavor to update on a reasonable basis the information discussed in this material, there may beegulatory, compliance, or other reasons that prevent us from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject

o change without notice. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true and are for general guidance only. While

every effort is made to ensure the accuracy and completeness of information contained, the company takes no guarantee and assumes no liability for any errors or omissions of the information. No

one can use the information as the basis for any claim, demand or cause of action.

Recipients of this material should rely on their own investigations and take their own professional advice. Each recipient of this document should make such investigations as it deems necessary

o arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult their own advisorso determine the merits and risks of such an investment. Price and value of the investments referred to in this material may go up or down. Past performance is not a guide for future performance

Certain transactions - futures, options and other derivatives as well as non-investment grade securities - involve substantial risks and are not suitable for all investors. Reports based on technica

analysis centers on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals and as such, may not match with a report on a company's

undamentals.

We do not undertake to advise you as to any change of our views expressed in this document. While we would endeavor to update the information herein on a reasonable basis, Angel Broking, itssubsidiaries and associated companies, their directors and employees are under no obligation to update or keep the information current. Also there may be regulatory, compliance, or other reasons

hat may prevent Angel Broking and affiliates from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to changewithout notice. Angel Broking Limited and affiliates, including the analyst who has issued this report, may, on the date of this report, and from time to time, have long or short positions in, and buy

or sell the securities of the companies mentioned herein or engage in any other transaction involving such securities and earn brokerage or compensation or act as advisor or have other potentia

conflict of interest with respect to company/ies mentioned herein or inconsistent with any recommendation and related information and opinions.

Angel Broking Limited and affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to thecompanies referred to in this report, as on the date of this report or in the past.

Fund Management & Investment Advisory ( 022 - 3952 4568)

P. Phani Sekhar Fund Manager - (PMS) [email protected]

Siddarth Bhamre Head - Derivatives and Investment Advisory [email protected] Mehta AVP - Investment Advisory [email protected]

Research Team ( 022 - 3952 4568)Hitesh Agrawal Head - Research [email protected]

Sarabjit Kour Nangra VP-Research, Pharmaceutical [email protected]

Vaibhav Agrawal VP-Research, Banking [email protected]

Vaishali Jajoo Automobile [email protected]

Shailesh Kanani Infrastructure, Real Estate [email protected]

Anand Shah FMCG , Media [email protected] Pareek Oil & Gas [email protected]

Puneet Bambha Capital Goods, Engineering [email protected] Dalmia Pharmaceutical [email protected]

Rupesh Sankhe Cement, Power [email protected]

Param Desai Real Estate, Logistics, Shipping [email protected]

Sageraj Bariya Fertiliser, Mid-cap [email protected] Nadkarni Retail, Hotels, Mid-cap [email protected]

Paresh Jain Metals & Mining [email protected] Rane Banking [email protected]

Jai Sharda Mid-cap [email protected]

Amit Vora Research Associate (Oil & Gas) [email protected]

V Srinivasan Research Associate (Cement, Power) [email protected] Mate Research Associate (Infra, Real Estate) [email protected]

Shreya Gaunekar Research Associate (Automobile) [email protected] Salot Research Associate (Logistics, Shipping) [email protected]

Chitrangda Kapur Research Associate (FMCG, Media) [email protected]

Vibha Salvi Research Associate (IT, Telecom) [email protected]

Jaya Agrawal Jr. Derivative Analyst [email protected]

Amit Bagaria PMS [email protected]

Sandeep Wagle Chief Technical Analyst [email protected] Joshi AVP Technical Advisory Services [email protected]

Brijesh Ail Manager - Technical Advisory Services [email protected] Jagtap Sr. Technical Analyst [email protected]

Milan Sanghvi Sr. Technical Analyst [email protected]

Mileen Vasudeo Technical Analyst [email protected]

Krunal Dayma Technical Analyst [email protected]

Sanket Padhye AVP Mutual Fund [email protected]

Pramod Rathod Research Associate (MF) [email protected]

Poonam Jangid Research Associate (MF) [email protected]

Commodities Research Team

Amar Singh Research Head (Commodities) [email protected]

Samson P Sr. Technical Analyst [email protected]

Anuj Gupta Sr. Technical Analyst [email protected]

Girish Patki Sr. Technical Analyst [email protected] Chauhan Technical Analyst abhishek [email protected]

Commodities Research Team (Fundamentals)Badruddin Sr. Research Analyst (Agri) [email protected]

Reena Walia Research Analyst ( Base Metals, Energy Complex) [email protected]

Vedika Narvekar Research Analyst ( Agri) vedika.narvekar @angeltrade.com

Nalini Rao Research Analyst (Agri) [email protected]

Bharathi Shetty Research Editor [email protected]

Dharmil Adhyaru Assistant Research Editor [email protected]

Bharat Patil Production [email protected] Patel Production [email protected]

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

Buy (> 15%) Accumulate(5% to 15%) Neutral (-5 to 5%)

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

Ratings (Returns) :


21/21


Real Estate

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

Regional Offices:

Sub - Broker Marketing:

Branch Off ices:

Co rp orate & Mark etin g Of fice : 612, Acm e Plaza, M.V. Road , Op p San gam Ci nem a, A nd heri (E), Mu mb ai - 400 059 Tel : ( 022) 3941 3940 / 4000 3600

NRI Helpdesk : e-mail : [email protected] Tel : (022) 4000 3622 / 4026 2700

Investment Advisory Helpdesk : e-mail : [email protected] Tel : (022) 3958 4000

Commodities : e-mail : [email protected] Tel : (022) 3081 7400

PMS : e-mail : [email protected] Tel : (022) 3953 2800

Feedback : e-mail : [email protected] Tel : (022) 2835 5000

Ahmedabad - Tel: (079) 3941 3940

Bengaluru - Tel: (080) 3941 3940

Chennai - Tel: (044) 3941 3940

Hyderabad - Tel: (040) 3941 3940

Coimbatore - Tel: (0422) 3941 394

Cochin - Tel: (0484) 3941 394

Surat - Tel: (0261) 3941 394

Rajkot - Tel :(0281) 3941 394

Visakhapatnam - Tel : (0891) 3941 394

Mumbai (Powai) - Tel: (022)3952 6500

Pune - Tel: (020) 3941 3940

New Delhi - Tel: (011) 3941 3940

Mumbai (Goregoan) Tel: (022) 2879 0411-15

Nagpur - Tel: (0712) 3941 394

Nashik - Tel: (0253) 3011 500 / 1 / 11

Indore - Tel: (0731) 3941 394

Jaipur - Tel: (0141) 3941 394

Kanpur - Tel: (0512) 3941 394

Kolkata - Tel: (033) 3941 3940

Lucknow - Tel: (0522) 3941 394

Ludhiana - Tel: (0161) 3941 394

Andheri (E) - Acme - Tel: (022) 3941 3940 / 4000 3600

Andheri (W) - Tel: (022) 2635 2345 / 6668 0021

Bandra (W) - Tel: (022) 2655 5560 / 70

Andheri (Lokhandwala) - Tel: (022) 2639 2626

Bandra (W) - Tel: (022) 6643 2694 - 99

Borivali (W) - Tel: (022) 3952 4787

Borivali (Punjabi Lane) - Tel: (022) 3951 5700

Chembur - (Basant) - Tel:(022) 022) 6156 1111 / 01

Kalbadevi -Tel: (022) 2243 5599 / 2242 5599

Kandivali (W) - Tel: (022) 2867 3800/2867 7032

Chembur (Swastik) - Tel: (022) 6703 0210 / 11 /12

Fort - Tel: (022) 3958 1887

Ghatkopar (E) - Tel: (022) 3955 8400/2510 1525

Malad (E) - Tel: (022) 2880 4440

Kandivali - Tel: (022) 4245 1300

Malad (Natraj Market) - Tel:(022) 28803453 / 24

Masjid Bander - Tel: (022) 2345 5130 /1 / 8 / 42 /28

Mulund (W) - Tel: (022) 2562 2282

Nerul - Tel: (022) 2771 9012 - 17

Sion - Tel: (022) 3952 7891

Powai (E) - Tel: (022) 3952 5887

Thane (W) - Tel: (022) 2539 0786 / 0650 / 1

Vashi - Tel: (022) 2765 4749 / 2251

Vile Parle (W) - Tel: (022) 2610 2894 / 95

Wadala -Tel: (022) 2414 0607 / 08

Agra - Tel: (0562) 4037200

Ahmedabad (Kalupur) - Tel: (079) 3041 4000 / 01

Ahmedabad (Maninagar) - Tel: (079) 3981 7430 / 1

Ahmeda.(Bapu Nagar) - Tel : (079) 3091 6900 - 02

Ahmeda. (Gurukul) - Tel: (079) 3011 0800 / 01

Ahmedabad (C. G. Road) - Tel: (079) 4021 4023

Ahmeda. (Ramdevnagar) - Tel : (079) 4024 3842 / 43

Ahmedabad (Odhav) Tel: (079) 2289 2869/98989 95031

Ahmedabad (Sabarmati) - Tel : (079) 3091 6100 / 01

Ahmedabad (Satellite) - Tel: (079) 4000 1000

Mahim - Tel: (022) 2444 6425 / 2444 9031

Pune (Kothrud) Tel: (020) 4104 5400

Rajamundhry - Tel: (0883) 3941 394

Rajkot (Ardella) Tel.: (0281) 2926 568

Rajkot (University Rd.) - Tel: (0281) 2331 418

Rajkot - (Bhakti Nagar) Tel: (0281) 2361 935

Rajkot - (Indira circle) Tel : 99258 84848

Rajkot (Orbit Plaza) - Tel: (0281) 3983 485

Rajkot (Pedak Rd) - Tel: (0281) 3985 100

Rajkot (Ring Road)- Mobile: 99245 99393

Rajkot (Star Chambers) - Tel : (0281)3981 200

Rajkot - (Star Chambers) - Tel : (0281) 2225 401-3

Salem - Tel: (0427) 3941 394

Surat (Ring Road) - Tel : (0261) 3071 600

Surendranagar - Tel : (02752) 223305

Secunderabad - Tel : (040) 3093 2600

Surat (Mahidharpura) - Tel: (0261) 3092 900

Surat - (Parle Point) - Tel : (0261) 3091 400

Udaipur - Tel : (0294) 3941 394

Valsad - Tel : (02632) 645 344 / 45

Vapi -Tel: (0260) 3941 394

Varachha - (0261) 3091 500

Vijayawada - Tel :(0866) 3984 600

Warangal - Tel: (0870) 3982 200

Varanasi - Tel: (0542) 2221 129, 3058 066

Tirupur - Tel : (0421) 4302 800

Rajkot - PCG - Tel: (0281) 2490 847

Jalgaon - Tel: (0257) 2234 832

Kolkata (P. A. Shah Rd) - Tel: (033) 3001 5100

Mangalore - Tel: (0824) 3982 140

Kota - Tel : (0744) 3941 394

Madurai Tel: (0452) 3941 394

Jamnagar (Cross Word) - Tel: (0288) 2751 118

Jamnagar(Indraprashta) - Tel: (0288) 3941 394

Jodhpur - Tel: (0291) 3941 394 / 99280 24321

Junagadh - Tel : (0285) 3941 3940

Keshod - Tel: (02871) 234 027 / 233 967

Kolkata (N. S. Rd) - Tel: (033) 3982 5050

Jamnagar (Moti Khawdi) - Tel: (0288) 2846 026

Jamnagar(Madhav Plaza) - Tel: (0288) 2665 708

Kolhapur - Tel: (0231) 6632 000

Mansarovar - Tel:(0141) 3057 700/99836 74600

Mehsana - Tel: (02762) 645 291 / 92

Mysore - Tel: (0821) 4004 200 - 30

Nadiad - Tel : (0268) - 2527 230 / 34

New Delhi (Pitampura) - Tel: (011) 4751 8100

New Delhi (Nehru Place) - Tel: (011) 3982 0900

Noida - Tel : (0120) 4639 900 / 1 / 9

Palanpur - Tel: (02742) 308 060 - 63

New Delhi (Preet Vihar) - Tel: (011) 4310 6400

Nashik - (K C Complex) Tel: (0253) 3941 394

New Delhi (Bhikaji Cama) - Tel: (011) 41659711

New Delhi (Lawrence Rd.) - Tel: (011) 3262 8699 / 8799

Nagaur - Tel: (01582) 244 648

Meerut - Tel:(0121) 4015 400

Patan - Tel: (02766) 222 306

Porbandar - Tel : (0286) 3941 394

Porbandar (Kuber Life Style) - Mob.-98242 53737

Pune (Aundh) - Tel: (020) 4104 1900

Pune (Camp) - Tel: (020) 3092 1800

Pune - (kalyani Nagar) Tel: (020) 6620 6591 / 6620 6595

Pune - (Pentagon) Tel : (020) 3093 4400 / 3052 3217

Indore - Tel: (0731) 4238 600

Jaipur - (Rajapark) Tel: (0141) 3057 900 / 99833 40004

Hyderabad - A S Rao Nagar Tel: (040) 4222 2070-5

Hubli - Tel: (0836) 4267 500 - 22

Indore - Tel: (0731) 3049 400

Ajmer - Tel: (0145) 3941 394

Alwar - Tel: (0144) 3941 394 / 99833 60006

Ahmedabad(Shahibaug) -Tel: (079)3091 6800 / 01

Amreli - Tel: (02792) 228 800/231039-42

Anand - Tel : (02692) 398 400 / 3

Amritsar - Tel: (0183) 3941 394

Ankleshwar - Tel: (02646) 398 200

Baroda - Tel: (0265) 6635 100 / 2226 103

Baroda (Akota) - Tel: (0265) 2355 258 / 6499 286

Baroda (Manjalpur) - Tel: (0265) 6454280-3

Bhavnagar - Tel: (0278) 3941 394

Bengaluru - Tel: (080) 4072 0800 - 29

Bhavnagar (Shastrinagar)- Mobile: 92275 32302

Gandhinagar - Tel: (079) 4010 1010 - 31

Gajuwaka - Tel: (0891) 3987 100 - 30

Faridabad - Tel: (0129) 3984 000

Gandhidham - Tel: (02836) 237 135

Gondal - Tel: (02825) 398 200

Ghaziabad - Tel: (0120) 3980 800

Gurgaon - Tel: (0124) 3050 700

Himatnagar - Tel: (02772) 241 008 / 241 346

Bhopal - Tel :(0755) 3941 394

Bikaner - Tel: (0151) 3941 394 / 98281 03988

Chandigarh - Tel: (0172) 3092 700

Deesa - Mobile: 97250 01160

Erode - Tel: (0424) 3982 600

Bhilwara - (01482) 398 350

Ahmedabad(C. G Road) - PCG Tel: (079)39829934

Ambala - Tel: (0171) 4091 400

Dehradun - (0135): 3058 500

Documents

Anant Raj Industries