Angel BrokingTM Sintex Industries Service Truly …smartinvestor.business-standard.com/BSCMS/PDF/sintex industries... · high quality composite plastics. Composite plastics have several

1January 30, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539December 12, 2008 For Private Circulation Only - Sebi Registration No : INB 010996539 1

Angel BrokingService Truly Personalized

TM

Jain Irrigation

Initiating Coverage

Sintex IndustriesInitiating Coverage

Right ‘Syntax’Sintex Industries (Sintex) is a market leader in the manufacture and sale of value-addedplastics and textile-based products. Sintex intends to leverage its established brand nameto increase its Revenues and Profits going ahead. Moreover, an excellent Order Book lendshigh Revenue visibility to its Monolithic Business. Sintex is reputed for recognising andentering new and evolving businesses. Moreover, its growth plans are adequately fundedand we believe the company is well-placed to achieve its targets on schedule. We estimatethe company's Top-line and Bottom-line to post CAGR of 32.6% and 36.3% overFY2008-10E, respectively. However, considering the current slowdown, particularly in keyverticals especially Auto, we Initiate Coverage on the stock with an Accumulaterecommendation and Target Price of Rs230, which translates into a Target P/E of 8xFY2010E Adjusted EPS.

High Revenue visibility: Sintex has presence across geographies and caters to ahighly diversified customer base from different industries. Its Monolithic business has anOrder Book of approximately Rs1,400cr to be executed by end FY2010E. We believe thissegment has immense growth potential as India's housing shortage stands at 24.7mn unitsand the government has been focusing on relocating this strata of the populace at the earliest.

Foraying into Evolving businesses: Sintex is entering the business of high-qualitycomposites for automotive and electrical applications. Apart from the company's extensivecapex plans, over the last two years it has acquired six companies to bolster growth. Sintexis well equipped and experienced in the business of composites and has been meeting therequirements of several automotive manufacturers in advanced countries through itsacquisitions. It also has access to advanced technologies, which helps it develop newproducts for automotive, defence, aviation and industrial applications.

Adequately funded growth plans: Sintex is sitting on a cash and investments to thetune of Rs1,700cr in its Balance Sheet. It expects to utilise this cash to fund its capex andacquisitions, if any, going ahead and sustain its high growth trajectory. The company raisedRs900cr through an FCCB issue convertible in FY2013.

Shareholding Pattern (%)

Promoters 29.2

MF / Banks / Indian FIs 23.8

FII / NRIs / OCBs 40.0

Indian Public / Others 7.0

BSE Code 502742

NSE Code SINTEX

Reuters Code SNTX.BO

Bloomberg Code BVML@IN

BSE Sensex 9,690

Nifty 2,921

Abs. 3 m 1yr 3yr

Sensex (%) (30.8) (52.4) 6.1

Sintex ind (%) (35.6) (61.7) 9.0

Stock Info

Sector Plastics

Market Cap (Rs cr) 2,615

Beta 0.9

52 Week High / Low 615/137

Avg Daily Volume 104938

Face Value (Rs) 2

ACCUMULATEPrice Rs192

Target Price Rs230

Investment Period 12 months

V Srinivasan

Tel: 022 - 4040 3800 Ext: 330

E-mail: [email protected]

Girish Solanki

Tel: 022 - 4040 3800 Ext: 319

E-mail: [email protected]

Key Financials (Consolidated)

Source: Company, Angel Research; * Adjusted for FCCB interest

Y/E March (Rs cr) FY2007 FY2008 FY2009E FY2010ENet Sales 1,163 2,275 3,144 4,002% chg 36.0 95.6 38.2 27.3Reported Net Profit 133.5 232.2 327.6 431.5% chg 45.0 74.0 41.1 31.7Adj. Net Profit* 133.5 232.2 286.9 390.2OPM (%) 19.1 16.8 15.8 16.1EPS (Rs) 12.0 17.1 24.2 31.8Adj. EPS (Rs)* 12.0 17.1 21.2 28.8P/E (x) 15.9 11.2 7.9 6.0P/BV (x) 3.3 1.7 1.5 1.2RoE (%) 20.4 15.6 18.7 19.7RoCE (%) 12.7 8.6 9.8 12.1EV/Sales (x) 1.9 1.2 0.9 0.8EV/EBITDA (x) 10.0 7.4 5.9 4.7


TM


Sintex Industries

Plastics

Company Background

Incorporated in 1930 as The Bharat Vijay Mills, the company commenced with having interestsin Textiles. In 1955, the company was acquired by its current management Dinesh B. Patel andArun P Patel. The company has a top management with highly impressive profile. Over theyears, Sintex Industries has evolved and is currently well diversified and straddled acrossvarious sectors.

Exhibit 2: Evolution since inception

1931-741931: Incorporated as The Bharat Vijay Mills in JuneEstablished composite mill in Kalol, Gujarat

1975-90Commenced plastic molded polyethylene liquid storage tanks manufacturingIntroduced new plastic products like doors, windows, frames and palletsIntroduced quality corduroy fabric in India

1991-20001995: Name changed to Sintex IndustriesCommenced manufacture of SMC molded products, pultruded products, resin transfermolded products and injection molded productsModernisation and expansion of its Textile unitCommenced structured yarn dyed business

2000 - PresentAlliance with European design houses and a UK based textile marketing companyCommenced production of pre-fabricated structures for classrooms, booths, kiosksand office roomsEntered Housing sector with monolithic constructionAcquisition of 74% stake in Zeppelin Mobile SystemsFirst international acquisition - acquired 81% stake in Wasaukee Composites Inc.,USAAcquired 100% stake in Nief Plastic SA, a French companyAcquired automotive business division of Bright BrothersWausaukee acquired 100% stake of its competitor, Nero Plastic Inc., USA

Source: Company, Angel Research

Exhibit 1: Business Model with Sales, EBITDA (Rs cr)

Sintex

Plastics(1928, 328)

Textiles(344, 100)

Monolithic(210, 40)

Prefabs(660, 124)

Cust Mould(902, 150)

Storage(156, 14)

Housing

BT Shelters

Auto

Electric

ZeppelinMobile

InternalBT division

BrightBrothers

Nief

Wausaukee

DomesticMouldings

Digvijay Com

Nero

Incorporated in 1930 as TheBharat Vijay Mills, thecompany commenced withhaving interests in Textiles


TM


Sintex Industries

Plastics

Textiles

The company's Textile Division primarily manufactures high-end structured dyed yarn fabric. Itcurrently has 377 looms and has capacity to manufacture 24mn meters of fabric, which itintends to upgrade to 29mn meters by end FY2009. Capital outlay for this expansion isexpected to be approximately Rs110cr. Currently contribution of the Textiles Division to its TotalRevenues is approximately 15% (FY2008). The company has alliance with a European designhouse and sources approximately 36,000 designs annually for its Textile Division. The companyalso has alliance with a UK-based textile marketing company for marketing its products toniche clients across Europe. The Division has an impressive clientele including marquee nameslike Arrow, Pantaloons and Van Heusen in India and Tommy Hilfiger, Armani, Hugo Boss, Dieseland DKNY in the international market. However, Revenue share from its Textile business hasbeen reducing over the last several years, and we believe this trend will continue in the future asthe company's Plastics Division is growing at a faster pace. This business registers 28% EBITDAMargin and it is expected to remain stable going ahead.

Plastics Division

The company's Plastics Division started in 1970s manufactures a wide range of productsincluding custom moldings for various industries, pre-fabricated and monolithic structures fortemporary and permanent housing solutions, automotive components for vehicles, trains, aircraftsand marine applications. Sintex is present across geographies and has transformed from beingan Indian player to becoming an Indian MNC. It has presence in the US as well as in severalEuropean countries. The Plastics Division accounted for approximately 85% of Total Revenuesduring FY2008. This proportion is set to increase in the future as Revenue from this Division isincreasing at a faster pace than the Textiles Division. We estimate that the Plastics Division(both domestic and international) will account for 91% of Total Revenue in FY2010E.

Overhead Tanks, Doors and Windows

Sintex pioneered the concept of plastic tanks, doors and windows. These products have highbrand recall and acceptability throughout India. These products are marketed and distributedthrough a large number of agents, dealers (1,000) and retailers (20,000) and enjoy significantmarketshare. However, this business has very low entry barriers because of which the companyis faced with intense competition from organised as well as unorganised manufacturers. As aresult, the company's growth and profit margins from this business have been low over the last2-3 years. Going ahead, we estimate this business to continue to register low growth, probablyin single digits, on account of competition from regional players.

Pre-fabricated structures

Sintex manufactures pre-fabricated structures (prefab), which can be assembled at site withhigh speed. Around 1,000 sq. ft. can be erected on site in approximately 2-3 days. Thesestructures are sturdy and have life of approximately 30 years, which is comparable to anyon-site built structure. These structures can be used for mass housing in disaster situations, fordefense personnel in difficult terrains, mass housing of labour force by companies having a siteat remote locations or for class rooms in the villages.

Textile segment registers 28%EBITDA Margin and it isexpected to remain stablegoing ahead

We estimate that the PlasticsDivision (both domestic andinternational) will account for91% of Total Revenue inFY2010E

We estimate this business tocontinue to register lowgrowth on account ofcompetition from regionalplayers


TM


Sintex Industries

Plastics


Exhibit 3: Samples of Pre fabricated structures

Monolithic structures

Monolithic structures are low-income housing structures made of concrete. Hence, they arestrong with life equivalent to any other building. Besides, these structures can be built in shortduration. For instance, a 600 - 1,000 unit structure can be constructed in 6 to 8 months. Cost ofconstruction using this technology is also low at approximately 1.5lakh for a 250 sq.ft.structure. Hence, the government finds this to be a very effective tool for projects likerehabilitation packages and slum redevelopment.


Exhibit 4: Sample of Monolithic structures


TM


Sintex Industries

Plastics

Custom Moldings

Most recent acquisitions of Sintex include manufacturing automotive component units usinghigh quality composite plastics. Composite plastics have several advantages over metals andother simple plastics including:

They have better strength to weight ratio and are lighter than metals. Hence, these are moreconvenient to handle and are practically used for all purposes that metals can be used for.

Composite plastics have higher heat tolerance, which literally leads to replacing metals.

Composites cannot be recycled and hence do not possess any value apart from the purposethey are used for. This leads to high demand from applications where the components arelikely to be stolen for recycling value. For instance, items like switch boxes on street lights,manhole covers, all kinds of metal parts installed by the respective bodies on the road andrail networks are very often stolen for their scrap value. Since composite plastic does nothave any recoverable value, it is less likely to be stolen by anti-social elements.

Composite plastic, like other plastic, is a poor conductor of electricity. Hence, it can safelybe used for electrical applications. Using these plastics instead of metal parts is meters andswitch boxes and several other electrical components is safer.

Composite plastic has long life similar to metals parts and do not need to be replacedfrequently. Hence, the cost of replacing these parts does not burden the installer.


TM


Sintex Industries

Plastics

Investment Argument

High Revenue visibility

Monolithic Business

Substantial chunk of India's population currently lives in slums both in the urban and rural areas.According to the report of the Technical group on estimation of housing shortage constituted toprepare the 11th Five-Tear Plan document, India's housing shortage as of 2007 stands at 24.71million units. Added to this, around 80% of the slum dwellings have a plinth area less than50sq.m and approximately 11% of the housing structures are in bad condition requiring repairand renovation. This indicates that existing dwelling units require substantial repairs andimprovements.

This massive demand from the Construction sector, offers great growth potential for Sintex asits Monolithic Construction technique helps in construction of high quality houses at affordablerates. Any major infrastructure and industrial project (or SEZ) also usually requires relocation oflarge number of people and thus we see immense potential for monolithic construction in India.Moreover, due to its quick turn-around time, monolithic construction scores over conventionalconstruction due to advantages like wind-speed resistance, fire safety and water proof. Thecompany's Monolithic Construction order book includes a contract with Ahmedabad UrbanDevelopment Authority (AUDA) for construction of nearly 1,500 houses for lower income group.It has also entered into an Rs750cr agreement with the government of Gujarat for buildingresidential quarters for economically weaker sections in Ahmedabad, Baroda, Rajkot and Surat.The company has also bagged two orders from the government of Madhya Pradesh and Rajasthanfor building the government staff quarters.


Exhibit 5: Monolithic Business current Order BookClient Order Size (Rs cr) Project SpecificationGovernment of India 350 Commonwealth Games Sportsman ColonyChandigarh Administration 100 Police QuartersGujarat Urban Development Co. 750 Slum RehabilitationGovernment of Delhi 200 Slum RehabilitationTotal 1,400

The Monolithic Business registered Revenues of Rs210cr in FY2008. It currently has an orderbook of approximately Rs1,400cr (6.7x its FY2008 Revenues), which it expects to execute byFY2010. For this purpose, Sintex would have to ramp up capacity of Monolithic construction byalmost 100% every year over the next two years. Currently, Sintex is not accepting new ordersfor this Business as it has booked orders for its entire capacity to be executed over the next twoyears. But, it expects to resume accepting orders post 1-2 quarters.

India's housing shortage as of2007 stands at 24.71 millionunits

It currently has an order bookof approximately Rs1,400cr(6.7x its FY2008 Revenues),which it expects to execute byFY2010


TM


Sintex Industries

Plastics

With low-income housing being a problem area in India and the government intent to relocatethis segment of the populace at the earliest, we believe this segment has substantial growthpotential. The Rs50,000cr Jawaharlal Nehru Urban Renewal Mission (JNURM), which aims ataugmenting infrastructure of Indian cities and supporting housing delivery systems is alsoexpected to provide major boost to the company's Construction Business going ahead.

Going ahead we expect the Monolithic business' net revenue to grow at a phenomenal CAGR of100% during FY2008-10E. On a conservative basis, we expect the OPM's of this business todip by 200bps to 17% during FY2008-10E.

Prefabricated Structures Business

Prefabricated structures have multiple usage. The company's Prefab segment meets therequirements of infrastructure companies wherein it helps mobilise their manpower at remotelocations. The segment also derives substantial business from Sarva Shiksha Abhiyan (SSA), aprogramme funded by the central government through education cess and aimed at setting upclassrooms at the grass-root level. Sintex usually bags large contracts for setting upclassrooms made of this material/ technology from various state governments. The product hashigh business potential as there's a shortage of six lakh classrooms in India. Sintex hasreceived approval from 16 state governments for usage of the material in their respective states,which is a must in carrying out this business. This acts as a huge entry barrier for competition.

Sintex has several plants across geographies in India catering to the varied requirements ofcustomers. The geographical spread of the plants enables Sintex to make cost-efficient andtimely delivery of its product to clients. Logistics accounts for approximately 30% of its totalproduct cost. Hence, having plants close to the erection site reduces this cost to a large extent.

Prefab business has highbusiness potential as there's ashortage of six lakhclassrooms in India


Exhibit 6: Monolithic Business - Key Operational Parameters

13

15

17

19

21

0

150

300

450

600

750

900

FY2008 FY2009E FY2010E

Sales (Rs cr) EBITDA (Rs cr) OPM (%, RHS)


TM


Sintex Industries

Plastics


Exhibit 7: Prefab Business - Key Operational Parameters

The company's Pre-fabricated Structures Business maintains an order book of approximatelyRs200-250cr. This Business accounted for approximately 23% of its Total Revenues in FY2008with Sales amounting to Rs533cr and EBITDA Margin stood at 20%. Sintex plans to set up twonew plants for this product and increase capacity at almost all its existing plants. We estimateRevenue from this Business to increase by 40% over the next two years.

Niche positioning in Textiles

Sintex has positioned itself as a high-quality niche manufacturer of textiles in India. As a part ofthis strategy, the company is working on a value driven business model, instead of thelow-Margin Volume driven approach. Towards this end, Sintex works primarily on high-endjacquard and rapier looms that are suited for structured fabrics. The company also lays a lot ofemphasis on designing. It procures 36,000 designs from design houses annually and sells it toclients across Europe and India. Around 80% of the company's Revenues under the TextileSegment comes from structured fabrics while the balance 20% is accounted by corduroys.Sintex is India's largest player in the Corduroy Segment and focuses primarily on high-end yarndyed corduroys. The company has strategic tie-ups with international players for marketing itsstructured fabrics.

It has a tie up with Italy-based Canclini, which supplies designs and materials to fashion labelslike Armani, Versace, etc. Sintex has a contract with a UK-based player too, which providesassistance in designing, colours, structures, finishing, etc. As per the agreement, the UK playerwould impart training to Sintex's employees to work on the fabrics, apart from marketing theseproducts to several leading brands. The international players register significantly higherrealisations from such sales compared to realisations from structured fabrics. Sintex alsointends to increase manufacturing capacity of its Textile Division from 24mn meters to 29mnmeters. This Division is well integrated right from spinning to the fabrics stage and is capable ofhandling orders of a wide range from 600 metres to 1,800 metres per design.

16

18

20

22

0

300

600

900

1,200

FY2006 FY2007 FY2008 FY2009E FY2010E


We estimate Revenue fromthis Business to increase by40% over the next two years

Sintex intends to increasemanufacturing capacity of itsTextile Division from 24mnmeters to 29mn meters


TM


Sintex Industries

Plastics


Exhibit 8: Textile Segment - Key Operational Parameters

The company's Textile Division is currently registering high EBITDA Margins of 28% in FY2008and accounts for approximately 15% of Total Revenues. Going ahead, we estimate Marginsfrom this business segment to remain stable particularly because the company enjoys nichepositioning.

Foraying into Evolving businesses

Sintex management is reputed for recognising and entering new and evolving businesses. Thecompany is currently foraying into the business of high-quality composites for electric andautomotive applications. Currently, with automobile manufacturers looking at ways to reducethe weight of vehicles to achieve lower fuel consumption, composites help in lowering the costof manufacturing without compromising on quality and durability. Sintex is embarked on growthpath through organic and inorganic route. Ascribing to the inorganic route, the companyacquired five entities in the US and Europe over the last two years and has gained access tonew technologies and markets. The acquisitions have been made to establish Sintex'spresence in these geographies as well as enhance its product line.

Sintex has also simultaneously registered strong organic growth by in-house developing newproducts and gaining first-mover advantage for the product. Sintex through its acquisitions andin-house developments has achieved good capabilities in composites while simultaneouslyworking towards having a presence close to the automotive manufacturers in advancedcountries. We believe these steps would help Sintex bolster its growth going ahead. Thus,Sintex has an excellent track record of developing new products and garnering market for thesame before competition.

23

26

29

32

0

125

250

375

500

FY2006 FY2007 FY2008 FY2009E FY2010E



TM


Sintex Industries

Plastics


Exhibit 9: Plant locations across the globe

Zeppelin Mobile systems India Ltd. (Zeppelin): Zeppelin is a joint venture between SintexIndia and Zeppelin Mobile Systeme, GmbH, Germany. Founded in 1994, Zeppelin is one of thebest shelter system manufacturers in the world with over three decades of expertise. Sintexacquired 74% stake in Zeppelin for Rs18cr in FY2007. Zeppelin primarily manufactures BTshelters for housing telecom equipment which is used by the telecom service providers alongwith their towers. It is a must for all the Telecom towers to have a BT shelter. Further, with growthin tele-density and coverage, several new towers are expected to be installed in the urban andrural areas, which would lead to high demand for BT shelters. Almost all the telecom serviceproviders in India are currently Zeppelin's customers. Few companies in the Middle East alsosource their requirement from Zeppelin India. Zeppelin shelters and bodies are considered asreliable and well-proven products. The company also designs and commissions shelters formobile hospitals, refrigerated bodies and few other multi-purpose shelters, which are currentlynot manufactured by Sintex.

With growth in tele-densityand coverage, several newtowers are expected to beinstalled in the urban andrural areas, which would leadto high demand for BTshelters


TM


Sintex Industries

Plastics


Exhibit 10: BT shelter, Product of Zeppelin

With the tele-density increasing we estimate that Indian telecom companies need to install newtowers in order to handle the additional load. The demand for telecom towers is estimated toremain strong for next 3-4 years before tapering down. Though the incremental installation oftowers is decreasing, upgrading of towers would also lead to additional demand for equipment.

Digvijay Communications (Digvijay): Sintex acquired 100% stake in the Indore-based DigvijayCommunications through Zeppelin for Rs54cr via slump sale. Digvijay is in the business ofproviding installation manufacturing and consultancy services to the telecom companies forsetting up telecom towers. It is present in the states of Madhya Pradesh and Chattisgarh. Thisacquisition would help Zeppelin to gain foothold in the central Indian market apart fromleveraging on the complementary business lines. Digvijay's acquisition is expected to enhanceSintex's product portfolio and market penetration, extend its geographical reach apart fromproviding Zeppelin the capability to provide end-to-end solution to its customers. Thiscombination of equipment and consultancy services would provide significant value addition totelecom companies and they would find it attractive to use services of Sintex.

Source: Cris Infac, Angel Research

Exhibit 11: Growth of Telecom Towers in India

0

10

20

30

40

50

60

70

150,000

200,000

250,000

300,000

350,000

400,000

FY2008 FY2009E FY2010E FY2011E FY2012E

Number of towers in India % growth yoy

Digvijay's acquisition isexpected to enhance Sintex'sproduct portfolio and marketpenetration, extend itsgeographical reach apart fromproviding Zeppelin thecapability to provideend-to-end solution to itscustomers


TM


Sintex Industries

Plastics

Bright Brothers (Bright): Sintex acquired the Automotive products business of Bright Brothersin FY2008 for Rs149cr, which works out to one-time FY2007 Sales. Bright is the largest playerin the domestic automotive plastic components segment and caters to OEMs like Maruti, TataMotors, Hyundai and M&M. It has five plants, which are strategically located to cater to itscustomers efficiently. The business was acquired in FY2008 and accrued Revenue of Rs40cr toSintex. Bright's plants are located across India at Sohna, Pithampur, Nasik, Pune and Chennai.We estimate Revenue from Bright to exceed Rs125cr during FY2010E. This acquisitionprovides Sintex access to Indian automotive market and active clientele. Sintex has also gainedaccess to technologies and five of Bright's manufacturing plants through this acquisition.

Wausaukee Composites Inc. (Wausaukee): Sintex acquired 81% stake in Wausaukee (basedin Wisconsin, US) in FY2008. The company has two plants in the US and is in the business ofmanufacturing engineered composite plastic components. It primarily caters to OEMs and 50%of its clients are Fortune 500 companies. This acquisition provides Sintex with Front endmarketing in US for its products and access to customers. Apart from this, Sintex has alsogained access to Wausaukee's superior technology. Sintex also expects to leverage onWausaukee low-cost convertors (LCCs) volume business.

At the time of acquisition, the company was valued at an EV of US $20.5mn at 5.2x 2007EV/EBITDA. Top-13 customers contribute 90% of Revenues while the Top-5 customers accountfor 63% of the turnover. Wausaukee clocked Revenues of Rs102cr in FY2008, and we estimateit to double by FY2010E.

Nero Plastics Inc. (Nero): Wausaukee acquired 100% stake in competitor Nero in FY2008 forUS $4.7mn. The acquisition would consolidate and strengthen Sintex's position in the US. Itwould bring along with it an established products portfolio and diversified client base. With thisacquisition, Sintex reduced the competition for Wausaukee, by acquiring complementaryproducts line, access to additional technologies and designing, engineering and testingsupport. The acquisition will also result in access to the North American markets.

Nero Plastics reported Revenues of $17.5mn in 2006, which would augment Wausaukee'sTop-line and Bottom-line. Wausaukee and Nero are expected to be highly complementary, andthe acquisition would expand the comprehensive structural plastic molding solutions for Sintexthat Wausaukee provides to its clients.

Nief Plastic SA (Nief): Nief is a leading player in the French composite plastic industry. Nieffocuses on diversified markets such as automotives, electrical, electronics, aeronautics,defence, household appliances and building industries. It has relationships with companies likeABB, Areva, EADS, Legrand, Siemens and ThyssenKrupp Automotives. Most Nief's customersadopt a just-in time strategy. To cater to this clientele, the company's plants are strategicallylocated near its main clients. It has also followed its customers' offshoring activities by settingup plants near their offshore plants in Eastern Europe and North Africa. This company providesSintex with an excellent front office in the European markets apart from expanding itsgeographical reach.

We estimate Revenue fromBright to exceed Rs125crduring FY2010E

Wausaukee’s acquisitionprovides Sintex with Front endmarketing in US for itsproducts and access tocustomers

Nero’s acquisition wouldconsolidate and strengthenSintex's position in the US

This company provides Sintexwith an excellent front officein the European markets apartfrom expanding itsgeographical reach


TM


Sintex Industries

Plastics

Sintex acquired 100% equity shares of Nief for •34.77mn in September 2007. The company has11 plants with 7 located in France and 1 each in Hungary, Slovakia, Tunisia and Morocco. Thecompany clocked Sales of •120mn and EBITDA Margin of 8.8% in 2007.


Exhibit 12: Nief's manufacturing locations

Cross selling to bolster Profitability: Sintex plans to cross sell products and technologies ofthese acquisitions. Following access to clients in their respective geographies and wider varietyof products, the potential to increase overall Revenues is immense. Sintex may also transferproduction of high-volume and labour-intensive products to India. This would improve Margins ofthe acquired company. Sintex manufactures and deals in a variety of products through itsvarious subsidiaries across the world. It is currently exploring the possibilities of crossmarketing its products across its geographical presence through its various subsidiaries. Webelieve that over a period of time it would be able to market its basket of products efficientlyacross different regions where it has a presence. Transfer of technology and production ofseveral products across regions may also be on the agenda. This would help augment thecompany's overall Top-line going ahead.

We believe that over a periodof time it would be able tomarket its basket of productsefficiently across differentregions where Sintex has apresence

Exhibit 13: Acquired EntitiesName Location Date of acquisition Area of PresenceZeppelin India May 2006 BT shelters for telecom/FM radiosWausaukee Comp. US May 2007 Auto, electric and medical imagingBright Brothers India September 2007 Automotive Plastics componentNief Plastics France October 2007 Electrical, Automotive, Aerospace &

Defense sectorsNero Plastics US December 2007 Auto, Electric segmentsDigvijay Comm. India May 2008 Telecommunications, infrastructure

and networkingSource: Company, Angel Research


TM


Sintex Industries

Plastics

Adequately funded growth plans

Sintex has chalked out extensive capex plans to drive its growth ahead. It intends to investRs800cr over a period of two years in its Monolithic Business towards capacity ramp up andmeeting its working capital requirements. It proposes to incur capex of Rs200cr over the nexttwo years to expand capacity of its Pre-fabricated Structures Business. This includes openingnew manufacturing facilities to increase its geographical reach. In its Custom MoldingBusiness, Sintex would be incurring capex Rs180cr to expand capacity. Sintex also intends toincrease manufacturing capacity of its Textile Division from 24mn meters to 29mn meters witha fund outlay of Rs110cr to be spent over the next 1-2 quarters. Note: we have not factored indevelopments pertaining to Geiger Technik.

Sintex has huge cash balance and investments of approximately Rs1,700cr in its BalanceSheet. This cash would be used to fund its capex and acquisitions and embark on high growthtrajectory. Sintex issued US $225mn (Rs899cr) worth of Zero coupon FCCBs in March 2008which are due in FY2013. Conversion price of the bonds is Rs580/share assuming an exchangerate of Rs40.53 = $1. There is an option to reset the conversion price of the bonds on March 12,2010 with the floor price at Rs454.7. If the bonds are converted, it will lead to total dilution ofaround 1.55cr shares, or 11.5% on current equity share capital. In case of non-conversion, thebonds would be redeemed at 130% of the principal amount in FY2013 and effective yield tomaturity (YTM) would be 5.2%. Sintex has used and intends to use the proceeds from the issuefor making foreign acquisitions and investing in subsidiaries.

During FY2008, promoters allotted 13.2mn warrants convertible into 1 share each, tothemselves at an exercise price of Rs454.7/share (includes premium of Rs452.7/share), whichif fully converted would lead to total inflow of approximately Rs600cr. Out of this, 2.7mn warrantshave been exercised leading to fund infusion of Rs122cr in the company. A further 10.5mnwarrants is still outstanding and would have to be exercised within 18 months from the date ofissue. However, we do not expect the conversion to take place on account of the currentadverse market conditions and the difference in the current market price and the conversionprice. Sintex has also done a QIB in December 2008 wherein it placed 12.5mn shares atRs470/share (FV Rs2 per share) and mobilised Rs589.5cr. Sintex had a term loan of Rs718cr(consolidated) from banks at the end of FY2008. This secured loan is primarily used to meet theworking capital requirements of the company. Thus, the company's growth plans are adequatelyfunded and it is well placed to achieve its targets on schedule.

Sintex has huge cash balanceand investments ofapproximately Rs1,700cr in itsBalance Sheet


Exhibit 14: Funds Raised In FY2008Particulars Amount (Rs cr)FCCB of $225mn 900Preferential Issue ( QIB) 590Part Conversion of Warrants to promoters 122Total 1,612


TM


Sintex Industries

Plastics

Financial Outlook

Strong Revenue growth: Sintex is currently in high Revenue growth phase. The company'sstrategy is to acquire new businesses while valuations remain attractive. This results inRevenue growth at faster pace. The company's Revenue in FY2008 stood at Rs2,275cr, up95.6% yoy. Revenue increased on the back of organic and inorganic growth - Sintex completedsix acquisitions in the preceding 2 years. Going ahead, over FY2008-10E we estimateRevenues to clock growth primarily due to accretion of the remaining acquisitions made duringFY2008 and also organic growth. Sintex is also in the process of enhancing capacity of itsPrefab and Monolithic Businesses and both these segments put together have healthy OrderBook positions of Rs1,600cr. Cross-selling of products among its various subsidiaries is alsoexpected to boost the company's Revenues going ahead. We estimate overall Revenues topost CAGR of 32.6% over FY2008-10E.


Exhibit 15: Revenue contribution from Acquired entities (Rs cr)

Change in Revenue mix: The company's Revenue mix is set to change significantly over thenext two years. Contribution from Prefabs, Monolithic and Acquisitions is estimated to increaseby FY2010E and combined would contribute approximately 91% of Total Revenues. Meanwhile,Revenue contribution from the Textile Division is estimated to decline to 9% in FY2010Ecompared to 27% in FY2007.

53.0127.2 139.9 156.7-

102.0183.6 198.3

-

349.0

750.0825.0

-

40.0

112.0

125.4

0

200

400

600

800

1,000

1,200

1,400

FY2007 FY2008 FY2009E FY2010E

Zeppline (Incl. Digvijay Com) Wausaukee (Incl. Nero) Nief Bright


TM


Sintex Industries

Plastics

EBITDA and EBITDA Margin: The change in Revenue mix would impact the company's EBITDAMargins in the short term as EBITDA Margin of its European acquisitions is lower than its Indianbusinesses. However, EBITDA in absolute terms would be higher. We estimate EBITDA Marginto recover by FY2010E as we expect the company to start moving production of high-volumeproducts to India to leverage on the low labour costs.

Employee costs increase following acquisitions: Employee expenses have increased from4% in FY2007 to 9% in FY2008 primarily due to the foreign acquisitions made by the company.We estimate Employee expenses to increase over the next one year before taperingdownwards. The increase in employee related expenses would be on account of increasedproportion of revenue from foreign subsidiaries.

Most plants in India located in Tax havens: Most of the company's plants in India arelocated in tax havens where the tax rate is substantially lower. These plants generally cater tothe Pre-fabricated and Electrical Molding businesses of the company. As a result, effective taxrate of the company is low at approximately 22% of PBT. These plants will continue to avail thetax benefits over the next 3-4 years. The company plans to open new plants, which would beable to avail similar tax benefits. Overall, we expect the company's effective tax rate to continueto remain low in the near future. EBITDA contribution from the Textile Division is estimated todecline whereas it is set to increase from the Monolithic and Prefab businesses

Robust Net Profit growth: Net Profit is estimated to grow from Rs232.2cr in FY2008 toRs431.5cr in FY2010E posting CAGR of 36.3%. Net Profit estimated to increase primarily dueto increase in Top-line, which is expected to receive a boost on the back of aggressive capex,new products and acquisitions. Note: we have not factored in developments pertaining to GeigerTechnik.


Exhibit 16: Revenue mix (%)


TM


Sintex Industries

Plastics


Exhibit 17: Profitability Metrics

55

77

99

1111

1313

1515

1717

1919

2121

500500

1,0001,000

1,5001,500

2,0002,000

2,5002,500

3,0003,000

3,5003,500

4,0004,000

4,5004,500

FY2007FY2007 FY2008FY2008 FY2009EFY2009E FY2010EFY2010E

Net Sales (Rs cr, LHS)Net Sales (Rs cr, LHS) OPM (%, RHS)OPM (%, RHS) NPM (%, RHS)NPM (%, RHS)

We believe that RoIC is more appropriate to look at in case of Sintex as it has cash and cashequivalents in its books, which yield far lower returns than its present business. The company'sRoCE FY2006 onwards has been 2-5% below its RoIC (refer Exhibit 18). We believe that as andwhen the company utilises these funds for sound acquisitions, the company's RoCE willimprove substantially. The company has raised Rs900cr via FCCBs, which is yielding InterestIncome of mere 3.5% as it is kept in foreign accounts for the purpose of acquisition.


Exhibit 18: RoCE v/s RoIC

9.4

10.4

12.7

8.6

9.8

12.1

9.9

15.7

17.3

13.1

14.4

15.9

6.0

8.0

10.0

12.0

14.0

16.0

18.0

FY2005 FY2006 FY2007 FY2008 FY2009E FY2010E

RoCE (%) RoIC (%)


TM


Sintex Industries

Plastics

Concerns

Execution risk: The Monolithic Construction Business has a huge order book of approximatelyRs1,400cr (6.7x its FY2008 Revenue) to be executed by end FY2010E. The company wouldhave to ramp up production capacity to achieve timely execution of this order book. Delay inramping up capacity would impact company's Revenue growth and Profitability.

Delay in integration of Acquisitions: Sintex has made six acquisitions in the last two yearsacross geographies and businesses. Sintex would have to effectively integrate theseacquisitions and work on growing their Revenues improving Margins. Delay in the integrationand scaling up of these businesses would impact the company's overall Revenues and Margins.

Material price risk: Almost 85% of Sintex's Revenue is derived from its Plastics Business.Prices of most types of plastics are dependent on the price of crude, which has been tradingvolatile since last several quarters and we believe it would remain so in the future. The company'sinability to pass on the material price hikes in a timely manner would hit the company'sRevenue and Profit growth.

Currency risks: Sintex derives substantial part of its Revenues in foreign currency due to itsforeign subsidiaries and exports. In FY2008, foreign subsidiaries contributed approximately 27%of overall Revenues which we estimate to increase to 31% in FY2010E. These earnings wouldbe denominated in USD and Euro. Thus, Sintex would have high reliance on foreign currencyRevenue for its growth. As such, any adverse movement in the foreign exchange rate wouldimpact its performance.

Low entry barrier: Some of the company's products in the Plastics Segment such as tanks,doors, pellets, etc. have low-entry barriers. This leads to competition intensifying and exertspressure on Revenues and Margins. Inability to innovate on a timely basis and develop newproducts would impact the company negatively. In the past, Sintex has been fast in developingnew products using new technology in existing products there by giving its customerssignificant value addition.

High Leverage: The company had Total Debt of Rs1,926cr (Incl. FCCB) in its Balance Sheet atthe end of FY2008. Cash on the Balance Sheet was Rs1,696cr (including investments). Thus,the company's net Debt position was Rs230cr in FY2008. Though net debt may be low, grossdebt continues to be significant as FCCBs (bear Zero coupon) constitute a significant portion ofthe company's Total Debt. However, if they were to be redeemed in cash, the company wouldhave to redeem them at 29.28% above the original issue price. The FCCBs are convertible inFY2013E at a conversion price of Rs580/ share assuming US $1 = Rs40.53, which is at asignificant upside to the current market price.


TM


Sintex Industries

Plastics

Outlook and Valuation

Going forward, we expect Sintex to be a key beneficiary of the growth in mass housing demandfor quality construction over the next few years, given its near monopoly position in thehigh-growth Prefab and Monolithic construction. Expansion of its capacities (Prefab and Mono-lithic) at the different locations is expected to sustain the company's future Revenue growth andProfitability. We have also factored in the likely impact of the economic slowdown in ourestimates especially the foreign acquisitions and our numbers are at substantial discount toconsensus and management guidance. However, amidst the ongoing economic slowdown webelieve the company's overall business particularly its custom molding business would beimpacted even though it is known to deliver consistent and strong performance. We expectSintex to record healthy CAGR 59.0% in Revenues over FY2008-10E in its Monolithic andPrefab Businesses, which together have a strong Order Book of Rs1,600cr.

We have factored in considerably slower growth in FY2010 as compared to FY2009, which weexpect will be led by slowing growth particularly in key verticals especially, its businesssegment catering to the auto industry. Hence, we have tempered our growth estimates for thecompanies acquired by Sintex. While we expect Revenues to grow at a high 38.2% yoy inFY2009, the growth rate is expected to slow down to 27.3% in FY2010. We expect thecompany to record a relatively more subdued CAGR of 7% in the high-Margin Textile Businessover FY2008-10E. This is as against 18% CAGR recorded during FY2006-08. On a conservativebasis, we estimate the company's Top-line and Bottom-line to post CAGR of 32.6% and 36.3%over FY2008-10E, respectively. At Rs192, the stock is trading at 6x FY2010E EPS.

The stock has consistently traded at more than 10x one-year forward P/E during April 2005 -2008. It has also consistently traded at more than 1x one- year forward P/BV since October2004. We Initiate Coverage on the stock with an Accumulate recommendation and12-month Target Price of Rs230, which translates into a Target P/E of 8x FY2010EAdjusted EPS. It may also be noted that we have not converted the FCCBs issued by thecompany and the warrants to promoters into Equity on account of the current adverse marketconditions. We have calculated interest that would be paid on the FCCBs every year untilmaturity at YTM and have accordingly adjusted Net Profit of the company and calculatedAdjusted EPS thereof.


TM


Sintex Industries

Plastics

Exhibit 20: 1 Year forward P/BV Band Chart

60

110

160

210

260

310

360

410

460

510

560

610

660

Apr

-05

Jun-

05

Aug

-05

Oct

-05

Dec

-05

Feb-

06

Apr

-06

Jun-

06

Aug

-06

Oct

-06

Dec

-06

Feb-

07

Apr

-07

Jun-

07

Aug

-07

Oct

-07

Dec

-07

Feb-

08

Apr

-08

Jun-

08

Aug

-08

Oct

-08

Dec

-08

1.5x

2.3x

3.0x

3.8x



Exhibit 19: 1-Yr Forward P/E Band Chart

60

110

160

210

260

310

360

410

460

510

560

610

660

Apr

-05

Jun-

05

Aug

-05

Oct

-05

Dec

-05

Feb-

06

Apr

-06

Jun-

06

Aug

-06

Oct

-06

Dec

-06

Feb-

07

Apr

-07

Jun-

07

Aug

-07

Oct

-07

Dec

-07

Feb-

08

Apr

-08

Jun-

08

Aug

-08

Oct

-08

Dec

-08

8x

12x

16x

20x


TM


Sintex Industries

Plastics

Exhibit 21: Impressive Clientele


Automotive Electricity Aeronautics Telecom Textile OthersMaruti Udyog ABB EADS Nokia Tommy Hilfiger Central

and Stategovernments

Tata Motors General DassaultElectric Aviation Airtel Van Heusen McDonalds(GE)

BMW Siemens Euro copter VodafoneHarley-Davidson Toshiba(Motor Cycles)Porsche OTISGeneral SagemMotors (GM) Bosch Schneider

ElectricHyundai Motors PhilipsRenaultBENTLYCaterpillar

Appendix


TM


Sintex Industries

Plastics

Profit & Loss Statement Rs croreY/E March FY2007 FY2008 FY2009E FY2010E

Net Sales 1,163 2,275 3,144 4,002

% chg 36.0 95.6 38.2 27.3

Total Expenditure 940.4 1,892.8 2,646.7 3,358.3

EBITDA 222.7 382.7 497.0 643.5

(%of Net Sales) 19.1 16.8 15.8 16.1

Other Income 26.9 60.1 120.8 118.1

Depreciation& Amortisation 42.0 76.5 114.3 125.8

Interest 41.5 64.3 86.2 86.1

PBT 166.1 301.9 417.3 549.7

(% of Net Sales) 14.3 13.3 13.3 13.7

Extraordinary Expense/(Inc.) 1.3 10.3 - -

Tax 32.7 69.8 89.7 118.2

(% of PBT) 19.7 23.1 21.5 21.5

PAT 133.5 232.2 327.6 431.5

% chg 45.0 74.0 41.1 31.7

Adj. PAT* 133.5 232.2 286.9 390.2

% chg 66.0 67.3 47.4 31.7

Y/E March FY2007 FY2008 FY2009E FY2010E

SOURCES OF FUNDSEquity Share Capital 22.2 27.1 27.1 27.1

Reserves & Surplus 630.8 1,464.3 1,728.2 2,143.8

Shareholders Funds 653.0 1,491.4 1,755.3 2,170.9Minority Interest 4.05 20.32 23.54 27.98

Total Loans 689.1 1,926.3 1,976.3 1,911.3

Deffered Tax Liability (net) 72.4 106.9 136.1 174.6

Total Liabilities 1,418.5 3,544.9 3,891.2 4,284.8APPLICATION OF FUNDSGross Block 897.3 1,905.7 2,166.4 2,547.8

Less: Acc.Depreciation 247.8 518.5 632.8 758.6

Net Block 649.5 1,387.2 1,533.6 1,789.3Capital Work-in-Progress 40.3 255.0 190.5 228.7

Investments 188.6 325.2 175.2 155.2Current Assets 841.1 2,628.7 3,300.7 3,628.3

Current liabilities 303.1 1,052.4 1,310.0 1,517.8

Net Current Assets 538.1 1,576.3 1,990.7 2,110.5Misc Expenditure 2.12 1.15 1.15 1.15

Total Assets 1,418.5 3,544.9 3,891.2 4,284.8

Balance Sheet Rs crore

* Adjusted for FCCB interest

Cash Flow Statement Rs croreY/E March FY2007 FY2008 FY2009E FY2010E

Profit before tax 166.1 301.9 417.3 549.7

Depreciation 42.0 76.5 114.3 125.8

(Inc)/Dec in Working Capital (59.0) (61.6) (303.1) (296.6)

Interest (Net) 30.9 50.3 7.8 35.9

Direct taxes paid 32.7 69.8 89.7 118.2

Others 13.1 263.0 34.4 43.8

Cash Flow from Operations 160.5 560.3 181.1 340.4

Inc./(Dec.) in Fixed Assets 241.3 1,223.1 196.2 419.6

Free Cash Flow (80.9) (662.8) (15.2) (79.2)

(Inc)/Dec in Investments (31.7) (136.7) 150.0 20.0

Issue of Equity 84.5 609.9 (47.8) -

Inc./(Dec.) in loans 106.5 1,237.2 50.0 (65.0)

Dividend Paid (Incl.Tax) 12.7 16.1 15.9 15.9

Interest (Net) 30.9 50.3 7.8 35.9

Cash Flow from Financing 147.3 1,780.6 (21.5) (116.8)

Inc./(Dec.) in Cash 34.7 981.2 113.3 (176.0)

Opening Cash balances 355.4 390.1 1,371.3 1,484.5

Closing Cash balances 390.1 1,371.3 1,484.5 1,308.5

Key Ratios

Y/E March FY2007 FY2008 FY2009E FY2010E

Per Share Data (Rs)EPS 12.0 17.1 24.2 31.8Cash EPS 15.8 22.8 32.6 40.8DPS 1.0 1.0 1.0 1.0Book Value 58.9 110.1 129.5 160.2Operating RatioSales/Invested capital 1.1 1.0 1.3 1.3Debtors (days) 73.2 127.3 127.3 127.3Creditors (days) 83.4 105.3 106.0 102.1Returns (%)RoE 20.4 15.6 18.7 19.7RoCE 12.7 8.6 9.8 12.1Dividend Payout 9.7 7.3 4.9 3.7Debt : Equity 1.1 1.3 1.1 0.9Valuation Ratio (x)P/E 15.9 11.2 7.9 6.0P/E(CashEPS) 12.1 8.4 5.9 4.7P/BV 3.3 1.7 1.5 1.2EV/Sales 1.9 1.2 0.9 0.8EV/EBITDA 10.0 7.4 5.9 4.7


TM


Sintex Industries

Plastics

Fund Management & Investment Advisory ( 022 - 4040 3800 / 2835 9600)P. Phani Sekhar Fund Manager - (PMS) [email protected] Bhamre Head - Investment Advisory [email protected] Mehta AVP - Investment Advisory [email protected] Team ( 022 - 4040 3800 / 2835 9600)Hitesh Agrawal Head - Research [email protected] Kour Nangra VP-Research, Pharmaceutical [email protected] Jajoo Automobile [email protected] Shah IT, Telecom [email protected] Pareek Oil & Gas [email protected] Burde Metals & Mining, Cement [email protected] Agrawal Banking [email protected] Solanki Power, Mid-cap [email protected] Kanani Infrastructure, Real Estate [email protected] Shah FMCG , Media [email protected] Bambha Capital Goods, Engineering [email protected] Sehgal Retail [email protected] Dalmia Pharmaceutical [email protected] Mavani Research Associate (Automobile) [email protected] Vora Research Associate (Oil & Gas) [email protected] Chandak Research Associate (Banking) [email protected] Mate Research Associate (Infra, Real Estate) [email protected] Boob Research Associate (FMCG , Media) [email protected] Srinivasan Research Associate (Power, Mid-cap) [email protected] Bagaria PMS [email protected] Idnany Research Associate - (PMS) [email protected] Wagle Chief Technical Analyst [email protected] Joshi AVP Technical Advisory Services [email protected] Ail Manager - Technical Advisory Services [email protected] Kushe Sr.Technical Analyst [email protected] Jagtap Sr. Technical Analyst [email protected] Sanghvi Sr. Technical Analyst [email protected] Vasudeo Technical Advisor (TAS) [email protected] Dayma Derivative Analyst [email protected] Research TeamAmar Singh Research Head (Commodities) [email protected] P Sr. Technical Analyst [email protected] Gupta Sr. Technical Analyst [email protected] Patki Sr. Technical Analyst [email protected] Research Team (Fundamentals)Badruddin Sr. Research Analyst (Agri) [email protected] Pote Research Analyst (Energy) [email protected] Shetty Research Editor [email protected] Patil Production [email protected]

DisclaimerThis 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 whose possession thisdocument 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 be regulatory,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 to change withoutnotice. 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 everyeffort 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 usethe 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 to arriveat 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 advisors to determine themerits 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 technical analysis centers on studying charts ofa 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 fundamentals.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, its subsidiariesand 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 that may prevent AngelBroking and affiliates from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Angel BrokingLimited 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 companiesmentioned herein or engage in any other transaction involving such securities and earn brokerage or compensation or act as advisor or have other potential conflict of interest with respect to company/iesmentioned 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 the companiesreferred to in this report, as on the date of this report or in the past.

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

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

Ratings (Returns) :


TM


Sintex Industries

Plastics

Regional Offices:

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

Branch Offices:

Private Client Group Offices: Sub - Broker Marketing:

Corporate & Marketing Office : 612, Acme Plaza, M.V. Road, Opp Sangam Cinema, Andheri (E), Mumbai - 400 059 Tel : (022) 4000 3600 / 2835 9600NRI Helpdesk : e-mail : [email protected] Tel : (022) 4000 3622 / 4026 2700Investment Advisory Helpdesk : e-mail : [email protected] Tel : (022) 4040 3800Commodities : e-mail : [email protected] Tel : (022) 4035 8600PMS : e-mail : [email protected] Tel: (022) 4005 8211Feedback : e-mail : [email protected] Tel : (022) 2835 5000

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

Rajkot - (Indira circle) Tel : (0281) 3982 985

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

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

Rajkot (Ring Road)- Mobile: 99245 99393

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

Surendranagar - Tel : (02752) 223305

Udaipur - (0294) 3941 3940

Valsad - Tel - (02632) 645 344 / 45

Vapi - Tel: (0260) 3088 210 / 211 / 2400 214

Varachha - (0261) 3091 500

Secunderabad - Tel : (040) 3093 2600

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

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

Vijayawada - Tel :(0866) 3941 3940

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

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

Salem - Tel: (0427) 3982 810

Warangal - Tel: (0870) 39413940

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

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

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

Jamnagar(Indraprashta) - Tel: (0288) 3941 3940

Jodhpur - Tel: (0291) 3941 3940

Junagadh - Tel : (0285) 3941 3940

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

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

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

Mehsana - Tel: (02762) 645 291 / 92

Kota - Tel : (0744) 3941 3940

Mansarovar - Tel:(0141) 3057 700/98280 90009

Mysore - Tel: (0821) 4004 200 - 30

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

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

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

Palanpur - Tel: (02742) 308 060 - 63

Patel Nagar - Tel : (011) 45030 600

Patan - Tel: (02766) 222 306

Porbandar - Tel : (0286) 3941 3940

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

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

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

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

New Delhi (Pitampura) - Tel: (011) 4700 2380 / 84

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

Pune - Tel: (020) 6640 8300 / 3052 3217

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

Rajamundhry - Tel: (0883) 3982 200

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

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

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

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

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

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

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

Anand - Tel : (02692) 398 400 / 3

Amritsar - Tel: (0183) 3941 3940

Indore - Tel: (0731) 4232 100 / 31 / 40

Jaipur - (Rajapark) Tel: (0141)3057 900

Jalgaon - Tel: (0257) 2234 832

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

Hyderabad - Tel: (040) 4222 2070-5

Hubli - Tel: (0836) 4267 500 - 22

Indore - Tel: (0731) 3049 400

Bhopal - Tel :(0755) 3941 3940

Bikaner - Tel: (0151)3941 3940 / 98281 03988

Chandigarh - Tel: (0172) 3092 700

Deesa - Mobile: 97250 01160

Erode - Tel: (0424) 3982 600

Ankleshwar - Tel: (02646) 398 200

Baroda - Tel: (0265) 2226 103-04 / 6624 280

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

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

Bhavnagar (Shastrinagar)- Mobile: 92275 32302

Bhavnagar - Tel: (0278) 3941 3940

Bengaluru - Tel: (080) 4072 0800 - 29

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

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

Andheri ( L o k h a n d w a l a ) - Te l : ( 0 2 2 ) 3 9 5 2 5 6 7 9

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

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

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

Chembur - (Basant) - Tel:(022) 3267 9114/ 15

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

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

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

Fort - Tel: (022) 3958 1887

Ghatkopar (E) - Tel: (022) 6799 3185 - 88

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

Kandivali - Tel: (022) 2846 1654 / 2056 / 2076

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

Ahmedabad (Maninagar) - Tel: (079) 3941 3940

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

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

Ajmer - Tel: (0145) 3941 3940

Alwar - Tel: (0144) 3941 3940 / 99833 60006

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

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

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

Wadala - Tel: (022) 2414 0607 / 08

Mumbai (Powai) - Vishal Mishra Tel: (022)3952 6500.

Pune - Shardul Kulkarni / Sulbha Shinde Tel: (020) 3071 0250 / 2551 3143

Surat - Pratik Sanghvi / Dinesh Maheshwari Tel: (0261) 3071 600

Rajkot - Vijay Popat Tel :(0281) 2490 847

New Delhi - Sanjay Kotak Tel: (011) 3981 6200

Visakhapatnam - Vamsi Krishna Tel :(0891) 3987 200 - 29

Jaipur - Sumit Trivedi Tel: (0141) 3941 3940

Kanpur - Anupam Mehrotra Tel: (0512) 3017 700

Kolkata - Vikram Malik Tel: (033) 3941 3940

Lucknow - Ejaz Mohyi Tel: (0522) 3057 700

Nagpur - Sanchit Tiwari Tel: (0712) 3041 533

Nashik - Nilesh Supekar Tel: (0253) 3011 400 / 1

Ludhiana - Pooja Jain Tel: (0161) 4697 400

Ahmedabad - Manoj Johnson Tel: (079) 3982 2300 / 3982 5200

Bengaluru - Dhiraj Pandey Tel: (080) 3941 3940

Chennai - Thiruneer Selvan Tel: (044) 3941 3940

Hyderabad - Mohsin Ahmed Tel: (040) 3941 3940

Coimbatore - Lakshminarayanan R Tel: (0422) 3941 3940

Indore - Avtar Singh Grewal Tel: (0731) 3941 3940

Cochin - Jubin Varkey Tel: (0484) 3941 3940

Ahmedabad (C. G. Road) - Arpit Shah Tel: (079) 3982 9934

Rajkot (Race course) - Nishit Maniar Tel: (0281) 2490 847

Surat - Arpan Shroff Tel : (0261) 3071 600 Powai - Pankaj Mungre Tel: (022) 3952 6500

Documents

Angel BrokingTM Sintex Industries Service Truly …smartinvestor.business-standard.com/BSCMS/PDF/sintex industries... · high quality composite plastics. Composite plastics have several