south indian bank -ic - 240709

8/9/2019 south indian bank -ic - 240709

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

South Indian BankInitiating Coverage

Vaibhav Agrawal

Tel: 022 - 4040 3800 Ext: 333

E-mail: [email protected]

Stock Info

BUY

Price Rs107

Target Price Rs135

Investment Period 12 months

Value in the backwaters

South Indian Bank (SIB) is one of the better-performing old private sector banks. Largely

concentrated in the semi-urban areas of the Southern states of India, SIB's profitable

cost-efficient and technologically up-to-date network constitutes a reasonably attractive

standalone franchise. The Bank's Deposit franchise includes a niche NRI customer base tha

contributes a meaningful 17% of deposits and gives it a distinguishing cost advantage over

several of its peers. At the same time, the Bank is trading at the cheapest valuations among

peers. At the CMP, the stock is trading at 4.5x FY2011E EPS and 0.7x FY2011E ABV. We

value the stock at 0.9x FY2011E ABV to arrive at a Target Price of Rs135, implying an upside

of 26% from current levels. We Initiate Coverage on the stock with a Buy recommendation

Cost efficient, Technologically up-to-date network underpins Profitable growth in

line with Industry: The Bank's largely semi-urban branch network is concentrated in the

Southern states of the country. While enjoying customer loyalty that comes from years o

association, the Bank has ensured that it remains sufficiently in step with product, technology

and service level developments in the industry so that its marketshare in not just Deposits andAdvances, but also CASA Deposits has been maintained over the past ten years. In our view

the Bank's cost-efficient and technologically up-to-date network constitutes a reasonably

attractive standalone franchise that is expected to underpin the Bank's profitable growth above

its peer group average.

Niche NRI Deposit base underpins deposit cost advantage over several peers: The

Bank's deposit franchise includes a niche NRI customer base that contributes a meaningfu

17% of total deposits and gives it a distinguishing cost advantage over several of its peers

Moreover, the environment has become more conducive for inflow of NRE Deposits at cheap

rates. Increasing tie-ups with Middle-Eastern Forex houses are also expected to help the

Bank garner reasonable share of incremental flows. Together with a fall in bulk deposit rates

we believe the Bank will be in a position to largely maintain its NIMs at around 2.8% in FY2010E

Available at attractive valuations: While the Bank's core Profitability and growth outlook

are above average compared to peers, it is trading at the cheapest valuations. The Bank's

current valuations at 0.7x FY2011E ABV represents almost a 25% discount to the average

multiple at which its peer group is trading. The Bank's healthy standalone Return Ratios, niche

South-based and NRI franchise and likelihood of Book and EPS accretion for potential acquirers

also makes it an attractive merger candidate in our view.

Sector Banking

Market Cap (Rs cr) 1205

Beta 0.6

52 Week High / Low 123/43

Avg Daily Volume 89630

Face Value (Rs) 10

BSE Sensex 15,378

Nifty 4,569

Shareholding Pattern (%)

Promoters -

MF / Banks / Indian FIs 20.2

FII / NRIs / OCBs 36.2

Indian Public / Others 43.6

Abs. 3m 1yr 3yr

Sensex (%) 37.7 4.1 50.5

SIB (%) 71.8 18.9 121.3

BSE Code 532218

NSE Code SOUTHBANK

Reuters Code SIBK.BO

Bloomberg Code SIB@IN

Source: Company, Angel Research

Key Financials

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

NII 394 523 611 705

% chg 7.2 32.7 16.9 15.4

Net Profit 152 195 229 268

% chg 45.6 28.7 17.6 16.8

NIM (%) 2.6 2.9 2.8 2.8

EPS (Rs) 16.8 17.3 20.3 23.7

P/E (x) 6.4 6.2 5.3 4.5

P/BV (x) 0.8 0.9 0.8 0.7

P/ABV (x) 0.8 1.0 0.8 0.7

RoA (%) 1.0 1.0 1.0 1.0

RoE (%) 16.4 15.9 16.3 16.6


2/17


South Indian Bank

Banking

Company Background

SIB is one of the oldest banks in South India, based out of Thrissur, Kerala. The Bank mainly

extends traditional banking services to its largely middle-income, semi-urban and urban clientele

FII and domestic institutional holding in the Bank is at a high 36% and 12%, respectively. Notably

the Bank has no identifiable promoter. SIB is helmed by Dr V A Joseph, who was earlier part of

Syndicate Bank's top management and under whose leadership SIB has seen creditable

improvement in its financial performance over the past two years.

Source: Angel Research

Exhibit 1: Shareholding Pattern

The Bank has around 4,600 employees and a network of 544 branches, 9 extension counters and

295 ATMs, with 91% of the branches concentrated in South India. Around 44% of the Bank's

branches are located in the semi-urban regions while 21% are located in the urban areas.


Exhibit 2: Branch Distribution

Corporate credit accounts for the largest portion of SIB's credit mix at 46%, followed by SME at

19% and Retail Credit at 24%.

19% Rural9% North

44% Semi-urban

91% South

21% Urban

16% Metro

0%

20%

40%

60%

80%

100%

13%

36%

50%

MF/Banks/Indian FIs FII/ NRIs/ OCB s Indian P ublic


3/17


South Indian Bank

Banking

Source: Company, Angel Research. Note: AXSB - Axis Bank, UNBK - Union Bank of India, INDBK - Indian BankYESBK - Yes Bank, FEDBK - Federal Bank, KNTBK - Karnataka Bank

Exhibit 3: Credit Mix (comparison with a cross-section of banks)

CASA Deposits constitute 24% of SIB's total deposits while Retail FDs constitute 46%. NRI Depositsaccount for a significant 17% of the Bank's total deposits.

10 14 15-

13 12 8

20 16 11 3519

29

15

51 50 56

64

4334

50

137

10

-

8 156

713 9

1

1610

21

0%

20%

40%

60%

80%

100%

AXSB UNBK INDBK YESBK SIB FEDBK KNTBK

Agri SME Corporate Retail - Hsg Retail - Other


Exhibit 4: Deposit Mix (comparison with a cross-section of banks)

219 7 7 5 4 4

22

21 24

219 20

14

14

59 56

12

5951

76

43

11 13

79

1825

6

0%

20%

40%

60%

80%

100%

AXSB UNBK INDBK YESBK SIB FEDBK KNTBK

Current Savings Other Retail FDs Bulk deposits


4/17


South Indian Bank

Banking

Industry Outlook - Banking on Revival

Concerns over Asset quality and slowing Credit demand are now receding

Concerns over Asset quality and slowing Credit growth, that were a major overhang over both the

Private and PSU Bank stocks, are now receding as the GDP growth outlook continues to improve

We maintain our view that Monetary softening, strong Domestic Savings and falling Interest rates

will help revive domestic demand from late FY2010E and subscribe to the view that stimulus

packages and bank bailouts will continue to stabilise developed economies over a similar timeframe

With capital markets reviving and equity issuances on the rise, aided further by internal generation

leverage levels should also come down over the next 9-12 months, even as domestic demand

picks up. This should help create a base for revival in credit demand 2HFY2010E onwards. Overall

given the reasonable mid-cycle valuations, we believe a longer term investment perspective needs

to be adopted to take advantage of the imminent upturn in GDP growth.

RBI's OMOs should keep Interest rates low

The central government's fiscal deficit estimate for FY2010E has been increased to 6.8% of GDP

while the ceiling for overall state government fiscal deficit has been increased to 4%. This further

increase in fiscal deficit could be a short-term overhang for the Banking Sector. However, we see

this as an opportunity to invest in bank stocks, as interest rates are unlikely to go up, given our

strong domestic savings and RBI's liquidity infusions that amount to indirect monetisation of the

deficit (the RBI is doing this through a huge Rs80,000cr of Open Market Operations, planned in

the first half of this fiscal. Notably, post the recent Union Budget, indications from the governmen

are that this indirect financing by the RBI could be stepped up to Rs2lakh cr).

Banking Sector amongst biggest beneficiaries of reviving GDP growth

With GDP growth reviving, the banking sector will be amongst the biggest beneficiaries. As low

lending rates work through the system for a few quarters, we believe a base will be created for

revival of Retail credit demand and gradually capex demand, even though a perceptible trend

reversal in overall credit growth is likely to occur only in FY2011E.


5/17


South Indian Bank

Banking

-

0.20

0.40

0.60

0.80

1.00

FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010E FY2011E

Advances Deposits CASA Deposits

%

Investment Arguments

Cost efficient, Technologically up-to-date network underpins Profitable growth

in line with Industry

Marketshare has been maintained over the past ten years

SIB's largely semi-urban branch network is concentrated in the Southern states of India. While

enjoying customer loyalty spanning many years, the Bank has ensured that it remains sufficiently

in step with product, technology and service level developments in the industry. As a result, the

Bank has maintained its marketshare in not just Advances and Deposits, but also CASA Deposits

over the past ten years. The Bank was one of the first amongst its peers to have its network on the

Core Banking platform and presently offers its clients standard products and channel options,

including net banking, etc.


Exhibit 5: Marketshare Trend

Operating efficiency has improved aided by early tech adoption

In line with industry trends, the Bank has substantially improved its operating efficiency aided by

technology and natural operating leverage. As a result, SIB's operating expenses, as a % of

assets, are low which has helped it maintain reasonable Return on Assets (RoA). Although, the

Bank has further scope for operating leverage, we do not expect it to be higher than its private and

PSU peers. Consequently, in line with our industry view, we do not expect further operating

leverage to accrue to the Bank at the RoA level, since industry-wide improvements have been

usually passed on.

Incidentally, the Bank incurred certain one-time Staff expenses in FY2009 that resulted in its Staff

cost increasing by 46% yoy (further exacerbated by provisions for imminent wage hikes). While

SIB has made further provisions for wage hikes up to 17% of wages in 1QFY2010, based on our

discussion with management, we expect overall growth in the Bank's Staff expenses to be limited

to around 5% in FY2010E.

Creditably, the Bank has

maintained marketshare evenin CASA Deposits over the

past ten years


6/17


South Indian Bank

Banking

Steady branch expansion strategy in place

Management also indicated that it intends to open around 45 branches in FY2010E as a part of its

plans to open a total of around 250 branches over the next four years. About 150 of these branches

are intended to be opened outside South India, where the Bank's strategy is to have a presence in

key centers, partly to widen its customer base as well as meet the requirements of its existing

clients. This is in keeping with the Bank's strategy to plug all gaps in its offerings. At the same time

the management intends to keep a tight leash on incremental expenses by avoiding very expensive

locations for its new branches. Thus, while in the medium term, structural competition from newer

private banks could become increasingly challenging, SIB's overall strategy and execution has

been creditable in the past few years and the management's enunciated strategy continues to be

credible and reasonable, underpinning our positive outlook in the medium term.

Niche NRI Deposit base underpins Deposit cost advantage over several peers

The Bank's Deposit franchise includes a niche NRI customer base that contributes a meaningfu

17% of its total deposits and gives it a distinguishing cost advantage over several of its peers. The

Bank's marketshare in NRE Deposits stands at about 3.2% (marketshare with respect to overal

NRI Deposits stands at about 1.9%). This is significantly higher than the Bank's overall marketshare

of 0.4% of total deposits. The cost of NRE Deposits, which is about 3.5-4% at present, puts these

deposits just a notch above CASA Deposits that have a blended cost of 2-2.5%.

NRE deposit base a significant cost advantage

The NRE deposit base puts the quality of the Bank's deposit mix above that of several other

mid-sized PSU and Private banks. However, till recently the high component of bulk deposits (a

about 18-20% of overall deposits) was putting pressure on the Bank's overall cost of funds. But

now, wholesale deposit rates have declined sharply. As a result, we believe that the Bank will be in

a position to largely maintain its NIMs in FY2010E at about 2.8% notwithstanding structura

competitive pressures for most mid-sized banks like itself over the medium term.

45 branches to be opened in

FY2010E, 250 over next four

years

Outsized NRE Deposit

marketshare of 3.2%

Fall in wholesale deposit rates

to further aid NIMs

Source: Company, Angel Research. Note: AXSB - Axis Bank, UNBK - Union Bank of India, INDBK - Indian BankYESBK - Yes Bank, SIB - South Indian Bank, FEDBK - Federal Bank, KNTBK - Karnataka Bank, KVB - Karur VysyaBank

Exhibit 6: Competitive cost of funds

5.8 5.75.5

7.5

6.2

5.6

6.96.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

AXSB UNBK INDBK YESBK SIB FEDBK KNTBK KVB

Interest Expenses as % of average assets (FY2009)

%


7/17


South Indian Bank

Banking

Environment has turned conducive for cheap NRE deposit inflows recently

Moreover, the environment has become meaningfully more conducive for NRE deposits. The

RBI-mandated maximum spread to LIBOR permitted for NRE deposits stands at a high of 175bp

and is unlikely to be brought down for the time being considering that overall forex inflows into the

country remains subdued. The LIBOR itself is at very low levels of 1-2% due to the substantial

global liquidity created by major central banks such as the US Federal Reserve. Moreover, the

outlook on the Rupee exchange rate is also benign in the near term, creating the incentive of

further upside on NRE deposits through Rupee appreciation.

Source: RBI, Bloomberg, Angel Research

Exhibit 7: Healthy inflow of NRE Deposits expected in ensuing quarters

Huge NRI deposit inflows in 4QFY2009

In 4QFY2009 alone, the quantum of inflows in the form NRI deposits was a huge Rs10,826cr,

much above the average level of Rs3,200cr in the preceding three quarters and a paltry Rs706cr

of total NRI inflows in FY2008. It should be noted that a good chunk of this was attributable to

terminal inflows ie. money being brought back into the country by returning expatriates who lost

their jobs as a fall-out of the ongoing global crisis (about 1.5 lakh individuals are estimated to have

returned to India in 4QFY2009).

SIB to benefit moderately

Our discussion with management about the profile of its NRI customer base indicates that its

typical NRI customers belong to the Middle-Income Segment, working in the Middle-East and

having a family back home, usually in the semi-urban areas of the Southern states where theBank has most of its branches. Having had long-lasting ties with the Bank, there is usually a

substantial sense of customer loyalty from them. Typically, customers remit money to India either

for their families or because they feel more comfortable about the safety of their wealth saved in

Indian Rupees, since they eventually want to return back to the country. That is to say, a good

majority of the Bank's customers may not necessarily be very sensitive to near-term increase in

spreads or improvement in exchange rate outlook. Also, given the higher rates available on domestic

deposits (NRO accounts for NRIs), the Bank has seen a good chunk of NRI deposit inflows moving

into NRO accounts.

(12,000)

(8,000)

(4,000)

-

4,000

8,000

12,000

(9.0)

(6.0)

(3.0)

-

3.0

6.0

9.0

NRI Deposits Inflow / Outflow NRE FD Ceiling Rates QoQ Exchange rate variance

% Rs crHealthy NRI inflows in 4QFY09 (and going forward), aided by near-term outlook

of rupee appreciation, even as spread to LIBOR is high. At the same

time, plummeted LIBOR to ensure low cost for domestic banks

Mar-

04

Sep

-04

Mar-

05

Sep

-05

Mar-

06

Sep

-06

Mar-

07

Sep

-07

Mar-

08

Sep

-08

Mar-

09


8/17


South Indian Bank

Banking

Tie-ups with 24 Middle-Eastern exchange houses to help

Having said that, the fact remains that the outlook for NRE inflows has improved and given the

Bank's substantial marketshare in this Segment, it is likely to receive a reasonable share of these

inflows. Added to its existing customer base in this Segment, the increasing tie-ups with

Middle-Eastern exchange houses are also expected to help the Bank garner a reasonable share

of incremental inflows. Under these tie-ups, the Bank deputes 8-10 members of its staff for

undertaking complete management of these exchange houses. This gives the Bank front-end

access to new NRI customers to whom its staff can cross-sell the Bank's deposit products. The

Bank added a few thousand customers through this route in FY2009. The Bank has also entered

into tie-ups with other financial services companies such as Geojit Securities to offer a wider

bouquet of services to its NRI customer base.

Financial Analysis

Growth in line with industry

We rate the Bank's peer group (ie. old private sector banks) on an average, broadly on par with

mid-sized PSU banks in terms of RoE and growth potential. Specifically, in case of SIB, as described

earlier, it has done a creditable job of maintaining its marketshare in Deposits and Advances over

the past ten years. Moreover, its low-cost NRI deposit base gives it a cost advantage over severa

peers. While it's overall cost of funds is not significantly lower, this is mainly because of high bulk

deposits that are now likely to get priced downwards. However, we have not factored in improvement

in NIMs above 2.8% delivered in FY2009, in line with our view that smaller banks have consistently

passed on any benefits from cost improvements to customers to ward off stiff competition from

new private banks. This coincides with our estimated 17% CAGR in the Bank's Balance Sheet

over FY2009-11E that implies marketshare being largely maintained over this period.

Fee Income low; however, overall a Profitable standalone franchise

The Bank's funding cost advantage, to an extent, is eroded by its lower core Fee Income compared

to peers. The Bank's Fee Income is lower than industry averages partially due to the limited

opportunities to extend Fee Income services, especially in the newer segments, due to the typica

profile of the Bank's customer base. Management stated its charges for the traditional Fee Income

streams are on par with competition.


Exhibit 8: Low Fee Income

1.69

0.34 0.30

0.70

0.150.28

0.49

0.89

0.28

0.240.14

0.50

0.13

0.14

0.14

0.12

0.01

-0.41

0.49

0.27

0.420.14

0.07

0.22

0.36

0.25

0.67

0.19

0.24

0.91

0.59

0.05

0.10

0.24

-

0.14

0.36

- -

-

0.50

1.00

1.50

2.00

2.50

AXSB UNBK INDBK YESBK SIB FEDBK KNTBK KVB

CEB Forex Ot her Treasury Recoveri es

%

Low cost of funds due to NRE

deposits aid healthy NII growth

outlook


9/17


South Indian Bank

Banking

Keeping in mind the Bank's typical customer base, general trends in its peer group and

management's outlook on Fee Income, we have not factored in any improvement in Fee income

as a percentage of average assets ie. we expect Fee income (mainly from traditional sources) to

continue growing more or less in line with Balance Sheet growth. That said, upsides to Profitability

could accrue from economies of cross-sell, which potential acquirers with a wider and moreestablished product and service range can leverage more effectively. In any case, in our view, the

Bank's cost-efficient and technologically up-to-date network constitutes a reasonably attractive

and profitable standalone franchise as well.

Opex costs, as % of average assets, to fall in FY2010E

We expect the Bank's Operating expenses to post a sedate 10% CAGR over FY2009-11E, mainly

due to a higher base of Staff expenses in FY2009 on account of one-time expenses (over and

above wage hike provisions). As a result, Opex, as a percentage of average assets, is expected to

fall in FY2010E back to FY2008 levels of 1.6%.

Low provisioning costs appear unsustainable

Incidentally, the Bank's provisioning expenses have declined significantly over FY2008-09, which

we believe is unsustainable. Accordingly, we have factored in a 10bp fall in NIMs adjusted fo

provisioning expenses over FY2009-11E. Further downsides on this front represent a key investmen

risk. The Bank's SLR book is largely de-risked, with only 16% of SLR investments in the AFS

portfolio, having a low duration of 0.7 years. The non-SLR book however, comprises a large 34%

of overall investments.

SIB should be able to sustain 14-16% normalised RoEs

We believe the Bank will be able to sustain RoAs at around 1% levels over FY2009-11Enotwithstanding structural competitive pressures from new private banks. In line with peers, the

Bank has a high Tier 1 ratio of 13.2% (as per Basel 2 norms) and management has indicated tha

it is comfortable with a Tier 1 ratio of 10% on the lower side (as against 7-8% for PSU and new

Private Banks due to their ability to raise cheaper bond capital). Accordingly, we believe that the

Bank's normalised core RoEs would remain in the range of 14-16% over the medium term (with a

downward bias on account of competitive pressures). We expect SIB's RoEs to average around

16% over FY2009-11E and expect Net Profit to post 17% CAGR over the mentioned period.

We have factored 10bp

increase in NPA provisioning

costs by FY2011E


10/17


South Indian Bank

Banking

FY2009 SIB FEDBK KNTKBK KVB CUB LVB DHB BOR DCB Average

YoA 9.00 9.33 9.11 9.18 9.96 8.85 8.43 7.72 9.61 9.02

(-) Prov. Exp. 0.30 1.31 0.38 0.55 0.51 0.32 0.14 0.00 1.34 0.54

Adj YoA 8.70 8.02 8.73 8.63 9.45 8.52 8.29 7.72 8.26 8.48

CoA 6.21 5.61 6.85 6.55 6.97 6.96 5.96 5.46 6.42 6.33

NII 2.79 3.72 2.26 2.64 2.99 1.88 2.47 2.26 3.18 2.69

Adj NII 2.49 2.41 1.88 2.09 2.48 1.56 2.33 2.26 1.84 2.15

Treasury 0.19 0.24 0.90 0.59 - 0.04 0.02 - 0.04 0.22

Int. Sens. Inc. 2.67 2.64 2.78 2.68 2.48 1.60 2.34 2.26 1.88 2.37

Other Inc. 0.69 1.21 0.77 1.09 1.53 0.98 1.53 0.67 1.93 1.16

Op. Inc. 3.36 3.85 3.55 3.76 4.01 2.58 3.87 2.93 3.81 3.53

Opex 1.75 1.60 1.64 1.63 1.73 1.87 2.33 1.93 3.71 2.02

PBT 1.61 2.25 1.91 2.13 2.28 0.72 1.53 1.00 0.10 1.50

Taxes 0.57 0.83 0.64 0.61 0.72 0.27 0.38 0.32 (0.00) 0.48

ROA 1.04 1.42 1.27 1.52 1.56 0.44 1.15 0.68 0.10 1.02

Leverage 15.22 8.71 14.43 12.43 13.17 16.82 16.57 30.34 11.42 15.46

RoE 15.85 12.37 18.38 18.90 20.59 7.43 19.06 20.50 1.16 14.91

Exhibit 10: DuPont Analysis (Peer comparison)

Source: Company, Angel Research. Note: CUB - City Union Bank, LVB - Lakshmi Vilas Bank, DHB - Dhanalakshmi Bank, BOR - Bank of Rajasthan, DCB -Development Credit Bank

FY2007 FY2008 FY2009 FY2010E FY2011E Co Avg Peer Avg

(FY07-09) (FY07-09)

YoA 7.98 8.52 9.00 8.87 8.90 8.50 8.51

(-) Prov. Exp. 1.01 0.37 0.30 0.32 0.33 0.56 0.63

Adj YoA 6.97 8.15 8.70 8.55 8.57 7.94 7.88

CoA 4.98 5.95 6.21 6.11 6.17 5.71 5.74

NII 3.00 2.56 2.79 2.76 2.74 2.79 2.77

Adj NII 1.99 2.19 2.49 2.45 2.41 2.22 2.14

Treasury 0.26 0.21 0.19 0.09 0.02 0.22 0.21

Int. Sens. Inc. 2.25 2.40 2.67 2.54 2.43 2.44 2.35

Other Inc. 0.73 0.72 0.69 0.68 0.69 0.72 1.18

Op. Inc. 2.98 3.12 3.36 3.22 3.12 3.16 3.53

Opex 1.79 1.61 1.75 1.61 1.55 1.72 2.09

PBT 1.20 1.51 1.61 1.61 1.58 1.44 1.44Tax 0.35 0.52 0.57 0.57 0.54 0.48 0.42

RoA 0.85 0.99 1.04 1.04 1.04 0.96 1.02

Leverage 18.19 16.64 15.22 15.66 15.99 16.68 16.52

RoE 15.48 16.42 15.85 16.25 16.64 15.92 15.84

Exhibit 9: DuPont Analysis



11/17


South Indian Bank

Banking

Company (Rs cr) CA SA CASA TA NII Fee Core Income Opex PAT Mkt Cap

SIB 1.6 6.0 7.6 35.5 0.8 0.2 1.1 0.5 0.3 2.5

FEDBK 2.7 9.1 11.8 58.7 1.6 0.6 2.2 0.8 0.7 7.6

KNTKBK 2.6 6.2 8.8 45.0 1.1 0.4 1.5 0.7 0.6 4.0

KVB 5.3 5.8 11.1 50.5 1.2 0.5 1.7 0.7 0.7 5.7

CRPBK 11.4 9.6 21.0 72.0 1.6 0.6 2.2 1.0 0.8 5.4

INDBK 3.2 10.2 13.4 47.7 1.3 0.6 1.9 0.9 0.7 4.2

IOB 5.1 10.8 15.9 57.3 1.5 0.5 2.0 0.8 0.7 2.7

OBC 5.8 10.5 16.3 68.0 1.3 0.4 1.6 0.8 0.6 3.1

Exhibit 11: Per Branch Analysis

Source: Company, Angel Research. Note: No. of branches are as on FY2007, Balance Sheet / P & L amounts are as on FY2008, Market capitalisation is current

Concerns

Asset quality pressures

The Bank's asset quality has improved substantially FY2002 onwards in line with industry trendsunderpinned by strong economic growth and improving recovery mechanisms. Especially over

FY2006-08, the Bank's gross NPAs fell from 5% to 1.8% while Net NPAs declined from 1.9% to

0.3%. In 4QFY2010, the Bank had a large technical slippage of Rs100cr that subsequently became

standard in 1QFY2010. Including this technical slippage, the Bank's slippage rate for FY2009 was

1.6%, but excluding this it was around 0.7%, similar to the slippage rate in FY2008. Going forward

we believe that in line with industry trends, the Bank may also continue to face asset quality

pressures over the next few quarters. However, with the economic outlook improving, we expect

the Bank's asset quality to start stabilising increasingly 2HFY2010E onwards. The Banks

Restructured loans at about 20% of its Net Worth are also well below industry averages.

Increase in provisioning costs expected in light of credit mix and deteriorating provision

coverage

Given the Bank's credit mix that includes a substantial proportion of Personal and SME loans

(also reflected in its higher yield on assets), we do not expect the Bank's low NPA provisioning

costs over FY2008-09 to be sustainable from a structural point-of-view, notwithstanding a cyclica

improvement in industry-wide asset quality outlook. Accordingly, we have factored in an increase

in NPA provisioning costs, as a percentage of average assets, from 0.15% in FY2009 to 0.3% in

FY2011E. This is also taking into account deterioration in the Bank's provision coverage from 82%

in FY2008 to 64% in 1QFY2010 in spite of the above-mentioned technical slippage becoming

standard.

Cyclical asset qualitydeterioration to continue over

the next few quarters in line

with industry

Moderate increase in NPA

provisioning costs expected

irrespective of industry cycle


12/17


South Indian Bank

Banking

10.1% 10.0%

9.2%

7.6%

6.6%

5.0%

3.9%

1.8%2.2%

1.6% 1.3%

7.1% 6.9%

6.0%

4.5%

3.8%

1.9%

1.0% 0.3% 1.1% 0.6% 0.5%0.0%

15.0%

30.0%

45.0%

60.0%

75.0%

90.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10E FY11E

GN PA % ( LH S) NN PA% ( LH S) Sli pp ag es % ( LHS) Pr ovi sio n C over age ( RHS)

Partly on account of Rs100crof technical slippages that

have become standard in

1QFY2010


Exhibit 12: Asset quality trend

Competitive pressures

We expect structural competition from the newer Private Banks to be substantial in the medium

term. However, SIB's overall strategy and execution has been creditable over the past few years

with the Bank maintaining its marketshare even in CASA deposits. While we expect a loss in

marketshare for the peer group that the Bank belongs to, however, based on the Bank's track

record, and keeping in mind the importance of customer loyalty in the Banking Industry, we expect

the bank to deliver profitable growth above the average growth rate of its peer group over the

medium term.


13/17


South Indian Bank

Banking

Outlook and Valuation

Trading at an unjustified discount to peers

We rate the Bank's peer group (ie. old Private Banks), on an average, broadly on par with

mid-sized PSU Banks in terms of RoE and growth potential. While the Bank's core profitability andgrowth outlook are above average compared to its peers, it is trading at the cheapest valuations.

SIB's current valuations at 0.7x FY2011E represents an almost 25% discount to the average

multiple at which its peer group is trading. Specifically, current valuations represent 10-20% discount

to peers such as Karnataka Bank, City Union Bank, Lakshmi Vilas Bank and Bank of Rajasthan,

while in our view, the Bank scores above these banks on core Return and growth parameters.

Median multiples not indicative in light of improved financial performance

Current valuations are close to median levels of 0.7x 1-year forward ABV that the Bank has traded

at since FY2002. However, since then the Bank's operational and financial performance has

improved consistently, including on the Asset quality front. We expect the bank to deliver profitable

growth above the average growth rate for its peer group and sustain normalised RoEs at 14-16%

levels, which in our view can justify mid-cycle valuations of 1.0-1.2x 1-year forward ABV.

Attractive merger candidate

Given that SIB has the potential to deliver healthy Return Ratios close to the Sectoral averages

and enjoys a strong niche franchise in the semi-urban areas of South India as well as a niche NRI

customer base, we believe it is an attractive merger candidate. Moreover, keeping in mind the

Bank's cheap valuations in terms of both P/ABV and P/E, acquisition by larger banks, especially

Private Banks trading between 2.0-3.0x P/ABV, would be accretive for the acquirer, both in terms

of EPS as well as Book Value. However, asset quality concerns in respect of the Bank's existing

credit book as well as its highly dispersed shareholding represent hurdles to any potential acquisition.

Overall, we believe that current valuations provide a reasonable margin of safety from inherent

and cyclical asset quality pressures as well as structural competitive pressures from the larger

Private Banks that are increasingly penetrating deeper into Tier II and Tier III towns. At the CMP,

the stock is trading at 4.5x FY2011E EPS and 0.7x FY2011E ABV. We value the stock at 0.9x

FY2011E ABV to arrive at a Target Price of Rs135, implying an upside of 26%. We Initiate Coverage

on the stock with a Buy recommendation.

25% discount to peer group

average unjustified in our view

Improved operating

performance can justify

mid-cycle valuations of about

1.0-1.2x

Potential for EPS and Book

accretion increase

attractiveness from M&A

standpoint


14/17


South Indian Bank

Banking

0

50

100

150

200

250

Mar-02

Oct-02

Apr-03

Oct-03

Apr-04

Oct-04

Apr-05

Oct-05

Apr-06

Oct-06

Apr-07

Oct-07

Apr-08

Oct-08

Apr-09

Oct-09

Price 0.3x 0.6x 0.9x 1.2x 1.5x


Exhibit 13: P/ABV band

Source: Company, Angel Research; Note: Prices are as of July 24, 2009

Company Reco CMP Target Upside FY2011E FY2011E FY2011E FY2011E EPS FY2011E FY2011E

(Rs) Price (Rs) (%) P/ABV(x) Tgt P/ABV (x) P/E (x) Growth (%) RoA (%) RoE (%)

CRPBK Accumulate 345 361 5 0.8 0.8 4.5 9 0.9 15.6

INDBK Accumulate 144 151 4 0.8 0.9 4.4 10 1.3 19.8

IOB Accumulate 89 93 3 0.7 0.7 3.5 15 0.9 19.4

OBC Accumulate 167 184 10 0.5 0.6 4.2 2 0.7 13.1

YESBK Buy 161 181 13 2.0 2.3 11.5 13 1.3 18.8

SIB Buy 107 135 26 0.7 0.9 4.5 17 1.0 16.6FEDBK Not Rated 246 - - 0.8 - 6.5 17 1.3 12.9

KNTBK Not Rated 142 - - 0.9 - 7.7 (6) 0.8 12.1

KVB Not Rated 304 - - 0.9 - 6.1 2 1.3 16.5

CUB Not Rated 23 - - 0.8 - 4.7 13 1.4 18.8

Exhibit 14: Comparative Valuation


15/17


South Indian Bank

Banking

Profit & Loss Statement Rs crore

Y/E March FY2008 FY2009 FY2010E FY2011E

Net Interest Income 394 523 611 705

- YoY Growth (%) 7.2 32.7 16.9 15.4

Other Income 143 164 171 185

- YoY Growth (%) 17.3 15.2 4.1 8.1

Operating Income 537 687 782 890

- YoY Growth (%) 9.7 28.0 13.8 13.8

Operating Expenses 248 329 357 398

- YoY Growth (%) 13.4 32.4 8.6 11.6

Pre - Provision Profit 289 359 425 492

- YoY Growth (%) 6.8 24.3 18.6 15.6

Provision and Contingencies 57 57 70 85

- YoY Growth (%) -54.0 -0.3 23.9 21.3

Profit Before Tax 232 302 355 406

- YoY Growth (%) 58.3 30.3 17.6 14.4

Provision for Taxation 80 107 126 138

- as a % of PBT 34.6 35.4 35.4 34.0

PAT 152 195 229 268

- YoY Growth (%) 45.6 28.7 17.6 16.8

Key Ratios


Per Share Data (Rs)

EPS 16.8 17.3 20.3 23.7

ABVPS ( 75% Coverage) 126.3 110.6 130.7 149.6

DPS 3.0 3.0 3.5 4.0

Profitability ratios (%)

NIMs 2.6 2.9 2.8 2.8

Cost to Income ratio 46.2 47.8 45.6 44.8

RoA 1.0 1.0 1.0 1.0

RoE 16.4 15.9 16.3 16.6

B/S ratios (%)

CASA ratio 24.1 24.1 23.5 23.1

Credit/Deposit ratio 69.0 67.1 66.6 68.3

Networth/ Assets 16.6 15.2 15.7 16.0

CAR 13.8 14.3 12.7 12.5

- Tier I 12.1 12.5 11.1 10.9

Asset Quality (%)

Gross NPAs 1.8 2.2 1.6 1.3

Net NPAs 0.3 1.1 0.6 0.5

Slippages 0.7 1.6 1.6 1.4

NPA Provisioning exp. / Assets 0.1 0.2 0.3 0.3

NPA Provision Coverage 82.0 48.6 62.9 62.6

Valuation RatiosPER (x) 6.4 6.2 5.3 4.5

P/ABVPS (x) 0.8 1.0 0.8 0.7

Dividend Yield 2.8 2.8 3.3 3.7


Share Capital 90 113 113 113

Reserve & Surplus 1,071 1,226 1,409 1,624

Deposits 15,156 18,092 21,168 24,554

- Growth (%) 23.8 19.4 17.0 16.0

Borrowings 28 20 24 28

Tier 2 Capital 155 186 218 252

Other Liabilities & Provisions 590 746 917 1,092

Total Liabilities 17,090 20,383 23,848 27,664

Cash in Hand and with RBI 974 995 1,058 1,228

Bal.with banks & money at call 729 1,305 1,192 1,383

Investments 4,572 5,436 6,927 7,618

Advances 10,454 12,145 14,088 16,765

- Growth (%) 32.0 16.2 16.0 19.0

Fixed Assets 113 130 148 167

Other Assets 249 371 434 504

Total Assets 17,090 20,383 23,848 27,664

- Growth (%) 25.2 19.3 17.0 16.0

Balance Sheet Rs crore


16/17


South Indian Bank

Banking

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 whose

possession 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 be

egulatory, 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 advisors

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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 w e would endeavor to update the information herein on a reasonable basis, Angel Broking, its

subsidiaries 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 change

without 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 the

companies referred to in this report, as on the date of this report or in the past.

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

Reduce (Downside upto 15%) Sell (Downside > 15%)

Ratings (Returns) :

Fund Management & Investment Advisory ( 022 - 3952 4568)

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

Siddharth Bhamre Head - Derivatives and Investment Advisory [email protected]

Devang 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]

Harit Shah IT, Telecom [email protected]

Deepak Pareek Oil & Gas [email protected]

Pawan Burde Metals & Mining, Cement [email protected]

Girish Solanki Power, Mid-cap [email protected]

Shailesh Kanani Infrastructure, Real Estate [email protected]

Anand Shah FMCG , Media [email protected]

Puneet Bambha Capital Goods, Engineering [email protected]

Sushant Dalmia Pharmaceutical [email protected]

Param Desai Logistics [email protected]

Sageraj Bariya Fertiliser, Mid-cap [email protected]

Viraj Nadkarni Retail [email protected]

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

Laxmikant Waghmare Research Associate (Metals & Mining, Cement) [email protected]

Aniruddha Mate Research Associate (Infra, Real Estate) [email protected]

V Srinivasan Research Associate (Power, Mid-cap) [email protected]

Jaya Agrawal Jr. Derivative Analyst [email protected]

Amit Bagaria PMS [email protected]

Sandeep Wagle Chief Technical Analyst [email protected]

Ajit Joshi AVP Technical Advisory Services [email protected]

Brijesh Ail Manager - Technical Advisory Services [email protected]

Vaishnavi Jagtap Sr. Technical Analyst [email protected]

Milan Sanghvi Sr. Technical Analyst [email protected]

Mileen Vasudeo Technical Analyst [email protected]

Krunal Dayma Derivative Analyst - (TAS) [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]

Abhishek Chauhan Technical Analyst abhishek [email protected]

Parag Joshi Technical Analyst [email protected]

Commodities Research Team (Fundamentals)

Badruddin Sr. Research Analyst (Agri) [email protected] Pote Research Analyst (Energy Complex) [email protected]

Reena Walia Research Analyst ( Base Metals) [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]

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


17/17

South Indian Bank

Banking

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:

Private Client Group Offices: Sub - Broker Marketing:

Branch Off ices:

Co rpo rat e & Market ing Of fi ce : 612, Ac me Plaza, M.V. Road, Opp Sang am Cin ema, A nd heri (E), Mu mbai - 400 059 Tel : ( 022) 3952 7100 / 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

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

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

Pune - Tel: (020) 3941 3940

New Delhi - Tel: (011) 3941 3940

Nagpur - Tel: (0712) 3941 394

Nashik - Tel: (0253) 3941 394

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

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 394

Indore - Tel: (0731) 4238 600

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

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

Hubli - Tel: (0836) 4267 500 - 22

Indore - Tel: (0731) 3049 400

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

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 394

Bengaluru - Tel: (080) 4072 0800 - 29

Ahmeda. (Ramdevnagar) - Tel : (079) 4024 3842 / 43 Pune (Camp) - Tel: (020) 3092 1800

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

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

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

Surendranagar - Tel : (02752) 223305

Udaipur - (0294) 3941 394

Valsad - Tel - (02632) 645 344 / 45

Vapi -Tel: (0260) 3941 394

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) 3984 600

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

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

Salem - Tel: (0427) 3941 394

Warangal - Tel: (0870) 3982 200

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

Nagaur - Tel: (01582) 244 648

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

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

Mehsana - Tel: (02762) 645 291 / 92

Kota - Tel : (0744) 3941 394

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

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 394

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) 4751 8100

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

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

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

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

Jalgaon - Tel: (0257) 2234 832

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

Mangalore - Tel: (0824) 3982 140

Kolhapur - Tel: (0231) 6632 000

Madurai Tel: (0452) 3941 394

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 - 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

Ajmer - Tel: (0145) 3941 394

Alwar - Tel: (0144) 3941 394 / 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

Ahmedabad (C. G. Road) - Tel: (079) 3982 9934 Surat - Tel: (0261) 3071 600 Rajkot (Race course) - Tel: (0281) 2490 847 Powai - Tel: (022) 3952 6500

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