Please refer to important disclosures at the end of this report
1
Market share gainer, while maintaining best-in-class margins: CARE is the second
largest rating agency in India, with large PSU banks such as IDBI, Canara and
SBI, being its prominent shareholders (pre-offer combined shareholding of
58.2%). CARE has garnered market share from its globally affiliated peers in the
past few years and even while doing so, it has maintained its superior margins.
Overall the operating margins for CARE have been significantly higher, as unlike
its other two listed peers, its sole business segment currently is rating services,
which has enjoyed higher margins than research or any other division. Even
comparing the ratings business, CARE has witnessed impressive EBIT margins
(71% in FY2012) which are substantially higher than that of its peers (ICRA’s 48%
in FY2012, and CRISIL’s 40% in CY2011), which as per the management, is
primarily due to a) lower employee costs owing to its low-cost centralized back
office at Ahmedabad (staff costs as a percentage to revenues are almost half vs.
peers) and b) relatively lower SME/MSE ratings business (which involves lower
margins on account of its lower revenue per customer).
Rating business to primarily drive top-line growth for next few years: Rating
business will remain company’s sole business segment at least in the next few years.
Considering credit growth estimates of 15-17% over the next few years and efforts for
growing our nascent debt market, we expect CARE to register at least similar kind of
growth in its volume of debt rated. However, considering the fact that its revenue
stream has stabilized now, and intention to increase presence in SME/MSE ratings, we
expect growth in its revenue to be approx. 200-300bp lower than the growth in its
volume. Migration to IRB approach, in our view will affect the most to the rating
agency which has major part of its business coming from SME/MSE ratings (as
smaller enterprises normally take loan from a single bank as against larger ones
which usually avail loan from consortium of banks, all of whom might not be
approved for IRB). Having said that, a relatively smaller SME/MSE rating business for
CARE (entered only in FY2011) and ample time to develop other alternative revenue
streams (as impact of IRB on business will not be before FY2016), gives us adequate
comfort to believe that the impact would be manageable for the company.
Outlook and valuation: The stock is valued at 17.9x at upper band on TTM
earnings (taking 2HFY2012 earnings to be 60% of entire FY2012), which is at a
~18% discount to ICRA and ~45% discount to CRISIL. Even on a TTM EV/EBITDA
basis, it is valued at ~39% discount to CRISIL and ~33% to ICRA. However, on a
TTM EV/Sales basis, it is valued at ~27% premium to CRISIL and ~63% premium to
ICRA, which is due to its high margins (likely to have a downward bias from here
on). The company has reported cash and current investments worth `91/share as of
1HFY2013. Overall, considering the high intellectual capital/knowledge oriented
and cash generating nature of the business, combined with reasonable 12-15%
revenue growth expectation, we believe the IPO is reasonably priced at the upper
band. Hence, we recommend subscribe to the issue.
Key financials
Y/E March (` cr) FY2009 FY2010 FY2011
FY2012
1HFY13
Net Sales 94 136 166
189
90
% chg 81.4 44.6 22.2
13.5
-
Net Profit 52 86 88
116
50
% chg 97.5 63.5 2.6
31.6
-
Basic EPS 18.4 30.0 30.8
40.5
17.5
P/E (x) Lower End 38.1 23.3 22.7
17.3
16.0
P/E (x) Upper End 40.9 25.0 24.3
18.5
17.1
EBIT Margins 76.5 78.1 74.2
70.6
64.1
RoE (%) 48.4 49.4 34.6
34.5
34.1
Source: Company, Angel Research, Note: P/E, P/BV and ROE, for 1HFY13 calculated on an
annualized basis, assuming 1H:2H mix of 40:60.
SUBSCRIBE
Issue Open: December 7, 2012
Issue Close: December 11, 2012
Issue Details
Face Value: `10
Present Eq. Paid-up Capital: `28.6cr
Offer Size: 0.72cr Shares (offer for sale)
Post Eq. Paid-up Capital: `28.6cr
Issue size (amount):* `504-540cr
Price Band: `700-750
Post-issue implied mkt. cap*: `1,999cr-
2,141cr
Promoters holding Pre-Issue: 0.0%
Promoters holding Post-Issue: 0.0%
Note:*
A
t the lower and u
p
per price band,
respectively
Book Building
QIBs Up to 50%
Non-Institutional At least 15%
Retail At least 35%
Post Issue Shareholding Pattern
Promoters Group 0.0
MF/Banks/Indian
FIs/FIIs/Public & Others
100.0
Vaibhav Agrawal
022 – 39357800 Ext: 6808
Sourabh Taparia
022 – 39357800 Ext: 6872
Credit Analysis and Research (CARE)
Quality at a reasonable price
IPO Note
|
Rating Agencies
December 6, 2012
CARE
|
IPO Note
December 6, 2012
2
Company background
Credit Analysis and Research Ltd (CARE) is the second largest rating company in
India (on rating turnover basis). It was the third company to enter the credit rating
industry in India (with there being a total of six players as of now), when it
commenced operations in 1993. It is the leading credit rating agency in India for
IPO grading, having graded the largest number of IPOs since the introduction of
IPO grading.
It provides a wide range of rating and grading services across a diverse range of
instruments and industries. The company has been rating debt instruments and
related obligations covering a wide range of sectors for the last 19 years. Since
incorporation, it has completed 19,058 rating assignments and rated `44,036bn
of debt as of September 30, 2012. It had rating relationships with 4,644 clients as
of September 30, 2012.
It has, in the last few years, diversified its income generating pool of products by
entering into IPO grading, equity grading, and grading of various types of
enterprises, including ESCO, RESCO, shipyards, maritime training institutes,
construction companies and rating of real estate projects. It also provides general
and customized industry research reports. Its research team actively covers
39 sectors as of September 30, 2012 and releases periodical industry research
reports on these sectors.
The company has expanded its footprint outside India in its rating business, apart
from providing technical know-how to a credit rating agency each in Mexico and
Ecuador for a fee. It has been granted recognition for various levels of rating
activities in Maldives, Mauritius and Hong Kong. In Maldives, the company can
carry out ratings of debt instruments/bank facilities in respect of Maldivian
companies (it has already set up operation there and completed two rating
assignments), while in Mauritius its ratings are recognizable for risk weighting for
banks’ capital adequacy purposes. In Hong Kong, the company has received
approval to act as an external credit assessment institution for the purposes of the
regulatory capital framework.
Its existing shareholders include domestic banks and financial institutions, such as
IDBI Bank, Canara Bank, SBI, IL&FS and Federal Bank (cumulatively they hold
73.4% shareholding, which will reduce to 49.1% post the successful completion of
offer for sale).
Details of the issue
The IPO comprises an issue of 7.2mn equity shares of face value `10 each to the
public. The issue shall constitute 25.2% of the post-issue paid-up capital. The price
band for the issue has been fixed at `700–750 per share, valuing the company at
`2,000cr to `2,141cr. The key shareholders who are tendering their shares are
IDBI Bank (2.5mn shares), Canara Bank (2.2mn shares), SBI (0.9mn shares), IL&FS
(0.9mn shares) and Federal Bank (0.5mn shares). The remaining 0.3mn shares
are being offered by Tata Investments, ING Vysya, Milestone Fund and others.
CARE will not get any money from this IPO as it is an offer for sale.
CARE
|
IPO Note
December 6, 2012
3
Investment arguments
Gained market share, while maintaining best-in-class margins
CARE has been able to garner market share from its globally affiliated peers in the
past few years, as it has outpaced them by achieving a rating turnover CAGR of
38.7% over FY2008-12 as against a CAGR of 23.3% for ICRA and 25.8% for
CRISIL during the same period. Even while it increased its market share, the
company has been able to maintain its superior margins.
Exhibit 1: Grew fastest among top three rating agencies
Source: Company, Angel Research, Note: *December year end
Its overall operating margins are significantly higher, as unlike the other two listed
peers, its sole business segment currently is rating services, which for any rating
company has enjoyed higher margins than research or any other division (99.4%
of its FY2012 revenues came from the rating business, as against 67.2% for ICRA
during the same period and 40.4% for CRISIL during CY2011).
Even in its rating business, CARE posted impressive EBIT margins of 71% in
FY2012, which is substantially higher than its peers (ICRA’s rating division margins
were at 48% in FY2012, whereas for CRISIL they were at 40% in CY2011). Key
factors contributing to the impressive margins performance, as per the
management are a) lower employee costs owing to its low-cost centralized back
office at Ahmedabad (staff cost as % to revenues significantly lower for CARE at
22% in FY2012, compared to 44% for CRISIL in CY2011 and 51% for ICRA in
FY2012) and b) relatively lower SME and MSME ratings business which involves
lower margins on account of its lower ticket size and lower revenue per customer
(as per management, expansion into SME/MSME ratings was the primary reason
for decline in EBIT margins for CARE from levels of 78% in FY2010 to 71% in
FY2012).
50
100
150
200
250
300
350
FY2008 FY2009 FY2010 FY2011 FY2012
CRISIL* CARE ICRA
CARE
|
IPO Note
December 6, 2012
4
Exhibit 2: Margins
#
for Rating business
Source: Company, Angel Research, Note:*calendar year for CRISIL,
#
PBI
T
margins considering consolidated segmental breakup for CRISIL and ICRA
,
whereas EBIT margins for CARE
Exhibit 3: Staff Costs
#
as % of Revenues
#
Source: Company, Angel Research
,
Note:*calendar year for CRISIL,
#
consolidated numbers have been considered for CRISIL and ICRA
Going ahead, owing to the expected increase in SME/MSME rating business, focus
on developing its research business and limited scope for further operational
efficiency, operating margins for CARE are unlikely to sustain at these levels and
evidently so they have declined to 64% in 1HFY2013 (however they can be
expected to remain much higher for the company compared to its peers).
42
48
42
42
40
64
66
59
53
48
71
76
78
74
71
10
20
30
40
50
60
70
80
90
FY2008 FY200 9 FY20 10 FY2 011 FY2012
CRISIL* ICRA CARE
38
37
39
41
44
43
41
42
46
51
21
16
16
18
22
-
10
20
30
40
50
60
FY2008 FY2009 FY2010 FY2011 FY2012
(%)
CRISIL* ICRA CARE
CARE
|
IPO Note
December 6, 2012
5
Growth strategy going ahead
Rating business to primarily drive top-line growth for next few
years
CARE’s sole business segment currently is rating services (99% of its revenues in
FY2012 came from the rating business). Its rating revenues are directly linked to
the volume of debt instruments issued and bank loans/facilities provided (as rating
income is typically a percentage of the volume rated), which in turn is dependent
on clients’ current debt position, credit worthiness, prevailing interest rates,
investment sentiments and alternative funding options, most of which are directly
correlated to the economic growth and credit growth.
Going forward, considering an estimated credit growth range of 15-17% over the
next few years and persistent efforts of the Indian government to grow our nascent
debt market, we expect CARE to register at least a similar kind of growth in its
rating volume of debt instrument issued and bank loan/facilities provided (could
be higher if it captures market share as the company has plans to increase its
business development managers by ~30%).
However, considering the fact that its revenue stream has stabilized now, (evident
from reducing share of the initial fee income on bank loan/facility rated as
percentage of total rating income from 30% in FY2010 to 20% as of 1HFY2013)
and its intention to increase presence in SME/MSE ratings, we expect growth in its
revenue to be ~200bp lower than the growth in its volume (as surveillance
fee/annuitized fee component of its revenue gains prominence and SME/MSE
rating business being lower revenue and higher volume based business).
Exhibit 4: Reducing share of initial rating fee, shows...
Source: Company, Angel Research
Exhibit 5: ...revenue growth is stabilizing for CARE
Source: Company, Angel Research
Meaningful contribution from research division only after few
years
CARE’s research team, which actively covers 39 sectors, currently acts as in-house
support to its ratings team. Though the research offerings of the company are
available on subscription basis, the revenue from the research division has been
negligible till now, owing to lower sector coverage compared to peers, that are
particularly associated with international rating agencies, and lesser market
awareness of its research capabilities. Going forward, the company intends to
focus on expanding its industry research coverage (which is a time consuming
30
28
24
21
15
17
19
21
23
25
27
29
31
FY2010 FY2011 FY2012 1HFY2013
(%)
share of initial rating fee on bank loans as % to total rating income
37
10
24
15
83
46
22
14
0
10
20
30
40
50
60
70
80
90
FY2009 FY2010 FY2011 FY2012
(%)
Debt volume growth Revenue growth
CARE
|
IPO Note
December 6, 2012
6
exercise and core part of business) and then it would strive to increase the number
of subscribers to its research offerings, by leveraging its network of business
development managers (150 as of FY2012) and actively targeting financial
intermediaries, corporates, and policy makers and marketing its research products
to them. Hence, we believe it will take at least the next few years for any
meaningful contribution from the research division to come in.
Entry into new business segments to increase product offering
Recently, CARE has acquired a 75.1% stake in Kalypto, a company providing risk
management software solutions primarily for BFSI companies. Through this
acquisition, the company has acquired a ready product offering in the risk
management domain (where it had no presence earlier) and in our view, it can
build up an alternate revenue stream which is a time consuming exercise.
Moreover, capitalizing on its strong brand recognition, the company has ambitions
to expand into new business segments, such as providing training, knowledge
process outsourcing, risk management and other support services to rating
agencies and other financial institutions and also providing advisory services in or
outside India.
Overseas expansion to add value only after few years
CARE has expanded its footprint outside India in its rating business, apart from
providing technical know-how to a credit rating agency each in Mexico and
Ecuador for a fee. It has been granted recognition for various levels of rating
activities in Maldives, Mauritius and Hong Kong. Also, the company intends to
expand its rating business to other countries including Nepal and Mauritius, by
form of joint venture/partnership or acquisition. It also has ambitions to set up an
international credit rating agency, for which it has signed a non-binding
memorandum of understanding with four credit rating agencies, each located in
Brazil, Portugal, Malaysia and South Africa.
In our view, international aspirations for the company are likely to bear fruit only
after next few years, as it has recently set up operations/is yet to set up operations
in the above mentioned countries.
CARE
|
IPO Note
December 6, 2012
7
Key risks/concerns
Switch to the IRB approach
Pursuant to use of ratings given by credit rating agencies for measuring credit risk
for capital adequacy purposes, rating of bank facilities/loans has become a core
part of CARE’s operations or for that matter any other rating company operating in
India currently (share of only initial rating fee income on bank loan/facility rated as
a percentage to its total rating income for CARE was ~21% in 1HFY2013). RBI has
allowed banks to apply for migrating to IRB approach and beginning April 2014, it
might begin approving them to use its own internal rating for measuring credit risk
for capital adequacy purposes, which will run parallel to ratings of external rating
agencies for the next eighteen months.
In the event, banks which are large and thus capable enough, get themselves
approved for using its internal rating (most of the large private banks and a few
large PSU banks have evinced readiness of setup), which in our view, will affect
those rating agencies the most which have a major part of their business coming
from SME/MSE ratings. Smaller enterprises normally take loan/facilities from a
single bank as against larger ones which usually avail loan/facilities from a
consortium of banks, all of whom might not be approved for IRB.
Having said that, a relatively smaller SME/MSE rating business for CARE (as it had
started this segment only in FY2011) and ample time for developing other
alternative revenue streams (as impact on business due to IRB will not be before
FY2016), gives us adequate comfort to believe that the impact would be
manageable for the company.
Concentration risk
CARE’s sole business segment currently is providing rating services (largely debt),
which in a way has aided the company to generate superior margins; on the other
hand it has led to concentration risk for the company. Though the company has
taken several steps to de-risk itself and diversify its business by expanding its
income generating pool of products (SME/MSE ratings, Edu-grade, Equi-grade,
Real Estate star ratings and many others), developing its business in markets
outside India (Maldives, Mauritius and Hong Kong so far) and growing its research
business, we believe at least in the medium term the company will continue to
depend primarily on the business of providing ratings services.
Margins unlikely to sustain at current levels
CARE has enjoyed significantly higher operating margins as compared to its peers,
as its sole business segment has been rating services (compared to others, for
whom research and other divisions have been significant contributors to revenues).
Margins have been on a declining trend since FY2011, when the company started
SME/MSME rating business and going forward they are unlikely to sustain at the
current levels, as the company looks to further grow its SME/MSME rating business
and increase focus on developing its research business (though they will remain
significantly higher than its peers due to its employee cost advantage and the fact
that it had maintained margins during the last four years, when it gained market
share, gives us additional comfort, in that respect). Hence, though we expect
revenue growth for CARE to be reasonably healthy at 12-15%, considering
CARE
|
IPO Note
December 6, 2012
8
expectation of declining trend in margins, earnings growth would have a
downward bias.
Outlook and valuation
The stock is valued at 17.9x at upper band on trailing twelve month earnings
(taking 2HFY2012 earnings to be 60% of entire FY2012), which is at a ~18%
discount to ICRA and ~45% discount to CRISIL. Even on a TTM EV/EBITDA basis, it
is valued at ~39% discount to CRISIL and ~33% to ICRA. However, on a TTM
EV/Sales basis, it is valued at ~27% premium to CRISIL and ~63% premium to
ICRA, which is due to its high margins (likely to have a downward bias from here
on). The company has reported cash and current investments worth `260cr at the
end of 1HFY2013, which works out to `91/share. Overall, considering the high
intellectual capital/knowledge oriented and cash generating nature of the
business, combined with reasonable 12-15% revenue growth expectation, we
believe the IPO is reasonably priced at the upper band. Hence, we recommend
subscribe to the issue.
Exhibit 6: Recommendation Summary on TTM (trailing twelve month) basis
Company
M Cap*
(` cr)
Sales
(` cr)
EBITD
A
(` cr)
Profit
(` cr)
RoEs
(%)
EV/EBITD
A
(x)
EV/Sales
(x)
EBITDA Margin
(%)
P/E
(x)
CRISIL 7,087 942 313 216 48.3 21.9 7.3 33.2 32.8
ICRA 1,384 230 65 64 21.1 20.0 5.7 28.4 21.7
CARE 2,141 203 140 119 32.5 13.4 9.3 69.0 17.9
Source: Company, Angel Research, Note: *at CMP of December 6,2012 for CRISIL and ICRA, and at upper end of its price band for CARE
Exhibit 7: Sector P/E band on TTM basis
Source: BSE, Company, Angel Research
0
2,000
4,000
6,000
8,000
10,000
12,000
Apr-02
Sep-02
Feb-03
Jul-03
Dec-03
May-04
Oct-04
Mar-05
Aug-05
Jan-06
Jun-06
Nov-06
Apr-07
Sep-07
Feb-08
Jul-08
Dec-08
May-09
Oct-09
Mar-10
Aug-10
Jan-11
Jun-11
Nov-11
Apr-12
Sep-12
M cap (` cr)
13x 19x 25x 31x 37x
CARE
|
IPO Note
December 6, 2012
9
Income Statement
Y/E March. (` cr) FY2009
FY2010
FY2011
FY2012
1HFY13E
Total operating income 94
136
166
189
90
% chg 81.4
44.6
2
2.2
13.5
-
Total Expenditure 21
28
41
54
31
Other Expenses 6
7
10
13
7
Personnel Expenses 15
22
31
41
24
EBITDA 73
108
126
135
59
% chg 95.1
47.7
16.7
7.5
-
(% of Net Sales) 77.5
79.2
75.6
71.6
65.8
Depreciation & amortization 1
1
2
2
2
EBIT 72
106
124
133
58
% chg 95.6
47.8
16.1
7.9
-
(% of Net Sales) 76.5
78.1
74.2
70.6
64.1
Interest & other Charges - - - - -
Other Income 6
16
6
28
13
(% of PBT) 7.4
12.9
4.5
17.5
18.0
Recurring PBT 78
122
129
162
70
(% of Net Sales) 82.6
89.8
77.7
85.5
78.1
Tax 25
37
41
46
20
(% of PBT) 32.6
2
9.9
32.0
2
8.4
2
8.8
Reported PAT 52
86
88
116
50
% chg 97.5
63.5
2
.6
31.6
-
(% of Net Sales) 55.6
62.9
52.8
61.2
55.7
Basic EPS (`) 18.4
30.0
30.8
40.5
17.5
% chg 97.5
63.5
2
.6
31.6
-
CARE
|
IPO Note
December 6, 2012
10
Balance Sheet
Y/E March (` cr) FY2009
FY2010
FY2011
FY2012 1HFY13E
SOURCES OF FUNDS
Equity Share Capital 8
10
10
29 29
Share Application Money 1
- - - -
Reserves& Surplus 125
204
285
348 398
Shareholders’ Funds 133
213
294
377 427
Total Loans - - - - -
Deferred Tax Liability 2
2
3
4 4
Other long term liabilities - - - - -
Long term provisions 1
1
2
2 4
Total Liabilities 137
217
299
383 435
APPLICATION OF FUNDS
Net Block 18
28
42
48 48
Investments 16
117
53
104 114
Long term loans and advances 5
8
7
11 13
Other non-current assets 5
6
5
1 1
Current Assets 114
86
228
263 319
Cash 6
9
9
69 27
Loans & Advances 0
1
0
1 1
Current Investments 102
69
206
170 232
Debtors 5
7
12
16 52
Other 1
0
1
7 5
Current liabilities & provisions 21
28
37
46 59
Net Current Assets 93
59
191
217 260
Total Assets 137
217
299
383 435
CARE
|
IPO Note
December 6, 2012
11
Cash Flow Statement
Y/E March (` cr) FY2009
FY2010
FY2011
FY2012 1HFY13E
Profit before tax 78
122
129
162 70
Depreciation 1
1
2
2 2
Change in Working Capital 2
3
1
9 (23)
Less: Other income 5
16
6
28 13
Direct taxes paid 25
37
41
46 20
Cash Flow from Operations 50 75 85 98 16
(Inc.)/ Dec in Fixed Assets (9) (14) (14) (8) (1)
(Inc.)/ Dec in Investments (44) (69) (73) (11) (72)
(Inc.)/ Dec in loans and advances - - - - -
Other income 5
16
6
22 15
Cash Flow from Investing (47) (67) (81) 3 (57)
Issue/(Buy Back) of Equity 1
(0) - - -
(Inc.)/ Dec in loans - - - - -
Dividend Paid (Incl. Tax) (3) (4) (6) (40) -
Cash Flow from Financing (2) (4) (6) (40) -
Inc./(Dec.) in Cash 1
4
(1) 60 (41)
Opening Cash balances 5
6
9
9 69
Closing Cash balances 6
9
9
69 27
CARE
|
IPO Note
December 6, 2012
12
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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CARE
|
IPO Note
December 6, 2012
13
6
th
Floor, Ackruti Sta
r
, Central Road, MIDC, Andheri (E), Mumbai-
400 093. Tel: (022) 39357800
Research Team
Fundamental:
Sarabjit Kour Nangra VP-Research, Pharmaceutical [email protected]
V
aibhav Agrawal VP-Research, Banking [email protected]
Bhavesh Chauhan Sr. Analyst (Metals & Mining) [email protected]
V
iral Shah Sr. Analyst (Infrastructure) [email protected]
Sharan Lillaney Analyst (Mid-cap) sharanb.li[email protected]
V
Srinivasan Analyst (Cement, Power, FMCG) [email protected]
Yaresh Kothari Analyst (Automobile) [email protected]
A
nkita Somani Analyst (IT, Telecom) [email protected]
Sourabh Taparia Analyst (Banking) [email protected]
Bhupali Gursale Economist bhup[email protected]
V
inay Rachh Research Associate [email protected]
A
mit Patil Research Associate [email protected]
Shareen Batatawala Research Associate shareen.batata[email protected]ing.com
Twinkle Gosar Research Associate [email protected]
Tejashwini Kumari Research Associate [email protected]
Technicals:
Shardul Kulkarni Sr. Technical Analyst [email protected]
Sameet Chavan Technical Analyst [email protected]
Sacchitanand Uttekar Technical Analyst [email protected]
Derivatives:
Siddarth Bhamre Head - Derivatives [email protected]
Institutional Sales Team:
Mayuresh Joshi VP - Institutional Sales [email protected]
Hiten Sampat Sr. A.V.P- Institution sales [email protected]
Meenakshi Chavan Dealer meen[email protected]
Gaurang Tisani Dealer gaur[email protected]
A
kshay Shah Sr. Executive [email protected]ngelbroking.com
Production Team:
Tejas Vahalia Research Editor [email protected]
Dilip Patel Production [email protected].com
A
ngel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP000001546 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE: INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946
A
ngel Capital & Debt Market Ltd: INB 231279838 / NSE FNO: INF 231279838 / NSE Member code -12798 Angel Commodities Broking (P) Ltd: MCX Member ID: 12685 / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX : Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP /