Initiating Coverage | Lubricants
September 2, 2014
Tide Water Oil India
BUY
CMP
`12,076
On the path of growth
Target Price
`14,704
Stock trading at a discount to its peers; provides good investment opportunity: We
Investment Period
12 Months
like Tide Water Oil India Ltd (TWOIL) given its well established product portfolio in
Stock Info
the lubricants segment, strong brand recall and large distribution network. The
Sector
Lubricants
company is consistent gaining market share over the last several years. On the
Market Cap (` cr)
1,050
financials front, the company has a strong balance sheet with zero debt, healthy
net cash position and delivers healthy return ratios. On the valuation front, the
Net Debt (` cr)
119
company is trading at a discount compared to its close peers like Gulf Oil
Beta
0.5
Lubricants India and Castrol India. Currently the company is trading at a discount
52 Week High / Low
13,005 / 6,556
of more than 20% (one year forward PE) to its close peer Gulf Oil Lubricants India
Avg. Daily Volume
818
and at a discount of more than 50% to Castrol India’s PE valuation. Considering
Face Value (`)
10
the above factors, ie market share gains, healthy return ratios and attractive
BSE Sensex
26,868
valuation, we believe the company presents a good investment opportunity.
Nifty
8,028
Reuters Code
TIDE.BO
Consistently gaining market share despite subdued industry scenario: Over the
Bloomberg Code
TWO@IN
last 12 years, TWOIL has shown continuous improvement in market share (the
company’s market share has surged from 2.9% in FY2003 to 4.7% in FY2013)
owing to its strong brands (Veedol, Prima, Turbo etc), wide distribution network
Shareholding Pattern (%)
and good quality of products. On the other hand, other PSU players and private
Promoters
26.2
players like Castrol India have been losing market share. Going forward, we
MF / Banks / Indian Fls
11.3
believe that the lubricant industry will report an improvement in volume growth
FII / NRIs / OCBs
0.0
owing to improvement in Indian economy which will benefit TWOIL.
Indian Public / Others
62.5
Outlook and Valuation: We forecast TWOIL to report standalone net sales CAGR
of ~9% over FY2014-16E to ~`1,196cr and standalone net profit CAGR of ~7%
Abs. (%)
3m 1yr
3yr
during the same period to `78cr. At the current market price of `12,076, the
Sensex
10.9
44.3
59.7
stock trades at a PE of 14.6x and 13.1x its FY2015E and FY2016E EPS of `828.6
TWOIL
30.8
77.6
80.7
and
`919.0, respectively. We initiate coverage on the stock with a Buy
recommendation and target price of `14,704, based on 16x FY2016E EPS,
indicating an upside of ~22% from the current levels.
Key financials (Standalone)
Y/E March (` cr)
FY2013
FY2014
FY2015E
FY2016E
Net sales
954
1,007
1,089
1,196
% chg
19.1
5.6
8.1
9.8
Net profit (Reported)
63
68
70
78
% chg
6.5
8.6
3.1
10.9
EBITDA margin (%)
9.8
9.1
9.4
9.4
EPS (`)
740.4
804.0
828.6
919.0
P/E (x)
16.3
15.0
14.6
13.1
P/BV (x)
3.0
2.7
2.3
2.1
RoE (%)
18.6
17.7
16.1
15.9
RoCE (%)
24.8
21.5
21.2
21.0
Amarjeet S Maurya
EV/Sales (x)
1.0
0.9
0.8
0.7
022-39357800 Ext: 6831
EV/EBITDA (x)
9.9
9.9
8.7
7.8
Source: Company, Angel Research, Note: CMP as of September 1, 2014
Please refer to important disclosures at the end of this report
1
Tide Water Oil India | Initiating Coverage
Investment arguments
Stock trading at discount to its close peers; provides good
investment opportunity
We expect the company to perform better on the top-line and the bottom-line
fronts, going forward. We like the company given its well established product
portfolio in the lubricants segment, strong brand recall and large distribution
network. The company is consistent gaining market share despite poor
performance of the industry. On the financials front, the company has a strong
Currently the company is trading at a
balance sheet with zero debt, healthy net cash position and delivers healthy return
discount of more than 20% (one year
ratios.
forward PE) to its close peer Gulf Oil
On the valuation front, the company is trading at a discount compared to its close
Lubricants India and at a discount of
peers like Gulf Oil Lubricants India and Castrol India. Currently the company is
more than 50% to Castrol India’s PE
trading at a discount of more than 20% (one year forward PE) to its close peer Gulf
valuation
Oil Lubricants India and at a discount of more than 50% to Castrol India’s PE
valuation. Considering the above factors, ie market share gains, healthy return
ratios and attractive valuation, we believe the company presents a good investment
opportunity.
Exhibit 1: One year forward PE for Castrol India
Exhibit 2: One year forward PE for TWOIL
38
18
33
16
14
28
12
23
10
18
8
13
6
8
4
P/E
Average P/E
P/E
Average P/E
Source: Company, Angel Research
Source: Company, Angel Research
September 2, 2014
2
Tide Water Oil India | Initiating Coverage
Continuous gains in market share despite subdued industry
volumes
Over the last few years, the lubricant industry’s volume growth has contracted due
to improvement in motor vehicle technology leading to lower consumption of
Going forward, we expect the lubricant
lubricant oil and longer refill cycle. The quality of lubricant oil has also improved
industry to report improvement in
over the years due to development in its manufacturing technology leading to
volume growth, ie of 2-3% over the next
less-often refilling. Thus, the industry reported negative volume growth of ~1%
three year as per industry estimates)
CAGR over FY2010-13 (during the same period, TWOIL reported a volume growth
of ~2.3% CAGR). Going forward, we believe that the lubricant industry would
report an improvement in volume growth (of 2-3% over the next three years as per
industry estimates) owing to improvement in the Indian economic scenario. A
buoyant economy will lead to an improvement in automobile sales and growth in
the industrial sectors, which in turn will lead to higher lubricant oil consumption.
Exhibit 3: TWOIL is continuously gaining market share
5
4.7
4.6
4.4
5
4.1
3.9
3.8
3.9
4
3.7
3.6
4
3.2
2.9
3
3
Source: Company, Angel Research
Over the last 12 years, TWOIL has shown continuous improvement in market
share (the company’s market share has surged from 2.9% in FY2003 to 4.7% in
FY2013) owing to its strong brands (Veedol, Prima, Turbo etc), wide distribution
network and good quality of products. On the other hand, other PSU players and
private players like Castrol India have been losing market share.
TWOIL’s market share has risen from
Further, the company supplies its products to reputed companies such as Hero
2.9% in FY2013 to 4.7% in FY2013
MotoCorp (HMCL), Honda Motorcycle and Scooter India (HMSI), Honda Cars
India, Honda Siel Power Products, India Yamaha Motor, L& T Komatsu, Kobelco
Construction Equipment India, SML Isuzu, and Kubota Agricultural Machinery
among others, all of which have good growth prospects owing to anticipation of
improvement in Indian economy. This will result in an improvement in TWOIL’s
volumes.
September 2, 2014
3
Tide Water Oil India | Initiating Coverage
Healthy balance sheet with strong cash flow and zero debt
We expect the company to be able to generate free cash flow at a CAGR of ~27%
over FY2014-16E due to healthy sales and operating margins and lower capex.
Considering the above factors we expect a healthy ROE and ROCE. Further,
TWOIL has a strong balance sheet with zero debt.
Exhibit 4: Strong free cash flow generation
Exhibit 5: ROE and ROCE trend
45
42
30
40
37
35
25
30
26
26
25
20
20
15
15
10
5
0
10
FY2013
FY2014
FY2015E
FY2016E
FY2013
FY2014
FY2015E
FY2016E
Free cash flow
ROE
ROCE
Source: Company, Angel Research
Source: Company, Angel Research
Established brand and wide distribution network drive growth
The company is continuously marking efforts to enhance brand awareness by
The company’s pan-India distribution
adopting a more customer-centric approach, executing campaigns on the
network consists of 50 distributors and
electronic media and undertaking elaborate field level activities.
over 650 dealers servicing over 50,000
A pan-India distribution network, consisting of 50 distributors and over
650
retail outlets
dealers servicing over 50,000 retail outlets, has the spread and penetration to
deliver products in every nook and corner of the country. The company’s five
plants and 55 depots are located strategically across the country. Further, the
company is also implementing various loyalty programs with its dealers and
retailers which have strengthened the marketing and distribution network of the
company.
Going forward, we believe that the company’s strong brands and wide distribution
network (mainly in the “Bazaar” segment) would aid it to grow its business
substantially.
September 2, 2014
4
Tide Water Oil India | Initiating Coverage
Exhibit 6: Some reputed brands of TWOIL
Source: Company, Angel Research
Strong focus on R&D will ensure better product quality
The company is continuously focusing
The company has a wide range of products under the umbrella brand “Veedol” for
on maintaining and bettering the
the automotive and industrial segments. The company is continuously focusing on
quality of its products by spending
maintaining and bettering the quality of its products by spending adequately on
adequately
on
research
and
research and development. TWOIL is a pioneer in manufacturing engine oils
development
exceeding various performance standards in India. The manufacturing facilities are
backed by in-house R&D centres to ensure that the products match the most
stringent international standards as well as original equipment manufacturers’
requirement. Products are developed keeping in mind the high performance
requirement of modern engines, the extreme operating conditions and emerging
environmental regulations and new technologies.
The R&D centre for lube oils is located at Turbhe in Navi Mumbai and the R&D
centre for greases is at Oragadam near Chennai. These R&D centres are
approved by the Department of Scientific and Industrial Research, Ministry of
Science and Technology, and the Government of India.
Foray into global markets through subsidiaries
TWOIL is continuously making efforts to increase its global footprint by acquisition
and incorporation of new companies, entering into joint ventures and appointing
franchisees. The company acquired its first company - Veedol International Ltd
TWOIL is planning to expand its global
(100% subsidiary) - in FY2012 from Castrol and Lubricants UK, wholly owned
footprint in Latin American countries
subsidiaries of BP Plc. This acquisition brought with it global rights to a wide
like Cuba, Colombia and Mexico
portfolio of registered trademarks for the master brand, Veedol, as well as
through joint ventures or franchisees
associated product sub-brands and iconic logos. The acquisition also opened up
opportunities for exports and sale of lubricants under the Veedol brand to various
geographies around the world. To leverage the salience of the Veedol brand in the
international market, steps have been initiated for marketing products in the
Middle East, Asia, and Europe.
Apart from these regions, the company is also planning to market the Veedol
brand in parts of Latin America like in Cuba, Colombia and Mexico and also
through joint ventures or franchisees. Considering the increasing competition and
contracting volumes in the domestic lubricant market, we believe that TWOIL is
taking the right step by venturing into overseas markets for revenue growth and
profitability.
September 2, 2014
5
Tide Water Oil India | Initiating Coverage
Financial outlook
Top-line likely to clock a CAGR of ~9% over FY2014-16E
TWOIL has reported standalone sales CAGR of ~10% over FY2011-14. During
FY2014, the company was unable to perform well due to slowdown in Indian
economy and subdued automobile sales volumes, which affected OEM sales
volume of the company. Going forward, we expect TWOIL to register healthy
standalone sales CAGR of ~9% over FY2014-16E supported by healthy sales
volume in the automobile and industrial segments owing to recovery in the Indian
economy. Further, the company also has a strong brand equity and distribution
network. Moreover, the company’s subsidiaries in other international regions are
also expected to do well (we have not factored it in our numbers). Hence, we
expect TWOIL’s standalone revenue to grow by ~9% and ~10% in FY2015E and
FY2016E respectively.
Exhibit 7: Projected Net Sales growth trend
1,400
25
1,196
1,200
19.1
1,089
1,007
20
1,000
15.6
801
954
15
800
760
9.8
600
8.1
10
400
5.5
5.6
5
200
-
0
FY2011
FY2012
FY2013
FY2014
FY2015E FY2016E
Net Sales
yoy growth (%)
Source: Company, Angel Research
EBITDA to witness a CAGR of ~11% over FY2014-16E
Going forward, we expect the company’s operating margin to be in the range of
9-9.5% owing to falling crude oil prices (we however have not factored any
correction in crude prices in our model) and cost effective management strategy.
September 2, 2014
6
Tide Water Oil India | Initiating Coverage
Exhibit 8: Projected EBITDA and margin trend
120
12.8
14
12
100
10.7
9.8
9.4
9.4
10
9.1
80
8
60
112
102
6
97
93
92
86
40
4
20
2
0
0
FY2011
FY2012
FY2013
FY2014
FY2015E FY2016E
EBITDA
Margin (%)
Source: Company, Angel Research
September 2, 2014
7
Tide Water Oil India | Initiating Coverage
Outlook and Valuation
Going ahead, we expect TWOIL to report standalone net sales CAGR of ~9% over
FY2014-16E to ~`1,196cr owing to some improvement in sales volume and
possible price hikes (the company would be able to take price hikes due to its
strong brands and better quality of products). We believe that the company would
perform better in the “Bazaar” segment owing to strong distribution network and
tie-ups with leading OEMs. Further, the company is expanding its footprint in
international markets through acquisitions, incorporation of new companies, joint
ventures or franchisees; which would aid the revenue growth for TWOIL in the
coming years. On the profitability front, we forecast TWOIL to report a standalone
net profit CAGR of ~7% over FY2014-16E to `78cr owing to healthy sales and
better operating margin due to cost effective management strategy.
At the current market price of `12,076, the stock trades at a PE of 14.6x and
13.1x its FY2015E and FY2016E EPS of `828.6 and `919.0, respectively. We
initiate coverage on the stock with a Buy recommendation and target price of
`14,704, based on 16x FY2016E EPS, indicating an upside of ~22% from the
current levels.
Exhibit 9: One-year forward P/E band
14,000
7x
9x
11x
13x
15x
12,000
10,000
8,000
6,000
4,000
2,000
0
Source: Company, Angel Research
The downside risks to our estimates include 1) any increase in crude oil (key raw
material) prices could negatively impact profitability,
2) downturn in the
automobile and industrial segments could affect business growth.
September 2, 2014
8
Tide Water Oil India | Initiating Coverage
Company Background
Tide Water Oil India Ltd (TWOIL) is a part of the multi divisional Andrew Yule
group that has diverse interests in Engineering, Electrical, Tea Cultivation, Power
Generation, Digital Communication Systems and Lubricants. TWOIL operates in
two segments: lubricants and wind power. The company’s products include
automotive oils, industrial oils, industrial grease, automotive grease and genuine
oils. Its repertoire of automotive products includes engine oils for trucks, tractors,
commercial vehicles, passenger cars and two/three wheelers. It also produces gear
oils, transmission oils, coolants and greases for automobiles. For industrial
application it manufactures industrial oils, greases and specialty products, such as
metal working fluids, quenching oils and heat transfer oils. The company’s plants
are located in Dadra & Nagar Haveli, Maharashtra, Haryana and West Bengal.
In October
2011, the company acquired Veedol International Ltd. On
January
15,
2012, the company incorporated Veedol International DMCC.
Recently, July 21, 2014, the company has entered into 50:50 JV with Japanese
company JX Nippon Oil.
Exhibit 10: Segment wise sales break up
0%
11%
89%
Lubricant oils
Greases
Wind Power Generation
Source: Company, Angel Research
September 2, 2014
9
Tide Water Oil India | Initiating Coverage
Standalone Profit & Loss Statement
Y/E March (` cr)
FY2011
FY2012
FY2013
FY2014
FY2015E
FY2016E
Net Sales
760
801
954
1,007
1,089
1,196
% chg
15.6
5.5
19.1
5.6
8.1
9.8
Total Expenditure
662
715
861
916
987
1,084
Cost of Materials
422
548
585
597
660
730
Personnel
31
31
40
42
47
53
Others
209
137
237
277
280
301
EBITDA
97
86
93
92
102
112
% chg
2.9
(11.6)
8.5
(1.5)
10.9
10.4
(% of Net Sales)
12.8
10.7
9.8
9.1
9.4
9.4
Depreciation& Amortisation
10
9
9
9
9
9
EBIT
87
77
84
83
93
103
% chg
(0.9)
(12.4)
9.7
(1.3)
11.9
11.2
(% of Net Sales)
11.5
9.6
8.8
8.2
8.5
8.6
Interest & other Charges
0
1
-
-
-
-
Other Income
7
11
10
21
14
15
(% of PBT)
7.4
12.4
10.8
20.0
13.0
12.7
Share in profit of Associates
-
-
-
-
-
-
Recurring PBT
94
86
94
104
107
118
% chg
5.7
(8.8)
9.3
10.1
2.8
10.9
Prior Period & Extord. Exp./(Inc.)
-
-
-
-
-
-
PBT (reported)
94
86
94
104
107
118
Tax
30
27
31
35
36
40
(% of PBT)
32.1
31.5
33.2
34.1
34.0
34.0
PAT (reported)
64
59
63
68
70
78
Add: Share of earnings of asso.
-
-
-
-
-
-
Less: Minority interest (MI)
-
-
-
-
-
-
PAT after MI (reported)
64
59
63
68
70
78
ADJ. PAT
64
59
63
68
70
78
% chg
11.0
(7.9)
6.5
8.6
3.1
10.9
(% of Net Sales)
8.4
7.4
6.6
6.8
6.5
6.5
Basic EPS (`)
754.8
695.1
740.4
804.0
828.6
919.0
Fully Diluted EPS (`)
754.8
695.1
740.4
804.0
828.6
919.0
% chg
11.0
(7.9)
6.5
8.6
3.1
10.9
September 2, 2014
10
Tide Water Oil India | Initiating Coverage
Standalone Balance Sheet
Y/E March (` cr)
FY2011
FY2012
FY2013
FY2014
FY2015E FY2016E
SOURCES OF FUNDS
Equity Share Capital
1
1
1
1
1
1
Reserves& Surplus
261
308
338
386
436
491
Shareholders Funds
262
308
339
387
437
492
Minority Interest
-
-
-
-
-
-
Total Loans
-
-
-
-
-
-
Deferred Tax Liability
6
6
5
5
5
5
Total Liabilities
268
314
344
392
442
497
APPLICATION OF FUNDS
Gross Block
117
127
133
138
147
157
Less: Acc. Depreciation
45
54
63
70
79
88
Net Block
72
73
70
69
69
70
Capital Work-in-Progress
1
2
1
1
1
1
Investments
1
52
54
57
65
70
Current Assets
318
337
377
451
508
581
Inventories
168
166
157
198
224
256
Sundry Debtors
76
83
129
149
167
190
Cash
16
34
49
62
72
85
Loans & Advances
57
53
42
42
46
50
Other Assets
-
-
-
-
-
-
Current liabilities
128
154
162
190
206
229
Net Current Assets
191
183
215
260
303
352
Deferred Tax Asset
3
4
4
5
5
5
Mis. Exp. not written off
-
-
-
-
-
-
Total Assets
268
314
344
392
442
497
September 2, 2014
11
Tide Water Oil India | Initiating Coverage
Standalone Cash Flow Statement
Y/E March (` cr)
FY2011
FY2012
FY2013
FY2014
FY2015E FY2016E
Profit before tax
94
86
94
104
107
118
Depreciation
10
9
9
9
9
9
Change in Working Capital
(66)
26
(36)
(31)
(33)
(36)
Interest / Dividend (Net)
(2)
(2)
(4)
(8)
0
0
Direct taxes paid
(29)
(30)
(29)
(36)
(36)
(40)
Others
(2)
(4)
(3)
(5)
0
0
Cash Flow from Operations
5
86
32
33
46
52
(Inc.)/ Dec. in Fixed Assets
(3)
(8)
(2)
(0)
(9)
(10)
(Inc.)/ Dec. in Investments
-
(51)
(2)
(3)
(8)
(5)
Cash Flow from Investing
(3)
(59)
(4)
(3)
(17)
(15)
Issue of Equity
0
0
0
0
0
0
Inc./(Dec.) in loans
0
0
0
0
0
0
Dividend Paid (Incl. Tax)
(5)
(6)
(12)
(15)
(20)
(23)
Interest / Dividend (Net)
(1)
(2)
(1)
(1)
0
0
Cash Flow from Financing
(6)
(8)
(13)
(16)
(20)
(23)
Inc./(Dec.) in Cash
(4)
18
14
14
10
13
Opening Cash balances
20
16
34
49
62
72
Closing Cash balances
16
34
49
62
72
85
September 2, 2014
12
Tide Water Oil India | Initiating Coverage
Key Ratios
Y/E March
FY2011
FY2012
FY2013
FY2014
FY2015E FY2016E
Valuation Ratio (x)
P/E (on FDEPS)
16.0
17.4
16.3
15.0
14.6
13.1
P/CEPS
13.9
15.0
14.3
13.3
12.9
11.8
P/BV
3.9
3.3
3.0
2.7
2.3
2.1
Dividend yield (%)
0.4
0.5
1.0
1.2
1.7
1.9
EV/Sales
1.3
1.2
1.0
0.9
0.8
0.7
EV/EBITDA
10.4
11.0
9.9
9.9
8.7
7.8
EV / Total Assets
2.6
2.0
1.8
1.6
1.4
1.2
Per Share Data (`)
EPS (Basic)
754.8
695.1
740.4
804.0
828.6
919.0
EPS (fully diluted)
754.8
695.1
740.4
804.0
828.6
919.0
Cash EPS
869.1
804.0
847.3
907.6
933.9
1,026.7
DPS
50.0
60.0
120.0
150.0
200.0
232.0
Book Value
3,077.3
3,627.9
3,987.3
4,548.6
5,145.2
5,788.4
Returns (%)
ROCE
33.4
24.8
24.8
21.5
21.2
21.0
Angel ROIC (Pre-tax)
35.7
34.4
35.6
31.0
30.9
30.6
ROE
24.5
19.2
18.6
17.7
16.1
15.9
Turnover ratios (x)
Asset Turnover (Gross Block)
6.5
6.3
7.2
7.3
7.4
7.6
Inventory / Sales (days)
81
76
60
72
75
78
Receivables (days)
37
38
49
54
56
58
Payables (days)
42
46
37
40
42
44
WC cycle (ex-cash) (days)
75
67
72
86
89
92
September 2, 2014
13
Tide Water Oil India | Initiating Coverage
Research Team Tel: 022 - 39357800
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine
the merits and risks of such an investment.
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investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
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Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions 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
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document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
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Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement
Tide Water Oil India
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
3. Angel and its Group companies' Directors ownership of the stock
No
4. Broking relationship with company covered
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Returns):
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
Reduce (-5% to -15%)
Sell (< -15%)
September 2, 2014
14
Tide Water Oil India | Initiating Coverage
6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E), Mumbai- 400 093. Tel: (022) 39357800
Research Team
Fundamental:
Sarabjit Kour Nangra
VP-Research, Pharmaceutical
Vaibhav Agrawal
VP-Research, Banking
Amarjeet Maurya
Analyst
Denil Savla
Analyst
Shrenik Gujrathi
Analyst
Umesh Matkar
Analyst
Twinkle Gosar
Analyst
Bharat Gianani
Analyst
Tejas Vahalia
Research Editor
Technicals and Derivatives:
Siddarth Bhamre
Head - Technical & Derivatives
Sameet Chavan
Technical Analyst
Nagesh Arekar
Executive
Sneha Seth
Associate (Derivatives)
Institutional Sales Team:
Mayuresh Joshi
VP - Institutional Sales
Meenakshi Chavan
Dealer
Gaurang Tisani
Dealer
Production Team:
Dilip Patel
Production Incharge
CSO & Registered Office: G-1, Ackruti Trade Centre, Road No. 7, MIDC, Andheri (E), Mumbai - 93. Tel: (022) 3083 7700. Angel Broking Pvt. Ltd: BSE Cash: INB010996539 / BSE F&O: INF010996539, CDSL Regn. No.: IN - DP - CDSL - 234 - 2004, PMS Regn. Code: PM/INP000001546, NSE Cash: INB231279838 /
NSE F&O: INF231279838 / NSE Currency: INE231279838, MCX Stock Exchange Ltd: INE261279838 / Member ID: 10500. 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 / 0302.
September 2, 2014
15
