18
1 Nov 4 th , 2010 Stock Data Sector Capital Goods Face Value(Rs) Rs.2.00 52 wk. High/Low (Rs.) Rs.341.00/201.85 Volume (2 wk. Avg.) 66000 BSE Code 500093 Market Cap(Rs in Mn) 211053.50 Financials (Rs.in.mn) FY10 FY11E FY12E Net Sales 91408.70 98721.40 108593.54 EBIDTA 13706.30 15307.61 16255.68 PAT 8240.60 9044.40 9701.21 EPS 13.40 14.12 15.12 P/E 24.54 23.30 21.76 CROMPTON GREAVES LTD BUY F I R S T C A L L R E S E A R C H SYNOPSIS Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with an impressive global footprint, operating in over 10 countries. CG's India operations were established in 1937. CGL is engaged in designing, manufacturing and marketing electrical products and services related to power generation, transmission and distribution. The company ventures into three business groups such as power systems, industrial systems, and consumer products by investing Rs.200 crore. Crompton Greaves exports it wide range of products to over 60 countries across globe. In transformer business the company is a market leader and commands a market share of 18%. CGL has sanctioned the Scheme of Amalgamation of Brook Crompton Greaves Ltd ("BCGL" or "the Transferor Company"), a 100% subsidiary, with Crompton Greaves Ltd. CGL has set up a new transformer manufacturing facility in Washington, Missouri, U.S.A. with an initial investment of $ 20 million through its subsidiary CG Power Systems USA. Net Sales and PAT of the company are expected to grow at a CAGR of 8% and 20% over 2009 to 2012E respectively. 1 Year Comparative Graph Crompton Greaves Ltd BSE SENSEX V.S.R. Sastry Equity Research Desk [email protected] Dr. V.V.L.N. Sastry Ph.D. Chief Research Officer [email protected] C.M.P: Target Price: Rs.329.00 Rs.378.00 Share Holding Pattern

Basic EPS of the company stood at Rs. 3breport.myiris.com/firstcall/CROGREAV_20101104.pdf · Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with an impressive

  • Upload
    others

  • View
    0

  • Download
    0

Embed Size (px)

Citation preview

Page 1: Basic EPS of the company stood at Rs. 3breport.myiris.com/firstcall/CROGREAV_20101104.pdf · Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with an impressive

1

Nov 4th, 2010

Stock Data

Sector Capital Goods

Face Value(Rs) Rs.2.00

52 wk. High/Low (Rs.) Rs.341.00/201.85

Volume (2 wk. Avg.) 66000

BSE Code 500093

Market Cap(Rs in Mn) 211053.50

Financials (Rs.in.mn) FY10 FY11E FY12E

Net Sales 91408.70 98721.40 108593.54

EBIDTA 13706.30 15307.61 16255.68

PAT 8240.60 9044.40 9701.21

EPS 13.40 14.12 15.12

P/E 24.54 23.30 21.76

CROMPTON GREAVES LTD BUY F

I

R

S

T

C

A

L

L

R

E

S

E

A

R

C

H

SYNOPSIS Crompton Greaves (CG) is part of the US$ 4 bn

Avantha Group, a conglomerate with an

impressive global footprint, operating in over

10 countries. CG's India operations were

established in 1937.

CGL is engaged in designing, manufacturing

and marketing electrical products and services

related to power generation, transmission and

distribution.

The company ventures into three business

groups such as power systems, industrial

systems, and consumer products by investing

Rs.200 crore.

Crompton Greaves exports it wide range of

products to over 60 countries across globe. In

transformer business the company is a market

leader and commands a market share of 18%.

CGL has sanctioned the Scheme of

Amalgamation of Brook Crompton Greaves Ltd

("BCGL" or "the Transferor Company"), a 100%

subsidiary, with Crompton Greaves Ltd.

CGL has set up a new transformer

manufacturing facility in Washington,

Missouri, U.S.A. with an initial investment of $

20 million through its subsidiary CG Power

Systems USA.

Net Sales and PAT of the company are expected

to grow at a CAGR of 8% and 20% over 2009 to

2012E respectively.

1 Year Comparative Graph

Crompton Greaves Ltd BSE SENSEX

V.S.R. Sastry

Equity Research Desk

[email protected]

Dr. V.V.L.N. Sastry Ph.D.

Chief Research Officer

[email protected]

C.M.P: Target Price: Rs.329.00 Rs.378.00

Share Holding Pattern

Page 2: Basic EPS of the company stood at Rs. 3breport.myiris.com/firstcall/CROGREAV_20101104.pdf · Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with an impressive

2

Peer Group Comparison

Name of the company CMP(Rs.)

Market Cap.(Rs.Mn.) EPS(Rs.) P/E(x) P/BV(x)

Dividend (%)

Crompton Greaves Ltd 329.00 211053.50 13.40 24.54 8.48 110.00

BHEL 2525.70 1236380.70 97.89 25.80 7.77 233.00

Siemens 836.90 282169.40 21.51 38.91 9.68 250.00

ABB 859.10 182050.50 7.84 109.58 7.55 100.00

Investment Highlights

Q2 FY11 Results Update

Crompton Greaves Ltd disclosed results for the quarter ended September 2010.

Net sales for the quarter moved up 10% to Rs.23978.80 million as compared to

Rs.21890.40 million during the corresponding quarter last year. During the

quarter, the company has reported Net Profit increased Rs. 2135.90 million from

Rs.1933.70 million in previous year same quarter. The Basic EPS of the company

stood at Rs.3.33 for the quarter ended September 2010.

Quarterly Results – Consolidate(Rs in mn)

As At Sep-10 Sep-09 %Change

Net sales 23978.80 21890.40 10%

Net Profit 2135.90 1933.70 10%

Basic EPS 3.33 5.28 -

Page 3: Basic EPS of the company stood at Rs. 3breport.myiris.com/firstcall/CROGREAV_20101104.pdf · Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with an impressive

3

Basic EPS of the company stood at Rs. 3.33

Page 4: Basic EPS of the company stood at Rs. 3breport.myiris.com/firstcall/CROGREAV_20101104.pdf · Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with an impressive

4

Break up of Expenditure

Expenditure for the quarter stood at Rs.20646.60mn, which is around 10%

higher than the corresponding period of the previous year. Raw material cost of

the company for the quarter accounts for 54% of the sales of the company and

stood at Rs.12839.00mn from Rs.11696.70mn of the corresponding period of the

previous year. Employees cost increased 9%YoY to Rs.3093.1mn from

Rs.2828.6mn and accounts for 13% of the revenue of the company for the

quarter.

OPM and NPM for the quarter stood at 15% and 9% respectively from 15% and 9%

respectively of the same period of the last year.

Page 5: Basic EPS of the company stood at Rs. 3breport.myiris.com/firstcall/CROGREAV_20101104.pdf · Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with an impressive

5

Board declares Interim Dividend

Crompton Greaves Ltd has declared an interim dividend of 40% i.e. Rs. 0.80 per

share. This dividend will be payable on the increased share capital of Rs. 128.30

crores consequent to the Bonus Issue made on March 10, 2010, in the ratio of 3

shares for every 4 shares held.

Set up new transformer manufacturing facility in US

Crompton Greaves (CG), part of the $4 billion Avantha Group, has set up a new

transformer manufacturing facility in Washington, Missouri, U.S.A. with an initial

investment of $ 20 million through its subsidiary CG Power Systems USA.

This next-generation power transformer plant, located on the newly named

'Avantha Drive' would produce medium capacity transformers of 100 MVA (mega

volt amperes) and is expected to generate close to 150 new jobs over the next three

years. It will also allow CG Power Systems USA to offer, to their Utility and

Industrial customers in the Americas region, medium power transformers through

60 MVA, 138 kV and 750 BIL. Meanwhile, this plant will help build CG's product

portfolio globally and aggressively in the engineering, procurement and

maintenance segment. Further, it will also help the company to become a total

solutions provider in the industry.

Company Profile

Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with

an impressive global footprint, operating in over 10 countries. Since its inception, CG

has been synonymous with electricity. In 1875, a Crompton 'dynamo' powered the

world's very first electricity-lit house in Colchester, Essex, U.K. CG's India operations

were established in 1937, and since then the company has retained its leadership

position in the management and application of electrical energy.

Crompton Greaves is India's largest private sector enterprise. It has diversified

extensively and is engaged in designing, manufacturing and marketing technologically

advanced electrical products and services related to power generation, transmission

Page 6: Basic EPS of the company stood at Rs. 3breport.myiris.com/firstcall/CROGREAV_20101104.pdf · Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with an impressive

6

and distribution, besides executing turnkey projects. The company is customer-centric

in its focus and is the single largest source for a wide variety of electrical equipments

and products. With several international acquisitions; Crompton Greaves is fast

emerging as a first choice global supplier for high quality electrical equipment.

Products

Power Systems

Under this it manufactures transformers, switchgears and power quality products

like harmonic filters, power quality monitors, transient suppressors, current limiting

reactors and reactive power compensation systems. It offers power quality services

such as audits, system design, consulting etc. It also undertakes engineering projects

providing total solution for power transmission and distribution.

Industrial systems

Under this segment it manufactures and markets wide range of electric motors such

as Fractional Horse Power Motors, LT Motors, HT Motors, DC Machines, Stampings,

Traction Motors and Alternators, Electrical Control Panels for diesel electric

locomotives and Railway Signaling Products.

Consumer Products

It manufactures consumer products such as fans, lamps, pumps and a range of

electrical appliances such irons, mixers, etc.

It also manufactures telecom solutions such as switching, transmission and access

products for telecommunications network and information technology services.

Page 7: Basic EPS of the company stood at Rs. 3breport.myiris.com/firstcall/CROGREAV_20101104.pdf · Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with an impressive

7

Financials Results

12 Months Ended Profit & Loss Account (Consolidate)

Value(Rs.in million) FY09A FY10A FY11E FY12E

12m 12m 12m 12m

Description

Net Sales 87372.6 91408.7 98721.4 108593.54

Other Income 587 936.8 993.01 1052.59

Total Income 87959.6 92345.5 99714.4 109646.12

Expenditure -77416.8 -78639.2 -84406.79 -93390.44

Operating Profit 10542.8 13706.3 15307.61 16255.68

Interest -655.1 -264.9 -270.01 -285.26

Gross Profit 9887.7 13441.4 15037.6 15970.43

Depreciation -1216 -1550.9 -1737.01 -1910.71

Exceptional Items 0 0 0 0

Profit before Tax 8671.7 11890.5 13300.59 14059.72

Tax -3046.7 -3649.9 -4256.19 -4358.51

Profit after Tax 5625 8240.6 9044.4 9701.21

Extraordinary Items 0 352.1 0 0

Minority Interest -17.1 -25.5 -1 0

Share of Porfit & Loss Asso

-8.9 31.5 13.9 0

Net Profit 5599 8598.7 9057.3 9701.21

Equity Capital 733.1 1283 1283 1283

Reserves 17431.5 23615.6 32660 42361.21

Face Value(Rs.) 2 2 2 2

EPS 15.27 13.4 14.12 15.12

*A=Actual, *E=Estimated

Page 8: Basic EPS of the company stood at Rs. 3breport.myiris.com/firstcall/CROGREAV_20101104.pdf · Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with an impressive

8

Quarterly Ended Profit & Loss Account (Consolidate)

Value(Rs.in million) 30-Mar-09 30-Jun-10 30-Sep-10 30-Dec-10

3m(A) 3m(A) 3m(A) 3m(E)

Description

Net Sales 25078.9 23022.1 23978.8 25177.74

Other Income 329.4 183 227.8 250.58

Total Income 25408.3 23205.1 24206.6 25428.32

Expenditure -21052.3 -20048.8 -20646.6 -21652.86

Operating Profit 4356 3156.3 3560 3775.46

Interest -119.1 -50.1 -48.5 -50.93

Gross Profit 4236.9 3106.2 3511.5 3724.54

Depreciation -397 -415.1 -457.8 -480.69

Exceptional Items 0 0 0 0

Profit before Tax 3839.9 2691.1 3053.7 3243.85

Tax -1138.1 -793.8 -919.5 -1005.59

Profit after Tax 2701.8 1897.3 2134.2 2238.26

Extraordinary Items 352.1 0 0 0

Minority Interest -1.6 -1 0 0

Share of Porfit & Loss Asso

12.8 12.2 1.7 0

Net Profit 3,065.10 1,908.50 2,135.90 2,238.26

Equity Capital 1283 1283 1283 1283

Face Value(Rs.) 2 2 2 2

EPS 4.78 2.98 3.33 3.49

*A=Actual, *E=Estimated

Page 9: Basic EPS of the company stood at Rs. 3breport.myiris.com/firstcall/CROGREAV_20101104.pdf · Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with an impressive

9

Key Ratios Particulars FY09 FY10 FY11E FY12E

EPS (Rs.) 15.27 13.4 14.12 15.12

EBITDA Margin (%) 12.07% 14.99% 15.51% 14.97%

PAT Margin (%) 6.44% 9.02% 9.16% 8.93%

P/E Ratio (x) 23.83 24.54 23.3 21.76

ROE (%) 30.97% 33.10% 26.65% 22.23%

ROCE (%) 36.80% 40.64% 34.40% 28.92%

EV/EBITDA (x) 12.65 15.4 13.79 12.98

Debt-Equity Ratio 0.4 0.2 0.16 0.14

Book Value (Rs.) 49.56 38.81 52.91 68.03

P/BV 7.34 8.48 6.22 4.84

Charts:

Page 10: Basic EPS of the company stood at Rs. 3breport.myiris.com/firstcall/CROGREAV_20101104.pdf · Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with an impressive

10

Page 11: Basic EPS of the company stood at Rs. 3breport.myiris.com/firstcall/CROGREAV_20101104.pdf · Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with an impressive

11

Page 12: Basic EPS of the company stood at Rs. 3breport.myiris.com/firstcall/CROGREAV_20101104.pdf · Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with an impressive

12

Outlook and Conclusion

At the current market price of Rs.329.00, the stock is trading at 23.30 x FY11E

and 21.76 x FY12E respectively.

Price to Book Value of the stock is expected to be at 6.22 x and 4.84 x respectively for FY11E and FY12E.

Earning per share (EPS) of the company for the earnings for FY11E and FY12E is seen at Rs.14.12 and Rs.15.12 respectively.

Net Sales and PAT of the company are expected to grow at a CAGR of 8% and 20% over 2009 to 2012E respectively.

The company ventures into three business groups such as power systems, industrial systems, and consumer products by investing Rs.200 crore.

Crompton Greaves exports it wide range of products to over 60 countries across globe. In transformer business the company is a market leader and commands a market share of 18%.

CGL has sanctioned the Scheme of Amalgamation of Brook Crompton Greaves Ltd ("BCGL" or "the Transferor Company"), a 100% subsidiary, with Crompton Greaves Ltd.

Page 13: Basic EPS of the company stood at Rs. 3breport.myiris.com/firstcall/CROGREAV_20101104.pdf · Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with an impressive

13

CGL has set up a new transformer manufacturing facility in Washington, Missouri, U.S.A. with an initial investment of $ 20 million through its subsidiary CG Power Systems USA.

On the basis of EV/EBITDA, the stock trades at 13.79 x for FY11E and 12.98 x for FY12E.

We expect that the company will keep its growth story in the coming quarters also. We recommend ‘BUY’ in this particular scrip with a target price of Rs.378.00 for Medium to Long term investment.

Industry Overview

Engineering Sector: Market & Opportunities

Engineering sector

Heavy Engineering Light engineering

Transport

Capital goods

Other machinery/

Equipment

Low-tech items like

castings, forgings and

Fasteners

Highly sophisticated

Microprocessor-based

Process control

Page 14: Basic EPS of the company stood at Rs. 3breport.myiris.com/firstcall/CROGREAV_20101104.pdf · Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with an impressive

14

India's engineering industry is highly competitive with a number of players in each

segment. The engineering sector has been growing, driven by growth in end user

industries and the new projects being taken up in the power, railways, infrastructure

development, and private sector investments fields amongst others. The industry

attracted FDI inflows of US$ 1,196.7 million from August 1991-July 2006

India's exports of engineering goods are valued at US$ 27 billion during 2006-07

which represents a 6 per cent growth over the exports for 2005-06 (US$ 20 billion).

The engineering sector accounted for 14 per cent of the country's total exports. It is

also noteworthy that 40 per cent of India's engineering export is from the small and

medium enterprises (SME) sector. According to Engineering Exports Promotion

Council (EEPC), engineering exports could touch US$ 30 billion by 2008-09. In such a

scenario, India, driven by the engineering sector, will emerge as a key global

manufacturing hub

Industry demand is driven by investments in core sectors

The demand from this sector depends largely on GDP growth, which in turn is a

function of expenditure in core segments like power, railways, and infrastructure

development, private sector investments, and the speed at which projects are

implemented. The power sector is the largest contributor to the revenues of

engineering companies. Engineering majors like Bharat Heavy Electricals Limited

(BHEL) and ABB Limited derive a significant chunk of their revenues (69 per cent and

60 per cent, respectively) through the supply of equipment to the power sector.

Infrastructure is another key area of operation. Larsen & Toubro Limited, for example,

garners around 35 per cent of its sales from infrastructure activities like engineering,

design and construction of industrial projects, social and physical projects like

housing, hospitals, information technology (IT) parks, expressways, bridges, ports, and

water/effluent treatment projects. The industrial segment contributes to around 30

per cent of the total revenues of the engineering sector. While India’s engineering

industry has capabilities in manufacturing the range of machinery required by the

different user sectors, the rapid rise in demand has led to a large part of the

machinery requirements being met through imports. This indicates the size of

Page 15: Basic EPS of the company stood at Rs. 3breport.myiris.com/firstcall/CROGREAV_20101104.pdf · Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with an impressive

15

opportunity for investment in the engineering and capital goods sector in India. The

engineering industry has attracted FDI inflows of US$ 1,196.73 million from August

1991-July 2006.

Indian Engineering goods are gaining acceptance in overseas markets

India’s exports of engineering goods are valued at US$ 27 billion during 2006-07

which represents a 36 per cent growth over the exports for 2005-06 US$ 20 billion).

The engineering sector accounted for 14 per cent of the country’s total exports. It is

also noteworthy that 40 per cent of India’s engineering export is from the small and

medium enterprises (SME) sector. A key driver for increased engineering exports is the

trend towards shifting of global manufacturing bases to countries like India that offer

lower costs and good engineering talent. This trend is expected to continue and boost

exports of engineering goods from India over the next 5 years. According to

Engineering Exports Promotion Council (EEPC), engineering exports could touch US$

30 billion by 2008-09. In such a scenario, India, driven by the engineering sector, will

emerge as a key global manufacturing hub.

The nature of Indian engineering exports is also changing with time. India is fast

moving from exporting low value goods to developing countries to more sophisticated

goods targeted at developed countries. Capital goods account for 27 per cent of total

engineering exports. Exports to European Union countries and North America

accounted for 19 per cent and 17 per cent respectively, of total engineering exports in

2005-06. Engineering goods worth US$ 3.34 billion were exported to USA alone in

April – Feb 2006-07

Growing Demand

Capacity creation and transformation in sectors such as infrastructure, power,

mining, oil & gas, refinery, steel, automotive, consumer durables are driving growth in

the engineering industry. The framework below captures some of the key factors that

are contributing to domestic and international demand for engineering goods from

Page 16: Basic EPS of the company stood at Rs. 3breport.myiris.com/firstcall/CROGREAV_20101104.pdf · Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with an impressive

16

India. Restructuring of the state electricity boards in different states, growth of private

sector players and focus on capacity creation have driven growth in the power sector.

Conclusion

The Engineering sector’s future outlook is promising. Drivers like power projects, other

infrastructure development activities, industrial growth and favorable policy

regulations will drive growth in manufacturing. The Indian engineering industry has

been witnessing significant level of capability enhancement over the years. As export

markets open up, this will help India develop a strong presence in global engineering

exports. Power sector contributes the largest to the engineering companies’ revenues.

Major players in this sector like ABB and BHEL derive 60 per cent and 69 per cent of

their revenues from supplying equipments to the power sector. Going forward, with

the Government clearing the blueprint for adding 100,000 MW in the tenth (2002-07)

and eleventh 2007-12) five-year plans, the potential are high for the engineering

majors. Emerging trends such as outsourcing of engineering services can provide new

opportunities for quantum growth. Engineering and design services such as new

product designing, product improvement, maintenance and designing manufacturing

systems are increasingly getting outsourced to countries like India and China. India’s

engineering sector has significant potential for future growth, in manufacturing as well

as services.

With development in associated sectors like automotive, one of the largest evolving

markets for engineering and industrial goods, and a well developed technical human

resources pool, India is poised to make significant strides in all segments of

engineering.

Page 17: Basic EPS of the company stood at Rs. 3breport.myiris.com/firstcall/CROGREAV_20101104.pdf · Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with an impressive

17

________ ____ _________________________ Disclaimer:

This document prepared by our research analysts does not constitute an offer or solicitation

for the purchase or sale of any financial instrument or as an official confirmation of any

transaction. The information contained herein is from publicly available data or other

sources believed to be reliable but do not represent that it is accurate or complete and it

should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it’s

affiliates 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. This document

is provide for assistance only and is not intended to be and must not alone be taken as the

basis for an investment decision.

Page 18: Basic EPS of the company stood at Rs. 3breport.myiris.com/firstcall/CROGREAV_20101104.pdf · Crompton Greaves (CG) is part of the US$ 4 bn Avantha Group, a conglomerate with an impressive

18

Firstcall India Equity Research: Email – [email protected]

C.V.S.L.Kameswari Pharma

U. Janaki Rao Capital Goods

B.Harikrishna Banking

B. Prathap IT

D. Ashakirankumar Automobile

A. Rajesh Babu FMCG

H.Lavanya Oil & Gas

A.Prathibha Diversified

G.Bharani Bhukta Diversified

Kavita Singh Diversified

Nimesh Gada Diversified

Priya Shetty Diversified

Neelam Dubey Diversified

Firstcall India also provides

Firstcall India Equity Advisors Pvt.Ltd focuses on, IPO’s, QIP’s, F.P.O’s,Takeover

Offers, Offer for Sale and Buy Back Offerings.

Corporate Finance Offerings include Foreign Currency Loan Syndications,

Placement of Equity / Debt with multilateral organizations, Short Term Funds

Management Debt & Equity, Working Capital Limits, Equity & Debt

Syndications and Structured Deals.

Corporate Advisory Offerings include Mergers & Acquisitions(domestic and

cross-border), divestitures, spin-offs, valuation of business, corporate

restructuring-Capital and Debt, Turnkey Corporate Revival – Planning &

Execution, Project Financing, Venture capital, Private Equity and Financial

Joint Ventures

Firstcall India also provides Financial Advisory services with respect to raising

of capital through FCCBs, GDRs, ADRs and listing of the same on International

Stock Exchanges namely AIMs, Luxembourg, Singapore Stock Exchanges and

other international stock exchanges.

For Further Details Contact:

3rd Floor,Sankalp,The Bureau,Dr.R.C.Marg,Chembur,Mumbai 400 071

Tel. : 022-2527 2510/2527 6077/25276089 Telefax : 022-25276089

E-mail: [email protected]