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4QSY2012 Result Update | Tyre

December 3, 2012

MRF
Performance Highlights
Y/E Sept. (` cr) Net sales EBITDA EBITDA margin (%) Reported PAT 4QSY2012 4QSY2011 % chg (yoy) 3QSY2012 % chg (qoq) 2,994 350 11.7 165 2,620 182 6.9 395 14.3 92.8 477bp (58.3) 3,008 324 10.8 145 (0.5) 8.0 92bp 14.0

BUY
CMP Target Price
Investment Period
Stock Info Sector Market Cap (` cr) Net Debt (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (Rs) BSE Sensex Nifty Reuters Code Bloomberg Code Tyres 4,622 1,535 0.9 11570/6472 3,186 10 19,305 5,871 MRF.BO MRF IN

`10,899 `13,416
12 Months

Source: Company, Angel Research

For 4QSY2012, MRF reported a revenue growth of 14.3% yoy to `2,994cr from `2,620cr in 4QSY2011. Fall in rubber prices led to a 477bp expansion of EBITDA margin to 11.7% on a yoy basis. However, net profit for the quarter is not comparable on a yoy basis since 4QSY2011 incorporates adjustment for change in method of depreciation. Lower rubber prices continue to benefit the bottom-line: MRF being a market leader in the tyre industry, we expect a sustained replacement demand to facilitate a modest revenue growth at 10.2% CAGR over SY2012-14E. Moreover, an industry shift to radialization across all tyre segments coupled with stabilizing rubber prices (hovering at `175/kg currently, compared to its peak of `243/kg in Apr’11), has been the key reason for 234bp yoy expansion of EBITDA margin to10.6% for SY2012 from 8.3% in SY2011. We expect rubber prices to be stable at these levels, thus leading to steady EBITDA margin going forward. We expect the bottom-line to grow at a modest pace over SY2012-14E backed by a moderate growth in the top-line. Outlook and valuation: We expect MRF’s revenue to post a 10.2% CAGR over SY2012-14E to `14,405cr, while EBITDA margin is expected to remain stable at 10.6% owing to expected stability in rubber prices. Consequently the net profit is expected to post an 11.5% CAGR over SY2012-14E to `711cr. At the current market price, MRF is trading at a PE of 6.5x its SY2014E earnings and P/BV of 1.1x for SY2014E. As we rollover to SY2014, we maintain our Buy recommendation on the stock with a revised target price of `13,416, based on a target P/E of 8x for SY2014E earnings.

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 27.0 10.2 29.9 32.9

Abs. (%) Sensex MRF

3m 11.0 8.0

1yr 14.6 47.5

3yr 12.3 81.3

Key financials
Y/E Sept. (` cr) Net Sales % chg Adj. Net Profit % chg EBITDA (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoIC (%) EV/Sales (x) EV/EBITDA (x)
Source: Company, Angel Research

SY2011 9,743 30.7 343 (1.4) 8.3 808 13.5 2.0 17.2 17.6 0.6 7.8

SY2012E 11,870 21.8 572 67.0 10.6 1,350 8.1 1.6 22.2 22.5 0.5 5.0

SY2013E 13,030 9.8 601 5.1 10.3 1,418 7.7 1.3 19.1 20.1 0.5 4.4

SY2014E 14,405 10.6 711 18.3 10.6 1,677 6.5 1.1 18.7 20.2 0.4 3.7

Shareen Batatawala
+91- 22- 3935 7800 Ext: 6849 shareen.batatawala@angelbroking.com

Please refer to important disclosures at the end of this report

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MRF | 4QSY2012 Result Update

Exhibit 1: 4QSY2012 performance
Y/E Sept. (` cr) Net Sales Net raw material (% of Sales) Staff Costs (% of Sales) Other Expenses (% of Sales) Total Expenditure EBITDA EBITDA margin (%) Interest Depreciation Other Income PBT (% of Sales) Tax (% of PBT) Extraordinary income Reported PAT PATM Adjusted PAT Equity capital (cr) EPS (`)
Source: Company, Angel Research

4QSY12 2,994 2,053 68.6 133 4.4 458 15.3 2,643 350 11.7 45 87 19 238 7.9 73 30.8 165 5.5 165 4 389

4QSY11 2,620 1,921 73.3 120 4.6 396 15.1 2,438 182 6.9 27 68 3 89 3.4 177 199.9 (484.1) 395 15.1 395 4 933

yoy chg (%) 14.3 6.8 10.4 15.5 8.4 92.8 477bp

3QSY12 3,008 2,082 69.2 137 4.5 466 15.5 2,684 324 10.8 41 78 4

qoq chg (%) (0.5) (1.4) (2.9) (1.6) (1.5) 8.0 92bp

SY12 11,870 8,353 70.4 514 4.3 1,745 14.7 10,612 1,258 10.6 156 301 32

SY11 9,743 7,107 72.9 447 4.6 1,385 14.2 8,938 805 8.3 93 248 25 489 5.0 274 56.0 404.2 619 6.4 343 4 1,461

% chg 21.8 17.5 15.0 26.1 18.7 56.4 234bp

168.0 (58.8)

210 7.0 65 31.1 -

13.4 12.3

833 7.0 261 31.3 -

70.2 (4.9)

(58.3) (58.3) (58.3)

145 4.8 145 4 341

14.0 14.0 14.0

572 4.8 572 4 1,350

(7.6) 67.0 (7.6)

Exhibit 2: Actual vs Angel Estimate
(` cr) Total Income EBIDT EBIDTA margin (%) Adjusted PAT
Source: Company, Angel Research

Actual 2,994 350 11.7 165

Estimate 2,927 326 11.1 139

Variation (%) 2.3 7.6 58bp 18.3

In-line revenue, yet EBITDA margin and PAT below estimate
For 4QSY2012, MRF reported a top-line of `2,994cr broadly in line with our estimate of `2927cr, while for the full year SY2012, revenue grew by 21.8% yoy to `11,870cr from `9,743cr in SY2011. Decline in rubber prices led to a 477bp yoy expansion in EBITDA margin to 11.7% for 4QSY2012 slightly above our estimate of 11.1%; while for the full year it witnessed a 234bp yoy expansion in SY2012. Net profit for the quarter stood at `165cr and is not comparable to 4QSY2011 quarter since the company made a one-off adjustment for change in method of depreciation during 4QSY2011; however it was 18.3% higher than our estimate of `139cr mainly due to a higher-than-expected increase in the EBITDA margin. For SY2012, the adjusted net profit grew by a stupendous 67% yoy to `572cr from `343cr in SY2011.
December 3, 2012

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MRF | 4QSY2012 Result Update

Investment rationale
Indian tyre industry – Demand, a long term growth driver
The Indian tyre industry has a size of `30,000cr (as of September 2011), of which exports contribute `3,600cr. The industry is classified into commercial vehicle tyres (71%) and passenger vehicle tyres (22%). Commercial vehicle tyres include medium and heavy commercial vehicles (MHCV; 55%), light commercial vehicles (LCV; 8%) and tractors (8%). Passenger vehicle tyres include passenger cars and MUVs (12%), motorcycles (7%) and scooters (3%). The three major segments of the tyre industry are original equipment (OE; 26%), replacement (63%) and exports (11%). The performance of the industry is influenced by the replacement segment due to a larger share of truck tyres (71%) in the product mix. The industry is a raw-material intensive industry, with raw materials constituting about 66% of sales turnover and 70% of operational cost.

Exhibit 3: Tyre industry statistics
FY2012
Current capacity (MT/day) Current capacity (MT/year) Current sales (` cr) Revenue per MT (`) Investment per TPD@ (` cr) FY2012–15E CAGR for volume sales Total capacity by FY2015E (MT) Capacity added (MT) Total investment (` cr) Debt (` cr) Equity (` cr) Net profit in FY2012 (` cr) Net profit in FY2015E (` cr) Market capitalisation* (` cr) PE for FY2015E (x)
CEAT, @TPD stands for tonne per day, *As on Dec 3, 2012

8,395 2,954,947 71,049 240,441 6.1 8% 3,722,383 767,435 13,299 6,650 8,312 1,095 2,771 10,423 3.8

Source: Angel Research; Note: Industry includes Apollo Tyres, MRF, Goodyear India, JK Tyre and

The current capacity of the tyre industry in India is ~29.5lakh MTPA with an assumption of 352 working days, thus leading to revenue per MT of `2.4lakh. Assuming an 8% CAGR for the next three years, the capacity is expected to increase by ~7.7lakh tonne to ~37.2lakh tonne in FY2015E. Currently, investment for expansion of one TPD is `6.1cr, of which `5cr is capex requirement and `1.1cr is working capital requirement. Hence, the total investment required for the next three years is `13,299cr. With the assumption of 1:1 debt-equity ratio and 20% dividend payout for the next three years, the industry’s net profit for FY2015E is expected to stand at `2,771cr, resulting in a PE of 3.8x its earnings.

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MRF | 4QSY2012 Result Update

Radialization to drive profitability in the long term
Radialization in the commercial tyre segment is 15–18%, which is much lower as compared to 98% in the passenger vehicle tyre segment. Moreover, radial tyres are priced 20-25% higher than cross-ply tyres. Hence, most tyre companies are expanding their capacities with radial tyres. Capital expenditure incurred on this expansion is expected to reduce profitability in the short term since manufacturing of radial tyres is more capital intensive (3.2x) than cross-ply tyres.

Exhibit 4: DuPont analysis of cross-ply tyres vs radial tyres
` cr per TPD Investment per tonne (less) Accumulated depreciation Net investment per tonne Working capital per tonne Total investment Sales Expenses Operating profit Depreciation Interest cost PBT Tax PAT OPM (%) RoE (%) RoCE (%)
Source: Angel Research

Cross-ply 2.0 1.0 1.0 0.9 1.9 4.6 4.2 0.4 0.1 0.1 0.2 0.1 0.1 9.0 13.6 15.8

Radial 5.0 5.0 1.1 6.1 5.5 4.4 1.1 0.2 0.3 0.6 0.2 0.4 20.6 13.6 15.8

Taking into account the differences in capital requirements and the consequent impact on asset turnover, interest costs and depreciation, to generate a similar RoCE and RoE, tyre companies would need to earn EBITDA margin of ~21% as compared to about 9% being earned on cross-ply tyres. This assumption also implies a 5% higher operating expense per TPD in absolute terms for radials. Hence, we expect margins to increase in the long term, thus leading to a 25% CAGR in net profit over SY2011-13E.

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MRF | 4QSY2012 Result Update

Financials
Exhibit 5: Key assumptions
SY2013E Change in tyre realization (%) Change in tyre volume sales (%) Change in rubber price (%)
Source: Angel Research

SY2014E 3.0 7.0 -

2.0 7.0 (5.0)

Exhibit 6: Change in estimates
Y/E Sept. Net sales (` cr) OPM (%) EPS (`)
Source: Angel Research

Earlier estimates SY2013E 12,727 10.5 1,432

Revised estimates SY2013E 13,030 10.3 1,418

% chg SY2013E 2.4 (26)bp (0.9)

Financials
Revenue to grow at moderate pace
MRF is expected to post a 10.2% CAGR in revenue over SY2012-14E from `11,870cr in SY2012 to `14,405cr in SY2014, supported by sustained replacement demand since the company is a market leader in the tyre industry.

Exhibit 7: Modest revenue growth
16,000 14,000 12,000 10,000 21.8 12.3 31.6 30.7 35 30 25

(` cr)

8,000 6,000 9.8

15 10.6 10

11,870

13,030

14,405

5,664

7,453

9,743

4,000 2,000 0

5 0

SY2009

SY2010

SY2011

SY2012

SY2013E

SY2014E

Revenue (LHS)
Source: Company, Angel Research

Revenue growth (RHS)

December 3, 2012

(%)

20

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MRF | 4QSY2012 Result Update

EBITDA margin to stabilize at current level, PAT growth to be modest
MRF has witnessed a 234bp expansion in EBITDA margin in SY2012 to 10.6% from 8.3% in SY2011 backed by fall in rubber prices. We do not expect a further improvement in margin going forward. This would ultimately result in a modest 11.5% CAGR in net profit over SY2012-14E to `711cr in SY2014E.

Exhibit 8: Stabilising EBITDA margins
1,800 1,600 1,400 1,200 1,000 800 600 400 8.3 12.0 11.0 10.6 10.3 10.6 13 12 11

Exhibit 9: PAT margin to recover to historical levels
800 700 600 500 4.4 4.7 4.8 4.9 4.6 5.5 5.0 4.5 4.0 3.5 3.5 3.0

(` cr)

(` cr)

(%)

10 9 8

300 200

1,258

1,339

1,529

682

817

805

249

348

343

572

601

200 0

100 0

6 SY2009 SY2010 SY2011 SY2012 SY2013E SY2014E EBITDA (LHS) EBITDA margin (RHS)

711

7

2.5 2.0

SY2009

SY2010

SY2011

SY2012

SY2013E

SY2014E

PAT (LHS)

PAT margin (RHS)

Source: Company, Angel Research

Source: Company, Angel Research

Outlook and valuation
We have revised our revenue estimates marginally upwards due to better than expected results for SY2012. We have incorporated SY2014E numbers in our estimates. At the current levels, the stock is trading at a PE of 6.5x its SY2014E earnings and P/BV of 1.1x for SY2014E. We maintain our Buy recommendation on the stock with a revised target price of `13,416, based on a target P/E of 8.0x for SY2014E.

Exhibit 10: One-year forward P/E band
18,000 15,000 12,000

(`)

9,000 6,000 3,000 0 Dec-07

Dec-08 Price

Dec-09 2x 5x

Dec-10 8x

Dec-11 11x

Dec-12

Source: Company, Angel Research

December 3, 2012

(%)

400

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MRF | 4QSY2012 Result Update

Exhibit 11: Relative valuation
Year end Apollo Tyres MRF
Source: Company

FY2014E SY2014E

Sales (` cr) 15,341 14,405

OPM (%) 11.2 10.6

PAT (` cr) 747 711

EPS (`) 14.8 1,677.0

ROE (%) 19.9 18.7

P/E (x) 5.7 6.5

P/BV (x) 1.0 1.1

EV/EBITDA (x) 3.6 3.7

EV/Sales (x) 0.4 0.4

Risks
Volatile rubber prices: Natural rubber is the major raw material used in the manufacture of tyres. Rubber price was at a high of `243/kg in April 2011; however, prices have been hovering at `175/kg since August 2012. Increased volatility in rubber prices would have a direct impact on the company’s EBITDA margin and consequently its profit.

Exhibit 12: Rubber price trend
250 230 210 190 170 166 150 243

(`/ kg)

Dec-11

Mar-11

Mar-12

Source: Rubber Board

Company Background
MRF manufactures rubber products such as tyres, tubes, flaps, tread rubber and conveyor belts. The company is present across all categories of tyres, with an installed capacity of 3.2cr tyres. MRF is a market leader in the tyre industry with a ~27% market share currently. The company is also a leader in the passenger car tyre segment with a 23.9% market share and holds a third position in the MHCV segment with a 21.4% market share. MRF also exports tyres to over 65 countries in America, Europe, Middle East, Japan and the Pacific region.

December 3, 2012

Dec-12

Sep-11

Sep-12

Jun-11

Jun-12

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MRF | 4QSY2012 Result Update

Profit & Loss Statement (Standalone)
Y/E Sept. (` cr) Gross sales Less: Excise duty Net Sales Total operating income % chg Net Raw Materials Personnel Other Total Expenditure EBITDA % chg (% of Net Sales) Depreciation EBIT % chg (% of Net Sales) Interest & other charges Other Income (% of sales) PBT % chg Tax (% of PBT) PAT (reported) Minority interest Extraordinary (Exp)/Inc. Tax on extraordinary exp ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg 348 39.7 4.7 820 820 39.7 SY2010 8,080 628 7,453 7,453 31.6 5,015 371 1,249 6,636 817 19.7 11.0 261 556 28.4 7.5 63 42 0.6 535 34.2 181 33.8 354 7 SY2011 10,645 902 9,743 9,743 30.7 7,107 447 1,385 8,938 805 (1.4) 8.3 248 557 0.2 5.7 93 25 0.3 489 (8.5) 274 56.0 619 1 (404) 128 343 (1.4) 3.5 808 808 (1.4) 572 67.0 4.8 1,350 1,350 67.0 601 5.1 4.6 1,418 1,418 5.1 711 18.3 4.9 1,677 1,677 18.3 SY2012 13,062 1,192 11,870 11,870 21.8 8,353 514 1,745 10,612 1,258 56.4 10.6 301 957 71.8 8.1 156 32 0.3 833 70.2 261 31.3 572 SY2013E 14,318 1,289 13,030 13,030 9.8 9,215 573 1,902 11,690 1,339 6.4 10.3 356 983 2.7 7.5 125 26 0.2 884 6.1 283 32.0 601 SY2014E 15,830 1,425 14,405 14,405 10.6 10,139 648 2,089 12,876 1,529 14.2 10.6 410 1,119 13.9 7.8 102 29 0.2 1,046 18.3 335 32.0 711 -

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MRF | 4QSY2012 Result Update

Balance Sheet (Standalone)
Y/E Sept. (` cr) SOURCES OF FUNDS Equity Share Capital Preference Capital Reserves& Surplus Equity share warrants Shareholders’ Funds Minority Interest Total Loans Deferred Tax Liability Other Long Term Liabilities Long Term Provisions Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Investments Long Term Loans and adv. Other non-current assets Current Assets Cash Loans & Advances Inventory Debtors Other current assets Current liabilities Net Current Assets Misc. Exp. not written off Total Assets 3,368 2,039 1,329 498 73 2,095 45 127 1,111 811 964 1,131 3,030 3,832 1,860 1,971 1,042 73 132 23 3,056 54 21 1,526 1,308 147 1,205 1,852 5,093 4,828 2,162 2,667 886 73 145 25 3,145 112 26 1,629 1,200 179 1,287 1,858 5,653 5,745 2,518 3,228 354 73 160 27 3,279 69 28 1,668 1,317 196 1,418 1,861 5,702 6,607 2,927 3,680 142 73 175 30 3,571 38 31 1,829 1,456 217 1,562 2,010 6,109 4 1,686 1,691 1,354 (15) 3,030 4 2,294 2,298 1,820 142 796 37 5,093 4 2,854 2,858 1,820 142 796 37 5,653 4 3,442 3,446 1,456 142 621 37 5,702 4 4,140 4,145 1,165 142 621 37 6,109 SY2010 SY2011 SY2012E SY2013E SY2013E

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MRF | 4QSY2012 Result Update

Cash Flow Statement (Standalone)
Y/E Sept. (` cr) Profit before tax Depreciation Change in Working Capital Other income Direct taxes paid Cash Flow from Operations (Inc.)/Dec. in Fixed Assets (Inc.)/Dec. in Investments (Incr)/Decr In L.T loans and adv Other income Others Cash Flow from Investing Issue of Equity Inc./(Dec.) in loans Dividend Paid (Incl. Tax) Others Cash Flow from Financing Inc./(Dec.) in Cash Opening Cash balances Closing Cash balances SY2010 535 261 (492) 34 (181) 157 (846) (76) 42 94 (786) 682 (25) (43) 614 (15) 60 45 SY2011 489 248 (712) 523 (274) 274 (1,008) 0 (154) 25 27 (1,111) 1,262 (12) (403) 846 9 45 54 SY2012E 833 301 52 (32) (261) 893 (840) (0) (15) 32 (823) (12) (12) 58 54 112 SY2013E 884 356 (46) (26) (283) 886 (386) 0 (17) 26 (377) (539) (13) (552) (43) 112 69 SY2014E 1,046 410 (181) (29) (335) 911 (649) (0) (19) 29 (639) (291) (13) (304) (32) 69 38

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MRF | 4QSY2012 Result Update

Key Ratios
Y/E Sept. Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value Dupont Analysis EBIT margin Tax retention ratio Asset turnover (x) ROIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating ROE Returns (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset Turnover Inventory / Sales (days) Receivables (days) Payables (days) WC (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage 0.7 1.5 8.8 0.7 2.1 6.0 0.6 1.3 6.1 0.4 1.0 7.9 0.3 0.7 10.9 2.4 43 34 47 41 2.7 49 40 44 54 2.7 49 37 44 54 2.5 46 37 44 50 2.3 44 37 44 48 22.0 28.2 22.8 13.7 17.6 17.2 17.8 22.5 22.2 17.3 20.1 19.1 19.0 20.2 18.7 7.5 0.7 3.1 15.1 4.1 0.7 23.2 5.7 0.7 2.5 9.7 4.0 0.7 13.9 8.1 0.7 2.6 14.4 5.9 0.6 19.2 7.5 0.7 2.5 12.8 5.2 0.4 15.8 7.8 0.7 2.5 13.0 5.3 0.3 14.9 820 820 1,435 58 3,987 808 808 1,392 29 5,419 1,350 1,350 2,060 25 6,740 1,418 1,418 2,258 30 8,128 1,677 1,677 2,643 30 9,775 13.3 7.6 2.7 0.5 0.8 7.2 1.9 13.5 7.8 2.0 0.3 0.6 7.9 1.2 8.1 5.3 1.6 0.3 0.5 5.0 1.1 7.7 4.8 1.3 0.3 0.5 4.4 1.0 6.5 4.1 1.1 0.3 0.4 3.7 0.9 SY2010 SY2011 SY2012E SY2013E SY2014E

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MRF | 4QSY2012 Result Update

Research Team Tel: 022 - 39357800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

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. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. 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 fundamentals. 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, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking 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. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Limited and its 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. Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. 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 Limited and its affiliates may have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered

MRF No No No No

Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors

Ratings (Returns):

Buy (> 15%) Reduce (-5% to 15%)

Accumulate (5% to 15%) Sell (< -15%)

Neutral (-5 to 5%)

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