3QFY2013 Result Update | Steel

February 15, 2013

Monnet Ispat
Performance highlights
Quarterly highlights (Standalone)
Particulars (` cr) Net sales EBITDA EBITDA margin (%) Net profit
Source: Company, Angel Research

BUY
CMP Target Price
Investment Period
3QFY12 481 129 26.7 76 yoy (%) (4.7) (9.8) (144)bp (24.8) 2QFY13 547 140 25.6 71 qoq (%) (16.2) (17.0) (27)bp (19.3)

`242 `318
12 Months

3QFY13 459 116 25.3 58

Stock Info Sector Market Cap (` cr) Net Debt (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code Steel 1,543 2,961 0.5 561/230 5,398 10 19,468 5,887 MNET.BO MISP@IN

For 3QFY2013, Monnet Ispat (MIL) reported a disappointing operating performance. We maintain our Buy rating on the stock. Poor top-line performance: MIL’s net sales declined by 4.7% yoy to `459cr, mainly due to decrease in volumes in sponge iron and ferro alloys segments, coupled with decrease in realizations of sponge iron and structural steel segments. EBITDA decreases by 9.8% yoy: The company’s EBITDA declined by 9.8% yoy to `116cr, while the EBITDA margin contracted by 144bp yoy to 25.3%, mainly due to higher staff cost and other expenditure. Interest and depreciation expenses grew by 53.5% and 16.7% yoy to `29cr and `22cr, respectively. Hence, net profit decreased by 24.8% yoy to `58cr. Steel projects near completion: MIL is on the verge of conducting (or has conducted) trial runs for its various downstream facilities such as plate mill, blast furnace, sinter plant, rebar mill etc. The benefits from these facilities are likely to accrue from 2HFY2014 in our view. Outlook and valuation: MIL is on the verge of a massive expansion in its steel business. The long-term stock performance will be determined by the timely expansion of the 1.5mtpa steel plant and unlocking of value in Monnet Power, which is implementing the 1,050MW power project. Although there have been delays in the commencement of these projects, most of these projects would be backed by captive resources, thus ensuring robust profitability. Hence, we recommend Buy on the stock with a target price of `318, valuing the steel business at 5.0x FY2014E EV/EBITDA and investment in Monnet Power at 1.5x P/BV. Key financials (Standalone)
Y/E March (` cr) Net sales % chg Adj. net profit % chg EPS (`) EBITDA margin (%) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x)
Source: Company, Angel Research

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 49.9 1.3 38.7 10.1

Abs. (%) Sensex MIL

3m 5.4

1yr 7.0

3yr 21.4 7.0

(15.2) (51.4)

FY2011 1,573 6.2 281 (2.2) 43.7 27.8 5.5 0.7 14.9 8.9 1.9 6.7

FY2012 1,897 20.6 289 2.7 44.9 25.0 5.4 0.7 13.0 7.2 2.1 8.3

FY2013E 2,287 20.5 236 (18.2) 35.3 21.8 6.9 0.6 9.6 6.2 1.9 8.5

FY2014E 2,883 26.0 273 15.5 40.7 21.8 5.9 0.6 10.2 7.9 1.4 6.4

Bhavesh Chauhan
Tel: 022- 39357800 Ext: 6821 bhaveshu.chauhan@angelbroking.com

Vinay Rachh
Tel: 022- 39357800 Ext: 6841 Vinay.rachh@angelbroking.com

Please refer to important disclosures at the end of this report

1

Monnet Ispat | 3QFY2013 Result Update

Exhibit 1: 3QFY2013 performance (Standalone)
(` cr) Net sales Raw material % of net sales Staff cost % of net sales Other expenditure % of net sales Total expenditure % of net sales Operating profit OPM(%) Other operating income EBIDTA EBITDA margins (%) Interest Depreciation Other income Exceptional items Profit before tax % of net sales Tax % of PBT Profit after tax
Source: Company, Angel Research

3QFY13 459 272 59.3 28 6.1 50 10.9 350 76.3 109 23.7 7 116 25.3 29 22 12 77 16.7 19 25.0 58

3QFY12 481 288 59.9 23 4.9 44 9.2 356 74.0 125 26.0 3 129 26.7 19 19 11 102 21.1 25 24.7 76

% yoy (4.7) (5.6) 19.6 12.6 (1.7) (13.2) 114.3 (9.8) 53.5 16.7 9.5 (24.4) (23.4) (24.8)

2QFY13 547 323 59.0 27 4.9 61 11.2 411 75.1 136 24.9 3 140 25.6 30 22 6 94 17.2 22 23.4 71

% qoq (16.2) (15.8) 5.5 (18.1) (14.8) (20.3) (17.0) (3.2) 0.3 93.0 (18.4) (12.8) (19.3)

9MFY2013 1,526 917 60.1 80 5.2 154 10.1 1,151 75.4 375 24.6 17 392 25.7 89 66 23 260 17.0 62 23.8 197

9MFY2012 1,367 810 59.3 66 4.8 103 7.5 1,006 73.6 361 26.4 3 364 26.6 44 56 29 293 21.4 66 22.5 227

% yoy 11.6 13.3 21.2 49.2 14.4 4.0 388.5 7.6 102.8 18.4 (19.4) (11.3) (6.1) (13.2)

Poor 3QFY2013 top-line performance
MIL’s net sales declined by 4.7% yoy to `459cr, mainly due to decrease in volumes of sponge iron (-2.1% yoy to 1,57,136 tonne) and ferro alloys (-5.2% yoy to 1,928 tonne) segments coupled with decrease in realizations of sponge iron (-3.8% yoy to `20,209/tonne) and structural steel (-3.5% yoy to `32,029/tonne) segments.

Exhibit 2: Quarterly production volume
(tonnes) Sponge iron Steel (basic) Steel (structural) Ferro alloy Power (mn units) 3QFY12 21,058 18,465 2,267 185 4QFY12 29,284 25,012 2,587 225 1QFY13 26,705 23,352 2,489 215 2QFY13 3QFY13 24,950 17,802 2,425 212 22,838 17,178 2,414 117 yoy % (6.2) 8.5 (7.0) 6.5 (36.9) qoq % 1.7 (8.5) (3.5) (0.5) (44.7) 194,171 195,609 190,266 179,126 182,153

Source: Company, Angel Research

February 15, 2013

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Monnet Ispat | 3QFY2013 Result Update

Exhibit 3: Quarterly sales volume
(tonnes) Sponge iron Steel (basic) Steel (structural) Ferro alloy Power (mn units) 3QFY12 2,680 19,862 2,034 172 4QFY12 2,476 21,065 2,147 180 1QFY13 3,317 22,059 2,220 173 2QFY13 1,689 19,404 1,710 166 3QFY13 17,353 21,441 1,928 822 yoy % (2.1) 547.5 7.9 (5.2) 377.3 qoq % (14.9) 927.4 10.5 12.7 396.2 160,521 157,998 162,726 184,597 157,136

Source: Company, Angel Research

Exhibit 4: Quarterly average realization
(`/tonne) Sponge iron Steel (basic) Steel (structural) Ferro alloy Power (`/unit) 3QFY12 21,004 30,741 33,197 39,503 3.5 4QFY12 24,159 30,845 35,174 49,539 3.6 1QFY13 22,648 32,243 34,955 57,219 2.9 2QFY13 21,301 33,861 33,289 53,570 3.0 3QFY13 20,209 33,861 32,029 51,706 2.6 yoy % (3.8) 10.1 (3.5) 30.9 (25.3) qoq % (5.1) 0.0 (3.8) (3.5) (12.8)

Source: Company, Angel Research

EBITDA declines by 9.8% yoy
The company’s staff costs as a percentage to sales stood at 6.1% compared to 4.9% in 3QFY2012. Other expenditure as a percentage of sales stood at 10.9% from 9.2% in 3QFY2012. This led to the EBITDA declining by 9.8% yoy to `116cr, while the EBITDA margin contracted by 144bp yoy to 25.3%. Interest and depreciation expenses grew by 53.5% and 16.7% yoy to `29cr and `22cr, respectively, on account of capitalization of various projects. Consequently, the net profit decreased by 24.8% yoy to `58cr.

Exhibit 5: EBITDA margin trend
160 140 120 100 26.7 26.1 27.2 28 27 27

Exhibit 6: Net profit trend
80 70 60 73 77 76 83 69 71 58 18 16 14 12 8 6 4 2 0 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 Net Profit (LHS) Net margin (RHS) 10

(` cr)

(%)

138

136

116

119

129

25.8

26.1

140

60 40 20 0

116

25.3 25.6

26 25 25 24

40 30 20 10 0

1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 EBITDA (LHS) EBITDA margin (RHS)

Source: Company, Angel Research

Source: Company, Angel Research

February 15, 2013

(%)

80

(` cr)

26

50

3

Monnet Ispat | 3QFY2013 Result Update

Investment rationale
Steel expansion of 1.5mn tonne: MIL is setting up a 1.5mn steel plant through the BF-EAF route. The total capex for the project is pegged at `3,600cr. Various plants including sinter plant, oxygen furnace, steel melting shop and plate mill are expected to begin progressive commissioning in mid-FY2014. However, full benefits of these facilities would be witnessed only from FY2015. Significant value unlocking lies ahead in Monnet Power: MIL is setting up a 1,050MW (2x525) power plant through Monnet Power. The plant is being set up at a cost of `5,000cr, with equity contribution of `1,200cr and the balance being funded through debt. MIL has diluted a 12.5% stake to Blackstone for a consideration of `275cr, thus valuing the total equity stake at `2,200cr. We expect the plant to be operational in 2HFY2014. With captive coal blocks backing this project, we expect robust profitability from the power business. MIL also aims to raise its capacity further by 660MW. However, the company is yet to achieve financial closure for the same. Indonesian coal mine could provide further upsides: MIL had acquired two coal assets in Indonesia during CY2011, which have potential reserves of 65mn tonne. MIL is currently in the process of developing this mine.

February 15, 2013

4

Monnet Ispat | 3QFY2013 Result Update

Outlook and valuation
MIL is on the verge of a massive expansion in its steel business. The long-term stock performance will be determined by the timely expansion of the 1.5mtpa steel plant and unlocking of value in Monnet Power, which is implementing the 1,050MW power project. Although there have been delays in the commencement of these projects, most of these projects would be backed by captive mines, thus ensuring robust profitability. Hence, we recommend Buy on the stock with a target price of `318, valuing the steel business at 5.0x FY2014E EV/EBITDA and investment in Monnet Power at 1.5x P/BV.

Exhibit 7: SOTP valuation
Steel business Stake in Monnet Power Target price (`)
Source: Company, Angel Research

5.0x FY2014E EV/EBITDA 1.5xP/BV

102 216 318

Exhibit 8: EPS – Angel forecast vs consensus
Year FY2013E FY2014E
Source: Bloomberg, Angel Research

Angel
35.3 40.7

Bloomberg consensus 45.4 54.5

Variation (%)
(22.3) (25.3)

February 15, 2013

5

February 15, 2013
(`)
1,000 1,200 1,400 1,600 200 400 600 800 0
(` cr)

(`)

1,000

2,000

3,000

4,000

5,000

7,000 6,000

8,000

9,000

900 800 700 600 500 400 300 200 100 0

0

Apr-08

Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11
11x 8x

Apr-08 Jul-08 Oct-08 Jan-09

Jul-08

Exhibit 10: P/E band

Oct-08
5x

Exhibit 11: P/BV band

Jan-09

2x

0.5x

Exhibit 9: EV/EBITDA band

Source: Bloomberg, Angel Research Source: Bloomberg, Angel Research Source: Bloomberg, Angel Research

Apr-09

Apr-09 Jul-09 Oct-09

Jul-09

Oct-09
10x

5x

Jan-10

Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12

Apr-10

1.0x

Jul-10

Oct-10

Jan-11
15x

Apr-11

1.5x

Jul-11

Oct-11

Oct-11 Jan-12 Apr-12
20x

Jan-12

Apr-12

2.0x

Jul-12

Jul-12
14x

Jul-12

Oct-12

Oct-12 Jan-13

Oct-12 Jan-13

Monnet Ispat | 3QFY2013 Result Update

Jan-13

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Monnet Ispat | 3QFY2013 Result Update

Exhibit 12: Recommendation summary
Companies SAIL Monnet Tata Steel JSW Steel BSL CMP Target Price (`) 78 242 376 795 465 (`) 318 443 Neutral Buy Buy Neutral Neutral Reco. Mcap Upside (` cr) 32,589 1,543 36,736 17,827 10,501 31 18 P/E (x) 12.0 6.9 52.4 9.6 10.7 9.2 5.9 10.8 8.8 8.4 P/BV (x) 0.8 0.6 0.8 1.0 1.1 0.7 0.6 0.8 0.9 1.1 EV/EBITDA (x) FY13E 8.2 8.5 7.5 5.2 9.8 6.3 6.4 5.6 4.7 7.4 RoE (%) 6.6 9.6 1.6 10.7 11.4 8.2 10.2 7.5 10.7 12.6 RoCE (%) 5.9 6.2 5.7 9.6 7.3 7.4 7.9 9.7 10.4 8.8 (%) FY13E FY14E FY13E FY14E FY14E FY13E FY14E FY13E FY14E

Source: Company, Angel Research

Company description
Incorporated in 1990, MIL principally manufactures sponge iron (capacity - 1.0mn tonne), ingots (capacity - 0.3mn tonne), structural steel (capacity - 0.2mn tonne) and ferro alloys (capacity - 58ktpa). MIL has a captive coal mine (reserves - 90mn tonne; production - 1.2mn tonne) for production of sponge iron. The company’s plants are located in Raipur and Raigarh in Chhattisgarh. It has been allocated several coal blocks such as Gare Palma IV/5, Utkal B2, Urtan North, Rajgamar and Mandakini which are under various stages of clearances.

February 15, 2013

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Monnet Ispat | 3QFY2013 Result Update

Profit & loss statement (Standalone)
Y/E March (` cr) Gross sales Less: Excise duty Net sales Other operating income Total operating income % chg Total expenditure Net raw materials Other mfg costs Personnel Other EBITDA % chg (% of Net sales) Depreciation EBIT % chg (% of Net sales) Interest charges Other income (% of PBT) Share in profit of asso. Recurring PBT % chg Extra. Inc/(Expense) PBT (reported) Tax (% of PBT) PAT (reported) Add: Earnings of asso. Less: Minority interest Extra. Expense/(Inc.) PAT after MI (reported) ADJ. PAT % chg (% of Net sales) Basic EPS (`) Fully Diluted EPS (`) % chg FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E

1,711 162 1,549 1,549 33.6 1,174 911 136 61 66 375 48.7 24.2 65 309 49.1 20.0 71 48 16.6 286 29.7 16 271 55 20.3 216 216 232 39.4 15.0 47.4 45.4 54.6

1,567 86 1,481 1,481 (4.4) 1,017 735 146 73 62 464 23.8 31.3 72 392 26.8 26.5 74 32 9.1 350 22.1 18 331 60 18.2 269 269 288 24.1 19.4 56.1 44.7 (1.7)

1,695 122 1,573 1,573 6.2 1,136 889 75 172 437 (5.8) 27.8 74 363 (7.4) 23.1 31 29 8.1 362 3.4 362 80 22.2 281 281 281 (2.2) 17.9 47.3 43.7 (2.2)

2,060 163 1,897 1,897 20.6 1,423 1,142 95 186 475 8.6 25.0 74 401 10.3 21.1 87 63 16.7 377 4.3 377 88 23.4 289 289 289 2.7 15.2 44.9 44.9 2.7

2,467 180 2,287 24 2,311 21.8 1,813 1,288 199 109 217 498 5.0 21.8 94 405 1.0 17.7 128 32 10.2 308 (18.2) 308 72 23.4 236 236 236 (18.2) 10.3 36.7 35.3 (21.5)

3,110 227 2,883 28 2,910 25.9 2,283 1,616 251 141 274 628 25.9 21.8 103 525 29.7 18.2 208 39 11.1 1.0 356 15.5 356 83 23.4 273 273 273 15.5 9.5 42.4 40.7 15.5

February 15, 2013

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Monnet Ispat | 3QFY2013 Result Update

Balance sheet (Standalone)
Y/E March (` cr) SOURCES OF FUNDS Equity share capital Reserves & surplus Shareholders’ funds Share warrants Minority interest Total loans Deferred tax liability Long term prov. Total liabilities APPLICATION OF FUNDS Gross block Less: Acc. depreciation Net Block Capital work-in-progress Goodwill Investments Loans and advances Other non-current assets Current assets Cash Loans & advances Other Current liabilities Net current assets Mis. exp. not written off Total assets FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E

48 1,238 1,286 1,325 114 2,725 1,366 240 1,127 310 216
-

54 1,592 1,646 27 1,495 120 3,289 1,439 311 1,128 721 545
-

64 2,026 2,090 2,606 141 3 4,841 1,477 383 1,094 1,065 550
471

64 2,296 2,360 3,834 150 6 6,351 1,836 457 1,379 2,022 591
443

64 2,495 2,559 4,034 150 6 6,750 2,836 551 2,285 1,722 591
443

64 2,730 2,794 3,534 150 6 6,485 3,186 654 2,532 1,442 591
443

1,222 246 683 294 232 991 83 2,725

1,143 205 590 348 268 875 18 3,289

1 1,996 687 757 550 337 1,659 4,841

80 2,394 873 772 741 558 1,836 6,351

80 2,266 751 772 736 638 1,629 6,750

80 2,115 462 772 873 718 1,397 6,485

February 15, 2013

9

Monnet Ispat | 3QFY2013 Result Update

Cash flow statement (Standalone)
Y/E March (` cr) Profit before tax Depreciation Change in working capital Less: Other income Direct taxes paid Cash flow from operations (Inc.)/ Dec. in fixed assets (Inc.)/ Dec. in investments (Inc.)/ Dec. in loans and adv. Other income Cash flow from investing Issue of equity Inc./(Dec.) in loans Dividend paid Others Cash flow from financing Inc./(Dec.) in cash Opening cash bal. Closing cash bal. FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E

271 65 (280) 45 31 70 (155) (44) (77) 6 (270) 40 133 28 69 75 (125) 371 246

331 72 78 61 64 478 (73) (412) (330) 15 (799) 151 216 28 58 281 (40) 246 205

362 74 (348) (27) 86 (25) (39) (792) (5) 22 (814) 176 1,177 31 1,322 483 205 688

377 74 (67) 29 75 338 (358) (956) (41) 56 (1,300) 1,228 86 1,142 181 663 844

308 94 85 72 415 (1,000) 300 (700) 200 38 162 (123) 806 684

356 103 (56) 83 319 (350) 280 (70) (500) 38 (538) (288) 751 462

February 15, 2013

10

Monnet Ispat | 3QFY2013 Result Update

Key ratios
Y/E March 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 (gross block) Inventory (days) Receivables (days) Payables (days) WC cycle (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest coverage FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E

5.3 3.9 0.9 2.1 1.3 5.4 0.7 47.4 45.4 61.9 5.0 268.2 20.0 79.7 0.7 11.2 4.6 0.7 15.7 12.4 16.2 18.2 1.2 80 26 50 49 0.7 2.3 4.4

5.4 3.7 0.8 2.1 1.4 4.4 0.6 56.1 44.7 65.9 5.0 307.1 26.5 81.8 0.5 11.5 4.3 0.4 14.8 13.1 17.3 18.2 1.1 112 32 60 49 0.4 1.6 5.3

5.5 4.4 0.7 2.1 1.9 6.7 0.6 47.3 43.7 55.2 5.0 324.8 23.1 77.8 0.4 7.8 1.2 0.7 12.2 8.9 13.3 14.9 1.1 141 44 50 76 0.7 3.1 11.7

5.4 4.3 0.7 2.1 2.1 8.3 0.6 44.9 44.9 56.4 5.0 366.8 21.1 76.6 0.4 6.4 2.1 1.0 10.7 7.2 12.2 13.0 1.1 170 34 20 107 1.0 5.0 4.6

6.9 4.7 0.6 2.1 1.9 8.5 0.6 36.7 35.3 51.3 5.0 397.7 17.7 76.6 0.4 5.5 2.5 1.1 8.6 6.2 10.5 9.6 1.0 150 33 40 102 1.1 5.4 3.2

5.9 4.1 0.6 2.1 1.4 6.4 0.6 42.4 40.7 58.4 5.0 434.2 18.2 76.6 0.5 6.8 4.2 0.9 9.0 7.9 11.9 10.2 1.0 140 32 50 79 0.9 4.0 2.5

February 15, 2013

11

Monnet Ispat | 3QFY2013 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

Monnet Ispat 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%)

February 15, 2013

12

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