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S.

Kumars Nationwide Ltd (SKNL)
BUY Target Price: Rs.50.00
CMP: Rs.38.00 Market Cap.:Rs.8987.38 mn.
Date: November 03, 2009

Key Ratios: SYNOPSIS
Particulars FY09 FY10E FY11E
OPM (%) 20.99 20.00 19.00 • SKNL is one of India’s leading textile and Apparel
NPM (%) 7.81% 7.15% 7.34 Company with expertise in multi-fiber manufacturing.
ROE (%) 11.48 13.12 13.52
ROCE (%) 12.38% 13.01 13.36 • Its recent acquisitions of Leggiuno and Harmarx have
P/BV(x) 0.33 0.50 0.44 enabled it to significantly enhance its global
P/E(x) 2.80 3.84 3.22 footprint, taking it closer to being a truly global
EV/EBDITA(x) 1.00 1.62 1.69. player.The financial benefit of the acquisitions will
Debt-Equity(x) 1.26 1.46 1.44 start reflecting in the coming quarters.

Key Data: • SKNL’s strong and diverse existing product portfolio
Sector Textiles along with its potentially remunerative foreign
Face Value Rs.10.00 initiatives puts it in good stead to grow healthily and
52 wk. High/Low 55.00/13.00 in a sustained manner going forward.
Volume (2 wk. Avg.) 441742
• The Company's continuous focus on growing brand
BSE Code 514304
portfolio and efforts to introduce international brands
in India are positive.

• The company Plans to raise Rs 10,000 mn via QIP
V.S.R. Sastry issue.
Vice President
Equity Research Desk • The Net sales & Net profit of the company are
91-22-25276077 expected to grow at a CAGR of 29.55% and 10.73%
vsrsastry@firstcallindiaequity.com respectively over FY08 to FY11E.

Share Holding Pattern:

Dr. V.V.L.N. Sastry Ph.D.
Chief Research Officer
drsastry@firstcallindia.com

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Firstcall India Equity Advisors Pvt Ltd

Table of Content
Content Page No.

1. Investment Highlights 03

2. Company Profile 05

3. Peer Group Comparison 11

4. Key Concerns 11

5. Financials 12

6. Charts & Graph 14

7. Outlook and Conclusion 15

8. Industry Overview 16

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Firstcall India Equity Advisors Pvt Ltd

000mn via QIP issue The company is looking at raising about USD 70-80 million that is almost half of this amount in the next 2-3 months.ICRA has also reaffirmed its A4 rating on the Rs 651 million. This acquisition will enable the SKNL Group to establish a substantial footprint in the global clothing arena and will also bring significant volume of business to the existing SKNL Group operations in India through a `front-end back-end synergy` strategy.60 billion (enhanced from Rs 5.SKNL has been in the process of rapidly scaling up its various businesses requiring substantial capital outlay.50 billion (enhanced from Rs 3. SKNL will directly be investing USD 35 million into this transaction. ICRA has assigned an LB rating to the Rs 4. non-fund based facilities of SKNL. Despite a robust growth in revenues and profitability. 3 Firstcall India Equity Advisors Pvt Ltd .16 billion). fund based limits of S. long-term. short-term.This acquisition will add tremendous value to the SKNL group as Hartmarx is the largest formal-wear clothing company in the US and directly owns and controls through licenses 34 clothing brands. large capital expenditure and significant in-organic investments. The reason why they are doing this actually is based on their growth plans they are going on a very long term strategy which is maintaining a debt equity level which is below one debt equity level and to that extent they have a lot of growth plans in the pipeline.72 billion). term loans and the Rs 5. • S Kumars to acquire Hartmarx Corporation for USD 120 mn The company has purchased through their wholly owned subsidiary SKNL North America BV. Kumars Nationwide. the Chicago (USA) headquartered clothing giant Hartmarx Corporation at a gross enterprise value of approximately USD 120 million. • ICRA assigns LB/ A4 ratings to S Kumars Nationwide Credit rating agency. Some of these brands are leaders in their category. the company`s liquidity remains stretched on account of high working capital intensity.Investment Highlights • Plans to raise Rs 10. The QIP is being done basically to take care of maintaining their strategy from a balance sheet perspective. The ratings reflect delays by the company in meeting some of its debt servicing obligations. in conjunction with its operating partner Emerisque UK.

9. 4 Firstcall India Equity Advisors Pvt Ltd . It is also learnt that the company will buy the majority stake in the JV. 26. manufacturer of HVFC fabrics in Italy in October 2008. (Indivest) an affiliate of Government of Singapore Investment Corporation Special Investments (GIC SI) whereby GIC SI will invest Rs. • GIC SI buys up to ~25% equity stake in Reid & Taylor (India) Ltd for Rs. SKNL will become the sole supplier to over 70 DKNY stores globally.000 million through a fresh issue of equity shares and warrants. • The company acquired Italian company Leggiuno Last year. 9. the company has successfully completed negotiations and acquired Leggiuno S. a brand owned by the French luxury corporation Louis Vinton. If the deal goes through. S Kumars Nationwide is on the verge to form a JV with global fashion accessory company DKNY.400 million at transactionvalue. including 20 in China.It is learnt that both the firms are in final stages of discussion and an announcement is expected in a fortnight. Ontario.p. two in Canada and four in Dubai.4% stake in RTIL and the balance 74. 35. which had employed about 50 workers. The financial contribution of the parties would be linked to their equity ownership.6% stake will remain in the hands of SKNL.A.400 million at transaction price and SKNL will now hold equity worth around Rs.000 million The company’s wholly owned unlisted subsidiary Reid and Taylor (India) Ltd (RTIL) has come to an agreement with Singapore based Indivest Pte Ltd. • S Kumars to enter in JV with DKNY In a bid to ensure more than half of its revenue from the joint venture (JV). which will exclusively procure textiles worth over USD 250 million from the city-based firm. RTIL is valued at Rs. a plant in Anniston.. Subsequently GIC SI will in effect own up to 25. Alabama with 175 workers and a shirt factory in Hamilton. The JV will have the right to appoint all future franchisee of DKNY.• Three Hartmarx plants shut down The Hartmarx factories that have been shut down are in Rock Island in Illinois employing 300 workers.

Company Profile SKNL is one of India’s leading textiles and apparel manufacturing companies with expertise in multi-fibre manufacturing. the company has been a frontrunner in its line of business and has come to be known as one of the most respected businesses in the sector. SKNL has state–of–the–art manufacturing capabilities and is characterized by a distribution network that is unparalleled in terms of its reach. 5 Firstcall India Equity Advisors Pvt Ltd . The company has extended its presence in multiple product categories from Fabrics to Apparels and Home Textiles. SKNL offers an excellent set of high value products ranging from low cost high quality textiles to world class premium ready-to-wear suiting and is present in every segment of the Indian textile industry. The company also has a management team with several years of experience translating to an exhaustive knowledge of the industry. Ever since its inception.

SKNL is the only manufacturer of fine count Damask in India.Luxury Textile fabrics are manufactured at a world-class integrated facility situated near Mysore (Karnataka). In fact. Plans on the anvil are to add new capacity to manufacture Worsted Suitings and Home TextilesTwo new plants at Bharuch. consistently.Today. Gujarat for Cotton have been recently established. 6 Firstcall India Equity Advisors Pvt Ltd . SKNL plans to introduce yet another facility. Distribution The company’s wide network reaches both domestic as well as overseas market. Reid & Taylor . Its high quality fabrics are well received in the domestic as well as international market. The company plans to establish high impact presence through multi-brand outlets. large format chain stores and exclusive stores for all its brands.stringent quality measures and competent management systems ensure that the finest product reaches the consumers. of the Ready-to-Wear SBU. The manufacturing capability gives SKNL a clear edge in the market place .Scotland.000 outlets through 300 dealers.The company is constantly modernizing and upgrading its existing facilities for Consumer Textiles and Home Textiles. Its Chamunda Standard Mills and Amana Manufacturing Unit in the outskirts of Dewas (Madhya Pradesh) manufactures this fine fabric to cater to Indian & European markets. The company has invested extensively in manufacturing facilities to maintain high quality standards. SKNL caters to the entire socio-economic segments of the Indian market across 30. Four state of art manufacturing units based in Mysore (Karnataka) and Dewas (Madhya Pradesh) collectively produce over 2.Manufacturing Maintaining world-class quality has been a corner stone in SKNL's business strategy. SKNL is the largest institutional supplier in India in the organized sector. sources its fabrics from this mill as well for its international markets.000 meters of high-quality fabrics each day.00. near Bangalore to cater to the international market.

The Board of Directors includes eminent people from industry. A keen understanding of the dynamic market trends. law. Brands Ability to build brands. attitudes and preferences of the consumers has been the foundation of creating successful brands.Human Capital SKNL has developed highly effective management capabilities due to a unique fusion of entrepreneurship with professional expertise. 7 Firstcall India Equity Advisors Pvt Ltd . banking. finance and economic sectors. while keeping abreast with the changing usage patterns. across the socio-economic segments has been one of the key factors in SKNL's success.

Products: Business Units: 8 Firstcall India Equity Advisors Pvt Ltd .

SKNL has three brand offerings in the ready-to-wear garment industry. The industry is also characterized with very few organized players. Establishing a strong presence at this juncture should assist SKNL to achieve a dominant position in the market for organized home textiles. Branded readymade garments constitute around 10% of SKNL’s top line and this contribution is expected to increase in the future owing to the forecasted growth in the branded clothing market in India. SKNL is constantly expanding its distribution reach. Total Wardrobe Solutions (Ready to Wear) Ready to wear garments include shirts. Home Textiles: Total Home Expression Carmichael house is a brand that offers complete home textile solutions in a range of fabrics and weaves. Belmonte. The company is also actively scouting for potential opportunities to add brands in the economy and luxury segments. it is in the process of developing another state of-the-art manufacturing unit at Jhagadia to cater to the rising demand for premium and luxury branded home textiles. In addition to the company’s home textile manufacturing unit in Dewas. hospitals. At present. In line with the growth in the industry. suits. Substantial part of the production is outsourced. navy. The company has a market share of 8% in the Blended Suiting business and 30% in the work wear and daily wear fabrics business of the organized sector. Reid & Taylor in the premium segment and Belmonte in the mid premium segment. trousers. 9 Firstcall India Equity Advisors Pvt Ltd . casuals. The company offers a range of high quality budget blends of polyester and viscose in numerous designs. ties. The work wear polyester/ viscose fabrics are used by industries. is SKNL’s offering in the mid-premium segment. socks. launched in 2006. The brands in this segment include Stephens Brothers in the super premium segment. schools and offices.Consumer Textiles: Blended and Uniform fabrics The manufacturing facilities are located at Dewas. SKNL is focusing on and investing in this area as it has identified it as a high growth segment. Most fabrics are characterized with special attributes such as wrinkle-free and moisture-absorbent qualities thereby enhancing their value. Carmichael house caters to the mid-premium segment of the home textile market in the country. for the men’s segment.

V. SKNL Italy S. Around 60-65% of the high value fabrics produced will be exported to foreign luxury brands. thereby giving the company a natural advantage and an opportunity to supply high value fabric at a substantially lower cost. Most of SKNL’s competitors in this segment are located in high wage countries. This business is characterized by high margins and has the potential to deliver strong returns.75 million meters per annum manufacturing facility for the production of High Value Fine Cotton fabric in Jhagadia. smart casuals and accessories. a subsidiary of SKNL. Anjaneya Foundation 10 Firstcall India Equity Advisors Pvt Ltd . Reid & Taylor has been successful in capturing a healthy market share and is rated amongst top two brands for premium clothing. Stephens Brothers is an English brand that offers a wide range of business attire that is designed to perfection. SKNL has commissioned production in the weaving unit of the completely integrated (yarn to fabric) 12. Reid & Taylor (India) Ltd 2. SKNL Europe B. Stephens Brothers is a leading international brand and is part of the Austin Reed group and is offered by RTIL in India. over 500 designs of premium ready-to-wear clothing.High Value Fine Cottons (HVFC) The high value fine cottons segment is the newest venture undertaken by SKNL.V. The brand produces suits both for ladies and gentlemen with the finest pure wool and pure linen fabrics. Reid & Taylor has a diverse portfolio of products and also offers total wardrobe solutions. SKNL will be one of the few companies in India offering high value shirting fabrics. offers the Reid & Taylor brand in the premium segment of the industry in India. Luxury Textiles Reid & Taylor (India) Ltd. Full commercial production would start later in the year. Subsidiary Companies 1.p. (RTIL). With this facility. 4. The luxury segment is a significant contributor towards the consolidated revenues of the company. This is one of the most technologically advanced textile manufacturing units in the country. There is also a backend-frontend synergy with Leggiuno whereby the design talent and capabilities of Leggiuno will help the division and also division would get access to high end brand catered to by Leggiuno. The categories include high quality fabrics. 3.A 5. SKNL International B. In less than ten years after its introduction. Gujarat.

63 65.43 15.52 7.54 1.00 Key Concerns • The global economic slowdown • The global crisis will dent India’s growth trajectory as investments and exports slow.41 5.8 0.00 2647.60 11266.2009) (Rs.Kumars Nationwide 38.90 4.52 20.) S.45 0.4 0.2 1.) (x) (%) 03.Peer Group Comparison Name of the CMP(R.00 8987.7 17.50 KPR Mill 78. Mn.s) Market EPS P/E (x) P/BV Dividend company (As on Nov Cap. (Rs.55 0.0 3.38 7.00 Zodiac clothing 271.00 2272. • Highly competition • High input costs • Adverse Govt policies 11 Firstcall India Equity Advisors Pvt Ltd .00 Alok Industries 18.25 62.

69 Depreciation -426.208.60 -18.36 Total Income 17.23 Gross Profit 3.355.60 189.149.997.997.462.39 236.00 10.77 7.60 2.534.41 Minority Interest _ -185.30 -1.603.70 18.775.28 Tax -560.491.60 -336.90 11.913.10 -442.166. in million) FY08A FY09A FY10E FY11E Description 12m 12m 12m 12m Net Sales 17.762.51 236.055.82 38.90 9.40 2.233.60 32.90 1.486.019.616.938. of Shares 210.678.018.50 3.718.91 4.283.91 4.69 Operating Profit 4.365.10 Reserves 4.055.166.92 Interest -893.70 13.05 223.342.485.50 22.10 32.591.65 -2.05 -30.319.144.00 10.50 163.374.388.11 Face Value (Rs) 10.00 10.50 _ Net Profit 2.70 6.62 - Expenditure 13.80 A=Actual.569.60 15.26 Other Income 105.791.28 Exceptional Items -102.222.743.50 3.12 4.60 4.50 3.00 _ _ Profit after E I but before Tax 2.60 -1.41 Equity Capital 2.50 2.10 -464.038.100.10 -1.42 Profit before Tax &E I 2.791.10 2.554.87 Profit after Tax 2.70 3. E=Estimated 12 Firstcall India Equity Advisors Pvt Ltd .22 38.00 4.90 2.00 Total No.80 2.40 -26.10 2.90 1.765.51 EPS (Rs) 9.553.10 158.31 -1.60 22.10 -2.384.092.60 2.951.79 7.10 572.365.653.21 -487.991.Financials 12 Months Ended Profit & Loss Account (Consolidated) Value(Rs.985.

50 794.365.544.91 13 Firstcall India Equity Advisors Pvt Ltd .80 1.10 -623.30 1.30 Net Profit 512.308.10 2.10 584.30 688.09 Depreciation -156.166.16 Operating Profit 1.47 2.30 Total Income 7.500.20 9.20 1.00 10.00 1. of Shares 236.94 Profit before Tax 929.569.365.10 10.50 35.51 236.17 2.20 -106.001.465.109.55 Profit after Tax 617.65 Interest -488. in million) 30-June-09 30-Sep-09 31-Dec-09E Description 3m 3m 3m Net Sales 7.514.70 -172.51 EPS(Rs) 2.00 10.789.30 -8.56 Gross Profit 1.31 Equity Capital 2.70 -164.60 9.085.40 -108.00 Total No.10 2.51 236.40 30.Quarterly Ended Profit & Loss Account (Consolidated) Value(Rs.10 Face Value 10.365.135.535.50 692.80 -7.931.70 1.81 Expenditure -5.50 1.081.573.16 Tax -311.10 -589.51 Other Income 28.50 -309.60 10.61 Minority Interest -105.755.00 -340.

Charts A) Net Income & PAT Chart B) EV/EBITDA chart C) P/E Chart D) Debt-Equity ratio chart 14 Firstcall India Equity Advisors Pvt Ltd .

44x respectively for FY10E and FY11E.90 and Rs. • The EPS of the stock is expected to be at Rs. and PAT at 10.1 Year Comparative Graph SKNL BSE SENSEX Outlook and Conclusion • At the current market price of the stock Rs.73% over 2008 to 2011E. already a leading domestic player.00. • The Net sales are expected to grow at a CAGR of 29.69 x for FY10E and FY11E respectively.62 x and 1. • On the basis of EV/EBDITA.50x and 0. • On the basis of Price to Book Value of the stock is expected to be at 0. the stock trades at 1. 15 Firstcall India Equity Advisors Pvt Ltd .84 x and 3. • SKNL’s strong and diverse existing product portfolio along with its potentially remunerative foreign initiatives puts it in good stead to grow healthily and in a sustained manner going forward. • The diversity in SKNL’s business model has enabled in to successfully penetrate different age groups. the stock trades at a P/E of 3. preferences and wallet shares and has played a primary role in enabling delivery of a performance which is not just resilient but is in fact healthy. • The Company.55%.80 for the earnings of FY10E and FY11E respectively.38.9. has made notable progress in establishing a presence in the international arena through successful implementation of its inorganic growth strategy for overseas markets.22 x for FY10E and FY11E respectively.11.

Overview of the Industry The Indian textile industry is one of the oldest and most significant industries in the country.50. It accounts for around 4 per cent of the gross domestic product (GDP). India's textile exports have shot up from US$ 19. a good blend of professional and entrepreneurial personnel and an undiminished appetite for growth.6 billion to US$ 60 billion by 2012.13 billion in 2007- 08. taking it closer to being a truly global player. • We recommend ‘BUY’ in this particular scrip with a target price of Rs.62 billion during April-February 2008-09.08 per cent increase over the corresponding period last year. It is expected that India's share of exports to the world would also increase from the current 4 per cent to around 7 per cent during this period. The Indian textile industry is estimated to be around US$ 52 billion and is likely to reach US$ 115 billion by 2012. 14 per cent of industrial production and over 13 per cent of the country's total export earnings. • The Indian textile industry is estimated to be around US$ 52 billion and is likely to reach US$ 115 billion by 2012. Moreover.6 billion to US$ 60 billion by 2012. Textiles and Apparel Trade As per the latest figures available with the Ministry of Textiles. It is expected that India's share of exports to the world would also increase from the current 4 per cent to around 7 per cent during this period. a 7. The domestic market is likely to increase from US$ 34. registering a growth of over 15 per cent. SKNL is well placed to deliver improving and sustainable financial and operational performances going forward. The domestic market is likely to increase from US$ 34.14 billion in 2006-07 to US$ 22.• Its recent acquisitions of Leggiuno and Harmarx have enabled it to significantly enhance its global footprint. it provides employment to over 35 million people. 16 Firstcall India Equity Advisors Pvt Ltd .00 for Medium to Long term investment. • With well diversified branded product portfolio. India exported textiles worth US$ 17.

Readymade garments (RMG) are the largest export segment. the branded accessories segment is growing at 25 per cent. an increase in disposable incomes and a rapid growth in organised retail. accounting for almost 41 per cent of total textile exports. the textile sector is estimated to offer an incremental revenue potential of no less than US$ 50 billion by 2014 and over US$ 125 billion by 2020. Textile and Apparel Sourcing India is fast establishing itself as a global textile and apparel-sourcing hub with its abundant multi- fibre raw material base. with the US being the largest buyer.7 billion and in spite of recession is likely to grow at 5-7 per cent in 2009-10. which has been growing at 15 to 18 per cent. RMG exports from India were worth US$ 9. The domestic apparel retailing industry is estimated to be round US$ 2. The textile industry has attracted foreign direct investment (FDI) worth US$ 677 million from April 2000 to March 2009.89 billion in the corresponding period of 2007-08.18 billion during April-February 2008-09. 17 Firstcall India Equity Advisors Pvt Ltd .6 million and US$ 597. RMG exports from India were worth US$ 8. The domestic organised garment retailing clocked a growth of 13-14 per cent for year ended March 2009. the domestic market is estimated to grow to over US$ 50 billion by 2014. The textile sector registered 50 per cent increase in investment during 2008-09 to US$ 10. as compared to US$ 6. according to an ASSOCHAM study. Investments in the Textile Sector The domestic textiles and apparels market in India is witnessing strong growth owing to a young population.46 billion from US$ 6.Indian textiles. Consequently.3 million.57 billion in 2007-08. apparel is the second largest retail category in India. well established production bases. Within this.06 billion in 2007-08. Significantly. The accessories market is pegged between US$ 298. handlooms and handicrafts are exported to more than 100 countries. design capability and skilled labour force. Significantly.

The technical textiles market which at present is around US$ 80.1 million and growing at a healthy pace of about 12 per cent. 18 Firstcall India Equity Advisors Pvt Ltd . particularly in the rural areas. The government will shortly launch a US$ 122. the government has designed Centres of Excellence for agrotech. A US$ 2 million grant will be provided by the Japan Special Fund through ADB to support the implementation and monitor the progress of the Khadi industry reform package funded by the ADB loan. the government has introduced a number of progressive steps. • De-reservation of readymade garments.42 million Technology Mission on Technical Textiles and also create a Development Council for Technical Textiles. buildtech. Technical Textiles Technical or functional textiles are those textiles that have some functional properties attached to it and are different from traditional textiles that are merely used for adoration. Khadi The Asian Development Bank (ADB) has offered to lend US$ 150 million to India to help revive the popularity of Khadi.7 million by 2012-13.According to the Textiles and Apparel Report 2007. Simultaneously. particularly for women and minorities. The revival of Khadi industry is expected to bolster employment opportunities in India. by the Confederation of Indian Industry and Ernst & Young. is expected to touch US$ 13.97 million. meditech and geotech group of technical textiles at an outlay US$ 8. Diesel and Liz Claiborne are stepping up their sourcing from India. • 100 per cent FDI allowed through the automatic route. Government Initiatives In an effort to increase India's share in the world textile market. hosiery and knitwear from the small-scale industries sector in end-2000. the Indian sourcing market is estimated to grow at an annual average rate of 12 per cent from an expected market size of US$ 22 billion-US$ 25 billion in 2008 to US$ 35 billion- US$ 37 billion by 2011. world's cutting edge fashion brands such as Hugo Boss. Keeping this in mind. India’s Eleventh Five Year Plan notes Khadi production has huge employment prospects.

the Marketing and Export Promotion scheme. The government has given a further subsidy of US$ 533. the Handloom Weavers' Comprehensive Welfare scheme.38 billion. These schemes are namely. _____________________________________________________________ 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. Firstcall India Equity Advisors Pvt. 2008. 19 Firstcall India Equity Advisors Pvt Ltd . A total of 18. The government has also announced a US$ 618 million financial package to waive loan overdues of handloom cooperatives and make available loans at concessional rates for the industry. • Technology Upgradation Fund Scheme (TUFS) which was launched to facilitate the modernisation and upgradation of the textiles industry in 1999 has been given further extension till 2011-12.9 million under TUFs to underpin its modernisation efforts for meeting market challenges and enabling it to stay competitive in quality and price. • Technology Mission on Cotton was launched in February 2000 to make quality raw material available at competitive prices. The information contained herein is from publicly available data or other sources believed to be reliable but we do not represent that it is accurate or complete and it should not be relied on as such.91 billion have been sanctioned under TUFS up to March 31. the Mill Gate Price scheme and the Diversified Handloom Development scheme. Ltd. The government is also implementing five new schemes during the 11th Five-Year plan period (2007-12) for the development of the handloom sector and the welfare of weavers. the Integrated Handloom Development scheme. • 40 textile parks are being set up under the Scheme for Integrated Textile Parks (SITP) which will attract an investment of US$ 4. 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. 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.773 applications involving a project cost of US$ 24.

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