Reliance Power Limited (RPL)

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1 Recommendation: Neutral Issue Snapshot Issue Period: Jan 15 - Jan 18, 2008 Price Band Issue Size Market Cap Issue Size Promoter's contribution: QIB: Non-Institutional: Retail: Rs Rs.450 Rs Rs bn Rs Rs.1,017 bn 260,000,000 shares 32,000,000 shares 136,800,000 shares 22,800,000 shares 68,400,000 shares Face Value: Rs.10 Book Value: Re.0.89 as on March 31,2007 Capital Structure: Pre Issue Equity Post Issue Equity Rs.20,000 mn Rs.22,600 mn Shareholding Pattern Preissue (%) Post issue (%) Promoters: - - Mr. Anil Dhirubhai Ambani* - - RINL* & REL AAA Project Public Total Total no. of shares 2,000,000,000 2,260,000,000 * No. of shares held are 1,000 each, both pre & post issue. Website: Tarun Surana tarun.surana@spasecurities.com Abhishek Kothari abhishek.kothari@spasecurities.com Highlights of the Issue: Reliance Power is established to develop and operate power projects domestically and internationally. It is currently developing 13 power projects with a combined planned installed capacity of 28,200 MW, one of the largest portfolios of power generation assets under development in India. Investment Positives: The Reliance ADA group Brand. Reliance ADA Group s Presence across Power Sector value chain. Power sector to grow as government targets power for All by 2012 and beyond. The company is expected to grow its capacity significantly. To consider equipment manufacturing, talking to global equipment majors for cooperation Investment Concerns: The Project execution and Implementation schedule risks. Reliable, scheduled delivery of electric equipment supplies is a challenge. Fuel supply (especially Gas) is a major concern. Low priority of power sector in gas utilization policy. Huge Debt to put interest cost burden, further dilution expected. Valuations are sky high. Valuation: In FY2007, NTPC achieved revenues of Rs.328 billion and Net Profit of Rs billion. Based on its current EV/Sales, it s valued at 7.4x, which is not cheap by any standards. Reliance Power hopefully will achieve the operational capacity in 2016 what NTPC had in FY2007. As a back of the envelope calculation, let s assume Reliance Power will also achieve same revenues in 2016 as NTPC did in FY2007, so effectively, Reliance Power is valued at EV/Sales of more than 7x based on its expected revenues in Investment Argument: Power sector in India is riding high on the huge investments in capacity expansion plans due to aggressive plans of government to enhance capacity, the capability of the group, the wealth creation it has done for investors are key positives, but there remains great execution risks on such huge long gestation power projects, which ranges from high debt financing, delivery schedule and capability of equipment manufacturers, reliable fuel supply at reasonable cost. Company will start getting its revenues from FY2010, but for steep valuations to justify, we will have to look at what company achieves by FY2016 as by than it expects to complete majority of its current pipeline of projects. Purely on valuations, there are companies in power generation sector in secondary market, valued relatively cheaper compared to Reliance Power, but given the euphoria among investors, we expect good returns on listing price at which investors should book profits. Given the huge investment concerns, steep valuations but positive view on listing gains, our recommendation is Neutral Page 1 of 12

2 Company Background Reliance Power is Power generation company, part of Reliance ADA Reliance Power is a part of Reliance ADA group and is established to develop and operate power projects domestically and internationally. The Government of India s vision of Power for All by 2012 will require aggressive growth and increased private sector participation. To capitalize on this opportunity, it is currently developing 13 medium and large sized power projects with a combined planned installed capacity of 28,200 MW, one of the largest portfolios of power generation assets under development in India. Its 13 power projects are planned to be diverse in geographic location, fuel type, fuel source and off-take, and each project is planned to be strategically located near an available fuel supply or load center. The identified project sites are diversified across India with western India (12,220 MW), northern India (9,080 MW), northeastern India (2,900 MW) and southern India (4,000 MW). Its majority of projects are Thermal power projects with Coal and Gas being the main source of fuel. They include seven coal-fired projects (14,620 MW) to be fueled by reserves from captive mines and supplies from India and abroad, two gas-fired projects (10,280 MW) to be fueled primarily by reserves from the Krishna Godavari Basin, and four hydroelectric projects (3,300 MW), three of them in Arunachal Pradesh and one in Uttarakhand. The company intends to sell the power generated by these projects under a combination of long-term and short-term PPAs to state-owned and private distribution companies and industrial consumers. Projects under development that are to be funded through this issue: Proposed Installation Capacity (MW) Scheduled Commissioning of First Unit / Project Estimated Project Project Name Location Cost (INR, mn) Rosa Phase I Uttar Pradesh 27, Dec '09 / Mar '10 Rosa Phase II Uttar Pradesh 24, Jun '10 / Sept '10 Butibori Maharashtra 14, Mar '10 / Jun '10 Sasan Madhya Pradesh 183,420 3,960 May '13 / Apr '16 Shahapur Coal Maharashtra 48,000 1,200 Sept '11 / Dec '11 Urthing Sobla Uttarkhand 20, Mar '14 Other Projects under development but not funded through this issue: Project Name Location Estimated Project Cost (INR, mn) Proposed Capacity (MW) Shahapur Gas Maharashtra 84,000 2,800 Dadri Uttar Pradesh 224,400 7,480 Siyom Arunachal Pradesh 57,800 1,000 Tato II Arunachal Pradesh 40, MP Power Madhya Pradesh 158,420 3,960 Kalai II Arunachal Pradesh 72,950 1,200 Krishnapatnam Andhra Pradesh 165,376 4,000 Page 2 of 12

3 Investment positives The Reliance ADA group Brand The Reliance ADA group is second largest diversified business group in terms of market capitalization only after another Reliance (Mukesh Ambani) group with very strong reputation in India for its fast growth across businesses and tremendous wealth creation for investors. The Reliance ADA group has five listed companies present in various sectors such as telecom (Reliance Communications), financial services (Reliance Capital), media / entertainment (Adlabs), Energy and infrastructure (Reliance Energy) and natural resources (RNRL). These companies have a market capitalization of over Rs.3000 billion. With Reliance power, group is coming with its first ever IPO and investors are looking at Anil Ambani as wealth creator once again as his group has done in past. Group s Presence across Power Sector value chain The Reliance ADA group intends Reliance Power to be its primary vehicle for investments in the power generation sector in the future. REL and other group companies have been working in power sector and have relevant experience of not just development (as EPC partner to power projects and operation of power) but also of the entire value chain including distribution, transmission and trading of power in India. RNRL s business profile involves sourcing as well as supply and transportation of fuel (i.e. gas, coal and other liquid fuels) and has rights on significant gas reserves in KG basin, for which negotiation with RIL are currently going on. Power sector to grow as government targets power for All by 2012 The prevailing and expected electricity demand and supply imbalance in India presents significant opportunities in the power generation sector. The Government of India s vision of Power for All by 2012 will require aggressive growth and increased private sector participation. Government is taking various initiatives starting with Electricity Act, 2003, New Tariff policy, Policy on Ultra Mega Power Projects (UMPPs). Lots of power sector reforms are happening to attract private sector s investment in the sector. The company is expected to expand its capacity significantly Reliance Power is currently having MW capacities to build which will make the company one of the largest players in power generation sector; however it s just the beginning. Company will continue to look at adding more and more projects in its hand and will also look at inorganic growth opportunities across the world (It is bidding for operational 2500 MW power project in Singapore and 1200 MW in Bahrain). Though Reliance Energy Limited currently operates power projects of 941 MW in Dahanu (near Mumbai), Andhra Pradesh, Karnataka and Goa, Mr. Anil Ambani shows the commitment to build all Power generation projects in future under Reliance Power. To consider equipment manufacturing, talking to global equipment majors for cooperation Due to severe capacity crunch with existing electric equipment manufacturers (such as BHEL), company is planning to enter into electric equipment manufacturing. For this, company is in talks with global major power equipment manufacturers (such as Siemens) for having a JV or MOU or partnering with them in manufacturing to meet its requirement of various projects in hand. If successful, this will take care of the significant risk that can arise due to inability of equipment manufacturers to deliver key equipments on scheduled time. Page 3 of 12

4 Investment Concerns Project execution / Implementation schedule Mega power projects which are under development have a long gestation period. The project completion targets are estimates and are subject to various risks such as contractor performance shortfalls, engineering problems, unanticipated cost increases or changes in scope and delays in obtaining certain property rights like land acquisition, fuel supply, environmental clearances and government approvals, any of these factors could lead to delays, cost overruns or the termination of a project s development. For example, Butibori project has been delayed and given extension already by government. Also, the term of the MOU for the Shahapur project expired on April 4, The company is seeking to extend the completion date and the lease for the Butibori project, and to extend the MOU and the completion date for the Shahapur Project. If the same is not given by government and benefits are withdrawn than company may not continue to develop these projects. Reliable, scheduled delivery of electric equipment supplies is a challenge Currently India is facing shortage of electric equipment suppliers as current capacities with them are already booked and they have orders at full capacity for next 3-4 years given aggressive target of adding power generation capacities by government in 11 th plan. 10 th plan capacity addition slippages in achieving targets to a great extent are attributed to electic equipment manufacturers. Reliance Power depend on availability and skills of third party contractors for the development and construction of power projects and supply of key equipments like Boiler, Turbine and Generator (BTG) as well as Balance of Plant (BOP) equipments. Fuel supply (especially Gas) is a major concern The success of its operations will also depend on ability to source fuel at competitive prices. Few of its power projects have the benefit of captive fuel supplies or have obtained long-term coal allocations from the government. However, major concern is gas supplies for other power plants on commercially acceptable terms, or at all. Relaince Power intends to procure gas for Shahapur Gas and Dadri through RNRL. Currently, RNRL is in litigation with respect to gas reserves of Reliance Industries Limited, which may impact the availability or the pricing of fuel two gas-fired thermal projects wnich accounts for over 40% of its capacity in hand. Also, one of the three coal blocks allotted to Sasan project is the subject of litigation between the Ministry of Coal and third parties. Failure to obtain sufficient fuel supplies for any of thermal power projects may have a material adverse impact on its business, financial condition and results of operations. Huge Debt to put interest cost burden, further dilution expected The fund raising through IPO will be used for part funding of only 6 projects as per fund utilization schedule in RHP. These projects include Rosa Phase 1 & 2 (600 MW each), Butibori (300 MW), Sasan (3960 MW), Shahpur Coal based plant (1200 MW), and Urthing Soble (400 MW). These projects are of total 7,060 MW capacity and estimated cost is Rs billion. The remaining projects with capacity of 21,140 MW have estimated cost of Rs billion. IPO proceeds will be used only for the first 6 projects mentioned above. The total funds required is Rs billion where as this issue is of Rs billion only at the higher price band. This implies additional fund requirement of Rs.1006 billion. If we assume no equity dilution, Debt / Equity ratio becomes 8.7, which is practically impossible. Typically power projects have financing of the project from Debt and Equity in 70:30 or at best 80:20 ratio. We believe that Page 4 of 12

5 remaining projects will also require equity infusion and company will have to raise more equity going forward to complete the existing projects. If it gets more projects in hand, even more funds will be required to complete the newly acquired projects. Low priority of power sector in gas utilization policy Natural gas utilization policy draft by the petroleum ministry has assigned low priority to new power units in the country. The highest priority has been accorded to urea-based fertilizer units, followed by petrochemical units, new and existing LPG plants and city gas projects. The natural gas utilization policy draft, if accepted in its current form by the government, could prove a setback to the two new gas-fired power projects of the Reliance Power (the 7,500-mw Dadri project in UP and 2,800-mw Shahpur project in maharashtra) Reliance Power & NTPC - Major contributors to India s power generation sector NTPC and Reliance Power to be two largest players in Power Generation sector in India Currently India s largest installed capacity is with central government owned, Navaratna organization, NTPC, which currently accounts for more than 20% of the country s capacity. Going forward NTPC would endeavor to maintain or improve its share of India s generating capacity. Towards this end, NTPC would target to build an overall capacity portfolio of over 75,000 MW by Compared with NTPC, Reliance Power currently has 28,200 MW of projects in pipeline. Reliance Power aims to get more projects including forthcoming UMPPs and will obviously increase scale of its operations. As per management, Reliance Power will be looking at owning 15-20% of installed capacity in India in long term. NTPC to add nearly 30% of total capacity addition in 11 th plan NTPC will be adding nearly 22,000 MW against the country s Eleventh Plan capacity addition target of 78,000 MW. The Company s total installed capacity is 27,904 MW (including 1,054 MW from JV route). During the Tenth Plan, the company added 7,155 MW. NTPC has low Debt / Equity ratio where as Reliance Power will raise huge Debt to create its capacities Companies like NTPC and other utilities in India are earning EBIDTA margins of more than 30% and there is no reason why Reliance power should not earn this kind of EBIDTA margin. Though initially to expand its projects in hand, company went very aggressive on bidding, resulting in very low expected margins. One of the key positives for NTPC, compared to Reliance Power is its low Debt / Equity ratio which stands at 0.5 in FY2007 as with its bowings at Rs.245 bn, where as its net worth stood at Rs.493 bn. Reliance Power will need more than Rs.1000 billion of Debt for creating 28,200 MW capacities. Any further capacity augmentation will make debt component even higher. This will significantly impact PAT margins due to very high interest component. Page 5 of 12

6 Investment Argument & Valuations Valuations of most companies is in range of 7-10 EV / MW multiple Following table lists few companies which operate in power generation sector. We have compared them based on FY2007 capacity, borrowings, current market capitalization. We arrive at EV per MW capacity installed at the end of FY2007. Company Name Capacity in MW in FY07 Current Price (Rs.) Borrowings (Rs. bn) Market Cap. (Rs. bn) EV (Rs. bn) EV / MW C E S C Ltd N T P C Ltd Tata Power Co. Ltd Torrent Power Ltd In terms of Enterprise Value, NTPC and Reliance Power are very close Power generation companies in India are trading at EV per megawatt in the range of 7.2 to NTPC being the only player which can be compared with expected size of Reliance Power, we choose to compare Reliance Power with NTPC. Reliance Power will have its first plant commissioned in Dec 09, so It can not be compared based on EV / MW multiple based on existing capacity. Typically thermal plants can be commissioned with investment of Rs.45 to 50 million for each megawatt. And here our EV per megawatt figures are coming much above than that. It s partially can be explained and attributed to expected capacity additions by various players like Tata Power has about 7000 MW projects in hand including one UMPP at Mundra of 4000 MW capacity. NTPC has Enterprise Value of Rs.2432 bn on its existing capacity of what Reliance power will add possibly by Compared with this, Reliance Power s Enterprise Value after taking the proposed debt and market capitalization on higher band of issue price will be Rs.2150 bn. However, putting Reliance Power equivalent to NTPC in terms of EV is not justified as Reliance Power will add capacities by 2016, what NTPC has already We believe, NTPC itself is valued richly compared to expected CAGR growth of 16% in its capacity addition plans. Placing Reliance Power almost equivalent to NTPC in terms of Enterprise Value is not justified at all. NTPC will also have to raise its Debt levels to execute its MW projects in next 5 years, but it has networth of Rs.493 bn where as Reliance Power had networth of just Rs.2 bn with book value per share of Rs Reliance Power will have to leverage much more compared to NTPC as its current networth is negligible. In FY2007, NTPC achieved revenues of Rs.328 billion and Net Profit of Rs billion. Based on its current EV/Sales, it s valued at 7.4x, which is not cheap by any standards. Reliance Power hopefully will achieve the operational capacity in 2016 what NTPC had in FY2007. As a back of envelope calculation, let s assume Reliance Power will also achieve same revenues in 2016 as NTPC did in FY2007, so effectively, Reliance Power is valued at EV/Sales of more than 7x based on its expected revenues in Page 6 of 12

7 Industry Scenario Indian Power Sector The Indian government has an objective of achieving Power for All by The development of the power sector has traditionally been the responsibility of the government through the central and state utilities, with a relatively insignificant contribution by the private sector. In order to reduce the gap between supply and demand, the Indian government formulated policies in 1991 for increasing the role of the private sector in the power sector of the country. The 1991 policies have been revised and modified through enactment of the Electricity Act 2003 (the Electricity Act ). According to CRIS INFAC, construction investment in the power sector is expected to be approximately Rs.450 billion from to Although capacity additions are expected to be the highest in the thermal power sector, much of the construction activity will be driven by hydel capacity additions. This is because hydel projects have a larger construction component as compared with thermal projects. According to CRIS INFAC, the hydel thermal power mix in India currently stands in favour of thermal power at 25:75 as against the global mix of 40:60. However, the government of India is taking initiatives to change this breakdown. The government s focus on hydel power can be gauged from the fact that 36% of the planned capacity addition during the period from 2002 to 2012 is in hydel power. This should translate into a sharp increase in construction activity. Proposed Capacity Additions during 11th Plan ( ): The 11th Plan recommends generation planning based on growth of energy generation requirement of 9.5%. Keeping this in view a capacity addition of 68,869 MW is recommended in 11th Plan as given below: Thermal Breakup Total Gas / Total Sector Hydro Thermal Coal Lignite LNG Nuclear (%) Central 9,685 23,810 22,060 1, ,160 36, % State 2,637 20,352 19, , % Private 3,263 5,962 5, , % All- India 15,585 50,124 46,635 1,375 2,114 3,160 68, % In addition to above, according to the 10th Plan, thermal projects totaling to 11,545 MW have been identified as best effort projects. These projects would normally be commissioned in the beginning of 12th Plan but in case of any constraints in taking up of any of the projects included in 11th plan, some of these projects would be tried for commissioning during 11th Plan. Further, a capacity of 13,500 MW has been planned under renewable as per information given by MNRE. Page 7 of 12

8 Current Indian Demand and Supply According to the 10th Plan, the growth in generation has been 3.2%, 5.1%, 5.2% and 5.2% during fiscal years 2003, 2004, 2005 and 2006, respectively. In the fiscal year 2007, but up to December 2006, a growth rate of 7.5% was recorded. The CAGR of generation during the 10th Plan period is expected to be about 5.1%. However, higher growth could have been achieved if adequate gas would have been available for the existing and new gas based plants commissioned during 10th plan. As per National Electricity Policy ( NEP ), the per capita electricity consumption is to increase to 1,000 units by the year Details of this assessment are given below: Likely Population by (Census 2001) Generation Required if Per Capita Consumption is to be 1,000 kwh/yr Likely Generation from Captive Plants in Likely Generation from Renewable Plants in Requirement of Generation from Utilities 1.21 billion 1,210 BU 131 BU 41 BU 1,038 BU As the NEP is the guiding document for the power sector, requirement of generation (from utilities) for planning purpose is considered 1038 BU. This would require a generation growth rate of 9.5 % p.a. for utilities When we look ahead further at the end of 12 th plan in 2017, India s generation capacity can be expected to grow from the current levels of about 120,000 MW to about 250,000 MW by In FY2007, India s electricity production was at bn units, where as in FY2017, based on report by The working group on power 11 th plan, India will require 1470 billion units of power assuming 9% GDP growth and Electricity/GDP elasticity of 0.8. Financial Snapshot (Rs. In Million) Particulars FY 2007 FY 2006 FY 2005 FY 2004 Sales Total Income Operating Profit Net Profit EPS* (Rs./share) Share capital 2, Reserves & Surplus Net worth 2, Total Debt Book Value* (Rs./share) *The no. of shares are of the post issue equity i.e. 2,260 mn shares. Page 8 of 12

9 Income Statement Rs, mn Net Sales Employment Costs Administrative & General Expenses Operating Expenditure Operating Income Profit on redemption of Mutual Fund Gross Profits Finance & Interest charges Bank / Corporate Guarantee Charges Profit Before Tax Tax on redemption of Mutual Fund Current year Tax Profit After Tax Extraordinary Items Net Profit FY 2007* FY 2006 FY 2005 FY (1.10) (0.10) (1.10) (0.10) (1.10) (0.10) (1.30) (0.10) (1.30) (0.10) - Cash Flow Statement Rs, mn FY 2007* FY 2006 FY 2005 FY 2004 Cash flow from operations Cash for working capital Net Operating Cash Flow - A Net purchase of fixed assets Net purchase of investments Net Cash Flow From Investing - B Proceeds from equity Proceeds / Repayment from borrowings Dividend payments Net Cash Flow From Financing - C Net Cash Flow (A+B+C) Cash received on acquisition / amalgamation Opening Cash Closing Cash (1.10) (0.10) - (16.70) (2.00) (3.10) (333.00) (138.10) (720.50) (161.40) (412.70) (745.70) (138.00) (720.50) (161.40) (233.40) - (0.20) (1.10) Page 9 of 12

10 Balance Sheet Rs, mn Sources of Funds Equity Share Capital Reserves & Surplus Miscellaneous expenditure (written off) Networth Secured Loan Unsecured Loan Loan Funds Share Application Money FY 2007* FY 2006 FY 2005 FY , (1.50) (0.20) (0.10) , (1.00) , Total Liability 2, , Application of Funds Gross Block Less: Depreciation Net Block Capital work in progress Net Fixed Assets Incidental Exp. Pending Allocation Investments Current Assets Sundry Debtors Cash & Bank Loans & Advances Less: Current Liabilities & Porvisions Net Current Assets Total Assets , (1.00) 2, , * The figures for FY 2007 are on a consolidated basis & the rest are on a standalone basis. Page 10 of 12

11 Objects of the issue: 1. Funding subsidiaries to part-finance the construction & development costs of certain projects. 2. General corporate purpose. Sl.No. 1. Particulars Funding subsidiaries: 600 MW Rosa Phase I 600 MW Rosa Phase II 300 MW Butibori 3,960 MW Sasan 1,200 MW Shahapur Coal 400 MW Urthing Sobla (Amount, INR, mn) Utilization by March 31, , , , , , , , General corporate purpose & issue expenses. Total The detailed cost of the above objects of the issue and Utilization Schedule of the Estimated Cost: Name of Subsidiary Name of Project Estimated Cost FY 2008* FY 2009 FY 2010 FY 2011 (Amount, INR, mn) FY 2012 onwards Amount deployed as of Dec 28, 2007 RPSCL Rosa Phase I 27, , , , ,970.6 RPSCL Rosa Phase II 24, , , , , VIPL Butibori 14, , , , , SPL Sasan 183, , , , , , Shahapur MEGL Coal 48, , , , , USHPPL Urthing Sobla 20, , , , Total 317, , , , , , ,108.8 The objects of the issue have not been appraised by any bank or any financial institution or an independent organization. Page 11 of 12

12 Disclaimer: This report is for the personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice to you. SPA Securities Limited (hereinafter referred as SPA) is not soliciting any action based upon it. This report is not for public distribution and has been furnished to you solely for your information and should not be reproduced or redistributed to any other person in any form. This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The intent of this document is not in recommendary nature. The views expressed are those of analyst and the Company may or may not subscribe to all the views expressed therein The report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon such. SPA or any of its affiliates or employees 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. Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. SPA or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement. The recipients of this report should rely on their own investigations. SPA and/or its affiliates and/or employees may have interests/ positions, financial or otherwise in the securities mentioned in this report. SPA has incorporated a Disclosure of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report. Disclosure of Interest Statement 1. Analyst ownership of the stock - No 2. Group/Directors ownership of the stock No 3. Broking relationship with company covered - No This information is subject to change without any prior notice. SPA reserves the right to make modifications and alternations to this statement as may be required from time to time. Nevertheless, SPA is committed to providing independent and transparent recommendations to its clients, and would be happy to provide information in response to specific client queries. SPA CAPITAL SERVICES LIMITED SPA MERCHANT BANKERS LTD. SPA SECURITIES LTD. SPA COMTRADE PRIVATE LIMITED SPA INSURANCE SERVICES LTD. Investment Advisory services, AMFI Reg. No. ARN-0007 SEBI registered Category-1 Merchant Bankers SEBI Regn. No. INM Member NSE-Capital Market & Wholesale Debt Markets,SEBI Regn.no. INB ,F&O Market,SEBI Regn.no. INF Member BSE-Capital Market,SEBI Regn.no.INB Member of NCDEX & MCX. NCDEX TMID-00729, NCDEX FMC no.ncdex/tcm/corp/0714 Direct Broker for Life and General Insurance broking IRDA Lic. Code No. DB053/03 NEW DELHI 25, C-Block Community Centre, Janak Puri, New Delhi Tel: (011) , , Fax: (011) B- 1A- 132, Sector-51, Noida Ph: Fax: , Qutab Plaza, DLF City, Phase- I, Gurgaon Ph: Fax: MUMBAI 101, 10th Floor, Mittal Court - 'A' Wing, Nariman Point, Mumbai Tel: (022) / Fax: (022) / KOLKATA Diamond Chambers, Room no. 8-O, 8th Floor, 4 Chowringhee Lane, Kolkata Tel: (033) Fax: (033) BANGALORE 703 & 704, 7th Floor, Brigade Tower, 135, Brigade Road, Corporation Division no. 61, Bangalore Ph: JAIPUR UL-15, Amber Tower, Sansar Chand Road, Jaipur Tel: (0141) / Fax: CHENNAI 3H, 3rd floor, East Coast Chambers, 92/34, G.N.Chetty, T. Nagar, Chennai Tel: (044) Fax: AHMEDABAD 407, Anand Mangal Complex - I, Behind Omkar House, C.G.Road, Navrangpura, Ahmedabad Tel: (079) Page 12 of 12