Simplex Infrastructures

4QFY2012 Result Update Infrastructure May 31, 2012 Simplex Infrastructures Performance Highlights Quarterly Highlights Standalone Y/E March (` cr) 4QFY12 4QFY11 3QFY12 % chg (yoy) % chg (qoq) Net sales 1,796 1,360 1,571 32.0 14.3 Operating profit 148 135 109 9.9 36.4 Net profit 29 37 18 (20.9) 62.2 For 4QFY2012, Simplex Infra s (Simplex) numbers came broadly in-line with our estimates. At the end of the quarter, the company s order book increased by 4.0% yoy to `15,224cr (2.5x FY2012 revenue). Simplex had order inflow of `2,606cr for the quarter, taking the order inflow for FY2012 to `6,446cr. Simplex has recently acquired Joy Mining (involved in underground mining, 220 employees) for `38cr. This acquisition is part of a larger alliance and strategic understanding with Joy Mining. Further, for FY2012, Joy Mining s revenue and PAT stood at `70cr and `30cr, respectively. Numbers broadly in-line with estimates: On the top-line front, Simplex reported robust growth of 32.0% yoy to `1,796cr, marginally higher than our estimate of `1,738cr. This is the third consecutive quarter when the company has reported 25%+ yoy growth on the revenue front. The company s EBITDAM dipped by 160bp yoy to 8.3% for the quarter, lower than our estimate of 9.0%. Interest cost came in at `68cr, a jump of 47.7% yoy/17.9% qoq, against our estimate of `60cr. PAT declined by 20.9% yoy to `29cr, below our estimate of `31cr. The company s lower-than-expected bottom-line performance was due to lower EBITDAM and higher interest cost during the quarter. Outlook and valuation: Simplex has been performing well on the revenue front since the last three quarters, and it is expected to continue this robust performance going ahead as well on the back of its strong order book (`15,224 2.5x FY2012 revenue). Further, Simplex is a well-diversified player in terms of sectors, geographies and client mix and, unlike its peers, has limited exposure to road BOT assets. Hence, we maintain our Buy view on the stock with a target price of `265. Key financials (Consolidated) Y/E March (` cr) FY2011 FY2012 FY2013E FY2014E Net Sales (incl op. income) 4,889 6,019 6,732 7,837 % chg 7.1 23.1 11.8 16.4 Adj. Net Profit 107 84 117 146 % chg (16.1) (21.7) 39.9 25.0 FDEPS (`) 21.5 16.8 23.5 29.4 EBITDA Margin (%) 9.8 7.8 8.1 8.4 P/E (x) 10.4 13.3 9.5 7.6 RoAE (%) 10.3 7.4 9.6 11.0 RoACE (%) 11.8 10.8 11.5 13.2 P/BV (x) 1.0 1.0 0.9 0.8 EV/Sales (x) 0.5 0.5 0.5 0.4 EV/EBITDA (x) 5.6 7.0 5.8 5.3 BUY CMP `223 Target Price `265 Investment Period 12 Months Stock Info Sector Infrastructure Market Cap (` cr) Net Debt (` cr) 1,102 2,023 Beta 52 Week High / Low 0.5 335/157 Avg. Daily Volume 3,546 Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code 2 16,219 4,924 SINF.BO SINF@IN Shareholding Pattern (%) Promoters 55.0 MF / Banks / Indian Fls 25.4 FII / NRIs / OCBs 14.4 Indian Public / Others 5.3 Abs. (%) 3m 1yr 3yr Sensex (8.6) (12.4) 9.3 Simplex (1.7) (26.1) (42.2) Nitin Arora 022-39357800 Ext: 6842 nitin.arora@angelbroking.com Please refer to important disclosures at the end of this report 1

Exhibit 1: Quarterly performance (Standalone) Y/E March (` cr) 4QFY12 4QFY11 3QFY12 % chg (yoy) % chg (qoq) FY2012 FY2011 % Chg Net Sales 1,796 1,360 1,571 32.0 14.3 5,907 4,698 6.9 Total Expenditure 1,647 1,225 1,462 34.4 12.7 5,439 4,283 7.0 Operating Profit 148 135 109 9.9 36.4 468 415 5.9 OPM (%) 8.3 9.9 6.9 (160)bp 140bp 7.9 8.8 (90)bp Interest 68 46 58 47.7 17.9 230 145 17.9 Depreciation 37 31 28 17.5 32.2 114 91 5.7 Non Operating Income 2 10 4 (78.0) (35.9) 10 16 31.7 Nonrecurring items - - - - - - - - Profit Before tax 46 68 27 (32.6) 71.3 133 195 0.8 Tax 16 31 9 (46.7) 90.3 44 72 4.0 Net Profit before MI 29 37 18 (20.9) 62.2 89 123 (1.1) PAT (%) 1.6 2.7 1.1 - - 1.5 2.6 - Minority Interest (MI) - - - - - - - - Net Profit after MI 29 37 18 (20.9) 62.2 89 123 (1.5) Adj. PAT (%) 1.6 2.7 1.1 - - 1.5 2.6 - Adj. FDEPS 5.9 7.4 3.6 (20.9) 62.2 18.0 24.8 (1.5) Exhibit 2: 4QFY2012 Actual vs. Estimates (` cr) Estimates Actual Variation (%) Net Sales 1,738 1,796 3.3 EBITDA 156 148 (5.2) EBITDAM (%) 9.0 8.3 (70)bp Interest and Financial Charges 60 68 13.9 PAT 31 29 (6.9) Robust top-line growth On the top-line front, Simplex reported robust growth of 32.0% yoy to `1,796cr, marginally higher than our estimate of `1,738cr. This is the third consecutive quarter when the company has reported 25%+ yoy growth on the revenue front. Revenue contribution from domestic and overseas operations stood at 92% and 8%, respectively, for the quarter. At the end of the quarter, the company s order book increased by 4.0% yoy and stood at `15,224cr (2.5x FY2012 revenue). Simplex had order inflow of `2,606cr for the quarter, taking the order inflow for FY2012 to `6,446cr. Further, in April and May 2012, Simplex bagged orders worth `1,669cr and is L1 for `1,445cr worth of orders. For FY2013, management expects to achieve order inflow of `6,000cr-7,000cr. May 31, 2012 2

Exhibit 3: Robust top-line growth Exhibit 4: Composition of revenue (4QFY2012, %) 2,000 1,500 1,000 1,177 1,051 1,167 1,367 1,261 1,322 25.7 1,594 1796 36.7 31.3 40.0 35.0 30.0 25.0 20.0 15.0 500 0 4.1 (0.5) 9.4 9.2 7.1 10.0 5.0 0.0 (5.0) 1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 Sales (` cr, LHS) Growth (yoy %, RHS) Lower EBITDAM and interest burden pull down earnings The company s EBITDAM dipped by 160bp yoy to 8.3% for the quarter, lower than our estimate of 9.0%. It should be noted that previously the company used to classify tools written-off under depreciation, whereas now it has accounted the same under operating expense and, hence, EBITDAM is lower. During the quarter, the company s interest cost came in at `68cr, a jump of 47.7% yoy/17.9% qoq, against our estimate of `60cr. PAT declined by 20.9% yoy to `29cr, below our estimate of `31cr. Lower-than-expected bottom-line performance was due to lower EBITDAM and higher interest cost during the quarter. Exhibit 5: EBITDAM trend Exhibit 6: PAT trend 160.0 140.0 120.0 100.0 80.0 60.0 40.0 20.0 0.0 10.2 10.1 10.0 9.2 137 120 106 108 1QFY11 2QFY11 3QFY11 4QFY11 EBITDA (`cr, LHS) 9.5 9.0 8.0 8.3 148 120 119 127 1QFY12 2QFY12 3QFY12 4QFY12 EBITDAM (%, RHS) 12.0 10.0 8.0 6.0 4.0 2.0 0.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 3.1 36 1QFY11 2.6 27 2QFY11 2.7 2.0 37 23 3QFY11 4QFY11 PAT (` cr, LHS) 1.9 24 1QFY12 1.4 1.1 18 18 2QFY12 3QFY12 PATM (%, RHS) 1.6 29 4QFY12 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Order book analysis At the end of the quarter, the company s order book increased by 4.0% yoy to `15,224cr (2.5x FY2012 revenue). Simplex had order inflow of `2,606cr for the quarter, taking the order inflow for FY2012 to `6,446cr. Further, in April and May 2012, Simplex bagged orders worth `1,669cr and is L1 for `1,445cr worth of orders. For FY2013, management expects to achieve order inflow of `6,000cr-7,000cr. The company s order book comprises 90% domestic and 10% overseas orders. Client mix for the quarter stands at ~61% for private sector orders and ~25% for government sector orders, and the remaining orders are from the PPP side. May 31, 2012 3

Exhibit 7: Order inflow for 4QFY12 Segment wise (%) Exhibit 8: Order backlog Segment wise (%) Outlook and valuation Simplex has been performing well on the revenue front since the last three quarters, and it is expected to continue this robust performance going ahead as well on the back of its robust order book (`15,224 2.5x FY2012 revenue). Further, Simplex is a well-diversified player in terms of sectors, geographies and client mix and, unlike its peers, has limited exposure to road BOT assets. Hence, we maintain our Buy recommendation on the stock with a target price of `265. Exhibit 9: Historical one-year forward PE band 45 40 35 30 25 20 15 10 5 0 31-May-05 31-Aug-05 30-Nov-05 28-Feb-06 31-May-06 31-Aug-06 30-Nov-06 28-Feb-07 31-May-07 31-Aug-07 30-Nov-07 29-Feb-08 31-May-08 31-Aug-08 30-Nov-08 28-Feb-09 31-May-09 31-Aug-09 30-Nov-09 28-Feb-10 31-May-10 31-Aug-10 30-Nov-10 28-Feb-11 31-May-11 31-Aug-11 30-Nov-11 29-Feb-12 31-May-12 P/E 7YEAR AVG 5YEAR AVG 3YEAR AVG May 31, 2012 4

Investment argument Diversified play Simplex is one of the oldest infrastructure companies in India (over eight decades of work log). Since inception, the company has been involved in the different segments of the infrastructure sector, from piling (1924) to power (1960), to roads, railways and bridges (1980), and the real estate business (2007). The company has executed ~2,400 projects and is currently involved in >150 ongoing projects in India and abroad. This indicates the company's execution capabilities, apart from qualifying it to successfully execute complex and numerous projects on time. The company is also well spread geographically, with a presence in the Middle-Eastern countries of Qatar, Oman, Dubai and Abu Dhabi and is now venturing into newer territories such as Bangladesh. In terms of its client profile, Simplex has a healthy mix of government and private sector projects. This successful diversification has not only provided the company the experience of executing different and complex projects but has also qualified it to bid for bigger ticket-size projects going ahead. May 31, 2012 5

Exhibit 10: Recommendation summary Company CMP TP Rating Top-line (` cr) EPS (`) P/E (x) OB/ FY12E FY13E FY14E CAGR (%) FY12E FY13E FY14E CAGR (%) FY12E FY13E FY14E Sales (x) ABL 210 273 Buy 1,514 2,014 2,293 23.1 18.0 22.6 26.7 21.7 11.6 9.3 7.9 3.9 CCCL 14 - Neutral 2,128 2,526 2,792 14.5 (0.4) 1.8 2.8 - - 7.5 4.9 2.8 HCC 18 - Neutral 3,988 4,239 4,522 6.5 (3.7) (1.8) (0.8) - - - - 3.8 IRB Infra 113 186 Buy 3,131 3,821 4,582 21.0 14.9 15.0 16.9 6.5 7.5 7.5 6.6 - ITNL 182 265 Buy 5,606 6,619 7,925 18.9 25.6 22.0 26.7 2.1 7.1 8.3 6.8 4.3 IVRCL 41 61 Buy 4,971 5,510 6,722 16.3 0.9 2.5 4.6 125.5 45.2 16.1 8.9 5.6 JP Assoc. 62 88 Buy 12,853 15,259 17,502 16.7 4.8 4.2 5.0 1.9 12.9 14.6 12.4 - L&T 1,172 1,553 Buy 53,171 59,559 69,089 14.0 64.7 70.8 76.5 8.7 18.1 16.6 15.3 2.7 Madhucon 41 70 Buy 1,802 2,206 2,502 17.8 4.9 4.6 4.7 (2.6) 8.3 8.8 8.7 4.3 NCC 31 41 Buy 5,250 5,453 6,169 8.4 1.4 1.6 1.9 17.3 21.8 18.6 15.9 3.8 Patel Engg 86 - Neutral 3,573 3,609 3,836 3.6 14.9 14.0 14.5 (1.1) 5.8 6.1 5.9 2.7 Punj Lloyd 45 - Neutral 10,557 11,592 12,993 10.9 2.8 1.8 3.2 7.2 16.2 24.6 14.1 2.6 Sadbhav 126 199 Buy 2,604 2,989 3,314 12.8 9.3 10.2 11.3 10.5 13.6 12.4 11.1 2.7 Simplex In. 223 265 Buy 6,019 6,732 7,837 14.1 16.8 23.5 29.4 32.2 13.3 9.5 7.6 2.5 Exhibit 11: SOTP breakup Company Core Const. Real Estate Road BOT Invst. In Subsidiaries Others Total ` % to TP ` % to TP ` % to TP ` % to TP ` % to TP ` ABL 87 32 - - 186 68 - - - - 273 CCCL 17 100 - - - - - - - - 17 HCC (5) (20) 12 50 16 70 - - - - 23 IRB Infra 98 59 - - 64 39 4 3 - - 166 ITNL 53 20 - - 180 68 - - 33 12 265 IVRCL 41 67 - - - - 20 33 - - 61 JP Assoc. 28 32 25 29 - - - - 35 40 88 L&T 1,223 79 - - - - 330 21 - - 1,553 Madhucon 19 27 2 3 38 54 - - 12 17 70 NCC 14 33 2 5 6 15 - - 19 48 41 Patel Engg 44 46 17 18 16 16 - - 19 20 95 Punj Lloyd 72 100 - - - - - - - - 72 Sadbhav 102 51 - - 98 49 - - - - 199 Simplex In. 265 100 - - - - - - - - 265 May 31, 2012 6

Company background Simplex is one of the oldest construction companies in India, based in Kolkata. Over the years, Simplex has diversified across various segments to encash upon the untapped construction opportunity, and it has an excellent track record of achieving the same. The company is present across eight segments buildings (29% of order book), bridges (5%), industrial (11%), marine (2%), pilling (4%), power (25%), rail and roads (16%) and urban infrastructure (8%). May 31, 2012 7

Profit & loss statement (Consolidated) Y/E March (` cr) FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E Net Sales 4,696 4,552 4,875 5,972 6,718 7,823 Other operating income 16 12 14 47 14 14 Total operating income 4,713 4,564 4,889 6,019 6,732 7,837 % chg 67.8 (3.1) 7.1 23.1 11.8 16.4 Total Expenditure 4,309 4,110 4,412 5,553 6,188 7,180 Net Raw Materials 2,149 1,856 1,945 2,450 2,786 3,241 Other Mfg costs 483 504 617 664 740 841 Personnel 1,413 1,472 1,571 2,031 2,275 2,649 Other 263 278 279 342 386 450 EBITDA 404 454 477 466 543 657 % chg 53.2 12.5 5.1 (2.4) 16.6 20.8 (% of Net Sales) 8.6 10.0 9.8 7.8 8.1 8.4 Depreciation& Amortisation 132 157 167 119 131 144 EBIT 272 297 310 347 412 513 % chg 36.4 9.2 4.6 11.8 18.8 24.4 (% of Net Sales) 5.8 6.5 6.4 5.8 6.1 6.6 Interest & other Charges 151 122 148 232 255 314 Other Inc (incl pft from Ass/JV) 46 26 38 12 13 14 (% of PBT) 27.5 13.0 18.8 9.4 7.8 6.8 Recurring PBT 166 201 200 127 170 213 % chg 30.8 20.6 (0.1) (36.5) 34.0 25.0 Extraordinary Expense/(Inc.) (7) - (18) - - - PBT (reported) 173 201 218 127 170 213 Tax 49 71 92 45 55 69 (% of PBT) 28.3 35.6 42.3 35.3 32.4 32.4 PAT (reported) 124 129 126 82 115 144 Less: Minority interest (MI) 0.8 1.9 1.4 (1.2) (1.7) (2.2) Prior period items - - - - - - PAT after MI (reported) 123 127 125 84 117 146 ADJ. PAT 116 127 107 84 117 146 % chg 29.3 9.2 (16.1) (21.7) 39.9 25.0 (% of Net Sales) 2.5 2.8 2.2 1.4 1.7 1.9 Basic EPS (`) (Reported) 24.9 25.6 25.1 16.8 23.5 29.4 Fully Diluted EPS (`) (Diluted) 23.5 25.6 21.5 16.8 23.5 29.4 % chg 29.3 9.2 (16.1) (21.7) 39.9 25.0 May 31, 2012 8

Balance sheet (Consolidated) Y/E March (` cr) FY2009 FY2010 FY2011 FY2012E FY2013E FY2014E SOURCES OF FUNDS Equity Share Capital 10 10 10 10 10 10 Preference Capital - - - - - - Reserves & Surplus 899 968 1,078 1,150 1,255 1,390 Shareholder s Funds 909 978 1,088 1,160 1,265 1,400 Minority Interest 1 5 6 6 6 6 Total Loans 1,220 1,302 1,661 2,216 2,220 2,616 Deferred Tax Liability 58 88 138 138 138 138 Total Liabilities 2,189 2,374 2,893 3,520 3,630 4,161 APPLICATION OF FUNDS Gross Block 1,219 1,277 1,509 1,684 1,859 2,034 Less: Acc. Depreciation 208 289 385 504 635 779 Net Block 1,011 988 1,123 1,180 1,223 1,255 Capital Work-in-Progress 14 19 27 30 33 37 Investments 2 3 23 78 183 288 Current Assets 2,946 3,125 3,767 4,689 5,140 6,038 Inventories 679 671 811 1,065 1,226 1,461 Sundry Debtors 1,682 1,806 2,298 2,863 2,899 3,376 Cash 119 110 108 40 170 228 Loans & Advances 338 398 405 542 646 741 Other 127 140 145 178 199 232 Current liabilities 1,784 1,760 2,048 2,457 2,949 3,457 Net Current Assets 1,162 1,364 1,719 2,232 2,190 2,581 Misc. Exp. not written off - - - - - - Total Assets 2,189 2,374 2,893 3,520 3,630 4,161 May 31, 2012 9

Cash flow statement (Consolidated) Y/E March (` cr) FY2009 FY2010 FY2011 FY2012E FY2013E FY2014E Profit before tax (excluding MI) 173 201 217 128 172 215 Depreciation 79 92 96 119 131 144 Change in Working Capital 358 314 357 580 (171) 333 Less: Other income 46 26 38 12 13 14 Direct taxes paid 30 46 16 45 55 69 Cash Flow from Operations (181) (93) (97) (390) 406 (58) (Inc.)/ Dec. in Fixed Assets (408) (118) (241) (178) (178) (178) (Inc.)/ Dec. in Investments 8 (1) (20) (55) (105) (105) Other income 46 26 38 12 13 14 Cash Flow from Investing (355) (93) (223) (221) (270) (269) Issue of Equity - - - - - - Inc./(Dec.) in loans 444 107 358 555 5 396 Dividend Paid (Incl. Tax) 12 12 11 12 12 12 Others 100 82 (29) - - - Cash Flow from Financing 532 177 318 543 (7) 384 Inc./(Dec.) in Cash (4) (9) (2) (67) 130 58 Opening Cash balances 123 119 110 108 40 170 Closing Cash balances 119 110 108 40 170 228 May 31, 2012 10

Key Ratios Y/E March FY2009 FY2010 FY2011 FY2012E FY2013E FY2014E Valuation Ratio (x) P/E (on FDEPS) 9.5 8.7 10.4 13.3 9.5 7.6 P/CEPS 5.7 5.0 5.5 5.5 4.5 3.8 P/BV 1.2 1.1 1.0 1.0 0.9 0.8 Dividend yield (%) 0.9 0.9 0.9 0.9 0.9 0.9 EV/Sales 0.5 0.5 0.5 0.5 0.5 0.4 EV/EBITDA 5.5 5.1 5.6 7.0 5.8 5.3 EV / Total Assets 1.0 1.0 0.9 0.9 0.9 0.8 Order Book to Sales 2.1 2.5 3.1 2.8 2.7 2.5 Per Share Data (`) EPS (Basic) 24.9 25.6 25.1 16.8 23.5 29.4 EPS (fully diluted) 23.5 25.6 21.5 16.8 23.5 29.4 Cash EPS 39.3 44.2 40.9 40.7 49.9 58.3 DPS 2.0 2.0 2.0 2.0 2.0 2.0 Book Value 183 197 219 234 255 282 DuPont Analysis EBIT margin 5.8 6.5 6.3 5.8 6.1 6.5 Tax retention ratio 0.7 0.6 0.6 0.6 0.7 0.7 Asset turnover (x) 2.7 2.1 1.9 1.9 1.9 2.1 ROIC (Post-tax) 11.2 8.8 7.1 7.2 8.0 9.4 Cost of Debt (Post Tax) 11.0 6.2 5.8 7.7 7.8 8.8 Leverage (x) 1.0 1.2 1.3 1.7 1.7 1.7 Operating ROE 11.4 11.9 8.9 6.2 8.5 10.4 Returns (%) ROACE (Pre-tax) 14.6 13.0 11.8 10.8 11.5 13.2 Angel ROIC (Pre-tax) 15.6 13.7 12.3 11.1 11.9 13.9 ROAE 14.0 13.5 10.3 7.4 9.6 11.0 Turnover ratios (x) Asset Turnover (Gross Block) 4.8 3.7 3.5 3.8 3.8 4.0 Inventory / Sales (days) 45 54 55 57 62 63 Receivables (days) 110 139 153 156 156 146 Payables (days) 116 141 141 136 146 148 Wcap cycle (ex-cash) (days) 70 92 107 115 114 102 Solvency ratios (x) Net debt to equity 1.2 1.2 1.4 1.9 1.6 1.7 Net debt to EBITDA 2.7 2.6 3.3 4.7 3.8 3.6 Interest Coverage 1.8 2.4 2.1 1.5 1.6 1.6 May 31, 2012 11

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 Simplex Infra 1. Analyst ownership of the stock No 2. Angel and its Group companies ownership of the stock No 3. Angel and its Group companies' Directors ownership of the stock No 4. Broking relationship with company covered No Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors. Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%) Reduce (-5% to 15%) Sell (< -15%) May 31, 2012 12