DB Realty-IPO Angel

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IPO Note | Real EstateIPO Note | Real EstateIPO Note | Real EstateIPO Note | Real EstateIPO Note | Real Estate

Please refer to important disclosures at the end of this report

DB Realty

Priced beyond Reality DB Realty (DBRL), a leading realty player in the Mumbai Metropolitan region, has

firmed up development plans for 100mn sq ft with a total saleable area of 60.9mn

sq ft (DBRL's share). Around, 65% (40mn sq ft) of its total saleable interest is

concentrated in the outskirts of Mumbai (Dahisar, Mira Road, Mahul, Mankhurd,

Pune) , 6.6% in South Mumbai, 21% in Western Suburbs and rest in Central Mumbai.

We have assumed average realisation of Rs6,000p sq ft on DBRL's saleable interest

based on its geographical presence, which gives us a Fair NAV of Rs412/share.

Hence, we believe that the IPO is expensive and recommend an Avoid.Hence, we believe that the IPO is expensive and recommend an Avoid.Hence, we believe that the IPO is expensive and recommend an Avoid.Hence, we believe that the IPO is expensive and recommend an Avoid.Hence, we believe that the IPO is expensive and recommend an Avoid. However,

investors could consider alternate, existing listed realty players like Anant Raj and

HDIL.

PPPPProjects skewed towards outskirts of Mumbai:rojects skewed towards outskirts of Mumbai:rojects skewed towards outskirts of Mumbai:rojects skewed towards outskirts of Mumbai:rojects skewed towards outskirts of Mumbai: We believe Mumbai was the most

resilient market during the recent downturn and thereafter witnessed 25-30% price

rise from the bottoms compared to the 10-15% seen in the other cities. It may be

noted here that around 85% of DBRL's saleable interest is concentrated in and

around Mumbai, with 4mn sq ft in the highly lucrative South Mumbai market and

13mn sq ft in the Western suburbs where demand outstrips supply. However, 65%

(40mn sq ft) of its total saleable interest is concentrated in the outskirts of Mumbai

(Dahisar, Mira Road, Mahul, Mankhurd, Pune) where supply is almost 2x the annual

demand and absorption remains a concern under the stipulated time frame given

by management. The going rates for same are in range of Rs 3000-4000p sq ft.

FFFFFocus on JV/JDocus on JV/JDocus on JV/JDocus on JV/JDocus on JV/JD As limits Margin upside: As limits Margin upside: As limits Margin upside: As limits Margin upside: As limits Margin upside: DBRL has entered into JV/JDs for most of

its projects to minimise the development of capital. This model reduces upfront and

total project financing costs. However, this also reduces Operating flexibility with

respect to any alterations in the development plans. Further, the JD/JV scheme

fetch lower Margins compared to the land ownership model as it has to share a

portion of Revenue/Profit.

Expensively priced:Expensively priced:Expensively priced:Expensively priced:Expensively priced: We have assumed a seven year development period based on

management guidance for the company's existing land bank. We have assumed

average realisation of Rs6,000p sq ft on DBRL's saleable interest based on its

geographical presence, which gives us a Fair Value of Rs412/share. The IPO is

expensive on all parameters, viz. P/BV, premium to NAV and EV/sq ft as comparedto other listed players.

January 29, 2010

AVOIDIssue Open: January 29, 2010

Issue Close: February 02, 2010

Book Building

QIBs At least 60%#

Non-Institutional Upto 10%

Retail Upto 30%

Post Issue Shareholding Pattern

Promoters Group 58%

MF/Banks/IndianFIs/FIIs/Public & Others 42%

Issue Details

Face Value: Rs10

Present Eq. Paid up Capital: Rs211.2cr

Post-Issue Eq. Paid up Capital: Rs242.1cr

Issue size (amount): Rs1,444-1,500cr*

Issue Price: Price Band of Rs468-486

Promoters holding Pre-Issue: 73.8%

Promoters holding Post-Issue: 58.0%

Note: *at Lower and Upper price band

# Upto 30% of QIB portion to be allocated to

Anchor Investors, out of which one-third to beallocated to MFs only

Objects of the Issue

PPPPParticularsarticularsarticularsarticularsarticulars TTTTTotalotalotalotalotal Amt Amt Amt Amt Amt Amt to be Amt to be Amt to be Amt to be Amt to be

(Rs cr)(Rs cr)(Rs cr)(Rs cr)(Rs cr) EstimatedEstimatedEstimatedEstimatedEstimated deployed as ofdeployed as ofdeployed as ofdeployed as ofdeployed as of financed fromfinanced fromfinanced fromfinanced fromfinanced from

CostCostCostCostCost Sept 24,'09Sept 24,'09Sept 24,'09Sept 24,'09Sept 24,'09 Issue PIssue PIssue PIssue PIssue Proceeds"roceeds"roceeds"roceeds"roceeds"

Construction & Development

cost of Projects 1,388 318 1,070

Pre-payment of loan from IDFC 80 NIL 80

General Corporate Purposes - - -

TTTTTotalotalotalotalotal 1,4681,4681,4681,4681,468 1,1501,1501,1501,1501,150

Source: Company RHP, Angel Research

Mihir SalotMihir SalotMihir SalotMihir SalotMihir Salot

+91 22 4040 3800 Ext: 307

Email: [email protected]

PPPPParam Desaiaram Desaiaram Desaiaram Desaiaram Desai

+91 22 4040 3800 Ext: 310

Email: [email protected]



January 29, 2010 2

DB Realty | IPO Note

Company Background

DBRL was incorporated as a public limited company, on January 8, 2007. The company

has been jointly promoted by Vinod K Goenka and Shahid U Balwa, whose familieshave been in the real estate and allied businesses since the past 25 and 95 years,

respectively. DB's interests span largely across residential, mass housing and cluster

redevelopment, but predominantly in and around Mumbai. As of August 31, 2009,

the promoters and promoter group companies had collectively developed approx

15.9mn sq ft, including 15.3mn sq ft of residential developable area,

0.4mn sq ft of commercial and retail developable area and 0.3mn sq ft of hospitality

developable area.

Primary focus on Mumbai residential market

As of August 31, 2009, the company had 10 ongoing projects, aggregating

approximately 18.6mn sq ft of saleable area, nine forthcoming projects, aggregating

approximately 20.2mn sq ft of saleable area and six upcoming projects, aggregating

approximately 22.1mn sq ft of saleable area. The total development portfolio comprises

61mn sq ft of saleable area, which includes 40.6mn sq ft of Residential, 2.1mn sq ft

of Commercial, 0.4mn sq ft of Retail and 17.9mn sq ft of Mass housing/cluster

redevelopment. Management has indicated that all its projects will be executed over

the next 6-7 years. Out of the total saleable area, around 85% is located in and

around Mumbai with around 4mn sq ft in the highly lucrative South Mumbai market

and 13mn sq ft in the Western suburbs.

Source: Company, Angel Research

Exhibit 1: % Break-up of Saleable Area (60.9 mn sq ft)



January 29, 2010 3


TDR generation contributes 50% of Revenue

DBRL undertakes mass housing projects for the government in lieu of TDRs. DBRL is

entitled to receive TDR up to 10.9mn sq ft from ongoing projects and 6.2mn sq ft and

0.7mn sq ft from its forthcoming and upcoming projects, respectively. Besides, it also

undertakes cluster development projects under the public-private partnership initiatives

whereby it undertakes clearing and redevelopment of old structures and which entitles

it to receive additional development rights in terms of FSI. Revenue from sale of TDR

was 46% and 48% out of Total Revenue in FY2009 and 1HFY2010. Currently, TDR Revenue mainly comes from Mahul Project in Chembur.

LLLLLand Reserves Category and Reserves Category and Reserves Category and Reserves Category and Reserves Category Acreage Acreage Acreage Acreage Acreage % of total% of total% of total% of total% of total EstimatedEstimatedEstimatedEstimatedEstimated DevelopableDevelopableDevelopableDevelopableDevelopable EstimatedEstimatedEstimatedEstimatedEstimated SaleableSaleableSaleableSaleableSaleable(mn sq ft)(mn sq ft)(mn sq ft)(mn sq ft)(mn sq ft) acreageacreageacreageacreageacreage DevelopableDevelopableDevelopableDevelopableDevelopable Area (%) Area (%) Area (%) Area (%) Area (%) SaleableSaleableSaleableSaleableSaleable Area (%) Area (%) Area (%) Area (%) Area (%)

Area with P Area with P Area with P Area with P Area with Parkingarkingarkingarkingarking Area Area Area Area Area(mn sq ft)(mn sq ft)(mn sq ft)(mn sq ft)(mn sq ft) (mn sq ft)(mn sq ft)(mn sq ft)(mn sq ft)(mn sq ft)

LLLLLand owned by the Coand owned by the Coand owned by the Coand owned by the Coand owned by the Co 15.115.115.115.115.1 49.249.249.249.249.2 36.536.536.536.536.5 36.336.336.336.336.3 23.523.523.523.523.5 38.638.638.638.638.6

by itself 0.5 1.6 3.7 3.7 1.4 2.3

through its subsidiaries 1.4 4.5 8.6 8.5 4.1 6.8

through entities other than above 13.2 43.1 24.3 24.2 17.9 29.4

Sole developing RightsSole developing RightsSole developing RightsSole developing RightsSole developing Rights 5.45.45.45.45.4 17.817.817.817.817.8 30.230.230.230.230.2 30.030.030.030.030.0 23.823.823.823.823.8 39.039.039.039.039.0

by itself 1.2 3.9 7.6 7.5 8.4 13.7


through entities other than above 3.7 12.2 17.9 17.8 13.6 22.4MoU/MoA - LMoU/MoA - LMoU/MoA - LMoU/MoA - LMoU/MoA - Letters of Accepttances whereetters of Accepttances whereetters of Accepttances whereetters of Accepttances whereetters of Accepttances where 6.56.56.56.56.5 21.221.221.221.221.2 17.817.817.817.817.8 17.717.717.717.717.7 8.68.68.68.68.6 14.114.114.114.114.1

Land subject to Govt. Allocation 5.7 18.5 12.6 12.6 6.7 11.0

Land subject to Pvt. Acquisition 0.8 2.7 5.2 5.1 1.9 3.1

Jt. Development with PJt. Development with PJt. Development with PJt. Development with PJt. Development with Partnersartnersartnersartnersartners 1.31.31.31.31.3 4.24.24.24.24.2 9.49.49.49.49.4 9.39.39.39.39.3 3.53.53.53.53.5 5.85.85.85.85.8

by itself 0.8 2.7 4.6 4.5 2.5 4.2


through entities other than above 0.2 0.5 1.6 1.6 0.3 0.5

Jt. V Jt. V Jt. V Jt. V Jt. V entures (Pentures (Pentures (Pentures (Pentures (Proportionate holdings of Lroportionate holdings of Lroportionate holdings of Lroportionate holdings of Lroportionate holdings of Land)and)and)and)and) 2.42.42.42.42.4 7.77.77.77.77.7 6.76.76.76.76.7 6.66.66.66.66.6 1.61.61.61.61.6 2.62.62.62.62.6

TTTTTotalotalotalotalotal 30.630.630.630.630.6 100.0100.0100.0100.0100.0 100.5100.5100.5100.5100.5 100.0100.0100.0100.0100.0 60.960.960.960.960.9 100.100.100.100.100.0

Exhibit 2: Land Ownership Details




January 29, 2010 4


Other Investment Concerns

Interest rate risks

DBRL has 90% exposure to the Residential Segment. Over the past few months, a

moderate interest rate regime and easy financing fueled demand in the Residential

Segment. Hence, any increase in the mortgage rates could dampen demand and

thereby impact our Revenue and Earnings estimates.

Joint development agreements with third parties entail potential risks

DBRL has entered into joint ventures/joint development (JV/JD) arrangements for most

of its projects to minimise development capital. However, projects undertaken through

JVs involve risks that can result in significant delays. Moreover, most of these JDagreements confer rights on DBRL to construct, develop, market and eventually sell

the properties. This reduces operating flexibility with respect to any alterations in the

development plans.

Fall in property prices

Property prices fell 20-50% across India in FY2009. However, in the last six months,

prices have recovered by 5-20% from their bottom, especially in Mumbai and Delhi.

For valuation purposes, we have assumed a 5% increase in the Residential prices, and

a 5% decline in the Commercial and Retail for FY2011E (from current levels), with a

5% increase thereon. Thus, a greater-than-expected move in the prices will impact

our NAV estimates.

Name of ShareholderName of ShareholderName of ShareholderName of ShareholderName of Shareholder PPPPPrerererere- Issue- Issue- Issue- Issue- Issue PPPPPostostostostost- Issue- Issue- Issue- Issue- Issue

No. of SharesNo. of SharesNo. of SharesNo. of SharesNo. of Shares %%%%% No. of SharesNo. of SharesNo. of SharesNo. of SharesNo. of Shares %%%%%

PPPPPromotersromotersromotersromotersromoters 140,392,896140,392,896140,392,896140,392,896140,392,896 73.873.873.873.873.8 140,392,896140,392,896140,392,896140,392,896140,392,896 58.058.058.058.058.0

Neelkamal Tower Const. Pvt Ltd 104,564,838 49.5 104,564,838 43.2

Vinod K Goenka 27,264,216 12.9 27,264,216 11.3

Others 8,563,842 11.3 8,563,842 3.5

W W W W W alkinson Investments Ltdalkinson Investments Ltdalkinson Investments Ltdalkinson Investments Ltdalkinson Investments Ltd 19,687,50019,687,50019,687,50019,687,50019,687,500 9.39.39.39.39.3 19,687,50019,687,50019,687,50019,687,50019,687,500 8.18.18.18.18.1

TTTTTrinity Capital (Eleven) Ltdrinity Capital (Eleven) Ltdrinity Capital (Eleven) Ltdrinity Capital (Eleven) Ltdrinity Capital (Eleven) Ltd 11,340,00011,340,00011,340,00011,340,00011,340,000 5.45.45.45.45.4 11,340,00011,340,00011,340,00011,340,00011,340,000 4.74.74.74.74.7

Bollywood Mauritius HoldingsBollywood Mauritius HoldingsBollywood Mauritius HoldingsBollywood Mauritius HoldingsBollywood Mauritius Holdings 11,340,00011,340,00011,340,00011,340,00011,340,000 5.45.45.45.45.4 11,340,00011,340,00011,340,00011,340,00011,340,000 4.74.74.74.74.7

IL&FSIL&FSIL&FSIL&FSIL&FS 10,440,00010,440,00010,440,00010,440,00010,440,000 5.45.45.45.45.4 10,440,00010,440,00010,440,00010,440,00010,440,000 4.34.34.34.34.3

OthersOthersOthersOthersOthers 18,007,10418,007,10418,007,10418,007,10418,007,104 0.80.80.80.80.8 18,007,10418,007,10418,007,10418,007,10418,007,104 7.47.47.47.47.4

PublicPublicPublicPublicPublic ----- ----- 30,864,19830,864,19830,864,19830,864,19830,864,198 12.812.812.812.812.8

211,207,500211,207,500211,207,500211,207,500211,207,500 100.0100.0100.0100.0100.0 242,071,698242,071,698242,071,698242,071,698242,071,698 100.0100.0100.0100.0100.0

Exhibit 3: Shareholding Pattern


DBRL IPO details

DBRL is making its IPO (fresh issue of 30.9mn shares) in the Price Band of Rs468-486

a share. The Issue proceeds would be utilised towards Construction & Developmentcost of Projects, Pre-payment of a Loan from IDFC and General Corporate Purposes.



January 29, 2010 5


Outlook

The Real Estate Sector in India is now on a gradual improvement curve with new

projects being launched and liquidity position of developers improving on the back ofQIPs and proposed public issue offers. This has been supported by the government

policies that allowed housing loans to individuals carrying a risk weightage of 50% to

be increased from Rs2mn to Rs3mn along with allowing rescheduling of bank debt

without it being classified as NPL. Over the last six months, listed companies have

raised US $3.5bn through QIPs and issuance of warrants. Further, US $3bn would be

raised from the proposed IPOs hitting the markets towards early 2010E. According to

Cushman and Wakefield, the forecast for Pan-India commercial office space is 196mn

sq ft, while Retail space demand stands at 43mn sq ft for 2009-13. Demand for

Hospitality and Residential Segments is estimated at over 690,000 room nights and

7.5mn units respectively, over the mentioned period. We expect demand from the

Commercial and Retail Segments to pick up in 2HFY2011E owing to renewed interest

from Corporates thereby catching up with the Residential Segment.

Valuation

We have assumed seven year development period of its existing land bank. We have

factored in a 5% price escalation from FY2011E onwards in the construction and

capital value for all its Residential projects from current levels, and 5% correction in

Rentals in FY2011E, but a 5% increase from FY2012E onwards for all its Commercial

and Retail projects. Our fair NAV for DBRL (based on its existing land bank) works out

to Rs412/share. We believe that the IPO is expensively priced and recommend an

Avoid on the IPO. However, investors could look at alternate listed players like AnantRaj and HDIL.

Source: Company, Angel Research; Note: * Projected valuations are at the lower-end of the price band

Net SalesNet SalesNet SalesNet SalesNet Sales ----- 464464464464464 839839839839839 1,1751,1751,1751,1751,175

% chg - - 80.7 40.0

Net PNet PNet PNet PNet Profitrofitrofitrofitrofit (22)(22)(22)(22)(22) 142142142142142 135135135135135 268268268268268

% chg - - (4.6) 98.6

FDEPS (Rs)*FDEPS (Rs)*FDEPS (Rs)*FDEPS (Rs)*FDEPS (Rs)* (0.9)(0.9)(0.9)(0.9)(0.9) 5.85.85.85.85.8 5.65.65.65.65.6 11.011.011.011.011.0

EBITDA Margin (%) - 48.6 37.7 39.5

P/E (x) - 80.4 84.2 42.4

RoE (%) - 18.4 7.0 8.5

RoCE (%) - 12.5 10.5 11.9

P/BV (x) - 14.0 3.8 3.5

EV/EBITDA (x) - 55.6 33.3 23.6

Y/E March (Rs cr) FY2008 FY2009 FY2010E FY2011E

Exhibit 4: Key Financials



January 29, 2010 6


Source: Company; Note: *For the period 08.01.07 to 31.03.07

Exhibit 5: Profit and Loss Account

IncomeIncomeIncomeIncomeIncomeSale and Income from operations 0.0 0.0 464.4 394.4

Other Income 0.0 6.3 6.8 4.8

TTTTTotal Incomeotal Incomeotal Incomeotal Incomeotal Income 0.00.00.00.00.0 6.36.36.36.36.3 471.2471.2471.2471.2471.2 399.2399.2399.2399.2399.2

ExpenditureExpenditureExpenditureExpenditureExpenditure

Project Expenses 128.0 354.6 388.7 326.7

(Inc.)/Dec. in Inventories (131.7) (368.5) (182.3) (91.3)

Establishment Expenses 0.0 26.7 32.2 12.2

EBITDEBITDEBITDEBITDEBITD A A A A A 3.63.63.63.63.6 (6.4)(6.4)(6.4)(6.4)(6.4) 232.6232.6232.6232.6232.6 151.6151.6151.6151.6151.6

Depreciation 0.0 1.6 7.4 4.6

EBITEBITEBITEBITEBIT 3.63.63.63.63.6 (8.0)(8.0)(8.0)(8.0)(8.0) 225.2225.2225.2225.2225.2 147.0147.0147.0147.0147.0

Interest & Finance Charges 3.6 15.4 74.7 70.0

Preliminary w/off 0.0 0.0 0.0 0.0

Net PNet PNet PNet PNet Profit/(Lrofit/(Lrofit/(Lrofit/(Lrofit/(Loss) before taxoss) before taxoss) before taxoss) before taxoss) before tax (0.0)(0.0)(0.0)(0.0)(0.0) (23.5)(23.5)(23.5)(23.5)(23.5) 150.5150.5150.5150.5150.5 77.077.077.077.077.0

Less: Provision for Taxation

Current tax 0.0 0.0 (6.0) (12.8)

Deferred tax 0.0 0.0 (0.4) (0.1)

Fringe Benefit Tax (0.0) (0.1) (0.3) 0.0

Net PNet PNet PNet PNet Profit after Trofit after Trofit after Trofit after Trofit after Taxaxaxaxax (0.0)(0.0)(0.0)(0.0)(0.0) (23.6)(23.6)(23.6)(23.6)(23.6) 143.8143.8143.8143.8143.8 64.164.164.164.164.1

Less: Minority Interest (0.0) 1.9 (2.2) (6.2)

Add: Share of Profit/(loss)

in Associates 0.0 (0.1) 0.0 0.1

Reported PReported PReported PReported PReported Profitrofitrofitrofitrofit (0.0)(0.0)(0.0)(0.0)(0.0) (21.7)(21.7)(21.7)(21.7)(21.7) 141.7141.7141.7141.7141.7 58.058.058.058.058.0

Adj. made on acc. of Restatement (0.6) (3.0) 4.2 0.3

Adjusted P Adjusted P Adjusted P Adjusted P Adjusted Profitrofitrofitrofitrofit (0.6)(0.6)(0.6)(0.6)(0.6) (24.8)(24.8)(24.8)(24.8)(24.8) 145.8145.8145.8145.8145.8 58.358.358.358.358.3

Bal. b/f from previous year 0.0 (0.6) (25.4) 120.4

Balance carried to Balance sheetBalance carried to Balance sheetBalance carried to Balance sheetBalance carried to Balance sheetBalance carried to Balance sheet (0.6)(0.6)(0.6)(0.6)(0.6) (25.4)(25.4)(25.4)(25.4)(25.4) 120.4120.4120.4120.4120.4 178.7178.7178.7178.7178.7

Particulars (Rs cr) FY2007* FY2008 FY2009 1HFY2010



January 29, 2010 7


Source: Company; Note: *For the period 08.01.07 to 31.03.07

Exhibit 6: Balance Sheet

FFFFFixed Assets:ixed Assets:ixed Assets:ixed Assets:ixed Assets:

Gross Block 0.5 16.7 30.1 32.1

Less: Depreciation (0.0) (2.4) (9.2) (13.5)

Net BlockNet BlockNet BlockNet BlockNet Block 0.50.50.50.50.5 14.314.314.314.314.3 20.820.820.820.820.8 18.518.518.518.518.5

CWIP 1.6 0.5 1.5 1.0

InvestmentsInvestmentsInvestmentsInvestmentsInvestments 11.311.311.311.311.3 178.5178.5178.5178.5178.5 0.20.20.20.20.2 25.425.425.425.425.4

Current Assets, LCurrent Assets, LCurrent Assets, LCurrent Assets, LCurrent Assets, Loans and Advancesoans and Advancesoans and Advancesoans and Advancesoans and Advances

Inventories 131.9 533.8 1,057.8 1,172.6

Cash& Bank Balances 5.0 103.7 76.9 64.3

Sundry Debtors 0.0 9.1 42.6 86.6

Loans & Advances 174.2 984.8 1,244.2 1,302.1

Other Current Assets 0.0 0.0 0.0 0.4

TTTTTotal CA otal CA otal CA otal CA otal CA , L, L, L, L, Loans & Advancesoans & Advancesoans & Advancesoans & Advancesoans & Advances 311.1311.1311.1311.1311.1 1,631.31,631.31,631.31,631.31,631.3 2,421.52,421.52,421.52,421.52,421.5 2,626.02,626.02,626.02,626.02,626.0

TTTTTotal Assetsotal Assetsotal Assetsotal Assetsotal Assets 324.5324.5324.5324.5324.5 1,824.61,824.61,824.61,824.61,824.6 2,444.12,444.12,444.12,444.12,444.1 2,670.82,670.82,670.82,670.82,670.8

Liabilities & PLiabilities & PLiabilities & PLiabilities & PLiabilities & Provisionsrovisionsrovisionsrovisionsrovisions

Secured Loans 49.6 222.7 520.8 536.1

Unsecured Loans 141.5 380.4 714.9 215.3

Deferred Tax Liability 0.0 0.0 0.4 0.4

Current Liabilities 62.2 437.6 336.0 440.1

Provisions 0.0 0.5 6.1 14.0

TTTTTotal Liabilities & Potal Liabilities & Potal Liabilities & Potal Liabilities & Potal Liabilities & Provisionsrovisionsrovisionsrovisionsrovisions 253.4253.4253.4253.4253.4 1,041.21,041.21,041.21,041.21,041.2 1,578.21,578.21,578.21,578.21,578.2 1,205.91,205.91,205.91,205.91,205.9

Minority Interest 29.2 55.4 55.3 53.4

Net W Net W Net W Net W Net W orthorthorthorthorth 42.042.042.042.042.0 728.0728.0728.0728.0728.0 810.6810.6810.6810.6810.6 1,411.61,411.61,411.61,411.61,411.6

Share Capital 7.5 9.1 9.1 211.2

Share Application Money 0.0 0.3 0.0 0.0

Reserve & SurplusReserve & SurplusReserve & SurplusReserve & SurplusReserve & Surplus

Securities Premium 29.7 658.8 658.8 979.1

Profit & Loss Account (0.6) (25.4) 120.4 178.7

Capital Reserve on Consolidation 5.5 85.2 22.8 47.5Less: Miscellaneous Expenditure (0.0) 0.0 (0.5) (4.9)

Net W Net W Net W Net W Net W orthorthorthorthorth 42.042.042.042.042.0 728.0728.0728.0728.0728.0 810.6810.6810.6810.6810.6 1,411.61,411.61,411.61,411.61,411.6

Particulars (Rs cr) FY2007* FY2008 FY2009 1HFY2010



DB Realty

DISCLAIMER

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Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change

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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 and are for general guidance only. While every effort is made to ensure the accuracy and completeness of information

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Recipients of this material should rely on their own investigations and take their own professional advice. Each recipient of this document

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We do not undertake to advise you as to any change of our views expressed in this document. While we would endeavor to update the

information herein on a reasonable basis, Angel Securities, its subsidiaries and associated companies, their directors and employees are

under no obligation to update or keep the information current. Also there may be regulatory, compliance, or other reasons that may

prevent Angel Securities and affiliates from doing so. Prospective investors and others are cautioned that any forward-looking statements

are not predictions and may be subject to change without notice. Angel Securities Limited and affiliates, including the analyst who has

issued this report, may, on the date of this report, and from time to time, have long or short positions in, and buy or sell the securities of the

companies mentioned herein or engage in any other transaction involving such securities and earn brokerage or compensation or act asadvisor or have other potential conflict of interest with respect to company/ies mentioned herein or inconsistent with any recommendation

and related information and opinions.

Angel Securities Limited and 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.

Note: Please refer important `Stock Holding Disclosure' report on Angel web-site (Research Section).

Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)

Ratings (Returns) :



DB Realty

Research Team

Fundamental: (+ 9122- 3952 4568)Hitesh Agrawal Head - Research [email protected]

Sarabjit Kour Nangra VP-Research, Pharmaceutical [email protected]

Vaibhav Agrawal VP-Research, Banking [email protected]

Vaishali Jajoo Automobile [email protected]

Shailesh Kanani Infrastructure, Real Estate [email protected]

Anand Shah FMCG , Media [email protected]

Deepak Pareek Oil & Gas [email protected]

Puneet Bambha Capital Goods, Engineering [email protected]

Sushant Dalmia Pharmaceutical [email protected]

Rupesh Sankhe Cement, Power [email protected]

Param Desai Real Estate, Logistics, Shipping [email protected]

Sageraj Bariya Fertiliser, Mid-cap [email protected]

Viraj Nadkarni Retail, Hotels, Mid-cap [email protected]

Paresh Jain Metals & Mining [email protected]

Amit Rane Banking [email protected]

Jai Sharda Mid-cap [email protected]

Amit Vora Research Associate (Oil & Gas) [email protected]

V Srinivasan Research Associate (Cement, Power) [email protected]

Aniruddha Mate Research Associate (Infra, Real Estate) [email protected]

Shreya Gaunekar Research Associate (Automobile) [email protected]

Mihir Salot Research Associate (Logistics, Shipping) [email protected]

Chitrangda Kapur Research Associate (FMCG, Media) [email protected]

Vibha Salvi Research Associate (IT, Telecom) [email protected]

Tehcnicals:

Shardul Kulkarni Sr. Technical Analyst [email protected]

Mileen Vasudeo Technical Analyst [email protected]

Krunal Dayma Technical Analyst [email protected]

Derivatives:

Siddarth Bhamre Head - Derivatives [email protected]

Jaya Agrawal Jr. Derivative Analyst [email protected]

Institutional Sales Team:

Mayuresh Joshi VP - Institutional Sales [email protected]

Abhimanyu Sofat AVP - Institutional Sales [email protected] Jalan Sr. Manager [email protected]

Pranav Modi Sr. Manager [email protected]

Sandeep Jangir Sr. Manager [email protected]

Jay Harsora Sr. Dealer [email protected]

Meenakshi Chavan Dealer [email protected]

Production Team:

Bharathi Shetty Research Editor [email protected]

Dharmil Adhyaru Assistant Research Editor [email protected]

Bharat Patil Production [email protected]

Dilip Patel Production [email protected]

Address: Acme Plaza, ‘A’ Wing, 3rd Floor, M.V. Road, Opp. Sangam Cinema, Andheri (E), Mumbai - 400 059.

Tel : (022) 3941 3940 / 4000 3600

Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP000001546 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE: INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946 Angel Capita l & Debt Marke t Ltd : INB 231279838 / NSE FNO: INF 231279838 / NSE Member code -12798 Angel Commodities Broking (P) Ltd: MCX Member ID: 12685 / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX : Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302

DB Realty-IPO Angel

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