© CRISIL Limited. All Rights Reserved.
Enhancing investment decisions
Q1FY12 Result Update
Nahar Spinning Mills Ltd
© CRISIL Limited. All Rights Reserved.
Explanation of CRISIL Fundamental and Valuation (CFV) matrix
The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis of an investment making process –
Analysis of Fundamentals (addressed through Fundamental Grade) and Analysis of Returns (Valuation Grade) The fundamental
grade is assigned on a five-point scale from grade 5 (indicating Excellent fundamentals) to grade 1 (Poor fundamentals) The
valuation grade is assigned on a five-point scale from grade 5 (indicating strong upside from the current market price (CMP)) to
grade 1 (strong downside from the CMP).
CRISIL Fundamental Grade
Assessment CRISIL Valuation Grade
Assessment
5/5 Excellent fundamentals 5/5 Strong upside (>25% from CMP)
4/5 Superior fundamentals 4/5 Upside (10-25% from CMP)
3/5 Good fundamentals 3/5 Align (+-10% from CMP)
2/5 Moderate fundamentals 2/5 Downside (- 10-25% from CMP)
1/5 Poor fundamentals 1/5 Strong downside (<-25% from CMP)
Analyst Disclosure
Each member of the team involved in the preparation of the grading report, hereby affirms that there exists no conflict of interest
that can bias the grading recommendation of the company. Additional Disclosure
This report has been sponsored by NSE - Investor Protection Fund Trust (NSEIPFT). Disclaimer:
This Exchange-commissioned Report (Report) is based on data publicly available or from sources considered reliable by CRISIL
(Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for
any errors or omissions or for the results obtained from the use of Data / Report. The Data / Report are subject to change without
any prior notice. Opinions expressed herein are our current opinions as on the date of this Report. Nothing in this Report constitutes
investment, legal, accounting or tax advice or any solicitation, whatsoever. The Report is not a recommendation to buy / sell or hold
any securities of the Company. CRISIL especially states that it has no financial liability, whatsoever, to the subscribers / users of this
Report. This Report is for the personal information only of the authorized recipient in India only. This Report should not be
reproduced or redistributed or communicated directly or indirectly in any form to any other person – especially outside India or
published or copied in whole or in part, for any purpose.
© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 1
Nahar Spinning Mills Ltd Inventory losses hit operating profitability
Fundamental Grade 3/5 (Good fundamentals)
Valuation Grade 5/5 (CMP has strong upside) Industry Textiles, Apparel & Luxury Goods
Fair Value Rs 100 CMP Rs 59
August 23, 2011
Nahar Spinning Mills Ltd’s (Nahar’s) Q1FY12 earnings were significantly lower than CRISIL Research’s expectations. However, revenues were in line with our estimates. The company reported a huge inventory loss on cotton procured in the previous two quarters, as cotton prices fell significantly thereafter. Cotton yarn prices have also followed similar trajectory. Nahar, being the second largest manufacturer of cotton yarn, is expected to benefit from the demand growth for cotton yarn in the domestic market. Further, it is also a leading exporter of cotton yarn, primarily to non-US and Euro regions such as Brazil, Bangladesh and Korea. Hence, we maintain our fundamental grade of 3/5. Q1FY12 result analysis
• Q1FY12 revenues grew 30% y-o-y to Rs 3,874 mn. The 7% y-o-y de-
growth in the garment segment was more than offset by the 36% growth
in the yarn segment.
• In Q1FY12, the company incurred huge inventory losses as the price of
cotton procured in the previous two quarters declined significantly in the
past four months. Raw material cost as percentage of sales rose to 96% in
Q1FY12 from 60% in Q1FY11.
• The cotton yarn segment’s EBIT margin turned negative (-10%) from 12%
in Q1FY11. The garment segment’s EBIT margin contracted by 250 bps y-
o-y to 4.1% in Q1FY12.
• The company incurred an EBITDA loss of Rs 827 mn as against positive
EBITDA of Rs 538 mn in Q1FY11 and net loss of Rs 901 mn as against net
profit of Rs 152 mn in Q1FY11. Earnings estimates revised downwards for FY12 and FY13
We have reduced our earnings estimates for FY12 on account of significant inventory losses in Q1FY12 and expectations of weak profitability in the next quarter. However, we maintain our revenue estimates for FY12. We have reduced our revenue estimates for FY13 on account of lower expectation of demand from export market, and lower price realisation of yarn. Valuations: Current market price has strong upside
We continue to use the discounted cash flow method to value Nahar. We have revised our fair value to Rs 100 per share on account of downward revision in FY12 and FY13 earnings estimates. The implied P/B multiples at this price are 0.6x FY12E BV and 0.5x FY13E BV. At the current market price, our valuation grade is 5/5.
KEY FORECAST
(Rs mn) FY09 FY10 FY11# FY12E FY13E
Operating income 10,008 11,093 14,036 16,968 18,747
EBITDA 1,346 1,928 3,039 667 2,606
Adj PAT (165) 539 1,303 (543) 886
Adj EPS-Rs (4.6) 14.9 36.1 (15.0) 24.6
EPS growth (%) (238.3) (421.6) 123.8 (145.3) NM
Dividend yield (%) 2.5 2.3 2.0 - 2.7
RoCE (%) 4.7 9.6 13.6 (0.7) 9.8
RoE (%) (3.2) 10.1 21.0 (8.3) 13.2
PE (x) (5.0) 5.1 2.7 (6.0) 3.7
P/BV (x) 0.2 0.5 0.5 0.5 0.5
EV/EBITDA (x) 5.2 5.7 5.2 21.4 5.1
#FY11 numbers are based on abridged financials
NM: Not meaningful; CMP: Current market price
Source: Company, CRISIL Research estimate
CFV MATRIX
KEY STOCK STATISTICS NIFTY 4949
NSE NAHARSPING
Face value (Rs per share) 5
Shares outstanding (mn) 36
Market cap (Rs mn)/(US$ mn) 2,137/47
Enterprise value (Rs mn) /(US$ mn) 15,381/337
52-week range (Rs) (H/L) 160/54
Beta 1.2
Free float (%) 36.0%
Avg daily volumes (30-days) 35,730
Avg daily value (30-days) (Rs mn) 2.4
SHAREHOLDING PATTERN
PERFORMANCE VIS-À-VIS MARKET
Returns
1-m 3-m 6-m 12-m
Nahar -28% -31% -40% -49%
NIFTY -12% -8% -9% -11%
ANALYTICAL CONTACT Sudhir Nair (Head) [email protected]
Arun Vasu [email protected]
Vinay Chhawchharia [email protected]
Client servicing desk
+91 22 3342 3561 [email protected]
1 2 3 4 5
1
2
3
4
5
Valuation Grade
Fu
nd
am
en
tal G
rad
e
Poor Fundamentals
ExcellentFundamentals
Str
on
gD
ow
nsid
e
Str
on
gU
psi
de
64.0% 64.0% 64.0% 64.0%
0.7% 0.3% 0.3% 0.3%1.6% 1.7% 1.7% 1.7%
33.7% 34.0% 34.1% 34.1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Sep-10 Dec-10 Mar-11 Jun-11
Promoter FII DII Others
© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 2
Nahar Spinning Mills Ltd
Q1FY12 Result Summary (Rs mn) Q1FY12 Q4FY11 Q1FY11 q-o-q (%) y-o-y (%)
Net sales 3,874 3,599 2,985 7.7 29.8
Raw materials cost 3,705 1,915 1,785 93.5 107.5
Raw materials cost (% of net sales) 95.6% 53.2% 59.8% 4241bps 3580bps
Employees cost 228 222 200 2.6 13.8
Other expenses 769 761 461 1.1 66.9
EBITDA (827) 701 538 (217.9) (253.6)
EBITDA margin -21.3% 19.5% 18.0% -4083bps -3939bps
Depreciation 201 184 166 9.3 21.1
EBIT (1,027.7) 517.7 372.8 (298.5) (375.7)
Interest and finance charges 308 165 127 86.5 142.2
Operating PBT (1,336) 353 246 (270.6) (644.0)
Other Income - 3 2 (100.0) (100.0)
PBT (1,336) 355 248 (475.8) (639.6)
Tax (435) 106 95 (509.3) (557.4)
PAT (901) 249 152 (461.5) (690.9)
Adj PAT (901) 249 152 (461.5) (690.9)
Adj PAT margin -23.2% 6.9% 5.1% -3016bps -2835bps
No of equity shares (mn) 36.1 36.1 36.1 - (0.0)
Adj EPS (Rs) (25.0) 6.9 4.2 (461.5) (691.0)
Source: Company, CRISIL Research
Inventory losses led to negative EBIDTA... ... as well as negative PAT in Q1FY12
Source: Company, CRISIL Research Source: Company, CRISIL Research
Reversal of cotton and yarn prices Yarn & garment revenue break-up
Source: CRISIL Research Source: Company, CRISIL Research
3,113 2,9853,486
3,9673,599 3,874
19.4% 18.0%22.6%
25.5%
19.5%
-21.3%-30%
-20%
-10%
0%
10%
20%
30%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12
(Rs mn)
Revenue EBITDA Margin ( RHS)
193 152 376 526 249
-901
6.2% 5.1%
10.8%
13.3%
6.9%
-23.2% -30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
-1000
-800
-600
-400
-200
0
200
400
600
Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12
(Rs mn)
PAT PAT Margin ( RHS)
0
50
100
150
200
250
300
350
400
450
Apr-
10
May-1
0
Jun-
10
Jul-
10
Aug-1
0
Sep
-10
Oct
-10
Nov-1
0
Dec-
10
Jan-1
1
Feb-
11
Mar
-11
Apr-
11
May-1
1
Jun-
11
Jul-
11
Cotton Cotton Yarn
Reduction in delta in Q1FY12
2,8643,004 3,560 3,325 3,709
400702 553 450 371
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12
Yarn Garments
Inventory losses hit
operating profitability
© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 3
Nahar Spinning Mills Ltd
Share price movement Fair value movement since initiation
-indexed to 100
Source: NSE, CRISIL Research Source: NSE, CRISIL Research
KEY DEVELOPMENTS
Nahar Spinning is in the process of adding ~90,000 spindles (30,000 spindles in
each of its three manufacturing units). The expanded capacity is expected to
become operational by Q2FY12. The company will fund the capex through mix
of debt (under TUF scheme) and equity. Post expansion, Nahar Spinning will
have a total capacity of ~443,000 spindles and 720 rotors. We believe that the
expanded capacity will help Nahar Spinning better capitalise on the healthy
demand prospects in the cotton yarn segment over the medium term.
Capacity data
Source: Company, CRISIL Research
0
20
40
60
80
100
120
140
Jan-0
8
Apr-
08
Jul-
08
Oct
-08
Jan-0
9
Apr-
09
Jul-
09
Oct
-09
Jan-1
0
Apr-
10
Jul-
10
Oct
-10
Feb-
11
May-1
1
Aug-1
1
Nahar NIFTY
0
50
100
150
200
250
300
350
400
450
500
20
40
60
80
100
120
140
160
25-
Feb-1
1
14-M
ar-1
1
28-M
ar-1
1
11-
Apr-
11
28-
Apr-
11
12-
May
-11
26-
May
-11
09-
Jun-1
1
23-
Jun-1
1
07-J
ul-
11
21-J
ul-
11
04-A
ug-1
1
19-A
ug-1
1
('000)(Rs)
Total Traded Quantity (RHS) CRISIL Fair Value Nahar
345,952 345,952 346,096 356,096
440,176
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
FY08 FY09 FY10 FY11 FY12E
Spindles
© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 4
Nahar Spinning Mills Ltd
EARNINGS ESTIMATES REVISED DOWNWARDS
FY12E FY13E
Particulars Unit Old New % change Old New % change
Revenues (Rs mn) 17,022 16,968 -0.3% 20,461 18,747 -8.4%
EBITDA (Rs mn) 3,325 667 -79.9% 3,734 2,606 -30.2%
EBITDA margin % 19.5 3.9 -1560 bps 18.2 13.9 -434 bps
PAT (Rs mn) 1,078 -543 -150% 1,300 890 -31.5%
PAT margin % 6.3 -3.2 -953 bps 6.4 4.7 -160 bps
EPS Rs 29.9 -15.0 -150.3% 36.0 24.7 -31.5%
Source: CRISIL Research
We have reduced our earnings estimates for FY12 by 150% on account of
significant inventory losses reported by the company in Q1FY12 and expectation
of weak profitability in Q2FY12, in anticipation of further expected inventory
losses. However, we maintain our revenue estimates for FY12.
We have reduced our revenue estimates for FY13 by 8.4% on account of lower
expectation of demand from the export market and lower price realisation of
cotton yarn; which will adversely impact the profitability of the company in
FY13.
© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 5
Nahar Spinning Mills Ltd
VALUATION
We continue to use the discounted cash flow method to value Nahar. We revise
our fair value to Rs 100 from Rs 136 per share owing to the downward revision
in earnings estimates. We also increase the cost of equity by 100 bps for the
valuation to factor in the increased risk perception in an uncertain economic
environment. At this value, the implied P/B multiples are 0.6x FY12 BV estimate
and 0.5x FY13 BV estimate.
One-year forward P/BV band One-year forward EV/EBITDA band
Source: NSE, CRISIL Research Source: NSE, CRISIL Research
CRISIL IER reports released on Nahar Spinning Mills Ltd
Date Nature of report
Fundamental
grade Fair value
Valuation
grade
CMP
(on the date of report)
25-Feb-11 Initiating coverage* 3/5 Rs 136 5/5 Rs 95
06-Jun-11 Q4FY11 result update 3/5 Rs 136 5/5 Rs 90
23-Aug-11 Q1FY12 result update 3/5 Rs 100 5/5 Rs 59
* For detailed initiating coverage report please visit: www.ier.co.in
CRISIL Independent Equity Research reports are also available on Bloomberg (CRI <go>) and Thomson Reuters.
0
50
100
150
200
250
Jul-
08
Sep
-08
Nov-0
8
Jan-0
9
Mar-
09
May-
09
Jul-
09
Sep
-09
Nov-0
9
Jan-1
0
Mar-
10
May-
10
Jul-
10
Oct
-10
Dec-
10
Feb-
11
Apr-
11
Jun-
11
Aug-
11
(Rs)
Nahar Spinning Ltd 0.25x 0.5x 0.75x 1x
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
Jul-
08
Sep-
08
Nov
-08
Jan-
09
Mar-
09
May
-09
Jul-
09
Sep-
09
Nov
-09
Jan-
10
Mar-
10
May
-10
Jul-
10
Sep-
10
Dec
-10
Feb
-11
Apr
-11
Jun-1
1
Aug
-11
(Rs mn)
EV 3x 4x 5x 6x
© CRISIL Limited. All Rights Reserved. CRISIL RESEARCH | 6
Nahar Spinning Mills Ltd
FINANCIALS
Note: All ratios are computed on Adj PAT
Source: Company, CRISIL Research estimate
Income statement Balance Sheet(Rs mn) FY09 FY10 FY11# FY12E FY13E (Rs mn) FY09 FY10 FY11# FY12E FY13E
Operating income 10,008 11,093 14,036 16,968 18,747 LiabilitiesEBITDA 1,346 1,928 3,039 667 2,606 Equity share capital 181 181 181 181 181 EBITDA margin 13.5% 17.4% 21.6% 3.9% 13.9% Reserves 4,894 5,366 6,663 6,120 6,918 Depreciation 761 699 698 795 813 Minorities - - - - - EBIT 585 1,230 2,341 (129) 1,793 Net worth 5,074 5,546 6,843 6,301 7,098 Interest 867 486 482 769 581 Convertible debt - - - - - Operating PBT (282) 744 1,859 (898) 1,212 Other debt 6,408 8,559 13,377 12,251 11,006 Other income 39 65 26 88 111 Total debt 6,408 8,559 13,377 12,251 11,006 Exceptional inc/(exp) (2) (4) (106) - - Deferred tax liability (net) 454 556 568 835 835 PBT (245) 805 1,779 (810) 1,323 Total liabilities 11,936 14,661 20,788 19,387 18,940 Tax provision (79) 270 582 (267) 437 AssetsMinority interest - - - - - Net fixed assets 6,486 6,470 6,192 7,447 6,984 PAT (Reported) (166) 535 1,197 (543) 886 Capital WIP 239 413 1,413 413 363 Less: Exceptionals (2) (4) (106) - - Total fixed assets 6,725 6,883 7,605 7,860 7,347 Adjusted PAT (165) 539 1,303 (543) 886 Investments 60 44 44 44 44
Current assets
Ratios Inventory 2,016 4,885 8,053 6,508 6,163
FY09 FY10 FY11# FY12E FY13E Sundry debtors 2,462 2,454 3,724 3,719 4,109 Growth Loans and advances 1,014 1,172 2,069 1,866 2,062
Operating income (%) 9.0 10.8 26.5 20.9 10.5 Cash & bank balance 94 183 1,094 1,112 930
EBITDA (%) 10.9 43.2 57.6 (78.1) 290.9 Marketable securities 145 65 95 95 95 Adj PAT (%) (244.1) (427.1) 141.9 (141.6) NM Total current assets 5,732 8,758 15,035 13,300 13,360 Adj EPS (%) (244.1) (427.1) 141.9 (141.6) NM Total current liabilities 582 1,026 1,898 1,819 1,813
Net current assets 5,150 7,733 13,138 11,482 11,547 Profitability Intangibles/Misc. expenditure 1 1 1 1 1 EBITDA margin (%) 13.5 17.4 21.6 3.9 13.9 Total assets 11,936 14,661 20,788 19,387 18,940 Adj PAT Margin (%) (1.6) 4.9 9.3 (3.2) 4.7 RoE (%) (3.2) 10.1 21.0 (8.3) 13.2 Cash flow
RoCE (%) 4.7 9.6 13.6 (0.7) 9.8 (Rs mn) FY09 FY10 FY11# FY12E FY13E
RoIC (%) 6.0 8.6 11.0 1.7 9.1 Pre-tax profit (243) 809 1,885 (810) 1,323 Total tax paid (4) (169) (570) 535 (437)
Valuations Depreciation 761 699 698 795 813 Price-earnings (x) (5.0) 5.1 2.7 (6.0) 3.7 Working capital changes 1,797 (2,574) (4,463) 1,673 (247) Price-book (x) 0.2 0.5 0.5 0.5 0.5 Net cash from operations 2,310 (1,235) (2,450) 2,193 1,453 EV/EBITDA (x) 5.2 5.7 5.2 21.4 5.1 Cash from investments
EV/Sales (x) 0.8 1.1 1.1 0.9 0.7 Capital expenditure (354) (856) (1,420) (1,050) (300) Dividend payout ratio (%) (12.7) 11.8 6.0 - 10.0 Investments and others (87) 95 (30) - - Dividend yield (%) 2.5 2.3 2.0 - 2.7 Net cash from investments (441) (761) (1,450) (1,050) (300)
Cash from financing
B/S ratios Equity raised/(repaid) - 0 - - - Inventory days 94 212 267 162 153 Debt raised/(repaid) (1,864) 2,152 4,818 (1,126) (1,245) C reditors days 23 38 42 38 38 Dividend (incl. tax) (21) (63) (72) - (89) Debtor days 101 92 97 81 81 Others (incl extraordinaries) 6 (4) 66 - - Working capital days 212 204 253 239 202 Net cash from financing (1,879) 2,085 4,812 (1,126) (1,334) Gross asset turnover (x) 0.8 0.8 1.0 1.1 1.1 Change in cash position (10) 89 912 17 (181) Net asset turnover (x) 1.5 1.7 2.2 2.5 2.6 Closing cash 94 183 1,094 1,112 930
Sales/operating assets (x) 1.4 1.6 1.9 2.2 2.5 Current ratio (x) 9.9 8.5 7.9 7.3 7.4 Quarterly financials
Debt-equity (x) 1.3 1.5 2.0 1.9 1.6 (Rs mn) Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12
Net debt/equity (x) 1.2 1.5 1.8 1.8 1.4 Net Sales 2,985 3,486 3,967 3,599 3,874 Interest coverage 0.7 2.5 4.9 (0.2) 3.1 Change (q-o-q) -4% 17% 14% -9% 8%
EBITDA 538 787 1,013 701 (827) Per share Change (q-o-q) -11% 46% 29% -31% -218%
FY09 FY10 FY11# FY12E FY13E EBITDA margin 18.0% 22.6% 25.5% 19.5% -21.3%Adj EPS (Rs) (4.6) 14.9 36.1 (15.0) 24.6 PAT 152 376 526 249 (901) CEPS 16.5 34.3 55.4 7.0 47.1 Adj PAT 152 376 526 249 (901) Book value 140.5 153.6 189.5 174.5 196.6 Change (q-o-q) -21% 147% 40% -53% -462%Dividend (Rs) 0.6 1.7 2.0 - 2.5 Adj PAT margin 5.1% 10.8% 13.3% 6.9% -23.2%Actual o/s shares (mn) 36.1 36.1 36.1 36.1 36.1 Adj EPS 4.2 10.4 14.6 6.9 (25)
© CRISIL Limited. All Rights Reserved.
CRISIL Research Team
Senior Director
Mukesh Agarwal +91 (22) 3342 3035 [email protected]
Analytical Contacts Tarun Bhatia Director, Capital Markets +91 (22) 3342 3226 [email protected]
Prasad Koparkar Head, Industry & Customised Research +91 (22) 3342 3137 [email protected]
Chetan Majithia Head, Equities +91 (22) 3342 4148 [email protected]
Sudhir Nair Head, Equities +91 (22) 3342 3526 [email protected]
Jiju Vidyadharan Head, Funds & Fixed Income Research +91 (22) 3342 8091 [email protected]
Ajay D'Souza Head, Industry Research +91 (22) 3342 3567 [email protected]
Ajay Srinivasan Head, Industry Research +91 (22) 3342 3530 [email protected]
Sridhar C Head, Industry Research +91 (22) 3342 3546 [email protected]
Manoj Mohta Head, Customised Research +91 (22) 3342 3554 [email protected]
Business Development
Vinaya Dongre Head, Industry & Customised Research +91 (22) 33428025 [email protected]
Ashish Sethi Head, Capital Markets +91 (22) 33428023 [email protected]
CRISIL’s Equity Offerings
The Equity Group at CRISIL Research provides a wide range of services including:
Independent Equity Research
IPO Grading
White Labelled Research
Valuation on companies for use of Institutional Investors, Asset Managers, Corporate
Other services by the Research group include
Funds & Fixed Income Research
Mutual fund rankings
Wealth Tracking and Financial Planning tools for asset managers, wealth managers and IFAs
Valuation for all debt instruments
Developing and maintaining debt and hybrid indices
Consultancy and research support to retirement funds
Industry & Customized Research
Provide comprehensive research coverage across 65 sectors
Customised research on market sizing, demand modelling and entry strategies
Customised research content for Information Memorandum and Offer Documents
© CRISIL Limited. All Rights Reserved.
Head Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400 076 Phone : 91-22-3342 3000 Web: www.crisil.com Download reports from: www.ier.co.in
Ahmedabad / Mumbai Vishal Shah - Manager, Business Development Email : [email protected] I Phone : 9820598908 Bengaluru Gayathri Ananth – Senior Manager, Business Development Email : [email protected] I Phone : 9886498175 Chennai / Hyderabad Kaliprasad Ponnuru - Manager, Business Development Email : [email protected] I Phone : 9642004668
Delhi Arjun Gopalkrishnan - Manager, Business Development Email :[email protected] I Phone : 9833364422 Kolkata Priyanka Agarwal - Manager, Business Development Email : [email protected] I Phone : 9903060685 Mumbai / Pune Vivek Tandon - Manager, Business Development Email : [email protected] I Phone : 9903060685
Vinaya Dongre – Head, Business Development
Email : [email protected] I Phone : 9920225174
Sagar Sawarkar – Senior Manager, Business Development Email : [email protected] I Phone : 9821638322
Regional Contacts:
To know more about CRISIL IER, please contact our team members:
Ashish Sethi – Head, Business Development
Email : [email protected] I Phone : 9920807575
About CRISIL Limited
CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are
India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks
and leading corporations.
About CRISIL Research CRISIL Research is the country’s largest independent and integrated research house with strong domain expertise
on Indian economy, industries and capital markets. We leverage our unique research platform and capabilities to
deliver superior perspectives and insights to over 1200 domestic and global clients, through a range of research
reports, analytical tools, subscription products and customised solutions.
Head Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400 076 Phone : 91-22-3342 3000 Web: www.crisil.com Download reports from: www.ier.co.in