ORIENT GREEN POWER

09 December 2010

COMPANY LIMITED
India Pharmaceuticals Company Update XOXO

Sun Pharma SUNP IB XOXO

September 17th, 2010 Product Note

Nandita Mehta [email protected]

IPO Details
The Issue Orient Green Power Company Limited
Sector Power
Transaction 100% Book Building
Issue Size (*) equity shares of Rs 10 each aggregating to Rs 900 crs
(*%) of the fully diluted post issue paid-up capital
IPO Dates Sept 21st 2010 – Sept 23rd 2010 (for QIB)
Sept 21st 2010 – Sept 24th 2010 (for Retail / HNI)
Price Band Rs 47 to Rs 55
Bid Lot 125 equity shares and in multiples of 125
IPO Grading CRISIL 4/5 - Above Average Fundamentals
Exchanges BSE; NSE
JM Financial Consultants Private Limited; Goldman Sachs (India) Securities
BRLM
Private Limited; UBS Securities India Private Limited; Axis Bank Limited
Registrar Link Intime India Private Limited

Objects of the Issue

To finance the construction and development of 4 biomass projects being undertaken by the Company:
10 MW power project in Narasingpur, Madhya Pradesh (“BM – 10 – Narasingpur),
10 MW biomass power project in Amritsar (“BM – 10 – Amritsar),
7.5 MW biomass power project in Vellore (“BM – 7.5 – Vellore”),
10 MW biomass power project in Patiala (“BM – 10 – Patiala”);

Funding their Subsidiaries, Orient Green Power Company (Rajasthan) Limited (“OGP Rajasthan”) for undertaking 8
MW biomass power project in Kishanganj, Rajasthan (“BM – 08 –Kishanganj”) and Beta Wind Farms Private Limited
(“BWFPL”) for undertaking 300 MW wind project in Tamil Nadu (“300 MW Tamil Nadu project”);

Funding their Subsidiaries BWFPL, PSR Green Power Projects Private Limited (“PSR Green”) and Shriram Non-
Conventional Energy Limited (“SNEL”) for repayment of existing debt availed from Indusind Bank, and prepayment
of existing debt availed from Yes Bank;

General Corporate Purposes.

The Business
They are a leading Indian independent renewable energy-based power generation company focused on developing,
owning and operating a diversified portfolio of renewable energy power plants. They are the largest independent
operator and developer of renewable energy power plants in India based on aggregate installed capacity according
to the CRISIL Report dated as of March, 2010. Currently their portfolio includes biomass, biogas, wind energy and
small hydroelectric projects at various stages of development.
As of July 31, 2010, their total portfolio of operating projects included 213.03 MW of aggregate installed
capacity, which comprised 172.53 MW of wind energy projects and 40.5 MW of biomass projects.

JM Financial Services Pvt Ltd Please see additional important disclosure at the end of this report Private & Confidential
.
Orient Green Power Company Limited September 17, 2010

Their portfolio of committed and development projects included approximately 836.5 MW of prospective
capacity, which comprised an estimated 643.0 MW of wind energy projects, 178.5 MW of biomass projects and a
15.0 MW small hydroelectric project.
As of March, 2010, they had approximately 8.7% market share of total installed capacity of wind-based power
generation by independent power producers in India and 7.1% market share of total installed capacity of non
bagasse-based biomass-based power generation in India, according to the CRISIL Report.

Their portfolio of renewable energy:

Operating Committed Total Gross Total Attributable

(MW) (MW) Development (MW) Capacity (MW) Capacity (MW)
Wind 172.5 405.0 238.0 815.5 798.6
Biomass 40.5 73.5 105.0 219.0 207.0
Mini-hydro - - 15.0 15.0 7.7
Total Gross Capacity 213.0 478.5 358.0 1,049.5 -
Total Attributable Capacity 209.7 464.4 334.7 - 1,013.3

(Source: Red Herring Prospectus)

They have grown their business by acquiring operating and development renewable energy assets from third parties
and by developing greenfield projects

Customers
They have a diverse customer base with a mixture of off-take arrangements. Their customers include SEBs,
distribution companies, private commercial and industrial consumers and a power trading company.

Tariff
They enter into PPAs with varying pricing arrangements depending on the type of customer, available tariffs, location
and term of PPAs. As a result of their renewable energy focus, they are able to avail of long-term contracted
renewable energy tariff rates that, in general, are higher than long-term contracted tariffs for conventional energy
and other incentives aimed at encouraging the renewable energy industry.

Wind Energy Business

They one of the top 2 independent operators and developers of wind farms in India based on aggregate installed
capacity according to the CRISIL Report. Their wind energy business focuses on the development and operation of
wind farms in India, Europe and South Asia.
Current operational wind farms are located in the states of Tamil Nadu and Andhra Pradesh, (among the top 4
Indian states with the highest wind potential and have favorable incentives for renewable energy companies.)
As at July 31, 2010, they operated 4 wind farms with an aggregate installed capacity of 172.53 MW, of which 3
wind farms with an aggregate installed capacity of 63.33 MW, 34.55 MW, and 48.40 MW, respectively, are located
in Tamil Nadu and one wind farm with an aggregate installed capacity of 26.25 MW is located in Andhra Pradesh.
As at August 24, 2010 they were negotiating for the acquisition of projects of 3.64 MW of additional wind
capacity from a third party.
Expansion - In Tamil Nadu and developing projects in other locations in India, including the states of Gujarat and
Maharashtra, and Internationally, including in Sri Lanka, Croatia, the Czech Republic and Hungary.

JM Financial Services Pvt Ltd Please see additional important disclosure at the end of this report Private & Confidential
Orient Green Power Company Limited September 17, 2010

Their Portfolio of Wind Energy Projects:

Aggregate Aggregate Total /
Gross Attributable Estimated
Status Capacity Capacity (MW) Total WEGs Locations

Operating 172.5 172.5 489.0 Andhra Pradesh; Tamil Nadu;

Maharashtra; Tamil Nadu; Sri

Committed 405.0 398.1 270.0 Lanka; Croatia

Croatia, Czec Republic;

Development 238.0 228.0 158.0 Hungary; Sri Lanka; Gujarat

Total Portfolio 815.5 798.6 917.0

Operating Wind Farms

CWFL – 63.33 MW; BWFL (Tamil Nadu) – 34.55 MW; BWFL (AP) – 26.25 MW; GCPL – 48.4 MW
Wind Farms in Committed Phase
Tamil Nadu – 300 MW; Maharashtra – 84 MW; Sri Lanka – 10.5 MW; Croatia – 10.5 MW
Wind Farms under Development
Gujarat – 40.5 MW; Sri Lanka – 100 MW; Detrichov – 6.0 MW; Kamena Horka – 12.0 MW; Split (Bracevic) – 20.0
MW; Split (Lovrec) – 20.0 MW; Split (Movran) – 20.0 MW; Magayakerestur – 19.5 MW

Sale of Electricity
To private power consumers seeking to supplement state power supplies for captive purposes pursuant to short
-term PPAs in states where such sales are permitted. Captive consumers are generally larger power consumers
that have a greater need for reliable power and that benefit from additional sources of electricity, such as hotels
and manufacturers and are willing to pay higher tariff rates than they receive from selling power to the grid.
To SEBs pursuant to long-term PPAs which are generally approximately 20 years in length. Long-term PPAs
provide them with increased visibility on the revenue stream and an assured off-take.

Tariffs
India - Currently range from Rs. 2.70 to Rs. 5.00/kWh under their long and short-term PPAs.
Europe – They plan to sell to utility companies pursuant to long-term PPAs and expect that tariff rates for their
European wind projects will range from €0.09 to €0.10/kWh
Sri Lanka – They plan to sell to utility companies pursuant to long-term PPAs and expect that tariff rates for their
Sri Lankan wind projects will range from LKR20-LKR25/kWh.

Suppliers / Contractors
Currently operating wind farms - Acquired from 3rd parties with the manufacturers being mainly Das Lagerway,
Pioneer Wincon, NEG Micon, Suzlon, TTG, Enercon and Vestas.
Their primary WEG supplier for wind projects currently in development is Leitner Shriram Manufacturing Limited
(“LSML”).
On August 14, 2010, they entered into a non-binding letter of intent with Gamesa Wind Turbines Private Limited
for the supply and installation of 30 850kW WEGs for a total cost of Rs. 1,311 million for locations to be agreed
amongst the parties.
Exploring relationships with other major players in India, including Vestas.

JM Financial Services Pvt Ltd Please see additional important disclosure at the end of this report Private & Confidential
Orient Green Power Company Limited September 17, 2010

They expect the aggregate capacity of their wind energy business to increase by approximately 643.0 MW by March
31, 2013.

JM Financial Services Pvt Ltd Please see additional important disclosure at the end of this report Private & Confidential
Orient Green Power Company Limited September 17, 2010

Biomass Power Business

Their biomass power business focuses primarily on the development and operation of multi-fuel biomass-based
power plants that generate electricity from agri-residues and waste from agriculture crops, forestry and related
industries, such as rice, mustard and soya bean husks, straw, cotton and maize stalks, coconut and ground nut
shells, wood chips, poultry litter, and bagasse. They target regions with sufficient availability of biomass, favorable
incentives for renewable energy companies, attractive tariff structures and a shortage of electricity supply.
Currently they operate 5 biomass plants and one biogas plant with an aggregate installed capacity of 40.5 MW in
Tamil Nadu, Maharashtra and Rajasthan.
Have biomass power projects in the committed and development stages in the states of Andhra Pradesh, Gujarat,
Madhya Pradesh, Punjab and West Bengal in addition to expanding their presence in Maharashtra, Tamil Nadu
and Rajasthan.

Their Portfolio of Biomass Projects:

Estimated
Estimated Aggregate Attributable Number
Status Gross Capacity (MW) Capacity (MW) of Plants Locations
Maharashtra; Rajasthan; Tamil
Operating 40.5 39.5 6.0 Nadu
Andhra Pradesh; Madhya
Pradesh; Maharashtra;
Committed 73.5 68.5 7.0 Rajashtan; Tamil Nadu
Gujarat; Maharashtra; Punjab;
Rajasthan; Tamil Nadu; West
Development 105.0 99.0 11.0 Bengal

Total Portfolio 219.0 207.0 24.0

Sale of Electricity
A mixture of private industrial and commercial consumers, distribution companies, power trading companies and
SEBs.
They generally enter into 20 year PPAs with SEBs, while PPAs for their other customers are generally shorter in
length.

Tariffs
Pursuant to long-term PPAs and their cogeneration BOOT agreement currently range from Rs. 3.50 to Rs.
4.94/kWh.
In the open access market for up to Rs. 6.50/kWh.

Suppliers / Contractors
Their principal turn-key contractor for their current development projects is their Promoter, SEPC.
The most critical equipment and components that comprise their biomass power plant projects are boilers,
turbines, generators, transformers, pumps, motors, cooling towers, condensers and water treatment plants.
Their major boiler suppliers are Thermax Limited and IJT Limited. Turbines are sourced principally from Triveni
Engineering Limited and Shin Nippon (Japan).
They buy fuel for their biomass power plants directly or indirectly from various local farms on an ad-hoc basis at
market price.

JM Financial Services Pvt Ltd Please see additional important disclosure at the end of this report Private & Confidential
Orient Green Power Company Limited September 17, 2010

They expect the aggregate installed capacity of their biomass business to increase by approximately 57.5 MW, 87.0
MW and 34.0 MW during the fiscal years ending in March 31, 2011, 2012 and 2013, respectively, to an aggregate
prospective capacity of 219.0 MW.

Operating Biomass Power Plants

BG–02–Kopargaon (Maharashtra) – 2 MW; BM–7.5-Dindugal (Tamil Nadu) – 7.5 MW; BM-08-Kotputli (Rajasthan) –
8.0 MW; BM-7.5-Pattukotai (Tamil Nadu) – 7.5 MW; BM-7.5-Vandavasi (Tamil Nadu) – 7.5 MW; BM-08-
Chippabarod (Rajasthan) – 8.0 MW
Committed Biomass Power Plants
CG-20-Kolhapur – 20 MW; CL-7.5-Maraikal – 7.5 MW; BM-10-Hanumangarh – 10 MW; BM-10-Narasingpur –
10MW; BM-10-Pollachi – 10MW; BM-08-Kishanganj – 8.0 MW; BM-08-Bharatpur – 8.0 MW
Biomass Plants under Development
BM–7.5–Vellore – 7.5 MW; BM–10–Aurangabad – 10 MW; BM–10–Amritsar – 10 MW; CL–7.5–Namakkal – 7.5 MW;
BM–08–Jhalawar – 8.0 MW; BM–10–Patiala – 10 MW; BM–08–Banaswara – 8 MW; CG–16.5–Karjan – 16.5 MW; BM–
7.5–Vilupuram – 10 MW; BM–10–Murshidabad – 10 MW; BM–7.5–Salem – 7.5 MW

Other Businesses
They are developing their capabilities in a small hydroelectric power plant that would serve small communities or
industrial and commercial consumers. They are currently co-developing a 15.0 MW mini-hydroelectric power project

JM Financial Services Pvt Ltd Please see additional important disclosure at the end of this report Private & Confidential
Orient Green Power Company Limited September 17, 2010

in Orissa through their 51% ownership in a joint venture company. They are also evaluating opportunities in solar
and other renewable sources including waste-to-energy.

CDM (Clean Development Mechanism under the Kyoto Protocol)

They derive income from the recognition of carbon credits, known as CERs, generated from their wind and biomass
and biogas projects that have been registered as CDM projects with the CDM Executive Board of UNFCCC.

As of July 31, 2010, they have recognized 187,438 CERs from their biomass projects and 108,329 CERs from their
wind projects.

Biomass
3 of their operating biomass projects (representing approximately 23.0 MW in aggregate installed capacity)
are registered as CDM projects
They have submitted applications to register 9 projects with 91.0 MW of aggregate installed capacity as CDM
projects.
Wind Energy
Portions of 2 of their operating wind projects (representing approximately 30.0 MW of aggregate installed
capacity) are registered for CDM.
They intend to register all of their greenfield projects for CDM benefits.

Strengths
Growth Strategies
They are a leading Indian independent renewable energy-
Consolidate their leading position in the Indian
based power generation company
wind energy and biomass power sectors - Based
They operate in the rapidly growing renewable energy
on their current expectations for their portfolio
sector, which benefits from increasing demand for
of development projects, they expect to increase
electricity and regulatory support
their aggregate installed capacity by 132.5 MW,
They have a flexible business model that is scalable and
477.0 MW and 227.5 MW in the fiscal years
sustainable and that enables them to deliver predictable
ending March 31, 2011, 2012 and 2013,
growth from a diversified and balanced portfolio of
respectively.
projects
Maintain and enhance a diversified portfolio of
They have an experienced management and operating
renewable energy-based power projects with
team with relevant industry knowledge and expertise,
attractive returns – They are currently
including the ability to improve operational performance
developing a 15.0 MW small hydroelectric power
of acquired assets
project in Orissa, which is expected to be
They are able to leverage the expertise and experience of
completed and commissioned in the third
one of their Promoters, SEPC and its affiliate WEG
quarter of FY2012.
manufacturer, LSML
Seek new opportunities in international markets
They have secured debt financing for a significant
Improve profitability by enhancing efficiency
number of their committed and certain of their
Improve tariff yield
development projects - As at July 31, 2010, they had
Continue to recruit, retain and train qualified
secured debt financing for wind energy projects with an
personnel
aggregate prospective capacity of 300.0 MW and for
biomass plants with an aggregate prospective capacity of
101.0 MW, subject to certain conditions.
JM Financial Services Pvt Ltd Please see additional important disclosure at the end of this report Private & Confidential
 Orient Green Power Company Limited September 17, 2010

Their Corporate Structure

Issue Size
(Rs in crores)

Amount # of Shares @
Category (Rs in crs) 47 55
Public Issue 900 191,489,362 163,636,364
QIBs 450 95,744,681 81,818,182
Non Institutional 135 28,723,404 24,545,455
Retail 315 67,021,277 57,272,727

Pre Issue Shares 276,588,888

Post Issue Shares @ Rs 47 468,078,250
Post Issue Shares @ Rs 55 440,225,252

Registered Office: Third Floor, Egmore Benefit Society Building, 25 Flowers Road, Chennai 600 084, Tamil Nadu.

JM Financial Services Pvt Ltd Please see additional important disclosure at the end of this report Private & Confidential
Orient Green Power Company Limited September 17, 2010

Shareholding Pattern (%)

Pre-Issue Post-Issue
Category No. of Shares % Holding No. of Shares % Holding
Promoters & Promoter Group 10,866,000 75.35% (*) (*)
Public 3,554,297 24.65% (*) (*)
Total 14,420,297 100.00% (*) (*)

Promoters
Shriram EPC Limited – in the business of construction engineering.
Shriram EPC (Singapore) Pte Limited -engaged in the business of inter alia, engineering contract works,
establishment of power plants, including renewable energy and to carry on infrastructure related activities.
Orient Green Power Pte Limited, Singapore - engaged in the business of long term investment in entities across
various jurisdictions which undertake the business of production of renewable energy using non-conventional
sources.

Financials
Extracts of the Restated Consolidated Statement of Profit & Loss Account
(Rs in millions)
For the period Dec 6th For the year ended March 31st
Particulars 2006 to Mar 31st 2008 2009 2010
Total Income 0.39 122.66 632.19
Expenditure 12.03 214.07 751.71
Loss before tax (11.64) (91.41) (119.52)
Net Loss after tax and minority interest (11.67) (79.51) (122.41)

(Source: Red Herring Prospectus)

Extracts of the Restated Consolidated Statement of Assets and Liabilities

(Rs in millions)
As at 31st March
Particulars 2008 2009 2010
Fixed Assets 21.10 997.78 10,098.37
Goodwill on consolidation - 39.03 236.65
Investments 0.16 0.13 0.13
Deferred tax asset - 13.87 10.95
Current Assets, Loans and Advances
Inventories 1.18 51.45 173.74
Sundry Debtors 9.54 15.58 372.12
Cash and Bank balances 205.74 163.30 309.59
Loans and advances 976.82 1,362.75 491.10
Total Current Assets 1,193.28 1,593.08 1,346.55
Total 1,214.54 2,643.89 11,692.65
Less: Liabilities and Provisions
Secured Loans 91.50 546.72 3,197.65
Unsecured Loans - - 1,000.00
Deferred tax liability 1.27 - -
Current Liabilities 329.18 69.49 3,615.90
Provisions 7.90 10.22 17.48
Total 429.85 626.43 7,831.03
Net Worth 784.69 2,017.46 3,861.62

Represented by
Share Capital 152.95 404.49 2,765.89
Share Application Money - 107.46 -
Reserves and Surplus 606.33 1,611.73 1,175.46
Minority Interest 37.08 13.65 162.55
Less: Debit balance in Profit and Loss Account 11.67 119.87 242.28
Net Worth 784.69 2,017.46 3,861.62
(Source: Red Herring Prospectus)

JM Financial Services Pvt Ltd Please see additional important disclosure at the end of this report Private & Confidential
Orient Green Power Company Limited September 17, 2010

Extracts of the Restated Consolidated Statement of Cash Flows

(Rs in millions)

Particulars Period ended Mar 31 For the year ended March 31

2008 2009 2010
Net Cash Flow from /(used in) Operating Activities (446.42) (678.28) (1,298.48)
Net Cash from / (used in) Investing Activities (108.89) (749.40) (987.22)
Net Cash from / (used in) Financing Activities 758.49 1,379.44 2,346.60
Net increase / (decrease) in Cash and Cash Equivalents 203.18 (48.24) 60.90
Cash and Cash Equivalents at the beginning of the period/year - 205.74 163.30
Cash acquired on new acquisitions 2.56 5.80 85.39
Cash and Cash Equivalents at the end of the period/year 205.74 163.30 309.59
(Source: Red Herring Prospectus)

Ratios
Particulars As on March 31
2008 2009 2010
Earnings per Share (2.07) (1.03) (0.55)
Net Asset Value per Share- (Rs) 51.31 49.88 13.96
Return on Net Worth (%) (1.49) (5.61) (3.17)
(Source: Red Herring Prospectus)

Peer Comparison
Peers EPS (Rs) P/E Ratio RONW (%) Book Value per Sales (Rs in mns)
share (Rs)
OGPL (0.55) (*) (3.17) 13.96 441.58
Peer Group
Indowind Energy Limited 2.9 17.2 8.9 29.2 632
Jaiprakash Power Ventures Limited 1.2 60.0 13.6 16.1 6,907
JSW Energy Limited 4.9 25.7 23.1 32.7 23,729
NHPC Limited 1.7 17.9 6.1 18.9 42,189
Suryachakra Power Corporation Limited 0.4 - 1.1 18.1 2,069
Tata Power Company Limited 39.6 33.6 8.2 421.3 68,935
On Consolidated basis for the year ended on March 31, 2010
Financials for Peer Group are for FY10

(Source: Red Herring Prospectus)

Please refer to the Red Herring Prospectus for Risk Factors

JM Financial Services Pvt Ltd Please see additional important disclosure at the end of this report Private & Confidential
Orient Green Power Company Limited September 17, 2010

Disclaimer

This document has been prepared for your information only. In rendering this information, we assumed and
relied upon, without independent verification, the accuracy and completeness of all the data that was publicly
available to us. The information has been obtained from the sources we believe to be reliable as to the accuracy
or completeness. This should not be construed as an offer to sell or buy the securities and the information
contained herein is meant for the authorized recipients only and is not for public distribution. No part or portion
of this document shall be duplicated, reproduced, reprinted or redistributed to any person or persons. This
information is given in good faith and we make no representations or warranties, express or implied, as to the
accuracy or completeness of the information and shall have no liability to you or your representatives arising
from use of this information.

We shall not be liable for any direct or indirect losses arising from the use of the information contained herein
and accept no responsibility for statements made otherwise issued or any other source of information received
by you and you would be doing so at your own risk. The investment as mentioned in the document may not be
suitable for all investors. Investors may take their own decisions based on their specific investment objectives
and financial position and using such independent advisors, as they believe necessary. You are advised to
carefully read the entire offer document including all the Risk Factors mentioned in the offer document issued by
the Issuer before making any investment decisions. Neither we, nor our directors or employees are responsible
for any loss that you may incur by the use of information contained in this document.

JM Financial Services Pvt Ltd Please see additional important disclosure at the end of this report Private & Confidential
Orient Green Power Company Limited September 17, 2010

Our Network

Mumbai Ahmedabad Hyderabad

Corporate Office Ashram Road 9-10, Uma Chambers, 3rd Floor,
Apeejay House. G - 10, Chinubhai Center, Road No 1, Banjara Hills, (Nagarjuna Hills),
Dinshaw Vachha Road, Near Nehru bridge Corner, Ashram Road, Hyderabad - 500 034
Churchgate, Mumbai – 400020 Ahmedabad - 380 009 Tel : +91 40 66360009
Tel : + 91 22 67040404 Tel : + 91 79 2657 6666, 079-30013722
Kolkatta
Fort Atira Branch Kankaria Estate, 6 Little Russell Street,
2,3&4 Kamanwala Chambers, B-101 - 104, Shivalik Plaza, Ground & 8th Floor, Kolkatta - 700 071
Sir P M Road, Fort, Opp.AMA, IIM Road, Tel : + 91 33 39870330 (033) 2281 6690-95
Mumbai - 400 001 Nr. Panjarpole Cross Road
Tel: + 91 22 66333030 Ambawadi, Ahmedabad – 380 015. Pune
Tel : +91 79 3982 6700 205, Business Guild,
Vile Parle Opp Krishna Dining Hall,
1st Floor, Patel House, Bengaluru Law College Road, Erandwane,
M. G. Road, Next to Bank of Baroda Residency Road Pune - 411 004
Vile Parle East, Mumbai - 400 057 97/4, Residency Road, Tel : +91 20 39871600 (020) 6603 3730,
Tel : + 91 22 67077440 Bengaluru - 560 025 66207735/6
Tel : +91 80 3091 2400 (080) 2299 7711
Andheri Jaipur
2/003, Anushka, New Link Road Malleshwaram G-7 & G-8, Brij Anukampa,
Opp. Oshiwara Police Station, 199, 1ST Floor, Yathi Raj Mutt Building, Plot no. K- 13, Ashok Marg,
Oshiwara, Andheri (W), Mumbai - 400 05311th Cross, Malleshwaram, C-scheme, Jaipur - 302 001
Tel : + 91 22 6619 1600 Bengaluru – 560 003. Tel : +91 141 3984400
Tel : +91 80 3983 0600 (080) 41282444,
Malad 41228380 Rajkot
Palm Court, 4th Floor, M wing, Link Road, 202, Solitaire, 2nd Floor, Swami Vivekananda
Malad (West), Mumbai - 400 064 M.G Road Marg, Near Municipal Commissioner's
Tel : + 91 22 6761 7000 14th floor, Premises No. 15-16/58-59 Bungalow,
Vayudooth chambers, Ramakrishna Nagar, Rajkot - 360 002
Borivali No. 15 - 16, M. G. Road, Tel : +91 20 39871600 (0281) 3984000 /
118, Dattani Trade Center, 1st Floor Bengaluru- 560 001 3984101 – 3984110
Shop No 6, Tel : +91 80 3092 6900
Chandavarkar Road, Borivali West, Surat
Mumbai - 400 092 Chennai 407, 4th Floor, 21-Century Business Center,
Tel : + 91 22 66959120 Gee Gee Crystal Near Udhana Char Rasta, (0261) 3984000
5th Floor, 91-92, Ring Road, Surat – 395 002
Ghatkopar Dr. Radha Krishnan Salai, Mylapore, Tel : +91 261 3984000
424/ 425, 4th Floor, Kailash Plaza, Chennai - 600 004
Vallabh Baugh Lane, Ghatkopar (E), Tel : +91 44 42255666 Vadodara
Mumbai - 400 077 G1 - Ground Floor, "Soham",
Tel: + 91 22 67104559 Indore 49 Alkapuri Society, Opp. HDFC Bank,
D.M.Tower, UG 7 & 8, Ground Floor, Alkapuri, Vadodara - 390 007.
New Delhi 21/1 Race Course Road, Indore - 452 004, Tel : +91 265 6626387
114-Himalaya House, 11th floor Tel : +91 731 3072 111
23, Kasturba Gandhi Marg, Vizag
New Delhi - 110 001 Secunderabad Nandan Nirman,
Tel : +91 11 30925500 (011) 4130 5650 3rd Floor, 305, Jade Arcade, Door No: 9-1-224/4/3, 1st floor
Opp Paradise Hotel, M.G. Road, CBM Compound, Near Ramatalkies Junction.,
Secunderabad - 500 003 Visakhapatnam - 530 003.
Tel : +91 40 39825200 Tel : +91 891 3983737

JM Financial Services Pvt. Ltd.

Regd : JM Financial Services Pvt. Ltd141, Maker Chambers III, Nariman Point Mumbai – 400021.
NSEFinancial
JM - CapitalServices
Market Pvt
INBLtd
231054835 | F&O Segment
Please INF 231054835
see additional | BSE
important - Cash Market
disclosure INBof
at the end 011054831
this report Private & Confidential
F&O Segment INF 011054831 | Depository Participant - NSDL DP: IN-DP-NSDL-241-2004
CDSL DP: IN-DP-CDSL-236-2004 | Portfolio Manager: INP 000000621