ssl - final delhi kundli (market assessment) - march 2014.pdf

7/26/2019 SSL - Final Delhi Kundli (Market Assessment) - March 2014.pdf

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Final Report

Market Assessment for Agricultural Warehousing

Kundli (Sonepat district), Haryana

March, 2014

Shree Shubham Logistics Ltd


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CRISIL KundliMarket Assessment

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BACKGROUND .............................................................................................................. 1

EXECUTIVE SUMMARY ................................................................................................ 2

SONEPATDISTRICT PROFILE ................................................................................... 4

OPPORTUNITY ASSESSMENT .................................................................................... 7

RISK/CONSTRAINTS....................................................................................................20

MARKET SPEAKS ........................................................................................................21

ANNEXURE ...................................................................................................................22

Contents


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BACKGROUND

About the Client

Shree Shubham Logistics Limited (SSL) (the client) is an end-to-end logistics solutions provider to commodity

stakeholders and provides services encompassing storage and preservation with a chain of dry and cold storage

units, weighing, testing and certification (grading and sorting facilities for standardization of agricultural produce),

collateral management for commodity financing against warehouse receipts/stocks with the help of banks,

fumigation and pest management, commodity procurement etc.

SSL has developed global standard agri-logistics parks in the states of Rajasthan, Gujarat, Madhya Pradesh and

Maharashtra. Currently, SSL is managing warehouses across 120 locations with storage capacity over 1.40 Million

Metric Tonnes.

Shree Shubham Logistics Ltd (SSL), hereafter referred to as the Client has commissioned CRISIL Research to

perform detailed market assessment for establishing new agricultural warehouses in 30 districts in India as part of

their Phase 3 expansion.

The 30 districts were selected post a secondary research based analysis encompassing 20 parameters (potential

demand, infrastructure related, risk/constraints) across 174 districts across the 6 states of interest of the client (UP,

AP, Chhattisgarh, Bihar, Delhi, Karnataka). The parameters used in the analysis considered indicators for agri-

warehousing demand potential as well as the risks associated with it.

For the 30 districts selected, primary and secondary research activities were undertaken to perform detailed market

assessment that qualifies and quantifies the market opportunity for agri-warehousing. Further to detailed marketassessment, financial assessment was performed on 15 identified districts to assess financial viability of a

proposed warehouse in a selected location in the district.

Objective of the report

This report attempts to assess the opportunity for key commodities of Kundli district from a warehousing

perspective. The process involves studying various parameters relating to both demand and supply sides,

forecasting warehousing demand and assessing the opportunity based on the prevailing and expected supply

scenario.

Approach towards preparation of report

CRISIL Research has assessed the potential of agri-warehousing based on its detailed understanding in terms of

the current demand-supply dynamics, key trends and evolving market dynamics on both demand and supply fronts.

For the report, we have visited the district and interacted with Mandi officials, Traders, CWC/SWC Managers and

Cold Chain players etc. Inputs and assumptions for financial assessment were arrived at based on primary

research interactions with market participants, banks and inputs from SSL on historical costs typical for their type of

warehouses.All references of current year in this report pertain to FY 2012-13.


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CRISIL KundliOpportunity Assessment

EXECUTIVE SUMMARY

Kundli is one of the villages in Rai Mandal, Sonepat district of Haryana. It is surrounded by localities of Sersa, Janti

Kalan, Nangal Kalan, Nathupur and Bazidpur. It is a cold storage cluster in itself, primarily storing fruits, pulses,

spices and dry fruits.

Good road and rail connectivity

Kundli lies on NH 1, also known as G.T. Road, connecting Delhi to Karnal. Also there are many railway stations

such as Holambi Kalan and Narela within 10 km distance of Kundli. Also, Sonepat railway station is a major station

near Kundli. The region, due to its proximity to Delhi city, is eventually connected to all the parts of India through

rail and road.

Declining production of food grains in SonepatCrop production in the district was estimated to be 1,091,169 MT in 2012-13. The growth in food grain production in

Sonepat district has been falling and this is expected to continue due to the decline in yields and decreasing area

under cultivation in the wake of rapid urbanisation.

Cold storage cluster located near highway and proposed mandi

There are no government dry warehouses or cold storages in this region. The private cold storages are clustered in

and around the Kundli region villages within a radius of ~ 10 km. This region has an aggregate cold storage

capacity of ~350,000 MT. These cold storages cater to the traders and merchants of the Azadpur mandi (fruits) and

wholesale market in Delhi city (spices and pulses). The major commodities stored in these warehouses are pulses,

spices, dry fruits and fruits. The construction quality of the cold storages is medium to high and there is high

security environment with boundary walls.

Limited opportunity for cold storage due to oversupply scenario

The current cold storage demand of 297,500 MT is estimated to grow by a CAGR of 6 per cent to 375,587 MT in

2016-17, on the basis of growth in consumption and growth in trading activity in the northern region of India. Given

the current capacity of ~350,000 MT, there is additional cold storage opportunity of 67,319 MT.


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Opportunity Assessment for Agri Warehousing in Kundli (Grams and Chillies)

Potential demand for warehousing

Supply Analysis

Estimated Cold Storage Opportunity67,319 MT

Major aggregation

center

Growth factor

(6%)

Current Cold Storage

Demand

Current

Capacity(350,000

MT)

PeakUtilisation

(85 %)

Cold Storage

Capacity

(350,000 MT)

Primary interactions with market

participants of the district

Trading activity-Traders, Mandi officials

Crop Production & Arrivals- Agri dept,

Mandi officials

Consumption growth (Population)

1.94% historic

growth in

population

Current demand

(297,500 MT)1

Delhi being an aggregation center,production factor is not relevant. Trading

and population will drive the cold storage

demand

2

No significantexports from the

district

3

Future years demand(375,587 MT)

Potential Demand(375,587 MT)

Expected Supply(350,000 MT)

5

Key growth factors

Current

Capacity

(350,000 MT)

2016-172016-17

4% increase in

trading factorduring 2010-12

4*

Assuming op t imum level of ut i l izat ion at dry warehousing

industry level is 90%


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SONEPATDISTRICT PROFILE

3.1 Location & Topography

Kundli is a small town located in Sonepat district. Also, it falls in the neighbourhood of prominent Haryana towns of

Rohtak and Panipat. Due to its proximity to Delhi (~ 3 Km), Kundli was developed as a prime industrial region.

Many cold storages are developed in this area which are catering requirement for Delhi and Haryana. It is well

connected through AH-2 (Grand trunk road). Due to limited space availability in Delhi and nearby areas, Kundli is

viewed as a next development hub like Gurgaon near Delhi. Further, Haryana State government has announced to

build up Kundli as a major educational hub. The geographical area is 5 Km. It lies North latitudes 2898N and

7702E with average elevation of 224.15 meter above the sea level (735.4 ft).

Below is the district map with marked district border

Source: Google maps


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3.2 Economy

Sonipat district GDP growing at average rate of 10% during 2005-06 to 2009-10

Sonipat district has witnessed a significant growth of ~10%, slightly lower than the Haryana state.

3.3 Infrastructure

Being one of the major industrial hubs in Sonepat district, Kundli has around 641 production units which is the 2nd

highest in the district. Various types of manufacturing units in Kundli industrial estate belongs to Home furnishing,

lights, rubber, books, sanitary and stainless steel etc. In recent times Kundli has also seen development of various

educational universities and institutions namely, Rajiv Gandhi Educational City - (comprising 10 educational

institutions), National Institute of Food Technology Entrepreneurship and Management (NIFTEM) etc.

Sonipati: Real GDP at constant prices (2004-05)

Source: CRISIL Research

52735

5844062898

68729

77068

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2005-06 2006-07 2007-08 2008-09 2009-10

Rs Cr


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Kundli-Sonepat: Key Facts

Parameters Units

Geographical Features

Latitude 2848' & 2917' North

Longitude 76 28&7713 East

Geographical area Sq Km 2,260

Population

Male No 798,948

Female No 681,132

Total No 1,028,393

Agriculture

Total area Hectare 214,250

Forest cover Hectare 7,359Non agriculture land Hectare 33,194

Cultivable barren land Hectare 8,403

Railways length Km 73

Roads

National Highway Km 64

PWD Km 25

Major District Highway Km 28

Other District/ Rural Roads Km 419

Kachha Road Km 76

Total registered industrial units no. 13,039

Source: Distr ict Adminis tration, CRISIL Research


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OPPORTUNITY ASSESSMENT

The Kundli area is primarily a cold storage cluster. There are about 70 cold storages in this region. All these are

multipurpose cold storages catering to the cold storage demand arising mainly from Delhi. The Azadpur mandi in

Delhi is the largest mandi in Asia for fruits and vegetables. The arrivals in the mandis are from different regions of

India with apples coming from Himachal Pradesh, Jammu & Kashmir and other fruits like oranges, banana and

mango coming from Southern states like Maharashtra and Andhra Pradesh. Vegetables like potato come from

Uttar Pradesh, Punjab, and Haryana etc. Thus most of the arrivals are from different states and some are also

imported.

As per our interactions, we have learnt that the major commodities which are stored in the cold storages are pulses

(chana, rajma), spices, dry fruits and fruits. Chana comes majorly from Rajasthan, whereas spices come from

Andhra Pradesh and fruits from different parts of India.

Since, Azadpur mandi is the largest in the world in terms of arrivals and there was limited cold storage capacity in

Delhi to cater to cold storage demand, Kundli came up as an alternate destination for cold storage in the outskirts

of Delhi. Also Delhi, is a major trading hub, it acts as an aggregation point where the arrivals of crops are from

mandis and imports from other countries. At the same time, the dispatch of these crops is towards exports, to other

states and for local consumption.

Since, Kundli is a part of Sonepat district; we have given the demand side analysis from the district point of view.

We have analysed the mandi arrivals of major commodities to proxy the arrivals of fruits to be stored in cold stores.

Aggregation

Exports

Local Consumption

Imports Distribution to otherstates

Mandi arrivals

Non-mandi arrivals


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4.1 Demand Side Analysis

Declining trend in crop production

Crop production in the district was estimated to be 1,091,169 MT in 2012-13. The production of crop has beendecreasing at a CAGR of 8.5 per cent during 2006-07 to 2012-13. This is due to reduction in the yields of crops

along with no significant increase in area under cultivation, which has registered only 1 per cent CAGR during

2006-07 to 2012-13, owing to rapid urbanisation in Delhi, which it shares its border with, in the past decade.

Sonepat: Crop Production (lakh metric tons)

Source: Ministry of Agriculture, Industry, CRISIL research

18.6

16.1

13.3

11.911.3 10.9 10.9

-

2

4

6

8

10

12

14

16

18

20

2006-07 2007-08 2008-09 2009-10 2010-11 E 2011-12 E 2012-13 E

Area under Cultivation (hectares)

Source: Departm ent of Agriculture, CRISIL Research

254,830 258,096272,474

265,669 265,941 266,214 266,486

20,000

70,000

120,000

170,000

220,000

270,000

320,000

2006-07 2007-08 2008-09 2009-10 2010-11 E 2011-12 E 2012-13 E


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Wheat and rice form ~82 per cent of the agricultural produce

Wheat and rice constitute nearly 82 per cent of the total agricultural produce in the district, followed by sugarcane,

potato and bajra. The production in sugarcane has been declining consistently in the past decade, due to

preference for crops like wheat and rice. Other crops like maize, arhar (tur), cotton etc. form the rest of the pie.

Other Crops

Sonepat: Split of major crop forming Others, by production


Sonepat : Split of Crop production 2012-13


Wheat, 58.7%Rice, 23.2%

Sugarcane,15.1%

Others, 2.9%

Bajra, 2.3%

Maize, 0.2%Arhar(tur),0.4%

Rapeseedand

Mustard,

0.3%

Cotton(lint),0.2%

Potato,

1.4%

Onion, 0.1%


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In the past 5 years, wheat production has consistently been above 610,000 MT. Wheat production has registered a

CAGR of 1.7 per cent from 2006-07 to 2012-13 and expected to maintain the same growth till 2012-13

Sonepat: Crop Production (lakh metric tons)


Rice is the 2nd largest crop in the district after wheat with an average production of ~230,000 MT in the last 5years. Rice production is expected to register a CAGR of 7 per cent till 2012-13. Sugarcane, as mentioned earlier

has been on a declining trend from 2006-07 to 2009-10. This trend has continued over the next three years to

2012-13. Other crops such as bajra, maize, rapeseed and mustard, arhar etc constitute the remaining ~ 3 per cent

of production.

Top six commodities constitute ~ 47 per cent of the total arrivals in Azadpur mandi

As mentioned earlier, to focus on the cold storage cluster, we have analysed the arrivals of Azadpur mandi that is a

mandi for fruits and vegetables only. Apple, banana, mango, potato, onion and tomato are estimated to account for

~47 per cent of total arrivals in 2012-13.

6.46.1

6.9

6.1 6.2 6.36.4

1.8 1.9 1.92.2 2.3

2.4 2.5

10.0

7.6

4.0

3.02.4

1.91.6

0.4 0.5 0.5 0.5 0.3 0.2 0.3

-

2

4

6

8

10

12

2006-07 2007-08 2008-09 2009-10 2010-11 E 2011-12 E 2012-13 E

Wheat Rice Sugarcane Others


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Crop share in Mandi Arrivals at Azadpur (2012-13)

Source: Mandi Samiti, CRISIL Research

Azadpur: Total Mandi Arrivals

Source: APMC, CRISIL Research

Our analysis and market interactions suggest that apple arrivals are the highest in the months of September to

December, whereas that for mango is between April and July. Other major commodities like potatoes, tomatoes

and bananas arrive almost throughout the year. Out of these, mainly apples are stored in cold storages apart from

small quantities of grapes, oranges and mangoes seasonally.

Apple, 13%

Banana, 3%

Mango, 4%

Potato, 12%

Onion, 10%

Tomato, 5%

App le

Banana

Mango

Potato

Onion

Tomato

Year Total arrivals in M T

2010-11 4,532,445

2011-12 4,503,677

2012-13 E 4,510,554


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4.2 Supply Side Analysis

As discussed in the previous sections, the principal commodities from the warehousing standpoint in Kundli region

are pulses, spices, dry fruits and fruits. A majority of these commodities arriving in Delhi are stored at first in the

cold storages within Delhi city and later in the Kundli cluster. The cluster covers a 10 km radius from the Kundli

HSIDC (Haryana State Industrial Development Coportation). The main regions in this cluster are:

1. HSIDC, Kundli

2. Nathupur

3. HSIDC, RAI

4. Piu-Maniyari Road

A pictorial map showing the few of these villages is shown below:

Source: Google Maps

There are no government warehouses in and around this region. The cluster of these cold storages forms an

aggregate capacity of ~350,000 MT. The major parties storing the food grains are traders and merchants of Delhi in

the Azadpur mandi.


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Based on our interactions with warehouse players and key market participants, we learnt that many cold storages

have come up in the last 2-3 years. The prime reason for this being the proposed shifting of the Azadpur mandi to

Tikri, which is closer to Kundli. Also since there is no space for cold storages to come up in the city, it wasinevitable for new cold storages to come up on the outskirts and Kundli formed an optimal location.

In the early phase of setting up cold storages, some traders from the Azadpur mandi came up with these cold

storages and served the demand from other traders apart from their captive consumption. Later, as the

warehousing intensity of commodities increased with increase in trade along with commodities like spices and

pulses also being warehoused, the demand for cold stores also increased. Thus, the utilisation and rentals for the

same increased eventually making it a profitable business for these traders. This attracted other traders to come up

with cold stores of their own. With relatively low prices of land, easier land conversion norms of Haryana

government and high subsidy (maximum of Rs 1.2 crores) setting up a cold store became easier. Also, the majorpart of investment is land. This has led to higher competition and increasing cold store capacities in the last two

years. Although, the average utilisation in this cluster has remained at similar levels of ~75 per cent, the rentals

have declined by 30-40 per cent. This shows the increasing competition due to the added capacities.

All these regions lie along the NH 1 which connects Delhi to Karnal also known as G.T.Road. Thus this cluster

provides high road connectivity. The new proposed fruit mandi in Tikri, which would replace the Azadpur mandi, is

just 5 km from Kundli village. This has led to price escalation in this region. The land rates are in the range of Rs

7000-10000 per sq yard which translates to Rs 3.4 - 4.8 crore per acre, depending upon the proximity to NH1 from

the location of cold storage. The average land rates in this cluster is estimated to be ~ 4 crore per acre.


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Competition Profile

Competition Profile: Private cold storages

As mentioned earlier, the aggregate capacity of this cluster is ~350,000 MT with an average size of ~ 5,000 MT.

The utilisation levels range from 70-80 per cent with average utilisation of ~ 75 per cent. Most of these are

multipurpose cold storages and their rentals are more or less the same.

Kundli: Cold Storages

Cold Store Location

Sai Kripa Cold Storage HSIDC Kundli

KHI Cold Storage HSIDC Kundli

Shiv Shakti Cold Storage HSIDC Kundli

R J Cold Storage HSIDC Kundli

Kartar Devi Cold Storage HSIDC Kundli

Kufri Cold Storage HSIDC Kundli

MDH Cold Store Kundli village

Sumagalam Cold Storage Kundli village

Golden Almonds Kundli villageJ M Coolhouse Kundli village

Vrindavan Cold Storage Kundli village

Jubin Cold Storage Nathupur

Harshana Cold Storage Nathupur

Seven Star Nathupur

Ishwar Cold Storage Nathupur

KMC Cool Chain Nathupur

Avalanche Cold Storage HSIDC RAI

Pragati Cold Storage HSIDC RAI

Leh Cold Storage HSIDC RAI

Others

Total capacity 350,000

Source: CRISIL Rese arch

Commodity Rental

Chilies (month) Rs 12-15/40 kg bagFruits (month) Rs 10-12/box

Pulses (month) Rs 15-20/50 kg bag


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Construction quality of cold storage is medium to high

The observed construction quality of many cold storages is high with boundary walls and a secure environment.

However, they did not have dedicated weighing service like own weigh bridges. Since, the customers are mainly

wholesalers and traders, who have their own means of financing, none of the cold storages provided collateral

management services.

Kundli: Cold Warehouses Competition Profile

Observedconstruction Quality

Security Environment Dedicated Weighingservices

Equipments/Technolo

gy (Lifting Machinery)

Sai Kripa Cold Storage Medium High No Medium

KHI Cold Storage Medium High No Medium

Shiv Shakti Cold Storage High High No Medium

R J Cold Storage High High No Medium

Kartar Devi Cold Storage High High No Medium

Kufri Cold Storage High High No Medium

MDH Cold Store High High No Medium

Sumagalam Cold Storage Medium High No Medium

Golden Almonds High High No MediumJ M Coolhouse High High No Medium

Vrindavan Cold Storage Medium High No Medium

Jubin Cold Storage High High No Medium

Harshana Cold Storage High High No Medium

Seven Star High High No Medium

Ishwar Cold Storage Medium High No Medium

KMC Cool Chain High High No Medium

Avalanche Cold Storage High High No Medium

Pragati Cold Storage High High No Medium

Leh Cold Storage High High No Medium

Note: Rankings: Low-Poor Quality, Medium- Medium Quality, High- Good quality

Observed construction quality-include parameters like, height, ventilation and relative newness of the building

Soucrce: Industry,CRISIL Research


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4.3 Opportunity Analysis

To assess the opportunity for cold storages in Kundli region, we have analyzed the demand-supply situation in the

district for the key items stored in the cold stores. The chart below presents the demand and supply side factors

considered for the demand outlook and cold storage opportunity assessment.

Kundli: Cold Storage Customer Concentration

Retailers/ FarmersWholesellers/traders/

Industrial Customers

Sai Kripa Cold Storage 5-10% 90-95%

KHI Cold Storage 5-10% 90-95%Shiv Shakti Cold Storage 5-10% 90-95%

R J Cold Storage 5-10% 90-95%

Kartar Devi Cold Storage 5-10% 90-95%

Kufri Cold Storage 5-10% 90-95%

MDH Cold Store 5-10% 90-95%

Sumagalam Cold Storage 5-10% 90-95%

Golden Almonds 5-10% 90-95%

J M Coolhouse 5-10% 90-95%

Vrindavan Cold Storage 5-10% 90-95%

Jubin Cold Storage 5-10% 90-95%

Harshana Cold Storage 5-10% 90-95%

Seven Star 5-10% 90-95%

Ishwar Cold Storage 5-10% 90-95%

KMC Cool Chain 5-10% 90-95%

Avalanche Cold Storage 5-10% 90-95%

Pragati Cold Storage 5-10% 90-95%

Leh Cold Storage 5-10% 90-95%

Soucrce: Industry,CRISIL Research


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4.3.1 Cold Warehousing Opportunity Analysis

Demand for cold storages to increase at 6 per cent CAGR in the district

The commodities stored in the cold storages are meant for consumption as well as trading. The current cold

storage demand of 297,500 MT is arrived by considering aggregate cold storage capacity of 350,000MT at a peak

utilization of 85 percent. However, we expect the demand for warehousing to grow at a CAGR of 6 per cent over

the next five years. The CAGR of 6 per cent is mainly contributed by the following factors

i) 1.94 per cent growth in population and hence the growth in consumption

ii) 4 per cent growth in trading activity

We expect the above historic factors to maintain the same trend, going forward.


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The current cold storage demand of 297,500 MT is estimated to grow by a CAGR of 6 per cent to 375,587 MT in

2016-17. The current supply of warehouses is 350,000 MT and no additions are expected to come in near future.

Thus, 67,319 MT of additional cold storage capacity is estimated to be required. The opportunity is estimated

Crops: Cold Storage Demand (MT)

Source: Department of Agriculture, CRISIL Research

2,97,5003,15,350

3,34,271

3,54,3273,75,587

-

50,000

1,00,000

1,50,000

2,00,000

2,50,000

3,00,000

3,50,000

4,00,000

2012-13 2013-14 2014-15 2015-16 2016-17

(MT) CAGR: 6.0%

Opportunity: Cold Storage (MT)

Source: CRISIL Research

2,97,500

3,15,3503,34,271

3,54,3273,75,587

3,50,000 3,50,000 3,50,000 3,50,000 3,50,000

-

50,000

1,00,000

1,50,000

2,00,000

2,50,000

3,00,000

3,50,000

4,00,000

2012-13 2013-14 2014-15 2015-16 2016-17

Demand Supply

(MT)

(19,444) 389 21,412 43,69767,319


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based on the 90 per cent optimal utilisation of the existing supply in the long term, which is in line with the market

trend.


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RISK/CONSTRAINTS

Socio economic factors

The chapter provides key socio economic risk factors which play pivotal role for agriculture warehouse. The risk

factors/constraints are graded on High, Medium and Low scale depending upon the intensity of risk related to

particular factor. Key factors identified are as follows: 1. Naxal activity, 2. Drought intensity, 3. Flood intensity and 4.

Law & order.

There are no Naxalite incidences in Delhi. Hence risk intensity for Naxal activity is low.

The region has seen instances of drought in the past. Southern and western regions of Haryana are at a greater

risk of drought and hence, the drought intensity is medium.

There have been occasional floods in the region. However, the areas lying near the tributaries of the river Yamuna

are at higher risk during monsoons.

In historic years, law & order situation in the state remained at medium levels. Considering the impact of various

socio economic factors on particular district we have assigned risk intensity as follows:

Risk factors status: Kundli

Factors Risk Intensity

Naxal activity Low

Drought intensity Medium

Flood intensity Medium

Law & order Medium

Source: Industry, CRISIL Research


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MARKET SPEAKS

This section presents the summary of market interactions with key market participants in the district

Nowadays as apples which are being suppl ied from Shimla and J&K are also stored in cold storages

there itself , the requirement for cold storage has part ial ly reduc ed in the Delhi region Manager, Private

cold storage

The possib i l i ty of Tikr i being the replacement of Azadpur mandi h as led to a craze to set up cold s torages

here. Owner, private cold storage

The comp etit ion is very h igh . The rentals here are half the rentals offered in Lawrenc e Road (cluster of

cold s torages in the ci ty) just to have higher ut i l isat ion. Manager, private cold storage

Ear l ier say one trader used to serve four other traders. Now, two o f those have set up their own

warehouses thus increasing the compet i t ion.Owner of cold storage and trader in spices


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ANNEXURE

Private cold storage


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Our Capabilities

Making Markets Function Better

Economy and Industry Research

Largest team of economy and industry research analysts in India

Coverage on 70 industries and 139 sub-sectors; provide growth forecasts, profitability analysis, emergingtrends, expected investments, industry structure and regulatory frameworks

90 per cent of Indias commercial banks use our industry research for credit decisions

Special coverage on key growth sectors including real estate, infrastructure, logistics, and financialservices

Inputs to Indias leading corporates in market sizing, demand forecasting, and project feasibility

Published the first India-focused report on Ultra High Net-worth Individuals All opinions and forecasts reviewed by a highly qualified panel with over 200 years of cumulative

experience

Funds and Fixed Income Research

Largest and most comprehensive database on Indias debt market, covering more than 15,000 securities

Largest provider of fixed income valuations in India

Value more than Rs.53 trillion (USD 960 billion) of Indian debt securities, comprising outstandingsecurities

Sole provider of fixed income and hybrid indices to mutual funds and insurance companies; we maintain

12 standard indices and over 80 customised indices

Ranking of Indian mutual fund schemes covering 70 per cent of assets under management and Rs.4.7trillion (USD 85 billion) by value

Retained by Indias Employees Provident Fund Organisation, the worlds largest retirement schemecovering over 60 million individuals, for selecting fund managers and monitoring their performance

Equity and Company Research

Largest independent equity research house in India, focusing on small and mid-cap companies; coverageexceeds 120 companies

Released company reports on all 1,440 companies listed and traded on the National Stock Exchange; aglobal first for any stock exchange

First research house to release exchange-commissioned equity research reports in India

Assigned the first IPO grade in India


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Ahmedabad

706, Venus Atlantis

Nr. Reliance Petrol Pump

Prahladnagar, Ahmedabad, India

Phone: +91 79 4024 4500

Fax: +91 79 2755 9863

Bengaluru

W-101, Sunrise Chambers

22, Ulsoor RoadBengaluru - 560 042, India.

Phone: +91 80 2558 0899

+91 80 2559 4802

Fax: +91 80 2559 4801

Chennai

Thappar House

43 / 44, Montieth Road, Egmore

Chennai - 600 008, India.

Phone: +91 44 2854 6205/06

+91 44 2854 6093

Fax: +91 44 2854 7531

Hyderabad

3rd Floor, Uma Chambers

Plot No. 9&10, Nagarjuna Hills

(Near Punjagutta Cross Road)

Hyderabad - 500 482, India

Phone: +91 40 2335 8103/05

Fax: +91 40 2335 7507

Kolkata

Horizon, Block B, 4th floor

57 Chowringhee Road

Kolkata - 700 071, India.

Phone: +91 33 2289 1949/50

Fax: +91 33 2283 0597

Gurgaon

Plot No. 46

Sector 44Opp. PF Office

Gurgaon - 122 003, India

Phone: +91 124 6722 000

Pune

1187/17, Ghole Road

Shivaji Nagar

Pune - 411 005, India

Phone: +91 20 2553 9064/67

Fax: +91 20 4018 1930

Our Offices

CRISIL Limited

CRISIL House, Central Avenue, Hiranandani Business Park,Powai, Mumbai400076. India

Phone: +91 22 3342 3000 | Fax: +91 22 3342 8088

ssl - final delhi kundli (market assessment) - march 2014.pdf

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