Fundamentals

FUNDAMENTALS Recent Developments Atlanta got recently listed on the Bombay Stock Exchange and the National Stock Exchange. Atlanta entered into a joint venture with Mumbai-based Thakural builders. Under this contract, the companies expect to develop a 60,000 sq ft commercial complex in Mumbai`s western suburb of Malad. Atlanta decided to increase its authorised share capital in its extra ordinary general meeting (EGM). The new authorized share capital will be Rs 23,00,00,000/- divided into 2,00,00,000 equity shares of Rs 10/- each and 30,00,000 25% non-cumulative redeemable preference shares of Rs 10/- each PROJECTS EXECUTED A glimpse into some of the projects executed so far, depicting Atlanta's absolute and incontrovertible expertise in the infrastructure development segment. UDAIPUR BYPASS

OTHER INFRASTRUCTURE DEVELOPMENT PROJECTS

PROJECTS UNDER EXECUTION MUMBRA BYPASS NAGPUR-KONDHALI PROJECT SEZ construction at Bavla, district Ahmedabad LIST OF OTHER PROJECTS IN PIPELINE

BUSINESS STRATEGY The government has earmarked investments to build more road corridors, power generation facilities including mining, increase the capacity at sea and air ports and accelerate the delivery on a number of urban amenities. This scale of infrastructure development envisaged will require resources of immense magnitude (an outlay of over USD 350 bn) for infrastructure thereby bringing to the forefront the concept of PPP: a concept which has evolved as the cornerstone of modern infrastructure development strategy. The opportunities in the PPP space and specifically the BOT space opening up in the country augurs well for Atlanta and against this backdrop, the company has drawn out a comprehensive value development blueprint. Atlanta proposition • Participate in more PPP BOT/DBOT projects. • Follow a scientific bidding and execution methodology. • Bid for projects which offer a high IRR. • Ensure timely and quality completion of projects. • Eliminate the scope to subcontract the EPC aspect of infrastructure development projects awarded to it, thereby allowing it to straddle the entire value chain inany infrastructure development project - from building, operating, maintaining, toll collection and simultaneously facilitating reliable and seamless execution. • Enter into strategic joint ventures or form project specific Special Purpose Vehicles (SPV) wherever necessary to help it congregate the requisite pre -qualification parameters for big-sized and large projects.

Industry : Infrastructure - General BSE Code : 532759 NSE : ATLANTA Code

Face Value/M Lot : 10.00/1 P/E Ratio : 9.56 Market Cap : 185.17 Cr

Business Group: Not Aplicable LTP (Rs.) : 113.60 (5.04%) [NSE] ISIN No : INE285H01014

FINACIAL DETAILS As per the latest results atlanta limited's Net Sales for the 3 months period ending 30Jun-2009 is Rs 403.95 Mn and its PAT is Rs 64.72 Mn. It's quarterly figures ( with QoQ and YoY ) for quarters ending on 30-Jun-2009 and 31Mar-2009 and 30-Jun-2008. Financials All figures in QoQ YoY Quarterly Mn Current Component Previous Quarter Last Year's Quarter Quarter Quarter ending 30-Jun-2009 31-Mar30-JunDifference(%) Difference(%) (months) (3) 2009 (3) 2008 Net sales 403.95 939.56 -57.01 386.92 4.40 Other income 1.33 9.86 -86.51 0.97 37.40 Total income 405.28 949.42 -57.31 387.89 4.48 Total expenses 0.00 0.00 N.A 274.51 -100.00 Gross profit 405.28 949.42 -57.31 113.37 257.47 (OPBDIT) Depreciation 34.90 40.01 -12.76 35.63 -2.03 Operating profit 370.38 909.41 -59.27 77.75 376.38 (OPBIT) Interest 81.01 104.66 -22.60 57.30 41.39 OPBT 289.37 804.75 -64.04 20.45 1314.79 Extraordinary income 0.00 0.00 N.A 0.00 N.A / exp Prior period 0.00 15.13 -100.00 0.00 N.A adjustments PBT 289.37 819.89 -64.71 20.45 1314.79 Tax provision 6.45 44.80 -85.60 6.50 -0.77 Net profit (PAT) 282.92 775.09 -63.50 13.95 1927.64 Adjusted PAT 282.92 760.78 -62.81 13.95 1927.64 Average tax rate 0.02 0.05 -59.21 0.32 -92.99 GPM (%) 100.33 101.05 -0.71 29.30 242.40 OPM (%) 91.69 96.79 -5.27 20.09 356.30 NPM (%) 71.63 87.26 -17.91 5.29 1255.14 Equity Capital 163.00 163.00 0.00 163.00 0.00

It's growth figures for last 5 quarters

Growth Margins ( Difference between successive quarters ) in % Quarterly Quarter ending 30-Jun-2009 (3) 31-Mar-2009 (3) 31-Dec-2008 (3) 30-Sep-2008 (3) 30-Jun-2008 (3) (months) Difference Difference Difference Difference Difference Component Value Value Value Value Value (%) (%) (%) (%) (%) GPM 100.33 -0.71 101.05 228.67 30.74 -31.20 44.69 52.51 29.30 -8.83 OPM 91.69 -5.27 96.79 407.58 19.07 -44.57 34.40 71.21 20.09 -9.15 NPM 71.63 -17.91 87.26 -1687.73 -5.50 -156.32 9.76 84.62 5.29 4.81

Graphic view

Brief Financials - Annual Previous Annual All figures in Mn Company / Industry Industry Company Company Difference(%) Difference(%) Industry (Avg) (Avg) Period ending FY (No. FY -1 (No. ----1 (months) 58)* 58)* Net Sales 58.00 2008.00 58.00 0.00 2008.00 0.00 Operating 715.06 58.00 715.06 0.00 58.00 0.00 Income OPBDIT 24.92 715.06 24.92 0.00 715.06 0.00 OPBDT 727.66 24.92 727.66 0.00 24.92 0.00 OPBT 642.18 727.66 642.18 0.00 727.66 0.00 PAT 162.98 642.18 162.98 0.00 642.18 0.00 GPM(%) 10.36 162.98 10.36 0.00 162.98 0.00 OPM(%)

152.99

10.36

152.99

0.00

10.36

0.00

NPM(%)

39.86

152.99

39.86

0.00

152.99

0.00

It's annual figures viz-a-viz industry are shown below * Indicates the number of companies whose results are available and taken to calculate the industry aggregate Operating margin and net operating margins tells us what percentage of sales is the company's gross profit and net profit respectively. The higher the better. A debt/equity ratio for a company shows the degree to which it is leveraged. A high ratio,usally greater than 2,indicates a good chance that the company won't be able to pay its debt in the future. However,the company's debt/equity ratio should generally be below the industry average.

Balance sheet Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 Mar ' 04

Sources of funds Owner's fund Equity share capital Share application money Preference share capital Reserves & surplus

16.30 8.57 2.50 134.30

16.30 8.57 2.50 122.42

12.00 2.50 51.84

8.64 1.00 25.78

6.84 27.40

171.73 31.96 365.36

140.84 51.92 342.55

101.21 55.22 222.77

77.96 64.06 177.44

76.72 18.96 129.92

246.28 9.75 42.09 194.44 60.17

98.17 9.87 34.02 54.28 107.27 20.46

90.12 9.99 27.93 52.20 89.65 9.58

88.09 10.11 21.75 56.23 77.50 8.76

69.07 17.17 51.91 58.31 0.43

233.86 123.49 110.37 0.39 365.36

270.56 110.47 160.09 0.45 342.55

130.48 59.69 70.78 0.56 222.77

77.86 42.94 34.92 0.03 177.44

50.43 31.18 19.25 0.03 129.92

60.17 11.24

79.54 0.42

10.32 0.81

8.76 0.11

-

163.00

163.00

120.00

86.40

68.44

Loan funds Secured loans Unsecured loans Total

Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation Net block Capital work-in-progress Investments

Net current assets Current assets, loans & advances Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total

Notes: Book value of unquoted investments Market value of quoted investments Contingent liabilities Number of equity sharesoutstanding (Lacs)

After looking into the financial details 1. Company as tremendous growth power which proves company has sound management 2. Reseves and and surplus has incremented YoY basis 3. Keeping in view the infrastructure and reality sector has positive outcomes for various companies like DLF,Unitech etc we may also see this company rise with its present shown fundamentals

4. “Looking forward Atlanta being a forward thinking company, besides identifying traditional infrastructure development projects plans to foray into two new emerging segments: building and maintaining car parking plazas and airport management. The company, is confident of success in both these segments due to its inherent construction expertise, flawless execution skills, technological know-how which will be backed by alliances with established foreign players in these field.”www.atlantainfra.com 5. Atlanta’s distinguished clients include: Mahanadi Coal Fields Ltd. (a subsidiary of Coal India Ltd), Reliance Petroleum Ltd, The Associated Cement Companies Ltd, Narmada Cement Company Ltd, Tata Chemicals Ltd, amongst others. 6. EPS and PAT has considerably increased 7. EPS Mar'06 Mar'07 Mar '08 Mar '09 8. 12.97 19.3 8.91 11.88 BUSINESS STRATEGY Coal is an integral part of India's energy policy and plays an important role in running downstream industries such as steel and cement. Despite its importance, India production is far less than its demand and barely meets about 55 per cent of the country's primary energy requirements. Looking at the supply short fall combined with the country’s limited oil resources and fluctuating international prices, the government has laid out a reforms blueprint which augurs well for Atlanta. Atlanta using its early entrant advantage, superior mining technology and mine management skills looks at the favourable opportunities opening up in the mining sector and is confident of actively translating these opportunity into invaluable business propositions. REFORMS BLUEPRINT Some of the key liberalising initiatives in liberalizing the coal mining sector comprise: • Opened the doors for private investment in the coal sector by allowing domestic and overseas mining companies to directly access captive coal blocks reserved for cement, steel and power sector players. • Award coal blocks to private sector companies on competitive bidding basis without the restriction of captive use (companies can sell coal from captive mines directly in the open market), thereby completely opening up the mining sector. • About 38 coal blocks with 6 bn tonne reserves have been earmarked for allocation under the new liberalisation policies. • Government agencies have also identified 109 more coal blocks for allocation under the captive route with total reserves of over 30 bn tonnes. • In addition, the government has also allowed 100 per cent Foreign Direct Investment (FDI) for captive mining for power, steel and cement companies. • Liberation of FDI restrictions in joint ventures for mining.

Investment envisaged • Estimated investments of 1180 bn (Rs 950 bn in open cast mining and Rs 230 bn in underground mining) will be required to mine 1061 mn tonne of coal by FY 2025.

SHARE HOLDING PATTERN

Share holding pattern as on : 30/06/2009 31/03/2009 30/09/2008 Face value 10.00 10.00 10.00 No. Of % No. Of % Shares Holding Shares Holding Promoter's holding Indian Promoters 11182065 68.60 11180665 68.59 Sub total 11182065 68.60 11180665 68.59 Non promoter's holding Institutional investors FII's 86374 0.53 662580 4.06 Sub total 86374 0.53 662580 4.06 Other investors Private Corporate 2536633 15.56 2181583 13.38 Bodies NRI's/OCB's/Foreign 46466 0.29 37859 0.23 Others Others 40470 0.25 78573 0.48 Sub total 2623569 16.10 2298015 14.10 General public 2407992 14.77 2158740 13.24 Grand total 16300000 100.00 16300000 100.00

No. Of Shares

% Holding

11500000 70.55 11500000 70.55

662580 662580

4.06 4.06

2201189

13.50

30534

0.19

34935 2266658 1870762 16300000

0.21 13.91 11.48 100.00

NO MUTAL FUND HOLD THIS SCRIPT AS PER RECORDS KEY FACTORS 1. No mutal fund has holding in this script thus it minimize the fluctuation in this stock and there will be no sudden selling pressure 2. FIIs have less holding in this script which has decresed from year,this may prove beneficial when FIIs flow turn +ive in this script

CHART PATTERN This is the intraday chart on the date of recommendation As per terminal records there were about 89,000 buyers at 11:30 with no sellers Script was up by 5%

There is clear uptrend seen through

3 MONTHS CHART

Clear good support at lvl 93-97

6 MONTHS CHART

YEAR TO DATE

1 YEAR CHART

2 YEAR CHART

5 YEAR CHART

As on Wednesday 5th August 2009 ATLANTA closed @ 113.60 and we RECOMMEND Buy for LONG-TERM with STOPLOSS of 79.85 and Strong Buy for SHORT-TERM with STOPLOSS of 81.78 and we also expect STOCK to react on Following

CONCLUSION •

MARKET SENTIMENT - Present condition of

market is bullish although there may come a correction in near term in nifty and sensex. We recommend to accumulate stock when ever it falls. In future with horizon of 12 months we see this stick rising to higher levels and may include into multibaggers •

COMPANY’s GROWTH According company balance

sheet there is tremendous rise in reserves and surplus more over EPS is increasing so as the PE. Company has good management and eyes positively. • MINING,INFRASTRUCTURE & REALITY

1.MINING--> Atlanta is active in the high margin limestone and coal mining business with over a decades experience in contract mining, having gained valuable experience at a time when the captive mining business was not even on the radar of competitors. Prominent features that make Atlanta the obvious contract mining partner of choice competent and best suited to take on the

sector's specific needs and challenges include: 1. SURFACE MINING TECHNOLOGY Atlanta is the first player in the country to have prudently invested in superior surface mining technology: a technology imported from Wirtgen, Germany and Volvo, Sweden that eliminates conventional operations like drilling, blasting and crushing. Surface mining technology enables controlled excavation, is not labourintensive nor is it risky like the conventional mining process. 2. CAPACITY Atlanta has the capacity to extract (limestone / coal) over 25000 tones per day, significantly higher than industry peers. 3. CREDIBLE PRESENCE Atlanta’s distinguished clients include: Mahanadi Coal Fields Ltd. (a subsidiary of Coal India Ltd), Reliance Petroleum Ltd, The Associated Cement Companies Ltd, Narmada Cement Company Ltd, Tata Chemicals Ltd, amongst others. 2.INFRASTRUCTURE--> From executing India's first greenfield BOT project on National Highways - Udaipur Bypass and successfully participating in toll-based PPP infrastructure development projects to building roads, highways, bridges, runways, docks, ports, canals, water courses, irrigation, embankment, reservoirs and executing several EPC

projects, Atlanta is at the forefront of developing India's infrastructure. The company has serviced some of the biggest players in the industry such as National Highway Authority of India (NHAI), Ministry of Road Transport and Highways, Public Works Department, Municipal Corporation of Greater Mumbai and Airports Authority of India to name a few. Atlanta has established an enviable reputation in the infrastructure development and EPC space due to its ability to harness technology to match the momentum of tomorrow. The company owns and employs modern, specialised and critical fleet of equipment to successfully execute large and complex projects. Atlanta's EPC division is the oldest and the largest business division of the company and its key activities comprise the actual execution of the infrastructure projects. This key in-house EPC capability helps the company deliver quality projects on time, amply demonstrated by the successful completion of the Udaipur Bypass project in less than half of the allocated time. Looking forward Atlanta being a forward thinking company, besides identifying traditional infrastructure development projects plans to foray into two new emerging segments: building and maintaining car parking plazas and airport management.

The company, is confident of success in both these segments due to its inherent construction expertise, flawless execution skills, technological know-how which will be backed by alliances with established foreign players in these field. 3.REALITY--> Having anticipated the market trends in the realty sector, Atlanta increased its preparedness to leverage the opportunities by prudently investing in land sites with clear land titles and concurrently demonstrated success and expertise across diverse formats by executing commercial projects and residential projects in prime and emerging locations in Mumbai. With a longstanding sectoral presence in constructing and executing large projects, Atlanta is now on its way to build attractive properties in and around Mumbai and plans to develop innovative structures across all realty segments in emerging Tier II and Tier III cities across the country.