= investor's delight: salzer electronics ltd. (sel) –”buy” 17th july

Ajcon Global Services Ltd. research reports are also available on Bloomberg [AGSL<Go>]

Email: [email protected] Website: www.ajcononline.com

Akash Jain – MBA (Financial Markets)

-------------------------------

Research Analyst

=

Salzer Electronics is a leading player offering Total and Customized Electrical Solutions in Switchgears, Wires & cables, Energy Management business. It is the largest manufacturer of CAM Operated Rotary switches, with a market share of 25%. The Company caters to a wide range of products with five in-house manufacturing facilities, located in Coimbatore and Himachal Pradesh. Engineering giant Larsen & Toubro (L&T) owns 26% in SEL (strategic investment) with two directors on the board. Long term association with L&T offers synergies to SEL in the form of access to L&Ts domestic network of more than 350 distributors and supplies 38% of its revenues to L&T.

SEL has strong focus on product development and innovation. It owns a registered patent for Rotary switches and 5 product patents are in process. SEL is the first Company in India to introduce Toroidal Transformers in technical collaboration with Plitron. In addition, it has Joint venture with C3Controls for contactors and relays. As a result, its products are internationally certified and have universal acceptance. SEL has marquee clients and is a preferred supplier to various leading companies like GE, Schneider, Nuclear Power Corporation, American Power Corporation and Indian Railways.

The Company has improved its product mix by bringing in innovation to launch new products like Three Phase Dry Type Transformer, Latching Relays and Capacitors which would improve its EBITDA and EBITDA margins. SEL is increasing its thrust to increase exports in fast growing markets of US, Africa and Middle East. We expect the Company to clock a topline and bottomline CAGR of 19% and 60% respectively over the period FY15-17E. With the investment of Rs.600mn in the three new products and expansion of industrial switch gear segment along with the improvement in EBITDA margins, we expect return ratios to improve over FY15-17E. SEL has track record of Consistent Dividend Payout for past 15 years. We recommend a “BUY” and value the Company at 15x at estimated FY17EPS to arrive at a price target of Rs. 371/-.

Financial Summary - Consolidated (Rs. Mn)

Particulars FY13 FY14 FY15 FY16E FY17E

Total Income 2,287 2,445 2,833 3,400 4,012

Growth (%) 2.6 6.9 15.9 20.0 18.0

EBITDA 285 302 355 499 62

OPM (%) 12.4 12.3 12.5 14.7 15.7

PAT 71 84 121 211 311

Growth (%) (14) 19.1 43.8 74.5 47.1

PAT (%) 3.1 3.4 4.3 6.2 7.7

Equity cap. 103 103 103 126 126

Reserves 798 864 968 1,777 2,088

Networth 901 967 1,071 1,903 2,214

Dil. EPS 6.9 8.2 11.8 16.8 24.7

Book Value (Rs.) 88 94 104 151 174

P/E (x) 38 33 23 16 12

Price/Book (x) 3 2.8 2.6 1.8 1.75

ROE (%) 7.8 8.7 11.3 11.1 12.9

ROCE (%) 13.4 13.5 15.2 17.1 16.8

D/E (x) 0.8 0.8 0.9 0.5 0.4

Source: Company, Ajcon Research

CMP Rs. 266

Target Price Rs. 371

Upside 39.4%

Time Horizon 9-12 months

Sector Electronics

Beta vs

Sensex 1.08

BSE Code 517059

Bloomberg

Code SZE:IN

Reuters Code SALZ.BO

52 Week

High/low Rs. 281.8/Rs. 92.10

Face Value Rs. 10

Share Capital Rs. 103 mn (FY15)

Total Debt Rs. 926 mn (FY 15)

Market

Capitalization Rs. 2,656 mn

Book Value Rs. 104 per share (FY15)

Shareholding

Pattern (%) As on March 2015

Promoters 29.18

FIIs 0.95

DIIs 2.67

Others 67.20

Price Performance %

Salzer

Electronics

1M: 21%, 3M: 13%,

6M: 22%, 12M: 166%

Investor’s Delight: Salzer Electronics Ltd. (SEL) –”BUY” 17th July, 2015




-------------------------------

Research Analyst

Investment Rationale

1) Change in Product Mix and new products to drive growth: The Company has added various new products in its portfolio. New products being Toroidal Transformer, Contactors & Overload Relays (Tie up with C3 Controls, US – leading player in electrical switch gears in US, will target US and Asia as key markets), DC load Break Switches (very few manufacturers in the world, exporting good volume to US and Europe, low cost – can compete with good quality high cost European & low price Chinese manufacturers. SEL has Innovated and designed two new products for their customer – Indian Railways.Products are “Fuse Change over System‟ and “Track Feed Battery System‟ for changingover the battery chargers in railway track feeding system. The following are the new products that would drive topline growth for the Company:

a) Three phase Dry Type Transformer

SEL’s new high tech product – “Three phase Dry Type Transformer” has application in large MW UPS, renewable energy business, railways, power generation, and marine industry. Salzer Electronics has entered a technical licensing agreement with Austria-based firm Trafomodern Transformatorengesellschaft m.B.H, a leading manufacturer of dry type transformers in Europe. Salzer will tap Trafomodern's technology, design and assistance to manufacture dry type air cooled transformers, chokes and inductors in India, to be manufactured at a location adjacent to the factory. Dry type transformers are a highly specialised and technical product with applications in medium and large UPS, renewable energy business, railways, power generation and the marine industry. According to the Management, Salzer will market this new product, with a project cost of Rs 22 crore, to business segments such as energy management (UPS), Metro rail, solar and wind energy, Salzer Electronics Managing Director R Doraisamy, who signed the agreement with Trafomodern. With an estimated business value of USD 250 million in UPS and USD 200 million in solar/wind energy, the company saw big opportunities in Metro rail/railways and industrial segments. The Management expects CAGR of 35% over next 5 years. The Company is in discussion with large MNCs like Schneider, ABB, GE who import the product and have shown interest to source locally. b) Latching relays

The Company has launched new kind of relays used in various applications, particularly used in smart meters. Smart meter business has high potential in developing economies as one Smart meter has one latch relay. The Company expects a CAGR of 40% over next 5 years.




-------------------------------

Research Analyst

c) Capacitors Capacitors are widely used in electronic units for power conditioning, power factor correction, motor starter application, smoothing, filtering, bypassing etc. IEEMA estimates market to grow at a CAGR of 30% from Rs. 750 cr.

2) EBITDA and EBITDA margins to improve:

With change in product mix (increased contribution from Industrial Switches) and the introduction of new products like Three phase Dry Type Transformer, Latching relays, Capacitors EBITDA is set to witness a CAGR of 31% over the period FY15-17E and OPM is set to improve by 220 bps to 14.7% in FY17E.

3) Energy Management Business – Key growth driver

SEL is the only manufacturer in India for a) Energy savers and b) Street light controllers. SEL claims 30% energy saving under normal working conditions. It reduces the power consumption by reducing the voltage to the lamps, taking care to maintain the lux levels as per regulatory standards. SEL is CRISIL rated Grade I ESCO operator for street lighting. The Company has successfully installed energy saving instruments in Madurai Corporation, Coimbatore Corporation and Navi Mumbai Corporation. This segment currently contributes ~2% of total revenue, which has grew by 10% over FY11-15 we expect, going forward this segment can contribute healthy growth of 19% CAGR over FY15-17E led by participation of different states (Company is in talks with Gujarat, Jaipur, Karnataka Corporations).

4) Advanced engineering capabilities SEL has strong engineering capabilities backed by in –house manufacturing and R&D team. It has technical Collaboration with M/S. Plitron Manufacturing Inc., Toronto, Canada to manufacture Toroidal transformers. SEL has forged a strategic alliance with C3Controls, which was a prominent player in the electrical switch gear space in the US, for the manufacture of contactors. The product that had been developed was under validation with UL, which was a leading certification agency. The company had already commenced production and was targeting the US and Asia which are they key markets for this product.

5) Product portfolio is internationally certified




-------------------------------

Research Analyst

6) Good global penetration Highly competitive international markets have been well penetrated and having presence in more than 50 countries

globally with 20% of export turnover and also another 20% as deemed exports.

7) Strong customer base with marquee clients The Company has developed strong relationships across the world. It is only approved supplier from India for Rotary Switches to Nuclear Power Corporation of India and preferred supplier to GE, Schneider.

Largest supplier to Indian railways – SEL has also designed two products for the Indian Railways. While the fuse

change over system was used in signalling, the track feed battery system was used for changing over the battery chargers in the track feeding system.

About the Company SEL was incorporated on January 8, 1985, by the core promoter, R Doraiswamy, in technical collaboration with

Salzer Schaltgerate Fabrik, Germany. The company's thrust is on manufacturing CAM operated rotary switches with improved versions of utility for both domestic and industrial purposes. The company has long term business relations with Larsen and Toubro (L&T), in which the engineering giant L&T holds about 26 per cent stake.

Journey so far: From a single product Company, SEL is into manufacturing of multiple


1985•Established to manufacture of CAM operated Rotary Switches

1991-95

•Unit I (Coimbatore) - manufacture contactors, relays, panels, energy savers

•Starting of long term association with L&T

• Technical collaboration with Plitron for manufacture of Toroidal transformers

•Ist Indian Company to bring this technology to India

2001-06

• Unit III - manufacture modular switches

• Started Wire & Cable manufacturing for L&T

2010-14

•Foray into tailor made products and branding for large customers

•Specialized panels for OEMs




-------------------------------

Research Analyst

About the Management

Mr. R. Doraiswamy – MD Core Promoter for over 2 decades of experience

Mr. D. Rajeshkumar – JMD Electrical Engineer, India, Post Graduate in Business Management, US JMD and CEO of Company – responsible for driving the vision of the Company

Mr. S. Baskarasubramaniam - Director, Corporate Affairs & Company

Secretary

Qualified Company Secretary & member of FCS India Wide experience in Company Law/Corporate Affairs

P. Sivakumar - GM – Marketing Corporate

Bachelors in Engineering with 22 years of experience Responsible for Sales & Marketing Division

M Lakshminarayana GM –Operations BE (Electrical) with 17 years of experience Responsible for Production, Planning, Inventory Management,

Maintenance & general Administration

D. Govindaraj – Sr. Manager ( Corporate Accounts & Projects)

Masters in Commerce, DLL and DTL with 26 years of experience Responsible for project finance and corporate accounts

R Karunakaran – Sr. Manager (PR, Central Excise)

BSc, Diploma in Marketing Management with 24 years of experience Responsible for Central Excise and Public Relations of Company





-------------------------------

Research Analyst

Business Segments

Industrial Switch Gear Business Building segment Business

1) Transformers 2) Terminal Blocks 3) Rotary Switches 4) Isolators 5) General Purpose relays 6) Wiring Ducts 7) MPCBs

8) Contactors & OLR’s

9) Control Panels

1) Modular Switches 2) Wires & Cables 3) MCB’s (Under Development) 4) Changeovers

Energy Management Business Copper Business

1) Energy Savers

2) Street Light Controllers

1) Wires & Cables

2) Flexible Bus Bars 3) Enameled Wires 4) Bunched Conductors 5) Tinned Copper Wires

Diversified product mix

Rotary Switch 6A to 400 Amps

2500 ranges Largest in India

UL &CB tested

Isolators (Dis – connectors)

16 to 250 Amps UL 50 rated Enclosed mounting Changeover switches DC – PV Isolators CB Tested

Contactors 9A to 105 Amps 5 ranges of OLR

Mini Contactor range UL & CB Tested

Terminals 2.5 to 95 sqmm Screw-less terminals

All accessories, UL Listed

Wiring ducts More than 75 sizes India’s largest RoHS and Halogen free ducts, UL & CSA Listed




-------------------------------

Research Analyst

Diversified product mix

Control Relays

Plug – in, PCB and Solder type 1 Amp to 100 Amps

Wire Harness

Wires & Cables 0.5 – 240 sqmm

Single & Multi Core FR, FRLS, Halogen free UL listed

Flexible Bus Bars Upto 1,000 Amps

Only manufacturer in India

UL Listed

Enamelled Wires 0.3 to 3mm (9-29 AWG)

Upto 200 Deg Cent UL Listed

MPCB Two Frames

0.1 amps to 63 Amps

Type F Co-ordinated UL Listed

Product Suite - Customised for OEMs

CTs

Terminal Socket




-------------------------------

Research Analyst

Product Suite - Customised for OEMs

Coils/Inductors

Panels




-------------------------------

Research Analyst

Manufacturing facilities

Unit I - Coimbatore

Rotary Switch Contactors & Relays Panel Assembly

Lighting Energy Savers Automatic Meter Reading

Unit II – Coimbatore

Toroidal Transformers Isolators (Dis – connectors) Terminals Wiring Ducts

MPCB

Wire Harness

Unit III - Coimbatore

Wiring Accessories

Unit IV – Coimbatore

Wires & cables, Flexible Bus Bars, Tinned wires Unit V – Una

Wiring Accessories




-------------------------------

Research Analyst

In – house process capabilities

Full fledged Type testing laboratory

Loads up to 500 Amps Environmental test chamber for humidity test

Salt spray test & all other basic tests as per UL standard

In – house tool room facility for manufacturing

and servicing of moulds

CNC Wire Cut Machines and Spark erosion machines CNC Machining center, EDM Drilling

Conventional machines Latest digital measuring equipment Inspected and certified by GE Tool Division

Strong R&D team

The Company has an in house R&D Center recognized by Department of Science, Govt. of India

with more than 35 engineers who aid in product innovation.

SEL has introduced 1st of its kind product in India –

Designed and manufactured – Load Break Switches, Single Hole Mounting Switches, Halogen Free

Cable Ducts, Flexible Bus Bars etc.

5 patents in process – Manual Single Phase Starter with no voltage tripping, Energy saver

system for street lighting, integrated ammeter/volt meter selectro CAM operated rotary switch,

Track feed Battery change over system, fuse automatic changeover system




-------------------------------

Research Analyst

Revenue breakup – FY15


Annual Financial Highlights

52%41%

5% 2%

As per Business Segment

Industrial Switchgear Copper Business

Building Segment Energy Saving

77%

13%

55%

25%

2%

As per Business Segment

India Europe Asia (ex. India) US Others

2237 23012454

2843

0

500

1000

1500

2000

2500

3000

2012 2013 2014 2015

Revenues (mn)

Revenues (Rs. mn)

297 298303

355

260

280

300

320

340

360

2012 2013 2014 2015

EBITDA (mn)

EBITDA (Rs. mn)




-------------------------------

Research Analyst

Annual Financial Highlights

Risk & Concerns

Client concentration risk: SEL’s top 10 customers account for around 27% of total revenues and L&T

accounts for 38% of its total revenues. The Company is focusing on expanding its customers globally

and developed products for export markets like Europe.

High cash conversion cycle: At present, the cash conversion cycle stands at 138 days which may

affect the cashflows. However, the Company is entering into long term contracts with its clients and

intends to reduce the Debtors cycle going ahead which may reduce Cash Conversion Cycle to 133 days

by FY17E.

Foreign currency exposure: On account of the exports, the Company has an exposure of 23% in

foreign currency which would go up by FY17E. At present the Company has open policy for hedging.

8271

85

120

0

20

40

60

80

100

120

140

2012 2013 2014 2015

PAT (Rs. mn)

PAT (Rs. mn)

845 901967

1070

0

200

400

600

800

1000

1200

2012 2013 2014 2015

Net Worth (Rs. mn)

Networth (Rs. mn)




-------------------------------

Research Analyst

Income statement summary Y/e 31 Mar (Rs m) FY11 FY12 FY13 FY14 FY15 FY16E FY17E

Revenue 1,807 2,229 2,287 2,445 2,833 3,400 4,012

Operating profit 258 288 285 302 355 499 629

Depreciation (69) (80) (87) (75) (71) (86) (91)

Interest expense (89) (116) (118) (119) (123) (125) (109)

Other income 7 9 14 9 10 10 10

Profit before tax 107 101 94 117 171 298 439

Taxes (22) (19) (24) (32) (50) (87) (128)

Net profit 84 82 71 84 121 211 311


Balance sheet summary Y/e 31 Mar (Rs m) FY11 FY12 FY13 FY14 FY15 FY16E FY17E

Equity capital 103 103 103 103 103 126 126

Reserves 678 742 798 864 968 1,777 2,088

Net worth 781 844 901 967 1,071 1,903 2,214

Debt 530 570 705 796 926 926 891

Deferred tax liab (net) 14 7 7 9 19 19 19

Long term provisions 9 8 8 6 8 8 8

Other Long Term Liabilities 25 48 56 45 25 35 10

Total liabilities 1,359 1,478 1,677 1,822 2,049 2,891 3,142

Gross Fixed Assets 910 1,063 1,184 1,260 1,487 1,787 1,903

Less: Acc. Dep (362) (442) (529) (582) (653) (739) (830)

Net Fixed assets 548 621 655 678 834 1,048 1,100

CWIP 14 0 3 0 0 0 0

Intangible assets 0 0 5 7 0 0 0

Investments 48 57 58 61 48 48 48

Long term loans and advances 10 6 7 20 7 7 7

Other Non Current Assets 8 7 7 3 2 2 2

Net working capital 627 650 838 941 1,068 1,176 1,330

Inventories 389 469 531 578 661 792 934

Sundry debtors 520 593 611 577 779 931 1,044

Loans and advances 166 187 148 209 228 228 228

Other current assets 29 49 82 76 93 93 93

Current liabilities (300) (333) (260) (220) (367) (440) (520)

Short Term Provisions (41) (40) (38) (48) (55) (55) (65)

Trade Payables (135) (276) (235) (231) (271) (373) (385)

Cash 104 137 105 114 90 610 655

Total assets 1,359 1,478 1,677 1,823 2,049 2,891 3,142





-------------------------------

Research Analyst

Ratio analysis

Y/e 31 Mar FY12 FY13 FY14 FY15 FY16E FY17E

Growth matrix (%) Revenue growth 23 3 7 16 20 18

Op profit growth 12 (1) 6 18 41 26

EBIT growth 11 (3) 11 25 44 29

Net profit growth (3) (14) 19 44 74 47

Profitability ratios (%)

OPM 13 12 12 13 15 16

EBIT margin 10 9 10 10 12 14

Net profit margin 4 3 3 4 6 8

RoCE 15 13 13 15 17 18

RoNW 10 8 9 11 11 14

RoA 5 4 4 5 7 8

Per share ratios EPS 8 7 8 12 17 25

Dividend per share 1 1 2 2 1 1

Cash EPS 16 15 15 19 24 32

Book value per share 82 88 94 104 151 176

Valuation ratios (x)

P/E 33 39 33 23 16 11

P/B 3 3 3 3 2 2

EV/EBIDTA 11 12 11 10 7 0

Payout (%)

Dividend payout 18 20 21 15 9 6

Tax payout 19 25 28 29 29 29

Liquidity ratios

Debtor days 101 103 86 100 100 95

Inventory days 80 89 86 85 85 85

Creditor days 57 44 33 47 47 47

Cash conversion cycle 124 148 140 138 138 133





-------------------------------

Research Analyst

Recommendation parameters for fundamental reports:

Buy – Absolute return of 20% and above Accumulate – Absolute return between 15% and above

Book profits: On achieving the price target given in the research report for a particular Company or on a occurrence of a specific event leading to change in fundamentals of the Company recommended Disclosure under SEBI Research Analyst Regulations 2014:

a) Analyst holding: No

b) Company holding: No c) Directors holding: No

d) Group/Associates Position: No e) Relationship with management: No f) Any Compensation Received by our Company/Associate during the last 12 months: No g) Our Company/Associate have managed the public offering of securities for the subject

Company in the past 12 months: No

Analyst Certification

I, Akash Jain MBA (Financial Markets), research analyst, author and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. I also certify that no part of compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view (s) in this report.

Terms & Conditions and other Disclosures

Ajcon Global Services Ltd. is a fully integrated investment banking, merchant banking, corporate advisory, stock broking, commodity and currency broking. Ajcon Global Services Ltd. research analysts responsible for the preparation of the research report may interact with trading desk personnel, sales personnel and other parties for gathering, applying and interpreting information.

Individuals employed as research analyst by Ajcon Global Services Ltd. or their associates are not allowed to deal or trade in securities that the research analyst recommends within thirty days before and five days after

the publication of a research report. We and our affliates, officers, directors, employees and their relative may: (a) from time to time, have long or short positions in act as a principal in, and buy or sell the securities or derivatives thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage.

The information and opinions in this report have been prepared by Ajcon Global Services Ltd. and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of Ajcon Global Services Ltd. While we would endeavour to update the information herein on a reasonable basis, Ajcon Global Services Ltd. is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent Ajcon Global Services Ltd. from

doing so. This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and shall not be used or considered as an




-------------------------------

Research Analyst

offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. Ajcon Global Services Ltd. will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their

own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. Ajcon Global Services Ltd. accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report.

Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual

results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. Ajcon Global Services Ltd. or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months. Ajcon Global Services Ltd. or its associates have not received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services

in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction. Ajcon Global Services Ltd. encourages independence in research report preparation and strives to minimize conflict in preparation of research report. Ajcon Global Services Ltd. or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with

preparation of the research report. Accordingly, neither Ajcon Global Services Ltd. nor Research Analysts

have any material conflict of interest at the time of publication of this report. It is confirmed that Akash Jain – MBA (Financial Markets), research analyst of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.

Ajcon Global Services Ltd. or its subsidiaries collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. It is confirmed that Akash Jain – MBA (Financial Markets) research analyst do not serve as an officer, director or employee of the companies mentioned in the report.

Ajcon Global Services Ltd. may have issued other reports that are inconsistent with and reach different

conclusion from the information presented in this report. Neither the Research Analysts nor Ajcon Global Services Ltd. have been engaged in market making activity for the companies mentioned in the report.

We submit that no material disciplinary action has been taken on Ajcon Global Services Ltd. by any Regulatory Authority impacting Equity Research Analysis activities. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Ajcon Global Services Ltd. and




-------------------------------

Research Analyst

affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.




-------------------------------

Research Analyst

-----------------------------------------------------------------------------------------------

For research related queries contact:

Mr.Akash Jain – Vice President (Research) at [email protected], 022-67160431 (D)

CIN: L74140MH1986PLC041941

Website: www.ajcononline.com

Corporate and Broking Division

408 - (4th Floor), Express Zone, “A” Wing, Cello – Sonal Realty, Near Oberoi Mall and Patel’s, Western

Express Highway, Goregaon (East), Mumbai – 400063. Tel: 91-22-67160400, Fax: 022-28722062

Registered Office:

101, Samarth, Off. Hinduja Hospital, 151 Lt. P.N. Kotnis Road, Mahim (West), Mumbai – 400016. Tel: 022-

24460335/36/40

mailto:[email protected]

= investor's delight: salzer electronics ltd. (sel) –”buy” 17th july

Documents