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 OTHER INFRASTRUCTURE

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

Face Value/M Lot : 10.00/1

P/E Ratio : 9.56
Market Cap : 185.17 Cr
 FINACIAL DETAILS

As per the latest results atlanta limited's Net Sales for the 3 months period ending 30-
Jun-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 31-
Mar-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-Mar- 30-Jun-
Difference(%) 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 16.30 16.30 12.00 8.64 6.84
Share application money 8.57 8.57 - - -
Preference share capital 2.50 2.50 2.50 1.00 -
Reserves & surplus 134.30 122.42 51.84 25.78 27.40
Loan funds
Secured loans 171.73 140.84 101.21 77.96 76.72
Unsecured loans 31.96 51.92 55.22 64.06 18.96
Total 365.36 342.55 222.77 177.44 129.92
Uses of funds
Fixed assets
Gross block 246.28 98.17 90.12 88.09 69.07
Less : revaluation reserve 9.75 9.87 9.99 10.11 -
Less : accumulated depreciation 42.09 34.02 27.93 21.75 17.17
Net block 194.44 54.28 52.20 56.23 51.91
Capital work-in-progress - 107.27 89.65 77.50 58.31
Investments 60.17 20.46 9.58 8.76 0.43
Net current assets
Current assets, loans & advances 233.86 270.56 130.48 77.86 50.43
Less : current liabilities & provisions 123.49 110.47 59.69 42.94 31.18
Total net current assets 110.37 160.09 70.78 34.92 19.25
Miscellaneous expenses not written 0.39 0.45 0.56 0.03 0.03
Total 365.36 342.55 222.77 177.44 129.92
Notes:
Book value of unquoted investments 60.17 79.54 10.32 8.76 -
Market value of quoted investments - - - - -
Contingent liabilities 11.24 0.42 0.81 0.11 -
Number of equity sharesoutstanding
163.00 163.00 120.00 86.40 68.44
(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 % No. Of %
Shares Holding Shares Holding Shares Holding
Promoter's holding
Indian Promoters 11182065 68.60 11180665 68.59 11500000 70.55
Sub total 11182065 68.60 11180665 68.59 11500000 70.55
Non promoter's holding
Institutional investors
FII's 86374 0.53 662580 4.06 662580 4.06
Sub total 86374 0.53 662580 4.06 662580 4.06
Other investors
Private Corporate
2536633 15.56 2181583 13.38 2201189 13.50
Bodies
NRI's/OCB's/Foreign
46466 0.29 37859 0.23 30534 0.19
Others
Others 40470 0.25 78573 0.48 34935 0.21
Sub total 2623569 16.10 2298015 14.10 2266658 13.91
General public 2407992 14.77 2158740 13.24 1870762 11.48
Grand total 16300000 100.00 16300000 100.00 16300000 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 labour-
intensive 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.