NSE Code - TABLE 1 MARKET DATA …...16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 LML Ltd NIFTY NIFTY AUTO 0.91 43.86 35.57-30.30-16.66-20.91-40-20

Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory

STAKEHOLDERS EMPOWERMENT SERVICES

1 | P A G E

SECTOR: AUTOMOBILE REPORTING DATE: 14TH AUGUST, 2017

2017

LML LTD www.lmlworld.com

LML Ltd NSE Code - LML TABLE 1 - MARKET DATA (STANDALONE) (AS ON 10TH AUGUST 2017)

Sector - Automobile NSE Market Price (`) 10.10 NSE Market Cap. (₹ Cr.) 80.42

Face Value (`) 10.00 Equity (` Cr.) 81.98

Business Group - Singhania Deepak 52 week High/Low (₹) 17.35/7.30 Net worth (₹ Cr.)* -715.93

Year of Incorporation - 1972 TTM P/E (TTM) N.A. Traded Volume (Shares) 3,39,625

TTM P/BV N.A. Traded Volume (lacs) 34.30

Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A – Not Applicable, *As on 30th September 2016

C-3 Panki Industrial Estate, COMPANY BACKGROUND

Site-I, Kanpur, 208022, Uttar Pradesh LML Ltd is an India-based Company that manufactures, sells and exports motorized

two wheelers. The company operates in one segment, namely motorized two

wheelers. They offer scooters, motorcycles, and mopeds, as well as spares and

accessories. They are having their manufacturing facilities located at Kanpur in Uttar

Pradesh.

LML Ltd was incorporated in the year 1972 as Lohia Machineries Ltd to manufacture

machinery for the synthetic fibres industry. In the year 1983, the company commenced

production of 100 cc scooters in technical collaboration with Piaggio VE, SpA, Italy.

In the year 1984, the company incorporated a new company under the name and style

of Vespa Car Company Ltd to manufacture 200,000 scooters and 50,000 three-

wheelers annually. In the year 1986, the company introduced LML models namely LML

Vespa NV3 Alfa T5 & 4W.

Company Website:

www.lmlworld.com

Revenue and Profit Performance

The revenue of the Company decreased from ₹35.57 at

quarter ending Sep’15 crores to ₹0.91 crores at quarter

ending Sep’16. The Company made a loss of ₹30.30

crores in quarter ending Sep’16 vis-a-vis making a loss of

₹ 20.91 crores in quarter ending Sep’15.

Source- Money Control

Performance vis-à-vis Market

Source- Capitaline/NSE

TABLE 2 - Returns

1-m 3-m 6-m 12-m

LML Ltd -8.18% -14.36% -19.84% 33.77%

Nifty -0.67% 3.00% 12.56% 13.63%

NIFTY AUTO -2.62% -0.60% 11.37% 10.96%

-

0.50

1.00

1.50

2.00

2.50

Aug16

Sep16

Oct16

Nov16

Dec16

Jan 17 Feb17

Mar17

Apr17

May17

Jun17

Jul 17

LML Ltd NIFTY NIFTY AUTO

0.91

43.8635.57

-30.30-16.66

-20.91

-40

-20

0

20

40

60

Sep'16 Mar'16 Sep'15

Quarterly revenue and Profit (₹ CRORE)

Revenue Profit

http://www.lmlworld.com/




2 | P A G E


2017


TABLE 3 – FINANCIALS

(₹ Cr.) Sep’16 Mar’16 Sep’15 % Change

Sep ’16 vs Mar’16 Mar’16 vs Sep’15

Net Worth -715.93 -663.30 -628.14 N.A. N.A.

Current Assets 107.84 126.98 131.70 -15.07% -3.58%

Non-Current Assets 52.53 54.63 58.39 -3.84% -6.44%

Total Assets 160.37 181.62 190.10 -11.70% -4.46%

Investments 0.012 0.012 0.012 0.00% 0.00%

Finance Cost 13.21 11.95 12.04 10.54% -0.75%

Long Term Liabilities 19.45 16.63 17.41 16.96% -4.48%

Current Liabilities 856.86 828.29 800.83 3.45% 3.43%

Turnover 0.90 42.87 34.91 -97.90% 22.80%

Profit After Tax (PAT, ₹ Cr.) -30.30 -16.66 -20.91 N.A. N.A.

EPS (₹) -3.70 -2.03 -2.55 N.A. N.A.

Source - Money Control

Discussion by the Company in quarterly results – Sept 2016

a) The Company's production activities have been temporary suspended w.e.f. 6th May, 2016, to carry out maintenance work

which has been overdue for long, check the adequacy I suitability of the present facilities for taking up the manufacturing of light

three wheelers and to re-align the plant and machinery and other work I activity for the same, if so required. Certain trial

operations recently are being carried out.

b) Since net worth of the company had become negative, the Company has been registered and declared a Sick Industrial

Company by the Board for Industrial and Financial Reconstruction (BIFR) under the Sick Industrial Companies (Special Provisions)

Act, 1985 (SICA).

c) The Company’s revenue during the quarter by geographical markets are Domestic sales Rs. 0.034 crore and Export sales Rs.

0.86 crore. Geographical segment wise profits and capital employed are not given since the production unit and administrative

expenses are common.

d) Comments on Auditor qualifications relating to the audited Annual Accounts for the year ended 31st March, 2016. The

Company is in process of restructing / revival of its business under the aegis of BIFR and had submitted updated Draft Revival

Scheme which, inter-alia, includes the proposal product plan. The ascertainment of possible utilisation of slow moving / non-

moving items of inventory and adjustments in Trade receivable / payables, if any, will be undertaken upon finalization of the

product plan, approval and implementation of the revival scheme. In view of this, the accounts have been prepared on a going

concern basis. In absence of information from Trade payables regarding status under The Micro, Small and Medium Enterprises

Act, 2006, the liability of interest if any, cannot be reliably estimated.

AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years: FY 2015-16, FY 2014-15 & FY -2013-14

For the period of 2014 ,2015 and 2016

a) Audit Qualification since FY 2003-05-Balances of some of the trade receivables, trade payables, lenders and loans and

advances are subject to confirmation/ reconciliation and subsequent adjustments, if any. As such, we are unable to express any

opinion as to the effect thereof on the financial statements for the year.

Management Response: Balances of some of the Trade Receivable, Trade Payable, lenders, loans and advances are subject to

confirmation from the respective parties and consequential adjustments arising from reconciliation, if any. The management

however is of the view that there will be no material adjustment in this regard.

b) Audit Qualification since FY 2006-07 The Company has valued the inventories except finished goods at cost instead of at cost




3 | P A G E


2017


or realizable value, whichever is lower which is not in compliance with the Accounting Standard 2 – Valuation of Inventories

prescribed in the Companies (Accounting Standards) Rules, 2006. As explained to us the process of possible utilization of slow /

non-moving items of inventory will be undertaken upon finalization of the product plan and the restructuring/revival plan. Since

the realizable value as on 31st March, 2014 has not been determined, we are unable to express any opinion as to the effect

thereof if any, on the financial statements for the year.

Management Response: The Company is in the process of restructuring/ revival of its business under the aegis of BIFR which

inter alia includes finalization of the product plan. The process of possible utilization of slow / non-moving items of inventory will

be undertaken upon finalization of the product plan and the restructuring/revival plan. Pending such ascertainment/

determination the management has considered the inventories except finished goods at cost. Requisite accounting effect, if any,

will be given upon such ascertainment/determination approval and implementation of revival plan.

c) Audit Qualification since FY 2005-06- The Company has become a Sick Industrial Company due to erosion of its net worth and

it's current liabilities have also exceeded its current assets by ₹ 564.04 crores as 31st March, 2014 ₹ 632.69 crores as at 31st

March, 2015 and ₹ 701.31 crores as at 31st March, 2016. These factors, along with other matters as set forth in the said note,

raise doubt that the Company will be able to continue as a going concern. The Company is in the process of restructuring/revival

of its business under the aegis of BIFR and has submitted the draft revival scheme and as directed by BIFR, the Company has also

submitted the updated revival scheme, considering this the accounts have been prepared on a going concern basis. The

Company's ability to continue, as a going concern is dependent upon successful restructuring and revival of its business. In case

the going concern concept is vitiated, necessary adjustments will be required on the carrying amount of Assets and Liabilities

which are not ascertainable.

Management Response: The Company became a Sick Industrial Company within the meaning of Section 3(1)(O) of Sick Industrial

Companies (Special Provisions) Act, 1985 (SICA) due to erosion of its net worth and the Company was declared a Sick Industrial

Company by BIFR on 8th May, 2007. The Company resumed operations in a small way from April, 2007 and is working inter-alia

on the development of various new products and technologies. The Company had earlier submitted its draft revival scheme to

BIFR. As directed by BIFR, the company has since submitted the updated revival scheme. In view of this, the accounts have been

prepared on the basis of going concern.

d) Audit Qualification since FY 2007-08- Regarding non-compliance of requirements under Micro, Small and Medium Enterprises

Development Act, 2006, in the absence of information available with the Company. As such, we are unable to express any

opinion as to the effect thereof if any, on the financial statements for the year

Management Response: In the absence of information from Trade Payable regarding status under The Micro, Small and Medium

Enterprises Development Act, 2006, liability of interest if any cannot be reliably estimated, nor required disclosures can be made.

Response Comment

Frequency of Qualifications Similar qualification for the

FY 15-16, 14-15 & 13-14

Have the auditors made any adverse remark in last 3 years? No -

Are the material accounts audited by the Principal Auditors? Yes -

Do the financial statements include material unaudited financial statements? No -

Source-Annual Reports

TABLE 4: BOARD PROFILE (AS PER ANNUAL REPORT 2015-16)

Regulatory Norms Company

% of Independent Directors on the Board 50% 50%

% of Promoter Directors on the Board - 25%

Number of Women Directors on the Board At least 1 1

Classification of Chairman of the Board - Executive Promoter Director

Is the post of Chairman and MD/CEO held by the same person? - Yes

Average attendance of Directors in the Board meetings (%) - 62.50%

Composition of Board: As per Regulation 17(1)(b) of the Listing Regulations, 2015, the Company should have at least 50%

Independent Directors as the Chairman of the Board is a Promoter Executive Director. The Company has 50 % of Independent




4 | P A G E


2017


Directors and hence, it meets the regulatory requirements.

Board Diversity: The Company has 12 directors out of which 11 are male and 1 is female.

TABLE 5 - FINANCIAL RATIOS

Ratios Sep’16 Mar’16 Sep’15

% Change

Sep ’16 vs

Mar’16

Mar’16 vs

Sep’15

Turn

ove

r

Rat

ios

Inventory Turnover 0.01 0.48 0.37 -97.62% 29.01%

Debtors Turnover 0.90 13.87 22.24 -93.51% -37.61%

Fixed asset Turnover 0.02 0.78 0.60 -97.82% 31.25%

Current Asset Turnover 0.01 0.34 0.27 -97.53% 27.37%

Ret

urn

Rat

ios Operating Profit Margin -1,697.78% -6.48% -21.23% N.A. N.A.

Net Profit Margin -3,366.67% -38.86% -59.90% N.A. N.A.

Return on Assets (ROA) N.A. N.A. N.A. N.A. N.A.

Return on Equity (ROE) N.A. N.A. N.A. N.A. N.A.

Return on Capital Employed (ROCE) N.A. N.A. N.A. N.A. N.A.

Liq

uid

ity

Rat

ios

Current Ratio 0.13 0.15 0.16 -17.90% -6.78%

Quick Ratio 0.03 0.05 0.05 -24.95% -3.89%

Cash Ratio 0.03 0.04 0.05 -21.09% -7.91%

Working Capital Turnover ratio N.A. N.A. N.A. N.A. N.A.

Solv

ency

Rat

ios Debt to equity ratio N.A. N.A. N.A. N.A. N.A.

Interest Coverage Ratio N.A. N.A. N.A. N.A. N.A.

Trad

ing

Rat

ios

Market Cap / Sales 76.06 1.38 1.68 5,423.47% -18.00%

Market Cap/ Net Worth N.A. N.A. N.A. N.A. N.A.

Market Cap/PAT N.A. N.A. N.A. N.A. N.A.

Market Cap/EBITDA N.A. N.A. N.A. N.A. N.A.

Source - Money Control

TABLE 6 - TRADING VOLUME

Jun’17 Dec’16 Jun’16

% Change

Jun’ 17 Vs

Dec’ 16

Dec’ 16 Vs

Jun’ 16

Trading Volume (shares) (avg. of 1 qtr) 3,11,281 11,72,676 1,96,827 -73.46% 495.79%

Trading Volume (shares) (high in 1 qtr) 23,64,063 109,06,168 9,76,944 -78.32% 1016.36%

Trading Volume (shares) (low in 1 qtr) 1,02,426 67,984 41,464 50.66% 63.96%

Ratio - High/low trading volume 23.08 160.42 23.56 -85.61% 580.87%

Ratio - High/average trading volume 7.59 9.30 4.96 -18.34% 87.37%

Source- Capitaline




5 | P A G E


2017


TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS

Jun’17 Dec’16 Jun’16 Comments

Shar

eho

ldin

g (%

)

Promoter

shareholding 26.57 26.57 26.57

• No new equity shares were issued during the

period from June 2016 to June 2017.

• There was no change in the promoter

shareholding during the said period.

• The shareholding of public institution decreased

from 1.71% to 1.53% and that of public others

increased from 71.72% to 71.90% during the

same period.

• The promoters have pledged/ encumbered

51.29 % of their shareholding.

Public - Institutional


Public - Others


Non-Promoter Non-

Public Shareholding 0.00 0.00 0.00

Source – NSE

MAJOR SHAREHOLDERS (AS ON 30th JUNE, 2017)

S. No. Promoters Shareholding S. No. Public Shareholders Shareholding

1 Mahalaxmi Holdings Ltd. 5.48% 1 Financial Institutions/ Banks 1.48

2 Mimosa Finance & Trading Pvt. Ltd. 4.16%

3 Payal Investment & Trading Pvt. Ltd 3.47%

4 Gold Rock Investments Ltd. 3.05%

5 Suryodya Invst & Trading Co. Ltd. 2.83%

Source – NSE

TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The promoters have not sold/bought any shares in last one year.

Preferential issue to promoters No preferential issue of shares was made to the promoters in last one year.

Preferential issue to others No preferential issue of shares was made to other shareholders during last one year.

GDRs issued by the Company The Company did not issue any GDRs in FY 15-16

Issue of ESOPs The Company does not have ESOP Scheme.

Source - Annual Report 2015-16

TABLE 8: PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Sr. No. Name and Description of main products / services % to Total turnover of the Company

1. Manufacture of scooters, motorcycles and parts thereof 100%

Source - Annual Report 2015-16




6 | P A G E


2017


Glossary

Equity: The equity shares capital of the Company

Net Worth: The amount by which the Assets exceeds the liabilities excluding shareholders’ funds of the Company

Turnover: The revenue earned from the operations of the Company

EPS: Earning Per Share is net profit earned by the Company per share

𝐸𝑃𝑆 =Profit After Tax

Number of outstanding shares

P/E ratio: It is the ratio of the Company’s share price to earnings per share of the Company

𝑃/𝐸 𝑟𝑎𝑡𝑖𝑜 =Price of each share

Earnings per share

Current Assets: Cash and other assets that are expected to be converted to cash in one year

Fixed Assets: assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land,

buildings, and equipment

Total Assets: Current Assets + Fixed Assets

Investments: An investment is an asset or item that is purchased with the hope that it will generate income or appreciate in

the future.

Finance Cost: The Financing Cost (FC), also known as the Cost of Finances (COF), is the cost and interest and other charges

incurred during the year in relation to borrowed money.

Long Term Liabilities: Long-term liabilities are liabilities with a maturity period of over one year.

Current Liabilities: A company's debts or obligations that are due within one year.

Inventory Turnover ratio: Inventory Turnover is a ratio showing how many times a company's inventory is sold and replaced

over a period.

𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Inventory

Debtors Turnover: Accounts receivable turnover is an efficiency ratio or activity ratio that measures how many times a business

can turn its accounts receivable into cash during a period

𝐷𝑒𝑏𝑡𝑜𝑟𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Accounts recievables

Fixed Asset Turnover: The fixed-asset turnover ratio is a financial ratio of net sales to fixed assets

𝐹𝑖𝑥𝑒𝑑 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Fixed Assets

Current Asset Turnover: The current-asset turnover ratio is a financial ratio of net sales to fixed assets

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Current Assets

Operating Profit Margin: Operating margin is a measurement of what proportion of a Company’s revenue is left over after

paying for variable costs of production such as wages, raw materials etc. It can be calculated by dividing a Company’s operating

income (also known as “operating profit”) during a given period by its sales during the same period.

𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Operating profit

Sales Turnover

Net Profit Margin: Net profit margin is the percentage of revenue left after all expenses have been deducted from sales

𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Net profit

Sales Turnover




7 | P A G E


2017


Return on Assets: ROA tells you what earnings were generated from invested capital (assets)

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐴𝑠𝑠𝑒𝑡𝑠 =Net profit

Total Assets

Return on equity/net worth: return on equity (ROE) is the amount of net income returned as a percentage of shareholders’

equity.

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐸𝑞𝑢𝑖𝑡𝑦 =Net profit

Net worth

Return on Capital Employed: Return on capital employed (ROCE) is a financial ratio that measures a company's profitability

and the efficiency with which its capital is employed.

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑑 =Net profit

Total Debt + Equity share capital

Current ratio: The current ratio is a financial ratio that measures whether or not a firm has enough resources to pay its debts

over the next 12 months. It compares a firm's current assets to its current liabilities.

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑟𝑎𝑡𝑖𝑜 =Current Assets

Current Liabilities

Quick ratio: The quick ratio is a measure of how well a Company can meet its short term financial liabilities.

𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =Current Assets − Inventories

Current Liabilities

Cash ratio: The ratio of the liquid assets of a Company to its current liabilities.

𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =Current Assets − Inventories − Account Recievables

Current Liabilities

Working Capital Turnover ratio: The working capital turnover ratio is also referred to as net sales to working capital. It indicates

a Company's effectiveness in using its working capital.

𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟

Current Assets − Current Liabilities

Debt to Equity ratio: The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion of

shareholders' equity and debt used to finance a company's assets.

𝐷𝑒𝑏𝑡 𝑡𝑜 𝐸𝑞𝑢𝑖𝑡𝑦 𝑟𝑎𝑡𝑖𝑜 =𝑆ℎ𝑜𝑟𝑡 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡 + 𝐿𝑜𝑛𝑔 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡

𝑁𝑒𝑡 𝑊𝑜𝑟𝑡ℎ

Interest Coverage ratio: The Interest coverage ratio is a debt ratio and profitability ratio used to determine how easily a

Company can pay interest on outstanding debt.

𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝐶𝑜𝑣𝑒𝑟𝑎𝑔𝑒 𝑅𝑎𝑡𝑖𝑜 =𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝐵𝑒𝑓𝑜𝑟𝑒 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑎𝑛𝑑 𝑇𝑎𝑥

𝐹𝑖𝑛𝑎𝑛𝑐𝑒 𝐶𝑜𝑠𝑡

Market Cap/Sales ratio: Market Cap/sales ratio, Price–sales ratio, P/S ratio, or PSR, is a valuation metric for stocks. It is

calculated by dividing the company's market cap by the revenue in the most recent year; or, equivalently, divide the per-

share stock price by the per-share revenue.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑆𝑎𝑙𝑒𝑠 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟

Market Cap/ Net Worth ratio: It is a valuation ratio calculated by dividing Company’s market cap to net worth.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ

Market Cap/ PAT ratio: It is a valuation ratio calculated by dividing Company’s market cap to net profit.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑃𝐴𝑇 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑛𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡

Market Cap/ EBITDA ratio: It is a valuation ratio calculated by dividing Company’s market cap to EBITDA.


http://www.investopedia.com/terms/i/invested-capital.asp

http://www.investopedia.com/articles/stocks/05/04405.asp

https://en.wikipedia.org/wiki/Stock

https://en.wikipedia.org/wiki/Market_cap

https://en.wikipedia.org/wiki/Stock



8 | P A G E


2017


𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝐸𝐵𝐼𝑇𝐷𝐴 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝐸𝐵𝐼𝑇𝐷𝐴

Trading Volume (shares) (avg. of 1 year): Average number of shares/day traded in 1 year

Trading volume (shares) (high in 1 year): Highest number of shares/day traded in 1 year

Trading volume (shares) (minimum in 1 year): Lowest number of shares traded on any one day in 1 year




9 | P A G E


2017


DISCLAIMER

Sources Company Information

Only publicly available data has been used while making the factsheet. Our data sources include: BSE, NSE, SEBI, Capitaline, Moneycontrol, Businessweek, Reuters, Annual Reports, IPO Documents and Company Website.

Analyst Certification

The analysts involved in development of this factsheet certify that no part of any of the research analyst’s compensation was, is, or will be directly or indirectly related to the contents of this factsheet.

Disclaimer

While SES has made every effort and has exercised due skill, care and diligence in compiling this factsheet based on publicly available information, it neither guarantees its accuracy, completeness or usefulness, nor assumes any liability whatsoever for any consequence from its use. This factsheet does not have any approval, express or implied, from any authority, nor is it required to have such approval. The users are strongly advised to exercise due diligence while using this factsheet. This factsheet in no manner constitutes an offer, solicitation or advice to buy or sell securities, nor solicits votes or proxies on behalf of any party. SES, which is a not-for-profit Initiative or its staff, has no financial interest in the companies covered in this factsheet except what is disclosed on its website. The factsheet is released in India and SES has ensured that it is in accordance with Indian laws. Person resident outside India shall ensure that laws in their country are not violated while using this factsheet; SES shall not be responsible for any such violation. All disputes subject to jurisdiction of High Court of Bombay, Mumbai.

SEBI Reg. No. INH000000016

This factsheet or any portion hereof may not be reprinted, sold, reproduced or redistributed without the written consent of Stakeholders Empowerment Services

Contact Information

Stakeholders Empowerment Services

A 202, Muktangan, Upper Govind Nagar,

Malad East, Mumbai – 400 097

Tel +91 22 4022 0322

[email protected]

[email protected]

www.sesgovernance.com

Research Analyst: Aditi Chandani


mailto:[email protected]

mailto:[email protected]

http://www.sesgovernance.com/