Upload
others
View
1
Download
0
Embed Size (px)
Citation preview
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
1 | P A G E
SECTOR: CONSTRUCTION REPORTING DATE: 1ST JUNE, 2016
Vijay Shanthi Builders Ltd www.vijayshanthibuilders.com
Vijay Shanthi Builders Ltd 1st June, 2016 TABLE 1 - MARKET DATA (STANDALONE) (As on 31st May 2016)
NSE Code - VIJSHAN NSE Market Price (₹) 8.55 NSE Market Cap. (₹ Cr.) 22.52
Sector - Construction Face Value (₹) 10.00 Equity (₹ Cr.) 26.19
52 week High/Low (₹) 14.45/7.65 Net worth (₹ Cr.) 121.19
Business Group - Indian Private TTM P/E 22.05 Traded Volume (Shares) 3,115
Year of Incorporation - 1992 TTM P/BV 0.07 Traded Volume (lacs) 0.27
Source - Capitaline
Corporate Office: COMPANY BACKGROUND
No 20/43 Kasturi Rangan Road, Engaged in residential construction activity in Chennai, Vijay Shanthi Builders also has a few
commercial complexes in Chennai to its credit. Their corporate clients include State Bank of
India employees and BHEL employees. It has diversified into other areas. It has a herbal
mineral water processing plant (cap.: 50,000 ltrpd). The company is marketing its mineral
water under the brand name Vijay Shanthi Mineral Water.
The company also ventured into civil construction. It has also taken over a sick cement unit,
Vivekananda Cements, based at Gulbarga. It has been renamed Vijay Shanthi Cements and
will remain a 100% subsidiary of the company. The cement produced by the cement division
will be utilised in their construction activity and the balance, if any, would be sold in the
local market.
Alwarpet,
Chennai, 600018, Tamil Nadu
Company Website:
www.vijayshanthibuilders.com
TABLE 2 - PRICE PERFORMANCE
31st May,
2016
29th May,
2015
30th May,
2014
% Change CAGR for 2
years 2016 vs 2015 2015 vs 2014
Price (₹) 8.40 9.45 13.70 -11.11% -31.02% -21.70%
Trading Volume (Shares)
(yearly avg.) 13,625 27,919 43,827 -51.20% 36.30% -
NSE Market Cap. (In ₹ Cr.) 22.00 24.75 35.88 -11.11% -31.02% -21.70%
Source - Money Control
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
2 | P A G E
SECTOR: CONSTRUCTION REPORTING DATE: 1ST JUNE, 2016
Vijay Shanthi Builders Ltd www.vijayshanthibuilders.com
TABLE 3 - FINANCIALS
(₹ Cr.) 2015 2014 2013 % Change CAGR for
2 years 2015 vs 2014 2014 vs 2013
Net Worth 121.19 119.45 115.38 0.01 0.04 0.02
Current Assets 221.59 202.65 208.30 0.09 -0.03 0.03
Non-Current Assets 10.66 10.40 11.49 0.03 -0.09 -0.04
Total Assets 232.26 213.06 219.79 0.09 -0.03 0.03
Investments 18.62 10.70 9.78 0.74 0.09 0.38
Finance Cost 0.50 1.47 0.65 -0.66 1.26 -0.12
Long Term Liabilities 75.24 24.07 14.39 2.13 0.67 1.29
Current Liabilities 35.83 69.54 90.02 -0.48 -0.23 -0.37
Turnover 64.57 76.17 138.35 -0.15 -0.45 -0.32
Profit After Tax (PAT, ₹ Cr.) 1.88 4.07 8.45 -0.54 -0.52 -0.53
EPS (₹) 1.00 2.00 3.00 -0.50 -0.33 -0.42
Source - Money Control/Annual Report
AUDIT QUALIFICATIONS
Audit Qualifications in last 3 years: The Auditors have not raised qualification, however they have emphasosed on the
following matters, in Annual Report 2014-15:
“Emphasis of Matters
We draw attention to the following matters in the Notes to the financial statements:
I. Refer No. 27.1 in Financial Statements: The Appeal filed before the Commissioner of Income Tax has been
dismissed during the year. In our opinion, provisioning needs to be made against the outstanding tax demand.
Had the same been provided for, the profit for the year would have been decreased by Rs. 1,10,17,350/-
Vijay Shanthi Builders Ltd. Financial Statements | 49
II. The Company has adopted selective accounting policy by deviating from Guidelines prescribed by
ICAI in respect of revenue recognition of Accounting for Real Estate transactions, in the matter of one of its
projects. In this regard, all significant risks & rewards are transferred to the buyers and it is not unreasonable
to expect ultimate collection with no significant uncertainty existing regarding the amount of consideration.
Despite this fact, the Company has not accounted for Sale of Constructed Flats. Had the accounting policy
been followed consistently and revenue is accounted for, the profit for the year would have been increased by
Rs.14,54,11,378/-
III. Refer No. 18 (a) (ii) in Financial Statements: In absence of confirmation from the concerned Bank(s), we are
unable to comment about the correctness of balances grouped under Bank Accounts. The said value amounts
to Rs.2,66,796/- Our opinion is not modified in respect of the matters mentioned above
Note 18 (a) (ii) No balances with banks is shown in the financial statement
Management Response:
“1. As regards non-provisioning of estimated liability for outstanding tax demand, the Company has filed an appeal against the
decision of CIT to Income Tax Tribunal and firmly believes that the company has reasonable chances of winning at appeal
against the order of CIT, and hence no provisioning in this regard is necessary.
2. As regards the statement regarding deviation in the guidelines issued by ICAI regarding revenue recognition of accounting for
real estate transaction in respect of certain project, the Audit committee and the Board is of the considered opinion, that the
Company has not violated the guidelines issued by ICAI. The said project being High End Apartments is not fully complete, as the
Completion is based on delivery of individual customized requirements of each of the prospective buyer. Hence the Board is of
the opinion that sales can be accounted for only after completion of such pending works which may vary depending on
prospective customer needs and cannot be generalized. Further the amount to be spent on this project towards completion is
substantial.
3. The said bank accounts are non-operative, though the Company has approached the banks for obtaining the statements, the
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
3 | P A G E
SECTOR: CONSTRUCTION REPORTING DATE: 1ST JUNE, 2016
Vijay Shanthi Builders Ltd www.vijayshanthibuilders.com
banks are not responsive in this regard and thus the same shall be closed in the financial Year 2015 –2016.”
Response Comment
Frequency of Qualifications Emphasis of matters appeared in last financial year 2014-15.
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 -
TABLE 4: BOARD PROFILE (As on 31st March, 2015)
Regulatory Norms Company
% of Independent Directors on the Board 50% 60%
% of Promoter Directors on the Board - 20%
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 (%) - 84.29%
Source - Money Control/Annual Report
Composition of Board: As per Regulation 17(i) (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 as on 31st March, 2015
has 60 % of Independent Directors and hence, it meets the regulatory requirements.
Board Diversity: The Company has 5 directors out of which 4 are male and 1 is female
Holding of position of MD/ CEO & Chairman by same person: The Company has appointed Mr. Chandan Kumar as the Chairman
and Managing Director of the Company. Appointment of a single person as the Chairman and Managing Director of the
Company is not a good governance practice as this may lead to concentration of power in a single person.
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
4 | P A G E
SECTOR: CONSTRUCTION REPORTING DATE: 1ST JUNE, 2016
Vijay Shanthi Builders Ltd www.vijayshanthibuilders.com
TABLE 5 - FINANCIAL RATIOS
Ratios 2015 2014 2013 % Change
2015 vs
2014
2014 vs
2013
Turn
ove
r
Rat
ios
Inventory Turnover 0.33 0.43 0.79 -23.60% -46.05%
Debtors Turnover 8.39 4.90 4.74 71.19% 3.42%
Fixed asset Turnover 6.06 7.32 12.04 -17.30% -39.17%
Current Asset Turnover 0.29 0.38 0.66 -22.47% -43.41%
Ret
urn
Rat
ios
Operating Profit Margin 4.44% 7.94% 10.63% -44.04% -25.30%
Net Profit Margin 2.91% 5.34% 6.11% -45.51% -12.52%
Return on Assets (ROA) 0.81% 1.91% 3.84% -57.63% -50.31%
Return on Equity (ROE) 1.55% 3.41% 7.32% -54.47% -53.48%
Return on Capital Employed (ROCE) 3.49% 8.48% 20.22% -58.78% -58.08%
Liq
uid
ity
Rat
ios
Current Ratio 6.18 2.91 2.31 112.22% 25.94%
Quick Ratio 0.67 0.36 0.38 89.76% -5.70%
Cash Ratio 0.46 0.13 0.05 248.76% 151.76%
Working Capital Turnover ratio 0.35 0.57 1.17 -39.26% -51.08%
Solv
ency
Rat
ios Debt to equity ratio 0.58 0.52 0.43 10.75% 21.36%
Interest Coverage Ratio 6.74 5.12 23.63 31.75% -78.35%
Trad
ing
Rat
ios
Market Cap / Sales 0.41 0.34 0.19 17.96% 81.63%
Market Cap/ Net Worth 0.22 0.22 0.23 -1.44% -3.41%
Market Cap/PAT 13.93 6.43 3.10 116.49% 107.62%
Market Cap/EBITDA 8.27 5.30 2.34 55.93% 126.62%
Trading Volume (shares) (avg. of 1 year) 13,645 38,380 33,638 -64.45% 14.10%
Trading Volume (shares) (high in 1 year) 2,26,527 4,20,527 5,10,867 -46.13% -17.68%
Trading Volume (shares) (low in 1 year) 100 745 21 -86.58% 3447.62%
Ratio - High/low trading volume 2,265.27 564.47 24,327.00 301.31% -97.68%
Ratio - High/average trading volume 16.60 10.96 15.19 51.52% -27.85%
Source - Money Control
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
5 | P A G E
SECTOR: CONSTRUCTION REPORTING DATE: 1ST JUNE, 2016
Vijay Shanthi Builders Ltd www.vijayshanthibuilders.com
TABLE 6 (A): OWNERSHIP & MANAGEMENT RISKS
Dec' 2015 Dec' 2014 Dec' 2013 Comments
Shar
eho
ldin
g
Promoter shareholding 49.82% 49.82% 54.12% No new equity shares were issued during the
period from 31st March, 2013 to 31st March,
2015. The promoter shareholding decreased
from 54.12 % as on 31st December 2013 to 49.82
% as on 31st December, 2014 due to sale of share
by Promoters in the open market. No other
major change was observed in the shareholding
pattern during the said period.
The promoters have not pledged any shares
Public - Institutional
shareholding 0.01% 0.01% 0.01%
Public - Others
shareholding 50.17% 50.17% 45.87%
Non Promoter Non Public
Shareholding 0.00% 0.00% 0.00%
TABLE 6 (B): OWNERSHIP & MANAGEMENT RISKS
Market Activity of Promoters
The Promoters of the Company sold their shares in the secondary market once in last
three years. Total number of shares sold by promoter and promoter group during the
three year period is 11, 25, 200.
Preferential issue to promoters No preferential issue of shares was made to the promoters in last three years
Preferential issue to others No preferential issue of shares was made to other shareholders during last three
years
GDRs issued by the Company The Company did not issue and GDRs during three years
Issue of ESOPs/Issue of shares other
than Preferential allotment
The Company does not have any ESOP Scheme. Further, no other preferential
allotment has been done in the last three years.
Source - Annual Report
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
6 | P A G E
SECTOR: CONSTRUCTION REPORTING DATE: 1ST JUNE, 2016
Vijay Shanthi Builders Ltd www.vijayshanthibuilders.com
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
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
7 | P A G E
SECTOR: CONSTRUCTION REPORTING DATE: 1ST JUNE, 2016
Vijay Shanthi Builders Ltd www.vijayshanthibuilders.com
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
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
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
8 | P A G E
SECTOR: CONSTRUCTION REPORTING DATE: 1ST JUNE, 2016
Vijay Shanthi Builders Ltd www.vijayshanthibuilders.com
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.
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
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
9 | P A G E
SECTOR: CONSTRUCTION REPORTING DATE: 1ST JUNE, 2016
Vijay Shanthi Builders Ltd www.vijayshanthibuilders.com
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
www.sesgovernance.com.
Research Analyst: Kirti Dhokiya