VKS Projects Ltd - NSE - National Stock Exchange of India Ltd. · · 2016-06-08Stakeholders’ Education | orporate Governance Research | orporate Governance Score | Proxy Advisory

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

STAKEHOLDERS EMPOWERMENT SERVICES

1 | P A G E

SECTOR: CAPITAL GOODS NON-ELECTRICAL EQUIPMENT REPORTING DATE: 31ST MAY, 2016

VKS Projects Ltd. www.vksprojects.com

VKS Projects Ltd 31st May, 2016 TABLE 1 - MARKET DATA (STANDALONE) (As on 30th May, 2016)

NSE Code - VKSPL NSE Market Price (₹) 0.05 NSE Market Cap. (₹ Cr.) 5.67

Sector - Capital Goods-Non

Electrical Equipment

Face Value (₹) 1.00 Equity (₹ Cr.) 63.00

-Electrical Equipment 52-week High/Low (₹) 0.25/0.05 Net worth (₹ Cr.) 69.72

Business Group - Indian

Private

TTM P/E N.A. Traded Volume (Shares) 3,114

Year of Incorporation - 1998 TTM P/BV 0.00 Traded Volume (lacs) 0.00

Source - Capitaline

Corporate Office: COMPANY BACKGROUND

507 B Wing Sai Sangam, VKS Projects Limited operates as an engineering, procurement, and construction company in

India. The company undertakes EPC contracts of S/SS/alloy steel turnkey piping, civil land

development, industrial/commercial infra projects, structural fabrication and erection of

equipment, firefighting projects, commissioning of chemical plants, structural construction,

tankages, cross country pipelines for oil and gas, mechanical shut down jobs, erection and

alignment of static and rotary equipment, and pharma-turnkey projects, as well as effluent,

water, and sewage treatment plants. VKS Projects Limited was incorporated in 1998 and is

based in Navi Mumbai, India.

Sector 15 CBD Belapur (E),

Navi Mumbai - 400614,

Maharashtra

Company Website:

www.vksprojects.com

TABLE 2 - PRICE PERFORMANCE

30th May,

2016

29th May,

2015

30th May,

2014

% Change CAGR for 2

years 2016 vs 2015 2015 vs 2014

Price (₹) 0.05 0.15 0.50 -66.67% -70.00% -68.38%

Trading Volume (Shares)

(yearly avg.) 4,68,372 33,83,178 4,70,829 -86.16% 618.56% -

NSE Market Cap. (in ₹ Cr.) 3.15 9.45 31.50 -66.67% -70.00% -68.38%

Source - Money Control, price figures are adjusted to corporate action of stock split/bonus issue/stock merger

The Company in the month of February, 2013 has sub-divided Equity Shares of ₹ 10/- each into 10 (ten) Equity shares of ₹ 1/-

each. Further, the Company has allotted 45,00,00,000 Equity Shares by way of Bonus issue to the shareholders in May, 2013 in

the ratio of 5:2 (i.e. 5 new Equity Shares issued for every 2 Equity Share held).

http://www.vksprojects.com/




2 | P A G E



TABLE 3 - FINANCIALS

(₹ Cr.) 2015 2014 2013 % Change CAGR for 2

years 2015 vs 2014 2014 vs 2013

Turnover 2.83 69.21 205.85 -95.91% -66.38% -88.27%

Net Worth 69.72 70.49 75.68 -1.09% -6.86% -4.02%

Current Assets 122.62 122.98 184.61 -0.29% -33.38% -18.50%

Non-Current Assets 12.81 14.00 16.87 -8.50% -17.01% -12.86%

Total Assets 135.43 136.98 201.48 -1.13% -32.01% -18.01%

Investments 45.79 45.83 46.38 -0.09% -1.19% -0.64%

Finance Cost 0.03 3.74 6.16 -99.20% -39.29% -93.02%

Long Term Liabilities -2.29 -1.75 1.40 N.A. -225.00% N.A.

Current Liabilities 67.99 68.24 124.39 -0.37% -45.14% -26.07%

Profit After Tax (PAT) (₹ Cr.) -0.77 -5.19 4.19 N.A. -224.00% N.A.

EPS (₹) -1.22 -8.24 2.33 N.A. -454.00% N.A.

Source - Money Control/Annual Report




3 | P A G E



AUDIT QUALIFICATIONS

The Auditors have qualified their report

Audit Qualification(s): The Auditor’s report on the Financial Statements of the Company for the financial year 2014-15 contain

qualifications, reservations or adverse remark.

1. Inability to comment on Inter Corporate Deposits and Other Loans and Advances taken from various parties as at

March 2015, in the absence of third party confirmation, reconciliation, if any and other sufficient appropriate audit

evidence.

2. No Provision is made for Interest Payable on Inter Corporate Deposits and Other Loans and Advances taken by the

Company and no provision made of Interest Receivable on Inter Corporate Deposits and Other Loans and Advances

provided by the Company, consequently the profit / loss of the quarter are not ascertainable.

3. Inability to comment on Trade Payables and dues to Related Parties as at March 2015, in the absence of the third

party confirmation, reconciliation, if any and other sufficient appropriate audit evidence.

4. No Provision made for Interest payable on Loans taken from Banks and NBFC Companies which are already been

declared as NPA, consequently the loss of the quarter is not ascertainable.

5. Inability to comment on Balance Recoverability, if any of Trade Receivables and Other Short Term Loans and

Advances as at March 2015, in the absence of sufficient appropriate audit evidence.

6. Inability to comment on Balance Recoverability, if any of Sundry Deposits and Other Current Assets as at March

2015, in the absence of sufficient appropriate audit evidence.

7. With reference to Fixed Deposits Accepted by the Company, the Company has defaulted in repayment of dues as at

March 2015. Further, the Company has not made provisions for penal interest as per the Companies (Acceptance of

Deposits) Rule 2014. The Company has not intimated to the tribunal on monthly basis about the default in repayment

as per section 73(4) of the Companies Act 2013 corresponding to section 58AA of the Companies Act 1956.

8. Inability to comment on impairment provisions, if any as per the Accounting Standard 28 “Impairment of Assets” on

Plant and Machinery along with other fixed assets amounting to INR 1281.46 Lacs situated at various sites of the

Company which have been generally operating at lower capacity, in the absence of future cash flows projection and

information about the value of use

9. A notice has been issued by the State Bank of India under section 13 (12) read with rule 3 of the Security Interest

(Enforcement) Rules, 2002 for non-repayment of instalments and interest thereon after the due date by the Company

and therefore all the loan accounts became Non Performing Assets with effective from respective dates mentioned in

such notice. We are informed that the Company has filed response against such notices and requested to restructure

the loan accounts. These factors along with other matter as set forth in said notice, raise substantial doubt about the

company’s ability to continue as going concern in the foreseeable future however the company’s financial statements

have been prepared on going concern basis on the basis of management assurance.

10. Inability to comment on Impairment provisions, if any on loan of INR 32,12,000/- given to VKS Edserve Private

Limited (“the related party”), in the absence of last audited financial statements, detailed information of projected

cash flows as at March 2015 or other sufficient appropriate audit evidence. Further Inability to comment on

Impairment provisions, if any on loan of INR 36,17,000/- given to 46 VKS Healthcare Private Limited (“the other related

party”), in the absence of last audited financial statements, detailed information of projected cash flows as at March

2015 or other sufficient appropriate audit evidence.

11. Tangible Assets are stated at cost net of recoverable taxes, trade discounts, and rebates, less accumulated

depreciation.

12. Depreciation on Fixed Assets is provided to the extent of depreciable amount on Written Down Value (W.D.V.)

Method. Depreciation is provided based on useful life of asset described in Schedule II to the Companies Act, 2013.

13. The Sales Tax Department initiated proceedings for various financial years starting from 2006-07 to 2012-13 on the




4 | P A G E



Company, in the absence of the detailed information and explanation in respect of Tax Liability, Interest and Penalties

thereon, we are unable to comment upon the impact of the same on the statement of profit and loss account.

14. It is informed to us that the Company has not complied with the provisions of filing of Returns for TDS during the

period under review however the company has not provided the effect of the same in the books of accounts.

15. As per explanation and information provided to us by the Company Management about the Future Business of the

Company, Realization of Current Assets and Default in Repayment of loans to Banks and NBFC’s, the Going Concern

assumption of the Company in near future is considered inappropriate, as there is significant material impact on the

Company’s Going Concern after the due action taken by the Banks and NBFC’s for default of repayment of dues

however the company’s financial statements have been prepared on going concern basis on the basis of management

assurance.

16. The Company has not provided us the details of pending litigation against the company and its directors for various

matters including the financial matters hence we are not able to comment upon the financial impact of the same on the

financial statements.

Management Response: The board is in the process to resolve the qualifications at the earliest.

Response Comment

Frequency of Qualifications - Auditors have qualified their report in FY2014-15 and 2012-13

Have the auditors made any adverse

remark in last 3 years? Yes

The Auditor’s report on the Financial Statements of the Company

for the financial year 2014-15 contain qualifications, reservations

or adverse remark.

TABLE 4: BOARD PROFILE

Regulatory Norms Response

% of Independent Directors on the Board 50% 50%

% of Promoter Directors on the Board - 33%

Number of Women Directors on the Board Atleast 1 1

Classification of Chairman of the Board - Executive Promoter

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

Average attendance of Directors in the Board meetings (%) - 100%

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 an Executive Promoter Director. The Company as on 31st March, 2015 has

50% of Independent Directors and hence, it meets the regulatory requirements meet the regulatory requirement.

Board Diversity: The Company has 4 directors out of which 3 are male and 1 is female.

Holding of position of MD/ CEO & Chairman by same person: The Company has appointed Mr. V.K. Sukumaran 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.

Attendance at Board Meetings: All Directors of the Company attend the all board meetings.




5 | P A G E



TABLE 5 - FINANCIAL RATIOS

Ratios 2015 2014 2013 % Change

2015 vs 2014 2014 vs 2013

Turn

ove

r

Rat

ios

Inventory Turnover 35.38 - 69.78 - -

Debtors Turnover 0.04 0.91 1.56 -0.96 -0.42

Fixed asset Turnover 0.22 4.94 12.20 -0.96 -0.59

Current Asset Turnover 0.02 0.56 1.12 -0.96 -0.50

Ret

urn

Rat

ios

Operating Profit Margin -46.29% -11.47% 3.19% N.A. -4.60

Net Profit Margin -27.21% -7.50% 2.04% N.A. -4.68

Return on Assets (ROA) -0.57% -3.79% 2.08% N.A. -2.82

Return on Equity (ROE) -1.10% -7.36% 5.54% N.A. -2.33

Return on Capital Employed

(ROCE) N.A. N.A. 21.39% N.A. N.A.

Liq

uid

ity

Rat

ios

Current Ratio 1.80 1.80 1.48 0.00 0.21

Quick Ratio 1.80 1.80 1.46 0.00 0.23

Cash Ratio 0.68 0.68 0.40 -0.01 0.72

Working Capital Turnover ratio 0.05 1.26 3.42 -0.96 -0.63

Solv

ency

Rat

ios Debt to equity ratio 0.75 0.74 0.55 0.02 0.35

Interest Coverage Ratio N.A. N.A. 2.06 N.A. N.A.

Trad

ing

Rat

ios

Market Cap / Sales 2.00 0.08 0.03 23.46 1.97

Market Cap/ Net Worth 0.08 0.08 0.07 0.01 0.07

Market Cap/PAT N.A. N.A. 1.35 N.A. N.A.

Market Cap/EBITDA N.A. N.A. 6.84 N.A. N.A.

Trading Volume (shares) (avg. of

1 year) 5,29,424 3,460,512 3,79,315 -0.85 8.12

Trading Volume (shares) (high in

1 year) 2,08,15,531 7,15,59,890 64,02,189 -0.71 10.18

Trading Volume (shares) (low in

1 year) 50 20,318 200 -1.00 100.59

Ratio - High/low trading volume 416,310.62 3,521.99 32,010.95 117.20 -0.89

Ratio - High/average trading

volume 39.32 20.68 16.88 0.90 0.23

Source - Money Control




6 | P A G E



TABLE 6(A): OWNERSHIP & MANAGEMENT RISKS

Shareholding Dec' 2015 Dec' 2014 Dec' 2013 Comments

Promoter shareholding 14.84% 25.64% 34.70% No new equity shares were issued during

the period from Dec’ 2013 to Dec’ 2015.

The promoter shareholding decreased

from 25.64% as on Dec'2014 to 14.84% as

on Dec'2015 due to sale of shares by the

promoters in the secondary market. The

promoters have pledged 99.61% of their

shareholding. The promoters have not

pledged any shares

Public - Institutional

shareholding 9.78% 9.78% 27.85%

Public - Others shareholding 75.39% 64.59% 37.45%

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 in FY 2014-15.

Total number of shares sold by promoter and promoter group during FY 2014-15 period

is 78,07,500

Preferential issue to promoters No preferential issue of shares was made to the promoters in last three years

Preferential issue to others No

GDRs issued by the Company The Company did not issue and GDRs during last three years

Issue of ESOPs/Issue of shares other

than Preferential allotment The Company does not have any ESOP Scheme.

Source - Annual Reports




7 | P A G E



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




8 | P A G E



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


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

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



9 | P A G E



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


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

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

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



10 |

P A G E



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: Shraddha Bansode


mailto:[email protected]

mailto:[email protected]

http://www.sesgovernance.com/