Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
1 | P A G E
SECTOR: STEEL REPORTING DATE: 14TH AUGUST, 2017
ELECTROSTEEL STEELS LTD www.electrosteels.com
www.electrosteels.com
Electrosteel Steels Ltd NSE Code - ESL TABLE 1 - MARKET DATA (STANDALONE) (AS ON 10TH AUGUST, 2017)
Sector - Steel NSE Market Price (`) 4.05 NSE Market Cap. (₹ Cr.) 980.56
Face Value (`) 10.00 Equity (` Cr.) 2,409.24
Business Group – N.A. 52 week High/Low (₹) 6.80/2.70 Net worth (₹ Cr.)* 3.09
Year of Incorporation - 2006 TTM P/E (TTM) N.A. Traded Volume (Shares) 26,71,879
TTM P/BV N.A. Traded Volume (lacs) 108.21
Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A. - Not Applicable | * As on 30th September, 2016
801, Uma Shanthi Apartments, COMPANY BACKGROUND
Kanke Road, Electrosteel Steels Limited is an India-based company, which is engaged in basic iron and
steel business. The Company is engaged in selling thermo mechanically treated (TMT) bars,
billets, ductile iron (DI) pipes, pig iron and wire rod. The Company is engaged in setting up a
2.51 million ton per annum (MTPA) capacity Greenfield Integrated Steel and DI Pipes Plant in
the district of Bokaro, Jharkhand. It produces TMT bars in Fe500, Fe500D and Fe500D
corrosion resistance steel (CRS) variants. It manufactures DI pipes in sizes ranging from 100
millimetres (mm) to 1,200 mm. Its billets offer applications, such as general engineering,
structural, rerolling and high tensile applications. Its wire rods have applications in
engineering, construction, power and automobile sectors. It consists of a sinter plant, pellet
plant, coke oven, blast furnace, basic oxygen furnace, billet caster, wire rod mill, bar mill and
power plant.
Ranchi – 834 008, Jharkhand
Company Website:
www.electrosteels.com
Revenue and Profit Performance
The revenue of the Company decreased from ₹593.95 crores to
₹582.93 crores from quarter ending Sep’15 to quarter ending
Sep’16. The Company made a loss of ₹485.89 crores in quarter
ending Sep’16 vis-a-vis making a loss of ₹201.49 crores in
quarter ending Sep’15.
Source - Money Control
Performance vis-à-vis Market
TABLE 2- Returns
1-m 3-m 6-m 12-m
Electrosteel Steels Ltd -7.95% -38.27% -14.74% 19.12%
Nifty -0.72% 3.82% 11.69% 13.87%
NIFTY Metal 5.56% 10.52% 8.94% 28.03%
Source – Capitaline / NSE
0.50
0.70
0.90
1.10
1.30
1.50
1.70
1.90
Aug 16 Oct 16 Dec 16 Feb 17 Apr 17 Jun 17 Aug 17
Electrosteel Steels Ltd NIFTY NIFTY METAL
582.93859.32
593.95
-485.89
284.37-201.49
-1000
-500
0
500
1000
Sep'16 Mar'16 Sep'15
Quarterly revenue and Profit (₹ CRORE)
Revenue Profit
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
2 | P A G E
SECTOR: STEEL REPORTING DATE: 14TH AUGUST, 2017
ELECTROSTEEL STEELS LTD www.electrosteels.com
www.electrosteels.com TABLE 3 - FINANCIALS
(₹ Cr.) Sep’16 Mar’16 Sep’15
% Change
Sep ’16 vs Mar’16 Mar’16 vs
Sep’15
Net Worth 3.09 766.29 703.55 -99.60% 8.92%
Current Assets 1,267.42 1,477.78 1,603.78 -14.23% -7.86%
Non-Current Assets 11,862.35 12,144.48 11,997.74 -2.32% 1.22%
Total Assets 13,129.77 13,622.25 13,601.52 -3.62% 0.15%
Investments - - - N.A. N.A.
Finance Cost 324.38 134.01 134.35 142.06% -0.25%
Long Term Liabilities 7,677.05 8,170.38 8,622.96 -6.04% -5.25%
Current Liabilities 5,449.63 4,685.58 4,275.01 16.31% 9.60%
Turnover 556.93 826.02 571.56 -32.58% 44.52%
Profit After Tax (PAT) -485.89 284.37 -201.49 -270.87% N.A.
EPS (₹) -2.02 1.18 -0.84 -271.19% N.A.
Source - Money Control/ Stock Exchange Filing
Discussion by the Company in quarterly results for the period ended on 30th September, 2016–
In view of the Company incurring losses continuously & current liabilities exceeding the current assets, there has been an
erosion of net worth by more than fifty percent. Due compliance of the sanctioned CDR package could also not be met with. The
lenders have since Invoked the 'Strategic Debt Restructuring (SOR) pursuant to RBI Circulars dated June 08, 2015 and Sept 24,
2015, and the implementation thereof is under progress. Considering the above developments, the company has presented
these financial statements on going concern basis.
AUDIT QUALIFICATIONS
Audit Qualifications in last 3 years: There are no Audit Qualifications by Statutory Auditor for the three financial years viz.
FY2015-16, FY2014-15 and FY2013-14. However, Statutory Auditors has drawn attention on the following matters:
Emphasis of Matters for FY 2015-16:
1. “Note No. 27, regarding the revenue recognized as “Exceptional Item”. The company, consequent to the delayed
execution of contracts by certain vendors/suppliers/service providers of plant, equipment’s, civil and erection
commissioning etc. has incurred “Loss of Profit” in past. The part of such claim of “Loss of Profit” as assessed by the
Company has been recovered from the available balance in the respective Supplier's Accounts and recognized as income
in the Statement of Profit and Loss for the year. The unrecovered such “Loss of Profit” will be accounted for in the year
significant certainty of recovery is established.
2. Note No. 41, regarding the preparation of these financial statements on a “going concern basis”. The Company incurred
a net loss of ₹326.55 Cr during the year ended March 31, 2016 and, as of that date, the Company's current liabilities
exceeded its current assets by ₹3,207.80 Cr, further the Company's net worth has also been substantially eroded as at
the balance sheet date. Since the full compliance of the sanctioned CDR package could not be made with, the lenders
have invoked Strategic Debt Restructuring (SDR) pursuant to RBI circulars dated 08.06.2015 & 24.09.2015, the
implementation is under progress. However, in view of the increase in the operations of the production facilities and the
Company's EBIDTA being positive also in this year, these financial statements have been prepared on a “going concern
basis” and no adjustment has been made to the carrying value of the assets and liabilities. “
Response Comment
Frequency of Qualifications Not Applicable
Have the auditors made any adverse remark in last 3 years? No
Are the material accounts audited by the Principal Auditors? As per Annual Report for FY 2015-16, the
Company do not have any Subsidiary, Holding or
Associate Company. Do the financial statements include material unaudited financial
statements?
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
3 | P A G E
SECTOR: STEEL REPORTING DATE: 14TH AUGUST, 2017
ELECTROSTEEL STEELS LTD www.electrosteels.com
www.electrosteels.com
TABLE 4: BOARD PROFILE (AS PER ANNUAL REPORT 2015-16)
Regulatory Norms Company
% of Independent Directors on the Board 33% 44%
% of Promoter Directors on the Board - 0%
Number of Women Directors on the Board At least 1 1
Classification of Chairman of the Board - Independent Director
Is the post of Chairman and MD/CEO held by the same person? - No
Average attendance of Directors in the Board meetings (%) - 91.11%
Source - Annual Report 2015-16
Composition of Board: As per Regulation 17(1)(b) of the Listing Regulations, 2015, the Company should have at least 33%
Independent Directors as the Chairman of the Board is a Non-Executive Director. The Company has 44% of Independent
Directors and hence, it meets the regulatory requirements.
Board Diversity: The Company has 9 directors out of which 1 is Women Director.
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 0.66 1.12 0.70 -41.45% 59.74%
Debtors Turnover 3.94 3.29 3.16 19.66% 4.32%
Fixed asset Turnover 0.05 0.07 0.05 -30.97% 42.77%
Current Asset Turnover 0.44 0.56 0.36 -21.39% 56.84%
Ret
urn
Rat
ios Operating Profit Margin -13.12% 22.20% -3.15% -159.10% N.A.
Net Profit Margin -87.24% 34.43% -35.25% -353.42% N.A.
Return on Assets (ROA) N.A. 2.09% N.A. N.A. N.A.
Return on Equity (ROE) N.A. 37.11% N.A. N.A. N.A.
Return on Capital Employed (ROCE) N.A. 3.18% N.A. N.A. N.A.
Liq
uid
ity
Rat
ios
Current Ratio 0.23 0.32 0.38 -26.26% -15.93%
Quick Ratio 0.08 0.16 0.18 -51.31% -14.36%
Cash Ratio 0.05 0.10 0.14 -51.18% -26.46%
Working Capital Turnover ratio N.A. -0.09 N.A. N.A. N.A.
Solv
ency
Rat
ios Debt to equity ratio 2,717.78 11.49 13.23 23,544.98% -13.14%
Interest Coverage Ratio N.A. 1.37 N.A. N.A. N.A.
Trad
ing
Rat
ios
Market Cap / Sales 1.23 0.98 0.91 26.18% 7.81%
Market Cap/ Net Worth 222.22 1.05 0.74 20,998.47% 43.05%
Market Cap/PAT N.A. 2.84 N.A. N.A. N.A.
Market Cap/EBITDA N.A. 4.40 N.A. N.A. N.A.
Source - Money Control
TABLE 6 - TRADING VOLUME
Jun-17 Dec-16 Jun-16
% Change
June 17 vs Dec 16 Dec 16 Vs June 16
Trading Volume (shares) (avg. of 1 qtr) 39,36,257 16,34,831 15,34,552 140.77% 6.53%
Trading Volume (shares) (high in 1 qtr) 2,90,05,994 1,44,26,674 1,40,01,421 101.06% 3.04%
Trading Volume (shares) (low in 1 qtr) 3,29,498 2,92,020 1,72,530 12.83% 69.26%
Ratio - High/low trading volume 88.03 49.40 81.15 78.19% -39.12%
Ratio - High/average trading volume 7.37 8.82 9.12 -16.50% -3.28%
Source - Capitaline
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
4 | P A G E
SECTOR: STEEL REPORTING DATE: 14TH AUGUST, 2017
ELECTROSTEEL STEELS LTD www.electrosteels.com
www.electrosteels.com TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS
Jun'17 Dec'16 Jun'16 Comments
Shar
eho
ldin
g (%
)
Promoter shareholding 45.23 45.23 45.23 • No new equity shares were issued during
the period from June 2016 to June 17.
• There was no change in the promoter
shareholding during the said period.
• There was no major in shareholding of
public shareholders during the same
period.
• The promoters have pledged 79.53% of
their shareholding.
Public - Institutional shareholding
29.59 29.63 29.68
Public - Non-Institutional shareholding
25.18 25.14 25.09
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 Electrosteel Castings Limited 45.23% 1 Sciil Steel Cast Iron Investments (Cyprus) Ltd 16.64%
2 Hypnos Fund Limited 4.01%
3 IFCI Ltd 3.82%
4 GPC Mauritius Ii LLC 3.63%
5 PGS Invest Corp 3.12%
Source - NSE
TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS
Market Activity of Promoters There was no change in the shareholding of promoters during the FY 2015-16.
Preferential issue to promoters No preferential issue of shares was made to the promoters during the FY 2015-16.
Preferential issue to others No preferential issue of shares was made to other shareholders during the FY 2015-16.
GDRs issued by the Company The Company did not issue any GDRs during the FY 2015-16.
Issue of ESOPs/Issue of shares other
than Preferential allotment
The Company does not have any 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 Basic Iron & Steel 88.69%
2 Ductile Iron Pipe 11.31%
Source - Annual Report 2015-16
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
5 | P A G E
SECTOR: STEEL REPORTING DATE: 14TH AUGUST, 2017
ELECTROSTEEL STEELS LTD www.electrosteels.com
www.electrosteels.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
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
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
6 | P A G E
SECTOR: STEEL REPORTING DATE: 14TH AUGUST, 2017
ELECTROSTEEL STEELS LTD www.electrosteels.com
www.electrosteels.com 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
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
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
7 | P A G E
SECTOR: STEEL REPORTING DATE: 14TH AUGUST, 2017
ELECTROSTEEL STEELS LTD www.electrosteels.com
www.electrosteels.com 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
8 | P A G E
SECTOR: STEEL REPORTING DATE: 14TH AUGUST, 2017
ELECTROSTEEL STEELS LTD www.electrosteels.com
www.electrosteels.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: Mukesh Solanki