stakeholders empowerment services mvl ltd. …bhiwadi. hemkunt chamber, 89 nehru place, new delhi...

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

STAKEHOLDERS EMPOWERMENT SERVICES

1 | P A G E

SECTOR: REALTY REPORTING DATE: 31ST MAY, 2016

MVL LTD. www.mvl.in

MVL Ltd 31st May, 2016 TABLE 1 - MARKET DATA (STANDALONE) (As on 31st May, 2016)

NSE Code - MVL NSE Market Price (₹) 0.35 NSE Market Cap. (₹Cr.) 18.04

Sector - Realty Face Value (₹) 1.00 Equity (₹Cr.) 60.12

52-week High/Low (₹) 0.60/0.15 Net worth (₹Cr.) 170.74

Business Group - Indian Private TTM P/E 1.03 Traded Volume (Shares) 17,048

Year of Incorporation - 2006 TTM P/BV 0.00 Traded Volume (lacs) 0.06

Source - Capitaline

Corporate Office: COMPANY BACKGROUND

1201 B, 12th Floor, MVL Ltd is one of the fastest growing real estate companies in India. The company is

engaged in the developing Group Housing, Townships, Malls, IT Park and Hotel

Projects. The company is operating in Residential, Township, Commercial, Retail and

Hospitality verticals. The company has four wholly owned subsidiary company, namely

MVL Developers Limited, Creative Pools Developers Private Limited, Parisar Property

Developers Private Limited and Udyan Horticultures Private Limited.

MVL Ltd was incorporated on October 18, 2006. The company came into existence as

the de-merged realty arm of Media Video Ltd, a public limited company. The company

was established with the objective of providing a bouquet of real estate solutions.

During the year, the company launched MVL Coral, the first premium housing project at

Bhiwadi.

Hemkunt Chamber, 89 Nehru place,

New Delhi – 110 019, New Delhi

Company Website:

www.mvl.in

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 (₹) 0.30 0.30 1.35 0.00% -77.78% -52.86%

Trading Volume (Shares) (yearly avg.) 3,52,272 4,93,409 72,499 -28.60% 580.57% -

NSE Market Cap. (in ₹Cr.) 18.04 18.04 81.16 0.00% -77.77% -52.85%

Source - Money Control

http://www.mvl.in/

http://www.mvl.in/



2 | P A G E


MVL LTD. www.mvl.in

TABLE 3 - FINANCIALS

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

years 2015 vs 2014 2014 vs 2013

Net Worth 170.05 169.62 161.4 0.25% 5.09% 2.64%

Current Assets 379.86 335.92 348.62 13.08% -3.64% 4.38%

Non-Current Assets 114.91 111.25 40.14 3.29% 177.15% 69.20%

Total Assets 494.77 447.16 388.76 10.65% 15.02% 12.81%

Investments 133.6 111.92 36.47 19.37% 206.88% 91.40%

Finance Cost 12.56 14.46 5.36 -13.14% 169.78% 53.08%

Long Term Liabilities 87.5 187.11 134.08 -53.24% 39.55% -19.22%

Current Liabilities 237.23 90.44 93.27 162.31% -3.03% 59.48%

Turnover 39.09 70.27 82.44 -44.37% -14.76% -31.14%

Profit After Tax (PAT, ₹Cr.) 0.55 8.21 9.69 -0.93 -0.15 -0.76

EPS (₹) 0.01 0.14 0.16 -0.93 -0.16 -0.76

Source - Money Control/Annual Report

Discussion as per Company:

In Annual Report 2014-2015: “Revenue from operations of the Company for year ended March 31, 2015 was down by 42.39%

to ₹4147.88 Lacs. The decline in turnover reflects volatile market conditions in real estate during the year. Standalone Profit

before Tax increased by 4.45% on a year on year basis from ₹52.81 Lacs to ₹55.16 Lacs. Standalone Profit after Tax was higher

by 20.89% at ₹40.16 Lacs as against ₹33.22 Lacs in the previous year. There was some delay in getting the approvals from

competent authorities and therefore some prominent projects of the Company could not be started on time. However, your

Company will witness a growth oriented year 2015 as many new projects will commence during the year as their statutory

approvals are likely to be obtained within current financial year.”

In Annual Report 2013-2014: “Under review, despite volatile market conditions in real estate, Company recorded a Turnover

of ₹7200.46 lacs and Profit after Tax of ₹821.46 lacs. There was some delay in getting the approvals from competent

authorities and therefore some prominent projects of the Company could not be started on time. However, your Company will

witness a growth oriented year 2014 as many new projects will commenced during the year as their statutory approvals are

obtained. The financial projections of the company including its cash flows were majorly impacted because of this reason

during the year. However, the operating margins of the company have improved because of better amortization of fixed and

variable overheads during the year.”

In Annual Report 2012-2013: “Under review, despite volatile market conditions in real estate, Company recorded a Turnover

of ₹8539.26 lacs and Profit after Tax of ₹75.90 lacs. There was some delay in getting the approvals from competent authorities

and therefore some prominent projects of the Company could not be started on time. However, your Company will witness a

growth oriented year 2013 and many new projects will be added in its project list. Since, during the year under review, the

Company has decided not to pursue its hospitality business activity and focus on its core Real Estate business, the land

acquired for developing a 5-star hotel in Neemrana, Rajasthan shall be utilized for a residential project. The financial results of

the Company for the year include only figures of Real Estate business.”

http://www.mvl.in/



3 | P A G E


MVL LTD. www.mvl.in

AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years:

In Annual Report 2014-15

1. “Note No. 37 in respect of non-availability of confirmations in respect of some debit and/or credit balances. In the

absence of such confirmations, any provision to be made for the adverse variation in carrying amounts of these

balances, are not quantified, as well as the quantum of adjustment if any, required to be made remain unascertained.

2. Note No. 38 in respect of non-provision of penal interest on loans declared as NPA. Liability for penal interest payable

has also not been quantified on account of uncertainty and discretionary nature of penal interest, if any payable.

3. Note No. 39 in respect of non-provision of interest with retrospective effect from 01.04.2014 vide Board Resolution

dated 17.02.2015 on loans from banks and financial institutions declared as Non Performing Account (NPA). As a

result of non-provision of said interest of ₹32,39,14,890/- payable on NPA Account as per last agreed terms: -

Revenue from operation has been understated by ₹26,14,60,650/- arising out of percentage of completion (POC)

method of accounting, due to non-capitalization of interest directly attributable to project work-in-progress.

Loss from operation has been understated by ₹6,24,54,240/-on account of non-provision of interest of

₹32,39,14,890/- and short booking of sales by ₹26,14,60,650/.

4. Note No. 40 regarding non provision of advance to an associate company considered doubtful of recovery and non

provision of interest on the said loan.

Management Response: 2014-15

“Point no. 4 of Auditor Report per se is the opinion of the Auditor on certain points of notes to accounts attached to the

financial statement for the period ended 31.03.2015. Since notes to accounts are part of financial statement prepared by the

Company, the Company in the relevant points has explained each situation which has arisen this time. The relevant clauses of

notes to accounts along with Board’s response is as follows: -

i. Note No. 37 regarding non-availability of confirmations in respect of some of the debit and/or credit balances: The

Board is of the view that the company has its own internal audit system to monitor the reconciliations periodically;

hence confirmations of all outstanding balances at the year-end are not taken.

ii. Note No. 38 regarding non-provision of penal interest on loans declared as NPA: The Banks & Financial Institutions

are not providing interest on NPA Loans as per prudential norms of Reserve Bank of India. These loans are under

settlement/restructuring with the Banks/Financial Institutions. Therefore, the Board is of the opinion that interest and

penal interest will be booked after such settlement/ restructuring only. The Board has decided to follow uniform

policy on this matter w.e.f. 1st April, 2014.

iii. Note No. 39 regarding non-provision of interest with retrospective effect from 01.04.2014 vide Board Resolution

dated 17.02.2015 on loans from banks and financial institutions declared as Non Performing Account (NPA): The

Board is of the opinion that as a result of non-provision of said interest of ₹32,39,14,890/- payable on NPA Account as

per last agreed terms: -

a) Revenue from operation has been understated by ₹26,14,60,650/- arising out of percentage of completion

(POC) method of accounting, due to non-capitalization of interest directly attributable to project work-in-

progress.

b) Loss from operation has been understated by ₹6,24,54,240/-on account of non-provision of interest of

₹32,39,14,890/- and short booking of sales by ₹26,14,60,650/-.

iv. Note No. 40 regarding non provision of advance to an associate company considered doubtful of recovery and non

provision of interest on the said loan: The said loan was agreed to be provided to related company during financial

year 2013-14, to clear their urgent liabilities towards Banks/ Financial Institutions. The Board is of the view that the

Company is hopeful for their recovery during the ensuing year, so no provision has been created”

In Annual Report 2013-14

“Note No. 37 regarding non-availability of confirmations in respect of some of the debit and/or credit balances of trade

receivables, trade payable, loans, advances, bank account and deposits. In the absence of such confirmations, any provision to

be made for the adverse variation in carrying amounts of these balances, are not quantified, as well as the quantum of

http://www.mvl.in/



4 | P A G E


MVL LTD. www.mvl.in

adjustment if any, required to be made remain unascertained.”

Management Response: 2013-14

“Point no. 6 of Auditor Report per se is the opinion of the Auditor on Note No. 37 regarding non-availability of confirmations in

respect of some of the debit and/or credit balances of trade receivables, trade payable, loans, advances, bank account and

deposits. The Board explains that the company has its own internal audit system to monitor the reconciliations periodically,

hence confirmations of all outstanding balances at the year-end are not taken.”

Company Comment

Frequency of Qualifications The Auditors have given qualified opinion in 2013-14 and 2014-15 last three years.

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% 50%

% of Promoter Directors on the Board - 33%

Number of Women Directors on the Board At least 1 1

Classification of Chairman of the Board - Not Disclosed

Is the post of Chairman and MD/CEO held by the same person? - No

Average attendance of Directors in the Board meetings (%) - 80.43%

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 not disclosed. The Company as on 31st March, 2015 has 50% of

Independent Directors and hence, it meets the regulatory requirements.

Board Diversity: The Company has 6 directors out of which 5 are male and 1 is female. The Company have a single woman

Director on the Board.

http://www.mvl.in/



5 | P A G E


MVL LTD. www.mvl.in

TABLE 5 - FINANCIAL RATIOS

Ratios 2015 2014 2013 % Change

2015 vs 2014 2014 vs 2013

Turn

ove

r

Rat

ios

Inventory Turnover 0.39 0.73 0.89 -46.04% -17.67%

Debtors Turnover 0.16 0.32 0.34 -49.86% -7.80%

Fixed asset Turnover 0.34 0.63 2.05 -46.14% -69.25%

Current Asset Turnover 0.10 0.21 0.24 -50.81% -11.54%

Ret

urn

Rat

ios Operating Profit Margin 1.41% 0.75% 1.25% 86.55% -39.63%

Net Profit Margin 1.41% 11.68% 11.75% -87.96% -0.60%

Return on Assets (ROA) 0.11% 1.84% 2.49% -93.95% -26.34%

Return on Equity (ROE) - - - - -

Return on Capital Employed (ROCE) 4.14% 5.15% 3.46% -19.62% 48.90%

Liq

uid

ity

Rat

ios

Current Ratio 1.60 3.71 3.74 -56.89% -0.63%

Quick Ratio 1.18 2.65 2.74 -55.36% -3.32%

Cash Ratio 0.15 0.20 0.17 -26.33% 16.91%

Working Capital Turnover ratio 0.27 0.29 0.32 -4.26% -11.34%

Solv

en

cy

Rat

ios Debt to equity ratio 1.51 1.36 0.77 10.81% 76.30%

Interest Coverage Ratio 1.04 1.04 1.19 0.69% -13.04%

Trad

ing

Rat

ios

Market Cap / Sales 0.58 0.33 0.28 79.76% 17.32%

Market Cap/ Net Worth 0.13 0.13 0.14 -0.25% -4.85%

Market Cap/PAT 41.55 2.78 2.36 1,392.73% 18.03%

Market Cap/EBITDA 30.99 36.43 20.29 -14.94% 79.51%

Trading Volume (shares) (avg. of 1

year) 5,25,606 3,11,083 72,920 68.96% 326.61%

Trading Volume (shares) (high in 1

year) 41,66,928 35,39,532 18,94,511 17.73% 86.83%

Trading Volume (shares) (low in 1

year) 20.00 25.00 1.00 -20.00% 2,400.00%

Ratio - High/low trading volume 2,08,346.40 1,41,581.28 1,894,511.00 47.16% -92.53%

Ratio - High/average trading volume 7.93 11.38 25.98 -30.32% -56.21%

Source - Money Control

http://www.mvl.in/



6 | P A G E


MVL LTD. www.mvl.in

TABLE 6 (A): OWNERSHIP & MANAGEMENT RISKS

Dec' 2015 Dec' 2014 Dec' 2013 Comments

Shar

eho

ldin

g

Promoter shareholding 55.12% 59.47% 58.63% No new equity shares were issued during the

Dec’13 to Dec’15. The promoter shareholding

decreased from 58.63% to 55.12% during

same period. The shareholding of public

others increased from 36.47% to 40.03%

during the same period. The promoters have

pledged 30.89% of their shareholding.

Public - Institutional

shareholding 4.86% 4.90% 4.89%

Public - Others shareholding 40.03% 35.63% 36.47%

Non-Promoter Non Public

Shareholding - - -

TABLE 6 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The Promoters of the Company bought shares from secondary market in the FY 2014-15.

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 last three years

Issue of ESOPs/Issue of shares

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

Source - Annual Report

http://www.mvl.in/



7 | P A G E


MVL LTD. www.mvl.in

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

http://www.mvl.in/



8 | P A G E


MVL LTD. www.mvl.in

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.mvl.in/

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

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



9 | P A G E


MVL LTD. www.mvl.in

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

http://www.mvl.in/

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

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

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



10 |

P A G E


MVL LTD. www.mvl.in

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: Kirti Dhokiya

http://www.mvl.in/

mailto:[email protected]

mailto:[email protected]

http://www.sesgovernance.com/