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Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
1 | P A G E
SECTOR: STEEL REPORTING DATE: 25TH JANUARY, 2018
JAI BALAJI INDUSTRIES LTD. www.jaibalajigroup.com
Jai Balaji Industries Ltd. NSE Code - JAIBALAJI TABLE 1 - MARKET DATA (STANDALONE) (AS ON 24TH JANUARY, 2018)
Sector - Steel NSE Market Price (`) 16.70 NSE Market Cap. (₹ Cr.) 154.22
Face Value (`) 10.00 Equity (` Cr.) 96.39
Business Group – N.A. 52 week High/Low (₹) 27.20/10.10 Net worth (₹ Cr.)* -1,253.76
Year of Incorporation - 1999 TTM P/E (TTM) N.A. Traded Volume (Shares) 3,460
TTM P/BV N.A. Traded Volume (lacs) 0.58
Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A. - Not Applicable, * As on 30th September, 2017
5 Bentinck Street, COMPANY BACKGROUND
1st Floor, Jai Balaji Industries Limited is a steel producing company. The Company offers a range of
products, such as sponge iron, pig iron, steel bars/rods, billet/mild steel (MS) ingot, ferro
alloys, ductile iron pipe, power, sinter and coke. The Company is an integrated steel plant
with five manufacturing facilities located in Durgapur and Raniganj in West Bengal, and
Durg in Chhattisgarh. It also manufactures thermex thermo mechanically treated (TMT)
bars, under the brand name Balaji Shakti. The Company's actual production capabilities
include approximately 345,000 tons per annum of direct reduced iron (DRI); over 509,250
tons per annum of pig iron; approximately 106,000 tons per annum of ferro alloys; over
906,230 tons per annum of alloy and MS billets; approximately 360,000 tons per annum of
reinforcement steel bars and wire rods, and over 240,000 tons per annum of ductile iron
pipes. It manufactures various grades of pig iron, such as steel grade pig iron and foundry
grade pig iron.
Kolkata – 700 001, West Bengal
Company Website:
www.jaibalajigroup.com
Revenue and Profit Performance
The revenue of the Company increased from ₹ 315.17 crores to ₹
519.18 crores from quarter ending Sep’16 to quarter ending
Sep’17. The Company made a loss of ₹ 41.59 crores in quarter
ending Sep’17 vis-a-vis making a loss of ₹ 57.23 crores in quarter
ending Sep’16.
Source: Moneycontrol
Performance vis-à-vis Market
TABLE 2- Returns
1-m 3-m 6-m 12-m
Jai Balaji Ind. Ltd -37.62% -4.31% 16.49% 16.07%
Nifty 5.27% 6.88% 10.70% 28.29%
Nifty Metal 5.44% 3.71% 27.76% 31.76%
Source - Capitaline/NSE
0.50
1.00
1.50
2.00
Jan 17 Mar 17 May 17 Jul 17 Sep 17 Nov 17 Jan 18
Jai Balaji Industries Ltd NIFTY NIFTY METAL
519.18 511.13
315.17
-41.59 -53.66 -57.23
-100
300
700
Sep'17 Mar'17 Sep'16
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: 25TH JANUARY, 2018
JAI BALAJI INDUSTRIES LTD. www.jaibalajigroup.com
TABLE 3 - FINANCIALS
(₹ Cr.) Sep’17 Mar’17 Sep’16 % Change
Sep ’17 vs Mar’17 Mar’17 vs Sep’16
Net Worth -1,253.76 -1,052.63 -949.65 N.A. N.A.
Current Assets 1,401.78 1,491.29 1,584.39 -6.00% -5.88%
Non-Current Assets 2,041.75 2,081.79 2,136.48 -1.92% -2.56%
Total Assets 3,443.52 3,573.08 3,720.86 -3.63% -3.97%
Investments 79.31 81.39 81.38 -2.56% 0.01%
Finance Cost 6.93 16.86 6.79 -58.90% 148.31%
Long Term Liabilities 55.37 2,078.73 2,202.76 -97.34% -5.63%
Current Liabilities 4,641.91 2,544.46 2,464.52 82.43% 3.24%
Turnover 519.18 511.13 309.64 1.57% 65.07%
Profit After Tax -41.59 -53.66 -57.23 N.A. N.A.
EPS (₹) -4.60 -6.42 -7.03 N.A. N.A.
Source - Money Control/Stock exchange filing
AUDIT QUALIFICATIONS
Audit Qualifications: The Statutory Auditors have raised qualified opinion in their Report for the FY 2016-17.
Basis for Qualified Opinion for FY 2016-17:
Referring to Note – 31 of the financial statement, company has not provided for interest amounting to ₹39,544.56 lacs on various
loans & credit facilities availed from banks & financial institution on the ground that same is being treated as Non Performing
Assets by the lenders. Due to this loss has been understated by ₹39,544.56 lacs and accordingly loss for the year ended 31st
March, 2017 would’ve been ₹61,364.35 lacs instead of ₹21,819.79 lacs.
Opinion:
Except for the possible effects of the matters described in “Basis for Qualified Opinion”, in our opinion and to the best of our
information and according to the explanations given to us, the aforesaid standalone financial statements give the information
required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally
accepted in India, of the state of affairs of the Company as at 31st March, 2017, and its losses and its cashflows for the year
ended on that date.
Management Response:
The report of the Statutory Auditors on standalone and Consolidated Financial Statements for the year under review forms part
of the Annual Report and contains a qualification that the Company has not provided for interest amounting to ` 39,544.56 lacs
on various loans & credit facilities availed from banks & financial institution on the ground that same is being treated as Non-
Performing Assets by the lenders. Due to this, loss has been understated by ₹39,544.56 lacs and accordingly loss for the year
ended 31st March, 2017 would’ve been ₹61,364.35 lacs instead of ₹21,819.79 lacs.
The Board is of the view that majority lenders have stopped charging interest on debts, since the dues from the Company have
been categorised as Non-Performing Asset. The Company is in active discussion/negotiation with its lenders to restructure its
debts at a sustainable level including waiver of unpaid interest. In view of the above, pending finalization of the restructuring
plan, the Company has stopped providing interest accrued and unpaid effective 1st April, 2016 in its books. The amount of such
accrued and unpaid interest not provided for stands at `39,544.56 Lacs for the year ended 31st March, 2017 and accordingly the
same has not been considered for compilation of results of the said year ended 31st March, 2017.
The Statutory Auditors have not raised any qualifications in their Report for FY2015-16 & FY2014-15.
Response Comment
Frequency of Qualifications NA -
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 -
.
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
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3 | P A G E
SECTOR: STEEL REPORTING DATE: 25TH JANUARY, 2018
JAI BALAJI INDUSTRIES LTD. www.jaibalajigroup.com
TABLE 4: BOARD PROFILE (AS PER ANNUAL REPORT - FY 2016-17)
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 3
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 (%) - 93%
Composition of Board: As per Regulation 17(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 "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 Directors and hence, it meets the regulatory
requirements.
Board Diversity: The Company has 12 directors out of which 9 are male and 3 are female.
TABLE 5 - FINANCIAL RATIOS
Ratios Sep’17 Mar’17 Sep’16
% Change
Sep ’17 vs
Mar’17
Mar’17 vs
Sep’16
Turn
ove
r
Rat
ios
Inventory Turnover 1.06 1.22 0.66 -12.80% 84.57%
Debtors Turnover 1.09 0.79 0.04 38.08% 1,694.06%
Fixed asset Turnover 0.25 0.25 0.14 3.57% 69.41%
Current Asset Turnover 0.37 0.34 0.20 8.06% 75.38%
Ret
urn
Rat
ios Operating Profit Margin -1.90% -2.65% -9.36% N.A. N.A.
Net Profit Margin -8.01% -10.50% -18.48% 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 0.30 0.59 0.64 -48.48% -8.83%
Quick Ratio 0.20 0.42 0.45 -53.31% -6.92%
Cash Ratio 0.09 0.17 -2.40 -43.59% N.A.
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 0.49 0.28 0.32 75.57% -12.67%
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/Stock exchange filing
TABLE 6 - TRADING VOLUME
Particulars Dec’17 June’17 Dec’16
% Change
Dec ’17 vs June’17 June’17 vs Dec’16
Trading Volume (shares) (avg. of 1 qtr) 68,656 37,853 37,473 81.37% 1.01%
Trading Volume (shares) (high in 1 qtr) 4,64,931 3,62,280 10,07,648 28.33% -64.05%
Trading Volume (shares) (low in 1 qtr) 4,584 2,507 802 82.85% 212.59%
Ratio - High/low trading volume 101.42 144.51 1,256.42 -29.81% -88.50%
Ratio - High/average trading volume 6.77 9.57 26.89 -29.24% -64.41%
Source - Capitaline
.
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
4 | P A G E
SECTOR: STEEL REPORTING DATE: 25TH JANUARY, 2018
JAI BALAJI INDUSTRIES LTD. www.jaibalajigroup.com
TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS
Dec-17 Jun-17 Dec-16 Comments
Shar
eho
ldin
g (%
)
Promoter
shareholding 58.41 60.57 65.14 • The Company issued 1,01,05,000 equity shares
(Preferential issue to Non-Promoter: 19,00,000 &
82,05,000 due to conversion of Warrants) during the
period from 1st Jan’17 to 31st Dec’17.
• The promoter shareholding decreased from 65.14% to
58.41% due to above allotment.
• The promoters have pledged/encumbered 54.67% of
their shareholding.
Public - Institutional
shareholding 3.20 3.37 3.62
Public - Others
shareholding 38.39 36.06 31.24
Non-Promoter Non-
Public Shareholding 0.00 0.00 0.00
Source - NSE
MAJOR SHAREHOLDERS (AS ON 31st DECEMBER, 2017)
S. No. Promoters Shareholding S. No. Public Shareholders Shareholding
1 Jai Salasar Balaji Industries Pvt. Ltd. 26.06% 1 Mahesh Kumar Keyal (HUF) 6.74%
2 Enfield Suppliers Ltd. 11.64% 2 Client Rosehill Ltd. 4.03%
3 Hari Management Ltd. 7.31% 3 Mahabali Enterprises Pvt. Ltd. 3.74%
4 Aditya Jajodia 3.81%
4 Gmo Emerging Markets Fund,
A Series of Gmo Trust 3.13%
5 Sanjiv Jajodia 2.75% 5 Suraj Khandelwal 3.04%
Source - NSE
TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS
Market Activity of Promoters The promoters have sold/bought shares in FY 2016-17.
Preferential issue to promoters No preferential issue of shares was made to the promoters in FY 2016-17, however, the
promoter has converted warrants issued on preferential basis.
Preferential issue to others 19,00,000 preferential issue of shares was made to Non-Promoter shareholders in FY
2016-17
GDRs issued by the Company The Company did not issue any GDRs during FY 2016-17
Issue of ESOPs/ Issue of shares
other than Preferential allotment The Company does not have any ESOP Scheme.
Source - Annual Report FY 16-17
TABLE 8: PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
Sr. No. Name and Description of main products / services % to Total turnover of the Company
1. Pig Iron 27.43%
2. Steel Bars /Rods 16.77%
3. Ductile Iron Pipe 24.63%
4. Ferro Alloys 10.54%
Source - Annual Report FY 16-17
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Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
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5 | P A G E
SECTOR: STEEL REPORTING DATE: 25TH JANUARY, 2018
JAI BALAJI INDUSTRIES LTD. www.jaibalajigroup.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
𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Net profit
Sales Turnover
.
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6 | P A G E
SECTOR: STEEL REPORTING DATE: 25TH JANUARY, 2018
JAI BALAJI INDUSTRIES LTD. www.jaibalajigroup.com
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.
.
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7 | P A G E
SECTOR: STEEL REPORTING DATE: 25TH JANUARY, 2018
JAI BALAJI INDUSTRIES LTD. www.jaibalajigroup.com
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
.
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SECTOR: STEEL REPORTING DATE: 25TH JANUARY, 2018
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DISCLAIMER
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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