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Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
1 | P A G E
SECTOR: BANKS REPORTING DATE: 25TH NOVEMBER, 2017
INDIAN OVERSEAS BANK www.iob.co.in
Indian Overseas Bank NSE Code - IOB TABLE 1 - MARKET DATA (STANDALONE) (AS ON 23RD NOVEMBER, 2017)
Sector - Banks NSE Market Price (`) 24.45 NSE Market Cap. (₹ Cr.) 6,974.51
Face Value (`) 10.00 Equity (` Cr.) 2,852.56
Business Group – N.A. 52 weeks High/Low (₹) 32.20/19.80 Net worth (₹ Cr.)* 13,089.31
Year of Incorporation - 1937 TTM P/E (TTM) N.A. Traded Volume (Shares) 8,49,240
TTM P/BV 0.64 Traded Volume (lacs) 207.64
Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A. - Not Applicable, *As on 30TH Sept, 2017
763, Anna Salai, COMPANY BACKGROUND
Chennai – 600 002, Indian Overseas Bank (IOB) was founded in February 10th of the year 1937 by Shri. M.Ct.M.
Chidambaram Chettyar, a pioneer in many fields Banking, Insurance and Industry with the
twin objectives of specialising in foreign exchange business and overseas banking. IOB had
the unique distinction of commencing business in 10th February, 1937 (on the inaugural day
itself) in three branches simultaneously - at Karaikudi and Chennai in India and Rangoon in
Burma (presently Myanmar) followed by a branch in Penang. Indian Overseas Bank has an
ISO certified in-house Information Technology department, which has developed the
software that 3,405 branches use to provide online banking to customers. At the dawn of
Independence IOB had 38 branches in India and 7 branches abroad. The Products & Services
of the bank includes NRI Services, Personal Banking, Forex Services, Agri Business
Consultancy, Credit Cards, Any Branch Banking and ATM Banking. Saga of the IOB is covered
into four categories, such as Pre-nationalisation era (1947- 69), at the time of Nationalisation
(1969), Post - nationalisation era (1969-1992) and Post-Reform Period - Unprecedented
developments (1992 & after).
Tamil Nadu
Company Website:
www.iob.co.in
Revenue and Profit Performance
The revenue of the Bank decreased from ₹4,991.99 crores to
₹4,645.77 crores from quarter ending Sep’16 to quarter
ending Sep’17. The Bank made a loss of ₹1,222.50 crores in
quarter ending Sep’17 vis-a-vis making a loss of ₹765.13 crores
in quarter ending Sep’16.
Source: Moneycontrol
Performance vis-à-vis Market
TABLE 2- Returns
1-m 3-m 6-m 12-m
Indian Overseas Bank -9.11% 6.13% -5.60% -3.17%
Nifty 0.52% 4.21% 7.85% 25.83%
NIFTY PSU BANK 0.51% 17.63% 13.88% 26.76%
Source - Capitaline/NSE
4,645.77 4,629.60 4,991.99
-1,222.50 -646.66 -765.13
-2,000
0
2,000
4,000
6,000
Sep'17 Mar'17 Sep'16
Quarterly revenue and Profit (₹ CRORE)
Revenue Profit
0.75
1.00
1.25
1.50
Nov 16 Jan 17 Mar 17 May 17 Jul 17 Sep 17
Indian Overseas Bank NIFTY NIFTY PSU BANK
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SECTOR: BANKS REPORTING DATE: 25TH NOVEMBER, 2017
INDIAN OVERSEAS BANK www.iob.co.in
TABLE 3 – FINANCIALS AND RATIOS
(₹ Cr.) Sep’17 Mar’17 Sep’16 % Change
Sep ’17 vs Mar’17 Mar’17 vs Sep’16
Net Worth 13,089.31 15,213.37 13,744.55 -13.96% 10.69%
Deposits 2,11,548.36 2,11,342.63 2,08,057.91 0.10% 1.58%
Borrowings 13,945.86 16,097.67 22,529.96 -13.37% -28.55%
Profit After Tax -1,222.50 -646.66 -765.13 N.A. N.A.
EPS (₹) -4.72 -2.63 -4.02 N.A. N.A.
PBIDTM (%) 41.45 55.23 61.55 -24.95% -10.27%
PBDTM (%) -25.82 -16.17 -12.69 N.A. N.A.
PATM (%) -26.31 -13.97 -15.33 N.A. N.A.
Net Interest Margin (%) 2.05 2.09 2.02 -1.91% 3.47%
Provision Coverage Ratio (%) 55.88 53.63 50.19 4.20% 6.85%
CASA Ratio (%) 36.00 36.00 31.00 0.00% 16.13%
Gross Non-Performing Assets 34,708.59 35,098.25 34,724.12 -1.11% 1.08%
Net Non-Performing Assets 18,949.55 19,749.32 20,765.31 -4.05% -4.89%
(%) Gross Non-Performing Assets 22.73 22.39 21.77 1.52% 2.85%
(%) Net Non-Performing Assets 13.86 13.99 14.3 -0.93% -2.17%
Return on Assets(Annualised) -1.82 -0.93 -1.10 N.A. N.A.
Source – Capitaline/Quarterly results
Bank’s discussion on Quarterly Result of Sept, 2017 (As stated by the Bank):
Loss is due to provisions and not due to operations.
- TOTAL BUSINESS: Total business stood at ₹3,64,212 crores as on 30th September 2017 as against ₹3,60,986 crores as on 30th
June 2017.
- DEPOSITS: Total deposits stood at ₹2,11,548 crores as on 30th September 2017 as against ₹2,10,748 crores as on 30th June
2017. The Bank has reduced the concentration of Bulk Deposits and increased Retail Term Deposits to have a stable deposit
profile and reduce the cost of funds.
- CASA of the Bank is 36.26% as on 30th September 2017 as against 31.50% as on 30th September 2016 with YoY growth at 476
bps.
- ADVANCES: Gross Advances stood at ₹1,52,664 crores as on 30th September 2017 as against ₹1,50,238 crores as on 30th June
2017. The decline in advances is due to the Bank-rebalancing the credit portfolio with focus on Mid Corporate, Retail & MSME.
- OPERATING PROFIT: Operating Profit for Quarter ended 30th September 2017 stood at ₹1,038.56 crores as against ₹776.60
crore for the quarter ended 30th June 2017 registering a growth of 33.73%. Operating Profit for H1 (2017-18) is ₹1,815.16 crores
as against ₹1,754.59 crores for the corresponding period of the previous year (2016-17) registering a growth of 3.45%.
- NET PROFIT: Net loss for H1 (2017-18} is ₹1,721.59 crores as against ₹2,215.64 crore for H1 of 201 6-17. Net Loss decreased by
22.30% YoY. Net loss is due to increase in the provision by 77.3% over June '17 and 23.6% over September '16 and the quantum
of additional provision made was ₹985.04 crore during September '17.
- INTEREST INCOME: Interest income stood at ₹4,645.77 crores for the quarter ended 30th September 2017 as against ₹4,187.20
crores for the quarter ended 30th June 2017, registering a growth of 11%. Interest income stood at ₹8,833 crore for the half year
ended 30th September 2017 as against ₹1,0208 crore for the half year ended 30th September 2016 on account of reduction in
interest rates.
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SECTOR: BANKS REPORTING DATE: 25TH NOVEMBER, 2017
INDIAN OVERSEAS BANK www.iob.co.in
AUDIT QUALIFICATIONS
Audit Qualifications in last 3 years: The Auditors have not raised qualifications for FY 2016-17, FY 2015-16 & FY 2014-15.
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? Yes -
Do the financial statements include material unaudited financial statements? No -
TABLE 4: BOARD PROFILE (AS PER ANNUAL REPORT - FY 2016-17)
Regulatory Norms Bank
% of Independent Directors on the Board 33% 22%
% of Promoter Directors on the Board - 11%
Number of Women Directors on the Board At least 1 1
Classification of Chairman of the Board - Non-Executive Director
Is the post of Chairman and MD/CEO held by the same person? - No
Average attendance of Directors in the Board meetings (%) - 86.75%
Composition of Board: As per Regulation 17(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 "Listing Regulations, 2015", the listed companies should have at least 33% Independent Directors as the Chairman of the
Board is a Non-Executive Director. The Bank as per Annual Report of FY 2017 has 22% of Independent Directors (Shareholders’
directors).
Board Diversity: The Bank has 9 directors out of which 8 are male and 1 is female.
TABLE 5 - TRADING VOLUME
Particulars Sep’17 Mar’17 Sep’16
% Change
Sep ’17 vs
Mar’17
Mar’17 vs
Sep’16
Trading Volume (shares) (avg. of 1 qtr) 9,69,559 10,04,544 20,37,357 -3.48% -50.69%
Trading Volume (shares) (high in 1 qtr) 58,16,868 59,28,592 1,20,91,699 -1.88% -50.97%
Trading Volume (shares) (low in 1 qtr) 2,77,053 2,17,836 4,56,653 27.18% -52.30%
Ratio - High/low trading volume 21.00 27.22 26.48 -22.86% 2.78%
Ratio - High/average trading volume 6.00 5.90 5.93 1.66% -0.56%
Source - Capitaline
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SECTOR: BANKS REPORTING DATE: 25TH NOVEMBER, 2017
INDIAN OVERSEAS BANK www.iob.co.in
TABLE 6 (A): OWNERSHIP & MANAGEMENT RISKS
Sep-17 Mar-17 Sep-16 Comments
Shar
eho
ldin
g (%
)
Promoter shareholding 82.41 79.56 79.56 • The Bank issued 39,78,30,018 equity shares of face
value ₹10 each to Government of India under
preferential issue of shares during the period from Sept
16 to Sept 17.
• The promoter shareholding increased from 79.56% as
on Sept 16 to 82.41% as on Sept 17 due to allotment of
shares.
• The shareholding of public institution decreased from
13.55% to 11.15% and that of public others decreased
from 6.89% to 6.44% during the same period.
• The promoters have not pledged any shares.
Public - Institutional
shareholding 11.15 13.64 13.55
Public - Others
shareholding 6.44 6.80 6.89
Non-Promoter Non-
Public Shareholding 0.00 0.00 0.00
Source - NSE
MAJOR SHAREHOLDERS (AS ON 30TH SEPTEMBER, 2017)
S. No. Promoters Shareholding S. No. Public Shareholders Shareholding
1 The President of India 82.41% 1 LIC of India 9.19%
Source - NSE
TABLE 6 (B): OWNERSHIP & MANAGEMENT RISKS
Market Activity of Promoters The promoters have not sold/bought any shares during FY 2016-17.
Preferential issue to promoters
The Bank issued 39,78,30,018 of face value ₹10 each to the promoters of the Company
during August 2017 through preferential offering, thus increasing the shareholding of
promoters from 79.56% to 82.41%.
Preferential issue to others No preferential issue of shares was made to other shareholders during FY 2016-17.
GDRs issued by the Bank The Bank did not issue any GDRs during FY 2016-17.
Issue of ESOPs/ Issue of shares
other than Preferential allotment
The Bank did not issue any shares to the employees under its ESOP Scheme during FY 2016-
17.
Source - Annual Report FY 16-17
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SECTOR: BANKS REPORTING DATE: 25TH NOVEMBER, 2017
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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
PBIDTM: Profit before interest, depreciation and tax margin
PBDTM: Profit before depreciation and tax margin
PATM: Profit after tax margin
Net Interest Margin: Net interest margin (NIM) is a measure of the difference between the interest income generated by banks
or other financial institutions and the amount of interest paid out to their lenders (for example, deposits), relative to the
amount of their (interest-earning) assets.
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
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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
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
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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
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Research Analyst: Sumit Tank