rasoya proteins ltd - national stock exchange of india · the installed capacity of the solvent...

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

STAKEHOLDERS EMPOWERMENT SERVICES

1 | P A G E

SECTOR: EDIBLE OIL REPORTING DATE: 31ST MAY, 2016

Rasoya Proteins Ltd http://www.rasoyaproteins.in

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

NSE Code - RASOYPR NSE Market Price (₹) 0.25 NSE Market Cap. (₹ Cr.) 35.89

Sector - Edible Oil Face Value (₹) 1.00 Equity (` Cr.) 170.89

52 week High/Low (₹) 0.40/0.15 Net worth (₹ Cr.) 294.83

Business Group - Indian Private TTM P/E N.A. Traded Volume (Shares) 3,30,622

Year of Incorporation - 1992 TTM P/BV 0.00 Traded Volume (lacs) 0.83

Source - Capitaline

Corporate Office: COMPANY BACKGROUND

Wanjari Village, Maharashtra Soya Industries was incorporated as a public limited company in May 1992

to establish a solvent extraction plant and a vegetable oil refinery. It was promoted by

Anil N Lonkar and P Kannan. Company has change its name from Maharashtra Soya

Industries Ltd to Rasoya Proteins Limited. Company changed its registered office to the

factory premises with a view to ensure administrative convenience and better co-

ordination. The company set up a solvent extraction plant and a vegetable oil refinery at

Wanjri near Nagpur in Maharashtra. The installed capacity of the solvent extraction plant

is 225 tpa and that of the vegetable oil refinery is 25 tpa. It produces refined edible

vegetable oil through solvent extraction process from soyabeans and oil cakes. De-oiled

cakes -- the by-product, is used as cattle feed, poultry feed and high protein food

products.

Wani Taluka,

Yavatmal, 445 304, Maharashtra

Company Website:

http://www.rasoyaproteins.in

The Company in the month of March, 2013 has:

Sub Divided 1 Share of ₹ 5/- per share of the Company into 5 shares of ₹ 1/- each; and

Issued Bonus Shares in the ratio of 2:1 i.e. Two Equity Shares of ₹ 1 each for every 1 Share held.

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 (₹) 0.20 0.30 16.80 -33.33% -98.21% -89.09%

Trading Volume (Shares) (yearly avg.)

46,05,665 87,90,650 11,16,864 -47.60% 687.08% -

NSE Market Cap. (in ₹ Cr.) 34.18 51.27 2870.95 -33.33% -98.21% -89.09%

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

http://www.rasoyaproteins.in/




2 | P A G E



TABLE 3 - FINANCIALS

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

2 years 2015 vs 2014 2014 vs 2013

Turnover 465.11 1,196.75 946.36 -61.14% 26.46% -29.89%

Net Worth 294.83 353.97 321.7 -16.71% 10.03% -4.27%

Current Assets 241.32 444.7 384.42 -45.73% 15.68% -20.77%

Non-Current Assets 560.4 387.21 348.53 44.73% 11.10% 26.80%

Total Assets 801.72 831.91 732.95 -3.63% 13.50% 4.59%

Investments 196.38 182.94 170.75 7.35% 7.14% 7.24%

Finance Cost 49.40 37.66 28.11 31.17% 33.97% 32.57%

Long Term Liabilities 173.73 115.24 112.55 50.75% 2.39% 24.24%

Current Liabilities 333.16 362.7 298.7 -8.14% 21.43% 5.61%

Profit After Tax (PAT, ₹ Cr.) -58.93 32.15 20.67 -283.00% 56.00% N.A.

EPS (₹) -0.34 0.18 0.12 -289.00% 50.00% -

Source - Money Control/Annual Report

AUDIT QUALIFICATIONS

Audit Qualifications in the Annual Report 2014-15: - The Auditors have raised following qualification in their report on Page 71

of the Annual Report for FY 2014-15

Qualified Opinion (a)

The Auditors have mentioned that they have come across transactions of sale to the extent of ₹ 69.83 crores and purchase to the

extent of ₹ 24 crores where there are no adequate supporting documents trail which would prove the proper transfer of goods

and completeness of these transactions.

Management Response: Sales transactions of Soya DOC amounting to ₹ 69.83 Crores as pointed out by the Auditors are the

Exfactory sales made to the new purchasers out of the return goods received from earlier purchaser. The necessary supporting

documents related to above sales such as Sales Invoice, Delivery Order, Weighment Slips, Security records and other records to

the extent available with us were made available to the Auditors.

Regarding purchases of ₹ 24 Crores of Soayabean Seeds made from unregistered dealers (URD), the necessary supporting

documents such as ERP System generated relevant Contract Notes /Purchase Orders, Weighment Slips, Goods Received Notes

/DOs have been made available to the auditors. The Sauda Kacchi Chitthi instead of invoices is issued by the URD Traders as per

the prevailing trade practices related to Agro based commodity.

Qualified Opinion (b)

b) Attention is drawn to Paragraphs (ii) (c) and (iv) of the annexure to the Auditors’ report as regards to maintenance of

inventory records and internal control system respectively.

Management response: As mentioned in para (ii) (c) of the Annexure to audit Report regarding complete trail of supporting

documents related to sales and purchases and it's impact on stock records, the clarification has been given in para (a) above. As

mentioned in para (iv) of the Annexure to audit Report regarding inadequate internal control system commensurate with the

size of the company and it's nature of business with regards to purchase of inventories, sale of goods and services, inventory

management, debtors and creditors management- the clarification has been already given in para (a) above.

Qualified Opinion (c)

c) Bank statement for the bill discounting facility taken by the company for ₹ 19.99 crores from Bank of Baroda was not made

available for verification and the same is subject to confirmation from the bank.

Management Response: Since the company has furnished the Corporate Guarantee to Bank of Baroda on behalf of the seed

suppliers and the Liability of Rs. 19.99 Crores for Repayment to Bank of Baroda has been crystalised due to nonpayment of Bills

Discounted by the respective Borrowers/seed suppliers on respective due date, towards the Seed supplies made to the Company.


http://www.bseindia.com/bseplus/AnnualReport/531522/5315220315.pdf



3 | P A G E



The Bills Discounting Facility is availed by the respective Seed Suppliers in individual capacity from Bank of Baroda and not by the

Company, hence question of the having the Bank statements for the said facility with the company does not arise.

Therefore, the company is not in a position to furnish any Bank Statement for said crystallized liability under Corporate

Guarantee furnished to Bank of Baroda.

Qualified Opinion (d)

d) As per the accounting policy of the company and as per the Accounting Standard -11 The Effects of Changes in Foreign

Exchange rates; the exchange differences that arise on settlement of monetary items or on reporting at each balance sheet date

of the Company's monetary items at the closing rate are recognised as income or expense in the period in which they arise.

However, the company has not recognised exchange gain of ₹ 29 crores on account of advance given to a subsidiary company”

Management Response: Foreign Exchange Gain ₹ 29 Crores has not been recognized in accordance with AS 11, as same pertains

to the o/s loan to WOS at Sharjah which is not likely to be repaid by the WOS in near future since the said funds have been

earmarked for overseas operations of the company.

Response Comment

Frequency of Qualifications - Appeared for one year i.e. in 2015

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?

Yes

The consolidated financial statements contain

unaudited accounts of 2 subsidiaries. The

unaudited statements are material 37.30% of the

assets, 36.17% revenue and 28.23% cash flow from

operations with respect to the consolidated

accounts of the Company. As a material part of the

consolidated financial statements of the Company

are unaudited, this raises concern regarding the

fairness of such financial statements.




4 | P A G E



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 - 25%

Number of Women Directors on the Board Atleast 1 1

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 - 86.11%

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

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

Board Diversity: The Company has 8 directors out of which 7 are male and 1 is female.

Holding of position of MD/ CEO & Chairman by same person: The Company has appointed Mr. Anil N. Lonkar 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 it may lead to concentration of power in a single person.

TABLE 5 - FINANCIAL RATIOS

Ratios 2015 2014 2013

% Change

2015 vs 2014

2014 vs 2013

Turn

ove

r

Rat

ios

Inventory Turnover 3.08 3.94 5.22 -21.86% -24.42%

Debtors Turnover 6.81 14.43 7.77 -52.80% 85.66%

Fixed asset Turnover 0.83 3.09 2.72 -73.15% 13.83%

Current Asset Turnover 1.93 2.69 2.46 -28.38% 9.32%

Ret

urn

Rat

ios Operating Profit Margin -12.90% 3.12% 2.30% -514.05% 35.54%

Net Profit Margin -12.67% 2.69% 2.18% -571.63% 23.00%

Return on Assets (ROA) -7.35% 3.86% 2.82% -290.20% 37.04%

Return on Equity (ROE) -19.99% 9.08% 6.43% -320.06% 41.36%

Return on Capital Employed (ROCE) N.A. 16.98% 11.68% N.A. 45.38%

Liq

uid

ity

Rat

ios

Current Ratio 0.72 1.23 1.29 -40.92% -4.73%

Quick Ratio 0.27 0.39 0.68 -30.32% -42.74%

Cash Ratio 0.07 0.16 0.27 -58.75% -41.00%

Working Capital Turnover ratio N.A. 14.59 11.04 N.A. 32.20%

Solv

ency

Rat

ios Debt to equity ratio 1.24 0.76 0.80 61.69% -3.98%

Interest Coverage Ratio N.A. 1.99 1.77 N.A. 12.19%

Trad

ing

Rat

ios

Market Cap / Sales 0.09 0.03 0.04 157.30% -20.92%

Market Cap/ Net Worth 0.14 0.12 0.13 20.06% -9.12%

Market Cap/PAT N.A. 1.28 1.98 N.A. -35.71%

Market Cap/EBITDA N.A. 38.51 29.47 N.A. 30.68%

Trading Volume (shares) (avg. of 1 year) 71,57,170 62,06,233 10,26,767 15.32% 504.44%

Trading Volume (shares) (high in 1 year) 9,67,23,630 5,54,63,191 44,45,331 74.39% 1147.67%

Trading Volume (shares) (low in 1 year) 1,31,540 18,154 33,808 624.58% -46.30%

Ratio - High/low trading volume 735.32 3,055.15 131.49 -75.93% 2223.53%

Ratio - High/average trading volume 13.51 8.94 4.33 51.22% 106.42%

Source - Money Control




5 | P A G E



TABLE 6(A): OWNERSHIP & MANAGEMENT RISKS

Shareholding Dec' 2015 Dec' 2014 Dec' 2013 Comments

Promoter shareholding 20.68% 31.68% 31.68%

No new equity shares were issued during the

period from Dec’ 2013 to Dec’ 2015. The

promoter shareholding decreased from 31.68%

to 20.68% during Dec’14 to Dec’ 15 due to

Invocation of Shares as on 10th Jan 2015. The

shareholding of public institution increased from

4.18% to 7.49% during Dec’ 2013 to Dec’ 2014

and public others shareholding increased from

39.39% to 72.29% during Dec’ 2014 to Dec’

2015. The shareholding of non-promoter non-

public decreased from 26.73% to 21.44% during

the year 2014 and in the year 2015 it was nil.

The promoters have pledged 19.61% of their

shareholding.

Public - Institutional shareholding

7.03% 7.49% 4.18%

Public - Others shareholding

72.29% 39.39% 37.41%

Non Promoter Non Public Shareholding

0.00% 21.44% 26.73%

TABLE 6(B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters

IDBI Bank, Wani has acquired 15.41 crore shares through invocation of pledged shares of

Rasoya Proteins Limited owned and pledged by Mrs. Manik Lonkar (Director of the

company) and Ivory Exports Pvt. Ltd. (Associate of the company).

Preferential issue to promoters No

Preferential issue to others No

GDRs issued by the Company The Company did not issue and GDRs during last one year.

Issue of ESOPs/Issue of shares

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




6 | 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




7 | 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



8 | 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



9 | 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: Kirti Dhokiya


mailto:[email protected]

mailto:[email protected]

http://www.sesgovernance.com/