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SECTOR: TELECOMM EQUIPMENT & INFRA SERVICE REPORTING DATE: 1ST JUNE, 2016
GTL Infrastructure Limited www.gtlinfra.com
GTL Infrastructure Ltd 1st June, 2016 TABLE 1 - MARKET DATA (STANDALONE) (As on 31st May, 2016)
NSE Code - GTLINFRA NSE Market Price (₹) 1.80 NSE Market Cap. (₹ Cr.) 422.89
Sector – Tele Equipment Face Value (₹) 10.00 Equity (₹ Cr.) 2,336.39
52-week High/Low (₹) 3.55/1.75 Net worth (₹ Cr.) 446.18
Business Group - Global TTM P/E N.A. Traded Volume (Shares) 1,62,356
Year of Incorporation - 2004 TTM P/BV 0.00 Traded Volume (lacs) 2.92
Source - Capitaline
Corporate Office: COMPANY BACKGROUND
3rd Flr Global Vision MIDC, GTL Infrastructure Limited, a telecom tower company, builds, owns, operates, and
maintains passive telecom infrastructure sites in India. The company provides
telecom towers on a shared basis to various telecom operators to host their network
components on cell site. It operates a portfolio of approximately 30,000 towers. The
company was formerly known as GTL infrastructure Engineering & Managed
Network Services Limited and changed its name to GTL Infrastructure Limited in
February 2005. GTL Infrastructure Limited was founded in 2004 and is headquartered
in Mumbai, India.
Electronic Sadan No II Mahape,
Navi Mumbai - 400 710, Maharashtra
Company Website:
www.gtlinfra.com
TABLE 2 - PRICE PERFORMANCE
31st May, 2016
29th May, 2015
30th May, 2014
% Change CAGR for 2 years 2016 vs 2015 2015 vs 2014
Price (₹) 1.85 2.40 2.80 -22.92% -14.29% -18.72%
Trading Volume (Shares) (yearly avg.)
14,68,844 11,90,324 10,13,702 23.40% 17.42% -
NSE Market Cap. (in ₹ Cr.) 432.23 558.04 646.42 -22.54% -13.67% -18.23%
Source - Money Control
TABLE 3 - FINANCIALS
(₹ Cr.) 2015 2014 2013 % Change CAGR for 2
years 2015 vs 2014 2014 vs 2013
Net Worth 446.18 986.62 1643.62 -54.78% -39.97% -47.90%
Current Assets 400.33 691.29 642.99 -42.09% 7.51% -21.09%
Non-Current Assets 5506.88 5,924.79 6,346.54 -7.05% -6.65% -6.85%
Total Assets 5907.21 6616.08 6989.53 -10.71% -5.34% -8.07%
Investments 2162.49 2,683.64 2,706.57 -19.42% -0.85% -10.61%
Finance Cost 392.61 377.76 350.53 3.93% 7.77% 5.83%
Long Term Liabilities 5148.77 5223.29 5143.29 -1.43% 1.56% 0.05%
Current Liabilities 312.27 406.17 202.62 -23.12% 100.46% 24.14%
Turnover 599.65 578.73 566.39 3.61% 2.18% 2.89%
Profit After Tax (PAT, ₹ Cr.) -514.71 -551.24 -686.64 N.A. N.A. N.A.
EPS (₹) -2.00 -2.00 -4.00 N.A. N.A. N.A.
Source - Money Control/Annual Report
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SECTOR: TELECOMM EQUIPMENT & INFRA SERVICE REPORTING DATE: 1ST JUNE, 2016
GTL Infrastructure Limited www.gtlinfra.com
AUDIT QUALIFICATIONS
Audit Qualifications in last 3 years: The Auditors have not raised any qualifications in last three years, however they have
emphasised on the following matters in last three years of their annual reports.
Emphasis of Matter 2015:
“Our opinion is not modified in respect of these matters. We draw attention to the:
a. Note no. 29 regarding outstanding trade receivables and other current assets, which are subject to confirmation but
considered good for the reasons mentioned therein.
b. Note no. 30 regarding Scheme of Arrangement under section 391 to 394 of the Companies Act, 1956 pending for the
necessary modifications and approvals and preparation of financial statements without giving any effect of this scheme and to
give the effect as and when the scheme becomes effective.
c. Note no. 31 regarding preparation of the financial statements of the Company on a going concern basis notwithstanding the
fact that the Company has been incurring cash losses and its net worth has been substantially eroded as on the Balance Sheet
date. These financial statements have been prepared on a going concern basis for the reasons stated in the said note. The
appropriateness of assumption of going concern is critically dependent upon the Company’s ability to raise requisite
finance/generate cash flows in future to meet its obligations. d. Note no. 22.1 regarding Managerial Remuneration, which is
subject to the approval of Central Government.”
Emphasis of Matter 2014
“Our opinion is not qualified in respect of these matters. We draw attention to the:
a. Note No. 34 regarding Scheme of Arrangement under section 391 to 394 of the Act pending for the necessary modifications
and approvals and preparation of financial statements without giving any effect of this scheme and to give the effect as and
when the scheme becomes effective.
b. Note No. 35 regarding preparation of the financial statements of the Company on a going concern basis notwithstanding the
fact that the Company has been incurring cash losses and its net worth has been substantially eroded as on the Balance Sheet
date. These financial statements have been prepared on a going concern basis for the reasons stated in the said note. The
appropriateness of assumption of going concern is critically dependent upon the Company’s ability to raise requisite
finance/generate cash flows in future to meet its obligations.
c. Note No. 12.1 regarding capital advance given to certain vendors, in respect of which the Company is negotiating with them
for the recovery of these advances. The management is confident of recovering substantial amount out of these advances and
the provision for doubtful advances aggregating to `60,00,00,000 against same has been considered sufficient by them.
d. Note No. 11.3 regarding the book value of non-current investments being lower than their carrying value and non-provision
for diminution in value of these investments for the reasons mentioned therein.
e. Note No. 33 regarding outstanding trade receivables and other current assets, which are subject to confirmation but
considered good for the reasons mentioned therein.”
Emphasis of Matter 2013
“Our opinion is not qualified in respect of this matter. We draw attention to
Note No.30 regarding Scheme of Arrangement under section 391 to 394 of the Act pending for the necessary modifications and
approvals and preparation of account without giving any effect of this scheme and to give the effect as and when the scheme
becomes effective.”
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Response Comment
Frequency of Qualifications
The matters raised in their report for FY 2014-15, the following matters have
been continuously raised by the Auditors.
The matter (a) & (c) are appearing since FY2014, the matter (b) is appearing
since FY2011, the Matters in para (d) above have been reported first time in the
FY2015
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 - 12.50%
Number of Women Directors on the Board Atleast 1 1
Classification of Chairman of the Board - Non-Executive Promoter
Is the post of Chairman and MD/CEO held by the same person? - No
Average attendance of Directors in the Board meetings (%) - 78.57%
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 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 female.
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TABLE 5 - FINANCIAL RATIOS
Ratios 2015 2014 2013 % Change
2015 vs 2014 2014 vs 2013
Turn
ove
r
Rat
ios
Inventory Turnover 983.03 918.62 484.09 7.01% 89.76%
Debtors Turnover 9.92 8.77 9.99 13.13% -12.26%
Fixed asset Turnover 0.11 0.10 0.09 11.48% 9.45%
Current Asset Turnover 1.50 0.84 0.88 78.92% -4.96%
Ret
urn
Rat
ios Operating Profit Margin -71.40% -84.73% -97.71% N.A. N.A.
Net Profit Margin -85.84% -95.25% -121.23% N.A. N.A.
Return on Assets (ROA) -8.71% -8.33% -9.82% N.A. N.A.
Return on Equity (ROE) -115.36% -55.87% -41.78% 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 1.28 1.70 3.17 -24.68% -46.37%
Quick Ratio 1.28 1.70 3.17 -24.72% -46.32%
Cash Ratio 1.09 1.54 2.89 -29.36% -46.75%
Working Capital Turnover ratio 6.81 2.03 1.29 235.48% 57.82%
Solv
ency
Rat
ios Debt to equity ratio 10.82 4.98 2.97 117.05% 67.82%
Interest Coverage Ratio N.A. N.A. N.A. N.A. N.A.
Trad
ing
Rat
ios
Market Cap / Sales 0.87 0.90 0.92 -3.49% -2.13%
Market Cap/ Net Worth 1.17 0.53 0.32 121.13% 66.59%
Market Cap/PAT N.A. N.A. N.A. N.A. N.A.
Market Cap/EBITDA 389.57 372.59 342.72 4.56% 8.72%
Trading Volume (shares) (avg. of 1 year) 15,23,642 11,27,067 10,68,805 35.19% 5.45%
Trading Volume (shares) (high in 1 year) 1,37,71,115 1,47,37,714 1,30,62,339 -6.56% 12.83%
Trading Volume (shares) (low in 1 year) 1,85,117 72,940 49,979 153.79% 45.94%
Ratio - High/low trading volume 74.39 202.05 261.36 -63.18% -22.69%
Ratio - High/average trading volume 9.04 13.08 12.22 -30.88% 6.99%
Source - Money Control
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GTL Infrastructure Limited www.gtlinfra.com
TABLE 6 (A): OWNERSHIP & MANAGEMENT RISKS
Shareholding Dec' 2015 Dec' 2014 Dec' 2013 Comments
Promoter shareholding 27.04% 27.04% 27.26% The Company issued 1,86,08,435 new equity
shares under bond conversion during the period
from Dec' 2013 to Dec' 2015. There is no major
change in shareholding pattern for said period.
The promoters have pledged 54.99% of their
shareholding.
Public - Institutional shareholding
49.68% 47.37% 52.49%
Public - Others shareholding
23.28% 25.58% 20.25%
Non Promoter Non Public Shareholding
- - -
TABLE 6 (B): OWNERSHIP & MANAGEMENT RISKS
Market Activity of Promoters No
Preferential issue to promoters No
Preferential issue to others No
GDRs issued by the Company The Company did not issue GDRs during last three years.
Issue of ESOPs/Issue of shares other than Preferential allotment
The Company did not issue any shares to the employees under its ESOP
Scheme.
Source - Annual Report
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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
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
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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
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Research Analyst: Sudarshan Shetty