Acropetal Technologies Ltd - NSE › ... › Factsheet_ACROPETAL.pdf · 2016-06-08 · Acropetal...

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STAKEHOLDERS EMPOWERMENT SERVICES

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SECTOR: IT-SOFTWARE REPORTING DATE: 1ST JUNE, 2016

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Acropetal Technologies Ltd www.acropetal.com

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

NSE Code - ACROPETAL NSE Market Price (₹) 2.50 NSE Market Cap. (₹ Cr.) 9.49

Sector - IT - Software Face Value (₹) 10.00 Equity (₹ Cr.) 38.89

52-week High/Low (₹) 4.30/ 2.10 Net worth (₹ Cr.) 22.94

Business Group - Indian Private TTM P/E N.A. Traded Volume (Shares) 2,000

Year of Incorporation - 2001 TTM P/BV 0.11 Traded Volume (lacs) 0.05

Source - Capitaline

Corporate Office: COMPANY BACKGROUND

#74/75, 3rd Cross 1st Main, Acropetal Technologies Ltd. Was Established in 2001 With Headquarters in Bangalore, India.

The Journey Started for Acropetal as an Engineering Services Company with Its First Major

Client Being Saudi Oger from The Kingdom of Saudi Arabia. The Company Offers

Comprehensive Enterprise Solutions in Engineering Design Services, Healthcare, And Energy

and Environment Sectors.

Acropetal Technologies Ltd Was Incorporated On 25th April, 2001 As A Public Limited

Company and Received Certificate of Commencement of Business On 2nd May, 2001.

The Value Added Services Offered to The Customers Are Product Quality Improvement, Idea

Generation, Product Teardown, Material Cost-Out, Product Redesign and Back Office

Support to Accomplish 2D Drawings, Data Conversion and 3D Modelling. In December 2010,

the Company Made a Partnership with Cisco, one of the World’s Biggest Technology

Corporations, that Produces Computer Networking Products and Services, which will help

bolster their existing expertise and portfolio. In February 2011, they made a partnership

with Sap, Which Will leapfrog the Company’s strategic position in the ERP Market.

N S Palya Bannerghatta Road,

Bangalore – 560 076,

Karnataka.

Company Website:

www.acropetal.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 (₹) 2.40 2.95 4.20 -18.64% -29.76% -24.41%

Trading Volume (Shares)

(yearly avg.) 29,559 52,745 38,009 -43.96% 38.77% -

NSE Market Cap. (in ₹ Cr.) 9.33 11.47 16.33 -18.66% -29.76% -24.41%

Source - Money Control

http://www.acropetal.com/




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TABLE 3 - FINANCIALS

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

years 2015 vs 2014 2014 vs 2013

Net Worth 22.94 213.73 287.86 -89.27% -25.75% -71.77%

Current Assets 10.26 176.34 180.49 -94.18% -2.30% -76.16%

Non-Current Assets 171.95 218.75 270.96 -21.39% -19.27% -20.34%

Total Assets 182.21 395.09 451.45 -53.88% -12.48% -36.47%

Investments 92.85 104.26 150.10 -10.94% -30.54% -21.35%

Finance Cost 13.88 13.80 13.91 0.58% -0.79% -0.11%

Long Term Liabilities 0.85 37.77 33.33 -97.75% 13.32% -84.03%

Current Liabilities 158.41 143.58 130.26 10.33% 10.23% 10.28%

Turnover 18.41 106.55 152.08 -82.72% -29.94% -65.21%

Profit After Tax (PAT, ₹ Cr.) -178.33 -74.13 5.14 N.A. -1,542% N.A.

EPS (₹) -46.00 -19.00 1.00 N.A. -2,000% N.A.

Source - Money Control/Annual Report

Discussion as per Company:

During the FY 2014-15, the Company has drastically reduced its export business where the payments are delayed abnormally

and where the profit margins are low. During the year the Company has made an export turnover of ` 10.75 crores. The total

revenue of the Company from operations, for the year ended 31st March, 2015 was ` 18.41 crores, the total revenue of the

previous year was ` 106.55 crores. The gain on foreign exchange fluctuations accounts majorly for the difference. The

Company has written off receivables as bad debts which are pending and the Company has initiated legal proceedings to

recover the amount. The net loss booked for the year under review is ` 184.31 crores as compared to ` 73.87 crores during the

previous year.

During the FY 2013-14, the Company has achieved income of ` 118.79 crores for the year ended 31st March, 2014 on

standalone basis. After providing a sum of ` 196.95 crores for expenditure, provision for taxes and depreciation and

considering the prior period adjustment of ` 4.29 Crores, the Company has incurred a net loss of ` 74.13 crores for the year

ended 31st March, 2014 and in view of the loss incurred during the year no amount could be transferred to General Reserves.

There are no material changes and commitments affecting the financial position of the Company between 31st March, 2014

and the date of this report.




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AUDIT QUALIFICATIONS

The Auditors have raised following qualifications in last three years:

Auditors qualifications in FY 2014-15.

“The Company is undergoing a problem in facing the going concern issue, here auditor mention events that may cast doubt

about going concern assumption as follows:

1) Company is facing difficulties in paying statutory dues such as service tax and TDS amount of ` 3.34 crores and ` 3.72 on

31.03.2015 out of which ` 1.72 and ` 3.31 outstanding for more than one year.

2) The Company Has Accumulated Losses and Its Net Worth Has Been Substantially Eroded, The Company Incurred a Net Loss

During the Current Year (` 178.33 Crores) And Previous Year (` 74.12 Crores) And, The Company’s Current Liabilities (` 119.64

Crores) Exceed Its Current Assets (` 10.25 Crores) As at The Balance Sheet Date. These Conditions, Indicate The Existence of a

Material Uncertainty That May Cast Significant Doubt About the Company’s Ability to Continue as A Going Concern. However,

The Financial Statements of the Company Have Been Prepared On a Going Concern Basis.

3) Out of the Unsecured Advances Given to Staff & Employees, There Is Uncertainty About Recovery of ` 0.23 crores as There Is

No Recovery During the Year and These Are Outstanding for More Than a Year.

4) During the Year the Company Has Written Off ` 139.87Crores as Bad Debts Which Are Outstanding for More Than a Year and

The Management Is Not Confident of Realisation from Its Customers.”

Management Response:

“1) About facing difficulties in statutory dues company said that, cash flow from operations was better than previous year

because of the strategies adopted by the company to recover the company. The collateral securities given to the bank are

auctioned by the banks as the facilities availed from them are classified as Non-Performing Assets. The company is planning to

address the remaining dues to the government departments from the surplus cash left from the sale of properties after settling

the banks’ dues. The company has been paying salary and has paid in full to its existing employees.

2) The company has written off some of the debtor receipts which are pending for a very long time and are disputed by the

clients. Due to this, the company has been booking losses in the last two years. For this loss, the net worth has been eroded and

the current assets have come down drastically and the current liabilities have exceeded the current assets. However, the net

worth and the current assets are expected to improve in the coming years

3) The company has advanced this amount to one of its ex-employee for foreign travel. He did not settle the accounts for this

advance amount and the company owes his settlement amount. While doing his full and final settlement, the amount will get

accounted automatically.

4) The company has witnessed an unprecedented high employees’ attrition in the previous years due to the severe cash flow

strain the company was paying. Several employees engaged in the projects left abruptly without proper knowledge transfer.

Because of this, company could not continue some of the projects and this has created some gaps which company could not

resolve immediately. The customers have not only stopped payments for these projects but also stopped the payments to the

other projects where there are no issues. The company wrote off some of the export debtors but the company has initiated legal

actions against these clients to recover the dues which are rightfully receivable by the company.”

Auditors qualifications in FY 2013-14. (Similar qualification raised in FY 2012-13)

“A) Not able to express an opinion on the sundry debtors of ` 75.99 Crores outstanding over a period of one year.

B) The Branch Accounts of Acropetal USA are not audited and the financial are incorporated as unaudited.

C) The Company is not regular in depositing the undisputed statutory dues and repayments of loans to Banks.

Management Response:

A) Due to the high attrition in the financial year 2011-12, the Company could not deliver the projects on time. This has caused

serious concerns to the clients especially in the US and Middle East regions who has doubted our capability of delivering the

projects on time. Performance guarantee were insisted for the release of payments, which the Company could not provide and




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this has resulted in unprecedented debtors receivables in the last two years. During the last financial year, the Company

undertook lot of measures to regain the customer confidence and employee satisfaction initiatives. These have certainly yielded

results and the customers are releasing payments to the extent of employee/consultants salary who are working in their

projects.

b) Acropetal Technologies Limited, USA is the Branch of the parent Company, Acropetal Technologies Limited in India. The

branch is taking care of the onsite activities and is working as an extended arm of the parent company. The accounting year for

this US subsidiary is January to December and the accounts are audited and tax returns are fi led by the CPA before the due

date. Since the parent company has the accounting period as April to March, the accounts related to April to December and

January to March are not separately audited as this branch is very small in financial size. They are consolidated with the parent

company as unaudited accounts for the financial year end reporting.

c) The Company has been facing working capital strain during the financial year. Due to this, the Company has defaulted some

of its commitments. However, the Company has taken some strategies to come out of the aberrations, as a result all the dues

would be addressed shortly.”

Response Comment

Frequency of Qualifications - The Auditors have raised qualifications in last

three years’ Annual reports.

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 3 subsidiaries. The

unaudited statements are material with

respect to the consolidated assets and

revenues 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.




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TABLE 4: BOARD PROFILE (As on 31st March, 2015)

Regulatory Norms Company

% of Independent Directors on the Board 50% 67%

% of Promoter Directors on the Board - 33%

Number of Women Directors on the Board At least 1 0

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 (%) - 100%

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 an Executive Promoter Director. The Company has 67% of Independent

Directors on the Board and hence it meets the regulatory requirements.

Board Diversity: The Company has 3 directors of which all are male. The Company does not have a single woman Director on

the Board. The Company is non-compliant as per Listing Regulations, 2015 regarding the requirement of at least one women

director.

Holding of position of MD/ CEO & Chairman by same person: The Company has appointed Mr. Ravi Kumar 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 this may lead to concentration of power in a single person.


http://www.sebi.gov.in/cms/sebi_data/attachdocs/1441284401427.pdf



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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 - - - - -

Debtors Turnover 2.62 0.66 1.03 297.87% -36.26%

Fixed asset Turnover 0.11 0.49 0.56 -78.02% -13.22%

Current Asset Turnover 1.79 0.60 0.84 196.96% -28.29%

Ret

urn

Rat

ios Operating Profit Margin -1,032% -73.35% 7.01% N.A. -1146.38%

Net Profit Margin -968.66% -69.57% 3.38% N.A. -2158.49%

Return on Assets (ROA) -97.87% -18.76% 1.14% N.A. -1747.95%

Return on Equity (ROE) -777.38% -34.68% 1.79% N.A. -2042.44%

Return on Capital Employed (ROCE) N.A. N.A. 20.12% N.A. N.A.

Liq

uid

ity

Rat

ios

Current Ratio 0.06 1.23 1.39 -94.73% -11.36%

Quick Ratio 0.06 1.23 1.39 -94.73% -11.36%

Cash Ratio 0.02 0.10 0.26 -80.01% -60.12%

Working Capital Turnover ratio N.A. 3.25 3.03 N.A. 7.42%

Solv

ency

Rat

ios Debt to equity ratio 4.73 0.39 0.29 1117.55% 34.47%

Interest Coverage Ratio N.A. N.A. 1.77 N.A. N.A.

Trad

ing

Rat

ios

Market Cap / Sales 0.57 0.10 0.07 478.76% 42.73%

Market Cap/ Net Worth 0.46 0.05 0.04 831.69% 34.68%

Market Cap/PAT N.A. N.A. 2.05 N.A. N.A.

Market Cap/EBITDA N.A. N.A. 14.33 N.A. N.A.

Trading Volume (shares) (avg. of 1 year) 29,381 66,207 25,614 -55.62% 158.48%

Trading Volume (shares) (high in 1

year) 3,39,501 7,35,950 1,63,496 -53.87% 350.13%

Trading Volume (shares) (low in 1 year) 2,174 2,449 959 -11.23% 155.37%

Ratio - High/low trading volume 156.16 300.51 170.49 -48.03% 76.27%

Ratio - High/average trading volume 11.56 11.12 6.38 3.95% 74.15%

Source - Money Control




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TABLE 6 (A): OWNERSHIP & MANAGEMENT RISKS

Dec' 2015 Dec' 2014 Dec' 2013 Comments

Shar

eho

ldin

g

Promoter shareholding 35.09% 35.09% 47.56%

No new equity shares were issued by the

Company during the two-year period from

Dec’2013 to Dec’2015. The promoter

shareholding decreased from 47.56% as on

Dec’ 13 to 35.09% as on Dec’ 15 due to

Invocation of pledged shares. The

shareholding of public institution decreased

from 2.62% to 0.51% and that of public

others increased from 49.81% to 64.39%

during the same period. The promoters

have pledged 25.65% of their shareholding

and 9% of the total shareholding.

Public - Institutional shareholding 0.51% 0.51% 2.62%

Public - Others shareholding 64.40% 64.40% 49.82%

Non Promoter Non Public

Shareholding - - -

TABLE 6 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The promoters have not sold/bought any shares in last three years

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 in last three years

GDRs issued by the Company The Company did not issue and GDRs during in last three years

Issue of ESOPs/Issue of shares other

than Preferential allotment The Company does not have any 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


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

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



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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


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

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

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



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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

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