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

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

STAKEHOLDERS EMPOWERMENT SERVICES

2 | P A G E

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.

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

STAKEHOLDERS EMPOWERMENT SERVICES

3 | P A G E

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

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

STAKEHOLDERS EMPOWERMENT SERVICES

4 | P A G E

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

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

STAKEHOLDERS EMPOWERMENT SERVICES

5 | P A G E

SECTOR: BANKS REPORTING DATE: 25TH NOVEMBER, 2017

INDIAN OVERSEAS BANK www.iob.co.in

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

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

STAKEHOLDERS EMPOWERMENT SERVICES

6 | P A G E

SECTOR: BANKS REPORTING DATE: 25TH NOVEMBER, 2017

INDIAN OVERSEAS BANK www.iob.co.in

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

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

STAKEHOLDERS EMPOWERMENT SERVICES

7 | P A G E

SECTOR: BANKS REPORTING DATE: 25TH NOVEMBER, 2017

INDIAN OVERSEAS BANK www.iob.co.in

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

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

STAKEHOLDERS EMPOWERMENT SERVICES

8 | P A G E

SECTOR: BANKS REPORTING DATE: 25TH NOVEMBER, 2017

INDIAN OVERSEAS BANK www.iob.co.in

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

research@sesgovernance.com

info@sesgovernance.com

www.sesgovernance.com

Research Analyst: Sumit Tank