Surana Industries Ltd

Transcription

1 Surana Industries Ltd NSE Code - SURANAIND TABLE 1 - MARKET DATA (STANDALONE) (AS ON 10 TH AUGUST, 20) Sector - Steel NSE Market Price (`) 3.60 NSE Market Cap. ( Cr.) Face Value (`) Equity (` Cr.) Business Group - Surana 52 week High/Low ( ) 8.25/2.35 Net worth ( Cr.)* Year of Incorporation TTM P/E (TTM) N.A. Traded Volume (Shares) 2,100 TTM P/BV 0.41 Traded Volume (lacs) 0.08 Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A. Not Applicable *as on 30 th September 2016 F & 69 SIPCOT Industrial, Complex Gummudipoondi, Tiruvallur, , Tamil Nadu Company Website: COMPANY BACKGROUND Incorporated in Mar,'91, Surana Metals & Steels (India) (SMSI) was promoted by the Surana group under the guidance of G Surana. SMSI was initially engaged in trading of steel. The company is engaged in the manufacture of tor steel of 40, 50 and 60 grades and CTD bars and mild steel rounds with sizes ranging from 8 mm to 32 mm in addition to structural like flats, squares and angles of various sizes. It went public in May '94 for setting up a steel rolling mill to manufacture tor-steel / CTD bars / MS rounds and structural with an installed capacity of 30,000 tpa at Gummidipoondi, Tamilnadu. The mill is essentially divided into three segments roughing mill, intermediate mill and finishing mill all interconnected and with direct feeding. The advantage of this system is that a wide range of products and sizes can be rolled by running all the three segments simultaneously. The company commenced production in Revenue and Profit Performance Quarterly revenue and Profit ( CRORE) Sep'16 Mar'16 Sep'15 Revenue Profit The revenue of the Company decreased from 8.28 crores to 6.83 crores from quarter ending Sep 15 to quarter ending Sep 16. The Company made a loss of crores in quarter ending Sep 16 vis-a-vis making a loss of crores in quarter ending Sep 15. Source Money Control Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan Feb Mar Apr May Jun Jul Surana Industries Ltd NIFTY NIFTY METAL Performance vis-à-vis Market TABLE 2- Returns 1-m 3-m 6-m 12-m Surana Industries Ltd -5.26% % 12.50% % Nifty -0.72% 3.00% 11.69% 13.87% NIFTY METAL 5.56% 8.95% 8.94% 28.03% Source Capitaline/NSE 1 P A G E

2 TABLE 3 - FINANCIALS ( Cr.) Sep 16 Mar 16 Sep 15 % Change Sep 16 vs Mar 16 Mar 16 vs Sep 15 Net Worth % % Current Assets 1, , , % % Non-Current Assets % % Total Assets 1, , , % % Investments % 0.00% Finance Cost % % Long Term Liabilities , % % Current Liabilities 1, % 37.23% Turnover % % Profit After Tax N.A. N.A. EPS ( ) N.A. N.A. Source - Money Control AUDIT QUALIFICATIONS Audit Qualifications in last 3 years: Adverse Opinion i. We refer to Note No. 13B relating to investment in its subsidiary Surana Power Limited, the carrying value of which as at March 31, 2016 is Cr. (previous year: Cr.) and has been disclosed under Current Investments. In addition, the Company has also issued a financial guarantee of Cr. to the lenders against the loans taken by this subsidiary. The net worth of this subsidiary has fully eroded as at the Balance Sheet date and its current liabilities exceeded its current assets as on that date. The independent auditor of the subsidiary has given an adverse audit opinion on its financial statements for the year ended 31 st March, 2016 stating that the going concern assumption is not appropriate and the carrying value of the assets of the subsidiary may also be impaired. No provision has been considered by the management for the diminution in the value of the investments in this subsidiary and for the likelihood of the devolvement of the guarantee on the Company. In the circumstance mentioned above, in our opinion, the Company should have provided for: (a) the diminution in value of the entire investment in the subsidiary company; and (b) obligations relating to the financial guarantee provided by the Company. ii. Current investments stated in Note No 13B include investments made in the following subsidiaries carried at cost: a) Surana Mines and Minerals Limited ( SMML ), a wholly owned subsidiary based in Singapore, amounting to Cr. (previous year: 58.48Cr.); and b) Surana Green Power Limited ( SGPL ), a wholly owned subsidiary amounting to 56.15Cr. (previous year: Cr.). As per Accounting Standard 13 Accounting for Investments, these investments should be valued at cost less provision for diminution in value, that is other than temporary. In the absence of the valuation of the investments, we are unable to comment on the adjustments, if any, that may be required to the carrying value of these investments as at 31 st March, The Audit Report for the previous year was also modified in respect of (i)(a) and (ii) above. iii. iv. Attention is invited to Note 16 relating to inventory aggregating to Cr. (previous year: Cr.), the quantity, quality and realizable value of which were not assessed and determined as at year end. As per Accounting Standard - 2 on Valuation of Inventories, these inventories should be valued at the lower of cost and net realizable value. In the absence of evidence for physical existence of inventory as at year end and net realizable value of inventory, we are unable to comment on the adjustments that may be required to the carrying values of the inventory. The Audit Report for the previous year was also modified in respect of the above matter. We refer to Note No. 6 relating to the reversal of recompense interest amounting to Cr. recognised in the earlier years and the non-recognition of recompense interest expense for the year amounting to Cr. for the 2 P A G E

3 year, which is not in accordance with Accounting Standard 29 (AS-29) on Provisions, Contingent Liabilities and Contingent Assets. v. Had the provision and accrual been made for the diminution in the value of investment in the subsidiary company and for the financial liability arising out of the guarantee as referred to in paragraph (i) above and had the provision for recompense interest for earlier years been retained and provision for recompense interest for the current year been made as referred to in paragraph (iv) above, the loss for the year and the Deficit in the Statement of Profit and Loss would have been higher by 6,46.29 Cr. Current Investments would have been lower by Cr., Long Term Provisions would have been higher by Cr., finance cost for the year (including liability arising on probable devolvement of guarantee) would have been higher by Cr. and the net charge on account of Exceptional Items in the Statement of Profit and Loss would have been higher by Cr. vi. We refer to Note No 5 relating to the non-compliance with the repayment of the loans as per the debt covenants agreed in the Corporate Debt Restructuring (CDR) package, Note 6 relating to the reversal of recompense interest and the non-recognition of the same for the year as referred to in paragraph (iv) above. The financial statements have been prepared on a going concern basis in spite of negative net worth after considering the impact of the modifications mentioned in paragraphs (i) and (iv) above. The ability of the Company to continue as a going concern is significantly dependent on the bringing in of new investor to revive the operations of the Company and successful outcome of the ongoing negotiations with the lenders and we are unable to comment if the going concern assumption is appropriate and any effect of the measurement and classification of assets and liabilities in the Balance Sheet. Audit Qualifications Capital work in progress relating to the Palletisation and Beneficiation ("P&B") Project, stated in note 12 includes: (a) Interest on borrowings aggregating to Cr. (including Cr. for the year) relating to the periods during which the project has been stalled, which is a departure from Accounting Standard 16 (AS-16) on "Borrowing Costs". Had the interest capitalized during the period in which the project was stalled been charged to the Statement of Profit & Loss, the loss for the year and, the Deficit in the Statement of Profit and Loss, will be higher by Cr. and Capital Work in Progress will be lower by Cr. (b) Preoperative expenses incurred in relation to the project aggregating to 0.68 Cr. (including 0.20 Cr. for the year) relating to the periods during which the project has been stalled, which is a departure from Accounting Standard 10 (AS-10) on "Fixed Assets". Had such expenditure capitalized during the period in which the project was stalled been charged to the Statement of Profit & Loss, the loss for the year and the Deficit in the Statement of Profit and Loss, will be higher by 0.68 Cr. and Capital Work in Progress will be lower by 0.68 Cr. 2. Current investments include investments made in : a. Surana Power Limited ("SPL"), a subsidiary, amounting to Cr. valued at cost, in respect of which no operations have been carried out since August 2013 and its ongoing 2 X 210 MW power project has been stalled for want of additional funds. b. Surana Mines and Minerals Limited ("SMML"), a wholly owned subsidiary based in Singapore, amounting to Cr. valued at cost, in respect of which no financial statements or other information is available after 31 st March, c. Surana Green Power Limited ("SGPL"), a wholly owned subsidiary amounting to Cr. valued at cost. As stated in note No. 13, the Company is planning to dispose these investments, which are stated at cost without assessment of their net realizable value. As per Accounting Standard 13 - Accounting for Investments, these investments should be valued at the lower of cost and net realizable value. In the absence of the net realizable value, we are unable to comment on the adjustments, if any, that may be required to the carrying value of the investments as at 31 st March, Attention is invited to note 16 relating to inventory aggregating to Cr., the quantity, quality and realizable value of which were not assessed and determined. As per Accounting Standard 2- Inventories, these inventories should be valued at the lower of cost and net realizable value. In the absence of the net realizable value, we are unable to comment on the adjustments that may be required to the carrying values of these inventories as at 31 st March, Audit Qualifications The company s financing arrangements for the Beneficiation and Palletisation Project under the CDR package is 3 P A G E

4 required to be tied up before 31 st December, The promoters are also required to infuse equity in terms of the Corporate Debt Restructuring package for the Beneficiation and Palletisation Project. The timely tying up of finance and equity are crucial for completion of the project. Management Response 2016: 1. Based on the preliminary negotiations with prospective buyers, the company currently is of the opinion that actual realizable value of the current assets of the subsidiary company will be sufficient to discharge its current liabilities. Consequently, the company does not envisage any prospective devolvement of liability on account of revocation of guarantee. Accordingly, the company has not made any provision in this regard. In view of the ongoing negotiations with the prospective buyers and the lenders and also considering the expected realizable value of the assets, the Company will be able to realize the carrying value of the said investment. 2. In view of the ongoing negotiations with the prospective buyers and the lenders and also considering the expected realizable value of the assets the Company will be able to realize the carrying value of the said investments in SPL, SGPL and SMML 3. During the year the physical verification of stock has been carried out by the stock auditors appointed by the lenders based on which the stocks have been provided to the extent of deterioration identified on a scientific basis. With regard to the balance stock, the same shall be assessed at the time of resumption of production and appropriate adjustments as required shall be done. We are of the opinion that any such adjustment so arising will not be material. 4. The Company during the year has reversed recompense interest of Cr. relating to earlier years and had not provided for recompense interest of Cr. because as per master circular of RBI on CDR and also as per the MRA occurs only when the company has generated cash surplus after paying out all its obligations. Further, as per the Master Restructuring Agreement under Article VIII para 8.1 Right to Recompense If, in the opinion of the lenders, the profitability and the cash flows of the Borrower so warrant, the Lenders shall be entitles to receive recompense for the reliefs and sacrifices extended by them within the CDR parameters with the approval of the CDR-Empowered Group. Accordingly, as the lenders have not formed any opinion about the profitability and cash flows of the company to service the recompense interest as on date, the need to recognize the recompense interest does not arise. 5. Covered by responses to the individual items as mentioned in i to iv above. 6. Company could not comply with debt repayment schedule as embedded in the CDR package for want of non-release of sufficient working capital funding by the lenders as per the package. Consequently, the company was not in a position to restart its operations in Raichur in time and could not adhere to the debt repayment schedule. As mentioned in response to observation 4, there is no non-compliance of debt covenants as per the CDR package, since the company has disclosed the said amounts of recompense under contingent liabilities. The negotiations with concerned parties are on for restarting the operations of Raichur Plant and further, the Operational capabilities of the Gummidipoondi Plant have been improving over the past years. Also the company has received definitive term sheet from prospective investors and accordingly, the company is of the opinion that the assumption of going concern is fully appropriate. Management Response We submit that Interest and pre-operative expenditure have been capitalised considering the exceptional nature of this industry and prolonged project implementation period and is being retained under capital work in progress as per the CDR package. 2. We submit that, our Company is in negotiations with prospective buyers. In the opinion of the management, the Company will be able to realize the carrying value of the said investments and hence, no adjustment to their carrying values is considered necessary 3. We submit that, currently efforts are being made to segregate the inventory at Raichur plant with that inventory belonging to a subsidiary and physically verify the stock of stores and spares. Raw Materials lying at the Raichur plant will be segregated and physically weighed on resumption of production and blended with fresh materials purchased for use in production. The extent of deterioration or obsolescence, if any on the above inventory will be assessed at the time of physical verification / resumption of production and appropriate adjustments will be recorded on completion of the exercise. In the opinion of the management, any such adjustment arising out of physical verification / assessment of the quality will not be material and will be appropriately dealt with on completion of the exercise. 4 P A G E

5 Management Response 2014 The timely tie up of the Beneficiation and Palletisation plants (Expansion project) are crucial for completion of the project. While the Expansion project is crucial for the entire operatic ns, we has already signed term sheet with M/s. Tokyo Ventures Pte Ltd, for 150 crores. We are confident of tie up of the equity and debt components of the project within December Frequency of Qualifications Response No Comment In FY , FY and FY Have the auditors made any adverse remark in last 3 years? Yes In FY 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 ) Regulatory Norms Company % of Independent Directors on the Board 33% 33.33% % of Promoter Directors on the Board % Number of Women Directors on the Board At least 1 1 Classification of Chairman of the Board - Independent Director Is the post of Chairman and MD/CEO held by the same person? - No Average attendance of Directors in the Board meetings (%) % Composition of Board: As per Regulation (1)(b) of the Listing Regulations, 2015, the Company should have at least 33% Independent Directors as the Chairman of the Board is an Independent Director. The Company has 33.33% of Independent Directors and hence, it meets the regulatory requirements. Board Diversity: The Company has 6 directors out of which 5 are male and 1 is female. 5 P A G E

6 Trading Ratios Solven cy Ratios Liquidity Ratios Return Ratios Turnover Ratios STAKEHOLDERS EMPOWERMENT SERVICES TABLE 5 - FINANCIAL RATIOS Ratios Sep 16 Mar 16 Sep 15 Sep 16 vs Mar 16 % Change Mar 16 vs Sep 15 Inventory Turnover % 0.62% Debtors Turnover % % Fixed asset Turnover % % Current Asset Turnover % % Operating Profit Margin % % % N.A. N.A. Net Profit Margin -1,022.25% % % N.A. N.A. Return on Assets (ROA) N.A. N.A. N.A. N.A. N.A. Return on Equity (ROE) N.A. N.A. N.A. N.A. N.A. Return on Capital Employed (ROCE) Source - Money Control N.A. N.A. N.A. N.A. N.A. Current Ratio % % Quick Ratio % % Cash Ratio % % Working Capital Turnover ratio N.A. N.A. N.A. N.A. N.A. Debt to equity ratio % % Interest Coverage Ratio N.A. N.A. N.A. N.A. N.A. Market Cap / Sales % 15.85% Market Cap/ Net Worth % % Market Cap/PAT N.A. N.A. N.A. N.A. N.A. Market Cap/EBITDA N.A. N.A. N.A. N.A. N.A. TABLE 6 - TRADING VOLUME Jun Dec 16 Jun 16 Jun vs Dec 16 % Change Dec 16 vs Jun 16 Trading Volume (shares) (avg. of 1 qtr) 24,5 103,159 30, % % Trading Volume (shares) (high in 1 qtr) 193,620 1,410, , % % Trading Volume (shares) (low in 1 qtr) % 7.47% Ratio - High/low trading volume , % % Ratio - High/average trading volume % 70.18% Source Capitaline 6 P A G E

7 Shareholding(%) STAKEHOLDERS EMPOWERMENT SERVICES TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS Source NSE Jun' Dec'16 Jun'16 Promoter shareholding * Public - Institutional shareholding Public - Others shareholding Non-Promoter Non-Public Shareholding As per the Corporate Debt Restructuring (CDR) Scheme empowered by the CDR Empowered Group (CDR EG), the Allotment Committee of Board of Director had allotted 63,91,582 equity shares of (including a premium of 62.82) to SHRI DINESH CHAND SURANA on 14 th March, As per regulation 31(2) of Securities Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, the listed entities are required to maintain the shareholding of promoters in hundred percent dematerialized form. The said allotted 63,91,582 equity to SHRI DINESH CHAND SURANA is not listed since post issue process of listing of share are pending with stock exchange due to legal/technical issue pending for approval from consortium bankers. Outcome of Allotment Committee Meeting Dated 14 th March, Surana Industries Ltd has informed BSE that the Allotment Committee of the Board of Directors at their meeting held on 14 th March, 2016 had considered and approved the following: - Allotment of 63,91,582 equity shares of 10/ /- per share to Shri. Dineshchand Surana, Promoter of the Company: The Allotment Committee of Board of Directors had allotted 63,91,582 equity shares of 10/ /- (including a premium of 62.82/- per share) as the first tranche to Shri. Dineshchand Surana, Promoter (on Preferential Basis as per the Corporate Debt Restructuring (CDR) Scheme approved by the CDR Empowered Group in terms of CDR Scheme. MAJOR SHAREHOLDERS (AS ON 30 TH JUNE, 20) S. No. Promoters Shareholding 1 Shantilal Surana % 2 G R Surana % 3 Vijayraj Surana % 4 Dineshchand Surana % Source NSE MAJOR SHAREHOLDERS (AS ON 30TH JUNE, 20) S. No. Public Shareholding 1 ITF MAURITIUS 1.70 Source NSE TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS Market Activity of Promoters Preferential issue to promoters Preferential issue to others GDRs issued by the Company Issue of ESOPs Source - Annual Report The promoters have not sold/bought any shares in last three years. The Company has allotted 63,91,582 equity shares under, of face value 10 each to Shri Dinesh Chand Surana, the promoters of the Company on 14th March 2016 under Corporate Debt Restructuring (CDR) Scheme. No preferential issue of shares was made to other shareholders during last one year. The Company did not issue any GDRs during last one year. The Company did not issue any shares to the employees under its ESOP Scheme in last one year. TABLE 8: PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY 7 P A G E

8 Sr. No. Name and Description of main products / services % to Total turnover of the Company 1 Iron & Steel 100 % Source - Annual Report P A G E

9 Equity: The equity shares capital of the Company Glossary 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 = 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 = Accounts recievables Fixed Asset Turnover: The fixed-asset turnover ratio is a financial ratio of net sales to fixed assets Fixed Asset Turnover ratio = Fixed Assets Current Asset Turnover: The current-asset turnover ratio is a financial ratio of net sales to fixed assets Current Asset Turnover ratio = Current Assets 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 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 9 P A G E

10 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 = 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 pershare stock price by the per-share revenue. Market Cap Market Cap/Sales ratio = Market Cap/ Net Worth ratio: It is a valuation ratio calculated by dividing Company s market cap to net worth. Market Cap Market Cap/Networth ratio = Networth Market Cap/ PAT ratio: It is a valuation ratio calculated by dividing Company s market cap to net profit. Market Cap Market Cap/PAT ratio = net profit Market Cap/ EBITDA ratio: It is a valuation ratio calculated by dividing Company s market cap to EBITDA. 10

11 Market Cap Market Cap/EBITDA ratio = 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 11

12 DISCLAIMER Sources 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. Company Information 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. INH 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 Tel research@sesgovernance.com info@sesgovernance.com Research Analyst: Anamika Dewangan 12