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Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
1 | P A G E
SECTOR: TEXTILES REPORTING DATE: 14TH AUGUST, 2017
ALPS INDUSTRIES LTD. www.alpsindustries.com
Alps Industries Ltd. NSE Code - ALPSINDUS TABLE 1 - MARKET DATA (STANDALONE) (AS ON 11TH AUGUST, 2017)
Sector - Textiles NSE Market Price (₹) 5.40 NSE Market Cap. (₹ Cr.) 21.12
Face Value (₹) 10.00 Equity (₹ Cr.) 39.11
Business Group - N.A. 52 week High/Low (₹) 10.20/4.50 Net worth (₹ Cr.)* -407.06
Year of Incorporation - 1972 TTM P/E (TTM) N.A. Traded Volume (Shares) 28,118
TTM P/BV N.A. Traded Volume (lacs) 1.52
Registered Office Source - Capitaline, TTM - Trailing Twelve Months, N.A. – Not Applicable, *30th September, 2016
57/2, Site-IV Industrial Area, COMPANY BACKGROUND
Sahibabad, Ghaziabad – 201 010, Alps Industries Ltd (formerly Alps Textiles Pvt Ltd), is into manufacture and selling of home
furnshings, made-ups, window coverings and architechtural products like venetion blinds,
vertical blnds, artifical ceilings, drapery rods, etc. under the brand name Vista Levolor.
Alps Industries(AIL) which started as a partnership in 1962 was converted into a Private
Limited Company in 1972 and became a public limited company.
AIL has set up a spinning, weaving, processing and fabrication unit in Ghaziabad, UP,
which is producing vegetable dyes, cotton, yarn, and fabricate and dye cotton fabric and
fibre. The company has been supplying to Park B Smith, US, for over 20 years.
AIL has been steadily exporting to Japan, Canada, the US, Germany, the UK, etc. Its
products find a regular place in Harrods, Bloomingdales and Macy's departmental stores.
In 2000, the company has started manufacturing of Pashmina Shawls and fashion
accessories which was exported to Europe, Hong Kong, Japan and U.S.A. It has also
enhanced its fibre dyeing capacity by adding a plant imported from Italy.
Uttar Pradesh
Company Website:
www.alpsindustries.com
Revenue and Profit Performance
The revenue of the Company decreased from ₹ 155.22 crores to
₹ 135.81 crores from quarter ending Sep’15 to quarter ending
Sep’16. The Company made a loss of ₹ 15.34 crores in quarter
ending Sep’16 vis-a-vis making a loss of ₹ 15.07 crores in
quarter ending Sep’15.
Source: Money Control
Performance vis-à-vis Market
Source: Capitaline
TABLE 2- Returns
1-m 3-m 6-m 12-m
Alps Industries Ltd -14.96% -29.63% -27.52% -16.92%
Nifty -0.67% 4.00% 11.87% 12.97%
-
0.50
1.00
1.50
2.00
Aug16
Sep16
Oct16
Nov16
Dec16
Jan17
Feb17
Mar17
Apr17
May17
Jun17
Jul17
Alps Industries Ltd NIFTY
135.81 129.60155.22
-15.34
55.69
-15.07-50
0
50
100
150
200
Sep'16 Mar'16 Sep'15
Quarterly revenue and Profit (₹ CRORE)
Revenue Profit
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
2 | P A G E
SECTOR: TEXTILES REPORTING DATE: 14TH AUGUST, 2017
ALPS INDUSTRIES LTD. www.alpsindustries.com
TABLE 3 – FINANCIALS
(₹ Cr.) Sep’16 Mar’16 Sep’15 % Change
Sep ’16 vs Mar’16 Mar’16 vs Sep’15
Net Worth -407.06 -379.97 -420.08 N.A. N.A.
Current Assets 179.77 214.28 548.86 -16.11% -60.96%
Non-Current Assets 429.87 442.15 468.86 -2.78% -5.70%
Total Assets 609.64 656.43 1017.72 -7.13% -35.50%
Investments 9.84 9.84 9.84 0.00 0.00
Finance Cost 0.01 -2.20 0.89 N.A. -347.19%
Long Term Liabilities 833.47 834.78 925 -0.16% -9.75%
Current Liabilities 183.23 201.61 512.8 -9.12% -60.68%
Turnover 129.49 120.24 147.18 7.69% -18.30%
Profit After Tax (PAT) -15.34 55.69 -15.07 -127.55% N.A.
EPS (₹) -0.56 -0.59 -3.85 N.A. N.A.
Source - Money Control / stock Exchange filing
AUDIT QUALIFICATIONS
Audit Qualifications in last 3 years:
The Auditors have not raised any qualifications for FY 2015-16:
However, the Auditors have drawn attention to following emphasis of matters with respect to notes to Financial Statements:
1. To Note No. 38 related to preparation of financial statement on going concern basis on belief of the company on its ability
to meet its financial obligations as per restructuring consented to by the majority secured, forming part of the Draft
Rehabilitation Scheme which is pending for consideration before Hon'ble Board for Industrial and Financial Reconstruction.
2. To Note No.39 related to non-provision of interest on loans from subsidiary companies and loans from minority secured
lenders pending their consent to the restructuring which has been consented to by the majority secured lenders.
Audit Qualifications for FY 2014-15:
The company has not made any provision towards losses amounting to ₹ 392.05 Cr. on derivative contracts (refer to note
nos. 36 (A) (c) I, II and III to the notes to account) and towards claim amounting to ₹ 62.59 Cr. against the corporate
guarantee provided by the company on behalf of one of its subsidiary company (Refer to note no. 36 (A) (c) IV to the notes
to account), hence to these extent the loss as shown in the statement of profit and Loss, accumulated losses and current
liabilities are understated. This matter was also qualified in our report on the financial statements for the year ended on 31st
March 2014.
Emphasis of Matters for FY 2014-15:
Auditors have drawn attention to the following matters in the Notes to Financial Statements:
1. To the Note no. 37 relating to non provision of interest amounting to ₹ 122.91 Cr. for the financial year 2014-15 on loans
taken from banks/Financial Institution/ARC/Subsidiary companies pursuant to consent of the secured lenders, constituting
more than 83% of the outstanding secured debt of the company, to the Draft Rehabilitation Scheme (DRS) which is pending
consideration before the Hon'ble BIFR, which inter alia envisages the complete waiver of all outstanding interest from these
lenders.
2. To note no 42 regarding pending confirmation of balances from trade receivable, loans & Advances and trade payables and
reconciliation thereof and ascertainment of slow, non-moving and damaged inventory and impact thereof, if any.
3. To the Note no. 43 relating to non-adjustment of amounts paid to secured lenders in terms of settlement reached with
them, under consideration of the DRS by the Hon'ble BIFR.
4. To the Note no. 45 which briefs the status of the reference of the company filed with the Hon'ble Board of Industrial &
Financial Reconstruction (BIFR) u/s 15 of the Sick Industrial Companies (Special Provisions) Act, 1985. The financial
statements have been prepared by the company on going concern basis pending sanction of the rehabilitation scheme by
the Hon'ble BIFR.
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STAKEHOLDERS EMPOWERMENT SERVICES
3 | P A G E
SECTOR: TEXTILES REPORTING DATE: 14TH AUGUST, 2017
ALPS INDUSTRIES LTD. www.alpsindustries.com
Audit Qualifications for FY 2013-14:
The company has not made any provision towards losses amounting to ₹ 389.79 Cr. on derivative contracts crystallized
(refer to note nos. 36 (A) (d) I, II and III to the notes to account) and towards claim amounting to ₹ 60.09 Cr. against the
corporate guarantee provided by the company on behalf of one of its subsidiary company (Refer to note no. 36 (A) (d) IV to
the notes to account), hence to these extent the loss as shown in the statement of profit and Loss, accumulated losses and
current liabilities are understated.
Response Comment
Frequency of Qualifications Same qualification appeared in FY2013-14 and FY2014-15
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 – 2015-16)
Regulatory Norms Company
% of Independent Directors on the Board 50% 57.14%
% of Promoter Directors on the Board - 28.57%
Number of Women Directors on the Board At least 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 (%) - 91.43%
Composition of Board: As per Regulation 17(1)(b) of the Listing Regulations, 2015, the Company should have at least 50%
Independent Directors as the Chairman of the Board is a Non-Executive Promoter Director. The Company has 57% of
Independent Directors on the Board and hence, it meets the regulatory requirements.
Board Diversity: The Company has 7 directors out of which 6 are male and 1 female.
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4 | P A G E
SECTOR: TEXTILES REPORTING DATE: 14TH AUGUST, 2017
ALPS INDUSTRIES LTD. www.alpsindustries.com
TABLE 5 - FINANCIAL RATIOS
Ratios Sep’16 Mar’16 Sep’15
% Change
Sep ’16 vs
Mar’16
Mar’16 vs
Sep’15
Turn
ove
r
Rat
ios
Inventory Turnover 1.66 1.08 0.39 53.24% 175.38%
Debtors Turnover 1.60 1.46 1.50 9.71% -2.88%
Fixed asset Turnover 0.30 0.27 0.31 10.77% -13.37%
Current Asset Turnover 0.72 0.56 0.27 28.37% 109.26%
Ret
urn
Rat
ios Operating Profit Margin -5.56% -9.21% -3.95% N.A. N.A.
Net Profit Margin -11.85% 46.32% -10.24% -125.58% N.A.
Return on Assets (ROA) N.A. 8.48% N.A. N.A. N.A.
Return on Equity (ROE) N.A. -14.66% N.A. N.A. N.A.
Return on Capital Employed (ROCE) N.A. 12.24% N.A. N.A. N.A.
Liq
uid
ity
Rat
ios
Current Ratio 0.98 1.06 1.07 -7.69% -0.70%
Quick Ratio 0.55 0.51 0.34 8.46% 50.60%
Cash Ratio 0.11 0.10 0.15 10.30% -31.22%
Working Capital Turnover ratio N.A. 4.40 N.A. N.A. N.A.
Solv
ency
Rat
ios Debt to equity ratio N.A. N.A. N.A. N.A. N.A.
Interest Coverage Ratio N.A. N.A. N.A. N.A. N.A.
Trad
ing
Rat
ios Market Cap / Sales 0.18 0.15 0.13 23.83% 10.14%
Market Cap/ Net Worth N.A. N.A. N.A. N.A. N.A.
Market Cap/PAT N.A. 0.32 N.A. N.A. N.A.
Market Cap/EBITDA N.A. N.A. N.A. N.A. N.A.
Source - Money Control
TABLE 6 - TRADING VOLUME
Jun’17 Dec’16 Jun’15
% Change
Jun ’17 vs
Dec’16
Dec’16 vs
Jun’16
Trading Volume (shares) (avg. of 1 qtr) 61,454 131,337 66,310 -53.21% 98.07%
Trading Volume (shares) (high in 1 qtr) 630,650 1,170,221 551,059 -46.11% 112.36%
Trading Volume (shares) (low in 1 qtr) 5,480 14,066 6,848 -61.04% 105.40%
Ratio - High/low trading volume 115.08 83.20 80.47 38.33% 3.39%
Ratio - High/average trading volume 10.26 8.91 8.31 15.18% 7.22%
Source: Capitaline
TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS
Jun'17 Dec'16 Jun'16 Comments
Shar
eho
ldin
g (%
)
Promoter shareholding 27.06 27.06 27.06 • No new equity shares were issued during the
period from Jun’ 2016 to June’ 2017.
• Promoter shareholding remains unchanged
during the said period.
• The shareholding of public institution
decreased from 0.80% to 0.00% and that of
public others increased from 72.14% to 72.94%
during the same period.
• The promoters have pledged 38.60% of their
shareholding.
Public - Institutional
shareholding 0.00 0.00 0.80
Public - Others
shareholding 72.94 72.94 72.14
Non-Promoter Non-
Public Shareholding 0.00 0.00 0.00
Source: NSE
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5 | P A G E
SECTOR: TEXTILES REPORTING DATE: 14TH AUGUST, 2017
ALPS INDUSTRIES LTD. www.alpsindustries.com
MAJOR SHAREHOLDERS (AS ON 30th June, 2017)
S. No. Promoters Shareholding
S. No. Public Shareholders Shareholding
1 Pacific Texmark Private Limited 7.25%
1 Shree Naman Securities
and Finance Private
Limited
1.82%
2 Padam Precision Dies and Components Pvt Ltd 4.32%
3 K K Agarwal 2.93%
4 Coronation Spinning India Pvt Ltd 2.30% 2 Kinnari Rakesh Pujara 1.26%
5 Sandeep Agarwal 1.67% 3 Subramanian P 1.11%
Source: NSE
TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS
Market Activity of Promoters The promoters have not sold/bought any shares in last one year.
Preferential issue to promoters No preferential issue of shares was made to the promoters in last one year.
Preferential issue to others No preferential issue of shares was made to other shareholders in last one year.
GDRs issued by the Company The Company did not issue any GDRs in last one year.
Issue of ESOPs/Issue of shares other than
Preferential allotment
The Company does not have any ESOP Scheme. Further, no new equity shares were
issued by the Company in last one year.
Source - Annual Report 2015-16
TABLE 8: PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
Sr. No. Name and Description of main products / services % to Total turnover of the Company
1 Yarn 65.17
2 Fabrics 28.80
Source - Annual Report 2015-16
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6 | P A G E
SECTOR: TEXTILES REPORTING DATE: 14TH AUGUST, 2017
ALPS INDUSTRIES LTD. www.alpsindustries.com
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
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
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SECTOR: TEXTILES REPORTING DATE: 14TH AUGUST, 2017
ALPS INDUSTRIES LTD. www.alpsindustries.com
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
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.
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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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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
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