stakeholders empowerment services · 2018-03-15 · shriram epc ltd. petition for award of...

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

STAKEHOLDERS EMPOWERMENT SERVICES

1 | P A G E

SECTOR: INFRASTRUCTURE DEVELOPERS & OPERATORS REPORTING DATE: 30TH JANUARY, 2018

SHRIRAM EPC LTD. www.shriramepc.com

Shriram EPC Ltd. NSE Code - SHRIRAMEPC TABLE 1 - MARKET DATA (STANDALONE) (AS ON 24TH JANUARY’ 2018)

Sector - Infrastructure Developers NSE Market Price (`) 32.15 NSE Market Cap. (₹ Cr.) 3,128.32

& Operators Face Value (`) 10.00 Equity (` Cr.) 971.53

52 week High/Low (₹) 33.90/17.20 Net worth (₹ Cr.)* 1,411.34

Business Group - Shriram Group TTM P/E (TTM) N.A. Traded Volume (Shares) 31,66,955

Year of Incorporation - 2000 TTM P/BV 2.22 Traded Volume (lacs) 1,018.18

Source - Capitaline, TTM - Trailing Twelve Months, N.A. - Not Applicable, * As on 30th September, 2017

Registered Office - COMPANY BACKGROUND

Sigappi Achi Bldg 4th Flr 18/3, Shriram EPC Limited is a holding company. The Company is a provider of integrated

design, engineering, procurement, construction and project management services. The

Company operates through three segments: Contracts, Windmill and Trading. The

turnkey contracts represent the Company's engineering, procurement and construction

projects business, which includes renewable energy projects, such as biomass-based

power plants, metallurgical and process plant projects, and municipal services projects,

such as water and wastewater treatment plants, water and sewer infrastructure and pipe

rehabilitation. The Company is focused on providing turnkey solutions for ferrous and

non-ferrous, cement, aluminum, copper and thermal power plants, water treatment and

transmission, renewable energy, and cooling towers and material handling. The Company

provides engineering service for all types of mining activities in the field of copper mines,

iron mines, coal mines, gold mines and uranium mines.

Rukmini Lakshmipathi Rd Egmore,

Chennai, 600 008, Tamil Nadu

Company Website:

www.shriramepc.com

Revenue and Profit Performance

The revenue of the Company increased from ₹ 80.09 crores to

₹ 115.31 crores from quarter ending Sep’16 to quarter ending

Sep’17. The Company made a profit of ₹ 2.44 crores in

quarter ending Sep’17 vis-a-vis making a loss of ₹ 55.03 crores

in quarter ending Sep’16.

Source: Moneycontrol

Performance vis-à-vis Market

TABLE 2- Returns

1-m 3-m 6-m 12-m

Shriram EPC Ltd -2.58% 42.30% 35.65% 13.81%

Nifty 5.27% 6.88% 10.70% 27.19%

Source - Capitaline/NSE

0.50

0.70

0.90

1.10

1.30

1.50

Jan 17 Mar 17 May 17 Jul 17 Sep 17 Nov 17

Shriram EPC Ltd NIFTY

115.31

211.80

80.09

2.44

-65.49-55.03

-100

0

100

200

300

Sep'17 Mar'17 Sep'16

Quarterly revenue and Profit (₹ CRORE)

Revenue Profit



2 | P A G E



TABLE 3 - FINANCIALS

(₹ Cr.) Sep’17 Mar’17 Sep’16 % Change

Sep ’17 vs Mar’17 Mar’17 vs Sep’16

Net Worth 1,411.34 1,577.78 315.13 -10.55% 400.68%

Current Assets 1,541.33 1,465.94 1,363.99 5.14% 7.47%

Non-Current Assets 1,180.72 1,594.45 1,610.17 -25.95% -0.98%

Total Assets 2,722.05 3,060.38 2,974.16 -11.06% 2.90%

Investments 1.30 1.35 5.42 -3.70% -75.09%

Finance Cost 26.40 48.67 55.39 -45.76% -12.13%

Long Term Liabilities 472.97 610.88 1,749.95 -22.58% -65.09%

Current Liabilities 837.75 871.72 785.09 -3.90% 11.03%

Turnover 115.31 211.80 80.09 -45.56% 164.45%

Profit After Tax 2.44 -65.49 -55.03 N.A. N.A.

EPS (₹) 0.03 -1.16 -1.63 N.A. N.A.

Source - Money Control/Stock exchange filing

AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years: The Statutory Auditors have given Qualified Opinion in their Report for FY 2016-17, FY 2015-

16.

Qualification on Standalone and Consolidated Financial Statements for FY 2016-17.

1. “We draw attention to the Note No. 47 of the financial statements regarding the dues aggregating to ₹12,141.62 Lakhs in

respect of an overseas project. As mentioned in the Note, the construction activities have ceased and the case filed by the

Company against the customer for recovery of the dues is pending before Iraqi Court. The Company has also filed

appropriate claims with Export Credit and Guarantee Corporation (ECGC). However in the absence of any positive

development till date in these matters, there is uncertainty on the amount that would be ultimately realizable by the

Company. In view of the uncertainty involved, we are unable to comment on the carrying value of the said receivable. This

matter was also qualified in our report on the standalone financial statements for the year ended 31stMarch 2016.

2. We draw attention to Note No. 49(a)of the financial statements regarding advances of ₹ 12,309.72 Lakhs and Trade

Receivables of Rs. 1,023.58 Lakhs due, from a related party. These advances and Trade Receivables are considered good and

recoverable by the management for the reasons stated in the said note. In the absence of audit evidence to corroborate

management’s assessment of recoverability of these advances and having regard to age of these balances, we are unable

to comment on the extent to which these balances are recoverable.”

Management Response: “The Company has taken recourse for recovery of amount spent on the project through legal,

diplomatic and claim under credit insurance with ECGC, Further Company`s petition for award of compensation for the quantum

of work done is pending with the Appellate Court in Iraq. In view of the above, Company is confident of recovering the amount

spent on the project, hence no provision was made.”

“The related party is in advanced stage of negotiating with their bankers for restructuring its debts and with the business

environment looking up, the Company is confident of recovering the advance & trade receivable from the related party.”

Qualification on Standalone and Consolidated Financial Statements for FY 2015-16.

“We draw attention to the Note No. 48 of the financial statements regarding the dues aggregating to ₹12,208.22 Lakhs in

respect of an overseas project. As mentioned in the Note, the Court of Cassation in Iraq has finally decided the matter against the

Company. The Company continues to pursue the matter with the Iraqi Government for compensation and has also filed

appropriate claims with Export Credit and Guarantee Corporation (ECGC). However, in the absence of any positive development

still date either from Iraqi Government or from ECGC, there is uncertainty on the amount that would be ultimately realizable by

the Company. In view of the uncertainty involved, we are unable to comment on the carrying value of the said receivable.”

Management Response: “The Company has taken recourse for recovery of amount spent on the project through legal,

diplomatic and claim under credit insurance with ECGC, in addition to, injunction in force against invocation of Performance Bank

Guarantee issued in favour of Governorate of Basra in Iraqi Court as well as High Court of Chennai, India. Further Company`s



3 | P A G E



petition for award of compensation for the quantum of work done is pending with the Appellate Court in Iraq. In view of the

above, Company is confident of recovering the amount spent on the project, hence no provision was made.”

Response Comment

Frequency of Qualifications From last two Years (FY 2016-17 & 2015-16)

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 Company

% of Independent Directors on the Board 33% 55%

% of Promoter Directors on the Board - 0%

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 (%) - 76.39%

Composition of Board: As per Regulation 17(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,

2015 "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 55% of Independent Directors and hence, it meets the regulatory requirements.

Board Diversity: The Company has 9 directors out of which 8 are male and 1 is female.

TABLE 5 - FINANCIAL RATIOS

Ratios Sep’17 Mar’17 Sep’16

% Change

Sep ’17 vs

Mar’17

Mar’17 vs

Sep’16

Turn

ove

r

Rat

ios

Inventory Turnover 2.84 5.55 2.09 -48.82% 165.28%

Debtors Turnover 0.31 0.46 0.25 -31.09% 83.15%

Fixed asset Turnover 0.10 0.13 0.05 -26.48% 167.06%

Current Asset Turnover 0.07 0.14 0.06 -48.22% 146.06%

Ret

urn

Rat

ios Operating Profit Margin 0.80 -10.31 2.17 N.A. -574.63%

Net Profit Margin 2.12 -30.92 -68.71 N.A. N.A.

Return on Assets (ROA) 0.09 N.A. N.A. N.A. N.A.

Return on Equity (ROE) 0.17 N.A. N.A. N.A. N.A.

Return on Capital Employed (ROCE) 0.13 N.A. N.A. N.A. N.A.

Liq

uid

ity

Rat

ios

Current Ratio 1.84 1.68 1.74 9.41% -3.21%

Quick Ratio 1.79 1.64 1.69 9.37% -3.00%

Cash Ratio 1.35 1.10 1.28 22.50% -13.62%

Working Capital Turnover ratio 0.00 N.A. N.A. N.A. N.A.

Solv

ency

Rat

ios Debt to equity ratio 0.69 0.53 6.22 29.15% -91.42%

Interest Coverage Ratio 0.03 N.A. 0.03 N.A. N.A.

Trad

ing

Rat

ios

Market Cap / Sales 26.92 10.82 28.96 148.75% -62.63%

Market Cap/ Net Worth 2.20 1.45 7.36 51.39% -80.26%

Market Cap/PAT 1,272.15 N.A. N.A. N.A. N.A.

Market Cap/EBITDA 3,373.96 N.A. 1,332.87 N.A. N.A.

Source - Money Control/Stock exchange filing



4 | P A G E



TABLE 6 - TRADING VOLUME

Particulars Dec’17 June’17 Dec’16

% Change

Dec ’17 vs

June’17

June’17 vs

Dec’16

Trading Volume (shares) (avg. of 1 qtr) 5,53,091 1,32,028 3,21,412 318.92% -58.92%

Trading Volume (shares) (high in 1 qtr) 61,98,137 22,14,846 44,32,706 179.85% -50.03%

Trading Volume (shares) (low in 1 qtr) 40,897 23,497 15,108 74.05% 55.53%

Ratio - High/low trading volume 151.55 94.26 293.40 60.78% -67.87%

Ratio - High/average trading volume 11.21 16.78 13.79 -33.20% 21.64%

Source - Capitaline

TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS

Dec-17 Jun-17 Dec-16 Comments

Shar

eho

ldin

g (%

)

Promoter shareholding 28.76 29.74 21.11 • The Company issued 1,88,023,830 equity shares under

preferential issue of shares during the period from 1st

January’ 2017 to 31st December’ 17.

• The promoter shareholding increased from 21.11% to

28.76% during same period

• The shareholding of “public institution” decreased from

75.75% to 67.39% and “public others” increased from

3.14 to 3.85% during the same period.

• The promoters have pledged 51% of their shareholding.

The promoters have not pledged any shares

Public - Institutional

shareholding 67.39 67.65 75.75

Public - Others

shareholding 3.85 2.61 3.14

Non-Promoter Non-

Public Shareholding 0.00 0.00 0.00

Source - NSE

MAJOR SHAREHOLDERS (AS ON 31st DECEMBER 2017)

S. No. Promoters Shareholding S. No. Public Shareholders Shareholding

1 SVL Limited 28.76%

1 State Bank of India 11.20%

2 Central Bank of India 9.63%

3 Oriental Bank of Commerce 7.11%

4 IDBI Bank Ltd. 6.14%

5 Punjab National Bank 5.69%

Source - NSE

TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The promoters have not sold/bought any shares in FY 2016-17.

Preferential issue to promoters Preferential issue of 11,39,78,495 shares was made to the promoters in FY 2016-17.

Preferential issue to others Preferential issue of 49,23,63,025 shares was made to other shareholders during FY

2016-17.

GDRs issued by the Company The Company did not issue any GDRs during FY 2016-17.

Issue of ESOPs/ Issue of shares other

than Preferential allotment

The Company did not issue any shares to the employees under its ESOP Scheme in FY

2016-17.

Source - Annual Report FY 16-17

TABLE 8: PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Sr. No. Name and Description of main products / services % to Total turnover of the Company

1 EPC 100%

Source - Annual Report FY 16-17



5 | P A G E



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



6 | P A G E



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.

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

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

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

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

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



7 | P A G E



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



8 | P A G E



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

[email protected]

[email protected]

www.sesgovernance.com

Research Analyst: Kirti Dhokiya

mailto:[email protected]

mailto:[email protected]

http://www.sesgovernance.com/