DOCSLIB.ORG

ABT Industries Limited

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
ABT Industries Limited January 19, 2017 ABT Industries Limited Instruments* Amount Rated (Rs. crore) Rating Action Term Loans 24.00 [ICRA]BB+(stable) / reaffirmed Long-term Fund based 48.00 [ICRA]BB+(stable) / reaffirmed Long term Non-fund Based 0.65 [ICRA]BB+(stable) / reaffirmed Long term Unallocated 8.52 [ICRA]BB+(stable) / reaffirmed Short-term non-fund based 0.75 [ICRA]A4+ / reaffirmed *Instrument details are provided in Annexure-1 Rating action ICRA has reaffirmed the long-term rating of [ICRA]BB+ (pronounced ICRA double B plus) on the Rs.24.00 crore term loan facility, Rs.48.00 crore long-term fund based facilities, Rs.0.65 crore long-term non-fund based facilities and 8.52 crore Long term Unallocated facilities of ABT Industries Limited (“AIL”/ the company). The outlook on the long term rating is stable. ICRA has also reaffirmed the short-term rating of [ICRA]A4+ (pronounced ICRA A four plus) on the Rs.0.75 crore short-term non-fund based facilities of AIL. Rationale The rating reaffirmation considers AIL’s strong market position in the commercial vehicles (CVs) dealership business in Madurai, the company being an authorized dealer of Tata Motors Limited (TML), and the stable market share in dairy segment in the region it operates. While the CV dealership division continues to report losses due to the inherently thin gross margins amidst heightened competition and pricing pressures, the same remains buffered by dairy segment. In March 2015, AIL pruned its non-profitable CV dealership division in Calicut which resulted in a 10% reduction in overall revenues. But addition of new products and price hikes in the dairy segment aided in AIL’s profit margins expansion (by 70 bps). Going forward, the company plans to introduce new products in the dairy division which is expected to boost profit margins owing to better realizations and the favorable outlook on skimmed milk powder (SMP) prices. The ratings, however, remain constrained by the sustained losses in CV segment and the weak realizations in dairy segment. With the sluggish freight demand and currency demonetization, the CV segment performance is likely to remain weak although the impact of pre-buying (ahead of the proposed implementation of BS-IV emission norms from April 2017) during Q4FY2017 remains to be seen. The ratings also remain constrained by the stretched capitalisation and coverage indicators apart from the high working capital intensity inherent in the business. ICRA notes that the company is adding a processing facility for dairy products; the total project cost estimated at Rs.40 crore. With the project being partly debt funded, AIL’s capital structure is expected to remain at elevated levels; that said, the cash accruals are also likely to improve on account of higher margins expected from the new products. Key rating drivers Credit Strengths Authorized dealer of TML with established market position in few clusters of Tamil Nadu Strong market position in dairy operations in few districts of TN; widening product portfolio including milk derivative products coupled with broad procurement base and wide distribution network has supported revenue growth and margin expansion Pruning of non-profitable dealership divisions to improve operating profits in medium term Credit Concerns Decline in revenues by 9% in FY2016 due to closure of dealership division in Calicut and weak skimmed milk powder prices Profit margins remain low owing to the thin margins in the dealership segment Stretched capital structure characterized by high gearing and moderate coverage indicators owing to the high working capital requirements in the business Ongoing debt funded capex to keep the debt indicators moderate Description of key rating drivers highlighted above: The company is an authorized dealer for Tata Motors Limited and has an established healthy market position in CV dealership business in Madurai. Due to low value addition, rising discounting and intense competition from other players, the segment’s profitability has been negative. To mitigate the same, AIL had closed its non- profitable CV dealership outlet in Kerala in March 2015, which contributed to over 20% of revenues, resulting in a 10% fall in overall revenues during FY2016. Further the ongoing slowdown in the CV segment on the back of sluggish freight demand and currency demonetization is expected to affect the segment’s performance in the near term. That said, the impact of pre-buying (ahead of the proposed implementation of BS-IV emission norms from April 2017) during Q4FY2017 remains to be seen. In the dairy segment, AIL processes dairy products like milk, curd, butter, ghee, skimmed milk powder, etc under the brand name of Sakthi in Tamil Nadu and Kerala and also command a strong market share in few pockets. AIL’s profit margins are largely supported by the dairy division where contribution margins are high due to high value addition. In FY2016, the segment’s revenues were down by 11% affected by due to decline in demand from overseas markets and fall in SMP prices although price hikes in liquid milk, curd and ghee partly insulated the revenue fall and also aided in margin expansion. Going forward, the company plans to add new margin-accretive products like ice-cream, flavored yoghurt, butter, cheese, etc. AIL plans to add processing capabilities for the same at a project cost of Rs. 40 crore funded through Rs.20 crore of debt, Rs.10 crore of government grant and rest through internal accruals. AIL’s capitalisation and coverage indicators remain moderate owing to the inherent high working capital requirements in the business. The capital structure is expected to remain at elevated levels with this debt funded capex; although the coverage indicators can be expected to improve with the pruning of loss making outlets, improving price outlook for SMPs and higher margins expected from the new products planned to be introduced. Analytical approach: Links to applicable Criteria Corporate Credit Rating - A Note on Methodology Rating methodology for Automotive Dealership Industry About the company: ABT Industries Limited (AIL) was incorporated in 1950 under the name “The Gounder & Co Private Ltd”. The Company was initially into tea plantations till 1990, subsequent to which it obtained a new dealership for commercial vehicles from TATA Motors Ltd (TML) at Madurai and also took up manufacturing facilities of fruit based beverages at Chennai (which was subsequently hived off during 2002). Later, the Company took over two other commercial vehicles dealerships of TML at Coimbatore and Calicut from the partnership firms of the promoters. The Company entered into the dairy business during 1993-94 and in 2009-10, the dairy plant was expanded and a new skimmed milk powder plant was commissioned. The company closed down its dealership division in Calicut in March 2015. Currently the company derives ~52% of its revenues through the dealership division and the rest through the dairy division. The company belongs to the Sakthi group of companies based out of Coimbatore which has diversified interests across various industries including automobile, transport, education, textiles and sugars. Status of non-cooperation with previous CRA: Not Applicable Any other information: Not Applicable Rating History for last three years: Table: Rating History Current Rating Month - year Month - year Month - year Name of S. Type Rated Month - year & Rating in & Rating in & Rating in Instrumen No. amount (Rs. & rating FY2016 FY2015 FY2014 t Crores) Jan 2017 June 2015 June 2014 June 2013 [ICRA]BB+ [ICRA]BB+ [ICRA]BB+ [ICRA]BB+ 1 Term loans Long term 24.00 (Stable) (Stable) (Stable) (Stable) Cash Long term- [ICRA]BB+ [ICRA]BB+ [ICRA]BB+ [ICRA]BB+ 2 48.00 credit fund based (Stable) (Stable) (Stable) (Stable) Long term- Bank [ICRA]BB+ [ICRA]BB+ [ICRA]BB+ [ICRA]BB+ 3 non fund 0.65 Guarantee (Stable) (Stable) (Stable) (Stable) based [ICRA]BB+ [ICRA]BB+ [ICRA]BB+ [ICRA]BB+ 5 Proposed Long -term 8.52 (Stable) (Stable) (Stable) (Stable) Short-term- Letter of 6 non fund 0.75 [ICRA]A4+ [ICRA]A4+ [ICRA]A4+ [ICRA]A4+ credit based Complexity level of the rated instrument: ICRA has classified various instruments based on their complexity as "Simple", "Complex" and "Highly Complex". The classification of instruments according to their complexity levels is available on the website www.icra.in Annexure-1 Details of Instruments Name of the Date of Coupon Maturity Size of the Current Rating and instrument issuance rate Date issue (Rs. Cr) Outlook Term loan 1 Feb 2016 - March 2024 20.00 [ICRA]BB+(Stable) Term Loan 2 June 2011 March 2017 4.00 Cash credit - - - 48.00 [ICRA]BB+(Stable) Bank Guarantee - - - 0.65 [ICRA]BB+(Stable) Proposed long- - - - 8.52 [ICRA]BB+(Stable) term Letter of credit - - - 0.75 [ICRA]A4+ Source: ABT Name and Contact Details of the Rating Analyst(s): Analyst Contacts Subrata Ray Srikumar K +91 22 2433 1086 +91 44 4596 4318 [email protected] [email protected] Gayathri Ramesh +91 44 4596 4311 [email protected] Name and Contact Details of Relationship Contacts: Jayanta Chatterjee +91 80 4332 6401 [email protected] About ICRA Limited: ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency. Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. The international Credit Rating Agency Moody’s Investors Service is ICRA’s largest shareholder. For more information, visit www.icra.in © Copyright, 2017, ICRA Limited. All Rights Reserved Contents may be used freely with due acknowledgement to ICRA ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.
Load more

Recommended publications
  • KCTBS Annual Report
    ANNUAL REPORT 2014 - 15 About Us About KCT.BS KCT Business School is a hub for nurturing business leaders and entrepreneurs who make an impact on the society. The ecosystem of the Business School promotes managerial excellence, entrepreneurial learning and discovery among the students, who challenge the status quo and change the way business is done and society is evolving. It fosters the spirit of innovation and entrepreneurship by providing the tools, experiences and connections that will shape success stories of the students. KCT Business School is a vibrant unit of the large conglomerate – The Sakthi group making their presence in industries such as sugars, auto components, power, transport, soya, distillery services, finance, wind mill, dairy and education. The flagship Institution of Sakthi group, Kumaraguru College of Technology (KCT), its magnificent campus and the edifice, enormous reputation, robust departments and more were all born out of the vision and dedicated efforts of the Founder Chairman Dr. N. Mahalingam. KCT, a leading Engineering College in Tamilnadu, offers 13 graduate and 14 masters programs. Institution has 16 academic departments and 9 research centres. KCT Business School (KCT.BS) born out of a rich legacy, strong vision and great commitment was established in 2005 and is located in the 150 acres of KCT campus About KCT Kumaraguru college of Technology (KCT), Coimbatore is a private Engineering College started in 1984 under the auspices of Ramanandha Adigalar Foundation, a charitable educational trust of Sakthi Group. It is situated in 150 acres in the IT corridor of Coimbatore which in many ways was a front runner in the eco system.
    [Show full text]
  • Sakthi Auto Motors Limited: Ratings Moved to 'Issuer Non-Cooperating
    April 30, 2020 Sakthi Auto Motors Limited: Ratings moved to ‘Issuer Non-cooperating category,’ Ratings downgraded based on best available information Summary of rated instruments Previous Rated Amount Current Rated Amount Instrument^ Rating Action (Rs. crore) (Rs. crore) [ICRA]BB (CE) (Negative) ISSUER NOT COOPERATING*; Rating downgraded from Long-term – Fund-based 10.0 10.0 [ICRA]BB+ (CE) (Stable) and moved to ‘Issuer Not Cooperating’ category [ICRA]BB (CE) (Negative) ISSUER NOT COOPERATING*; Rating downgraded from Long-term – Term Loan 15.0 15.0 [ICRA]BB+ (CE) (Stable and moved to ‘Issuer Not Cooperating’ category Total 25.0 25.0 *Issuer did not cooperate; based on best available information. Rating without explicit credit Unable to assess in the absence of information enhancement Note: The (CE) suffix mentioned alongside the rating symbol indicates that the rated instrument/ facility is backed by some f orm of explicit credit enhancement. Earlier, the rating symbol for this instrument/facility used to be accompanied by the (SO) suffix. This rating is specific to the rated instrument/ facility, its terms and its structure and does not represent ICRA’s opinion on the general credit quality of the entity concerned. Rationale The ratings for the Rs. 25.0 crore bank facilities of Sakthi Auto Motors Limited has been moved to ‘Issuer Not Cooperating’ category. The rating is now denoted as “[ICRA]BB (CE) (Negative); ISSUER NOT COOPERATING”. Rating is downgraded based on the revision in rating of the guarantor to the rated amount - ABT Industries Limited (rated currently at [ICRA]BB (negative)/A4). ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity’s management has remained non-cooperative.
    [Show full text]
  • District Diagnostic Study Coimbatore District
    DISTRICT DIAGNOSTIC STUDY COIMBATORE DISTRICT COIMBATORE IS KNOWN FOR “PLACE OF ENTERPRISES” TNRTP-Coimbatore DDR, 2019 Table of Contents S.No Contents Page No I Introduction of District 1-2 1.1 Methodology II District Profile 3 III Population and Demographics Profile 4 IV Connectivity 6 V Power Resource 7 VI Economic Profile 7 VII Community Based Organization 8 VIII Geographical Profile 9-18 8.1 Topography 8.2 Soil type 8.3 Climate & Rainfall 8.4 Water resource 8.5 Few schemes to enhance the water supply in the district 8.6 Status of ground water 8.7 Sources of Irrigation 8.8 Land use pattern ii TNRTP-Coimbatore DDR, 2019 IX Farm Sectors 19-54 9.1 Land holding pattern 9.2 Area and production of crops 9.3 Cropping pattern 9.4 Irrigation of crops area wise 9.5 Area of cultivation of major crops 9.6 Block wise cropping pattern 9.7 Productivity of crops 9.8 Horticulture crops 9.9 Block wise area of cultivation of prioritized crops 9.10 Crop Trend Analysis 9.11 Agriculture marketing 9.12 Agricultural business opportunities in Productivity of Crops 9.13 Farmer Producer Organaisation X Allied Sector 55-59 10.1 Animal husbandry & Dairy development 10.2 Fisheries 10.3 Sericulture 10.4 Model government grain age iii TNRTP-Coimbatore DDR, 2019 XI Non-Farm Sector 60-78 11.1 Industrial scenario 11.2 MSME 11.3 UYEGP scheme 11.4 NEEDS scheme 11.5 PMEGP scheme 11.6 Textile 11.7 Handloom 11.8 Electrical & Electronic industrial estates 11.9 Manufacturing industries 11.10 Jewellery and Gems Manufacturing 11.11 Industrial estates 11.12 Resource Institutions
    [Show full text]
  • Academic Annual Report 1
    2017-18 Academic Annual Report 1 Academic Annual Report 2017-18 2 2017-18 Academic Annual Report Contents About KCT.BS & KCT 05 Vision Mission Values, Program Educational Objectives & Program Objectives 06 Key Imperative Achievements 08 KCT Business School Strategic Imperatives 09 Academics 10 People Resources 20 Student Activities 23 Collaboration 36 Outreach 44 2017-18 Academic Annual Report 3 Founder Arutchelvar Dr.N.Mahalingam Arutchelvar Dr. N Mahalingam, was the Founder Chairman of Sakthi Group, 6,000 crore rupees industrial conglomerate operating in sugar, automobiles, finance, distilleries, power and logistics. Dr. N. Mahalingam was a philanthropist, educationalist and politician. He has established a number of educational institutions and known for his support to various spiritual and cultural organisations. He was born on 21 March 1923 in an agriculture family at Pollachi to P Nachimuthu Gounder, who started the Sakthi Group in 1921 by diversifying his traditional business of hiring out bullock carts to starting a passenger transport services. Nachimuthu Gounder’s only son Mahalingam joined the business in 1943 and helped grew the business to its current level. He was the founder of many educational institutions from schools to colleges. Some of his educational institutions are Kumaraguru College of Technology, KCT Business School, Kumaraguru College of Liberal Arts and Science , Nachimuthu Polytechnic college, Mahalingam college of Engineering, NGM College. He held several important positions and played major roles fostering the development of agricultural, industrial, human resource and institutional development at the State and National levels. He served as a Member of Legislative Assembly of Tamil Nadu during 1952 to 1967 and was on the Tamil Nadu State Planning Commission for two terms.
    [Show full text]
  • POSITIONING Manufacturersthe ECONOMIC UPTURN For
    2010 Presents CODISSIA An ISO 9001:2000 Organisation GMCV 2 2 Global Manufacturing Cluster Vision 2020 C E O C o n c l a v e & A w a r d s I M P R E S S I V E 3rd EDITION POSITIONING ManufacturersTHE ECONOMIC UPTURN for Date : 3rd September, 2010. Venue : The Residency, Coimbatore, Tamilnadu, India. GMCV 2020 HIGHLIGHTS VISIONTO CREATE THE FUTURE lA Forum with International Content. lEminent Speakers from TCHANCEO MEET THE BEST BUSINESS LEADERS Manufacturing Industry. lOne to One Interaction with Industry Heads. FORUMTO BRING THE BEST MINDS TOGETHER lPanel Discussion. CAN YOU AFFORD TO l250 CEOs from the Manufacturing 1MISS THIS OPPORTUNITY? Industry to Create a Powerful Forum. PROGRAMME 4.00 - 4.30 pm Registration 4.35 - 4.45 pm Welcome Address by President - Codissia. Shri. M. KANDHASWAMI, Managing Direcrtor, Anandha Fabrications Cbe. Pvt. Ltd. 4.45 - 4.55 pm Conference Theme Address by Conclave Convenor Shri. K. ILANGO, Joint Managing Director, RSM Autokast Ltd. 4.55 - 5.10 pm Lighting of Lamp & Inaugural Address Smt. R. NANDINI, Managing Director, Chandra Group of Companies. Vice Chairperson, Confederation of Indian Industry - CII, Tamilnadu State Council. 5.10 - 5.30 pm Key Note Address by Chief Guest Dr. V. SUMANTRAN, Vice Chairman, Hinduja Automotive Limited, UK. Member of the Board, Ashok Leyland. Chairman, Defiance. 5.30 - 5.50 pm “Mantra for Success” Shri. KOCHOUSEPH CHITTILAPPILLY, Managing Director, V-Guard Industries Ltd. 5.50 - 6.10 pm “Connected Manufacturing” Shri. KUMAAR APPAN, Senior Consultant, Cisco Systems India Pvt. Ltd., 6.10 - 6.25 pm HIGH TEA Management Intern - MBA STUDENTS, Sri Venkateswara Group of Institutions, Coimbatore.
    [Show full text]
  • SAKTHI FINANCE LIMITED Our Company Was Originally Incorporated As “The Pollachi Credit Society Private Limited” on March 30, 1955 Under the Indian Companies Act, 1913
    PROSPECTUS March 30, 2016 SAKTHI FINANCE LIMITED Our Company was originally incorporated as “The Pollachi Credit Society Private Limited” on March 30, 1955 under the Indian Companies Act, 1913. The Company was later converted into a public limited company and the name of our Company was changed to “Sakthi Finance Limited” on July 27, 1967 and a fresh Certificate of Incorporation was obtained from Registrar of Companies, Madras. The corporate identity number of our Company is L65910TZ1955PLC000145. Our Company is registered as a Non-Banking Financial Company under Section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934). Registered Office:62, Dr. Nanjappa Road, Post Box No. 3745, Coimbatore-641 018, Tamil Nadu. Tel No: +91 422 2231471-474/4236200; Fax No: +91 422 2231915; Website: www.sakthifinance.com. For further details of changes in Registered Office of our Company, refer chapter titled “History and Certain Corporate Matters” beginning on page 86. Company Secretary and Compliance Officer: Mr. S. Venkatesh; Tel No: +91 422 4236207; Fax No: +91 422 2231915; Email: [email protected] PUBLIC ISSUE BY SAKTHI FINANCE LIMITED (“COMPANY” OR THE “ISSUER”) OF SECURED REDEEMABLE NON CONVERTIBLE DEBENTURES OF FACE VALUE OF ` 1000 EACH (“NCD”), UPTO ` 10,000 LAKH (HEREINAFTER REFERRED TO AS THE “BASE ISSUE”) WITH AN OPTION TO RETAIN OVER SUBSCRIPTION UPTO ` 10,000 LAKH, AGGREGATING TO ` 20,000 LAKH (HEREINAFTER REFERRED TO AS THE “OVERALL ISSUE SIZE”). THE ISSUE IS BEING MADE UNDER THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE AND LISTING OF DEBT SECURITIES) REGULATIONS, 2008, AS AMENDED (“DEBT REGULATIONS”).
    [Show full text]
  • Department Brochure 2012 - 2013
    Dr. MAHALINGAM COLLEGE OF ENGINEERING & TECHNOLOGY ESTD: 1998 Department of Automobile Engineering Department Brochure 2012 - 2013 VISION We develop globally competitive workforce and entrepreneurs. MISSION MCET endeavors to impart high quality, competency based technical education in engineering and technology to the younger generation with required skills and abilities to face the challenging needs of the industry around the globe. This institution is also striving hard to attain a unique status in the international level by means of infrastructure, state of the art computer facilities and techniques. GENESIS Dr.Mahalingam College of Engineering and Technology, Pollachi, owes its existence of the munificence of a lineage that is committed to serving the society. The philanthropic deeds got more pronounced from the time of Thiru. Nachimuthu Gounder, who pioneered plying bullock carts in Pollachi and in the rough and rocky terrains of Anamalai and nearby village for transporting people and goods way ahead. This was later transformed into the Anamallais Bus Transport (ABT) limited. This humble beginning, but with lofty intentions, ushered in a gamut of organizations – industries, education institutions by Arutchelvar. Dr. N. Mahalingam, the illustrious son of Nachimuthu Gounder. LOCATION MCET is located in Pollachi, 45kms from the buzzing city of Coimbatore, situated in NH- 209 and well connected by road and rail transportation network with other major cities of Tamil Nadu. The college is housed in a sprawling campus with aesthetic building and lush greenery. Pollachi is the most sought after place for many people to settle because of its climate throughout the year with the zephyr originating from the nearby hills ever caressing the lives in the city.
    [Show full text]
  • Academic Annual Report 2019-2020
    Academic Annual Report 2019-2020 About KCT Business School Established in the year 2005, KCT Business School has evolved as one of the leading Business Schools in South India with a prominent presence in the nation. It is an integral part of Kumaraguru College of Technology(KCT), Kumaraguru Institutions, which is a vibrant unit of the large conglomerate – The Sakthi group in industries such as sugars, auto components, power, transport, soya, finance, wind mill, dairy and education The college, an autonomous institution is affiliated to Anna University, Chennai and approved by AICTE. KCT Business School offers two programs- Master of Business Administration and Doctoral Program in Management Studies. The high level of expertise and quality in the MBA program is recognized by 2 national accreditations (NBA and NAAC). KCT Business School ranks 25 in South Zone in The Week B School Ranking 2019 and is placed among the Top 75 B Schools in India by MBA Universe. KCT Business School is rated AAA in the All India B School Survey by Career 360. At KCT Business School, MBA is not seen as just a stepping stone to the future, but rather as a process to experience, adapt and innovate - the disruptive cycle of life. The MBA program in KCT Business School focuses on building the next generation of leaders in corporate, business as well as in academia. The diversity in faculty experience contributes to the richness of the environment for teaching, research, productivity, and intellectual personality thereby generating impact in the student by reimaging methodologies to provide out- of –the –box education.
    [Show full text]
  • Where You Want to Be
    WHERE YOU WANT TO BE. Prospectus 2020 Insider www.kclas.ac.in Founder Arutchelvar Dr. N.Mahalingam 04 The Vision, Mission, Values 05 At the Helm 05 Message from the President 06 KCLAS Facts 08 Learning Experience 09 KCLAS Vision 2025 09 Program Portfolio 10 Learning Compass 11 KCLAS Future Centre 14 The Campus 16 Life at KCLAS 22 Department of Human Excellence 30 Building Leadership 32 Pursuing Excellence 34 International Partnerships 36 Pathway to a Promising Future 38 School of Commerce 43 School of Management 53 School of Visual Communication 59 School of Psychology 65 School of Political Science 73 School of English 79 School of Mathematics 87 School of Social Work 93 School of Fine Art 99 School of Economics 103 Admission Process 109 Documents to be submitted for admission 110 Kumaraguru College of Technology 111 KCT Business School 112 Kumaraguru Institute of Agriculture 113 Forge 114 Sakthi Excellence Academy 116 Social Consciousness and Outreach 118 Namma Coimbatore 120 Kumaraguru Towards a Sustainable Ecosystem 122 Campus Map 123 3 04 05 05 06 08 09 09 10 11 14 16 22 30 32 34 36 38 43 53 Welcome to 59 65 73 KCLAS 79 KINDLE your dreams 87 CHOOSE what to learn 93 TEAM UP with clubs and forums 99 PERFORM in sports and arts EXPLORE global opportunities 103 EARN indelible memories 109 ENJOY cool and vibrant ambience 110 GAIN life experience 111 112 113 114 116 118 120 WHERE YOU WANT TO BE 122 Learn, Experience and Evolve. 123 4 Founder ARUTCHELVAR Dr.N.MAHALINGAM Arutchelvar Dr.
    [Show full text]