The document discusses valuation and financial reorganization services provided by India CP. It provides an overview of valuation, including what it is, why it's done, standard approaches, and key considerations. Some of the main points include:
- Valuation is the process of determining the economic worth of an asset or company based on available data as of the valuation date.
- The key purposes of valuation include mergers and acquisitions, taxation, financial reporting, and dispute resolution.
- Common valuation approaches include income, market, and asset-based methods. The discounted cash flow method under the income approach is often preferred.
- Valuations must consider the company and industry specifics, available financial information, and
The recent economic growth coupled with uncertainties has resulted in the stakeholder's curiosity and interest in Valuations of their respective investee Companies and also the estimated Valuations of the Targets available for Sale which has led to a greater demand for Business Valuation services.
Since as of now there are no Regulated standards for Valuation in India, numerous conceptual controversies still remain, even among the most prominent practitioners. With a view to give an overview of the Valuation concepts in general and the practical issues in particular, www.corporatevaluations.in, an online venture of Corporate Professionals Capital, SEBI Registered Merchant Banker has prepared this report on "Insight of Valuation". Hope you find it useful. Suggestions for improvement are invited @ info@corporatevaluations.in
This is a discussion of the methods and uses of business valuation techniques. This webinar was presented by Theresa Seidler-Shonat, a Business Valuation Specialist from Smith & Gesteland, a Madison, Wisconsin accounting and consulting firm.
This course will take you through the process of a typical business valuation engagement, from scoping the work to ultimately arriving at a conclusion of value. Through a case study, we will address fundamental issues including valuation approaches (asset, income and market), normalizing analysis and valuation discounts.
The recent economic growth coupled with uncertainties has resulted in the stakeholder's curiosity and interest in Valuations of their respective investee Companies and also the estimated Valuations of the Targets available for Sale which has led to a greater demand for Business Valuation services.
Since as of now there are no Regulated standards for Valuation in India, numerous conceptual controversies still remain, even among the most prominent practitioners. With a view to give an overview of the Valuation concepts in general and the practical issues in particular, www.corporatevaluations.in, an online venture of Corporate Professionals Capital, SEBI Registered Merchant Banker has prepared this report on "Insight of Valuation". Hope you find it useful. Suggestions for improvement are invited @ info@corporatevaluations.in
This is a discussion of the methods and uses of business valuation techniques. This webinar was presented by Theresa Seidler-Shonat, a Business Valuation Specialist from Smith & Gesteland, a Madison, Wisconsin accounting and consulting firm.
This course will take you through the process of a typical business valuation engagement, from scoping the work to ultimately arriving at a conclusion of value. Through a case study, we will address fundamental issues including valuation approaches (asset, income and market), normalizing analysis and valuation discounts.
This presentation "FEMA Valuation Aspects(FDI & ODI) and Registered Valuation" has been delivered by Mr. Chander Sawhney at East of Kailash Study Circle of ICSI on 22/11/2014.
Corporate Valuations “Techniques & Application”: A compilation of research oriented valuation articles.
Contents: Business valuation, Relative valuation, Sum of the parts valuation and value creation, ESOP valuation, Discounted Cash Flow Valuation, Enterprise Valuation etc.
There are specific steps to take when preparing a supportable business valuation.
If you need a business valuation and want to make sure that the valuation expert covers all of the bases, you should look at our slides to understand the basics of the valuation process.
This seminar was presented by Jessica Man from CW Partners. The content was great and it presented how to valuate your business in anticipation of retiring and exiting.
BizON had the pleasure of attending and wanted to share this presentation with you. If you have any questions please do not hesitate to contact us.
Knowledge Session on Startup Valuation: How does a Startup approach valuations? Best Practices, Models, Examples of good and bad valuations, etc. ELEVATE 100, an initiative of the Department of Information Technology and Biotechnology, Government of Karnataka aims to provide a comprehensive entrepreneurship platform for startups. The top 100 technology based startups chosen through a rigorous hunt across Karnataka State will tap into a whopping sum of Rs.400 Cr of Government funds. This is the largest pool of funds ever offered by any State Government to Startups.
REQUIREMNETS FOR GETTING LICENSE OF VALUER
ROLE OF VALUER WITH VARIOUS AGENCIES FOR LOANS,
MORTGAGE,
PROPERTY DISPUTES IN COURT OF LAW ETC.
MORE WORKS OF VALUER AND VARIOUS
FORMS TO BE FILLED BY VALUER IN HIS
WORK.
FORMATS OF VALUATION REPORT FILLED BY VALUER.
TERMS OF ENGAGEMENT FOR EMPANELMENT OF VALUERS.
IBA SUB-COMMITTEE ON
MORTGAGE AND VALUATION OF PROPERTY
A clear and detailed way to present your company's valuation. Downloaded by 20.000+ entrepreneurs easy to complete, compliant and thorough. Learn more on: https://www.equidam.com/valuation-report/
DCF Valuation : Business Valuation Article by Corporate Valuation TeamCorporate Professionals
Discounted Cash Flow (DCF) Method of Valuation expresses the present value of the business attributable to its stakeholders as a function of its future cash earnings capacity.
Chander Sawhney (FCA, CS, Certified Valuer (ICAI), Vice President, Corporate Professionals, SEBI REGISTERED (CAT -I) MERCHANT BANKER in
“CKF Master class on Recent Developments in Foreign Exchange Management Law” – 17 th Aug,2012
This presentation "FEMA Valuation Aspects(FDI & ODI) and Registered Valuation" has been delivered by Mr. Chander Sawhney at East of Kailash Study Circle of ICSI on 22/11/2014.
Corporate Valuations “Techniques & Application”: A compilation of research oriented valuation articles.
Contents: Business valuation, Relative valuation, Sum of the parts valuation and value creation, ESOP valuation, Discounted Cash Flow Valuation, Enterprise Valuation etc.
There are specific steps to take when preparing a supportable business valuation.
If you need a business valuation and want to make sure that the valuation expert covers all of the bases, you should look at our slides to understand the basics of the valuation process.
This seminar was presented by Jessica Man from CW Partners. The content was great and it presented how to valuate your business in anticipation of retiring and exiting.
BizON had the pleasure of attending and wanted to share this presentation with you. If you have any questions please do not hesitate to contact us.
Knowledge Session on Startup Valuation: How does a Startup approach valuations? Best Practices, Models, Examples of good and bad valuations, etc. ELEVATE 100, an initiative of the Department of Information Technology and Biotechnology, Government of Karnataka aims to provide a comprehensive entrepreneurship platform for startups. The top 100 technology based startups chosen through a rigorous hunt across Karnataka State will tap into a whopping sum of Rs.400 Cr of Government funds. This is the largest pool of funds ever offered by any State Government to Startups.
REQUIREMNETS FOR GETTING LICENSE OF VALUER
ROLE OF VALUER WITH VARIOUS AGENCIES FOR LOANS,
MORTGAGE,
PROPERTY DISPUTES IN COURT OF LAW ETC.
MORE WORKS OF VALUER AND VARIOUS
FORMS TO BE FILLED BY VALUER IN HIS
WORK.
FORMATS OF VALUATION REPORT FILLED BY VALUER.
TERMS OF ENGAGEMENT FOR EMPANELMENT OF VALUERS.
IBA SUB-COMMITTEE ON
MORTGAGE AND VALUATION OF PROPERTY
A clear and detailed way to present your company's valuation. Downloaded by 20.000+ entrepreneurs easy to complete, compliant and thorough. Learn more on: https://www.equidam.com/valuation-report/
DCF Valuation : Business Valuation Article by Corporate Valuation TeamCorporate Professionals
Discounted Cash Flow (DCF) Method of Valuation expresses the present value of the business attributable to its stakeholders as a function of its future cash earnings capacity.
Chander Sawhney (FCA, CS, Certified Valuer (ICAI), Vice President, Corporate Professionals, SEBI REGISTERED (CAT -I) MERCHANT BANKER in
“CKF Master class on Recent Developments in Foreign Exchange Management Law” – 17 th Aug,2012
Valuation in Indian Regulatory Environment with focus on Tricky Issues: the presentation given by Mr. Chander Sawhney, Vice President (chander@indiacp.com) of Corporate Professionals at the CKF Masterclass "Corporate Valuations- Techniques and Applications"...
Veracap M&A International Inc. is a leading investment bank advising on acquisitions, divestitures, financing and shareholder value initiatives.
This presentation provides a overview of basic concepts and principles of business valuation and walks you through valuation methodologies, rates of return and valuation multiples, acquisitions and divestitures.
Presented by PYA’s Jim Lloyd (Consulting Principal) and Robert Mundy (Consulting Senior Manager), "Valuation of Dental Practices,” provide valuable insights regarding dental practice operations, merger and acquisition activity, and valuation approaches. The presentation also covers:
Key operating statistics that drive the value of dental practices.
Compensation trends for dentists.
Regulatory constraints and related issues.
Maximising Value from Airport Investments – Adopting a Truly Active ApproachL.E.K. Consulting
Leading airports are now transforming into customer-led organizations, with real financial benefits and implications for their business models. L.E.K. experience has shown significant benefits from taking this kind of approach. This presentation looks at Australian and New Zealand airports in the context of this transformation - most have begun the journey, but there is further to go.
Contents:
Business Valuation,
Relative valuation,
Sum of the Parts (SOTP) Valuation and Value Creation,
ESOP Valuation,
Discounted Cash Flow (DCF) Valuation,
Enterprise Valuation,
Valuation Discount Applicable to Holding Companies,
Valuation in Information Technology (IT) Sector,
RBI Valuation
Insight of Valuation: A presentation given at Corporate Knowledge Masterclass "Corporate Valuations- Technique and Applications" at Crowne Plaza Hotel, Gurgaon, Haryana.
Mr. Chander Sawhney, Partner & Head – Valuation & Deals, Corporate Professionals shared his thoughts as a guest Speaker on Relative Valuation - Techniques & Application at a Business Valuation Masterclass organised by VC Circle on 31st August, 2016.
Relative Valuation in which value of an asset or liability is done by comparing it to its Peers is pervasive and preferred for ascertaining Fair Value at a point of time as it reflects the market positioning of the Industry and Peers at that time. While Discounted Cash Flow (DCF) method is applied for arriving at Fundamental Valuation, most M&A transaction are based on Relative Valuation multiples (mostly Earnings based). The valuation ratio typically expresses the valuation as a function of a measure of Key Financial Metrics like PE, EV/EBITDA, EV/Sales or Book Value Multiple.
But before using a multiple, one should know the fundamentals determining the multiple and how changes impact it. Sanity check through use of fundamental valuation method like DCF is strongly recommended.
About Corporate Professionals Valuation Practice
Corporate Professionals Capital Pvt. Ltd. is a SEBI Registered (Cat-1) Merchant Banker and has a successful track record of providing a broad range of M&A and Transaction Advisory Services. Our Dedicated Team has more than 10 years of rich Valuation experience and we have executed more than 500 Corporate Valuations for clients of International Repute across different Context, Industries and Boundaries.
To know more about Our Valuation offerings and how we can help you, please visit us at www.corporatevaluations.in or download our Valuation profile @ http://www.corporatevaluations.in/VALUATION_PROFILE.pdf
Presentation for ICSI Certificate Course of Valuation (Oct 2013) given by Mr. Chander Sawhney, Vice President, Corporate Professionals:
This presentation elaborately deals with Theoretical, Procedural and Regulatory aspects of Business Valuation in India.
Correlation of Value | Appraisal Review Practice Aid for ESOP Trustees | Merc...Mercer Capital
The correlated indication of value is a value that is arrived at through some reasonable, well-articulated, replicable, and credible process of selection, averaging or otherwise, of the total valuation evidence generated from the valuation methodologies employed.
In operation, developing a correlated indication of value may appear reasonably straightforward (sometimes it is), but the considerations in the process can reach back to the smallest of details and considerations in the underlying valuation methodologies.
In this whitepaper, Mercer Capital explores the topic of the correlation of value in ESOP valuations.
Discover the vital role of Business Valuation Services in corporate finance, acquisitions, and more. Learn how accurate company valuation benefits startups and established businesses.
Private Equity Valuation Methods improve active equity portfolio by valuing a business/company that is the core task of the financial analyst. Most PE/VC firms estimate a company’s value with the help of Equity Valuation Methods. To evaluate an organization, there should be enough understanding of Venture Valuation, which is considered as the most holistic evaluation approach.
Early Valuation for Entrepreneurs by John ShumatePlatform Houston
Early Valuation for Entrepreneurs by John Shumate
John Shumate is CEO of ValuLogik and has focused his career on working closely with venture-backed companies. He has worked with hundreds of early- and growth-stage companies across many industries, many of them dealing with highly-technical products or business models. He believes strongly in the use of carefully-applied rigor to rationalize financial models, business plans, valuations, and other quantification tools. He has over a decade of financial experience, including buy-side and sell-side mergers and acquisitions; debt and equity capital raises; strategic consulting; complex financial modeling; business plan development; equity and derivative valuation; and venture incubation. John recently served as Vice President at Blue Equity, a growth-stage private equity firm, and Chief Financial Officer at BellaNovus, an early-stage medical device development company. He was a Senior Associate at bCatalyst, a business incubator and financial services provider to early-stage companies. He has also held analytical roles for Ethicon-Endo Surgery, a division of Johnson & Johnson, and Hilliard-Lyons, a regional brokerage house. John attended the Wharton School at the University of Pennsylvania, where he received a B.S. in Economics and dual concentrations in Finance and Management
Undertaking a valuation of a private company can be a confusing exercise for that company's founders, directors & shareholders.
In this short whitepaper experienced investment banker Nicholas Assef highlights a number of the areas of business operation that need to be considered in the valuation exercise. In each valuation engagement the nature of "heads" for consideration will be different.
Importantly the reader should take 2 standout points from this whitepaper. Growth & certainty of cashflows. A company's valuation is a reflection of many things - but in particular the probability and certainty that future growth and performance will be delivered.
Macro Issues in Valuation for M&A - Mr. Chander Sawhney of Corporate Professionals at ASSOCHAM National Conference on "Value Creation through Mergers & Acquisitions ” – 30th April,2013
Topics:
Valuation;
Mergers & Acquisition;
Macro Issues in Valuation for Mergers & Acquisition;
M&A Case Study
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
The European Unemployment Puzzle: implications from population aging
Valuation and Financial Reorganisation
1. Valuation & Financial Re-organization
To know how we can assist you with our Valuation services, please contact
Mr. Chander Sawhney
Vice President
M: +91 9810557353
E: chander@indiacp.com
Mr. Maneesh Srivastava
Senior Manager
M: +91 9871026040
E: maneesh@indiacp.com
2. “In the business world, the rearview mirror is
always clearer than the windshield”
Warren Buffett
28/11/2013
Business Leadership Program – SCHOOL of
INSPIRED LEADERSHIP
3. Particulars
Pg. No.
Valuation
What and Why
4
How
11
When and Who
23
Tricky Issues
26
Financial Re-organization
35
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
5. Value & Valuation
Value is*
An Economic concept;
An Estimate of likely prices to be concluded by the buyer and seller of a good or
service that is available for purchase;
Not a fact.
Valuation is the process of determining the “Economic Worth” of an Asset or
Company under certain assumptions and limiting conditions and subject to the
data available on the valuation date.
* Source -International Valuation Standard Council
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
6. Key Facts
PRICE IS NOT THE SAME AS VALUE
VALUE VARIES WITH PERSON, PURPOSE
AND TIME
TRANSACTION CONCLUDES AT
NEGOTIATED PRICES
VALUATION IS HYBRID OF ART &
SCIENCE
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
7. S Standard of Valuation
T Thesis of Valuation
E Economics of Valuation
M Methodologies of Valuation
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
8. Standard of
Valuation
Thesis of Valuation Economics of
Valuation
Methodologies of
Valuation
Standard of Value is the hypothetical conditions under which a business is valued.
While selecting the Standard of Value following points is to be taken care of
Subject matter of Valuation;
Purpose of Valuation;
Statute;
Case Laws;
Circumstances.
Types of Standard of Value:
FAIR MARKET VALUE
INVESTMENT VALUE
INTRINSIC VALUE
FAIR VALUE
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
9. Standard of
Valuation
Thesis of Valuation Economics of
Valuation
Methodologies of
Valuation
Thesis of Value is Premise of value which relates to the assumptions upon which
the valuation is based.
Premise of Value
Going Concern – Value as an ongoing operating business enterprise.
Liquidation
– Value when business is terminated . It could be ‘forced’ or ‘orderly’.
Value-in-use
Value-in-exchange
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
10. Standard of
Valuation
Thesis of Valuation Economics of
Valuation
Methodologies of
Valuation
Valuation across business cycle follow the law of
economics
Turnover/Profits: Drops
Declining
Cos.
`
Turnover / Profits
Mature
Cos.
High Growth
Cos.
Growing
Cos.
Start Up
Cos.
28/11/2013
Proven Track Record: Substantial
Operating History
Method of Valuation: Entirely
from Existing Assets
Cost of Capital: N.A.
Turnover/Profits: Saturated
Proven Track Record: Widely Available
Method of Valuation: More from Existing Assets
Cost of Capital: May be High
Turnover/Profits : Good
Proven Track Record: Available
Valuation Methodology: Business Model with Asset Base
Cost of Capital: Reasonable
Turnover/Profits: Increasing still Low
Proven Track Record: Limited
Valuation Methodology: Substantially on Business Model
Cost of Capital: Quite High
Turnover/Profits: Negligible
Proven Track Record: None
Valuation Methodology: Entirely on Business Model
Cost of Capital: Very High
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
Time
13. Standard of
Valuation
Thesis of Valuation Economics of
Valuation
Methodologies of
Valuation
Valuation Approaches
Fundamental Method
Income Based
Method
Capitalization of
Earning Method
(Historical)
Discounted Cash
Flow Method
(Projected
Time Value)
Relative Method
Market Based
Method
Book Value Method
Comparable
Companies Market
Multiples Method
(Listed Peers)
Contingent Claim
Valuation
(Option Pricing)
Comparable
Transaction Multiples
Method
(Unlisted Peers)
Price of Recent
Investment Method
Liquidation Value
Method
Replacement Value
Method
28/11/2013
Other Method
Asset Based
Method
Rule of Thumb
Market Value Method
(For Quoted
Securities)
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
(Multiples:
Customers, Rooms,
Seats, No. of visitors
etc.) - Depends
upon Industry
14. Need of several valuation methods?
Each has strengths and weaknesses
Different methods useful in different situations
Each gives a different “take” on the value of the
company’s stock
Provides a range of valuations instead of point
estimates
Helps in Sanity Check
While concluding Value, all the methodologies must be considered and then weights applied
as per the facts of the case. In other words, Value conclusion should be based on the
Professional Judgement and Simple Average should best be avoided while concluding
Value.
15. Sources of Information for Valuation
Historical financial results –
Income Statement, Balance
Sheets and Cash Flows
Sources of
Information
Data available in Public
Domain – Stock Exchange /
MCA/SEBI/Independent Report
Data on comparable
companies – SALES/EVEBITDA/ PAT/BV
Promoters and Management
background
Discussion and
Representation with/by
the management of the
Company
28/11/2013
Data on projects
planned/under
implementation
including future
projection
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
Industry and Regulatory
trends
16. Key drivers of valuation
CASH FLOW
Investor assign value based on the cash flow they expect to receive in the
future
That’s why DCF is most
- Dividends / distributions
- Sale of liquidation proceeds
Value of a cash flow stream is a function of
- Timing of cash Receipt
prominent
valuation
method
- Risk associated with the cashflow
ASSETS
Operating Assets
- Assets used in the operation of the business including working capital, Property, Plant &
Equipment & Intangible assets
- Valuing of operating assets is generally reflected in the cash flow generated by the
business
Non - Operating Assets
- Assets not used in the operations including excess cash balances, and assets held for
investment purposes, such as vacant land & Securities
- Investors generally do not give much value to such assets and Structure modification
may be necessary
Need for Restructuring
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
17. Valuation depends upon
Purpose
• Mergers
• IPO
• Acquisitions /
Investment
• Voluntary
Assessment
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Regulatory
Accounting
• RBI
• ESOP
• Income Tax
• Purchase Price
Allocation
• SEBI
• Impairment /
• Stock Exchange Diminution
• Companies Act
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
Dispute
Resolution
Value
Creation
• Company Law • Equity Research
Board/ Courts
• Credit Rating
• Arbitration
• Corporate
• Mediation
Planning
18. Choice of Valuation Approaches
“Value in Valuation is a question,
and
Your choice of Method is the first step
towards answer”
Applicability of a particular approach depends upon:
On whose behalf? – one buyer vs another buyer, buyer vs seller;
For what purpose? – independent strategic acquisition, group company consolidation, cross
border transaction;
When? – distress situation, industry downturn, boom etc;
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
19. Choice of Valuation Approaches
•
In General, Income Approach is preferred;
The dominance of profits for valuation of share was emphasised in “McCathies case” (Taxation,
69 CLR 1) where it was said that “the real value of shares in a company will depend more on the
profits which the company has been making and should be capable of making, having regard to
the nature of its business, than upon the amount which the shares would realise on liquidation”.
This was also re-iterated by the Indian Courts in Commissioner of Wealth Tax v. Mahadeo Jalan’s
case (S.C.) (86 ITR 621) and Additional Commissioner of Gift Tax v. Kusumben D. Mahadevia (S.C.)
(122 ITR 38).
• However, Asset Approach is preferred in case of Asset heavy companies
and on liquidation;
• Market Approach is preferred in case of listed entity and to evaluate the
value of unlisted company by comparing it with its listed peers;
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
20. Company Specific Factors
It is the alignment of
Company’s value via-avis to its external
environment
• Management, Promoter Group
• Operating, Capital and Corporate Finance Strategies
• Competitive advantages and cost position
• Product / Service offering / differentiation / pricing power
•Scale & Diversification
•Customer / Supplier concentration
•Corporate Governance
•Future prospects / Growth potential
•Industry peer group
•Regulatory environment
28/11/2013
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SCHOOL of INSPIRED LEADERSHIP
21. Industry Risk Analysis
Following factors are required to
be considered:
• Good vs. Difficult industry
• Porter’s 5 forces
• Industry life cycle (growth)
• Industry cyclicality (earnings quality)
• Leading indicators
• Competition (ROIC)
• Pricing dynamics; Demand vs. Supply (ROIC)
• Changing business environments
• Regulation (ROIC)
• Product characteristics (earnings quality)
• Capital intensity and cost base (ROIC)
• Event risk
28/11/2013
Business Leadership Program –
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22. Rule of Thumb
A rule of thumb or benchmark indicator is used as a
reasonableness check against the values determined by the
use of other valuation approaches.
Industry
Valuation Parameters
Hospital
EV/Room
Engineering
Mcap/Order Book
Mutual Fund
Asset under management
OIL
EV/ Barrel of equivalent
Print Media
EV/Subscriber
Power
EV/MW, EBITDA/Per Unit
Entertainment & Media
EV/Per screen
Metals
EBITDA/Ton, EV/Metric ton
Textiles
EBITDA depend upon capacity utilization Percentage & per spindle value
Pharma Bulk Drugs
New Drug Approvals , Patents
Airlines
EV/Plane or EV/passenger
Shipping
EV/Order Book, Mcap/Order Book
Cement
EV/Per ton & EBITDA/Per ton
Banks
Non performing Assets , Current Account & Saving Account per Branch
However, Exclusive use of Rule of Thumb is not recommended
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
25. SNAPSHOT OF REGULATORY VALUATIONS IN INDIA
Transactions
Prescribed Methodologies
Mandate to be done by
DFCF
CA / MB
Valuer Discretion
>5Mn$ - MB, otherwise CA/MB
Gift of Unquoted Equity
Shares (Min)
NAV
-
Gift of Unquoted Equity
Shares from Resident
(Max)
Reserve Bank of
India
DCF (Valuation Based on
Assets, Business &
Intangibles is also
acceptable)
FCA / MB
Price it would fetch if sold in
open market
MB
Valuer Discretion
MB
Inbound Investment
Outbound Investment
Income Tax
Gift of Unquoted Shares
other than Equity Shares
ESOP Tax
ESOP Accounting
Option – Pricing Model
-
Takeover Code/ Delisting Infrequently Traded
Only Parameters Prescribed
– Return on Net Worth, EPS,
NAV vis-a vis Industry
Average
CA/MB
Takeover Code/ Delisting Frequently Traded
Based on Market Price
-
Preferential Allotment to
Others
Based on 26 weeks / 2 weeks
Market Price
-
Preferential Allotment to
promoters / their relatives
for consideration other than
cash
Valuer Discretion
CA / MB
Companies Act,
1956
Sweat Equity
Valuer Discretion
-
Companies Act,
2013
any property, stock, shares,
debentures, securities or
goodwill or any other assets
or the net worth of the
Company or its liabilities
SEBI
Stock Exchanges
To be prescribed
REGISTERED VALUER
27. Tricky issues in DFCF
Pre Money or Post Money: If the effect of the money coming in Company is
taken in Projections, the Expanded capital base should be considered or else the
Equity Value should be reduced by the inflow amount to reconcile with the existing
capital base.
Terminal growth rate: Since it is tough to estimate the perpetual growth rate of a
company, it is preferred to take the perpetuity growth rate factoring in long term
estimated GDP of the Country and Historical/Projection Inflation of the Country.
Projection Validation via-a-vis Industry: Need to have Sanity check of the
projections with the trend of the industry.
Beta of Unlisted Company:
It is calculated on relative basis by adjusting the
average beta of its comparable companies for differences in Capital Structure of the
unlisted company with the listed peers.
Risk Free Rate: Yield of a Zero Coupon Bond or Long Term government Bond yield
should be taken as the risk free rate since it does not have any reinvestment risk .
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
28. Tricky issues in DFCF (Cont.)
Adjustment of Company Specific Risk Premium or Small Company Risk
Premium: Small Companies are generally more risky than big companies. CAPM
model does not take into consideration the size risk and specific company risk as
Beta measures only systematic risk and Market Risk Premium (generally
pertaining to Sensex Companies). These risks should also be taken into account
while computing the cost of equity.
Length of Projections: The Projected Cash Flows should factor in the entire
Business Cycle of a Company.
Notional/Actual Tax: Actual Tax Liability may be worked out and replaced for the
Notional Tax Liability
Investments: Investments should be valued separately based on their
Independent Cash Flows
Surplus Assets: The Value of Surplus Assets (not being utilized for Business
purposes) should be added separately and their cash flows should be ignored
while computing the Free Cash Flows.
28/11/2013
Business Leadership Program –
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29. Discounts
Discounts & Premiums come into picture when there exist difference between the
subject being valued and the Methodologies applied. As this can translate control value
to non-control and vise versa , so these should be judiciously applied.
– Impact on entity as a whole
• Discount for Entity Level
Key Person Discount
Global Studies over the years on diversified
Discount for Contingent Liability
companies and holding companies has shown
Discount for diversified company
that companies trade at a discount in the range
Discount for Holding Company
of 20%. to 40% each.
Tax Payout
• Discount for Shareholders Level – Impact on specific ownership interest
Discount Lack of Control (DLOC)
Discount Lack of Marketability (DLOM)
DLOM:
As
per
CCI
Guidelines,
15%
• % stake & special rights
discount has been prescribed; however
• Size of distribution or dividends
practically DLOM and DLOC depends upon
• Dispute
following factors:
• Revenue / Earning – Growth / Stability
• Private Company
28/11/2013
• Shareholders Agreement caveats
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
30. Premium
“Beauty lies in the eyes of the beholder; valuation in
those of the buyer”
Financial
Year
No. of
Transactio
ns
Median
Premium
• An investor seeking to acquire control of a company is
the company. Control premium is an amount that a buyer is
2006
25
37%
2007
29
20%
2008
38
26%
2009
44
29%
2010
22
31%
2011
42
32%
Total
typically willing to pay more than the current market price of
228
30%
usually willing to pay over the fair market value of a publicly
traded company to acquire controlling stake in a company.
• Control can be direct (shareholding or Authority to appoint
Board) or indirect (veto power, casting vote etc)
• Research has shown that the control premium in India has
ranged from 20% to 37% in the past few years having
median of 30%.
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
31. Excess Cash and Non Operating Assets
Excess cash is defined as ‘total cash (in balance
sheet) – operating cash (i.e. minimum required cash)
to sustain operations (working capital) and manage
contingencies
Key Issue: Estimation of Excess Cash ?
One of the solutions is to estimate average
cash/sales or total balance sheet size of the
company’s relevant Industry and then estimate if
the company being valued has cash in excess of the
industry’s average.
Non operating Assets are the Surplus assets which are not used in operations of the business and does not
reflect its value in the operating earnings of the company. Therefore the fair market value of such Assets should be
separately added to the value derived through valuation methodologies to arrive at the value of the company.
What is an asset is not yielding adequate returns ?
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
32. Cross Holding and Investments
Holdings in other firms can be categorized into:
Types of Cross Holding
Minority, Passive Investments
Meaning
If the securities or assets owned in another firm represent less
than 20% of the overall ownership of that firm
Minority, Active Investments
If the securities or assets owned in another firm represent
between 20% and 50% of the overall ownership of that firm
Majority, Active Investments
If the securities or assets owned in another firm represent more
than 50% of the overall ownership of that firm
Ways to value Cross Holding and Investments:
Investment Value
By way of
Dividend Yield Capitalization or DCF based on expected dividends
Agreement
holding
Separate Valuation (Preferred)
28/11/2013
even
may
control value
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
Shareholders
less
%
command
33. Accounting Practices and Tax issues
Most of the information that is used in
valuation comes from financial statements.
which
in
turn
Accounting
are
practices
appropriate.
• Cash Accounting v/s Accrual Accounting
• Operating Lease v/s Financial Lease
• Capitalization of Expenses
• Notional Tax vs. Actual Tax
• Treatment of Intangible Assets
• Companies Paying MAT
• Treatment of Tax benefits and Losses
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
made
on
certain
considered
34. Valuation Methodologies and Value Impact
Major Valuation Methodologies
Ideal for
Result
Net Asset Value
Net Asset Value (Book Value)
Minority Value
Equity Value
Net Asset Value (Fair Value)
Control Value
Comparable Companies Multiples (CCM) Method
Price to Earning , Book Value Multiple
EBIT , EBITDA Multiple
Minority Value
Equity Value
Enterprise Value
Comparable Transaction Multiples (CTM) Method
Price to Earning , Book Value Multiple
Equity Value
Control Value
EBIT , EBITDA Multiple
Enterprise Value
Discounted Cash Flow (DCF)
Equity
Control Value
Firm
28/11/2013
Equity Value
Enterprise Value
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
36. Capital Market Valuation
Particulars
Surplus Assets [including Cash]
Excess Debt in Capital Structure
Excess Trading Business in Manufacturing Sector
Diversified Business Model
Excess Business in Subsidiary Company
Company Performance [Operating Profits; Net Profits; New Products;
Capacity Expansion]
Increasing Cash Flows of Business
Better Corporate Governance
Better Disclosures [Investor, Analysts & Stakeholders Communication]
Regular Dividends / Bonus / Buyback
Corporate Re-organisation / M&A
Joint Ventures / Acquisitions
Market Perception
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
Effect
Market Cap
37. Reorganization Tools
Tools
Business objectives
Merger
Consolidation of
businesses / entities
De-merger/
hive - off
Divest non-core
business
Acquisitions
Acquiring interest in
new business/ entity
Internal
Reorganization
Restructuring within the
Company
Reorganization
of BUSINESS
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
38. Key Drivers for Re-organization
Unlocking of Value and
its Sustainability
Restatement of Balance
Sheet
Business clarity to
Investors and Analysts
Improving Governance
Processes
Positioning the
businesses to be more
competitive
Making Businesswise
Fund raising possible
Business Risk
Management
Stock & Credit Rerating
Investor Relations
39. Points to ensure while implementing the restructuring exercise
The transaction
should be Tax
efficient
It should be easy
to Implement with
least possible
regulatory hassles
Scheme should be
acceptable to all
Stakeholders
Ensure that there
is least possible
Stamp
Duty/Transfer
Charges
Cost Effectiveness
40. M&A objectives – What it means?
Synergies & Economies of Scale
Gain access to new markets, customers, products
Diversification of Risks
Access to New Technology and Knowledge
Ability to limit competition / gain market share
M&A is primarily driven with motive of achieving Inorganic growth and Synergy i.e. the potential additional value gain from
combining two firms, either from operational or financial sources.
However, certain studies have shown that most – but not all – M&A fail to deliver value and bridge the price-value gap
One of the reasons is that the aggressive promoters in consultation with eager advisors may result in pushing up the acquisition
price; Resultantly, the value often get transferred from acquirer’s shareholders to target company’s shareholders;
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
41. Why is there a Mismatch between Buyer & Seller expectations?
1. Differences in Risk Assessment arising from Company Specific Risk
• Management capability
• Future Cash Flows
Industry Risk - Business Cycles, Industry Outlook
2. Intangible Asset Valuations
3. Unproductive, high value fixed assets housed in target company
4. Cash and Stock Payout ratio
5. Ability to raise funding on buyer’s or target company’s b/s
6. Estimation of synergies (cost and revenue)
28/11/2013
Business Leadership Program –
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42. Swap Ratio Valuation
•
In case of a merger valuation, the emphasis is on arriving at the relative values
of the shares of the merging companies to facilitate determination of the swap
ratio
– Hence, the purpose is not to arrive at absolute values of the shares of the
companies
•
The key issue to be addressed is that of fairness to all shareholders
– This is particularly important where the shareholding pattern and shareholders
vary between the two companies
•
There are established legal precedence for merger valuation methodologies
– Valuer’s role is to incorporate case specific factors and use appropriate
methodologies so as to determine a fair ratio
– Usually, best to give weight ages to valuation by all methods
– Market price method and Earnings methods dominate.
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
43. Impact of Swap Ratio Valuation
•
If the exchange ratio is set too high, there will be a transfer of wealth
from the bidding firm’s stockholders to the target firm’s stockholders.
•
If the exchange ratio is set too low, there will be transfer of wealth from
the target firm to the bidding firm’s stockholders.
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
43
45. Merger of a Unlisted Power Company into Listed Steel
Manufacturing Company
Features of Steel Company*
o Frequently Traded Listed Company
o Low Profit Margin, due to high Power Cost
o Running in Low Capacity Utilization due to poor supply of Power
Features of Power Company*
o Unlisted Company
o Company is implementing the Power Plant of 9.5 MW , The Production is expected to
start with in Year
Acquisition Rationale
o Location Advantage, both companies have their unit in same Location
o Synergistic benefits- (Captive Power Plant will reduce the Operating cost, because Steel
Industry is energy consuming)
o Tax benefit from the unabsorbed losses of Power Company
o Up the value chain
o Capacity utilization will increase in existing steel business, due easy availability of Power
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
*Common Promoter Group
46. Merger of a Unlisted Power Company into Listed Steel
Manufacturing Company
EXCHANGE RATIO & VALUATION –MERGER
• Valuation on Steel Company
Valuation Method Rs
Crores
Weights
Value of
Company
Weighted Value
Market Cap
2
100
200
Income Method
2
95
190
NAV
1
150
150
Fair Value of Company
108
• Valuation on Power Company
Valuation Method Rs
Crores
Weights
Value of
Company
Weighted Value
Market Cap
2
NA
NA
Income Method^
2
90
180
NAV
1
50
50
Fair Value of Company
^ considering 3 years forward earnings and 80-90% Capacity utilization basis
28/11/2013
76.67
47. Pre and Post Shareholding
Pre Merger Shareholding of Steel Company
Category
Promoter
No of shares
Independent
Perspective
% Holding
5,000,000
50%
Public
5,000,000
50%
Total
10,000,000
100%
Pre Merger Shareholding of Power
Company
Category
Promoter
No of shares
% Holding
5,000,000
100%
-
-
5,000,000
100%
Public
Total
Post Merger Shareholding of Steel
Company
Category
Promoter
No of shares
% Holding
12,099,074
5,000,000
29%
Total
17,099,074
100%
Valuation of Power business on as
is basis – Rs.55 crores
Assets Method
Earnings Method (Includes
premium for the license)
Valuation of Power business
taking into account synergies –
Rs. 70 crores
An independent Buyer would bid
an amount in excess of valuation
on standalone basis (Rs. 55
crores)
and
below
Synergy
valuation (Rs.70 crores).
71%
Public
Buyer-Seller
28/11/2013
Acquisition Price would finally
depend on negotiations.
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
49. Pros and Cons of Diversified Business in one Entity
- Availability of Inter division Cash Flows for
- Markets perceive lack of
servicing of debt;
- Management focus
- Security for debt providers;
- Business Clarity
- Cushioning impact of business down turns;
- Transparency
- Better size in terms of revenues
- Difficulty in Business wise Fund
Raising
- Diversified Business Discount
resulting in sub-optimal Businesswise
Valuations
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
50. However, there are other reasons as well, likeSettling family agreements – Reliance Industries
Unlocking shareholders value – Cadila Healthcare
Focus on core competencies – Bajaj Auto
Facilitate strategic investment – Volvo & Eicher Motors
Regulatory Reasons – Zee Telefilms
Divestment - Piramal Healthcare Limited
De-risking the business model – Sun Pharmaceutical
Demerger of Research & Development division
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
51. Demerger resulted in increased shareholders value
Reliance Group
Market prices (In Rs)
Pre demerger
Post demerger
Reliance Industries
702
698
Reliance Capital Ventures
-
23
Reliance Communication
Ventures
-
292
Reliance Energy Ventures
-
43
Reliance Natural
“That is what
Resource
learning
is,
you
suddenly
-
understand
18
something you have understood all your life, but in a new
TOTAL
702
1074
way”
…………………………….. Doris Lessing
28/11/2013
Business Leadership Program –
SCHOOL of INSPIRED LEADERSHIP
52. Offering varied legal & financial services, 'Corporate Professionals' has emerged as an innovative leader in
delivering corporate advisory & solutions. Aiming to become a one-stop-shop offering integrated legal and
financial solutions, the Group has successfully completed a high number of corporate transactions in the last
couple of years. We have successfully engaged in and executed over 3000 assignments of more than 1200
corporate houses, domestic as well as international, across several Industries.
The Group has distinctively positioned itself as Merchant Banker (SEBI Cat-I license) with Boutique
Investment Banking & Transaction Advisory services and as Legal Advisors with high quality comprehensive
Corporate Laws, Tax & Regulatory services. With an endeavor to satisfy our clients' stated as well as
unstated needs, we adopt the most feasible and legally viable approach to execute assignments in a
seamless, cost effective and time bound manner. High Integrity and Confidentiality in dealing with clients
and assignments undertaken is deeply inculcated in our team.
The Group prestigiously owns a strong skill set that comes from its research oriented, multi-disciplinary,
young and dynamic team. With right blend of legal and financial skills, continuous focus on research and
effective use of Information Technology, Corporate Professionals is creating customized products, for
different class of clients. Innovative flair of executing assignments with problem solving zeal and use of
Technology has enabled us to offer path breaking solutions. Not just for executing Clients' Assignments but
also in internal management, the Group adheres to a system driven approach.
The Group dedicates around 30% working time of its professional team on continuous research in the
dynamic legal and financial fields, with an object of creating a knowledge hub, extensive knowledge
dissemination and to develop skills of its team to deliver high quality services.
“Corporate Professionals” refers to one or more of group companies and its network of firms and other
entities, each of which is a separate legal, independent entity. For more details, please visit
www.corporateprofessionals.com.
About
Corporate Professionals
54. As Close As You Need
As Far As You Go……
Mumbai Office
Delhi Office
Indian Offices
D-28, South Ex., Part-I, New Delhi-110049,
D-38, South Ex., Part-I, New Delhi-110049,
T: +91 11 40622255
M:+ 91 9871026040,
E: info@indiacp.com
520, Mastermind- I, Royal Palms Estate, Aarey
Colony,
Goregaon East, Mumbai -400065
T: +91 2267109044
M:+ 91 9820079664
E: mahipal@indiacp.com
Bedford Office (United Kingdom)
2-4 Mill Street, MK40 3HD, Bedford
Switchboard: +44 (0) 2030063240,
E: ukoffice@indiacp.com
Overseas Offices
India
Ahmedabad, Allahabad, Bangalore, Bhopal, Bhubaneshwar, Chandigarh, Chennai, Coimbatore, Goa, Guwahati, Gwalior,
Hyderabad, Indore, Jaipur, Jammu, Kanpur, Kochi, Kolkata, Lucknow, Ludhiana, Patna, Pune.
Our Associates
Overseas
Bulgaria, Belgium, British Virgin Islands, Canada, China, Costa Rica, Cyprus, European Union, Germany, Hongkong, Ireland,
Japan, Kenya, Malaysia, Mauritius, Singapore, Sri Lanka, Switzerland, The Netherlands, Turkey, United Arab Emirates, United
Kingdom, United States.