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![Particulars Effect Market Cap
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
Capital Market Valuation](https://image.slidesharecdn.com/valuationfinancialreorganisation-150701105333-lva1-app6891/75/Valuation-Financial-Reorganisation-37-2048.jpg)
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Valuation & Financial Reorganisation
Valuation & Financial Re-organization This document provides contact details for valuation services at IndiaCP and outlines an upcoming business leadership program on valuation. It discusses what valuation is, key concepts like value vs price and the difference between transactions and valuations. It covers standard valuation approaches like income, asset and market approaches. It also discusses valuation methodologies, factors considered, and regulatory contexts where valuation is required in India like for the Reserve Bank of India, Income Tax, and SEBI.
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Valuation & Financial Reorganisation
- 1. Valuation & FinancialRe-organization To know how we can assist you with our Valuation services, please contact Mr. Chander Sawhney Partner & Head – Valuation & Deals M: +91 9810557353 E: chander@indiacp.com Mr. Maneesh Srivastava Associate Vice President – Valuation & Biz Modelling M: +91 9871026040 E: maneesh@indiacp.com
- 2. 28/11/2013 Business Leadership Program– SCHOOL of INSPIRED LEADERSHIP “In the business world, the rearview mirror is always clearer than the windshield” Warren Buffett
- 3. Particulars . Valuation What andWhy How When and Who Tricky Issues Financial Re-organization
- 4.
- 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
- 6. Key Facts PRICE ISNOT THE SAME AS VALUE TRANSACTION CONCLUDES AT NEGOTIATED PRICES VALUATION IS HYBRID OF ART & SCIENCE VALUE VARIES WITH PERSON, PURPOSE AND TIME
- 7. S Standard ofValuation T Thesis of Valuation E Economics of Valuation M Methodologies of Valuation
- 8. FAIR MARKET VALUE INTRINSICVALUE FAIR VALUE INVESTMENT VALUE 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:
- 9. Standard of Valuation Thesis ofValuation 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
- 10. Growing Cos. Turnover/Profits: Increasingstill Low Proven Track Record: Limited Valuation Methodology: Substantially on Business Model Cost of Capital: Quite High High Growth Cos. Turnover/Profits : Good Proven Track Record: Available Valuation Methodology: Business Model with Asset Base Cost of Capital: Reasonable Mature Cos. Turnover/Profits: Saturated Proven Track Record: Widely Available Method of Valuation: More from Existing Assets Cost of Capital: May be High Declining Cos. ` Turnover/Profits: Drops Proven Track Record: Substantial Operating History Method of Valuation: Entirely from Existing Assets Cost of Capital: N.A. Turnover/Profits: Negligible Proven Track Record: None Valuation Methodology: Entirely on Business Model Cost of Capital: Very High Start Up Cos. Turnover/Profits Time Valuation across business cycle follow the law of economics Standard of Valuation Thesis of Valuation Economics of Valuation Methodologies of Valuation
- 11.
- 12. Enterprise / BusinessValue EnterpriseValue Net Debt# Equity# Fixed Assets# Net Current Assets# Intangibles# Stakeholders Assets ValueofBusiness # Based on Market Values
- 13. Standard of Valuation Thesis ofValuation Economics of Valuation Methodologies of Valuation Valuation Approaches Income Based Method Asset Based Method Capitalization of Earning Method (Historical) Discounted Cash Flow Method (Projected Time Value) Market Based Method Comparable Companies Market Multiples Method (Listed Peers) Comparable Transaction Multiples Method (Unlisted Peers) Market Value Method (For Quoted Securities) Book Value Method Liquidation Value Method Replacement Value Method Contingent Claim Valuation (Option Pricing) Price of Recent Investment Method Rule of Thumb (Multiples: Customers, Rooms, Seats, No. of visitors etc.) - Depends upon Industry Fundamental Method Relative Method Other Method
- 14. 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. 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
- 15. Sources of Informationfor Valuation Sources of Information Historical financial results – Income Statement, Balance Sheets and Cash Flows Data available in Public Domain – Stock Exchange / MCA/SEBI/Independent Report Data on comparable companies – SALES/EV- EBITDA/ PAT/BV Promoters and Management background Data on projects planned/under implementation including future projection Discussion and Representation with/by the management of the Company Industry and Regulatory trends
- 16. CASH FLOW Investor assignvalue based on the cash flow they expect to receive in the future - Dividends / distributions - Sale of liquidation proceeds Value of a cash flow stream is a function of - Timing of cash Receipt - 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 Key drivers of valuation That’s why DCF is most prominent valuation method Need for Restructuring
- 17. • Mergers • IPO •RBI • Income Tax • ESOP • Companies Act • SEBI • Stock Exchange Purpose Regulatory Accounting • Purchase Price Allocation Dispute Resolution • Company Law Board/ Courts • Impairment / Diminution • Arbitration • Mediation • Acquisitions / Investment • Voluntary Assessment Value Creation • Equity Research • Credit Rating • Corporate Planning Valuation depends upon
- 18. Choice of ValuationApproaches “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;
- 19. Choice of ValuationApproaches • 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;
- 20. Company Specific Factors •Management, Promoter Group It is the alignment of Company’s value via-a- vis to its external environment • 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
- 21. Industry Risk Analysis •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 Following factors are required to be considered:
- 22. Rule of Thumb Arule 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
- 23.
- 24. Valuation in IndianRegulatory Environment
- 25. Reserve Bank of India Transactions PrescribedMethodologies Mandate to be done by SNAPSHOT OF REGULATORY VALUATIONS IN INDIA Inbound Investment with Optionality clause Internationally accepted pricing methodology for valuation of shares on arm’s length basis Outbound Investment Buy back of Equity shares/ CCP’s/ CCD’s of listed co. issued under FDI policy CA / MB Buy back of Equity shares of unlisted co. issued under FDI policy Buy back of CCP / CCD of unlisted co. issued under FDI policy Valuer Discretion >5Mn$ - MB, otherwise CA/MB Allotment / Transfer of Unquoted Equity Shares as Gift to Non Resident NAV as per audited Balance Sheet as on valuation date (Min) Gift of Unquoted Shares other than Equity Shares Price it would fetch if sold in open market ESOP Tax Valuer Discretion Income Tax PCA / SEBI registered category – I MB MB MB Allotment of Unquoted Equity Shares as Gift to Resident NAV as per audited Balance Sheet as on valuation date (Min) DCF (Max) FCA / SEBI registered category – I MB Transfer of Unquoted Equity Shares as Gift to Resident NAV as per audited Balance Sheet as on valuation date (Min) PCA / SEBI registered category – I MB Transfer Pricing Arm Length Price -
- 26. Transactions Prescribed MethodologiesMandate to be done by SNAPSHOT OF REGULATORY VALUATIONS IN INDIA Takeover Code/ Delisting - Infrequently Traded Only Parameters Prescribed – Return on Net Worth, EPS, NAV vis-a vis Industry Average Takeover Code/ Delisting - Frequently Traded Based on Market Price ESOP Accounting Option – Pricing Model SEBI - PCA/MB - Right Issue - Practically imposed responsibility on lead MB to verify the issue price Stock Exchanges Preferential Allotment to promoters / their relatives for consideration other than cash Valuer Discretion Companies Act, 1956 Sweat Equity Valuer Discretion CA / MB - Preferential Allotment to Others Based on 26 weeks / 2 weeks Market Price - 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 To be prescribed REGISTERED VALUER
- 27. Some Specific TrickyIssues
- 28. Pre Moneyor 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 . Tricky issues in DFCF
- 29. Adjustment ofCompany 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. Tricky issues in DFCF (Cont.)
- 30. Discounts • Discount forEntity Level 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 Key Person Discount Discount for Contingent Liability Discount for diversified company Discount for Holding Company • Discount for Shareholders Level – Impact on specific ownership interest Discount Lack of Control (DLOC) Discount Lack of Marketability (DLOM) • Size of distribution or dividends • Dispute • Revenue / Earning – Growth / Stability • Private Company Tax Payout • % stake & special rights • Shareholders Agreement caveats Global Studies over the years on diversified companies and holding companies has shown that companies trade at a discount in the range of 20%. to 40% each. DLOM: As per CCI Guidelines, 15% discount has been prescribed; however practically DLOM and DLOC depends upon following factors:
- 31. Premium “Beauty lies inthe eyes of the beholder; valuation in those of the buyer” • An investor seeking to acquire control of a company is typically willing to pay more than the current market price of the company. Control premium is an amount that a buyer is 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%. Financial Year No. of Transactio ns Median Premium 2006 25 37% 2007 29 20% 2008 38 26% 2009 44 29% 2010 22 31% 2011 42 32% Total 228 30%
- 32. Excess Cash andNon 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 ? 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. 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. What is an asset is not yielding adequate returns ?
- 33. Cross Holding andInvestments Holdings in other firms can be categorized into: Types of Cross Holding Meaning Minority, Passive Investments 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 Investment Value Ways to value Cross Holding and Investments: Dividend Yield Capitalization or DCF based on expected dividends Separate Valuation (Preferred) By way of Shareholders Agreement even less % holding may command control value
- 34. Accounting Practices andTax issues Most of the information that is used in valuation comes from financial statements. which in turn are made on certain Accounting practices considered 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
- 35. Valuation Methodologies andValue 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 Minority Value Equity Value EBIT , EBITDA Multiple Enterprise Value Comparable Transaction Multiples (CTM) Method Price to Earning , Book Value Multiple Control Value Equity Value EBIT , EBITDA Multiple Enterprise Value Discounted Cash Flow (DCF) Equity Control Value Equity Value Firm Enterprise Value
- 36.
- 37. Particulars Effect MarketCap 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 Capital Market Valuation
- 38. Tools Business objectives Reorganization ofBUSINESS Merger De-merger/ hive - off Acquisitions Consolidation of businesses / entities Divest non-core business Acquiring interest in new business/ entity Internal Reorganization Restructuring within the Company Reorganization Tools
- 39. Key Drivers forRe-organization Unlocking of Value and its Sustainability Positioning the businesses to be more competitive Business clarity to Investors and Analysts Improving Governance Processes Making Businesswise Fund raising possible Business Risk Management Restatement of Balance Sheet Investor Relations Stock & Credit Re- rating
- 40. The transaction should beTax efficient Ensure that there is least possible Stamp Duty/Transfer Charges Cost Effectiveness Scheme should be acceptable to all Stakeholders It should be easy to Implement with least possible regulatory hassles Points to ensure while implementing the restructuring exercise
- 41. M&A objectives –What it means? Diversification of Risks Access to New Technology and Knowledge Gain access to new markets, customers, products Ability to limit competition / gain market share Synergies & Economies of Scale 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;
- 42. 1. Differences inRisk 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) Why is there a Mismatch between Buyer & Seller expectations?
- 43. • In caseof 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. Swap Ratio Valuation
- 44. • If theexchange 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. Impact of Swap Ratio Valuation
- 45. CASE STUDY Calculation ofExchange Ratio in M&A and Independent Buyer-Seller perspective
- 46. Features of SteelCompany* 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 *Common Promoter Group Merger of a Unlisted Power Company into Listed Steel Manufacturing Company
- 47. EXCHANGE RATIO &VALUATION –MERGER • Valuation on Steel Company • Valuation on Power 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 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 76.67 ^ considering 3 years forward earnings and 80-90% Capacity utilization basis Merger of a Unlisted Power Company into Listed Steel Manufacturing Company
- 48. Pre Merger Shareholdingof Steel Company Category No of shares % Holding Promoter 5,000,000 50% Public 5,000,000 50% Total 10,000,000 100% Pre Merger Shareholding of Power Company Category No of shares % Holding Promoter 5,000,000 100% Public - - Total 5,000,000 100% Post Merger Shareholding of Steel Company Category No of shares % Holding Promoter 12,099,074 71% Public 5,000,000 29% Total 17,099,074 100% Independent Buyer-Seller Perspective 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). Acquisition Price would finally depend on negotiations. Pre and Post Shareholding
- 49.
- 50. - Availability ofInter division Cash Flows for servicing of debt; - Security for debt providers; - Cushioning impact of business down turns; - Better size in terms of revenues - Markets perceive lack of - Management focus - Business Clarity - Transparency - Difficulty in Business wise Fund Raising - Diversified Business Discount resulting in sub-optimal Businesswise Valuations Pros and Cons of Diversified Business in one Entity
- 51. Focus on corecompetencies – Bajaj Auto Facilitate strategic investment – Volvo & Eicher Motors Unlocking shareholders value – Cadila Healthcare Regulatory Reasons – Zee Telefilms Settling family agreements – Reliance Industries Divestment - Piramal Healthcare Limited De-risking the business model – Sun Pharmaceutical Demerger of Research & Development division However, there are other reasons as well, like-
- 52. Reliance Group Marketprices (In Rs) Pre demerger Post demerger Reliance Industries 702 698 Reliance Capital Ventures - 23 Reliance Communication Ventures - 292 Reliance Energy Ventures - 43 Reliance Natural Resource - 18 TOTAL 702 1074 Demerger resulted in increased shareholders value 28/11/2013 Business Leadership Program – SCHOOL of INSPIRED LEADERSHIP “That is what learning is, you suddenly understand something you have understood all your life, but in a new way” …………………………….. Doris Lessing
- 53. About Corporate Professionals Offering variedlegal & 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.
- 54. Mr. Chander Sawhney Partner& Head – Valuation & Deals M: +91 9810557353 D: +91 11 40622252 E: chander@indiacp.com Mr. Maneesh Srivastava AVP – Valuation & Biz Modelling M: +91 9871026040 D: +91 11 40622255 E: maneesh@indiacp.com Mr. Gaurav Kumar Barick Manager – Valuation & Biz Modelling M: +91 8130141874 D: +91 11 40622241 E: gaurav@indiacp.com Mr. Sameer Verma Deputy Manager – Valuation and Biz Modelling M: +91 9911945607 D: +91 11 40622216 E: sameer@indiacp.com Our Valuation Team