vascon - valuation
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8/8/2019 Vascon - Valuation
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SUMMARY STATEMENT OF UNCONSOLIDATED FINANCIAL INFORMATION
SUMMARY STATEMENT OF UNCONSOLIDATED ASSETS AND LIABILITIES - AS RESTATED
AS AT
PARTICULARS 30.09.09 2009
Rs. in Rs. in
Million Million
Fixed Assets
Gross Block 626.78 615.79
Less: Accumulated Depreciation 202.83 173.24
Net Block
Less: Revaluation Reserve - -
Net Block after adjustment for
423.95 442.55
Revaluation Reserve
Capital WIP including Capital
15.75 6.46
Advances
Total (a) 439.70 449.01
Goodwill (b) - -
Investments (c) 1,267.87 1,256.78
Current Assets, Loans and
3,686.16 - -
Advances
Inventories 902.85 748.16
Sundry Debtors 2,297.37 2,195.11
Cash and Bank Balances 284.78 200.56
Other current Assets 440.06 297.18
Loans and Advances 3,839.24 3,264.07
Total (d) 7764.30 6,705.08
Total Assets [a+b+c+d] (e) 9,471.87 8,410.87
Liabilities and Provisions
Secured Loans 1,220.54 1,050.11
Unsecured Loans 290.91 714.59
Current Liabilities 2,625.85 1,965.46
Provisions 814.22 852.90
Deferred Tax Liability / (Asset) -8.88 -3.83
TOTAL (f) 4,942.64 4,579.24
Net Worth [ e-f ] 4,529.22 3,831.63
Net Worth Represented by :
Share Capital (g) 792.16 759.15
Reserves and Surplus 3,737.07 3,072.48
Share Application Money - -
Less: Revaluation Reserve - -
Reserves and Surplus (Net of
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(h) 3,737.07 3,072.48
Revaluation Reserve)
Less: Miscellaneous
(i) - -
Expenditure
(to the extent not written off or
adjusted)
NET WORTH (g+h-i) 4,529.22 3,831.63
10
SUMMARY STATEMENTS OF UNCONSOLIDATED PROFITS AND LOSSES AS RESTATED
For the
Period
ended
PARTICULARS 30.09.09 2009 2008
Rs. in Rs. in Rs. in
Million Million Million
Operating Income
Sales
Gross Sales(See Note III 4 of
3,103.55 5,258.45 6,161.68
Schedule 1)
Less: Work Contract Tax /
-106.11 -179.43 -139.12
VAT Collected
Less: Service Tax Collected -68.28 -165.75 -135.48
Increase/ (Decrease) in
139.69 213.59 -36.21
Unbilled Revenue
Turnover (Net) 3,068.87 5,126.86 5,850.87
Other Operating Income
Share of Profit From a
61.45 25.26 29.61
Partnership Firm/AOP
Rent/Compensation 23.50 39.80 36.72
84.94 65.06 66.33
Total Operating Income 3,153.81 5,191.92 5917.20
Other Income 38.79 113.64 114.18
TOTAL INCOME 3192.60
Cost of Sales 2,531.66 3,919.88 4,255.52
Employees Cost 146.77 318.68 299.61
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Operating and Administrative
118.93 247.38 271.15
Cost
Finance Cost 105.20 253.50 159.51
Provision for Contingency - 200.00 -
Depreciation 29.59 57.26 40.48
TOTAL EXPENDITURE 2,932.15
Profit Before Tax 260.45 308.86 1,005.11
Less: Provision For
Current Tax 80.23 96.32 366.00
Deferred Tax -5.06 -1.68 -8.28
Fringe Benefit Tax - 3.64 17.96
75.17 98.28 375.68
Net Profit After Tax 185.28 210.58 629.43
ADJUSTMENTS:
Adjustments on account of
11.59 167.83 17.96
Restatements
Current Tax Adjustments -3.04 -59.75 -10.37
Deferred Tax Adjustments - - -
Total of Adjustments 8.55 108.08 7.59
Net Profit As Restated 193.83 318.66 637.02
Profit or (Loss) at the
1,711.72 1,393.06 756.04
beginning of the year
Balance Available for
1,905.55 1,711.72 1,393.06
Appropriation As Restated
11
SUMMARY STATEMENTS OF UNCONSOLIDATED PROFITS AND LOSSES AS RESTATED
For the
Period
ended
PARTICULARS 30.09.09 2009 2008
APPROPRIATIONS
As per Audited Accounts
Transfer to General Reserve - - -
Dividend on Preference -
- - -
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Paid/Provided
Dividend on Equity
- - -
Paid/Provided
Tax on Dividend on Preference
- - -
Shares
Tax on Dividend on Equity
- - -
Shares
Adjustment on Restatement - - -
Dividend on Preference Shares - - -
Tax on Dividend on Preference
- - -
Shares
Total Appropriation As
- - -
Restated
BALANCE CARRIED
FORWARDS AS 1,905.55 1,711.72 1,393.06
RESTATED
12
SUMMARY STATEMENT OF UNCONSOLIDATED CASH FLOW AS RESTATED
PARTICULARS
Cash Flow from Operating Activities
Net Profit Before Tax and Prior Year
Adjustments
Adjustments for :
Depreciation
(Profit)/ Loss on Sale
Assets/Investments
Employee Compensation Expenses
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(ESOP)
Interest income
Dividend Income
Interest expense
Provision for doubtful debts
Operating Profit before Working Capital
changes
Movements in Working Capital
Decrease/ (Increase) in Inventories
Decrease/ (Increase) in Sundry Debtors
Decrease/ (Increase) in Other Current
Assets
Decrease/ (Increase) in Loans and
Advances
Increase /(Decrease) in Trade Payables
Cash generated from Operations
Direct Taxes paid (net of refunds)
Cash Flow before Extraordinary Items
Net Cash from Operating Activities (A)
Cash Flow from Investing Activities
Purchase of Fixed Assets
Disposal of Fixed Assets
Purchase of Investments
Disposal of Investments
Interest received
Dividend received
Net Cash from Investing Activities (B)
Cash Flow from Financing Activities
Proceeds from issuances of Share Capital
Increase/(Decrease) in Share Application
Money
Redemption of Preference Capital
Availment (Repayment) of Long Term
Borrowings
Interest paid
Dividends paid
Tax on Dividend paid
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Net Cash from Financing Activities ( C )
13
SUMMARY STATEMENT OF UNCONSOLIDATED CASH FLOW AS RESTATED
AS AT
PARTICULARS 30.09.09 2009 2008
Net increase in Cash and Cash Equivalents
84.22 -289.84 433.73
(A+B+C)
Cash and Cash Equivalents at the beginning
200.56 490.40 56.67
of the year
Cash and Cash Equivalents at the end of
284.78 200.56 490.40
the year
Components of Cash and Cash
Equivalents
Sep-09 2009 2008
Cash on Hand 8.85 8.12 15.14
With Banks - on Current Accounts 168.46 75.45 368.51
- on Deposit Accounts 107.47 116.99 106.76
284.78 200.56 490.40
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As At March 31,
2008 2007 2006 2005
Rs. in Rs. in Rs. in Rs. in
Million Million Million Million
516.01 314.12 243.57 180.96 FA 0.19 0.64
124.99 86.24 69.40 57.53 Sales -0.12 0.58
391.02 227.88 174.17 123.43 GFA 8.54 10.66
- - - -
391.02 227.88 174.17 123.43
12.45 3.24 0.55 1.34
403.47 231.12 174.72 124.77
- - - -
1,115.65 534.36 52.77 116.35
- - - -
496.70 572.61 941.80 239.78
2,300.87 1,557.08 550.98 397.22490.40 56.67 92.52 27.43
111.15 113.14 76.75 89.85
2,787.03 1,581.52 554.02 414.39
6,186.15 3,881.03 2,216.07 1,168.67
7,705.27 4646.50 2,443.56 1409.80
80.81 131.34 534.02 35.12
2463.30 465.47 632.85 477.42
1,371.25 1,296.74 567.22 400.77
784.96 459.12 170.67 97.33
-2.16 6.12 10.34 12.41
4,698.16 2,358.79 1,915.11 1,023.05
3,007.11 2,287.71 528.46 386.74
726.15 354.82 301.60 109.68
2,280.96 1,932.89 226.86 277.06
- - - -
- - - -
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2,280.96 1,932.89 226.86 277.06
- - - -
3,007.11 2,287.71 528.46 386.74
For the year ended as on March 31,
2007 2006 2005
Rs. in Rs. in Rs. in
Million Million Million
3692.80 1,502.69 1,343.57
-50.37 -18.65 -35.34
-62.29 -51.36 -
44.08 6.58 6.82
3,624.22 1,439.26 1,315.05
129.90 -3.25 -
23.94 11.91 4.53
153.84 8.66 4.53
3,778.06 1,447.92 1,319.58
42.70 43.81 9.69
3,820.76 1,491.73 1,329.27 -0.12 0.58
2,845.21 1,064.93 1,071.93
108.02 74.62 47.15
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118.14 61.48 45.36
39.26 30.67 27.04
- - -
21.76 18.90 13.04
3,132.39 1250.60 1,204.52
688.37 241.13 124.75
192.50 88.59 44.01
5.57 -2.07 1.51
1.38 1.10 -
199.45 87.62 45.52
488.92 153.51 79.23
-191.42 -6.00 8.35
67.49 1.86 -3.03
9.78 - -
-114.15 -4.14 5.32
374.77 149.37 84.55
381.27 256.41 196.17
756.04 405.78 280.72
For the year ended as on March 31,
2007 2006 2005
- 16.90 8.00
- 10.66 6.02
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- - 4.32
- 1.21 0.79
- - 0.57
- - -
- -4.00 3.99
- -0.27 0.64
- 24.50 24.31
756.04 381.27 256.41
AS AT As At March 31,
30.09.09 2009 2008 2007 2006 2005
Rs. in Rs. in Rs. in Rs. in Rs. in
Rs. in Million
Million Million Million Million Million
272.04 476.69 1,023.07 496.94 235.14 133.10
29.59 57.26 39.69 21.62 16.69 12.94
of
-2.83 0.46 -45.11 -21.84 -28.55 -2.01
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2.08 4.16 65.89 - - -
-34.40 -111.67 -58.91 -8.85 -11.59 -4.52
0.00 -1.52 -7.50 -7.98 -0.57 -0.44
105.20 253.50 137.16 39.26 30.67 27.67
12.63 19.42 44.18 - - -
384.30 698.30 1,198.46 519.14 241.79 166.74
-147.49 -205.42 102.69 381.80 -672.80 17.09
-114.89 86.33 -787.97 -1006.10 -153.76 -250.61
-142.88 -186.03 -407.39 372.98 23.96 -18.98
-554.13 -319.35 -352.64 -1,329.97 -79.81 -56.19
538.43 512.31 -7.27 931.97 166.18 78.61
-36.65 586.14 -254.11 -130.17 -474.45 -63.34
-21.04 -167.55 -461.46 -144.91 -71.27 -39.28
-57.69 418.59 -715.58 -275.08 -545.72 -102.62
-57.69 418.59 -715.58 -275.08 -545.72 -102.62
-19.83 -116.61 -212.16 -103.21 -67.87 -38.99
- 13.36 0.27 44.12 3.96 1.76
-33.75 -578.67 -583.30 -483.78 -22.53 -104.72
25.49 437.55 46.98 2.68 111.60 3.33
34.40 111.67 58.91 8.85 11.59 4.52
0.00 1.52 7.50 7.98 0.57 0.44
6.32 -131.18 -681.80 -523.36 37.32 -133.66
- 501.70 16.50 1384.50 100.00 -
- - - - - -75.00
- - - - -100.08 100.00
248.45 -779.41 1,978.55 -570.05 654.32 240.56
-112.86 -299.54 -163.93 -51.87 -59.90 -27.67
- - - - -18.60 -2.40
- - - - -2.24 -0.31
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135.59 -577.25 1,831.12 762.58 573.50 235.17
As At March 31,
2007 2006 2005
-35.85 65.10 -1.11
92.52 27.43 28.53
56.67 92.52 27.43
As At March 31,
2007 2006 2005
6.88 3.39 2.95
39.73 84.34 15.79
10.06 4.80 8.69
56.67 92.52 27.43
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CAGR
0.29 0.35 FA 0.28
1.56 0.12 Sdales 0.32
9.21 5.35 PAT 0.22
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1.56 0.12
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Figures in Million
2009 2008 2007 2006
Sales 5,305.56 6,031.38 3,820.76 1,491.73
COS & Exp 4,485.94 4,826.28 3,071.37 1,201.03
Depr 57.26 40.48 21.76 18.9
EBIT 762.36 1,164.62 727.63 271.80Int 253.50 159.51 39.26 30.67
Contingency 200.00
PBT 308.86 1,005.11 688.37 241.13
Tax 98.28 375.68 199.45 87.62
PAT 210.58 629.43 488.92 153.51
GFA 615.79 516.01 314.12 243.57
Accum Depr 173.24 124.99 86.24 69.4
LTD 1,764.70 2,544.11 596.81 1,166.87
NCWC 422.09 752.51 486.98 831.64Cash 200.56 490.40 56.67 92.52
Depr % 28% 24% 27% 28%
Int% 12% 10% 4% 4%
GFA Turn Over 8.54 10.66 9.21 5.35
AVG GFA Turn 8.44
Avg Depr 28%
Data Used
Depr Rate 28%
Growth Rate 1st 5 yrs 15%
Growth Rate 2nd 5 yrs 15%
Terminal Growth Rate 5%
Tax 33%
WACC 14.30% (Assumed Consta
Forecasting
2009 2010 2011 2012
Sales Forecast 5,305.56 6101.39 7016.6 8069.09
COS & EXP 4,485.94 5158.83 5932.66 6822.55
Depr 57.26 30.06 30.39 34.95
EBIT 762.36 912.50 1,053.56 1,211.59
GFA 615.79 723.07 831.53 956.26
Accum Depr 172.54 202.6 232.99 267.93
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Add Depr 57.26 30.06 30.39 34.95
Non Cash WC 422.09 485.4 558.21 641.95
Cashflow & Valuation
2009 2010 2011 2012
EBIT 762.36 912.50 1,053.56 1,211.59
EBIT(1-T) 510.78 611.38 705.88 811.77Depr 57.26 30.06 30.39 34.95
Increase in NCWC -330.42 63.31 72.81 83.73
Capex 99.78 107.28 108.46 124.73
0 1 2 3
FCF 798.68 470.84 555.00 638.25
DF 1 0.87 0.77 0.67
PV 798.68 411.93 424.82 427.42
Total Value 10,165.39
Debt 1,764.70Cash 200.56
Value of equity 8,601.25
Proceeds from IPO 1780
Equity 90
Per Share 115.35
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2005
1,329.27
1,164.44
13.04
151.7927.04
124.75
45.52
79.23
180.96
57.53
512.54
228.7527.43
32%
11%
t)
2013 2014 2015 2016 2017 2018 2019
9279.46 10671.38 12272.08 14112.9 16229.83 18664.3 21463.95
7845.94 9022.83 10376.25 11932.69 13722.59 15780.98 18148.13
40.19 46.22 53.15 61.12 70.29 80.84 92.96
1,393.33 1,602.33 1,842.68 2,119.08 2,436.94 2,802.49 3,222.86
1099.7 1264.66 1454.36 1672.51 1923.39 2211.9 2543.68
308.12 354.34 407.49 468.62 538.91 619.75 712.71
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40.19 46.22 53.15 61.12 70.29 80.84 92.96
738.24 848.97 976.32 1122.77 1291.18 1484.86 1707.59
2013 2014 2015 2016 2017 2018 2019
1,393.33 1,602.33 1,842.68 2,119.08 2,436.94 2,802.49 3,222.86
933.53 1,073.56 1,234.60 1,419.78 1,632.75 1,877.66 2,159.3140.19 46.22 53.15 61.12 70.29 80.84 92.96
96.29 110.74 127.35 146.45 168.42 193.68 222.73
143.44 164.96 189.7 218.15 250.88 288.51 331.78
4 5 6 7 8 9 10 TV
733.99 844.09 970.70 ### ### ### ### ###
0.59 0.51 0.45 0.39 0.34 0.3 0.26 0.26
430.04 432.67 435.32 437.99 440.67 443.37 446.08 5036.41
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2009 2008 2007 2006 2005
2009 2010 2011 2012 2013 2014 2015
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2016 2017 2018 2019
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