VALUATION & BIZ MODELLING PROFILE

Why ValuationOur process flowKey deliverables of our Valuation ReportOur Valuation Credentials Our Valuation Offerings Appendix 1: Valuation Approaches and MethodologiesAppendix 2: Valuation Methodologies and Value ImpactAbout Corporate Professionals

CONTENTS

WHY VALUATION

Transactions Regulatory Financial Reporting

• Mergers&Acquisitions• FundRaising• SaleofBusiness• Insolvency/Bankruptcy• EmployeeStockOptions• IntrinsicValueAssessment

• ForeignExchange Laws

• IncomeTaxLaw• SEBI/Stock

Exchange Laws• CompanyLaw• Insolvency&BankruptcyCode

• NCLT/Courts

• FairValue(IND AS)

• Impairment/Diminution

• PurchasePriceAllocation

OURPROCESSFLOW

Planning&DataCollection

• Scopeofwork• Submittheinformationrequestlist

• Businessunderstanding• UnderstandingofmarketandanalysisofBiz

Reporting

• Submitthedraftvaluationworkingsheet

• Confirmationondraftvaluationworkingsheet

• Incorporatethesuggestions

• SubmitthedraftvaluationReport

• Discussthedraftvaluationreport

DataAnalysis&Valuation

• ReviewofAssetsandLiabilities

• Analysisofrevenueandcost

• Completeahighlevelreviewofforecastedassumptions

• IndustryAnalysis,understandingofkeyvaluedriversandlatesttrends

• Reviewvaluationmodel• Valuationanalysis(Income,MarketandAssetApproach)

• AdjustmentsforSurplusAssets,Discount/Premium,Minority/Controltransactionetc.

ProjectClosure

• Submitthefinalreport

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2

4

3

PROCESSF

LOW

KEYDELIVERABLESOFOURVALUATIONREPORT

Discussiononthedate,purpose,premise,scopeandlimitationsofvaluation

Businessoverviewandgroupoverview

Analysisofhistoricalfinancialstatements

AnalysisoftheBusinessPlan

SummaryofComparableCompaniesandSimilarTransactionMultiplesandperformingFundamentalValueanalysis

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2

3

4

5

Adescriptionofandjustificationforeachofthevaluationmethodologiesconsideredandultimatelyused

Thevalueconclusions

SupportingExhibits

6 7

8

OUR VALUATION CREDENTIALS

ValuationadvisoryforInvestmentinOne97CommunicationsLimited,participatedbyAlibabagroupandSAIFpartners,valuingtheCompanyatUSD2Billion

ProvidedFairnessOpinionfordemergerofBusinessUndertakingofHCLInfosystemsLimitedwithitsWoS&mergerofHCLInfocomLimitedwithHCLInfosystemsLimited

ValuationadvisoryforValueofsubsidiarycompaniesofApolloTyresLimitedforODIpurpose

FairnessOpinionforschemeofarrangementamongMailTodayNewspapersPrivateLimited,IndiaTodayOnlinePrivateLimitedandT.V.TodayNetworkLimited

EmpaneledwithGAILasConsultantforvaluationofitsStart-Upportfoliocompanies

ValuationadvisoryforInvestmentinZoomCarIndiaPrivateLimited,participatedbyMahindraandMahindraforSeriesCfundinground

ValuationadvisoryforInvestmentinJasperInfotechPvt.Limited,participatedbyCanada’sOntarioTeachersPensionPlan

ValuationadvisoryservicesforSeriesCfundinground,participatedbyAmadeusCapital,WestBridgeCapital&AccionFrontierInclusionfundalongwithexistinginvestorIntelCapital

Clients/transactions for last 5 years only

Industry: Utilities Non-Electric

Industry: IT

Industry: Auto Tyres and Rubber Products

Industry: Broadcasting & Cable TV

Industry: E-Commerce

Industry: E-Commerce

Industry: Online B2B Platform

Industry: Mobile Wallet / E-Commerce

ValuationadvisoryforValuationofBigTreeEntertainmentforSeriesC(CCPS)fundingofUSD81.5MillionledbyNewYorkbasedinvestmentfirmStripesGroup

Valuationadvisoryforascertainingvalue-additionsforthepurposeofissuanceofSweatEquityshares

ValuationadvisoryfordeterminingFairValueofsubsidiarycompaniesofInterglobeEnterprisesLimitedforODIpurpose

ValuationadvisoryfordeterminingFairMarketValueofinvestmentsmadebyHSILLimitedinAndhraPradeshGasPowerCorporationLimitedforIndASpurpose

ValuationadvisoryforarrivingatFairMarketValueofESOPofPitneyBowesIncforemployeesofitsIndiansubsidiaryforTaxpurpose

ValuationadvisoryforarrivingFairMarketValueofESOPforemployeesofPlantronicsIndiansubsidiaryforTaxpurposes

ValuationadvisoryfordeterminationofFairValueofinvestmentsmadebyitsWoSforrationalizingthestructureofitsWoScompanyanditsfurthersubsidiaries

FairnessOpiniononSchemeofArrangementofRSystemsforamalgamationofunlistedcompanyintotheCompany

ValuationadvisoryforBusinessValuationofResonanceEduventuresLimitedforinternalpurposes

ValuationadvisoryfordeterminationofrelativeshareexchangeratioonCrystal’sSchemeofArrangement

FairValueofCompulsoryConvertibleDebentures(includingDerivateValuation)issuedbySAMHItoInternationalFinanceCorporation(IFC),anarmofWorldBankinaccordancewithIndAS109

ValuationadvisoryforFairMarketValueofESOPofTCNSClothingPrivateLimitedforESOPTaxpurpose

Industry: Online Entertainment Ticketing Industry: Automotive

Industry: IT and BPO

Industry: IT

Industry: IT

Industry: Education Services

Industry: Hotel Management

Industry: Apparel

Industry: IT

Industry: Agro Chemicals

Industry: Ceramics

Industry: IT–Products / Solutions

OUR VALUATION OFFERINGS

• BusinessValuation• ShareValuation• Derivative/OptionValuation• M&AValuationandSwapRatio• BrandValuation• FairnessOpinion• Insolvency/BankruptcyValuation• ESOPandSweatEquityValuation• RegulatoryValuations(RBI,Tax,CompaniesAct,SEBI,InsolvencyCode)

• FinancialReportingValuation(INDAS)• PropertyPlantandEquipmentValuation• BusinessModellingServices• DealStructuringandAdvisory

APPENDIX1:VALUATION APPROACHES AND METHODOLOGIES

FUNDAMENTALMETHOD

RELATIVE METHOD

OTHER METHOD

IncomeBasedMethod

Capitalization of Earning Method

(Historical)

Discounted Cash Flow Method

(Projected Time Value)

AssetBasedMethod

Book Value Method

Liquidation Value Method

Replacement Value Method

MarketBasedMethod

Comparable Companies Market Multiples Method

(Listed Peers)

Comparable Transaction

Multiples Method(Unlisted Peers)

Market Value Method

(For Quoted Securities)

Contingent Claim Valuation

(Option Pricing)

Price of Recent Investment

Method

Rule of Thumb(Multiples: Customers,

Rooms, Seats, No. of visitors

etc.) - Depends upon Industry

APPENDIX2: VALUATION METHODOLOGIES AND VALUE IMPACT

MAJORVALUATIONMETHODOLOGIES IDEAL FOR RESULT

NetAssetValue

NetAssetValue(BookValue) MinorityValue

EquityValueNetAssetValue(FairValue) ControlValue

ComparableCompaniesMultiples(CCM)Method

PricetoEarning,BookValueMultiple

MinorityValue

EquityValue

EBIT,EBITDAMultiple EnterpriseValue

ComparableTransactionMultiples(CTM)Method

PricetoEarning,BookValueMultiple

ControlValue

EquityValue

EBIT,EBITDAMultiple EnterpriseValue

DiscountedCashFlow(DCF)

Equity

ControlValue

EquityValue

Firm EnterpriseValue

CORPORATEPROFESSIONALS

ABOUT

OurGamutofServices

Corporate Professionals (CP), a group of dedicated, research oriented and skilledprofessionalsispioneerindeliveringinnovativeanddistinguishedcorporatebusinesssolutionsthroughauniquemodelofintegratedfinancialandlegalconsultingservicessince2003.

Within the group, is nestled a boutique law firm, rendering quality services in thefield of Corporate Laws including Insolvency services, Securities Laws and Legal &RegulatoryservicesandaSEBIRegistered(Cat-I)MerchantBankerwithfocusonM&A,BusinessValuationsandCapitalMarketservices.TheGrouphasexpertiseindealingwithcomplicatedtransactionsandhascompletedmorethan5000assignmentsofover1000CorporateHouses,comprisingbothdomesticandmulti-nationalcompanies.

Our dedicated Valuation Team provides complete Valuation solutions includingvaluationofbusiness,sharesandderivatives.OurValuationTeamhasabout60yearsofconsolidatedtransactionAdvisoryexperiencewithabout12yearsoffocusedValuationpractice.Wehaveimpeccabletrackrecordofexecutingmorethan850Valuationsworth25bn.$ foreminentclients indifferentcontextandacross industries includingAuto&AutoComponents,CapitalGoods,Chemicals,ConstructionMaterials,ConsumerDurables, e-commerce, FMCG, Financial Services, Healthcare & Pharma, Hotels,Industrial Machinery, IT Software, IT Hardware, Media, Metals and Mining, Paper,Power and Renewable Energy, Real Estate, Retail, Telecom, Textiles, TransportationandInfraetc.Ourteamregularlydoesresearchandpublishesarticlesandcasestudiesonvariedvaluationissuesandsectoraltrends.WeareempanelledwiththeBSEandNSEasanIndependentValuerforvaluationofexclusivelylistedcompanies(ELCs)onDisseminationBoard(DB)forprovidingExitOpportunitytothePublicShareholdersandalsowithGAIL(India)LimitedforvaluationofitsStart-upportfoliocompanies.

Besidesourgroupwebsitewww.corporateprofessionals.comourdedicatedwebsiteonvaluation www.corporatevaluations.in,whichisthefirstandonlywebportaldedicatedtoBusinessValuationsinIndia,exhibitsTeam’sdeepunderstandingandproficiencyofthesubject.

OurValuationteamhasrecentlycomeoutwithacomprehensivepublicationon“BusinessValuationsinIndia–beyondthenumbers”,afirstofitskindbookonvaluationinIndia.

Mergers&AcquisitionsIInsolvencyResolutionICorporateDealsITransactionAdvisoryIValuation&BizModellingICapitalMarketsServicesIESOPServicesICorporateLaws-Advisory,Documentation&DraftingISecuritiesLawsAdvisory

CONTACT US CHANDER SAWHNEY Partner & Head : Valuation and DealsM:+919810557353e-mail:chander@indiacp.com

New DelhiD-28,SouthExtension,Part-INewDelhi-110049

Mumbai301,Masterminds-I,RoyalPalmsEstateAareyColony,GoregaonEast,Mumbai-400065

www.corporateprofessionals.com