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

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
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3. Particulars
Pg. No.
Valuation
What and Why
4
How
11
When and Who
23
Tricky Issues
26
Financial Re-organization
35
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4. WHAT & WHY

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
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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
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7. S Standard of Valuation
T Thesis of Valuation
E Economics of Valuation
M Methodologies of Valuation
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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
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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
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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.
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







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
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Time

11. HOW

12. Intangibles#
Equity#
Net Current
Assets#
Net
Debt#
Stakeholders
# Based on Market Values
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Fixed
Assets#
Assets
Value of Business
Enterprise Value
Enterprise / Business Value

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
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Other Method
Asset Based
Method
Rule of Thumb
Market Value Method
(For Quoted
Securities)
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(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
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Data on projects
planned/under
implementation
including future
projection
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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
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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
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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;
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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;
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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
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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
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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
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23. WHEN & WHO

24. Valuation in Indian Regulatory
Environment

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

26. Some Specific Tricky Issues

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 .
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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.
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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
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• Shareholders Agreement caveats
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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%.
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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 ?
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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)
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even
may
control value
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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
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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
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Equity Value
Enterprise Value
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35. Financial Re-organization

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
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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
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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;
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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)
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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.
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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.
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43

44. CASE STUDY
Calculation of Exchange
Ratio in M&A and
Independent Buyer-Seller
perspective

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
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*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
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Acquisition Price would finally
depend on negotiations.
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48. De
Mystify
Merger
Industry Outlook

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

53. Our Valuation Team
Mr. Chander Sawhney
Vice President
M: +91 9810557353
D: +91 11 40622252
E: chander@indiacp.com
Mr. Maneesh Srivastava
Senior Manager
M: +91 9871026040
D: +91 11 40622255
E: maneesh@indiacp.com
Mr. Gaurav Kumar Barick
Assistant Manager
M: +91 8130141874
D: +91 11 40622241
E: gaurav@indiacp.com
Mr. Sameer Verma
Assistant Manager
M: +91 9911945607
D: +91 11 40622216
E: sameer@indiacp.com

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.