Client Name

Value Of Equity Under Different Approaches

INCOME APPROACH
1
2
3
4
5

Valuation
Valuation
Valuation
Valuation
Valuation

under
under
under
under
under

Discounted Cash Flows using FCFF

Discounted Cash Flows using FCFE
Discounted Cash Flows using NOPAT
Discounted Cash Flows using Cash Pr
Capitalisation of Earning using PAT

VALUE
272
329
167
406
123

MARKET APPROACH
6
7
8
9

Valuation
Valuation
Valuation
Valuation

using P/E Ratio

under Price to Book Value Approach
under Price to Cash EPS Approach
under EV to EBITDA

56
78
54
106

NET ASSET APPROACH

10 Valuation of Share as per Book Value
11 Valuation of Share as per Excess Earning Approach

77
251

Client Name
Value Of Equity Under Income Approach
S.No.

Value Terminal
Value
A

NPV

Total
Value of
Firm
C

Debt

1 Valuation of Share Discounted Cash Flows using FCFF

FCFF(2010-2015)
###
97183
FCFF(2015)
23865
503807 316593 413776 84810
Terminal Value of Firm = FCFF(2014)/WACC - G

Total
No. of Value of Control
Final
Value of Equity
Equity Premium Value
Equity Shares
Share
25% of Share
E=C-D
F
G=E/F
H
G+H

328966

1513

217

54.37

272

397710

1513

263

65.74

329

202393

1513

134

33.45

167

4 Valuation of Share under Discounted Cash Flows using Cash Profits

Cash Profits 2010-201 ###
108994
Cash Profit (2015)
27929
619092 389038 498032 6532
491500
1513
Terminal Value (Gordon Growth Formula)
Value of Firm = NPV -- Cash Profits + NPV --Cash Profit(2014)*(1+g)/(WACC -g)

325

81.24

406

2 Valuation of Share under Discounted Cash Flows FCFE

FCFE(2010-2015)
###
90549
FCFE(2015)
24546
518189 307160 397710
Terminal Value of Firm = FCFE(2014)/WACC - G

3 Valuation of Share under Discounted Cash Flows using NOPAT

NOPAT (2010-2015)
68786
53067
NOPAT (2015)
15665
248023 155858 208925 6532
Terminal Value of Firm = NOPAT(2015) (1- g/r) / WACC - g

5 Valuation of Share under Capitalisation of Earning using PAT

PAT (2010-2015)
47428
35225
PAT (2015)
10884
180609 113495 148720
0
Terminal Value of Equity = PAT / (Ke - G)
Parameters used

WACC
Growth

0.10
0.05

148720

1513

98

24.58

Expected Rate of Return (As per Investor)

Cost Of Equity

123

0.20
0.11

Client Name
Value Of Equity Under Market Approach
S.No.

Mkt.
Mutiple Client Name

Control
Premium
Value 25%

1 Using P/E Ratios

Competitor 1
Competitor 2
Competitor 3

6.6
155.7
19.0

7
7
7

45
1059
129

11
265
32

0.8
1.9
2.0

78.6
78.6
78.6

62
149
157

16
37
39

4.6
156.1
13.9

9.5
9.5
9.5

43
1478
132

11
370
33

5.9
132.8
12.5

14.3
14.3
14.3

85
1898
178

21
475
45

2 Under Price to Book Value Approach

Competitor 1
Competitor 2
Competitor 3
3 Under Price to Cash EPS Approach
Competitor 1
Competitor 2
Competitor 3
4 Under EV to EBITDA
Competitor 1
Competitor 2
Competitor 3

Note : Considering the above companies CESC is found to be most comparable and therefore
values derived using CESC data only are considered for final decision making.

ch
Final
Value
of Share
56
1323
162

78
186
197

54
1848
165

106
2373
223

mparable and therefore

Client Name
Value Of Equity Under Net Asset Approach
S.No.

Value of Control
Final
Equity Premium Value
Share
25% of Share
G
I
G+H+I
Valuation of Share as per Book Value
Value of all the assets
220394
Less :
Secured Loans
79810
Unsecured Loans
5000
Current Liabilities
& Provisions
40867
Misc. Expenses
1021
126698

Value of Net Assets

No. of Shares
2

93696
1513

62

Valuation of Share as per Excess Earning Approach

Value of all the assets
Less :
Secured Loans
79810
Unsecured Loans
5000
Current Liabilities
& Provisions
40867
Misc. Exp
1021

220394

126698

Value of Net Assets - A

93696

Total Business Earning

Estimated Required Rate of Return

92399
0.20

Business Earning attributable

to Net Tangible Assets
Excess Earnings - 1
Capitalization Rate for Excess Earnings
Value of Excess Earnings (1) / (2) -- B

18739
73660
0.25
294640

Net Value of the Firm A + B

Less : Debt
Net Value of the Equity
No. of shares

388336
84810
303526
1513

15.49

77

Value of Share

201

50.17

251

Strictly Private and Confidential

Client Name
COMPARATIVE PROJECTED BALANCE SHEETS
2013

Projected

Projected

Projected

Projected

Projected

2014

2015 E

2016 E

2017 E

2018 E

2010

2011

2012

Share Capital

15125.12

15125.12

15125.12

15125.12

15125.12

15125.12

15125.12

15125.12

15125.12

Reserves & Surplus

77949.71

92769.46

98574.61

103213.33

104786.02

105562.83

108940.72

114164.88

120624.96

Secured Loans

59931.29

54271.79

65555.84

79019.80

79810.00

80209.05

82615.32

87159.16

91081.32

198.91

0.00

2500.00

5000.00

5000.00

5000.00

5000.00

5000.00

5000.00

10739.48

7490.48

7798.72

7960.93

8876.58

12409.65

16545.86

19317.09

20928.36

### 210319.18

213597.71

218306.64

228227.02

240766.25

252759.77

344631.73

347394.47

350433.48

353685.22

Unsecured Loans
Deffered Tax Liability
Total Funds Employed

163944.51 169656.85

Fixed Assets
Gross Block

189680.75

Less : Depreciation
Total Fixed Assets
Capital Work in Progress
Mines development expenditure
Inter Division Account

190326.02

191250.78

192802.34

194650.32

85469.35

94556.41

103376.25

112196.32

120998.64

137420.90

153981.30

153981.30

153981.30

104211.40

95769.61

87874.53

80606.02

73651.68

207210.83

193413.17

196452.18

199703.93

8770.10

22166.41

72399.58

117579.03

137579.03

7000.00

17000.00

27000.00

37000.00

14791.15

13474.77

10882.52

11454.42

9163.54

7330.83

5864.66

4691.73

3753.38

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

### 209639.47

220394.25

221541.66

216277.84

228143.91

240457.31

6532.34

6858.96

7201.91

7562.00

7940.10

127772.65 131410.79
Investments

13571.80

26071.80

14050.50

6221.28

Currents Assets, Loans & Advances

Interest accrued

520.66

682.56

276.77

143.72

150.91

158.45

166.37

174.69

183.43

8601.72

8113.15

8369.94

8968.78

7175.02

9327.53

10726.66

11799.33

12625.28

Sundry Debtors

10929.18

10709.44

16712.30

17906.45

14325.16

18622.71

21416.11

23557.73

25206.77

Cash & Bank Balance

10309.98

6811.46

2696.83

343.35

1133.82

460.03

13554.70

13112.40

12435.40

Loans & Advances

17260.27

5680.69

4990.35

4665.07

3732.06

4851.67

5579.42

6137.37

6566.98

47621.81

31997.30

33046.19

32027.37

26516.97

33420.39

51443.28

54781.51

57017.85

17967.91

16675.21

22061.31

31995.74

35387.29

37156.65

39014.49

40965.21

43013.47

8245.43

4424.16

7914.05

6849.53

5479.62

7123.51

8192.04

9011.24

9642.03

Total Current Liabilties

26213.34

21099.37

29975.36

38845.27

40866.91

44280.16

47206.52

49976.45

52655.50

Net Current Assets

21408.47

10897.93

3070.83

-6817.90

-14349.94

-10859.77

4236.75

4805.06

4362.35

1191.59

1276.33

1276.33

1276.33

1021.06

765.79

510.52

255.27

0.00

### 210319.18

213597.71

218306.64

228227.02

240766.25

252759.77

Inventories

Total Current Assets

(C)

Less : Current Liabilities

Less : Provisions

Misc. Expenditure
Total Application of Funds

Certificate Course on Valuation

163944.51 169656.85

A Case Study- by BRIMS Group

Strictly Private and Confidential

Debt/Equity Ratio

Certificate Course on Valuation

0.65

0.50

0.60

0.71

0.71

0.71

0.71

0.71

0.71

A Case Study- by BRIMS Group

Strictly Private and Confidential

Rs in Lacs
2019 E
15125.12
127681.80
96546.20
5000.00
20928.36
265281.49
353685.22
153981.30
199703.93
47000.00
3002.71
0.00
249706.63
8337.11
192.60
13256.54
26467.10
16337.64
6895.33
63149.22
45164.14
10124.13

###
###
###
###
###
###
###
###
###
###
###
###
6300.87 -7577.22 -4928.21 -3780.54 -2913.34 -2229.12

55288.27
7860.94
0.00
265904.69

Certificate Course on Valuation

A Case Study- by BRIMS Group

Strictly Private and Confidential

0.71

Certificate Course on Valuation

A Case Study- by BRIMS Group

Strictly Private and Confidential

Client Name
COMPARATIVE INCOME STATEMENTS
2010

2011

2012

2013

Projected
2014

75659.32

79558.02

93554.57

115499.01

92399.21

120118.97

138136.82

151950.50

162587.03

170716.38

4262.50

8721.05

2659.66

1618.82

1295.06

1554.07

1864.88

2237.86

2685.43

3222.51

79921.82

88279.07

96214.23

117117.83

93694.26

121673.04

140001.70

154188.35

165272.46

173938.90

40018.60

46621.87

64600.67

90608.48

69299.41

90089.23

103602.61

113962.87

121940.27

128037.29

Employee Cost

1440.85

2072.26

2363.04

2282.02

1847.98

2402.38

2762.74

3039.01

3251.74

3414.33

Admin. & Other Expenses

5715.71

7157.29

1263.28

1542.52

923.99

1201.19

1381.37

1519.50

1625.87

1707.16

Prior period items

-167.29

0.00

0.00

50.41

0.00

0.00

0.00

0.00

0.00

0.00

Resetting premium paid

-147.97

72.18

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

279.60

102.40

0.00

47.02

0.00

0.00

0.00

0.00

-0.02

0.00

TOTAL DIRECT COST

47139.50

56026.00

68226.99

94530.45

72071.38

93692.80

107746.72

118521.39

126817.87

133158.78

EBIDTA

32782.32

32253.07

27987.24

22587.38

21622.88

27980.24

32254.98

35666.97

38454.60

40780.12

Sale of Electrical Energy

Other Income
TOTAL INCOME
Generation Expenses

Impairment of Assets/ Misc Exp w/off

Depreciation
EBIT
Interest & Finance Chgs.

Projected
2015 E

Projected
2016 E

Projected
2017 E

Projected Rs in Lacs
2018 E
2019 E

9137.84

8984.66

8830.79

8788.25

8923.19

16422.26

16560.40

16712.35

16874.93

17045.65

23644.48

23268.41

19156.45

13799.13

12699.69

11557.98

15694.58

18954.62

21579.66

23734.47

6395.20

5118.03

5131.51

2955.92

2983.72

3025.95

3155.44

3461.13

3957.99

4783.62

17249.28

18150.38

14024.94

10843.21

9715.97

8532.03

12539.14

15493.49

17621.67

18950.85

Provision for Tax

5750.00

3070.00

2715.00

2107.00

3400.98

395.49

1198.38

3671.45

5723.65

7444.15

Provision for FBT

17.81

37.81

52.06

42.24

0.00

0.00

0.00

0.00

0.00

0.00

0.00

-3249.00

308.24

162.21

915.65

3533.07

4136.21

2771.22

1611.28

623.20

EBT

Provision for Deffered Tax

Adj. for earlier years
Total Tax Provisions
EAT
Proposed Dividend
Corporate Dividend Tax

Balance C/o to Reserves

EPS

Certificate Course on Valuation

0.00

0.00

0.00

0.00

191.00

0.00

0.00

0.00

0.00

0.00

5767.81

-141.19

3075.30

2311.45

4316.63

3928.56

5334.59

6442.68

7334.93

8067.35

11481.47

18291.57

10949.64

8531.76

5399.35

4603.47

7204.55

9050.82

10286.74

10883.50

1890.64

756.26

3781.28

3327.53

3327.53

3327.53

3327.53

3327.53

3327.53

3327.53

265.16

446.73

642.63

565.51

499.13

499.13

499.13

499.13

499.13

499.13

9325.67

17088.58

6525.73

4638.72

1572.69

776.81

3377.89

5224.16

6460.08

7056.84

12

A Case Study- by BRIMS Group

Strictly Private and Confidential

Cash EPS

Certificate Course on Valuation

14

18

13

11

14

16

17

18

18

A Case Study- by BRIMS Group

Client Name
Projected Cash Flow Statement
Net profit/(Loss) before Taxes (EBT)
Adjustment for :
Tax Provisions
Dividend & Dividend Tax
Depreciation
Misc Exp

Rs in Lacs
Projected Projected Projected Projected Projected
2015 E
2016 E
2017 E
2018 E
2019 E
8532.03 12539.14 15493.49 17621.67 18950.85

2013
10843.21

Projected
2014
9715.97

-2311.45
-3893.04
8788.25
0.00

-4316.63 -3928.56 -5334.59 -6442.68 -7334.93 -8067.35

-3826.66 -3826.66 -3826.66 -3826.66 -3826.66 -3826.66
8923.19 16422.26 16560.40 16712.35 16874.93 17045.65
255.27
255.27
255.27
255.25
255.27
0.00

Adjusted Profit
13426.97 10751.15 17454.34 20193.56 22191.76 23590.29 24102.49
Increase / Decrease in Non Cash Current Assets
-1334.66
6300.87 -7577.22 -4928.21 -3780.54 -2913.34 -2229.12
Increase / Decrease in Current Liabilities & Provi
9032.12
2937.29
6946.32
7062.57
5541.15
4290.32
3255.97
(Net of Deffered Tax)
Net Cash Flow/ from operating activities
21124.43 19989.31 16823.45 22327.92 23952.37 24967.27 25129.34
Cash flow from Investing activities
Purchase of Assets ,Capital WIP & Mines
Investments
Secured Loan
Unsecured Loan

-47271.09 -19677.97 -17569.67 -11296.57 -28578.42 -29188.33 -26294.97

7829.22
-311.06
-326.62
-342.95
-360.10
-378.10
-397.01
13463.96
790.20
399.05
2406.27
4543.84
3922.16
5464.88
2500.00
0.00
0.00
0.00
0.00
0.00
0.00

Net Cash Flow/ (used in) investing activitie

###

###

### -9233.25

###

###

###

Cash flow from Financing Activity

Increase/(Decrease) in share Capital
Net cash flow/ (used in) financing activities

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

Net Increase/(decrease) in cash and cash e -2353.48

Opening Cash Balance
2696.83
Cash and cash equivalents
343.35

790.47
343.35
1133.82

0.00
0.00

-673.79 13094.67 -442.31 -677.00 3902.24

1133.82
460.03 13554.70 13112.40 12435.40
460.03 13554.70 13112.40 12435.40 16337.64

Client Name
Net Present Values of Parameters
2011

2012

2013
8532

Projected
2014
5399
5399
5399
8923
14323
14323
12700
4318
8382
8382

Projected
2015 E
4603
4146
4603
16422
21026
19160
11558
3930
7628
6951

Projected
2016 E
7205
5845
7205
16560
23765
19735
15695
5336
10358
8602

Projected
2017 E
9051
6613
9051
16712
25763
19496
18955
6445
12510
9467

Projected Rs in Lacs
2018 E
2019 E
10287
10884
6770
6451
10287
10884
16875
17046
27162
27929
18730
17551
21580
23734
7337
8070
14243
15665
9822
9844

PAT
18292
10950
NPV of PAT
PAT
(A)
18292
10950
8532
Depreciation
(B)
8985
8831
8788
Cash Profits (A)+(B)
27276
19780
17320
NPV of Cash Profits
EBIT
(1)
23268
19156
13799
Tax on EBIT
(2)
7911
6513
4692
NOPAT
(1) - (2)
15357
12643
9107
NPV of NOPAT
NET INVESTMENT
Depreciation
(a)
8985
8831
8788
8923
16422
16560
16712
16875
17046
Non Cash WC Change(b)
-7012
-3712
-7535
-8323
4164
2002
1011
234
-404
Capex Change

3638
39746
38483
10755
1147
-5264
11866
12313
9249
Net Investment (a)-(b)-
12359
-27203
-22159
6491
11111
19822
3836
4327
8200
FCFF
27716
-14559
-13052
14873
18739
30181
16346
18570
23865
NPV Of FCFF
14873
17076
25063
12369
12806
14997
Add : Net Loans taken or repaid
-5858
13784
15964
790
399
2406
4544
3922
5465
Total
21857
-775
2912
15663
19138
32587
20890
22492
29330
Less : Interest paid
5118
5132
2956
2984
3026
3155
3461
3958
4784
FCFE
16739
-5907
-44
12679
16112
29432
17428
18534
24546
NPV of FCFE
12679
14512
23876
12735
12197
14550
Note : Values of the year ended 31-03-2010 are not discounted as the gap between valuation date and 31-03-2010 is just one month, therefore
the actual values are assumed to be discounted values to rule out unnecesary difficulty of discounting for 13 months, 25 months in next years.

Also this assumption would affect final valuation by very insignificant amount.

month, therefore
ths in next years.

Client Name
Market Multiples

1 Competitor 1

Price to
Cash to EBITDA/ Market Cap/
Equity P/E
Book Valu EPS
EV
Sales
12560
6.58
0.79
4.58
5.92
85.00

2 Competitor 2

14000

155.7

1.89

156.09

132.79

117.70

3 Competitor 3

22144

19.03

2.00

13.90

12.47

2.33

34.53

1.58

30.81

27.15

18.70

4 Industry Average

CESC is considered to be the most comparable with (Client Name)

Market Cap/

Client Name
GROWTH ESTIMATES
2010

Growth in Sales (Rs)

% age growth
Growth in EBITDA
% age growth
Growth in EBIT
% age growth
Growth in EBT
% age growth
Growth in EAT
% age growth

2011

75659.32 79558.02
5.15
32782.32 32253.07
-1.61
23644.48 23268.41
-1.59
17249.28 18150.38
5.22
11481.47 18291.57
59.31

2018 E

2019 E

93554.57
###
92399
120119
138137
151950
162587
17.59
23.46
-20
30
15
10
7
27987.24 22587.38 21622.88 27980.24 32254.98 35666.97 38454.60
-13.23
-19.29
-4.27
29.40
15.28
10.58
7.82
19156.45 13799.13 12699.69 11557.98 15694.58 18954.62 21579.66
-17.67
-27.97
-7.97
-8.99
35.79
20.77
13.85
14024.94 10843.21 9715.97 8532.03 12539.14 15493.49 17621.67
-22.73
-22.69
-10.40
-12.19
46.97
23.56
13.74
10949.64 8531.76 5399.35 4603.47 7204.55 9050.82 10286.74
-40.14
-22.08
-36.71
-14.74
56.50
25.63
13.66

170716
5
38454.60
0.00
23734.47
9.99
18950.85
7.54
10883.50
5.80

2012

2013

2014

2015 E

2016 E

2017 E

Client Name
Forecasting of Depreciation
Rs in Lacs
Year
2012
2013
2014
2015
2016
2017
2018
2019

Opening
Addition
Total Opening Dep of
WDV
WDV
Dep
this yr
95769.61
924.76 96694.37 94456.41 8830.79
87863.58
1551.56 89415.14 103287.20 8788.25
80626.89
1847.98 82474.87 112075.45 8923.19
73551.68 149981.41
### 120998.64 16422.26
207110.83
2762.74
### 137420.90 16560.40
193313.17
3039.01
### 153981.30 16712.35
179639.84
3251.74
### 170693.64 16874.93
166016.64
3414.33
### 187568.58 17045.65

Closing
WDV
87863.58
80626.89
73551.68
207110.83
193313.17
179639.84
166016.64
152385.32

Opening
Gross
190326.02
191250.78
192802.34
194650.32
344631.73
347394.47
350433.48
353685.22

Addition
924.76
1551.56
1847.98
149981.41
2762.74
3039.01
3251.74
3414.33

Closing
Gross
191250.78
192802.34
194650.32
344631.73
347394.47
350433.48
353685.22
357099.55

Assumption : Depreciation rate has been taken at 5.% on Straight Line Method as per Schedule XIV of Companies Act

Total
Dep
###
###
###
###
###
###
###
###

Projected
Projected
Projected
Projected
Projected
Projected

Client Name
Estimation of Deffered Tax
Year

Opening
WDV

Addition

Total
WDV

Dep of
this yr

Closing
WDV

Co. Act
Dep of
this yr

2013
2014
2015
2016
2017
2018
2019

87863.58
76061.05
66291.98
189456.68
163490.11
141663.71
123300.08

1551.56
1847.98
149981.41
2762.74
3039.01
3251.74
3414.33

89415.14
77909.04
216273.39
192219.42
166529.12
144915.46
126714.41

13354.09
11617.06
26816.71
28729.31
24865.41
21615.38
18879.12

76061.05
66291.98
189456.68
163490.11
141663.71
123300.08
107835.28

8788.25
8923.19
16422.26
16560.40
16712.35
16874.93
17045.65

Difference

4565.84
2693.87
10394.45
12168.91
8153.06
4740.44
1833.47

Defferred
Tax Adj.
for
Year
162.21
915.65
3533.07
4136.21
2771.22
1611.28
623.20

Assumption : 50% of the addition to Fixed Assets is for less than 180 days attracting half the rate of depreciation

Rs in Lacs
Defferred
Tax
C /O
7960.93
8876.58
12409.65
16545.86
19317.09
20928.36
21551.56

Client Name
Estimation of WACC

Weighted Average Cost of Capital

0.10

Calculation of WACC
CAPM Model
Discounting Rate = Risk Free Rate + Beta(Equity Risk Premium)
Risk Free Rate from Govt Security Bonds from NSE
Beta ( Refer Beta Sheet)
Expected Rate of Return (refer CAGR sheet)
Equity Risk Premiu : Expexted Rate of Return- Risk free retrun

0.0850
1.4033
0.1030
0.0180

Cost Of Equity (CAPM)

0.1103

Cost of Debt ( Taken from opportunity cost of Bank Loan)

Tax Saving rate
Net Cost of Debt

0.12
0.34
0.0792

Equity
+Reserve

Debt

###

###

Weighted
Total Cost of
Cost of
Equity
Equity
### 0.1103
0.0645

Weighted Weighted
Cost of
Cost of
Cost of
Debt
Debt
Capital
0.0792
0.0329
0.10

Client Name
estimation of beta
AVERAGE BETA

1.403

Monthly
four year
Year
range
CESC Ltd
1.15
Name
1.403333
Competitor 1
1.84
Competitor 2
1.39
Competitor 3
2.12
Competitor 4
0.78
Competitor 5
1.14
Industry Average 1.403333

Beta
as
on
5/17/201
4
1.03
1.52
1.14
1.88/2.03
0.89
1.2

Source: www.topstock.research.com

Client Name
estimation of Expected rate of return
BSE INDEX Value (Rs.)
Apr-09
Apr-14
CAGR

13736
22484
0.10357705

Thus espected rate of return based on CAGR is 0.103

Source: www.bseindia.com

Client Name
Estimate of Provision for Tax
Rs in Lacs

Year

EBT

2014
2015
2016
2017
2018
2019

12699.69
11557.98
15694.58
18954.62
21579.66
23734.47

Co. Act
Dep of
this yr
8923.19
16422.26
16560.40
16712.35
16874.93
17045.65

Income Tax
EBTDA Dep of
this yr
### 11617.06
### 26816.71
### 28729.31
### 24865.41
### 21615.38
### 18879.12

EBT
10005.83
1163.54
3525.67
10801.56
16839.22
21900.99

Provision
For Tax
@.3399
3400.98
395.49
1198.38
3671.45
5723.65
7444.15

Client Name
Common Size Income Statements
2010

2011

2012

2013

Projected
2014

Projected
2015 E

Projected
2016 E

Projected
2017 E

Projected
2018 E

Projected
2019 E

100
5.634

100
10.962

100
2.843

100
1.402

100
1.402

100
1.294

100
1.350

100
1.473

100
1.652

100
2

TOTAL INCOME

106

111

103

101

101

101

101

101

102

102

Generation Expenses
Employee Cost
Admin. & Other Expenses
Prior period items
Resetting premium paid
Impairment of Assets

53
2
8
-0.2
-0.2
0.4

59
3
9
0.00
0.09
0.13

69
3
1
0.00
0.00
0.00

78
2
1
0.04
0.00
0.04

75
2
1
0.0
0.0
0.0

75
2
1
0.0
0.0
0.0

75
2
1
0.0
0.0
0.0

75
2
1
0.0
0.0
0.0

75
2
1
0.0
0.0
0.0

75
2
1
0.0
0.0
0.0

TOTAL DIRECT COST

62

70

73

82

78

78

78

78

78

78

EBIDTA
Depreciation

43
12

43
12

37
12

30
12

23
12

23
22

23
22

23
22

24
22

24
23

EBIT
Interest

31
8

31
7

25
7

18
4

12
4

2
4

1
4

1
5

1
5

1
6

EBT

23

24

19

14

-2

-3

-3

-4

-5

Sale of Electrical Energy

Other Income

Client Name
GRAPH DEPICTING INCOMES
Rs in Lacs
Year
Sales
EBITDA
EBIT
EBT
EAT

2010

2011

2012

2013

2014

2015 E

2016 E

2017 E

2018 E

2019 E

75659
32782
23644
17249
11481

79558
32253
23268
18150
18292

93555
27987
19156
14025
10950

115499
22587
13799
10843
8532

92399
21623
12700
9716
5399

120119
27980
11558
8532
4603

138137
32255
15695
12539
7205

151950
35667
18955
15493
9051

162587
38455
21580
17622
10287

170716
40780
23734
18951
10884

Growth
180000

%age

160000
140000

Row 7

120000

Row 8

100000

Row 9

80000

Row 10

60000

Row 11

40000
20000
0
2011

2012

2013

2014

2015 E
Year

2016 E

2017 E

2018 E

2019 E

20000
0
2011

2012

2013

2014

2015 E
Year

2016 E

2017 E

2018 E

2019 E

Strictly Private and Confidential

Client Name
GRAPH DEPICTING GROWTHS IN %AGES
Year
Sales
EBITDA
EBIT
EBT
EAT

2010

2011

2012

2013

2014

2015 E

2016 E

2017 E

2018 E

2019 E

0
0.00
0.00
0.00
0.00

5
-1.61
-1.59
5.22
59.31

18
-13.23
-17.67
-22.73
-40.14

23
-19.29
-27.97
-22.69
-22.08

-20
-4.27
-7.97
-10.40
-36.71

30
29.40
-8.99
-12.19
-14.74

15
15.28
35.79
46.97
56.50

10
10.58
20.77
23.56
25.63

7
7.82
13.85
13.74
13.66

5
0.00
9.99
7.54
5.80

Growth
80.00

%age

60.00
40.00
Row 6

20.00
0.00
0.00
-20.00

EBITDA Growth
Row 8

59.31

-40.14

-22.08

-36.71

-14.74

56.50

25.63

13.66

5.80

Row 9
EAT Growth

-40.00
-60.00

Certificate Course on Valuation

Year

A Case Study - by BRIMS Group

-40.00
-60.00

Certificate Course on Valuation

Year

Strictly Private and Confidential

A Case Study - by BRIMS Group

Client Name
COMPARATIVE RATIO ANALYSIS
2010 2011
Net Worth (Total Equity)
Capital Employed
EBIT
EAT
Net Fixed Assets
Total Assets
Total Liabilities

2012

2013

2014 2015 E2016 E 2017 E

91883 ### ### 117062 118890

### ### ### 202358 204721
23644 23268 19156 13799 12700
11481 18292 10950
8532
5399
### ### ### 209639 220394
### ### ### 241667 246911
26213 21099 29975 38845 40867

Activity Ratios
Capital Turnover Ratio
0.49 0.49
Fixed Assets Turnover Ra 0.59 0.61
Working Capital Turnove 3.53 7.30
Current Assets Turnover 1.59 2.49
Debtors Turnover Ratio
6.92 7.43
Debtors Collection Perio 52.73 49.13
Cash & Bank Turnover R 7.34 11.68

0.51
0.57
0.55
0.55
30.47 -16.94
2.83
3.61
5.60
6.45
65.20 56.59
34.69 336.39

119922 ### 129035

205897 ### 221449
11558 15695 18955
4603 7205
9051
221542 ### 228144
254962 ### 282925
44280 47207 49976

0.45
0.58
0.42
0.54
-6.44 -11.06
3.48
3.59
6.45
6.45
56.59 56.59
81.49 261.11

0.65
0.64
32.60
2.69
6.45
56.59
10.19

0.69
0.67
31.62
2.77
6.45
56.59
11.59

Profitability Ratios
Operating Margin
Profit Margin
Return on Equity Ratio
Return on Assets Ratio

0.43
0.15
7
0.09

0.41
0.23
11
0.14

0.30
0.12
6
0.06

0.20
0.07
4
0.04

0.23
0.06
3
0.02

0.23
0.06
2
0.02

0.23
0.04
3
0.03

0.23
0.05
4
0.04

Liquidity Ratios
Current Ratio

1.82

1.52

1.10

0.82

0.65

0.65

0.75

1.09

Risk Ratios
Total Liabilities / Total E
Total Assets / Total Equi

0.29
1.91

0.20
1.53

0.27
1.82

0.33
2.06

0.34
2.08

0.37
2.13

0.38
2.17

0.39
2.19

2018 E 2019 E
135750
231831
21580
10287
240457
297475
52655

143430
244353
23734
10884
249707
312856
55288

0.70
0.68
37.27
2.85
6.45
56.59
13.07

0.70
0.68
21.72
2.70
6.45
56.59
10.45

0.23
0.06
4
0.04

0.24
0.06
4
0.04

1.10

1.08

0.39
2.19

0.39
2.18