vascon - valuation

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



(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



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 -

- - -



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



(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



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



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

- - - -

- - - -



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



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



- - 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



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



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



CAGR

0.29 0.35 FA 0.28

1.56 0.12 Sdales 0.32

9.21 5.35 PAT 0.22



1.56 0.12



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



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



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



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



2009 2008 2007 2006 2005

2009 2010 2011 2012 2013 2014 2015



2016 2017 2018 2019

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