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    VALUATION REPORT

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    VALUATION REPORT

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    113 views19 pages

    TP Tasl Valuation Report

    Uploaded by

    Ali Lakhany
    VALUATION REPORT

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 19
    ANNEXURE 4A Price Waterhouse & Co LLP Gitnee Accumas| Conted Tue ‘Tho Tata Power Company Lined Date: 2 February 2018 teal Madey oar of icestre theo Capit Company Secretary Suh: Valuation of Tita Power Strate Engineering Division (Tata PowsrSED) Dear Sis, Wereferto the work oor dat 28 June 2017 and eubonguent dscsons we bad wih yon, ‘ec, The Tata Pos Company md as equsted Price Waterhouse Co LP CPW&C>) {otany aut the wlan of Tat Power SED oso Sepesber 201, Wo bas hen heer refered os 'Valuer or Wear‘ in ths Report (Valaton Repo or ‘Report. ‘SCOPE AND PURPOSE OF THIS REPORT The Tata Power Company Lt CTP! Indi nest integrated owes company with inna sence THC wh rer nity rein hs an sae gros generation enpcyoft0.49 MW and presence nthe sent iver sector ermal and tc, anasto, eso TCL ar eon HS Lite aed Natal tock ‘eel ea sng eel ‘Eitan ent Tw ay ‘Benge onda Lite, ‘pes trae ginning Dvn Tata Power SD i pinay engaged in designing, “ovlopmont negra, spply and Hfeaye ropor afin ral defence tes, Tata over SUD ha yatnrsd wih the Mir of Deenee (MOD, the ed ores, an Defence ‘Public Setor Uber g (DPSU for the deelgrent ad ply of achnalny solutions. Tt ower SED Indes Re-D aetsp a Mumba as produto ity ample, ‘We understand hat te moagement of CL. Coaragenent Ie cralatinga ropa fr ale of Ts pasunt toa propose Shere of Arangeent det gt te Compaica he, 045 (Prope rarsntlon, Far the esd parse, CL equated PWC tocar rota alawing Foci ein recent pai Pc, Snen207 ation Date) organ AD Poet “tal Commnktion Sater (CS; Doteld Managenet Sytem (BMS); ‘gommAD Gun, “ler Warfare CEW): hse weapon ten (CIWS) amt ‘Compretensve Iya Borde Management System (IBMS), tne &CoLL. Bling N10. br, over -C,DUFCyber Giro s.008 Spinone ca Seton ‘ect rater a ee eee ingen mete a iar atana PY sth ple mista Price Waterhouse & Co LLP (Chartered Accountants _Acaged wth yo, we ave preset he Valuation of Tata Power SD at tex vel and caren wt rn or stand es hasbeen cae ot. Frter our analy, we ave saat Special Pectin andthe alco ata Power SED hasbeen ‘Shuidred aa pao of tevolues of Specie Proje ‘Wehbe provide ith carved xt tric nae Infomation fr Tata Powe SED an the ‘SRBRra Prete too Sepamber sory, Oar atts does ot aor impact fy event which ‘emotes, Nev tab ie yg ot he ‘thi Rept our devel forthe above engagement. “hia Report inset the scope, sump exis imtatons ad amor dead Fe ReReAcancht Report robe adn oa and not yt, ncnguneton ei he ‘vt documents tate therein. SOURCES OF INFORMATION Inconneton wth ths ig, bead teflon information sive frm the anrgement a: ateed fom ple dma: re Ranited net at tronei stents Sof Teta Power SHD/ Speed Poet forthe [ieee cade March 2017 and fr he paraded 30 Septenbes 207 «jee nome a expenses nd sacs a Tales of ita Power SED a the Speciied cfc cng by ong nso s prepared by the Magee wich he een eto es hes etntes nt the expect fue operating peso tats Power SED ad the Spl PrcjetsanciPrejectinsy, Report ted Tnpat for algntion fr ere out fasts apd ape & ADP by elon Bers te Agus 017 CReand ng Rept) Interv ond cospondence withthe Management {Soma resend nat data 08 comparble companies nd ifomation on recent {tanec totheeront ready waa 20d 4+ Suatereejieevcws and nq, os we considered relevant. ‘Techs ben povied it the opportunity trv the ra report a ys of ur standard eit emake nt fact! nce emuon are ave nor al reat ‘SCOPE LIMITATIONS, ASSUMPTIONS, QUALIFICATIONS, EXCLUSIONS AND DiseLarnnens Pron tien cnc often eel ea Tota The acer donot proton scouting stant, acon / ax de ‘Shon conting ort ated serves hat nay there be provided hy ts or ou ates, r spdifeto (the parpas of valuation aged orth ern our empgerent: the date of ie Report and (HD the inl sateen of Fest Power sD end Seiled Proje asa a0 September 2017, ni oer nfornation ey nee fe 0 September 2017 the date of he Repo. “Tis Reon it content andthe es hesin rhe Mangenent ha presented tnt the business acts of Tata Power SED have bee cased Tee Maresemeat en olny eure ten go Sept 217 andthe Report ate and tht 90 tee sano to an nl ain Ee 0 ‘Sept ary and he Repr date, Price Waterhouse & Co LLP rcs ‘Chartered Accountants saga ‘A aay oth natu ones ated the evsing tok aa, nani economic ‘td uber condtonsin general ed lady tends paren sn eflet on adthe, iMfomaton made vale tora th date bara Sens und wanton ecu after the ‘Btekoeo my floss Report sod the ssaumptios wood repeat and we do moc ase ‘hy hlgton opts revo efi the Report “Teuton thar tobe tengo by he vec of uous leon bythe Ver {I jpment tnt aroun a thee ators There lays be vere fora, ‘aren paint od romper coping ey ‘ur tive escarole fon hance fe ales st bat which i ‘Song info he wath sare / busses Tis anc lo recognised in ueal ‘esl “The recommen) rendered this Report any epesnt or recomendations asd upon Tecra arises b TPL ors excaties/rprsetats) and eter soarecs and the sd ‘Reommendton) sd be sooidted oben a are of nob ac ‘esommendatton gi hare nt be se fo adit anybody to take buy oral decison, fo ‘ich pete pinion woe tos an om expert sia). We ave no cation tuple this tepor, ‘the Vsti is requ sly for on-Snnileporting purposes and would ot be wed to

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