GENESYS INTERNATIONAL CORPORATION LIMITED Revised Report
on
Fair valuation of equity shares of
Genesys International Corporation Limited
Relevant date
9th June, 2022
Report Date
27th June, 2022
Prepared by
FCA Payal Gada
Registered Valuer/Chartered Accountant
S-15, 2nd floor, Sej Plaza, Marve Road, Malad (West), Mumbai-400064
E-mail: payal@payalgadaco.in
Mob: 9820562075
Tel:(022)28012075
FCA PAYAL GADA
REGISTERED VALUER (SFA)
S-15, Sej Plaza,2nd Floor, Near Nutan School, Marve Road, Malad(W),
Mumbai - 400064
E- Mail: payal@payalgadaco.in
Ph.:022-28012075|Mob:9820562075
27th June, 2022
To,
The Board of Directors
Genesys International Corporation Limited
73-A,SDF-III,
SEEPZ, Andheri (East),
Mumbai - 400096
Dear Sir,
Sub: Revised Valuation report on determination of fair equity valuation of Genesys International Corporation Limited
Genesys International Corporation Limited ("Genesys" or "GICL" or "the Company") is an Indian Company listed on the BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE"). The equity shares of the Company are getting acquired by the Proposed Allottees ("Acquirers") on a preferential basis.
The equity shares of the Company are frequently traded as per provisions of Regulation 164(5) of the Securities and Exchange Board of India ("SEBI") (Issue of Capital and Disclosure Requirements) (Amendment)Regulations, 2022 ("ICDR Regulations"). The Articles of Association("AOA") of the Company do not categorically mention about the pricing of preferential issue. As such, the Company needs fair valuation to compute the price for preferential issue of equity shares.
In this regard, the Company has engaged FCA Payal Gada, Chartered Accountant (ICAI Membership No: 110424), in her capacity as a Registered Valuer (IBBI/RV/06/2019/11170) ("PG" or "We") as defined in Regulation 2(kkk) of ICDR Regulations, to report on the fair valuation of the equity shares of Genesys for the proposed preferential issue.
Page 2 of 30
FCA PAYAL GADA
REGISTERED VALUER (SFA)
On the basis of our valuation as discussed under 'Valuation Analysis' Section of this report, the fair equity value of Genesys as at 9th June 2022 ("relevant date or Valuation date") is summarized as under -
Valuation Summary
ValuationApproach | Valuation method | Unit | Genesys | |||
Annexure | Value per | Weight | Weighted | |||
Reference | share (INR) | Value | ||||
(i) | (ii) | (iii) = (i) *(ii) | ||||
Market Approach [Regulation | Market price | INR per share | A(i) | 469.15 | 100% | 469.15 |
164(1)] | ||||||
Income Approach | Comparable | INR per share | B | 203.44 | 0% | 0.00 |
Companies Multiple | ||||||
Asset Approach | Net Asset Value | INR per share | C | 65.09 | 0% | 0.00 |
Fair Value per share | INR per share | D | 100% | 469.15 | ||
Note : Since the value under the Market Price Method (as per the Regulation 164(1) - ICDR Regulations) is the maximum, we have given 100% weight to the value computed using the Market Price Method
However, the Board has proposed to issue shares at INR 470.00 per Equity share.
Valuation Summary
ValuationApproach | Valuation method | Unit | Genesys | |||
Annexure | Value per | Weight | Weighted | |||
Reference | share (INR) | Value | ||||
(i) | (ii) | (iii) = (i) *(ii) | ||||
Market Approach [Regulation | Market price | INR per share | A(ii) | 458.81 | 100% | 458.81 |
164(4)] | ||||||
Income Approach | Comparable | INR per share | B | 203.44 | 0% | 0.00 |
Companies Multiple | ||||||
Asset Approach | Net Asset Value | INR per share | C | 65.09 | 0% | 0.00 |
Fair Value per share | INR per share | D | 100% | 458.81 |
Note : Since the value under the Market Price Method (as per as per the Regulation 164(4) of the ICDR Regulations) is the maximum, we have given 100% weight to the value computed using the Market Price Method
However, the Board has proposed to issue shares at INR 460.00 per Equity share.
Please find enclosed herewith our narrative report containing our valuation analysis and valuation conclusions.
Payal Gada, Chartered Accountant
Registered valuer
IBBI Registration No.: IBBI/RV/06/2019/11170
ICAI Membership No:110424
UDIN: 22110424ALTJQJ6288
Page 3 of 30
FCA PAYAL GADA
REGISTERED VALUER (SFA)
Contents
Abbreviations forming part of the Report ............................................... | 5 |
Engagement Background and purpose of valuation ................................ | 6 |
Base and premise of Valuation ................................................................ | 6 |
Disclosure of Valuer Interest .................................................................. | 6 |
General Overview of the Company .......................................................... | 7 |
Historical Financial Information Overview............................................. | 8 |
Valuation Approach and Methodology .................................................... | 9 |
Valuation Conclusion ............................................................................ | 26 |
Statement of Limiting Conditions ......................................................... | 27 |
Sources of information ......................................................................... | 30 |
Procedures conducted........................................................................... | 30 |
Page 4 of 30
FCA PAYAL GADA | |
REGISTERED VALUER (SFA) | |
Abbreviations forming part of the Report | |
BSE | - BSE Limited |
NSE | - National Stock Exchange of India Limited |
QE | - Quarter ended |
FY | - Financial Year |
FYE | - Financial Year ended |
INR | - Indian Rupee |
Lacs | - Lakhs |
IBBI | - The Insolvency and Bankruptcy Board of India |
ICAI | - The Institute of Chartered Accountants of India |
IVS | - ICAI Valuation Standards |
RV(SFA) | - Registered Valuer (Securities & Financial Assets) |
UDIN | - Unique Document Identification number. |
PG | - FCA RV Payal Gada |
Relevant date / Valuation date | - 9th June, 2022 |
EGM | - Meeting of shareholders |
SEBI | - The Securities & Exchange Board of India |
ICDR | - Issue of Capital and Disclosure Requirements |
GICL/Genesys/ Company | - Genesys International Corporation Limited d |
ICDR Regulations | - Issue of Capital and Disclosure Requirements |
(Amendment)Regulations, 2022 | |
P/E Multiple | - Price to Earnings Multiple |
P/B Multiple | - Price to Book Multiple |
EPS | - Earnings Per share |
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Genesys International Corporation Ltd. published this content on 28 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 June 2022 13:00:02 UTC.
