Financial Analysis of Amalgamation between TCS & CMC A Project Report

Financial Analysis of Amalgamation between TCS & CMC A Project Report

Submitted by Group - 2 MP14017 Anoop Srivastava MP14021 Ayan Lahiri MP14027 Jaikishan Indiwar MP14050 Subhashis Ghosh

Merger Acquisition and Corporate Restructuring PGDM-PT: 2014-17

August 2016

Group – 2: MP14017- Anoop Srivastava, MP14021-Ayan Lahiri, MP14027-Jaikishan Indiwar, MP14050- Subhashis Ghosh

Contents 1.

Introduction ...................................................................................................................... 3

2.

Description of Companies ................................................................................................ 3

3.

Deal Description & Background .....................................................................................5

4.

Motivation for the deal ..................................................................................................... 6

5.

Deal Structure and Analysis ............................................................................................ 7

6.

Valuation Analysis ............................................................................................................8

7.

Legal & Tax Issues .........................................................................................................12

8.

Post-Merger Integration ................................................................................................13

9.

Conclusion ....................................................................................................................... 14

References & Bibliography ................................................................................................... 15 Appendix .................................................................................................................................16

Merger Acquisition and Corporate Restructuring

Page 2


Financial Analysis of Amalgamation between TCS & CMC A Project Report

1. Introduction In today’s competitive scenario, a company cannot think of long term survival if it gets stick on the particular operations or services. To gain competitive advantage it has to restructure its activities as per the demand of time by using any form of corporate restructuring such as through Mergers and Acquisitions. Mergers and acquisitions improve market efficiency by capturing synergies between firms. The prospect of increasing profitability and market share by acquisition or merger has continued to exercise a more immediate and seductive appeal to organizations. Sometimes the companies have to restructure their activities to make the organization more balanced, profitable and also enable the company to achieve its objectives in more simplified manner, than previously. The basic objective of restructuring is reorganizing the existing operations keeping in view the continuance of business and improving the firm’s profitability. Thus restructuring is a process by which a firm does an analysis of itself at a point of time and alert what it owes and owns, refocuses itself to the specific tasks of performance improvements. There are many areas of restructuring such as in the area of finance, technology, marketing and manpower. A company can restructure itself by adopting either expansion techniques or disinvestment techniques. Mergers and acquisitions are involved in expansion techniques. In this project work, we study and anlyse the amalgamation between Tata Consultancy Services (TCS) and CMC. TCS, the $13 billion flagship software unit of the Tata Group, has announced a merger with the listed CMC with itself as part of the group’s renewed efforts to consolidate its IT businesses under a single entity.

2. Description of Companies Transferee Company: Tata Consultancy Services Limited (TCS) is the largest Indian

multinational information technology (IT) service and consulting company headquartered in Mumbai. It provides a wide range of information technology-related products and services including application development & maintenance, business process outsourcing, enterprise software, payment processing, software management, etc across industries. TCS gets majority of its revenue from Software development and management services (~44%) and Enterprise Merger Acquisition and Corporate Restructuring

Page 3


Solutions (~15%). It is 10th largest IT Company in world, measured by revenues. TCS is a business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 310,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated

revenues of US $13.4 billion for year ended March 31, 2014 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. The shareholding pattern of TCS as at June 30, 2014 was as follows: Category Promoters and Promoters Group Institutions – FII Institutions – DII Non Institutions Total Source: Bombay Stock Exchange

% shareholding 73.90 16.54 5.09 4.47 100.0

Transferor Company: Established in 1975, CMC Limited is a part of Tata Group, where TCS

holds a 51.12% stake. The company is engaged in the design, development and implementation of software technologies and applications, providing professional services in India and overseas, and procurement, installation, commissioning, warranty and maintenance of imported/indigenous computer and networking systems, and in education and training. CMC was the first ever enterprise in India to set up a countrywide data network called INDONET back in 1985. It derives 63% of its revenues from System integration services. It executes large and complex turnkey projects, and has built, managed and supported it’s customer's IT systems across the value chain of infrastructure, applications and business processes.

The shareholding pattern of CMC as at June 30, 2014 was as follows: Category Promoters and Promoters Group Institutions – FII Institutions – DII Non Institutions Total Source: Bombay Stock Exchange


% shareholding 51.12 22.39 17.41 9.08 100.0

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3. Deal Description & Background 

CMC was a Government of India (GoI) enterprise up to October 15, 2001 . Under the disinvestment process, GoI sold 7,726,500 equity shares representing 51% of the equity hare capital to Tata Sons Limited (the parent company of TCS) on October 16, 2001. The GoI further sold its entire remaining shares representing 26.25% of the equity share capital, in March 2004 by an open offer to the public.



On March 29, 2004 , as per specific approval granted by SEBI, Tata Sons Limited transferred its entire shareholding in CMC to TCS. As a result, CMC has become a subsidiary of TCS. It is intended that CMC should merge into TCS to consolidate the information technology services business in a single entity.



On October 16, 2014, TCS announced that the Board of Directors of TCS and CMC Limited (CMC), a subsidiary of TCS, have today approved the amalgamation of CMC with TCS pursuant to the provisions of Sections 391 to 394 of the Companies Act, 1956. Shares of IT firm CMC fell sharply by over 16% after the announcement that the company will be merged with Tata Consultancy Services. The stock came under massive selling pressure in a knee-jerk reaction to the merger announcement and overall weakness in IT stocks.



In October 2014, it announced the decision to merge CMC Ltd. with itself. The amalgamation date is fixed at April 01, 2015 subject to standard regulatory approvals.



On July 16, 2015, CMC Ltd has informed BSE that the Company has fixed July 28, 2015 as the Record Date for the purpose of Payment of Interim Dividend and declared

an interim dividend of Rs. 4.35 per equity share of ₹ 10 each. The Interim Dividend will be paid to the equity shareholders of the Company on August 04, 2015. 

On September 21, 2015 Tata Consultancy Services Ltd has informed BSE that the Hon’ble High Court of judicature at Bombay has sanctioned the Scheme of

Amalgamation between CMC Limited and Tata Consultancy Services Limited on August 14, 2015 with respect to petition filed by TCS. 

The High Court of judicature at Hyderabad for the states of Telangana and Andhra Pradesh has also approved the scheme on July 20, 2015 with respect to petition filed by CMC.


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Group – 2: MP14017- Anoop Srivastava, MP14021-Ayan Lahiri, MP14027-Jaikishan Indiwar, MP14050- Subhashis Ghosh 

TCS has fixed October 1, 2015 as the record date to determine the names of the public shareholders of CMC, which shareholders other than TCS, who would be entitled to receive the equity shares of TCS in lieu of equity shares held in CMC.



As per the Scheme of Amalgamation between CMC Ltd and TCS Ltd, 79 equity shares of ₹ 1 each of TCS will be issued and allotted as fully paid up equity shares for every 100 equity shares of ₹ 10 each held by the public shareholders of CMC, whose names appear in the Register of Members of CMC and whose names appear as the beneficial owners of the equity shares of CMC in the records of the depositories on the Record Date.

4. Motivation for the deal The rationale for the amalgamation of CMC with TCS is inter alia as follows: a) Rationalization: The amalgamation shall enable TCS to consolidate CMC’s operations in a single company with rationalized structure, enhanced reach, greater financial strength and flexibility aiding in achieving economies of scale, more focused operational efforts, standardization and simplification of business processes and productivity improvements. b) Enhanced Reach: Creation of a single ―go-to-market‖ strategy, benefit of scale, enhanced depth and breadth of capabilities to result in increased business opportunities and reduced expenses. c) Better Positioning: Combined Company shall be better positioned to serve the domestic market. d) The amalgamation of CMC with TCS will not adversely affect the rights and interests of the shareholders of TCS and CMC. e) The creditors of TCS will also not be affected by the amalgamation as assets of CMC are greater than liabilities of CMC and post-consolidation, the asset of TCS will also be much greater than its liabilities. f) The creditors of CMC will also not be affected by the amalgamation as the asset of TCS will also be much greater than its liabilities after the consolidation. g) This amalgamation will also provide for various other matters consequential to or otherwise integrally connected with the amalgamation of CMC with TCS.


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5. Deal Structure and Analysis As per the terms of the Scheme of Amalgamation (Scheme), shareholders of CMC will receive 79 equity share of ₹ 1 each of TCS for 100 equity shares of ₹ 10 each of CMC. The swap ratio has been arrived at based on the valuation report prepared by B.S.R. & Associates LLP. TCS had appointed DSP Merill Lynch Limited (DSPML) to provide fairness opinion on the recommended swap ratio for the purpose of the aforesaid merger. Similarly, CMC had appointed JP Morgan India Private Limited (JPM) to provide fairness opinion on the recommended swap ratio for the purpose of the aforesaid merger.

Share Capital:

As on September 30, 2014 the share capital of CMC is as follows: Particulars Authorized share capital 35,000,000 Equity Shares of ₹ 10 each Total Issued, Subscribed and paid Up Share Capital 30,300,000 Equity Shares of ₹ 10 each fully paid up Total

Amount in ₹

350,000,000 350,000,000 303,000,000 303,000,000

As on September 30, 2014 the share capital of TCS is as follows: Particulars Authorized share capital 4,200,500,000 Equity Shares of ₹ 1 each 1,050,250,000 Equity Shares of ₹ 1 each Total Issued, Subscribed and paid Up Share Capital 1,958,727,979 Equity Shares of ₹ 1 each fully paid up Total

Amount in ₹

4,200,500,000 1,050,250,000 5,250,750,000 1,958,727,979 1,958,727,979

After the amalgamation, the paid-up share capital of TCS will increase from ₹ 195.87 crore to ₹ 197.04 crore. The Scheme is subject to, court, regulatory, shareholders and other necessary

approvals. The consolidated revenue of TCS, for the quarter ended September 30, 2014, was ₹ 23,816.48 crore, with profit after tax of ₹ 5,244.28 crore based on Indian GAAP. For the

same period, the consolidated revenue of CMC was ₹ 616.68 crore with profit after tax of ₹ 76.00 crore based on Indian GAAP.


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6. Valuation Analysis Arriving at exchange ratio of equity shares for the merger of CMC with TCS would require determining the value of the equity shares of CMC in terms of the value of the equity shares of TCS. These values are to be determined independently but on a relative basis, and without considering the current transaction. There are several commonly used and accepted methods for determining the value of the equity shares of a company, which have been considered in this amalgamation, to the extent relevant and applicable, including: a) Adjusted present value (APV) Method b) Discounted Cash Flow (DCF) Method or Variable Risk Method (VRM) c) Capital Cash Flow (CCF) Method

Adjusted present value (APV) Method

The method is to calculate the NPV of the project as if it is all-equity financed (so called base case). Then the base-case NPV is adjusted for the benefits of financing. Usually, the main benefit is a tax shield resulted from tax deductibility of interest payments. Another benefit can be a subsidized borrowing at sub-market rates. The APV method is especially effective when a leveraged buyout case is considered since the company is loaded with an extreme amount of debt, so the tax shield is substantial. Technically, an APV valuation model looks similar to a standard DCF model. However, instead of WACC, cash flows would be discounted at the unlevered cost of equity, and tax shields at either the cost of debt (Myers) or following later academics also with the unlevered cost of equity. APV and the standard DCF approaches should give the identical result if the capital structure remains stable.

Valuation of CMC Assumptions Taken 1. Beta Company Name

BSE_CG

BSE_FMCG

BSE_HC

BSE_IT

BSE_PSU

BSE_SENSEX

NIFTY

Average

CMC Ltd

0.3247

0.3211

0.3109

0.432

0.4001

0.4223

0.4402

0.3788

Source http://www.capitaline.com

2. Market Risk Premium

5.50%

3. Risk Free Factor 6.85% (http://www.tradingeconomics.com/india/government-bond-yield)


Page 8


Valuation of CMC through Adjusted present value (APV) Method

Mar-15

Mar-16

Mar-17

Mar-18

Mar-19

Mar-20

Mar-21

Mar-22

1,288

1,353

1,421

1,493

1,568

1,646

1,729

1,816

Depreciation

48

58

70

84

102

122

147

177

EBITA

253

291

333

383

439

504

578

664

Tax @ 34%

86

99

113

130

149

171

197

226

EAT

167

192

220

253

290

333

382

438

Add Depreciation

48

58

70

84

102

122

147

177

Working Capital

565

707

885

1,107

1,386

1,735

2,171

2,718

142

178

223

279

349

437

547

1,464

1,729

2,041

2,410

2,846

3,360

3,968

(1,356)

(1,616)

(1,927)

(2,297)

(2,740)

(3,268)

(3,899)

Revenue

Less Change in NWC CapEx

1,240

FCFE Discount Rate

15%

Growth Rate

5%

TV

(40,943)

FCFE NPV Equity

(1,356)

(1,616)

(1,927)

(2,297)

(2,740)

(3,268)

(44,842)

(24,614)

Inference:

As is evident from NPV calculation, the valuation is a highly negative value. This clearly indicates that the company is not doing well in the market. Hence, it was very prudent of CMC to let itself get amalgamated with TCS.

Discounted Cash Flow (DCF) Method

Discounted cash flow (DCF) analysis is a method of valuing a project, company, or asset using the concepts of the time value of money. All future cash flows are estimated and discounted by using cost of capital to give their present values (PVs). The sum of all future cash flows, both incoming and outgoing, is the net present value (NPV), which is taken as the value or price of the cash flows in question. Using DCF analysis to compute the NPV takes as input cash flows and a discount rate and gives as output a present value; the opposite process — takes cash flows and a price (present value) as inputs, and provides as output the discount rate — this is used in bond markets to obtain the yield.


Page 9


Valuation of CMC through DCF Mar15 1,288 48 205

Mar-16

Mar-17

Mar-18

Mar-19

Mar-20

Mar-21

Mar-22

1,353 58 235

1,421 70 269

1,493 84 308

1,568 102 353

1,646 122 405

1,729 147 464

1,816 177 531

-

-

-

-

-

235 80 155 58 707 142

269 91 178 70 885 178

308 105 203 84 1,107 223

353 120 233 102 1,386 279

405 138 267 122 1,735 349

464 158 306 147 2,171 437

531 181 351 177 2,718 547

-

-

-

-

-

1,464 (1,393) (1,393) -

1,729 (1,659) (1,659) -

2,041 (1,976) (1,976) -

2,410 (2,354) (2,354) -

2,846 (2,805) (2,805) -

3,360 (3,344) -

3,968 (3,987)

(3,344) -

(3,987) -

33 33 0% 100%

35 35 0% 100%

38 38 0% 100%

41 41 0% 100%

45 45 0% 100%

48 48 0% 100%

52 52 0% 100%

D/E

-

-

-

-

-

Beta - levered (BL) (1+(1-t)*D/E) Beta - unlevered (BU) COE (Cost of Equity) MRP (Rm-Rf) Rf i*(1-t) WACC

0.38 1.00 0.38 21.2% 5.50% 6.85% 0.00% 21.20%

0.38 1.00

0.38 1.00

0.38 1.00

0.38 1.00

0.38 1.00

0.38 1.00

21.2%

21.2%

21.2%

21.2%

21.2%

21.2%

21.20%

21.20%

21.20%

21.20%

21.20%

21.20%

Revenue Depreciation EBT Less Loss Carry Forward Adjusted EBT Tax @ 34% PAT Add Depreciation Working Capital Less Change in NWC Less Principle Repayment CapEx FCFE Interest * (1-T) Principal Repaid FCFF Actual Debt Outstanding Debt Equity Total Equity Debt + Equity Debt ratio Equity ratio

205 70 135 48 565

1,240 (1,056)

30.3 30

Terminal Value (FCFF - Year 9) FCFF for Valuation Discount Rate

(1,393) 21.20%

Present Value (PV)

(17,838)

Total Valuation of Equity

(17,838)

(39,157)

-

(32,636)

(1,659) 21.20% (20,227 )

(1,976) 21.20% (22,856 )

(2,354) 21.20% (25,725 )

(2,805) 21.20%

(3,344) 21.20%

(3,987) 21.20%

(39,157) 0.00%

(28,825)

(32,130)

(35,597)

(39,157)

Inference: As is evident from NPV calculation, the valuation is a highly negative value. This

clearly indicates that the company is not doing well in the market. Hence, it was very prudent of CMC to let itself get amalgamated with TCS.

Capital Cash Flow (CCF) Method

The typical method for valuing cash flows when the objective is to estimate total enterprise value is the free cash flow (FCF) method. In the FCF method, the after-tax cash flows exclude interest expense and the discount rate is the weighted average cost of capital (WACC). The WACC is a function of the capital structure and in highly leveraged situations in which the capital structure can change dramatically, the WACC has to be computed for


Page 10


each period as the capital structure changes. This circumstance makes the FCF method difficult to implement. The author presents an alternative method, the capital cash flow (CCF) method, that is simpler to use and algebraically equivalent to the FCF method. The difference between the FCF and CCF methods is a result of differences in calculating the periodic cash flows and the estimate of the discount rate. The CCF method uses after-tax cash flows that are simply the before-tax cash flows to the enterprise reduced by taxes that include interest tax shields. The discount rate is the expected return on the enterprise assets and depends on the riskiness of the assets. The discount rate is not dependent on the leverage used and does not change as leverage changes. The CCF method is substantially easier to apply than the FCF method and is thus less prone to error. The author discusses the mechanics of valuing assets with the CCF method and illustrates the method with an example. The CCF method is closely related to the adjusted present value method, and the author discusses the similarities and differences between the two.

Valuation of CMC through CCF

Net Sales CAGR of Sales (g) Avg No. of common outstanding

Mar15 1,288 5.02% shares

Avg Share Price Equity (INR) Total Debt (INR) Beta equity Beta Debt Beta asset MRP (Rm-Rf) Rf COA Cash available to service principal repayments Interest Expenses, net Junior Debenture Interest Expenses Capital Cash Flow (CCF) Terminal value Final CCF NPV Enterprise Value Debt Value Equity Value Value per share

Mar16 1,353

Mar17 1,421

Mar18 1,493

Mar19 1,568

Mar20 1,646

Mar21 1,729

Mar22 1,816

32.53

33

34

35

36

36

37

38

33

33

34

35

36

36

37

33 711 711 711

33

34

35

36

36

37

38 1,025 1,063

113.00 1,987. 05 2,24,5 37 0.38 0.38 5.50% 6.85% 8.93%

6.29


Page 11


Inference: As is evident from NPV calculation, the valuation is a bare minimum positive

value. This clearly indicates that the company is not doing well in the market. Hence, it was very prudent of CMC to let itself get amalgamated with TCS.

7. Legal & Tax Issues As per the scheme of amalgamation, all taxes (including but not limited to income tax, sales tax, excise duty, service tax, VAT, etc.) paid or payable by CMC in respect of the operations and /or the profits of the business before the appointed date, on account of CMC and, in so far as it relates to tax payment whether by way of deduction at source, advance tax or otherwise however, by CMC in respect of the operation and /or the profits of the business after the appointed date shall be deemed to be the corresponding item paid by TCS and shall, in all proceedings, be dealt with accordingly.

All the profits or income, taxes (including advance tax, tax deducted at source and MAT Credit) or any costs, charges, expenditure accuring or arising to CMC or expenditure of losses arising or incurred or suffered by CMC shall for all purposes be treated and deemed to be and accure from the appointed date as the profits or income, taxes (including tax losses, MAT Credit), costs, charges, expenditure or losses of TCS, as the case may be.

If any suit, appeal, petition, complaint, application or other legal proceedings of whatsoever nature by or against CMC is pending on the Effective Date, the same shall not abate or be discontinued or in any way be prejudicially affected by reason of the amalgamation of CMC with TCS or anything contained in this Scheme, but the Proceedings may be continued, prosecuted, defended and enforced by or against TCS as effectually and in the same manner and to the same extent as the same would or might have been continued, prosecuted, defended and enforced by or against CMC, in the absence of this Scheme.


Page 12


8. Post-Merger Integration Synergy Before Announcement (September 14, 2015) TCS CMC No. of Share outstanding Price/Share in ₹ Market Cap (in ₹ Lakhs)

After Announcement (September 22, 2015) TCS CMC

Combined entity after merger (October 05, 2015)

17314

113

44593

6098

107706

2550.75

1987.05

2,526.35

1978.35

2713.45

441.64

2.25

1126.58

120.64

2922.55

Synergy Created (in ₹ Lakhs):

2922.55-(120.64+1126.58)

Ratio of TCS Shares to CMC :

0.079

= 1675.33

a) Analysis from the point of the shareholders of TCS

LHS=2550.75

RHS=2562.49

(LHS< RHS)

Hence, deal was preferable for TCS Shareholders.

b) Analysis from the point of the shareholders of CMC

LHS=1987.05 •

RHS=202.437

(LHS>>RHS)

When the shareholders of A perceive no synergy in the merger, (i.e., S=0), the maximum swap ratio that is acceptable to the shareholders of A is given by p2/p1.

•

As we will see shortly, if there is no synergy in the merger, then the minimum swap ratio that is acceptable to the shareholders of B is also given by p2/p1.

•

Hence in a merger when there is no synergy, the only exchange ratio that will be acceptable to the shareholders of both the companies is given by p2/p1.

Hence, deal was not preferable for CMC Shareholders. However, the shareholders were probably convinced that merging with TCS will fetch good returns in the future.


Page 13


Date TCS

Date CMC

2,900.00

Post Merger

2,700.00

2,500.00

2,300.00

2,100.00

1,900.00

1,700.00

1,500.00

4 1 t c O 1 0

4 1 v o N 1 0

4 1 c e D 1 0

5 1 n a J 1 0

5 1 b e F 1 0

5 5 1 - 1 r r a p A M 1 1 0 0

5 5 1 - 1 y n a u J M - 1 1 0 0

5 1 l u J 1 0

5 1 g u A 1 0

5 1 p e S 1 0

5 1 t c O 1 0

5 1 v o N 1 0

5 1 c e D 1 0

6 1 n a J 1 0

6 1 b e F 1 0

6 6 1 - 1 r r a p A M 1 1 0 0

6 6 1 - 1 y n a u J M - 1 1 0 0

6 1 l u J 1 0

6 1 g u A 1 0

Figure 1: Share Price of TCS and CMC

9. Conclusion Merger and Acquisition will certainly be helpful for the restructuring of companies to bring them in competitive front and to gain many other advantages either by expanding or disinvesting. One technique doesn't fit in all situations. Many companies find that the best way to get ahead is to expand ownership boundaries through mergers and acquisitions. For others, separating the public ownership of a subsidiary or business segment offers more advantages. At least in theory, mergers create synergies and economies of scale, expanding operations and cutting costs. Investors can take comfort in the idea that a merger will deliver enhanced market power. Merged companies often enjoy improved operating performance because of redesigned management incentives. Additional capital can fund growth organically or through acquisition. Meanwhile, investors benefit from the improved information flow from the merged companies. M&A comes in all shapes and sizes, and investors need to consider the complex issues involved in M&A. The most beneficial form of equity structure involves a complete analysis of the costs and benefits associated with the deals. From the synergy calculations, we observe that it was disadvantageous for CMC shareholders to make the deal. However, all the valuation procedures indicate a very low worth of CMC. Merger Acquisition and Corporate Restructuring

Page 14


This makes the deal a shrewd choice for CMC shareholders. They had probably reasoned that CMC can have a bright future only if it amalgamates with TCS. From TCS point of view, it was a move to augment economies of scale.

Hence the merger is a fruitful one in which both parties benefit.

References & Bibliography 1) http://www.capitaline.com 2) http://www.tcs.com 3) http://www.cmcltd.com 4) http:// icicidirect.com ****************************************


Page 15


Appendix The projected values of CMC are calculated through the following procedure: 1) Listing all historical data from Mar 2006 to March 2015 2) Calculating the CAGR from the above values 3) Using the CAGR value to forecast future values till March 2022 CAGR

Mar-06

Mar-07

Mar-08

Mar-09

Mar-10

Mar-11

Mar-12

5%

828.79

988.91

977.19

820.45

690.01

798.08

955.34

1,123.13

1,189.79

1,288.46

15%

73.36

97.08

126.02

138.97

159.37

184.13

210.94

260.44

412.38

253.2

PBDT

69.21

93.12

124.98

136.96

156.65

184.12

210.93

260.28

412.37

253.17

PBT

60.11

84.88

117.11

127.67

146.83

174.03

190.05

237.73

385.81

204.81

Revenue

Mar-13

Mar-14

Mar-15

Depreciation EBITA

Depreciation

20%

9.1

8.24

7.87

9.29

9.82

10.09

20.88

22.55

26.56

48.36

CapEx

18%

277.79

249.99

332.46

417.01

476.59

629.43

736.03

874.41

1,111.80

1,239.72

630.08

661.96

850.03

893.16

Current Liability

342.17

322.39

355.37

328.54

NWC

287.91

339.57

494.66

564.62

Current Asset

25%


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Financial Analysis of Amalgamation between TCS & CMC A Project Report

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