you are required to ascertain the value of each equity share on the basis of product 620671

Shiva & Vas Co. Ltd. has an issued, subscribed and paid-up share capital comprising 20,000 equity shares of Rs.100 each and 6,000 9% preference shares of Rs.100 each. The following information is supplied:

Year Ended	Average Net Worth	Adjusted Taxed
31 March	(Excluding Investments)	Profits
2008	37,20,000	3,80,000
2009	43,00,000	4,20,000
2010	43,80,000	5,00,000

As at the valuation date, the company has investments of the market value of Rs.5,60,000 the yield in respect of which has been excluded in arriving at adjusted taxed profit figures.

The company sets apart 25% of taxed profits as rehabita and replacement reserve.

On the valuation date, the net worth (excluding investments) amounts to Rs.45,00,000. The expected rate of return in the market is 9%. The company has consistently maintained dividend levels of 8–10% in the past and is known for its consistency.

You are required to ascertain the value of each equity share on the basis of productivity, applying suitable weighted averages.