working capital management & financial restructuring · pdf fileworking capital management...

Working Capital Management & Financial Restructuring Advisory Ankur Bhandari & Dinkar Venkatasubramanian

What can we do to help corporates deal with distress?

► Focus on 2 solutions:

► Working Capital Advisory Services

► Distressed Corporate Advisory Services

Stable Stressed Distressed Insolvent

Performance

Improvement

Working Capital Advisory

Distressed Corporate Advisory

Liquidation

Working Capital Advisory Services

Results driven programmes with strong value proposition

►Self funding programmes delivering significant return on investment

► In excess of 5% of annual turnover identified as improvement opportunity on most projects

►Regularly deliver 50% or more of benefits within the first year

►All projects have delivered lasting benefits

Increased shareholder value

Fund growth – organic or acquisitions

Debt and interest reduction

Share buy back

Efficient working capital model tailored for

growth

Internal project funding

...and enable pursuit of strategic goals

Trade debtors

Trade creditors

Inventory

Impact the balance sheet to release cash...

WCAS delivers self funding and result oriented programmes that

unlock cash from operations to enable pursuit of strategic goals

We are the only ones in the market with a dedicated cash and working capital practice

All underlying drivers of working capital are addressed to deliver sustainable and accelerated benefits

Project

set up Implement Measure & Roll-out

Focussed area identification and prioritisation Proof of concept and quick

wins implementation

Implementation roll-out

& monitor

Programme design Opportunity

prioritisation

Validate

opportunities on

site

Initial opportunity

assessment

Customer investment DRAFT discussion document Page 0

2. Our proposal to assist you

Initial pilot review using a focused pack to hone work-plan and project kit;

trained network of local resource to support roll out and implementation

Summary critical path for project set up, material preparation pilot and resource training

Finalise project infrastructure

Agree programme coverage

Identify appropriate project sponsors

Identify regional global/ regional customer investment champions

Identify appropriate reporting body/ steering committee

Identify pilot region and BUAgree pilot site review team (joint E&Y/ CS and 1 senior local E&Y

team member)

Draft communication documentOutline communication document detailing programme objectives,

timeframe and project infrastructure

Issue communication document

Prepare pilot communication document and issue as necessary

Review toolkit

Select quantative tests

Agree analysis tools and assumptions

Agree potential measuring tools (e.g. size of prize)

Design qualitative assessment tool

Align revised toolkit to best practice ladders

Finalise project management pack

Design workplan of standard tests and meetings

Design information request for revised toolkit

Pilot visit 1 - desk top

Issue information request

Review information submissions

Conduct initial analysis

Consider follow up information requirements

Generate management interview request schedule

Generate initial hypotheses

Pilot visit 1- on site review

Discussions and process walkthroughs

Control and environment qualitative reviewTest hypotheses with local cross functional management (sales,

finance, marketing)

Conduct / support follow up analysis as required

Build action plans

Agree findings and key actions with cross functional management

Pilot visit 1 - reporting

Agree findings with regional pricing champion and steering committeeFeedback learnings into toolkit workplan and information request and

amend as necessary

Train local project teams

Design training workshop

Deliver 2 day workshop to senior E&Y teams (1-2 days)

Roll out remaining visits in phases

On site teams based on locally upskilled E&Y

Remote support/ quality control from core E&Y and CS teams

Timings TBC

Week 9 - training

workshop

Week 5 - pilot visit 1; on

site review

Week 6 - pilot visit 1; on

site review

Week 7 - pilot visit 1;

reporting

Week 8 - revisit project

pack; design training

Week 1 - project set up Week 2 - project set up Week 3 - pilot visit 1;

desk top review

Week 4 - pilot visit 1;

desk top review

Information

request

Planning High level data

analysis

Standard test

summary

End to end

process walk

through

System data

analysis

Opportunity

Quantification

Implementation

timing and ease

Detailed Action

Plans

Benefits tracking

approach

Page 2

Historical self benchmarking suggests a potential trade working Historical self benchmarking suggests a potential trade working capital (TWC) capital (TWC)

improvement opportunity of improvement opportunity of ££142m (9% of turnover, 103% of TWC)142m (9% of turnover, 103% of TWC)

2. Summary benchmarking analysis (self)

Trade working capital & TWC/ sales (Apr – 02 to 05) Trade DPO and DSO, DIH and C2C (Apr 02 to 05)

(300)

(200)

(100)

0

100

200

300

400

2002 2003 2004 2005

0%

2%

4%

6%

8%

10%

0

10

20

30

40

50

60

2002 2003 2004 2005

Trade working capital (TWC) requirement has increased from

£21.2m in 2003 to £137.5m in 2005

TWC / sales has increased from 1.3% in 2003 to 9.0% in

2005

Trade days sales outstanding (DSO) has increased by 4 days

since 2002 to 43 days

Trade days payable outstanding (DPO) has decreased by 30

days since 2003 to 27 days

Days inventory held (DIH) is currently 17, a four year best

Potential cash improvement if ‘best case’ historical working

capital performance over the past four years is used

Days sales outstanding 4 day improvement (based on 2005 sales of £1.5bn) £16.7m

Days payments outstanding30 day improvement (based on 2005 sales of £1.5bn) £125.5m

Days inventory heldBest performance in 2005 Nil

TOTAL PRIZE £142.2m

Key observations

Days£m

Trade DSO

DIH

Trade DPO

C2C

Trade

AP

Trade

AR

Inventory

TWC

TWC/

Sales

% sales

Calculations

Page 1

Potential opportunities (draft) in the range €1.1m to €2.0m, 14% to 24% of turnover,

primarily focused on customer compliance, supplier terms and inventory

Potential opportunities (draft) in the range Potential opportunities (draft) in the range €€1.1m to 1.1m to €€2.0m, 14% to 24% of turnover, 2.0m, 14% to 24% of turnover,

primarily focused on customer compliance, supplier terms and invprimarily focused on customer compliance, supplier terms and inventoryentory

2. Summary of initial findings

Page 11

Strong compliance performance, particularly on off trade and accounts payable; some

additional potential to improve AR & AP commercial terms and AP process

£17.4m+

£1.8m+

TBC

£1.2m

-

-

TBC

£5.9m

£4.2m+

[£4.3m]

-

-

-

-

-

B/S*

Impact

£29.6m

£9.5m

TBC

-

-

-

TBC

£8.4m

-

£1.9m

-

£2.4m

£7.4m

-

-

2004

Max2004

----Terms NA Not applicablePackaging deposits

LT--Terms TBC TBCRebate consistency

LT£1.2m£0.6mHK Arrears £2.3m and collectable MPO Mostly factored; small arrears

opportunity

Loan arrangements

ST

TBC

£1.8m+

£4.9m+

£1.8m+

£4.9m+

HK

Process

Significant reductions in sundries; processes

generally look cash efficient, overdues at £1.8m

Align ‘3 in 1’ rebate arrangements (£2.5m);

amend supplier rebates to monthly – already

being actioned (£2.4m)

£16.2m reduction in sundries (bottling

contracts TBC)

Supplier and ‘3 in 1’ rebates;

distribution charge and arrangements

TBC

Sundries

LTTBCTBCTerms TBC Off trade, on trade regional (Staines)/

national (TBC)

Rebate alignment

----Terms Potential to utilise in terms negotiation (see opportunity )

Tesco, Waitrose, Somerfield, Londis eligible and all take on invoice

Early pay discounts

LT

LT

LT

£5.9m

£4.2m+

£4.3m

£3.3m

£4.2m

£2.5m

Terms

Terms

Terms

Opportunity to 28 days rolling (via churn); bottom 50% and bottom 80% to 28 days

Bottom 50% spend to 28 days rolling

Booker terms may be longer than for other

brewers, Asda, Sainsburys, Booker have terms greater than Tesco, Somerfield receives an EP

discount; some other potential inconsistencies

Regional terms average 30 days

National terms average 29 days

Off trade terms average 44 days (July

04 49 days); some improvements to terms (Safeway), but some (Asda to 60

days) appear to have worsened (TBC)

Terms (on trade)

Terms (off trade)

-

-

-

-

-

-

-

-

HK

HK

Limited opportunity to improve (though Y/E

£0.8m)

Limited opportunity to improve (Y/E £2.0m)

Overdues £8.6m (£13.0m July 2004)

Overdues £2.8m (£13.6m July 2004)

AR overdue (on)

AR overdue (off)

-

MT

LT

£17.9m

-

£6.0m

-

Process

Process

Ongoing system changes will improve visibility; shift focus from ‘month end’ to ‘average cash’

Strong off trade performance, some late payments but average performance is early

Regional/ National 2 and 9 days late on average

No significant late payments

AR compliance (on)

AR compliance (off)

£40.2m+£23.3m+Sub total

Min

Value

Max

Value Time Ease2006 Current practice Potential improvement opportunity TypeArea

MediumHigh Low

Gap vs. best practice Time

ST: <6 months, MT: 6-12

months, LT: 12months+EasyHard

Ease

1a

3

4a

5

6

N

N

7

8

1b

2a

2b

-

-

-4

-

-

4b

- -

9

- N

- N

Not reviewed-

4. Summary of opportunities

Additional 2006 testN

*Balance sheet impact estimated as a maximum

Scale across other

divisions

Address common issues Action plan, training,

communication,

knowledge transfer

Implementation of

dashboard, policies

and procedures

MA

Technik

MA

Technik

MA

Einkauf MA

Lager

MA

Qualitäts-

wesen

PlanenEin-

kaufenLagern

Distri-

bution

Ver-

brauchPlanen

Ein-

kaufenLagern

Distri-

bution

Ver-

brauch

Warengruppenteam

MA

Logistik

Implementation

Plan / Road map

Engagement and

high level action

planning

35

INSTRUCTIONS

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Go to the View menu and select

Header and Footer… to update the Proposal title and Date.

12/08LAFormalize and optimize authorization process for automatic billi ng of un-invoiced consignment identif ied products

8

DoneLADevelop a process to monitor and track the age of consignment in ventory held by the

customer to identify un-invoiced product that is greater than 60 days

7

5/09SalesDevelop a strategy to negotiate the inclusion of an automatic in voicing arrangement

twice a month and implement change in process through communication/instruction

with customers (Customer X is an example)

6

12/08LAPrepare list of all consigned customers by value and key consign ment conditions4

Execute action plan and maintain invoicing process10

3/09RGCommence billing on the identified products for independent acco unts9

12/08RGCategorise by proposed action area – i) consignment to be removed, ii) billing arrangement to be changed (ie consignment customers who are billed monthly vs as

shipped) and agree priorit isation on change contract terms (alig n with customer terms

work stream)

5

12/08RGComplete aggregation of consignment agreements in one location3

12/08LAReview contract template for future consignment arrangements and optimize invoicing

schedule, automatic billing and terms subsequent to shipment

2

Opportunity

Appoint a project sponsor

Activity

LA1

Who Completion

date

Activity

No

6 mths

Time

Accelerate the receipt of cash

Business Impact

$1.4m

Impact

Reduce customer consigned inventory and optimise invoicing arran gements

Description

Days inventory on consignmentValue of customer consigned inventory

# of consignment arrangements not on bi-weekly billing

Suggested metrics

Action Plan: Customer consignment - $1.4m

AR5

Central needs /

alignment with

existing activities

Monitor achievement of

objectives and savings

Review of gaps across the FTF process highlighted 3 common problem areas

1) Forecasting & demand

planning

2) Inventory management

3) Materials planning,

purchasing &

replenishment

Common problem areas Planned actions to address problem areas

Centrally co-ordinated evolving programme to standardise best

practice and rollout tools to ensure processes become sustainable

Inventory management policy to be drafted – comprising a mix of

policy, best practice recommendations and training, covering the

common gaps on inventory management (and also some gaps on

materials planning, purchasing & replenishment)

Include within the inventory policy document the basics of

maintaining parameters and using a forecasts to plan long lead

time materials.

Provide guidance and training on how to select the right

replenishment method for different materials (eg how to choose

between forecast based, re-order point, Kanban or straight

purchase to order)

Policy, process and practice - Forecast to Fulfil

Forecasting and

Demand Planning

Sales Order

Processing and

Customer Service

Materials Planning,

Purchasing and

Replenishment

Manufacturing

Scheduling and

Execution

Inventory

Management

Finished goods

warehousing,

logistics and

returns

Product

Range

Management

Good PracticeImproveImproveImproveGood PracticeImproveImproveSwedenDiv 9

ImproveChangeImproveImproveImproveImproveImproveUS aDiv 9

Good PracticeGood PracticeGood PracticeImproveImproveChangeImproveFranceDiv 8

ImproveImproveChangeImproveChangeChangeChangeItaly bDiv 8

ChangeImproveImproveChangeImproveImproveImproveUS dDiv 8

Good PracticeChangeImproveImproveGood PracticeImproveImproveUS cDiv 7

ImproveChangeImproveChangeImproveChangeImproveUS bDiv 6

ImproveImproveGood PracticeChangeGood PracticeChangeImproveLatAmDiv 5

ImproveImproveImproveImproveImproveImproveChangeAusDiv 5

Good PracticeImproveImproveImproveGood PracticeChangeImproveUS aDiv 4

ImproveChangeImproveImproveImproveImproveImproveGermany bDiv 4

Good PracticeImproveImproveImproveChangeChangeGood PracticeBelgiumDiv 3

Good PracticeImproveImproveImproveGood PracticeChangeImproveItaly aDiv 2

ImproveGood PracticeImproveImproveGood PracticeImproveImproveUK cDiv 2

ImproveChangeImproveImproveImproveChangeGood PracticeNetherlandsDiv 2

ImproveImproveGood PracticeGood PracticeGood PracticeImproveGood PracticeGermany aDiv 2

ChangeChangeGood PracticeImproveGood PracticeImproveGood PracticeUK cDiv 1

ImproveGood PracticeImproveImproveGood PracticeImproveGood PracticeUK bDiv 1

Good PracticeGood PracticeImproveImproveImproveImproveImproveUK aDiv 1

SiteDivision

Good PracticeImproveImproveImproveGood PracticeImproveImproveSwedenDiv 9

ImproveChangeImproveImproveImproveImproveImproveUS aDiv 9

Good PracticeGood PracticeGood PracticeImproveImproveChangeImproveFranceDiv 8

ImproveImproveChangeImproveChangeChangeChangeItaly bDiv 8

ChangeImproveImproveChangeImproveImproveImproveUS dDiv 8

Good PracticeChangeImproveImproveGood PracticeImproveImproveUS cDiv 7

ImproveChangeImproveChangeImproveChangeImproveUS bDiv 6

ImproveImproveGood PracticeChangeGood PracticeChangeImproveLatAmDiv 5

ImproveImproveImproveImproveImproveImproveChangeAusDiv 5

Good PracticeImproveImproveImproveGood PracticeChangeImproveUS aDiv 4

ImproveChangeImproveImproveImproveImproveImproveGermany bDiv 4

Good PracticeImproveImproveImproveChangeChangeGood PracticeBelgiumDiv 3

Good PracticeImproveImproveImproveGood PracticeChangeImproveItaly aDiv 2

ImproveGood PracticeImproveImproveGood PracticeImproveImproveUK cDiv 2

ImproveChangeImproveImproveImproveChangeGood PracticeNetherlandsDiv 2

ImproveImproveGood PracticeGood PracticeGood PracticeImproveGood PracticeGermany aDiv 2

ChangeChangeGood PracticeImproveGood PracticeImproveGood PracticeUK cDiv 1

ImproveGood PracticeImproveImproveGood PracticeImproveGood PracticeUK bDiv 1

Good PracticeGood PracticeImproveImproveImproveImproveImproveUK aDiv 1

SiteDivision

Common areas requiring improvement

1 2 3

Approach follows our proven, standardised methodology and comprises three stages: 1. diagnostic reviews, 2. designing and implementing fixes required and 3. support with roll out and monitoring of results

6

How to identify opportunity and engage with your clients?

Typical buyer and project sizes

►C-Suite (CFO, CEO, Promoter) or even FD/Treasury,: Cash and working capital

►Functional heads (Operations, Procurement etc): Individual elements of working capital programme

►Project size: from few Lacs to crores depending on the scope of engagement and size of business

Top 10 questions to identify a working capital opportunity?

1. Is working capital an area of focus for the business?

2. How is working capital performing over time (increasing trend?) and how is the working capital

performance viz a viz the competition?

3. Do you have timely, precise and cash focussed metrics?

4. Is working capital viewed as a financial issue or as an operational issue as well?

5. Are the receivables, provisions or write-offs increasing?

6. Are invoicing and collection processes optimised to avoid a rush to book sales or collect cash at

month end?

7. Is the inventory level high while customers still complain about poor order fulfilment or the business

is losing orders?

8. Do inventory levels respond rapidly to changes in demand while accommodating required service

levels?

9. Are customer contractual risks being passed down the supply chain?

10. Are suppliers contributing enough towards the business operational investment requirements?

Dedicated, specialist team with significant experience delivering sustainable and multi-site cash programs across various sectors Private Equity (examples)

Apax

Advent International

Apollo

Blackstone

CVC Capital Partners

Goldman Sachs

Golden Gate

Capital Gresham

KKR

Macquarie

Montagu

PAI

Permira

Providence

Sun Capital

Corporates (examples)

Ambea

American Express

Anglo American

Applied Materials

Apria

Asia Pacific

Breweries

Associated British

Foods

Astra Zeneca

Avis

B. Braun

Berendsen

Blackman Coulter

BMS

BP

bPost

Brambles

Bristol Myers Squibb

British Telecom

BSkyB

Compass Group

Cable & Wireless

Capsugel

Carefusion

Catalent

Clear Channel

Dell

DJO

Dole Foods

Diageo

Disney

Deutsche Telecom

Dow Chemical

Egmont

Elster Group

EMAP

EMI

Energis

Ericsson

ePlus

Expro International

Forte Pharma

Flint Group

General Dynamics

Hamilton Sundstrand

HC Starck

Healthscope

Heidelberg (HDM)

Heineken

Hilton

HSBC

IBM

ICI

ITV

Johnson Controls

Kabel Deutschland

Kion

Klockner Pentaplast

KPN

Kraft Foods

Kwik Fit

Linpac

Logica

Lundbeck

MSD

Molson Coors

Momentive

NTL Telewest

Nortel

Novartis

Orangina

PBL Media

Pfizer

Premier Foods

Raytheon

Reed Elsevier

Reuters

Samsonite

Sanitec

Scottish and

Newcastle

Shaeffler

Shell

SHL

Siemens

Sikorsky

Suncor Energy

SMG

Swiss Re

Takeda

Talisman Energy

Tarkett

TDC

Teleflex

Telewest

TIM Hellas

TNT

Travelport

Unilever

United Biscuits

United Technologies

Corporation

Univar

Viatris

Vattenfall

Vodafone

Warner Music

Xerox

Yamanouchi

ABN Amro Bank

Ambey Labs

BILT (to be

commenced)

Fortis (proposal)

Care hospital

(proposal)

Tata Motor Finance

(proposal)

AIA Engg (proposal)

Crompton Greaves

Emami

Havells

LT Foods…

Initial wins/proposals Advisory creds

Distressed Corporate Advisory & Other Restructuring Services

How do we add value to the clients Preserve strategic options and help recover lost or unrealised value

Cash control

► Aggressively manage distress by conducting a

rapid, hypothesis driven assessment of the P&L

and Balance Sheet - deliver short term cash

control, cash generation and cost reduction

opportunities

Operational and strategic

transformation

► Rapidly identify and address the root causes of

distress by executing measurable action plans

that protects assets and value.

Financial restructuring

► Lead negotiations with key stakeholders to

design and deliver sustainable capital/debt

structures. We support these negotiations by

helping prepare robust financial information

which is used to lead options analysis and

strategic decision making.

The only Big 4 to have a dedicated Restructuring

team; Biggest competitor is Alvares & Marcel

Leadership to stressed and distressed situations

with end to end solution

Not just an approach, we deliver results through

Strong solution-oriented project management

capabilities

Identify and enact strategies to stabilize crises,

preserve and recover value

Market leading knowledge of complex, cross border

financial restructuring assignments

Multi discipline teams with both industry and

professional services backgrounds

Proven track record of delivering large assignments

in India

Typical Distressed Corporate Advisory engagement

Phase 1

Stabilise Company

Phase 2

Fix Core Business

Phase 3

Return to Growth Corporate Pre-Involvement

Conditions

Rigorous controls -

manage for cash

Quick diagnostic &

develop turnaround

teams

“Quick Hit” cost

reductions and

excess asset sales

Stabilise operations

Turnaround plan –

Develop,

Communicate,

Obtain buy-in

Improvement

initiatives in Business – Finance

– Operations

– Sales

– Organisation Design

– Strategy

Generate cash from

operations

Obtain sustainable

capital structure – Restructure

– Refinance

Organic Growth – R&D / CapEx

strategies

– Sales and channel

improvement

– Marketing and image

improvement

– Organisation Design

– Strategy

External Growth – Strengthen market

position through M&A

Operational and financial

underperformance

Loss of focus

Loss of talent

Loss of credibility with

stakeholders

Liquidity crunch

Lack of clarity around

financials (profit and

cash)

Continued Erosion of Value Cash Under Control

Options Preserved & Created

Full Potential Achieved Through Matching Capital Structure

With Business Plan for Growth and Profitability

Value Creation

Service Delivery could be in an Advisory role or as Interim management via executive appointments (CRO/CFO)

Case Study 1 – Stabilized and turned around a distressed compressor manufacturer

12

► US$175m compressor

manufacturer based in

India - 100%

subsidiary of a US Co

► Severe cash flow

issues – risk of non-

payment of wages

(2 weeks’ cash left)

► Dependence on US Co

to infuse cash

► Inaccurate Data was

an impediment to

decision-making

► Inaccurate reporting of

Borrowing Base

► Strained relations with

lenders and vendors

Phase I – Stabilization (2 weeks)

Built a Short term Cash Flow Forecast (STCFF)

Profitability Analysis – to identify ‘loss’ leaders

Examine Borrowing Base and Communication

of Correct Borrowing Base to Banks

► Payable to the US Co

of US$5m converted

to Receivable of

US$2m.

► Forbearance from

Banks for 9 months.

► Accuracy of Cash

Forecasting & Cash

Flow Discipline

► Minimal production

stoppages/

interruptions

► Measurability of

Improvement initiatives

– US$4m improvement

achieved.

► Roadmap for clearance

of litigation & sale of

vacant land

Background Value to the Client Our work streams

Phase II – Turnaround Plan (4 weeks)

Build a bottom-up 3-year plan including

Improvement Actions; Ensured Data Integrity

Facilitate Business Continuity Decision

Making – Continue Vs Liquidate

Identify non-core assets for sale

Phase III – Implementation (6 months)

Cash Flow Management – Allocation funds for

weekly vendor payments; Vendor Management

Bank Negotiations for Restructuring Debt

Establish tracking mechanism for Improvement

Actions – Customers, Operations, Vendors

Case Study 2 – We are currently engaged in the restructuring of the Indian operations of a large international footwear retailer

13

► MD & COO removed

suspecting financial

irregularities

► Business suspended for

over 4 months

► Books were not

reconciled with

distributors, franchisees

and suppliers for 4 years

► Business model

unsustainable –

‘committed return’ based

revenue model for its

franchisees – involving

constant outflow of funds.

► Over 50% employees

left in a VRS.

► No inflow of cash and

mounting pressure from

franchisees/ suppliers

created a crisis

Phase I – Stabilization & Assessment (6 weeks)

Built a Short term Cash Flow Forecast (STCFF)

Recommended optimal strategy to infuse funds

Analyzed network and commercial clauses to

develop a comprehensive strategy for

termination of over 400 outlets

► Savings of EUR 1.6m

p.m. of ‘committed

return’

► Settlement of

obligations with

franchisees & suppliers

– savings of over EUR

2m achieved till date

► Robust database of

franchisee network is

in place

► Project Management in

a Complex Environment

► Increased accuracy of

Cash Forecasting &

Establishment of Cash

Flow Discipline

► Clean break from the

old entity with a

Restructured Business

Background Value to the Client Our work streams

Phase II – Execution of Strategy (6 months)

Terminate 400 outlets and 23 suppliers

Maintenance of a Customer Response Centre to

proactively manage queries

Reconciliation of books of account

Assist in negotiation & settlement based on

agreed parameters for settlement

Project Management of Stock Liquidation

Cash Flow Management

Phase III – Change in legal structure (1 month)

Evaluation of potential options to move the

Restructured Business to a New Entity

Project Management the Transition of the

Business to a New Entity

Triggers for our involvement & typical clients

Low levels of cash

Reduced team size or frozen decision

making

Poor quality and timing of Reporting

Staff turnover increases or absence of

key staff

Reducing customers or increasing bad

debts

Declining sales and pricing pressures

Reducing quality and reliability of

suppliers

Poor external credit availiability

Media reports or downgrades

Internal External

Target Clients & Sectors

International Corporations in India

PE Houses with majority/substantial minority

investments in portfolio companies

Large Professionally Managed Indian

Corporates

Retail & Consumer Products

Heavy Manufacturing (with Metals as

significant RM)

Infrastructure & Real Estate

Thank You

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