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Working Capital Management & Financial Restructuring Advisory Ankur Bhandari & Dinkar Venkatasubramanian
Page 2
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
Page 3
Working Capital Advisory Services
Page 4
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
Page 5
All underlying drivers of working capital are addressed to deliver sustainable and accelerated benefits
Page 6
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
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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
Page 7
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?
Page 8
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
Page 9
Distressed Corporate Advisory & Other Restructuring Services
Page 10
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
Page 11
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)
Page 12
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
Page 13
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
Page 14
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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