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ANOVA Corporate Services Pvt. Ltd.
Company Profile
October 2017
Investment Banking & Advisory Firm
2
M&A Advisory Financial Modelling
Fundraising
Investment Memorandum / Pitch Deck
Preparation
Valuation Advisory
Due Diligence (Vendor DD & DD
Preparedness) Drafting LoI / Term Sheet
An Overview
ANOVA, established in 2013, is a Chennai-based Investment Banking & Advisory firm that provides value-added services to Corporates (including Starts-ups),
both in India and Internationally.
Being a Sector-Agnostic firm, ANOVA has completed assignments in various segments such as Manufacturing (including Ancillary), FMCG, Medical Devices,
Personal Care, Fine/Fashion Jewellery, Luxury Brands, Apparels, IT & ITeS, Healthcare, Hospitality, Retail, Internet of Things, eCommerce, Agriculture,
etc.
Select Clientele
About Us
Service Offerings
3
M&A Advisory Services
Understand investment objectives and goals
Company and market research for analysis
Preliminary analysis of IM and Teaser
Analyse the pros and cons of the investment
Analyse financial data for risks and opportunities
Draw preliminary financial modelling, returns
model & valuation
Letter of Intent and pre-deal conditions
Financial due diligence
Co-ordination on Tax and Legal
Firm up purchase price allocation & other terms
Legal documentation & closing
Formulate divestment / sales strategy
Valuation and pricing
Prepare, Teaser and necessary sales documents
Management presentations
Evaluate and review initial interest, letters of intent
Prepare and manage the data room documents
Financial / Vendor due diligence
Co-ordination on Tax and Legal
Firm up selling price and other terms & conditions
Legal documentation and closing
Refinancing expensive funds with low cost
leverage funds
Refinancing with senior debt
Financial models with sensitivities for bankers
Presentations to bankers for funding
Coordination with financial advisors
Setting up of covenants
Negotiation with bankers for favorable currency
split, if applicable
Analyze debt funds and advise management on
various hedging strategies
Buy-side Advisory Sell-side Advisory Refinancing & Restructuring
ANOVA specializes in Mergers & Acquisitions and provides an end-to-end solution to its clients, right from their decision to invest / divest, through the complex
commercial framework of the transaction (including structuring, negotiation & compliances), till the preparation and signing of relevant charter/transaction documents.
Given our experience with domestic and cross border deal structures, ANOVA can arrive at possible effective options to maximise value creation for clients and provide
strategic support on pre-transition and post-transition matters.
We work closely with the clients during the process and also liaise with advisors on the buyer / seller side to ensure smooth closure and transition.
4
Fundraising & Valuation Advisory
ANOVA assists with Fundraising services required to support not only the initial capital
requirements but also the growth strategies.
The team interacts closely with PE / VC, HNI investors on an on-going basis and have a good
understanding of their culture, functioning, investment philosophy and preferences which help
facilitate the most appropriate investor–company fit, thus delivering the best value.
On the debt side, we arrange funding including banking, capital market, asset-based lending,
securitisation, project debt, senior debt, mezzanine financing, raising debt to finance LBO’s or
MBO’s, acquisition financing and recapitalisations.
ANOVA’s Fundraising services broadly include:
Preparation of a compelling Pitch Deck / Information Memorandum on the business to be
presented to potential investors to evince their interest for fundraising.
Provide Teasers on no-name basis (without revealing client names) to the potential investors to
gauge their interest in the opportunity before revealing further information.
Assistance with fundraising from an appropriate source through our extensive network of
Venture Capital / HNI / Strategic Partner.
Liaise with Investors and the Management.
ANOVA offers independent advisory to Corporate board of
directors to help them determine the right price to pay or
accept for a business.
We help evaluate shareholder value for stakeholders by
providing comparatives such as P/E, EBIT, EBITDA, RoE, Cash
flow multiples, to the extent possible besides identifying the
business synergies.
Valuation Services broadly include:
Business Valuation for Corporates including Start-ups for the
purpose of Fundraising, Strategic investment tie-ups or Sale of
business;
Valuations of Intangible Assets (IPR Valuation using Relief
from Royalty Method) to assist in fundraising, financial reporting
purposes or internal strategic decision making as well as from
taxation perspective, as appropriate.
Fundraising Valuation Advisory
5
Due Diligence Support
Identifying & quantifying industry including deal-specific risks as well as
opportunities;
Evaluating quality and reasonableness of Historical & Projected Earnings and
Cash Flows;
Assessing quality of Assets;
Identifying hidden Costs, Commitments and Contingencies;
Identifying and quantifying Tax exposures, as appropriate;
Identifying and quantifying Liabilities that can be deal breakers;
Highlighting issues likely to lead to purchase price adjustments including financial
abnormalities that skew earnings, understanding normalized EBITDA by
identifying unusual or non-recurring transactions, immediate capex and working
capital requirements;
Disparity in accounting principles and quality of financial information; and
Possible lax in Internal Controls, Transparency & Corporate Governance
Standards.
Review of historic financials including relevant schedules
Comparative Analysis with budgets / forecasts / actuals, highlighting identified
variances
Revenue and Cost analysis by Product / Customer / Region as well as from New
Products / Services.
Review of the Balance Sheet items, especially, Intangibles, Working Capital
requirements, etc., and highlight the key notes.
Review of Financial Projection prepared by the Management
Periodic updates of the financials
Maintaining confidentiality with the employees on the transaction
Assisting the Entrepreneur to provide / email relevant information to the potential
investor(s), as appropriate.
Preparing Indicative Valuation based on the financial projection as well as
collating relevant funding transaction through our secondary research to support
the same.
Due Diligence Services Due Diligence Preparedness
Due Diligence (DD) services focuses on the most critical elements of transactions for Corporates and Investors. ANOVA provides DD & VDD (Vendor Due
Diligence) services with the intent of maximising value, minimising disruption and avoiding late surprises through the disposal process.
ANOVA also assists with DD Preparedness for its Clients, with the aim of providing an end-to-end assistance for M&A / Fundraising Advisory.
Select Transactions Across Services
7
Sell-side Advisory to Helicord Transmissions
June 2016
End-to-end assistance for divestment of majority stake of Helicord Transmissions, India to
Megadyne Group, an Italian major a manufacturing company
Review and preparation of the historic financials and highlighted the key
comments
Periodic discussion with the Promoter on the strategy for divestment
Coordinated with other departments such as Manufacturing, R&D,
Purchase, Sales team on timely delivery of reports.
Coordinated with Statutory auditor on finalization/presentation of financial
statement, as well as with Company Secretary for filing of appropriate
returns with RoC
Due Diligence Preparedness - created and maintained DD documents in
a Data room.
Coordinated with KPMG on Financial Due Diligence and Mehta &
Padamsey on Legal Due Diligence
Review of Share Purchase Agreement, Shareholders' Agreement and
Service Agreement
Mentoring the finance team on successful completion of the transaction.
8
Select Transactions Across Services
Preparation of Information
Memorandum
Financial Model
Business Valuation
Liaise with potential Investors for
Fundraising
A Company into producing
Hybrid Seeds in India
November 2015
Preparation of Information
Memorandum
Review of Financial Model
including Valuation for Strategic
Buyout
Identifying / Negotiation with
potential Buyers
Due Diligence Preparedness
UAE based company into
personal care segment
March 2017
Review of Financial Model
Business Valuation for Strategic
Investment purposes
A Hypermarket & Grocery
Chain in UAE and Oman
May 2017
Preparation of Information
Memorandum
Financial Model
Business Valuation
Liaise with potential Investors for
Fundraising
Online Fashion Jewellery
Company in India
May 2017
9
A well-known South Indian
Restaurant
A company in small payment
segments in India
Indian subsidiary of a London-
based British contemporary
clothing design brand
A Chain of Fashion Jewellery
Stores in India
Select Transactions Across Services (contd…)
December 2014
Assistance with financial due
diligence
Review of business plan prepared
by the company
Review of business process and
controls
Review of legal/commercial
agreements
November 2015
Preparation of Information
Memorandum
Financial Model including
indicative Valuation for the
purpose of Divestment
Identifying / Negotiation with
potential Buyers
September 2015
Preparation of Information
Memorandum
Review/remodel of the Business
Plan
Valuation for Fundraising
August 2016
Assistance with Business Plan
for joint venture in UAE
Financial Model including
indicative Valuation
10
Select Transactions Across Services (contd…)
May 2016
A Med-tech company in India
providing solutions for image-
guided Interventional
procedures in the Oncology
and Pain care space.
Review of Financial Model
Company Valuation
Investment Negotiation
Transaction Structuring
Term Sheet preparation
June 2014
A Luxury Leather bags
business in France
Assistance with Financial Model
Transaction Advisory for equity
investment with majority stake
January 2016
A Credit rating App that
determines the credit
worthiness of an Individual
based on their digital
footprints on Social Media
Review of Financial Model
Company Valuation for Equity
dilution
April 2016
A business in the Fabless
Semi-Conductors space
suppling cost-effective
Cognitive SDR Chipsets &
White Space Network Modules
Transaction Structuring for
Fundraising
Term Sheet preparation
ANOVA Team
12
Founder Profile
Chandrashekar Kupperi is a Chartered Accountant, Cost
Accountant and a Company Secretary by qualification. He is a
Rank Holder & Medallist in both ICAI and ICWAI and an MBA from
Bharathidasan University. He has also completed a Senior
Management Certification programme from IIM, Calcutta.
He is a Fellow Member of Institute of Public Accountants, Australia
(FIPA), Certified Management Accountant from The Institute of
Certified Management Accountants, USA (CMA) and Member of
the Chartered Institute for Securities & Investment, UK (MCSI).
Shekar, as he is known in his circle, has 18+ years of work experience, and his most recent
stint was as Group Finance Director with Lornamead Group, a UK based multinational in
the FMCG space which owned well-known personal care brands such as Yardley of
London, Finesse, etc. His prior stints include various finance and audit positions with MNCs
such as ExxonMobil, KPMG and Henkel India.
His expertise is with M&A advisory matters, besides strong exposure to financial analysis,
audit and accounting matters, trademarks management as well as ‘controls’ environment.
During his stint with Lornamead Group, he has handled many acquisitions as well as
divestments, besides re-structuring and re-financing transactions in North America and
Europe. In India, he was involved with divestment of Yardley brand to Wipro Consumer
Care, and Tura Brand to Godrej Consumer Care.
He is a non-executive director in medium size companies, both in India and abroad.
Past Experience:
Shekar has lead / been part of over 11 Acquisitions and 4 Divestments in
the past, including 100% divestment of Lornamead Group to Hong Kong-
based consumer goods group Li & Fung for $190 million.
Other key transactions include:
Acquisitions: (CD, Yardley, Finesse, Witch & Simple bar soap)
Divestments: (“Tura” in Africa acquired by Godrej and “Yardley” in
the Middle East, Asia, Australasia and certain parts of Africa
acquired by Wipro)
Restructuring / Refinancing with:
13
Team Profile
Narmadha Chandrashekar
Narmadha transitioned as an entrepreneur from being a full-fledged software professional for the love of business. She holds an MCA
from the University of Madras and after a 7 year stint in software, studied MBA in Finance and Financial Services at Chennai Business
School to change lanes and get into business. She immensely enjoys working with new clients and is the Head of Business
Development at ANOVA.
Govindarajan
Govind has been with ANOVA since January 2013, and is actively involved with M&A projects, Virtual CFO Services besides managing
its day to day operations. Before joining ANOVA, he worked with Lornamead Group, where he gained extensive knowledge and
experience in Management accounting, Group consolidation, Statutory audit and Financial analysis.
He has also worked with various industries such as Banking, Personal care, Healthcare and IT with 7+ years in Finance and Accounts,
Auditing, Operations etc. He holds MBA in Finance from the Central University.
Ritika Varyani
Ritika has been with ANOVA since August 2015 and is actively involved with M&A Projects, Valuation exercises, Market & Industry
analysis, Pitch Deck & Business Plan preparation, etc. She has worked with Deloitte for 2 years in the area of Enterprise Risk
Management and Internal Audit. She completed PGDM in Finance & Marketing with specialization in International Business from MIME
(JGI), Bengaluru.
14
Accreditations & Awards
'First Award under Services (SME
category)' at 13th National Awards for
Excellence in Cost Management
Recognized by Insights Success Magazine as
‘The 10 Fastest Growing Consulting Companies’
Certificate of Recognition awarded by National Conference on
Sustainable Development Goals (MSSW) for outstanding contribution in
the field of Corporate Services.
Barclays Capital recognized the outstanding
contribution during the divestment of Lornamead Group
to Li Fung by presenting ‘The Secret Weapon’ award.
"Identifying the Optimal Capital Raising
Scheme for SMEs“ – The Guild
Chandrashekar Kupperi moderating the
Panel discussion during SME Futures Event
on SME Finance: The Engine for Growth
Chandrashekar Kupperi, a panelist at the CII
MSME CEO SUMMIT 2017 held at Hotel
Crowne Plaza, Chennai on 30th August
2017 on Money Matters for MSMEs
15
Client TestimonialsCEO, A UK based fabric technology
company, England
We engaged Chandrashekar Kupperi and his firm,
ANOVA Corporate Services Private Limited, around
October 2013 to carry out financial analysis of our
business. We were very pleased with their ability to
refine data provided, add their insights and provide
meaningful analysis.
We continue to engage with them on other business
matters. We would recommend Chandrashekar
Kupperi and his team without reservation. They have
excellent analytical skills with a good commercial
sense and bottom line orientation.
Managing Director, A British soap and
toiletries company, EnglandWe were pleased to engage Chandrashekar Kupperi
and his firm, ANOVA Corporate Services Private
Limited, during February 2013 on a short assignment
to analyze certain financial data of a particular
business segment. Their work has been valuable to
us.
We have also recently engaged them on another
project which is of significant importance.
Chandrashekar Kupperi is reliable, methodical, and
has the right experience, and I am happy to
recommend him and his firm, ANOVA Corporate
Services Private Limited, who give an awful lot of
themselves to every project!
Managing Director, A UK based fragrances
company, England
My first interactions with Chandrashekar Kupperi
started in September 2012 when he had come
across to the UK to evaluate a business proposition.
Since then, I have been interacting with him on a
number of occasions, and engaged his business,
ANOVA Corporate Services private Limited, on
couple of business matters. Chandrashekar Kupperi
has continuously impressed me with his expertise,
accountability and trustworthiness. I would
recommend Chandrashekar Kupperi and ANOVA
Corporate services Private Limited, and wish him
and his team a great success.
Managing Director, An Indian Auto Ancillary manufacturing company, Chennai
I have known Chandrashekar Kupperi of ANOVA Corporate Services Private Limited since January 2014.
Our work with Chandrashekar Kupperi and his team started around February 2014 and was aimed to help
us be prepared for a financial due diligence exercise by a renowned Accounting firm and legal due diligence
by a leading Law firm.
We were delighted to work with him and his team as they had in-depth process knowledge which not only
resulted in understanding our situation but also helped us identify various parameters and metrics to
demonstrate our position as well as take remedial measures. Their concerted efforts exceeded our
expectations in terms of process precision, cost optimization and the promptness with which we
accomplished our goals. We highly recommend Chandrashekar Kupperi and ANOVA corporate Services
Private Limited, and we wish them the very best.
CEO, A UK based company in hand-embellished dresses, London
Given the need to spend my time on operational matters I needed help with managing its growth
but I was wary of delegating any administrative responsibilities and concerned with sharing the
company's financial information.
We started working with Chandrashekar Kupperi and his firm, ANOVA Corporate Services
private Limited since January 2015, and certainly their professionalism and credibility calmed
any fears that I may have had in outsourcing certain financial functions. Their proficiency and
experience has been unsurpassed. Working with ANOVA has afforded me access to a team
skilled in financial analysis, accounting matters and internal controls, as well as the ability to
deliberate ideas on strategic aspects, as required.
Co-Founder & Director Operations, An Indian
company into small payments.
“ANOVA has provided excellent services in relation
to the business plan preparation and valuation
exercise for my company. The ANOVA team
demonstrated absolute professionalism. Their deep-
dive approach, analytical and number crunching
skillsets are commendable.
The team put our business plan into a succinct
format to relate with the investors. We found Shekar
very thoughtful and responsive to our needs and
easy to work with. I highly recommend the firm and
hope our paths cross again soon.”
Appendix:All Transactions
17
All Transactions: M&A & Corporate Finance
April 2016
A company in
robotics healthcare
segment
Assistance with
review/revisit the
business plan, and
Valuation for funding
June 2016
A company in
healthcare analytics
segment
Assistance with
review/revisit the
business plan, and
Valuation for funding
May 2016
A company in
‘Connected Home’
segment in India
Assistance with due
diligence for funding
June 2016
A manufacturing
company in India
End-to-end assistance for
divestment of majority
stake to Megadyne, an
Italian major
August 2016
A well-known
South Indian
Restaurant
Assistance with
business plan for joint
venture in UAE
July 2016
A well-established
hospital in South
India
Assistance with financial
due-diligence for
acquisition
October 2016
A business into
hospitality segment
in India
Preparation of Information
Memorandum, Financial
Model & Business
Valuation
December 2016
A company into
healthcare products
in India
Assistance with review of
Information Memorandum
and Financial Model for
funding
December 2016
Indian Manufacturer
of Printing
Consumables
Preparation of Information
Memorandum, Financial
Model and business
Valuation
January 2017
ITeS Company in
India
Assistance with IPR
Valuation
February 2017
A business into
producing Agro
products in India
Preparation of Information
Memorandum, Financial
Model & business
Valuation for funding
March 2017
UAE based company
into personal care
segment
Review of Information
Memorandum & Financial
Model including Valuation
for strategic buyout
May 2017
Hypermarket/
Grocery Chain in
UAE and Oman
Business Valuation for
Strategic Investment
purposes
May 2017
Online Fashion
Jewellery
Company in India
Preparation of IM &
financial model
including valuation for
funding
18
All Transactions: M&A & Corporate Finance
September 2015
An Indian company in
to Engineering
Management Services
Assistance with financial due-
diligence as well as
structuring of the transaction
for majority stake
September 2015
A company in small
payment segments in
India
Assistance with Information
Memorandum, review /
remodel of business plan
and valuation for funding
October 2015
A company in Nail
lacquer & cosmetic
segment in UK
Assistance with financial
due-diligence for funding
November 2015
A company in hybrid
seed industry in India
Assistance with financial
modelling, Information
Memorandum, and business
valuation for funding
November 2015
A company in
fashion jewellery
in India
Preparation of
Information
Memorandum for the
purpose of Divestment
January 2016
A company in
Electric Bikes
segment
Preparation of
Information Memorandum
and business valuation
for funding
December 2015
A Retail aggregator
company in India
Assistance with
review/remodel of the
business plan and
valuation for funding
February 2016
An auto component
manufacturing
company in India
Assistance with due
diligence for joint
venture purposes
February 2016
A flame proof devices
manufacturing
company in India
Assistance with financial
due diligence as well as
structuring of the
transaction for acquisition
March 2016
A UK company
specializing in
Volumizing Lip Serum
Assistance with Business
Plan for Joint Venture
purposes
March 2016
A KPO company in
India
Assistance with
preparing Teaser and
business valuation for
divestment purpose
April 2016
UK based company
in fashion
womenswear
Assistance with financial
due diligence and
Valuation for funding
19
All Transactions: M&A & Corporate Finance
June 2014
A company in
Luxury leather
bags in France
Assistance with
financial modelling and
equity investment with
majority stake
April 2014
An ITeS
company in India
Assistance with
financial modelling
and business
valuation
February 2014
A manufacturing
company in India
Assistance with due
diligence for joint
venture purposes
December 2013
Reputed Salon
SPA in the UK
Assistance with
financial modelling for
joint venture purposes
August 2013
Designer of Fine
Jewellery and
Silverware in UK
Assistance with due
diligence for an
equity investment
February 2013
UK based company
in Personal Care
business
Assistance with
financial modelling and
introducing the product
in Indian market
July 2014
A manufacturing
company in India
Assistance with
financial due diligence
as well as structuring
of the transaction
August 2014
A company in female
luxury and premium
lingerie in France
Assistance with financial
due diligence
May 2015
A company in Home &
Facility Management
Services in India
Assistance with business
plan and valuation for
funding
December 2014
UK based company in
hand-embellished
dresses for women
Assistance with financial
due diligence and review of
legal/commercial
agreements.
May 2015
UK based company
in Personal Care
business
Assistance with Teaser
and limited Information
Memorandum for
divestment purpose
July 2015
A company in
telecom industry in
the US
Assistance with financial
due-diligence as well as
structuring of the
transaction for buyout
September 2015
A healthcare
company foray into
EHR segment in US
Assistance with
Information Memorandum
and business valuation
for funding
20
All Transactions: Financial BPO Services
A Personal care products
company in India
April 2017
Assistance with incorporation of the
Indian entity as a wholly owned
subsidiary of UK parent company
and applicable statutory
registrations
A designer hand-embellished
dress company in India
April 2015
Assistance with service agreement
of key employee
February 2015
UK based company in hand-
embellished dresses
Assistance with review/preparation
of financials, monitoring cash flows
periodically and review of controls
environment
November 2014
UK based Holding/Investment
company
Assistance with maintaining books of
accounts, coordinate on
VAT/Corporation Tax filing, MIS reports
and budget preparation/review
June 2014
An IT company in India
Assistance with incorporation of
a NewCo and applicable
statutory registrations
A designer hand-embellished
dress company in India
June 2015
Assistance with incorporation of the
Indian entity as a wholly owned
subsidiary of UK parent company and
applicable statutory registrations
including FDI norms
March 2015
A company in Luxury leather
bags in France
Assistance with review/preparation of
financials, monitoring cash flows
periodically and review of controls
environment
A company in India
in Education segment
June 2015
Assistance with incorporation of a
New Firm and applicable statutory
registrations
For queries, please contact:
Chandrashekar Kupperi +91 99400 60273
ANOVA Corporate Services Pvt. Ltd.,
No.13-B, 1st Floor, 11th Avenue,
Ashok Nagar, Chennai -600 083.
Phone: +91 44 4262 5252