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Whitewater Corporate Advisory Private
Limited
1
Whitewater Corporate Advisory
Private Limited
Profile
2. Whitewater Corporate Advisory Private Limited
Contents
1 About Us
2 Service Offerings
3 Team Credentials
4 Our Approach
2
3. Whitewater Corporate Advisory Private Limited
Contents
1 About Us
2 Service Offerings
3 Team Credentials
4 Our Approach
3
4. Whitewater Corporate Advisory Private LimitedWhitewater Corporate Advisory Private Limited
About Us
4
Founded by a team of ex-KPMG
professionals with rich experience in
transaction and restructuring domain
Comprehensive solutions ranging from
advisory to implementation
Established relationships with various
Corporates, Banks, Financial
Institutions and Investors
Successful track record and credentials
of each team members
Team consists of Chartered Accountants
and Graduates from reputed Business
Schools
Combine meticulous analysis and
superior execution capabilities to assist
our clients
Whitewater Corporate Advisory is a specialist advisory firm with focus on providing
transaction, turnaround and restructuring solutions to corporates and financial institutions
5. Whitewater Corporate Advisory Private Limited
Whitewater Founding Team
5
Bhavesh Parekh
Manish Didwania
Bhavesh has experience of 16 years in Mergers & Acquisitions, Private Equity placement, Business Turnaround &
Restructuring and Structured Finance transactions. Bhavesh set up the restructuring practice for KPMG in India. He
has worked extensively on turnaround and restructuring engagements throughout his career including Corporate
Debt Restructuring, BIFR, bilateral negotiations, FCCB negotiations, liquidation and special situation M&A. Some of
his noted transactions include Lehman Brothers liquidation assistance, FCCB Settlement for Marksans Pharma,
Kinetic Engineering and Vardhman Polytex, Wockhardt Independent Business Review, Sangli Bank merger with ICICI
Bank, Vedanta Group company India Foils sale under BIFR, etc
Manish is a Post Graduate from XLRI and a Chartered Accountant. Manish has experience of over 10 years in
Mergers & Acquisitions, Private Equity, Valuations, Business Turnaround & Restructuring and Commercial Banking.
Prior to Whitewater, Manish worked with KPMG Corporate Finance and Standard Chartered Bank. He has experience
across Corporate Debt Restructuring, BIFR, bilateral negotiations, one time settlement engagements. Some of his
noted transactions include Portfolio Assistance for Kubera Partners, Lehman Brothers liquidation assistance, FCCB
Settlement for Kinetic Engineering, Financial Planning for ISMT, Insurance M&A for Magma Fincorp, etc.
6. Whitewater Corporate Advisory Private Limited
Contents
1 About Us
2 Service Offerings
3 Team Credentials
4 Our Approach
6
8. Whitewater Corporate Advisory Private LimitedWhitewater Corporate Advisory Private Limited
Service Suite for Corporates
BusinessOutlook
Time
RefinancingRefinancing
Strategic M&A
Chief Restructuring Officer
Strategic M&A
Chief Restructuring Officer
Operational
Restructuring
Operational
Restructuring
Working
Capital
Management
Working
Capital
Management
Asset
Consolidation
Asset
Consolidation
Crisis Cash
Management
Crisis Cash
Management
Financial
Restructuring
Financial
Restructuring
Exit PlanningExit Planning
RefinancingRefinancing
Capital
Restructuring
Capital
Restructuring
Growth FundingGrowth Funding
Private Equity/
Strategic JV
Private Equity/
Strategic JV
Turnaround Planning and ImplementationTurnaround Planning and Implementation
Interim
CFO
Interim
CFO
Operational
Restructuring
Operational
Restructuring
Underperformance Stress / Distress Recovery
Cash
Management
Cash
Management
Some of the services explained:
• Financial Restructuring: Assisting companies in
arriving at appropriate debt structure and
negotiation with lenders across platforms such as
CDR, BIFR, High Court, etc.
• Operational Restructuring: Assisting companies
in working out efficiencies in operations creating
more resilient organization's. Our team of senior
advisors with rich management and sector
expertise work closely with companies during the
process.
• Crisis Cash Management: One of the most critical
factors during distress situation. We assist in
formulating a 13 week/ months cash planning,
essential for business continuity in the interim
period.
• Interim CFO: We draw from our pool of
experienced CFOs, who assist companies during
the turnaround phase.
• Distress M&As: Assisting companies in carrying
out special situation transactions in the nature of
strategic partner induction, sale / merger of any
business unit or business .
8
Whitewater offers comprehensive services for corporates requiring assistance during under-
performance, stress or recovery stages
9. Whitewater Corporate Advisory Private LimitedWhitewater Corporate Advisory Private Limited
Service Suite for Lenders and Investors
BusinessOutlook
TimeUnderperformance/
Growth Phase
Stress / Distress Recovery
Some of the services explained:
• Pre Deal Assessment: Assisting lenders / investors in
evaluating the opportunity and provide insight on
critical success factors and areas of concerns.
• Independent Business Review: Assisting lenders/
investors in assessing the key business drivers,
evaluating sustainability of management business
plan, identifying likely pitfalls and arriving at various
restructuring options.
• Restructuring Advisory: Assisting lenders/ investors in
decision making with respect to recovery vs.
restructuring scenarios, hold / invest vs. exit options
taking into account legal position, security profile and
potential business cash flows.
• Performance Monitoring: Significant management
bandwidth can be freed through outsourcing regular
performance monitoring of borrower / investee
companies which have undergone restructuring or are
underperforming.
• Exit Strategy: Assisting lenders and investors in
arriving at the appropriate exit strategy for
underperforming investee companies.
9
Whitewater offers bouquet of services to lenders and investors across entry, holding and exit phases
Performance Monitoring
Pre Deal Assessment
Independent Business Review
NPA/ Portfolio Management
Valuation Services
Restructuring Advisory
10. Whitewater Corporate Advisory Private Limited
Contents
1 About Us
2 Service Offerings
3 Team Credentials
4 Our Approach
10
11. Whitewater Corporate Advisory Private LimitedWhitewater Corporate Advisory Private Limited
Team Credentials
11
Vardhman
Polytex Ltd
Acted as exclusive advisor to
the leading textile
manufacturing company in its
financial planning and capital
structuring in line with business
cash flows
₹ 480 cr
September 2014
₹ 125 cr
September 2014
Acted as exclusive financial
advisor to newspaper
manufacturing company to
facilitate bank debt
restructuring under Joint
Lender Forum (JLF) mechanism
Assisted the company in
carrying out financial planning,
FCCB restructuring and bank
debt refinancing
₹ 75 cr
February 2015
₹ 1,000 cr
May 2015
Assisted the company with
Restructuring Officer services
where the personnel was
deputed to the company for
bank liaising and negotiations
for restructuring of debt
₹ 50 cr
August 2015
Assisted as exclusive financial
advisor to the steel sheet
fabrication company in
financial restructuring with
lenders on bilateral basis
NA
August 2015
Assisted the steel sheet
fabrication company in process
of financial restructuring and
strategic investor induction
Rishi Consfab
Private Limited
₹ 1,000 cr
September 2015
Assisted the Photo Voltaic
Module manufacturing
company as financial advisor in
planning, structuring and
settlement of debt
Assisted Kinetic Engineering
Limited as their exclusive
advisor in FCCB settlement with
the bondholders
₹ 146 cr
July 2015
₹ 175 cr
July 2015
Assisted as financial advisor to
the leading ACP manufacturing
company in financial
restructuring process
₹ 250 cr
June 2015
Acted as exclusive financial
adviser to the leading
pharmaceutical company in
FCCB settlement with the
bondholders
12. Whitewater Corporate Advisory Private LimitedWhitewater Corporate Advisory Private Limited
Team Credentials
12
NA
September 2013
Acted as exclusive advisors for
debt syndication for proposed
capital expenditure by Taurian
Infrastructure for their school
project in Ranchi
NA
November 2013
Acted as exclusive advisors for
debt syndication for working
capital purpose to meet the
business growth requirement
Leading Textile
Manufacturer
Assisted the leading chemical
trading company in evaluation
and preparation of its financial
planning and capital structuring
in line with business cash flows
₹ 175 cr
November 2013
NA
November 2013
Assisted the Private Equity
player in its portfolio review,
performance analysis and
general administration
assistance for the fund
Acted as exclusive financial
advisor to the steel and tube
manufacturing company in its
financial planning and capital
structuring in line with business
cash flows
₹ 2,200 cr
March 2014
Taurian Iron
& Steel Co
Exclusive financial advisor to
the iron ore mining and coal
trading company in financial
restructuring and group
restructuring planning
₹ 250 cr
January 2014
Assisted the API and
formulations company in its
proposed restructuring with its
lenders on bilateral basis
₹ 145 cr
January 2014
NA
January 2014
Acted as exclusive financial
advisor to company to facilitate
one time settlement with Asset
Reconstruction Company (ARC)
Khandoba
Distilleries Limited
NA
July 2014
Acted as exclusive financial
advisor for debt syndication of
the residential project in Pune
Acted as exclusive advisor to
the leading textile
manufacturing company in
business strategy review and
operational efficiency
NA
August 2014
13. Whitewater Corporate Advisory Private LimitedWhitewater Corporate Advisory Private Limited
Team Credentials
13
₹ 28 cr
January 2012
Acted as exclusive financial
advisor to the sponge iron and
coke manufacturing company
to facilitate bank debt
restructuring on bilateral basis
N. R. International
₹ 42 cr
March 2012
Acted as financial advisor to the
MS Ingot and Pig Iron
manufacturing company in
restructuring of its bank debt
on bilateral basis
Bajrangbali Alloys
Acted as exclusive financial
advisor to the mango pulp
processing group for one time
settlement with lenders and
assist in business turnaround
strategy
₹ 135 cr
August 2012
Vardhman
Polytex Ltd.
Acted as exclusive advisor to
the leading textile
manufacturing company in
carrying out FCCB restructuring
with its bondholders
₹ 45 cr
September 2013
NA
November 2012
Financial advisory to the
Samsons Group, leading
manufacturers in vinyl
products, in their group
restructuring and financial
restructuring strategy
Umred Agro
Complex
Conducted Independent
Business Review of the
company for ICICI Bank in
relation to proposed scheme
under BIFR process
NA
January 2013
Carried out Business Valuation
of a leading textile player with
focus in the fabric and
garments segments
NA
June 2013
Provided financial advisory to
the leading OOH Media
company in financial planning
and capital structuring
₹ 30 cr
July 2013
₹ 35 cr
July 2013
Assisted the glass processing
company in carrying out
realignment and refinance of
debt in line with business cash
flows
NA
August 2013
Acted as exclusive advisor to
the company in the sale of its
4.5 MW Windmill assets based
in Gujarat
Taurian Iron
& Steel Co
14. Whitewater Corporate Advisory Private LimitedWhitewater Corporate Advisory Private Limited
Team Credentials
14
₹ 155 cr
Ongoing
South India Based
Spinning Mill
Assisting as exclusive financial
advisor to the yarn
manufacturing company in
bank debt restructuring
₹ 45 cr
Ongoing
Financial advisory to the
leading OOH Media company in
financial planning and capital
structuring
Leading OOH Media
Company
₹ 850 cr
Ongoing
Pharma Company
Acting as exclusive financial
advisor to the company in
financial restructuring /
settlement of bank debt
₹ 110 cr
Ongoing
Polymer Trading
Company
Acting as exclusive financial
advisor to the company in
financial restructuring
Newspaper
Company
NA
Ongoing
Acting as exclusive financial
advisor to newspaper
publishing company in
identification of prospective
JDA partner for development of
property in Pune
₹ 800 cr
Ongoing
Financial advisory to the
leading IMFL manufacturing
company in bank debt
restructuring
Leading IMFL
Company
₹ 1200 cr
Ongoing
Acting as the financial advisor
to a large real estate player in
financial restructuring /
settlement of debt
Mumbai Based Real
Estate Developer
₹ 70 cr
Ongoing
Leading OEM in
Clean Energy
Acting as exclusive financial
advisor to the company in debt
syndication for its battery
operated vehicles venture
₹ 200 cr
Ongoing
Financial advisory to the
leading textile company in bank
debt restructuring
Leading Textile
Company
Cement Company
NA
Ongoing
Acting as exclusive financial
advisor to the cement
manufacturing company for
restructuring or settlement of
the bank debt
15. Whitewater Corporate Advisory Private LimitedWhitewater Corporate Advisory Private Limited
Team Credentials
15
₹ 4,960 cr
August 2011
Financial advisory to three
leading microfinance
companies in India in their
operational and financial
restructuring planning
Microfinance
Companies
₹ 406 cr
December 2010
Financial advisory to the wine
manufacturing company in
financial restructuring through
CDR and High Court Scheme of
Arrangement
₹ 250 cr
January 2011
Conducted Independent
Business Review of Marksans
Pharma with respect to
outstanding FCCB dues on
behalf of the bondholders
₹ 55 cr
August 2010
Acted as advisor to
administrators of Lehman
Brothers to facilitate buyback
of FCCBs by Pioneer
Embroideries
Undisclosed
November 2011
Assisted in the liquidation
process of Lehman Brothers
entities in India through
advising on exit strategy and in
administration process
NA
Ongoing
Assisting the Private Equity
investor in exit planning from
its portfolio investment
Private Equity
Investor
₹ 250
Ongoing
Iron Ore Mining
Company
Acting as exclusive financial
advisor to the company in
financial restructuring / bank
debt settlement
₹ 77 cr
Ongoing
Leading Packaging
Company
Acting as exclusive financial
advisor to the company in
financial restructuring of the
bank debt
₹ 1,500 cr
Ongoing
Leading Cotton
Trading Company
Acting as exclusive financial
advisor to the leading cotton
trading company in India in
financial restructuring of the
bank debt
₹ 155 cr
Ongoing
Leading Benefication
Plant
Acting as exclusive financial
advisor to the leading iron ore
benefication company in
financial restructuring of the
bank debt
16. Whitewater Corporate Advisory Private LimitedWhitewater Corporate Advisory Private Limited
Team Credentials
16
Undisclosed
June 2008
Acted as an exclusive financial
advisor to the company in
formulation of a business
restructuring plan
Leading Specialty
Packaging Company
Undisclosed
November 2008
Acted as exclusive financial
advisor to MALCO to facilitate
restructuring and sale of its BIFR
referred associate company India
Foils Limited through induction of
a strategic investor
India Foils Limited
₹ 2,300 cr
December 2007
Acted as exclusive financial
advisor to J. C. Flowers for
acquisition of a stake in IFCI
₹ 300 cr
April 2007
Acted as exclusive financial
advisor to Sangli Bank Limited
on its amalgamation with ICICI
Bank Limited
Sangli Bank Limited
Undisclosed
February 2009
Performed an independent
review of the company’s
restructuring strategy
Trident Group
₹ 47 cr
March 2009
Acted as financial advisor to
Bank of Baroda for selling its
non performing loan portfolio
₹ 200 cr
March 2009
Acted as the financial advisor to
the leading real estate player to
facilitate financial restructuring
with a financial institution
Undisclosed
May 2009
Assisted the company in
financial restructuring planning
with respect to its ongoing
restructuring process
Picture Tube
Manufacturer
Undisclosed
June 2009
Valuation of an asset
reconstruction company SICOM
ARC Limited for internal
purpose
SICOM ARC
Undisclosed
February 2010
Conducted Independent
Business Review of a leading
Indian pharmaceutical company
in relation to Corporate Debt
Restructuring on behalf of 18
lenders worldwide
17. Whitewater Corporate Advisory Private Limited
Contents
1 About Us
2 Service Offerings
3 Team Credentials
4 Our Approach
17
18. Whitewater Corporate Advisory Private Limited
Financial Restructuring
18
Planned and coordinated financial restructuring process with regular stakeholder communication
Scenario
Assessment
Planning and
implementation
Stakeholder
Management
Preliminary
assessment of
situation
Preliminary
discussions with
stakeholders
Insight on
stakeholder
mindset
Communicate
progress
regularly to
stakeholders
Evaluate
appropriate
restructuring
platform
(CDR,BIFR,etc)
Business plan
review to assess
sustainable cash
flows
Evaluate
restructuring
options
Identify cash
generation and
conservation
opportunities
Restructuring
scheme
negotiation and
closure
Strained
Lender
Relations
Cash Flow Stress
Debt
Servicing
Challenge
Cash Flow Challenges
Restructuring Process
19. Whitewater Corporate Advisory Private Limited
Coordinated Debt Restructuring Approach
19
Robust
planning
Bank
and other
stakeholder
management
Scenario
and
options
analysis
We ensure
this happens
by focussing
on
Characteristics
of a successful
financial
restructuring
A common
plan to which
stakeholders
are aligned
Credible plans
and proposals
Consideration
of stakeholder
concerns
Clarity of
process and
communication –
quick, minimal
disruption
Clear
understanding
of options
and outcomes
Consensual
agreement
1
2
3
4
5
6
20. Whitewater Corporate Advisory Private Limited
Strategic Cash Generation
20
Capital Projects
We help embed cash management disciplines by driving cultural change and facilitating skills transfer
Improving cash forecasting
Increased
Free cash
flow
Forecasting
Identification
Implementation
Short & medium
term forecasts
Cash driver
analysis
Funding levels
and working
capital
requirements
Cash management
Monitoring
of cash flows
Variance
analysis
Control
testing
Cash generation
Hands on
Benefits
tracking
Communication
Coaching skills
& transfer
Identify
generation
opportunities
Evaluate and
validate
Use of specialists
Prioritise
Milestones
Our aim is to drive out the excess cash and improve visibility
Monitoring
& Control
Improving cash operating cycles
Sale order to cash collection
Treasury/systemic cash
Purchase to pay
Financial Operational
21. Whitewater Corporate Advisory Private Limited
Operational Restructuring
21
Mix
Price
Customer Satisfaction
Revenue
Volume
People
Expenditure
Working capital
Capacity
Availability
Efficiency
Rate
Consumption
Specification
Price
Compliance
Credit terms (payable)
Removing excess
Increasing ratio of staff
focussed on output
Taking time put of the
task
Reducing cost per
labour hour
Using less, wasting less
Detuning specifications
Negotiating prices
down
With group policies
Extending
Reducing call centre team to
match drop in volumes
Taking out one layer of
management
Automating a core process
Salary sacrifice benefit
schemes
Double sided printing
Move to unbranded
stationary
E-auctions
‘Block’ use of all suppliers
bar the preferred provider
Extend terms for new
suppliers
Lever Rationale Example
… is focused on all value drivers of the business
Do
vs.
Buy
22. Whitewater Corporate Advisory Private Limited
Working Capital Management
22
Flex buying policy
for seasonality of
demand
Stock pooling
Consignment
stock/VMI
Accelerate
invoicing
Early payment
incentives/repaym
ent plans
Amending credit
policies
Contract cash
profiling
Factoring
Renegotiating
credit terms
Payment time
tables
Rationalization of
suppliers
Funding options
Demand challenge
Deferrals
Re-profiling spend
Consistent
approval
frameworks
Payment planning
Group structure
Review impact of
accruals on
returns
VAT bad debt
relief
Pooling/sweeping
arrangements
Repatriation of
surplus funds
Reduction in
facilities
Inventory cover
On time delivery
Debtor days
(count back)
Delivery to invoice
Creditor days
count forward
Inventory versus
trade variables
Cash payback on
R&D
Success rate
Capex versus
capital allowances
Bad debts
Cleared funds on
facilities
‘Excess’ cash in
subsidiaries
Review buying
policy and current
inventory levels
Analyse
seasonality of
demand
Review inventory
ageing and write
offs
Walk through
demand planning
process
Credit terms,
policies and
exception
processes
Invoicing
Review of
collection profile
Review aged
debtor analysis
Contract
acceptance
Review payment
processes and
payment rationale
Review payment
controls &
systems
Unwind creditor
ledger by largest
suppliers
Compare credit
terms by supplier
Inventory
and purchasing
Capital projects
R&D spend
Budgeted spend
Committed
(annual) spend
Year to date
actual spend
Match to priority
areas
Review indirect
tax payment
packages
Review systems &
processes
Review cross
jurisdictional
issues e.g. duty
Applicability of
capital goods
scheme
Renegotiating
credit terms
Payment time
tables
Rationalization of
suppliers
Trade debtors
cycle
Trade creditors
cycle
R&D/Capex Taxation Treasury
Working capital Other assets and liabilities
Where we
look for
opportunities
Typical
initiatives/
areas of
improvement
Example
metrics
23. Whitewater Corporate Advisory Private Limited
Cash Management
A range of short-term, longer-term and strategic options for change are identified, with varying degrees of associated risk
Amend
supplier
terms
Supply chain and
operations
improvements
Challenge
high cost
strategic
initiatives
Surplus asset/
brand disposals Direct
procurement
efficiencies
Indirect
spend
efficiencies
Better manage
temporary and
contract staff
Tighten
Recruitment
controls and
overtime
Factory
consolidation
Head office
headcount
reduction
Optimise
marketing spend
by sales SKU
Production
SKU
rationalisation
Change staff
targeting and
incentives
Supplier
consolidation
Property
strategy
Strategic
operations plan
responding to
medium term
demand changes
Footprint
rationalisation /
transition to low
cost countries
De-layer
management
Design cost
out of the
product
Integration and
scale economies
from acquisitionsDiversify
customer base
Change product
mix towards
higher margin
QUICK WINS BEST PRACTICE STRUCTURAL
Shorter term
Timescale
Longer term
Higher
commercial
risk
Strategic
Lower
commercial
risk
These examples are largely about improving the way
we do business today, they:
Can be identified using a bottom up process;
Can provide quick and material P&L gains;
Are a reliable way of keeping promises;
Are often driven by changes in policy and targets
as much as by project team action.
These ideas make more fundamental changes to the business, they:
Are identified in a top down process;
Require significant levels of planning and sign off;
Often involve significant up front cost and therefore need careful
phasing as part of an overall improvement programme.
Restructure
manufacturing,
logistics and
distribution
Consolidate back office
services to shared service
centre
Optimise financial
structure
Risk
23
24. Whitewater Corporate Advisory Private Limited
Turnaround Executive Management / CRO Services
Service
We work
alongside the
Company to:
Approach Control of the
agenda
With support from our team of specialists we can provide CRO services
Provide executive capability, experienced in distressed situations
We are hands on decision takers providing fast start solutions
We work with existing executives, filling gaps and providing functional
or situation relevant skills.
We focus on restructuring activities, but can also support operations
We act through retainers and success fees: we share the risk and reward
Our relationship is with the company rather than its creditors
Assessment and Stabilisation
Develop a turnaround plan
Execute detailed plans
We can support the phases with additional services
Refinancing
Sale of Business
Project Management
Run-off
Integration Support
Taking executive roles to make successful turnarounds
24
25. Whitewater Corporate Advisory Private Limited
Exit Planning & Implementation
What we do
We work with clients at three distinct
stages to:
1. Assess sale or exit options
2. Plan for their chosen scenario
3. Implement
We combine our past experiences and
proven methodologies to provide tailor-
made, pragmatic solutions.
We welcome the opportunity to take
ownership of projects (within whatever
control structures/boundaries the client is
comfortable with) and are committed to
ensuring a successful conclusion within
agreed time frames.
We use a core team of experienced
professionals that specialise in this area but
we also have access to a range of non-core
staff (tax, pensions etc.) that have the skills
and experience to add value to any exit
process.
Background
Most businesses could generate cash and
value through the exit of non-core or
unprofitable or disruptive activities
Exit becomes inevitable if the situation
cannot be resolved through other means
such as operational turnaround or
relocation. We can assist in identifying and
considering all the options during the
assessment phase.
Activities can range from loss making
subsidiaries/divisions that need to be
closed, to unfavourable commercial
contracts that need to be renegotiated or
terminated.
It is all too easy for companies to
concentrate their resources on their core
business and ‘put-off’ dealing with problem
non-core situations. Often they can appear
too time consuming or sometimes even too
insignificant to address – this can be
expensive in the long-term.
Delays in ‘biting the bullet’ can destroy
value for shareholders.
Key features
Flexible approach based on client
preference:
– Unlike other advisory firms, we are
happy to work in a hands-on executive
capacity which can considerably reduce
the distraction to management and also
allows them to concentrate on the core
business;
– We can also work alongside company
management, either to lead projects
and negotiations or as part of a team
led by company management; or
– We can of course operate in a more
traditional advisory role.
We are happy to work under self-funding
success fee arrangements that are aligned
to the overall success of the project.
We provide fully rounded risk adjusted
solutions. We understand and have
considerable experience in handling the
sensitive issues which arise in an exit
scenario.
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