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Services in Power
Distribution Franchisee (DF)
and Utility sector
Catalyzing emerging business models through
STAKEHOLDER ENGAGEMENT | CONSULTING | RESEARCH
5/24/2013 1© pManifold. All rights reserved.
DISCOM Full DivestitureR-APDRP
Distribution
Franchisee (DF)
Full
PrivatizationSEBs
Power DF is a fast growing Utility Infra Mgmt. model
DF model evolution continues ..
• 26 awarded DFs in 7 states of MS, MP, UP, Orissa, Jharkhand,
Bihar and Chhatisgarh. (Another 7+ DFs have been bidded,
and awaiting decision or re-bidding)
• More states coming forward to host DF models based upon
ongoing debt restructuring of Discoms. Different variants of
DF models are being tested with mixed results.
• Shunglu committee has recommended DF model for 255 R-
APDRP Phase-A (urban) towns in the 12th Five Year Plan
(2012-2017)
• 50+ companies have participated in DF bidding, and there is
further growing private interest
• There is building service provider ecosystem to service DF
model, including increasing confidence of investors
(precedence of debt syndication and PE investments in DF
projects)
• Overall bidding process and contract terms and conditions are
getting standardised, with further scope of improvements
Key Questions – If to Enter and How?
5/24/2013 © pManifold. All rights reserved. 2
Distribution
Franchisee
DISCOMs
•If, and what DF model?
•How to engage best private
participation?
•Criteria for selecting areas
for DF
Private Companies
•If to become DF operator?
•How to operationalise DF for
viability & end-service
delivery?
Service Providers
•If DF good market to enter &
extend solutions/services?
•How to innovate private-to-
private engagement?
•Build strong value
proposition
pManifold Service mapping across DF Life Cycle
5/24/2013 © pManifold. All rights reserved. 3
Go-To-Market | Bid Support | Resources / Processes / Operations Building | Performance Monitoring
DF Entry Decision DF Bidding DF Roll Out DF O&M
For
Discoms
 DF model Top
Management
workshop
 Data analytics for
DF model
appropriateness
mapping to Discom
projected reforms
 Baseline preparation – Assets,
Commercials, Losses, Customer and
Service Level Audits
 Financial Modeling – minimum Input
bid price curve, capex projections, and
related contract term and conditions
 Bidders Engagement – interest
generation; pre-bid & bid facilitation;
RFP change management
 Independent Facilitator for Knowledge
and legacy Data transfer to selected DF
operator
 Stakeholder Engagement with Discom
Employees & new DF operator for smooth
transition
 Independent Business
Performance Monitoring and
Management Audits of
Franchisee (for strong end
services delivery & any
change management)
For
Private
Operators
 DF model Top
Management
workshop
 Portfolio mapping
to go/no-go in DF
business
 Entry strategy
 DF Market Intelligence and all RFP
Tracking
 Technical Due Diligence: Site survey,
asset health maps, bid intelligence &
analytics
 Financial modeling & Bid Advisory
 Partnership development for
consortium bidding, M&A etc.
 Support on-boarding Senior Team and
other critical resources to roll out
 Project Financing, bringing Investors,
financial due diligence, M&As
 Strategic all-stakeholders roll-out map to
support overall PM
 First baseline survey of Employees and
Customers to support Loss reduction
strategic road map
 Legacy Data Quality checks, migration,
Analytics and Integration facilitation
 Vendor identification, evaluation,
selection, and partnership development
 Organizational structure design,
Resource Planning & process SOPs
 Capacity building/Training workshop in
new employees on DF model
 Regular DF Performance
Monitoring and Management
Audits
 Continuous Capacity
building, organising skills
training and BPR
implementation
 Quarterly Customer
perceived service quality
benchmarking across all
touch points and all
Customer processes like NSC,
Metering Mgmt, Customer
services, Billing etc.
 Customer education,
enabling and engagement
(MyUtility.in)
For
Service
Providers
 Portfolio mapping
to DF requirements
 Go-to-Market
strategy
 Early entry in the bidding phase of new
Franchisees, to build and demonstrate
value proposition
 Facilitator for input gathering and
creating specific value proposition to DF
 Partnership development with DF
 Facilitator for business
continuity and independent
performance monitoring
pManifold Knowledge Assets in Power Distribution
• Learn all about
Input based DF
model, past bids
& risk/returns
Research
Report
• Simulate ROI &
detailed
bankability of
your interested
DF
Financial
Model
• Track all DF
tenders and
benchmark their
attractiveness
RFP Tracker
• Measure and
Improve service
quality delivered
to end-
customers
EUCOPS ©
• Educate, Enable
and Empower
your end-
customers for
best cooperation
myUtility.in ©
• Engage all utility
stakeholders
through Local &
Global
conference
IUKAN.in ©
• Source best fit
vendors from
select and
quality graded
database
Utility Vendor
Directory
• Stay update on
DF industry, and
get mind share
from 1000+
professionals
Blogs & PDF
group
5/24/2013 © pManifold. All rights reserved. 4
Strengthening end-service delivery & overall viability of Indian Utilities
Our broader Utility Portfolio
Market Research, industry reports
Go-To-Market Strategies
Financial Modeling & Bid Advisory
Business Performance Monitoring,
Analytics & Improvements
Customer Intelligence, Education &
Satisfaction Monitoring (myUtility.in)
Service Level Benchmarking
Utility Vendor Database &
Solutions/Services grading
Stakeholder Engagement -
Conferences, Workshops, Blogs etc.
3+ years young Utility focused Management Consulting company bringing
balanced growth & high service delivery to emerging regions
Power
Distribution
Water
Distribution
Waste
Management
Support
strengthening of
emerging PPP models
for improved end-
service delivery &
overall viability &
sustainability
...
To newly add: Urban Transport and
City Gas Distribution verticals
Case Studies
Power Distribution
Franchisee Projects
5/24/2013 © pManifold. All rights reserved. 6
IBDF Market Research Report
Key Questions Answered..
• What is potential of DF model?
• Which states are looking to adopt the model?
• What are key risks and challenges?
• How is the bid process and how to analyze critical
contract terms and conditions in the RFP?
• What is a typical Capex Distribution for new DFs?
• What Returns to expect from a DF model, and what
key sensitivity parameters to analyze?
• How has been the bidding scenario and trend in
previous DF bids?
Report Beneficiaries
• Some select companies includes SBI
Caps, General Atlantic, L&T, ABB, Moser Baer, Essel,
Spanco, PNC InfraTech, ACME, SIS, SMS, IRIDIS,
SPML, MEIL
• Offered complementary workshop to their Top
Management to understand report content, and
help them with their entry and investment decision
in DF business
5/24/2013 © pManifold. All rights reserved. 7
Building Knowledge on DF model in Utility Investment/Operations Team
94.45%
64.96%
46.51%
33.04%
21.77%
11.44%
1.44%0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
100.00%
2.50 2.70 2.90 3.10 3.30 3.50
InvestmentReturns(%)
Levelised Input Price (Rs./kWh)
Sensitivity to Input Bid Price
(fixed capex)
Equity IRR Project IRR
Bhiwandi
(MS)
Agra
(UP)
Aurangabad(
MS)
Nagpur(
MS)
Jalgaon(
MS)
Gwalior
(MP)*
Ranchi
*
Shil-Mumbra-
Kalwa
Bihar Inferen
Contract Period
(long contracts preferred by bidders)
DF contract tenure ha
new tenders settling
meet their reform co
Asset Health in RFP Baseline
(Ageing, Transformer Failure Rate,
etc.)
RFP baseline needs to
details, ageing, R&M
develop rational cape
Revenue & Customer Segmentation
(Absolute Number & Time Trend)
RFP baseline should s
meter types, number
subsidy, payment, co
Performance Guarantee (Inclusion of
Electricity Duty)
DISCOM's risk is bette
towards performance
Minimum Benchmark curve for Price
Bid (No benchmark is favored by
bidders)
Setting no min. bench
innovative in their pr
instead share their ca
Arrear Recovery Sharing (Higher
share is better)
Higher arrear recover
bidders. Ageing data
incentive time period
agitation, if arrear rec
Deputed Employees Terminal
Liability Payment by DF (sharing with
DF is fair)
Sharing part responsi
liabilities (gratuity/pe
supportive to DISCOM
O&M costs).
Mandated AT&C Loss Reduction
Trajectory (No trajectory is preferred
by DF)
A bulk target of reduc
has higher chances o
associated penalities.
could take good time
Penalties for Non Achievement of
Loss Reduction Targets (Lower is
better with bidder)
Keeping low penaltie
guarantee complianc
between bidders will
Treatment of Subsidy (Bid Price to
include subsidy retention by DL. Likely
There is risk for subsi
are suffering it alread
Comparative Review of RFPs, Bidder Preferences & Outlook
Download Executive Summary here
1
DF Financial & Bankability Modeler
Model Covers..
• Tariff orders & RFP parameters trends
• Capital Expenditure Planning
• Depreciation & Working Capital calculations
• Revenue and O&M cost calculations
• Profit & Loss calculations
• Income Tax calculations
• Projected Balance Sheet
• Cash Flows calculations
• DSCR, IRR, Payback period calculations
Clientele & Benefits
• Some select companies includes Moser Baer, ACME,
SIS, IRIDIS
• The full powered Excel model with ability to
simultaneously present 50+ scenarios allowed
clients to deeply understand interrelations and
varying sensitivity of different DF bid critical
parameters, and create competitive edge
5/24/2013 © pManifold. All rights reserved. 8
Simulation Tool to get hands-on with DF viability and quantify financial impact of
any new strategic interventions
Outputs Units Scenario 1 Scenario 2
Total Equity throughout project Rs. Lacs 11,783.78 10,727.81
Equity NPV @ Cost of Equity Rs. Lacs 8,440.66 5,514.26
Project NPV@WACC Rs. Lacs 14,106.41 10,951.30
Equity IRR (MIRR formula) % 27.04% 22.26%
Project IRR @ WACC (MIRR formula) % 21.41% 18.90%
Project Payback years 6.77 7.64
Equity Payback years 6.49 7.78
Average DSCR for period of loan repayment ratio 2.85 2.21
Return on Equity (ROE) % 44.24% 34.25%
Return on Capital Employed (ROCE) % 16.74% 16.17%
Levelised Cost of Supply to DF per unit purchased Rs./unit 5.02 5.42
Levelised Avg. Revenue Realised by DF per unit puchased Rs./unit 5.45 5.88
Average O&M cost per Billed unit Rs./unit 0.40 0.36
Average O&M cost per Input unit Rs./unit 0.34 0.31
Quoted Levelized Input Bid Price (w/o TIR) Rs. Per unit 3.133 3.127
Actual Levelized Input Bid Price (w/ TIR) Rs. Per unit 4.35 4.67
Levelised ABR Rs. Per unit 6.31 6.76
(Levelised ABR)/(Quoted LIP) Ratio 2.02 2.16
(Levelised ABR)/(Actual LIP) Ratio 1.45 1.45
Inputs Units Scenario 1 Scenario 2
Capex Rs. Lakhs 15000 17500
Employee Cost per unit Rs. Per unit 0.2 0.18
Bid price growth rate: choice Curve 1_Minimum 2_Assumed
Bid price growth rate % 1.50% 1.50%
Rate Offered Year 1 Rs. Per unit 2.450 2.475
Equity % % 30.00% 30.00%
Cost of Equity % 14.00% 14.00%
Term Loan Interest rate % 15.00% 15.00%
Annual Technical Loss reduction % 20.00% 17.00%
Annual Non-Technical Loss reduction % 20.00% 20.00%
Collection Efficiency improvement Rate % 10.00% 11.00%
Avg. Tariff growth rate % 5.00% 6.00%
Avg. Billed units growth rate % 13.00% 9.00%
Key Outputs from the Excel Financial ModelKey Inputs to the Excel Financial Model
Hidden
2
RFP Tracker and Pre-Bid Analytics
We Cover
• Monthly newsletter
• All RFP Tracking & updated DF
Attractiveness Matrix©
• Pre-bid meeting takeaways
• RFP data and Pre-bid analytics
• Interviews of experts
• Much more…
Clientele & Benefits
• 1000+ industry Leaders &
Professionals registered with our DF
News Letter services
• A proliferating community of practice
around Power Distribution Franchisee
is built with 700+ Linkedin members
5/24/2013 © pManifold. All rights reserved. 9
All DF RFP’s intelligence and news on subscription
Bihar Pre-bid sample analyticspManifold’s DF Attractiveness Matrix
3
Benchmark Conservative Moderate Aggressive
Units 0 1 2 3
Rate Offered Year 1 Rs. Per unit 2.565 2.900 2.905 3.010
Rate Offered Year 2 Rs. Per unit 2.802 3.057 3.062 3.173
Rate Offered Year 3 Rs. Per unit 3.035 3.261 3.267 3.385
Rate Offered Year 4 Rs. Per unit 3.222 3.435 3.440 3.565
Rate Offered Year 5 Rs. Per unit 3.402 3.508 3.514 3.641
Rate Offered Year 6 Rs. Per unit 3.520 3.576 3.582 3.712
Rate Offered Year 7 Rs. Per unit 3.549 3.602 3.608 3.738
Rate Offered Year 8 Rs. Per unit 3.576 3.622 3.629 3.760
Rate Offered Year 9 Rs. Per unit 3.603 3.653 3.660 3.792
Rate Offered Year 10 Rs. Per unit 3.610 3.678 3.684 3.817
Rate Offered Year 11 Rs. Per unit 3.663 3.683 3.689 3.823
Rate Offered Year 12 Rs. Per unit 3.674 3.707 3.714 3.848
Rate Offered Year 13 Rs. Per unit 3.685 3.722 3.729 3.863
Rate Offered Year 14 Rs. Per unit 3.696 3.731 3.738 3.873
Rate Offered Year 15 Rs. Per unit 3.707 3.741 3.748 3.883
Ratio of Min to Max bid 0.78 0.78 0.78
Quoted Levelized Input Bid
Price (w/o TIR)
3.276 3.420 3.426 3.550
% high from Min. set 0.00% 4.40% 4.58% 8.36%
Assuming AT&C loss reduction trajectory hitting 15% in 5
years
OUTPUTS
DF Bid Advisory – Technical and Financial
Services include..
• Top Management’s Workshop on portfolio hosting of DF
business and which region(s) to bid for
• Partnership Development for qualified Bid preparation
• Techno-Commercial Due Diligence (DD)
– Key Utility officials, ground staff, Opinion Leaders and
select customers feedback on existing assets (RFP
vetting), electricity service quality, and existing/future
load growth
– Collect and analyse 1° and 2° technical & commercial
parameters in the DF area for understanding the
Network & Customer side performance based on
loading, ageing, failures, outages, collections, arrears
etc.
– Technical inputs & techno economic feasibility for the
capital investment in the identified distribution
network for the following points:
• Renovation & Strengthening of the network
• Meeting the load growth for the DF tenure
• Financial Bid Modeling and Bid Strategy
– All previous ARR and Tariff petition analytics for tariff
trends and identifying other regulatory risks
– Consolidated Financial model building and scenario
analysis to facilitate bid strategy
Clientele & Benefits
• Supported DF bid analysis (Technical
and/or Financial) in Gwalior, Ujjain, Sagar,
Mumbra, Ranchi, Jamshedpur, Dhanbad,
PESU, Bhagalpur and Gaya
• pManifold’s projected Levelised Input
Price range matches closely with good
price discovered DF bids.
5/24/2013 © pManifold. All rights reserved. 10
Your Strategic Partner to all Market, Bid and Site Intelligence, early Partnerships
Development and Technical + Financial Bid preparation
Final Bid Recommendations for
sample DF bid
Hidden
4
• 6300+ customers primary survey across 3 states of
MS, MP and Orissa for 5+ new starting DFs, both
Urban and Rural (completed as on Dec. 2012)
• Quantify, measure and support improvements of
very objective of DF, the ‘Customer Satisfaction’
• Help prioritize initial Capex, setup Performance
Management for OperationsTeam and design PR
communications & campaign
• Door-to-door EUCOPS© survey of all socio-
economic category of customers, across sampled
Electrical Sub-divisions and zones.
• High data integrity with use of Technology – GPS &
camera enabled touch-screen mobile phones. Real
time survey form upload and download via GPRS.
Customer Satisfaction Performance Monitoring (EUCOPS©)
Measure Customer Expectations & Perceived
Service Quality Experience and clientele
5/24/2013 © pManifold. All rights reserved. 11
Listen to your customers to improve and adapt service delivery for their best cooperation
0%
5%
10%
15%
20%
Power,Quality
& Reliability
Customer
Service
Communication
Meter,Billing &
Payment
Price
Information
Access& Rec
Handling
Company Image
Weighted CSI (Perception)
Weighted Order (Expectations)
Gap between Expectations
& Perception of utility’s
Performance
Satisfaction Level across different divisions
Key Observations
n= 1027
n= 340
n= 345
n= 342
Order of Importance
Inferences drawn from GIS map may not be statistically relevant.
HIGHLOW
Relative Order of Importance
Zone 1 Zone 2 Zone 3Overall
n= 1027
FACTOR I: POWER QUALITY & RELIABILITY
5/5/2012Copyright(c)pManifold
A1: Unplanned outages - How satisfied are you with frequency and duration of unplanned outages?
 Around 30% respondents from all 3 zones are
dissatisfied with ‘Unplanned Outages’
 As per customers comments, there is high
problem of ‘Unplanned Outages’ in areas of Zone 3
 Number of client registered Log Complaints is
higher in Zone 3, matching above CSAT results
7%
40%53%
L M H
0% 20% 40% 60% 80% 100%
VS S DS VDS NA
Zone 3
Zone 2
Zone 1
Overall
Download EUCOPS Methodology here
5
Integrated Customer Engagement Monitoring
5/24/2013 © pManifold. All rights reserved. 12
Helping Utilities to ‘Sense’ and ‘Engage’ with their Customers
Integrated
Customer
Engagement
Monitoring
Customer
Records
Land survey
Online
survey
Mobile SMS
survey
Customer
Facilitation
Center
Collection
Center
Call Center
Distribution
Center
CGRF and
IGRF
Online
Social
Media
Offline
Campaigns
Strategic Decisions | Roll-out Decisions | Operational Decisions
Informed decisions, in-time actions
Segmentation, Profiling Awareness, satisfaction
Better Customer Engagement
Customer Analytics
Download our Customer Engagement Approach here
6
Baseline Prep & Bidders Engagement for Discoms
Services include ..
• Bidding and RFP analytics of all previous DFs
• Recommendations for improvement in baseline
data and RFP/DFA contract terms & conditions
• Preparation of audited baseline data
• Integrated Financial model for Distribution
Franchisee and Licensee with sensitivity analysis to
critical RFP/DFA parameters
• Setting Performance Monitoring Framework for DFs
• Setting up and Managing Online bidding portal for
increased Bidders engagement
Viability modeling for Discom
• We develop integrated Financial model for
Franchisee and Licensee, with all key risks
and transactions modeled for both
entities
• Discom can validate RFP and DFA
suggested enhancements through test run
on integrated financial model and
improvement over business-as-usual
scenario
5/24/2013 © pManifold. All rights reserved. 13
Building strong Baseline data and model derive investment analysis for Discoms to
host successful DF
Benefits of strong Baseline and effective Bidders Engagement in raising Power DFs
Strong baseline, with Stakeholder Engagement
Information symmetry, enhanced competition
Timely handover & start of reform cycle
Timely bidding process
Rationale bidding, no litigation
Co-operation from DL, customer engagement,
funding resolved by contract design
Timely payment receipt, overall
positive DF performance
Co-operationprogression
7
DF Deputation Policy Design & Employee Engagement
Primary Survey instrument Design
• Respondent profile: years of service,
designation, class, work areas, education etc.
• Competence: responsibilities, key challenges
faced, suggestions, performance
• Opinion: DF model performance, deputation
with DF, peers influence, adaptation to new
system, work pressure handling etc.
• Preferences for deputation selection: job
security, job clarity, reporting line, facilities,
work culture, salary, training, recognition,
location etc.
• Deputation Salary: awareness, additional
allowance criterion & min. expectations,
special performance incentives criterion &
frequency
• Training: use of technologies in DF, learning
preference, training needs etc.
• Feedback: comments, suggestions,
clarification seeked etc.
Clientele Benefits
• Established and executed Discom
Employees survey methodology, for a
newly starting DF in MP, with
recommendations for appropriate
changes in the base deputation policy
• One of its kind smoothest employee
engagement in DF history
5/24/2013 © pManifold. All rights reserved. 14
Understand Discom employees expectations & engage them rightly for DF rollout
Training Preferences across different Employee Classes
Trainings Class I Class II Class III Class IV Overall
AMR/AMI 3 0 5 0 8
GIS Based Asset Management 1 1 0 0 2
Distributed Energy Resources and μ-Grid 1 1 1 0 3
Load flow Studies 1 4 2 0 7
DTR Condition Monitoring 1 3 0 1 5
Electricity Pricing and Tariff Determination 2 1 2 0 5
Soft skills 0 1 0 0 1
Smart Grid Communication 1 1 2 0 4
Smart Energy Auditing 2 2 3 0 7
Smart Grid Testing and Compliances 2 2 1 1 6
Protection Systems & Protection Networking 1 3 2 1 7
Open Access Systems 1 2 0 0 3
ERP & IT Systems 1 1 2 0 4
Leadership Programs 3 2 2 0 7
Smart Grid Distribution Automation 2 3 3 0 8
Smart Operation and Management 2 2 3 1 8
DTR Smart Metering and DTR Analytics 1 2 1 0 4
Field Analytics 0 1 1 0 2
Demand Side Management Services 1 1 0 0 2
Billing and Commercial Automation 2 1 4 4 11
28 34 34 8 104
8
India Utility Knowledge & Network Conference
5/24/2013 © pManifold. All rights reserved. 15
Challenges and Best Practices in operational Roll-outs of Power & Water Franchisees
Download IUKAN 2013 Proceedings here
Strengthening DF ecosystem through.. Participation and Impact
• Baseline and PPP Contract Design
improvements
• Improving service delivery and employees
engagement through process improvement
• Engaging Customers continuously to expedite
loss reduction
• Partnering with Service Providers to raise
light Capex & Managed services models
• Enhancing confidence in Investors and raising
Finances for DFs
• 210+ participants across all stakeholders -
Govt., Discoms, ULBs, Private Operators, New
entrants, Service Providers, Regulators,
NGOs, Investors, Customers, Consultants,
Academics, R&D organizations and others
• 35+ Speakers from World Bank, Power
Ministry, TRAI, PwC, MSEDCL, Bescom, Tata
Power, Enzen, Spanco, SPML, Schneider, ABB,
Infosys, IBM, A2Z, Secure, SBI Caps, IDFC, IFC,
CRISIL, PTC Financial Services and other
organizations
Partners&Sponsors
Proceedings of IUKAN conference 2013
9
Zee Business Television News Coverage
Strategic Task Force - STF
 STF works together with Owner and Owner’s organization to discover, define and drive strategic business initiatives
 Provides: Best practices, Strategic Inputs, Implementation hand holding, regular performance monitoring
DF Business
Organization
Business
Owner
pManifold
Team
Viability & Revenue
assurance
Commercial Facts
finding
Baseline validation
Legacy data
analytics
Planned Operations
Structure & Staffing
Sr. people on-boarding
 Employee deputation
Operation Org
structure & Processes
restructuring
Vendors
Sourcing
Resourcing &
Deputation
Project Mgmt.
DF Business Owner’s Key issues
1. Finance: Worrying about
financing the project, and
keeping Investors
lined/interested
2. Resourcing: Building a
resourceful and competent
senior team, and overall
resourcing/staffing
3. Network & Loss
Reduction: Area
determination,
Asset/Network mapping &
Health diagnostics
4. Deputation: Handling Discom
deputation of skilled Senior
and ground staff
5. Data: Making sense of legacy
data and records for useful
Performance dip stick and
readiness to deploy your
billing & vigilance for loss
reduction
6. Vendors: Selection of
vendors and preferably
engaging them on light capex
and risk/return sharing
models
7. Customers &
Stakeholders: opposition
against privatisation with
ransom protests/attacks
BU Head
Efficient Project
Management
WBS of key
activities
Budget & viability
mapping
Risk Management
Knowledge &
Network pool of
DF/Utility experts
Vendors, Service
Providers, Investors
Baseline
Validation
Operations
Structure
Performance
linked Vendor
Partnerships
Vendor Sourcing,
SLAs, Monitoring
Loss reduction
due diligence
Good Stakeholder
Engagement
Stakeholders
Mapping & risk
mitigation
Communications
& Education
pManifold Strategic
Task Force
Engagement Model
for DF Takeover
10
Let’s get in
touch…
Join us in our conversations at,
Power
Distribution
Franchisee
AT&C
Efficiencies
True
Distributed
Generation
Power Distribution
Franchisee
Community of Interest
Connecting talent & Making
Local companies discoverable
pManifold Insights
Premium & Free Reports,
Presentations, and more…
pManifold
Community Blog
Articles, technical notes.
Talk to us or drop by…
Rahul Bagdia
+91 95610-94490
Rahul.Bagdia@pManifold.com
Faiz Wahid
+91 88056-55069
Faiz.Wahid@pManifold.com
India (Main office)
Crystal Plaza, Level 2
276 Central Bazaar Road,
Ramdaspeth, Nagpur - 10
Maharashtra, INDIA
http://www.pmanifold.com
USA (Liaison Office)
2020 Calamos Ct.,
Suite 209
Naperville,
IL 60653, USA
Mr. Dinesh Jain
+1 630-853-3520
dinesh.jain@pManifold.com
Let’s deploy our insights and actions
for your business to improve and grow!
5/24/2013 17© pManifold. All rights reserved.

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pManifold Distribution Franchisee and Utility Services

  • 1. Services in Power Distribution Franchisee (DF) and Utility sector Catalyzing emerging business models through STAKEHOLDER ENGAGEMENT | CONSULTING | RESEARCH 5/24/2013 1© pManifold. All rights reserved. DISCOM Full DivestitureR-APDRP Distribution Franchisee (DF) Full PrivatizationSEBs
  • 2. Power DF is a fast growing Utility Infra Mgmt. model DF model evolution continues .. • 26 awarded DFs in 7 states of MS, MP, UP, Orissa, Jharkhand, Bihar and Chhatisgarh. (Another 7+ DFs have been bidded, and awaiting decision or re-bidding) • More states coming forward to host DF models based upon ongoing debt restructuring of Discoms. Different variants of DF models are being tested with mixed results. • Shunglu committee has recommended DF model for 255 R- APDRP Phase-A (urban) towns in the 12th Five Year Plan (2012-2017) • 50+ companies have participated in DF bidding, and there is further growing private interest • There is building service provider ecosystem to service DF model, including increasing confidence of investors (precedence of debt syndication and PE investments in DF projects) • Overall bidding process and contract terms and conditions are getting standardised, with further scope of improvements Key Questions – If to Enter and How? 5/24/2013 © pManifold. All rights reserved. 2 Distribution Franchisee DISCOMs •If, and what DF model? •How to engage best private participation? •Criteria for selecting areas for DF Private Companies •If to become DF operator? •How to operationalise DF for viability & end-service delivery? Service Providers •If DF good market to enter & extend solutions/services? •How to innovate private-to- private engagement? •Build strong value proposition
  • 3. pManifold Service mapping across DF Life Cycle 5/24/2013 © pManifold. All rights reserved. 3 Go-To-Market | Bid Support | Resources / Processes / Operations Building | Performance Monitoring DF Entry Decision DF Bidding DF Roll Out DF O&M For Discoms  DF model Top Management workshop  Data analytics for DF model appropriateness mapping to Discom projected reforms  Baseline preparation – Assets, Commercials, Losses, Customer and Service Level Audits  Financial Modeling – minimum Input bid price curve, capex projections, and related contract term and conditions  Bidders Engagement – interest generation; pre-bid & bid facilitation; RFP change management  Independent Facilitator for Knowledge and legacy Data transfer to selected DF operator  Stakeholder Engagement with Discom Employees & new DF operator for smooth transition  Independent Business Performance Monitoring and Management Audits of Franchisee (for strong end services delivery & any change management) For Private Operators  DF model Top Management workshop  Portfolio mapping to go/no-go in DF business  Entry strategy  DF Market Intelligence and all RFP Tracking  Technical Due Diligence: Site survey, asset health maps, bid intelligence & analytics  Financial modeling & Bid Advisory  Partnership development for consortium bidding, M&A etc.  Support on-boarding Senior Team and other critical resources to roll out  Project Financing, bringing Investors, financial due diligence, M&As  Strategic all-stakeholders roll-out map to support overall PM  First baseline survey of Employees and Customers to support Loss reduction strategic road map  Legacy Data Quality checks, migration, Analytics and Integration facilitation  Vendor identification, evaluation, selection, and partnership development  Organizational structure design, Resource Planning & process SOPs  Capacity building/Training workshop in new employees on DF model  Regular DF Performance Monitoring and Management Audits  Continuous Capacity building, organising skills training and BPR implementation  Quarterly Customer perceived service quality benchmarking across all touch points and all Customer processes like NSC, Metering Mgmt, Customer services, Billing etc.  Customer education, enabling and engagement (MyUtility.in) For Service Providers  Portfolio mapping to DF requirements  Go-to-Market strategy  Early entry in the bidding phase of new Franchisees, to build and demonstrate value proposition  Facilitator for input gathering and creating specific value proposition to DF  Partnership development with DF  Facilitator for business continuity and independent performance monitoring
  • 4. pManifold Knowledge Assets in Power Distribution • Learn all about Input based DF model, past bids & risk/returns Research Report • Simulate ROI & detailed bankability of your interested DF Financial Model • Track all DF tenders and benchmark their attractiveness RFP Tracker • Measure and Improve service quality delivered to end- customers EUCOPS © • Educate, Enable and Empower your end- customers for best cooperation myUtility.in © • Engage all utility stakeholders through Local & Global conference IUKAN.in © • Source best fit vendors from select and quality graded database Utility Vendor Directory • Stay update on DF industry, and get mind share from 1000+ professionals Blogs & PDF group 5/24/2013 © pManifold. All rights reserved. 4 Strengthening end-service delivery & overall viability of Indian Utilities
  • 5. Our broader Utility Portfolio Market Research, industry reports Go-To-Market Strategies Financial Modeling & Bid Advisory Business Performance Monitoring, Analytics & Improvements Customer Intelligence, Education & Satisfaction Monitoring (myUtility.in) Service Level Benchmarking Utility Vendor Database & Solutions/Services grading Stakeholder Engagement - Conferences, Workshops, Blogs etc. 3+ years young Utility focused Management Consulting company bringing balanced growth & high service delivery to emerging regions Power Distribution Water Distribution Waste Management Support strengthening of emerging PPP models for improved end- service delivery & overall viability & sustainability ... To newly add: Urban Transport and City Gas Distribution verticals
  • 6. Case Studies Power Distribution Franchisee Projects 5/24/2013 © pManifold. All rights reserved. 6
  • 7. IBDF Market Research Report Key Questions Answered.. • What is potential of DF model? • Which states are looking to adopt the model? • What are key risks and challenges? • How is the bid process and how to analyze critical contract terms and conditions in the RFP? • What is a typical Capex Distribution for new DFs? • What Returns to expect from a DF model, and what key sensitivity parameters to analyze? • How has been the bidding scenario and trend in previous DF bids? Report Beneficiaries • Some select companies includes SBI Caps, General Atlantic, L&T, ABB, Moser Baer, Essel, Spanco, PNC InfraTech, ACME, SIS, SMS, IRIDIS, SPML, MEIL • Offered complementary workshop to their Top Management to understand report content, and help them with their entry and investment decision in DF business 5/24/2013 © pManifold. All rights reserved. 7 Building Knowledge on DF model in Utility Investment/Operations Team 94.45% 64.96% 46.51% 33.04% 21.77% 11.44% 1.44%0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00% 100.00% 2.50 2.70 2.90 3.10 3.30 3.50 InvestmentReturns(%) Levelised Input Price (Rs./kWh) Sensitivity to Input Bid Price (fixed capex) Equity IRR Project IRR Bhiwandi (MS) Agra (UP) Aurangabad( MS) Nagpur( MS) Jalgaon( MS) Gwalior (MP)* Ranchi * Shil-Mumbra- Kalwa Bihar Inferen Contract Period (long contracts preferred by bidders) DF contract tenure ha new tenders settling meet their reform co Asset Health in RFP Baseline (Ageing, Transformer Failure Rate, etc.) RFP baseline needs to details, ageing, R&M develop rational cape Revenue & Customer Segmentation (Absolute Number & Time Trend) RFP baseline should s meter types, number subsidy, payment, co Performance Guarantee (Inclusion of Electricity Duty) DISCOM's risk is bette towards performance Minimum Benchmark curve for Price Bid (No benchmark is favored by bidders) Setting no min. bench innovative in their pr instead share their ca Arrear Recovery Sharing (Higher share is better) Higher arrear recover bidders. Ageing data incentive time period agitation, if arrear rec Deputed Employees Terminal Liability Payment by DF (sharing with DF is fair) Sharing part responsi liabilities (gratuity/pe supportive to DISCOM O&M costs). Mandated AT&C Loss Reduction Trajectory (No trajectory is preferred by DF) A bulk target of reduc has higher chances o associated penalities. could take good time Penalties for Non Achievement of Loss Reduction Targets (Lower is better with bidder) Keeping low penaltie guarantee complianc between bidders will Treatment of Subsidy (Bid Price to include subsidy retention by DL. Likely There is risk for subsi are suffering it alread Comparative Review of RFPs, Bidder Preferences & Outlook Download Executive Summary here 1
  • 8. DF Financial & Bankability Modeler Model Covers.. • Tariff orders & RFP parameters trends • Capital Expenditure Planning • Depreciation & Working Capital calculations • Revenue and O&M cost calculations • Profit & Loss calculations • Income Tax calculations • Projected Balance Sheet • Cash Flows calculations • DSCR, IRR, Payback period calculations Clientele & Benefits • Some select companies includes Moser Baer, ACME, SIS, IRIDIS • The full powered Excel model with ability to simultaneously present 50+ scenarios allowed clients to deeply understand interrelations and varying sensitivity of different DF bid critical parameters, and create competitive edge 5/24/2013 © pManifold. All rights reserved. 8 Simulation Tool to get hands-on with DF viability and quantify financial impact of any new strategic interventions Outputs Units Scenario 1 Scenario 2 Total Equity throughout project Rs. Lacs 11,783.78 10,727.81 Equity NPV @ Cost of Equity Rs. Lacs 8,440.66 5,514.26 Project NPV@WACC Rs. Lacs 14,106.41 10,951.30 Equity IRR (MIRR formula) % 27.04% 22.26% Project IRR @ WACC (MIRR formula) % 21.41% 18.90% Project Payback years 6.77 7.64 Equity Payback years 6.49 7.78 Average DSCR for period of loan repayment ratio 2.85 2.21 Return on Equity (ROE) % 44.24% 34.25% Return on Capital Employed (ROCE) % 16.74% 16.17% Levelised Cost of Supply to DF per unit purchased Rs./unit 5.02 5.42 Levelised Avg. Revenue Realised by DF per unit puchased Rs./unit 5.45 5.88 Average O&M cost per Billed unit Rs./unit 0.40 0.36 Average O&M cost per Input unit Rs./unit 0.34 0.31 Quoted Levelized Input Bid Price (w/o TIR) Rs. Per unit 3.133 3.127 Actual Levelized Input Bid Price (w/ TIR) Rs. Per unit 4.35 4.67 Levelised ABR Rs. Per unit 6.31 6.76 (Levelised ABR)/(Quoted LIP) Ratio 2.02 2.16 (Levelised ABR)/(Actual LIP) Ratio 1.45 1.45 Inputs Units Scenario 1 Scenario 2 Capex Rs. Lakhs 15000 17500 Employee Cost per unit Rs. Per unit 0.2 0.18 Bid price growth rate: choice Curve 1_Minimum 2_Assumed Bid price growth rate % 1.50% 1.50% Rate Offered Year 1 Rs. Per unit 2.450 2.475 Equity % % 30.00% 30.00% Cost of Equity % 14.00% 14.00% Term Loan Interest rate % 15.00% 15.00% Annual Technical Loss reduction % 20.00% 17.00% Annual Non-Technical Loss reduction % 20.00% 20.00% Collection Efficiency improvement Rate % 10.00% 11.00% Avg. Tariff growth rate % 5.00% 6.00% Avg. Billed units growth rate % 13.00% 9.00% Key Outputs from the Excel Financial ModelKey Inputs to the Excel Financial Model Hidden 2
  • 9. RFP Tracker and Pre-Bid Analytics We Cover • Monthly newsletter • All RFP Tracking & updated DF Attractiveness Matrix© • Pre-bid meeting takeaways • RFP data and Pre-bid analytics • Interviews of experts • Much more… Clientele & Benefits • 1000+ industry Leaders & Professionals registered with our DF News Letter services • A proliferating community of practice around Power Distribution Franchisee is built with 700+ Linkedin members 5/24/2013 © pManifold. All rights reserved. 9 All DF RFP’s intelligence and news on subscription Bihar Pre-bid sample analyticspManifold’s DF Attractiveness Matrix 3
  • 10. Benchmark Conservative Moderate Aggressive Units 0 1 2 3 Rate Offered Year 1 Rs. Per unit 2.565 2.900 2.905 3.010 Rate Offered Year 2 Rs. Per unit 2.802 3.057 3.062 3.173 Rate Offered Year 3 Rs. Per unit 3.035 3.261 3.267 3.385 Rate Offered Year 4 Rs. Per unit 3.222 3.435 3.440 3.565 Rate Offered Year 5 Rs. Per unit 3.402 3.508 3.514 3.641 Rate Offered Year 6 Rs. Per unit 3.520 3.576 3.582 3.712 Rate Offered Year 7 Rs. Per unit 3.549 3.602 3.608 3.738 Rate Offered Year 8 Rs. Per unit 3.576 3.622 3.629 3.760 Rate Offered Year 9 Rs. Per unit 3.603 3.653 3.660 3.792 Rate Offered Year 10 Rs. Per unit 3.610 3.678 3.684 3.817 Rate Offered Year 11 Rs. Per unit 3.663 3.683 3.689 3.823 Rate Offered Year 12 Rs. Per unit 3.674 3.707 3.714 3.848 Rate Offered Year 13 Rs. Per unit 3.685 3.722 3.729 3.863 Rate Offered Year 14 Rs. Per unit 3.696 3.731 3.738 3.873 Rate Offered Year 15 Rs. Per unit 3.707 3.741 3.748 3.883 Ratio of Min to Max bid 0.78 0.78 0.78 Quoted Levelized Input Bid Price (w/o TIR) 3.276 3.420 3.426 3.550 % high from Min. set 0.00% 4.40% 4.58% 8.36% Assuming AT&C loss reduction trajectory hitting 15% in 5 years OUTPUTS DF Bid Advisory – Technical and Financial Services include.. • Top Management’s Workshop on portfolio hosting of DF business and which region(s) to bid for • Partnership Development for qualified Bid preparation • Techno-Commercial Due Diligence (DD) – Key Utility officials, ground staff, Opinion Leaders and select customers feedback on existing assets (RFP vetting), electricity service quality, and existing/future load growth – Collect and analyse 1° and 2° technical & commercial parameters in the DF area for understanding the Network & Customer side performance based on loading, ageing, failures, outages, collections, arrears etc. – Technical inputs & techno economic feasibility for the capital investment in the identified distribution network for the following points: • Renovation & Strengthening of the network • Meeting the load growth for the DF tenure • Financial Bid Modeling and Bid Strategy – All previous ARR and Tariff petition analytics for tariff trends and identifying other regulatory risks – Consolidated Financial model building and scenario analysis to facilitate bid strategy Clientele & Benefits • Supported DF bid analysis (Technical and/or Financial) in Gwalior, Ujjain, Sagar, Mumbra, Ranchi, Jamshedpur, Dhanbad, PESU, Bhagalpur and Gaya • pManifold’s projected Levelised Input Price range matches closely with good price discovered DF bids. 5/24/2013 © pManifold. All rights reserved. 10 Your Strategic Partner to all Market, Bid and Site Intelligence, early Partnerships Development and Technical + Financial Bid preparation Final Bid Recommendations for sample DF bid Hidden 4
  • 11. • 6300+ customers primary survey across 3 states of MS, MP and Orissa for 5+ new starting DFs, both Urban and Rural (completed as on Dec. 2012) • Quantify, measure and support improvements of very objective of DF, the ‘Customer Satisfaction’ • Help prioritize initial Capex, setup Performance Management for OperationsTeam and design PR communications & campaign • Door-to-door EUCOPS© survey of all socio- economic category of customers, across sampled Electrical Sub-divisions and zones. • High data integrity with use of Technology – GPS & camera enabled touch-screen mobile phones. Real time survey form upload and download via GPRS. Customer Satisfaction Performance Monitoring (EUCOPS©) Measure Customer Expectations & Perceived Service Quality Experience and clientele 5/24/2013 © pManifold. All rights reserved. 11 Listen to your customers to improve and adapt service delivery for their best cooperation 0% 5% 10% 15% 20% Power,Quality & Reliability Customer Service Communication Meter,Billing & Payment Price Information Access& Rec Handling Company Image Weighted CSI (Perception) Weighted Order (Expectations) Gap between Expectations & Perception of utility’s Performance Satisfaction Level across different divisions Key Observations n= 1027 n= 340 n= 345 n= 342 Order of Importance Inferences drawn from GIS map may not be statistically relevant. HIGHLOW Relative Order of Importance Zone 1 Zone 2 Zone 3Overall n= 1027 FACTOR I: POWER QUALITY & RELIABILITY 5/5/2012Copyright(c)pManifold A1: Unplanned outages - How satisfied are you with frequency and duration of unplanned outages?  Around 30% respondents from all 3 zones are dissatisfied with ‘Unplanned Outages’  As per customers comments, there is high problem of ‘Unplanned Outages’ in areas of Zone 3  Number of client registered Log Complaints is higher in Zone 3, matching above CSAT results 7% 40%53% L M H 0% 20% 40% 60% 80% 100% VS S DS VDS NA Zone 3 Zone 2 Zone 1 Overall Download EUCOPS Methodology here 5
  • 12. Integrated Customer Engagement Monitoring 5/24/2013 © pManifold. All rights reserved. 12 Helping Utilities to ‘Sense’ and ‘Engage’ with their Customers Integrated Customer Engagement Monitoring Customer Records Land survey Online survey Mobile SMS survey Customer Facilitation Center Collection Center Call Center Distribution Center CGRF and IGRF Online Social Media Offline Campaigns Strategic Decisions | Roll-out Decisions | Operational Decisions Informed decisions, in-time actions Segmentation, Profiling Awareness, satisfaction Better Customer Engagement Customer Analytics Download our Customer Engagement Approach here 6
  • 13. Baseline Prep & Bidders Engagement for Discoms Services include .. • Bidding and RFP analytics of all previous DFs • Recommendations for improvement in baseline data and RFP/DFA contract terms & conditions • Preparation of audited baseline data • Integrated Financial model for Distribution Franchisee and Licensee with sensitivity analysis to critical RFP/DFA parameters • Setting Performance Monitoring Framework for DFs • Setting up and Managing Online bidding portal for increased Bidders engagement Viability modeling for Discom • We develop integrated Financial model for Franchisee and Licensee, with all key risks and transactions modeled for both entities • Discom can validate RFP and DFA suggested enhancements through test run on integrated financial model and improvement over business-as-usual scenario 5/24/2013 © pManifold. All rights reserved. 13 Building strong Baseline data and model derive investment analysis for Discoms to host successful DF Benefits of strong Baseline and effective Bidders Engagement in raising Power DFs Strong baseline, with Stakeholder Engagement Information symmetry, enhanced competition Timely handover & start of reform cycle Timely bidding process Rationale bidding, no litigation Co-operation from DL, customer engagement, funding resolved by contract design Timely payment receipt, overall positive DF performance Co-operationprogression 7
  • 14. DF Deputation Policy Design & Employee Engagement Primary Survey instrument Design • Respondent profile: years of service, designation, class, work areas, education etc. • Competence: responsibilities, key challenges faced, suggestions, performance • Opinion: DF model performance, deputation with DF, peers influence, adaptation to new system, work pressure handling etc. • Preferences for deputation selection: job security, job clarity, reporting line, facilities, work culture, salary, training, recognition, location etc. • Deputation Salary: awareness, additional allowance criterion & min. expectations, special performance incentives criterion & frequency • Training: use of technologies in DF, learning preference, training needs etc. • Feedback: comments, suggestions, clarification seeked etc. Clientele Benefits • Established and executed Discom Employees survey methodology, for a newly starting DF in MP, with recommendations for appropriate changes in the base deputation policy • One of its kind smoothest employee engagement in DF history 5/24/2013 © pManifold. All rights reserved. 14 Understand Discom employees expectations & engage them rightly for DF rollout Training Preferences across different Employee Classes Trainings Class I Class II Class III Class IV Overall AMR/AMI 3 0 5 0 8 GIS Based Asset Management 1 1 0 0 2 Distributed Energy Resources and μ-Grid 1 1 1 0 3 Load flow Studies 1 4 2 0 7 DTR Condition Monitoring 1 3 0 1 5 Electricity Pricing and Tariff Determination 2 1 2 0 5 Soft skills 0 1 0 0 1 Smart Grid Communication 1 1 2 0 4 Smart Energy Auditing 2 2 3 0 7 Smart Grid Testing and Compliances 2 2 1 1 6 Protection Systems & Protection Networking 1 3 2 1 7 Open Access Systems 1 2 0 0 3 ERP & IT Systems 1 1 2 0 4 Leadership Programs 3 2 2 0 7 Smart Grid Distribution Automation 2 3 3 0 8 Smart Operation and Management 2 2 3 1 8 DTR Smart Metering and DTR Analytics 1 2 1 0 4 Field Analytics 0 1 1 0 2 Demand Side Management Services 1 1 0 0 2 Billing and Commercial Automation 2 1 4 4 11 28 34 34 8 104 8
  • 15. India Utility Knowledge & Network Conference 5/24/2013 © pManifold. All rights reserved. 15 Challenges and Best Practices in operational Roll-outs of Power & Water Franchisees Download IUKAN 2013 Proceedings here Strengthening DF ecosystem through.. Participation and Impact • Baseline and PPP Contract Design improvements • Improving service delivery and employees engagement through process improvement • Engaging Customers continuously to expedite loss reduction • Partnering with Service Providers to raise light Capex & Managed services models • Enhancing confidence in Investors and raising Finances for DFs • 210+ participants across all stakeholders - Govt., Discoms, ULBs, Private Operators, New entrants, Service Providers, Regulators, NGOs, Investors, Customers, Consultants, Academics, R&D organizations and others • 35+ Speakers from World Bank, Power Ministry, TRAI, PwC, MSEDCL, Bescom, Tata Power, Enzen, Spanco, SPML, Schneider, ABB, Infosys, IBM, A2Z, Secure, SBI Caps, IDFC, IFC, CRISIL, PTC Financial Services and other organizations Partners&Sponsors Proceedings of IUKAN conference 2013 9 Zee Business Television News Coverage
  • 16. Strategic Task Force - STF  STF works together with Owner and Owner’s organization to discover, define and drive strategic business initiatives  Provides: Best practices, Strategic Inputs, Implementation hand holding, regular performance monitoring DF Business Organization Business Owner pManifold Team Viability & Revenue assurance Commercial Facts finding Baseline validation Legacy data analytics Planned Operations Structure & Staffing Sr. people on-boarding  Employee deputation Operation Org structure & Processes restructuring Vendors Sourcing Resourcing & Deputation Project Mgmt. DF Business Owner’s Key issues 1. Finance: Worrying about financing the project, and keeping Investors lined/interested 2. Resourcing: Building a resourceful and competent senior team, and overall resourcing/staffing 3. Network & Loss Reduction: Area determination, Asset/Network mapping & Health diagnostics 4. Deputation: Handling Discom deputation of skilled Senior and ground staff 5. Data: Making sense of legacy data and records for useful Performance dip stick and readiness to deploy your billing & vigilance for loss reduction 6. Vendors: Selection of vendors and preferably engaging them on light capex and risk/return sharing models 7. Customers & Stakeholders: opposition against privatisation with ransom protests/attacks BU Head Efficient Project Management WBS of key activities Budget & viability mapping Risk Management Knowledge & Network pool of DF/Utility experts Vendors, Service Providers, Investors Baseline Validation Operations Structure Performance linked Vendor Partnerships Vendor Sourcing, SLAs, Monitoring Loss reduction due diligence Good Stakeholder Engagement Stakeholders Mapping & risk mitigation Communications & Education pManifold Strategic Task Force Engagement Model for DF Takeover 10
  • 17. Let’s get in touch… Join us in our conversations at, Power Distribution Franchisee AT&C Efficiencies True Distributed Generation Power Distribution Franchisee Community of Interest Connecting talent & Making Local companies discoverable pManifold Insights Premium & Free Reports, Presentations, and more… pManifold Community Blog Articles, technical notes. Talk to us or drop by… Rahul Bagdia +91 95610-94490 Rahul.Bagdia@pManifold.com Faiz Wahid +91 88056-55069 Faiz.Wahid@pManifold.com India (Main office) Crystal Plaza, Level 2 276 Central Bazaar Road, Ramdaspeth, Nagpur - 10 Maharashtra, INDIA http://www.pmanifold.com USA (Liaison Office) 2020 Calamos Ct., Suite 209 Naperville, IL 60653, USA Mr. Dinesh Jain +1 630-853-3520 dinesh.jain@pManifold.com Let’s deploy our insights and actions for your business to improve and grow! 5/24/2013 17© pManifold. All rights reserved.