Concepts of equity funding for a non-financial background businessperson

APOHANTM
Day 1- Concepts
Equity Funding for
Business Growth & Financial Turnaround
APOHANTM CORPORATE CONSULTANTS PVT. LTD.
Where Businesses Realize Their Dreams!!!
A genuine business motivation delivers profitability, returns, stability, growth and sustainability!
Presented by: Arun Joshi
E-mail: arun.joshi@apohanconsultants.com
Ph. +91 9810481325
Website www.apohanconsultants.com
7/11/2020
APOHAN CORPORATE CONSULTANTS PRIVATE LIMITED
1
8th, 9th & 10th July ,2020| 11.00 a.m. to 12.45 p.m.
Organizer: Maratha Chamber of Commerce, Industry & Agriculture, Pune

APOHANTM
Section 1:
Administrative
Speaker profile, objectives of program, key takeaways,
contents, instructions

APOHANTM Profile: 22 years of work experience in the M&A, financial,
corporate, strategic role with the most prestigious companies of
India.
 Companies: Worked in RIL, GAIL, CRISIL,
PricewaterhouseCoopers (PwC), Isolux Corsan, Delhi Integrated
Multi-Modal Transit (DIMTS), Bluestream Infrastructure
 Sectors: Engineering, chemical & other process, construction,
energy, transport, information technology, social infrastructure
 Domains & functions: Expert in M&A, corporate management,
financial models, business contracts, business strategy,
transaction advisory, business alliance management, contracts,
finance, banking, greenfield projects, CEO training, etc.
 Graduation: BE (Mechanical) from College of Engineering,
Pune (COEP), 1998 Batch
 PG: MBA (International Business) from Indian Institute of
Foreign Trade (IIFT), New Delhi, 2003 Batch
 LinkedIn Profile: https://www.linkedin.com/in/arunjoshiapohan
Arun Joshi
An M&A advisor with
professional experience of
22 years across industries,
sectors, projects,
geographies in the reputed
companies in India.
Speaker Profile

APOHANTMProgram Overview - 1
 Strength of Indian SMEs
 Journey Of A Successful Business
 Reasons For Financial Distress
 Effects Of Absence Of Funds
 What Is An Unviable Business?
 Financial Viability And Capital Unavailability
 What Is Capital?
 How To Compute Capital Requirement?
 Existing Capital
 Additional Required Capital
 Amount & Time
 Capital Shortfall!
 Threshold Minimum Capital
 Indian SME Capital Situation
https://www.apohanconsultants.com/funding-indian-sme-business/
https://www.apohanconsultants.com/about-apohan/our-people-leaderships/chairmans-message/
Aspects Of Capital
Where To Prefer LOANS
Disadvantages Of Loans
◦ Stress On Cashflow
◦ Eligibility Is Rule Based & Not Merit Based:
◦ Personal Property As Security
◦ Not Available In Hard Times
◦ Rigid Terms
◦ No Difference Between Wilful And Innocent
Defaulters
Options For Raising Capital
ACCESS TO Equity CAPITAL For SMEs
◦ Limited Resources To Raise Capital
◦ Banks Don’t Understand Business:
◦ Brokers’ Role

APOHANTMProgram Overview -2
 EQUITY FUNDING: Why Rare in Indian SMES?
 Investor Perspective
 Advantages Of Equity Funding
 Available In Distress As Well
 No Stress On Cashflow
 No Repayment, Exit Provision For Some
 No Restriction On Amount
 Benefits Of Synergies And Financial Experience
 Long-term Investment
 Disadvantages Of Equity Funding
 Hectic Due Diligence At Entry
 Sharing Of Control And Financial Fortunes
 ELIGIBILITY ENHANCEMENT For Equity
 Technical & Operational Merit
 Market & Marketing
 Financial Record
 Financial Integrity
 Internal Documentation
 Transaction Deliverables
 Professional Business-setup
 Professional Conduct
 Time-frame Available
 Knowledge Of Process
 Readiness For Rigorous Process
 Investor Network
 Communication
 Soundness Of Offer

APOHANTMProgram Overview -3
 Equity Funding Process
 Planning
 Documents
 Time-frame
 Cost
 Professionals
 M&A enablers
 Corporate management
 Business strategy
 Financial strategy
 Crucial elements
 Deal Structure
 Financial model
 Investment contract
 ROLE OF M&A Consultants
 CA
 CS
 Business lawyer
 Engineer
 Valuer
 Market expert
 Technology expert

APOHANTMKey Takeaways
 Why should a business take equity funding?
 How to get equity funding even in most difficult business circumstances for financial turnaround?
 How to get equity funding for business growth, new initiatives, new products /markets/projects?
 How to attract equity investors to your business?
 How to become eligible for equity funding?
 How to get maximum valuation for your business?
 What should be deal/contract/profile strategy for getting equity funding?
 What are the key deal success factors
 How to carry out equity funding in your company (step-by-step, guide)?

APOHANTMProgram Instructions/Information
 Program PPT will be shared with the participants
 Certain contents will displayed directly from www.apohanconsultants.com
 Share your contact & business information in chat the way we do in physical meetings
 Keep video & audio on mute so long as not required
 Record the session if you want to listen again
 Text your questions in the chat window
 These questions will be taken in the last 10 minutes
 There will be test /exercise to be completed at home
 Feedback form link will be shared
 New participants can join by EOD, today
 All materials, PPT, weblinks will be shared as per MCCIA policy

APOHANTM
Section 2:
Root Causes of
Stagnation & Financial Distress in SMEs
Business functions, Time use, Promoter Stress, Reasons of distress

APOHANTM
Alone, An SME Businessperson Can’t Manage…
CORPORATE FUNCTIONS
 Group/ Corporate structure
 Shareholder relations
 BOD performance
 Investor/bank relations
 Strategic management
 Mergers & acquisitions
 Business alliances, JVs
 Corporate management
 Corporate governance
 Risk management
TECHNICAL FUNCTIONS
 Project plan
 Project management
 Certifications
 Supplier development
 Inbound logistics
 Production, manufacturing
 Operations & Maintenance
 Quality management
 Marketing
 Business development & sales
 Distribution channel
 Research & development
SUPPORT FUNCTIONS
 Administration
 Human resources
 IT – HW, NW, SW, SM
 Financing
 Financial management
 (Business) Investment
 Legal
 Knowledge management
 Compliances
 Public relations
 CSR
 Industry memberships
We see that an SME business leader carries out a wide variety of professional roles with
relatively a very few support staff & without much corporate policy framework apart from
managing personal & social life.

APOHANTM
Long Experience Too Looks Short When…
Business side
◦ Complexity of business: Increasing every day & leading to
stress
◦ Compulsory new learning: An intellectual compulsory tax
◦ Brainstorming on long-term strategy: Rarely undertaken as
time is left for the same.
◦ Absence of systems: Prevent increased scale of operations
or required more personal attention
◦ Risks: Exposure to unknown without mitigation measures
in place
◦ Dissatisfactory growth: Despite growing market, possession
of technical/operational competence
◦ Decline in returns: As working on capital structure &
financing strategy is unattended
◦ Consultants: No satisfactory experience with problem .
Business growth is directly dependent on businessperson’s own time contribution.
His/her time being limited, there is a natural upper limit on the growth potential of the company.
Personal side
◦ Personal pursuits: No quality time to expend
the earned wealth
◦ Family life: Heavy sacrifice due to business
commitments
◦ Social, philosophical, spiritual side: take
second seat.
◦ Financial & reputational security: Not there
dues to volatile business environment.
◦ Physical health: poor due to haphazard
business schedule
◦ Business relationships: test limit of
psychological sensitivities.
◦ Frictional relationships: with business
stakeholders such as employees, suppliers,
clients, lenders, etc

APOHANTM
Transactions
Goods Services
Business Services
Business Consulting
Management
Consulting
Strategic Consulting
Growth / Turnaround Financial Excellence Corporate Development
Compliance Consulting Regular Management
Operational Excellence
Technical
consulting
Non-consulting
services
Public services
Works
Wastage of the Most Precious Corporate Commodity:
Top Management Time
BROKERS
Allocate more time for:
1. Corporate development,
2. Financial excellence
3. Operational excellence
4. Growth
5. Turnaround
Allocate less time for:
1. Compliances,
2. Routine management,
3. Brokers,
4. Standard market cost
work.

APOHANTM
Reasons for Financial Distress…
FINANCE RELATED
 No financial planning
 No financial analysis
 Poor cash management
 Insufficient capital provisioning
 Shortfall in working capital
 Delayed recovery of receivables
 Reducing profitability
 No risk mitigation measures
 Price war, stagnation
 No computation of overheads
 Improper allocation of overheads
 No provisions for contingencies
 Poor credit rating, CIBIL
 Poor bank relations
OPERATIONS RELATED
 Absence of project plan
 Delays in project completion
 No necessary certifications
 Absence of marketing infrastructure
 Poor contracts with clients
 Loss of key customers
 Ineligibility for tenders
 Absence of efficient procurement
 Low capacity utilization
 No product basket rationalization
 Frequent shutdowns
 Rejection due to poor quality
 Absence of innovation
 Unexpected regulatory development
 Poor documentation, communication
MANAGEMENT RELATED
 Office politics
 Friction in the management
 Loss of business partner
 High attrition of employees
 Loss of key employees
 Frauds & corruption
 Absence of policies
 Poor reporting structure
 No professional training
 Poor working culture
 No use of modern technology
 No business data to analyse
 Absence of compliances
 No participation in industry activities
Success needs all success factors together!
Failure needs aggravation of just one failure factor!!!

APOHANTM
Need & Role of Equity Funding Advisors
Getting out of financial Distress
 Businesses face internal & external risks
 They can be further classified into within
control & out of control types
 Occasionally, businesses face risk events
and financial problems starts
 Old financial problems bring in new
financial problems
 The business is still attractive if a fresh
capital is infused
 Banks & institutions have their rule book &
don’t understand business merit, don’t lend
 The technocrat promoter is not aware of
private, case-based investors.
Coming out of business stagnation
 Business develops huge competencies &
network of clients over time
 Demand is growing & margins attractive
 Businessperson doesn’t have time to
dedicatedly undertake growth initiatives.
 Banks & institutional investors refuse to lend
without security, margin money, guarantee,
etc.
 There is no documentation & financial model
to analyze the potential returns for all.
 As opportunities see an end, negativity seeps
in.
These companies can’t afford to have permanent high quality staff to look into this. They
don’t know how to find & coordinate with various consultants.
Custom, end-to-end solutions are rare!

APOHANTM
Section 3:
Basic Strategic Finance Concepts
for an SME Businessperson
Financial objective, Profit, Return, Capital, Time aspect

APOHANTM
What is financial objective of a business?
 To make more money
 To make more revenue
 To make more profit
 To increase net-worth
 To make more returns
 To increase market capitalization
 To increase valuation of a business
 To fulfil a social need such as employment
 To increase economic activity in the country
 To meet all stakeholder expectations
7/11/2020
16
Even the most professional SME businesses fail to identify & measure the most crucial business metric!

APOHANTM
Difference between Profit & Return
 Comparison of Profits & Returns
 Profit is on revenue
 Returns are on investment /capital
 The to are related as well as unrelated
 Large profit margin does not necessarily mean
higher returns
 Speed of rotation of capital is important
7/11/2020
17
 Concept of return
 How much return to expect?
 Comparison perspective
 Internal rate of return
 Concept of financial risk
 Perspective - Return on capital & return
on equity
 Effective result – Post-tax rate of return
 Unit- % of capital per annum
Just treat your business as a bank FD to understand what is return!

APOHANTM
Relation between Profit & Return
7/11/2020
18
Assumptions:
Suppose you invest 800 in fixed capital, 200 in
working capital; total 1000. Suppose you sell
goods of 500 for 6 times in a year = 3000.
Suppose you make 8% net profit = 240.
Computation
Your return = 240/(800+200)= 240/1000= 24%
per annum
Equation:
Return% = (Profit%* revenue possible in one
cycle with the given capital * number of such
cash conversion cycles in one year) /capital *100
Degree of complexity in computing return
 Single transaction
 Number of sales cycles in a period
 Number of periods
 Leveraging
 Investments
 Complex corporate transaction
At zero profit, you add to GDP equal to your revenue!
Profitability (%) is not the only contributor to good returns!

APOHANTM
Various Names of Returns
7/11/2020 APOHAN CORPORATE CONSULTANTS 19
Perspective basis:
•Return on capital
•Return on equity
Term perspective
•One year - ROE
•Project life - IRR
Composition of capital
•All capital = ROCE
•Equity = ROE
Decision perspective
•Expected rate of return
•Required rate of return
•Hurdle rate
•Min. expected rate of return
•WACC
•Discounting rate, interest rate, inflation rate
Tax consideration
•Pre-tax return
•Post-tax return
Accuracy perspective
•IRR = Simple
•XIRR = Irregular cash flows
•MIRR = Multiple roots of binomial equations
•XMIRR = Both

APOHANTM
Concept of capital
 Forms of Capital by nature
 Equity
 Debt
 Grant
 Schemes
 Combination of above
7/11/2020
20
Return on what? – Capital!
Money irretrievably locked in business is capital!
Retained earnings – There is nothing called original capital !
Cheap capital (is good but) doesn’t make a business viable…
What does “We need more capital for our business mean????”
 Forms of capital by application
 Fixed capital
 (Net) Working capital

APOHANTM
Time Aspect of Capital/Investment
 Comparison with fixed deposit
 Deposit earnings – uniform, fixed
 Business earnings – fluctuating
 Deposit term - fixed
 Business investment period
 Infinite? Undefined? Subjective?
7/11/2020
21
Debt is like a floating rubber ball!
Business is like a continuously peddling swimmer!!
Timing
 How much & when
 Requirement of additional working capital
 Liquidity management
 Cash flow
 Time value of money
 Inflation
 Interest rate

APOHANTM
Business – A Money Cycle
 Money box
 Owner is shareholder
 Manager is BOD
 Givers
 Promoters, shareholders, lenders
 Credit- Suppliers, employees
 Investments
 Clients, etc
 Takers
 Suppliers, employees
 Utilities, services, overheads
 Government – Tax, compliances
 Lenders
7/11/2020
22
The only real source of
business income is:
Client!
More the professionalism, more the capital participants!
More the participants/participation, more the capital!!
More the capital, more the absolute return!!!

APOHANTM
Section 4:
Strategic Financial Responsibilities of
a SME Businessperson
Financial roles, levels, financial performance, elements of financial
strategy, cost of cost focus

APOHANTM
Types of financial roles
The responsibility of getting money in the company is more of the
businessperson than that of the CFO!!
◦ Financing / Funding
◦ How much money to bring
◦ How to bring
◦ How to redeem
◦ Financial management
◦ Accounts, audit, tax
◦ Budgets, projections
◦ Compliance, reporting, control
◦ Investment management
◦ Where to invest excess money
◦ What new projects to undertake
◦ How much dividend to pay
◦ Private Business Investment
25 graded financial health conditions of an SME:
From
High growth, high profitability, high stability, high sustainability
to
Defaults, losses, capital destruction, auction, liquidation, civil
litigation, criminal litigation
https://www.apohanconsultants.com/financial-strategy/bad-
financial-management-business-journey-from-grand-success-to-
abysmal-failure-in-25-steps

APOHANTM
Levels of Financial Knowledge
◦ Accountant’s financial knowledge:
◦ Typically done by commerce graduate or CA
◦ Record of what happened in the past
◦ Compliance, recording, filing, statutory
◦ Manager’s financial knowledge
◦ Budgeting & planning
◦ Profit increase orientation
◦ Businessman’s financial knowledge
◦ Most important
◦ Requires knowledge of only basic mathematics
◦ Financial decision making
◦ Strategic financing
A businessman typically gets too deep into compliance, reportings, filings, tally, regular
accounting, cash handling, etc rather than financial trends, profitability, returns, competition,
strategic corrections & FINANCING!

APOHANTM
Six Simple Ways to Grow A Company
The Technocrat Promotor’s Role
1. Increasing Volume of Sales/Supplies
 Increase production capacity
 Add new production capacity
 Use all existing production capacity
 Produce what sales
 Market all production
2. Increasing Prices of Goods/Services
 Increase quality
 Identify right buyers
 Market properly
3. Reducing Cost of Production/ Delivery
 Reduce volume of inputs
 Reduce cost of all inputs
 Identify contribution of each project/ product
 Increase quality of inputs
 Increase quality of processes
 Increase efficiencies
There are three more areas of investment of excess money!
The Financer Promotor’s Role
1. Making available “adequate” capital
 So that profit opportunities don’t go to others
 Arrangement of all foreseeable requirements
 Arrangement for risk events
2. Reducing the cost of capital
 Lesser than cost to peers from same source
 Much lesser than existing ROI
 Strategic fit with capital structure
 Favorable T&C
 Easy repayment possible
3. Reducing cost of raising capital
 Reduce statutory, compliance charges
 Reduce professional’s fees
 Reduce taxes
 Reduce Apohan fees

APOHANTM
Elements of Financial Strategy (1/3)
Working capital
 Working capital management
 Cash flow management
 Improvement in cash
conversion cycle
 Supplier contracts
 Client contracts
 Bill discounting
 Re-finance
Strategic finance
 Financial strategy
 Financial plan
 Capital structure
 Financing strategy
 Financial performance
improvement
 Financial risk analysis
 Investment strategy
Financing strategy
 Mergers & acquisitions
 External commercial borrowings
 Financial restructuring
 Financial turnaround
APOHAN CORPORATE CONSULTANTS PVT LTD WWW.APOHANCONSULTANTS.COM

APOHANTM
Special financial solutions
 Project finance
 Export finance
 Lease strategy
 Licensee contract
 Royalty contract
 Local joint venture
 Joint ventures with FDI
Operation finance
 Product pricing strategy
 Product basket rationalization
 Fixed & variables cost management
 Management & allocation of
overheads
 Insurance strategy
 Technology transfer agreements
 SME finance
 Government schemes
 Management of bank guarantees

APOHANTM
Financial Training
 Strategic financial training for
businessmen
 Financial training for non-
finance management
Discreet matters
 Business valuation
 Financial models
 Debt contracts
 Equity contracts
 Financial negotiations
 Investor relations
Financial policies
 Organization of finance
department
 Financial growth strategy
 Directorial remuneration
 Key personnel remuneration
 Financial KRAs of top
management
 Tender policy
 Budget policy
 Dividend policy
 Financial data & software strategy

APOHANTM
Financing Fatality: Cost Focus Costs Heavily…
Cost of finance should take second seat with respect to…
◦ Capital structure: (capital ratios, long-term implications, liabilities)
◦ Ability to repay: (Schedule, moratorium, DSCR, cash flow projections, etc)
◦ Terms & conditions: (drawdown, convertibility, voting power, etc)
◦ Total cost of finance: (interest, cost of equity, processing fees, etc)
Logical process of preparation of Financing Strategy
◦ Assessment of appropriate investment amount to be mobilized and its phasing
◦ Assessment of possible internal sources (accruals, promotors, shareholders, ESOPs, rights, etc)
◦ Selection of external source type (debt, equity, grant, mix, their types, etc)
◦ Selection of the specific instrument/contract (DVR, preference equity, bond, ECB, etc.)
◦ Selection of funding entity type (Private individual, PE, VC, Bank, FDI, etc)
◦ Approaching of a specific funding entity that meets the criteria
Cost of finance is not all about financing!
A superficial management of funding/borrowing leads to major corporate failure!

APOHANTM
Section 5:
Funding options for a SME Business
Equity, Debt, Grants & Schemes, DisciplineActions, Encashments.Customers, Suppliers, Cost Cutting,
BreathingEasy, ForeignFunds, Corporate Issues, Restructuring, M&a

APOHANTM
Options For Raising Capital
7/11/2020
32
 EQUITY:
 DEBT:
 GRANTS & SCHEMES:
 DISCIPLINE ACTIONS:
 ENCASHMENT:
 CUSTOMERS:
 SUPPLIERS:
 COST CUTTING
 BREATHING EASY:
 FOREIGN FUNDS:
 ISSUES:
 RESTRUCTURING:
 M&A
1. Getting money without compulsory obligation
to return
2. Getting money with an obligation to return on
time & returns on its
3. Borrowing time

APOHANTM
Options For Raising Capital(1/5)
Equity
• Promoters’ equity capital
• Equity capital from non-
promoter initial
shareholders
• Equity capital from
directors
• Equity from general
public fruit initial public
offer (IPO) for follow-on
public offer (FPO)
• Private institutional
equity
• Private individual equity
• Investment trusts
• Family offices
• Wealth management
companies
• Purpose specific equity
funds
• Seed funding, angel
funding, venture capital,
crowdsourcing
• All other forms of equity
Loans
• Bank loans
• NBFC loans
• Other institutional loans
• Loans from friends and
family
• Credit from various types
of funds that lend
businesses
• Preference equity capital
• Debentures
• Corporate bonds
• Interest free loan from
directors
• Inter corporate loans from
related companies or and
related companies
• Interest free advances
from several stakeholders
• Project Finance with
minimum margin money
• Working capital finance
• Unsecured personal loans
by the directors
• Loan against pledged
shares by the
shareholders

APOHANTM
Grants & Schemes
• Grants from government or
private institutions
• Financial benefits from
several schemes of the
government
• Export incentives
• Area specific incentives by
shifting operations
• Tax exemptions
Corporate Discipline
• Reduction in dividend payouts
• Reduction in overheads
• Reduction in compliance
consultancy costs
• Reduction in directorial
remuneration
• Reduction in remuneration of
key managerial persons
Encashments
• Disposal of inventory
• Liquidation of investments
• Selling the real estate and
leasing back
• Leasing plant and machinery
instead of buying them
• Leasing key tools
• Asset sale
• Selling the brand or similar
intangible assets
• Monetizing rights
• Franchising or reducing the
role in value chain

APOHANTM
Customer
• Past internal profit accruals or reserves
• Revenues or payments from clients or income from
operations
• Advances from clients
• Bill discounting
• Increase in prices
• Increase in operating volumes
• Bidding through joint ventures if the company is not
eligible standalone
• Shortening the cash conversion cycle
• Exploring more profitable markets
• Engaging in contract production by outsourcing the
capacity to other brands
• Exploring exports and international business
• Exploring new businesses new products replacing the
existing ones
Suppliers
• Increased credit amount & period from suppliers
• Employee stock option plan
• Finding alternate economical competing suppliers
• Just-in-time procurement
• Balancing between cash flow timings and net life
cycle cost of procurement

APOHANTM
Cost cutting
• layoffs and salary cuts
• Supplier renegotiation
• Reducing the marketing costs
• Suppressing the supply chain
margins
• Lowering the quality standards
removing the unnecessary
features in the products and
services
• Outsourcing management
services to reduce corporate
overheads
• Outsourcing labor services to
reduce long term liabilities
• Many others
Holding the horses
• Dropping Greenfield and
brownfield projects
• Shutting down unviable projects
and product lines and project
locations
• Stopping the research and
development works
Foreign Funds
• Foreign currency loans through
external commercial
borrowings
• Foreign currency bonds
• ADR and GDR
• Foreign direct investment

APOHANTM
Corporate issues
• Rights issue to the existing
shareholders
• Preferential allocation
• Private placement
Restructuring
• Financial restructuring
• Business restructuring
• Refinance benefit through
shifting loan to a bank with
better terms
• Changing the nature of capital
instrument
• Enhanced credit from the
same bank or different bank
• Getting moratorium
• Extending repayment period
• Ballooning repayment
M&A
• Mergers and acquisitions and
other types of business
transfers
• Demergers and divestitures
some verticals of the business
• Sale of strategic assets or fixed
assets
• Slump sale
• Share pledge

APOHANTM
Section 6:
Close of day 1
Q&A, Exercise

APOHANTMExercise
 What is the financial objective of your business?
 What is the rate of return on capital in your company?
 What is the rate of return on equity in your company?
 Where does your company stand among the 25 stages of financial
health?
 What is the amount of capital employed in your company?
 What is the requirement of additional capital to best run your
company?
 What are the sources that you are identified to procure for this capital?
 What are the risks with resources of money?
 Which funding problems your company suffers from?
Evaluation method…
 Rating on 1 to 10 basis
 No reference to financial
statements
 No advice of any officers, etc
Send answers to:
Arun.joshi@apohanconsultants.com,
Shailesh.waghmare@apohanconsultants.com
Pavan.kale@apohanconsultants.com

APOHANTM
Contacts
Thank you!
Contact Person Arun Joshi Shailesh Waghmare
E-mail arun.joshi@apohanconsultants.com Shailesh.waghmare@apohanconsultants.com
Phone +91 20 25650005 +91 20 25650005
Mobile +91 9810481325 +91 96500 13256
Website www.apohanconsultants.com
Address Office no. 11, 1st floor, Shriram Complex, Model Colony Rd.,
Shivajinagar, Pune, Maharashtra, India – 411016

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