CEO of investment banking firm in Mumbai with strong restructuring and advisory background. Restructuring debt to help rehabilitate operational assets by arranging one-time settlements.
A specialist in trade and structured finance having arranged off-balance sheet financing, both for working capital and project finance.
Commenced career in finance by implementing a project in standardisation of a rating process to consider restructuring stressed companies referred under Chapter 11 of the Bankruptcy Code in United States of America, (USA). After implementing the project, was in a team that rated Non-Performing Assets to be sent for winding up or were to be restructured. Participated as part of a team to restructure two of the four largest automobile companies, largest commercial vehicle manufacturer and battled to reconsider the proposal of a company selling gases & chemicals for industrial uses that is today, a global leader.
Upon return to India, commenced winding down own joint family construction business due to prevailing risky and uncertain market conditions.
Between 1986 until 1997:
In 1986 joined an eminent second-generation stock broking firm in Mumbai. Commenced with mandate to review their operational risk for continuing with clientele, the firm had developed to indulge in speculative transactions. Advised change in business model to mitigate risk to prevent the firm from a possible bankruptcy. Independently set up a clientele comprising Institutions and Large Corporates, was managing the entire vertical dealing in Secondary Markets on a revenue share basis. Resigned after seven years, having risen to being one amongst Top 10 firms in India to form fully owned practise.
Took up membership to the Stock Exchange at Coimbatore (CSX) followed by a Corporate Membership to the National Stock Exchange (NSEIL). Quickly rose to being amongst the most noted in executing transactions with Domestic & Foreign Institutional Investors until 1997.
Between 1988 until Date:
Due to past experience of working in rehabilitation finance and resources management in the USA, in 1988 was retained by Operating Agencies & Development Financial Institutions as their ‘first-ever’ External Consultant to render opinions on companies that defaulted in their repayment of loans and were referred to the Board of Industrial and Financial Reconstruction, (BIFR). Recommended destressing of several borrowers in default by hiving off non-core assets, recommending change in management and sometimes even winding up based on the performance of the promoter group in management.
When accounting firms began crowding the domain, moved to pioneer the field of Off-Balance Sheet financing. Arranged factoring & forfaiting facilities to finance international receivables of Indian Exporters from Banks in London & Singapore. Faced impediments in assigning receivables that were pledged to charge holding banks in India. Presented a paper to Reserve Bank of India to allow change in the conditions of treating the assignability of the receivable from a third party. Eventually succeeded in getting approval. After obtaining this approval, West Merchant Bank set up a Non-Banking Finance Company in India to offer factoring services with equity from “International Finance Corporation”, Washington DC and other international investors.
In 1997 obtained a license to commence commercial operations as a Non-Banking Finance Company. Invested in acquiring stressed real estate assets and have held on to the portfolio of real estate assets that are giving a stable growth in rental income.
Have raised several Medium-Term Loans for Large Corporates, both in India and Abroad. Have also structured Advance Purchase Sale Agreements (APSA) by arranging silent underwriting from Credit Risk insurers in favour of overseas lenders. This innovative concept allowed lenders to advance cash backed financing by advancing working capital for manufacturing exports as pre-shipment credit to sell goods to their respective buyers in International markets. Sectors catered to are in Pharmaceutical, Software, Auto Ancillaries, Engineering Goods, Food Processing and Agriculture business.
Currently advising international lenders to acquire non-performing assets from secured lenders, by arranging one-time settlements to help restructure stressed ‘but’ operating companies.
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