• Significant increase in Corporate Debt Restructuring proposals, and many good assets are in the stressed list 

  • Increasing ratio of Non-Performing Assets of PSU banks with 1.47% in 2012 as compared to 1% in 2009 

  • Untapped opportunities for equity investments as special situations funds focus on large Indian companies and distressed debt space 

Portfolio

 

The illustrative examples from the portfolio are as under:

SEACO

SEACO was under stress largely due to under-utilized capacities, operational inefficiencies and high debt. The company has turned around in 18 months since investment and it is now one of the largest independent foundries in India. The Fund expects to stay invested in the company for 4-5 years and will target an IPO exit.

Industry             : Foundry

Transaction Date : 2011

Website : http://www.seaco.co.in/

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IFMR

The Fund invested in IMFR which is engaged in rural financial services, with an objective of expanding financial inclusion. It has over 200 branches across five districts in three states and will be expanding further.

Industry             : Rural Financial Services

Transaction Date : September 2013

Its platform enables private banks to enhance their rural finance portfolio and also fulfill the priority sector lending requirements. The company is currently incurring losses and is expected to turn around in 2014 and the Fund expects to exit the investment in 2016.

Website : http://ruralchannels.ifmr.co.in/

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TEMA India Limited

Tema India supplies the capital equipment for heat exchangers to oil refineries, power plants, fertilizer plants etc. Due to certain bad debts, the company's working capital limits got restricted and the turnover saw a significant fall.

Industry             : Manufacturing

Transaction Date : October 2013

The company is expected to turnaround in 2014 and the Fund expects to exit the investment in 2016.

Website : http://www.temaindia.com/

More
 
 
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