The performance improvement services provided by Practus assisted the fragrance company in providing better visibility into the operating parameters of the business and assisted in Business process Improvements and streamlining of finance procedures.
|Client Name||ROI||Industry||Ownership||Management||No. of Employees||Size||Project Duration|
|A Fragrance Manufacturing Company||6.3x||Specialty Chemicals||Transitioned from Private to|
PE to Listing
|Transitioned from Family Managed to Professional||1000-2500||$100 million-$250 million||~40 months|
About The Company
IndFrag is a 90-year-old, $200 million listed Indian group and the industry leader in industrial fragrances and flavors. The company is based in Mumbai having manufacturing capacities in Mumbai, Gujarat and Netherlands. The company initially got PE invested, and then listed in public.
Practus’ Role in CFO Services
- Assistance in accomplishing a comprehensive change management project from Promoter managed to a Professionally managed company.
- Preparation of MIS reports with detailed analysis to assist in decision making.
- Preparation of financial statements under local GAAP.
- Involvement in budgeting for Capex spending and tracking actuals (Analysis of business and product profitability).
- Designed ‘offset’ accounts which allowed tracking of tax, companies act, and IFRS depreciation in a single trial balance which made it easy to provide the reconciliation bridge between the profits as per the three different books.
- Accounting of all recoverable and non recoverable taxes in FA, forex movements in capitalized FA.
- Identify process improvement areas and Project manage the implementation of an ERP.
- Leading the discussions and preparing the data room for potential PE partners.
Impact Delivered in CFO Services
- Provided better visibility into the operating parameters of the business – improved and faster decision making.
- Assisted in Business Process Improvements and streamlining of Finance procedures – completed ERP implementation.
- Detailed data room and credible investment case – cleared Investor due diligence to substantiate the prepared business valuations.
- Smooth transition in the management of the Company – Recruitment of professional CXO team.
- Post transition, Practus continued to be involved in the areas of budgeting, performance measurement, Business Intelligence.
- Helped in Acquisition of a European Subsidiary and successfully listed for the year 2016.