Practus’ assisted the Family Office in developing a method to efficiently record business expenses in companies and creating an efficient management information system (MIS).
|Client Name||Industry||Ownership||Management||No. of Employees||ROI On Fee||Size||Project Duration|
|A Family Office||Family Office||Private||Semi-Professionals||~20||5.3x||$87 million||15Months|
About The Company
Family office for a family that owns multiple public limited companies with turnovers of $140 millon (Hydrocy), $145 millon (OxideLabs), $174 million (InG). They needed management of the income of the family accruing from the public listed companies in the form of ownership, dividends, etc. The family office consisted of 50 companies that had different legal and operational structures such as partnerships, private limited, charitable trusts, etc.
- End-to-end CFO role – add value to the financials and guide on improvement.
- Management of all the entities in the family office – accounting, banking, reporting, compliances.
- Review and analyze the responsibilities of the F&A team members.
- Treasury management – check availability of idle funds, diversion of excess funds, pay off statutory liabilities.
- Conduct an exercise to show efficient and legalized flow of funds between the companies within the statutory framework.
- Active participation in resolving issues arising during dilution of ownership, internally, within the family office.
- Efficient cash management.
- Clean up of intercompany balances within the group.
- Old penalties, assessment cases pending with regard to Indian companies and tax laws were resolved.
- Creating an efficient and periodic MIS.
- Deeper visibility of funds and ownership in all companies owned by conducting a diagnostic study of the financials of the last 5 years.
- Creating a system to efficiently record business expenses in companies to ensure no classification into NBFCs.