Practus’ assisted the family office in creating a framework of movement of funds within the 40 odd entities to ensure statutory compliances.
|Client Name||Industry||Ownership||Management||No. of Employees||ROI On Fee||Size||Project Duration|
|The Family Office||Family Office||Private||Professional||~100||4.8x||> $100 million||18 months|
About The Company
MFTL Group is a conglomerate with an aggregate turnover of ~$300 million. The family office consisted of more than 60 legal entities with total assets under management of > $100 million. The chairman of the family office is a second-generation businessman of high repute and social standing in the country.
- Mapped the existing cross-holding structures within the group as a reference point for all future transactions. Also advised and executed on rationalizing the family office entities.
- Monthly MIS reporting of 40 legal entities: Undertook clean-up of all the family office entities. Ensured hard close of books every month and owned up and delivered on an aggressive due date for monthly MIS presentations for ~40 legal entities. Standardized month close activities across all entities.
- Dividend/Other income reconciliation introduced a framework of tracking dividends and other receivables from group companies wherein the family members were shareholders or held positions that entailed professional payouts.
- Cashflow management: Day-to-day cashflow management and regular reporting to the chairman. 12-month cashflow forecasted were included as part of the monthly MIS deck.
- Family partition settlements: Assisted in forecasting outflows, inflows and asset positions arising out of the settlement transactions.
- Clean-up of all the legal entities was achieved in 3 months.
- Delivered monthly MIS on the agreed date of 10th starting from the 3rd month of engagement.
- Created a framework of movement of funds within the 40 odd entities to ensure statutory compliances as per Indian income tax and company laws are not breached.
- Water-tight forecasting and monitoring of cashflows created a path for the wealth management service providers to achieve a better ROI on treasury to extent of 1%.