Overview of Shortlisted

Companies
2019
Table of Contents

Chrys Capital MOPE

GeBBS Healthcare Solutions Pvt. Ltd. Ganesh Grains Ltd.
Hero FinCorp Ltd. Dairy Classic Ice Creams Pvt. Ltd.
TCNS Clothing Co. Ltd. Kurlon Enterprise Ltd.
Mankind Pharma Ltd.

CX Partners Mutliples Equity

Thalappakatti Hotels Pvt. Ltd.
Veeda Clinical Research Pvt. Ltd.
Mrs. Bector's Food Specialities Ltd.
Sapphire Foods India Pvt. Ltd.
Everstone
Massive Restaurants Pvt. Ltd.
Ascent Health And Wellness Solutions Pvt. Ltd.
Burger King India Ltd.
Sahyadri Hospitals Ltd.
Kail Ltd.
OmniActive Health Technologies Ltd.
Livpure Pvt. Ltd.
Vastu Housing Finance Corporation Ltd.
Arvind Fashions Ltd.
True North
Fincare Small Finance Bank Ltd.
Fincare Business Services Ltd.
Trivitron Healthcare Pvt. Ltd.
Aster DM Healthcare Ltd.
Home First Finance Company India Pvt. Ltd.
Fedbank Financial Services Ltd.
Zydus Wellness Ltd.
KIMS Healthcare Management Ltd.
Ban Labs Pvt. Ltd.

2
CHRYS CAPITAL
 GeBBS Healthcare Solutions Pvt. Ltd. Sector: Health Care Technology Country: India

Company Overview:
Solutions
 GeBBS Healthcare Solutions Pvt. Ltd. is engaged in providing revenue cycle
management (RCM) and health information management (HIM) solutions.
 It offers technology like icode workflow, an enterprise-wide coding workflow solution Revenue Cycle Patient Contact
HIM Solutions Others
to improve and enhance the overall coding process; icode assurance, customizable Management Solutions

software as a service (SaaS) coding audit solution; ip2p, business process management
tool; iera, that converts paper explanations of benefits (EOBs) to electronic remittance Accounts
Verification and
Medical Coding Receivable Value-based Care
advice (ERAs). It caters to hospital and physicians. Management
Authorisation
 The company was incorporated in 2004 and is based in Mumbai, Maharashtra.
Coding &
Financial Overview Documentation
End-to-end RCM
Solutions
Patient Call Centre Payer Solutions
Compliance Audits
Particulars (INR mn) FY 16(A) FY 17(A) FY 18(A)
Total Income 1,226.73 1,655.04 2,169.07 Clinical
Documentation
Credit Balance
Self-pay Collections
Resolutions
Improvement
EBIDTA 223.24 322.82 464.89
EBITDA % 18.20 19.51 21.43 Denial
E/M Calculator
management
PAT 140.98 268.15 328.90
PAT % 11.49 16.20 15.16
Net Worth 693.29 846.44 1,098.68 Technology Used
 iCode
Audit Fee 1.10 1.15 1.56
 Workflow
 Risk Adjustment
ChrysCapital Investment Details  Assurance
Date Amount ($ mn) % stake  iP2P
 iERA
04-12-2018 140.00 75.01
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Nitin Thakor Chief Executive Education
Officer and • Bachelor of Arts degree from the University of Texas at
President Austin
• Business Administration and Management in General from
Harvard Business School.
Experience-
• Worked at Gebbs Consulting

Milind Managing Education-

Godbole Director • Master's of Science and Master's of Business Adminstration
from Doctor Babasaheb Ambedkar Marathwada University.
Experience-
• Worked at Aditya Birla , Minacs,and Mphasis Ltd.

Gabe Stein Executive Vice Education-

President Experience-
• Worked at Peak Health Solutions, AlzBetter LLC and Maxim
Healthcare

Kiran Kumar Executive Vice Education-

President Experience-

K. Chandra CFO Education-

Sekhar • Chartered Accountant
Experience-
• Was Vice President of Finance for Zenta
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Sudip Nandy Director Education – NA
Experience- NA

Akshat Babbar Director Education-

• B.Com(H)- Shri Ram College of Commerce
• MBA Finance- NYU Stern School of Business
• Post Graduate Diploma in Management- Indian Institute of
Management Ahmedabad
Experience-
• Worked at Goldman Sachs and IFCI

Nitin Director Education-NA

VijaySingh Experience-NA
Thakore

Sanjay Kukreja Director Education- NA

Experience- NA
 Hero FinCorp Ltd. Sector: Consumer Finance Country: India

Company Overview: PRODUCTS

 Hero FinCorp Ltd. (formerly known as Hero Honda Finlease Ltd.) is
engaged in corporate lending and retail financing.
 They are one of India's fastest growing NBFCs, disbursing a loan Retail Loan
Corporate Loans
Digital Loan

every 30 seconds. On the corporate lending front, they have forged

extremely strong relationships with over 2000 high growth
SME& Commercial Simply Cash Instant
companies.  Two-wheeler Loans
Loans Loan
 The company was founded in 1991 and is based is Delhi, India. Its
key management includes Pawan Munjal (Chairman and Director) Loan Agianst
Used Car Loans
and Renu Munjal ( Managing Director) . Property
Other Investors
Unsecured Business
Loans
Financial Overview
Particulars (INR mn) FY 17(A) FY 18(A) FY 19(A)
Medical Equipment (2.58%)
Total Income 13,317.00 18,177.64 25184.70 Financing

EBIDTA 7,542.60 9,541.58 15406.3

Doctors Loans
EBITDA % 56.64 52.49 61.0
PAT 1,291.90 1,561.90 2457.50
PAT % 9.70 8.59 10.0 ChrysCapital Investment Details
Net Worth 19,502.69 22,940.63 36418.6 Date Amount ($ mn) % stake
Audit Fee 5.1 5.5 8.2 09-09-2016 85.79 11.13
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Abhimanyu Chief Executive Education- NA
Munjal Officer
Experience-
• serves as an Additional Director at Hero Fincorp Ltd., as a
Director of Foodcraft India Pvt. Ltd., Hero Housing Finance Ltd.
and Advantedge Technology Partners Pvt. Ltd.
• Member of Mumbai Angels.

Pawan Kant Chairman, Director Education-

Munjal • Bachelor of Engineering in Mechanical.
Experience-
• serves as a Director on the boards of Hero Realty & Infra Ltd.,
Rockman Industries Ltd., Hero Investments Pvt. Ltd., Bahadur
Chand Investments Pvt. Ltd., Hero Future Energies Ltd., Hero
Investcorp Ltd., Indian School of Business and Indian Institute of
Management, Lucknow

Renu Munjal Managing Director Education-

Experience-
• serves as a director on the board of Easy Bill Ltd
• served as an Executive Director on the board of Hero MotoCorp

Jayesh Jain Chief Financial Education-

Officer • Chartered Accountant
Experience-
• CFO- PNB Housing Finance Limited
• Worked with GRUH Finance Ltd. for 13 years

Mahesh Chief Business Education-

Sanghavi Officer • B Comm (Hons)- St Xavier's College, Calcutta University
• Chartered Accountant
• CFA
Experience-
• Head Credit Risk - Emerging Corporates at ING Vysya Bank
• Worked with HSBC, IndusInd Bank, ICICI Bank and Global Trust
Bank
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Abhimanyu Chief Executive Education- NA
Munjal Officer
Experience-
• serves as an Additional Director at Hero Fincorp Ltd., as a
Director of Foodcraft India Pvt. Ltd., Hero Housing Finance Ltd.
and Advantedge Technology Partners Pvt. Ltd.
• Member of Mumbai Angels.
Pawan Kant Chairman, Director Education-
Munjal • Bachelor of Engineering in Mechanical.
Experience-
• serves as a Director on the boards of Hero Realty & Infra Ltd.,
Rockman Industries Ltd., Hero Investments Pvt. Ltd., Bahadur
Chand Investments Pvt. Ltd., Hero Future Energies Ltd., Hero
Investcorp Ltd., Indian School of Business and Indian Institute of
Management, Lucknow
Suman Kant Chairman, Education-
Munjal Director • Graduate in Commerce.
Experience-
• currently working as a Chairman, Managing Director and
Chief Executive Officer at Hero MotoCorp Ltd.
• works as a Designated Partner at Survam Partners LLP
• Currently serves as a Director on the boards of Rockman
Industries Ltd., Munjal Acme Packaging Systems Ltd.,
Bahadur Chand Investments Pvt. Ltd., Survam
Infrastructure Ltd., Moldex Composites Pvt. Ltd and others
• served as a Director on the board of Majestic Auto Ltd.
BOARD of DIRECTORS

NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD

Relationship
Dharmendar Director Education-
Nath Davar • M.A. in Economics and Bachelor's degree in Commerce.
Experience-
• Currently serves on the board of Sandhar Infosystems Ltd.,
HEG Ltd., RSWM Ltd., OCL India Ltd., Indo-Continental Hotels
& Resorts Ltd., Ansal Properties & Infrastructure Ltd. and
others as the Director.
• Served as Chiarman at IFCI Ltd
Brijmohan Lall Director Education- NA
Munjal
Experience-
• Currently, he is the Founder at Hero Future Energies Ltd
• Currently serves as a Director on the board of Hero Honda
Finlease Ltd., Hero Corporate Service Ltd., Bahadur Chand
Investments Pvt. Ltd., Munjal Showa Ltd. and Sunbeam Auto
Ltd., Easy Bill Ltd., Munjal Brothers Pvt. Ltd., Rockman
Investments Pvt. Ltd and others
 TCNS Clothing Co. Ltd. Sector: Apparel, Accessories & Luxury Goods Country: India

Company Overview:
 TCNS Clothing Co. Ltd. is engaged in manufacturing and
marketing women’s wear under the brand name W.
 The firm operation both offline and online stores.
 The firm also owns and operates an online apparel portal
Wforwoman.com. Bottom
Top Wear Others
Wear
 The company was founded in 1997 and is based in New Delhi,
India. Winter
Financial Overview Kurtas Skirts
Wear
Particulars (INR mn) FY 17(A) FY 18(A) FY 19(A)
Total Income 7,028 8,452 11,554 Pallazos &
Tops Drapes
Pants
EBIDTA 782 1,621 1,843
EBITDA % 11 19 15
Gilets Salwars
PAT 157 980 1,314
PAT % 2 12 11 Sets &
Net Worth 2,819 4,072 6,185 Dresses

Other Investors
ChrysCapital Investment Details
Date Amount ($ mn) % stake
(29.39 %) (29,39%)
- - 0.59 (0.23%)
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Onkar Singh Owner and Education
Pasricha Chairman • Onkar is an alumnus from the Indian Institute of
Technology, Delhi.
Experience-

Anant Kumar Managing Education-

Daga Director • Indian Institute of Management, Ahmedabad.
Experience-
• Worked at Reebok India Co. and ICICI Bank Ltd.
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Naresh Director Education
Patwari • Master of Business Administration from Tuck School of
Business at Dartmouth
• Bachelor of Technology in Mechanical Engineering from the
Indian Institute of Technology, Kharagpur.
Experience-
• Worked with ICICI Venture Funds Management Company
Ltd
• serves as a Director at TA Associates Advisory Pvt. Ltd
Bhaskar Director Education-
Pramanik • Bachelor of Technology Degree in Electrical and Electronics
Engineering from Indian Institute of Technology, Kanpur.
Experience-
• currently serving as the Chairman of Microsoft Corporation
India Pvt. Ltd.
• Worked with Sun Microsystems India Pvt. Ltd.
• Serves as Director on Board of Sankhya Infotech Ltd. and
State Bank of India
 Mankind Pharma Ltd. Sector: Pharmaceuticals Country: India

Company Overview: Brands

 Mankind Pharma Ltd. is engaged in formulating, developing and
commercializing of medicines.
 Mankind Pharma has 34 overseas Destinations and is one of the
top 5 leading pharmaceutical companies in India with a dedicated
field force of over 2138 professionals.
 They provide over 1000 supreme quality products in 22 forms.
 The company was founded in 1986 and is based in New Delhi,
India. Its key management includes Mr. R.C. Juneja ( Chairman) ,
Mr. Rajeev Juneja( Chief Executive Officer) and Mr. Sheetal
Arora( Managing Director)

Financial Overview Other Investors

Particulars (INR mn) FY 17(A) FY 18(A) FY 19(A)
Total Income 45,076.92 50,041.45 50,804.52
EBIDTA 9,392.64 10,640.65 9,780.16
(9.76%)
EBITDA % 20.84 21.26 19.25
PAT 6,291.61 6,912.35 6,114.13 ChrysCapital Investment Details
PAT % 13.96 13.81 12.03 Date Amount ($ mn) % stake
Net Worth 29,271.40 28,809.06 28,230.50 25-03-2018 -- --
Audit Fee 12.20 8.6 8.6 24-04-2007 23.76 --
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Ramesh Chand Founder and Education
Juneja Chiarman
Experience-
• serves on the board of Casablanca Industries Pvt. Ltd. as a
Director.

Rajeev Juneja CEO Education-

Experience-
• Worked at Liza Fashions.
• Designated Partner of Appian Projects LLP, Appian Buildheights
LLP, Appian Buildwell LLP, Appian Buildrise LLP, Casablanca
Lifesciences LLP
• Director of Lifestar Pharma Pvt. Ltd., Shree Jee Laboratory Pvt.
Ltd., Jaspack Industries Pvt. Ltd., Saburi Sai Ram Buildtech Pvt.
Ltd., Appian Associates Infrastructure Pvt. LTD., and others

Sheetal Arora Managing Director Education-

Experience-
• Designated Partner of Appian Projects LLP, Appian Buildheights
LLP, Appian Buildwell LLP, Appian Buildrise LLP, Casablanca
Lifesciences LLP,
• Director of Shree Jee Laboratory Pvt. Ltd., Jaspack Industries Pvt.
Ltd., Magnet Labs Pvt. Ltd., Swing Securities Pvt. Ltd., Moksha
Estates Pvt. Ltd., and others

Arjun Juneja COO Education-

Experience-
• Designated Partner of Appian Projects LLP, Appian Buildheights
LLP, Appian Buildwell LLP, Appian Buildrise LLP, Casablanca
Lifesciences LLP
• Director of Lifestar Pharma Pvt. Ltd., Shree Jee Laboratory Pvt.
Ltd., Packtime Innovations Pvt. Ltd., Magnet Labs Pvt. Ltd.,
Prolijune Lifesciences Pvt. Ltd and others
Key Management Team
NAME DESIGNATIO PROFILE Protiviti Existing Protiviti EMD
N Relationship
Vinod Kumar CFO Education
Singhania
Experience-
• Head- Corporate Finance in TCNS Ltd., Vice President-
Finance in Sentiss Pharma Pvt. Ltd., Joint Executive Director
in Usha Intercontinental India.

Ajay Bansal Marketing Education-

Director
Experience-
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Ramesh Chand Founder and Education
Juneja Chiarman Experience-
• serves on the board of Casablanca Industries Pvt. Ltd. as a
Director.

Ajay Bansal Marketing Education- NA

Director Experience- NA

Prem Kumar Whole Time Education-NA

Arora Director Experience- NA

Prabha Arora Director Education-NA

Experience- NA
CX PARTNERS
 Thalappakatti Hotels Pvt. Ltd. Sector: Hotels, Resorts & Cruise Lines Country: India

Company Overview:
 Thalappakatti Hotels Pvt. Ltd. (formerly Thalappakatti Briyani
Hotels Pvt. Ltd.) owns and operates chain of restaurants and CX Capital Management Investment Details
lodging under the brand name of Dindigul Thalappakatti Date Amount ($ mn) % stake Present Stake
 Dindigul Thalappakatti Sells 5 lakh plates of biryanis per Day.
21-10-2019 36.60 50.10 50.10
 The company was founded in 1957 and is based in Chennai, Tamil
Nadu.

Financial Overview Outlets

Particulars (INR mn) FY 16(A) FY 17(A) FY 18(A)
Total Income 1,364.61 1,561.52 1,788.09
EBIDTA 138.07 159.74 166.97 57 7

EBITDA % 10.12 10.23 9.34 India Overseas

PAT 35.77 36.22 15.09
PAT % 2.62 2.32 0.84
Net Worth 188.47 224.30 240.22
Audit Fee 0.97 1.63 1.93
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
NA NA
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Dhanabalan N Director NA

Nagasamy Director NA
Dhanabalan

Padmavathy Director NA
Dhanabalan

Bhaskar Director NA
Deepika
 Veeda Clinical Research Pvt. Ltd. Sector: Life Sciences Tools & Services Country: India

Company Overview: Major Clients

 Veeda Clinical Research Ltd. is a contract research organization and Products & Services
pharmaceutical drug development company.  BA BE
 Veeda offers a diverse range of clinical studies including • Healthy Volunteer Studies/
bioequivalence as well as PK, PD and Clinical Endpoint studies Patches
for Generics, NCE, and Biopharmaceuticals. • Patient Based Studies
 The company was founded in 2004 and is based in Ahmedabad,  Special Studies
Gujarat. • Inhalation
• Suppository
Financial Overview • Glucose clamp
Particulars (INR mn) FY 17(A) FY 18(A) FY 19(A)  Clinical Trials
Total Income 1,528.26 1,899.94 2,238.56 • Early Phase Clinical Trials
• Late Phase Clinical Trials
EBIDTA 297.68 599.81 876.43  Biosimilars and Biologicals
EBITDA % 19.48 31.57 39.15  Bioanalytical
• Elemental Analysis
PAT 111.88 297.76 526.19
 Biopharmaceutics & Project
PAT % 7.32 15.67 23.51 management
 Pharmacovigilance
Net Worth 549.57 850.86 895.10
Audit Fee 0.75 0.85 1.25 Other Major Investors % stake
Broadway Investment Inc. 27.20%
CX Capital Management Investment Details
Date Amount ($ mn) % stake Present Stake Basil Private limited 69.18%
07-12-2018 -- 18.0 % 3.62%
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Apurva Shah Founder & MD Education
• MBA - Babson College, Franklin W. Olin Graduate School of
Business.
Experience-
• NA

Binoy Gardi MD Education-

• London Business School
Experience-
• Montague Estate & Prop. Co Ltd., LegalPoint Ltd.
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Homer Paneri Director Education
• London Business School
Experience-
• Director of Healthcare at Actis Advisers Pvt. Ltd., Accenture
 Mrs. Bector's Food Specialities Ltd.. Sector: Packaged Foods & Meats Country: India

Company Overview:
 Mrs. Bector's Food Specialities Ltd. (formerly known as Quaker
Cremica Foods Pvt. Ltd.) is a food product manufacturer. It is
engaged in manufacturing and exporting food products under the CX Capital Management Investment Details
brand name Cremica Biscuits, English Oven Breads and Bakery.
 They are one of the leading companies in the non-glucose biscuits Date Amount ($ mn) % stake Present Stake %
and premium breads segment in North India, according to 24-08-2015 38.12 25.32 25.32
Technopak Report.
 They supply approximately 120,000 loaves per day in Delhi NCR.
 The company was founded in 1978 and is based in Gurgaon, CATERS TO
Haryana with additional offices in Punjab, Himachal Pradesh, Uttar
Pradesh, Bengaluru, Maharashtra.
Financial Overview
11 61
Particulars (INR mn) FY 17(A) FY 18(A) FY 19(A)
Total Income 6,408.06 6,957.55 7,860.29 States in Countries
India
EBIDTA 719.20 861.32 967.33
EBITDA % 11.22 12.38 12.31 Other Investors
Particulars % Stake
PAT 290.81 360.48 332.10
GW Crown Pte. Ltd. 19.51%
PAT % 4.54 5.18 4.23
Net Worth 2,353.16 2,667.69 2,949.67 GW Confectionary Pte. Ltd 1.92%

Audit Fee 3.86 5.45 3.91

Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Anoop Bector MD Experience-
• Board: Cremica Industries Ltd., Bector Foods Ltd., Cremica
Agro Foods Ltd., Cremica Foods Ltd., Bakebest Foods Pvt.
Ltd., Cremica Milk Specialities Ltd.

Parveen CFO & ED Education-

Kumar Goel • CA
Experience-
• Eveline International, Finance Manager at Duke Fabrics Pvt.
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Parveen CFO & ED Education-
Kumar Goel • CA
Experience-
• Eveline International, Finance Manager at Duke Fabrics Pvt.

Rajni Bector Director Experience-

• Cremica Agro Foods Ltd

Ishaan Bector Director Education-

• Michigan State University

Rahul Director Experience-

Goswamy • Gateway Management Company Pte. Ltd
 Sapphire Foods India Pvt. Ltd. Sector: Restaurants Country: India

Company Overview: Brands:

 Sapphire Foods India Pvt. Ltd. has entered the Quick Service
Restaurant (QSR) and Casual Dining business by acquiring the
franchise of over 250 outlets of KFC and Pizza Hut across India and
Sri Lanka.
 The company was founded in 2015 and is based in Mumbai,
Maharashtra.
 The company is promoted by Mr Sanjay Purohit,CEO
50 Pizza Hut Delivery (PHD)
 150 outlets of KFC in India
outlets across India and Sri Lanka
Financial Overview
Particulars (INR mn) FY 17(A) FY 18(A) FY 19(A) CX Capital Management Investment Details
Total Income 8,163.91 9,655.21 12,035.71 Date Amount ($ mn) % stake Present Stake
EBIDTA 24.52 174.90 483.13 12-06-2015 24.52 21.42
21.42%
EBITDA % 0.30 1.81 4.01 10-04-2013 22.32 69.73
PAT -584.64 -412.46 -446.57
PAT % -7.16 -4.27 -3.71 Other Investor
Net Worth 5,551.63 4,773.83 4,720.16
(10.12%)
Audit Fee 10.25 6.50 6.02
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Sanjay Purohit Group CEO Education
• IIM – B, NIT- K
Experience-
• Samara Capital, Levi Strauss India Pvt. Ltd., Cadbury India
Ltd. And Paradise Food Court Pvt. Ltd.
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Sanjay Purohit Group CEO Education
• IIM – B, NIT- K
Experience-
• Samara Capital, Levi Strauss India Pvt. Ltd., Cadbury India
Ltd. And Paradise Food Court Pvt. Ltd.

Niladri Nominee Experience-

Mukhopadhya Director • Goldman Sachs Asset Management India Pvt. Ltd.
y

Jonathan Nominee Education-

Vanica Director • Boston College
Experience-
• Goldman Sachs Asset Management India Pvt. Ltd.

Tarun Khanna Director Education-

• University of Baltimore
Experience-
• Yes Bank Ltd., Citi Venture Capital International and GE’s
commercial finance

Manish Mehta Director Experience-

• Board: FirstMeridian Business Services, Iron Mountain India
Pvt Ltd.; OEC Records Management Company Pvt. Ltd.;
Samara India Advisors Pvt. Ltd.; Sapphire Foods India Pvt

Vikram Ranjan Director Education-

Agarwal • CA, SRCC
Experience-
• Samara Capital Management,
• Asian Oilfield., Hansazone.; Guardian Nutrition and Health
EVERSTONE
 Massive Restaurants Pvt. Ltd. Sector: Hotels, Restaurants & Leisure Country: India
Company Overview:
Brands
 Massive Restaurants Pvt. Ltd. owns and operates a chain of
restaurants. The firm is engaged in offering Indian cuisine and
putting Indian food on the global palate.
 The company was founded in 2012 and is based in Gurgaon,
Haryana. Massive Restaurants Pvt. Ltd. operates as a subsidiary
of Mirah Group
Financial Overview
Particulars (INR mn) FY 17 FY 18 FY 19
Total Income 1308 1633 1777
EBIDTA 119 77 -46
EBITDA % 9.09 4.76 -2.60
PAT 32 -142 -226
PAT % 2.44 -8.73 -11.83
Net Worth 554 1112 885
Audit Fee 2.19 2 2.2
Investor % stake
Indivision 1 Investment Details ZK Gourmet Private Limited 48.08
Date Amount ($ mn) % stake Present Stake Mirah Hospitality & Food Solutions Private Limited 10.66
2015-06-12 13.28 50.10 22.04 Gaja Capital Fund II Limited 15.00
 Ascent Health And Wellness Solutions Pvt.
Sector: Pharmaceuticals Country: India
Ltd.
Company Overview:
 Ascent Health And Wellness Solutions Pvt. Ltd. owns and operates a
health delivery platform.
 Ascent provides a full-stack model across Warehousing, Logistics, Supplies
and Credit to connect all the leading pharmaceutical companies with over
25,000 pharmacies.
 The company was incorporated in 2013 and is based in Mumbai,
Maharashtra. Tie-ups
Financial Overview
Particulars (INR mn) FY 16 FY 17 FY 18
Total Income 1,381 2797 6,196
EBIDTA 19 23 -89
EBITDA % 1.39 0.82 -1.44
PAT -49 -38 -248
PAT % -3.55 -1.36 -4.0
Net Worth 934 2,375 2,639
Audit Fee 0.96 0.94 2.06 Investment Details
Investor % stake
Indivision 1 Investment Details
Date Amount ($ mn) % stake Aahaan Commercials Private Limited 15.09

10-12-2015 56.91 65.92

Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Siddharth CEO, Founder Education
Shah • MBA- Indian Institute of Management Ahmedabad
Experience-
• Summer Analyst, Investment Banking-Goldman Sachs

Hardik Dedhia Co- Founder Education-

• Masters, Electrical and Computer Engineering- Carnegie
Mellon University
Experience-
• Worked with NetApp

Harsh Parekh Co- Founder Education-

• MBA, Marketing- SVKM's Narsee Monjee Institute of
Management Studies (NMIMS)
Experience-
• Worked with ITC Limited, Bharti Airtel Limited and
Dialhealth
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Rajev Shukla Director Education
• Post Graduate Diploma in Management from Indian
Institute of Management, Calcutta
• Bachelor's degree in Technology- Electronics and
Telecommunications from Indian Institute of Technology
(Banaras Hindu University), Varanasi.
Experience-
• Managing Director at Everstone Capital Management.
• Worked at Silver Arrow Advisory Pte. Ltd., Unilever Plc and
Hindustan Lever Ltd
• serves as a Director on the board of Modern Food
Enterprises Pvt.
Deep Mishra Director Education-
• Post Graduate Diploma in Management from Indian
Institute of Management, Calcutta
• Mechanical Engineering Degree from Indian Institute of
Technology, Kanpur.
Experience-
• Managing Director at Everstone Capital Advisors Pvt. Ltd
• Worked with Ernst and Young Global Ltd., Captech Online
Pvt. Ltd., Chatterjee Group, Specified Undertaking of the
Unit Trust of India and Och-Ziff Capital Management
• serves as a Director on the boards of Indfrag Ltd., Modern
Food Enterprises Pvt. Ltd., Omniactive Health Technologies
Ltd., Iris River Fragrances Pvt. Ltd, Rubicon Research Pvt.
Ltd and others
 Burger King India Ltd. Sector: Restaurants Country: India
Company Overview:
Presence
 Burger King India Ltd. operates a chain of international fast-food
restaurants with 18,000 restaurants operating in more than 100 countries
 It offes burgers such as vegetarian, egg, chicken, whopper, king's melt etc It operates 129 outlets in India in:
It also offers coolers, desserts, hot beverages.
 The company was incorporated in 2013 and is based in Mumbai,
 Delhi-NCR,
Maharashtra.
 Burger King India Pvt. Ltd. operates as a joint venture between Burger
 Mumbai,
King Corp. and Everstone Capital Management.  Pune,
Financial Overview  Chennai,
Particulars (INR mn) FY 17 FY 18 FY 19  Hyderabad,
Total Income 2,341 3,887 6,441  Bengaluru,
 Chandigarh,
EBIDTA -362 -315 241
 Ludhiana,
EBITDA % -15.46 -8.10 3.74  Amritsar and
PAT -570 -625 -155  Kochi.
PAT % -24.35 -16.08 -24.06
Net Worth 3,901 3,293 3,145
Audit Fee NA NA NA

Indivision 1 Investment Details

Date Amount ($ mn) % stake
19-11-2013 100 99%
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Rajeev Varman CEO Education
• Master of Business Administration from Golden Gate
University
• Bachelor's degree, Mechanical Engineering from Bangalore
University.
Experience-
• Worked with LAL Enterprises and Taco Bell
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Amit Manocha Director Education
• Bachelor’s Degree in Commerce
• Chartered Accountant
• alumnus of Harvard Business School.
Experience-
• Managing Director of Private Equity at Everstone Capital
Management, Singapore
• Worked with Coca-Cola, GE Capital and HCL Technologies
• Serves as a Director on the board of F and B Asia Ventures
India Pvt. Ltd. and Massive Restaurants Pvt. Ltd.
Sachin Chopra Director Education-
• Bachelor of Engineering in Electrical Engineering from
Gujarat University in India.
• Master of Science in Electrical Engineering from Purdue
University
• MBA-The Wharton School
Experience-
• was the Managing Director of Private Equity with Everstone
Capital Management.
• Worked with Warburg Pincus, General Atlantic, and Sun
Microsystems
Jaspal Singh Director Education-
Sabharwal • Master of Management from McGill University
• Diploma in Practicing Management from INSEAD, France.
Experience-
• Worked with Coca-Cola and Investment Company Institute
 Sahyadri Hospitals Ltd. Sector: Health Care Facilities Country: India

Company Overview: Statistics

 Sahyadri Hospital Ltd. operates as a chain of multiple specialty hospitals in 8 900 2000 2600
India. Hospitals Beds Clinicians Supporting Staff
 It provides neurosurgery, neurology, hematology and blood bank, oncology
Presence
and oncosurgery, cardiology and cardio thoracic surgery, critical care and
internal medicine, general and plastic surgery, orthopedics, pediatrics, • Pune (6) • Nashik (1) • Kharad (1)
NT/ophthalmology, rehabilitation, behavioral science, childcare, guidance
centre, nephrology and urology, preventive health, anesthesiology, and Specialties
radiology services. Behavioral
Cardiology / Cardiothoracic Cholesterol
 The company was founded in 1994 and based in Pune, Maharashtra. Anaesthesiology Andrology Science &
Mental Health
Heart Center Surgery
Critical Care
Clinic
Financial Overview
Diabetic Foot
Particulars (INR mn) FY 17 FY 18 FY 19 Dermatology /
Dentistry Care And Endocrinology ENT Gastro Surgery
Gastroenterolog
Skin Care y
Podiascan
Total Income 3296 3416 3872
Haematology & In Vitro
Infectious Internal Nephrology /
EBIDTA 355 474 465 General Surgery Bone Marrow
Transplant
Diseases Medicine
Fertilization
(IVF)
Kidney Care
Neurology

EBITDA % 10 13 12
Nutrition & Obesity Surgery Obstetrics & Oncology / Ophthalmology
Neuro Clinics Neurosurgery
Dietetics Clinic Gynaecology Cancer Centre / Eye Care
PAT 3 103 226
PAT % .1 3 5.8 Orthopaedics &
Joint
Organ
Organ Donation
Paediatrics / Paediatrics Plastic Surgery
Psychiatry
Transplant Child Care Neurology & Cosmetology
Replacement
Net Worth 923 1026 1253
Radiology /
Sugar Care-Your Vascular / Endo
Audit Fee 2.31 2.48 2.36 Pulmonology Radiology Rheumatology Speciality Clinics
Diabetes Clinic
Urology
Vascularsurgery
Interventional

Everstone Investment Details (Not Closed)

Date Amount ($ mn) % stake
Other Investors
(50.77%)
03-04-2019 - NA
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Charudutt Chairman and Education-
Apte Managing • alumnus of Christian Medical College.
Director Experience-
• Serves as a director on the Boards of Sahyadri (Konkan)
Hospitals Private Limited, Konkan Medical Services Private
Limited and Sahyadri Karad Hospitals Private Limited

Jayashree apte Exectutive Education-

Director • alumnus of BJMC, Pune University.
Experience- NA

Prakash Exectutive Education-

Raghunath Director • Master degree in psychology from Pune University.
Tulpule Experience-
• serves as a Director and Head of Department at Sahyadri
Speciality Lab

Dr. Sunil Rao COO Education-

• medical graduate from Government Medical College
Aurangabad
Experience-
• served as colonel in Army medical Corps
• Worked with Aster DM Healthcare, Qatar, Columbia Asia
Hospital Pvt. Ltd. and Jupiter Hospital, Pune.

Mr. R. CFO Education-

Sudumbarekar • A Management Graduate from Pune specialising in
Financial Management.
Experience-
• Worked with Mahindra & Mahindra Group, Pudumjee Pulp
& Paper Mills, Thermax Ltd, Deepak Group Company, Pune,
Aquapharm Chemicals Co and Purolite Inc
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Mr. Sadanand Director Education-
Bapat • post-graduation in Management from Pune University
Experience-
• Worked with Chowgule Industries

Mr. Nitin Desai Director Education- NA

Experience-
• Serves as the Vice Chairman and Managing Director. Of
M/S Desai Brothers Ltd, founder President of Pune Institute
of Neurology, Vice President of Poona Blind Men’s
Association and Co-Chairman of H.V. Desai Eye Hospital
Mr. Narayanan Nominee Education- NA
Director Experience- NA

Mr. Mayank Nominee Education- NA

Bansal Director Experience- NA

Mr. Sanjay Independent Education- NA

Asher Director Experience-NA
 Kail Ltd. Sector: Household Appliances Country: India

Company Overview:
 Kail Ltd. (formerly Kitchen Appliances India Ltd.) is engaged in the
manufacturing household appliances under the brand name Kenstar.
 Its product range includes food processors, hand blenders, electric cattle,
juicers, air condition, washing machines, micro waves, iron etc. Products
 The company was founded in 1996 and is based in Gurgaon, Haryana with
additional offices in Maharashtra.
 Kail Ltd. operates as a subsidiary of Videocon Industries Ltd. Cooling Food Cooking Heating
Fabric Care
Solutions Preparation Solutions Solutions
Financial Overview
Particulars (INR mn) FY 13 FY 14 FY 15 Water
ACs Grinders Microwave Dry Irons
Heaters
Total Income 18,996 19,030 19,425
EBIDTA 855 942 1,058 Food
Coolers Induction Steam Irons
Processors
EBITDA % 4.5 4.9 5.5
PAT -466 -410 -264
Oxyfryer
PAT % -2.45 -2.15 -1.36 350+ Service Franchises
20,000+ Trade Partners
Net Worth 4,405 7,847 7,582
Rice Cooker
Audit fee 0.1 0.1 0.2

Investment Details (Not Closed) Kettle

Investor Amount ($ mn) % stake
Everstone 26.03 100
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Rajiv Kenue CEO Education
• Master of Business Administration Degree in Marketing and
Finance from Institute of Management Technology,
Ghaziabad.
Experience-
• Worked with HCL Infosystems Ltd., Moser Baer India Ltd.,
Samsung Electronics Co. Ltd., LG Electronics India Pvt. Ltd.,
and Videocon Industries Ltd.
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Venugopal Director Education
Nandlal Dhoot • Savitribai Phule Pune University
Experience-
• Managing Director, Chairman and CEO at Videocon Industries
Ltd.
• Serves as a director on the board of West Bengal Power
Ventures Limited, Wonderland Estate Developers P Ltd,
Senior Consulting Pvt. Ltd., Modella Textile Industries Limited
and others
Subramanian Director Education- NA
Padmanabhan Experience- NA
Rahul Sethi Director Education- NA
Amarnath Experience- NA
 OmniActive Health Technologies Ltd. Sector: Life Sciences Tools & Services Country: India
Company Overview:
 OmniActive Health Technologies Ltd. is engaged in manufacturing nutritional Products
ingredients.
 It caters to healthcare, food and personal care industries.
 Specialty Botanicals & Extracts (SBE) is a business unit of OmniActive Health Active Wellness & Metabolic Wellness Vision, Cognition
Physical & Weight and Mental
Technologies, incepted in 2017 by acquiring a leading manufacturer of botanical Performance Management Wellness
extracts. 
 The company was founded in 1969 and is based in Mumbai, Maharashtra, with
additional offices in Thane, Pune, and country offices in the United States of America, CurcuWIN Capsimax Lutemax 2020
and Canada.
 OmniActive Health Technologies Ltd. operates as a subsidiary of Kancor Ingredients Ltd.
Financial Overview Gingever MetaVive Lutemax
Particulars (INR mn) FY 17 FY 18 FY 19
Total Income 3,352 4,574 5,090
Omnixan
EBIDTA 338 719 1,116
EBITDA % 10 15 21 SBE Overview
PAT -119 11 221
30+ 160+ 30+ 7000+
PAT % -3.55 0.23 4.34 Products Customers Countries Capacity in Tons
Net Worth 2,952 2,932 3,111
Audit Fee 3.4 3.5 5.3 Investors
Everstone Investment Details Central Park Securities
Date Amount ($ mn) % stake Holding Pvt. Ltd.
27-12-2016 34.5 (1.26%)
36.01
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
mariwala Managing Education- NA
vallabhdas Director Experience-
jayasingh • Serves as a director on the board Vallabhdas Kanji Ltd.,
Mututal Indutries Ltd., Red Pepper Ltd., Auto Hangar India
Pvt. Ltd. and others

Sanjaya Managing Education-

Mariwala Director • Post Graduation degree in tax management from The
Jamnalal Bajaj Institute of Management Studies, Mumbai
Experience-
• serves as a Director on the board of Vallabhdas Kanji Ltd.
and Auto Hangar India Pvt. Ltd.
• Served as a chairman of FICCI and CII
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Leendert Staal Director Education

Experience-
• working with Neptune Technology and Bioresources as member
of board of Director, Arsenal Capital Partners as Senior Adviser.
• Worked with DSM Nutrional Products, DSM Pharmaceutical
Products and Quest International
Deep Mishra Director Education-
• Post Graduate Diploma in Management from Indian Institute of
Management, Calcutta
• Mechanical Engineering Degree from Indian Institute of
Technology, Kanpur.
Experience-
• Managing Director at Everstone Capital Advisors Pvt. Ltd.
• Worked with Ernst and Young Global Ltd., Captech Online Pvt.
Ltd., The Chatterjee Group, Unit Trust of India.and Och-Ziff
Capital Management
• serves as a Director on the boards of Indfrag Ltd., Modern Food
Enterprises Pvt. Ltd., Ritika Pvt. Ltd., DS Digital Pvt. Ltd., Rubicon
Research Pvt. Ltd., Ascent Health and Wellness Solutions Pvt. Ltd
and others
Ajay Jayasinh Director Education- NA
Mariwala Experience- NA
Mohan Director Education- NA
Jayasingh Experience- NA
Mariwala
Jayasingh Director Education- NA
Vallabhdas Experience- NA
Mariwala
MOTILAL OSWAL PRIVATE EQUITY
 Ganesh Grains Ltd. Sector: Packaged Foods & Meats Country: India

Company Overview: Products

 Ganesh Grains Ltd. is engaged in manufacturing wheat and gram flour.
 Its products include atta, besan, sooji, dalia, sattu, falahari, ready to Atta Maida Sooji Besan
cook, papad items, bhujia and namkeen, maida, powders of cereals and
pulses.
 The company was incorporated in 2000 and is based in Kolkata, West Specialty Ekadoshi
Sattu Dalia
Bengal. Flour Staples
Financial Overview
Particulars (INR mn) FY 17 FY 18 FY 19 Instant
Rice
Total Income 5,879.37 5,434.50 4,798.79 Mix
EBIDTA 423.03 394.66 321.57
EBITDA % 7.20 7.26 6.70 MOPE Investment Details
PAT 99.24 147.11 103.33 Date Amount ($ mn) % stake
PAT % 1.69 2.71 2.15 20-08-2016 14.95 25.71%
Net Worth 1,403.56 1,550.67 1,554.00
Audit Fee 0.69 2.16 2.43
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Manish MD Education-
Mimani • St Xavier's College Kolkata
Experience-
• 20 years of experience
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Manish MD Education-
Mimani • St Xavier's College Kolkata
Experience-
• 20 years of experience

Madhu Director • NA
Mimani

Subir Bose Director • NA

Sushila Devi Director • NA

Mimani

Mantri Rohit Nominee • NA

Brijmohan Director
 Dairy Classic Ice Creams Pvt. Ltd. Sector: Packaged Foods & Meats Country: India
Company Overview:
 Dairy Classic Ice Creams Pvt. Ltd. is engaged in manufacturing and marketing
ice creams.
 It offers more than 125 variants of ice creams such as chocolate delites, kulfi,
duets, candy, cup ice creams, cone ice creams, tub ice creams, novelties,
family pack ice creams, frozen desserts, etc. It caters to the dairy industry.
 The company was founded in 2003 and is based in Bengaluru, Karnataka. Products

Financial Overview
Particulars (INR mn) FY 17 FY 18 FY 19 Ice
Kulfis Candys
Total Income 1,486 1,707 2,272 Creams
EBIDTA 181 204 308
EBITDA % 12.24% 11.9% 13.5%
Family
PAT 68 30 113 Sundaes
PAT % 4.6% 1.7% 4.9%
Pack Cups
Net Worth 852 882 995
Audit Fee 1.12 0.78 0.95

MOPE Investment Details

Date Amount ($ mn) % stake
08-08-2016 16.44 38.92%
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Saurabh Kasat CFO Education
• MBA - Institute of Management, Nirma university
Experience-
• VP – Ernst & Young
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Jaganath Wholetime Education
Narasimhamur Director • NA
thy Makam Experience-
• 17 Years of experience

Bharat kumar Nominee • NA

kedia Director

Vijay Dhanuka Nominee • NA

Director

Balaraju Wholetime Education-

Baantharamu Director • BSc - Bangalore University
Experience-
• Tech Officer - Unilever

Boddangodi Director • NA
Kishorekumar
Rai
 Kurlon Enterprise Limited Sector: Diversified Support Services Country: India

Company Overview: Products

 Kurlon Enterprise Ltd. is engaged in manufacturing mattresses.
 It offers foam, rubberized coir, spring, therapeutic mattresses, bolsters,
cushions and pillows, sofa, furniture, etc.
Mattresses Pillows Sofas Furniture Furnishing
 The company also sells its products online. The company was
incorporated in 2011 and is based in Mumbai, Maharashtra.
 Kurlon Enterprise Ltd. operates as a subsidiary of Kurlon Ltd.
Business Overview
Financial Overview
Particulars (INR mn) FY 17 FY 18 FY 19 126 72
10,000
Total Income 10,387.65 11,206.27 11,242.12 Mattress Dealers Branches
EBIDTA 1,068.41 1,500.50 1,421.02 Configurations
EBITDA % 10.29 13.39 12.64
9 Manufacturing Locations:
PAT 604.81 841.53 740.13 • Karnataka, • Uttaranchal, and
PAT % 5.82 7.51 6.58 • Orissa, • Gujarat
• Madhya Pradesh,
Net Worth 2,358.36 3,130.96 3,800.16
Audit Fee 3.5 3.5 5.5

MOPE Investment Details

Date Amount ($ mn) % stake
03-09-2015 13.56 16.36
Key Management Team
DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Tonse Chairman & MD Education
Sudhakar Pal • Bachelor’s – IIM, Bangalore
Experience-
• MD - Maha Rashtra Apex Corp Ltd
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Tonse Chairman & MD Education
Sudhakar Pal • Bachelor’s – IIM, Bangalore
Experience-
• MD - Maha Rashtra Apex Corp Ltd

Nitin Director NA
Gajananrao
khot

Tulsyan Vishal Nominee NA

Director
MULTIPLES EQUITY
 Livpure Private Limited Sector: Household Appliances Country: India

Company Overview: Other Investors

 Livpure Pvt. Ltd. is one of the leading manufacturers of water Products
purifiers in India.
 It is an ISO 9001:2015 Company and has a well-defined quality Company Products

assurance system in place which starts with the selection of only

(14.92%)
the best inputs for our RO systems Air
Water Purifier Air Purifier
 It’s manufacturing plant is located in Gurugram, Haryana. Conditioners

Financial Overview
Particulars (INR mn) FY 17(A) FY 18(A) FY 19(A) RO water Purifier Home Air Purifiers
(5.32%)
Total Income 1,439.21 1,787.02 2,006.62
UV Water
EBIDTA -435.83 -400.02 -251.04 Purifiers
Car Air Purifiers

EBITDA % -30.28 -22.38% -12.51

Gravity Water
PAT -495.76 -374.25 -338.05 Purifiers

PAT % -34.45 -20.94 -16.85 (6.81%)

Domestic Water
Net Worth 203.05 312.09 205.02 Treatment
Systems
Audit Fee NA 1.36 1.46
Service & Distribution Network
Multiples PE Investment Details
Date Amount (USD mn) % stake
28-11-2014 10.00
12-12-2015 0.75 10.10% 46 1450 300 10,000

09-06-2017 0.78 Special Full Service Distributors Retail Partners

Service Hubs Facility
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Mr. Rakesh Founder & Mentor Education-
Malhotra Experience-
• Previously worked with Siemens Energy & Automation and NELCO
• Founder at SAR Group, Livpure Pvt. Ltd., Ncubate Capital Partners,
Luminous Teleinfra Ltd., Luminous Power Technologies Pvt. Ltd.
• Serves as a Director on the Board of Fly Mobiles Pvt. Ltd

Mr. Navneet Chairman & Co- Education- NA

Kapoor Founder Experience- NA

Mr. Sushil Director – Education-

Matey Marketing • Alumnus of IIM Calcutta
• Alumnus of NIT Nagpur
Experience-
• Serves as Executive Director with UrjaKart.
• Previously worked with HR Johnson, GE – Godrej Appliances Ltd, LML Ltd,
Masco Home Products-USA, Nitco Tiles and Schneider Electric Co.
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Wayne Director Education- NA
Alexander Experience- NA
Palmer
Ranjit Singh Director Education- NA
Yadav Experience-
• Serves as Nominee Director on the Board of Applect Learning
Systems Pvt. Ltd
Paresh Director Education- NA
Chandra Experience-
Pradhan • Serves as Director on the Board of Livguard Electric Drivetrain
Privatelimited, Livgreen Cleantech Private Limited, Livguard Energy
Technologies Privatelimited ,Nabling Services Private Limited and
Whole Time Director at LUminous Teleinfra Limited.
Rajan Sundar Director Education- NA
Ramakrishnan Experience- NA
• Serves as a Director on the Boards of Lectrix Motors Private Limited
and Managing Director on the Board of Privi Life Sciences Private
Limited.
Rakesh Director Education- NA
Malhotra Experience-
• Serves as Director on the Boards of Fly Mobiles Pvt. Ltd., Livguard
Energy Technologies Private limited, Sar Capital Private Limited,
Doo Innovation Private Limited, Livgreen Cleantech Private Limited
Privi Life Director Education- NA
Sciences Experience-
Private • Serves as Director on the Board of Xerox India Limited
Limited
 Vastu Housing Finance Corporation Limited Sector: Mortgage Finance Country: India
Company Overview:
 Vastu Housing Finance Corporation Ltd ( VHFC ) is a Public Limited
Company registered with National Housing Bank (NHB). The Company was
incorporated on February  04, 2005.
 It uses  a combination of technology and the traditional distribution Services Provided
• KEY PRODUCTS
Cricket MAJOR BRANDS
model to provide simple, easy and flexible loans, and through its unique  Home Loans;
• Football  US Polo Assn;
ability to acquire and underwrite large volumes of such loans to serve the  Home
under-served community. • Hockey  Tommy Hilfiger;
• Extension/Improvement
Basketball  Arrow;
Financial Overview Loans;
 Flying Machine;
Particulars (INR mn) FY 17(A) FY 18(A) FY 19(A)  Plot Construction Loan;
 Calvin Klien;
 Construction Loan;
Total Income 219.87 950.04 1,877.39  Ed Hardy;
 Commercial Property; Hanes;
EBIDTA 18.32 486.48 1,267.99  Loans Against Property.
 Gant;
EBITDA % 8.33% 51.21% 67.54  Nautica.
PAT 4.57 196.10 376.55
PAT % 2.08% 20.64% 20.06
Net Worth 1,223.84 3,669.94 7,523.55
Audit Fee 0.81 1.58 3.01 BRANCHES
Multiples PE Investment Details  Andhra Pradesh
Date Amount (USD mn) % stake
 Gujarat  Rajasthan
 Delhi-NCR  Tamil Nadu
27-03-2015 17.59  Karnataka  Telangana
 Madhya Pradesh  Uttar Pradesh
31-07-2017 30.11 88.05%  Maharashtra  Uttarakhand
26-04-2019 52.89
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Sujay Patil Co-Founder and Education-
CFO •  MMS (Marketing) - Jamnalal Bajaj Institute of
Management studies
• BE (EL & TL) - Mumbai University.
Experience-
• Previously worked with GE Capital, Standard Chartered
Bank, Indiabulls and Barclays Bank.

Ravichandra Co-Founder Education-NA

Madapati Experience-
• Previously worked with Barclays Bank, CitiFinancial
Consumer finance, Standard Charted Bank, American
Express Bank.

Bharat Mehta Co-Founder Education-

• Cost Accountant
Experience-
• Previously worked with Magma Housing Finance, HDFC
Bank and Standard Chartered Bank

Rohith Co-Founder Education-

Balakrishnan • Bachelor in Engineering -College Of Engineering, Guindy
Experience-
• Previously worked with Micro Housing Finance
Corporation Limited

Nikhil Co-Founder Education-

Carvalho • BE in Computer Science –Mumbai University
Experience-
• Previously worked with Netblade Solutions Pvt Ltd
Key Management Team
NAME • DESIGNATI • PROFILE Protiviti Existing Protiviti EMD
ON Relationship
Anusha Shetty Co-Founder Education-NA
Experience-
• Previously worked with JP Morgan and Home First Finance Company
Srivatsan Co-Founder Education-
Bhaskaran • Masters in Business Administration -NMIMS, Mumbai.
• Bachelor in Engineering - Sathyabama University, Chennai
Experience-
• Previously worked with IIFL Holdings and Aditya Birla Housing
Finance

Prasanna BV Co-Founder Education-

• Bachelor in Commerce- Bangalore University.
Experience-
• Previously worked with Equitas Finance Pvt.Ltd , Axis Bank, Future
Capital Financial Services Ltd, Barclays Bank PLC
Vikki Soni Co-Founder Education-
• Chartered Accountant
Experience- NA
 Sector: Apparels,Accessories &
Arvind Fashions Limited Country: India
Luxury Goods
Company Overview:
 Arvind Fashions Limited is a leading branded apparel company, catering to
customers across the income pyramid.
 It has a dynamic portfolio which comprises of 28 Leading global brands of KEY PRODUCTS MAJOR BRANDS
India.
  US Polo Assn
 This company was a subsidiary of Arvind Limited but however operates Denims
 Casual Shirts  Tommy Hilfiger
independently of Arvind Limited as on 29th November 2018.
  Arrow
 The Company has been listed in National Stock exchange of India. Tops & Dresses
 Trousers & jackets  Flying Machine
Financial Overview  Suits  Calvin Klein
 Ed Hardy
Particulars (INR mn) FY 17(A) FY 18(A) FY 19(A)
 Hanes
Total Income 12,945.52 42,313.50 46,479.90  Gant
 Nautica
EBIDTA 774.88 2,418.60 2,922.50
EBITDA % 5.99 5.72 6.29
PAT 181.75 129.20 214.80 Distribution Network Other Investors
PAT % 1.16 0.34 0.35
Net Worth 6,580.42 10,597.80 11,294.10
Audit Fee 5.91 20.2 19.5 (2.53%)
(4.15%)
Multiples PE Investment Details
Date Amount (USDmn) % stake
1500 5000
(3.91%)
25-10-2016 117.65 10.31% Stand-alone Departmental & (1.39%)
Stores Multi-Brand Stores
Key Management Team

NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD

Relationship
Mr. Kulin Director Education-
Lalbhai • MBA from the Harvard Business School.
• BSc in Electrical Engineering from the Stanford University
Experience-
• Previously Worked with McKinsey & Company

Suresh Managing Education-NA

Jayaraman Director & CEO Experience-
• Director at Arvind True Blue Ltd., Arvind Premium Retail Ltd.,
Arvind Retail Ltd., Calvin Klein Arvind Fashion Pvt. Ltd. and many
others

Pramod Gupta CFO Education-

• B.Com (Hons)- St. Xaviers' College, Kolkata
• FCA (Finance & Accounting)- Institute of Chartered Accountants of
India
Experience-
• Previously worked with Hindustan Unilever Limited, ConAgra (Agro
Tech Foods Limited), DHL Express (India) Pvt Limited, Novartis,
Microsoft and RIVIGO
BOARD of DIRECTORS

NAME • DESIGNATI • PROFILE Protiviti Existing Protiviti EMD

ON Relationship
Mr. Sanjaybhai Chairman and Education-
Shrenikbhai Managing • Bachenor of Science (Stastics)- St. Xavier's College, Ahmedabad.
Lalbhai Director • Masters of Management Studies- Jamnalal Bajaj Institute of
Management Studies
Experience-
• Serves as Promoter and Member of Investment Committee at
Amplus Capital Advisors Pvt. Ltd.
• Serves as a director on the Boards of Adani Ports and Special
Economic Zone Ltd. , Arvind SmartSpace Ltd., Torrent
Pharmaceuticals Ltd., Arvind Brands Ltd. , Arvind Retail Ltd., Arvind
Lifestyle Brands Ltd. and The Anup Engineering Ltd.,
Achal Anil Director Education-
Bakeri Experience –

Suresh Managing Education-NA

Jayaraman Director & CEO Experience-
• Director at Arvind True Blue Ltd., Arvind Premium Retail Ltd., Arvind
Retail Ltd., Calvin Klein Arvind Fashion Pvt. Ltd. and many others
Mr. Executive Director Education-
Punit Lalbhai • MBA from INSEAD
• Masters of Environmental Science from Yale University
Experience-
• Leads Arvind's Advanced Materials, Engineering, and Agribusinesses.
Vallabh Director Education-
Roopchand Experience-
Bhanshali
TRUE NORTH
 Fincare Small Finance Bank Ltd Sector: Thrifts & Mortgage Finance Country: India
Company Overview:
 Fincare Small Finance Bank Ltd. (formerly Disha Microfin Pvt. Ltd.) is Products
a microfinance and non-banking financial service provider.  Savings Account
 The Bank currently has an extensive network of branches across 7  Current Account
states  Fixed Deposits
 It caters to rural, micro, small and medium enterprises.  Recurring Deposit
 The company was founded in 2007 and is based in Bengaluru,  NRI Banking
Karnataka. Its key management includes Rajeev Yadav ( Managing  Loan Against Property
Director and CEO) and Mr. Keyur Doshi ( Chief Financial Officer).  Affordable Housing Loan
Financial Overview  Loan Against Gold
Particulars (INR mn) FY 17(A) FY 18(A) FY 19(A)  Micro Loans
 Institutional Finance
Total Income 1,855.40 3,506.10 6749.90
EBIDTA 872.72 213.60 2360.90 Channels of Banking
EBITDA % 47.04 6.09 34.96
PAT 86.86 -795.50 224.30
PAT % 4.68 -27.82 3.32%
Whatsapp Branch & ATM Mobile Internet
Net Worth 4,350.81 3,375.50 6660.00 Banking Network Banking Banking
Audit Fee 2.90 4.00 5.30
True North Investment Details Other Investors
Date Amount ($ mn) % stake
03-05-2016 6.92
19-06-2013 -- 8.89%
(Debt Investment)
02-09-2010 2.13
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Rajeev Yadav MD & CEO Education-
• IIM Ahmedabad
• IIT Kanpur
Experience-
• Clix Finance India, Motorola India, Cadence India

Sameer Yogesh Founder Education-

Nanavati • MBA
Experience-
• NA

Keyur Co-Promoter & Education-

Gopalbhai CFO • MBA
Doshi Experience-
• Disha Microfin Pvt. Ltd. , MoneyMitra Professional Service

Mahender Group COO Education-

Chawla • Cost and Management Accountant
Experience-
• Money Mitra Professional Services Pvt. Ltd, HSBC

Venkata COO Education-

Jayaraman • PGDM -University of Madras
• Advanced Management Program - IIM Bengaluru
Experience-
• COO - Central Operations at Fincare Business Services
• Head -Wholesale Operations at ING Vysya Bank
• ICICI
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Sameer Yogesh Founder Already covered
Nanavati
Pramod Kabra Director Education-
• CA
Experience-
• VP Treasury – Unilever, Hindustan Lever Ltd.
Sunil Satyapal Director Education-
Gulati • Post Graduate Diploma in Management from Indian
Institute of Management, Ahmedabad.
• Bachelor's degree of Technology in Electrical Engineering
from the Indian Institute of Technology, Delhi.
Experience-
• Chief Risk Officer and Country Head of Strategy at Ratnakar
Bank Ltd.
• Yes Bank Ltd., GE Commercial Finance, ING Vysya Bank,
Bank of America
 Fincare Business Services Ltd. Sector: Consumer Finance Country: India

Company Overview:
 Fincare Business Services Limited is a Core Investment Company Metrics
managing a clutch of businesses operating in banking and  Gross Loan Portfolio - INR
financial services sector in India. 4474.00 Cr
 It operates the following business entities- Fincare Small Finance  Footprint - 15 States and 1
Bank and Business correspondent Lok management Services. Union Territory
 The company was incorporated in 2014 and is based in  Active clients - 22 Lakhs +
Bengaluru, Karnataka. Its key management includes Mr. Keyur
Doshi (Non- Executive Director) and Mr. Gunnamreddy
Dasarathreddy ( Managing Director).
True North Investment Details
Date Amount ($ mn) % stake
Financial Overview
09-01-2017 7.30 20.06
Particulars (INR mn) FY 17(A) FY 18(A) FY 19(A)
29-08-2016 8.87 16.66
Total Income 1412 3917 7317
EBIDTA 589 569 4101
EBITDA % 41.7 14.5 56
Other Investors
(4.94%)
PAT 42 -737 857
(16.47%) (0.78%)
(3.81%)
PAT % 2.9 - 11.7
Net Worth 5185 5087 6906 (8.46%)
(0.54%)
Audit Fee 0.41 0.5 0.5 (3.86%) (3.66%)
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Pankaj Gulati Chief People Education
Officer • Executive General Management Program – IIM Bengaluru
Experience-
• Manager – Max Life Insurance, HSBC, Exide Life Insurance

Kishore M COO Education-

• PGDM - MSM, Netherlands
Experience-
• Business Head for Microfinance - L&T Finance, IL & FS
Investsmart, Alpic Finance, Nagarjuna Investment Trust

Mahender COO - Channel Education-

Chawla Operations • Cost and Management Accountant
Experience-
• Area Manager at HSBC, Money Mitra

Praveen Arora COO - MFI and Education-

MEL • IIM – Kolkata
• IIT - Delhi
Experience-
• GE Capital, BNP Paribas, GE Money

Subash COO-South, Education-

Venkateswaran Liability Banking • MBA - Alagappa University
Experience-
• Lakshmi Vilas Bank Ltd, HDFC, Karur Vysya Bank

Vivek Kothari COO -West, MFI Education-

• MBA
Experience-
• American Express Bank, ICICI
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Pankaj Gulati CXO & Director Already Covered

Satya Director Experience-

Narayana • Board: Lok Management Services Pvt. Ltd. and Future
Peravali Financial Services Pvt. Ltd

Aarti Director Experience-

Vimalchand • Lok Management Services
Punmiya

Bhavya Gulati Director Education-

• Masters – LSE
• Graduate – SRCC
• CA
Experience-
• Tata Opportunities Fund, The Indian Hotels Company, L&T
Dhiraj Poddar Director Education-
• MBA – IIM Ahmedabad
Experience-
• MD - TA Associates Advisory Pvt. Ltd, Tega Industries Ltd.,
Fractal Analytics, RateGain, IndiaIdeas.com Ltd.
 Trivitron Healthcare Pvt. Ltd. Sector: Health Care Equipment Country: India
Company Overview:
 Trivitron Healthcare Pvt. Ltd. (formerly known as Trivitron
Products
Diagnostics Pvt. Ltd.) is engaged in providing health care
solutions.  Newborn screening  ICU solutions
  Clinical chemistry
 It is a family of 1500 employees housed in 25 offices. Trivitron Radiography & c-arm systems
 Hematology
 Mammography
holds the record of 50,000+ installations across the globe.  Ultrasound  Immunology
 The company was founded in 1997 and is based in Chennai,  Breast biopsy system  Electrophoresis
 Ventilators  Molecular diagnostics
Tamil Nadu. Its key management includes Dr G.S.K. Velu  Chromatography & mass
 Operating room solutions
(Chairman & Managing Director) and Mr. Partha Sarthi De  Bone densitometer spectrometry
(Executive Director & Group CFO).  Contrast media  Histopathology
  Microbiology
Financial Overview Radiation protection
 Cytology
 Renal care
Particulars (INR mn) FY 17(A) FY 18(A) FY 19(A)  Infectious disease diagnostic test
Total Income 3331.28 3668.77 4140.74
EBIDTA 194.02 323.59 305.80 Global Presence
EBITDA % 5.8 8.8 7.3
PAT -376.10 174.36 -128.20 12 5 9
165
PAT % - 4.7 - Innovation Manufacturing
Countries Warehouses
Net Worth 1932.48 2083.13 1924.41 Centres Facilities
Audit Fee NA NA NA Other Investors
Date % stake
True North Investment Details
FIL Capital Management ( Mauritius) Limited 16.80%
Date Amount ($ mn) % stake
26-11-2013 24.62 22.13%
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Gomathy Babu Founder & MD Education
Sadacharam • BITS, Pilani
Kulandai Velu Experience-
• Stakeboat Capital LLP, Chairman and Managing Director of
Medfort hospitals Pvt. Ltd., Managing Director of Star
Trivitron and Founder and Director of Alliance Medicorp
India Ltd
• Director at Metropolis Health Services India Ltd. and Co-
Founder and Vice-Chairman at Metropolis Healthcare Ltd.

G. S. Director- Education-
Bhuvaneshwar Innovation and • IIT-M
Education Experience-
• Biomedical Technology Wing
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Gomathy Babu Founder & MD Education
Sadacharam • BITS, Pilani
Kulandai Velu Experience-
• Stakeboat Capital LLP, Chairman and Managing Director of
Medfort hospitals Pvt. Ltd., Managing Director of Star
Trivitron and Founder and Director of Alliance Medicorp
India Ltd
• Director at Metropolis Health Services India Ltd. and Co-
Founder and Vice-Chairman at Metropolis Healthcare Ltd.
Chandrasekar Director Education-
Kandasamy • MBA, BE
Experience-
• MD and Venture Partner at ePlanet Capital,
• Founder and Managing Partner at Stakeboat Capital LLP
Athmanathan Director Education-
Ganesan • CA
Experience-
• G.S.K. Velu Family Office, Stakeboat Capital LLP
Siddharth Director Education-
Dhondiyal • MBA – INSEAD, IIT
Experience-
• MD – True North, Accenture India Pvt. Ltd, Cognizant
Prem Director Education-
Venkatachala • MBA - MIT
m Pavoor Experience-
• Partner at Eight Roads Ventures
 Aster DM Healthcare Ltd. Sector: Health Care Facilities Country: India

Presence
Company Overview:
 Aster DM Healthcare Ltd. (formerly known as DM Healthcare
Pvt. Ltd.) owns and operates a multi-specialty hospital.
 Aster DM Healthcare has a growing network across Middle East,
115 231 9
India and Far East. It has 2,913 Doctors and 17, 416 Employees 25
 The company was incorporated in 2008 and is based in Cochin,
Kerala. Its key Management includes Dr. Azad Moopen Hospitals Clinics Pharmacies Countries
( Chairman and Managing Director). True North Investment Details
Date Amount ($ mn) % stake
06-05-2014 13.08
Financial Overview
Particulars (INR mn) FY 17(A) FY 18(A) FY 19(A) 29-12-2011 2.15 2.15%
Total Income 59679 67665 79973 29-12-2008 12.77
EBIDTA 3687 6582 8976
EBITDA % 6.17 9.72 11.22
Other Investors
PAT -3181 1497 3690
PAT % - 2.21 4.61
Net Worth 18755 28320 28393
(23.93%)
Audit Fee 14.45 12.1 12.5 (1.10%)
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Mandayapurat Chairman & MD Education
h Azad • Bachelor of Medicine, Bachelor of Surgery and Medicinal
Moopen Doctor Degree from Calicut Medical College, Kerala.
Experience-
• Malabar Institute Of Medical Sciences,
• Director of Dr. Ramesh Cardiac and Multispeciality Hospital
Pvt. Ltd., DM Med City Hospitals

Sreenath CFO Education-

Pocha Reddy • CA

T J Wilson Group Director Education

• CA
Experience-
• Koyenco Group as a General Manager

Alisha Moopen Director-Strategy Education

• University of Michigan
Experience-
• Ernst & Young
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Mandayapurat Chairman & MD Already covered
h Azad
Moopen
Anoop Director NA
Moopen
Anvar Ameen Director NA
Chelat
Sanjay Director Education-
Narendrakuma • Master’s in Management from University of Mumbai
r Arte • Bachelor of Mechanical Engineering from IIT, Kanpur.
Experience-
• President of Franke
• Managing Director - Sekurit Saint Gobain
Suresh Director NA
Muthukrishna
Harsh Director Education-
Charandas • Bachelor Degree in Business and Commercial from
Mariwala Sydenham College Of Commerce And Economics
Experience-
• Marico Ltd., Federation of Indian Chambers of Commerce
and Industry
Daniel R. Director Education-
Mintz • Stanford Graduate School of Business Administration
Experience-
• Olympus Capital Holdings Asia, Morgan Stanley Capital
Partners
 Home First Finance Company India
Sector: Thrifts & Mortgage Finance Country: India
Pvt. Ltd.

Company Overview:
Products
 Home First Finance Co. India Pvt. Ltd. is a housing finance
company.  Home Loans for Salaried  Home Loans for Senior
 They also provides their services through a mobile application Professionals Citizens
named as HFFC GO  Home Loans for the Self  Home Loan Balance
 The company was founded in 2010 and is based in Mumbai, Employed Transfer
Maharashtra with an additional office in Ahmedabad.  Home Construction  Home Loan Top Up
Loans  Shop Loans
Financial Overview
 Home Extension &  Group Home Loans
Particulars (INR mn) FY 17A) FY 18(A) FY 19(A)  Loan Against Property
Renovation Loan
Total Income 942.89 1,462.84 2,653.38  Home Loans for NRIs
EBIDTA 682.51 1,057.60 1,889.78
EBITDA % 72.38 72.30 71.22 Presence
PAT 87.72 252.02 422.38
PAT % 9.30 17.23 15.92 65 50000+ 4000+
Net Worth 3,078.37 3,331.06 5,261.71 Branches Loans Crores
Audit Fee 2.3 2.3 3.8 Approved disbursed
Other Investors
True North Investment Details
Date Amount ($ mn) % stake
20-03-2017 82.82 63.32
(16.37%)
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Jaithirth Rao Co –Founder Education
• IIM-Ahmedabad
Experience-
• Founder, Chairman and Managing Director of Mphasis,
IDFC Alternatives Ltd

P S Jayakumar Co –Founder Education-

• XLRI, Jamshedpur
Experience-
• MD and CEO of Bank of Baroda, Value and Budget Housing
Ltd., Citibank, India
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Deepak Chairman and Education
Satwalekar Independent • IIT - Bombay
Director Experience-
• MD – HDFC

Sakti Prasad Director Education-

Ghosh • Jamnalal Bajaj Institute of Management
Experience-
• Executive Director, National Housing Bank

Sujatha Director Education-

Venkatramana • MBA
Experience-
• Seasoned retail banking professional

Rajagopalan Director Education-

Santhanam • CA
Experience-
• DIrector – True North

Divya Sehgal Director Education-

• IIM Bengaluru
• IIT Delhi
Experience-
• Partner – True North

Maninder Director Education-

Singh Juneja • IIM Lucknow
Experience-
• MD – True North
 Fedbank Financial Services Ltd. Sector: Consumer Finance Country: India

Company Overview:
 Fedbank Financial Services Ltd. is a non-banking financial Products
company. It is a subsidiary of the Federal Bank Ltd.
 HOME LOAN
 The company was founded in 2010 and is based in Mumbai,
 LOAN AGAINST
Maharashtra Its key Management includes Mr. Anil Kothuri
( Managing Director and Chief Executive Officer), Mr. Shardul PROPERTY
 CAR LOAN
Kadam (President- Chief Operating Officer) and Mr. Sudeep
 CONSTRUCTION
Agrawal ( Chief Financial Officer).
FINANCE
Financial Overview  GOLD LOAN
Particulars (INR mn) FY 17(A) FY 18(A) FY 19(A)
Total Income 1,346.16 1,976.64 2589.22
EBIDTA 854.21 1,278.60 1630.22
EBITDA % 63.46 64.69 62.96
PAT 225.30 307.99 350.76
PAT % 16.74 15.58 13.55
Network
Net Worth 2,304.64 2,596.81 4622.36
Audit fee 0.85 1.10 1.20
True North Investment Details 110+ Retail loan HUBs 10 in presence in 100+ gold
Branches metro and more than loan branches
Date Amount ($ mn) % stake
semi-metro 500 villages
11-05-2018 59.60 26.00
locations
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Pradosh COO Experience-
Kumar • Associate member of the Indian Institute of Bankers.
Mohapatra

Kapil Punwani Head-Operations Education-

• Commerce Graduate
Experience-
• Reliance Capital Ltd

Shardul Kadam Head-Credit and Education-

Risk • CA
Experience-
• Head of Legal Process at ICICI Bank

Sagar Agrawal Head-Retail Education-

Loans • MBA - Welingkar Institute of Management, Mumbai
Experience-
• Regional Business Head – ICICI
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Suresh Director Experience-
Muthukrishna • Board - ICICI Lombard General Insurance Company Ltd.,
Kumar Icici Prudential Asset Management Company Ltd., Aster DM
Healthcare Ltd

Pullattel Director NA
Chacko Cyriac

Hayagreeva Director NA
Ravikumar
Puranam

Yousuf Khan Director NA

Mohammad

Shyam Director NA
Tirunelvelu
Srinivasan
 Zydus Wellness Ltd. Sector: Packaged Foods & Meats Country: India

Company Overview: 5 Manufacturing Brands

 Zydus Wellness Ltd. (formerly Carnation Nutra-Analogue Foods
Facilities
Ltd.) is engaged in manufacturing and supplying of healthcare,
nutrition and cosmeceuticals products. Gujarat- 1
 The Company is Listed in Both NSE and BSE.
 The company was founded in 1994 and is based in Ahmedabad,
Sikkim – 2
Gujarat. Zydus Wellness Ltd. operates as a subsidiary of Cadila Aligarh – 1
Healthcare Ltd. Sitarganj- 1
Financial Overview
Particulars (INR mn) FY 17A) FY 18(A) FY 19(A)
Total Income 2,497.40 2,916.90 3,151.60 Other Investors
EBIDTA 1,129.70 1,392.20 1,297.00
EBITDA % 45.24 47.73 41.15 (1.25%)

PAT 1,093.40 1,338.00 963.00

PAT % 48.55 50.65 37.82 Channels of Banking
Net Worth 5,571.90 6,911.90 33,252.40
Audit Fee 1.2 1.1 6.9

True North Investment Details 20 Cold Chain 46 Ambient 1,500+ 2 million+

Date Amount ($ mn) % stake Warehouses Warehouses Distributors Customer
06-12-2018 NA 13.79% Touch points
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Sharvil Chairman & CEO Education-
Pankajbhai • Doctorate degree from the University of Sunderland, U.K
Patel Experience-
• MD - Cadila Healthcare
• Board: Dialforhealth India Ltd, Cadmach Machinery Company
Pvt. Ltd., Zydus Hospital And Healthcare Research Pvt. Ltd.,
Zydus Pharmaceuticals Ltd

Amit B. Jain CEO NA

Indira Jitendra Director Education-
Parikh • Doctor of Philosophy
Experience-
• Board of Marck Biosciences Ltd, Indian Oil Corporation Ltd.,
Sintex Industries Ltd. and Mahindra Gujarat Tractor Ltd

Ganesh N. Director NA
Nayak
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Sharvil Chairman & CEO Already Covered
Pankajbhai
Patel

Indira Jitendra Director Already Covered

Parikh

Ganesh N. Director Already Covered

Nayak
 KIMS Healthcare Management Ltd. Sector: Health Care Services Country: India

Company Overview:
Presence
 KIMS Healthcare Management Ltd. owns and operates a chain of
multi-specialty tertiary care hospital with the brand name of
Kerala Institute of Medical Sciences. 
 KIMS has 1800 beds across India and GCC.
 The company was incorporated in 2002 and is based in Kochi, 18 6 903 6602
Kerala. KIMS Healthcare Management Ltd. operates as a
subsidiary of Condis India Healthcare Ltd. Its key Management Hospitals & Countries Doctors Employees
includes Dr M I Sahadulla (Chairman and Managing Director). Medical
Centre
Financial Overview
Particulars (INR mn) FY 16(A) FY 17(A) FY 18(A)
Total Income 4171 5905 6146 Branches
EBIDTA 864 728 1006
 Thiruvananthapuram
EBITDA % 20.70 12.3 16.3
 Kollam
PAT 353 -102 156  Kottayam
PAT % 40.84 -17.27 2.50  Perinthalmanna.
Net Worth 4752 4752 5491  Oman
 Qatar
Audit Fee NA NA NA
 Bahrain
True North Investment Details  Dubai
Date Amount ($ mn) % stake  Saudi Arabia
29-03-2017 40.00 Minority
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Dr M I CMD Education
Sahadulla • M.D, F.R.C.P (Ireland), F.R.C.P (Lon),
• M.B.A (Hull, UK)
Experience-
• 25 years of experience in Saudi Aramco Hospitals in various
capacities such as Physician, Internist and administrator

Padmashree Vice – Chairman Education-

Prof Dr G Director Medical • Calicut Medical College
Vijayaraghavan Services • Delhi University
Experience-
• Echo and Doppler echocardiography

DSahadullar CEO and CMO of Education-

Sheriff GCC • University of Michigan
• Tufts University School of Medicine
Experience-
• TeamHealth, St. Joseph Hospital Nashua New Hampshire

Udhay Davey Group CFO Education-

India and GCC • CA
Experience-
• Chief Financial Officer - Sterling Holiday Resorts India Ltd.
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Dr M I CMD Education
Sahadulla • M.D, F.R.C.P (Ireland), F.R.C.P (Lon),
• M.B.A (Hull, UK)
Experience-
• 25 years of experience in Saudi Aramco Hospitals in various
capacities such as Physician, Internist and administrator
Padmashree Wholetime Education-
Prof Dr G Director • Calicut Medical College
Vijayaraghavan • Delhi University
Experience-
• Echo and Doppler echocardiography
DSahadullar Director Education-
Sheriff • University of Michigan
• Tufts University School of Medicine
Experience-
• Regional Medical Director Hospital Medicine – TeamHealth
Mr E M Najeeb Director Education-
• MBA, D.J.
Experience-
• Founder and Chairman ATE Group of Companies
T l Meerannan Director NA
Nasarudeen
Kesava Menon Director Education-
Chandrasekhar • B.A. (Honours) in Economics
• M.A. in History from St. Stephen's, College
Experience-
• IAS
 Ban Labs Pvt. Ltd. Sector: Personal Products Country: India

Company Overview: Products

 Ban Labs Pvt. Ltd. is engaged in manufacturing and exporting ayurvedic
and herbal medicines.
 Its products include cosmetics, hair care personal care, home care and Beauty Care Hair Care
beauty care products.
 The company was founded in 1966 and is based in Rajkot, Gujarat.

Financial Overview
Particulars (INR mn) FY 17 FY 18 FY 19
Total Income 1,322 2,682 379 Home Care Health Care & Ayurveda

EBIDTA 95 963 -518

EBITDA % 7.21 35.92 -136.68
PAT 46 679 8255.02 Manufacturing Facilities at:
PAT % 3.52 25.35 2179.49 • Dehradun
• Ponta Sahib
Net Worth 830.96 1,525.94 9780.96
Audit Fee 0.04 0.51 0.62

True North Investment Details (Not Closed)

Date Amount ($ mn) % stake
28-09-2018 NA 75
Key Management Team
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Dahyabhai Chairman and NA
Kanjibhai Patel Whole-Time
Director

Maulesh MD NA
Dahyabhai
Ukani
BOARD of DIRECTORS
NAME DESIGNATION PROFILE Protiviti Existing Protiviti EMD
Relationship
Maulesh MD NA
Dahyabhai
Ukani

Natavarlal Director NA
Dayabhai
Ukani