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PC0-006 exam Dumps Source : Management of Risk (MoR) Foundation
Test Code : PC0-006
Test Name : Management of Risk (MoR) Foundation
Vendor Name : PEOPLECERT
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PEOPLECERT Management of Risk (MoR)
Axar Capital management was based in 2015 by Andrew Martin Axelrod. The hedge fund based mostly in big apple metropolis gives functions to pooled investment motors and institutional customers. even though Axar Capital management is a young firm, its founder sharpened his funding acumen years earlier than starting it. Mr. Axelrod is the previous partner and co-head of North the us for Mount Kellet Capital administration. He graduated Magna Cum Laude from Duke college where he additionally earned a Bachelor of Science in Economics. His competencies and skill have taken him to occupy the position of Chairman of Evoq homes, Inc. He has additionally served as most important at Goldman Sachs & Co. LLC has worked as an Analyst at Kohlberg Kravis Roberts & Co and has served as a member of the Seventy Seven power Board of directors. in the existing Mr. Axelrod is Axar Capital's Managing partner and Portfolio manager.
Andrew Axelrod Axar Capital
Axar Capital administration makes a speciality of adventure-driven and particular instances investments across the capital structure often keeping off leverage. It performs bottom-up, simple evaluation to recognize and check value-oriented investment alternatives created by means of the fluctuating market situations and inefficiencies. The fund invests in a considerable number of securities and monetary gadgets corresponding to distressed or stressed out financial institution debt and bonds, hire tasks, listed and over-the-counter equities to point out a number of. It principally trades within the united states, Canada, and other developed international locations. despite the fact, given the opportunistic nature of the fund's funding method, if price anomalies are detected, it could possibly invest in certain different countries, including rising markets. subsequently, the content material of its portfolio will alternate depending on the market fluctuations. although, it looks the fund would not want to put money into favourite shares as none of its 13F portfolio positions are among the many 30 most standard shares amongst hedge cash in Q3 of 2018.
Axar Capital administration's funding method has as objective to generate tremendous risk-adjusted results. on the other hand, some of its funds had been field to fluctuating performances. for example, its Axar Onshore Fund LLC failed to obtain constant returns due to the fact that its inception in 2015. right through its first year, the fund introduced a lack of 9.79%. despite the fact, 2016 seemed to be the yr for convalescing, Axar Onshore Fund brought returned an annual return of 36.sixty eight%. however, the high-quality effects failed to continue in 2017 when the fund misplaced 0.37%. From January through October 2018, the fund's returns don't appear a whole lot encouraging; it lost 2.fifty one%. As of October twenty ninth, 2018 Axar Onshore Fund had finished a total return of 19.seventy five% with a compound annual return stood at 5.86 %, while its worst drawdown changed into at 17.forty. according to its kind ADV, on can also 1st, 2018, Axar Capital administration held $893.03 million in discretionary property beneath management.
In its 13F submitting for the third quarter of 2018, Axar Capital management disclosed an equity portfolio valued in $1.01 billion. The fund equity portfolio held eight positions of which considered one of them changed into a new acquisition. during the Q3 of 2018, the fund bought 1,708,927 shares in Mesa Air group Inc (NASDAQ:MESA), this stake became valued at $23.sixty nine million. Mesa Air group is a commercial aviation preserving business based in Phoenix, Arizona. It operates because the retaining enterprise for Mesa airlines which gives regional air functions for American airways beneath American Eagle manufacturer and United airways under United express line.
find out more about Axar Capital management's 13F portfolio at the end of Q3 of 2018 on the next web page.
StoneMor partners LP (NYSE:STON) turned into one of the most super positions in Axar Capital administration's portfolio on the end of the third quarter of 2018. After elevating its stake by 4%, the fund bought a total of 6,879,333 shares worth $35.29 million. Stone Mor is a trading enterprise structured as a partnership. The enterprise owns and operates 316 cemeteries and ninety seven funeral buildings within the u.s..
one more enormous place changed into Patterson-UTI energy Inc (NASDAQ:PTEN), the fund procured 730,000 shares valued at $12.49 million. Patterson-UTI power is an organization that offers drilling and power pumping technology for the oil and gas extraction trade.moreover, the fund raised its stake by way of 9% in Stage stores Inc (NYSE:SSI) buying 2,300,000 shares value $4.53 million. Stage outlets operates around 830 department shops in the united states.
some other positions in Axar Capital administration's 13F portfolio for Q3 of 2018 had been five megastar Senior residing (NASDAQ:FVE) with 2,073,398 shares worth $1.78 million and Jakks Pacific Inc (NASDAQ:JAKK) where it holds 141,194 shares value a value of $360,000.
this text became originally published at Insider Monkey.
– enterprise publicizes preliminary route ahead on oliceridine NDA –
– company to host convention call on Monday, January 28 at eight:30 a.m. ET –
CHESTERBROOK, Pa., Jan. 28, 2019 (GLOBE NEWSWIRE) -- Trevena, Inc. (NASDAQ: TRVN) today introduced the receipt of the professional category a meeting minutes from the U.S. meals and Drug Administration (FDA) concerning the finished Response Letter (CRL) got for the oliceridine New Drug application (NDA).
FDA has agreed that the enterprise’s latest safeguard database will help labeling at a maximum each day dose of 27 mg.
FDA additionally has agreed that the enterprise can habits a analyze in match volunteers to compile the requested QT interval records and that the study should consist of placebo- and high quality-manage fingers. The company intends to put up an in depth protocol and analysis plan to FDA almost immediately and, following receipt of FDA comments, anticipates initiating this analyze in the first half of this 12 months. The enterprise is not required to deliver any additional efficacy facts to resubmit the oliceridine NDA.
“we're encouraged by means of the productive discussion with FDA, which we consider has offered a direction to resubmit the oliceridine NDA,” talked about Carrie L. Bourdow, President and Chief govt Officer. “We stay committed to our mission of making certain access to secure and positive medicine alternatives for sanatorium patients who require an IV opioid to manage their moderate to extreme acute pain.”
To address other objects in the CRL, FDA has indicated that the company should include assisting nonclinical statistics regarding the characterization of the 9662 metabolite and the last product validation reviews when the oliceridine NDA is resubmitted.
The enterprise additionally introduced that it expects cash, cash equivalents, and marketable securities as of December 31, 2018 to be about $sixty one.5 million, which the business anticipates may be enough to fund working expenses and capital expenditure requirements into the second quarter of 2020. In March 2019, the company expects to announce full economic consequences for the fourth quarter and whole 12 months ended December 31, 2018.
conference call and WebcastA convention name and webcast will be held on January 28, 2019 at 8:30 a.m. ET. To join the name, please dial in at (855) 465-0180 (conference identity: 3882155).
To be a part of a live audio webcast of the name, please visit the Investor Presentation portion of the company’s site. Following the conclusion of the call, the webcast should be accessible for replay for 30 days.
About OliceridineOliceridine is a G-protein biased mu-opioid receptor (MOR) ligand in development for the management of moderate to severe acute ache in hospitals or different controlled scientific settings where intravenous (IV) remedy is warranted. it's a new chemical entity with a novel mechanism of motion that makes it possible for greater selective targeting of newly discovered pathways with the talents for fewer side consequences. Oliceridine is an investigational product and has no longer been permitted by way of the FDA or some other regulatory company. If approved, the business has requested that oliceridine be categorized as a time table II managed substance.
About Trevena Trevena, Inc. is a biopharmaceutical enterprise focused on the development and commercialization of new and ingenious medication alternatives for sufferers in pain. The enterprise has three novel and differentiated investigational drug candidates, including IV oliceridine, for the management of average to extreme acute ache in hospitals, TRV250 for the medication of acute migraine, and TRV734 for pain and/or management of opioid dependence. In its preclinical courses, Trevena is evaluating a group of novel S1P receptor modulators that may also present a brand new, non-opioid method to managing chronic ache.
Cautionary be aware on ahead searching statementsAny statements during this press unencumber about future expectations, plans and prospects for the enterprise, together with statements in regards to the company’s method, future operations, scientific construction of its therapeutic candidates, plans for competencies future product candidates and other statements containing the phrases “anticipate,” “accept as true with,” “estimate,” “are expecting,” “intend,” “may,” “plan,” “predict,” “mission,” “indicate,” “target,” “capabilities,” “will,” “would,” “may,” “may still,” “proceed,” and an identical expressions, represent ahead-searching statements inside the meaning of The inner most Securities Litigation Reform Act of 1995. genuine consequences may also range materially from those indicated by way of such forward-looking statements because of a lot of essential factors, together with: the reputation, timing, charges, outcomes and interpretation of the business’s clinical trials or any future trials, together with with admire to any future clinical examine of oliceridine; the uncertainties inherent in conducting medical trials; expectations for regulatory interactions, submissions and approvals, including the business’s assessment of the discussions with FDA, whether there is a path to resubmit the oliceridine NDA, and the timing of any FDA evaluation of the protocol for a future oliceridine study; availability of funding sufficient for the business’s foreseeable and unforeseeable working expenses and capital expenditure requirements and no matter if money, money equivalents, and marketable securities as of December 31, 2018 should be enough to fund working fees and capital expenditure necessities into the 2nd quarter of 2020; uncertainties regarding the business’s highbrow property; different matters that might have an effect on the supply or commercial potential of the enterprise’s therapeutic candidates; and different elements discussed in the possibility components set forth within the company’s Annual report on kind 10-okay and Quarterly experiences on kind 10-Q filed with the Securities and exchange commission (SEC) and in other filings the company makes with the SEC from time to time. in addition, the forward-looking statements blanketed during this press unlock symbolize the enterprise’s views handiest as of the date hereof. The company anticipates that subsequent movements and developments can cause the company’s views to change. despite the fact, while the enterprise may additionally opt for to update these forward-searching statements at some factor in the future, it in particular disclaims any obligation to accomplish that, apart from as may be required via law.
ContactsBob Yoder610-354-8840Trevena, Inc.
fitness innovations — from vaccinations to bed nets — had been instrumental in fighting a few of world’s most persistent and lethal illnesses. Now more than ever, international locations around the world are recognising and investing in the capabilities of innovation to make certain that greater individuals can lead suit, productive lives.
It’s exciting to look this vogue in motion in India, which is emerging as a leader in establishing equipment that increase health care. India brought the first domestically developed rotavirus vaccine, Rotavac, to curb newborn mortality from diarrhoea. The vaccine has the competencies to stay away from about 27,000 deaths and 300,000 hospitalisations in India each year, and it could also play a key function in addressing global provide considerations that have positioned hundreds of thousands of babies in danger. on-line logistic administration systems such as the digital Vaccine Intelligence network (eVIN) are assisting to ensure actual time tips on vaccine stock and bloodless chain administration in order that lifesaving vaccines attain the americans who want them probably the most.
by way of 2030, the government aims to location India among the many excellent three nations globally in science and know-how. Investing to realize this vision, the Union price range improved its allocation in these areas via 7.5% in 2018-19 to Rs 65,741 crore. We applaud these investments, which have significant expertise to improve lives in India and abroad, and to reinforce the Indian economic system in the method.
One initiative that speaks to the promise of countrywide innovation is Grand Challenges India. With a primary belief that super ideas can, and do, come from in every single place, Grand Challenges supports the area’s brightest minds in tackling large issues in fitness and development. Launched in 2003, its community now includes countrywide-level programmes in additional than a dozen international locations which have together awarded greater than $1 billion to innovators from 87 countries.
To assist and domesticate India’s vibrant group of innovators, in 2012, the invoice & Melinda Gates basis partnered with the Biotechnology trade analysis suggestions Council (BIRAC) and department of Biotechnology (DBT) to launch a national Grand Challenges programme. The purpose turned into to determine and fund the construction of daring new ideas and technologies to address human and animal fitness, meals, dietary and development complications.
Over the last six years, the programme has launched seven challenges, acquired over 2,000 scientific applications and supported 18 tasks. We’ll share just just a few interesting examples.
the primary is an initiative to inspire stronger bogs. India’s Reinvent the lavatory challenge requested scientists to get a hold of sustainable solutions for enhanced sanitation. Researchers from the Kerala-based mostly business, ERAM Scientific, were among the many many who stepped up. They developed India’s first public digital lavatory, 900 of which have now been put in in colleges across the nation.
a further is 99DOTS, which is helping India reach its ambitious goal of being tuberculosis free via 2025. whereas the ailment is curable, remedy is complicated and factors terrible adherence to drug regimens. Everwell fitness solutions, based in Bangalore, created 99DOTS to aid sufferers live on the right track at a fraction of the can charge of alternative monitoring equipment. The equipment has reached over eighty,000 patients and the group is working with the government to extend even further.
Grand Challenges India also tackles related considerations like meals protection, food and agriculture. achieving match growth via Agriculture & foodstuff (AgNu) money Indian-led pilot tasks that goal to reduce low delivery weight, early stunting and wasting amongst Indian infants. Supported by way of this programme, researchers from Society for Science developed a photo voltaic-conduction meals-dryer to promote year-round weight loss plan variety, which has been successfully used by 250 girls farmers. Plans at the moment are in location for an international scale up involving 1,200 farmer cooperatives in eight international locations.
Grand Challenges India lately joined forces with similar initiatives in Brazil and Africa to tackle antimicrobial resistance, which threatens the effectiveness of drugs that americans depend on to treat tuberculosis, malaria and a lot of different diseases. The programme has also partnered with a few Indian govt organizations to launch its fourth name to attain more people with lifesaving immunisations through more desirable information.
Innovation requires time and endurance, but with partnerships and commitment, the long run looks shiny. Grand Challenges India is fostering improvements as a way to assist americans in India and around the world lead better lives. Innovation has huge skills for India’s future, and the invoice & Melinda Gates basis is excited to continue supporting the Indian government and innovation community on the direction from conception to influence.
Trevor Mundel and Nachiket Mor are personnel of the invoice & Melinda Gates basis
The views expressed are personal
First posted: Feb 07, 2019 07:41 IST
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Management of Risk (MoR) Foundation
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Health innovations — from vaccinations to bed nets — have been instrumental in fighting some of world’s most persistent and deadly diseases. Now more than ever, countries around the world are recognising and investing in the potential of innovation to ensure that more people can lead healthy, productive lives.
It’s exciting to see this trend in action in India, which is emerging as a leader in developing tools that improve health care. India introduced the first domestically developed rotavirus vaccine, Rotavac, to curb infant mortality from diarrhoea. The vaccine has the potential to prevent approximately 27,000 deaths and 300,000 hospitalisations in India each year, and it could also play a key role in addressing global supply issues that have placed millions of children at risk. Online logistic management systems such as the Electronic Vaccine Intelligence Network (eVIN) are helping to ensure real time information on vaccine stock and cold chain management so that lifesaving vaccines reach the people who need them the most.
By 2030, the government aims to place India among the top three countries globally in science and technology. Investing to realise this vision, the Union Budget increased its allocation in these areas by 7.5% in 2018-19 to Rs 65,741 crore. We applaud these investments, which have enormous potential to improve lives in India and abroad, and to strengthen the Indian economy in the process.
One initiative that speaks to the promise of national innovation is Grand Challenges India. With a fundamental belief that great ideas can, and do, come from everywhere, Grand Challenges supports the world’s brightest minds in tackling big problems in health and development. Launched in 2003, its network now includes national-level programmes in more than a dozen countries that have collectively awarded more than $1 billion to innovators from 87 nations.
To support and cultivate India’s vibrant community of innovators, in 2012, the Bill & Melinda Gates Foundation partnered with the Biotechnology Industry Research Assistance Council (BIRAC) and Department of Biotechnology (DBT) to launch a national Grand Challenges programme. The aim was to identify and fund the development of bold new ideas and technologies to address human and animal health, food, nutritional and development problems.
Over the last six years, the programme has launched seven challenges, received over 2,000 scientific applications and supported 18 projects. We’ll share just a few exciting examples.
The first is an initiative to inspire better toilets. India’s Reinvent the Toilet challenge asked scientists to come up with sustainable solutions for improved sanitation. Researchers from the Kerala-based company, ERAM Scientific, were among the many who stepped up. They developed India’s first public electronic toilet, 900 of which have now been installed in schools across the country.
Another is 99DOTS, which is helping India reach its ambitious target of being tuberculosis free by 2025. While the disease is curable, treatment is complicated and causes poor adherence to drug regimens. Everwell Health Solutions, based in Bangalore, created 99DOTS to help patients stay on track at a fraction of the cost of other monitoring tools. The system has reached over 80,000 patients and the team is working with the government to expand even further.
Grand Challenges India also tackles connected issues like food security, nutrition and agriculture. Achieving Healthy Growth through Agriculture & Nutrition (AgNu) funds Indian-led pilot projects that aim to reduce low birth weight, early stunting and wasting among Indian infants. Supported by this programme, researchers from Society for Science developed a solar-conduction food-dryer to promote year-round diet diversity, which has been successfully used by 250 women farmers. Plans are now in place for an international scale up involving 1,200 farmer cooperatives in eight countries.
Grand Challenges India recently joined forces with similar initiatives in Brazil and Africa to address antimicrobial resistance, which threatens the effectiveness of drugs that people rely on to treat tuberculosis, malaria and many other illnesses. The programme has also partnered with several Indian government agencies to launch its fourth call to reach more people with lifesaving immunisations through better data.
Innovation requires time and patience, but with partnerships and commitment, the future looks bright. Grand Challenges India is fostering innovations that will help people in India and around the world lead better lives. Innovation has enormous potential for India’s future, and the Bill & Melinda Gates Foundation is excited to continue supporting the Indian government and innovation community on the path from idea to impact.
Trevor Mundel and Nachiket Mor are employees of the Bill & Melinda Gates Foundation
The views expressed are personal
First Published: Feb 07, 2019 07:41 IST
Image: Mexy Xavier
Kshama Fernandes, MD and CEO of IFMR Capital, has brought originators from newer sectors and increased the number of products that it offers the investing community
Paramesan Gowda, 48, has been running a makeshift sandwich stall outside the BSE for many years. Given his humble business, he is not the typical customer to whom traditional bankers feel inclined to lend. With its overemphasis on paper work and address proofs, India’s banking and financial services system is not primed to give him credit. Hence, despite being in the heart of India’s financial nerve centre, Dalal Street, Gowda for long lingered beyond the fringes of the financial system, deprived of any formal channels of credit to grow his sales.
Until, that is, Mumbai-based Essel Finance Business Loans—a non-banking financial company (NBFC) that specialises in small business loans—sanctioned a Rs 30 lakh loan to Gowda in June 2014. Essel Finance Business Loans studied his business closely for two days and realised he had steady cash flows. Gowda repaid his loan in 13 months.
Essel Finance Business Loans may be the face of the help Gowda was getting, but there is another force that has enabled this support: IFMR Capital, a Chennai-based NBFC, which helps Essel Finance Business Loans meet its cash requirements.
IFMR’s relevance cannot be overstated. Even the NBFCs and microfinance institutions (MFIs) that lend directly to people like Gowda—they are called originators—find themselves stonewalled when trying to access capital from traditional banking channels. Enter IFMR Capital, which either lends directly to originators or connects them to cash-rich institutional investors like mutual funds and insurance companies. It has devised one-of-its-kind securitised debt products, or securitisation structures (see box ), through which investors can put their money in originators.
“After understanding our business, they lend us the required capital or get a financial institution to do that. IFMR Capital audits our books on a regular basis. They have their ears close to the ground, which helps understand the end customers,” explains Sandeep Wirkhare, CEO, Essel Finance Business Loans.
IFMR Capital is thus taking the challenge of financial inclusion head on.
“It is our mission to reach out to Indians who find it difficult to get a housing loan or a business loan because they are not part of the formal system. Banks and financial institutions that have the capital do not understand these segments. Our job is to bring in capital to originators who provide finance to informal sectors,” says Kshama Fernandes, 47, managing director and CEO, IFMR Capital.
Over the last eight years, IFMR Capital has facilitated capital to the tune of around Rs 30,000 crore to 100-odd originators, serving 25 million end borrowers. IFMR Capital estimates that the size of the market it deals with is Rs 14 lakh crore.
The company started in 2008 focusing on the microfinance sector. Today, its originators span several asset classes like small business finance, vehicle finance, commodity finance and affordable housing finance.
Over the years, the company has pioneered many innovative structures like its flagship multi-originator securitisation (Mosec) as well as pooled bond issuances and has become a market leader in these areas. IFMR Capital’s Mosec structure offers institutional investors with different risk appetites a simple avenue to invest in originators.
The main source of income for IFMR Capital is the fees and interest it garners by connecting institutional investors and originators. For the year ended March 2016, IFMR Capital had revenues of Rs 246 crore and clocked a net profit of Rs 60 crore.
The People Behind ItIn 2007, when Bindu Ananth quit her job—as the head of the new product development team within the Rural and Inclusive Banking Group at ICICI Bank—to build a startup in the field of financial inclusion, she had the support of Nachiket Mor, who was then heading the ICICI Foundation for Inclusive Growth.
Armed with a seed funding of Rs 150 crore—a long-term loan from ICICI Bank—Ananth set up IFMR Trust in 2007 as an affiliate of the Institute for Financial Management and Research (IFMR), Chennai. The idea was to collaborate on action-research; Mor was appointed the chairperson of the governing council of the IFMR Trust, which had its office in the campus of IFMR.
In the same year, the IFMR Trust tied up with Nobel laureate Muhammad Yunus’s Grameen Bank, known for its principles of helping the poor through financial inclusion. Together, they created Grameen Capital India, a social investment bank that facilitated capital flow to MFIs. (In 2012, IFMR Trust sold its stake in Grameen Capital to the Patni brothers of Patni Computer Systems.)
In 2008, the IFMR Trust wanted to expand its role beyond that of a mere facilitator and that’s when IFMR Capital was set up. The initial brief was to build a financial institution that would serve as an intermediary and bring capital to MFIs. These MFIs had a good business model but needed capital to grow their business. Mor and Ananth were interested in creating a model that would link MFIs to big financial institutions. Mor started to brainstorm with the founding team of the IFMR Trust, which included his ICICI colleagues Anil Kumar SG and Puneet Gupta apart from Ananth.
“We were among the few people who had moved out of ICICI Bank with some idea about what we wanted to do. But the vision became sharper when we started to meet more people who wanted to work with us. Two of them, Sucharita Mukherjee and Kshama Fernandes, joined us immediately and helped us build this organisation,” recalls Ananth, 37, who is now the chair of the IFMR Trust.
Mukherjee had worked with Morgan Stanley in London, where her job was to create asset-backed financing structures in intellectual property. Fernandes, on the other hand, was a professor heading the finance division at the Goa Institute of Management. Her deep understanding of risk impressed Mor and Ananth. “Kshama brought in the academic capability. She had no experience in running an institution at that time but we needed her to manage the core functions. Hiring her worked,” says Mor, 56.
In 2008, the IFMR Trust put in Rs 60 crore to start IFMR Capital. Two more companies, IFMR Rural Finance and IFMR Rural Channels and Services, were set up subsequently. All three are now held by IFMR Holdings set up in 2014; Mukherjee is the CEO of IFMR Holdings and was the founding CEO and managing director of IFMR Capital from 2008 until 2012, when Fernandes took over. Till then, Fernandes was chief risk officer of the company. Mor, who set up the core team of IFMR Capital, moved out in 2011 to pursue work in the area of health care and is currently the director of the Bill & Melinda Gates Foundation in India.
In the founding years, IFMR Capital had six employees. They created their first structure for Equitas Micro Finance—of Rs 15.7 crore—for offering microcredit and later sold it to investors in 2009. “It was crazy. I remember the time we found the first investor in the structure we created. It was a mutual fund which put a person in our office to understand our company. From then on, we just moved forward,” says Ananth.
Equitas provided a ‘first-loss’ facility, which meant that in the event of a default on the loans it had sanctioned to its customers, the company would be liable for it. Equitas gave cash collateral to the tune of 11.7 percent of the principal amount to cover any shortfall in loan repayment. IFMR Capital, too, invested Rs 3.13 crore in the structure.
The company has come a long way since creating its first structure. When Fernandes took over as the CEO and MD in 2012, the annual volume of financing done by the company was Rs 975 crore. It has risen to Rs 13,244 crore in 2016. In 2012, almost 90 percent of the business was associated with the microfinance sector. Fernandes took the challenge of bringing on originators from newer sectors, like affordable housing companies Aptus Value Housing Finance India Limited and India Shelter Finance. She also got in companies like Janalakshmi Financial Services and Ujjivan Financial Services. Over a period of four years, she has more than tripled the number of originators from 30 to 100.
Fernandes also started to grow the number of products that she was offering the investing community. Initially, IFMR Capital had a securitisation product and a term-loan product. But with the increasing number of clients, she helped create guarantee products, pooled bond issuance (where a large number of originators come together to issue loans) and non-convertible debenture products backed by guarantee. “While business grew 13 times [since 2012] in terms of volumes, none of our stakeholders has lost a single rupee,” says Fernandes.
There was also a need to increase capital. In 2014, IFMR Holdings approached LeapFrog Investments for equity capital and sold a 40 percent stake for Rs 175 crore.
“IFMR Capital is an example of a world-changing financial institution, improving the lives of millions through innovative, structured finance solutions. They’ve built a successful business to serve the underserved. We see them as true pioneers of the new growth frontier,” says Michael Fernandes, partner at LeapFrog Investments.
Fernandes and Mukherjee have a database of all the underwritten loans, which run into millions. The repayment track record of these loans is available across sectors and companies. This database was built to create IFMR Capital’s own proprietary risk model to assess risk and do risk-based pricing.
However, the real monitoring of risk had to be done at the originators’ side. Fernandes hired people with expertise in automobile loans, home loans and microfinance. These experts monitor the originators 24x7. “These risk experts attend meetings with the originators. They don’t dress up in ties and suits. The originators and their customers need to feel that these guys speak in their language,” says Fernandes.
Why it is a GemWhat differentiates IFMR Capital from other NBFCs is the fact that it brings buyers (originators) and sellers of capital (investors) on the same platform. IFMR Capital also leads by example as it is an investor in the very financial structure it creates.
IFMR Capital’s model ensures that all stakeholders in a transaction have reason to make a deal work. The originator puts cash collateral to defend against defaults by the end borrower.
Hinduja Leyland Finance is one such investor that has benefited from its three-year-old association with the company.
“IFMR Capital has helped several institutions raise debt in a timely and efficient manner and by connecting investors like us to such players, they have helped diversify our own asset base. All this is done through efficient structuring, rigorous monitoring and seamless execution,” says Sachin Pillai, managing director, Hinduja Leyland Finance.
The effort is also ongoing in terms of product innovation to bring down the cost of capital for the originators, which can later be passed on to the borrowers. The company has only worked with domestic investors and is in the process of launching a significant international investor coverage strategy.
The IFMR Capital team, with over 100 members, is divided into two sub-teams—origination and risk. The origination team’s job is to identify new originators and maintain relationships with existing ones. The latter does online monitoring and surveillance.
Risks and ChallengesThe 2008 global financial crisis was fundamentally related to securitisation structures. Investors who invested in securitised products did not understand the risks involved. These risks emerged because the investors thought they were putting money in perfectly safe assets.
But the reality was that the underlying loans that were used in these structures were not risk-free and investors were not aware about the quality of the borrowers. When cash flows from these products became erratic, investors panicked, precipitating a crisis and bringing down the financial system.
IFMR Capital deals with similar products and has to pay constant heed to the risks the originators of the loans take on. If the originators end up taking risky loans, and their end customers are not able to repay, it would weaken not just IFMR Capital but also its investor clients. This is where the fact that IFMR Capital puts it own money where its faith is comes into play.
(This story appears in the 16 September, 2016 issue of Forbes India. You can buy our tablet version from Magzter.com. To visit our Archives, click here.)
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