Cash 360

The treasury cockpit — 13-week cash, EBITDA-to-FCF conversion, working-capital unlock, receivables, liquidity and covenant headroom.

Accex Supply Chain Private Limited · FY26 (modeled)

Top 10 Indian logistics solution providers (modeled)

420 employees · 0+ US sites · 1 countries

▲ Executive read· the answer, then the moves

Liquidity is sound at $5.5M (≈ 8 weeks cover), but $0.6M of working capital is trapped in receivables — pull DSO from 56d to 48d to self-fund the next deal rather than draw the $14M of covenant capacity.

3 of 5 headline metrics improving vs prior · still off target: Liquidity $6M vs $6M, Free Cash Flow $3M vs $4M, Cash Conversion Cycle 37d vs 32d

Do now — ranked by urgency

1
Deploy $14M of deal capacity to the 5.5× covenantAct now
Why it matters
Headroom to the 5.5× ceiling buys ≈ $1M of acquirable EBITDA at ~10× — idle firepower against the roll-up thesis.
What's driving it
Net-debt capacity $14M to 5.5×
13-wk cash trough $1.08M vs $20M minimum
FYI
Liquidity $5.5M ≈ 8 weeks cover
FCF $2.9M = 76% EBITDA conversion
See deleveraging →
2
Myntra credit exposureAct now
Why it matters
Move to credit hold pending paydown; reforecast ARR net of likely churn.
What's driving it
Overdue AR
Signal: Alert
FYI
Distress filings + overdue AR; churn risk High on $6.4M account.
Act →▤ open the overdue book
3
Covenant headroom 0.9× (lev 4.6× vs 5.5×)Act now
Why it matters
Sets deal capacity and refinancing risk.
What's driving it
Q1 (act)
Signal: Threshold
FYI
Net-debt/EBITDA 4.6× against a 5.5× ceiling.
Owner: CFO · Treasury
Act →
4
Unlock $0.6M by pulling DSO to the 48d targetWatch
Why it matters
Every day of DSO above 48d ties up working capital; closing the gap releases ≈ $0.6M of one-time cash.
What's driving it
DSO 56d vs 48d target
Overdue >60d = $0.7M of $4M AR
FYI
Normalizing laggard brands to 50d DSO releases ≈ $0.3M
Owner: Treasury
Work the overdue book →▤ open the overdue receivables

💎 Value creation → exitStep 5 of 7 · cash conversion, leverage, covenant◀ Finance 360 Brand / M&A 360 ▶All journeys

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↗ Where this connects — act / drill across

▤Evidence· open the overdue-invoice list 🧩Customer Master· term conflicts driving AR 👥Customer 360· DSO by account 🚪Exit Readiness· debt & deleverage path

Liquidity

$5.5M

≈ 8 weeks cover

Free cash flow

$2.9M

76% EBITDA conversion

Cash conversion cycle

37d

DSO 56 + DIO 18 − DPO 41

Working-capital unlock

$0.6M

DSO 56→48d target

Exhibit 1

13-week direct cash flow forecast

Net weekly cash (bars) and ending cash (line) vs. $20M minimum. Forecast trough: $1.08M.

Breach risk

$1.28M

Opening cash

$9M

13-wk collections

$9M

13-wk disbursements

$1.4M

Closing cash

Exhibit 2

EBITDA → Free cash flow

$3.8M EBITDA converts to $2.9M FCF (76%).

Exhibit 3

Cash collected

Monthly, $M.

Cash conversion cycle

Working-capital days

DSO — receivables56d

DIO — inventory18d

DPO — payables (offset)(41d)

Cash conversion cycle37d

Where cash is trapped

Working-capital cash unlock

$0.3M

Normalizing laggard brands to 50-day DSO releases ~$0.3M one-time.

Collections Team67d

$0.1M

Warehouse Management System (WMS)61d

$0.1M

Mumbai Fulfilment Ops56d

$0.1M

Audit & Compliance66d

$0.0M

Autonomous Reroute60d

$0.0M

Pune Warehouse58d

$0.0M

Transport Management System (TMS)54d

$0.0M

Collections

AR aging

Total AR $4M

Current days$2.06M

1-30 days$1.09M

31-60 days$0.51M

61-90 days$0.37M

90+ days$0.35M

Overdue (>60d) = $0.7M.

Exhibit 4

Collections priority

Highest DSO first.

Account	Revenue	DSO	Credit risk
Myntra	$0.24M	67d	High
Amazon India	$0.49M	63d	Medium
Croma	$0.15M	59d	Medium
Flipkart	$0.54M	58d	Low
Pharmeasy	$0.27M	55d	Medium
IBM	$0.37M	52d	Medium
UPS	$0.43M	49d	Low

Exhibit 5

Supplier DPO

Working-capital lever.

Supplier	Spend	DPO	OTIF	Risk
Shree Logistics	$2.41M	45d	96%	Low
Blue Dart	$2.19M	42d	93%	Low
TCI Express	$1.55M	38d	90%	Medium
Gati	$1.02M	36d	89%	Medium
Mahindra Logistics	$0.87M	40d	95%	Low
Delhivery	$0.72M	44d	92%	Low