The treasury cockpit — 13-week cash, EBITDA-to-FCF conversion, working-capital unlock, receivables, liquidity and covenant headroom.
Liquidity is sound at $48M (≈ 84 weeks cover), but $-15.9M of working capital is trapped in receivables — pull DSO from 24d to 48d to self-fund the next deal rather than draw the $495M of covenant capacity.
5 of 5 headline metrics improving vs prior · still off target: Liquidity ₹48Cr vs ₹50Cr, Free Cash Flow ₹41Cr vs ₹45Cr, Cash Conversion Cycle 5d vs 4d
Headroom to the 5.5× ceiling buys ≈ $49M of acquirable EBITDA at ~10× — idle firepower against the group thesis.
Move to credit hold pending paydown; reforecast ARR net of likely churn.
Distress filings + overdue AR; churn risk High on $6.4M account.
Sets deal capacity and refinancing risk.
Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
ISC (67d), CA Real Estate Advisory (66d), Chaudhary Family account (67d) lifting blended DSO.
Net weekly cash (bars) and ending cash (line) vs. $20M minimum. Forecast trough: $0.88M.
$93M EBITDA converts to $41M FCF (44%).
Monthly, $M.
Normalizing lagging units to 50-day DSO releases ~$0.3M one-time.
Total AR $4M
Overdue (>60d) = $0.6M.
Highest DSO first.
| Account | Revenue | DSO | Credit risk |
|---|---|---|---|
| Chaudhary Family | $0.2M | 67d | High |
| Sharma Group | $0.4M | 63d | Medium |
| Singh Business Ventures | $0.13M | 59d | Medium |
| Arora Family Office | $0.44M | 58d | Low |
| Bajaj Institutional Fund | $0.22M | 55d | Medium |
| IBM | $0.3M | 52d | Medium |
| UPS | $0.35M | 49d | Low |
Working-capital lever.
| Supplier | Spend | DPO | OTIF | Risk |
|---|---|---|---|---|
| HDFC Bank | $1.97M | 45d | 96% | Low |
| ICICI Bank | $1.79M | 42d | 93% | Low |
| CAMS Fund Admin | $1.26M | 38d | 90% | Medium |
| Salesforce CRM | $0.83M | 36d | 89% | Medium |
| Miles PMS | $0.71M | 40d | 95% | Low |
| Compliance Engine | $0.59M | 44d | 92% | Low |
One click into the owning view — each reads the same live governed dataset.