Cash 360

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

Invesco Asset Management (India) · FY26 (modeled)

Top 10 mutual fund managers in India

410 employees · 0+ US sites · 1 countries

▲ Executive read· the answer, then the moves

Liquidity is sound at $8.7M (≈ 6 weeks cover), but $-5.8M of working capital is trapped in receivables — pull DSO from 13d to 48d to self-fund the next deal rather than draw the $115M of covenant capacity.

5 of 5 headline metrics improving vs prior · still off target: Liquidity $9M vs $10M, Free Cash Flow $17M vs $19M, Cash Conversion Cycle 7d vs 5d

Do now — ranked by urgency

1
Deploy $115M of deal capacity to the 5.5× covenantAct now
Why it matters
Headroom to the 5.5× ceiling buys ≈ $12M of acquirable EBITDA at ~10× — idle firepower against the roll-up thesis.
What's driving it
Net-debt capacity $115M to 5.5×
13-wk cash trough $2.19M vs $20M minimum
FYI
Liquidity $8.7M ≈ 6 weeks cover
FCF $17M = 77% EBITDA conversion
See deleveraging →
2
Institutional Client: ICICI Bank 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
3 brands running DSO > 65 daysWatch
Why it matters
Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
What's driving it
DSO
Signal: Alert
FYI
ISC (67d), Fund Admin System (66d), Institutional Client: ICICI Bank account (67d) lifting blended DSO.
Act →▤ open the overdue book

💎 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

$8.7M

≈ 6 weeks cover

Free cash flow

$17M

77% EBITDA conversion

Cash conversion cycle

DSO 13 + DIO 18 − DPO 18

Working-capital unlock

$-5.8M

DSO 13→48d target

Exhibit 1

13-week direct cash flow forecast

Net weekly cash (bars) and ending cash (line) vs. $20M minimum. Forecast trough: $2.19M.

Breach risk

$2.6M

Opening cash

$19M

13-wk collections

$18M

13-wk disbursements

$2.84M

Closing cash

Exhibit 2

EBITDA → Free cash flow

$22M EBITDA converts to $17M FCF (77%).

Exhibit 3

Cash collected

Monthly, $M.

Cash conversion cycle

Working-capital days

DSO — receivables13d

DIO — inventory18d

DPO — payables (offset)(18d)

Cash conversion cycle7d

Where cash is trapped

Working-capital cash unlock

$0.7M

Normalizing laggard brands to 50-day DSO releases ~$0.7M one-time.

CRM / KYC Portal67d

$0.1M

NRI Wealth Portfolio61d

$0.1M

ELSS Fund A56d

$0.1M

Fund Admin System66d

$0.1M

Portfolio Management60d

$0.1M

Hybrid Fund B58d

$0.1M

Tax-Saving Fixed Deposit54d

$0.0M

Collections

AR aging

Total AR $9M

Current days$4.17M

1-30 days$2.22M

31-60 days$1.03M

61-90 days$0.75M

90+ days$0.71M

Overdue (>60d) = $1.5M.

Exhibit 4

Collections priority

Highest DSO first.

Account	Revenue	DSO	Credit risk
Institutional Client: ICICI Bank	$0.49M	67d	High
NRI Wealth Client: A. Patel	$0.99M	63d	Medium
Hybrid Fund Investor: K. Rao	$0.31M	59d	Medium
R. Mehta	$1.09M	58d	Low
Tax-saving Investor: M. Desai	$0.55M	55d	Medium
IBM	$0.74M	52d	Medium
UPS	$0.86M	49d	Low

Exhibit 5

Supplier DPO

Working-capital lever.

Supplier	Spend	DPO	OTIF	Risk
Custodian Bank	$4.89M	45d	96%	Low
KYC Verification Vendor	$4.43M	42d	93%	Low
Fund Admin System	$3.13M	38d	90%	Medium
Income Tax Portal	$2.06M	36d	89%	Medium
CRM / KYC Portal	$1.76M	40d	95%	Low
Invest Partners	$1.45M	44d	92%	Low