Call us!
Due Diligence Page

Due Diligence Trip - Passport to India

2015 India Due Diligence Trip: Meetings & Presentations

March 2015

View the itinerary of the Excel Funds due diligence trip to India. The Excel Funds team wishes to extend a warm welcome to the fastest growing economy in the world. As an Excel supporter, we want to bring you to the action so that you can witness India’s transformation for yourself.

Due Diligence Trip Gallery:

Due Diligence Trip  
Business Meetings
Business Meetings
  • Business Meetings
  • DSC_5988
  • DSC_6061
  • DSC_6067
  • DSC_6133
  • DSC_6223
  • DSC_6410
  • DSC_6419
  • DSC_6435
  • DSC_6438
  • DSC_6440
  • DSC_6461
  • DSC_6463
  • DSC_6468
  • DSC_6482
  • DSC_6506
  • DSC_6521
  • DSC_6543
  • DSC_6551
  • IMG_0274
  • IMG_0374
  • IMG_0376
  • IMG_0380
  • IMG_0503
  • DSC_6393
  • (26)
    Due Diligence Trip 
    Social photos
    Social photos
  • Social photos
  • DSC_6338
  • DSC_6384
  • IMG_0299
  • IMG_0292
  • IMG_0266
  • IMG_0280
  • IMG_0311
  • IMG_0269
  • IMG_0342
  • IMG_0506
  • DSC_6166
  • DSC_6190
  • IMG_0719
  •  (14)
    Due Diligence Trip 
    Touring India 
    Touring India
  • Touring India
  • DSC_8518
  • IMG_0282
  • IMG_0430
  • IMG_0621
  • IMG_0651
  • IMG_0696
  • IMG_1248
  • IMG_0840
  • IMG_0870
  • IMG_0990
  • Getting ready for Camel Polo Jaipur
  • IMG_1250
  • IMG_1443
  • IMG_1541
  • The Wondrous beauty of the Taj Mahal - Agra
  • Temple in New Delhi
  • Elephant Rides Jaipur
  • IMG_0454
  • IMG_0911
  • IMG_6461
  • (26)

    2015 Due Diligence Meetings & Presentations

    Day 1
    Tuesday March 24, 2015

    Travel to Birla Sun Life Offices

    Aditya Birla Logo

    - Meeting with Mr. Kumar Mangalam Birla, Chairman
    Kumar Mangalam Birla is Chairman of the Aditya Birla Group, India’s third largest conglomerate. Under his leadership the Aditya Birla Group has expanded into Telecom, Software, BPO and other areas, while consolidating its position in existing businesses.

    - Meeting with Mr. A. Balasubramanian CEO
    A. Balasubramanian is the Chief Executive Officer and Chief Investment Officer at Birla Sun Life Asset Management Company Limited. Mr. Balasubramanian previously served as the Head of Sales and Distribution and Head of Fixed Income Group and a Portfolio Manager at the firm. He is a Director of Association of Mutual Funds in India and has also been a part of the SEBI Committee on Review of Eligibility Norms.

    - Meeting with Dr. Ajit Ranade Chief Economist
    Dr. Ajit Ranade is President and Chief Economist of the Aditya Birla Group. Previously, he was Chief Economist at ABN AMRO Bank. He is a member of the Board of India Today Economists, Chairman of the CII West Zone Sub Committee on Economic Affairs and the Research Advisory Panel of the Indian Institute of Banking and Finance.

    Day 2
    Wednesday March 25, 2015

    Travel to Bombay Stock Exchange | SEBI | Indusind Bank | Yes Bank

    - Tour Bombay Stock Exchange

    - Tour Securities and Exchange Board of India (SEBI)
    The Securities and Exchange Board of India is the regulator for the securities market in India. It was established in the year 1988 and given statutory powers on 12 April 1992 through the SEBI Act, 1992.

    IndusInd Bank Presentation PDF

    - Meeting with Indusind Bank
    IndusInd Bank was launched in 1994 with a capital base of INR 1 billion and is classified as a mid-sized contemporary bank as one of the few new generation banks that got established in the last 20 years with a focus on self employed individuals and emerging corporate businesses. Senior management has invested significantly in the growth of the bank’s distribution network by increasing the number of branches from 602 in March 2014 to 727 by the end of 2014. Management is targeting over 1200 branches in FY 2015.

    IndusInd bank has one of the most diversified loan books in the industry with no individual sector accounting for over 4%. The deposit profile for the IndusInd Bank has been consistently improving and CASA deposits currently at 34.1% of total deposits, one of the highest in the Indian banking sector. With 41% of the outstanding shares held by foreign investors, IndusInd has been especially focused on enhanced shareholder disclosures as well as the level of corporate governance.

    Yes Bank Presentation PDF

    - Meeting with Yes Bank
    Yes Bank is India's fourth largest private sector bank in India with a comprehensive product offering of Financial Markets, Investment Banking, Corporate Finance, Branch banking, Business and Transaction Banking and Wealth Management. Yes Bank is the newest “Full Service Commercial Bank” in India with the only Greenfield Bank license issued in the last decade by the Indian government.

    Yes Bank has been one of the fastest growing midsized banks in India. Its branch network has increased from 109 branches in 2008 to 600 in 2014. With strong deposit growth (the current and savings account or CASA ratio increased from 9.2% in 2008 to 22.6% in 2014), Yes Bank has achieved 25-quarter compounded growth of Net Interest Income of 39% while attaining a net profit margin of 31% and a Tier I Capital ratio of 29.6%.

    Day 3
    Thursday March 26, 2015

    Meeting with HDFC | TCS | Motherson Sumi | L&T | PVR

    Housing Development Finance Corporation Limited Presentation PDF

    - Meeting with Housing Development Finance Corporation Limited (HDFC)
    HDFC Limited is a leading provider of housing finance in India with over 5 million home loan customers and 1.7 million depositors. HDFC is the largest deployer of public deposits outside the banking system with gross loans of over INR 2.5 trillion. HDFC is part of the larger HDFC Group with diversified financial services like Banking, Insurance, Asset Management, Realty, Real Estate Venture Capital and Education loans. The HDFC Group has an asset base of INR 10 trillion and a customer base of 55 million people. 79% of the outstanding shares are held by foreign investors.

    HDFC has a well diversified loan book while achieving strong loan growth of about 19% year-over-year. India has a very low mortgage penetration of only 9% with China’s penetration at 17% and US mortgage penetration at 69%. Therefore this provides HDFC a large opportunity for future growth as more Indians start taking mortgages. HDFC Limited also has a 21.7% stake in HDFC Bank, the second-largest private lender in India in terms of asset size.

    - Meeting with Tata Consultancy Services Limited (TCS)
    Tata Consultancy Services Limited (TCS) is a global IT services, business solutions and outsourcing company headquartered in Mumbai, and a subsidiary of the Tata Group conglomerate.

    - Meeting with Motherson Sumi
    Motherson Sumi Systems Limited (MSSL) is the flagship company of the Samvardhana Motherson Group. MSSL is a leading automotive mirror and wiring harness manufacturer for passenger cars.

    Laren & Toubro ltd. Presentation PDF

    - Meeting with Larsen & Toubro (L&T)
    Larsen & Toubro Ltd (L&T) is India’s largest engineering and construction company that undertakes large scale engineering projects, and acts as the Indian representative for a number of overseas manufacturers of heavy machinery. The Company's products include bulldozers, road rollers, dairy machinery, chemical and pharmaceutical plants, switchgears, food processing machinery and feed milling plants. The Company’s manufacturing footprint extends across eight countries in addition to India. L&T has several international offices and a supply chain that extends around the globe.

    72% of Larsen and Toubro’s revenue comes from their domestic projects and 28% is earned internationally. Infrastructure accounts for 71% of the entire order book and accounts for 44% of the revenue. However, L&T has a diversified revenue stream including power, construction and financial services as well as information technology. With the focus of the new Indian government on infrastructure spending, L&T is very well positioned to take advantage of the multiple domestic projects that are expected to be approved.

    Tech Mahindra Presentation PDF

    - Meeting with Tech Mahindra
    Tech Mahindra is the fifth largest information technology firm in India with revenue of USD 3.7 billion dollars. Tech Mahindra employs 103,000 professional spread across 51 countries. Tech Mahindra has deep client relationships across verticals. The Company is partnered with 12 of the top 20 global telecom companies, 4 out of the top 10 retail banks and 5 out of top 10 Motor Vehicle and Parts companies. Tech Mahindra is an integral part of the larger USD 16.9 billion dollar Mahindra group, with positions in tractors, utility vehicles, information technology, financial services and vacation ownership.

    Tech Mahindra has been successful at integrating a number of acquisitions to diversify the customer verticals addressed. The most recent acquisition of Lightbridge Communications positions Tech Mahindra as the world’s largest independent network services management provider, a USD 40 billion market which could translate into a USD 1 billion revenue vertical for Tech Mahindra. With its disciplined focus, Tech Mahindra is expected to grow earnings at a compounded annual rate of 27% from FY15E-17E, almost twice the sector average, while achieving an impressive return on equity of ~30%.

    India Land of Giants

    Excel Funds Management Inc, runs the largest and longest running mutual fund in Canada that is solely dedicated to India; The Excel India Fund. Excel Funds Management Inc and Birla Sun Life Asset Management bring you a video on India’s transformation (2015).