Avinash Lodha

Associate Director, Corporate Credit- Chairs rating committees for Indian emerging corporates, participates in large corporate rating committees as voting member. Drives thought leadership in textile and pharmaceutical
and healthcare industries. Works with large Indian issuers in varied industries in both manufacturing and services domain. Reporting to a senior director. Responsible for a team of four.

Rated more than three dozen issuers including Aurobindo Pharma, Strides Arcolab, The Himalaya Drug Company, HBL Limited, Manipal Healthcare. Authored and co-authored Industry Outlooks on pharmaceuticals, healthcare and textiles.

Quarterly results analysis and ad-hoc discussions with issuers to assess the business and financial risk profile and making timely credit calls forms the core responsibility area. Discussions about industry and business
prospects with promoters and management, preparing bottom-up financial models and presenting a detailed report to a committee and writing investor-focused short and detailed reports and relationship management
form an integral part of the role. Also works closely with the ‘Relationship’ team in south India for identifying target issuers and preparing sales pitch for individual issuers.

Worked with an American Investment banker on American Healthcare (Jan ’10 - Dec ’10) - Prepared detailed financial models for US healthcare corporations including HCA Inc. Also worked on:
o Car-rental, and
o Automobile Ancillary
This included capital structure analysis, covenant analysis, recovery analysis and headroom calculation, cost and revenue-drivers analysis and detailed projections, highlighting expected covenant breach, fund-requirements analysis and financial restructuring packaged in a summary presentation.
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Worked with Projects and Transitions team responsible for scoping, pilot-projects for prospective clients and SOW finalization (Aug’09 - Dec’09) - Prepared detailed financial models and wrote short notes on shipping companies and REITs. This involved all the basics of financial modeling and multiple iterations of report-writing to suit the style and opinion of the prospective client.

Also worked on a standard operating procedures (document) for balance sheet and capital structure analysis, and sector-wise important valuation factors for training new analysts.
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Supported a fund-manager at Europe’s largest hedge-fund (Sep’06 to Aug’09)- Work involved analysis of high-yield (new) issues, covenant analysis, building detailed financial models including valuations, comp-analysis and sensitivity analyses, recovery / waterfall analysis, elaborate compilation and computation of operating metrics, writing summary investment notes and covering earnings releases and corporate events, talking to sell-side research analysts and industry experts, and conducting stress tests and scenario analyses.

Worked on the following sectors:
o Oil & Gas (E&P) - European and Asian assets
o Real-estate (India and China)
o Telecom infrastructure
o Mining
o Power generation and distribution - thermal and wind
o Bio fuels
Also participated in onshore and offshore investor-meets, road-shows, consortium update and monitoring discussions and analysis and visited sites for asset quality checks (real-estate).

 Preparing man-power and set-up costing and pricing inputs for project bids.
 Was responsible for financial statements of six entities in India, Ireland, Australia, Japan and the UK.
 Was responsible for periodic management reports and statutory and internal audits.
 Control over all expense and provisioning requirements and budgets.
 Prepared yearly budget-forecasts (revenues and pipe-line) for the subject entities with inputs from relationship managers.
 Prepared man-hour utilization report and account score-cards and other periodic and ad-hoc management reports.