Isiko lokuqalisa e-India selikhule ngesivinini njengoba izwe seliphenduke i-ecosystem yesithathu ngobukhulu emhlabeni ngemuva kwe-US ne-China. Njengoba cishe izinkampani ezingama-44 eziphenduke i-unicorn ngo-2021, i-India manje ineziqalo ezingama-83 ezinalesi simo.
Kodwa-ke, abantu abakazithembi ngokwanele ukuthi bangatshala imali kulezi ziqalo. Isizathu esikhulu ukuthi abatshalizimali abadayisayo abanawo amandla okuxhasa lezi zinkampani. Kodwa, izinto ziyashintsha manje.
I-Tyke Investment yethule amathuluzi ahlukahlukene wokutshala imali kubatshalizimali abadayisayo ukuze babe yingxenye yesiko lokuqala elikhulayo. Ezimbili zalezi zinsimbi I-CSOP (Iphuli Yenketho Yesitokwe Somphakathi) futhi I-CCD (Compulsory Convertible Debentures).
Ngizohlukanisa lezi zinketho ezimbili zokutshala imali ngokuphelele ukuze ungahlali ungazazi. Sizophinda siqhathanise zombili lezi zinsimbi ukuze sibone ukuthi iyiphi engaba inketho ekahle kuwe.
Iyini i-CSOP(Community Stock Option Pool)?
I-Community Stock Option Pool inketho lapho noma ubani ekwazi ukuthenga amasheya okulingana enkampani. Kubandakanya wonke amalungelo ezezimali omnikazi wamasheya, kodwa akubandakanyi noma yimaphi amalungelo okuvota futhi akukho ku-cap table.
I-CSOP yisivumelwano senkontileka phakathi kwenkampani nomtshalizimali. Akuthathwa njengesibambiso ngaphansi komthetho wezinkampani. Ingena ngaphansi kwesigaba semali engenayo futhi ihlanganisa nezintela eziqondile nezingaqondile.
Okufana ne- I-ESOP (Iphuli Yezinketho Zabasebenzi), lapho inkampani inikeza amasheya okulingana kubasebenzi bayo, i-CSOP ihlose ukugcina umphakathi wenkampani ngokubanika ukulingana.
Kunezinhlobo ezimbili ze-CSOP:
1. I-Valuation Cap
Isilinganiso sokulinganisa se-CSOP sisho isilinganiso esiphezulu esingashintshwa sisuke esitshalweni sibe amasheya ezabelo.
Isibonelo, uma utshale ama-Rs. 2,00,000 [2 lakhs] ekuqaleni ngenani lama-Rs. 2,00,00,000 [2 crores], bese uba ngumnikazi we-1% wokulingana enkampanini.
Manje, uma inkampani ingena emzuliswaneni olandelayo woxhaso ngenani lama-Rs 4,00,00,000 [amacrores ama-4], usazobamba u-1% wokulingana.
Kodwa-ke, uma inkampani yehlisa inani layo emzuliswaneni olandelayo, ake sithi ama-Rs. 1,00,00,000 [1 crore], manje usuzoba no-2% wemali elinganayo yenkampani.
2. Ikhephu Yesaphulelo
Ngaphansi kwesilinganiso sesaphulelo, umtshali-zimali uthola ukulingana kwenkampani ngentengo encishisiwe.
Isibonelo, uma utshale u-Rs.2,00,000 ekuqaliseni ngesaphulelo esingu-30% esiphansi, uzofakwa intengo ngenani elinesaphulelo uma ukuqalisa kungena emzuliswaneni olandelayo woxhaso.
Uma ukulinganisa kwenkampani kuma-Rs.2,00,00,000 [2 crores] phakathi nomjikelezo wokuxhasa ngemali, uzonikezwa inani lesaphulelo esingu-30% (0.70×2,00,00,000=1,40,00,000) .
Ekugcineni, manje usuzoba ngumnikazi ongu-1.429%(2,00,00,000/1,40,00,000) esikhundleni sika-1%(2,00,00,000/2,00,00,000) wenkampani.
Iyini i-CCD (I-Compulsory Convertible Debentures)?
I-Compulsory Convertible Debenture iyibhondi okufanele iguqulwe ibe uhlobo lwamasheya okulingana ngedethi ethile. Kuwukuphepha okuxubile, njengoba kungesona isitoko noma ibhondi.
Imali Ebolekwayo iyisibambiso sesikweletu sesikhathi esimaphakathi noma eside esinikezwa inkampani ukuze iboleke imali ngenani elinqunyiwe lenzalo.
Lokhu akuhlanganisi noma yisiphi isibambiso, ngokungafani namabhondi ezinkampani, angawezinga lokutshalwa kwezimali. T isibambiso sakhe sikhishwa kuphela ngokwethembeka kwenkampani ekhiphayo.
Ngokuvamile, i-tyke inikezela ngezinhlobo ezine zama-CCD. Zimi kanje:
1. Ama-CCD Ekulinganiseni Okugxilile
Ngaphansi kwalolu hlobo lwesivumelwano, imali ebolekwayo iguqulwa ngokugcwele ibe amasheya okulingana uma inkontileka iphelelwa yisikhathi ngesilinganiso esinqunyiwe.
Ngesikhathi sokukhishwa, isilinganiso sokuguqulwa se-debenture sinqunywa. Lapho lezi zimali ezibolekwayo ziguqulwa zibe amasheya okulingana ngosuku olunqunywe kusengaphambili, laba banikazi bemali ebolekwe ngokuzenzakalelayo baba abanikazi bamasheya benkampani.
Izinga lenzalo elikhokhwayo emalini ebolekiwe ikhokhwa kuphela kuze kube yilapho eguqulwa abe ukulingana. Izikweletu Eziguquguqukayo Ngokugcwele zinezinga lenzalo eliphansi kunama-Non-convertible debentures.
Uma izinkampani zingenawo amarekhodi ethrekhi anele noma idatha, zincamela ukuya kuma-CCD ngenani elinqunyiwe. Le nqubo ikhulisa ngisho nenani lemali yenkampani. Ngakho-ke, lezi zinhlobo zezinsimbi zithandwa phakathi kwabatshalizimali.
2. Ama-CCD ane-Discount Cap
Uma i-Compulsory Convertible Debenture isayinwa ngesilinganiso sesaphulelo, kusho ukuthi ngesikhathi sokuguqulwa, umtshali-zimali uzothola ukulingana kwenkampani ngentengo ehlisiwe.
Lokhu kwenzeka kakhulu lapho isiqalo singakwazi ukunquma inani laso futhi, ngaleyo ndlela, sinikeza i-CCD kumtshali-zimali.
Isibonelo, uma umtshali-zimali enikeza inkampani u-Rs.1,00,000 ngentengo ehlisiwe engu-20%, bese emzuliswaneni olandelayo, uma inkampani inyusa imali ngenani lama-Rs.1,00,00,000, umnikazi wedebentu uzo uthole amasheya akhe ngentengo engu-[Rs.1,00,00,000-20%] Rs. 80,00,000.
Lokhu kusho ukuthi esikhundleni sokuthola u-1% wokulingana, umtshali-zimali uzoba no-1.25% wezabelo ngosuku lokuguqulwa.
3. Ama-CCD ane-Valuation Floor/Cap
Umtshali-zimali unesibopho sokuthola i-equity ekulinganisweni okuphezulu kwenkampani ngaphansi kwesilinganiso sokulinganisa. Ngalokhu, ngisho noma ukulinganisa kwenkampani kuncipha esikhathini esizayo, umtshali-zimali uzothola isabelo sakhe sokulingana ekulinganisweni okuphezulu.
Ungakhetha ngisho nama-CCD anendawo yokulinganisa. Ngaphansi kwalokhu, umnikazi wemali eboshiwe uyafaneleka ukuthola ukulingana esitezini sokulinganisa esinqunywe kusengaphambili kungakhathaliseki ukuthi ukulinganisa kokuqalisa kwehle kangakanani.
Isitezi sokulinganisa sihloselwe ukuvikela abatshalizimali ekulahlekelweni kakhulu. Ihlinzeka ngokuphuma okuphephile nokuthembekile ekutshalweni kwabo. Le nketho iqinisekisa ukuthi inani lentengo lesabelomali somjikelezo olandelayo wezezimali libekwe enanini elincane lamanje.
4. Ama-CCD Anakho Kokubili Ikhephu Yesaphulelo kanye Nomthamo Wokulinganisa
Abatshalizimali baze babe nokukhetha ukukhetha i-Compulsory Convertible Debenture enakho kokubili ukulinganisa kokulinganisa kanye nekhephu yesaphulelo. Izici zazo zombili lezi zikepisi zihlangana ndawonye etafuleni.
Lokhu kusho ukuthi umtshali-zimali uthola amasheya akhe okulingana kukho kokubili ukulinganisa okuphezulu kwenkampani nangenani elehlisiwe.
Lolu hlobo lokutshalwa kwezimali lubhekwa njengenzuzo futhi luyingozi encane kubatshalizimali njengoba bethola kokubili izinzuzo ekutshaleni kwabo.
Kungani i-CSOP?
Lapho ukuqalisa kuba yimpumelelo, inzuzo itholwa kakhulu ngabasunguli, abatshalizimali, nabasebenzi. Umphakathi wenkampani owama eduze kwawo kulo lonke uhambo awutholi lutho.
Umphakathi uyingxenye ebalulekile yanoma iyiphi inkampani. Okuwukuphela kwesici esivamile kuma-unicorns angu-60% wesizwe, kungakhathaliseki ukuthi yiziphi izizinda zawo, umphakathi waso. Ukugcina abasebenzisi abakhulu benkampani kuyinselelo, futhi i-CSOP ibhekana nale nkinga kahle kakhulu.
I-CSOP ihlose ukuletha ushintsho oluguqukayo embonini yokuqala ngokunikeza umphakathi wenkampani isabelo esifanelekile senzuzo, njengabatshalizimali. Ukunikeza ukulingana kwenkampani kubasebenzisi akugcini nje ngokuthuthukisa isimilo sabo kodwa futhi kuyabathuthukisa ukusiza inkampani ikhule ngokuqhubekayo.
I-CSOP isiza ngisho nasekunciphiseni izindleko eziningi zokumaketha kwabaqalayo, njengoba abasebenzisi abathola ukulingana bezikhuthaza ngokwabo ukukhulisa inkampani ukuze ekugcineni bathole imbuyiselo enhle ngokwabo.
Kungani i-CCD?
I-CCD wuhlobo lwesikweletu okufanele siguqulwe sibe ukulingana ngosuku oluthile noma lapho sidingeka. Ngakho-ke, ngeke sikubheke njengesikweletu ngqo. Njengoba kuyimpoqo ukuthi i-CCD iguqulwe, ingabizwa ngokuthi ithuluzi lokulingana elihlehlisiwe.
Abaqalayo bakhetha i-CCD njengoba inezinzuzo ezihlukahlukene ngokulingana futhi ihlehlisa ukukhishwa kwayo. Ngokombono womkhiphi, inezinzuzo ezimbalwa zentela. Futhi inamanani angcono ekulinganeni, futhi isekelwe enanini lenkampani esikhathini esizayo.
Umtshali-zimali we-PE futhi uthola izinga eliqinisekisiwe lenzalo elinamandla yenani elikhushuliwe ngesikhathi sokuguqulwa, kanti ukulingana okuqondile akuthembisi noma yiziphi izinzuzo ezigxilile. Manje, ngembuyiselo engaguquki kanye namandla okuba phezulu, i-CCD ithandeka kakhulu kunesabelo esithandwayo esinezindleko zesevisi ezibizayo. Lokhu kungenxa yokuthi izabelo azikhokhiswa intela.
Amalungelo Omnikazi We-CSOP
Maningi amalungelo atholwa umnikazi we-CSOP futhi amaningi angawatholi. Ake sizibheke kafushane.
1. Alikho Ithebula Lesihloko
Ama-CSOP, njengoba sekuxoxiwe kakade, ayizinkontileka zezimali eziwuhlobo lwemali engenayo. Yingakho bengekho etafuleni le-cap.
2. Awekho Amalungelo Okuvota
Ngokungafani nabatshalizimali abavamile benkampani, abanikazi be-CSOP abajabuleli noma yimaphi amalungelo okuvota emihlanganweni yenkampani. Bangabamba iqhaza kuphela uma udaba lubandakanya ukutshalwa kwezimali kwabo.
3. Ukutshalwa kwezimali okukhokhiswa intela
Lokhu kutshalwa kwezimali kwe-CSOP kuba ngaphansi kwemali engenayo yokuqalisa, futhi ngaleyo ndlela kukhokhiswa intela ezandleni zenkampani. Ingangena ngaphansi kwentela eqondile noma intela engaqondile.
4. Inketho Yokushaya Eyimpoqo
Uma inkampani isifinyelele inani langaphambilini lokulinganisa(njengoba sixoxile ezibonelweni ezingenhla) lapho abanikazi be-CSOP batshale khona, bonke abanikazi be-CSOP kudingeka bakwamukele ukusuka.
5. Ukutshala imali ngqo
Ayikho i-SPV (Special Purpose Vehicle) ebandakanyekayo ekuqhubekiseni phambili utshalomali. Lokhu kusho ukuthi umuntu angatshala imali ngqo enkampanini ngokusayina isivumelwano se-CSOP esisayinwe umsunguli wenkampani kanye nomtshali-zimali.
6. Ulwazi Olunomkhawulo
Kunomkhawulo ekwabelaneni ngolwazi nedatha yezezimali yenkampani nabatshalizimali be-CSOP. Abatshalizimali bathola ulwazi olulinganiselwe ngenkampani, njengoba sekushiwo ngokuphelele esivumelwaneni.
Amalungelo Omnikazi we-CCD
Umnikazi we-CCD uyafaneleka ukuzuza inzuzo, kodwa kunezinto eziningi angafaneleki ukuzenza ngenkathi ephethe isimo somnikazi wesikweletu. Ake sibheke lawo malungelo:
1. Awekho Amalungelo Okuvota
Abanikazi beDebenture abanamalungelo okuvota ekusebenzeni kwenkampani, njengoba bengebona abanikazi bamasheya benkampani. Lokhu kungenxa yokuthi i-debenture iyisibambiso esiyingxube hhayi ibhondi noma isitoko.
2. Alikho Ithebula Lesihloko
Ama-CCD awathathwa njengenhloko-dolobha yenkampani kuze kube yilapho eguqulwa abe ukulingana. Ngakho-ke, noma yimuphi umhlanganyeli one-CCD ngeke athole indawo etafuleni le-cap.
3. Ukuguqulwa Kube Ukulingana
Ilungelo eliyinhloko lomnikazi wemali ebolekiwe ukuthi aguqulelwe ngokuphoqelekile emalini elinganayo ngosuku oluthile olunemiphumela esheshayo.
4. Entela
Imali ebolekwayo ithathwa njengenzuzo yemali etholwayo futhi, ngenxa yalokho, intela ngokomthetho. Umtshali-zimali kufanele akhulume ngezikweletu zakhe ku-ITR yakhe futhi akhokhe isibopho intela engenayo.
Izinzuzo Zomnikazi we-CSOP
Kunezinzuzo eziningi ezihilelekile kubanikazi be-CSOP. Ake sizibheke:
1. Ukufinyelela Kalula Ekukhuleni Kwabaqalayo
Le ndlela ikhethwa ngokukhethekile njengenkontileka yezezimali esetshenziswa izinkampani ezikhulayo eseziqoqe izimali kuma-VC aphezulu nasezikhungweni.
2. Ingozi Ephansi
Ingozi ehilelekile iphansi uma iqhathaniswa nabatshalizimali benkampani, njengoba abanikazi be-CSOP benesigaba somthetho sokuphuma ngendlela yokuthenga ngemali. Lokhu kwenzelwa abasebenzisi abafuna ukubuyisela uketshezi olusheshayo.
3. Esebenzayo
I-CSOP isivumelwano esifushane nesilula esingabandakanyi imigomo eminingi yezingxoxo. Lokhu kwenza isivumelwano singabi nankinga futhi sisheshe.
Izinzuzo Zomnikazi we-CCD
Kunezinzuzo eziningi zomnikazi we-CCD wokuqalisa. Nazi ezimbalwa zazo:
1. Ukubuyisela Okungaguquki
Enye yezinzuzo eziyinhloko zabanikazi bezikweletu ukuthi bathola imbuyiselo engashintshi ekutshaleni kwabo ngendlela yenzuzo. Leli zinga alithintwa ukuphakama nokwehla kwenkampani.
2. Akukho Okukhathazayo Mayelana Nabaphathi
Njengoba izimali ezibolekiwe ziwukuphepha okuxubile futhi zingezona izimali zokulingana, aziphazamisi ukuphathwa kwenkampani. Bakhathazekile nje ngokubuya kwabo.
3. Umthombo Weholo Elizinzile
Lokhu ukutshalwa kwezimali lapho uthola khona imali ezinzile ngezikhathi ezithile. Lena into eyivelakancane emkhakheni wezokutshalwa kwezimali, kodwa lolu wuhlobo lwamaDebentures. Bakhokhelwa isilinganiso esinqunyiwe senzalo njengoba kucacisiwe ngesikhathi sesivumelwano.
4. Ezomnotho
Konga kakhulu kwabaqalayo njengoba izinga lenzalo ephansi libanika inzuzo ekugcineni izimali zabo ngaphandle kokukhipha ukulingana okuningi ngokushesha.
5. Ukutshalwa Kwezimali Okuphephile
Ngokungafani nokutshalwa kwezimali okuqondile, ama-CCD ayindlela ephephile yokutshala imali. Ngesilinganiso esinqunyiwe sembuyiselo kanye nenkokhelo ephambili uma kwenzeka inkampani iphela, zinikeza ubungozi obuphansi kakhulu. Ngakho, abantu abangakuthandi ukuthatha ubungozi bangakhetha i-CCD.
Kokubili ukutshalwa kwezimali kwe-CSOP ne-CCD kukhona ngokufanelekile ezinkampanini ezikhulayo kanye nabaqalayo. I-Tyke inikeza lezi zisetshenziswa zezezimali ngezinkundla zayo kubo bonke abasebenzisi bayo. Kodwa-ke, ukukhetha noma yimuphi omunye wabo njengomnqobi omkhulu kuyisihloko esihlukayo esincike ekusetshenzisweni kanye namandla omtshali-zimali.
Ungase uye ku-CSOP uma uthanda ukuthatha ukweqa ukholo futhi uthembele ngokugcwele enkampanini. Nakuba, uma ufuna ukuya ohlangothini oluphephile, ungakhetha ukuthola i-CCD.
I-CSOP inamandla okunikeza izinzuzo ezinkulu esikhathini esizayo uma inkampani iphumelela, njengoba inikeza ukulingana okuqondile enkampanini ngesilinganiso sokulinganisa. Uma sikhuluma nge-CCD, uthola umthombo ozinzile wemali engenayo ngendlela yezithakazelo, okuyiphuzu elihlanganisayo kubantu abafuna ukwenza imali njalo.
Uma sikhuluma ngabaphathi, awufaneleki ukuvota emihlanganweni yenkampani noma ekusebenzeni kukho kokubili ukutshalwa kwezimali kwe-CSOP ne-CCD. Kodwa-ke, njengoba i-CCD yakho iguqulwa ibe amasheya okulingana ngokuzayo, uba umnikazi wamasheya wenkampani futhi ube nelungelo lokuvota.
Sekukonke, womabili lawa mathuluzi anenzuzo enkulu kwabaqalayo njengoba eheha abatshalizimali abadayisayo bezwe ukuthi batshale kuwo ngaphandle kokuthatha ukulingana okukhulu enkampanini. Ngembuyiselo emihle kanye nokusebenza kahle kwenkampani, kungaba yisimo esiwinayo kubasebenzisi abatshala imali nge-CSOP noma i-CCD.
Ucabangani ngalezi zinketho ezimbili zokutshala izimali ezethulwe ngabakwaTykeInvest?
D o ungazise imicabango yakho esigabeni sokuphawula esingezansi.
Vishal Z
Ungachaza “4. Inketho Yokushaya Okuphoqelekile” ngemininingwane eyengeziwe lapho umuntu ongemuva okungezona ezemali engayiqonda kalula (mhlawumbe ngesibonelo)?
Kuzoba usizo olukhulu. Ngiyabonga.
Pawan
Uqinisile uVishal. Ake ngenze isibonelo esilula ukuze ngikuhlahlele.
Ake sicabange ukuthi umtshali-zimali uthengisa inketho yokushaya ucingo ngentengo yesiteleka engu-$15 ephelelwa yisikhathi ngesonto elizayo ngedola futhi inkampani okwamanje ihweba ngo-$13, inketho ibiza idola. Kulokhu, umbhali uthola iprimiyamu engu-$100 njengoba inketho ye-equity ihlanganisa izinketho eziyi-100 ngenkontileka ngayinye. Lokhu kubonisa ukuthi umtshali-zimali une-bearish esitokisini futhi ukholelwa ukuthi intengo izokwehla. Umtshali-zimali ulindele ukuthi ucingo luzophelelwa yisikhathi lungenamsebenzi.
Nokho, ake sithi ngosuku olungaphambi kokuphelelwa yisikhathi kwenketho, inkampani imemezela ukuthi ithola enye inkampani futhi intengo yesitoko ikhuphukela ku-$20. Ngenxa yalokho, abanikazi bezinketho eziningi zekholi benza izinketho zabo zokuthenga. Lokhu kubonisa ukuthi umdayisi wenketho yocingo kudingeka alethe amasheya ayi-100 esitoko senkampani ngo-$15 ngesheya ngalinye okuholela “Ekukhethweni Kokushaya Okuyimpoqo.”
Akshay Shah
Ingabe i-CSOP ivunyelwe e-India?