INTRODUCTORY PRESENTATION

Business Strategy & Consulting

Research

Investment Banking Introduction to Corporate Credit Research Solutions

Equity Research
Confidential | June 2017
Fixed Income & Credit Research
About Us

Founded by experienced professionals from research, banking, and engineering domain. End-to-end service
Company
delivery to global clients across regions, sectors, and research areas. Truly a customer-centric organization

Our reputed clientele includes global sell-side and buy-side firms, global banks, private equity firms,
Clients
corporations, business consulting firms, and market research firms

Comprehensive offerings including equity research, fixed income and credit research, investment banking
Services
research, and business/strategic & market research

We provide service across sectors including automotive, telecom, BFSI, media, technology, energy, oil &
Sectors
gas, utilities, retail, food, and healthcare

Our team of analysts is well experienced in respective areas, sectors, and regions; and are also cross-
Analyst team
trained on multiple areas of research

ValueAdd Research | Introduction to Corporate Credit Research | June 2017 2

Dynamic Leadership Team with Strong Domain
Girish Bhise (Founder, CEO)
Girish has over 15+ years of research experience across investment banking, equity research, fixed income and credit research, and
business strategy research for large global clients including asset management firms, investment banks, brokerage firms, corporations,
private equity & venture capital firms. Has extensive experience in successfully managing large-scale research right-shoring transitions
across multiple regions. He is an MBA with specialization in Finance from the University of Pune, and Bachelor in Commerce from the
University of Mumbai.
Vaishali V. (Director)
Vaishali has over 30 years of commercial banking experience with one of the largest Indian banking groups State Bank of
India. Has vast experience across different banking functions including, corporate banking, SME banking, banking operations,
and branch audit and account finalization. She was part of core banking implemention team in various branches across the
state. She is a Bachelor in Arts, and majored in Sociology from the University of Mumbai

Andy Smith (Special Advisor Capital Markets Research)

Andy is one of the worlds leading developed & emerging market analysts with more than 20 years experience as a #1 rated analyst,
Head of Investment Research and distinguished Hedge Fund manager. As the MD and Head of EM consumer research at Bank of
America Merrill Lynch, Dubai, he lead the BAML EM consumer team to the #2 position in the Institutional Investor Survey. In 2014 Andy
was voted as Head of Research for EEMEA in the independent Sammons survey of global investors. Has won many accolades in his
career as Global Head of Research at Sberbank/ Troika Dialog, MF Global, Millennium Capital (NY & London), Citadel LLP, Citigroup,
ABN AMRO Hoare Govett, and Unilever. He is an MBA from Cranfield University, and MA & M Eng. from Cambridge University

Sachin Kulkarni (Advisor - Business & Technology Research )

Sachin has over 10 years of industry experience with Google Inc., Versata and Persistent Systems. Expertise in project management,
software programming, and technologies including distributed systems, parallel computing, data mining, and audience-based Ad
targeting. Presently, he is a Software Engineer with Google Inc., since 2008, and is based in California, USA. Also, earlier worked with
Versata and Persistent Systems in India. Has been a rank holder throughout. Was a 3rd Rank holder in Master in Technology in
Computer Science, at IIT Kharagpur, India (2007); and a Bachelor of Engineering in Computer Science from Pune, India (2003).

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ValueAdds exhaustive industry coverage spans across mainstream and
niche industries across regions
Have collectively delivered ~4,000 financial models, written 3,500 reports/tearsheets, ~120 sector updates, supported ~75
transactions, across the sectors
Key Highlights Wide Industry Coverage

Our team has experts in the mainstream and as well as a

few niche sectors 12% 12% 10%

Adept with regional nuances of sectors Automotive Healthcare Retail

Hands-on experience in supporting large clients across the

globe 10% 8% 7%

Adequate documentation of industry drivers and other

Telecom Technology Industrials
dynamics for internal training purposes

Staffing of ValueAdd research analysts is done based on

7% 6% 4%
prior experience in the concerned sector

Oil & Gas BFSI Metals,mining

4% 3% 2% 15%

Paper &
Utilities Transportation Others
Packaging
ValueAdd Research | Introduction to Corporate Credit Research | June 2017 4
Our offerings span across the research spectrum Suite of Services

Corporate Credit / Financials Industry Research

BU NES
Corporate Strategy & M&A

CO

SI QUUL
CNHG
Research

ARKI &
Structured Finance

NE ITT
SEANME

SS IYNGR
Procurement Research

RET B O

ST ERSE
ITEN INC
Macro Research

R ESAE
Intellectual Property Research

AT RA
ETDMED

EG CRHC
CRS IX
VE F

Y H
Counter-Party Credit Risk Corporate Business Surveillance

&
IN
Valuation Modeling Equity Capital Market

Equity Research Reports

Debt Capital Market
Coverage Maintenance
M&A Advisory
Idea Generation /screening

Technical analysis/
Prop Trading Desk
News Monitoring

Technology Solutions Across Research Segments

ValueAdd Research | Introduction to Corporate Credit Research | June 2017 5

Fixed Income & Credit Research Bouquet of Services

Corporate credit Structured finance Macro research Counter-party credit

Investment grade analysis CMBS/RMBS analysis Economic research & Credit risk assessment
High yield analysis ABS analysis analysis
Counter-party credit
Sovereign analysis scoring/rating
Distressed debt analysis CDO/CLO analysis
Municipals analysis Coverage maintenance
Leveraged loans analysis Deal analysis &
surveillance News monitoring & database Vendor risk assessment
Fixed Income updates
Research

Have experienced professionals for each of these sub-segments of fixed income research to offer best quality research

ValueAdd Research | Introduction to Corporate Credit Research | June 2017 6

Corporate Credit Research Deep Dive

Investment grade High Yield Distressed Debt Leveraged Loans

Model/reports initiation & Pro-forma adjusted cash Bankruptcy & recovery Model initiation & monitoring
updates flow model valuation
New & Drive-by deals analysis
Earning blurbs & credit event Investment DIP, Liquidation, and
notes recommendation notes Amendments (A-to-E
restructuring
covenants), restructuring,
Capital structure & liquidity Capital structure & Screening problem assets waivers
analysis liquidity analysis
Fixed Income News monitoring & impact Refinancing/re-pricing deal
Business & financial profiling
Research Covenants & headroom analysis analysis
analysis
Sovereign analysis Shareholder/credit Tear sheet & credit memo
Peer/bond/loan comps agreement review
News support & impact Transaction summary & term
analysis Shadow rating & sheet
sensitivity analysis
Guidance & Flex activity
monitoring

Have experienced professionals for each of these sub-segments of fixed income research to offer best quality research

ValueAdd Research | Introduction to Corporate Credit Research | June 2017 7

Live Case Example:
With distressed debt support, a US-based private investment
management firm could save ~$30,000

Client Requirements

An investment banking firms buyside arm reached out to ValueAdd for stressed/ distressed debt support; it was a referral through one of
our clients. The firm was looking for a distressed debt origination support to increase investible ideas at optimal cost of research.

ValueAdd Solution Key Client Benefits

Systematic screening process: Led to a saving of ~US$30,000 in first year

ValueAdd facilitates efficient origination process by running smart screens using Client could focus on raising capital for the
distressed news and sectors screens on 3rd party databases e.g. Bloomberg
distressed opportunities fund
Prepares insightful tearsheets for US credits across sectors and stressed/
distressed/ liquidation cases Accelerated idea generation and invested in
viable distressed opportunities
Detailed recovery models:
Perform detailed liquidation and recovery models based on different assumptions For their trading desk, client accelerated
Detailed debt structure based on Waterfall model or structural subordination trading revenues by 2x last year
Build sensitivities based on operating metrics, commodity prices, and asset Increase depth of research on ideas, due to
pricing
increased client bandwidth
Trading desk support:
The same research support was extended to their trading desk too

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Hands-on experience on databases

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We offer customized engagement models to suit clients unique
requirements
Innovative engagement models for optimal positive impact

ValueAdd offers two types of engagement models, a) full-time equivalent analyst model, and b) Bespoke or ad hoc model

Full-time equivalent (FTE) model Bespoke or ad hoc model

Description: ValueAdd supports its clients with dedicated Description: ValueAdd supports its clients for bespoke project
analyst(s) who exclusively work on specific client mandates requirements with best suitable analysts

Suitability: Mostly suitable for recurring and ongoing Suitability: Mostly suitable for ad hoc or bespoke requirements
requirements with visibility of volumes Period: Bespoke
Period: Generally annuity (12 months) Pros & Cons:
Pros & Cons: + Flexibility
+ Continuity of service + Manage projects profitability effectively
+ High probability of achieving productivity benefits & cost
+ Relevant analysts (e.g. sector expert) for varied/niche
saving requirements
+ Volume-discounted pricing - Less probability of achieving productivity benefits
+ Direct contact with ValueAdd analyst(s) - Relatively higher pricing to factor the downtime

ValueAdd Research | Introduction to Corporate Credit Research | June 2017 10

Note: This is an exclusive property of ValueAdd Research & Analytics Solutions, and neither full nor part of this presentation may be used, shared, modified,
disseminated without written consent. All rights reserved.

info@valueadd-
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