sc corporate profile

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This presentation is solely for the use of client personnel. This publication, or any part thereof, may not be reproduced or transmitted in any form, or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise without the express prior written permission of Start Consult.

Corporate Profile

Strategy Consulting

Organizational Consulting

Business Planning

Mergers & Acquisitions

Private Equity

Corporate Finance


CONTENTS

Our Corporate Overview

Our Experience in Financial Services Sector

Our Experience in Other Sectors

Our Experience in Private Equity

Profiles of Key Staff


CONTENTS







START CONSULT

¶ Start Consult is a management consulting firm established by former McKinsey & Co. consultants and a management team of professionals drawn from a broad range of industries and backgrounds.

¶ The Firm’s operations focus on three main consulting disciplines, which it deploys to assist its clients in developing their businesses. These include:

– Strategy Consulting / Organization Consulting;

– Corporate Finance;

– Research Studies.

¶ Start Consult is now recognised as one of the well established consulting firms focusing on business strategy, research and corporate finance in the region;

¶ Start Consult has also developed itself into a leading consulting firm in the Private Equity sector.


START CONSULT: STRONG EXPERTISE ACROSS THE REGION

We have worked extensively across the region, including UAE, GCC, Middle East, North Africa, Indo-Pak Sub-Continent and South Africa.

India and Pakistan

Levant

GCC

South Africa

North Africa

UAE

Middle East


START CONSULT: BACKGROUND OF PROFESSIONAL TEAM

¶ The professional team at Start Consult is composed of professionals from a wide range of nationalities and backgrounds, with an emphasis on strong educational qualifications enhanced by experience and exposure to a wide variety of industries and businesses;

¶ Educational qualifications of our professional staff include those from Harvard, Cambridge, Wharton, RMA Sandhurst, INSEAD, London Business School, etc.;

¶ Our staff have extensive background experience with leading international consulting firms, regional commercial, retail and investment banks, multinational organizations etc. Example companies include organizations such as McKinsey, Monitor, Deloitte, AT&T, Philips, Nestle, ICI, Deutsche Bank, Muslim Commercial Bank Pakistan, Mashreqbank, Union National Bank etc.


EXAMPLE CLIENTS

Middle East


CONSULTING SERVICES – CORE AREAS OF FOCUS

Consulting / Advisory Services

Corporate Finance

Research

Strategy & Operations

• Assessing Strategic Options;

• Developing Corporate / Business Unit Strategies;

• Developing Product / Positioning Strategies.

• Developing organization structures;

• Improving and implementing HR policies and business processes;

• Developing performance indicators and monitoring tools..

• Assessing market demand, financial feasibilities & returns;

• Developing financial models;

• Developing Business Plans.

Strategy Consulting

Organizational Consulting

Feasibility Studies / Business Planning

• Advising on M&A;

• Assessing attractiveness of acquisition targets;

• Due diligence, valuations and preparation of IMs.

• Generating, negotiating and closing transactions;

• Due diligence and valuation;

• Structuring private equity funds.

Due Diligence / Valuations

Private Equity

Financial Structuring

• Developing corporate / transactions structures;

• Facilitating fund raising process.

Consumer Research

Business / Industry Sector

Research

• Conducting industry sector research and analysis;

• Assessing sector developments, impact of new technologies, etc;

• Assessing potential of new businesses, etc.

• Understanding consumer attitudes and brand perception;

• Testing new products or advertising campaigns.


Banks / Financial Services

Private Equity Firms / Investment Firms

Information Services / Credit Bureaus

Telecom

Construction / MEP Industry

Real Estate Development

Building Materials

Healthcare Services / Hospitals

Medical Supplies

Entertainment Industry, Hotels and Leisure

Manufacturing / Industrial Sector

Power / Energy Sector

Media

Food Franchising / Retail Food

Heavy Equipment / Construction Equipment

Marine Services, Ports, Ship Repair

Oil and Gas Services

Retailing and Franchising

Transportation and Express Services

Packaging Industry

Education Services

Distribution Services

FMCG – Consumer Goods

START CONSULT: EXPERTISE IN A WIDE RANGE OF SECTORS

Over the last 5 years, Start Consult has worked in over 30 industries and sectors, including:


START CONSULT: WIDE EXPOSURE IN TERMS OF CLIENTS

Start Consult has served different types of clients:

¶ Large international global firms;

¶ Large international banks;

¶ Private Equity firms;

¶ Local / regional groups, family groups;

¶ Government and semi-government organizations;

¶ Etc.

A leading international retail and commercial bank;

A leading international credit rating agency;

Well-known family groups in UAE and Saudi;

A leading regional retail and wholesale group;

A leading mobile telecoms company;

Regional investment / private equity groups;

Leading regional construction / real estate groups;

Leading regional energy groups;

Other projects in: Jordan, Egypt, Iran, Pakistan and South Africa.

Recent Clients (extract)

Most of our consulting work has been

generated through referrals, or

through repeat work with clients.


HIGHLIGHTS OF OUR RECENT PROJECTS

¶ Development of business plan for an Islamic Financial Services Company;

¶ Development of business plan for an e-brokerage house. Also covering regulatory approvals and technology alliances with international partners;

¶ Conducting Feasibility and developing a business plan for launching a Credit Bureau in Saudi Arabia, sponsored by the Central Bank (SAMA) and all major banks;

¶ Developing business plan and conducting financial feasibility for setting up a Securities Brokerage Company in Saudi Arabia.

Business Plan / Feasibility

¶ A Consumer and Perception Audit of Customer Expectations towards Retail Banking in the UAE for a large multinational bank looking to expand its retail operations;

¶ Evaluation of current Private Banking relationships of customers in the UAE for a Leading UK based bank looking to start Private Banking for high net worth individuals in Dubai;

¶ Detailed research and strategy for a major multinational bank advising them on improving their Credit Card business. The study focused on developing a viable customer acquisition strategy as well as improving card usage among existing customers;

¶ Extensive Research on Pakistan’s banking sector including competitive landscape, size, asset & profit concentration, profiling of leading players, etc. for a financial institution looking to acquire a bank in Pakistan.

Research

¶ Market Scoping Study and Opportunity Assessment of banking sectors in the GCC and Iran for a leading UK based bank looking to expand its operations in the region;

¶ Market Scoping Study of Pakistan and India’s banking sectors for a leading UK based bank looking to venture into the respective markets.

Market Scoping

¶ Detailed due diligence of a bank in the Middle East for possible acquisition by our client. Conducted due diligence of the bank’s portfolio, quality of assets, investments, operations, and other aspects of the business.

Other


CONTENTS







HIGHLIGHTS OF OUR RECENT PROJECTS IN THE FINANCIAL SERVICES SECTOR

Financial Services

Research

Business Plan / Feasibility

Studies

Strategy / DueDiligence

- Conducting research study on the asset management and mutual funds industry in the region;

- Developing a retail banking strategy based on consumer and perception audit of customers for a larger multinational bank;

- Detailed research and strategy for a major multinational bank advising them on improving their Credit Card business;

- Extensive Research on Pakistan’s banking sector for a financial institution looking to acquire a bank in Pakistan.- Development of business plan for an Islamic Financial Services Company;

- Development of business plan for an e-brokerage house;

- Conducting Feasibility and developing a business plan for launching a Credit Bureau in Saudi Arabia, sponsored by the Central Bank (SAMA) and all major banks;

- Developing business plan and conducting financial feasibility for setting up a Securities Brokerage Company in Saudi Arabia.

ABN Amro

Barclays

Dun & Bradstreet

Mashreqbank

HSBC

Consortium of Banks in Saudi Arabia

Rasmala

- Detailed due diligence of a bank in the Middle East for possible acquisition by our client;

- Advisory and management buy-out lead for a global financial services company in 19 countries including GCC, South Asia and parts of the Middle-East;

- Strategic advisory (early view & concept testing) for creating a pan-regional and retail-focused bank.

Project Type Example Projects Example Clients*

*Several client names kept confidential


OUR RELEVANT FINANCIAL SERVICES EXPERIENCE¶ In the past few years, we have extensively worked with clients in the financial services sector in the region. Areas of focus include:

– Industry sector research including research across different areas of finance;

– Strategy devolvement and business planning;

– Product strategy formulation;

– Business plan;

– New market entry strategies;

– Corporate Finance / Transactions;

– Mergers and Acquisitions.

¶ As part of this process we have developed a very sound understanding of the industry, its drivers and trends in the region and we have developed a network of contacts within the financial services sector in the region including international banks, local banks, investment houses, etc.;

¶ Our team also brings on board extensive line management experience with banks in the region;

¶ We have also undertaken a number of organizational / performance diagnostics, corporate restructuring and positioning strategy projects in various other sectors such as telecom, wholesale, retail, etc.


START CONSULT: STRONG EXPERTISE IN THE FINANCIAL SERVICES SECTOR

- Business Strategy;- Product Development;- Geographical Expansion;- Organizational Strategy;- Corporate Restructuring;- Business Process

Reengineering;- Etc.

Strong Expertise in the Financial Services Sectors

Research & Business Strategy

- M&As;- Establishment of Credit

Bureaus;- Transaction Structuring

and Closing;- Due Diligence;- Etc.

Corporate Finance

- Commercial Banking;- Corporate Banking;- Investment Banking;- Transaction & Credit

Risk Management;- Etc.

Line Management Experience

- Our team has advised a number of regional banks on various aspects of research and business strategy;

- Areas include retail and commercial banking, new product development, entry strategies for new markets, consortium based initiatives, development of thought leadership etc.;

- We have advised various investment banks and business groups on M&A and various other transactions;

- Our team’s extensive line management experience with regional banks helps provide a deeper insight while developing strategies.


Client / Project Description

European Multinational Bank

Retail Banking Consumer Research

Start Consult’s Key Activities

Business strategy based on Consumer and Perception Audit of Customer Expectations towards Retail Banking in the UAE for a large multinational bank looking to expand its retail operations. Key activities included:

– Evaluation of current retail banking sector in the UAE;

– Developed Questionnaire to interview clients;

– Conducted interviews (both face-to-face and over the telephone) with several categories of users in the UAE;

– Analyzed customer responses;

– Findings were used to provide client with an insight into current customer perception and demand of retail banking services;

– Strategy recommendations based on customer expectations.

DESCRIPTION OF ENGAGEMENTS: RESEARCH / FINANCIAL SERVICES SECTOR

Major Multinational Bank

Consumer Research and Strategy for Credit Cards

Detailed research and strategy for a major multinational bank advising them on improving their Credit Card business.

The study focused on developing a viable customer acquisition strategy as well as improving card usage among existing customers. Key activities included:

– Evaluation of Current Credit Cards business in the UAE;

– Developed Questionnaire to interview clients;

– Conducted interviews (both face-to-face and over the telephone) with several categories of users in the UAE;

– Analyzed customer responses;

– Findings were used to provide client with an insight into current customer perception and demand of credit card services.



DESCRIPTION OF ENGAGEMENTS

Leading Financial Institution

Research and Overview of the Pakistan’s Banking Sector

Extensive Research on Pakistan’s banking sector for a financial institution looking to acquire a bank in Pakistan.

Key research areas included:

– Competitive landscape and profiling of key players;

– Banking sector size;

– Asset & profit concentration;

– Key trends shaping the sector moving forward;

– Acquisition opportunities.


Leading Regional Bank

Research and Business Strategy of the Regional Mutual Funds Industry

Extensive Research on the regional mutual funds industry for a financial institution looking to publish a thought leadership document on mutual funds

Key research areas included:

– Competitive landscape and profiling of key players;

– Industry size;

– Description of key funds in the region;

– Key trends shaping the sector moving forward.



Leading Islamic Financial Services Company

Business Plan and Strategy Document

Development of a Business Plan for a leading Islamic financial services company in the region. Key activities included:

– Analysis of the Islamic financial services market;

– Assessing the competitive landscape;

– Defining the business strategy;

– Developing a financial model;

– Developing shareholders and management strategy

– Assessing success factors and risks;

– Developing investment highlights.


Local Bank

Feasibility Study and Business Plan

Feasibility study and Business Plan for setting up an e-brokerage firm in the region.Key activities included:

– Analysis of the brokerage / e-brokerage markets in the region;

– Selection of technology;

– Selection of partners;

– Defining processes and systems;

– Regulatory approvals;

– Development of the overall business plan, including financial feasibility, entry strategy, corporate and management strategies, etc.




Consortium of Banks and Central Bank of a Major Market in the Region

Setting up a First Class Credit Bureau

– Conducted primary and secondary research on the state of commercial and consumer credit market in the region;

– Assessing ‘need’ for a country specific credit bureau(s) in the region and reviewed relevant benchmarks/global best practices;

– Identified leading players in the credit bureau industry with a view to form strategic/technical alliance for the project;

– Advised the client on critical prerequisites for setting up the bureau including legal and infrastructure requirements;

– Conducted comparative analysis of bids submitted by various vendors for final selection;

– Prepared a detailed financial model on the project with a perspective to operate in one of the GCC countries.





A Consortium Setup by a Leading Financial Institution

Developing a Business Plan for Setting Up a Security Brokerage Company in Saudi Arabia

Development of a business plan and financial feasibility for setting up a Securities Brokerage Company in Saudi Arabia. The scope and objectives of the engagement were to:

– To analyze the feasibility and prepare the business plan for the Company. This included:

Define the market opportunity;

Define the overall range if products & services to be offered by AMCO;

Prepare key assumptions on total market volumes and market shares;

Prepare assumptions on volumes for AMCO;

Key assumptions on pricing policies and structures;

Assumptions on setting up costs, infrastructure costs, capital expenditure;

Assumptions on manpower and other requirements;

Preparation of Revenue Model;

– To define the organizational structure and operational plan for AMCO;

– To define the policies and procedures (Risk Management Policies; Compliance policies and procedures; Authority levels on trading);

– To assist in implementation of compliances, operational, supervisory and risk management policies.




CONTENTS








Leading Business Group in UAE: Feasibility of Acquisition of Leisure / Commercial Properties of a prominent South African Group


– Conducting detailed market research on South African real estate, leisure and hospitality industry, with particular emphasis on the city of Cape Town;

– Framing the business opportunity for setting up a a top-tier residential complex, a five star hotel and golf courses;

– Developing a corporate structure for the project in order to raise required funding and subsequent operations;

– Assisting in negotiations between the parties and with financial institutions on issues relating to funding, valuation and overall management;

– Conducted discussions with various hotel/property management companies for strategic alliances;

– Developing a detailed financial model incorporating revenues, operating costs and capital expenditures;

– Assessing overall economic viability of the project;– Identification of critical risk factors and their mitigants.

DESCRIPTION OF ENGAGEMENTS: FEASIBILITY ASSESSMENT

Large Private Group in the Region:Developed Business Plan for a Heavy Machinery and Equipment Dealer entering the Iran Market

– Developed 5-year Revenue Model (Projected Total Sales) for the proposed company including a breakdown of sales by product range;

– Developed 5-year projected income statement for the proposed company including:

• Total Revenues;

• Operating Expenses;

• Profit before and after tax;

– Developed Breakeven analysis based on projected free cashflows;

– Identified and profiled potential competition in the industry including manufacturers and distributors;

– Identified competitive advantage of the ‘product’ vs. substitutes.


Client / Project Description Start Consult’s Key Activities


A leading mobile

operator in Kuwait

A 18-month project to assist in the restructuring process of the marketing and customer service department. Key activities included:

– To oversee the organization restructuring of the marketing and customer service department;

– To define key roles, responsibilities, job profiles, reporting structures and performance measurements of middle to top-management personnel;

– To work closely with top-managers of the company to define the marketing strategy and ways to implement it;

– To review and improve current processes;

– To develop and implement new process and procedures for the department. These processes included sales, receivables, credit rating, customer knowledge, etc.



A Leading Family Group in the Region:Feasibility of a Securities Brokerage/ Asset Management Company

A Public Sector Entity in the RegionAssessing Feasibility of a Downstream Oil & Gas / Petrochemicals Complex



– Conducting detailed primary and secondary research on brokerage and asset management industry in the region covering leading brokerage houses and asset management players;

– Determining potential market size and growth of brokerage and asset management industries in the region;

– Identifying the opportunity and developing business model for the securities brokerage company;

– Prepared a detailed business plan covering the competitive landscape, description of opportunity, business model and financial projections;

– Developed detailed financial model for the business covering number of customers, pricing and revenues, operating costs and upfront capital expenditures.

– Developing competitive landscape of the oil, gas and petrochemical industries globally and in the region, covering demand supply, key players, costs and profitability of various products, technological improvements etc;

– Interviewing global and regional oil, gas and petrochemical majors and gauged their level of interest in this region and their key requirements and expectations;

– Analyzing in detail regional oil, gas and petrochemical industry, specifically Saudi Arabia, Iran, Qatar, other GCC countries. They also have experience and knowledge of various investment models used by these countries to attract international investors in this sector;

– Analyzing and determining infrastructure requirements for such projects. This also includes infrastructure relating to transport of feedstock and port facilities for handling and export of petrochemical products;

– Developing a full financial feasibility of downstream complexes covering investment requirements, potential revenues, expected operating costs etc.;

– Developing strategic and operational blueprint of such facilities.



Leading UAE based Business Group:Feasibility Assessment of Setting up Building Material Production Facility

Leading Diversified Business Group in the Region:Market Analysis of Disposable Medical Supplies Industry in the GCC


– Extensive online and desk research to develop an understanding of the healthcare sector in the GCC countries;

– Collection and analysis of key data points to establish potential market demand for medical supplies equipment;

– Analysis of supplier / manufacturer data, and derived market prices;

– Conducted over 50 demand side interviews conducted in the GCC and MENA region with doctors and hospital administrators;

– In addition, also conducted various supply side interviews with suppliers and distributors of medical supplies and equipment;

– Assessed overall business potential and viability of the opportunity.

– Landscaping of the global and regional state of the industry covering key manufacturers and suppliers, global demand and supply, costs and prices, technological developments, etc.;

– Identification of key markets, regions and segments in the Middle East, Europe, Africa and the Far East;

– Assessment of existing demand and supply position for various regions globally and in the Middle East;

– Profiling of existing key suppliers in terms of installed capacity, production volumes, planned expansion, etc;

– Market size and demand potential of the product in the region with specific focus on the GCC countries;

– Key drivers affecting market size and future demand for the Product.

– High level analysis of the project economics.




A Leading UAE based Group:Feasibility Assessment of Setting up a Refrigerant Production Facility

A Leading Regional Family Group:Establishment of a Regional ‘Content Factory’


– Secondary research on regional and international industry with specific focus on role and potential of a stand alone ‘content factory’;

– Conducted several interviews with industry participants and large companies associated with ERP solutions, B2B marketplaces and content creation;

– Established picture of the potential regional demand and supply metrics associated with developing content;

– Developed a financial model with a base case set of core assumptions and scenarios;

– Highlighted the potential risks related to demand uptake for the product.

– Extensive primary research including around 25 interviews inside and outside the region of leading producers, distributors, industry specialists and government agencies;

– Carried out rigorous secondary research to assess industry landscape;

– Analyzed findings to validate results of our primary research on market sizing and demand potential;

– Worked extensively with the potential technical partner on feasibility and implementation issues related to the project;

– Worked on a financial model for the project based on market size, potential share of refrigerants in the region, estimates of manufacturing and operating costs and capital expenditures;

– Determined potential returns to the investor (NPV, IRR, etc.).




Leading Multinational Oil Marketing Company in the Region: Feasibility Study for setting up an HGV service facility


– Conducting primary research to ‘test’ the economic potential of the concept;

– Assessing Heavy Goods Vehicles market and current traffic trends in Dubai;

– Conducting analysis of arterial routes used by HGV traffic and composition of origin and destination;

– Developing multiple scenarios for product / services mix and scale of facilities;

– Formulating business strategy and service rollout plans;

– Developing a detailed financial model with various sensitivities for different scale and level of services;

– Identifying implementation issues and challenges.


A large Global Food and Beverage Company:Feasibility study of entering a large untapped market / Developing entry options e.g.: Green field start-up, acquisition, joint venture, etc.

– Conducted secondary and primary research to understand the market dynamics in terms of size, growth, future potential, etc;

– Conducted several interviews with industry participants and large companies industries included Industry Experts, Financial Institutions and local players’ for ‘on ground’ intelligence;

– Developed checkpoints for potential regional demand and supply mechanism associated with ‘Current / Future potential’;

– Prepared detailed profiles of competitors and potential JV partners;

– Developed detailed implementation plans defining key milestones;

– Analysed the potential financial attractiveness of the project in terms of ROE, IRR and NPV.



Large Investment Group in the Region: Feasibility Study for assessing demand potential for setting up an industrial manufacturing plant



A large Private Sector Group and a Government Authority:Demand assessment and high level feasibility of setting up a ship repair facility

– Conducted interviews with industry players, specialists, fabricators / distributors and associations;

– Secondary research and data analysis for market sizing and demand estimation;

– Identified the leading regional players in the industry including the producers, distributors and fabricators;

– Identifying the suitability of the ‘product’ vs. substitutes;

– Evaluating key potential technology partners;

– Developed extensive global vs. regional market analysis;

– Determining key risks involving ‘set-up’ options.

– Conducted detailed global / regional primary and secondary research;

– Developed a high level financial model to assess the economic / financial viability of such a set-up;

– Identified key success factors and potential risk factors associated with the industry as a whole;

– Developed an estimate of potential market volumes for ship repair by age and of vessel, and developed revenue models based on that;

– Conducted sensitivity analysis models to assess the long-term feasibility of the project;

– Assessed the overall attractiveness of the geographic location compared to other alternatives.


To identify potential investment opportunities or buy-out opportunities in the Real Estate and Construction sector. Key activities included:

– Conducting a detailed competitive landscape, industry dynamics study in this sector in Pakistan;

– Evaluation of the attractive sectors within the construction, real estate and building materials industry sectors;

– The study also involved developing high level business case for a new entrant in these sectors;

– Identifying potential acquisition targets/joint venture partners for entry in the market.

Complete feasibility, business plan and partner profiling for entering the Iran market with a local partner. Example activities included:

– Country Analysis;

– Market Scoping Study;

– Demand estimation (by key user segments);

– Partnership structure;

– Organizational structure for the new company in Iran;

– Sourcing, marketing and distribution plans;

– Financial Feasibility of the proposition covering investment plan, P&L, cash flow analysis and investment returns.

A Leading Investment Group in the Region

Leading International Company / Large Private

Group in the Region (leading global brand)

EXAMPLES OF RECENT ENGAGEMENTS (CARRIED OUT OVER PAST 12 – 18 MONTHS)



To analyze the construction sector, quantify the market demand for a particular building material; and to conduct the feasibility study. Key activities included:

– Market research, market sizing and segmentation, competitor profiling;

– Supplier profiling and identification of market opportunities;

– Assessing the financial viability of establishing manufacturing plant.

A major study of the private equity and direct investment industry across the region. This included:

– Industry sizing;

– Driving forces;

– Growth, the scale and impact of repatriated capital from international markets;

– Role of acquisition finance, mezzanine debt, etc.

A Leading Investment Group in the

Region

Large Private Equity House in the Region



Assessing the demand, financial feasibility and developing a Business Plan for the establishment of an Obesity, Plastic and Reconstructive Surgery Center.

– Market research to identify and quantify the market demand for Obesity, Plastic and Reconstructive Surgery;

– Understanding industry dynamics including competition, pricing and cross border demand;

– Develop an economic feasibility and Business Plan for the center;

– Developing and appropriate company structure for the business.

Private Investment GroupRegional Investment

Group in collaboration with Brazilian technical

partners


To assess the feasibility of, and evaluate strategic partnership options (Public-Private Sector) for a ship repair facility in the Region. Key activities included:

– Conducted detailed global / regional primary and secondary research;

– Developed a high level financial model to assess the economic / financial viability of such a set-up;

– Identified key success factors and potential risk factors associated with the industry as a whole;

– Developed an estimate of potential market volumes for ship repair by age and of vessel, and developed revenue models based on that;

– Conducted sensitivity analysis models to assess the long-term feasibility of the project;

– Assessed the overall attractiveness of the geographic location compared to other alternatives.

A Leading Government Run Insurer From China

A large Private Sector Group

and a Government

Authority

Assessing the feasibility of, and developing the business plan for a large Real Estate Commercial Project in the UAE. Key activities included:

– Identifying the opportunity for a leading Chinese insurer to invest in a world trade center type facility in Dubai and analyzing potential benefits to the Chinese and UAE economies;

– Financial feasibility of such an entity covering office space, hotel and mall space to be used up by Chinese companies to retail and showcase Chinese products and services.




Large Investment Group in the

Region

To analyze the construction sector, quantify the market demand for a particular building material; and to conduct the feasibility study. Key activities included:

– Conducted interviews with industry players, specialists, fabricators / distributors and associations;

– Secondary research and data analysis for market sizing and demand estimation;

– Identified the leading regional players in the industry including the producers, distributors and fabricators;

– Identifying the suitability of the ‘product’ vs. substitutes;

– Evaluating key potential technology partners;

– Developed extensive global vs. regional market analysis;

– Determining key risks involving ‘set-up’ options.

Two Regional players in the

Packaging Industry

Assessing the economic case for the merger of two leading packaging companies in the Region. Key activities included:

– Valuation of both companies;

– Economic benefits of the merger;

– Key issues relating the merger;

– Implementation planning.




CONTENTS







START CONSULT ON PRIVATE EQUITY

¶ Strategy firm focused on the Middle East and South Asia for the last five years. Now developed a strong practice in Private Equity;

¶ Built experience and knowledge capital in a multitude of sectors and sub sectors. Clients include international banks (ABN AMRO, Barclays), FMCG companies (Reckitt Benckiser, PepsiCo.), local groups (Dutco, Al Ghurair), and investment banks (SHUAA Capital), etc.;

¶ Supported major private sector groups (including investment funds, family groups & investment banks) in various areas of investment decision process. Areas of support include opportunity scan, deal screening, feasibility studies, valuation, transaction structuring, due diligence etc. Types of investments include greenfield projects, buyouts, M&A etc.;

¶ Extensively involved with various private equity firms in the region (including Rasmala, Abraaj, HSBC Private Equity, some funds under formation) in activities ranging from strategy, developing investor presentation, deal sourcing, opportunity scanning, due diligence, valuation, etc.);

¶ Launched a flagship private equity fund Dun & Bradstreet and created substantial value (post acquisition).

Start Consult is increasingly focusing on corporate finance transactions and private equity play, in addition to its traditional consulting services;

Start Consult has developed itself into a leading private equity consulting firm in the region.


EXAMPLE ACHIEVEMENTS IN PRIVATE EQUITY

Industry Report

Fund Setup

Landscape Scan

‘Private Equity – A Catalyst for Growth in the Region’ is the first extensive insight into the Private Equity sector;

The Report was launched during the World Economic Forum in Jordan.

Advising a local group in establishing a private equity fund including strategy formulation, advise on fund structure, preparation of investor documentation etc.;

Advised in set up and strategy of other Private Equity firms in the region.

The Group has successfully secured an alliance with a leading global private equity firm.

Jointly worked with Mckinsey & Co. in assessing and defining the regional buyout opportunity;

Rasmala II (Abraaj) was launched as a buyout fund.


EXAMPLE ACHIEVEMENTS IN PRIVATE EQUITY

Due Diligence

Private Equity Play

Undertook a due diligence and valuation of a regional commercial bank as an acquisition target for a private equity group;

Recognized as a very comprehensive study in this sector.

Launched Dun & Bradstreet (SAME) as a flagship private equity transaction;

Activities involved: Deal sourcing, negotiations with the management, putting together the investor group, structuring the transaction, legal documentation and closing the transaction.


START CONSULT –FOCUS ON TRANSACTIONS & PRIVATE EQUITY

Investment Value Chain

Valuations

Structuring

Negotiating and Closing

Generating Transactions

Due Diligence

• Sector focus includes Healthcare, Education, Financial Services, Real Estate;

• Deal flow strong in GCC, Pakistan and other Middle Eastern countries.

• Research, risk assessment

• Benchmarking;

• Company / Business Due Diligence.

• Financial Modeling;

• Sensitivity Analysis;

• Options.

• Developing company / fund structure;

• Assigning Roles and Responsibilities;

• Capital Structure (debt, equity, etc.)

• Financial Close;

• Management transaction;

• Documentation.

Strategy and Documentatio

n

• Development of overall Fund strategy;

• Preparation of business plans;

• Preparation of IM;

• Investor presentation.

Post-Acquisition

Support

• Business building / rollout;

• Financial re-engineering;

• Organization restructuring;

• Corporate governance and strategy.


TRANSACTION & PRIVATE EQUITY: DEAL FLOW

Start Consult has been working on opportunities in the GCC and Pakistan

Healthcare

Education

UAE and GCC

Real Estate

Education

Pakistan

Financial Services

Manufacturing

Construction / Building Materials

Information Services

Retail franchises

Retail franchises

Media

Hospitality / Hotels

Construction / Building Materials


EXAMPLE TRANSACTIONS: DEAL SOURCING / M&A TRANSACTIONS

Development of a 5-Star Hotel in Bahrain

¶ Identified potential opportunity to set up a 5-Star hotel facility in Bahrain;

¶ Developed the opportunity by forming joint venture with strategic partners;

¶ Structured the deal in terms of shareholding, respective roles and responsibilities;

¶ Currently in the process of raising required funds.

Partnership for Credit Bureau in UAE

¶ Identified potential opportunity to set up a credit bureau in the UAE;

¶ Formed strategic alliance of D&B SAME and Dubai Economic Department for the opportunity;

¶ Developed relevant strategic and legal documents for appropriate structures;

¶ Currently assisting D&B in implementation of the Project.



Middle-East based investment group

Market scoping, Due Diligence, Valuation and Buy-side Advisory for the acquisition of a leading bank in the region

– Analysis of the domestic and regional banking environment, focused on identifying market opportunities and understanding the forces likely to shape the market going forward;

– In depth analysis of the Bank’s business operations on CAMEL(O) framework;

– Detailed Due Diligence exercise on all aspects of the banks assets and liabilities, exposure, provisions, capital, operations, systems and management;

– Valuation and sensitivity analysis under a variety of different scenarios;

– Structuring advice, focused around ‘Good Bank – Bad Bank’ framework.

DESCRIPTION OF ENGAGEMENTS: DEAL SOURCING / M&A TRANSACTIONS

International Financial Services Company

Advisory and Management Buy-Out Lead

In 2004, Start Consult advised and led a Management Buy-Out of the Client’s business in 19 countries including GCC, South Asia and parts of the Middle-East Start Consult's role included:

– Detailed research on the business information industry in the region;

– Research on the market potential for each of the service areas of the Company;

– Due diligence and Valuation;

– Development of a Private Equity Fund structure;

– Investor presentations, negotiation and financial close of the transaction.

Start Consult has been retained by the new entity as its advisor for business expansion in the region;

As of now, the business has also acquired rights to operate in several North Africa and other African countries.




One of the Largest Private Equity Funds in the Region

Early View and Concept Testing for a pan-regional bank.

Strategic advisory, early views and concept testing for creating a pan-regional and retail-focused bank. Key activities included:

– Understanding the concept;

– Assessing opportunities related to target markets;

– Assessing opportunities related to target customers;

– Advising on high-level economics and structure of the investment.

DESCRIPTION OF ENGAGEMENTS: DEAL SOURCING / M&A TRANSACTIONS



CONTENTS







Managing Partner

Misbah Ahmad

PROFILES OF KEY STAFF

As founder and Managing Partner of Start Consult, Mr. Ahmad oversees the business development, external relations, and strategic direction of the Company.

Mr. Ahmad spent six years with McKinsey & Co in their European operations with a strong emphasis on strategy, organization, corporate restructuring, mergers and acquisitions etc. During this period, he served large and medium sized corporations in the financial services and banking sector, telecommunications and technology, food sector and consumer goods.

Mr. Ahmad has been involved in the rollout of a number of global franchises in the Middle East and South Asian regions.

Mr. Ahmad also has extensive work experience in South Asia and the Middle East for US and European corporations seeking to invest and develop operations in those regions. This work included evaluation of market potential, establishment of Joint Ventures, acquisitions etc. Mr. Ahmad has also worked for AT&T (USA) and Philips (Europe).

Mr. Ahmad has an MBA from the Wharton Business School. He also holds a Bachelor’s degree in Engineering from NED University and an MS in Computer and Information Science from the University of Pennsylvania.



Director

As Director at Start Consult, Mr. Rehan oversees engagements in a large number of diverse sectors. He is also responsible for business development activities and external relations management

At Start Consult, Mr. Rehan’s primary areas of focus are strategy consulting, market research, business analysis and corporate finance. Mr. Rehan has worked in several industries including banking and financial services, family groups, private equity, technology, telecommunications, construction, logistics etc.. In addition to multinational and regional business groups he has also worked with leading consulting firms such as McKinsey and Accenture on several engagements.

As a former investment and commercial banker, Mr. Rehan has extensive experience in the financial services industry in the Middle East. He was previously managing the Structured Finance portfolio of a major Abu Dhabi bank, where he developed the project finance, corporate finance and credit derivatives business of the bank. Mr. Rehan has also worked for a leading regional bank in their Qatar operations, where his primary areas of involvement were credit risk management and corporate banking.

Mr. Rehan’s key engagements at Start Consult include :strategy development for the MENA roll-out of a leading global bank, strategy advice for leading private equity and investment banking setups in the region and a number of assignments with leading corporates and family groups in the region in relation to business restructuring and process re-engineering;

Mr. Rehan holds a BBA and an MBA from the Institute of Business Administration in Karachi.

Aamir Rehan


Director

Mr. Fasih is a Director at Start Consult and heads its Pakistan Operations. As Director at Start Consult, Mr. Fasih has directed engagements in the shipping services, construction and the financial services sectors. He has rendered strategy and investment advice for a number of clients in these sectors.

Mr. Fasih has more than two decades experience with Bristol-Myers Squibb, one of the leading global pharmaceutical companies, most recently as the Managing Director and CEO of its operations in Pakistan with responsibility for six other countries of West Asia. Previously he was the Managing Director and CEO of the Bangladesh operations. At these senior positions, he has directed all aspects of the business including achievement of sales and profit targets, HR functions, investment and expansion decisions and liaison with Government, media and the public.

Previously, as CFO of the Pakistan operations of the same company, Mr. Fasih directed financial planning, general accounting, cost accounting, treasury, tax, budgeting and information services functions. He was involved in the integration of the Squibb and Bristol-Myers operations after the global merger of the two companies.

Mr. Fasih has also worked for the consulting practice of PricewaterhouseCoopers in Karachi and the audit practices at KPMG and McCabe & Ford in the UK.

Mr. Fasih is member of the Institute of Chartered Accountants in England & Wales and the Institute of Chartered Accountants of Pakistan.

Anjum Fasih



Director

Adnan Afridi is a Director with Start Consult. Mr. Afridi has extensive experience of business and investment in both developed and emerging markets. He began his career in consulting with Monitor in the USA and EU working on projects for Fortune 50 companies, including assignments in retailing, telecommunications, food and technology. He also worked with Prof. Michael Porter of Harvard Business School on projects relating to generating competitive advantage for emerging market economies. Whilst at Monitor he was also responsible for setting up and establishing their office in Turkey.

Prior to joining Start Consult, Mr. Afridi undertook a number of ventures in Pakistan, acting as both a consultant and a principal, in such industries as food and beverages, software, billing and settlement and venture capital.

Mr. Afridi has a B.A. in Economics from Harvard College (ranked top 5 in class of 1,400) and a Juris Doctorate from Harvard Law School (ranked in the top 3 in a class of 500).

Adnan Afridi




Himadri Bora Mr. Bora is an Engagement Manager in Start Consult. He has been involved in a number of strategy, corporate finance and M&A advisory engagements for clients in the Middle East and abroad. The sectors covered are financial services, telecommunications, private equity, retail, construction, industrial and logistics.

Mr. Bora’s key engagements in Start Consult include: developing investment strategy and organization for a private equity firm, valuation and strategic advisory of an acquisition of a regional commercial bank, acquisition opportunity analysis and valuation of a shipping services company, commercial due diligence for an IPO of a regional conglomerate group, and restructuring and strategic repositioning of telecom services company.

Mr. Bora holds an MBA degree with specialization in Strategy from the National University of Singapore. He also holds a B.Sc.(Hons) degree in Statistics from the University of Delhi and is currently a Level 2 candidate of the Chartered Financial Analyst® program of the CFA® Institute, USA.

Prior to joining Start, Mr. Bora worked for PricewaterhouseCoopers (PwC) in India and Singapore, serving various multinational clients such as Hewlett Packard, Samsung, Telstra, Schlumberger and the United Nations. While at PwC, he worked on numerous financial audit, accounting and corporate finance engagements. His assignments also involved financial fraud investigations in relation to major corporations



Umair Qazi Mr. Qazi has several years of experience in the areas of industry research and analysis and at Start Consult his areas of specialization include business analysis, industry research and analysis, business planning, financial modeling, and market research. Mr. Qazi has been involved in a number of business planning / feasibility projects covering various sectors such as banking & finance, telecommunications, capital markets, oil & gas, food & beverages, education, and real estate.

At Start Consult Mr. Qazi has developed strong financial sector expertise. Mr. Qazi holds a BSc Honors degree in Economics and Mathematics from the Lahore University of Management Sciences in Lahore, Pakistan.

Omar AnsariMr. Ansari’s primary areas of expertise include industry research and financial analysis of infrastructure projects. Prior to joining Start Consult, Mr. Ansari worked for a leading economic and policy counseling firm in Pakistan, where he worked with multilateral donor agencies and government departments, primarily in the energy and environment sectors. Mr. Ansari holds a MA degree in Economics from Queen's University in Kingston, Canada and a B.Sc. (Hons.) degree in Economics and Mathematics from the Lahore University of Management Sciences in Lahore, Pakistan.

Akash GuptaMr. Gupta works with Start Consult as an Associate. He has extensive experience with leading technology companies IBM Global Services, Cadence Design System and Apple Computers in USA, India and Singapore. He was involved in new product development and customer relationship management. He has also worked on market research and investment analysis projects for private equity/venture capital firms in Singapore and South Korea. Mr. Gupta holds an MBA from National University of Singapore and a B.E. in Electrical and Electronics Engineering from BITS, Pilani, India



Kalpesh Ramwani Mr. Ramwani works with Start Consult as an analyst. His areas of expertise include research analysis, business and industry analysis and market scoping. Before joining Start Consult, he worked for RSM McGladrey, a leading accounting firm as a Market Research Analyst in Bethesda, Maryland. Mr. Ramwani holds a bachelors degree with honors in Finance and Marketing from The Fisher College of Business, The Ohio State University, Columbus, Ohio.

Saleem Lalani Mr. Lalani is a qualified from the Chartered Institute of Management Accountants (CIMA), UK. Prior to joining Start Consult, Mr. Lalani worked for KPMG Pakistan in the Financial Advisory Services where he was involved in various consulting and corporate finance engagements for local and multinational FMCG, pharmaceutical, energy and financial sector organizations

Ahid Mohammed Mr. Ahid works with Start Consult as an Senior Market Analyst.He has previously worked as a Product Manager of Canon Digital Video Camcorder for the UAE region. Projects he has worked on during his experience have included, understanding the merchandising and buying behavior of Gap, Next and USC. A case study on Zara the retail clothing chain and on French hypermarkets. Mr. Mohammed’s academic qualifications are an MSc. in Retail Management from Sterling University UK, an MBA in Marketing from Mumbai University India and a B.A. in Commerce from Sydenham College, Mumbai University


Start Consult9th FloorAl Moosa Tower ISheikh Zayed RoadDubaiUnited Arab Emirates

Tel: (+971) 04 332 44 31Fax: (+971) 04 332 44 21

Contacts: [email protected]@consultstart.com

Start Consult15 Scotts Rd.#04-01/03 Thong Teck BuildingSingapore 228218Singapore

Tel: (+65) 646 37 977Fax: (+65) 673 35 497

Contacts: [email protected]

Start ConsultSuite # 414Clifton CentreKhayaban-e-Roomi / IqbalCliftonKarachiPakistan Tel: (+92) 21 582 41 46 (+92) 21 582 42 30 (+92) 21 582 42 95

Contacts: [email protected]

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