1. Frost & Sullivan
Business and Financial Services
Proposal –Financial Due Diligence
2016

2. Frost & Sullivan – Services & Capabilities
2

3. UA
Frost & Sullivan – Introduction
consulting company, headquartered in the United
each in the Kingdom of Saudi Arabia (KSA),
Competition Benchmarking Growth consulting and E
Saudi Arabia
Technology Research
The company has a domain knowledge
GLOBAL FOOTPRINT Frost & Sullivan is a leading global strategy
43 offices
30 Countries
1800+ Consultants
250,000+ Clients serviced worldwide
Fortune 1000 clients & SMEs
States. Established in 1961, in New York City, the
company today has 43 offices across the globe.
It has three offices in the Middle East, one
the United Arab Emirates (UAE), and Bahrain.
CONSULTING SERVICES
Strategy / Business Planning
Market Intelligence
Competition Benchmarking Growth consulting and
M&A / Financial Modelling implementation
Organization Restructuring
Bahrain
GIL UNIVERSITY
Kingdom of
Manufacturing / Process Consulting
GPS
INDUSTRY EXPERTISE
approach to strategy consulting and has been
12 Industries
50+ Product Categories
Combination of Market,
Technology, Economics, and
Applications
working closely with multiple family run
businesses, local and multinational companies
in the Middle East, to develop their long-term
strategy and identify specific areas of business
opportunity.

4. Service Offerings
Growth Partnership
Services
Growth Consulting
GIL University
Events
GIL Global Community

5. Growth Consulting – Service Offering
Growth pipeline
Opportunity
evaluation
Determination of
opportunity universe/
prioritization
Go-to-market
strategies
Translating strategic
alternatives into a
cogent strategy
playbook
Monitoring &
optimization
Reviewing and
optimizing strategies
and implementation
Deep dive analysis of
prioritized opportunities
Planning and
implementation
Implementation of
strategic plans with
milestones, targets,
owners, deadlines
Merger &
acquisition
Distribution
channel optimization
Geographic
expansion
Vertical market
expansion
New product
development
Customer
strategy
New product
launch
Technology
strategy
Strategic
partnerships
Competitive strategy

6.  Deal Origination / Sourcing for PE funds.
 Market Intelligence And Due Diligence
 Facility Expansion Strategies
 Business Plan Validation
 Demand-Supply Gap Analysis
 Competitive Benchmarking
 Feasibility Studies
 Business Planning For New Projects
 Market Assessment And Market Positioning Advisory
 Operations and Management Advisory
 IPO Prospect Document and Industry Reports
Service Offerings - Investment Community

7. Business and Financial Services (BFS) Offerings
•
•
•
•
•
•
• •IPO / M&Ateams
Industryteams
M&ASupport
IPOSupport
Dealsourcing
Due diligence
Market andcompany
monitoring
M&ASupport
Investment
Banking
Corporate
Advisory
Private Equity /
VC
Asset
Management
Prof. Services
Firms
•
•
• • •
•
•Advisory
Underwriting
CustomResearch
Deliverables
Exitpreparation Investmentideas
PMsupport
LitigationSupport
(Law firms)
CustomResearch
Support
•
Strategies For
Licensing
11
Technologyand
Valuation
FinancialPlanning
And Analysis
FinancialValuation
For Intellectual
Property
Turnaround
DistressedFirms
Business
Valuation
MarketResearch
ForIPO
Product Valuation
Including Business
Plan
Financial Due
Diligence For
M&A
Project Feasibility
and Viability
Studies

8. Proposed Methodology
Financial Due Diligence Procedure
Understand
Objectives
Develop an Action
Plan
Identify Risks Prioritise Risks
• Understand objectives
and value drivers of
the deal
• •
•
•
•To understand the
areas to best focus
our efforts
Deal Breakers
Critical
Non Critical
Establish an action
plan
Consider analyses to
be undertaken
Who will perform
•
•
Focused and Diligent effort
Review Analyse Interpret Tailored Reporting
• Review and analyse
information for its
accuracy and
reliability
• • •Perform an analysis of
information
Interpret our results
and make a report
tailored to meet
requirements
Focused reporting in
terms of:
–
–
–
Deal Breakers
Critical
Non Critical

9. Keeping in view the requirements and objectives, we have brought together the right team with the right experience and
the right approach to successfully achieve those goals and objectives and to address the associated challenges. The solution
for you will therefore be to combine your broad vision with our robust approach. Our approach stems from our vast learning
and experience from conducting various similar projects and the actual implementation of the assignment by a competent
team.
Right Experience
• Extensive experience of
executing similar
engagements.
• The team has
experience in the
domain of buy side and
sell side services.
• In-depth understanding
of the complexities and
the dynamics of the
sector in the region and
business model.
Right Approach
• Leverage from our in-
depth knowledge of
previous assignments.
• Apply our local,
regional and
international expertise,
being one of the
leading professional
services firms in the
Region.
• Proven approach:
• Plan for knowledge
and capability
transfer;
• Proactive
communication plans;
and
• Project management.
Right Team
• Promote effective
teaming approach with
your team.
• Large pool of
international, local and
regional resources.
• Collaborative working
style.
• Match right resources
to project needs.
VALUE PROPOSITION

10. Interactive
Research
resource/iGPS
Origination,
Exits,
Business
Matching
Feasibility &
Investment
Opportunity
Analysis
Financial
Modeling &
Valuation
Business
Planning
Integrated
marketing
Services
Implementation
IMR / Industry
Sector /
Business
Overview
Commercial
Due Diligence
Investments/
Divestments
Consumer
behavior,
Channel
partner, B2C
End to End Transactional Support
Capabilities which will be leveraged for project
delivery
Frost & Sullivan’s Business & Financial Services Practice
Transaction Support Offering

11. Frost & Sullivan’s Business & Financial Services Practice
Support clients across the M&A cycle
Merger
Integration
M&A Strategy
Support
Commercial
Due Diligence
Acquisition
Screening
• Help you align
M&A activity as
part of growth
strategy
• Work with you to
decide where to
invest and where
to divest
• Prioritize growth
opportunities
• Develop tailored
M&A programmes
based on previous
experience
• Develop
investment thesis
• Enhance deal flow
by screening
targets based on
set criteria
• Develop a road
map to approach
targets
• Full CDD: markets,
operations,
modelling &
valuation
• Strategy &
business plan
review
• Insights through
world-class
diligence to prove
or disprove the
deal thesis
• Realistically assess
synergies
• Review business
case
• Develop road map
for integration
• Short list of critical
actions
• Rigorous follow-
through on long
list of integration
tasks
• Management
support to ensure
the to-do list gets
completed
Divestitures
• Assess divestiture
options & timing
• Prepare the
businesses for sale
(includes building
the exit story)
• Transaction
support in the sale
process
• Buyer evaluation
• Vendor due
diligenceTypically “financier” activity
Typically “corporate” activity

12. 12
Projects Executed for
Private Equity Firms and Investment Community
Key Case Study

13. Chemicals Materials & Food
Investment Feasibility Analysis For Specialty Laboratory Supplies
• A private equity firm was looking at investing into one of the major supplier of specialty laboratory
supplies in India.
• Frost & Sullivan undertook a study to size the total potential market for identified application sectors
which involved extensive secondary research and exhaustive primary interactions with the industry.
Application Segments
Instruments
Consumables
Genomics
Proteomics
Resins and columns at
process scale
– Lab Filtration
Molecular Diagnostics Molecular & Cell Biology Bioseparation / Filtration
• The market study involved a detailed analysis of the Indian market under the afore-mentioned products
• The investment feasibility study involved an analysis of the segmental and overall market growth rates and the
current and future market penetration of the investment target.

14. Chemicals Materials & Food
Evaluation of the animal health and nutrition markets in India
Study Background
The client, one of the world’s largest financial institutions, wanted to
evaluate the market demand and dynamics animal health and
nutrition markets in India, and further identify key companies with
high growth potential. This would feed into the client’s strategic plan
to invest in the market through these companies
To provide a detailed analysis of the Indian animal health and
nutrition market, from 2007 to 2020 and to provide company profiles
for the top 5 companies in each segment.. Three key segments were
considered, namely Animal Therapeutics, Animal Vaccines and
Animal Feed Additive markets
Study Objective & Scope
Vaccines Therapeutics
Animal feed
Additives
50% MNCs with Indian Presence
50% Domestic Manufacturers
50% MNCs with Indian Presence
50% Domestic Manufacturers
100% animal feed additive
manufacturers (both MNC &
Domestic)
• Overall Indian market overview for each product segment
• Market sizes for each product segment fertilizers by animal types (where applicable) at the India market level
• Key market trends and regulatory environment
• Key drivers and restraints, expansion plans
• Technological trends and expected future products
Key Information Points
Respondent Type
These information
points were sought
from corresponding
stakeholders during
primary research
Methodology

15. CHALLENGE
Frost & Sullivan to develop a detailed business plan for clients’ Data Center services.
• Industry (market) Analysis
• To asses the Competition & Potential Customer Analysis
• To assess the Internal Company Analysis, Valuation and identification of unique
qualifications
• To develop a Marketing Plan, Operation Plan & Detailed Financial plan
CONSULTING APPROACH
A step by step approach was undertaken to meet the defined objectives. The first Phase
would be to do a thorough assessment of clients services, existing infrastructure and
capabilities using VRIO framework. Then an industry analysis was conducted to estimate
the market size, market forecast, and also map the competition scenarios in these market
Primary & Secondary research. After identifying the potential growth options, a Feasibility
Analysis & Risk Assessment was done using Frost & Sullivan proprietary analysis
framework. Finally, a detailed financial & business plan was developed with the above
inputs.
IMPACT
• Frost & Sullivan’s Study enabled the client to understand the current and future market
scenario.
• The study provided in-depth analysis for their business plan, including a strategic
roadmap and Go to Market plan
Information Communication & Technology (ICT)
Business plan for Data Center services

16. CHALLENGE
Client is a leading telecom tower company in India. The Client approached Frost &
Sullivan to identify current market share in Tower Business for Passive
infrastructure providers and to study the projections for the Tower Business in B &
C circles. They also wanted to understand the demand and supply scenario for the
passive telecom infrastructure market.
CONSULTING APPROACH
Market characteristics including trends, market size, drivers and inhibitors were
identified based on exhaustive primary interviews with the key ecosystem
participants like leading telecom operators, tower companies, passive infrastructure
solution providers, turnkey operators and also from secondary sources like Frost &
Sullivan Internal Data bank. Comprehensive demand and supply side analysis was
conducted to understand the competitive landscape and the market demand for
passive infrastructure solutions.
IMPACT
Frost & Sullivan’s Study helped the client to gauge the potential of the passive
infrastructure market in India and identify demand trends which has aided them in
developing an effective business plan and go-to-market strategy for the telecom
infrastructure industry.
Information Communication & Technology (ICT)
Telecom Towers Market Assessment in B& C Circles

17. CHALLENGE
Client is a leading solution provider for the advertising industry with state-of-the-art
systems and cutting edge technology. The client approached Frost & Sullivan to
ascertain the potential of Mobile Advertisements in the burgeoning wireless market
in India. They wanted to understand the demand and usage trends for Mobile ads
in India and to develop a detailed strategic roadmap including Investment Plan,
ROI analysis, P & L, Cash flow, Balance Sheet, Business Plan, Go-To-Market
Strategy.
CONSULTING APPROACH
Market characteristics including trends, market size, drivers and inhibitors were
identified based on exhaustive primary interviews with the key ecosystem
participants like leading telecom operators, vendors, VAS service and content
providers, channel partners and secondary sources like Frost & Sullivan Internal
Data bank. Comprehensive competition analysis and mapping was conducted to
identify partner strategies and price benchmarking. End user trends including
usage trends, unmet requirements and willingness of usage were identified. Finally
a comprehensive business plan and go-to-market strategy was for developed for
the client.
IMPACT
Frost & Sullivan’s Study helped the client to gauge the market potential and
demand trends for Mobile ads in India. The findings have aided them in developing
an effective business plan including partnership strategy, go-to-market plan etc.
and also in establishing market leadership in the mobile advertisement segment.
Information Communication & Technology (ICT)
Opportunity Assessment of Mobile Advertisement Market & Development of Strategic
Roadmap

18. CHALLENGE
A leading International investment organization wanted to understand the current market potential
and growth prospects for temperature controlled logistics services in multiple end-user segments
within India. Based on this it wanted to plan its future investment strategies for this market.
CONSULTING APPROACH
The objectives of the client were to 1.) Understand the current total market size for temperature
controlled logistics (TCL) services in India 2.) Understand the supply chain flow of end-user
industry segments and potential for TCL market in each segment 3.) Estimate the end-user
segments growth potential and forecast of TCL market in each segment for next five years 4.)
Understand competitive landscape and growth opportunities. 5.) Understand the current
operations, capacities, focus and investment plans of leading TCL service providers
Frost & Sullivan conducted a 360o evaluation of the supply chains and TCL needs in each of the
key end-user segments such as agriculture, confectionery, dairy products, etc., the existing
market size for TCL services in these segments and future growth prospects, competition intensity
and SWOT analysis, and segments with high growth prospects. Based on this, the client was
advised to plan investments invest in operations that tap high potential end-user segments.
Frost & Sullivan interviewed end-users from all key industry segments including agriculture,
confectionery, dairy products, healthcare and processed foods, and leading TCL service providers
supported by extensive desk research in addressing of each of the objectives of the client
organization
IMPACT
Frost & Sullivan’s study provided crucial insights into potential market opportunities from each of
the key end-user segments of TCL services in India, future outlook and areas of faster growth,
current operations and investment plans of service providers. Based on the recommendations
client realigned its focus of investments in areas of high potential growth.
Transportation & Logistics
Investment opportunities in Temperature Controlled Logistics Market in
India for a Leading International Investment Organization

19. The client (leading financial institutions) in association with the Government of
Karnataka wanted to assess the feasibility to set up an animal house catering
to pharmaceutical R&D requirements, on PPP basis in Bangalore
 Pre-Feasibility Analysis for setting up an animal house
 Assessment of the sector, demand and potential
 Assessment of existing Pharmaceutical Animal Houses, their business
models and revenue potential
 Financial Viability Assessment comprising P&L, CAPEX, OPEX and Revenue
Estimations
 Land Requirement for an animal house lasting 30 years, site suitability
assessment
 Business Feasibility and revenue outlook for an animal house set up in
Bangalore
Client Objectives
Role of Frost &
Sullivan
Healthcare
Pre-Feasibility Study for setting up an Animal House for Pharmaceutical Purposes for a Leading
Financial Institution & Govt of Karnataka
 Go/ No-Go decision for an animal house catering to pharmaceutical industry
requirements
 Business model structures for a long term business of animal house
 Minimum OPEX and CAPEX for setting up an animal house catering to above
mentioned requirements
 Animal types and revenues estimations
 Land Requirement assessment for an animal house lasting 30 years,
 Site suitability assessment for existing land and also for setting up animal house
in SEZ
 Business Model options for an Animal House with revenue estimations for each
option
 Business outlook for animal house over a period of 30 years
Output

20. Market assessment for insulin in GCC & North African Countries for an Investment Bank in Saudi Arabia
To assess the market for insulin in the Kingdom of Saudi Arabia and other GCC countries,
and the North African markets, encompassing market size by value, competition and
competitor market share
 Determine market size for insulin in the specified markets
 Estimate growth of market, and forecast market value for the next 5 years in the given
regions
 Identify the top 10 competitors in the market (including key contract manufacturers) and
their market shares
 Identify current buyers & sellers of insulin in the KSA market, the price of insulin, and
estimated margins Identify opportunity areas in different markets by mapping the Insulin
Market potential for every country
Client Objectives
Role of Frost & Sullivan
Healthcare
Market Intelligence and Due Diligence: Insulin in GCC & North Africa
 Overview of complete GCC and North African Insulin market in terms of sales revenue
(Country-wise). Deep dive into KSA Insulin market, studying the driving and restraining
factors for market growth.
 Identify the opportunity areas based on Market potential of individual countries which can
help the client to concentrate specifically into some countries more than others
 Identify different forms of Insulin and its analogs along with their prices and presentation, in
KSA region.
 Forecast of the Insulin market till 2015 at an overall and country level for each of the
countries involved in the study
 Identify the key companies operating in the Insulin market and their shares in 2010
Output

21. Healthcare
Commercial Due-Diligence of a south India based chain of hospitals
Client
Objectives
Our Role
The Client, a Private equity player was interested in
investing in a chain of hospitals and wished to conduct
techno-commercial due-diligence of all the facilities of
the target group
 Understand the business dynamics of the selected
Healthcare provider
 Conduct market assessment for each of the facilities
and understand the demand & supply gap
 Competitive intelligence for each selected facility
 Future growth potentials analysis of the facilities
 Validate the business plan for all key performance
indicators
 Benchmark on various key parameters
 Technical analysis of the existing infrastructure
 Inputs over the business plan in terms of – (feasible /
non-feasible – against each key performance indicator &
financial projections)
 Strategic recommendations

22. Healthcare
Validation of a Hospital (Greenfield) Project Report for a Bank
Client
Objectives
An upcoming hospital group of Asia Pacific region was
planning for expansion across eight cities. They had
applied for a Debt Loan and the funding bank was
looking for a validation of complete business by a third
party
Our Role
 Complete locational analysis, indicating the locational
demand supply details, type of medical care facilities
available, tariffs, competition etc
 Concluding with demand supply analysis
 Validation of capital expenditure for the project
 Validation of the operational parameters assumed
(including tariffs, occupancy rates, fixed costs, variable
costs etc)
 Comment on financial parameters

23. Healthcare
Providers
Medical
Technology
& HCIT
Biotech &
Pharma
Private
Equity &
Others
• NMC Healthcare
• Dallah Healthcare
• Aster DM Healthcare
• Wooridul Spine Centre
• Fortis Global
• GEMS – Thyrocare
• Mubadala Healthcare
• SRL Diagnostics
• Apollo Hospitals
• CosmeSurge
• IDH – Egypt
• VLCC
• Lifecare
• KIMS Global
• Roche Pharma
• Merck Serono
• Jamjoom Pharma
• SPIMACO
• Mundipharma
• BMS
• BAB Pharmaceuticals
• Qatar Pharma
• Beximco Pharmaceuticals
• Philips Healthcare
• Abbott Vascular
• 3M Healthcare
• Becton Dickinson
• Nihon Kohden
• Ascom
• Agfa Healthcare
• J&J
• Sony
• Samsung
• Intersystems
• Tech Mahindra
• Omron
• Boston Scientific
• Riyad Capital
• FH Capital
• Samara Capital
• Battoyor Holding
RAEM Group
• Platinum Corp
• Iskan Investment
• ALJ Group
• Multiply Agency
• Chanrai Investment
• Pfizer
• Eli Lilly
• Novartis
• Panasonic
• Saudi Biotech
• Abbvie
• Khashoggi Group
• Olayan Group
• Abdullah Fouad
• Al Futtaim Group
• Mubadala
• Byrne Equipments
• Rolaco Contracting
List of Key Clients in the Healthcare Space in MENA
23