Maxim Research Private Limited is an investment research KPO providing customized research to global clients. It has offices in Pune, India and provides research support across various asset classes including equities, fixed income, and investment banking. Its business segments include buy-side research, sell-side research, and customized research. It offers services such as financial modeling, valuation analysis, and news tracking and monitoring to hedge funds, asset managers, and brokerage firms. Maxim Research aims to provide seamless outsourcing, deep domain expertise, and cost savings to its clients.

1. Maxim Research Private LimitedMaxim Research Private Limited
Corporate Profile
1
Buy-side Research | Sell-side Research | PE & IB Research | Customized Research

2. Maxim Research Overview
• A boutique Investment Research KPO providing customized research to global clients across US,
Europe, Asia Pacific and Middle East
• Led by a seasoned professional, our operational talent comes with a rich global experience
• Maxim’s diverse research platform encompasses multiple asset classes, providing scalable and cost
effective research
• Offices based in Pune (Oxford of the East) with business continuity plans
Business segments
End to end research (both equity and fixed income) support to buy side clients
Buy-side Research
End-to-end research (both equity and fixed income) support to buy-side clients
such as hedge funds, asset managers, family offices & providers of large pools of
capital.
Primarily targeted at independent research (equity/fixed income) providers,
Sell-side Research
IB Support – M&A support, Equity Capital Markets (ECM), Debt Capital Markets
investor relations and brokerage firms researching global bonds and stocks
across market capitalization and geographies (developed/emerging markets).
IB & PE Support
pp pp q y p ( ) p
(DCM) and Valuation Advisory Services.
PE Support – Pre-Transaction, Transaction and Post-Transaction support.
Research Business Research/Consulting Services Sponsored Research
2
Customized Research
Research - Business Research/Consulting Services, Sponsored Research,
Financial Modeling, Credit & Risk Analytics and ESG Research.
Data Management - Data Aggregation, Database Maintenance and CFO support.

3. Our Value Proposition
• Seamless outsourcing
• Deep understanding of client needs in the investment research space
• Experienced investment research talent pool
• Strong domain expertise in equity and thematic research
• Efficiency gains resulting from time-zone differences
• Offices based in Pune (Oxford of the East) with business contingency plans
• Strong academic credentials and deep equity research experience
• High degree of professionalism, confidentiality, integrity, and ethical standards
• Significant cost savings
3

4. Buy-side Research Services
Equity Long/Short
Hedge Funds
Family Offices
Other Asset
Management Cos
Fixed Income/Credit
Hedge Fundsg
• Financial Modeling
• Valuation Analysis (DCF,
LBO, Sensitivity Analysis)
• Financial Modeling
• Debt Comps and Peer
Group Analysis
• Financial Modeling
• Valuation Analysis
• Analyze & Screen
• News Tracking &
Monitoring
• Financial Modeling
gg
• Equity Comps (Comparable
Companies Analysis)
• Analyze & Screen
securities & Provide Alerts
N i h
• Cash Flow Modeling and
Waterfall analysis
• Covenant & Indenture
Analysis
C it l St t &
y
Securities & Provide
Alerts
• New companies research
• On-going Portfolio
i i
• Valuation Analysis (DCF,
LBO, Sensitivity Analysis)
• Equity Comps
(Comparable Companies
Analysis)• New companies research
• On-going Portfolio
companies review
• Sector/Thematic Research
N T ki &
• Capital Structure &
Leverage Analysis
• Chapter 11 filings/
Bankruptcy analysis
• Distressed/Recovery
companies review
• Sector/Thematic
Research
• News Tracking &
Monitoring
Analysis)
• New companies research
• On-going Portfolio
companies review
• Sector/Thematic Research• News Tracking &
Monitoring
• Analyst Recommendation
Summaries
Distressed/Recovery
models
• Rating Analysis and Risk
Profiling
• New Issue Notes
Monitoring• Sector/Thematic Research
• On-going Portfolio
companies review
• Sector/Thematic Research
• Screening companies
4
across regions, sectors,
and rating categories

5. Sell-side Research Services
Independent Equity
Research
Brokerage firms
Investor Relations
Firms
Independent Fixed
Research Providers
• End to end sponsored
research/visibility
research
• Financial Modeling
• Initiating Coverage reports
• Event/ Earnings update
• Screening companies
across regions, sectors,
and rating categories
• Stock Recommendation
• Initiating Coverage reports
• Event , earnings updates
• New companies research
• Sector/Thematic
Research
• Valuation Analysis
N T ki &
g p
• On-going companies
tracking and research
• Sector/Thematic Research
• News Tracking &
• Financial Modeling
• Initiating Coverage
Reports
• Event/ Earnings Update
D bt C d P
, g p
• On-going companies
tracking and research
• Sector/Thematic Research
• News Tracking &
• News Tracking &
Monitoring
Monitoring
• Periodic Newsletters
(Daily/ Weekly/Monthly)
• Debt Comps and Peer
Group Analysis
• Cash Flow Modeling and
Waterfall analysis
• Covenant Indenture
Monitoring
• Periodic Newsletters
(Daily/ Weekly/Monthly)
• Covenant, Indenture ,
Capital Structure &
Liquidity Analysis
• Chapter 11 filings/
Bankruptcy analysis
• Distressed/Recovery
models
• New Issue Notes/Credit
Notes/Flash Notes
5
• Sector/Thematic Research

6. Investment Banking (IB) & Private Equity (PE) Support
IB Support Services
Tax Valuation:
409A Valuation (Stock
M&A Support
• Target screening and
identification
• Public comps analysis
• Precedent transaction
• Debt and capital structure
and covenants analysis
Debt Capital Markets
(DCM)
Valuation Advisory
Services
Equity Capital Markets
(ECM)
• 409A Valuation (Stock
Options) or equivalent
• NOLs & Built in Gains
(IRC382)
• Business valuation
identification
• Company and sector
profiles
• Due diligence support
• Financial modeling
• Precedent transaction
analysis
• Capital structure analysis
• IPO modeling and
Valuation
and covenants analysis
• Credit quality and rating
analysis
• Liquidity and leverage
analysis Business valuation
Financial reporting
Valuation:
• Purchase Price
Allocations (ASC 805)
Financial modeling
• Public comps analysis
• Precedent transaction
analysis
• Capital structure analysis
Valuation
• Company and Sector
report
y
• Newsletters
• Debt comps
( )
• Goodwill Impairment
(ASC 350)
• REIT Valuation
Transactions
Capital structure analysis
• DCF and LBO modeling
• Merger modeling - Control
and Synergy analysis
• Information
Valuation:
• Fairness Opinion –
Merger & Acquisitions
Information
memorandums
• Public Information Books
(PIBs)
• Pitch Books
6
• Industry Profiles/ Buyers
and sellers profiles

7. Investment Banking (IB) & Private Equity (PE) Support
PE Support Services
Pre-Transaction support
• Hypothesis testing and
market analysis
• Due diligence support
• Financial modeling (DCF
• Building & tracking target
performance through
Post Transaction support
During Transaction
support
market analysis
• Deal sourcing/Short-listing
targets based on custom
filters
• Profiling identified
• Financial modeling (DCF,
LBO etc)
• Public comps analysis
• Valuation Support
• Industry Landscaping &
performance through
dashboards
• On-going deal support
(Data normalization, due
diligence, scenariog
companies
• Continuous market
monitoring (Event
updates, News monitoring)
• Industry Landscaping &
Profiling
planning and valuation
support)
• Investor Memoranda &
Presentations
7

8. Customized Research
Research Support Data Management
• Business Research and
Consulting Services
• Financial Modeling
• Data Aggregation
• Data Maintenance
• CFO Supportg
• Setting up Screeners
• Sponsored Research
• Credit Analysis and Risk
Analytics
CFO Support
• Updating internal
database
y
• Regulatory Compliance
and Reporting
• ESG Research
8

9. Case Studies – Buy-side Equity Research Support
Client 1 : US based Buy-side client
Client work stream:
Initiate coverage on large-cap stocks existing in the client coverage universe
Earnings and event updates on stocks initiatedEarnings and event updates on stocks initiated
Providing Investment ideas (stock ideas)
Client 2 : UK based Hedge fund
Client work stream:
Monitor news and developments on coverage companies and maintain a corporate actions/earnings
tracker
Build and update financial models for new and existing coverage and provide on-demand research
supportsupport
Morning Newsletter with all the major news, developments and corporate actions related to coverage
companies in the client’s inbox before arrival.
9
Financial Models are updated with latest results and delivered during the earnings season, hours
before the London Market opens, allowing the client to act on earnings

10. Case Studies – Sell-side Equity Research Support
Client 1 : US based Independent Research Provider
Client work stream:
Independent research covering global companies listed on NASDAQ
Includes initiating coverage on stocks and preparing earnings and event updatesIncludes initiating coverage on stocks and preparing earnings and event updates
Client 2 : UK based Brokerage firm focusing on Frontier markets
Client work stream:
Preparing Equity Daily tracking news flow and price movements of the stocks under coverage list
Preparing financial modelsPreparing financial models
Initiating coverage on stocks and preparing earnings and event updates
10

11. Case Studies – Buy-side Fixed Income Research Support
Client 1 : UK based Brokerage Firm
Client work stream:
Financial modeling including capital structure analysis, covenant analysis and collateral analysis
Fundamental credit analysis and Relative value analysis using cash bondsFundamental credit analysis and Relative value analysis using cash bonds
New issue and initial notes for new investments and quarterly review notes for ongoing surveillance
Run a pre-scan of companies across various sectors who have opted for Chapter 11 Filings/ Detailed
di t d fi i l/ d l Ch t 11/b k t l i d l idistressed financial/recovery models, Chapter 11/bankruptcy analysis and recovery analysis
Client 2 : US based firm
Client work stream:
New issue and initial notes for new investments and quarterly review notes for ongoing surveillance
Financial modeling and fundamental credit analysis
11

12. Case Studies – Sell-side Fixed Income Research Support
Client 1 : UK based Brokerage Firm
Client work stream:
Run preset Weekly Monitory files, update the charts and tables, Collect important credit news,
identify top gainers/losers within the portfolio and deliver the draft file to client every week.
Assist the client in writing research/market commentary for the in-house Fixed Income Weekly
Newsletter
New issue and initial notes for new investments and quarterly review notes for ongoing surveillance
Run a pre-scan of companies across various sectors who have opted for Chapter 11 Filings/ Detailed
distressed financial/recovery models, Chapter 11/bankruptcy analysis and recovery analysis
Client 2 : US based mid-sized brokerage firm
Client work stream:
Screening of new issues, tracking news flow, maintaining financial models for credit analysis
including capital structure analysis, cash flow analysis, peer group analysis and relative valuation
Writing support involved credit notes for new issues and follow up reports for earnings/credit events
12
Writing support involved credit notes for new issues and follow up reports for earnings/credit events

13. Case Studies – Investment Banking (IB) & Private equity (PE) Support
Client 1 : UK based Investment Bank
Client work stream:
Screening of companies based on client inputs to identify the prospective targets
Prepare tear sheets for the potential targets and Preliminary financial analysisPrepare tear sheets for the potential targets and Preliminary financial analysis
Company and sector profiling
Assist in pitch book preparation
Client 2 : MENA based boutique Investment bank
Client work stream:
End-to-end financial Modeling support on various start-up projects
Preliminary financial analysisPreliminary financial analysis
13

14. Client Engagement Models
Full Time Equivalent (FTE)
• Dedicated Resources
• Same off-shore associate working for a particular onshore analyst
• Assured continuity of services/ supportAssured continuity of services/ support
Fixed Cost / Duration
• Scope/ estimated duration of the project is clear• Scope/ estimated duration of the project is clear
• Pool of generalist who typically work on these projects
• Team works with Multiple clients
Time and Material
• Ad-hoc projects that may differ in scope and objectives
• Clarity is likely to evolve at a later stage of the project
• The anticipated duration of the project cannot be estimated accurately
14

15. Control Measures
• Analysts are carefully chosen professionals who uphold high standards, and recognize that
responsibility to clients and to the integrity of capital markets is paramountresponsibility to clients and to the integrity of capital markets is paramount.
• Analysts are required to sign Non Disclosure Agreements that ensure strict client confidentiality and
adherence to service-level agreements.
• Each employee has to sign a non compete agreement with Maxim for a duration of 3-6 months, after
quitting, depending on the seniority of the person
• Clients can also request key personnel working on their projects to sign a separate confidentiality and
a non compete agreement
• Secured access areas
• Password protected work stations, restricted access to server work areas
• Firewall protected and regular internet usage monitoring
• Maxim employees have restricted access to emails. No personal emails can be accessed within the
15
business facility

16. Key Management Profiles
Mahesh Joshi, CFA, MBA – Managing Director & Head of Research
• 18 years of diverse global experience across Equities, Fixed Income, Investment Banking and Hedge
Funds
• Extensive experience of working as a Head of Research for KPO firms based in India.
• Wide experience in solutions design and client servicing
• Has a 360 degree view in the investment research space due to working in multiple roles as a Head of
Research, buy-side analyst & fund manager, Investment banker, sell-side analyst and credit analyst
Amol More, MBA – VP Research
• More than 10 years of experience in Investment Research
• Worked with a Swiss based Private Equity firm, identifying investment opportunities in 'CH+4' markets.
End to end support from identifying to analyzing the companiespp y g y g p
• Worked with a US based bulge bracket investment bank, tracking a portfolio of companies
• Supported an independent research provider (US based) in initiating and maintaining a coverage on a
set of companies
16
p

17. Advisory Board
Atul Chatur – Investor/Advisor
• Founder of Antilles Advisors, a Principal Investments Advisory and Management Consulting firm with a
focus on Indian markets.
• Investment Advisor to buy-side clients such as US-based Water Asset Management (India investing in
Water-based themes), UK-based Esendes Partners (India Investments in Commercial Yielding Real
Estate Assets), UK based leading Macro Hedge Fund (advising on geopolitical changes, regulatory/
policy and Indian macroeconomic developments), leading Canada and Netherlands-based Pension
Funds (India investments in Infrastructure and Real Estate).
• Has advised Mckinsey & Co. and Bain & Co on issues related to regulatory and policy changes at both
State and Central Government levels impacting diverse industries in India. Atul has been a Principal
Investor in RBL Bank (involved in sourcing/ origination of the transaction at a very early stage and
investing capital the investment has yielded IRR of 40% over a 6-year period) and MeraDoctorinvesting capital, the investment has yielded IRR of 40% over a 6 year period) and MeraDoctor
(www.meradoctor.com), a Mobile Healthcare firm that is building India’s largest Technology Platform
for Virtual Primary Care and Healthcare.
• In his previous role, Atul worked as an Investment Advisor with ALTIMA PARTNERS (UK-based Hybrid
Fund/ Private Equity with AUM of US$ 5.7 billion) and played a key role in advising investment
decisions of US$ 900 million across several listed opportunities in the Indian financial markets,
including Indiabulls Financial Services Limited, Provogue (Fashion and Retail Malls/ Real estate
business) and Tricom Limited (BPO operations).
17

18. Contact Us
Delivery Centers Representative Offices
London
39 Bromley Common,
New York
30 Montgomery Street,
Pune - East
13, Yash Chambers
Mumbai
2/5, Udhyan y ,
Kent BR2 9LS, UK
30 Montgomery Street,
Suite no 1245, Jersey City
NJ 07302
,
Vishrantwadi
Pune 411015
Maharashtra, India
/ , y
Ghatkopar East
Mumbai 400075
Maharashtra, India
Pune - West
15, Girija Krupa
Paud Road, Kothrud
l @ i h | i h
,
Pune 411038
Maharashtra, India
sales@maxim-research.com | www.maxim-research.com
L : +91 20 65208465 | M:+91 7798888465
18