|
|
 |
 |
|
|
 |
|
|
World-class
consulting capabilities and a rigorous analytical
approach constitute the corner stone of every
consulting assignment executed by VTA: Terms
of Reference for each assignment are vigorously
defined and scrupulously followed, data definition
and collection is exacting and reporting and
presentation of findings is highly professional
and transparent. Project Sponsors are often
required to assemble large amounts of project
and country data which is assimilated before
work commences on an assignment - the firm often
sends out 'Pre-Project' and 'System Review'
Questionnaires to collect data. International
Best Practices guide execution of assignments.
VTA works closely with several well-known
international financial institutions, including,
the International Finance Corporation, the
World Bank, and the Inter-American Development
Bank, to provide a range of financial institution
consulting services, that include:
| |
• Project Appraisals of
Leasing Companies and Financial Institutions
• Business Plan Preparations
• Financial Feasibility Studies
• Tax and Accounting Reviews
• Due Diligence Studies
• Financial System Studies
• Non Banking Financial Institutions Technical
• Advise on Leasing Legislation
• Macro-Economic Studies
• Review of operations of financial institutions
• Pricing Studies
• Role of Non Banking Financial Institutions
• Review of legislative framework in developing
countries with a view to fostering development
of Financial Institutions
• Technical Assistance for Leasing Projects
• Special purpose pricing and analytical
models
• Market surveys, strategic planning,
financial modeling, Country Reviews
|
The diversity of VTA's skill set
and range of assignments is illustrated by
the following sampling of assignments:
|
|
|
 |
Working
closely with IFC, VTA carried
out operational, financial and
funding reviews of the African
Banking Corporation's leasing
subsidiaries in Zimbabwe, Tanzania,
Botswana and Mozambique. Reviews
included, operational and financial
performance of satellites, assessing
the quality of internal controls
and procedures, review of tax
and accounting strategies, examination
of leasing products and profitability
analysis, and assessment of macro-economic
systems. |
| |
|
|
Working
closely with the Inter-American
Investment Corporation, Washington
and Banco Intercontinental S.A.,
in the Dominican Republic, the
firm provided assistance to the
bank to establish a leasing division.
On the basis of the business plan
prepared by the firm, the project
received a $ 3 Million line of
credit from the Inter-American
Investment Corporation, Washington,
and a $ 5 Million line of credit
from Deutsche Investitions - Und
Entwicklungsgesellschaft MbH,
Cologne (DEG). The first phase
involved discussions with IIC,
Project Sponsors and technical
research into Dominican Republic
legislative issues impinging on
leasing operations; in the second
phase, leasing operations were
conceptualized and structured
using LeaseEx 2000, the modeling
software of Vish Tumu Associates;
in the third phase, concepts,
ideas and work accomplished in
earlier phases was translated
into a realistic business plan.
|
| |
|
|
VTA conceptualized
and proposed a 'Risk Management
Vehicle' to assist IFC in addressing
leasing risks emanating from a
dysfunctional legal system in
Yemen, via the market place. In
the course of a project appraisal
to establish the first leasing
company in Argentina in technical
collaboration with Credit Lyonnais,
France and Argentine Commercial
Banks, the firm worked closely
with the International Finance
Corporation to examine legislative
hurdles to the establishment of
leasing operations in Argentina.
In subsequent phases, IFC initiated
dialogue with the Argentine Finance
Ministry to encourage amendment
of law to foster the development
of leasing in Argentina. Firm
advised on technical, operational
and strategic issues in establishing
Argentina's first ever leasing
company, in association with three
Argentine Banks and a French Technical
Partner. |
| |
|
|
The firm
worked closely with the International
Finance Corporation, Washington,
to conceptualize leasing strategy
in Chile and in Bolivia. |
|
|
|
|
VTA advised
IFC's Capital Markets Department
to assess the economic environment
for leasing in Ukraine covering
the macro-economic environment
for leasing, a critical review
of direct and indirect taxes and
recommendations for changes to
law and the accounting framework.
A hypothetical leasing project
was modeled over a period of 5
years, employing LeaseEx 2000
the project appraisal tool of
Vish Tumu Associates. |
| |
|
|
The firm
advised IFC's Capital Markets
department in assessing the market
and operational parameters for
leasing in Georgia and Armenia;
employing a specially prepared
questionnaire in conjunction with
LeaseEx 2000, the Project Appraisal
and Operations Structuring Model
of Vish Tumu Associates and specialist
consulting perspectives, the firm
charted the regulatory, accounting,
financial, operational and market
landscape for leasing activities
in both countries; the assignment
modeled hypothetical leasing projects
over a 5 year period to provide
real life perspectives of leasing
and to identify Project Rates
of Return, as a prelude to dialogue
with technical partners and local
sponsors; the assignment also
served to initiate dialogue with
State authorities for changes
to law and business practices
to dismantle perceived hurdles
to leasing and for an early entry
of leasing companies into the
financial system. |
| |
|
|
The firm
worked closely with investment
officers from the International
Finance Corporation, to carry
out supervisory audits of IFC's
investments in leasing projects
in Chile, Peru and Colombia and
identified a number of areas where
IFC could initiate corrective
action. |
| |
|
|
In seeking
ways to distribute IBRD funding
for energy efficient equipment,
Vish Tumu Associates prepared
a paper for the World Bank, Washington,
on routes for lease financing
of Energy Efficient Equipment
in IBRD member countries. |
| |
|
|
Vish Tumu
Associates advised the International
Finance Corporation, Washington,
on developing the structure, products
and participants for a Cross-Border
Leasing Company for the Latin
American Region, in association
with Leasing Andino, Chile and
Orix Corporation, Japan. |
|
|
|
|
VTA worked closely with the Inter-American
Investment Corporation, Washington,
to provide conceptual, analytical
and institutional support to Banco
Industrial do Brasil to develop
a niche USD leasing product to
compete against products offered
by captive leasing companies of
multi-national companies in Brazil.
Towards this end, the firm employed
LeaseEx 2000 to provide analytical
inputs to the bank to look 8 years
into the future and to develop
product features. The firm's report
included recommendations on organizational
structuring, funding structure
and systems and procedures and
laid the ground for introducing
a "lessee oriented"
organizational structure in the
leasing company. |
| |
|
|
The firm advised IFC's Capital Markets
Department in assessing the market
for leasing in the Democratic
Republic of Yemen, focusing on
a number of factors: projected
lease volumes, products relevant
to Yemen, linkages between leasing
companies and the Yemeni financial
system in general and commercial
banks in particular, type of project
sponsors, taxation issues relevant
to leasing, and organizational
issues in establishing a leasing
project in the country. Using
LeaseEx 2000, the Project Appraisal
and Operations Structuring Model
of Vish Tumu Associates, the study
modeled a hypothetical leasing
project to provide project and
financial perspectives to sponsors.
Leasing operations were modeled
over a 5 year period using preliminary
data gathered in the course of
the mission and relevant project
assumptions such as product mix,
debt/equity ratio, lease spreads,
and so on. |
| |
|
|
The firm closely interacted with
Leasing Bolivar, Bogota, Colombia,
in developing a corporate strategy
to deal with expected structural
changes in the Colombian Financial
System. |
| |
|
|
To support the International Finance
Corporation's plans to acquire
a $ 500,000 equity and $ 3 million
debt investment in Banedwards
Leasing, Santiago, Chile, the
firm worked closely with IFC's
investment officer to prepare
a detailed project appraisal.
|
| |
|
|
The firm worked with the International
Finance Corporation to review financial
analysis of Leasing Andino, Santiago,
Chile, as presented in IFC's Decision
Book, with a view to evaluate the
completeness and accuracy of the
analysis and to suggest modifications.
The review focused on Leasing Andino's
projections, the underlying assumptions
and implications to IFC's line of
credit. |
|
|
|
|
|
