Fortnightly Update on Indian Logistics Industry - Four-S businesses. ... 22-Apr Fidelity Growth Partners Transpole Logistics NA 13.5 Growth ... 4-Jul Rajasthan VC Fund Leeway Logistics

FOUR-S Consumer (Soft) Track

s

News of the week 1

Investment Activity 2

News Update 3

Global News Update 4

Stock Market Updates

6

Peer Benchmarking 7

About Four-S Services 8

Future Group's realty arm plans to set up logistics parks Future Group's real estate arm Future Market Networks is planning to set up eight infra-logistics parks with up to 2mn sft of space in each over the next three years. The company has entered into an equal joint venture with IL&FS and will spend over ` 12bn on setting up such parks in Mumbai, Pune, the national capital region, Chennai, Bangalore, Kolkata, Vapi and Baddi. Future Market Networks, earlier called Agre Developers, is acquiring 100 acres in Khopoli near Mumbai. It had earlier acquired 113 acres in Kolkata and 50 acres each at Ghaziabad and Jhajjar in Haryana. The promoter of Future Group, Kishore Biyani, holds 68% in Future Market Networks, while the rest is held by the public. Future Group's logistics company Future Supply Chain will be the anchor tenant at all of these parks, while rest of the space will be targeted at third-party companies involved in fast moving consumer goods and logistics businesses. The investment of ` 12bn will be funded through a mix of equity and mezzanine finance. Ambit Pragma Invests ` 70mn More In Spear Logistics Private equity investor Ambit Pragma Ventures has invested ` 70mn ($1.7mn) more in Pune-based contract logistics company Spear Logistics Pvt Ltd, one of its portfolio firms. The money raised in this second round will be utilised to implement the company’s expansion plans. In 2010, Ambit Pragma made its first investment in Spear Logistics through Ambit Pragma Fund I. According to VCCircle, the company had a turnover of ` 411.1mn as on March 31, 2011. But higher expenditure of ` 393.4mn made the company book a loss of ` 28mn for the same period. Founded in 2001, Spear Logistics has a team of more than 1,800 employees and runs 75 warehouses spanning 2,000,000 sq. ft., along with supporting infrastructure. The company leases its warehouses to clients and currently operates in cities like Mumbai, Pune, Hyderabad, Ahmedabad, Bangalore, Chennai, Coimbatore, Kochi, Nasik, New Delhi and Kolkata.

19th

Mar‘12 –31st Mar‘12

Fortnightly Update on Indian Logistics Industry

LOGISTICS TRACK

News of the week Content

Research Desk

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Four-S Logistics Track

Investment Activity

Source: Four-S Database

Mergers & Acquisitions in 2012

PE Deals in 2011

Date Investor Target Stake (%)Amount

($ mn)Strategy

6-Jan India Equity Partners Foursee Infrastructure Equipments Ltd. NA 10.0 Growth

23-Mar Infrastructure India Holdings Fund LLC Aegis Logistics 6.4 15.1 PIPE

11-Apr Warburg Pincus Continental Warehousing Corporation NA 100.0 Late

22-Apr Fidelity Growth Partners Transpole Logistics NA 13.5 Growth

5-May Mumbai Angels MVS Efarms 25 NA Early

24-Jun IL&FS PE JICS Logistics NA 8.8 Growth

4-Jul Rajasthan VC Fund Leeway Logistics NA 3.3 Early

5-Jul Standard Chartered PE Redington India 10.0 81.1 PIPE

5-Jul ECL Finance Ltd. Redington India 2.0 16.2 PIPE

19-Aug Ascent Capital Karaikal Port NA 30.0 Growth

13-Dec India Equity Partners TNT Express NA NA Buyout

PE Deals in 2012

Mergers & Acquisitions in 2011


($ mn)Business

1-Feb Oil Field Warehousing & Services (OWS) Raamns Shipping & Logistics NA NA Logistics Services


($ mn)Business

19-Jan TVS Logistics MESCO (US) 100 NA Logistics Services

16-Feb Infrastructure India Plc Vikram Logistics & Maritime Services 37.39 NA Tranportation

26-Apr Aqua Logistics Ltd Nikkos Logistics 70 NA Logistics Services

29-Apr SBS Holdings Atlas Logistics 80 33.3 Logistics Services

12-Jul Royal Vopak CRL Terminals 100 61.8 Liquid Storage

31-Oct Vikram Logistics ETA Engineering and its sub. Freightstar NA 14.4 Multimodal Logistics

12-Dec IL&FS Transportation Networks Ltd. Chongqing Yuhe Expressway Co Ltd. 49 NA Road Transport Infra

14-Dec Future Supply Chain Solutions Transmart India NA NA Warehousing

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($ mn)Strategy

6-Jan General Atlantic Foursee Infrastructure Equipments Ltd. NA 20.8 Growth

23-Feb IDFC PE StarAgri Warehousing & Collateral Mgmt NA 30.0 Growth

23-Feb Global Super Angels Chhotu.in (Santa Claus Couriers Pvt Ltd) NA NA Angel

28-Mar Ambit Pragma Spear Logistics NA 1.7 Growth

30-Mar VenturEast, Zephyr Peacock e2E Rail NA 6.0 Early




News Update

VenturEast, Zephyr Peacock Invest ` 300mn In e2E Rail VenturEast Proactive Fund and Zephyr Peacock have invested R30Cr in Bangalore-based e2E RAIL, a rail services company. The funds raised will help e2E to ramp up its global presence, training facilities and working capital capacity. The PE funds also plan to invest an incremental ` 300mn in subsequent years. Promoted by G. Sreenivasa Rao, the founder of McML Group, a leading Railway Company in India and abroad, e2E provides Engineering Solutions for Freight, Urban and Mainline transport providers across the world. Its services include Consultancy, Design, Execution support, Operation & Maintenance and Training of Personnel for Railway Infrastructure Projects. e2E RAIL's completed projects include work done for Indian Railways; London Metro, Delhi Airport Metro Express Link; Port Hedland project in Western Australia; Malaysia Railways; London Under Ground in the UK; and Mecca Metro in Saudi Arabia. e2E has also worked with most of the leading global signalling OEM companies both in India and overseas markets. VRL gets nod for FDI VRL Logistics appears to be raising PE money. Its proposal for an FDI investment of ` 2.33bn was cleared by the Foreign Investment Promotion Board or FIPB, the Indian government on Thursday. The Karnataka-based VRL Logistics was earlier planning an IPO of around ` 1.75bn. This investment could be in lieu of that. VRL is reputed to be the largest fleet owner in Indian transportation with an owned fleet of over 10,000 vehicles. Adani planning to buy 17 more ships by 2020 for ` 34bn Conglomerate Adani Enterprises may spend close to ` 34bn for adding as many as 17 more ships to its current fleet by 2020. The company which owns two vessels for ferrying fuel from its overseas coal mines, recently acquired one more ship for the purpose. Approximately an investment of about ` 2bn or (nearly $ 40mn) is required to buy a capesize vessel, which is mainly used in the import and export of coal. Adani Group has carved out an ambitious plan for the next eight years. It aims at mining as much as 200 mn tonnes of coal, achieve a cargo handling capacity of 200 million tonnes, produce 20,000 MW electricity, besides buying 17 more ships by 2020. The group operates ports at Mundra, Dahej, Hazira (Gujarat), coal berths in Goa and Visakhapatnam, and a coal terminal in Abbot Point in Australia.

Gati to look for joint venture partners to lower debt Gati will scout for joint venture partners for its subsidiaries, including cold chain and international business, to lower debt, once it finds a partner for its loss-making shipping business. According to the MD, Mahendra Agarwal, the company is looking to bring a partner for its shipping business. It will then re-look at the cold chain and international business among others and decide on bringing a joint venture partner in those businesses. The idea is to help reduce the debt. Gati had in February signed a deal with Kintetsu to form a joint venture, Gati Kintetsu Express, in which Gati will hold 70% stake while Kintetsu will hold the remaining stake. Accordingly, through a business transfer agreement, the express distribution and supply chain business of Gati will be transferred to the new entity. The company has been reeling under mounting debt and currently has more than ` 4.7bn as consolidated debt and had been actively looking to reduce its debt burden through capital infusion from private equity firms in the past. DHL Express plans to offer sector-specific service to SMEs For DHL Express, the challenge appears to be in providing sector-specific logistics solutions across verticals and focusing on the emerging SME sector. With SMEs accounting for 45% of total manufacturing output and contributing to over 40% of the total merchandise exports by value, providing customised logistics solutions to the SMEs is becoming a focus area for DHL according to Mr Subramanian, Country Manager for India DHL Express. The company has developed sector-specific logistics solutions to cater to the needs of the apparel and fashion industry, IT and ITeS, engineering and financial services sector among others. Shipping glut to see 25% fall in SCI investment Faced with low freight rates and oversupply of vessels, Shipping Corporation of India (SCI) is expected to cut on spends in financial year 2012-13. SCI’s planned expenditure through internal and external budgetary resources might come down by 25%. According to Budget estimates, it would spend ` 21.3bn in 2012-13 compared to ` 28.5bn spent last year. According tot S Hajara, Chairman, SCI, The margins are under pressure and spend has to be brought down. Debt lenders insist that 20 to 30% has to come from the internal resources which has further restricted cash flows. For the year 2011-12, SCI’s planned IEBR was ` 37.12bn of which it was able to spend ` 28.5bn due to poor market conditions. According to experts, the shipping industry is not seeing any signs of retrieve in the gloomy freight rate scenario, not for another couple of years at least.

Research Desk





GVK to sell stake to help fund Australia coal projects GVK Power & Infrastructure Ltd is looking to sell down its stakes in the Alpha coal project and related port and rail assets in Australia to help fund the A$ 10bn cost of the projects. GVK bought a 79% stake in the Alpha and Alpha West thermal coal projects in Queensland's Galilee Basin and 100% of the Kevin's Corner coal project next to Alpha and the rail and port project linking to the Abbot Point terminal for A$ 1.26bn last year. Indian shipyards global market share fell to 0.14% in 2010 The Indian shipyards saw its global market share slump down from 1.23% in 2007 to 0.14% in 2010 due to global economic slowdown and other factors, according to the statement by the government. The Shipping Ministry has attributed the main reasons for this slowdown to inability of Indian shipyards to compete with their foreign counterparts due to incidence of taxation and withdrawal of subsidy, besides global economic downturn. The government has asked Shipping Corporation of India has been asked to conduct a feasibility study for setting up a new shipyard of international standard on PPP model as joint venture. Shipping Minister seeks more participation from pvt sector Shipping Minister GK Vasan has sought more participation from the private sector in developing ports, saying investments in the sector is expected to reach ` 50tn in the 12th Plan. Noting that the share of non-major ports (in developing infrastructure) has increased to 36% (2010-11) from 7% (1990-91), yet the congestion at major ports is costing in terms of time and money. Cargo handling is projected to increase significantly at all ports during the 12th Plan (April 2012-March 2017). The immediate focus has to be on building vibrant, efficient and safe ports and shipping services and a strong base for ship building according to the minister. Shipping Minister rules out changes in cabotage laws for now Considering the strong interest groups in favour of and against the (existing) cabotage laws, the Shipping Minister, G.K. Vasan has indicated that it is unlikely to be any immediate relaxation in cabotage rules and those are not being amended. With this statement, the Ministry has, for the first time, indicated the conflicting interests of various stakeholders on this issue. Relaxation of Cabotage rules will allow foreign flagged shipping lines to pick and drop domestic cargo at Indian ports. Government approves ` 2.31bn for additional 30 cold chain projects The government has approved an investment of ` 2.31bn for an

additional 30 cold chain projects in the country. The Cabinet Committee on Economic Affairs (CCEA) has approved the proposal of the Ministry of Food Processing Industries (MOFPI) to further upscale the scheme of cold chain, value addition and preservation of infrastructure in the sector. The Ministry has so far approved 49 projects, which are targeted to create an additional cold chain capacity of 231,000 tonnes, 234 reefer vehicles and 34 tonnes per hour of individual quick freezing capacity. The total project cost of the 49 projects is ` 10.72bn, that involves government grant of ` 3.8bn and private investment of Rs 6.91bn. The extent of wastage of agri produce has been estimated in the range from 0.8% to 18% due to lack of post-harvest infrastructural facilities.

Global News Update

Pakistan considering to allow India use Karachi Port The federal government is considering to allow a trade corridor to India for import and export of its goods using the Karachi Port via the Wagah land route. Giving a trade corridor to India will reduce the transportation time to Indian goods consignments bound for the Indian Punjab and reduce the travelling distance of almost 700 kms. The land travelling distance of Amritsar district to Mumbai sea port is 1,700 kilometre, and 1,704 from Ludhiana district. On the other hand, the total distance between Lahore-Karachi is only 1032 kilometres. Thus, more than 650 kilometre travelling distance of cargo bound for the Indian Punjab would be saved by moving them from Karachi port as compared to the cargo moved from Mumbai sea port. The travelling time for cargo via land route from Karachi to Lahore varies from 24 to 36 hours while it takes only 18 to 20 hours if moved by train. Contrary to this, cargo travel by land routes from Mumbai to Indian Punjab Amritsar or Ludhiana districts takes 48 to 60 hours and 24 to 36 hours by rail route. Though it is efficient time and distance wise, the cost of moving the cargo by using Pakistan’s trade corridor is yet to be calculated. Bangladesh Railway signs Tk 600mn deal with Indian company Bangladesh Railway inked a Tk 600mn deal with Indian company Texmaco Rail and Engineering Limited on Sunday to purchase 81 broad-gauge oil tank wagons and three brake vans in 12 months.

Research Desk





Research Desk


FedEx says economy isn't as robust as it hoped FedEx says the global economy isn't growing as strongly as expected and customers are reacting by choosing cheaper means of shipping packages. The world's second-largest package delivery company is predicting a slower pace of growth this year for the US and abroad than most economists. Chief Financial Officer Alan Graf said the current economic environment and higher fuel prices are driving more customers to ``trade down'' or choose slower methods of shipping to save money, just like they did during the recession. Amazon to buy shipping robotics firm for $775mn Amazon.com Inc. agreed to acquire logistics-technology company Kiva Systems Inc. for about $ 775mn in cash, the latest bid by the online retailer to streamline its growing network of distribution centers. Privately held Kiva, based in Massachusetts, provides machines and software to help businesses improve the way they ship and handle materials. Many of its automated products help bring materials to warehouse workers more quickly, speeding the shipping process. The latest deal extends Amazon's long-running investment campaign to improve its distribution network and digital offerings. Barloworld Logistics, Manline to form new joint venture Supply chain services provider Barloworld Logistics has entered into an agreement with diversified logistics group Manline to form a new joint venture called Barloworld Manline Logistics (BML). The new joint venture will utilise the combined resources of the both companies to deliver supply chain solutions to new and existing customers. Barloworld Logistics CEO Steve Ford said that the company's vision for the joint venture includes a fleet of owned vehicles, managed through its existing infrastructure. The Barloworld infrastructure will be utilised by both companies to provide their combined customer bases with new solutions. Nippon Express Buys US Logistics Firm AGS Nippon Express Co., Japan’s largest international freight forwarder, said that it has acquired a 100% stake in U.S. logistics company Associated Global Systems, Inc. (AGS) though its local subsidiary, Nippon Express U.S.A., Inc. N.Y.-based AGS, a mid-sized logistics company engaged in domestic and international transport and warehousing in the U.S. AGS also boasts impressive know-how in the special transport needed for precision instruments and oversized cargo, counting many U.S. companies among its clients. AGS was established in 1958. It is capitalized at $46,950 and currently has 282 employees. It posted about $134 mn in revenue in its last financial year, which ended on July 31, 2011. Tokyo-based Nippon Express expects its own group revenue to total $21.32 bn in its current financial ye-

-ar ending on March 31, 2012, up 0.2% from the previous fiscal year. GES announces Italian JV Globe Express Services, one of the top 100 global logistics providers with operations in Asia, Europe, the Middle East and Americas, has entered into a JV deal with Italy-based International Transport Services Associated (ITSA). Headquartered in Rome, ITSA has been dominating the global scene as a leading international air and ocean freight forwarder over the last 33 years. With the acquisition, GES increases its global network to 56 corporate offices worldwide. ITSA ranks fourth in Italy, operating branch offices in Milan, Venice, Taranto, Pomezia, Civitavecchia and Bari, as well as its own warehouses in Rome and Milan. UPS to acquire European rival TNT Express for $ 6.85bn United Parcel Service (UPS), the world's largest package delivery and logistics company, today struck a deal to buy its smaller rival TNT Express NV, after raising its bid to $6.85bn (€5.2 bn). The potential acquisition would be UPS's largest in its 105-year history after it purchased Overnite Corp in 2005 for $1.2 bn. Under the deal that has been approved by TNT's executive and supervisory boards and its biggest shareholder, PostNL, which owns a 29.8% stake, UPS will pay €9.50 per share, a premium of nearly 54%, up from an initial bid of €9 s per share in February. GLP to develop large-scale logistics facility in Japan Global Logistics Properties (GLP) announced that it will develop a large-scale multi-tenant logistics facility in Ichikawa City, Chiba prefecture (Greater Tokyo), Japan. In a statement released GLP said that it has formed a 50:50 joint venture with Mitsui Fudosan to undertake the project. The development will have a gross floor area of 121,000 sqm built on a land site of 53,000 sqm and is scheduled to be completed by September 2013. DX Group Acquires Nightfreight DX Group, the UK and Ireland’s leading independent mail, courier and logistics network operator, has acquired Nightfreight. This acquisition will create the UK and Ireland’s leading independent mail, courier and logistics network provider, diversifying the service offering and providing the broadest range of capabilities to business customers. Nightfreight is a leading logistics business, with a particular niche in the IDW sector (parcels of an irregular shape and size) for B2B and B2C markets. Its services are highly complementary to those of DX Group. The DX and Nightfreight businesses will continue to run as separate entities, but with a co-ordinated approach to sales and marketing activity to allow both companies to offer the full range of services.




Baltic Dry Index

Stock Market Update

Road Freight Index

Research Desk


Source: Transport Corporation of India

Source: Baltic Exchange

As on 30th March 2012 Market Cap Price

(In ` mn) (In `) 1W 1M 3M 6M 12M

Container Corporation of India 124,114 954.85 6.8% -1.9% 13.8% -1.5% -20.8%

Blue Dart 47,178 1,988.30 2.6% 4.3% 25.6% 23.4% 97.7%

Great Eastern Shipping 37,227 244.45 -2.9% 1.3% 29.0% -2.4% -8.0%

Essar Ports Ltd. 33,842 82.45 2.4% 30.4% 62.0% 41.3% -

Shipping Corporation of India 28,903 62.05 -0.6% -11.4% 28.9% -25.3% -43.4%

Allcargo Logistics 17,657 135.25 -1.6% -1.3% 5.2% -4.7% -19.3%

Gateway Distriparks 16,659 153.85 1.2% 1.3% 16.3% 9.5% 29.6%

Arshiya International 8,413 143.00 3.4% -2.2% 12.4% 9.1% -30.1%

Mercator Ltd. 6,184 25.25 -1.9% -12.8% 56.8% 4.1% -35.4%

Aegis Logistics 4,993 149.50 -6.3% -7.1% 41.5% -20.1% -47.9%

Transport Corporation of India 4,348 59.80 -3.3% -11.6% 11.4% -30.1% -38.5%

Aqua Logistics 3,810 12.70 -5.6% 5.4% 42.7% -4.9% -27.4%

Sical Logistics 3,753 67.50 0.2% -1.5% -1.5% -5.0% -6.2%

SEAMEC Ltd. 3,061 90.30 -1.2% -4.4% 15.5% -12.3% -12.5%

Gati 2,727 31.50 -5.7% -12.7% 10.1% -41.9% -43.2%

Varun Shipping 2,633 17.55 7.7% 0.8% 21.9% -2.3% -32.6%

NSE Nifty - 5,317.90 2.6% -0.8% 14.7% 7.6% -8.7%

BSE Sensex - 17,404.20 0.2% -2.0% 12.6% 5.8% -9.8%

ET Logistics Index - 17,006.76 3.0% -2.2% 16.5% 0.7% -15.8%

ET Shipping Index - 6,896.99 0.9% -6.6% 18.3% -7.4% -18.6%

Baltic Dry Index (BDIY:IND) - 934.00 2.9% 24.5% -46.3% -50.8% -39.5%

Percentage Change (%)




Results Update – Last Quarter Ended 31st December 2011

Results Update – Annual

All figures in ` mn

Note: Financial Year for Allcargo and Blue Dart is Jan-Dec and that for Gati is Jul-Jun Source: Company Websites, Four-S Research

FY'10 FY’11 YoY FY'10 FY’11 YoY FY'10 FY’11 YoY EBITDA NPM

CONCOR 37,057 38,266 3% 9,616 10,226 6% 7,867 8,301 6% 27% 22%

Shipping Corp. of Ind. 34,631 35,434 2% 4,690 7,098 51% 3,769 5,674 51% 20% 16%

Allcargo 26,329 28,613 9% 2,790 2,697 -3% 1,706 1,659 -3% 9% 6%

Mercator Lines 18,436 28,069 52% 6,619 6,166 -7% 532 468 -12% 22% 2%

GE Shipping 30,415 25,580 -16% 9,107 10,920 20% 5,128 4,732 -8% 43% 18%

TCI 15,224 18,527 22% 1,146 1,400 22% 413 501 21% 8% 3%

Aegis Logistics 3,057 18,121 493% 726 834 15% 430 471 9% 5% 3%

Blue Dart 9,097 11,507 26% 1,065 1,556 46% 612 947 55% 14% 8%

Varun Shipping 9,026 8,368 -7% 2,834 3,670 30% 126 147 17% 44% 2%

Arshiya 5,259 8,188 56% 891 1,598 79% 594 746 26% 20% 9%

Sical Logistics 7,260 7,711 6% 375 (1) - (357) (80) - - -

Gati 6,303 7,512 19% 615 859 40% (151) 151 - 11% 2%

Essar Ports 10,282 5,170 -50% 3,227 1,384 -57% 900 209 -77% 27% 4%

Patel Integrated 3,467 4,268 23% 117 143 23% 46 35 -24% 3% 1%

Aqua Logistics 3,220 3,810 18% 324 358 10% 205 224 9% 9% 6%

Gateway Distri. 1,670 1,915 15% 882 1,014 15% 772 848 10% 53% 44%

Shreyas Shipping 1,479 1,904 29% (2) 304 - (157) 128 - 16% 7%

SEAMEC Ltd 4,248 1,024 -76% 2,237 (544) - 2,039 (668) - - -

Company Revenue EBITDA PAT Margins FY’11

Research Desk


Q3 FY’11 Q3 FY’12 YoY Q3 FY’11 Q3 FY’12 YoY Q3 FY’11 Q3 FY’12 YoY EBITDA NPM

Aegis Logistics 7,314 11,026 51% 223 (687) - 122 (576) - -6% -5%

Mercator Lines 7,777 11,001 41% 1,357 1,698 25% 16 234 1406% 15% 2%

CONCOR 9,711 10,462 8% 2,807 2,774 -1% 2,285 2,412 6% 27% 23%

Shipping Corp. of Ind. 8,889 9,789 10% 1,612 (1,291) -180% 1,231 741 -40% - 8%

Allcargo 7,039 8,116 15% 781 1,048 34% 567 559 -1% 13% 7%

GE Shipping 6,111 7,643 25% 2,574 2,852 11% 1,175 875 -26% 37% 11%

TCI 4,444 4,644 5% 335 360 7% 118 135 14% 8% 3%

Blue Dart 3,188 3,935 23% 397 311 -22% 240 224 -7% 8% 6%

Arshiya 2,125 2,734 29% 423 702 66% 201 345 71% 26% 13%

Essar Ports 8,192 2,719 -67% 2,988 2,145 -28% 276 450 63% 79% 17%

Gati 2,252 2,361 5% 216 277 29% 32 53 65% 12% 2%

Sical Logistics 1,777 1,802 1% 138 197 43% 24 26 7% 11% 1%

Patel Integrated 1,070 1,111 4% 34 35 3% 6 4 -31% 3% 0%

Aqua Logistics 1,329 868 -35% 129 61 -52% 76 13 -84% 7% 1%

Varun Shipping 2,202 790 -64% 1,007 62 -94% 118 825 598% 8% 104%

Shreyas Shipping 486 771 59% 86 42 -51% 45 3 -94% 5% 0%

Gateway Distri. 520 563 8% 271 321 19% 230 207 -10% 57% 37%

SEAMEC Ltd 247 308 25% (67) (230) - (99) (272) - - -

Company Revenue EBITDA PAT Margins Q3 FY’12




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Fortnightly Update on Indian Logistics Industry - Four-S businesses. ... 22-Apr Fidelity Growth Partners Transpole Logistics NA 13.5 Growth ... 4-Jul Rajasthan VC Fund Leeway Logistics