FOUR-S Consumer 21st May12 2nd Jun12 (Soft) Track

LOGISTICS TRACK
Fortnightly Update on Indian Logistics Industry

News of the week

Content
News of the week 1

Logistics companies report growth at lower margins in FY12

The logistics sector managed to post a reasonable 14% growth in net profits in FY12. However, margins were hit, since revenues were up 31%. This is excluding shipping companies, which had a horrible year in FY12. Profits dropped for every shipping company, with the sector leader Shipping Corporation being the worst affected. SCI reported a loss of Rs 4.28bn as compared a profit of Rs 5.67bn in FY11. The largest container rail operator in the country Container Corporation of India (CONCOR) has posted marginal 6% growth in both revenues and PAT. For FY12 CONCORs EBITDA and Net Profit Margin remained at 25% and 22% respectively. Aegis Logistics, the leader in oil & gas logistics business, posted a high growth of 147% in revenues during FY12 as compared to last fiscal. Its margins have significantly decreased, though. Its EBITDA for FY12 was a negligible Rs 49mn on a revenue of Rs 44,725mn. Integrated supply chain and logistics solutions provider Transport Corporation of Indias (TCI) revenue for the fiscal was Rs 19,553mn, up by 6% while EBITDA and PAT were Rs 1580mn and Rs 595mn increased by 13% and 19% respectively over the last fiscal. The EBITDA and PAT margins were 8% and 3%. Express cargo leader Blue Dart Express net profit for this quarter Q4FY12 increased by 22%. Its revenue, at Rs 4114mn, s was up by 30%. Port related logistics services provider Gateway Distriparks Ltd. has posted a robust growth of 36% in both revenues and PAT for the fiscal. Revenues increased to ` 8,235mn from ` 6,034mn and PAT increased to ` 1,320mn from ` 9,68mn in FY11.

Investment Activity

News Update

Stock Market Updates

Peer Benchmarking

About Four-S Services 7 Four-S India Logistics Report 2012 Four-S is launching comprehensive report on Logistics Space. The report presents current industry trends and snapshot of all key segments in Logistics & Supply Chain Industry along with profiles of interesting listed and unlisted players in the space. The report is useful for Board members & Senior Management of Logistics companies, PE Fund Managers and other investors. To book your copy, please write to Devendra Deole at devendra.deole@fours.com.

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Investment Activity
PE Deals in 2011
Date 6-Jan 23-Mar 11-Apr 22-Apr 5-May 24-Jun 4-Jul 5-Jul 5-Jul 19-Aug 13-Dec Investor India Equity Partners Infrastructure India Holdings Fund LLC Warburg Pincus Fidelity Growth Partners Mumbai Angels IL&FS PE Rajasthan VC Fund Standard Chartered PE ECL Finance Ltd. Ascent Capital India Equity Partners Target Foursee Infrastructure Equipments Ltd. Aegis Logistics Continental Warehousing Corporation Transpole Logistics MVS Efarms JICS Logistics Leeway Logistics Redington India Redington India Karaikal Port TNT Express Stake (%) NA 6.4 NA NA 25 NA NA 10.0 2.0 NA NA Amount ($ mn) 10.0 15.1 100.0 13.5 NA 8.8 3.3 81.1 16.2 30.0 NA Strategy Growth PIPE Late Growth Early Growth Early PIPE PIPE Growth Buyout

Mergers & Acquisitions in 2011

Date 19-Jan 16-Feb 26-Apr 29-Apr 12-Jul 31-Oct 12-Dec 14-Dec Investor TVS Logistics Infrastructure India Plc Aqua Logistics Ltd SBS Holdings Royal Vopak Vikram Logistics IL&FS Transportation Networks Ltd. Future Supply Chain Solutions Target Stake (%) Amount ($ mn) NA NA NA 33.3 61.8 14.4 NA NA Business Logistics Services Tranportation Logistics Services Logistics Services Liquid Storage Multimodal Logistics Road Transport Infra Warehousing

MESCO (US) 100 Vikram Logistics & Maritime Services 37.39 Nikkos Logistics 70 Atlas Logistics 80 CRL Terminals 100 ETA Engineering and its sub. Freightstar NA Chongqing Yuhe Expressway Co Ltd. 49 Transmart India NA

PE Deals in 2012
Date 6-Jan 23-Feb 23-Feb 28-Mar 30-Mar 26-Apr 19-Apr Investor General Atlantic IDFC PE Global Super Angels Ambit Pragma VenturEast, Zephyr Peacock New Silk Route KKR, Goldman Sachs Target Foursee Infrastructure Equipments Ltd. StarAgri Warehousing & Collateral Mgmt Chhotu.in (Santa Claus Couriers Pvt Ltd) Spear Logistics e2E Rail VRL Logistics TVS Logistics Stake (%) NA NA NA NA NA NA 20.0 Amount ($ mn) 20.8 30.0 NA 1.7 6.0 33.4 55.0 Strategy Growth Growth Angel Growth Early Late Growth

Mergers & Acquisitions in 2012

Date 1-Feb 20-Apr 15-May Investor Oil Field Warehousing & Services (OWS) DHL Express (India) Pvt Ltd DTDC Target Raamns Shipping & Logistics DHL Lemuir Logistics Pvt Ltd Eurostar Express Stake (%) NA 24.0 NA Amount ($ mn) NA NA NA Business Logistics Services Logistics Services Courier Services

Source: Four-S Database

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News Update
Karnataka approves ` 10bn investments in logistics Ahead of the Global Investors Meet (GIM), the Karnataka Government has cleared investments in logistics and warehouses to the tune of ` 10bn. Also on its own, the government plans to build four Logistics Parks with a total investment of ` 18bn through private partnership route. To facilitate development across the state, the Infrastructure Development Department has initiated moves to build Logistics Parks in Bangalore, Hassan and Hubli on publicprivate partnership (PPP) mode. According to a senior Infrastructure Development Department (IDD) official, the government is looking for an integrated approach by providing multi-modal/integrated logistics transport centre, warehouses, inland container depots, domestic rail head, and air cargo centres. An industries department official said among the projects cleared recently is one by Vikram Logistics and Maritime Services, which is investing ` 3.4bn to set up logistics services at Maranaikanahally and Samanduru villages in Anekal. The Gurgaon-based Siddhivinayaka Farm Fresh is to set up a muti-commodity agri-cold chain network and logistic hub at Vishwanathapura near Devanahalli. The project is to come up on 11 acres on a private land at an investment of ` 16bn. Gangavaram port expansion set to take off; funds tied up Work on Gangavaram port expansion is all set to take off, with the port operator completing award of major contracts and achieving financial closure for the project. The expansion, which will see the port's capacity increasing from the current 15mn tons to 45 mn tons per annum, envisages an addition of three multi-purpose berths and a coal handling terminal. Spanish major Duro Felguera bagged the 62mn order for supply of key equipment for the new coal berth. After the expansion, the port will be looking for more non-coal cargoes such as fertilisers, bauxite and food grains. Today, coal accounts for 70% of its total traffic of about 14 mt. Gangavaram port is located on Indias east coast near Visakhapatnam. The port claims to be Indias deepest port. It is run by a private operator, the DVS Raju family, which owns 58%, while PE fund Warburg Pincus owns 31.5%. UPS India appoints Mark Martyn-Fisher as new MD The US-based logistics major UPS has appointed Mark Martyn-Fisher as managing director of UPS India. MartynFisher will oversee UPS's express and supply chain operations in the country, which includes marketing, business development, international trade services, among others. Shipping Corp wont order ships this fiscal Shipping Corp. of India Ltd (SCI), Indias biggest ocean carrier, said it will not order any new ships this fiscal after reporting a ` 4.28bn loss, its first in 28 years, in the year ended March. The Mumbai-based firm also plans to merge some of its container shipping services and return two hired container ships by September as part of a plan to cut costs and return to profitability. Globally, rates for transporting cargo has been hit by waning demand, excess supply of ships and rising costs. SCI last reported a loss in 1983-84. In fiscal 2012, SCI was hit by a ` 2.97bn mark-to-market loss on account of loan revaluation. Depreciation costs rose to ` 6.08bn from ` 4.65bn a year ago as it added several new ships to its fleet. Bharati Shipyard promoters to infuse ` 1.18bn for CDR The promoters of country's second largest private ship-builder Bharati Shipyard have agreed to infuse ` 1.18bn fresh capital into the debt-laden company, as a precondition for its ` 58bn debt restructuring plan. On June 1, the lenders consortium approved the ` 58bn CDR proposal of Bharati Shipyard. The ship-builder has fund and non-fund based debt of ` 58bn from as many as 25 banks, including State Bank, Central Bank of India and IDBI Bank among others. The lenders' consortium is led by SBI. The country's second largest private ship-builder had a debt of ` 38.6bn in its balance-sheet of FY12 end, and over ` 20bn of non-fund limits, taking the overall CDR scheme to ` 58bn. Out of this, the fund-based debt of the shipyard is ` 32bn, while it has a working capital loan of around ` 6bn and the rest is non-fund-based limits. In the March quarter, Bharati Shipyard reported a net loss of ` 365mn, while for the full fiscal, its net plunged 94% to Rs 59.5mn crore against ` 1.13bn a year ago. Its net sales fell by 20% during the fiscal to ` 11bn, while interest burden surged 84% to ` 4.9bn. Aegis Logistics raises ` 250mn via bonds Aegis Logistics has raised ` 250mn ($4.48 million) through 8year bonds at 10.2%. The issue, which was solely arranged by HDFC Bank, has a put/call option at the end of the fifth year, according to the sources. Aegis, which stores and distributes oil, chemicals and gas, is a key player in the liquefied petroleum gas (LPG) business.

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GATX enters Indian rail wagon leasing market GATX India Private Limited (GIPL), a subsidiary of GATX Corporation, has announced its entry into the Indian marketplace with the purchase of 10 newly manufactured rakes, each consisting of 45 container flat wagons. GIPL has agreed to lease the rail wagons to Arshiya Rail Infrastructure, a subsidiary of Arshiya International, for 10 years. This transaction will allow Arshiya to efficiently scale its rail fleet. Titagarh Wagons signs agreement with GATX GIPL earlier this month signed an agreement with Indian Railways to become the first wagon leasing company under the Wagon Leasing Scheme in India. Under this scheme, GIPL plans to purchase wagons and lease them out to various customers in private and public sector. Incorporated in 1997-98, Titagarh Wagons Ltd. is one of the leading private sector wagon manufacturers in India. Texmaco wagon lease venture Kolkata based wagon manufacturer Texmaco has entered into an equal joint venture with French group Touax Rail, a lease finance company, to tap opportunities in the wagon leasing market. The joint venture between Texmaco Rail & Engineering and Touax Rail Touax Texmaco Railcar Leasing Pvt Ltd will lease wagons to private players such as individual industries and container cargo movers. The move comes on the back of the decision of the Indian Railways to ease norms in the wagon leasing scheme, allowing firms to procure and lease wagons to other businesses. The joint venture would start its operation with a minimum net worth of ` 250mn which would be expanded further. According to the senior official, The market size is about 300,000 wagons and if 10% of that (30,000 units) can be leased out, there is strong business scope. Indian Railways to lease locomotives to Pakistan To improve trade ties between the two countries, Indian Railways (IR) is working on a proposal to lease 50 locomotives to Pakistan Railways (PR). Indian Railways will be leasing 50 of the 3000 HP locomotives at a rate of $30 per hour. It will also provide training facilities for Pakistan railwaymen to run Indian locomotives. In Pakistan, as per the current estimate, out of 520 locomotives, only 76 locomotives are operating. Railways supply about 10 locomotives on an average in a year on outright purchase basis. Indian Railways produces 500 locomotives every year from its two engines manufacturing units. Currently, it regularly supplies locomotives to Bangladesh, Sri Lanka, Vietnam, Myanmar, Mozambique, Tanzania and Ghana.

Global News Update

US Third-Party Logistics Revenue Up 5.9 Percent U.S. third-party logistics providers net revenue rose 5.9% in 2011, led by domestic transportation management and valueadded warehousing and distribution, according to an analysis by Armstrong & Associates. Domestic transportation is the smallest but fastest-growing 3PL segment. Its estimated net revenue, or gross margins, rose 12.2% last year to an estimated $6.3bn. Value-added warehousing and distribution increased 8.4%, to $26.6bn in net revenue. 3PLs dedicated contract carriage services posted 4.7% growth to $10.9bn. Net revenue for 3PLs specializing in international transportation management rose by 2.1%, to $17.7bn. The small increase contrasted with a 16% compounded annual growth rate over the previous 15 years. Armstrong expects the overall 3PL market to continue to expand at the rate of 2.5 to 4.5 times growth in GDP. According to the firm, the market has taken notice, with private-equity investors pursuing acquisitions among the large non-asset-based 3PLs specializing in domestic transportation and freight brokerage. Private Equity Companies Make Bids For GEFCO According to press reports, a number of companies, largely comprising private equity firms, have submitted offers for a stake in GEFCO, valuing the business at up to 1.2 billion. At least six private equity companies including Apollo, Axa Private Equity, Bain, CVC, PAI and Pamplona are said to have made indicative offers for up to 90.0% of the Company, being sold by PSA Peugeot Citroen. PSA Peugeot Citroen is said to be flexible on the size of stake it will sell, but it is to hold on to a strategic shareholding. It is said to aiming to raise around 560.0 million from the sale. The Bids for the stake in GEFCO are believed to be between four and six times earnings before interest, tax, depreciation and amortisation (of around 200.0 million), equating to a value of 800.0 million to 1.2 bn for the business. It has been reported that Geodis has investigated making an offer for the company, but has not so far bid. GEFCO, a subsidiary of the PSA Group offers a range of transport and logistics services to automotive, industrial, retail, 2Wheeler and electronic companies across the world. Maersk Shipping to cut 400 jobs Danish container shipper Maersk Linehas announced that it would eliminate 400 jobs as part of a reorganization strategy. The shipping giant, which current employs 25,000 workers around the globe, said it lost $566mn in the first quarter after earning a net profit of $416mn in the first three months of 2011. The Copenhagen Post reported Maersk Line, as a subsidiary of A.P. Moller-Maersk, generates 42% of its parent company's business.

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FedEx Acquires Brazilian Transportation and Logistics Company FedEx Corp. will acquire the Brazilian transportation and logistics company Rapidao Cometa Logistica e Transportes S.A., the latest step in FedEx's strategy for growth in Latin America. FedEx expects that the transaction, which is subject to customary closing conditions, will close in the third quarter of 2012. Rapidao Cometa has been one of FedEx's authorized representatives in Brazil for the past 11 years. The acquisition includes: - 45 operational branches and approximately 145 distribution points - Approximately 770 vehicles and trailers - Logistics and distribution, which consists of a wide range of products and services - A ground distribution network that provides day-definite transportation for small packages and heavyweight shipments - Approximately 9,000 employees across Brazil The integration of the logistics, distribution and express businesses of Rapidao Cometa will happen in phases during a period of 18 to 24 months after closing. Barloworld Logistics Acquires Ecosse Tankers Barloworld Logistics, one of southern Africas leading supply chain and logistics companies, announced its acquisition of Ecosse Tankers. CEO of Barloworld Logistics Steve Ford noted that the acquisition was in line with the companys strategy to grow its services and expand expertise in the chemical, fuels and hazardous goods sectors. Ecosse Tankers is an african group, specialist transporter in hazardous acid-based chemicals. SCI Logistics acquires White Glove Transportation Systems Ltd. SCI Logistics has announced the acquisition of White Glove Transportation Systems Ltd., a leading provider of highly specialized transportation solutions for high value products that require precise handling, special equipment, and highly trained personnel to execute delivery and value-added on-site services. SCI Logistics is a recognized leader of integrated supply chain solutions that leverages the most comprehensive delivery network in Canada. It operates two primary lines of business: contract logistics and transportation services and includes services such as fulfillment, inventory management, returns and reverse logistics, whiteglove, high value transportation, mission critical parts, same day courier and transportation management. The company employs approximately 1,000 people, operates a national network of 15 distribution centers and 30 critical parts depots of over 2 million square feet and serves over 600 customers, making it the largest Canadianbased third-party logistics provider.

Event Update
Event Date Place Organiser Web Essentials of Warehouse Automation 23rd June 2012 New Delhi ThinkLink Supply Chain Serveice http://thinklink-scs.com/

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Stock Market Update
As on 1st June 2012 Container Corporation of India Blue Dart Great Eastern Shipping Essar Ports Ltd. Shipping Corporation of India Gateway Distriparks Allcargo Logistics Arshiya International Aegis Logistics Mercator Ltd. Transport Corporation of India Sical Logistics Gati Aqua Logistics SEAMEC Ltd. Varun Shipping NSE Nifty BSE Sensex ET Logistics Index ET Shipping Index Baltic Dry Index (BDIY:IND) Market Cap (In ` mn) 116,965 45,425 36,550 36,182 23,686 15,213 14,523 7,677 4,267 4,175 3,938 3,745 3,056 2,880 2,770 2,288 Price (In `) 899.85 1,914.40 240.00 88.15 50.85 140.35 111.25 130.50 127.75 17.05 54.15 67.35 35.30 9.60 81.70 15.25 4,841.60 15,965.16 15,793.51 6,543.77 904.00 Percentage Change (%) 1M 3M 6M 2.6% -4.8% -2.4% -3.4% 0.2% 35.7% -5.5% 2.2% 7.6% -3.1% 29.6% 30.2% -17.5% -28.3% -17.1% -7.2% -8.5% 4.4% -6.4% -19.6% -19.5% -16.1% -11.4% -10.3% -17.0% -26.4% -7.9% -20.0% -43.5% -21.6% -14.6% -20.1% -13.8% -1.7% -0.8% -3.9% 0.7% -0.8% 12.4% -17.2% -22.6% -25.6% -6.3% -14.2% -11.3% -13.2% -20.3% -11.7% -7.8% -9.3% -1.9% -7.8% -9.2% -3.1% -0.9% -5.1% -0.5% -5.5% -8.9% -1.7% -21.5% 18.5% -51.5%

1W 4.5% -6.7% -1.5% -2.1% -7.3% -2.1% -2.5% -4.3% -11.2% -13.5% -6.0% -0.1% 1.0% -6.8% 2.4% -3.5% -1.6% -1.6% 0.7% 0.1% -12.6%

12M -19.1% 44.2% -17.0% -26.9% -51.7% 14.7% -34.2% -28.8% -44.6% -58.2% -41.2% -8.2% -44.3% -43.4% -15.8% -44.7% -13.4% -14.2% -17.7% -23.6% -38.9%

Baltic Dry Index

Source: Baltic Exchange

Road Freight Index

Source: Transport Corporation of India

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Results Update Last Quarter Ended 31st March 2012
All figures in ` mn
Company Q4 FY11 Aegis Logistics CONCOR Shipping Corp. of Ind. Mercator Lines GE Shipping TCI Blue Dart Arshiya Essar Ports Allcargo Gati Sical Logistics Patel Integrated Varun Shipping Shreyas Shipping Aqua Logistics SEAMEC Ltd Gateway Distri. 6,917 9,954 8,651 10,549 6,016 4,790 3,370 2,344 8,264 1,895 2,287 1,983 1,062 1,330 492 1,206 280 554 Revenue Q4 FY12 15,323 10,711 10,383 10,195 8,263 4,957 4,114 3,108 2,883 2,531 2,107 1,983 1,138 804 801 786 774 492 YoY 122% 8% 20% -3% 37% 3% 22% 33% -65% 34% -8% 0% 7% -40% 63% -35% 176% -11% Q4 FY11 257 2,331 1,006 1,220 1,462 394 532 540 2,810 532 249 (371) 37 470 58 81 (210) 320 EBITDA Q4 FY12 693 2,240 (1,450) 1,156 2,418 384 447 795 2,348 609 155 206 40 592 124 56 218 245 YoY -4% -244% -5% 65% -2% -16% 47% -16% 15% -38% 8% 26% 116% -31% -23% Q4 FY11 165 2,014 (62) (679) 108 128 361 194 140 391 36 (197) 16 (212) 18 36 (249) 267 PAT Q4 FY12 805 2,271 (3,559) (243) 392 112 291 277 (615) 328 81 52 4 (1,385) 63 (34) 142 164 YoY 389% 13% -64% 264% -13% -19% 43% -16% 124% -74% 257% -38% Margins Q4 FY12 EBITDA 5% 21% 11% 29% 8% 11% 26% 81% 24% 7% 10% 4% 74% 16% 7% 50% NPM 5% 21% -2% 5% 2% 7% 9% 13% 4% 3% 0% 8% 33%

Results Update Annual

Company FY'11 Aegis Logistics Shipping Corp. of Ind. CONCOR Mercator Lines GE Shipping TCI Blue Dart Gati Essar Ports Arshiya Allcargo Gateway Distri. Sical Logistics Patel Integrated Aqua Logistics Varun Shipping Shreyas Shipping SEAMEC Ltd 18,129 35,434 38,266 28,289 25,580 18,527 11,507 9,330 19,408 8,215 6,998 6,034 5,384 4,284 5,165 8,368 1,904 1,024

Revenue FY12 44,725 43,086 40,609 36,999 29,555 19,553 14,954 12,093 11,088 10,547 8,263 8,235 5,015 4,524 3,683 3,645 2,708 1,818 YoY 147% 22% 6% 31% 16% 6% 30% 30% -43% 28% 18% 36% -7% 6% -29% -56% 42% 78% FY'11 833 7,098 10,226 6,385 9,945 1,400 1,556 870 7,667 1,580 1,679 1,640 (45) 139 497 3,670 308 (551)

EBITDA FY12 49 4,644 10,237 5,829 10,804 1,580 1,799 988 8,910 2,701 2,481 2,504 341 166 233 888 245 94 YoY -94% -35% 0% -9% 9% 13% 16% 14% 16% 71% 48% 53% 20% -53% -76% -21% FY'11 467 5,674 8,301 468 4,687 501 947 95 702 820 1,211 968 108 32 288 147 183 (672)

PAT FY12 197 (4,282) 8,779 206 3,166 595 1,242 141 639 1,176 1,513 1,320 133 29 83 92 56 (132) YoY -58% 6% -56% -32% 19% 31% 48% -9% 43% 25% 36% 24% -8% -71% -38% -69% -

Margins FY12 EBITDA 0% 11% 25% 16% 37% 8% 12% 8% 80% 26% 30% 30% 4% 6% 24% 9% NPM 0% 22% 1% 11% 3% 8% 1% 6% 11% 18% 16% 1% 2% 3% 2% -

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

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