FOUR-S PharmaHealth Track

23thApr 5thMay12

PharmaHealth TRACK
Newsletter on Indian Healthcare Industry

Top Story
Cipla makes significant price cuts on 3 cancer drugs

Content
Private Equity Mergers & Acquisitions News Update Regulatory Developments Upcoming Events Stock Market Update Peer Benchmarking About Four-S Services 2 3 4 5 6 7 7 9

Taking advantage of the economies of scale it has achieved, Cipla has slashed the prices of three of its cancer drugs by significant amounts, a move likely to further complicate efforts by big Western pharmaceutical companies seeking to develop their businesses in India. Cipla's decision to slash prices comes only weeks after India's patent authority forced Germany's Bayer AG to grant a license to another Indian generic drug producer for its kidney and liver cancer medicine Nexavar For the kidney cancer drug, Cipla has slashed its prices on generic Sorafenib to `6,840 from ` 27,950. Sorafenib was recently in the news when the Patent Office issued a compulsory licence allowing Natco to make a generic copy of the drug, on the payment of a royalty to the innovator company, Bayer. Natco had priced it at about ` 8,900, while Bayers price on its branded Sorafenib (Nexavar) stands at `2.8 lakh. For lung cancer drug Gestinib, originally made by Astra Zeneca under the name Iressa, Cipla has cut its prices to ` 4,250 from ` 10,200. Brain tumour drug Temozolamide is available in three strengths and is originally made by Schering. Cipla has reduced prices for all the three strengths; On the 20mg pack of five, prices have come down to ` 480 from ` 1,875; on the 100mg strength prices have been reduced to ` 2,400 from ` 8,900 and the 250mg is prices at ` 5,000 now from ` 20,250 earlier.

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FOUR-S PharmaHealth Track

Investment Activity last 1 year..

Date

Investor(s)
SRL

Target

Stake (%)
4 NA NA 12 NA NA NA NA NA NA NA NA NA NA NA 100 NA NA

Amount ($mn)
112 10 4.6 0.6 10 22.0 NA NA 25.0 5.1 100.0 NA 33.3 38 NA NA 105 5

Business
Diagnostics Hospitals Hospitals Online Healthcare Super specialty hospital chain Hospitals Hospitals Diagnostics Hospitals Health Services Hospitals Hospitals Hospitals Hospitals Health Services Hospitals Hospitals Health Services

Stage
Growth Growth Growth Early Early Growth Growth Growth Growth Early Growth Growth Late Late PIPE Late Late Early

5-May-2011 Sabre Partners 17-Jun-2011

Aquarious India, Vaatsalya SeedFund Catamaran, Reliance VA, 20-Jun-2011 Wellspring Healthcare Bluecross BlueShield VP 23-Jun-2011 HDFC PE 10-Aug-2011 Matrix Partners 28-Sep-2011 Sequoia Capital 10-Oct-2011 Helion Ventures, Nexus Ventures Angels Health Pvt Ltd Kids Clinic Moolchand Medcity Eye-Q XCyton Diagnostics NephroLife Care Healthkart.Com DM Healthcare Be Well Hospitals Kerala Institute of Medical Science IDFC Project Equity Berggruen Holdings, Cycladic Capital GIC Care Hospitals Forus Health

28-Nov-2011 Fidelity Growth Partners 12-Jan-2012 NEA, DaVita Inc 11-Jan-2012 Sequoia Capital, Omidyar Network

18-Jan-2012 Olympus Capital 20-Jan-2012 Songs Investments 25-Jan-2012 OrbiMed, Ascent Capital Accentia Technologies Ltd

20-Feb-2012 Sahyadri Hospital 28-Feb-2012

15-Mar-2012 Vasan Healthcare 2-Apr-2012 27-Apr-2012 Advent International Accel Partners and IDG Ventures India

Four-S Indian PE Directory 2010 A Guide to choosing private equity partners

Detailed listing of ~330 Active PE/VC Investors in India - PE/VC players that have invested in the past 3 years. A first-of-its-kind, the directory offers Deal History in India for individual investor. Source: Four-S Database Management, investment profile and Contact details. User-friendly Spreadsheet Format. It comes from Four-S Services, the most trusted deal information bank in India.

Research Desk
Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including Indias Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

FOUR-S PharmaHealth Track

Mergers & Acquisition Date 15-Jun-2011 17-Jun-2011 19-Jul-2011 21-Jul-2011 28-Jul-2011 3-Aug-2011 9-Aug-2011 10-Aug-2011 12-Sep-2011 8-Oct-2011 12-Oct-2011 4-Nov-2011 14-Nov-2011 18-Nov-2011 24-Nov-2011 23-Nov-2011 28-Nov-2011 17-Jan-2012 24-Jan-2012 1-Feb-2012 2-Feb-2012 1-Feb-2012 6-Feb-2012 6-Feb-2012 29-Feb-2012 22-Mar-2012 26-Apr-2012 Investor(s) Lupin Zydus Shilpa Medicare Dr Reddys Laboratories Cadila Healthcare Danone Ipca Labs Fortis Vivimed Labs Akorn Inc Life Healthcare Group Aventis Pharma Invida Group Lupin Limited SOHM Inc TSS EXPORT GmbH FZE Vivimed Labs Dishman Pharma Watson Pharmaceuticals Fortis Healthcare Aanjaneya Lifecare Fortis Healthcare Nova Medical Centers Radiant Life Care Rapid Nutrition B Braun Strides Arcolab Ltd Target Goanna Brand Nesher Pharma unit Nu Therapeutics JBCL-Russia-CIS prescription products Bremer Pharma Wockhardt 's nutrition business Onyx Research Hoan My Medical Octtantis Nobel Labs Ltd KilitchDrugs (India) Ltd Max Healthcare Ltd. Universal Medicare - branded nutraceutical formulations biz Shalaks Pharmaceuticals dermatology and baby care I'rom Pharma Novatrend Medicament Transgene Biotek bio generic product - Erythropoietin Uquifa Creapharm Parenterals Ascent Pharma Health Ltd. RadLink-Asia Pte Ltd Apex Drugs and Intermediaries Ltd RadLink-Asia Pte Ltd Helios Hospitals Guru Harkishan Hospital, Delhi Cheminnova Remedies Ahlcon Parenterals (India) Ltd Star Drugs' Formulations Plant Stake (%) NA NA 50 100 100 100 100 65 50 NA NA NA 100 100 NA 100 100 100 NA 85 100 85 100 NA 74 26 100 Amount ($mn) NA NA NA 30.5 NA 355 7.5 64 NA 40.1 103.1 114.0 19.1 NA NA 5.0 55.0 NA 393 50 50 50 NA 77 NA 17 23.8 Business OTC Generic Pharma Pharma Pharma Pharma Healthcare Services Hospitals Pharma Pharma Hospitals Pharma Pharma Pharma Pharma Pharma Pharma Pharma Pharma Diagnostic Pharma Hospitals Hospitals Hospitals Pharma Pharma Pharma

Source: Four-S Database

Research Desk
Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including Indias Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

FOUR-S PharmaHealth Track

News Update
Healthcare & Pharmaceutical Sector 1.) Pharmaceutical Sector Strides Acrolab buys injectable facility for ` 1.25bn Strides Arcolab's wholly owned subsidiary Agila Specialities acquired Sterile Formulations facility located at Hosur from Star Drugs and Research Labs. The consideration for the facility is approximately ` 1.25bn and is being funded from cash in hand and internal accruals The acquisition by Bangalore-based pharmaceutical firm Strides Arcolab was to expand core injectable business. This timely acquisition brings into our fold, an asset which is of immediate importance given the demand for Sterile injectables worldwide. The buy will give the Bangalore-based firm market advantage to set up and commercialise a Greenfield project that can take anywhere between 4-5 years. Venus Remedies developing new cancer drug delivery technology Venus Remedies is developing a new drug delivery platform that promises to reduce side effects and cost of cancer medicine by as much as one-sixth. The company has designed a new drug delivery technology, drug protein polymer conjugate that has been found to deliver cancer drug at the targeted (affected) organ for breast and ovarian cancer during pre-clinical studies. The patented platform will enable a patient to reduce intake of drug by 4-6 times, thus reducing the toxicity level and cost of medicine. The company believes the technology can be used to treat all forms of solid tumours and will soon start clinical studies to check the same. The Chandigarh-based drug company plans to launch the technology in the next 2-3 years. It plans to rope in a partner for the clinical studies and is also open monetizing the technology. Lupin to set up New Formulations manufacturing facility In MIHAN Lupin Ltd has broken ground to set up a new state-of-the-art formulation manufacturing facility at the Special Economic Zone (SEZ), MIHAN, Nagpur. The Greenfield plant will take close to a year to being set up. Lupin today operates 11 world class manufacturing facilities spread across India & Japan. Almost all of Lupins facilities have ChrysCap to buy ` 3bn stake in Intas Pharmaceuticals Private equity firm Chrys Capital is buying an additional stake in Intas Pharmaceuticals for ` 3bn after the Ahmedabad-based drug maker deferred its IPO due to volatile market conditions. The deal will increase ChrysCapital's holding in the company to over 15% from the current 11.3%. The company will go for the public issue when the market stabilizes. The company will file its documents for the public issue again in the next few months and the IPO is expected to hit the market late next year. The drug maker has been valued at over ` 50bnand the PE fund's stake will be in the "high teens." The ` 27bn drug maker is among the country's top 10 players by sales, with exports accounting for about 40% of its total global sales. It is among the fastest-growing drug makers in the country, having posted a CAGR of about 30% over the past five years. Ranbaxy launches first indigenous malaria drug Ranbaxy Laboratories, India's largest drug maker, is launching the country's first indigenously developed new medicine, a malaria drug, that promises to boost the new drug development abilities of the Indian pharma industry. The antimalaria drug, a combination of two molecules -arterolane maleate and piperaquine phosphatethe -- is expected to be priced at a significant discount, as low as one third, to some alternatives. The raw material for the drug is synthetically made which will allow the company to address supply concerns. At present, malaria drugs are based on artemisinin, which is derived from plants. India has to depend on imports of the raw material and there are volatilities in prices and supply. Cipla, DNDi to launch new malaria drug Cipla plans to launch fixed-dose combination anti-malarial drug in India in partnership with non-profit organisation, Drugs for Neglected Diseases Initiative (DNDi). The company has collaborated with DNDi to launch fixed-dose combination of Artesunate (AS) and Mefloquine (MQ) to treat malaria caused by microorganism 'P falciparum'. This new fixed-dose combination treatment will be introduced in India under the brand name 'Mefliam Plus'. The product will been inspected by leading regulators like the US FDA, UK MHRA, WHO, Australian TGA, and Japans MHLW.

Research Desk
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FOUR-S PharmaHealth Track

be launched in India and Malaysia soon where it has already been registered. 2.) Healthcare Abbott Laboratories in pact with Biocon to develop nutrition products Abbott Laboratories will collaborate with Bangalore-based Biocon to establish a research and development centre to develop nutrition products in India. Abbott Nutrition Centre, India will work with Syngene, the contract research arm of Biocon, to develop affordable products for maternal, child nutrition and diabetes care. Accel Partners, IDG Ventures to invest $5 million in Forus Health Two marquee venture capital firms, Accel Partners and IDG Ventures, are backing a two-year-old medical devices maker, underscoring the rising interest in healthcare ventures amongst risk capital investors. The two firms will together invest $5 million in Forus Health which has developed a low-cost portable ophthalmology device, called '3nethra'. The device priced at one-sixth the cost of other comparable devices can identify multiple diseases such as cataract, glaucoma, diabetic retina and refraction said K Chandrasekhar, chief executive officer of Forus, who plans to use the funding to hire talent and expand marketing across emerging markets such as Africa, Latin America as well as the United States. The medical device industry in India is set to grow from $2 billion in 2011 to $6 billion by 2015, according to industry tracker, UBM Canon. NephroPlus to set up 40 kidney care clinics in North India over next 3 years Hyderbad-based NephroPlus, a kidney care clinics chain, will set up 40 of its proposed 100 dialysis centres in North India over the next three years. From the present seven kidney care clinics, company is expanding their operations, and will set up 100 kidney care and dialysis clinics across the country. Of these, 40 will come up in North India. The company, which received first round of funding from venture capital firm Bessemer Venture Partners last year, was now looking forward for right partnerships towards its plan of setting up the 100 centers. Drugmaker Dr Reddy's Laboratories has received U.S. Food and Drug Administration's approval for selling ibandronate sodium tablets used to treat osteoporosis. The tablets are the generic version of Boniva, a brand sold by a unit of Swiss drugmaker Roche. HC grants relief to Troikaa in patent case; restrains two firms from selling Dynapar injections Gujarat High Court has granted a temporary relief to Troikaa Pharmaceutical, restraining two pharma companies, Ahmedabad-based Lincoln Pharmaceuticals and on Delhi-based Akums Drug & Pharmaceuticals Ltd, from making and selling the patented versions of diclofenac injection. The Ahmedabadbased company had patented diclofenac injection and sells it under the brand name Dynapar AQ. As per industry estimates, Troikaa earns about 50% of its revenues from Dynapar. Orchid Pharma receives US FDA approval for Naratriptan tablets Orchid Chemicals & Pharmaceuticals Ltd has received approval from US FDAfor its ANDA ( Abbreviated New Drug Application) forNaratriptan tablets in the 1 mg and 2.5 mg strengths. Naratriptan tablets are the generic equivalent of GSK's Amerge tablets Wockhardt launches generic Parkinson's treatment drug in US Drug maker Wockhardt has launched a generic version of Orion Corporation's Parkinson's treatment drug Stalevo in the US, with 180 days of marketing exclusivity. The company said its generic copy is of four strengths (50mg, 75mg, 125mg and 200mg) of the triple-drug combination product containing levodopa, carbidopa and entacapone. Wockhardt was the first-to-file with paragraph-IV certification on four out of six strengths of this product. Pursuant to a settlement of the litigation between Wockhardt and Orion Corporation, Finland, the two parties came to an arrangement to launch an authorised generic version with 180-days of exclusivity. The total market for this product in the US is about USD 55 million for the above four strengths and even after the 180-days exclusivity the number of competitors to enter the market is expected to be very limited. 3.) Regulations/Legal

Dr Reddy's gets US nod for osteoporosis drug

Research Desk
Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including Indias Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

FOUR-S PharmaHealth Track

Global News Update
AstraZeneca to acquire Ardea Biosciences for US$1bn AstraZeneca and Ardea Biosciences, Inc. (Ardea) have entered into a definitive merger agreement, pursuant to which AstraZeneca will acquire Ardea, a San Diego, California-based biotechnology company focused on the development of smallmolecule therapeutics. Ardeas clinically most advanced product candidate, lesinurad (formerly known as RDEA594), is currently in Phase III development as a potential treatment for the chronic management of hyperuricaemia in patients with gout. Under the terms of the agreement, AstraZeneca will acquire Ardea for US$32 per share which represents a total cash value of approximately US$1.26 billion, including existing cash. This represents a premium on the value of Ardeas stock of 50% based on the one month volume-weighted average price (VWAP) and 54% based on the closing price on Friday, 20 April 2012. Sandoz to acquire Fougera Pharmaceuticals, becoming the number one generic dermatology medicines company Novartis has signed a definitive agreement to acquire specialty dermatology generics company Fougera Pharmaceuticals. Under the terms of the agreement, Novartis will acquire the business, which is based in Melville, New York, for USD 1.525 billion in an all-cash transaction. The sellers are comprised of a consortium of private equity funds led by Nordic Capital, DLJ Merchant Banking (a Credit Suisse affiliate) and Avista Capital Partners. The acquisition creates another strong global growth platform for Sandoz, the generic pharmaceuticals division of Novartis. Based on 2011 IMS data, the combined businesses will become the #1 global company in generic dermatology medicines, with estimated annual global sales of nearly USD 620 million, primarily in the US.[1] Fougera has strong dermatology development and manufacturing expertise, with numerous launches planned for 2012 and beyond. GSK confirms offer to acquire Human Genome Sciences for US$13.00 per share in cash GlaxoSmithKline plc made an offer to the Board of Directors of Human Genome Sciences (HGS, NASDAQ: HGSI) on 11th April proposing to acquire all of the outstanding shares of HGS for US$13.00 per share in cash.

Events Calendar

7th India International Medical Equipment Expo Date: Jul 20-22, 2012 Venue: Chennai, Organizer: Paramount Exihibitors Tel: +91-172-2274801-02,4699301-02

US-India BioPharma & Healthcare Summit 2012

Date: 11 May 2012 Venue: Hyatt Regency Cambridge, Massachusetts, US Organizer: USAIC Tel: 781 586-1212 E-mail: info@usaindiachamber.org

Medicall Date: 3 Aug -6 Aug, 2012 Venue: Chennai Trade & Convention Centre, Chennai Webmail: info@medicall.in Organizer : Medexpert Business Consultants www.medicall.in /

Banglore India Bio Date: Jun 2-4, 2012 Venue: Hotel Lalit Ashok, Banglore Tel: +91 80 4113 1912 / 13 Email: enquiry@bangalorebio.in

Research Desk
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FOUR-S PharmaHealth Track

Stock Market Update
As on 4 May 2012 SUN PHARMACE DR.REDDY'S L CIPLA LTD. LUPIN LTD RANBAXY LABO GLAXOSMITH CADILA HEALTH DIVI's LAB GLENMARK PHA APOLLO HOSPITAL PIRAMA HEALTH BIOCON LTD IPCA LAB LTD OPTO CIRCUIT AUROBINDO PH JUBILANT ORG ORCHID CHEM BSE HEALTHCARE BSE SENSEX S&P CNX Nifty Market Cap In `Mn 622695 296332 261752 246731 210529 181036 150439 114231 92077 82946 76187 46660 45933 42660 35109 28543 12109 Price In ` 601 1748 326 552 499 2137 735 861 340 617 442 233 365 176 121 179 172 6,803 16,831 5087 Percentage Change (%) 1M 3M 6.59 2.05 6.66 3.33 4.35 -5.22 0.18 12.31 9.68 -0.84 -3.94 -3.60 9.67 -6.23 5.51 -7.39 -9.10 3.54 -3.75 -4.43 8.09 4.60 -5.55 15.33 9.74 9.05 8.23 10.12 15.24 2.38 0.85 -16.39 16.55 -10.34 0.17 2.46 -10.49 6.1 -4.4 -4.49

1W 0.43 -1.87 4.98 2.71 -0.30 -1.87 0.08 3.59 3.34 1.30 1.38 -2.51 5.72 -4.48 -5.15 -0.64 -3.72 0.75 -1.77 -2.00

6M 17.18 7.75 10.85 14.29 -1.06 1.13 -3.70 11.54 9.40 14.32 20.50 -33.11 35.86 -7.75 -6.00 -14.79 -7.93 10.25 -4.17 -3.73

1 Year 35.61 9.17 5.43 30.34 9.93 -8.51 -15.63 22.89 16.84 34.08 -4.14 -36.39 23.70 -23.67 -35.58 8.61 -43.36 11.16 -8.87 -8.13

Quarterly Results
Companies

`in million
EBITDA OND FY10 3802 4405 2472 2973 3182 2562 3195 1322 1339 943 910 1228 1574 -326 1642 1271 1205 PAT OND FY10 2731 3502 -975 2240 2327 1620 1886 441 865 458 640 957 1157 603 1008 566 984 Margins JAS EBITDA% NPM % FY11 FY11 31% 19% 45% 31% 17% -80% 21% 13% 23% 16% 19% 11% 4% -2% 19% -7% 10% 4% 17% 9% 18% 10% 28% 20% 31% 24% -9% 2% 25% 16% 28% -2% 36% 30%
OND:Oct-Nov-Dec quarter

DR.REDDY'S L SUN PHARMACE RANBAXY LABO LUPIN LTD CIPLA LTD. CADILA HEALTH AUROBINDO PH JUBILANT ORG GLENMARK PHA APOLLO HOSP IPCA LAB LTD OPTO CIRCUIT GLAXOSMITH PIRAMA HEALTH BIOCON LTD ORCHID CHEM Divi's Lab

Revenue OND FY10 18985 15617 20865 14787 15158 11471 12198 8665 7486 6009 4766 4177 5005 3980 5097 4625 3097

OND FY11 27692 21451 37381 18029 17345 13736 13098 10872 10311 7148 6190 6113 5799 5518 5172 4638 4147

YoY 46% 37% 79% 22% 14% 20% 7% 25% 38% 19% 30% 46% 16% 39% 1% 0% 34%

OND FY11 8688 9638 6179 3735 3915 2616 467 2084 1029 1184 1114 1710 1822 -502 1287 1287 1511

YoY 129% 119% 150% 26% 23% 2% -85% 58% -23% 26% 22% 39% 16% 54% -22% 1% 25%

OND FY11 5130 6683 -29828 2351 2699 1492 -285 -784 461 647 639 1251 1367 85 849 -101 1226

YoY 88% 91% 2960% 5% 16% -8% -115% -278% -47% 41% 0% 31% 18% -86% -16% -118% 25%

Research Desk
Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including Indias Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

FOUR-S PharmaHealth Track

TTM Results
Revenue TTM TTM Dec 10 Dec 11
70293 89582 53383 58744 55133 41626 42154 35349 28631 21935 21952 17681 13755 19879 28767 13847 11426 90326 99578 71387 66936 66307 49859 46877 39699 37469 26769 24331 22838 22387 21689 20055 17455 16069

`in million
EBITDA TTM Dec 10
14311 18652 19421 12806 11727 9866 8778 6449 6892 3451 7157 3465 4366 5381 2871 -1242 4607

Companies

YoY
22% 11% 25% 12% 17% 17% 10% 11% 24% 18% 10% 23% 39% 8% -43% 21% 29%

TTM Dec 11
21710 10848 27389 15007 13827 10449 3959 7650 6270 4356 8025 4387 5879 5345 -211 4517 6177

YoY
34% -42% 29% 15% 15% 6% -122% 16% -10% 21% 11% 21% 26% -1% 1463% 127% 25%

PAT (After EI) TTM TTM Dec 10 Dec 11

8746 17368 18398 10287 8757 6508 5600 3009 4459 1638 5606 2341 3230 3306 128357 4894 3835 14141 -28834 25724 10462 9551 6607 -1068 1651 3932 2188 4286 2621 4751 3427 3549 901 5059

YoY
38% -266% 28% 2% 8% 1% 624% -82% -13% 25% -31% 11% 32% 4% -3517% -443% 24%

Margins TTM EBITDA % NPM %

24% 11% 38% 22% 21% 21% 8% 19% 17% 16% 33% 19% 26% 25% -1% 26% 38% 16% -29% 36% 16% 14% 13% -2% 4% 10% 8% 18% 11% 21% 16% 18% 5% 31%

DR.REDDY'S L RANBAXY LABO SUN PHARMACE CIPLA LTD. LUPIN LTD CADILA HEALTH AUROBINDO PH JUBILANT ORG GLENMARK PHA APOLLO HOSPITAL GLAXOSMITH IPCA LAB LTD OPTO CIRCUIT BIOCON LTD PIRAMA HEALTH ORCHID CHEM Divi's Lab

Standalone results for Cipla, Apollo, Orchid, Glaxosmith, Divis Lab and Ipca Lab

BSE Healthcare Index movement in last 2 weeks

Research Desk
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FOUR-S PharmaHealth Track

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Research Desk
Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including Indias Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com