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Logistics Track
Research4India Fortnightly update on Logistics Industry

In The Spotlight
Agri ministry pushes for ` 50bn scheme for post-harvest logistics The Union Ministry of Agriculture has planned to ask for a ` 50bn budget during the 12th five-year Plan (2012-17) for a scheme to allow private companies to collaborate with farmers to produce, harvest, process, transport and market various agro products. Officials said the aim was to ensure availability of farm produce across the country at affordable prices. Titled the Public-Private Partnership for Integrated Agricultural Development, or PPP-IAD, it hopes to create an efficient supply chain for cereals, perishables and other high-value produce. The plan aims to cover a million farmers during the Plan. Funds are to be leveraged through the flagship Rashtriya Krishi Vikas Yojana. A company, it is suggested, could propose a project targeting a minimum of 10,000 farmers, over three to five years, covering all aspects from production to marketing. Average investment per farmer is to be ` 100,000 and government assistance will be restricted to half the overall investment in this regard, within a ceiling of ` 50,000 per farmer. The ministry says it already has 33 project proposals from private companies, sent through the Federation of Indian Chambers of Commerce and Industry. A project will involve mobilising farmers into producer groups and registering as a joint stock producer company or a co-operative or self-help group. In the process, these companies could coordinate with the Indian Council of Agricultural Research for improved varieties of seeds/seedlings and for sorting credit issues with the National Bank for Agriculture and Rural Development. The hope is for infusion of technologies using precision farming techniques, primary processing, sorting, grading , washing, packaging and value addition clusters, development of warehouses, cold chains, etc. The Small Farmers Agri-Business Consortium will provide professional support services to such producer firms.

Contents

News of the fortnight

Investment Activity

News Update

Global News Update

Stock Market Updates

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Peer Benchmarking

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About Four-S Services

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Four-S India Logistics Report 2011-12

Our logistics report is now available for purchase. A 100 page, hard bound word document, presented by Central, this is Indias most comprehensive and rigorous research report on Logistics.

To buy the report, or to know more about it, see Page 2.

Research4India is the research services arm of Four-S Services Pvt Ltd, a leading provider of high-end research, financial consulting and Investment banking services. For subscription / custom queries, please contact Seema Shukla at seema@four-s.com

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Central Logistics Intelligence presents

Four-S India Logistics Report 2011-12.

This is the first comprehensive, rigorous report on the logistics sector. It brings a new analytical perspective to the sector research coverage, which is plagued by poor research. Incorrect notions like: the Indian logistics sector is 13-14% of GDP; or there is multiplier of 2x between logistics growth and GDP growth rate abound, and are often quoted by leading logistics companies, industry associations and sector consultants. The report presents original data and analysis on several key aspects of the sector, including size of various segments and projections, and highlights investment potential. In the report we have taken a comprehensive look at all the key segments of logistics and supply chain. We find EXIM and agri-logistics areas of great promise. The 3PL/contract logistics space also has strong potential, which will get a push as and when the long awaited goods and services tax (GST) reforms are implemented. We expect greater activity from PE funds and MNCs in this decade compared to 2001-10. The report includes information about the key players in the Indian logistic sector and its various segments. Four-S India Logistics Report 2011-12 is prepared by the research of Four-S Services (www.four-s.com), which has covered this sector in detail in India for several years now. REASONS TO BUY Indias first comprehensive report on the logistics and supply chain business The report has original numbers and projections, backed by rigorous analysis, which would compel you to question some of the established facts floating around about the sector. Takes a detailed look at all key business segments, and highlights growth potential. Mentions key listed and unlisted companies in the sector.

FOR WHOM Companies in the supply chain and logistics business in India, logistics MNCs wanting to enter India, private equity funds, industry associations, policy makers, independent consultants and industry researchers HOW TO BUY Kindly write to Seema Shukla at seema@four-s.com You can also call Ashutosh Sharma at 0124-425 1442, or Devendra Deole at 022-42153659 to book your copy.

Research4India

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Investment Activity
PE Deals in 2012 Date 6-Jan 23-Feb 23-Feb 28-Mar 30-Mar 26-Apr 19-Apr 29-Jun 25-Jul 19-Aug Investor General Atlantic IDFC Private Equity Target Foursee Infrastructure Equipments Ltd. StarAgri Warehousing & Collateral Mgmt Chhotu.in (Santa Claus Couriers) Spear Logistics e2E Rail VRL Logistics TVS Logistics Reverse Logistics Stake (%) NA NA Amount ($ mn) 20.8 30.0 Strategy Growth Growth Angel Growth Early Late Growth Growth Early Growth

Global Super Angels NA NA Ambit Pragma NA 1.7 VenturEast, Zephyr Peacock NA 6.0 New Silk Route NA 33.4 KKR, Goldman Sachs 20.0 55.0 Vertex Venture Holdings, KPCB, NA NA Sherpalo Ventures Ambit Pragma Mehta Frozen Foods Carriers 74.0 NA GTI Capital Brattle Foods NA NA The space saw 10 deals till date raising a total disclosed amount of $185.1mn.

Mergers & Acquisitions in 2012 Date 1-Feb 20-Apr 15-May 18-Jul 18-Jul 16-Aug Investor Oil Field Warehousing & Services DHL Express (India) Pvt Ltd DTDC SG Holdings SG Holdings Dempo Group Target Raamns Shipping & Logistics DHL Lemuir Logistics Pvt Ltd Eurostar Express Sindhu Cargo Services Sunlog Services Modest Infrastructure Stake (%) NA 24.0 NA 40.0 40.0 NA Amount ($ mn) NA NA NA NA* NA* 140.0 Business Logistics Services Logistics Services Courier Services Logistics Services Logistics Services Ship-building & Repair

*SG Holdings have invested a total of $18mn in Sindhu Cargo Services and Sunlog Services which are sister concerns

The space saw 6 deals till date but the transaction details were disclosed for one only. Dempo Group acquired ship-building & repair company Modest Infrastructure for $ 140mn in August 2012. In 2011, there were 11 PE deals in Logistics space worth $278.1mn. The largest among came from Warburg Pincus which invested $100mn in Continental Warehousing Corporation for un-disclosed stake. In the same year, 8 M&A deals in Logistics space. TVS Logistics acquired 100% stake in US based MESCO for un-disclosed amount. Amongst the disclosed, the largest was 100% stake by Royal Vopak in CRL Terminals for $61.8mn

Research4India

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News Update
DHL to trim Blue Dart stake from 81% to comply with Sebi norms Deutsche Post DHL plans to bring down its stake in Blue Dart Express, held through its subsidiary DHL Express Singapore, to comply with minimum public shareholding requirements. Deutsche Post DHL currently holds 81 percent in the Mumbai-based express logistic firm. Future collaboration between Blue Dart Express and Deutsche Post DHL will not be affected by this transaction and Deutsche Post DHL remains fully committed to the domestic market, said a statement from the German company. The Euro 53bn Deutsche Post DHL, which is a world leader in postal and logistics group, said the move is enable the domestic company to comply with the new minimum public shareholding norms, which demands listed companies to have at least 25% of their stake with the public by next June. Sical Logistics to washery in Talcher set up JV for coal Ship repair facility for CSL Cochin Shipyard has been given the go-ahead to set up a ` 7.5bn ship repair and building facility at Cochin Port. Union shipping minister G.K. Vasan announced the bid award to Cochin Shipyard Ltd, which followed Cochin Ports floating a tender for building the facility a few months ago. The project would come up on the old Rajiv Gandhi Terminal premises. The new project would benefit the shipyard, which was on an expansion mode. RINL sets in motion freight car axle unit in Jalpaiguri Rashtriya Ispat Nigam Ltd (RINL) has set in motion preparatory work for its proposed ` 2.8bn railway freight car axle project in West Bengal. The processes were initiated for a feasibility study, flotation tenders for the plant and machinery and the off-take agreement with the Railways. The RINL unit is to be located on a 46-acre plot of land at New Jalpaiguri in the under-industrialised northern part of the State. A 30-year renewable land lease agreement with the Railways has already been executed. The proposed project would have the capacity to produce 50,000 pieces of axles a year. Each axle will have the load bearing capacity of between 22.9 tonnes and 25 tonnes and will be 210 mm in diameter. The new plant will have the facility of forging and heat treatment. At present, the Indian Railways depends on substantial imports of axles. Though the offtake deal is yet to be signed, it has been agreed that the Railways would purchase around 70 per cent of the production. The remaining output would be meant for local and overseas markets. CIL plans ` 145bn on rail, to spend ` 245bn on capex Battling low production, the world's largest coal miner CIL today said it has earmarked ` 245bn capital expenditure over the next five years mainly to boost capacity and is also looking at 4

Chennai based Sical Logistics Ltd, in which Tanglin Retail Reality Developments has a stake of 53.12%, is planning to set up a joint venture to set up a coal washery in Talcher, Orissa, to execute an integrated contract for the movement of coal. The company is also expecting permission from relevant authorities to use its iron ore terminal in Ennore to handle alternate cargoes since the terminal could not be commercialised for iron ore transportation. The company has sought shareholders approval for giving corporate guarantees or providing securities or loans or advances, and for making investments not exceeding ` 4.5bn in its subsidiary or joint venture companies. According to an announcement with the BSE, the investment shall not exceed ` 4.5bn, and would be used in Sical Iron Ore Terminals Ltd, which has an iron ore terminal in Ennore Port. The investment would also be for setting up of a coal washery at Talcher through a joint venture. Research4India

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spending another ` 145bn to augment rail infrastructure. The PSU planned to undertake a conditional investment of ` 145bn on augmenting rail infrastructure. According to the CIL Chairman, S Narsing Rao, the company intends to spend ` 75bn on rail infrastructure provided the Railways complete the project on time. It also intends to spend another ` 70bn on rail projects for faster transportation of coal if all goes well. LifeCell partners with Sequel Logistics LifeCell International, one of the leading stem cell storage companies in India has announced its partnership with Sequel Logistics, a company that specialises in critical logistics, to offer 'Personalized Shipment Service' of the umbilical cord blood and tissue samples. The initiative is critical in healthcare logistics whereby stem cells of the new born will be shipped through Sequels partner airlines via the next available flight to LifeCells processing and storage facility in Chennai. It is important for stem cell preservation since the sample will reach the laboratory for testing and processing within 24 hours from metro cities and 36 hours from nonmetro cities. StemCell estimates to generate revenues of more than Rs 1bn in the current financial year. The current size of stem cell banking industry is around 40,000 enrolments per year and the industry has been growing at 30% in the recent past. Currently the industry is serviced with dedicated cargo handlers who operate on an overnight hub-and-spoke model. Global shipping companies hike shipment rates International container carriers, ignoring a weak global economy, have started actively raising rates for shipments from India and other regions since the past few months in an effort to pull the global shipping industry out of choppy waters. While the move to increase rates across various routes may breathe life into the shipping industry, it has affected the competitiveness of the Indian export sector according to the exporters. Hapag-Lloyd will increase rates by $200 per 20-foot container unit and $400 per 40-foot container unit on all Research4India shipments from India to ports in North Europe and the Mediterranean. Hapag Lloyd raised rates on the Japan-Australia and Japan-east Asia routes, while MSC increased their EuropeAsia route and Indian subcontinent-Northern Europe rates. This week, data compiled by the commerce ministry had said exports slid by nearly 15% in July, the steepest dive in three years. ABC India to consider sale of stake in Nissin ABC Logistics Pvt. Ltd. According to announcements, the meeting of the Board of Directors of ABC India Ltd was schedules last Saturday to approve sale of 19% shareholding out of present 24% shareholding in Nissin ABC Logistics Private Limited. Industry hails Cabotage Vallarpadam terminal exemption to

The much awaited announcement of relaxation in the Cabotage rules for the Vallarpadam terminal is likely to herald a new era in the container transhipment business from the region. The fledgling International Container Transhipment Terminal at Vallarpadam can look forward to doing more business in transhipment, now being carried out mainly through Colombo and Salalah. Colombo Port handles a transhipment throughput of 2m TEUs from India. However, the ICTT is currently doing only a meagre transhipment business of 20,000 TEUs a year. This is expected to go up significantly with the relaxation of the law. Indian Railways to get more than ` 4 bn from RLDA Rail Land Development Authority (RLDA), a statutory authority established by Ministry of Railways for generating non-tariff revenue from railway land, announced that it is soon going to restart offering sites for development of Multi Functional Complexes and railway land for commercial development. RLDA has now targeted for earning more than ` 4bn during current financial year. RLDA has prepared an action plan for fast tracking the development of projects and realization of expected revenues. RLDA has lined up 60 more new MFC sites and 5

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8 other standalone sites for which bidding process is being initiated in phases within a fortnight. Many real estate consultants like Knight Frank, IL&FS, PWC, E&Y and JLLM are advising RLDA in Planning and Marketing the MFC/Commercial sites. Railways cut spending on assets With less money in the kitty, Indian Railways has cut its spending on asset replacement by about 15%. The cut is a fallout of the rollback of passenger fares rises. Investment in the replacement of aged assets financed from the depreciation reserve fund (DRF) has been cut by 18% to ` 75.8bn. Similarly, the railways have slashed the budget for the development fund (DF) by 20% to ` 29.9bn and the capital fund (CF) by 14% to ` 42.7bn. The railways had targeted to almost double spending to ` 199.9bn under four funds, including the Railway Safety Fund, this year from ` 102bn in 201112. But, with the cut in investment, the spending is now expected to be around 60% more than the revised estimate for 2011-12. The railways operate various funds to meet the requirement of asset acquisition, construction, replacement and renewal as well as pension payments to employees. These funds are fully or partially financed by railway revenue, budgetary support by the central government or market borrowings, if needed. Titagarh denies FreightCar is over joint venture with high-axle load and low tare-weight aluminium wagons in which FreightCar holds a majority stake of 51%, with the remaining 49% owned by Titagarh Wagons. Kerala expects boom in logistics sector With the Union Cabinets approval to relax the Cabotage law facilitating the transshipment of containers to and from the International Container Transshipment Terminal (ICTT), Vallarpadam, the logistics sector in the state is all set for a giant leap. It is expected that around 50,000 direct and 100,000 indirect employment opportunities will be generated within five years. A massive investment of about ` 150bn will also be pumped into the sector. At present, the rail traffic in the state is almost 25% above the capacity. To tap the potential of the law relaxation, better road, rail and water connectivity are crucial. The ICTT will realise its full potential of one million twentyfoot equivalent unit (TEU) within a year. Owing to it, newer opportunities will emerge not only at the Vallarpadam terminal but at Vizhinjam, Azheekkal, Beypore and 14 other minor ports. Areas such as supply chain, logistics, material handling, storage, information technology, warehousing and inventory management will emerge as possible business areas in the state. Kerala plans cargo coastal shipping movement through

Kolkata-based wagon manufacturer Titagarh Wagons has denied that its joint venture with FreightCar America has been scrapped. Earlier a newspaper had reported that, FreightCar America Inc has called off its joint venture with Titagarh Wagons due to latters failure to get approval from Indian Railways for a prototype of an aluminium wagon, which the US-based wagon maker specialises in. But, according to the official at Titagarh, The joint venture is still intact, the report that has been published is false and very soon both the companies will do a joint press conference in this regard. The joint venture pact was signed in 2008 between both the companies and it was formed to develop Research4India

The Kerala government plans to decongest the state roads, diverting at least 20% of the cargo traffic through coastal shipping by 2015 and 40% by 2020. The state is planning to do this through a three-pronged strategy comprising building of infrastructure and institutions and providing incentives. The State will create a ` 3bn fund to finance the incentive. To oversee the development of the maritime sector, Kerala will also set up a State Maritime Board on the lines that exist in other maritime States such as Gujarat and Maharashtra. The coastal traffic potential through non-major ports of the state is estimated to be 4.64mn tonnes during 201214 and 7mn tonnes by 2019-20. Among the infrastructure development initiatives in the port sector, Vizhinjam International Container 6

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Trans-shipment Terminal is the prime project of the state. This project is proposed to follow landlord model, where dredging, reclamation, construction of breakwater, quay wall and external infrastructure like power, water, road and rail connectivity are done by the Vizhinjam International Seaport Ltd. The building of terminal superstructure and its operation for 30 years is proposed to be done by the private operator on PPP (public-private-partnership) model. Kollam, Alappuzha, Kodungallore, Ponnani, Beypore and Azheekkal ports are also earmarked for development. Ministry moots infrastructure status for coastal shipping In order to promote coastal shipping, the shipping ministry has moved a note for the Cabinet Committee on Infrastructure (CCI) to secure infrastructure status for the sector. The status would help the sector make good use of various benefits such as easier credit at cheaper rates and faster regulatory clearances. The move would also help in promoting trade along India's coastline of 5,560km, having access to the sea on three sides with 11 major and 168 minor and intermediate ports. It would also increase private investment in the sector and encourage infra-focussed funds to pump in money. The Cabinet Committee on Infrastructure has outlined six characteristics for a sector to qualify for infra status. These include sector involving natural monopoly, highsunk costs and asset specificity, non-tradability of output, non-rivalness in consumption, possibility of price exclusion, and presence of externalities. Besides, three other factors are kept in mind while granting infra status. These are the sector's importance to the scheme of economic development, its ability to contribute to human capital and the specific circumstances under which it has developed in India. Shipping ministry alters plan on SPV The shipping ministry has altered its plan to set up a special purpose vehicle (SPV) for investing in overseas port assets to include local ports as well. To reflect this change, the ministry has rechristened the SPV to Indian Ports Ltd from Research4India the earlier Indian Ports Global. India plans to spend as much as `3tn on its ports in the decade ending 2020 to triple its cargo-handling capacity to 3.2bn tonnes, according to the maritime agenda for the decade announced by the shipping ministry in January 2011. Indian Ports Ltd is structured on the lines of DP World, which is majority owned by the Dubai government and PSA International Pte Ltd, a wholly owned unit of Temasek Holdings (Pvt.) Ltd, the sovereign wealth fund of Singapore. The proposed SPV will have 50% equity participation from ports controlled by the Union government with financial institutions holding the balance.

Global News Update

C.H. Robinson to acquire Apreo Logistics C.H. Robinson Worldwide has agreed to acquire Apreo Logistics S.A. (Apreo), a leading freight forwarder based in Warsaw, Poland. Founded in June of 2007, Apreo provides truckload services including dry van and temperature controlled and liquid and dry bulk capabilities. To complement their truckload offering, the company also offers additional warehouse, air and ocean services. Apreo has shown significant growth over the past several years, with current gross revenues over $100mn while servicing more than 2,000 customers. The company has over 300 employees in 21 offices in Poland and one office in Germany. This acquisition will expand C.H. Robinson's presence in Europe. Founded in 1905, C.H. Robinson Worldwide, Inc., is a global provider of multimodal logistics services, fresh produce sourcing, and information services to 37,000 customers through a network of more than 230 offices and over 8,700 employees around the world. The company works with 53,000 transportation providers worldwide. C.H. Robinson is a Fortune 500 company and had annual revenues of $10.3bn in 2011. Donnelley operations acquires XPO to expand

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R.R. Donnelley & Sons Co (RRD) has acquired privately-held outbound mailing services provider Express Postal Options International. The financial terms of the deal were not announced. The acquisition of Express Postal Options International or XPO is expected to strengthen Donnelley's logistics business segment and expand its operations in more than 150 countries. Donnelley has been experiencing strong growth in the logistics segment. In the last concluded quarter, this segment reported an 11.3% jump in revenue. Strong growth in the logistics space along with volume increase in certain office products restricted the decline in revenues to 3.6% on a year-over-year basis. Donnelley is focusing on acquisitions to expand and enhance its offering to its current customers, as well as to expand the customer base. The company's continued focus on acquisitions will also spur its already dominant market position and drive long-term growth. China's Alibaba logistics network to lift investment in while UPS was given access to five cities. FedEx already provides services in Chinese cities through joint ventures with local companies while UPS doesn't have partnerships with Chinese companies. FedEx can now operate in the cities of Shanghai, Guangzhou, Shenzhen, Hangzhou, Tianjin, Dalian, Zhengzhou and Chengdu. UPS was given a license for the cities of Shanghai, Guangzhou, Shenzhen, Tianjin and Xi'an. The authorization comes four months after Chinese regulators approved a $1.6bn initial public offering by state-owned China Postal Express & Logistics, one of the largest courier companies in the Chinese domestic market. GLP, Haier Group network in China to develop logistics

Chinese E-commerce giant, Alibaba Group, is looking to put $100mn ($AU96.7mn) towards parcel-delivery and warehouse operations. According to the reports, the investment will add to the 10bn yuan ($AU1.53bn) already committed to in 2011 for improving the company's logistics. Alibaba's group chief strategy officer Zeng Meng said the company was under pressure from underdeveloped logistics infrastructure throughout China. Mr Zeng acknowledged a growing Chinese appetite for online shopping was fueling activity on Alibaba's popular shopping websites Taobao and Tmall. China grants FedEx, UPS licenses for some Chinese cities operating

Singapore-listed Global Logistic Properties (GLP) has said it is partnering Chinese home appliance maker Haier Group to develop a logistics network in China. As per the news release, the move is for the distribution of Haier's household appliances across China. Under the agreement, Haier will manage the industrial facilities resources of the group through its arm Qingdao Haier Industrial Development Co. GLP and Haier are expected to collaborate and integrate resources like capital land sourcing and management expertise to meet Haier's logistics requirements in China. Survey shows Turkey will be next big logistics location According to the survey by Jones Lang LaSalle a multinational financial and professional services company specialising in real estate, Turkey tops European supply chain managers list as emerging logistics market over the next five-years. Poland and Romania follow in second and third spots. It says, Turkey offers all attributes required to become an emerging logistics market. Its geographic location bridging Europe with Middle Eastern, Asian and African countries is ideal to make it an international logistics hub its economy is growing strongly based on a stable political framework, there have been and are still 8

Package delivery companies FedEx Corp and United Parcel Service Inc have received approval to provide express-package services in some cities of China on their own, according to the country's State Postal Bureau (SPB). The approval gives FedEx access to eight cities Research4India

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significant investments in infrastructure. Despite its significant retail market and trade volumes, the Turkish logistics market is currently underdeveloped and dominated by local players and small family businesses. Abu Dhabi JV eyes $1bn Japan investment Abu Dhabi Investment Council has partnered with an Australian real estate company to develop more than $1bn worth of logistics facilities in Japan. The deal with the Goodman Group, which owns, develops and manages real estate including warehouses, business parks and offices globally, sees the establishment of the Goodman Japan Development Partnership (GJDP). The agreement is a 50/50 venture between Goodman and the Abu Dhabi Investment Council. A combined $500mn of equity has been allocated to the partnership, with its leverage capability allowing for an initial investment target in excess of $1bn. GJDP said it has a strategy to develop modern logistics facilities in the major logistics markets of Japan. Japans distribution centers are drawing investors as the market rebounds from recordhigh vacancies about two years ago. Myanmar gets construction loan for highway more than half the added capacity, having put on 232,000 and 218,000 TEU respectively since July 2011, Alphaliner reports. As of July 1, the total liner capacity has reached 16.53mn TEU, of which 16.05mn TEU is made up of container ships, an increase of 6.5% in the last 12 months. It said that only two carriers, CSAV and Zim, removed capacity during the period. Cash-strapped CSAV's capacity has halved during the last 12 months, down from 544,000 TEU to 269,000 TEU. During the same period, Zim removed 10,700 TEU from its fleet amid a drive to return to financial health. CSAV accumulated net losses of $1.5bn since the beginning of 2011, while Zim's losses have hit $559mn in the same period. Freight Forwarding and Logistics Group Ventures Further into Supply Chain Management Freight forwarding and logistics company Uniserve announced that it has acquired finance and management consultants Portall Solutions Ltd.- A 4PL company. Uniserve says the acquisition signals its intention to redefine supply chain management services and to raise current standards of industry capability with a new concept of Global Trade Management (GTM). According to the statement, the acquisition of Portall will give Universe a significant addition to its range of capabilities.

India has extended a $ 500mn concessional Line of Credit to the Government of Myanmar. The Line of Credit is at an interest rate of 1.75% per annum and repayment period of 15 years inclusive of 5 years moratorium. "The Line of Credit will be utilised in the infrastructure development projects, including in the fields of Agriculture and Irrigation, Rail Transportation and Power in Myanmar. EXIM Bank of India releases and monitors funds sanctioned under Government Lines of Credit. Top 20 shipping lines add 844,000 TEU to fleet over 12-month period The top 20 ocean liners had added over the last 12 months 844,000 TEU in capacity to their fleet amid a loss-making period. The two largest carriers, Maersk and MSC, account for

Research4India

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Stock Market Update

Share Price Performance
As on 14th September 2012 Container Corporation of India Blue Dart Great Eastern Shipping Essar Ports Ltd. Shipping Corporation of India Allcargo Logistics Gateway Distriparks Arshiya International Mercator Ltd. Transport Corporation of India Aegis Logistics Sical Logistics Gati SEAMEC Ltd. Aqua Logistics Varun Shipping NSE Nifty BSE Sensex ET Logistics Index ET Shipping Index Baltic Dry Index (BDIY:IND) Market Cap (In ` mn) 125,212 40,415 37,943 36,991 24,874 16,617 15,378 7,578 5,265 4,340 4,248 3,684 3,199 2,917 2,985 2,168 Price (In `) 963.30 1,703.25 249.15 86.45 53.40 130.35 141.85 129.80 21.50 59.60 127.20 66.25 36.95 86.05 9.95 14.45 5,610.00 18,021.16 16,573.49 6,307.42 662.00 1W 3.1% -0.7% -0.2% 0.6% 4.9% -5.0% 4.1% 12.4% -6.2% -0.8% 8.4% -1.2% -2.3% 2.6% -2.5% 0.7% 4.4% 3.9% 2.9% 0.6% -1.0% Percentage Change (%) 1M 3M 6M 1.4% 12.0% 10.2% -15.6% -13.8% -12.5% -12.6% -2.8% 13.9% -10.8% -2.8% 16.5% -1.5% 0.7% -25.1% -5.4% 8.5% -8.6% 3.1% 5.6% -6.1% 3.9% 4.5% -13.7% 0.5% 12.8% -34.4% -5.9% -0.7% -8.4% 8.4% 0.6% -21.4% -1.2% -2.7% -1.9% -3.2% 9.5% 7.3% -2.1% 4.9% -9.9% -2.0% 14.4% -32.1% -4.0% -4.3% -23.5% 3.7% 10.3% 2.1% 2.2% 6.8% 1.2% -1.2% 6.0% 1.6% -1.4% -3.0% -9.4% -11.7% -27.4% -22.6% 12M 5.3% 2.5% 22.8% 27.5% -37.2% -12.6% 3.0% 1.0% -22.6% -29.1% -33.9% -8.2% -33.4% -15.8% -28.9% -29.0% 11.3% 9.4% -0.4% -18.0% -65.6%

Baltic Dry Index

Road Freight Index

Source: Baltic Exchange

Source: Transport Corporation of India

Research4India

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Financial Benchmarking
Quarterly Results Q1 FY 13, ending 30th June, 2012
Company Q1 FY12 Aegis Logistics Shipping Corp. of Ind. Mercator Lines CONCOR Allcargo GE Shipping TCI Blue Dart Arshiya Gateway Distri. Sical Logistics Varun Shipping Patel Integrated Aqua Logistics SEAMEC Ltd Shreyas Shipping Gati Essar Ports 8,304 9,727 7,992 9,490 8,541 7,280 4,159 3,721 2,226 1,978 2,058 1,327 1,130 1,107 460 319 2,253 70 Revenue Q1 FY13 14,843 12,200 10,952 10,369 9,752 8,070 4,574 4,317 3,418 2,320 1,753 1,538 1,191 773 737 462 159 84 YoY 79% 25% 37% 9% 14% 11% 10% 16% 54% 17% -15% 16% 5% -30% 60% 45% -93% 20% Q1 FY12 274 1,181 1,513 2,597 1,022 3,183 344 510 539 635 202 345 47 91 127 21 241 33 EBITDA Q1 FY13 (244) 1,624 1,750 2,671 1,135 2,879 370 574 934 660 220 937 45 63 138 70 (62) 12 YoY 38% 16% 3% 11% -10% 8% 13% 73% 4% 172% -3% -31% 240% -63% Q1 FY12 161 (59) 147 2,342 664 1,626 134 340 236 334 21 (353) 12 42 86 (14) 38 (213) PAT Q1 FY13 48 (549) 171 2,451 556 1,810 136 406 346 352 14 1,452 9 15 137 43 638 (179) YoY -70% 16% 5% -16% 11% 1% 19% 47% 6% -34% -25% -64% 1593% Margins Q1 FY13 EBITDA 16% 26% 12% 36% 8% 13% 27% 28% 13% 61% 4% 8% 15% 14% NPM 0% 2% 24% 6% 22% 3% 9% 10% 15% 1% 1% 9% 402% -

Figures in Rs.`mn Annual Results - FY12

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 0.1% 11% 25% 16% 37% 8% 12% 8% 80% 26% 30% 30% 4% 6% 24% 9% NPM 0.4% 22% 1% 11% 3% 8% 1% 6% 11% 18% 16% 1% 2% 3% 2% -

Figures in Rs.`mn

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