Four s fortnightly logistics track 21 may - 2nd june 2012


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Four s fortnightly logistics track 21 may - 2nd june 2012

  1. 1. FOUR-S Consumer 21st May‘12 –2nd Jun‘12 (Soft) Track LOGISTICS TRACK Fortnightly Update on Indian Logistics Industry News of the week Content Logistics companies report growth at lower margins in News of the week 1 FY12 The logistics sector managed to post a reasonable 14% growth Investment Activity 2 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 News Update 3 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. Stock Market Updates 5 The largest container rail operator in the country – Container Corporation of India (CONCOR) has posted marginal 6% growth in both revenues and PAT. For FY’12 CONCOR’s EBITDA and Net Peer Benchmarking 6 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 FY’12 as compared to About Four-S Services 7 Four-S India Logistics Report – 2012 last fiscal. Its margins have significantly decreased, though. Its EBITDA for FY12 was a negligible Rs 49mn on a revenue of Rs Four-S is launching comprehensive report 44,725mn. on Logistics Space. The report presents Integrated supply chain and logistics solutions provider current industry trends and snapshot of all Transport Corporation of India’s (TCI) revenue for the fiscal was key segments in Logistics & Supply Chain Rs 19,553mn, up by 6% while EBITDA and PAT were Rs 1580mn Industry along with profiles of interesting and Rs 595mn increased by 13% and 19% respectively over the listed and unlisted players in the space. The last fiscal. The EBITDA and PAT margins were 8% and 3%. report is useful for Board members & Senior Express cargo leader Blue Dart Express’ net profit for this Management of Logistics companies, PE quarter Q4FY’12 increased by 22%. Its revenue, at Rs 4114mn, Fund Managers and other investors.s was up by 30%. To book your copy, please write to Devendra Deole at devendra.deole@four- 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 FY’11. Research Desk Four-S Services is Indias 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 India’s Top 5 PE Funds. For further information, please contact Seema Shukla at or reach us as
  2. 2. Four-S Logistics TrackInvestment Activity PE Deals in 2011 Amount Date Investor Target Stake (%) Strategy ($ mn) 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 Mergers & Acquisitions in 2011 Amount Date Investor Target Stake (%) Business ($ mn) 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 PE Deals in 2012 Amount Date Investor Target Stake (%) Strategy ($ mn) 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 (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 26-Apr New Silk Route VRL Logistics NA 33.4 Late 19-Apr KKR, Goldman Sachs TVS Logistics 20.0 55.0 Growth Mergers & Acquisitions in 2012 Amount Date Investor Target Stake (%) Business ($ mn) 1-Feb Oil Field Warehousing & Services (OWS) Raamns Shipping & Logistics NA NA Logistics Services 20-Apr DHL Express (India) Pvt Ltd DHL Lemuir Logistics Pvt Ltd 24.0 NA Logistics Services 15-May DTDC Eurostar Express NA NA Courier Services Source: Four-S DatabaseAbout Four-S ServicesFour-S Services is Indias leading provider of Research, Financial Consulting and Investment Banking services with offices in Gurgaon, Mumbai andBangalore. We have a proven track record of consistently delivering high quality solutions, enabling our clients to improve the effectiveness of decisionmaking and acting as a catalyst in achieving business success. We have executed more than 120 mandates across diverse range of industries includingEducation, Financial Services, Infrastructure, M&E, IT-ITeS, Auto and Auto ancillaries, Retail, Real Estate and Textile etcOur Services:  Strategy Consulting  Research Support  Business Planning  Valuation Services  Investment Banking  Investor Relations & IPO ConsultingFor further information, please contact Seema Shukla at or reach us as
  3. 3. Four-S Logistics TrackNews Update Karnataka approves ` 10bn investments in logistics Shipping Corp won’t order ships this fiscal Ahead of the Global Investors Meet (GIM), the Karnataka Shipping Corp. of India Ltd (SCI), India’s biggest ocean carrier, Government has cleared investments in logistics and said it will not order any new ships this fiscal after reporting a warehouses to the tune of ` 10bn. Also on its own, the ` 4.28bn loss, its first in 28 years, in the year ended March. government plans to build four Logistics Parks with a total The Mumbai-based firm also plans to merge some of its investment of ` 18bn through private partnership route. To container shipping services and return two hired container facilitate development across the state, the Infrastructure ships by September as part of a plan to cut costs and return to Development Department has initiated moves to build profitability. Globally, rates for transporting cargo has been Logistics Parks in Bangalore, Hassan and Hubli on public- hit by waning demand, excess supply of ships and rising costs. private partnership (PPP) mode. According to a senior SCI last reported a loss in 1983-84. In fiscal 2012, SCI was hit Infrastructure Development Department (IDD) official, the by a ` 2.97bn mark-to-market loss on account of loan government is looking for an integrated approach by revaluation. Depreciation costs rose to ` 6.08bn from ` providing multi-modal/integrated logistics transport centre, 4.65bn a year ago as it added several new ships to its fleet. warehouses, inland container depots, domestic rail head, and air cargo centres. Bharati Shipyard promoters to infuse ` 1.18bn for CDR An industries department official said among the projects The promoters of countrys second largest private ship-builder cleared recently is one by Vikram Logistics and Maritime Bharati Shipyard have agreed to infuse ` 1.18bn fresh capital Services, which is investing ` 3.4bn to set up logistics services into the debt-laden company, as a precondition for its ` 58bn at Maranaikanahally and Samanduru villages in Anekal. debt restructuring plan. On June 1, the lenders consortium The Gurgaon-based Siddhivinayaka Farm Fresh is to set up a approved the ` 58bn CDR proposal of Bharati Shipyard. The muti-commodity agri-cold chain network and logistic hub at ship-builder has fund and non-fund based debt of ` 58bn Vishwanathapura near Devanahalli. The project is to come up from as many as 25 banks, including State Bank, Central Bank on 11 acres on a private land at an investment of ` 16bn. of India and IDBI Bank among others. The lenders consortium is led by SBI. The countrys second largest private ship-builder had a debt of ` 38.6bn in its balance-sheet of FY12 end, and Gangavaram port expansion set to take off; funds tied up over ` 20bn of non-fund limits, taking the overall CDR scheme to ` 58bn. Out of this, the fund-based debt of the shipyard is ` Work on Gangavaram port expansion is all set to take off, 32bn, while it has a working capital loan of around ` 6bn and with the port operator completing award of major contracts the rest is non-fund-based limits. In the March quarter, and achieving financial closure for the project. The expansion, Bharati Shipyard reported a net loss of ` 365mn, while for the which will see the ports capacity increasing from the current full fiscal, its net plunged 94% to Rs 59.5mn crore against ` 15mn tons to 45 mn tons per annum, envisages an addition of 1.13bn a year ago. Its net sales fell by 20% during the fiscal to three multi-purpose berths and a coal handling terminal. ` 11bn, while interest burden surged 84% to ` 4.9bn. Spanish major Duro Felguera bagged the €62mn order for supply of key equipment for the new coal berth. After the Aegis Logistics raises ` 250mn via bonds expansion, the port will be looking for more non-coal cargoes such as fertilisers, bauxite and food grains. Today, coal Aegis Logistics has raised ` 250mn ($4.48 million) through 8- accounts for 70% of its total traffic of about 14 mt. year bonds at 10.2%. The issue, which was solely arranged by Gangavaram port is located on India’s east coast near HDFC Bank, has a put/call option at the end of the fifth year, Visakhapatnam. The port claims to be India’s deepest port. It according to the sources. Aegis, which stores and distributes is run by a private operator, the DVS Raju family, which owns oil, chemicals and gas, is a key player in the liquefied 58%, while PE fund Warburg Pincus owns 31.5%. petroleum gas (LPG) business. 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. Martyn- Fisher will oversee UPSs express and supply chain operations in the country, which includes marketing, business development, international trade services, among others.Research DeskFor further information, please contact Seema Shukla at or reach us as
  4. 4. Four-S Logistics Track GATX enters Indian rail wagon leasing market Global News Update GATX India Private Limited (GIPL), a subsidiary of GATX Corporation, has announced its entry into the Indian US Third-Party Logistics Revenue Up 5.9 Percent marketplace with the purchase of 10 newly manufactured rakes, each consisting of 45 container flat wagons. GIPL has agreed to U.S. third-party logistics providers’ net revenue rose 5.9% in lease the rail wagons to Arshiya Rail Infrastructure, a subsidiary 2011, led by domestic transportation management and value- of Arshiya International, for 10 years. This transaction will allow added warehousing and distribution, according to an analysis Arshiya to efficiently scale its rail fleet. by Armstrong & Associates. Domestic transportation is the smallest but fastest-growing 3PL segment. Its estimated net Titagarh Wagons signs agreement with GATX revenue, or gross margins, rose 12.2% last year to an estimated $6.3bn. Value-added warehousing and distribution GIPL earlier this month signed an agreement with Indian increased 8.4%, to $26.6bn in net revenue. 3PLs’ dedicated Railways to become the first wagon leasing company under the contract carriage services posted 4.7% growth to $10.9bn. Wagon Leasing Scheme in India. Under this scheme, GIPL plans Net revenue for 3PLs specializing in international to purchase wagons and lease them out to various customers in transportation management rose by 2.1%, to $17.7bn. The private and public sector. Incorporated in 1997-98, Titagarh small increase contrasted with a 16% compounded annual Wagons Ltd. is one of the leading private sector wagon growth rate over the previous 15 years. Armstrong expects manufacturers in India. 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 Texmaco wagon lease venture market has taken notice, with private-equity investors pursuing acquisitions among the large non-asset-based 3PLs Kolkata based wagon manufacturer Texmaco has entered into specializing in domestic transportation and freight brokerage. an equal joint venture with French group Touax Rail, a lease finance company, to tap opportunities in the wagon leasing Private Equity Companies Make Bids For GEFCO market. The joint venture between Texmaco Rail & Engineering and Touax Rail — Touax Texmaco Railcar Leasing Pvt Ltd — will According to press reports, a number of companies, largely lease wagons to private players such as individual industries and comprising private equity firms, have submitted offers for a container cargo movers. The move comes on the back of the stake in GEFCO, valuing the business at up to €1.2 billion. At decision of the Indian Railways to ease norms in the wagon least six private equity companies including Apollo, Axa leasing scheme, allowing firms to procure and lease wagons to Private Equity, Bain, CVC, PAI and Pamplona are said to have other businesses. The joint venture would start its operation made indicative offers for up to 90.0% of the Company, being with a minimum net worth of ` 250mn which would be sold by PSA Peugeot Citroen. PSA Peugeot Citroen is said to expanded further. According to the senior official, The market be flexible on the size of stake it will sell, but it is to hold on to size is about 300,000 wagons and if 10% of that (30,000 units) a strategic shareholding. It is said to aiming to raise around can be leased out, there is strong business scope. €560.0 million from the sale. The Bids for the stake in GEFCO are believed to be between four and six times earnings before Indian Railways to lease locomotives to Pakistan interest, tax, depreciation and amortisation (of around €200.0 million), equating to a value of €800.0 million to €1.2 bn for To improve trade ties between the two countries, Indian the business. It has been reported that Geodis has Railways (IR) is working on a proposal to lease 50 locomotives to investigated making an offer for the company, but has not so Pakistan Railways (PR). Indian Railways will be leasing 50 of the far bid. GEFCO, a subsidiary of the PSA Group offers a range of 3000 HP locomotives at a rate of $30 per hour. It will also transport and logistics services to automotive, industrial, provide training facilities for Pakistan railwaymen to run Indian retail, 2Wheeler and electronic companies across the world. locomotives. In Pakistan, as per the current estimate, out of 520 locomotives, only 76 locomotives are operating. Railways supply Maersk Shipping to cut 400 jobs about 10 locomotives on an average in a year on outright purchase basis. Indian Railways produces 500 locomotives every Danish container shipper Maersk Linehas announced that it year from its two engines manufacturing units. Currently, it would eliminate 400 jobs as part of a reorganization strategy. regularly supplies locomotives to Bangladesh, Sri Lanka, The shipping giant, which current employs 25,000 workers Vietnam, Myanmar, Mozambique, Tanzania and Ghana. 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 companys business.Research DeskFor further information, please contact Seema Shukla at or reach us as
  5. 5. Four-S Logistics Track FedEx Acquires Brazilian Transportation and Logistics Company Event Update FedEx Corp. will acquire the Brazilian transportation and logistics company Rapidao Cometa Logistica e Transportes S.A., the latest step in FedExs strategy for growth in Latin America. Event Essentials of Warehouse Automation FedEx expects that the transaction, which is subject to Date 23rd June 2012 customary closing conditions, will close in the third quarter of Place New Delhi 2012. Rapidao Cometa has been one of FedExs authorized Organiser ThinkLink Supply Chain Serveice representatives in Brazil for the past 11 years. The acquisition Web 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 Africa’s 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 company’s 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 Canadian- based third-party logistics provider.Research DeskFor further information, please contact Seema Shukla at or reach us as
  6. 6. Four-S Logistics Track Stock Market Update As on 1st June 2012 Market Cap Price Percentage Change (%) (In ` mn) (In `) 1W 1M 3M 6M 12M Container Corporation of India 116,965 899.85 4.5% 2.6% -4.8% -2.4% -19.1% Blue Dart 45,425 1,914.40 -6.7% -3.4% 0.2% 35.7% 44.2% Great Eastern Shipping 36,550 240.00 -1.5% -5.5% 2.2% 7.6% -17.0% Essar Ports Ltd. 36,182 88.15 -2.1% -3.1% 29.6% 30.2% -26.9% Shipping Corporation of India 23,686 50.85 -7.3% -17.5% -28.3% -17.1% -51.7% Gateway Distriparks 15,213 140.35 -2.1% -7.2% -8.5% 4.4% 14.7% Allcargo Logistics 14,523 111.25 -2.5% -6.4% -19.6% -19.5% -34.2% Arshiya International 7,677 130.50 -4.3% -16.1% -11.4% -10.3% -28.8% Aegis Logistics 4,267 127.75 -11.2% -17.0% -26.4% -7.9% -44.6% Mercator Ltd. 4,175 17.05 -13.5% -20.0% -43.5% -21.6% -58.2% Transport Corporation of India 3,938 54.15 -6.0% -14.6% -20.1% -13.8% -41.2% Sical Logistics 3,745 67.35 -0.1% -1.7% -0.8% -3.9% -8.2% Gati 3,056 35.30 1.0% 0.7% -0.8% 12.4% -44.3% Aqua Logistics 2,880 9.60 -6.8% -17.2% -22.6% -25.6% -43.4% SEAMEC Ltd. 2,770 81.70 2.4% -6.3% -14.2% -11.3% -15.8% Varun Shipping 2,288 15.25 -3.5% -13.2% -20.3% -11.7% -44.7% NSE Nifty - 4,841.60 -1.6% -7.8% -9.3% -1.9% -13.4% BSE Sensex - 15,965.16 -1.6% -7.8% -9.2% -3.1% -14.2% ET Logistics Index - 15,793.51 0.7% -0.9% -5.1% -0.5% -17.7% ET Shipping Index - 6,543.77 0.1% -5.5% -8.9% -1.7% -23.6% Baltic Dry Index (BDIY:IND) - 904.00 -12.6% -21.5% 18.5% -51.5% -38.9% Baltic Dry Index Road Freight Index Source: Baltic Exchange Source: Transport Corporation of IndiaResearch DeskFor further information, please contact Seema Shukla at or reach us as
  7. 7. Four-S Logistics TrackResults Update – Last Quarter Ended 31st March 2012 All figures in ` mn Company Revenue EBITDA PAT Margins Q4 FY’12 Q4 FY’11 Q4 FY’12 YoY Q4 FY’11 Q4 FY’12 YoY Q4 FY’11 Q4 FY’12 YoY EBITDA NPM Aegis Logistics 6,917 15,323 122% 257 693 - 165 805 389% 5% 5% CONCOR 9,954 10,711 8% 2,331 2,240 -4% 2,014 2,271 13% 21% 21% Shipping Corp. of Ind. 8,651 10,383 20% 1,006 (1,450) -244% (62) (3,559) - - - Mercator Lines 10,549 10,195 -3% 1,220 1,156 -5% (679) (243) -64% 11% -2% GE Shipping 6,016 8,263 37% 1,462 2,418 65% 108 392 264% 29% 5% TCI 4,790 4,957 3% 394 384 -2% 128 112 -13% 8% 2% Blue Dart 3,370 4,114 22% 532 447 -16% 361 291 -19% 11% 7% Arshiya 2,344 3,108 33% 540 795 47% 194 277 43% 26% 9% Essar Ports 8,264 2,883 -65% 2,810 2,348 -16% 140 (615) - 81% - Allcargo 1,895 2,531 34% 532 609 15% 391 328 -16% 24% 13% Gati 2,287 2,107 -8% 249 155 -38% 36 81 124% 7% 4% Sical Logistics 1,983 1,983 0% (371) 206 - (197) 52 - 10% 3% Patel Integrated 1,062 1,138 7% 37 40 8% 16 4 -74% 4% 0% Varun Shipping 1,330 804 -40% 470 592 26% (212) (1,385) - 74% - Shreyas Shipping 492 801 63% 58 124 116% 18 63 257% 16% 8% Aqua Logistics 1,206 786 -35% 81 56 -31% 36 (34) - 7% - SEAMEC Ltd 280 774 176% (210) 218 - (249) 142 - - - Gateway Distri. 554 492 -11% 320 245 -23% 267 164 -38% 50% 33%Results Update – Annual Company Revenue EBITDA PAT Margins FY’12 FY11 FY’12 YoY FY11 FY’12 YoY FY11 FY’12 YoY EBITDA NPM Aegis Logistics 18,129 44,725 147% 833 49 -94% 467 197 -58% 0% 0% Shipping Corp. of Ind. 35,434 43,086 22% 7,098 4,644 -35% 5,674 (4,282) - 11% - CONCOR 38,266 40,609 6% 10,226 10,237 0% 8,301 8,779 6% 25% 22% Mercator Lines 28,289 36,999 31% 6,385 5,829 -9% 468 206 -56% 16% 1% GE Shipping 25,580 29,555 16% 9,945 10,804 9% 4,687 3,166 -32% 37% 11% TCI 18,527 19,553 6% 1,400 1,580 13% 501 595 19% 8% 3% Blue Dart 11,507 14,954 30% 1,556 1,799 16% 947 1,242 31% 12% 8% Gati 9,330 12,093 30% 870 988 14% 95 141 48% 8% 1% Essar Ports 19,408 11,088 -43% 7,667 8,910 16% 702 639 -9% 80% 6% Arshiya 8,215 10,547 28% 1,580 2,701 71% 820 1,176 43% 26% 11% Allcargo 6,998 8,263 18% 1,679 2,481 48% 1,211 1,513 25% 30% 18% Gateway Distri. 6,034 8,235 36% 1,640 2,504 53% 968 1,320 36% 30% 16% Sical Logistics 5,384 5,015 -7% (45) 341 - 108 133 24% - - Patel Integrated 4,284 4,524 6% 139 166 20% 32 29 -8% 4% 1% Aqua Logistics 5,165 3,683 -29% 497 233 -53% 288 83 -71% 6% 2% Varun Shipping 8,368 3,645 -56% 3,670 888 -76% 147 92 -38% 24% 3% Shreyas Shipping 1,904 2,708 42% 308 245 -21% 183 56 -69% 9% 2% SEAMEC Ltd 1,024 1,818 78% (551) 94 - (672) (132) - - - Note: Financial Year for Allcargo and Blue Dart is Jan-Dec and that for Gati is Jul-Jun Source: Company Websites, Four-S ResearchResearch DeskFor further information, please contact Seema Shukla at or reach us as
  8. 8. Four-S Logistics TrackFour-S Services Pvt Ltd Founded in 2002, Four-S has a strong & successful track record of genuine, accurate and objective advice to top Indian & global companies & PE Firms. Four-S has already proven success in corporate finance, strategy consulting, fund-raising, investment banking and investor relations mandates with 100+ corporates and large PE fundsFour-S, trusted advisor to top Indian & Global Cos Offering comprehensive bouquet of services to SMEs, Corporates and PE Funds Equity FundsResearch DeskFor further information, please contact Seema Shukla at or reach us as
  9. 9. Four-S Logistics TrackAbout Four-S ServicesFour-S Services provides customized business and financial research to organizations across the globe. Thecompany also provides Investor Relations consulting to corporate based on in-depth sectoral and companyresearch. The company has an impressive client profile and a team of senior analysts covering key sectorsincluding Finance & Banking, IT & Telecom, Retail, Media & Entertainment, Pharmaceuticals, Infrastructureand Manufacturing amongst others. For further information on the company please visit www.four-s.comDisclaimerThe information contained herein has been obtained from sources believed to be reliable but is notnecessarily complete and its accuracy cannot be guaranteed. No representation, warranty, guarantee orundertaking, express or implied, is made as to the fairness, accuracy or completeness of any information,projections or opinion contained in this document or upon which any such projections or opinions have beenbased. Four-S Services Pvt Ltd. will not accept any liability, whatsoever with respect to the use of thisdocument or its content. This document has been distributed for information purposes only and does notconstitute or form part of any offer or solicitation of any offer to buy or sell any securities. This documentshall not form the basis of and should not be relied upon in connection with any contract or commitmentwhatsoever. This document is not to be reported or copied or made available to others. The Company mayfrom time to time solicit from, or perform consulting, or other services for, any company mentioned in thisdocument.