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Four s fortnightly logistics track 25th july - 9th july 2012
Four s fortnightly logistics track 25th july - 9th july 2012
Four s fortnightly logistics track 25th july - 9th july 2012
Four s fortnightly logistics track 25th july - 9th july 2012
Four s fortnightly logistics track 25th july - 9th july 2012
Four s fortnightly logistics track 25th july - 9th july 2012
Four s fortnightly logistics track 25th july - 9th july 2012
Four s fortnightly logistics track 25th july - 9th july 2012
Four s fortnightly logistics track 25th july - 9th july 2012
Four s fortnightly logistics track 25th july - 9th july 2012
Four s fortnightly logistics track 25th july - 9th july 2012
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Four s fortnightly logistics track 25th july - 9th july 2012

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  • 1. 2 5 J U N ’ 1 2 – 9 J U L ’ 1 2 Logistics TrackResearch4India Fortnightly update on Logistics Industry In The Spotlight ContentsJapanese Logistics firm SG Holdings invests inSindhu Cargo Services News of the fortnight 1SG Holdings Company Limited of Japan has invested `Rs 900mn in Sindhu Cargo Services Limited and itssister concern Sunlog Services Private Limited for an Investment Activity 2aggregate stake of 40% in each of the entities. Theinvestment will be done in two tranches, with 26% infirst tranche and 14% in the second tranche. Sindhu News Update 3Cargo Services started its operations offering SingleStop Logistics Solutions since 1987 having a marketpresence throughout India. Its services include Stock Market Updates 8custom brokerage, freight forwarding, warehousing,and transportation to consulting in EXIM policies inIndia. Peer Benchmarking 9Headquartered in Kyoto, Japan, SG Holdings is one ofthe largest cargo companies in Japan. Established in About Four-S Services 101957, SG holdings has a transport network bothdomestically in Japan and internationally. Itsoperations are divided into three segments ofdelivery, logistics and other businesses. About Research4India Research4India is the research services arm of Four-S Services Pvt Ltd. Here we provide regular research reports on key sectors of the Indian economy, and large unlisted companies in these sectors. These reports will be available on our upcoming site www.research4india.com, as well as from leading international research sellers like Thomson Reuters, Bloomberg, Research and Markets, CapitalIQ etc. 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
  • 2. Logistics TrackInvestment Activity PE Deals in 2012 Stake Amount Date Investor Target Strategy (%) ($ mn)6-Jan General Atlantic Foursee Infrastructure Equipments NA 20.8 Growth Ltd.23-Feb IDFC Private Equity StarAgri Warehousing & Collateral NA 30.0 Growth Mgmt23-Feb Global Super Angels Chhotu.in (Santa Claus Couriers) NA NA Angel28-Mar Ambit Pragma Spear Logistics NA 1.7 Growth30-Mar VenturEast, Zephyr Peacock e2E Rail NA 6.0 Early26-Apr New Silk Route VRL Logistics NA 33.4 Late19-Apr KKR, Goldman Sachs TVS Logistics 20.0 55.0 Growth29-Jun Vertex Venture Holdings, KPCB, Reverse Logistics NA NA Growth Sherpalo Ventures The space saw 8 deals till date raising a total disclosed amount of $185.1mn. Mergers & Acquisitions in 2012 Stake Amount Date Investor Target Business (%) ($ mn) 1-Feb Oil Field Warehousing & Services Raamns Shipping & Logistics NA NA Logistics Services 20-Apr DHL Express (India) Pvt Ltd DHL Lemuir Logistics Pvt Ltd 24.0 NA Logistics Services15-May DTDC Eurostar Express NA NA Courier Services18-Jul SG Holdings Sindhu Cargo Services 40.0 NA* Growth18-Jul SG Holdings Sunlog Services 40.0 NA* Growth *SG Holdings have invested a total of $18mn in Sindhu Cargo Services and Sunlog Services which are sister concerns The space saw 5 deals till date but the transaction details were not disclosed for any. 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 2
  • 3. Logistics Track News UpdateAmansa Investments exits Gujarat Pipavav about 840 kms of rail routes and electrifying about 640 kms. ADB will also supportAmansa Investments Limited sold off its entire accounting reforms to improve operational andstake in Gujarat Pipavav Ports Limited by selling3,816,136 shares at ` 55.75 per share on NSE, financial efficiency at Indian Railways. The program will be able to help in reducing fuelamounting to ` 212.7mn and 4,500,000 shares consumption and enhance energy efficiency,at the same price on the BSE, amounting to ` reduce pollution as well as enhance railway250.8mn, thus totaling a sale of ` 463.5mn. safety. It would also increase the line capacityAmansa held 1.96% in the company as on June and incorporate innovating financing modalities.2012. However, majority of this was bought by The total cost of the Railway Sector InvestmentFranklin Templeton Investment Fund by Program is $ 1,144.6 mn, out of which loanpurchase of 3,100,000 shares at ` 55.75 per assistance from ADB is $ 500mn (in fourshare on the BSE and 2,976,000 shares at the tranches) and Indian governments funding is $same price on NSE representing an investment 644.6mn. This is the 1st tranche for a total US$of ` 338.7mn and a 1.43% stake in the 343.4 million (ADB loan $ 150mn + Indiancompany. Gujarat Pipavav raised ` 3.5bn governments share $ 193.4mn). ADB will alsothrough a mix of QIP and preferential issue last provide a program linked technical assistance ofweek. Other major stakeholders in the company $ 300,000 to promote sustainable transportinclude IDBI Bank (5.92%), Credit Suisee modes by monitoring carbon emission(Singapore) (4.24%) and Newyork Life reductions from shifting bulk goods from roadInternational India Fund (Mauritius) (3.48%) to rail. Railway ministry and Rail Vikas Nigamamong others. Amansa Investments Ltd has an Limited would be implementing the program.AUM of around $300mn has a focus on midcapcompanies in India. Its portfolio includes Mahindra Logistics scouting for overseasWhirlpool, Greaves Cotton, Blue Star and buyoutsEdelweiss Capital to name a few. Gujarat Mahindra Logistics, a part of the diversifiedPipavav Port Ltd. handles container, bulk and Mahindra Group, has said that it is open toLPG cargo at Pipavav port in the Saurashtra overseas acquisitions as part of its plan toregion of Gujarat. The company is promoted by become a $ 1-bn firm. However, neither aAPM Terminals (2005). APM Terminals is a part timeline to become a billion- dollar entity norof AP Moller-Maersk Group - one of the largest the possible deal size was disclosed. Mahindracontainer terminal operators in the world with a Logistics wants to partner with players, who willGlobal Terminal Network of 60 ports and 132 support it in key markets like the US, Europe,inland facilities in 63 countries. Southeast Asia, China and Africa. The companyADB to provide a $150mn loan for will soon enter China, Indonesia and Thailandimprovement of rail freight services as part of a plan to extend its third-party logistics solution offerings. In the near-term,Asian Development Bank (ADB) will provide a the company is looking at over 25% revenue$150mn loan to the Indian government loan growth in FY13 to over ` 17bn, notwithstandingunder Railway Sector Investment Program to the prevailing market conditions. Mahindraimprove rail freight services and passenger Logistics, which claims to be the largest playertransport routes. The amount will be the 1st in the integrated third-party logistics servicestranche of the $ 1,144mn investment and will space, has presence in both supply changehelp the country improve rail services along management as well as public transportsome of its busiest freight and passenger solutions.transport routes, providing double-track for Research4India 3
  • 4. Logistics TrackL&T, Pipavav Defence form JV with Railway Catering and Tourism Corporation. TheMazagon Department of Public Enterprises has invitedLarsen and Toubro and Pipavav Defence have applications from non-railway servicesigned two separate deals with the countrys employees for the post of Chairman andbiggest naval shipyard, Mazagon Dock, to Managing Director. The post, at present, is heldproduce equipment for the defence sector. by the Railway Board members. This move willAccording to the joint venture signed, Mazagon pave the way for more financial andwill partner L&T to manufacture submarines for administrative freedom for these PSUs as thethe navy while the venture with Pipavav will post of their Chairman is at present held by themake frigates, destroyers and aircraft carriers. Railway Board members. This will also pave theMazagon dock was the first among the public way for the ` 40bn Concor to get Navaratnasector companies to invite a joint venture status soon, a move that will help the listedpartner to undertake its order book which runs company take faster decisions, without waitinginto more than Rs 10mn. Mazagons decision to for approvals. Earlier, the Navaratna statusaward two joint venture projects comes at a eluded Concor despite its eligibility because thetime when the public sector shipyards have Railways hesitated from giving away the post ofbeen struggling to complete projects on time. Chairman. Concor had even come out with aIn 2011, the Comptroller and Auditor General bonus issue in 2008 to qualify as a Navaratna,(CAG) had rapped the public sector shipyards coinciding with Shipping Corporation of Indiafor their inadequate infrastructure and rising getting Navaratna status. Concor plans tocosts. invest in port infrastructure, a move that will help it in forward and backward integration at aCoal India to invest ` 75bn on rail time when it is competing with companies suchinfrastructure as APL, DPW, and Hind Terminals — all of which are backed by shipping lines or large portCoal India Ltd reportedly to invest ` 75bn to terminal companies.develop railway tracks and relatedinfrastructure to evacuate around 100 million Reverse logistics joins hands with Philipstonnes (mt) of additional coal from IndiaChhattisgarh, Jharkhand and Odisha. These Reverse Logistics Company Pvt ltd (RLC), awould help the company to evacuate around provider of comprehensive reverse logistics100 million tonnes of additional coal from each solutions has entered into an agreement withof the States. Non availability of transportation Philips to handle their reverse backend. RLCthough Railways has been preventing the provides a one stop, technology enabled,company from extracting coal from mines, the comprehensive reverse supply chain solution bydemand for which has surged from power utilizing its pan-India hub and spoke model andplants. The miner is not able to transport more specialized work force that is enabled throughthan 2 MT to 3 MT of coal through roads. its proprietary technology platform. Recently,Therefore, the remaining reserves remain RLC had entered into similar agreement withunexplored. Most of the mines in these States Acer.have the capacity to produce around 10 MT. Kerala government may invite fresh bidsConcor may soon be a Navaratna for Vizhinjam PortThe Indian Railways may finally loosen its grip The Kerala government is likely to invite freshand delegate work to the heads of its public bids for the Vizhinjam Port after the statesector units, such as Container Corporation government found it unviable to provide a grant(Concor), Dedicated Freight Corridor as requested by the sole bidder for the project -Corporation, Indian Railway Finance a consortium led by Welspun group. TheCorporation, Railtel, RITES, Ircon, and Indian consortium was the lone bidder to operate theResearch4India 4
  • 5. Logistics Trackproject after the home ministry denied 3.16bn. The three have proposed to jointlypermission to Adani Ports to participate in the acquire 271.5mn shares of Lloyds Steel at abid. Welspun had asked the state government price of Rs 11.65 per share. The offer, if fullyfor a grant of ` 4.79bn which was later revised accepted, will give the acquirers 26% of theto less than ` 4bn. Welspun has asked the state emerging voting capital of Lloyds Steel for angovernment to grant it the first right of refusal investment of Rs 3.16bn. The open offer followsif a re-bidding is invited for the project, Lloyds Steel shareholders approval of aaccording to senior officials of Welspun. The resolution to issue 380mn shares onVizhinjam terminal, planned as a container preferential basis to Ultimate Logistics andtransshipment hub with a capacity to handle MEEL.4.1mn TEUs a year, will be built on the so- India No. 1 ship-breaking centre in worldcalled landlord model, where the stategovernment will set up the infrastructure and India now enjoys the dubious distinction ofinvite an operator to run the port. having emerged as the largest centre of ship- breaking in the world with 415 ships havingMSC to partner Adani in new container been broken in the ship-breaking yards of Alangfacility at Mundra port in 2011-12. Another 150 giant behemoths, usedMediterranean Shipping Co. SA, or MSC, the to ferry millions of tons of goods across theworld’s second-biggest container shipping line, globe but no longer seaworthy, are waitingand Adani International Container Terminal Pvt. there to be broken down. From 1983 to 2012,Ltd will form an equal joint venture to develop statistics collected by Toxics Watch Allianceand operate a container loading facility at show that 532 “toxic” ships have been brokenMundra port in Gujarat, according to the down along the Gujarat coastline. Pakistan hassources. This will be MSC’s first investment in a emerged as the number two ship-breakingcontainer terminal in India. MSC is privately country followed by Bangladesh and China, butheld by the family of Gianluigi Aponte, its in the latter country ships are broken in dryfounder and chairman. Gautam Adani-owned docks and not along the coast.Adani Ports and Special Economic Zone Ltd Government of Gujarat plans board for(APSEZ) runs India’s biggest private port at transport safetyMundra. Adani International ContainerTerminal, a 100% subsidiary of APSEZ, was With increasing modes of transport, theformed for developing a container terminal and government of Gujarat mulls countrys firstassociated facility at the south basin in Mundra Transport Safety Board on the lines of prevalentport. The deal will help MSC get priority models in some of the developed countries likeberthing at the new facility and APSEZ will gain USA and Canada. Since 2007, the centralfrom guaranteed volumes. The first phase of government mulls formation of National Roadthe new terminal with a capacity to load 1.5mn Safety and Traffic Management Board followingstandard containers a year will be ready for recommendations by S Sundars committee.operations by December. When the third However, the bill for the same is yet to beterminal is fully operational, Mundra port can passed by the central government. Ministry ofload up to 7.5mn standard containers a year. shipping, road transport and highways is responsible for road safety in India. The MotorUltimate Logistics, MEEL and Ushdev Vehicles Act of 1988 states that each statejointly offer to acquire 26% in Lloyd Steel should have a road safety council and beThree companies, including Ultimate Logistics headed by transport minister. States like TamilSolutions Pvt Ltd, Metallurgical Engineering Nadu, Andhra Pradesh and Maharashtra haveEquipment Ltd (MEEL) and Ushdev such councils while Gujarat is yet to formInternational, have jointly made an open offer council. Proposed board will have 4-5 membersto acquire 26% stake in Lloyd Steel for over `Research4India 5
  • 6. Logistics Trackincluding chief secretary of government of the second half due to macroeconomicGujarat as chairman. regulatory policies. Chinas economy expanded 7.6% year on year in the second quarter of 2012, slowing from 8.1% in the first quarter, Global News Update data from the National Bureau of StatisticsChina echoes 2009 stimulus with Railway showed. The growth rate marked the sixthspending boost consecutive quarter of decline and marked the slowest rate since the first quarter of 2009.China’s railway infrastructure investment maydouble in the second half of this year from the DHL Express launches its $ 175mn Northfirst six months, aiding efforts to reverse a Asia Hubslowdown in the world’s second-biggest DHL, the worlds leading Logistics Company,economy. Full-year spending will be 448.3 bin today opened its biggest express hub in Asia -yuan ($ 70.3bn), according to a statement on the $175mn DHL Express North Asia Hub at thethe website of the National Development and Shanghai Pudong International Airport. TheReform Commission’s Anhui branch. The company also announced plans to further investdocument indicates a 9% increase from a $132mn to add eight dedicated aircraft toprevious plan of 411.3bn yuan. Spending was service high demand routes between Shanghai148.7bn yuan in the first half. China’s fixed- and North Asia, Europe and the US, by 2014.asset investment has already started to pick up Covering a land area of 88,000 square meters,and a jump in spending on railway construction DHL Express North Asia Hub can process up towould echo the expenditure on rail lines and 20,000 documents and 20,000 parcels an hour.bridges that was part of stimulus during the Over the next two years, DHLs plannedglobal financial crisis. A decline in foreign direct investment of $132mn will increase theinvestment reported by the government today dedicated capacity of its Asia Air Network byunderscored the toll that Europe’s debt woes deploying eight freighter aircraft betweenand austerity measures are taking on Asia’s Shanghai and North Asia, Europe and the US.largest economy. DHL further plans to increase capacity on routesChinas Logistics Industry slows in first between the DHL Express North Asia Hub andhalf other cities in mainland China and Taiwan. OverChinas logistics industry saw tempered growth the next few months, DHL will add directin the first half this year amid the slowest connections to Incheon, Taipei and Chineseeconomic growth experienced by the country cities such as Dalian and Qingdao, with Beijingsince 2009. The China Federation of Logistics and Xiamen likely to come on stream in 2013.and Purchasing (CFLP) said in a statement Delek Logistics files for IPO of up to $135posted on its website that the total value of the mnsector for the first 6 months grew by 10% yearon year to 83.6tn yuan ($ 13.25tn). The growth Delek Logistics Partners LP filed with U.S.rate was down 3.7% points from the same regulators to raise up to $135 million in anperiod last year and down 0.9% points from the initial public offering of its common units. Delekfirst quarter this year, the federation said. Total Logistics, a subsidiary of Delek U.S. Holdingsexpenses rose 11.9% year on year to 4.1tn Inc, transports, stores and markets crude oilyuan, down 6.4% points from a year earlier, and refined products in southeast United Statesthe CFLP said. The expenses represented 18% and west Texas. Delek U.S. Holdings, which is aof Chinas GDP during the same period, much part of Israeli energy, real estate and insurancehigher than the ratio in most developed conglomerate Delek Group has a market valueeconomies. The federation expects the sectors of about $1.11bn. The proceeds from the IPOvalue to grow by 11% for the whole year, as would be used to repay outstanding debt andthe number of favourable factors will increase inResearch4India 6
  • 7. Logistics Trackfund capital expenditure, Delek Logistics said ina preliminary filing with the U.S. Securities andExchange Commission.Research4India 7
  • 8. Logistics TrackStock Market UpdateShare Price PerformanceAs on 20th July 2012 Market Cap Price Percentage Change (%) (In ` mn) (In `) 1W 1M 3M 6M 12MContainer Corporation of India 117,686 905.40 1.6% 5.3% 2.4% 5.7% -18.6%Blue Dart 46,011 1,939.10 -1.0% -2.6% -10.3% 14.8% 20.7%Essar Ports Ltd. 41,912 97.95 3.2% 10.1% 9.8% 69.9% -2.5%Great Eastern Shipping 39,344 258.35 -1.2% 4.7% 0.7% 14.5% -6.2%Shipping Corporation of India 26,690 57.30 -4.0% 8.8% -8.3% -3.5% -45.0%Allcargo Logistics 18,212 141.10 0.8% 3.0% 12.9% 6.4% -15.0%Gateway Distriparks 15,684 144.70 2.8% 11.4% -3.5% 8.3% 12.4%Arshiya International 7,621 130.55 -3.7% -0.9% -13.5% -2.4% -9.9%Mercator Ltd. 4,996 20.40 -5.1% 14.0% -13.9% -10.3% -46.4%Transport Corporation of India 4,519 62.15 -4.8% 8.6% -2.5% -3.0% -34.3%Aegis Logistics 4,088 122.40 -1.0% -1.1% -22.3% -24.2% -45.5%Sical Logistics 3,728 67.05 -2.1% -0.5% -2.9% -2.8% -14.4%Aqua Logistics 3,420 11.40 9.1% 24.6% -5.4% -8.4% -26.0%Gati 3,368 38.90 -0.9% 12.4% 7.0% 14.9% -46.8%SEAMEC Ltd. 2,943 86.80 -3.7% 5.3% -2.4% -5.9% -23.3%Varun Shipping 2,378 15.85 -5.9% 4.6% -13.9% -13.9% -33.1%NSE Nifty - 5,205.10 -0.4% 1.7% -1.6% 3.1% -6.5%BSE Sensex - 17,158.44 -0.3% 1.6% -1.2% 2.5% -7.3%ET Logistics Index - 16,420.98 1.1% 3.7% -0.5% 5.3% -15.8%ET Shipping Index - 6,515.17 -2.2% -0.5% -5.4% -6.8% -21.7%Baltic Dry Index (BDIY:IND) - 1,037.00 -6.6% 6.7% -2.8% 20.3% -21.9%Baltic Dry Index Source: Baltic ExchangeRoad Freight IndexU Source: Transport Corporation of IndiaResearch4India 8
  • 9. Logistics TrackFinancial BenchmarkingQuarterly Results – Q4 FY ’12, ending 31st March, 2012 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 NPMAegis Logistics 6,917 15,323 122% 257 693 170% 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% Figures in Rs.`mnAnnual Results - FY‘12 Company Revenue EBITDA PAT Margins FY’12 FY11 FY’12 YoY FY11 FY’12 YoY FY11 FY’12 YoY EBITDA NPMAegis Logistics 18,129 44,725 147% 833 49 -94% 467 197 -58% 0.1% 0.4%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) - - - Figures in Rs.`mnResearch4India 9
  • 10. Logistics TrackFour-S Services Pvt LtdFounded in 2002, Four-S has a strong & successful track record of genuine, accurate andobjective advice to top Indian & global companies & PE Firms. Four-S has already provensuccess in corporate finance, strategy consulting, fund-raising, investment banking andinvestor relations mandates with 100+ corporates and large PE funds.Four-S, trusted advisor to top Indian & Global CosOffering comprehensive bouquet of services to SMEs, Corporates and PE FundsResearch4India 10
  • 11. Logistics TrackDisclaimerThe information contained herein has been obtained from sources believed to be reliable but is not necessarily completeand its accuracy cannot be guaranteed. No representation, warranty, guarantee or undertaking, express or implied, ismade as to the fairness, accuracy or completeness of any information, projections or opinions contained in this documentor upon which any such projections or opinions have been based. Four-S Services Pvt. Ltd. will not accept any liabilitywhatsoever, with respect to the use of this document or its contents. This document has been distributed for informationpurposes only and does not constitute or form part of any offer or solicitation of any offer to buy or sell any securities.This document shall 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 may from time to time solicit from, or perform consulting or other services for, any company mentioned inthis document.For further details/clarifications please contact:Seema Shukla Ajay JindalSeema@four-s.com Ajay.jindal@four-s.comGurgaon Office: Mumbai Office:214, Udyog Vihar, Phase I, 101,Nirman Kendra, Opposite Star TV,Gurgaon – 122016 Off Dr E Moses Road, Mahalaxmi,Tel: +91-124-4251442 Mumbai – 400001 Tel: +91-22-42153659Research4India 11

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