Market Research Report : freight forwarding market in India 2012

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Growth in international trade is providing huge impetus to the demand for freight forwarding in India. Furthermore, Intercontinental trade is expected to witness considerable growth in next five years. Freight forwarding sector in India has witnessed a significant growth due to robust economic growth. Key economic indicators including 100% FDI in logistics shows a healthy economic outlook for India. Post global slowdown freight forwarding companies have started to venture out into high end logistics solutions. Freight companies will benefit from the considerable planned investments in transportation infrastructure in India. Indian freight forwarding companies are now becoming competitive like their foreign counterparts.

The report begins with an introduction section, defining the market and classifying it into its types. The evolution of the freight forwarder is then projected. A Comparison between Custom Broker, Freight Forwarder & 3PL are given, followed by the value chain and the advantages of freight forwarders over carriers. Freight Forwarders’ Streams of Income are also identified.

Freight Forwarding – Segments & Features section discusses the segments served, services provided and the customer’s benefits from different types of freight forwarding. This section also provides the key characteristics of freight forwarding.

Market overview section provides a brief snapshot of the freight forwarding market both globally and in India. To begin with, it gives a brief overview of global freight forwarding market followed by its market size & growth. Region wise global market size is also given. Major Players in global freight forwarding market are identified from their market share in air freight and sea freight. Subsequently, a brief overview of Indian freight forwarding market followed by its market size & growth is projected. Top 5 Freight Markets in 2011 is identified with estimation in 2020. Attractiveness in freight forwarding market in India is also analyzed indicating the areas of improvement. Factors for selecting transportation mode are also identified in this section.

Sustainable Procurement Guidelines section deals with the sustainable procurement guidelines for freight forwarding. Their implementation in different areas of improvement is also provided. Further, steps to develop a sustainable procurement of freight transportation services are also discussed.

Standard Trading Conditions section deals with the standard trading conditions for freight forwarders.

Drivers & challenges section in the report provides a comprehensive set of factors which boosts and hinders the growth in the market. An analysis of the section brings forth the key drivers fueling growth in the market including growth in international trade, rapid economic growth & FDI in logistics, diversification into logistics business, improved trans

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Market Research Report : freight forwarding market in India 2012

  1. 1. Insert Cover Image using Slide Master View Do not distortFreight Forwarding Market – IndiaSeptember 2012
  2. 2. Executive Summary  xx Region is the 2nd largest freight forwarding market in the world after yy  xx and yy are the global leaders in the air and ocean freight markets for the year 20‐‐ Market  Freight forwarding market in India is estimated to reach INR xx bn by 20‐‐ at a CAGR of x%  India is expected to witness considerable growth in freight business by 20‐‐ compared to European nations   Drivers Challenges LE – Growth in  International Trade – Stiff Competition from International  Drivers &  Counterparts P – Rapid Economic Growth & FDI in Logistics Challenges – Diversification into Logistics Business – Rising Freight Costs A M – Improved Transportation Infrastructure S – Rising Competitiveness among Domestic  Companies  EDI Platform – Complex Operation – Lack of Skilled Manpower – Poor Infrastructure  Technology Adoption by Leading Players Technological   UPLIFT  Technology Adoption ‐ Case Study Trends  4S eTrans Major Players Company A Company B Company CCompetition Company D Company E Company F Company G Company H Company I FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 2
  3. 3. •Introduction•Freight Forwarding – Segments & Features•Market Overview    Global India P LE M•Sustainable Procurement Guidelines S A•Standard Trading Conditions •Drivers & Challenges•Technological Trends•Competition•Investments•Strategic Recommendation•Appendix  FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 3
  4. 4. Freight Forwarding – Definition & Types Freight Forwarding (IFFA)  Services of any kind relating to the carriage, consolidation, storage, handling, packing or distribution of the goods with ancillary and  advisory services in connection therewith, including but not limited to customs and fiscal matters, declaring the goods for official  purposes, procuring insurance of the goods and collecting or procuring payment or documents relating to the goods Types of  LE   MP Freight Forwarding Air Freight  S A Sea / Ocean / Ship  Land Freight  Rail Freight  Forwarding Freight Forwarding Forwarding Forwarding Mode of Transport Mode of Transport Mode of Transport Mode of Transport Air Cargo Sea Freight Road Transport Rail FreightNote: IFFA ‐ International Federation of Freight Forwarders Associations FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 4
  5. 5. SAMPLE Freight Forwarding – Segments, Services & Benefits (1/2) Types of Freight Forwarding Segments Served Services Customer BenefitsAir Freight Forwarding • xx • xx • xxSea Freight Forwarding • xx • xx • xx FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 5
  6. 6. Freight Forwarding Market ‐ GlobalFreight Forwarding Market ‐ Global ‐ Overview• Findings LE   MP A Market Size & Growth Market Size by Region (2010) INR bn10,000 8,000 x1 1.8% x2 S 25% 5% 2% 39% xx  Region is the 2nd largest freight  forwarding market in  6,000 the world after yy 4,000 2,000 29% 0 20‐‐ 20‐‐e Region A Region C Region E Region B Region D FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 6
  7. 7. Major Players in Global Freight Forwarding Market SAMPLE  Market Share – Air Freight (20‐‐)  Market Share – Sea Freight (20‐‐) 1.4% 0.5% xx is the market  2.0% yy is the market  1.5% 6.8% leader in global air  0.4% 1.5% leader in global sea /  1.7% freight forwarding  0.5% 0.5% ocean freight  1.7% market 0.5% forwarding market 1.8% 3.5% 0.7% 1.5% 2.9% 0.9% 3.0% 1.0% Company A Company F Company A Company F Company B Company G Company B Company G Company C Company H Company C Company H Company D Company I Company D Company I Company E Company J Company E Company J • FindingsNote: Market Share ‐ % of total freight forwarding market 7
  8. 8. Freight Forwarding Market ‐ IndiaFreight Forwarding Market ‐ India ‐ Overview   • Findings P LE S A M Market Size & Growth INR bn 800 x6 16.5% 600 x5 x4 x3 400 x2 x1 200 0 20‐‐ 20‐‐ 20‐‐ 20‐‐ 20‐‐ 20‐‐ FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 8
  9. 9. India is expected to witness considerable growth in freight  business by 2020 compared to the European countries SAMPLE  • Findings Top 5 Freight Markets (20‐‐) Top 5 Freight Markets (20‐‐e) bn tkm bn tkm 7,000 x1 12,000 y1 6,000 10,000 x2 5,000 8,000 4,000 y2 6,000 3,000 x3 x4 x5 4,000 y3 y4 y5 2,000 x6 y6 1,000 2,000 0 0 Country 1 Country 2 Country  3 Country 4 Country  5 Country 6 Country 1 Country 2 Country 3 Country 4 Country 5 Country 6 FindingsNote: Market size is for overland freight (road, rail and inland waterways) markets (billion tkm – unit of freight transport volume) 9
  10. 10. Freight forwarding is emerging as the businesses with high  market attractiveness SAMPLE  Attractiveness in Freight Forwarding Market in India Competitive  Overall  Current Market Size Growth Potential Innovation Potential Profitability Intensity Attractiveness ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ Areas of Improvements Level of improvement desired Area 6 Area 3 Area 1 Area 2 Area 5 Area 4 Relative weight based on world averageNote: Attractiveness is rated in accordance with 1 < 2 < 3 < 4 < 5 10
  11. 11. Elements considered by shippers while selecting a mode of transportation  Factors for Selecting Transportation Mode  LE   x6% P Findings x5% SA M x4% x1% x3% x2% A B C D E F FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 11
  12. 12. SAMPLE Freight Forwarding Market in India – SWOT Analysis Strength Weakness • xx • xx SWOT Analysis Opportunity Threat • xx • xx FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 12
  13. 13. Sustainable Procurement Guidelines for Freight Forwarding (1/5) SAMPLE  Findings Sustainable  Procurement of  • xx Freight Forwarding  Services  • Greenhouse Gas Emissions • xx • Air Pollutants • xx Key Environmental  Impacts FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 13
  14. 14. SAMPLE Standard Trading Conditions for Freight Forwarders (1/3) Freight Forwarder’s Role • xx Performance of the Contract • xx FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 14
  15. 15. Drivers & Challenges Challenges Stiff Competition from International  Counterparts Drivers LE   Rising Freight Costs Growth in  International Trade MP Complex Operation A Rapid Economic Growth & FDI in  S Logistics Lack of Skilled Manpower Diversification into Logistics Business Poor Infrastructure Improved Transportation  Infrastructure Rising Competitiveness among  Domestic Companies FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 15
  16. 16. Growth in international trade is providing huge impetus to the demand for freight forwardingGrowth in  International Trade (1/2) Impact• Findings LE   MP India’s Total Export S A India’s Total Import INR bn Government of India  INR bn plans to double India’s 15,000 20,000 18% 20% export of goods and  y4 x4 services by 2014‐15 15,000 y2 y310,000 x2 x3 y1 x1 10,000 5,000 India’s import is also  expected to grow  5,000 further, particularly of  0 0 oil and capital goods 20‐‐ 20‐‐ 20‐‐ 20‐‐ 20‐‐ 20‐‐ 20‐‐ 20‐‐ FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 16
  17. 17. Intercontinental trade is expected to witness considerable  growth in next five years Growth in  International Trade (2/2) • Findings Growth in India – US Bilateral Trade Growth in India – Russia Bilateral Trade   INR bn INR bn LE a% b% b2 6,000 a2 1,000 P 4,000 a1 b1 500 2,000 0 20‐‐ 20‐‐ S A M 0 20‐‐ 20‐‐ Growth in India – Lithuania Growth in India – Latin America Growth in India – China Bilateral Trade Bilateral Trade Bilateral Trade INR bn INR bn INR bn d%15,000 c% 6,000 d2 6,000 e% e2 c2 d110,000 c1 4,000 4,000 5,000 2,000 2,000 e1 0 0 0 20‐‐ 20‐‐ 20‐‐ 20‐‐ 20‐‐ 20‐‐ FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 17
  18. 18. Freight forwarding sector in India has witnessed a significant  growth due to robust economic growth Rapid Economic Growth & FDI in Logistics (1/2) Impact   • Findings P LE S A M Key Economic Indicators GDP Growth Trend* Rapid Urbanization % % b4 b5 10 a3 40 b3 a5 b1 b2 8 a2 a4 a1 30 6 20 4 2 10 0 0 20-- 20-- 20-- 20-- 20-- 20-- 20-- 20-- 20 20--*Note: Figures for financial year – April to March FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 18
  19. 19. Key economic indicators including 100% FDI in logistics  shows a healthy economic outlook for India Rapid Economic Growth & FDI in Logistics (2/2) Employment Growth Rise in Aggregate Annual Disposable Income  A B C D F +2.3% INR tr mn   y4 y5 100 z 600 y1 y2 y3 y4 LE 80 +6.9% 24% 400 P 60 23% 200 y 40 15% M x 9% 34% 0 34% 13% 9% 7% A 20 20‐‐ 20‐‐ 20‐‐ 20‐‐ 20‐‐ 20‐‐ 49% 33% 15% S 0 23% 9% 3%~66% of the total population will be in the working age group by 2020  20‐‐ 20‐‐e 20‐‐e Total FDI in India* FDI Inflow FDI in Logistics Sector INR bn % Share 1500 x2 x2 x4 100 1000 x3 50 X% 500 0 0 20‐‐ 20‐‐ 20‐‐ 20‐‐** Logistics India is the 3rd largest investor base in the worldNote: Working age group refers to 15‐64 years old *Note: Figures for financial year – April to March **Note: Figures for Apr to Jan FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 19
  20. 20. Freight rates in India are zooming up owing to diesel price hikeRise in Freight Costs (2/2) Cost to Import‐Export Per Container•xx  INR ‘000 4% 60 a4 b4 a5 b5 a1 b1 a2 b2 a3 b3   40 LE 20 MP 0 2007 2008 2009 2010 2011 Hike in Diesel Price S A Destinations Delhi to A Rate Increased by (in INR) ‐‐ Import Export Freight Rate Now (in INR) ‐‐INR / litre 14% Delhi to B ‐‐ ‐‐50 x2 x1 Delhi to C ‐‐ ‐‐40 Delhi to D ‐‐ ‐‐30 Delhi to E ‐‐ ‐‐20 Delhi to F ‐‐ ‐‐10 Delhi to G ‐‐ ‐‐ Delhi to H ‐‐ ‐‐ 0 Earlier Now Delhi to I ‐‐ ‐‐ FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 20
  21. 21. Process improvement and greater use of technology have the potential to… Information flow through the Logistics Value Chain xx xx xx xx xx xx xx LE   P Electronic Data Interchange (EDI) Needed across the Entire Supply Chain M xx S A xx xx EDI Platform xx xx xx xx xx FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 21
  22. 22. …significantly improve operating efficiencies for the Indian logistics sectorShippers & Consignees Custodian Benefits UPLIFT  • xx • xx LE Universal Platform for Logistics &  P Integrated Freight Transport CHAs / Forwarders S A M xx xx Customs xx Carriers• xx • xx • xx FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 22
  23. 23. Technology Adoption by Leading Players (1/2) Freight Forwarding Industry & Four Soft Alliance (FFIFA) • xx xx LE   Greatly facilitates the freight forwarding / CHAs industry MP S A IT  • xx Awareness FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 23
  24. 24. Major Public Companies ‐ SummaryNet Profit/Loss2,8002,600 Size of the Bubble represents Market Capitalization in INR mn2,400 m12,200  2,000 LE1,800 P1,600 M1,400 A1,200 m21,000 800 600 400 S 200 m4 m3 0 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 Total income Company A Company B Company C Company D Note: All figures are in INR mn and are based on the latest financials available FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 24
  25. 25. Public: Domestic Company – Company A (1/3)Company Information Offices and Centres – India Corporate HeadquarterTel No.Fax No.WebsiteYear of Incorporation LE  Ticker Symbol MP AStock Exchange Mumbai Head OfficeProducts and ServicesCategoryLogistics solutions  Products/Services S Key People Name Designation FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 25
  26. 26. Public: Domestic Company ‐ Company A (2/3) Financial Snapshot SAMPLE  Key Ratios y‐o‐y change  Total Income Net Profit/Loss INR mn Particulars  2012 2011 2010 2009 INR mn (2012‐11) 35,858 Profitability Ratios40,000 34,381 3,000 28,803 Operating Margin ‐0.19 8.78% 8.97% 7.61% 8.01%30,000 Net Margin 0.06 6.54% 6.48% 5.76% 6.24% 20,836 2,00020,000 Profit Before Tax Margin ‐0.15 8.44% 8.58% 7.77% 8.13% 1,000 Return on Equity 0.48 15.42% 14.94% 13.74% 13.07%10,000 Return on Capital Employed 1.52 14.71% 13.18% 13.53% 13.95% 0 0 Return on Working Capital ‐11023.91 ‐ 50.35% 46.22% 36.95% 10973.56% 2009 2010 2011 2012 Return on Assets 0.32 8.27% 7.95% 8.07% 8.62% Financial Summary  Return on Fixed Assets 4.55 16.76% 12.20% 19.68% 23.75% Cost Ratios• The company earned a net profit of INR xx mn in FY 20‐‐, as  Operating costs (% of Sales) 0.19 91.11% 90.92% 92.34% 91.90% compared to net profit of INR xx mn in FY 20‐‐ Administration costs (% of  17.24 17.24% 0.00% 6.07% 8.64%• The company reported total income of INR xx mn in FY 20‐‐,  Sales) registering an increase of xx% over FY 20‐‐ Interest costs (% of Sales) 0.03 1.65% 1.62% 0.68% 1.12%• The company earned an operating margin of xx% in FY 20‐‐, a  Liquidity Ratios decrease of xx percentage points over FY ‐‐ Current Ratio ‐48.94% 1.00 1.95 1.82 2.13 Cash Ratio ‐43.37% 0.26 0.47 0.63 0.83• The company reported debt to equity ratio of xx in FY 20‐‐, a  Leverage Ratios decrease of xx% over FY ‐‐ Debt to Equity Ratio ‐1.63% 0.86 0.88 0.70 0.52 Key Financial Performance Indicators Debt to Capital Ratio ‐20.15% 0.27 0.34 0.24 0.17 Interest Coverage Ratio ‐3.90% 5.39 5.61 11.27 7.20 Indicators Value (25/09/2012) Efficiency Ratios Market Capitalization (INR mn) xx Fixed Asset Turnover 35.97% 2.53 1.86 3.39 3.77 Total Enterprise Value (INR mn) xx Asset Turnover 3.01% 1.25 1.21 1.39 1.37 Current Asset Turnover 36.26% 5.10 3.74 3.59 3.11 EPS (INR) xx Working Capital Turnover ‐21677.73% ‐1655.74 7.67 7.97 5.86 PE Ratio (Absolute)‐25th Jun, 2012 xx Capital Employed Turnover 2.23% 2.33 2.28 2.37 2.07 Note: FYC 2012 Improved Decline FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 26
  27. 27. Public: Domestic Company ‐ Company A (3/3)Key Business Segments Key Geographic Segments Container Freight Stations Australia & New Zealand Mediterranean Far East Europe Project & Engineering Solutions Africa America India Multimodal Transport Operations % % 2% 2% 2%100% 6% 7% 7% 100% 2% 10% 10% 16% 6% 2%   16% 18% 5% 19% 4% LE50% 94% 83% 83% 50% 28% 27% 15% 29% 15% P 30% 31% 29% 0% 0% M 2008 2009 2010 2008 2009 2010Business HighlightsDescription Overview News S AICD/CFS FacilitiesRankAcquisitions FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 27
  28. 28. Major Private Companies ‐ SummaryNet Profit/Loss 800 Size of the Bubble represents Total Assets  700 in INR mn   600 LE t1 500 400 MP 300 200 100 S A t5 t3 t7 t2 0 t6 t4 ‐100 Total income ‐5,000 0 5,000 10,000 15,000 Company A Company B Company C Company D Company E Company F Company G Note: All figures are in INR mn and are based on the latest financials available FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 28
  29. 29. Private: Domestic Company ‐ Company B (1/3)Company Information Offices and Centres – India Corporate Headquarter  Tel No. Delhi LEFax No.WebsiteYear of Incorporation MP A Head OfficeProducts and ServicesCategory Products/Services S Key People Name DesignationDiversified Support Services FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 29
  30. 30. Private: Domestic Company ‐ Company B (2/3) Financial Snapshot Key Ratios y‐o‐y change  Total Income Net Profit/Loss Particulars  2010 2009 2008 2007 (2010‐09) INR mn INR mn Profitability Ratios1500 1376.6 0 Operating Margin N.A. N.A. N.A. N.A. 90.63% 1169.3 Net Margin N.A. N.A. N.A. N.A. 4.46% Profit Before Tax Margin N.A. N.A. N.A. N.A. 5.61%1000 ‐200 Return on Equity   0.00 0.00% 0.00% 0.00% 19.13% 559.6 Return on Capital Employed 0.00 0.00% 0.00% 0.00% 1438.72% LE500 ‐400 Return on Working Capital 0.00 0.00% 0.00% 0.00% 34.87% 222.9 Return on Assets P 0.00 0.00% 0.00% 0.00% 16.44% Return on Fixed Assets 0.00 0.00% 0.00% 0.00% 325.58% 0 ‐600 M Cost Ratios 2008 2009 2010 2011 A Operating costs (% of Sales) N.A. N.A. N.A. N.A. 6.54% S Administration costs (% of  N.A. N.A. N.A. N.A. 6.13% Sales) Financial Summary  Interest costs (% of Sales) N.A. N.A. N.A. N.A. 0.09% • The company incurred a net loss of INR xx mn in FY 20‐‐, as  Liquidity Ratios Current Ratio 32.99% 2.67 2.01 2.08 1.61 compared to net loss of INR xx mn in FY 20‐‐ Cash Ratio 16.04% 1.28 1.10 1.38 0.80 • The company reported total income of INR xxmn in FY 20‐‐,  Leverage Ratios registering an increase of xx% over FY 20‐‐ Debt to Equity Ratio 2.26% 0.18 0.17 0.05 0.16 Debt to Capital Ratio 1.92% 0.15 0.15 0.05 0.14 • The company earned an operating margin of xx% in FY 20‐‐, an  Interest Coverage Ratio N.A. N.A. N.A. N.A. 1098.85 increase of xx percentage points over FY 20‐‐ Efficiency Ratios • The company reported debt to equity ratio of xx in FY 20‐‐, an  Fixed Asset Turnover N.A. 0.00 0.00 0.00 70.86 Asset Turnover N.A. 0.00 0.00 0.00 3.58 increase of xx% over FY 20‐‐ Current Asset Turnover N.A. 0.00 0.00 0.00 2.89 Working Capital Turnover N.A. 0.00 0.00 0.00 7.59 Capital Employed Turnover N.A. 0.00 0.00 0.00 4.16 Improved Decline FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 30
  31. 31. SAMPLE Private: Domestic Company – Company B (3/3)Business HighlightsDescription  NewsOverviewNetworkAwards FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 31
  32. 32. Significant M&A activity being witnessed in this sector over the last few years SAMPLE Investments in Freight Forwarding Market in India Outbound M&A Deals, JVs & other Investments Date Target Acquirer/Investor Amount (INR mn) Stake mm‐yy Company 1 Company 11 ‐‐ ‐‐ mm‐yy Company 2 Company 12 ‐‐ ‐‐ mm‐yy Company 3 Company 13 ‐‐ ‐‐ mm‐yy Company 4 Company 14 ‐‐ ‐‐ mm‐yy Company 5 Company 15 ‐‐ ‐‐ mm‐yy Company 6 Company 16 ‐‐ ‐‐ mm‐yy Company 7 Company 17 ‐‐ ‐‐ mm‐yy Company 8 Company 18 ‐‐ ‐‐ mm‐yy Company 9 Company 19 ‐‐ ‐‐ mm‐yy Company 10 Company 20 ‐‐ ‐‐ FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 32
  33. 33. SAMPLE Strategic Recommendation for Freight Forwarders • xx • xx • xx • xx FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 33
  34. 34. Thank you for the attentionThe Freight Forwarding Market – India report is part of Netscribes’ Transportation & Logistics Series.For more detailed information or customized research requirements please contact:Phone: +91 33 4064 6214E‐Mail: sales@netscribes.comFollow us on:About NetscribesNetscribes is a knowledge‐consulting and solutions firm with clientele across the globe. The company’s expertise spans areas of investment & business research, business & corporate intelligence, content‐management services, and knowledge‐software services. At its core lies a true value proposition that draws upon a vast knowledge base. Netscribes is a one‐stop shop designed to fulfil clients’ profitability and growth objectives.Disclaimer: This report is published for general information only. Although high standards have been used in the preparation, “Netscribes” is not responsible for any loss or damage arising from use of this document. This document is the sole property of Netscribes and prior permission is required for guidelines on reproduction. FREIGHT FORWARDING MARKET IN INDIA 2012.PPT 34

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