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Four s fortnightly logistics track 7th august - 20th august 2012


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Four s fortnightly logistics track 7th august - 20th august 2012

  1. 1. 7 A U G ’ 1 2 – 2 0 A U G ’ 1 2 Logistics TrackResearch4India Fortnightly update on Logistics Industry In The Spotlight ContentsDempo buys majority stake in shipyard ModestInfrastructure for ` 7bn News of the fortnight 1Goa-based Dempo Group, which in 2009 sold its coremining business to Vedanta Resources and ventured Investment Activity 2into shipping, has acquired a controlling stake inGujarats shipyard company Modest Infrastructure ina transaction valued at over ` 7bn. The acquisition News Update 3will catapult Demp Limited to making barges for ironore exports from Goa, into the national shipyard andship repair business and pitch it with larger Global News Update 5companies like L&T, ABG Shipyard, according topeople familiar of the development. Dempostransaction was done through the groups unlisted Stock Market Updates 9subsidiary Dempo Shipbuilding and Engineering.A recent study by industry body Assocham said thatthe Indian shipbuilding industry, which is growing at Peer Benchmarking 108% every year, will need to be expanded to cater tocargo traffic of 1,230mn tonnes by 2015 and3,000mn tonnes by 2020. Currently, the traffic at About Four-S Services 11major ports in India is about 600mn tonnes.The ` 7.5bn, 70-year-old Dempo Group has interests About Research4Indiain iron ore mining, calcined petroleum coke, pig iron,and shipbuilding and repair. The closely-held group Research4India is the researchhas two listed companies, Goa Carbon and Hindustan services arm of Four-S Services PvtFoods. In 2009, the group sold its mining business to Ltd. Here we provide regular researchSesa Goa, part of Vedanta Resources, for ` 17.5bn. It reports on key sectors of the Indianfocused on shipbuilding, by making barges used by economy, and large unlistedore exporters from Goa, the largest ore exporter of companies in these sectors. TheseIndia. reports will be available on our upcoming site, 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
  2. 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 (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 Ventures25-Jul Ambit Pragma Mehta Frozen Foods Carriers 74.0 NA Early19-Aug GTI Capital Brattle Foods NA NA Growth The space saw 10 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 Services20-Apr DHL Express (India) Pvt Ltd DHL Lemuir Logistics Pvt Ltd 24.0 NA Logistics Services15-May DTDC Eurostar Express NA NA Courier Services 18-Jul SG Holdings Sindhu Cargo Services 40.0 NA* Logistics Services 18-Jul SG Holdings Sunlog Services 40.0 NA* Logistics Services16-Aug Dempo Group Modest Infrastructure NA 140.0 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 2
  3. 3. Logistics Track News UpdateFuture Supply Chain set to raise `1bn in 2012-13, Gateway Distriparks achieved asecond round funding turnover of ` 558mn (against ` 610mn in theFuture group’s consumer logistics company same period last year) and a net profit of `Future Supply Chain Solutions will be raising ` 180mn (` 223mn) on standalone basis. The1bn this year through a second round of private company is expected to ramp up its CFSequity placement. This will form part of the capacity to 560,000 TEUs in the currentfunds needed to double the warehousing financial year with the resumption of fullcapacity of the company. According to operations at Punjab Conware CFS. Its currentAnshuman Singh, MD & CEO, Future group’s capacity stands at 516,000 TEUs. Constructionconsumer logistics company Future Supply of the building of Punjab Conware CFS hasChain Solutions will be raising ` 1bn this year begun and partial operations from the facilitythrough a second round of private equity will commence by November-end. The facilityplacement. This will form part of the funds will be fully operational towards the year-end.needed to double the warehousing capacity of The Kochi CFS has also commenced partialthe company. The company had earlier in 2009 operations (on wheel operations) and is likely toreceived $30mn from Fung Capital, the private commence full-fledged operations onequity arm of Hong Kong-based Li and Fung completion of the construction of warehouse,group, diluting 26% stake in the company. This which is expected to happen next month.time, it would either look for a new equity Gateway Distriparks is broadly divided intopartner or raise additional funds from the three — CFS, container rail (through Gatewayexisting partner. The funds will be utilised to Rail Freight Ltd) and cold storage (Snowmandouble the warehousing capacity to 10mn sq ft Logistics). The company operates containerin next two years. The company has made a freight stations at Navi Mumbai, Chennai,total investment of ` 3bn since its inception and Visakhapatnam and (soon in) Kochi. It alsoin the past two years it has added a storage operates Inland Container Depots (ICD) atspace of two million sq ft. Expanding storage Garhi (Haryana), Sahnewal (Ludhiana),space was necessitated after the company Kalamboli (Mumbai) and a new ICD at Asaotistarted servicing external clients three years (Fardibad, to be operational in the currentback. Currently, 70% of the company’s revenue year).comes from serving the group companies and GTI Capital invests in Brattle Foodsthe rest from external clients. By the end of this Financial services and investment firm GTIyear the revenue share from the external Capital has invested in foods company Brattleclients are expected to go up to 50% as the Foods. Brattle and its subsidiaries are engagedcompany has been witnessing good growth in in the business of contract manufacturing ofthe business in the past three years. The food products and providing logistics solutions,company clocked ` 4bn revenue last year hopes including cold and ambient temperature storagea 50% growth in the topline this fiscal. and transport. The investment will be utilised inNew CFS to add muscle to Gateway expanding Brattles facilities. The amount ofDistriparks investment was not disclosed. Almost three years back, Brattle Foods had announced anDespite the dip in net profit in the first quarter investment of ` 8bn to set up threeof the current year, Gateway Distriparks manufacturing units for dairy, meat andexpects a better year due to the commissioning processing of fruits and vegetables. At thatof two new container freight stations — at Navi time, the company had said it was allocating `Mumbai and Kochi. For the first quarter of Research4India 3
  4. 4. Logistics Track3bn for setting up a dairy plant, and ` 1bn for agreement said that the rates at the CFS wereits vegetables and fruit processing business. But to be governed by the ones approved by thethe majority investment of ` 4bn had been Tariff Authority for Major Ports (TAMP). Butallocated for the companys meat processing after complaints raised by board members anddivision. customers that DBC was charging higher rates, JNPT had appointed a chartered accountant toJapan-aided DMIC likely to bring ` 750bn look into the allegations. Later in May, theinvestment to UP auditors submitted their report which said thatThe Delhi-Mumbai Industrial Corridor (DMIC) the rates charged were higher than thoseproject is estimated to facilitate investments of mandated by TAMP. DBC Ports Logistics` 750bn in the Greater Noida investment zone defended itself, saying it didnt overchargeof Uttar Pradesh. The zone, comprising Dadri- customers, and concerns were raised mainly byNoida-Ghaziabad, would attract food, competitors since DBCs rates were much lesserelectronics, auto, IT and other sunrise than others. It has also warned of strong legalindustries that is likely to create 1.2mn job action if their contract is terminated.opportunities. The Centre would also spend ` Incidentally, DBC has been seeking a revision in30bn in the region under the DMIC. The much- its rates at the CFS facility and had requestedawaited industrial corridor project is a ` 5tn for a massive 180% hike in rates.mega infrastructure project with financial and 7 firms keen to develop Kochi port’stechnical aid from Japan. Seven investment proposed ship repair unitcentres and 13 industrial areas have beenidentified along the upcoming industrial As many as seven firms have responded to acorridor, of which an investment centre proposal by the Kochi Port to develop a ship(Greater Noida) and an industrial area (Meerut- repair facility on a PPP basis within the port.Muzaffarnagar) would fall in UP. On either side Cochin Shipyard Ltd and the Bahrain-basedof these centres, a ‘150-200 km area’ has been Sultan Marine International are among theidentified as dedicated freight corridor (DFC). firms that have evinced interest at theThese would be self-sustaining industrial Expression of Interest floated by the port fortownships with world-class infrastructure viz the public-private partnership project.road, rail/air connectivity, quality social Encouraged by the response, the port hadinfrastructure and provide a competitive invited global bids in May in a two cover systembusiness environment. Indian Railways intends for ‘Development and Operation’ of anto develop Multi-modal Logistics Parks (MMLP) international ship repair facility with privatethrough the public-private partnership (PPP) sector participation. According to the seniorroute along the eastern DFC at strategic official, the port will position its existing shiplocations. An MMLP was also proposed at repair facility as a ‘modern ship repair yard’Kanpur. with additional facilities for ship building. TheJNPT likely to scrap deal with DBC Port idea is to develop the existing facility on par with international standards for maintenance,The countrys largest container port, Jawaharlal repair and overhaul of small and medium sizeNehru Port Trust (JNPT), is likely to scrap a vessels by ensuring fast turnaround, highcontract with Arvind Dubash-owned DBC Port quality and excellent service. Figures from theLogistics, formerly Speedy Multimodes, after port show that around 1,000 ships call at theJNPTs auditors found discrepancies in the rates port every year . The number will nearly doublecharged by the company. Speedy Multimodes over the next three years, brightening thehad won the licence in 2007 to operate the prospects for the ship repair facility.container freight station (CFS) at JNPT, spreadacross 68 acres, and are the largest CFS facility Chennai Port Trust woos Coimbatoreat the port. The terms and conditions of the trading companiesResearch4India 4
  5. 5. Logistics TrackThe Chennai Port Trust (ChPT), which is getting right to use the infrastructure to ferry goods.into containerisation in a big way, will set up a Rail Bhawan expects the project concessionmarketing cell and a help desk in the city to period will run for 30 years with the return onincrease its share in shipments from the region. equity linked to the interest rate on 10-year G-It is also ready to offer volume-based Secs.discounts, storage and stevedoring (loading and Railway freight traffic to grow 5.2% thisunloading) facilities for exporters and importers fiscal: CMIEin the region. With several private containertrain operators commencing container train Railway freight traffic is likely to clock a 5.2%services from Chennai to other parts of the growth this fiscal on higher demand from coalstate, the export-import trade in Coimbatore and iron ore meant for domestic steel plants,can get easier. About 350 containers of cargo according to a forecast by Centre for Monitoringare sent to the Chennai Port every month from Indian Economy (CMIE). In 2012-13, theCoimbatore. This can go up to 1,000 tonnes revenue-earning freight traffic of the Indianaccording to senior official. More than 500 items Railways is projected to rise by 5.2%. Aboutare being exported from Coimbatore and there 1,020mn tonnes of commodities are likely to beare over 300 registered exporters. The Chennai transported during the year. The freight trafficPort was the major export terminal for the during the June quarter increased 4.8%region till the early 90s. However, it lost out its compared to the same period year ago. Notingprime position to other ports over a period of that the growth will be supported by coal andtime. But with the ChPT shedding dirty and iron ore meant for domestic steel plants, thebreak bulk cargo, it is now trying to win back report said countrys coal imports are expectedpatronage from the trade and industry in the to rise 28.3% to 134.4mn, which will create aregion. need for transporting. There is a strong demand for coal from the power and steel sectors. SinceRailways wants FDI for industry corridors the domestic output is not sufficient to meet theIn a move that seeks to overturn the Railways’ demand of the power sector, coal is imported.policy against foreign direct investment in itscore business of laying tracks and runningtrains, the Railways Ministry has proposed that Global News Updatethe Cabinet allow FDI to build dedicated lines Global shipping Q2 volumes hit by Europesfor industries. Accepting that its current plans economic crisisto boost connectivity to sectors such as mining Global shipping volumes fell in the secondand industry have not succeeded, the ministry quarter of the year as Europes economichas forwarded its proposal for FDI in a cabinet difficulties continued to act as a burden onnote sent to the committee on infrastructure demand, according to the latest report fromheaded by Prime Minister Manmohan Singh. Container Trade Statistics (CTS). The dataForeign direct investment in its core areas has shows that exports from Europe (in terms ofbeen an absolute no-no for the fourth largest TEU) grew three per cent in the second quarterrail network in the world despite a huge of 2012, a marked slowdown from the revisedshortage of funds to finance expansion. The first quarter figure of 9.7%, while imports toRailways allows FDI only in the manufacture of Europe fell 5.3% in the second quarter. Asiascomponents by private companies that supply weaker economic performance in the secondto the network. Between 2000 and 2012, thetotal FDI into the Railways has been ` 13.5bn quarter (compared with a stronger first quarter) is reflected in the figures. Initial data showsaccording to the Department of Industrial Policy imports to the region fell 4.2% in the secondand Promotion. Under the model, the quarter, compared with growth of 5.8% in theconcessionaire would build lines and maintain first quarter. Meanwhile export volumesthem while the railways will have joint equalResearch4India 5
  6. 6. Logistics Trackincreased just 2.8%, according to Transport assets. BPHC will own 67% of the jointIntelligence. Container exports from North ventures equity, while remaining 33% will beAmerica decreased 6.5% in the second quarter, owned by Boardwalk. They are likely towhile exports in the first quarter of the year contribute about $268mn and $132mn,were almost flat at minus -0.6%. However, respectively, to fund the acquisition. The deal isimport figures indicate a much more positive expected to close in late September or earlypicture, up 9.9% in the second quarter, October. PL Midstream provides salt-domecompared with growth of 3.7% in the first storage, pipeline transportation, fractionationquarter. Negative export growth was reported and brine supply services for producers andin South America, the Middle East and Africa. In consumers of petrochemicals, natural gasterms of imports, growth rates slowed liquids (NGLs) and natural gas through twoconsiderably, however, they remained in hubs in southern Louisiana.positive territory. As the global economicrecovery remains weak and uncertain, it seems Concords Cardinal Logistics acquired bythe second half of the year is likely to remain NY private equity firmtough for shippers. Cardinal Logistics Management Inc. has beenC.H. Robinson boosts buyback program by bought by Centerbridge Partners, a New York-10mn shares based private-equity firm. Financial terms of the acquisition were not disclosed. Cardinal,C.H. Robinson Worldwide Inc. (CHRW) had which is based in Concord, specializes inadded 10mn shares to its share-repurchase shipping, warehousing and distribution. The 15-program as the logistics company looks to year-old company’s clients include AutoZoneboost shareholder return. The latest Inc. and Office Depot Inc. Cardinalsauthorization represents about 6.2% of shares management will remain intact, according to aoutstanding as of Friday. The company had spokeswoman. Centerbridge Partners managesabout 2.5mn shares remaining under its prior approximately $ 20bn in capital.authorization. C.H. Robinson has postedimproved results since the recession, with Tesoro buys BP refinery, logistics inparticular strength seen in its key trucking California for $2.5bnbusiness. Last month, the company reported itssecond-quarter earnings increased 3.2% as BP has agreed to sell its 266,000 bpd Carsonrevenue in its sourcing and payment services refinery in California and related logistics andsegments rose, though sales in its key trucking marketing assets in the region to Tesoro forsegment slipped slightly. Shares were up by $2.5bn in cash. The deal value includes thethree cents at $54.26 after hours Friday. The estimated value of hydrocarbon inventories andstock has fallen 10% over the past three subject to post-closing adjustments. Themonths. company noted that the sale is part of a previously-announced plan to reshape BP’s USBoardwalk to buy PL Midstream from PL fuels business. Subject to regulatory and otherLogistics for $625mn approvals, Tesoro will acquire the Los Angeles- area refinery as well as the associated logisticsBoardwalk Pipeline Partners has formed a joint network of pipelines and storage terminals andventure (JV) with an affiliate of its general the ARCO-branded retail marketing network inpartner, which entered into an agreement to Southern California, Arizona and Nevada. Theacquire PL Midstream from PL Logistics, a sale also includes BPs interests in associatedportfolio company of Lindsay Goldberg for cogeneration and coke calcining operations. The$625mn in cash. With this acquisition, the sale is expected to close before will enter into the natural gas liquidsmarket with well-run and strategically-locatedResearch4India 6
  7. 7. Logistics TrackXPO Logistics acquires Kelron ops for of the gas transporter. Navigator has offices in$8mn New York and London, and delivers gas to mostly developing countries. Ross Jr. is rankedXPO Logistics on Monday, Aug. 6, announced its by Forbes as the 206th wealthiest person in theacquisition of the freight brokerage operations country.of Kelron Logistics, a Canadian nonasset third-party logistics business, for $8mn in cash, Toyota to set up KES 1.28bn logisticsexcluding working capital adjustments. Kelron centre in NairobiLogistics serves more than 1,000 customersthrough locations in Toronto, Vancouver, It is reported that auto maker Toyota is settingMontreal and Cleveland. Kelron Logistics up a KES 1.28bn logistics hub in Nairobi thatgenerated trailing 12 months revenue of about will be used by 13 countries in sub Saharan$100mn as of June 30. XPO Logistics is a Africa to source vehicles directly from Japan.leading, non-asset based, third-party logistics Through its trading and investment arm Toyotaprovider in North America. Tsusho Corporation, the firm signed a memorandum of understanding with the VisionUnified Logistics acquires McTyre Trucking 2030 delivery board that will facilitate the establishment of the centre and supportUnified Logistics Holdings has acquired McTyre collaborations with the Kenyan government inTrucking Company, Inc., based in Orlando, the automobile, power and energy, petroleumFlorida, USA. Headquartered in Bethesda, and mineral resource, environmentalMaryland, Unified Logistics is a specialized infrastructure, agricultural industrializationlogistics company focused primarily on the fields. Companies in the Sub Saharan regionhandling, transport and delivery of hard-to- will be saved from importing vehicles directlydeliver freight, particularly highly urgent and/or from Japan with the establishment of theover-dimensional freight. McTyre, founded in facility. It is expected that the center will1947, primarily provides engineered transport reduce their cost and other importationof large structures (bridge steel, power grid inconveniences experienced because of the longequipment, highway and airport structures). distance.McTyre also transports mega-heavy shipmentsin the nuclear and electrical power industries, Private sector invests $33.4bn inincluding industrial machinery and processing transportation infrastructure - Abdib -equipment. McTyre will join other specialized Brazilrigging and hauling companies acquired byUnified since 2008, including Silk Road Between 2003 and 2011, the private sectorTransport, Silk Road Translink, Benchmark invested 67.6bn reais ($33.3bn) inLogistics, Great Lakes Heavy Haul and transportation and logistics projects in Brazil,Specialized Carriers. making up 40% of all investments throughout the nine year period, infrastructure and basicWilbur Ross’ firm buys majority stake in industries association (Abdib) said in a release.shipping magnate Throughout the period, a total of 1.04tn reais was invested in overall infrastructure projects.WL Ross & Co., which is headed by Palm Of this, 169bn reais, being 16.3%, wasBeacher Wilbur Ross Jr., recently agreed to buy dedicated to transportation and logistics workthe shipping firm Navigator Holdings out of which included highways, railways, metros,bankruptcy. The New York investment company ports, airports, and waterways. A total of 60%made a deal with Lehman Brothers to purchase of this came from the public sector and the rest4.4mn shares of Navigator Holdings for from the private sector. In recent years, overall$110mn, giving Ross more than 50% infrastructure project investments have seenownership. WL Ross already had 3.5mn shares slight increases. A total of 173bn reais wasResearch4India 7
  8. 8. Logistics Trackreported in 2011, representing a 2% uptick projects alone. The trade expert also fearedfrom the 170bn reais in 2010. that a renewed delay of Berlins new international airport would mean irreparableKuehne + Nagel opens new warehouse image damage for the country abroad.facility in NZ Worlds oldest shipping company closesKuehne + Nagel has opened a new warehouse after 300 yearsfacility in Auckland to meet the growingdemand for integrated logistics services. The The worlds oldest shipping firm, Stephensonnew site has an available space of 86,000 sq. Clarke Shipping Ltd., has gone into liquidationft., including a specifically designed 65,000 sq. after nearly 300 years of trading, becoming aft. outdoor secure yard for the handling and casualty of the worsening global of bulk cargo. It is the third facility Established in 1730 in Britain, Stephensonmanaged by Kuehne + Nagel in New Zealand Clarke had tried to sell its ships and cut costs inand complements the company’s two existing the face of crashing rates for dry bulk shippingfacilities with 108,000 sq. ft. and 54,000 sq. ft. on which it relied -- transporting cargoes suchwarehouse space. The premises are centrally as coal, grain and iron ore. Stephenson Clarkelocated with fast access to the city’s key thrived during Britains industrial revolution,infrastructure facilities. shipping coal from its home in the northeastern city of Newcastle and later diversifying to shipGermany loses out as logistics location: other commodities including grain, fertilisersExperts and steel in northern Europe, the Mediterranean and West Africa.Germany is moving further away from the topspot as a logistics location it once held in a DHL launches online shipping portalWorld Bank ranking. A German trade expertwarns that not enough resources are being DHL Express has launched a new Internet portalprovided for more efficient infrastructure. as part of its thrust to upgrade its technologicalGermany is losing its reputation globally as a platform to facilitate online shipping, the latestsplendid logistics location, a transportation move geared especially towards small andexpert from the Federation of German medium-sized enterprises. With the new portalWholesale, Foreign Trade and Services (BGA), My DHL, customers will have greater controlGerhard Riemann said in a statement. He over password management, and will haveclaimed that the German government had been access to a broad range of internationalgiving short shrift to important traffic services. Applications that can be accessed oninfrastructure projects and increased the the portal include DHL web shippingfinancial burdens on haulers. He also hinted the international, a solution which allows customerscurrent toll system might be expanded to to create invoices, print export labels,include other major roads. the ranking in coordinate collections, store addresses andquestion now saw Germany in fourth position monitor shipments. According to the seniorafter Singapore, Hong Kong and Finland. He company officials, this portal is the last stepparticularly complained about the government missing to offer small and medium enterprises anot having given the green light yet to full proposal that will help this sector ingigaliners or super-trucks on selected roads, particular. Customers are required to register atpraising their economic and ecological to access the service.advantages. Riemann maintained that notenough money was being provided to maintainor expand the current traffic infrastructure inGermany, saying there was a lack of 5bn euros($6.16bn) annually for road transportationResearch4India 8
  9. 9. Logistics TrackStock Market UpdateShare Price PerformanceAs on 17th August 2012 Market Cap Price Percentage Change (%) (In ` mn) (In `) 1W 1M 3M 6M 12MContainer Corporation of India 123,003 946.30 0.4% 5.2% 8.1% -3.1% -1.3%Blue Dart 47,927 2,019.85 0.4% 3.6% -3.1% 14.2% 21.4%Essar Ports Ltd. 41,441 96.85 -2.1% 2.0% 8.1% 38.6% 34.7%Great Eastern Shipping 39,550 259.70 -1.0% -0.1% 8.2% -4.3% 8.3%Shipping Corporation of India 25,992 55.80 3.8% -2.6% 2.2% -27.5% -32.9%Allcargo Logistics 17,671 138.60 -1.4% -1.7% 22.7% -2.5% -14.8%Gateway Distriparks 14,687 135.50 0.0% -6.6% -8.5% -6.4% 4.7%Arshiya International 7,341 125.75 2.8% -3.5% -6.5% -22.5% -3.9%Mercator Ltd. 4,971 20.30 7.1% -1.9% 6.8% -34.6% -16.6%Transport Corporation of India 4,647 63.90 0.2% -3.6% 13.3% -11.1% -20.0%Aegis Logistics 4,035 120.80 5.0% -0.3% -6.8% -28.8% -39.2%Sical Logistics 3,725 67.00 -0.1% -0.2% -0.2% -3.4% -15.9%Gati 3,303 38.15 -1.3% 1.2% 14.2% -4.5% -37.5%Aqua Logistics 3,000 10.00 0.0% -8.7% -11.1% -16.3% -30.8%SEAMEC Ltd. 2,971 87.65 0.9% 2.3% 12.7% -12.5% -9.5%Varun Shipping 2,363 15.75 4.3% -2.5% -4.0% -23.2% -20.3%NSE Nifty - 5,366.30 0.9% 3.3% 10.2% -3.6% 6.1%BSE Sensex - 17,691.08 0.8% 3.4% 10.1% -3.3% 5.1%ET Logistics Index - 16,764.24 0.3% 2.3% 5.3% -4.5% 0.3%ET Shipping Index - 6,385.98 0.9% -1.6% -0.8% -17.8% -5.8%Baltic Dry Index (BDIY:IND) - 714.00 -7.8% -34.7% -37.2% -0.4% -47.9%Baltic Dry Index Source: Baltic ExchangeRoad Freight IndexU Source: Transport Corporation of IndiaResearch4India 9
  10. 10. Logistics TrackFinancial BenchmarkingQuarterly Results – Q1 FY ’13, ending 30th June, 2012 Company Revenue EBITDA PAT Margins Q1 FY’13 Q1 FY’12 Q1 FY’13 YoY Q1 FY’12 Q1 FY’13 YoY Q1 FY’12 Q1 FY’13 YoY EBITDA NPMAegis Logistics 8,304 14,843 79% 274 (244) - 161 48 -70% - 0%Shipping Corp. of Ind. 9,727 12,200 25% 1,181 1,624 38% (59) (549) - - -Mercator Lines 7,992 10,952 37% 1,513 1,750 16% 147 171 16% 16% 2%CONCOR 9,490 10,369 9% 2,597 2,671 3% 2,342 2,451 5% 26% 24%Allcargo 8,541 9,752 14% 1,022 1,135 11% 664 556 -16% 12% 6%GE Shipping 7,280 8,070 11% 3,183 2,879 -10% 1,626 1,810 11% 36% 22%TCI 4,159 4,574 10% 344 370 8% 134 136 1% 8% 3%Blue Dart 3,721 4,317 16% 510 574 13% 340 406 19% 13% 9%Arshiya 2,226 3,418 54% 539 934 73% 236 346 47% 27% 10%Gateway Distri. 1,978 2,320 17% 635 660 4% 334 352 6% 28% 15%Sical Logistics 2,058 1,753 -15% 202 220 - 21 14 -34% 13% 1%Varun Shipping 1,327 1,538 16% 345 937 172% (353) 1,452 - 61% -Patel Integrated 1,130 1,191 5% 47 45 -3% 12 9 -25% 4% 1%Aqua Logistics 1,107 773 -30% 91 63 -31% 42 15 -64% 8% -SEAMEC Ltd 460 737 60% 127 138 - 86 137 - - -Shreyas Shipping 319 462 45% 21 70 240% (14) 43 - 15% 9%Gati 2,253 159 -93% 241 (62) - 38 638 1593% - 402%Essar Ports 70 84 20% 33 12 -63% (213) (179) - 14% - 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 10
  11. 11. 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 11
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