7 A U G ’ 1 2 – 2 0 A U G ’ 1 2

Logistics Track Research4I nd ia For t n ight l y updat e o n L og is t i c s I ndust ry

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In The Spotlight Contents

Dempo buys majority stake in shipyard Modest

Infrastructure for ` 7bn

Goa-based Dempo Group, which in 2009 sold its core

mining business to Vedanta Resources and ventured

into shipping, has acquired a controlling stake in

Gujarat's shipyard company Modest Infrastructure in

a transaction valued at over ` 7bn. The acquisition

will catapult Demp Limited to making barges for iron

ore exports from Goa, into the national shipyard and

ship repair business and pitch it with larger

companies like L&T, ABG Shipyard, according to

people familiar of the development. Dempo's

transaction was done through the group's unlisted

subsidiary Dempo Shipbuilding and Engineering.

A recent study by industry body Assocham said that

the Indian shipbuilding industry, which is growing at

8% every year, will need to be expanded to cater to

cargo traffic of 1,230mn tonnes by 2015 and

3,000mn tonnes by 2020. Currently, the traffic at

major ports in India is about 600mn tonnes.

The ` 7.5bn, 70-year-old Dempo Group has interests

in iron ore mining, calcined petroleum coke, pig iron,

and shipbuilding and repair. The closely-held group

has two listed companies, Goa Carbon and Hindustan

Foods. In 2009, the group sold its mining business to

Sesa Goa, part of Vedanta Resources, for ` 17.5bn. It

focused on shipbuilding, by making barges used by

ore exporters from Goa, the largest ore exporter of

India.

News of the fortnight 1

Investment Activity 2

News Update 3

Global News Update 5

Stock Market Updates 9

Peer Benchmarking

10

About Four-S Services 11

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

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www.research4india.com, as well as

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Bloomberg, Research and Markets,

CapitalIQ etc.

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Research4India 2

PE Deals in 2012

Date Investor Target Stake

(%) Amount ($ mn)

Strategy

6-Jan General Atlantic Foursee Infrastructure Equipments Ltd.

NA 20.8 Growth

23-Feb IDFC Private Equity StarAgri Warehousing & Collateral Mgmt

NA 30.0 Growth

23-Feb Global Super Angels Chhotu.in (Santa Claus Couriers) 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 29-Jun Vertex Venture Holdings, KPCB,

Sherpalo Ventures Reverse Logistics NA NA Growth

25-Jul Ambit Pragma Mehta Frozen Foods Carriers 74.0 NA Early 19-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

Date Investor Target Stake

(%) Amount ($ mn)

Business

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 Services 15-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 Services

16-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

Investment Activity

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Research4India 3

Future Supply Chain set to raise `1bn in

second round funding

Future group’s consumer logistics company

Future Supply Chain Solutions will be raising `

1bn this year through a second round of private

equity placement. This will form part of the

funds needed to double the warehousing

capacity of the company. According to

Anshuman Singh, MD & CEO, Future group’s

consumer logistics company Future Supply

Chain Solutions will be raising ` 1bn this year

through a second round of private equity

placement. This will form part of the funds

needed to double the warehousing capacity of

the company. The company had earlier in 2009

received $30mn from Fung Capital, the private

equity arm of Hong Kong-based Li and Fung

group, diluting 26% stake in the company. This

time, it would either look for a new equity

partner or raise additional funds from the

existing partner. The funds will be utilised to

double the warehousing capacity to 10mn sq ft

in next two years. The company has made a

total investment of ` 3bn since its inception and

in the past two years it has added a storage

space of two million sq ft. Expanding storage

space was necessitated after the company

started servicing external clients three years

back. Currently, 70% of the company’s revenue

comes from serving the group companies and

the rest from external clients. By the end of this

year the revenue share from the external

clients are expected to go up to 50% as the

company has been witnessing good growth in

the business in the past three years. The

company clocked ` 4bn revenue last year hopes

a 50% growth in the topline this fiscal.

New CFS to add muscle to Gateway

Distriparks

Despite the dip in net profit in the first quarter

of the current year, Gateway Distriparks

expects a better year due to the commissioning

of two new container freight stations — at Navi

Mumbai and Kochi. For the first quarter of

2012-13, Gateway Distriparks achieved a

turnover of ` 558mn (against ` 610mn in the

same period last year) and a net profit of `

180mn (` 223mn) on standalone basis. The

company is expected to ramp up its CFS

capacity to 560,000 TEUs in the current

financial year with the resumption of full

operations at Punjab Conware CFS. Its current

capacity stands at 516,000 TEUs. Construction

of the building of Punjab Conware CFS has

begun and partial operations from the facility

will commence by November-end. The facility

will be fully operational towards the year-end.

The Kochi CFS has also commenced partial

operations (on wheel operations) and is likely to

commence full-fledged operations on

completion of the construction of warehouse,

which is expected to happen next month.

Gateway Distriparks is broadly divided into

three — CFS, container rail (through Gateway

Rail Freight Ltd) and cold storage (Snowman

Logistics). The company operates container

freight stations at Navi Mumbai, Chennai,

Visakhapatnam and (soon in) Kochi. It also

operates Inland Container Depots (ICD) at

Garhi (Haryana), Sahnewal (Ludhiana),

Kalamboli (Mumbai) and a new ICD at Asaoti

(Fardibad, to be operational in the current

year).

GTI Capital invests in Brattle Foods

Financial services and investment firm GTI

Capital has invested in foods company Brattle

Foods. Brattle and its subsidiaries are engaged

in the business of contract manufacturing of

food products and providing logistics solutions,

including cold and ambient temperature storage

and transport. The investment will be utilised in

expanding Brattle's facilities. The amount of

investment was not disclosed. Almost three

years back, Brattle Foods had announced an

investment of ` 8bn to set up three

manufacturing units for dairy, meat and

processing of fruits and vegetables. At that

time, the company had said it was allocating `

News Update

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Research4India 4

3bn for setting up a dairy plant, and ` 1bn for

its vegetables and fruit processing business. But

the majority investment of ` 4bn had been

allocated for the company's meat processing

division.

Japan-aided DMIC likely to bring ` 750bn

investment to UP

The Delhi-Mumbai Industrial Corridor (DMIC)

project is estimated to facilitate investments of

` 750bn in the Greater Noida investment zone

of Uttar Pradesh. The zone, comprising Dadri-

Noida-Ghaziabad, would attract food,

electronics, auto, IT and other sunrise

industries that is likely to create 1.2mn job

opportunities. The Centre would also spend `

30bn in the region under the DMIC. The much-

awaited industrial corridor project is a ` 5tn

mega infrastructure project with financial and

technical aid from Japan. Seven investment

centres and 13 industrial areas have been

identified along the upcoming industrial

corridor, of which an investment centre

(Greater Noida) and an industrial area (Meerut-

Muzaffarnagar) would fall in UP. On either side

of these centres, a ‘150-200 km area’ has been

identified as dedicated freight corridor (DFC).

These would be self-sustaining industrial

townships with world-class infrastructure viz

road, rail/air connectivity, quality social

infrastructure and provide a competitive

business environment. Indian Railways intends

to develop Multi-modal Logistics Parks (MMLP)

through the public-private partnership (PPP)

route along the eastern DFC at strategic

locations. An MMLP was also proposed at

Kanpur.

JNPT likely to scrap deal with DBC Port

The country's largest container port, Jawaharlal

Nehru Port Trust (JNPT), is likely to scrap a

contract with Arvind Dubash-owned DBC Port

Logistics, formerly Speedy Multimodes, after

JNPT's auditors found discrepancies in the rates

charged by the company. Speedy Multimodes

had won the licence in 2007 to operate the

container freight station (CFS) at JNPT, spread

across 68 acres, and are the largest CFS facility

at the port. The terms and conditions of the

agreement said that the rates at the CFS were

to be governed by the ones approved by the

Tariff Authority for Major Ports (TAMP). But

after complaints raised by board members and

customers that DBC was charging higher rates,

JNPT had appointed a chartered accountant to

look into the allegations. Later in May, the

auditors submitted their report which said that

the rates charged were higher than those

mandated by TAMP. DBC Ports Logistics

defended itself, saying it didn't overcharge

customers, and concerns were raised mainly by

competitors since DBC's rates were much lesser

than others. It has also warned of strong legal

action if their contract is terminated.

Incidentally, DBC has been seeking a revision in

its rates at the CFS facility and had requested

for a massive 180% hike in rates.

7 firms keen to develop Kochi port’s

proposed ship repair unit

As many as seven firms have responded to a

proposal by the Kochi Port to develop a ship

repair facility on a PPP basis within the port.

Cochin Shipyard Ltd and the Bahrain-based

Sultan Marine International are among the

firms that have evinced interest at the

Expression of Interest floated by the port for

the public-private partnership project.

Encouraged by the response, the port had

invited global bids in May in a two cover system

for ‘Development and Operation’ of an

international ship repair facility with private

sector participation. According to the senior

official, the port will position its existing ship

repair facility as a ‘modern ship repair yard’

with additional facilities for ship building. The

idea is to develop the existing facility on par

with international standards for maintenance,

repair and overhaul of small and medium size

vessels by ensuring fast turnaround, high

quality and excellent service. Figures from the

port show that around 1,000 ships call at the

port every year . The number will nearly double

over the next three years, brightening the

prospects for the ship repair facility.

Chennai Port Trust woos Coimbatore

trading companies

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Research4India 5

The Chennai Port Trust (ChPT), which is getting

into containerisation in a big way, will set up a

marketing cell and a help desk in the city to

increase its share in shipments from the region.

It is also ready to offer volume-based

discounts, storage and stevedoring (loading and

unloading) facilities for exporters and importers

in the region. With several private container

train operators commencing container train

services from Chennai to other parts of the

state, the export-import trade in Coimbatore

can get easier. About 350 containers of cargo

are sent to the Chennai Port every month from

Coimbatore. This can go up to 1,000 tonnes

according to senior official. More than 500 items

are being exported from Coimbatore and there

are over 300 registered exporters. The Chennai

Port was the major export terminal for the

region till the early 90s. However, it lost out its

prime position to other ports over a period of

time. But with the ChPT shedding dirty and

break bulk cargo, it is now trying to win back

patronage from the trade and industry in the

region.

Railways wants FDI for industry corridors

In a move that seeks to overturn the Railways’

policy against foreign direct investment in its

core business of laying tracks and running

trains, the Railways Ministry has proposed that

the Cabinet allow FDI to build dedicated lines

for industries. Accepting that its current plans

to boost connectivity to sectors such as mining

and industry have not succeeded, the ministry

has forwarded its proposal for FDI in a cabinet

note sent to the committee on infrastructure

headed by Prime Minister Manmohan Singh.

Foreign direct investment in its core areas has

been an absolute no-no for the fourth largest

rail network in the world despite a huge

shortage of funds to finance expansion. The

Railways allows FDI only in the manufacture of

components by private companies that supply

to the network. Between 2000 and 2012, the

total FDI into the Railways has been ` 13.5bn

according to the Department of Industrial Policy

and Promotion. Under the model, the

concessionaire would build lines and maintain

them while the railways will have joint equal

right to use the infrastructure to ferry goods.

Rail Bhawan expects the project concession

period will run for 30 years with the return on

equity linked to the interest rate on 10-year G-

Secs.

Railway freight traffic to grow 5.2% this

fiscal: CMIE

Railway freight traffic is likely to clock a 5.2%

growth this fiscal on higher demand from coal

and iron ore meant for domestic steel plants,

according to a forecast by Centre for Monitoring

Indian Economy (CMIE). In 2012-13, the

revenue-earning freight traffic of the Indian

Railways is projected to rise by 5.2%. About

1,020mn tonnes of commodities are likely to be

transported during the year. The freight traffic

during the June quarter increased 4.8%

compared to the same period year ago. Noting

that the growth will be supported by coal and

iron ore meant for domestic steel plants, the

report said country's coal imports are expected

to rise 28.3% to 134.4mn, which will create a

need for transporting. There is a strong demand

for coal from the power and steel sectors. Since

the domestic output is not sufficient to meet the

demand of the power sector, coal is imported.

Global shipping Q2 volumes hit by Europe's

economic crisis

Global shipping volumes fell in the second

quarter of the year as Europe's economic

difficulties continued to act as a burden on

demand, according to the latest report from

Container Trade Statistics (CTS). The data

shows that exports from Europe (in terms of

TEU) grew three per cent in the second quarter

of 2012, a marked slowdown from the revised

first quarter figure of 9.7%, while imports to

Europe fell 5.3% in the second quarter. Asia's

weaker economic performance in the second

quarter (compared with a stronger first quarter)

is reflected in the figures. Initial data shows

imports to the region fell 4.2% in the second

quarter, compared with growth of 5.8% in the

first quarter. Meanwhile export volumes

Global News Update

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Research4India 6

increased just 2.8%, according to Transport

Intelligence. Container exports from North

America decreased 6.5% in the second quarter,

while exports in the first quarter of the year

were almost flat at minus -0.6%. However,

import figures indicate a much more positive

picture, up 9.9% in the second quarter,

compared with growth of 3.7% in the first

quarter. Negative export growth was reported

in South America, the Middle East and Africa. In

terms of imports, growth rates slowed

considerably, however, they remained in

positive territory. As the global economic

recovery remains weak and uncertain, it seems

the second half of the year is likely to remain

tough for shippers.

C.H. Robinson boosts buyback program by

10mn shares

C.H. Robinson Worldwide Inc. (CHRW) had

added 10mn shares to its share-repurchase

program as the logistics company looks to

boost shareholder return. The latest

authorization represents about 6.2% of shares

outstanding as of Friday. The company had

about 2.5mn shares remaining under its prior

authorization. C.H. Robinson has posted

improved results since the recession, with

particular strength seen in its key trucking

business. Last month, the company reported its

second-quarter earnings increased 3.2% as

revenue in its sourcing and payment services

segments rose, though sales in its key trucking

segment slipped slightly. Shares were up by

three cents at $54.26 after hours Friday. The

stock has fallen 10% over the past three

months.

Boardwalk to buy PL Midstream from PL

Logistics for $625mn

Boardwalk Pipeline Partners has formed a joint

venture (JV) with an affiliate of its general

partner, which entered into an agreement to

acquire PL Midstream from PL Logistics, a

portfolio company of Lindsay Goldberg for

$625mn in cash. With this acquisition, the

company will enter into the natural gas liquids

market with well-run and strategically-located

assets. BPHC will own 67% of the joint

venture's equity, while remaining 33% will be

owned by Boardwalk. They are likely to

contribute about $268mn and $132mn,

respectively, to fund the acquisition. The deal is

expected to close in late September or early

October. PL Midstream provides salt-dome

storage, pipeline transportation, fractionation

and brine supply services for producers and

consumers of petrochemicals, natural gas

liquids (NGLs) and natural gas through two

hubs in southern Louisiana.

Concord's Cardinal Logistics acquired by

NY private equity firm

Cardinal Logistics Management Inc. has been

bought by Centerbridge Partners, a New York-

based private-equity firm. Financial terms of

the acquisition were not disclosed. Cardinal,

which is based in Concord, specializes in

shipping, warehousing and distribution. The 15-

year-old company’s clients include AutoZone

Inc. and Office Depot Inc. Cardinal's

management will remain intact, according to a

spokeswoman. Centerbridge Partners manages

approximately $ 20bn in capital.

Tesoro buys BP refinery, logistics in

California for $2.5bn

BP has agreed to sell its 266,000 bpd Carson

refinery in California and related logistics and

marketing assets in the region to Tesoro for

$2.5bn in cash. The deal value includes the

estimated value of hydrocarbon inventories and

subject to post-closing adjustments. The

company noted that the sale is part of a

previously-announced plan to reshape BP’s US

fuels business. Subject to regulatory and other

approvals, Tesoro will acquire the Los Angeles-

area refinery as well as the associated logistics

network of pipelines and storage terminals and

the ARCO-branded retail marketing network in

Southern California, Arizona and Nevada. The

sale also includes BP's interests in associated

cogeneration and coke calcining operations. The

sale is expected to close before mid-2013.

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Research4India 7

XPO Logistics acquires Kelron ops for

$8mn

XPO Logistics on Monday, Aug. 6, announced its

acquisition of the freight brokerage operations

of Kelron Logistics, a Canadian nonasset third-

party logistics business, for $8mn in cash,

excluding working capital adjustments. Kelron

Logistics serves more than 1,000 customers

through locations in Toronto, Vancouver,

Montreal and Cleveland. Kelron Logistics

generated trailing 12 months revenue of about

$100mn as of June 30. XPO Logistics is a

leading, non-asset based, third-party logistics

provider in North America.

Unified Logistics acquires McTyre Trucking

Unified Logistics Holdings has acquired McTyre

Trucking Company, Inc., based in Orlando,

Florida, USA. Headquartered in Bethesda,

Maryland, Unified Logistics is a specialized

logistics company focused primarily on the

handling, transport and delivery of hard-to-

deliver freight, particularly highly urgent and/or

over-dimensional freight. McTyre, founded in

1947, primarily provides engineered transport

of large structures (bridge steel, power grid

equipment, highway and airport structures).

McTyre also transports mega-heavy shipments

in the nuclear and electrical power industries,

including industrial machinery and processing

equipment. McTyre will join other specialized

rigging and hauling companies acquired by

Unified since 2008, including Silk Road

Transport, Silk Road Translink, Benchmark

Logistics, Great Lakes Heavy Haul and

Specialized Carriers.

Wilbur Ross’ firm buys majority stake in

shipping magnate

WL Ross & Co., which is headed by Palm

Beacher Wilbur Ross Jr., recently agreed to buy

the shipping firm Navigator Holdings out of

bankruptcy. The New York investment company

made a deal with Lehman Brothers to purchase

4.4mn shares of Navigator Holdings for

$110mn, giving Ross more than 50%

ownership. WL Ross already had 3.5mn shares

of the gas transporter. Navigator has offices in

New York and London, and delivers gas to

mostly developing countries. Ross Jr. is ranked

by Forbes as the 206th wealthiest person in the

country.

Toyota to set up KES 1.28bn logistics

centre in Nairobi

It is reported that auto maker Toyota is setting

up a KES 1.28bn logistics hub in Nairobi that

will be used by 13 countries in sub Saharan

Africa to source vehicles directly from Japan.

Through its trading and investment arm Toyota

Tsusho Corporation, the firm signed a

memorandum of understanding with the Vision

2030 delivery board that will facilitate the

establishment of the centre and support

collaborations with the Kenyan government in

the automobile, power and energy, petroleum

and mineral resource, environmental

infrastructure, agricultural industrialization

fields. Companies in the Sub Saharan region

will be saved from importing vehicles directly

from Japan with the establishment of the

facility. It is expected that the center will

reduce their cost and other importation

inconveniences experienced because of the long

distance.

Private sector invests $33.4bn in

transportation infrastructure - Abdib -

Brazil

Between 2003 and 2011, the private sector

invested 67.6bn reais ($33.3bn) in

transportation and logistics projects in Brazil,

making up 40% of all investments throughout

the nine year period, infrastructure and basic

industries association (Abdib) said in a release.

Throughout the period, a total of 1.04tn reais

was invested in overall infrastructure projects.

Of this, 169bn reais, being 16.3%, was

dedicated to transportation and logistics work

which included highways, railways, metros,

ports, airports, and waterways. A total of 60%

of this came from the public sector and the rest

from the private sector. In recent years, overall

infrastructure project investments have seen

slight increases. A total of 173bn reais was

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Research4India 8

reported in 2011, representing a 2% uptick

from the 170bn reais in 2010.

Kuehne + Nagel opens new warehouse

facility in NZ

Kuehne + Nagel has opened a new warehouse

facility in Auckland to meet the growing

demand for integrated logistics services. The

new site has an available space of 86,000 sq.

ft., including a specifically designed 65,000 sq.

ft. outdoor secure yard for the handling and

storage of bulk cargo. It is the third facility

managed by Kuehne + Nagel in New Zealand

and complements the company’s two existing

facilities with 108,000 sq. ft. and 54,000 sq. ft.

warehouse space. The premises are centrally

located with fast access to the city’s key

infrastructure facilities.

Germany loses out as logistics location:

Experts

Germany is moving further away from the top

spot as a logistics location it once held in a

World Bank ranking. A German trade expert

warns that not enough resources are being

provided for more efficient infrastructure.

Germany is losing its reputation globally as a

splendid logistics location, a transportation

expert from the Federation of German

Wholesale, Foreign Trade and Services (BGA),

Gerhard Riemann said in a statement. He

claimed that the German government had been

giving short shrift to important traffic

infrastructure projects and increased the

financial burdens on haulers. He also hinted the

current toll system might be expanded to

include other major roads. the ranking in

question now saw Germany in fourth position

after Singapore, Hong Kong and Finland. He

particularly complained about the government

not having given the green light yet to

gigaliners or super-trucks on selected roads,

praising their economic and ecological

advantages. Riemann maintained that not

enough money was being provided to maintain

or expand the current traffic infrastructure in

Germany, saying there was a lack of 5bn euros

($6.16bn) annually for road transportation

projects alone. The trade expert also feared

that a renewed delay of Berlin's new

international airport would mean irreparable

image damage for the country abroad.

World's oldest shipping company closes

after 300 years

The world's oldest shipping firm, Stephenson

Clarke Shipping Ltd., has gone into liquidation

after nearly 300 years of trading, becoming a

casualty of the worsening global downturn.

Established in 1730 in Britain, Stephenson

Clarke had tried to sell its ships and cut costs in

the face of crashing rates for dry bulk shipping

on which it relied -- transporting cargoes such

as coal, grain and iron ore. Stephenson Clarke

thrived during Britain's industrial revolution,

shipping coal from its home in the northeastern

city of Newcastle and later diversifying to ship

other commodities including grain, fertilisers

and steel in northern Europe, the Mediterranean

and West Africa.

DHL launches online shipping portal

DHL Express has launched a new Internet portal

as part of its thrust to upgrade its technological

platform to facilitate online shipping, the latest

move geared especially towards small and

medium-sized enterprises. With the new portal

My DHL, customers will have greater control

over password management, and will have

access to a broad range of international

services. Applications that can be accessed on

the portal include DHL web shipping

international, a solution which allows customers

to create invoices, print export labels,

coordinate collections, store addresses and

monitor shipments. According to the senior

company officials, this portal is the last step

missing to offer small and medium enterprises a

full proposal that will help this sector in

particular. Customers are required to register at

www.dhl.com/mydhl to access the service.

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Research4India 9

Stock Market Update

Share Price Performance

Baltic Dry Index

Road Freight Index

U

As on 17th August 2012 Market Cap Price

(In ` mn) (In `) 1W 1M 3M 6M 12M

Container 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%

Percentage Change (%)

Source: Baltic Exchange

Source: Transport Corporation of India

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Financial Benchmarking

Quarterly Results – Q1 FY ’13, ending 30th June, 2012

Figures in Rs.`mn

Annual Results - FY‘12

Figures in Rs.`mn

Q1 FY’12 Q1 FY’13 YoY Q1 FY’12 Q1 FY’13 YoY Q1 FY’12 Q1 FY’13 YoY EBITDA NPM

Aegis 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% -

Company Revenue EBITDA PAT Margins Q1 FY’13

FY'11 FY’12 YoY FY'11 FY’12 YoY FY'11 FY’12 YoY EBITDA NPM

Aegis 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) - - -

Company Revenue EBITDA PAT Margins FY’12

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Research4India 11

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