1. 2 5 J U N ’ 1 2 – 9 J U L ’ 1 2
Logistics Track
Research4India Fortnightly update on Logistics Industry
In The Spotlight Contents
Japanese Logistics firm SG Holdings invests in
Sindhu Cargo Services
News of the fortnight 1
SG Holdings Company Limited of Japan has invested `
Rs 900mn in Sindhu Cargo Services Limited and its
sister concern Sunlog Services Private Limited for an Investment Activity 2
aggregate stake of 40% in each of the entities. The
investment will be done in two tranches, with 26% in
first tranche and 14% in the second tranche. Sindhu News Update 3
Cargo Services started its operations offering Single
Stop Logistics Solutions since 1987 having a market
presence throughout India. Its services include Stock Market Updates 8
custom brokerage, freight forwarding, warehousing,
and transportation to consulting in EXIM policies in
India. Peer Benchmarking 9
Headquartered in Kyoto, Japan, SG Holdings is one of
the largest cargo companies in Japan. Established in About Four-S Services 10
1957, SG holdings has a transport network both
domestically in Japan and internationally. Its
operations are divided into three segments of
delivery, logistics and other businesses.
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2. Logistics Track
Investment 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
Mgmt
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, 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 Services
15-May DTDC Eurostar Express NA NA Courier Services
18-Jul SG Holdings Sindhu Cargo Services 40.0 NA* Growth
18-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 Update
Amansa Investments exits Gujarat Pipavav about 840 kms of rail routes and electrifying
about 640 kms. ADB will also support
Amansa Investments Limited sold off its entire
accounting reforms to improve operational and
stake in Gujarat Pipavav Ports Limited by selling
3,816,136 shares at ` 55.75 per share on NSE, financial efficiency at Indian Railways. The
program will be able to help in reducing fuel
amounting 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 railway
250.8mn, thus totaling a sale of ` 463.5mn.
safety. It would also increase the line capacity
Amansa 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 Investment
Franklin Templeton Investment Fund by
Program is $ 1,144.6 mn, out of which loan
purchase of 3,100,000 shares at ` 55.75 per
assistance from ADB is $ 500mn (in four
share on the BSE and 2,976,000 shares at the
tranches) and Indian government's 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 + Indian
company. Gujarat Pipavav raised ` 3.5bn
government's share $ 193.4mn). ADB will also
through a mix of QIP and preferential issue last
provide a program linked technical assistance of
week. Other major stakeholders in the company
$ 300,000 to promote sustainable transport
include IDBI Bank (5.92%), Credit Suisee
modes by monitoring carbon emission
(Singapore) (4.24%) and Newyork Life
reductions from shifting bulk goods from road
International India Fund (Mauritius) (3.48%)
to rail. Railway ministry and Rail Vikas Nigam
among others. Amansa Investments Ltd has an
Limited would be implementing the program.
AUM of around $300mn has a focus on midcap
companies in India. Its portfolio includes Mahindra Logistics scouting for overseas
Whirlpool, Greaves Cotton, Blue Star and buyouts
Edelweiss Capital to name a few. Gujarat Mahindra Logistics, a part of the diversified
Pipavav Port Ltd. handles container, bulk and Mahindra Group, has said that it is open to
LPG cargo at Pipavav port in the Saurashtra overseas acquisitions as part of its plan to
region of Gujarat. The company is promoted by become a $ 1-bn firm. However, neither a
APM Terminals (2005). APM Terminals is a part timeline to become a billion- dollar entity nor
of AP Moller-Maersk Group - one of the largest the possible deal size was disclosed. Mahindra
container terminal operators in the world with a Logistics wants to partner with players, who will
Global 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 company
ADB to provide a $150mn loan for will soon enter China, Indonesia and Thailand
improvement 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, notwithstanding
under Railway Sector Investment Program to
the prevailing market conditions. Mahindra
improve rail freight services and passenger
Logistics, which claims to be the largest player
transport routes. The amount will be the 1st
in the integrated third-party logistics services
tranche of the $ 1,144mn investment and will
space, has presence in both supply change
help the country improve rail services along
management as well as public transport
some of its busiest freight and passenger
solutions.
transport routes, providing double-track for
Research4India 3

4. Logistics Track
L&T, Pipavav Defence form JV with Railway Catering and Tourism Corporation. The
Mazagon Department of Public Enterprises has invited
Larsen and Toubro and Pipavav Defence have applications from non-railway service
signed two separate deals with the country's employees for the post of Chairman and
biggest naval shipyard, Mazagon Dock, to Managing Director. The post, at present, is held
produce equipment for the defence sector. by the Railway Board members. This move will
According to the joint venture signed, Mazagon pave the way for more financial and
will partner L&T to manufacture submarines for administrative freedom for these PSUs as the
the navy while the venture with Pipavav will post of their Chairman is at present held by the
make frigates, destroyers and aircraft carriers. Railway Board members. This will also pave the
Mazagon dock was the first among the public way for the ` 40bn Concor to get Navaratna
sector companies to invite a joint venture status soon, a move that will help the listed
partner to undertake its order book which runs company take faster decisions, without waiting
into more than Rs 10mn. Mazagon's decision to for approvals. Earlier, the Navaratna status
award two joint venture projects comes at a eluded Concor despite its eligibility because the
time when the public sector shipyards have Railways hesitated from giving away the post of
been struggling to complete projects on time. Chairman. Concor had even come out with a
In 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 India
for their inadequate infrastructure and rising getting Navaratna status. Concor plans to
costs. invest in port infrastructure, a move that will
help it in forward and backward integration at a
Coal India to invest ` 75bn on rail time when it is competing with companies such
infrastructure as APL, DPW, and Hind Terminals — all of which
are backed by shipping lines or large port
Coal India Ltd reportedly to invest ` 75bn to
terminal companies.
develop railway tracks and related
infrastructure to evacuate around 100 million Reverse logistics joins hands with Philips
tonnes (mt) of additional coal from India
Chhattisgarh, Jharkhand and Odisha. These Reverse Logistics Company Pvt ltd (RLC), a
would help the company to evacuate around provider of comprehensive reverse logistics
100 million tonnes of additional coal from each solutions has entered into an agreement with
of the States. Non availability of transportation Philips to handle their reverse backend. RLC
though Railways has been preventing the provides a one stop, technology enabled,
company from extracting coal from mines, the comprehensive reverse supply chain solution by
demand for which has surged from power utilizing its pan-India hub and spoke model and
plants. The miner is not able to transport more specialized work force that is enabled through
than 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 with
unexplored. Most of the mines in these States Acer.
have the capacity to produce around 10 MT.
Kerala government may invite fresh bids
Concor may soon be a Navaratna for Vizhinjam Port
The Indian Railways may finally loosen its grip The Kerala government is likely to invite fresh
and delegate work to the heads of its public bids for the Vizhinjam Port after the state
sector 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. The
Corporation, Railtel, RITES, Ircon, and Indian consortium was the lone bidder to operate the
Research4India 4

5. Logistics Track
project after the home ministry denied 3.16bn. The three have proposed to jointly
permission to Adani Ports to participate in the acquire 271.5mn shares of Lloyds Steel at a
bid. Welspun had asked the state government price of Rs 11.65 per share. The offer, if fully
for a grant of ` 4.79bn which was later revised accepted, will give the acquirers 26% of the
to less than ` 4bn. Welspun has asked the state 'emerging voting capital' of Lloyds Steel for an
government to grant it the first right of refusal investment of Rs 3.16bn. The open offer follows
if a re-bidding is invited for the project, Lloyds Steel shareholders' approval of a
according to senior officials of Welspun. The resolution to issue 380mn shares on
Vizhinjam terminal, planned as a container preferential basis to Ultimate Logistics and
transshipment 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 world
called landlord model, where the state
government will set up the infrastructure and India now enjoys the dubious distinction of
invite an operator to run the port. having emerged as the largest centre of ship-
breaking in the world with 415 ships having
MSC to partner Adani in new container been broken in the ship-breaking yards of Alang
facility at Mundra port in 2011-12. Another 150 giant behemoths, used
Mediterranean Shipping Co. SA, or MSC, the to ferry millions of tons of goods across the
world’s second-biggest container shipping line, globe but no longer seaworthy, are waiting
and 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 Alliance
and operate a container loading facility at show that 532 “toxic” ships have been broken
Mundra port in Gujarat, according to the down along the Gujarat coastline. Pakistan has
sources. This will be MSC’s first investment in a emerged as the number two ship-breaking
container terminal in India. MSC is privately country followed by Bangladesh and China, but
held by the family of Gianluigi Aponte, its in the latter country ships are broken in dry
founder 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 safety
Mundra. Adani International Container
Terminal, a 100% subsidiary of APSEZ, was With increasing modes of transport, the
formed for developing a container terminal and government of Gujarat mulls country's first
associated facility at the south basin in Mundra Transport Safety Board on the lines of prevalent
port. The deal will help MSC get priority models in some of the developed countries like
berthing at the new facility and APSEZ will gain USA and Canada. Since 2007, the central
from guaranteed volumes. The first phase of government mulls formation of National Road
the new terminal with a capacity to load 1.5mn Safety and Traffic Management Board following
standard containers a year will be ready for recommendations by S Sundar's committee.
operations by December. When the third However, the bill for the same is yet to be
terminal is fully operational, Mundra port can passed by the central government. Ministry of
load up to 7.5mn standard containers a year. shipping, road transport and highways is
responsible for road safety in India. The Motor
Ultimate Logistics, MEEL and Ushdev Vehicles Act of 1988 states that each state
jointly offer to acquire 26% in Lloyd Steel should have a road safety council and be
Three companies, including Ultimate Logistics headed by transport minister. States like Tamil
Solutions Pvt Ltd, Metallurgical Engineering Nadu, Andhra Pradesh and Maharashtra have
Equipment Ltd (MEEL) and Ushdev such councils while Gujarat is yet to form
International, have jointly made an open offer council. Proposed board will have 4-5 members
to acquire 26% stake in Lloyd Steel for over `
Research4India 5

6. Logistics Track
including chief secretary of government of the second half due to macroeconomic
Gujarat as chairman. regulatory policies. China's 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 Statistics
China echoes 2009 stimulus with Railway showed. The growth rate marked the sixth
spending boost consecutive quarter of decline and marked the
slowest rate since the first quarter of 2009.
China’s railway infrastructure investment may
double in the second half of this year from the DHL Express launches its $ 175mn North
first six months, aiding efforts to reverse a Asia Hub
slowdown in the world’s second-biggest DHL, the world's 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 the
the website of the National Development and Shanghai Pudong International Airport. The
Reform Commission’s Anhui branch. The company also announced plans to further invest
document indicates a 9% increase from a $132mn to add eight dedicated aircraft to
previous plan of 411.3bn yuan. Spending was service high demand routes between Shanghai
148.7bn 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 to
would 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, DHL's planned
global financial crisis. A decline in foreign direct investment of $132mn will increase the
investment reported by the government today dedicated capacity of its Asia Air Network by
underscored the toll that Europe’s debt woes deploying eight freighter aircraft between
and austerity measures are taking on Asia’s Shanghai and North Asia, Europe and the US.
largest economy. DHL further plans to increase capacity on routes
China's Logistics Industry slows in first between the DHL Express North Asia Hub and
half other cities in mainland China and Taiwan. Over
China's logistics industry saw tempered growth the next few months, DHL will add direct
in the first half this year amid the slowest connections to Incheon, Taipei and Chinese
economic growth experienced by the country cities such as Dalian and Qingdao, with Beijing
since 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 $135
posted on its website that the total value of the
mn
sector for the first 6 months grew by 10% year
on year to 83.6tn yuan ($ 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 an
period last year and down 0.9% points from the initial public offering of its common units. Delek
first quarter this year, the federation said. Total Logistics, a subsidiary of Delek U.S. Holdings
expenses rose 11.9% year on year to 4.1tn Inc, transports, stores and markets crude oil
yuan, down 6.4% points from a year earlier, and refined products in southeast United States
the CFLP said. The expenses represented 18% and west Texas. Delek U.S. Holdings, which is a
of China's GDP during the same period, much part of Israeli energy, real estate and insurance
higher than the ratio in most developed conglomerate Delek Group has a market value
economies. The federation expects the sector's of about $1.11bn. The proceeds from the IPO
value to grow by 11% for the whole year, as would be used to repay outstanding debt and
the number of favourable factors will increase in
Research4India 6

7. Logistics Track
fund capital expenditure, Delek Logistics said in
a preliminary filing with the U.S. Securities and
Exchange Commission.
Research4India 7

8. Logistics Track
Stock Market Update
Share Price Performance
As on 20th July 2012 Market Cap Price Percentage Change (%)
(In ` mn) (In `) 1W 1M 3M 6M 12M
Container 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 Exchange
Road Freight Index
U
Source: Transport Corporation of India
Research4India 8

9. Logistics Track
Financial Benchmarking
Quarterly 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 NPM
Aegis 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.`mn
Annual Results - FY‘12
Company Revenue EBITDA PAT Margins FY’12
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) - - -
Figures in Rs.`mn
Research4India 9

10. Logistics Track
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