Four s weekly pe track 16 january - 22nd january 2012
Four-s India Logistics Track 25 Dec 2012
1. 9 D E C ’ 1 2 – 2 5 D E C ’ 1 2
Logistics Track
25 Dec’12 Fortnightly update on Logistics Industry
In The Spotlight Contents
A tough year drawing to a close
Logistics companies would be happy to put 2012
behind, another year which has not been too good for In the Spotlight 1
India’s manufacturing & export sector, and by
extension, the logistics sector.
Investment Activity 3
The going was tough even in FY12, when overall
EBITDA and net profit fell for the sector. In FY12,
News Update 4
aggregate EBITDA fell 4% and net profit fell a sharp
33% for the companies in our sample.
Global News Update 6
In fact, things may have improved marginally in
FY13. In Q2 for example, while aggregate EBITDA
was still down around 8%, reported net profit Stock Market Update 8
improved 39% as some companies managed to turn
around operations, and also helped by other income Freight Indices 9
items. Revenue growth though was a mere 9%,
indicating that volume growth was under pressure.
(see table ‘Quarterly Results’ on page 10) Peer Benchmarking 10
On the stock markets too, a majority of the
About Four-S Services 11
companies underperformed. Only about a third of the
sector companies managed to give a one-year return
greater than the market.
We have included a new table ‘Comparision with 52 Four-S India
Our logistics
Week high/lows and All Time High’ on Page 8. This Logistics Report
report is now
shows other than Blue Dart, all companies are 2011-12
quoting significantly below their all-time-high prices. available for
Most of them are more than 50% lower than ATH purchase. A
price. 100 page, hard
The unlisted companies appear to have struggled as bound word
well. Some of them were in the market to sell stake document,
in 2012, but could not do so, due to performance presented by
deviating widely from projected numbers. Central, this is
India’s most
comprehensive
and rigorous
research report
on Logistics.
To buy the report, or to know
more about it, see Page 2.
Research4India is the research services arm of Four-S Services Pvt Ltd, a leading provider of high-end research,
financial consulting and Investment banking services. For subscription / custom queries, please contact Seema
Shukla at seema@four-s.com
2. Logistics Track
Central Logistics Intelligence presents
“Four-S India Logistics Report 2011-12”.
This is the first comprehensive, rigorous report on the
logistics sector. It brings a new analytical perspective
to the sector research coverage, which is plagued by
poor research. Incorrect notions like: the Indian
logistics sector is 13-14% of GDP; or there is multiplier
of 2x between logistics growth and GDP growth rate –
abound, and are often quoted by leading logistics
companies, industry associations and sector
consultants.
The report presents original data and analysis on several key
aspects of the sector, including size of various segments and
projections, and highlights investment potential. In the report
we have taken a comprehensive look at all the key segments
of logistics and supply chain.
We find EXIM and agri-logistics areas of great promise. The 3PL/contract logistics
space also has strong potential, which will get a push as and when the long awaited
goods and services tax (GST) reforms are implemented. We expect greater activity
from PE funds and MNCs in this decade compared to 2001-10.
The report includes information about the key players in the Indian logistic sector and its
various segments.
“Four-S India Logistics Report 2011-12” is prepared by the research of Four-S Services
(www.four-s.com), which has covered this sector in detail in India for several years now.
REASONS TO BUY
India’s first comprehensive report on the logistics and supply chain business
The report has original numbers and projections, backed by rigorous analysis, which would
compel you to question some of the established facts floating around about the sector.
Takes a detailed look at all key business segments, and highlights growth potential.
Mentions key listed and unlisted companies in the sector.
FOR WHOM
Companies in the supply chain and logistics business in India, logistics MNCs wanting to enter
India, private equity funds, industry associations, policy makers, independent consultants and
industry researchers
HOW TO BUY
Kindly write to Seema Shukla at seema@four-s.com You can also call Ashutosh Sharma at
0124-425 1442, or Devendra Deole at 022-42153659 to book your copy.
www.research4india.com 2
3. Logistics Track
Investment Activity
PE Deals in 2012
The space saw 13 deals till date raising a total disclosed amount of $264.4mn. In 2011, there were
11 PE deals in Logistics space worth $278.1mn. The largest among came from Warburg Pincus
which invested $100mn in Continental Warehousing Corporation for un-disclosed stake.
Date Investor Target Stake Amount Strategy
(%) ($ mn)
9-Jan Nalanda Capital Great Eastern Shipping 0.16 NA PIPE
6-Jan General Atlantic Fourcee Infrastructure NA 104 Growth
23-Feb IDFC Private Equity StarAgri Warehousing & Collateral NA Growth
30.0
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 Early
26-Apr New Silk Route VRL Logistics NA 33.4 Late
19-Apr KKR, Goldman Sachs TVS Logistics 20 55 Growth
29-Jun Vertex Venture Holdings, NA Growth
Reverse Logistics NA
KPCB, Sherpalo Ventures
25-Jul Ambit Pragma Mehta Frozen Foods Carriers 74 NA Early
19-Aug GTI Capital Brattle Foods NA NA Growth
19-Nov Everstone Capital, ICICI Sohan Lal Commodity Management 32.48 23.5 Growth
28-Nov UTI Capital Pristine Logistics and Infraprojects Na 10.79 Growth
Pvt. Ltd.
Mergers & Acquisitions in 2012
M&A Amount
Date Buyer Target Type ($ mn)
26-Jan Sattva Business Group Sattva CFS & Logistics Pvt. Ltd. Domestic 1.4
1-Feb Farnair Switzerland AG Quikjet Cargo Airlines Pvt. Ltd. Inbound -
1-Feb Oil Field Warehousing & Domestic
Raamns Shipping & Logistics NA
Services
13-Feb Kintetsu World Express Inc. Gati Kintetsu Express Pvt. Ltd. Inbound 53.97
20-Apr DHL Express (India) Pvt Ltd DHL Lemuir Logistics Pvt Ltd Inbound 24.0
4-May Deutsche Post AG DHL Logistics Pvt. Ltd. Inbound -
14-Jun a2z Shopping Ltd. SSN Logistics Pvt. Ltd. Domestic -
25-Jun SG Holdings Co. Ltd. Sunlog Services Pvt. Ltd. Inbound 40
25-Jun SG Holdings Co. Ltd. Sindhu Cargo Services Ltd. Inbound 40.0
15-Sep Nissin Corporation Nissin ABC Logistics Pvt. Ltd. Outbound -
*SG Holdings have invested a total of $18mn in Sindhu Cargo Services and Sunlog Services which are sister concerns
The space has seen 10 deals in 2012. 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
www.research4india.com 3
4. Logistics Track
News Update
JM Baxi looking to raise equity from PE conveyor system having a capacity of 5,000
funds tonnes/hour. The stock yard has been equipped
with two reclaimers with a capacity of 2,500
Mumbai-based logistics company JM Baxi & Co
tonnes/hour each.
is engaged in discussions with PE players to
The terminal will handle iron ore pellets for its
raise fund to meet its expansion plans, reports
anchor customer Essar Steel, which has
Business Standard. The management of JM Baxi
commissioned a pellet plant of 6 mtpa and is in
has appointed IDFC Capital, the investment
advanced stages of construction of the second
banking arm of IDFC, to find suitable buyers.
unit of 6 mtpa, taking the total pelletisation
Sources said JM Baxi plans to raise Rs 150-200
capacity to 12 mtpa.
crore by selling minority stake in the company.
JM Baxi runs services such as a shipping
Essar Ports plans to expand its capacity to 158
agency, ship brokerage and chartering, bulk
mtpa over the next few years from the present
cargo operations, clearing and forwarding,
104 mtpa. Apart from the Paradip terminal,
container logistics, port development, tanker
Essar Ports has two operational ports at Hazira
operations and ship management.
and Vadinar.
The Hazira port is an all-weather, deep-draft
ABC India reduces stake in JV port with 30 mtpa of dry bulk and break bulk
cargo handling capacity. Vadinar is also an all-
BC India Limited has sold 44% stake to its
weather, deep-draft port with 58 mtpa of liquid
partner Nissin Corporation in the JV – Nissin
cargo handling capacity.
ABC Logistics Private Limited.Earlier this month
Essar Ports is currently developing one terminal
ABC India had sold 19% stake for R16.3 Cr
at Paradip which will be a coal berth of 14
(holding 24% at that time) in the JV forming
mtpa.
part of the overall stake sale.
The company is also setting up a dry bulk
ABC now holds 5% stake with the rest 95% terminal at Salaya with a capacity of 20 mtpa.
lying with Nissin Corp. Nissin ABC Logistics, Additionally, the company plans to expand its
operating out of Kolkata, was formed in 1999 Hazira port capacity by 20 mtpa – taking its
as a provider of in-plant logistics at Haldia. It capacity to 50 mtpa.
later diversified into 3PL services that include
warehousing, distribution and transportation to
automobile sector at Noida. It provides both TCI to invest Rs 150 crore on new
domestic and international logistics services capacities
with air freight, sea freight and customs Transport Corporation of India is investing Rs
clearing forming part of its international 150 crore on expanding services and
operations. infrastructure to meet the demand from multi-
brand retail that is expected to grow rapidly
following the government move to allow foreign
Essar Ports commissions dry bulk terminal
direct investment in the sector.
at Paradip
The company will invest about Rs 60-70 crore
Essar Ports has commissioned its 16 million on setting up new warehouses across the
tonnes a year (mtpa) dry bulk terminal at country and about Rs 40 crore on buying new
Paradip, taking the aggregate handling capacity trucks, Transport Corporation of India’s Joint
of Essar Ports to 104 mtpa. The project Managing Director Vineet Agarwal told PTI.
involved the upgradation and mechanisation of He said TCI is looking to achieve 15-20 per cent
the existing 230-metre-long CQ3 berth at growth in the next 3 years as the business
Paradip, with the installation of a fully climate is improving and the supply chain
mechanised ship loading system with a capacity division will contribute about one-third of the
of 5,000 tonnes an hour. revenues for the company.
It is an all-weather terminal with a capability to At present, TCI’s 40-45 per cent revenues come
handle large size ships. The terminal is from freight, while supply chain, express cargo
connected to the stockyard by a 9-km-long and seaways divisions account for the rest.
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5. Logistics Track
Moreover, the company is also expecting 10 per Holcim employs track and trace software
cent growth in its profits level for the current in India
year.
Holcim Services (South Asia) Limited, a unit of
In 2011-12, TCI had reported a net profit of Rs
Holcim Group (Switzerland), announced that it
51.84 crore and revenue of Rs 1,828.98 crore.
will deploy the Trimble Trako Fleet Management
For the quarter ended September 30, 2012, the
and Visual Cargo solutions for the outbound
company had reported a net profit of Rs 13.14
logistics fleet that transports cement to
crore and revenue of Rs 470.37 crore.
customers in India.
The company operates a fleet of 7,000 trucks a
day, of which it owns 1,500 vehicles. It also has Trimble will provide the Visual Cargo solution to
3 ships and is planning to buy fourth ship, Holcim's ACC Limited and Ambuja Cements
which will be deployed for cargo shipments Limited plant operations and the GPS/GPRS
between Chennai and Port Blair. based Fleet Management solution for use by
their contracted transport vendors. Visual Cargo
provides advanced dashboard and reporting
Pristine Logistics aims to set up 4 PFTs features that allow logistics managers to
Pristine Logistics plans to set up 4 private monitor, track and manage delivery exceptions.
freight terminals (PFT) in Indore, Ludhiana, The Fleet Management solution will provide
Patna and Cuttack. In PFT business — rights of online tools for transport vendors to manage
which are given by the Railways — operators their fleet utilization and driver safety. (Source:
are allowed to handle various types of goods for Cemnet)
the Railways, roads and various value-added Cabotage rules’ relaxation to attract more
services. To become PFT operators, companies ships to Vallarpadam terminal
have to pay Rs 2 crore to the Railways, out of
which Rs 1 crore is paid back after the
notification. The trade and industry welcomed the formal
The Railway Board already has close to 35 orders in relaxing Cabotage rules, saying that it
proposals from 22 companies for setting up would help Vallarpadam terminal for optimum
PFTs. The companies include Concor, Kribhco utilisation of installed capacity. With these
Rail Infrastructure, Lloyd Steel and Hind relaxations announced by the Shipping Ministry,
Terminals, amongst others. the ICTT at Vallarpadam would able to attract
The size of each of Pristine’s private freight more cargo and ships.
terminals would be about 50 acres and land has Instead of insisting of 100 per cent X-ray
been acquired by the company. The company scanning of all containers, now 100 per cent
has received Rs 60-crore investment from India radiological scanning is made mandatory for all
Infrastructure Development Fund of UTI Capital containers routed through ICTT.
recently.
Pristine Logistics is a start-up backed by Amit
Kumar, Rajnish Kumar, and Sanjay Mawar. Air India still losing too much money
Both Amit and Rajnish were earlier in railway
traffic service, and have worked in Container Air India is still losing cash by the bucketful,
Corporation of India and Gateway Distriparks according to the Union Minister of Civil Aviation
Ltd, the private container train operator, before Ajit Singh. The cash flow during the period
starting this venture. shows a net shortfall of Rs 404 crore per month
According to Railways’ policy, brownfield PFT with inflows being at Rs 1,348 crore and
operators have to share 50 per cent of cargo outflows estimated at Rs 1,752 crore, said a
handling revenue or Rs 20 a tonne — whichever Ministry statement after a review meeting.
is higher — with the Railways, after two years The Minister said that though there was an
of operation; while greenfield PFT operators overall improvement in the performance of Air
have to share the same five years after India, it is important that the revenue
commencing operations. generated should meet the costs incurred.
The Railways asks for this revenue share He asked Air India to go into minute operational
because it provides access to its over 65,000- details to cut costs including those incurred on
km network. Moreover, business of PFTs is overseas offices, salaries, fuel and office
expected to increase by offering rail-based expenses. He further asked Air India to
transportation services. negotiate with public sector oil marketing
www.research4india.com 5
6. Logistics Track
companies for the same discount they are
providing to international and domestic carriers.
Global News Update
Cargo berths at Chidambaranar port evoke
strong bidding interest $2.13bn logistics park coming up in North
China
Seven companies have reportedly expressed
interest in two berths being auctioned by V.O. The foundation stone laying ceremony for
Chidambaranar port (formerly Tuticorin port). Liaoning Donggang Yicheng International
The Port Trust plans to build North Cargo Berth Logistics Park was held on Dec 18 in Donggang
(NCB) – III for handling thermal coal and rock of Dandong, China.
phosphate cargo through public-private Developed as a large storage and logistics
partnership on design, build, finance, operate project, the park will focus on overseas
and transfer (DBFOT). container logistics. It will mainly handle the
Similarly, NCB-IV is being developed to handle transaction, intermediary trade, storage and
thermal coal and copper concentrate. The bid logistics of grain, ores, steels, wood and coal in
for both the projects will be finalised on the eastern part of Northeast China.
Thursday and Friday. The park aims to develop into the most
The berths have attracted interest from Marg influential international logistics harbor in
Ltd, Sterlite Ports, Adani Ports, besides Northeast Asia, a bulk commodity transaction
consortiums including the Hyderabad-based center in Northeast China, and China's base for
Transstroy (India) and Russian company OJSC international trade to South Korea.
and SEW Infra and Malaysian company The logistics park will provide services including
Pembinan Radzai Sdn Bhd. technological research and development, e-
The overall berth capacity for coal will be of 30 commerce, bulk community transactions, spot
million tonnes per annum against the floating goods delivery and information services. Built to
cargo of 3.5 mpta. The capacity is being the standards of more than 30 regional modern
enhanced keeping in mind the proposed power logistics centers across the country, the park
projects coming up near the region, said an will consist of five centers: a grain logistics and
industry source. distribution center, a financial service center, a
price information publishing center, a fund
settlement center, and an agricultural products
Gail will receive first cargo at Dabhol LNG research and development center.
terminal on Dec 28 With a planned area of 3.2 million square
Gas Authority of India (GAIL) on Monday said it meters and a total investment of 13.3 billion
will receive the cargo at LNG terminal at Dabhol yuan ($2.13 billion), the park is expected to
by December 28, and expects commissioning attract 100 enterprises and generate operating
by early February. revenue of 100 billion yuan annually after
“We will get the first cargo on December 28. We construction.
expect the terminal to be commissioned in the
next month-and-a-half,” GAIL Chairman and
Managing Director B C Tripathi told reporters on Norway’s sovereign fund takes 50% stake
the sidelines of a FICCI event here. He further in $3.1bn warehouse JV which will own 49
said the company expects to get 25 cargos in million square feet of space in Europe
the next calendar year. Prologis, Inc. one of the leading global owners,
operators and developers of industrial real
estate, has signed a definitive agreement to
form Prologis European Logistics Partners Sàrl,
a euro-denominated joint venture.
The venture will acquire a portfolio of high-
quality distribution facilities wholly owned by
Prologis in 11 target European global markets.
Prologis’ partner is Norges Bank Investment
Management (NBIM), which is the manager of
the Norwegian Government Pension Fund
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7. Logistics Track
Global. Prologis European Logistics Partners will including OEM suppliers, rental agencies,
be structured as a 50 / 50 joint venture with an auctions, web-based logistics firms and
equity commitment of €2.4 billion ($3.1 billion), individuals — transporting nearly 2 million new,
which includes a €1.2 billion ($1.55 billion) co- remarketed and specialty vehicles each year.
investment by both NBIM and Prologis. Founded in 1998, United Road Services, Inc. is
Upon closing, the venture will acquire a the premier finished vehicle logistics company
stabilised portfolio of 195 properties totaling in North America. Each year, coast to coast and
approximately 49 million square feet (4.5 across borders, United Road manages the
million square meters); about 75 percent of the transport of nearly 2 million vehicles.
properties coming from the former ProLogis Headquartered in Romulus, Michigan, the
European Properties (PEPR) fund and the company operates an integrated national
remaining 25 percent coming from other network, has nearly 1,000 employees and more
Prologis wholly owned assets. than 1,200 vehicle carriers.
The venture may grow through acquiring Customers include all major global vehicle
strategic portfolios in target markets and, manufacturers, remarketers, financial
where appropriate, properties that complement institutions, car auctions, car dealers, rental
the existing asset base. In connection with the companies and on-line sales organizations. Its
transaction, NBIM will receive a warrant to patented, industry-leading OVISS logistics
acquire 6 million shares of Prologis common system provides real time order visibility for
stock based on the closing price of $35.64 per customers.
share on Wednesday, December 19th, 2012.
The warrant will have a three-year term.
“This joint venture is a significant milestone for CEVA sells bulk container business
Prologis, as it completes our European
Freight and supply chain support group, Ceva
recapitalisation ahead of schedule,” said Hamid
Logistics, has announced the sale of both its
R. Moghadam, co-CEO and chairman, Prologis.
CEVA Pallecon European container logistics
“Our Private Capital business serves as a
business and its Asia Pacific Pallecon business
powerful growth engine for the company,
to Australian company Brambles Limited for
allowing us to continue to serve our growing
€135 million. Both subsidiaries provide a full
global customer base, while redeploying capital
range of intermediate bulk container’s (IBC) for
efficiently and increasing and diversifying our
the packaging of liquid, dry products and
revenue.”
general security use.
"Our participation in the Prologis European
The Pallecon brand operates mainly in Western
Logistics Partners venture advances our
Europe, Australia and New Zealand, providing
strategy of investing in high-quality properties,”
IBCs primarily for the transportation of liquids
said Karsten Kallevig, chief investment officer
in the food, cosmetic and chemical industries. It
for real estate, NBIM. “We are very pleased to
has been operating for more than 30 years and
be teaming up with a partner of Prologis’ caliber
controls a pool of approximately 180,000 IBC’s
as we enter the market for industrial real
worldwide.
estate, and we look forward to working together
With business generated sales revenue of €53
on future endeavors.”
million in the year ended 30th September 2012,
The venture has an initial term of 15 years,
and with compound annual sales growth in
which may be extended for additional 15-year
excess of 7% over the three calendar years to
periods. Prologis will have the ability to reduce
31st December 2011, Pallecon’s EBITDA and
its ownership to 20 percent following the
EBIT margins averaged 33% and 18%
second anniversary of closing.
respectively over the same period. The
transaction price represents a multiple of 7.4
times Pallecon’s EBITDA and 11.8 times EBIT
PE fund acquires US’s largest car carrier
for the 12 months to 30th September 2012.
Charlesbank Capital Partners announced its
acquisition of United Road Services (“United
Road”) from The Gores Group.
Headquartered in Romulus, Michigan, United
Road is the premier provider of vehicle
transport and logistics in North America. United
Road serves 10,000 customers annually —
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8. Logistics Track
Stock Market Update
Share Price Performance – Change in share price in the last 12 months
Company Name Market Cap Price Percentage Change
(Rs mn) (Rs)
1w 1m 3m 6m 12m
Container Corporation Of India 121,187 932.4 1.5 (1.6) (1.6) 7.2 11.8
Blue Dart Express 47,970 2,021.5 (0.2) (1.7) 19.7 5.7 35.8
Redington India 35,715 89.5 0.6 11.7 23.5 14.7 27.4
Shipping Corporation of India 25,619 55.0 3.2 6.1 (0.5) 1.7 6.8
Allcargo Logistics 16,212 127.2 2.1 (1.7) (2.2) (3.2) 4.2
Gateway Distriparks 15,218 140.4 8.0 8.5 0.4 6.1 13.6
Arshiya International 7,450 120.4 2.0 0.3 (11.5) (10.9) (7.2)
Aegis Logistics 5,962 178.5 (4.8) 5.6 38.0 39.0 60.8
Transport Corporation of India 5,627 77.3 (5.7) 13.5 28.8 34.3 37.2
Mercator 5,069 20.7 3.0 7.5 (3.9) 13.4 18.6
Aqua Logistics 4,266 14.2 (5.8) 37.3 51.1 56.3 51.3
Sical Logistics 3,636 65.4 (1.6) 0.3 (0.2) (2.5) (5.4)
Gati 3,014 34.8 (0.4) (5.1) (7.5) (2.4) 20.0
BSE Sensex 19,242 (0.4) 3.9 2.6 13.4 22.3
BSE 500 7,492 (0.3) 4.8 5.1 15.0 27.5
As on 21 Dec’12
Comparision with 52 week hi/lows and All Time High
Company Name 52 week 52WH Date Diff 52 Week 52WL Date Diff from All ATH Date Diff from
High from Low 52WL Time ATH
52WH High
Container Corporation Of India 1097.0 Oct 23 2012 -15 805.0 Dec 30 2011 16 1500 Apr 22 2010 -38
Blue Dart Express 2205.0 Apr 19 2012 -8 1407.1 Dec 22 2011 44 2205 Apr 19 2012 -8
Redington India 94.0 Apr 23 2012 -5 65.0 Aug 13 2012 38 102 Jul 29 2011 -12
Shipping Corporation of India 81.7 Feb 17 2012 -33 46.6 Jan 2 2012 18 221.33 Jan 3 2008 -75
Allcargo Logistics 155.5 Feb 21 2012 -18 109.1 Jun 5 2012 17 271.02 Jan 12 2007 -53
Gateway Distriparks 159.9 Mar 30 2012 -12 119.5 Dec 22 2011 17 241 Nov 14 2005 -42
Arshiya International 171.4 Feb 9 2012 -30 111.5 Aug 28 2012 8 424 Jan 10 2008 -72
Aegis Logistics 210.7 Dec 7 2012 -15 100.1 Jan 2 2012 78 416.8 Oct 12 2010 -57
Transport Corporation of India 89.7 Dec 12 2012 -14 52.6 May 31 2012 47 185 Jan 1 2008 -58
Mercator 33.8 Feb 22 2012 -39 15.8 Dec 28 2011 31 184.95 Jan 3 2008 -89
Aqua Logistics 16.1 Dec 11 2012 -11 7.9 Dec 22 2011 81 67.53 Sep 30 2010 -79
Sical Logistics 78.0 Feb 15 2012 -16 65.0 Nov 5 2012 1 574.75 May 3 2006 -89
Gati 49.5 Feb 13 2012 -30 25.1 Dec 22 2011 39 215.2 Jan 2 2008 -84
As on 21 Dec’12. SCI net profit adjusted for extraordinary items
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9. Logistics Track
Freight Indices
Baltic Dry Index
1800
1600
1400
1200
1000
800
600
400
200
0
Jan-12
Jan-12
Mar-12
Mar-12
Jun-12
Oct-12
Oct-12
May-12
May-12
Apr-12
Aug-12
Nov-12
Feb-12
Jul-12
Jul-12
Sep-12
Dec-12
Source: www.bloomberg.com
Road Freight Index
178
177
176
175
174
173
172
171
May-11
May-12
Nov-11
Jul-12
Nov-12
Jul-11
Sep-11
Sep-12
Mar-11
Mar-12
Jan-11
Jan-12
S
Source: Transport Corporation of India
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11. Logistics Track
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12. Logistics Track
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