Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Ahmedabad

November, 2015

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November, 2015

CONTENTS

Mergers & Acquisitions 3

Private Equity 4

M&A Deals – November 2015 5

PE Deals – November 2015 6

Indcap Opportunities 7-8

Indcap Performance 9

Markets/ Commodities 9

November, 2015

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*An extensive list of M&A and PE deals announced in November 2015 is provided in the subsequent pages

Pune-based packaged foods brand Mother's Recipe has acquired Kolkata-based ELMAC (Elmac Agro Manufacturing) for INR 250 Mn as part of its expansion strategy

Bangalore-based Gomalon Technology Ventures (P) Ltd., which runs listing platform for wellness services Gomalon, has acquired spa booking service bookmyspa.in for about INR 120 Mn

Facility management and security services provider Tenon Group has acquired a 51 per cent stake in Singapore-based security service company Frontline Security Pte Ltd. for INR 190 Mn in an all equity deal

The inbound merger and acquisition (M&A) activity, looks set to hit a five-year low considering the number of deals announced in the first 10 months of the calendar year.

Even though economic data has been upbeat for the world's fastest-growing large economy, delayed reforms have played a part in the subdued M&A activity. A lot would depend on the government's ability in ensuring ease of doing business and providing clarity on tax reforms.

Indian Inbound M&A’s Flounder as MNCs yet to buy into 'achhe din' story

No. of Inbound deals from India

November, 2015

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ICICI Bank, India's biggest private sector lender by assets, sold 6 percent stake in its life insurance joint venture in two separate deals worth a combined INR 19,602 Mn to billionaire Azim Premji and Singapore state investor Temasek.

Cab-hailing app Ola completed its Series F funding round by raising INR 33,000 Mn from Scottish investment firm Baillie Gifford and China's Didi Kuaidi, besides some existing investors.

*An extensive list of M&A and PE deals announced in November 2015 is provided in the subsequent pages

Naaptol Online Shopping, which owns and operates TV shopping and ecommerce platform Naaptol.com, has raised INR 3,412 Mn in fresh funding from existing investor, Japanese conglomerate Mitsui & Co.

Mumbai based ethnic products etailer Craftsvilla has raised INR 2,244 Mn in Series C round funding led by Sequoia Capital and Lightspeed Venture Partners. Nexus Venture Partners, Global Founders Capital and Apoletto also participated in the funding round, taking company’s value to INR 13,000 Mn post investment.

Publishing firm S Chand & Company has closed an INR 1,790 Mn round of funding, led by International Finance Corp, the private sector investing arm of the World Bank, and existing investor Everstone Capital.

Locodel Solutions (P) Ltd, which runs hyperlocal grocery and fresh food delivery platform Grofers, has raised INR 7,800 Mn in fresh funding led by Japanese internet conglomerate SoftBank Corp.

November, 2015

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Target Buyer Industry Deal Value

Stake (%) INR in Mn

ELMAC (Elmac Agro Manufacturing) Mother's Recipe Food & Beverage 250 N.A

Frontline Security Pte Ltd. Tenon Group Services 190 51

Bookmyspa Services (P) Ltd. Gomalon Technology Ventures (P) Ltd.

Services 120 N.A

Inshape Health And Fitnez (P) Ltd. Talwalkars Better Value Fitness Limited

Services N.A 51

Oman Electro Mechanical Contracting Co LLC

Blue Star Limited Engineering / Capital Goods

N.A 51

Express Sarovar Portico MRG Hospitality and Infrastructure (P) Ltd.

Hospitality N.A N.A

Medybiz Pharma (P) Ltd. Portea Medical (P) Ltd. Pharmaceuticals N.A N.A

Call A Meal Rays Culinary Delights (P) Ltd. Food & Beverage N.A N.A

Inkpedia Technologies (P) Ltd. YourStory Media (P) Ltd. IT/ITES/Technology N.A N.A

Navilytics Wingify Software (P) Ltd. IT/ITES/Technology N.A N.A

SS Analytics Solutions (P) Ltd. Numbermall (P) Ltd. Services N.A N.A

Geotagg Technologies (P) Ltd. ANI Technologies (P) Ltd. IT/ITES/Technology N.A N.A

Village Laundry Services (P) Ltd. Laundry Project India (P) Ltd. Services N.A N.A

M&A Deals- November 2015

*INR to USD conversion rate considered at USD 1 = INR 66 N.A. – Not Available

November, 2015

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Company Industry Investor Amount

Stake (%) INR in Mn

ANI Technologies (P) Ltd. (OLA)

IT/ITES/Technology

Tiger Global Management LLC, SoftBank Corp, DST GLOBAL, Baillie Gifford Overseas Limited, Falcon Edge Capital, Didi Kuaidi

33,000 N.A

ICICI Prudential Life Insurance Company Limited

BFSI Temasek Holdings Advisors India (P) Ltd., PremjiInvest

19,602 6

Locodel Solutions (P) Ltd. (Grofers)

Transport & Logistics Sequoia Capital India, Tiger Global Management LLC, SoftBank Corp, Yuri Milner, Apoletto

7,800 N.A

Naaptol Online Shopping (P) Ltd.

IT/ITES/Technology Mitsui & Co Ltd. 3,412 N.A

Kribha Handicrafts (P) Ltd. (Craftsvilla)

Consumer Goods

Nexus India Capital Advisors (P) Ltd., Sequoia Capital India, Lightspeed Advisory Services India (P) Ltd., Global Founders Capital, Apoletto

2,244 N.A

S Chand and Company Limited

Media International Finance Corporation, Everstone Capital

1,790 N.A

Urbanclap Technologies India (P) Ltd.

IT/ITES/Technology Bessemer Venture Partners, SAIF Partners, Accel Partners

1,650 N.A

Appier Inc. IT/ITES/Technology Sequoia Capital India, JAFCO Asia, UOB Venture Management (P) Ltd., Translink Capital, MediaTek Ventures

1,518 N.A

Bidgely Technologies (P) Limited

IT/ITES/Technology Khosla Ventures, E.ON SE, RWE AG 1,096 N.A

DigiSmart Digital Media (P) Ltd.

IT/ITES/Technology Times Internet Limited 1,000 N.A

PE Deals- November 2015

*INR to USD conversion rate considered at USD 1 = INR 66 N.A. – Not Available

November, 2015

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Sector Location Opportunity Brief Key Highlights

Renewable Energy

Tamilnadu &

Karnataka

The company is involved in power generation through wind turbine generators

Operating wind turbine generators located in Tamilnadu and Karnataka

Aggregate-rated generating capacity of 51 MW with an average PLF of 18-20%.

34 Turbines of 1.5 MW each Date of commissioning- 2009-10

Diversified Gujarat A Conglomerate having diversified business

Looking to sell their 300 MW coal based power plant in Maharashtra

Expected Deal Size- INR 21,000 Mn

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Sector Location Company Brief Acquisition Criteria

Chemicals Gujarat The group is engaged into manufacturing of dyes, pigments, caustic etc.

The company is diversifying into API and is interested in acquiring USFDA approved API Unit.

Looking for running plant with all USFDA approvals for its API Products

Acquisition Size<= INR 500-1,000 mn.

Oil & Chemicals

Gujarat An MNC and independent tank storage provider for the oil and chemical industry.

Looking for acquiring existing petroleum and chemicals storage and tanking business at ports

Architectural Hardware Fittings

New Delhi The Company is one of India’s most popular Architectural Hardware Solution provider through a wide range of standard & customized products

The company is looking for acquisition in the following space: • Door manufacturers- Fire door, clean

room used in pharmaceutical and hospital

• Kitchen manufacturer - Prefer into retail but can also look in commercial

• Electronic home security- example door phone

Looking at companies with revenue INR 500-1000 Mn

Renewable Energy

Gujarat The Company is a diversified player based out of Gujarat

Looking to acquire wind and solar assets in Gujarat and Rajasthan

Hydro assets in Himachal Pradesh

November, 2015

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Sector Location Company Brief Acquisition Criteria

FMCG India The company is engaged in the manufacturing of FMCG products and is exploring to diversify into new businesses.

In FMCG • Sector includes Personal care products (natural and

Ayurvedic), Baby Care Products, Vitamins, Minerals & Dietary Supplements (VMS)- Natural & Herbal, Consumer Durables, Food Sector

• Revenue Size – INR 250 Mn to INR 1000 Mn. • EBIDTA – Should be positive • Scalable Business • Should have regional or Pan India presence

In Healthcare • Clinical Diagnostics centers, Fertility centre etc.

In Cement • Cement Grinding unit of about 1.0 mn tonne

capacity • Sufficient land preferably with railway siding • Location: W.B, Jharkhand, Odisha & Bihar • Captive Limestone mine would be preferred

Renewable Energy • Solar Power plant with crystalline technology • PPA scheme should be under central Govt. Scheme

like JNNSM-Batch

Any new disruptive technology oriented business

Real Estate

Gujarat They are a group of ultra HNIs running large chain of multiplexes and hospitality services in Gujarat

Interested in acquiring 5 Stars Property in Goa, Kerala or any of the metro cities

Looking for any sizable commercial real estate property fetching good lease rentals

Looking for IRR of around 12-15%

FMCG Gujarat The company is a leading player in the Chemicals and Cement business

The company is looking to acquire large size cement unit having capacity of more than 3.0 mn tonnes

Preferred Location- Western Part of India Lime reserve and captive power plant associated

with cement plant would be most preferred

Diversified

Gujarat They are a group of ultra HNIs

Looking to acquire export oriented API or other semi-regulated commodity business

Location – Western India Expected Deal Size- 1,250 – 1,500 Mn

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November, 2015

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Indcap has successfully assisted one of its clients in Iron & Steel Industry based out of Kolkata, which is already in CDR, in getting enhancement of Working Capital to the tune of INR 530 Mn from a leading PSU Bank

INDCAP PERFORMANCE

Stock Indices Opening

(2nd Nov’15) Closing

(30th Nov’15) Change %

Sensex 26,641.69 26,145.67 -1.86%

Nifty 8,054.55 7,935.25 -1.48%

FTSE 6,361.10 6,356.10 -0.08%

Nikkei 18,827.11 19,747.47 4.89%

Dow Jones 17,672.62 17,719.92 0.27%

Gold ( INR/10 Grams) 26,396.00 25,049.00 -5.10%

Silver (INR /1 Kg) 36,212.00 33,683.00 -6.98%

USD ($) 65.59 66.87 1.95%

Euro (€) 72.32 70.84 -2.05%

GBP (£) 101.19 100.56 -0.62%

Sources – Global Indices, BSE, NSE, RBI, MCX INDIA

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Indcap Advisors Pvt. Ltd. Offices

Kolkata New Delhi Mumbai

Chitrakoot, Suite # 68, 6thFloor, 230A, A.J.C Bose Road,

Kolkata – 700 020 Ph. No.:- +91 33 3052 4446 Fax No.:- +91 33 3052 4446

823, DLF Tower A Jasola District Centre New Delhi – 110 025

Ph. No.:- +91 11 2694 2340/ 41/ 42

Suite # 603, 6th

Floor, Balarama Bandra Kurla Complex, Bandra (E)

Mumbai – 400 051 Ph No.:- +91 22 3058 4445 Fax No.:- +91 22 3058 4450

Ahmedabad

A-707, Infinity Tower Corporate Road, Prahladnagar,

Ahmedabad – 380 015 Ph. No.:- +91 79 4002 6336

www.indcapadvisors.com

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