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

August, 2015

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August, 2015

CONTENTS

Mergers & Acquisitions 3

Private Equity 4

M&A Deals – August 2015 5

PE Deals – August 2015 6

Indcap Opportunities 7-9

Indcap Performance 10

Markets/ Commodities 10

August, 2015

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

Parkway Holdings, a pan-Asian hospital chain owned by Malaysia's IHH Healthcare Bhd, has acquired 73.4% stake in Ravindranath GE Medical Associates Private Ltd, which runs healthcare chain Global Hospitals, for INR 12,840 Mn

Aricent Inc (formerly Flextronics), a US-based based company providing software and engineering services, has acquired Bangalore-based chip design services firm SmartPlay Technologies for INR 11,700 Mn

The Kings Beer brand has been acquired by Sachiin Joshi-led Viiking Ventures for INR 900 Mn from Impala Distillery and Brewery and will be rebranded Goa Kings.

New Delhi-based facility management services provider Tenon Group has acquired UK's independent facility management service company Office and General Group Ltd. (O&G) for INR 660 Mn, in a cash and stock deal

An important step in building on Viacom's leadership position in India, a key market for its international growth strategy

US-based media firm Viacom Inc. acquired 50 per cent stake in Prism TV- an entity of Reliance Industries-owned Network18 Group -which owns and operates regional entertainment channels in India, including ETV Marathi and ETV Gujarati, for INR 9,400 Mn

The travel major has been on an acquisition spree to expand its presence in Asia

Travel major Thomas Cook India, backed by billionaire investor Prem Watsa's Fairfax Financial Holdings, has acquired Swiss tourism major Kuoni's travel business in India and Hong Kong for INR 5,460 Mn

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Online marketplace Snapdeal raised INR 32,500 Mn in fresh funding led by iPhone manufacturer Foxconn, Chinese e-commerce giant Alibaba and existing investor SoftBank

Times Internet, the digital arm of The Times of India Group and Microsoft have reportedly infused INR 65,000 Mn in US based taxi-hailing service Uber Technologies which takes the total funding amount to INR 3,44,500 Mn, valuing the five year old company at INR 33,15,000 Mn.

Global infrastructure asset manager Macquarie Infrastructure & Real Assets (MIRA Fund) has invested INR 7,930 Mn to buy a stake in Ind-Barath Energy Utkal Ltd., in a deal which saw both existing private investors of the power firm exit the company.

Practo Technologies Pvt. Ltd., a web-based clinic management software developer and medicare listings provider, has raised INR 5,850 Mn in Series C funding led by Chinese media and technology conglomerate Tencent Holdings Pvt. Ltd.

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

PremjiInvest, the private investment firm of Wipro Ltd. chairman Azim Premji, has led an INR 5,330 Mn Series F round of funding in California-based ServiceMax, Inc., which provides cloud-based field service management solutions.

Even when real estate market is going through a slump, private capital has continued to flow in. In the first half of 2015, real estate attracted $1.3 billion against $892.81 million in the first half of 2014

Financial services giant Goldman Sachs has invested INR 9,780 Mn to buy a minority stake in Piramal Realty, the privately held real estate arm of Ajay Piramal-led diversified firm Piramal Enterprises Ltd.

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Target Buyer Industry Deal Value

Stake (%) INR in Mn

Global Hospitals Limited Parkway Holdings Healthcare 12,840 73.4

Smartplay Technologies (India) (P) Ltd.

Aricent Inc. Technology 11,700 N.A

Prism TV (P) Limited Viacom Inc. Media 9,400 50

Kuoni Group- Travel & Tour Business

Thomas Cook (India) Limited Travel & Leisure 5,460 N.A

Impala Distillery And Brewery Limited

Viiking Ventures Food & Beverages 900 N.A

Office & General Group Limited Tenon Group Services 660 N.A

Balaji Telefilms Limited Talma Chemicals Industries (P) Ltd.

Media 330 6

TrialKart Voonik Technologies (P) Ltd. Technology 325 N.A

HomeBuy360 (Sadanika Solutions (P) Ltd.)

Housing.com(Locon Solutions (P) Ltd.)

Real Estate/ Technology

130 100

Zea Maize (P) Ltd. PVR Limited Food & Beverages 50 70

DJUBO Ibibo Group (P) Ltd. Technology N.A N.A

Square Hoot Hikes (P) Ltd. (Rutogo)

Le Travenues Technology (P) Ltd. (Ixigo)

Travel & leisure N.A N.A

TurtleYogi Technologies (P) Ltd. Freshdesk Technologies (P) Ltd. Technology N.A N.A

Desi Backpacking Travelers (P) Ltd. (Indianbackpacker)

Le Travenues Technology (P) Ltd. (Ixigo)

Travel & Leisure N.A N.A

Trii.be Mobikon Technologies (P) Ltd. Technology N.A N.A

M&A Deals- August 2015

*INR to USD conversion rate considered at USD 1 = INR 65 N.A. – Not Available

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Company Industry Investor Amount

INR in Mn

Uber Technologies Inc. Travel & Leisure Microsoft Corporation, Times Internet Limited

65,000

Jasper Infotech (P) Ltd. Technology SoftBank Corp, Alibaba.com, Foxconn Technology Group & Others

32,500

Piramal Realty (P) Ltd. Real Estate Goldman Sachs (Investment banking) 9,780

Ind-Barath Power Infra Limited Power Macquarie Infrastructure and Real Assets Fund

7,930

Practo Technologies (P) Ltd. Technology

SOFINA S.A., Google Capital, Altimeter Capital, Sequoia Capital India, Yuri Milner, Matrix Partners India, Tencent Holdings Limited

5,850

ServiceMax Inc. Technology

Mayfield India, Questmark Partners, Meritech Capital Partners, Emergence Capital Partners, Cloud Apps Capital, GE Ventures, PTC Inc., Kleiner Perkins Caufield & Byers, Crosslink Capital, Adams Street partners, Trinity Ventures, PremjiInvest, Sozo Ventures

5,330

Infogain Corporation Technology ChrysCapital I LLC 4,095

Coursera Inc. Education International Finance Corporation, New Enterprise Associates, Times Internet Limited, Kleiner Perkins Caufield & Byers

3,218

SuperMarket Grocery Supplies (P) Ltd.

Technology Bessemer Venture Partners 3,150

Grey Orange Robotics (P) Ltd. Engineering/

Capital Goods Tiger Global Management LLC, Blume Ventures

1,950

Zostel Hospitality (P) Ltd. Hospitality Tiger Global Management LLC, Orios Venture Partners

1,950

PE Deals- August 2015

*INR to USD conversion rate considered at USD 1 = INR 65 N.A. – Not Available

August, 2015

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Sector Location Opportunity Brief Key Highlights

Renewable Energy

Andhra Pradesh

The Company is an integrated construction, infrastructure development and management company in India

5 MW operational solar power plant Installed capacity : 5 MW PV Technology : Multi crystalline Land : 45 acres Tariff : PPA with NVVN - Rs. 11.97 per

unit (Fixed for 25 years since COD) COD : 5th July 2013 PLF : 18%

Education Orissa The group is into Education business since 2001

Medical college along with operational Hospital

Medical College campus is situated over 35 Acres of land and having over 15 lacs sq,ft built up area.

Hospital with 650 beds capacity, modern Operation Theatres, ICUS, ICCUS, Blood Bank and all the equipments as required for the hospital.

Turnover ~ INR 870 Mn for FY 2015 EBITDA ~ 500 Mn

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

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

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Sector Location Company Brief Acquisition Criteria

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

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

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Indcap has successfully assisted a leading Tea Company, based out of Kolkata, in Debt Syndication worth INR 144.60 Mn through a Leading Public Sector Bank at highly competitive rates

INDCAP PERFORMANCE

Stock Indices Opening

(3rd August’15) Closing

(31st August’15) Change %

Sensex 28,089.09 26,283.09 -6.43%

Nifty 8,510.65 7,971.30 -6.34%

FTSE 6,696.30 6,247.90 -6.70%

Nikkei 20,540.21 18,890.48 -8.03%

Dow Jones 17,696.74 16,528.03 -6.60%

Gold ( INR/10 Grams) 24,855.00 26,556.00 6.84%

Silver (INR /1 Kg) 33,811.00 34,467.00 1.94%

USD ($) 63.99 66.40 3.77%

Euro (€) 70.28 74.36 5.80%

GBP (£) 99.97 102.02 2.05%

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

Bangalore Ahmedabad

223, Embassy Habitat 59, Palace Road

Bangalore – 560 052 Ph. No.:- +91 96423 21155

A-707, Infinity Tower Corporate Road, Prahladnagar,

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

www.indcapadvisors.com

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