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

December, 2015

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December, 2015

CONTENTS

Mergers & Acquisitions 3

Private Equity 4

M&A Deals – December 2015 5

PE Deals – December 2015 6

Recap 2015- M&A 7

Recap 2015- Private Equity 8-9

Indcap Opportunities 10-11

Indcap Performance 12

Markets/ Commodities 12

December, 2015

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

French stationery major BIC Group has increased its equity interest in Daman-based stationery firm Cello Pens (P) Ltd to 100 per cent with the acquisition of remaining stake for INR 5,400 Mn

LatestOne.com, an online store for tech accessories, has INR 200 Mn in additional funding from its publicly-listed parent Palred Technologies Ltd.

Kolkata-based Paharpur Cooling Towers Ltd. has acquired US company SPX Cooling Technologies' dry cooling business globally for INR 3,200 Mn

Medi Assist India TPA (P) Ltd., a third-party administrator in the healthcare market, has invested INR 66 Mn in MobieFit

Delhi-based Pathfinder Publishing (P) Ltd., the company behind Careers360, a career information portal for students, has acquired Delhi-based EntranceCorner.com, in an all-cash deal for INR 66 Mn

Wind power company Inox Wind Ltd. has acquired Sarayu Wind Power (Tallimadugula) (P) Ltd. for an undisclosed amount

Hyderabad-based Thinkcell Learning Solutions (P) Ltd. (formerly Gateforum Educational Services (P) Ltd.) has acquired Mumbai-based Enabilon Learning (P) Ltd, which offers test-preparation packages through TestFunda.com, for an undisclosed sum.

December, 2015

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ASK Property Investment Advisors, the real estate investment arm of ASK Group, has invested INR 3,650 Mn in an ongoing residential project of Mumbai-based real estate developer Rajesh LifeSpaces

Private equity firm India Value Fund Advisors (IVFA) has invested INR 4,000 Mn for a significant minority stake in Kids Clinic India (P) Ltd, operator of Cloudnine Hospitals.

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

Gurgaon-based data science-backed logistics services provider TrucksFirst Services (P) Ltd., which operates under the brand name Rivigo, has raised INR 2,000 Mn including a small debt finance portion, in a Series B round of funding from its existing investor SAIF Partners and others.

BlackBuck, a business-to-business logistics startup, has raised INR 1,670 Mn in Series B funding from Tiger Global and other investors.

Home services marketplace Housejoy, run by Sarvaloka Services On Call (P) Ltd, has raised INR 1,500 Mn in a Series B round of funding from a group of investors led by e-commerce giant Amazon

Faasos Food Services, which owns online restaurant Faasos has raised about INR 2,000 Mn in a fresh round of funding led by Russian internet-focused investment firm ru-Net.

December, 2015

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Target Buyer Industry Deal Value

Stake (%) INR in Mn

Cello Pens (P) Ltd. BIC Group Retail 5400 N.A

SPX Cooling Technologies' dry cooling business

Paharpur Cooling Towers Ltd Engineering 3200 N.A

Palred Online Technologies (P) Ltd (Latestone.com)

Palred Technologies Ltd IT/ ITES/Technology 200 N.A

Mobiefit Technologies (P) Ltd. Medi Assist India TPA (P) Ltd Technology/ Healthcare

66 N.A

Edukriti Learning Solutions (P) Ltd. (Entrancecorner.com)

Pathfinder Publishing (P) Ltd. (Careers360.com)

Technology/ Education

66 N.A

Sarayu Wind Power (Tallimadugula) (P) Ltd.

Inox Wind Ltd. Renewable Energy N.A N.A

Enabilon Learning (P) Ltd Thinkcell Learning Solutions (P) Ltd

Technology N.A N.A

Thumbspot Inc. (Near.in) Paytm Technology N.A N.A

Instano Technologies (P) Ltd. Magiclane App Services (P) Ltd. (MagicTiger)

Technology N.A N.A

GMAS Technologies (P) Ltd.(Get Me A Shop)

Times Internet Ltd. Technology N.A N.A

RealtyCompass Quikr Technologies (P) Ltd. Technology N.A N.A

Accord Ecom Solutions (P) Ltd Dropbase Software (P) Ltd. (Parsel Technologies)

Logistics N.A N.A

Melway Facility Management SBricks Castle Care (P) Ltd

Technology/ Services

N.A N.A

M&A Deals- December 2015

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

December, 2015

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Company Industry Investor Amount

Stake (%) INR in Mn

Kids Clinic India (P) Ltd. Healthcare India Value Fund Advisors 4,000 N.A

Rajesh LifeSpaces’ Vikhroli project

Real Estate ASK Property Investment Advisors 3,650 N.A

Faasos Food Services (P) Ltd.

Technology/ Food ru-Net, Sequoia Capital & Lightbox Ventures

2,000 N.A

TrucksFirst Services (P) Ltd .(Rivigo)

Technology/ Logistics SAIF Partners & Others 2,000 N.A

Zinka Logistics Solutions (P) Ltd. (Blackbuck)

Technology/ Logistics

Tiger Global, Yuri Milner’s Apoletto fund and existing investors Accel Partners and Flipkart

1,670 N.A

Sarvaloka Services On Call (P) Ltd. (Housejoy)

Technology

Amazon, Vertex Ventures, Qualcomm and Ru-Net Technology Partners along with Housejoy's existing backer Matrix Partners.

1,500 N.A

GVK Biosciences (P) Ltd. Pharmaceuticals Chrys Capital 1,454 9.09

Super Highway Labs (P) Ltd. (Shuttl)

Technology Lightspeed Venture Partners, Sequoia India and Times Internet Ltd.

1,320 N.A

Holisol Logistics (P) Ltd. Logistics CLSA Capital Partners 436 N.A

Sabonka Tecnologies (P) Ltd. (Shotang)

Technology Exfinity Venture Partners and Unitus Impact Livelihoods Fund

330 N.A

PE Deals- December 2015

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

December, 2015

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RECAP 2015- M&A

2015 saw absence of multibillion dollar deals that means merger and acquisition (M&A) activity didn’t sizzle like private investments that hit a record high this year. However, M&A dealmakers saw hectic activity with the number of deals spiking to 934, the highest ever. Here are the top M&A deals for the year:

Target Acquirer Amount

In $ Mn

CSJC Vankorneft ONGC Videsh 1,260

Viom Networks American Tower Corporation 1,174.30

Gavis Pharmaceuticals Lupin 880

Lafarge India (some assets) Birla Corporation 766.40

Female Healthcare Business of Famy Care (some assets)

Mylan Inc. 750

December, 2015

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RECAP 2015- Private Equity

• Private equity (PE) deal making was overshadowed by angel and venture capital

funding that buoyed aggregate private investments in the country to a record high this year. While ecommerce and internet as a business at large continued to drive top PE deals, renewable energy came across as another key theme

• Angel and VC investors have sealed as many as 1,096 deals so far in 2015, up 68 per cent from last year, a record jump and also the highest early-stage investment in India. Of these, angel and seed investors funded 632 deals while VC investors backed the remaining.

• In value terms, angel and VC firms together contributed 24.5 per cent of the total private investments so far in 2015, up from 17.2 per cent contribution last year. On a standalone basis, angel funding picked up speed in 2015, breaching the $300 million mark for the first time, from $196 million in 2014. VC funding showed a similar trend as it crossed a new milestone, clocking deals worth $5.183 billion so far this year, as against $2.287 billion last year

• The aggregate value of PE investment in Financial Services sector hit a three-year high of $2.7 billion as investors sealed more than a deal a week through 2015

• Although the number of PE deals in the Real Estate sector dropped marginally from last year, bigger ticket transactions boosted total capital flow to $2.8 billion. Global investors led by pension and sovereign funds ramped up their exposure to the sector

December, 2015

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Company Investor Value

In $ Mn

Senvion Centerbridge 1,157

Flipkart Tiger Global, Steadview & Others 700

Welspun Renewables GE Energy Financials 570

Atria Convergence TA Associates, IVFA 500

Magna Energy Carlyle 500

Snapdeal Softbank, Alibaba, Foxconn & Others

500

Ola Didi Kuaidi, Falcon Edge, Soft Bank & Others

500

RECAP 2015- Private Equity

TOP Investors by Volume

Temasek 14

GIC 8

IFC 6

CX Partners 6

IDFC Alternatives 5

IVFA 5

Westbridge 5

PremjiInvest 5

Everstone 5

TOP Investors by Value

1. Centerbridge

2. Temasek

3. Carlyle

4. Blackstone

5. Apax partners

6. Warburg Pincus

7. GIC

December, 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

December, 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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December, 2015

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Indcap has successfully assisted a leading Renewable Energy Company, based out of Noida, in

getting Working Capital sanction worth INR 7,000 Mn through a Leading Public Sector Bank, at highly competitive rates

Indcap has successfully assisted one of its clients in Iron & Steel Industry based out of Kolkata, which is already in CDR, in getting its enhancement proposal of Working Capital to the tune of of INR 2,200 Mn appraised by the MI and sanction of INR 270 mn of MI’s share in the same.

INDCAP PERFORMANCE

Stock Indices Opening

(1st Dec’15) Closing

(31st Dec’15) Change %

Sensex 26,201.27 26,117.54 -0.32%

Nifty 7,958.15 7,946.35 -0.15%

FTSE 6,356.10 6,242.30 -1.79%

Nikkei 19,799.08 19,033.71 -1.66%

Dow Jones 17,719.72 17,425.03 -1.02%

Gold ( INR/10 Grams) 25,253.00 24,994.00 -5.10%

Silver (INR /1 Kg) 33,713.00 32,984.00 -2.16%

USD ($) 66.47 66.20 -0.41%

Euro (€) 70.59 71.94 1.91%

GBP (£) 100.16 97.74 -2.42%

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

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Indcap Advisors Pvt. Ltd. Offices

Kolkata New Delhi Mumbai

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

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

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Floor, Balarama Bandra Kurla Complex, Bandra (E)

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

Ahmedabad

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

www.indcapadvisors.com

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