vccedge quarterly deal update - q3 2012

7/31/2019 VCCEdge Quarterly Deal Update - Q3 2012

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Q3 2012

Quarterly Deal UpdateStatistics & Analysis of Private Equity and M&A Deals in India

A Research Publication


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VCCEdge | COPYRIGHT 2012 All rights reserved 2

Page Number

I. EXECUTIVE SUMMARY 3

II. Private Equity

Private Equity Investments

- Overview 4

- Deal Type Analysis 5

- Sector Analysis 7

- Top 10 Private Equity Investments 8

- Regional Analysis 9

Private Equity Exits

- Overview 10

- Deal Type Analysis 11

- Sector Analysis 12

-Top 10 Private Equity Exits 13

III. Mergers & Acquisitions

- Overview 14

- Deal Type Analysis 15- Sector Analysis 17

- Top 10 Mergers & Acquisitions 18

- Regional Analysis 19

IV. Sectoral Spotlight 20

Contents

Disclaimer:

VCCEdge (the research arm of VCCircle.com) has taken due care and caution in preparing this report. Information has been obtained from the

VCCEdge platform and sources which it considers reliable. However, VCCEdge does not guarantee the accuracy, adequacy or completeness of any

information and is not responsible for any errors or omissions or for the results obtained from the use of such information. No part of this report

may be published/reproduced in any form without VCCEdges prior written approval. VCCEdge or its owner Mosaic Media Ventures Pvt. Ltd. is not

liable for investment decisions which may be based on the views expressed in this report.


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Executive Summary

Private Equity:

Private equity investments in the third quarter of 2012 are pegged at $2.9 billion spread across 113 deals compared to $2.8 billion spread across 141 deals during same period in 2011.

The median deal amount increased nearly by 67% from $9 million in Q3 2011 to $15 million Q3 2012.

The average deal value increased by 50% from $24 million to $36 million during the same period.

Private Equity deals under $50 million accounted for 64% of total deal volume in Q3 2012.

Big-ticket deals ($100 million and above) constituted 61% of the total private equity capital invested during tquarter.

Private equity funds realized $1.23 billion across 24 transactions as compared to $960 million across 3transactions during the same period last year.

Information Technology, Financials, Industrials, Consumer Discretionary and Health Care were the top fi

sectors during the quarter by deal value. Investments in Information Technology sector accounted for highe41% of the total investments during the quarter.

Mergers & Acquisitions:

Mergers & Acquisitions in India declined a significant 33% in terms of deal value during the quarter with ju$5.43 billion of deal value recorded across 144 deals.

The value of Inbound and Outbound deals dropped by 85% and 38%, respectively.

The median deal amount increased from $13 million to $15 million, while average deal value increased from $8million to $86 million between the two quarters.

Deals under $100 million accounted for 35% of the total deal flow in Q3 2012.

Big- ticket deals ($100 million and above) accounted for 81% of the total disclosed M&A deal value in Q3 2012

Energy, Health Care, Consumer Discretionary, Industrials and Materials were the top five sectors during tquarter by deal value. M&A activity in Energy sector accounted for the highest 34% of the total acquisitioduring the quarter.


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Private Equity Investments: Overview

Even as deal making gathered momentum over the last two quarters this calendar year, private equity deals in Q3 this year lagged compared to activity in the corresponding quarter last year. The value of private equity investments the third quarter of 2012 were $2.9 billion, compared with $2.8 billion recorded in Q3 CY2011, even as number of deafell 20% to 113, compared with 141 in the same period in 2011. Compared to the previous quarter (Q2 12), privaequity commitments increased 58%, while the deal volume dipped 28% or 43 deals.

However, the increased deal value can be attributed to billion dollar investment made by Bain Capital Advisors India fa 30% stake in Genpact Ltd., excluding which the quarter stands at $1.9 billion, roughly the same as the investme

seen in Q2 12.

Figure 1: Private Equity Investments

The biggest deal of the quarter was the $1 billion investment in Gurgaon based Genpact Ltd. by Bain Capital AdvisoIndia for a 30% stake acquired from General Atlantic LLC and Oak Hill Capital Partners. This was followed by the $4million investment in New Delhi based Jawala Real Estate. Another significant deal recorded during the quarter was t$150 million invested by Macquarie-SBI Infrastructure Fund in Nashik based Ashoka Concessions Ltd.

The other top deals during the quarter include $137.75 million invested by Citi Venture Capital International Prometheon Holdings UK Ltd., a wholly owned subsidiary of Cox & Kings Ltd., and $90.56 million in New Delhi basSIS India Ltd. by CX Advisors LLP.

$3,177

$3,848

$6,073$6,012

$6,188

$2,997

$3,583

$1,709

$895

$1,282

$818

$1,457

$1,960 $1,986

$2,902

$2,111

$2,963

$3,322

$2,815

$3,128

$2,110

$1,840

$2,915

181

114

142

190227

135

145

106 107

72

100

127124

100

135

111

155 160

141147

156 156

113

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2007 2008 2009 2010 2011 2012

Value ($mm) Volume


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Deal Type Analysis

Figure 2: Private Equity Breakdown Volume

Figure 3: Private Equity Breakdown - Value ($ mm)

Figure 5: Median Deal Amount ($ mn)

3

12 104

17 19

30

4642

3541

36

109

87

48

96

83

58

0

20

40

60

80

100

120

Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012

Angel/ Seed Venture Capital Private Equity

$10 $3 $3 $1 $4 $7$135 $287 $153 $136

$238 $153

$5,927

$3,293

$661

$2,765$2,572

$2,756

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012

Angel/ Seed Venture Capital Pr ivate Equity

The median deal amount

increased 67% from $9

million in Q3 2011 to $15

million in Q3 2012.

The average deal value

increased 50% from $24

million to $36 million

during the same period.

Figure 4: Median Deal Amount ($ mm)

$13

$12

$5

$9$9

$15

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

Q3

2007

Q3

2008

Q3

2009

Q3

2010

Q3

2011

Q3

2012

$52

$32

$10

$24 $24

$36

$0

$10

$20

$30

$40

$50

$60

Q3

2007

Q3

2008

Q3

2009

Q3

2010

Q3

2011

Q3

2012

Growth capital/late stage deals dipped30% from 83 deals in Q3 2011 to 58deals in Q3 2012. Deal Value increasedby 7% from $2.5 billion in Q3 2011 to$2.7 billion in Q3 2012.

Venture Capital deals decreased nearly12% from 41 deals in Q3 2011 to 36deals in Q3 2012, while deal value alsodecreased by 36% from $238 million inQ3 2011 to $153 million in Q3 2012.

Angel investing reached a record highof 19 deals worth $7 million ever seenin the second quarter of any year. For

the purpose of comparison, there were17 deals recorded during Q3 2011. Theanalysis however is subject to lack ofdisclosure that exists for Angelinvestments, the count and value ofwhich may be significantly higher forany given period than that recordedfrom publicly disclosed sources.

Figure 5: Average Deal Amount ($ mm


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Deal Type Analysis

Figure 6: Transactions by Deal Size

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100

Q3 2007

Q3 2008

Q3 2009

Q3 2010

Q3 2011

Q3 2012

Undisclosed Under $5m $5 - $25 m $25 - $50 m $50 - $100 m $100+

Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 201

Undisclosed 25 34 20 16 22 31

Under $5m 35 33 38 35 45 30

$5 - $25 m 42 49 33 57 42 36

$25 - $50 m 18 9 7 14 19 6

$50 - $100 m 12 10 1 6 7 6

$100+ 10 10 1 7 6 4

Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012

Under $5m 70 63 60 69 79 63

$5 - $25 m 525 653 358 604 472 449

$25 - $50 m 612 280 233 485 652 217

$50 - $100 m 821 690 64 370 477 408

$100+ 4045 1898 104 1373 1134 1779

Figure 7: Total Investment by Deal Size ($mm)

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Q3 2007

Q3 2008

Q3 2009

Q3 2010

Q3 2011

Q3 2012

Private Equity deals under $50

million accounted for 64% of

total deal volume in Q3 2012.

Big ticket deals ($100 million

and above) accounted for a

mere 3.5%.

The third quarter of 2007 witnessed the maximum big ticket deals (10 deals worth over $4.04 billion) in the third

quarter of any year.

Big-ticket deals ($100 million

and above) constituted 61%of the total private equity

capital invested in Q3 2012.


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Sector Analysis

Figure 8: Private Equity Sectoral Analysis

Figure 9: Top 5 Sectors by Value ($ mm)

And

Figure 10: Top 5 Sectors by Volume

0

5

1

1

2

2

3

3

0

200

400

600

800

1000

1200

1400

Value ($ mm) Volume

On the top of the deal value scorecard is the InformatioTechnology sector with a cumulative investment of $1.1billion. This was followed by Financials, Industrials anConsumer Discretionary with investments totalling $73million, $383 million and $307 million respectivelHealthcare ($172 million) is the other sector to witnes

significant amount of capital invested during the quarter.

On the deal volume front, Consumer Discretionary (30 dealsInformation Technology (25 deals) and Financials (2

deals) witnessed some aggressive deal making during thperiod, the three together accounting for nearly 67% of thtotal 113 deals recorded during the quarter. Health Carand Industrials too saw significant deal activity with 16 an11 deals, respectively.

Informatio

n

Technology

$1,198

Financials

$733

Industrials

$383

Consumer

Discretiona

ry

$307

Health

Care

$172

Informatio

n

Technolog

y, 25

Financials,

21

Industrials,

11

Consumer

Discretion

ary, 30

Health

Care, 16


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Top 10 Private Equity Investments

Date Target BuyerDeal Value

($ mm)Sub-Industry

1/8/2012 Genpact Ltd. Bain Capital Advisors India 1,000Data Processing

Outsourced Servi

30/07/2012 Jawala Real Estate Pvt. Ltd.

Lodha Developers Ltd., Vornado

Realty Trust 491

Real Estate

Development

13/08/2012 Ashoka Concessions Ltd. Macquarie-SBI Infrastructure Fund 150Construction &

Engineering

22/08/2012 Prometheon Holdings UK Ltd. Citi Venture Capital International 137.75Hotels, Resorts

Cruise Lines

27/08/2012 SIS India Ltd. CX Advisors LLP 90.56Security & Alarm

Services

28/07/2012 Hoary Realty Ltd.Hubtown Ltd., Red Fort CapitalAdvisors

81.39Real Estate

Development

5/9/2012 Jain Irrigation Systems Ltd.International Finance Corp., MountKellett Capital Partners II LP

72.45 Industrial Machin

23/7/2012 Educomp Solutions Ltd. International Finance Corp. 55 Education Servic

13/08/2012 Nova Medical Centers Pvt. Ltd. New Enterprise Associates, GoldmanSachs (Principal Investments)

54.56 Health Care Servi

3/8/2012Manipal Health Enterprises Pvt.Ltd.

India Value Fund Advisors 53.8 Health Care Servi


9/28


Regional Analysis

Top 5 Cities

City Volume Value ($ mm)

Mumbai 25 305

Bangalore 19 193

New Delhi 16 704

Chennai 10 61

Pune 7 42

Top 5 States

State Volume Value ($ mm)

Maharashtra 35 582

Karnataka 20 196

Delhi 16 704

Tamil Nadu 11 76

Haryana 6 1034


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Private Equity Exits

Private equity exits picked up significantly with $1.23 billion worth of investments being liquidated across 24 etransactions during the quarter ended September 12. While the quarterly exit volume decreased 37% (or 14 deacompared to the Q3 2011, the exit value jumped 29%. Compared to Q2 2012, the exit value multiplied 6x, while tcount of exits dropped almost 11%. However, the bias in the analysis stems from the $1 billion realized by Oak Hill aGeneral Atlantic from the Genpact stake sale, omitting which the exit value drops to about $236 million.

Figure 11: Private Equity Exits

The biggest exit of the quarter and decade was General Atlantic LLC and Oak Hill Capital Partners selling 30% stake

Gurgaon based Genpact Ltd. through secondary sale for approximately $1 billion. This was followed by Siva VenturLtd. making $81.39 million from the sale of 50% stake in Hoary Realty Ltd. to Hubtown Ltd. and Red Fort CapitAdvisors.

$387

$774

$1,077

$459

$168

$844

$67$32

$66

$828

$669

$873

$767

$1,391

$709

$1,609

$806

$726

$960

$420

$1,474

$205

$1,236

29

32

24

36

25

15

6

16

11

35

43

39

4443

49 49

34

32

38

18

40

27

24

0

10

20

30

40

50

60

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800


2007 2008 2009 2010 2011 2012

Value ($ mm) Volume


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Deal Type Analysis

On the deal volume scale, Q3 2012 saw a decline in the number of buyback, M&A, Open Market and Public Offeriexits, the four declining by 67%, 37%, 53% and 40%, respectively, when compared to the corresponding quarter 2011. Secondary sale exits on the other hand saw an uptick of 75% in volume during the same period. There wethree private equity backed public offerings recorded during the quarter.

Figure 12: PE Exits by Volume

In terms of deal value, the sharpest decline was seen in buyback and open market with exit value dipping 89.69% a84.87% respectively, while M&A exits has decreased during the same period. Secondary sales have seen a significaincrease in exit value from $206 million to $1.14 billion during the same period.

Figure 13: PE Exits by Value ($ mm)

1

3

6 6

2

10

3

7

10

8

5

7

0

22

19

15

7

3

0

6

2

5

33 3

5

12

4

7

0

5

10

15

20

25

Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012

Buyback M&A Open Market Public Offering Secondary Sales

$0 $0 $10

$266

$97

$10

$770

$0 $0$42

$135

$0

$297

$0

$522

$254

$522

$79

$3 $0

$107

$20 $0 $0$7

$67$30

$127

$206

$1,148

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012

Buyback M&A Open Market Public Offering Secondary Sales


12/28


Sector Analysis

Sector Buyback IPO M&AOpen

MarketSecondary

Sales

Exit

Volume

ExitValue

($mm)

Exit

Volume

ExitValue

($mm)

Exit

Volume

ExitValue

($mm)

Exit

Volume

ExitValue

($mm)

Exit

Volume

ExitValue

( $

)

Consumer Discretionary 1 - 3 - 1 10.2 - - -

Consumer Staples - - - - - - 1 - 1 12

Financials 1 9.6 1 - 1 41.5 - - 4 81.

Industrials - - - 1 18.89 - - 1 54.

Information Technology - - 1 - 2 1.74 1 - 1 100

Materials - - - 2 6.71 - - - -

Telecommunication Services - - - - - - 1 - - -

Figure 14: Sectoral Analysis - Value ($ mm) Figure 15: Sectoral Analysis - Volume

v

Financials

$132

Consumer

Discretionar

y

$10

Information

Technology

$1,002

Consumer

Staples

$12

Industrials

$73

Financials

7

Consumer

Discretionar

y

5

Information

Technology

5

Consumer

Staples

2

Industrials

2

Exit activity during the third quarter of 2012 was dominated by the Information Technology sector with over $1 billioworth of exits across 5 exit transactions, which included the blockbuster billion dollar exit from Genpact. Other sectorto witness significant exit activity were Financials with 7 exits valued at $132 million, Industrials with 2 exits valued a$73 million, Consumer Discretionary with 5 exits valued at $10 million, and Consumer Staples with 2 exits with valueat $12 million.


13/28


Top 10 Private Equity Exits

Date Target Seller Exit TypeExit Value($ mm)

Sub-Industry

1/8/2012 Genpact Ltd.General Atlantic LLC, Oak HillCapital Partners

SecondarySale

1,000Data Processing &

Outsourced Servic

28/07/2012 Hoary Realty Ltd. Siva Ventures Ltd.

Secondary

Sale 81.39

Real Estate

Development

27/08/2012 SIS India Ltd.DE Shaw CompositeInvestments (Mauritius) Ltd.

SecondarySale

54.34Security & Alarm

Services

26/09/2012Shriram City Union FinanceLtd.

ChrysCapital InvestmentAdvisors, India AdvantageFund Series II

Open Market 41.5 Consumer Financ

27/09/2012 Gujarat Pipavav Port Ltd.India Infrastructure Fund,IDFC

Open Market 18.89Marine Ports &

Services

18/09/2012 Parag Milk Foods Pvt. Ltd.India Business Excellence

Fund

Secondary

Sale12.1

Packaged Foods &

Meats

16/07/2012 Welspun India Ltd.Temasek Holdings AdvisorsIndia Pvt. Ltd.

Open Market 10.2 Textiles

1/8/2012Lalith GangadharConstructions Pvt. Ltd.

Kotak Alternate OpportunitiesIndia Fund

Buyback 9.6Real Estate

Development

21/09/2012 Ess Dee Aluminium Ltd.Sequoia Capital IndiaAdvisors

Open Market 5.23 Aluminium

16/08/2012 Dalmia Bharat Sugar andIndustries Ltd. Actis India Fund 2 LP, ActisSouth Asia Fund 2 LP Open Market 1.48 ConstructionMaterials


14/28


Mergers & Acquisitions Overview

Mergers & Acquisitions in India in Q3 2012 were recorded at $5.4 billion spread across 144 deals; a decline of 33% deal value and 30% in deal volume from when compared against the $8.1 billion worth of acquisitions and 205 deals Q3 2011. Compared to the previous quarter, deal value significantly increased 76%, while the deal volume remaiunchanged.

The dip in M&A activity could be attributed to the regulatory uncertainties & steep decline in the global M&A activitcoupled with the overall slowdown in economy, the falling rupee and policies like GAAR (General Anti-Avoidance Rules)

Figure 16: Mergers & Acquisitions Overview

Among the top five M&A transactions, there was not a single deal above the $1 billion mark. The biggest M&A de

announced during the quarter was the acquisition of New York based Taro Pharmaceuticals Industries Ltd. by SPharmaceutical Industries Ltd. for a total consideration of $592 million (INR 32.5 billion). This was followed by El Ad UHolding Inc. and Kingdom Holding Co selling New York based Plaza IP Holdings LLC for $570 million (INR 31.34 billioto Sahara India Pariwar. The acquisition of Switzerland based Lodestone Management Consultants AG by Infosys Ltd. ftotal consideration of $350 million (INR 19.25 billion).

$24,140

$11,586

$5,689

$1,745

$8,366

$10,304

$6,969$6,546

$5,615

$3,017 $3,224

$5,056

$19,006

$14,528

$19,000

$7,856

$22,254

$8,717$8,165

$2,827

$4,225

$3,089

$5,433

127

153

166

136

163

172

137

127

106111

125

140

201

202

191

207 209

217

205

178

176

144 144

-

50

100

150

200

250

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000


2007 2008 2009 2010 2011 2012

Value ($mm) Volume


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Deal Type Analysis

Figure 17: Deal Type by Volume

83

59

69

103

118

65

23 24 23

41 43

27

5754

33

46

37 38

0

20

40

60

80

100

120

140

Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012

Domestic Inbound Outbound

Figure 18: Deal Type by Value (S mm)

$664 $523$1,218

$2,882

$2,003

$960$703

$2,742$1,456

$11,611

$2,175

$322

$4,316$3,705

$551

$4,436$3,781

$2,322

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012

Domestic Inbound Outbound

Figure 20: Average Deal Amount ($ mm)

$63

$93

$50

$183

$82$86

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 201

Figure 19: Median Deal Amount ($ mm)

$12

$7

$10

$15

$13

$15

$0

$2

$4

$6

$8

$10

$12

$14

$16

Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012

The value of inbound deals fell by 85%

from $2.17 billion (across 43 deals) in Q3

2011 to $322 million (across 27 deals) in

Q3 as compared to 37% in Q2 on a year-

on-year basis. But this may change with

governments unveiling reforms likebringing in foreign direct investment (FDI)

in multi-brand retail, broadcasting,

insurance, pension, and aviation. Similarly

the value of Outbound deals increased by

38% and volume decreased from 38 deals

to 37 deals during the same period.

M&A value of Domestic deals significantly

decreased by 52.07% from $2 billion in Q3

2011 to $960 million in Q3 2012, while the

deal volume dropped by 53 deals.

The median deal amount increased from$13 million to $15 million, while theaverage deal value increased by 5% from$82 million to $86 million as compared toQ3 2011.


16/28


Deal Type Analysis

Figure 21: Number of transactions by Deal Size

Figure 22: Total investment by Deal Size

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Q3 2007

Q3 2008

Q3 2009

Q3 2010

Q3 2011

Q3 2012

Undisclosed Under $5m $5 - $25 m $25 - $50 m $50 - $100 m $100+

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Q3 2007

Q3 2008

Q3 2009

Q3 2010

Q3 2011

Q3 2012

Under $5m $5 - $25 m $25 - $50 m $50 - $100 m $100+

Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3

Under $5m69 62 38 45 63

$5 - $25 m 378 235 324 582 421

$25 - $50 m 223 284 277 416 138

$50 - $100 m 822 408 341 512 1196

$100+ 4198 5980 2243 17445 6347 4

Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012

Undisclosed 75 62 60 87 106 81

Under $5m 28 31 18 26 27 17

$5 - $25 m 31 22 27 43 34 20

$25 - $50 m 7 9 8 11 4 8

$50 - $100 m 12 6 5 7 17 6

$100+ 13 7 7 17 17 12

Big- ticket deals ($100 millionand above) accounted for

81% of the total disclosed

M&A deal value in Q3 2012.

Deals under $100 million

accounted for 35% of the total

deal flow in Q3 2012, while

small-sized deals (under $5

million) accounted for 12%.


17/28


Sector Analysis

Figure 23: Sectoral Analysis - M&A

Figure 24: Top 5 Sectors by Value ($ mm) Figure 25: Top 5 Sectors by Volume

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

Value ($ mm) Volume

Consumer

Discretionary

$821

Industrials

$780

Materials

$563

Health Care

$1,118

Energy

$1,854

Consumer

Discretionary

36

Industrials

26

Materials16

Health Care

10

Information

Technology

25

Energy, Health Care and Consumer Discretionary sectors witnessed the maximum M&A value with deals worth $1.85

billion, $1.1 billion, and $821 million respectively. Together, they accounted for 70% of the total M&A deal valueseen during the quarter. Industrials ($780 million) and Materials ($563 million) were the other sectors to witness

significant M&A value in Q3 2012.

The sectors to see significant M&A activity in terms of deal volume were Consumer Discretionary and Industrials

with 36 deals and 26 deals respectively. Together they accounted for 43% of the total M&A deal volume during the

quarter. This was followed by Informational Technology, Materials and Health Care with 25 deals, 16 deals and 10

deals respectively.


18/28


Top 10 Mergers & Acquisitions

Date Target BuyerM&AType

Deal Value($ mm)

Sub-Indust

13/08/2012Taro Pharmaceuticals IndustriesLtd.

Sun PharmaceuticalIndustries Ltd.

Outbound 592.0 Pharmaceutic

30/07/2012 Plaza IP Holdings LLC Sahara India Pariwar Outbound 570.0

Hotels, Resor

Cruise Line

10/9/2012Lodestone ManagementConsultants AG

Infosys Ltd. Outbound 350.0Research &

Consulting Ser

28/09/2012 BP Chemicals Malaysia Sdn Bhd. Reliance Port & Terminals Ltd. Outbound 230.0CommodityChemicals

29/08/2012Orchid Chemicals &Pharmaceuticals Ltd., APIBusiness and Facilities

Hospira Healthcare India Pvt.Ltd.

Domestic 200.0Health Car

Supplies

27/07/2012ZIV Aplicaciones y TecnologaS.L.

Crompton Greaves Ltd. Outbound 183.0Heavy Electr

Equipment

31/07/2012 Modest Infrastructure Ltd.Dempo Shipbuilding andEngineering Pvt. Ltd.

Domestic 126.9Construction

Farm MachineHeavy Truc

23/07/2012 CIC Energy Corp. Jindal Steel & Power Ltd. Outbound 116.0Coal & Consum

Fuels

5/7/2012 Terrace Bay Pulp Inc.Grasim Industries Ltd., ThaiRayon Public Co. Ltd.

Outbound 110.0 Forest Produ

28/09/2012 Adhunik Cement Ltd.Dalmia Bharat Sugar andIndustries Ltd.

Domestic 105.8Constructio

Materials


19/28


Regional Analysis

Top 5 States

City Volume Value ($ mm)

Mumbai 33 $415

Bangalore 12 $56

New Delhi 10 $147

Gurgaon 4 $64

Pune 4 $41

Top 5 Cities

State Volume Value ($ mm)

Maharashtra 40 $656

Karnataka 13 $56

Delhi 10 $147

Tamil Nadu 4 $84

Haryana 4 $64


20/28


Sectoral Performance

Automobiles & Components

Banks

Capital Goods

Private Equity Mergers & Acquisitions



$887

$102$6

$75$21 $9

$15

4

2

33

3

11

0

1

2

3

4

5

$0

$200

$400

$600

$800

$1,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$37 $43

$242

$41

$137

$44

$117

109

5

8 8

43

0

2

4

6

8

1

1

$0

$50

$100

$150

$200

$250

$300

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$17

$0 $0

$45

$0 $0 $0

1 1

2 2 2

0 0

0

0

1

1

2

2

$0

$10

$20

$30

$40

$50

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$194

$0 $31

$733

$120$49

$9

7

0

23

5

2

1

0123

45678

$0$100$200$300

$400$500$600$700$800

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$291

$615$707

$298

$196

$33

$252

18 17

12

910

7

4

0

5

10

15

20

$0$100$200$300$400$500$600$700$800

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$1,847

$465$335

$514 $563

$122

$383

32

23

14

18

28

1417

0

5

1

1

2

2

3

3

$0$200$400$600$800

$1,000$1,200$1,400$1,600$1,800$2,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012


21/28


Commercial & Professional Services

Consumer Durables & Apparel

Consumer Services




$11

$105

$24

$131

$39

$11

$131

6

13

6

13

67

6

02468101214

$0$20$40$60$80

$100$120$140

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$14

$397

$98$50 $29

$656

$38110

14

17

89 10

6

0

5

10

15

20

$0

$100$200

$300$400

$500

$600

$700

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$89

$17 $6

$146

$1

$149

$16

5

45

11

7

3

7

0

2

4

6

8

10

12

$0$20$40$60$80

$100$120$140$160

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$18$4

$28

$13

$20

$43

$9

6

3

5

3 4

9

10

24

6

8

10

$0

$10$20

$30

$40

$50

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$138

$208

$59

$134

$44

$240$22013 13

1110

11

16

12

0

5

10

15

20

$0

$50

$100

$150

$200

$250

$300

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$149

$19

$788

$377

$40

$364

$58510 916 12

6

5

10

0

5

10

15

20

$0

$200

$400

$600

$800

$1,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012


22/28


Diversified Financials

ss

Energy

Food & Staples Retailing




$34

$350

$210

$60

$154 $137

$46

811

10

6

9

6

10

0

2

4

6

8

10

12

$0$50

$100$150$200$250$300$350$400

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$114$88

$356

$19

$376

$1 $5

1110 13

6

10

54

02468101214

$0$50

$100$150$200$250$300$350$400

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$0 $30 $0

$602

$5 $0 $00

1

0

3

1 1 1

00.511.5

22.533.5

$0$100$200$300

$400$500$600$700

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$9,816

$2,037 $2,017

$262 $184 $175

$1,854

8

12

98

6 6

8

0246

8101214

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$0 $0 $0 $0

$0

$0

$111

0 0 00 0

1

0

0.2

0.4

0.6

0.8

1

1.2

$0$2$4$6$8

$10$12$14

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$16

$0 $0 $0 $0 $0 $0

3

0

1

0

2 2

0

00.511.522.533.5

$0

$5

$10

$15

$20

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012


23/28


Food, Beverage & Tobacco

Health Care Equipment & Services

Household & Personal Products




$59

$33

$113

$5$12

$2

$39

6

3

7

2 21

4

012345678

$0

$20

$40

$60

$80

$100

$120

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$19$74

$625

$107$42 $38 $7

98

11

9 9

6

8

0

2

4

6

8

10

1

$0$100$200$300$400$500$600$700

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$48

$113

$0

$113

$323

$198$1525

10

0

6

10

6

12

0246

8101214

$0$50

$100$150

$200$250$300$350

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$63$210

$1,078

$107 $132$0

$262

87

9

4

6

3

6

0

24

6

8

10

$0

$200

$400

$600

$800

$1,000

$1,200

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$5 $5 $0

$28

$134

$96

$44

11

0

1 11

1

0

0.2

0.4

0.6

0.8

1

1.2

$0$20$40$60$80

$100$120$140$160

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$13

$357

$0 $0 $0 $0 $0

2

5

1

2 2

0 0

0

1

2

3

4

5

6

$0$50

$100$150$200$250$300$350$400

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012


24/28


Insurance

Materials

Media




$0

$0 $0

$9

$0$1

$15

00 0

1

0

1 1

0

0.2

0.4

0.6

0.8

1

1.2

$0$2$4$6$8

$10$12$14$16

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$680

$23 $0 $0 $0

$541

$0

1

2

10

1

2

0

0

0.5

1

1.5

2

2.5

$0$100$200$300$400$500$600$700$800

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$66

$653

$125$46

$5 $4 $13

7

10

4

5

2 2

10

2

4

6

8

10

12

$0$100$200$300

$400$500$600$700

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$1,830

$2,684

$317

$458 $431$89

$563

18

39

13

18

12 13

16

0

10

20

30

40

50

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$94

$162

$45

$7

$82

$116

$25

7 116

5

3

7 6

0

2

4

6

8

10

12

$0

$50

$100

$150

$200

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$19 $0

$535

$166

$393

$273

$20

16

10

14

15

10

109

0

5

10

15

20

$0

$100

$200

$300

$400

$500

$600

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012


25/28


Pharmaceuticals, Biotechnology & Life Sciences

Real Estate

Retailing



$5$15

$79

$0

$66

$60

$201

3 3

0

4

34

0

1

2

3

4

5

$0

$20

$40

$60

$80

$100

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$115 $398$127 $131

$493

$28

$8578

10

10

10

9

54

0

2

4

6

8

10

12

$0

$200

$400

$600

$800

$1,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$453

$196 $308

$442

$332

$113

$664

10 11 910

14

99

02468

10121416

$0

$100

$200$300

$400

$500

$600

$700

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$31$2

$380

$60$28

$83 $66

13

5

14

4

67

4

02468

10121416

$0$50

$100$150$200

$250$300$350$400

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$109

$125$145

$93

$295

$154

$38

13

11

1115

2424

10

0

5

10

15

20

25

30

$0

$50$100$150$200

$250$300$350

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$197

$48

$4 $5

$44

$10

$83

5

10

4

3

7 7 7

0

2

4

6

8

10

12

$0

$50

$100

$150

$200

$250

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012



26/28


Software & Services

Technology Hardware & Equipment

Telecommunication Services




$135

$299$224 $171

$106 $158

$1,135

26 27

33

4137 39

21

0

10

20

30

40

50

$0

$200

$400

$600

$800

$1,000

$1,200

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$1,451 $1,526

$359 $298$438

$174 $211

28 2830

29

17

2523

0

5

10

15

20

25

30

35

$0$200$400$600$800

$1,000$1,200$1,400$1,600$1,800

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$1

$33

$22

$7$0

$10

$63

2

1

4

2

3

2

4

0

1

2

3

4

5

$0

$10$20$30

$40$50$60

$70

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$0 $0

$2

$0

$10

$0 $0

1 1

23

4

01

0

1

2

3

4

5

$0

$2

$4

$6

$8

$10

$12

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$30

$1

$0

$19

$0

$0$0

1

3

0

3

0 0

0 00.511.522.533.5

$0$5

$10$15$20$25$30$35

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$5,490

$237$708

$0

$785$165 $1

4 4

2

12 1

2

0

1

2

3

4

5

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012


27/28


Transportation

Utilities

Semiconductors & Semiconductor Equipment




$30

$1 $0

$19

$0 $0 $0

1

3

0

3

0 00 0

0.511.522.533.5

$0$5

$10$15$20$25$30$35

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$231

$34

$135

$28 $55

$129

$16

32 3

2

5

9

3

0

2

4

6

8

10

$0

$50

$100

$150

$200

$250

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$215$154

$600

$144

$10

$250

$16

7 5

12

5

2

4

2

02468

101214

$0$100$200$300$400

$500$600$700

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$17

$58 $55

$11

$45 $46

$8

3 3

9

5

87

5

0

2

46

8

10

$0$10$20$30$40

$50$60$70

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$0

$0 $0 $0 $0 $0 $000

1

0 0 0 0 0

0.2

0.4

0.6

0.8

1

1.2

$0

$0

$0

$1

$1

$1

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012

$0 $0 $0 $0 $0 $0 $00

1

0

00 0

1

0

0.

0.

0.

0.

1

1.

$0

$0

$0

$1

$1

$1

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012


28/28

vccedge quarterly deal update - q3 2012

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