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(Our Company was incorporated in the State of Karnataka as a private limited company under part IX of the Companies Act, 1956 under the name of Vijay
Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
was made by the Registrar of Companies, Bangalore, Karnataka on July 1, 1994, on the Original Certificate of Incorporation dated March 31, 1983. Pursuant to
Extraordinary General Meeting held on February 14, 1997 the status of our Company was subsequently changed from a deemed public Limited Company to a
Executive summery
was changed to VRL Logistics Limited and a fresh certificate of incorporation, consequent on change of name, was granted to our Company on August 25, 200
"><8=B>C>:&-DD8E>F R.S No. 351/1, NH-4, Bangalore Road, Varur, Hubli 581 207, Karnataka India Tel: (91 836) 2237 6
/5CG5CHB>&-DD8E>F Giriraj Annexe, Circuit House Road, Hubli- 580 029. Tel: (91 836) 2237 511/512, Fax
(For changes in our name and registered office see “Our History and Certain Corporate Matters” o
Contact Person: Mr. R. P. Raichur, Company Secretary and Compliance Officer
Email: investors@vrllogistics.com, Website: www.vrllogistics.com
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supply chains. The growth of retail industry has triggered !P&@#/.&QU)..0'VRN&%(
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in India. Entry of global players has developed stiff
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The Indian economy has witnessed fast-paced growth over the last decade, making it
In case of revision in the Price Band, the Bidding Period will be extended for three additional working days after revision
Period/Issue Period not exceeding 10 working days. Any revision in the Price Band and the revised Bidding/Issue Period, if a
one of the preferred investment destinations for multinational corporations and a recognized
notification to National Stock Exchange of India Limited (“NSE”) and the Bombay Stock Exchange Limited (“BSE”), by issui
the change on the websites of the Book Running Lead Managers and at the terminals of the Syndicate.
The Issue is being made through a 100% Book Building Process wherein not more than 50% of the Issue will be allocated to
manufacturing hub to the world. This, in turn, has resulted in increased demand for world-
proportionate basis, subject to valid bids being received at or above the Issue Price. Out of the portion available for allocati
allocation to Mutual Funds only. Mutual Funds Bidders shall also be eligible for proportionate allocation under the balance
15% of the Issue shall be available for allocation on a proportionate basis to Non institutional Bidders and not less than 35% of
class logistics and warehousing services in India, leading to the growth and transformation of
on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price.
this sector. The logistics sector has been growing at an impressive rate").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
of 8 to 10 per cent per
This being the first public issue of Equity Shares and Warrants of our Company, there has been no formal market for the Equity Sha
value of the Equity Shares is Rs.10 per Equity Share and the Issue Price is [!] times of the face value. The Issue Price (as determine
annum since 2002 to touch revenues
Book Running of
Lead$100 billion
Manager, in of2007
on the basis - 08.
assessment The demand
of market Worldfor Bank's 2007offered by way of book building
the Equity Shares
be taken to be indicative of the market price of the Equity Shares and Warrants after the Equity Shares and Warrants are listed. No
Global Logistics Report ranks India 39 amongst 150 countries in terms of logistics
and/or sustained trading in the Equity Shares and Warrants of the Company or regarding the price at which the Equity Shares andW
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performance during the yearInvestments
as well as its
in equity future potential.
and equity-related Further,
securities involve a degree the
of riskIndian logistics
and investors should not invest any funds in this Issue
losing their investment. Investors are advised to read the risk factors carefully before taking an investment decision in this Issue. F
must rely on their own examination of the Issuer and the Issue including the risks involved. The Equity Shares and Warrants offered
industry is expected to grow annually at the rate of 15 to 20 per cent, reaching revenues of
approved by the Securities and Exchange Board of India (“SEBI”), nor does SEBI guarantee the accuracy or adequacy of this Draf
of the investors is invited to the section titled “Risk Factors” beginning on page [!] of this Draft Red Herring Prospectus
approximately US $ 385 billion by 2015. The accelerated growth of)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
the logistics industry,
The Issuer having made all reasonable inquiries, accepts responsibility for and confirms that this Draft Red Herring Prospectus
coupled with an increasing trend totheoutsource
Issuer and Issue, which iswarehousing activities,
material in the context of the Issue, has made
that the India
information a vast
contained in this Draft Red Herring Prospect
and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are n
this Draft Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions mislea
and untapped market.
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This Issue has been graded by [!] and has been assigned the “IPO Grade [!]” indicating [!], through its letter dated [!]. The IP
The increasing costfrom
of1 tofuel,
5 with aninfrastructure facilities
“IPO Grade 5” indicating and andcompetition,
strong fundamentals less poor fundamentals. For detail
an “IPO Grade 1” indicating
section “General Information” beginning on page [!] of this Draft Red Herring Prospectus.
margin. Have increased the more concentration on vehicle routing @).%)*+&

and scheduling.
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The Equity Shares and Warrants offered through this Draft Red Herring Prospectus are proposed to be listed on the BSE and the N
Many research have been isfrom
conducted ontherouting
BSE and NSE for
[!].
listing of our and scheduling
Equity Shares and Warrantsfrom 80s
pursuant to lettersand
dated [new
!] and [!], respectively. For purposes o
methods are developed frequently. After computers are developed new software’s
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developed for routing and scheduling. 14th Floor, Express Towers, “Karvy Hou
Nariman Point, Mumbai 400 021, India
SEBI Reg. No. : INM000010650 Banjara Hill
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Email: vrl.ipo@edelcap.com Fax: (91 40
VRL is organized logistic service provider in Grievance
Investor India; where
Email : as 90% of the other
Email: vrl.i
edelcapredressal@edelcap.com
Website: www.edelcap.com Website: ww
players are unorganized. VRL is the one of the Person:
Contact organization
Mr. Sumeet that
Lath / is continuous Contact Pers
Ms. Navdeep Kaur
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Kousali Institute Of Management Studies
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In this project we studied logistic industry, operations in logistics and practical
problems faced in timely delivery of goods to customers. We have conducted study
on routing and scheduling. We have studied how goods of different routes are handled
in Varur (Hubli TPT). Email: investors@vrllogistics.com, Website: www.vrllogistics.com
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Book Running Lead Manager, on the basis of assessment of market demand for the Equity Shares offered by way of book building
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Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in this Issue
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Issuer and the Issue, which is material in the context of the Issue, that the information contained in this Draft Red Herring Prospect
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from 1 to 5 with an “IPO Grade 5” indicating strong fundamentals and an “IPO Grade 1” indicating poor fundamentals. For detail
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from BSE and NSE for the listing of our Equity Shares and Warrants pursuant to letters dated [!] and [!], respectively. For purposes o
is [!].
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Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Investor Grievance Email :
edelcapredressal@edelcap.com Email: vrl.i
Contact Person: Mr. Sumeet Lath / Contact Pers
Ms. Navdeep Kaur
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Industrial Profile
Transportation: /5CG5CHB>&-DD8E>F Giriraj Annexe, Circuit House Road, Hubli- 580 029. Tel: (91 836) 2237 511/512, Fax
Efficiently distributing
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important factor for maintaining the cohesion of economic systems from empires to
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technological and economic developments, the means to
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achieve such a goal have evolved considerably. The historical evolution of
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systems. Transportation isInPeriod/Issue
acasestory of inmen’s
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obstacles, to conquer the land, seas
the change on and the air.
the websites of the Book Running Lead Managers and at the terminals of the Syndicate.
The Industrial Revolution and Transportation:
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It was during industrial revolution that massive modifications of transport
systems occurred in two major phases. The first centered along the development of
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canal systems and the second centered thermal energy into mechanical energy,
providing an important territorial
must rely on theirexpansion for
own examination of maritime
the Issuer and the Issueand railway
including transport
the risks involved. The Equity Shares and Warrants offered
systems. Much of the credit of developing the first efficient steam engine in 1765 is
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attributed to the British engineer Watt,
The Issuer having although
made all reasonablethe first
inquiries, steam
accepts engine
responsibility were
for and used
confirms toDraft Red Herring Prospectus
that this
pump water out of mines. This marked a new era in the mechanization of land and
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maritime transport system alike.
The main consequence of the industrial revolution was a specialization of
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is [!].
materials energy. 4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
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International transportation undertookNariman
an important phase
Point, Mumbai 400 of
SEBI Reg. No. : INM000010650
021,growth
India towards Banjara Hill
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
the end the 19th century, especially withEmail: improvement in engine propulsion
vrl.ipo@edelcap.com Fax: (91 40
Email: vrl.i
technology and gradual shift from coal to oil inedelcapredressal@edelcap.com
the 1980s.
Ms. Navdeep Kaur
Early self-propelled road vehicles were powered by steam, as electricity
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opening the way for the modern automobile was the invention of the internal
combustion engine, fueled by gasoline, 1876. Within a few decades, automobile and
other motor vehicles such as trucks and buses were everywhere. Highways were built
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and then improved to accommodate the ever-increasing number of vehicles. Gasoline
stations and other auxiliary services were established.
Land transportation is the effect since the invention of the internal combustion Contact Person: Mr. R. P. Raichur, Company Secretary and Compliance Officer
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engine has been marked by,"'A)0A&-$&".N&O
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Modifying the internal combustion engine to use of oil rather than gasoline produced
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the diesel engine, which provides economical power for locomotive, large motor
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vehicles and increasingly automobiles. Electricity is widely used to power railways
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To meet the challenge of capacity expanding transportation needs, extensive
research and development projects have been undertaken. Planners are attempting to
develop a coordinated system of public and private transport. Their goal is to reduce
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or eliminate many problems
This such
being theas
firstcongestion, delay
public issue of Equity Shares and air pollution
and Warrants of our Company,that modern
there has been no formal market for the Equity Sha
man encounter in transporting himself,
Book Running his family
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on the basis products
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Historical background Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in this Issue
Right from the pre-historic times, trade has been the most significant
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achievement that mankind The
hasIssuer
ever got
having par
made with and
all reasonable theaccepts
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responsibility and confirms thatstill
this Draft Red Herring Prospectus
continues. This even gets justified
and is not when
misleading in any VRLthat look
material respect, the opinionsatand intentions
the present
expressed hereinday
are honestly held and that there are n
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structure of the world economy solely based on trade and commerce. The term
trade comes along with thefrom
supply and demand of the goods and commodities being
1 to 5 with an “IPO Grade 5” indicating strong fundamentals and an “IPO Grade 1” indicating poor fundamentals. For detail
traded. To enable an increase in sphere of influence of the@).%)*+&

products, the
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companies want their product to be available to their customers and also to
is [!].
search for potential customers by exploring newer markets. This requires "'+).%"#"&%-&%('&)..0'
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“Logistics”. Investor Grievance Email :
Email: vrl.i
Ms. Navdeep Kaur
“Logistics”, as defined classically, is the time related positioning of goods,
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has been in place ever since 4)!d)..0'&
warfare existed between
- , ' * .& -*& mankind. [!
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and evolution of logistics, it would be correct to say that Military logistics is the
predecessor of modern business logistics. It’s in fact appropriate to take a field of
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military warfare into modern day business, as the competitive environment today is
no less fierce than the wars fought by mankind, let alone the weaponry. The
basic military strategy of protecting one’s own supply while attacking those of an
enemy can be rephrased to suit modern day business as follows. The usage Email: investors@vrllogistics.com, Website: www.vrllogistics.com
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vocabulary. Various military practices have been adopted into!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O commercial world to
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gain this competitive advantage. The field of operations research also grew out of the
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military logistics efforts of WWII. ,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
Through the time, as the competition between firms increased, the %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
focus shifted to the details of the strategy as to provide the right item in the right
quantity at the right time at the right place for the right price to the right person (very
much the realization of 4 P’s of Marketing). This condition called for the
integration of information, transportation, inventory, warehousing, material handling

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and packaging which further led to the need of highly efficient systems to attain these
goals. The branch of business logistics
and/or sustained trading inevolved in and
the Equity Shares theWarrants
1950s. The reason
of the Company or regardingfor theat which the Equity Shares andW
the price
+'*'"#@& ").Z.
evolution being the need Investments
for supplying one’s
in equity and ownsecurities
equity-related businessinvolve awith the
degree of risk materials andnot invest any funds in this Issue
and investors should
shipping out the productsmust
inrelyaon globalised supply
their own examination chain.
of the Issuer During
and the Issue including80’s, there The
the risks involved. was
Equity Shares and Warrants offered
increased globalization and an increased use of IT. These trends )..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
resulted in increased
demands on firms and possibilities forwhich
Issuer and the Issue, companies tocontext
is material in the operate more
of the Issue, competitive
that the and
information contained in this Draft Red Herring Prospect
lean. It was during this timethisthat
Draft many successful
Red Herring Prospectus as a 3PL companies
whole or of today
any of such information emerged.
or the expression of any such opinions or intentions mislea
),-& +"#!)*+
Some of them are: This Issue has been graded by [!] and has been assigned the “IPO Grade [!]” indicating [!], through its letter dated [!]. The IP
• DHL/Exel, section “General Information” beginning on page [!] of this Draft Red Herring Prospectus.
@).%)*+& #""#*+'A'*%
• FedEX, The Equity Shares and Warrants offered through this Draft Red Herring Prospectus are proposed to be listed on the BSE and the N
• Kuehne-Nagel, is [!].
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
• Schenker,
':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
14th Floor, Express Towers,
• UPS, Nariman Point, Mumbai 400 021, India
“Karvy Hou
• Panalpina, Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119
Email: vrl.ipo@edelcap.com
Tel: (91 40)
Fax: (91 40
• C.H. Robinson, edelcapredressal@edelcap.com Email: vrl.i
Contact Person: Mr. Sumeet Lath /
• TNT Logistics, Ms. Navdeep Kaur
Contact Pers
• Schneider, 4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
• Maersk Logistics
• NYK Logistics.
• VRL Logistic LTD
5
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for foreign trade—have very high turnaround
% of total cargo movement
times when compared with statistics for other
odernisation of 37 ?"@& @-+).%)/.& @)A)%'!
countries. Similarly, the railways,(Ourwhich
Companywere a
was incorporated in theSource:
State ofConfederation of Indian
Karnataka as a private limitedIndustry
company under part IX of the Companies Act, 1956 under the name of Vijay
perational airports Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
popular mode for freight transportation
d development of
Various
(especially the movement modes was of
of bulk transportation
goods),
changed to VRLhave and a and
Logistics Limitedhand, fresh their
is acertificate
costly characteristics
mode and
of incorporation, its use
consequent ofIndia
is restricted
on change to to our Company on August 25, 200
name, was granted
w airports will "><8=B>C>:&-DD8E>F R.S No. 351/1, NH-4, Bangalore Road, Varur, Hubli 581 207, Karnataka India Tel: (91 836) 2237 6
lost ground to road transportation due to courier
/5CG5CHB>&-DD8E>F shipments.
Giriraj Annexe,ItCircuitis rarely
HouseusedRoad, for
Hubli- bulk
580 029. Tel: (91 836) 2237 511/512, Fax
crease air cargo Contact Person: Mr. R. P. Raichur, Company Secretary and Compliance Officer
limited access to smaller towns. Air, on the other transportation. Email: investors@vrllogistics.com, Website: www.vrllogistics.com
ndling capacity. ,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
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modes of transportation and their characteristics !P&@#/.&QU)..0'VRN&%(
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Roads Railways Water / Ports
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Airports
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Advantages: Advantages: Advantages: Advantages:
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)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
!Road network of 3.3 ! Spread over 81,500 km, ! Cheapest,")/'&4#*!F&".N&O
mode of ! Fastest mode of
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million km is the second railways carries 25% of transportation transportation
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
largest globally total freight movement %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
!55% of total freight ! Low transportation
Period/Issue Periodcost
not exceeding 10 working days. Any revision in the Price Band and the revised Bidding/Issue Period, if a
movement is via as the
compared
change onto the
roads
websites of the Book Running Lead Managers and at the terminals of the Syndicate.
roadways The Issue is being made through a 100% Book Building Process wherein not more than 50% of the Issue will be allocated to
!Roads offer wide reach allocation to Mutual Funds only. Mutual Funds Bidders shall also be eligible for proportionate allocation under the balance
and easy accessibility to on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price.
even small markets ").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
Disadvantages: Disadvantages: Disadvantages:
value of the Equity Shares is Rs.10 per Equity Share and the IssueDisadvantages:
Price is [!] times of the face value. The Issue Price (as determine
High cost of Book
Bulk Running
commodities Lead Manager, on the
Poor basis
stateofofassessment
inland of market demand for the Equity Shares offered by way of book building
! ! ! ! Low freight movement
transportation account
and/or for 90% oftrading
sustained total in the Equity
waterways
Shares in
andthe country
Warrants of the !
Company
87% of ortotal
regarding
freightthetraffic
price at which the Equity Shares andW
! National Highways freight revenues ! High turnover time +'*'"#@&
being handled ").Z.
by airports
account for only 2% of Investments
Inflexibility to inreach
equity and equity-related securities involve a degree of risk and investors should not invest any funds in this Issue
deep
! in metro cities
the total network but interiors
carries 40% of total approved by the Securities and Exchange Board of India (“SEBI”), nor does SEBI guarantee the accuracy or adequacy of this Draf
freight
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
Key Developments: Key Developments: Key Developments:
The Issuer having made all reasonable Key Developments:
inquiries, accepts responsibility for and confirms that this Draft Red Herring Prospectus
! National Highway ! Phase
and 1is of
notdedicated ! Cargo
misleading in any material handling
respect, that capacity
the opinions and! Modernisation
intentions expressedof herein
37 are honestly held and that there are n
Development Project to this Draft
freight Red Herring
corridor along Prospectusofasports
a whole or any
to be of such information
increased or the expression
operational airportsofand
any such opinions or intentions mislea
upgrade and modernise from 600 million tones in ),-&
development of new +"#!)*+
Golden Quadrilateral to
highways be This Issue in
initiated has been graded by [!2007
2008-09 ] andto
has1500
beenmillion airports
assigned the “IPO Grade [!]”will increase[!air
indicating ], through its letter dated [!]. The IP
! 24,000 km of National tones by 2015 cargo handling
capacity
Highways are to be @).%)*+& #""#*+'A'*%
upgraded to four/six The Equity Shares and Warrants offered through this Draft Red Herring Prospectus are proposed to be listed on the BSE and the N
lanes. Connectivity to from BSE and NSE for the listing of our Equity Shares and Warrants pursuant to letters dated [!] and [!], respectively. For purposes o
is [!].
ports is also being
improved 4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
! The following projects ':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
are under development. Nariman Point, Mumbai 400 021, India
- The Golden SEBI Reg. No. : INM000010650 Banjara Hill
Quadrilateral Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
- North – South Corridor Investor Grievance Email :
- East – West Corridor edelcapredressal@edelcap.com Email: vrl.i
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
INDIA REPORT | AUGUST 2008 5
6
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Third party logistics was changed to VRL Logistics Limited and a fresh certificate of incorporation, consequent on change of name, was granted to our Company on August 25, 200
Third party logistics ,04@)/&
(3PL))..0'&
or contract logistics is thus the supply chain
-$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
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practice of outsourcing the%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O
various logistics functions of inbound freight, customs !P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
consolidation, ware housing, distribution, and outbound freight to the
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
client's customers. The 3PL provider executes these logistics functions on behalf
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of the client company by using own assets resources. This provides
,")/'&4#*!F&".N&O the!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
!P&%-&".N&O service user
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
company to concentrate more on its core competences while at the same time
operating in a leaner fashion without
notification to National owning many
Stock Exchange of Indiaassets, thereby
Limited (“NSE”) and the reducing the Limited (“BSE”), by issui
Bombay Stock Exchange
overall operational costs. The resources
proportionate andto valid
basis, subject funds thatreceived
bids being would at orotherwise
above the Issue have been
Price. Out of the portion available for allocati
utilized for the performance
on aof the logistics
proportionate functions
basis to Retail can be
Individual Bidders, now
subject redirected
to valid towards
Bids being received at or above the Issue Price.
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improving operational efficiency in other disciplines.
India is not aloof as well, when VRL talk about the utilization of 3rd Party
+'*'"#@& ").Z.
logistics by companies in India, itinhas
Investments equitybeen 55% when
and equity-related securitiescompared
involve a degreeto
of the global
risk and investorsindex
should not invest any funds in this Issue
of 71%. This further testifies the increasing role and understanding of
optimal business practices by the Indian firms. With the relaxation in government
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
policies and banking on Issuer
theand highly skilled
the Issue, which is material inand educated
the context labor
of the Issue, that force,
the information the
industries in India (specifically; Manufacturing and Services) are in the phase of
),-& +"#!)*+
expansion and with globalization in been

This Issue has its graded
full fray, thehascompanies
by [!] and been assigned thehere too [!are
“IPO Grade looking
]” indicating to its letter dated [!]. The IP
[!], through
supply its products throughout the globe to increase its market presence and this
@).%)*+& #""#*+'A'*%
active participation in the world
The Equitytrade makes
Shares and WarrantsIndia’s position
offered through this Draft as
Red inevitable inarethe
Herring Prospectus 3PLto be listed on the BSE and the N
proposed
is [!].
usage. Moreover, the rapidly growing Indian Consumer Market and the
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
increase in consumption expenditure has made /HG8BH9&
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@8a8B>:customer sensitive ZHC_`&/5a
towards the quality and speed of the service being
Nariman Point,provided,
Mumbai 400 due to which the
021, India
Banjara Hill
rd Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
organizations are forced to go for “3 Party Email:
Logistics” so that they can concentrate
Email: vrl.i
on their competencies i.e. production by outsourcing the critical processes of the
Supply Chain to the experts thereby lowering their costs. DHL was Kaur
Ms. Navdeep the first company
4)!d)..0'&,"-+"#AA'
to begin 3rdParty Airlift Cargo operations in India in the late 70’s.
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
7
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3 PL Industry Overview: Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
The 3PL industry is a difficult to analyze for its volume and size. The global
logistics market generated total revenues of $804.6 billion in 2007, representing a
compound annual growth rate (CAGR) of 6.2% for the period spanning 2003-2007. In Email: investors@vrllogistics.com, Website: www.vrllogistics.com
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
comparison, the European ,"'A)0A&-$&".N&O
and Asia-Pacific markets grew with CAGRs of 3.2% and
!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
10.5%, respectively, over the same period, to reach respective values
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O of $248.7 billion
!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
and $272.3 billion in 2007. The retail logistics segment was the market’s most
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
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)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
lucrative in 2007, generating total revenues of $514 billion, equivalent to 63.9% of
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
the market's overall value. Logistics for the automotive sector contributed revenues of %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
$105.8 billion in 2007, equating to 13.2% of the market's aggregate value. The
performance of the market is forecast to follow a similar pattern, with an anticipated
CAGR of 5.3% for the five-year period 2007-2012, which is expected to drive the
market to a value of $1,041 billion by the end of 2012. Comparatively, the European
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
and Asia-Pacific markets value
willof grow with CAGRs of 0.6% and 9.7%, respectively,
the Equity Shares is Rs.10 per Equity Share and the Issue Price is [!] times of the face value. The Issue Price (as determine
over the same period, to reach respective
and/or sustained trading in values of $255.6
the Equity Shares billion
and Warrants and $431.9
of the Company or regarding billion
the price at which the Equity Shares andW
+'*'"#@& ").Z.
in 2012. The market share Investments
of the Asia pacific
in equity is onesecurities
and equity-related thirdinvolve
accounting
a degree of to
risk 33.8 % of
and investors thenot invest any funds in this Issue
should
total, with United States contributing theexamination
must rely on their own lion share withand35.2%
of the Issuer and Europe
the Issue including 30.9%
the risks involved. The of
Equity Shares and Warrants offered
the total revenue generated. )..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
Four Major 3PL Segments: this Draft Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions mislea
),-& +"#!)*+
Non-asset based Domestic Transportation Management (TM):
@).%)*+& #""#*+'A'*%
3PLs providing value- added transportation management services dealing
with shipments originating in and destined to domestic locations. Services are usually
is [!].
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
performed in conjunction with freight brokerage and are often contractual.
':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
Non-asset based International Transportation Management
Tel: (91 (ITM):
22) 4086 3535 Fax:
(91 22) 2288 2119 Tel: (91 40)
Fax: (91 40
3PLs providing value-added international transportation management services
dealing with shipments, and usually performed in Ms.
conjunction
Navdeep Kaur with freight
Contact Pers
forwarding, often contractual in nature. 4)!d)..0'&,"-+"#AA'

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Asset-based Dedicated Contract Carriage (DCC):

3PLs providing dedicated contract carriage services supplying tractors, drivers
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and management. Trailers are normally included; contract terms are 1-7 years.
Asset-based Value-Added Warehousing/Distribution (VAWD):
3PLs normally providing long term contract warehousing or distribution
centre operations with a host of value-adds Email: investors@vrllogistics.com, Website: www.vrllogistics.com
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Types of 3PL Providers S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
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3PL firms promote themselves as provider of a comprehensive range of
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
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)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
logistics services. It is useful to categorize them in one of the following ways: ,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
Transportation Based: notification to National Stock Exchange of India Limited (“NSE”) and the Bombay Stock Exchange Limited (“BSE”), by issui
The 3PL services provided by this type of firms are leveraged, in that way
they utilize the assets of other companies, and some are non-leveraged, where the
principal emphasis is on utilizing the transportation-based assets of the parent

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organization. Basically, these firms extend beyond the transportation activity to a
more comprehensive setand/or of
sustainedlogistics offerings.
trading in the Equity Few
Shares and Warrants of the transportation-based
Company or regarding the price at which the Equity Shares andW
+'*'"#@& ").Z.
suppliers are Ryder, MenloInvestments
logistics, Schneider
in equity Logistics,
and equity-related FedEx
securities involve a degreeLogistics and should
of risk and investors UPSnot invest any funds in this Issue
Logistics. must rely on their own examination of the Issuer and the Issue including the risks involved. The Equity Shares and Warrants offered
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
Warehouse/Distribution Based: Issuer and the Issue, which is material in the context of the Issue, that the information contained in this Draft Red Herring Prospect
Traditionally, most Warehouse/Distribution based logistics suppliers have
),-& +"#!)*+
been in the public or contract
This Issuewarehousing
has been graded by [!] business and the have
and has been assigned “IPO Gradeexpanded
[!]” indicating [!into
], through its letter dated [!]. The IP
a broader range of logistics services.
section “General Based
Information” onontheir
beginning page [!]traditional
of this Draft Redorientation,
Herring Prospectus.these
@).%)*+& #""#*+'A'*%
firms are in Inventory Management, Warehousing,
The Equity Shares Distribution,
and Warrants offered through etc.Prospectus
this Draft Red Herring Examplesare proposedof
to be listed on the BSE and the N
such firms are DSCis [!].Logistics, USCO, and Excel, Caterpillar Logistics
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Services, IBM.
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Forwarder Based: Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119
Tel: (91 40)
Fax: (91 40
This category includes companies likeedelcapredressal@edelcap.com
Kuehne & Nagel, Fritz, C.H Robinson Email: vrl.i
and Hub Group. They have expanded their Contact
middlemanPerson: Mr. Sumeet Lath /
roles
Ms. as forwarders
Navdeep Kaur and/or Contact Pers
4)!d)..0'&,"-+"#AA'
brokers into the broader range of 3PL services. Essentially, these firms are non-asset
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
owners, are very independent and deal with a wide variety of suppliers in logistics
services.
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Financial Based: was changed to VRL Logistics Limited and a fresh certificate of incorporation, consequent on change of name, was granted to our Company on August 25, 200
This category of firms provide freight payment and auditing, cost
accounting and control, and tools for monitoring, booking, tracking, tracing, and Email: investors@vrllogistics.com, Website: www.vrllogistics.com
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managing inventory. ,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
Examples: Cass Information Systems, CTC, GE Information
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'& Services,
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
FleetBoston. %('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
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)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
Information Based: %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
There has been a significant growth and development in this category of
Internet-based, business-to-business, electronic markets for transportation and
logistics services. 15% of the Issue shall be available for allocation on a proportionate basis to Non institutional Bidders and not less than 35% of
Examples: Transplace, Nistevo are popular companies in this type of 3PL services.
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Why Organizations need to use 3PL services?
+'*'"#@& ").Z.
3PL services are very important
Investments in equity for organization
and equity-related securitiesto gaina degree
involve effectiveness in many
of risk and investors should not invest any funds in this Issue
of their activities. A few such activities, which lay the very foundation in
ensuring the effectiveness of the offering by the company, are: )..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
Save time and cost: this Draft Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions mislea
),-& +"#!)*+
Organizations are not
This required
Issue has been to invest
graded by [!] in
and both
has beentime
assignedand money
the “IPO Grade [!and they [!save
]” indicating ], through its letter dated [!]. The IP
a lot in both these factorssection
if they take
“General up the
Information” services
beginning on page [!of the3PL
] of this Draft Redcompanies.
Herring Prospectus.They
@).%)*+& #""#*+'A'*%
would save themselves of The
theEquity
time and
Shares and cost involved
Warrants inthisbuying
offered through trucksProspectus
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are proposed to be listed on the BSE and the N
for the training and development
is [!]. required in these services.
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Expansion:
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Accessing 3PL services help the organizations in expanding
Nariman Point, theirIndia
Mumbai 400 021, business to a “Karvy Hou
wider range of new, unexplored markets. Tel:
Apart
(91 22)from providing
4086 3535 Fax: (91 22)services
2288 2119 in the Tel: (91 40)
Fax: (91 40
domestic sectors, 3PL provides internationaledelcapredressal@edelcap.com
services as well. This will help Email: vrl.i
the organizations to expand to internationalContact
markets.Person: Mr. Sumeet Lath /
This,
Ms. at times,
Navdeep may be a major
Kaur
Contact Pers
problem for organizations, which are taken care of by the 3PL service4)!d)..0'&,"-+"#AA'
providers.
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
Narrow Focus on Core activities:

3PL services help the organizations to narrow their focus to their important
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functions and more of their strengths and leave the job of logistics on the 3PL
providers. Basically an organization is saved of the trouble of focusing on this aspect
and not spread their functions so wide. /5CG5CHB>&-DD8E>F Giriraj Annexe, Circuit House Road, Hubli- 580 029. Tel: (91 836) 2237 511/512, Fax
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Effectively reach their customers:
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Providing finished S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O
products to actual customers can be hindered with many
!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
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problems from the organizational point of view. This is a affecting the organizations
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around the globe. A 3PL services provider reduces this trouble of
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12the
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organizations. They take up this job of reaching the customers and delivering the %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
products on time and effectively. notification to National Stock Exchange of India Limited (“NSE”) and the Bombay Stock Exchange Limited (“BSE”), by issui
Increased sales and market share: 15% of the Issue shall be available for allocation on a proportionate basis to Non institutional Bidders and not less than 35% of
With expansion in newer markets, organizations benefits a lot in increasing

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their sales as well as theirvalue
market share in the fiercely competitive global economy.
of the Equity Shares is Rs.10 per Equity Share and the Issue Price is [!] times of the face value. The Issue Price (as determine
Thus 3PL services contribute a sustained
and/or lot in trading
the profitability
in the Equity Sharesof
and the organizations.
Warrants of the Company or regarding the price at which the Equity Shares andW
+'*'"#@& ").Z.
Flexibility in operations: must rely on their own examination of the Issuer and the Issue including the risks involved. The Equity Shares and Warrants offered
Access to 3PL services brings in a lot of flexibility in the )..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
overall operations of
the organizations. They take upthean
Issuer and important
Issue, part
which is material in the of their
context activities
of the Issue, that helps
that the information containedin
in this Draft Red Herring Prospect
improving their other important
this Draftoperations of the
Red Herring Prospectus as aorganization.
whole or any of such information or the expression of any such opinions or intentions mislea
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is [!].
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Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
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Some Leading Global 3PL service providers
DHL Email: investors@vrllogistics.com, Website: www.vrllogistics.com
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Adrian Dalsey, Larry Hillblom, and Robert Lynn founded DHL as a company
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in 1969. The company is S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O
now a wholly owned subsidiary of!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
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Net. The company offers expertise in express, air and ocean freight, overland
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transport, contract logistics solutions as well as international mail services. DHL links
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
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120,000 destinations in more than 220 countries and territories. The company %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
provides services from a network of about 6,500 offices, and it employs a fleet of
nearly 76,200 vehicles and about 420 aircraft. The company operates through
four major business divisions, namely the DHL express catering for
international business and personal courier services, DHL Freight and DHL Global
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Forwarding catering to international air and ocean transportation as well as European
overland transportation. The
and/orDHL
sustainedExel
trading Supplychain division
in the Equity Shares and Warrants of caters foror regarding
the Company the contract
the price at which the Equity Shares andW
+'*'"#@& ").Z.
logistics Services and corporate information
Investments in solutions.
equity and equity-related DHLa degree
securities involve Global
of risk mail division
and investors should not invest any funds in this Issue
provides for the mail and must
communication solutions
rely on their own examination and
of the Issuer and integrated
the Issue includingsolutions forThethe
the risks involved. Equity Shares and Warrants offered
corporate. )..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
Federal Express: this Draft Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions mislea
),-& +"#!)*+
FedEx provides transportation,
This Issue has been graded bye-commerce and
[!] and has been assigned business
the “IPO services.
Grade [!]” indicating [!], through its letter dated [!]. The IP
The company offerssection
integrated business
“General Information” applications
beginning through
on page [!] of this Draft itsProspectus.
Red Herring operating
@).%)*+& #""#*+'A'*%
companies. The company'sThesubsidiary,
Equity Shares andFedEx Express
Warrants offered is Draft
through this the Red
world's largestareexpress
Herring Prospectus proposed to be listed on the BSE and the N
transportation company. FedEx
is [!]. has a host of services to cater to all segments starting
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from the personal consumer to the complicated supply chain solutions for today’s
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global business environment. Nariman Point, Mumbai 400 021, India
“Karvy Hou
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
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Company Profile
VRL LOGISTICS LIMITED Email: investors@vrllogistics.com, Website: www.vrllogistics.com
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%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
VRL Logistics Limited (VRL) was founded in 1976 by Vijay Sankeshwar,
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Chairman, in Hubli-a small town in North Karnataka, the southern state in India, with
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a single truck and a vision that was way ahead of its time. Starting its operations in
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
the General Cargo transportation, VRL has grown into a renowned, pan-India,
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
Logistics and Passenger Transport Company, which is currently the largest private
sector fleet owner in India, with a fleet strength of over 2800 vehicles, which is in the
Limca book of records. allocation to Mutual Funds only. Mutual Funds Bidders shall also be eligible for proportionate allocation under the balance
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
Mr. Vijay Sankeshwar, the promoter commenced the business of
transportation in the state of Karnataka,
Book as a proprietary
Running Lead Manager, concern
on the basis of assessment in the
of market year
demand for the1976. Theoffered by way of book building
Equity Shares
proprietary concern subsequently converted into a partnership firm by the name of
+'*'"#@& ").Z.
M/s Vijayanand Road lines in inthe
Investments equityyear 1978. securities
and equity-related This involve
partnership firm
a degree of risk was should
and investors thennot invest any funds in this Issue
converted into a private limited company
approved by the Securities under part
and Exchange IXof of
Board Indiathe Companies
(“SEBI”), nor does SEBI Act, 1956
guarantee the accuracy or adequacy of this Draf
under the name of Vijayanand Road lines Private Limited and a Certificate of
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
Incorporation dated MarchIssuer31, 1983
and the wasis material
Issue, which issuedin thebycontext
theof the
Registrar
Issue, that the of Companies,
information contained in this Draft Red Herring Prospect
Bangalore, and Karnataka. The Company became a deemed public Limited Company
),-& +"#!)*+
in the year 1994 and the Registrar

This Issue hasof
beenCompanies, Bangalore,
graded by [!] and has and
been assigned the “IPOKarnataka made
Grade [!]” indicating [!], an
through its letter dated [!]. The IP
endorsement to this effect on July 1, 1994, on the Original Certificate of
@).%)*+& #""#*+'A'*%
Incorporation dated March31, 1983. Pursuant to a special resolution passed by
is [!].
4--Z&"0**)*+&@'#!&A#*#+'"
the Shareholders in the Extraordinary "'+).%"#"&%-&%('&)..0'
General Meeting held on February 14, 1997 the
':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
14th Floor,from
status of the Company was subsequently changed Expressa Towers,
deemed public Limited “Karvy Hou
Company to a public limited company. The Tel:name of4086
(91 22) the3535
Company
Fax: (91 22)was changed
2288 2119 to Tel: (91 40)
VRL Logistics Limited and the RoC Karnataka granted a fresh certificate
edelcapredressal@edelcap.com of Email: vrl.i
incorporation, consequent on change of name,Contact
to the Person:
Company on August
Mr. Sumeet Lath / 25, 2006 Contact Pers
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
13
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The Company was initially in the business of transportation of goods and
parcels, subsequently it commenced the business of courier service in the year 1992.
In the year 1996 the Company acquired passenger busses and entered into an
agreement with Vijayanand Travels a proprietary concern started by Mrs. Lalita Email: investors@vrllogistics.com, Website: www.vrllogistics.com
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
Sankeshwar in November ,"'A)0A&-$&".N&O
1996 for giving the said vehicles on hire, to carry on the
!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
business of passenger service. Initially Vijayanand Travels was
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O operating within the
!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
state of Karnataka only. Over a period of time with the growth of its business, it
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
began operating busses betVRLen destination in Karnataka, Maharashtra and ,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
Tamilnadu. The Company acquired the business of Vijayanand Travels on June 30, %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
2004 for a total consideration of Rs 50,00,000. Mrs. Vani Sankeshwar, wife of Mr.
Anand Sankeshwar in August 2001, started Maruti Parcel Carriers as a proprietary
concern. Taking vehicles on hire basis from the Company started this business. The
Company started Shiva Road lines in the year 2003 as a separate").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'

division. Shiva Road
lines provide service only value
in the state of Karnataka covering 6 cities. The Company
has recently diversified in the
and/orwind
sustainedpower
trading in business inand
the Equity Shares September
Warrants of the 2006
Companyand air charter
or regarding the price at which the Equity Shares andW
+'*'"#@& ").Z.
business in 2007. Recently,Investments
company hasandpurchased
in equity premier
equity-related securities 1A
involve aircraft
a degree from
of risk and Hawker
investors should not invest any funds in this Issue
Beech craft Incorporation, must
USA.rely onPremier 1A is of2thepilots
their own examination and
Issuer and 6 passenger
the Issue seat
including the risks aircraft
involved. The Equity Shares and Warrants offered
(with 4 club configuration seats). It has also entered into MOU)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
dated November 1,
2007 with Indamer Company
IssuerPrivate Limited
and the Issue, for the
which is material in themaintenance of the
context of the Issue, that theinformation
aircraft.contained in this Draft Red Herring Prospect
),-& +"#!)*+
Over the years VRL has evolved itself as providers of safe, reliable and timely
delivery network, in the field
from 1 of
to 5 parcel services.
with an “IPO It hasstrong
Grade 5” indicating now expanded
fundamentals its Grade
and an “IPO operations
1” indicating poor fundamentals. For detail
into Express Cargo to meet the growing demand for quicker and speedier deliveries
@).%)*+& #""#*+'A'*%
of parcels. Currently VRLisfrom
handles over 6000 MT of parcels every day adding up to a
BSE and NSE for the listing of our Equity Shares and Warrants pursuant to letters dated [!] and [!], respectively. For purposes o
[!].
staggering 216,000,000 MT of cargo per annum. Apart from its core business
4--Z&"0**)*+&@'#!&A#*#+'" of
"'+).%"#"&%-&%('&)..0'
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Cargo Transportation, the company has diversified
14th Floor, into
ExpressPassenger
Towers, Transportation. “Karvy Hou
Banjara Hill
Today VRL is one of the leading company’s inSEBI
the
Tel:
Reg. No. : INM000010650
(91 Indian
22) 4086 Surface Transport
3535 Fax: (91 Industry.
22) 2288 2119 Tel: (91 40)
In 2007, VRL Logistics Ltd. paved itsWebsite:
way into the Indian Aviation Industry.
www.edelcap.com Website: ww
It is a gradual progression for the company, from Ms. Navdeep Transport
Surface Kaur to Air
4)!d)..0'&,"-+"#AA'
Transport. The Indian Aviation Industry
4)!d)..0'& - ,has
' * .&experienced
-*& F& a tremendous
[! ] I22e growth in the
4)!d). . 0 ' & / @ - . ' .& - *
last two years, more so in the Private Aviation Sector. Keeping in mind the market
14
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demand VRL decided to enter the Air-charter Industry and serve the VVIP, VIP &
Corporate India. was changed to VRL Logistics Limited and a fresh certificate of incorporation, consequent on change of name, was granted to our Company on August 25, 200
In the first phase, VRL has acquired a brand new, Premier Jet 1A aircraft, Contact Person: Mr. R. P. Raichur, Company Secretary and Compliance Officer
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
manufactured by Hawker ,"'A)0A&-$&".N&O
Beech craft !Corporation, USA. The company has future
P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
expansion plans to add more aircraft and helicopters, based on the market feedback
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
and demand. Initially VRL wish to offer the Jet aircraft on charter basis to the
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
corporate sector, Leisure and Tourism sector, Medical Evacuation, Special Mission
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
charter, Event Management, Advertisement Agencies and VIP flights.
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
The Business: the change on the websites of the Book Running Lead Managers and at the terminals of the Syndicate.
VRL is into the business of transportation and logistics service of goods and
transportation of passengers by road. VRL have a long operating").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'

track record of more
than two decades in this business.
Book Running The
Lead chairman
Manager, on theMr. Vijay
basis of Sankeshwar
assessment of market demandhas for theover
Equity three
Shares offered by way of book building
decades of experience in the transportation
and/or sustained trading in theindustry.
Equity Shares It
and has also
Warrants of therecently
Company or forayed intoat which the Equity Shares andW
regarding the price
+'*'"#@& ").Z.
wind power generation andInvestments
air charter business.
in equity It offers
and equity-related securities following
involve a degreeservices which
of risk and investors arenot invest any funds in this Issue
should
summarized below - must rely on their own examination of the Issuer and the Issue including the risks involved. The Equity Shares and Warrants offered
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
1. Goods Transportation The Issuer having made all reasonable inquiries, accepts responsibility for and confirms that this Draft Red Herring Prospectus
a. Full truck Load ),-& +"#!)*+
b. Less than full truck Load (Parcel)
@).%)*+& #""#*+'A'*%
• General Parcel is [!].
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
• Express Cargo ':>9c>8==& /HG8BH9& @8a8B>:
ZHC_`&/5a
“Karvy Hou
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
c. Courier Email: vrl.ipo@edelcap.com Fax: (91 40
d. Passenger Travels Contact Person: Mr. Sumeet Lath / Contact Pers
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
2. Wind Power Generation 4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
3. Air Charter Business
15
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The Goods Transportation and distribution business is carried across 17 states
and 7 Union Territories i.e. Pondicherry, Daman, Silvassa, Chandigarh, Karaikal,
Yanam, Mahe covering 649 cities through out India. It covers the states of Karnataka,
Andhra Pradesh, Tamilnadu, Kerala, Maharashtra, Goa, Gujarat, Rajasthan, Punjab, Email: investors@vrllogistics.com, Website: www.vrllogistics.com
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
Haryana, Delhi, Himachal,"'A)0A&-$&".N&O
Pradesh, Uttar Pradesh, Chhattisgarh, Madhya Pradesh,
!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
west Bengal (Kolkatta) andS#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O
Uttarakhand under this business. The passenger transport
!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
business is carried on under the name of “Vijayanand Travels”. VRL carry on this
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
business within the state of Karnataka, Maharashtra and Tamilnadu covering 56 cities
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
in all. It has 40 branches and 466 franchisees across the states of Karnataka, %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
Maharashtra and Tamilnadu for the passenger transport business. Its fleet strength as
on February 29, 2008 comprises of 2,683 vehicles, all of which are owned by the
Company. Its fleet comprises of 2,446 vehicles for goods transportation, 197 vehicles
for passenger travels and 40 vehicles for internal use which includes fork lifts, cranes,
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
staff buses, water tankers,value
diesel tanker, tractors etc. The Company’s network of
Transshipments/branches/offices for trading
and/or sustained the goods transport
in the Equity business
Shares and Warrants of the covers
Company or17 states
regarding andat which the Equity Shares andW
the price
+'*'"#@& ").Z.
7 Union Territories in India. It has
Investments itsandHead
in equity Office
equity-related at involve
securities Varur, Corporate
a degree Office
of risk and investors shouldatnot invest any funds in this Issue
Hubli, 5 Administrative Offices,
must rely on 43 transshipments
their own hubs,
examination of the Issuer and the799 owned
Issue including branches
the risks and
1387 franchisees, which enables the smooth flow of goods and services. It also
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
possesses key in-house competencies
Issuer and the Issue,in body
which designing
is material forof the
in the context trucks,
Issue, thatvehicle repair
the information and
maintenance. It also has athisdedicated research
Draft Red Herring and
Prospectus as development
a whole unit orand
or any of such information a software
the expression of any such opinions or intentions mislea
),-& +"#!)*+
development center, whichThis
enables us graded
Issue has been in cutting,
by [!] and cost and
has been increase
assigned vehicle
the “IPO Grade efficiency
[!]” indicating [!], through its letter dated [!]. The IP
and performance. section “General Information” beginning on page [!] of this Draft Red Herring Prospectus.
@).%)*+& #""#*+'A'*%
In September 2006, it commenced the wind energy business in southern India
is [!].
at Kappatgudda, Gadag district in the state of Karnataka. It had issued various

4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
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purchase and work orders to various Suzlon 14th
entities for theTowers,
Floor, Express supply, commissioning “Karvy Hou
Banjara Hill
and erection of 34 Wind Turbine Generators SEBI
Tel:
Reg. No. : INM000010650
(WTGs). It has
(91 22) 4086 also(91entered
3535 Fax: into power
22) 2288 2119 Tel: (91 40)
purchase agreements with Hubli Electricity Supply
InvestorCompany Limited
Grievance Email : (“HESCOM”), Email: vrl.i
for sale of entire power generated by it. Contact Person: Mr. Sumeet Lath / Contact Pers
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
16
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Vision and Mission: Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
Vision: /5CG5CHB>&-DD8E>F Giriraj Annexe, Circuit House Road, Hubli- 580 029. Tel: (91 836) 2237 511/512, Fax
“To become the premier company that cuts accross various segments and Email: investors@vrllogistics.com, Website: www.vrllogistics.com
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
emerges as the torchbearer of each
,"'A)0A&-$&".N&O segment that the Group ventures into.”
!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
Mission: 'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
“To provide the highest quality service to our customers by continuously
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
increasing cost efficiency and maintaining delivery deadlines. To encourage
our employees / workforce to strive for quality & excellence in everything
they do. To promote teamwork and create a work environment that takes care
of talent and brings out the best in our employees.”
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
Corporate Social Responsibility: value of the Equity Shares is Rs.10 per Equity Share and the Issue Price is [!] times of the face value. The Issue Price (as determine
Our corporate integrity is a critical asset and we are committed to+'*'"#@&
upholding
").Z.it
in everything we do. We share ourinvestment.
losing their expectations
Investors areand opinions
advised and
to read the risk strive
factors tobefore
carefully maintain a
taking an investment decision in this Issue. F
workplace built on mutual values, trust and goodwill & we continue to embed these
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
ethical standards in our business environment. Noteworthy is the Vignyan Yog Shivir
that we organized that wasandconducted
is not misleadingby Param
in any PujyathatRamdevji
material respect, the opinions andMaharaj which
intentions expressed was
herein are honestly held and that there are n
attended by more than 10,000 people across the state. ),-& +"#!)*+
@).%)*+& #""#*+'A'*%
is [!].
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Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
17
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OBJECTIVES Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
1. To carry on the business of the public carriers, transporters and carriers of
goods, passengers, merchandise, commodities and luggage of all kinds of Contact Person: Mr. R. P. Raichur, Company Secretary and Compliance Officer
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
descriptions in any,"'A)0A&-$&".N&O
part of India!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
and/or abroad, on land, water or rail and air
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
by any means of conveyance whatsoever, in its own name or as a agent.
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
2. To undertake and carry on the business of loading and unloading forwarding
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
and clearing agents, warehousemen, macadam’s and care men for and on
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
behalf of owners of goods, luggage, parcels, materials, articles, commodities,
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
life-stock & other movables of all kinds and descriptions.
3. To generate electrical power by non-conventional, conventional by utilizing
wind, thermal, solar, hydel, geo-hydel, tidal waves, bio-mass fuels, coal, gas,
lignite, diesel, oil, waste or any other source of energy").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
and for the purpose
established co-generation
value of the power
Equity Sharesplants, energy
is Rs.10 per conservation
Equity Share and the Issue Price isprojects, power
[!] times of the face value. The Issue Price (as determine
houses, transmission and
be taken to bedistribution systems
indicative of the market price of thefor
Equitygeneration,
Shares and Warrantsdistribution,
after the Equity Shares and Warrants are listed. No
transmission and supply of electrical power, energy to the state electricity

+'*'"#@& ").Z.
board, state government, appropriate authorities, license specific industrial
units and other consumers for industrial, commercial, agricultural, household
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
and any other purpose in India
The Issuer andallelsewhere
having made in any
reasonable inquiries, area
accepts to be for
responsibility specified
and confirmsby
that the
state government, central government,
and is not misleading local
in any material authority,
respect, state
that the opinions electricity
and intentions expressed boards
herein are honestly held and that there are n
),-& +"#!)*+
and any other competent authority in accordance with the provisions of Indian
Electricity Act, 1910 and/or
from 1 to Electricity
5 with an “IPO Supply
Grade 5” indicating Act, 1948
strong fundamentals or Grade
and an “IPO any1” other
indicating poor fundamentals. For detail
modifications or re-enactment thereof and rules made were@).%)*+&

under; and to
#""#*+'A'*%
undertake trading isfrom
ofBSECertified
[!].
Emission Reduction as part of Clean
and NSE for the listing of our Equity Shares and Warrants pursuant to letters dated [!] and [!], respectively. For purposes o
Development Mechanism in connection with generation of electrical power.

4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
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4. To act as agents, representatives, surveyors, sub-insurance
14th Floor, Express Towers,agents, franchisors, “Karvy Hou
consultants, advisors, collaborators, in
Tel: life and
(91 22) 4086 general insurance
3535 Fax: (91 in
22) 2288 2119 all its Tel: (91 40)
branches and manifestations. Investor Grievance Email :
Email: vrl.i
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
18
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Board of Directors Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
Name, Designation, Occupation Age Address
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
Mr. Vijay Sankeshwar 56 House No. 120 to 125, Lalith Mahal,
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
Chairman and Managing Director Naveen Park, Kusugal Road, Hubli
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
Business 580 023
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
Mr. Anand Sankeshwar 32 House No. 120 to 125, Lalith Mahal,
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
Managing Director Naveen Park, Kusugal Road, Hubli
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
Business 580 023
Mr. Sudhir Ghate 49 “Needam”, Behind SDM College
Independent Director M.G. Road, Mangalore 575 003
Business ").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
Mr. C. Karunakara Shetty 53 Bhagavathi, No. 100, 1st Cross,
Independent Director Sharadha Colony, Basaveshwara
+'*'"#@& ").Z.
Business Nagar, Bangalore 560 079
Mr. Mallesh Budihal 57 No. 12, 2nd Cross, Sripuram, Kumara
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
Independent Director Park (VRLst), Bangalore 560 020
Business and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are n
),-& +"#!)*+
Mr. R.S Hugar 67 Pitambar, Kalyan Nagar
Independent Director 10th Cross, University Road
@).%)*+& #""#*+'A'*%
Professional Dharwad - 580 007
is [!].
Karnataka
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
Banjara Hill
Mr. Suresh Angadi 52 SEBI Reg.Sampige Road VishVRLshwar
No. : INM000010650
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119
Nagar
Tel: (91 40)
Independent Director Investor Belgaum - :
Grievance Email
Website: www.edelcap.com
Business Contact 590 001Karnataka
Person: Mr. Sumeet Lath /
Website: ww
Contact Pers
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
19
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Brief Biographies of the Directors: Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
Mr. Vijay Sankeshwar: "><8=B>C>:&-DD8E>F R.S No. 351/1, NH-4, Bangalore Road, Varur, Hubli 581 207, Karnataka India Tel: (91 836) 2237 6
The Chairman and ,04@)/&
Managing Director,
)..0'& -$& IJK2J22J222&is also .(#"'.&
'L0)%M& the Promoter of the
-$& ".N& 12& '#/(& Company.
$-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
He holds a bachelor’s degree in commerce from Karnataka University, Dharwad. He !P&@#/.&QU)..0'VRN&%(
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
was a former Member of'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
Parliament and was elected from the Dharwad (North)
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
constituency in the 11th, 12th and 13th Lok Sabha elections. He was member of the
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
Committee of Finance for the year 1996-97, the Consultative Committee, Ministry of
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
Surface Transport in the years
In case 1996-97, 1 Price
of revision in the 998-99 and
Band, the 1999-2000,
Bidding Period will be the Committee
extended of working days after revision
for three additional
Transport and Tourism in the years
the change 1998-99
on the and
websites of the 1999-2000.
Book He has
Running Lead Managers and atover 30 years
the terminals of
of the Syndicate.
experience in the transportproportionate
industrybasis,andsubject
7 years
to valid of
bids experience
being received at in the the
or above media industry.
Issue Price. Out of the portion available for allocati
He has received various awards including
on a proportionate basis tothe
Retail‘Udyog Ratna’
Individual Bidders, in tothe
subject validyear 1994
Bids being by atthe
received or above the Issue Price.
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
Institute of Economic Studies,
This beingNew Delhi,
the first public issue Aaryabhat Award
of Equity Shares and Warrants ofin
our 2002
Company, and Sir
there has beenM.
no formal market for the Equity Sha
Vishweshvarya Memorial Book
Award RunninginLead
2007.
Manager,He started
on the the Company
basis of assessment in the
of market demand for theyear
Equity 1976
as a proprietary concern. He is actively involved in day-to-day affairs of the
+'*'"#@& ").Z.
Company. losing their investment. Investors are advised to read the risk factors carefully before taking an investment decision in this Issue. F
Mr. Anand Sankeshwar: )..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
The Managing Director is also the Promoter of the Company. He holds a
Bachelor’s degree in commerce from Karnataka University, Dharwad.),-&

He +"#!)*+
has an
overall experience of 15from
years in the transport industry including 7 years of
experience in the media industry. He has also been awarded the ‘Youth Icon’#""#*+'A'*%
@).%)*+& award in
the year 2004 by Annual Business Communicators of India and ‘Marketing
is [!].
Professional of the year’ in the year 2005 by the Indira Group of Companies.
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"'+).%"#"&%-&%('&)..0'
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heads the marketing department and is actively
14thinvolved in Towers,
Floor, Express day-to-day affairs of the “Karvy Hou
Company. Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Mr. Sudhir Ghate: Website: www.edelcap.com Website: ww
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
The Director holds a bachelor’s degree in commerce from Mysore University
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
and he is also a fellow member of the ICAI. He was a partner in M/s Ganesh and
Sudhir, Chartered Accountants, Mangalore from 1982 to 1994. He is a Managing
20
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Director in M/s Magnum Intergrafiks private limited a national advertising design and
communication company accredited with Indian News paper Society, a member of
Audit Bureau of Circulation and Advertising Agency Association of India. He was a
member of National Council of Textiles Design, New Delhi from 2002 to 2004 and he Email: investors@vrllogistics.com, Website: www.vrllogistics.com
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
is National Executive Committee member of Advertising Agency Association of
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
India since, 2004. He has been on the Board Since June 15, 2005.
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O !P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
Mr. C. Karunakara Shetty: )..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
The Director holds a post graduation degree in commerce from Karnataka
University, Dharwad and he is also a Certified Associate member of Indian Institute
of Banking (C.A. IIB). He was employed with Vijaya Bank from 1974 to 1998. He
has over 20 years of experience in the banking industry. Currently, he is the managing
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
director of Bhagavathi Chits Private
This being the firstLimited,
public issue of which is and
Equity Shares also a member
Warrants ofthere
of our Company, Bangalore
has been no formal market for the Equity Sha
Stock Exchange. He has been
Book on theLead
Running Board
Manager,since
on the June 15, 2005.
basis of assessment of market demand for the Equity Shares offered by way of book building
+'*'"#@& ").Z.
Mr. Mallesh Budihal: Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in this Issue
The Director holds a bachelor’s degree in Arts from Karnataka University,
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
Dharwad and master’s degree in having
The Issuer Artsmade
(Political Science)
all reasonable from
inquiries, accepts Karnataka
responsibility for and University,
confirms that this Draft Red Herring Prospectus
Dharwad. He has over 30 years
and is not of experience
misleading in respect,
in any material paperthatand board,
the opinions packing
and intentions paper
expressed hereinand
are honestly held and that there are n
),-& +"#!)*+
offset printing industry. Currently, he is the managing director of Girish Paper
Packaging Private Limited.from
He1 tohas been on the Board since February 24, 2007.
5 with an “IPO Grade 5” indicating strong fundamentals and an “IPO Grade 1” indicating poor fundamentals. For detail
@).%)*+& #""#*+'A'*%
Mr. R.S Hugar, from BSE and NSE for the listing of our Equity Shares and Warrants pursuant to letters dated [!] and [!], respectively. For purposes o
is [!].
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
The Director holds a postgraduate ':>9c>8==&
degree /HG8BH9&
in econometrics
@8a8B>:
from Pune
ZHC_`&/5a
University. He was Chairman and Managing Director of Corporation
Nariman Point, Bank
Mumbai 400 021, India from April
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119
1997 to May 2000. He was decorated with many meritorious awards such as “Best
Tel: (91 40)
Fax: (91 40
Finance Man of the Year 1998-99” by National Foundation of Indian Engineers, New
Delhi under the aegis of Ministry of Heavy Industry for Ms.
outstanding
Navdeep Kaur performance in Contact Pers
4)!d)..0'&,"-+"#AA'
banking sector and charismatic leadership qualities and Lifetime Achievement Award
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
by National and International Compendium, New Delhi for exception caliber and
21
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outstanding performance in the chosen area of activity. He has been on the Board
since May 28, 2007. was changed to VRL Logistics Limited and a fresh certificate of incorporation, consequent on change of name, was granted to our Company on August 25, 200
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
Mr. Suresh Angadi: %('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
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He is a commerce graduate and law graduate from Karnataka University,

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Dharwad. He has business association with the BK Birla Group and was responsible
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for sales promotion of Vasavadatta Cement for the last two decades and has been in%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
real estate business and has promoted Sri Laxmi complex (Commercial Complex) at
Belgaum and Shradda residency (residential complex) at Belgaum. He is also the
Member of Parliament from the Belgaum constituency. He has been on Board since
July 28, 2007. ").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'

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Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Ms. Navdeep Kaur
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Organization Structure Email: investors@vrllogistics.com, Website: www.vrllogistics.com
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%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
Vijay Sankeshwar
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Chairman & Managing Director
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
Anand Sankeshwar
The Issue is being madeManaging Director
through a 100% Book Building Process wherein not more than 50% of the Issue will be allocated to
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K. N. Umesh Book Running Lead Manager, on the basis of assessment of market demand for the Equity Shares offered by way of book building
L. R. Bhat V. V. G. S. Ayyer Anjan Rao
Director CEO and/or sustainedCTO Karmadi
trading in the Equity Shares and VP the price at which the Equity
Warrants of the Company or regarding VP Shares andW
(Finance)
VP (Finance)
+'*'"#@& ").Z. (Aviation)
(Operations)
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D. N. Sunil S. made
The Issuer having L. all reasonable inquiries, accepts responsibility for and confirms that this Draft Red Herring Prospectus
Kulkarni Nalavadi Nagaraj
VP Chief ChiefProspectus as a whole or any of such information or the expression of any such opinions or intentions mislea
this Draft Red Herring
(Finance) Accounts Accounts ),-& +"#!)*+
Officer Officer
@).%)*+& #""#*+'A'*%
is [!].
S. R. Hatti Y. M. Hannalli C. M. Baluthi Prabhu Salageri S. G. Patil
GM GM GM (MPC)
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GM (HRD)
(Administration (Infrastructure) ':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
) 14th Floor, Express Towers, “Karvy Hou
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
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23
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COMPANY OPERATIONS
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%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
VRL Logistics Limited %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
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Transport and Logistics
This being theWind
first publicPower Generation
issue of Equity AirthereCharter
Shares and Warrants of our Company, Operations
+'*'"#@& ").Z.
Passenger Travels Goods Transportation
Vijayanand Travels of the investors is invited to the section titled “Risk Factors” beginning on page [!] of this Draft Red Herring Prospectus
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),-& +"#!)*+
Full Truck Load This Issue has beenLess

graded than Full
by [!] and has Truck Load
been assigned Ctheier
the “IPO Grade [!]” indicating [!], through its letter dated [!]. The IP
(Parcel)
@).%)*+& #""#*+'A'*%
is [!].
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Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Express Cargo Maruti Parcel General Parcel
Shiva Road
Fax: (91 40
Carriers edelcapredressal@edelcap.com lines Email: vrl.i
Ms. Navdeep Kaur
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Road Rail Air
24
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Total Number of Employees:
/5CG5CHB>&-DD8E>F Giriraj Annexe, th Circuit House Road, Hubli- 580 029. Tel: (91 836) 2237 511/512, Fax
Sl. Division Strength as on February 29 , 2009
Number
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%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
Managerial Non-managerial
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,") Total
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
1 Corporate 12 56 17
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
- 1 86
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
2 Administrative 38 592 2 -
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4 1 633
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
office %('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
3 TPTs 120 1044 5142 769 21 7096
4 Branches 333 2231 358 543 65
The Issue is being made through a 100% Book Building Process wherein not more than 50% of the Issue will be allocated to 3530
5 Workshop 32 160 - - 395 587
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Total 535 4083 5519 1312 483 11932
+'*'"#@& ").Z.
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Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Ms. Navdeep Kaur
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Departmental Structure
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%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
Legal Department *0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
Complaint Department In case of revision in the Price Band, the Bidding Period will be extended for three additional working days after revision
Maintenance Department proportionate basis, subject to valid bids being received at or above the Issue Price. Out of the portion available for allocati
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Account Department This being the first public issue of Equity Shares and Warrants of our Company, there has been no formal market for the Equity Sha
Personnel Department and/or sustained trading in the Equity Shares and Warrants of the Company or regarding the price at which the Equity Shares andW
+'*'"#@& ").Z.
Commission Department approved by the Securities and Exchange Board of India (“SEBI”), nor does SEBI guarantee the accuracy or adequacy of this Draf
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
Booking Department Issuer and the Issue, which is material in the context of the Issue, that the information contained in this Draft Red Herring Prospect
),-& +"#!)*+
Transshipment Department
@).%)*+& #""#*+'A'*%
is [!].
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':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
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LEGAL DEPARTMENT Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
Legal department is a one which prominent part in the company. It focuses on
all the legal aspects concerned to the company. It functions positively towards the Contact Person: Mr. R. P. Raichur, Company Secretary and Compliance Officer
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
success of the YRL group,"'A)0A&-$&".N&O
of companies. It is managed by an advocate and a legal
!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
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advisor of VRL group Mr. /-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
R. B. Gadagkar.
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%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
Its functional activities are: *0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
 Settlement of industrial disputes: %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
Industrial disputes include strikes, lockouts, etc, and settled under Industrial
disputes act. Thus settlement of those disputes is one of the activities
concerned with trade unions. ").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
 Settlement of workmen compensation:
+'*'"#@& ").Z.
This compensation,Investments
underin equity
workmen compensation
and equity-related securities involve aact
degreeinclude accidents,
matters related to gratuity, pension Etc, are settled, prided accidents to
employees on job. )..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
 Settlement of accidents claims: and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are n
),-& +"#!)*+
In case of accidents
fromor
1 to losses to Grade
5 with an “IPO the 5”vehicles of fundamentals
indicating strong VRL group of Grade
and an “IPO companies
1” indicating poor fundamentals. For detail
occurs, then compensation can be claimed by this department. @).%)*+& #""#*+'A'*%
 To avoid illegal activities in the firm:
is [!].
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Illegal activities such as theft, robbery14thwithin the premise
Floor, Express Towers, are avoided. Thus “Karvy Hou
this department is created. Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
 Advice department in the firm Website: www.edelcap.com Website: ww
Ms. Navdeep Kaur
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This legal department acts as an adviser for the different departments of the
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
firm concerning with the ethics, social obligations towards the public.
27
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 Suit against debtors: Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
Customers are given maximum period to clear the debt, if the positive
response is not given first notice is send. That is within 30 days & second Contact Person: Mr. R. P. Raichur, Company Secretary and Compliance Officer
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
notice within 90 days & third notice
,"'A)0A&-$&".N&O within 120 days & thereafter notices are
!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
not sent but personnel approach is given and then legal action is imposed.
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
These notices are issued in order to avoid litigations, enmity.
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
 Suit against bounced cheque: %('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
Customers paying by cheque and if returned by banks when there is enough
money in an account for it to be paid then the company has right to sue the
customer for such as act. 15% of the Issue shall be available for allocation on a proportionate basis to Non institutional Bidders and not less than 35% of
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
 Settle legal charges: value of the Equity Shares is Rs.10 per Equity Share and the Issue Price is [!] times of the face value. The Issue Price (as determine
It is the responsibility of this department to pay all legal charges charged
+'*'"#@& by
").Z.
the court/government.
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
COMPLAINT DEPARTMENT and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are n
),-& +"#!)*+
Here is a department
from 1 to
to 5 handle
with an “IPOand settle
Grade 5” the
indicating customer
strong complaints.
fundamentals and This poor fundamentals. For detail
an “IPO Grade 1” indicating
department takes care of customers to keep up their interest in the company’s service.
@).%)*+& #""#*+'A'*%
Problems of customers will be and
from BSE handled efficient
NSE for the listing andShares
of our Equity settled properly
and Warrants up dated
pursuant to letters to their
[!] and [!], respectively. For purposes o
is [!].
satisfaction. 4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
Complaints settled by this department are: Nariman Point, Mumbai 400 021, India
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
o Delays: Investor Grievance Email :
Ms. Navdeep Kaur
Delay caused in delivering of materials to destination point. Delay due to
4)!d)..0'&,"-+"#AA'
delivers negligence, inconvenience etc.
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
28
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?"@& @-+).%)/.& @)A)%'!

o Settlement: "><8=B>C>:&-DD8E>F R.S No. 351/1, NH-4, Bangalore Road, Varur, Hubli 581 207, Karnataka India Tel: (91 836) 2237 6
When the customer,04@)/&
complaints about delay
)..0'& -$& IJK2J22J222& 'L0)%M& in delivery
.(#"'.& of'#/(&
-$& ".N& 12& goods with LR,")/'& -$& ".N& O!P& ,'"& 'L0
$-"& /#.(&#%&#&
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
number, enquiry will be made from destination point about the undelivered !P&@#/.&QU)..0'VRN&%(
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
goods. And the corrected date of delivery will be given. If any loss is caused
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
to customer due to delay, such loss is compensated based on value of goods.
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
o Exchange of materials: %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
This is one complaint that customer may complain. Sometimes the consigner
may misplace the goods unknowingly. So the customer is not in a position to
receive the goods. Therefore the above complaint is placed.
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
o Settlement: Book Running Lead Manager, on the basis of assessment of market demand for the Equity Shares offered by way of book building
+'*'"#@& ").Z.
The company takesInvestments
back inthe goods
equity from securities
and equity-related wrongly delivered
involve a degree of riskconsignee andnot invest any funds in this Issue
and investors should
redelivers to the right consignee.
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
o Road robberies, fire, theft
The Issuer etc:
having made all reasonable inquiries, accepts responsibility for and confirms that this Draft Red Herring Prospectus
The goods are undelivered to the destination point due to robberies,
),-& fire, theft
+"#!)*+
etc. from 1 to 5 with an “IPO Grade 5” indicating strong fundamentals and an “IPO Grade 1” indicating poor fundamentals. For detail
@).%)*+& #""#*+'A'*%
o Settlement: The Equity Shares and Warrants offered through this Draft Red Herring Prospectus are proposed to be listed on the BSE and the N
is [!].
If the goods are lost4--Z&"0**)*+&@'#!&A#*#+'"

during transit, short certificate wil be issued to customer
"'+).%"#"&%-&%('&)..0'
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until the gods are trace, loss is compensated onExpress
14th Floor, the basis of value of goods on
Towers, “Karvy Hou
certain conditions. Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
MAINTENANCE DEPARTMENT Website: www.edelcap.com Website: ww
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
It means maintenance of various vehicles, which includes bus, lorry and other
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
goods carriers. At present there are 1700 vehicles, which include Volvo buses, luxury
buses, lorry, mini buses, etc. Mr. Bapu heads it.
29
CMYK
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?"@& @-+).%)/.& @)A)%'!

Functions: Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
o Centralized purchasing "><8=B>C>:&-DD8E>F R.S No. 351/1, NH-4, Bangalore Road, Varur, Hubli 581 207, Karnataka India Tel: (91 836) 2237 6
o Repairing the vehicles Contact Person: Mr. R. P. Raichur, Company Secretary and Compliance Officer
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
o Complete bodybuilding of vehicles.
,"'A)0A&-$&".N&O !P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
o Changing of oil, clutches as per the schedule for precautions
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
o Hiring the lorries on the basis of locality and demand
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
o Maintenance of drivers accounts i.e. payment of salary to drivers looking after
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
there performance, appointments of new drivers etc.%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
ACCOUNT DEPARTMENT the change on the websites of the Book Running Lead Managers and at the terminals of the Syndicate.
Significant in accounting policies: 15% of the Issue shall be available for allocation on a proportionate basis to Non institutional Bidders and not less than 35% of
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
 Basis of preparations of financial statement:
The financial statements are prepared on the historical cost convention basis
+'*'"#@& ").Z.in
accordance with thelosing
generally accepted
their investment. Investors areaccounting
advised to read theprinciples andbefore
risk factors carefully accounting
taking an investment decision in this Issue. F
standards referred approved
to in bysection 211(3c)
the Securities and Exchange ofBoard
theof India
companies
(“SEBI”), nor act 1956
does SEBI except
guarantee the accuracy or adequacy of this Draf
otherwise stated. )..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M

 Revenue recognition: this Draft Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions mislea
),-& +"#!)*+
The company generally follows Mercantile System of accounting except on
claims, which is accounted on cash basis. @).%)*+& #""#*+'A'*%

is [!].
 Fixed assets: 4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
These are stated at cost of acquisition construction
Nariman except
Point, Mumbai 400 021,inIndia
certain fixed
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
assets, which have been revalued, less depreciation.
Email: All cost relating to the
acquisitions and installation of fixed assets are capitalized and include
borrowing cost the asset is put to use. Ms. Navdeep Kaur
Contact Pers
4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
30
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?"@& @-+).%)/.& @)A)%'!

 Deprecation: Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
Deprecation on fixed assets has been provided on straight-line method at the
to the rates prescribed in schedule XIV to the companies act 1956. Contact Person: Mr. R. P. Raichur, Company Secretary and Compliance Officer
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
 Foreign currency transaction: %('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
The company has not made any foreign currency transactions during the year.
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
 Borrowing cost: %('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
It is directly attributable to the acquisition or construction of qualifying fixed
assets are capitalized as part of the cost of the assets, up to the date the assets
is put to use. Other borrowing costs are charged to the Profit and Loss
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
Account in the yearThis
in being
which they
the first publicare
issueincurred.
of Equity Shares and Warrants of our Company, there has been no formal market for the Equity Sha
 Retirement benefits: and/or sustained trading in the Equity Shares and Warrants of the Company or regarding the price at which the Equity Shares andW
+'*'"#@& ").Z.
1. ContributionInvestments
to provident fund/employee
in equity and equity-related securities involve apension scheme
degree of risk and andnot invest any funds in this Issue
investors should
superannuation funds are accounted on accrual basis.
2. In the year 2001-2002 the company has withdrawn the Gratuity
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
Scheme under thethe Issue,
Issuer and LICwhich
group Gratuity
is material in the contextscheme. The
of the Issue, that company
the information has
determined this
thatDraftthe
Redgratuity liability
Herring Prospectus will
as a whole beofmet
or any out of the
such information or the funds
expressionof thesuch opinions or intentions mislea
of any
),-& +"#!)*+
company onThis
cashIssuebasis.
has been graded by [!] and has been assigned the “IPO Grade [!]” indicating [!], through its letter dated [!]. The IP
 Taxation: section “General Information” beginning on page [!] of this Draft Red Herring Prospectus.
@).%)*+& #""#*+'A'*%
1. Provision for current tax is made and retained in the accounts on the
is [!].
basis of estimated tax liability as per the applicable provisions

4--Z&"0**)*+&@'#!&A#*#+'" of
"'+).%"#"&%-&%('&)..0'
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income tax act 19961 and considering
14th Floor, assessment
Express Towers,order and decisions “Karvy Hou
of appellate authorities in company’s case.
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
2. The company calculated deferred taxGrievance
Investor assets/liability
Email :
as prescribed in Email: vrl.i
AS-22. “ Accounting for the taxes
ContactonPerson:
income “ issued
Mr. Sumeet Lath by
/ the institute Contact Pers
Ms. Navdeep Kaur
of Charted Accountants of India. 4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
31
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PERSONNEL DEPARTMENT Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
It is heart of VRL group. It is a department where matters relating to recruitment,
training, settlements of grievances etc. take place. A VRLll-experienced person Contact Person: Mr. R. P. Raichur, Company Secretary and Compliance Officer
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
Mr.MINAJAGI as manager of personnel
,"'A)0A&-$&".N&O department looks it after its activities is
!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
spread out over a large area. Some are: -
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
• Employment *0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
• Facilitating for provident fund, gratuity. %('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
• Facility of ESI In case of revision in the Price Band, the Bidding Period will be extended for three additional working days after revision
• Matters relating to leave, salary, bonus etc.
• Providing facility to retiring employer or by termination.
Some important functions are explained below: ").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'

1. Provident fund: be taken to be indicative of the market price of the Equity Shares and Warrants after the Equity Shares and Warrants are listed. No
+'*'"#@& ").Z.
It is the facility given to employee even after his retirement. It is
saving for future. For basic salary up to 12% is deducted and with
interest it is paid to employee after his retirement. )..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M

2. Leave: this Draft Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions mislea
),-& +"#!)*+
All the normal leave like Deepavali, Christmas etc are given and VRL
weekly holiday on Sunday. Some special leave will@).%)*+&

be granted for
#""#*+'A'*%
employers like
is [!]. maternity leave, medical leave. These all the schemes
are applicable to employees whose salary is above Rs 7500/- and

4--Z&"0**)*+&@'#!&A#*#+'" his
"'+).%"#"&%-&%('&)..0'
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employment should be completed
14th till 5 years.
Floor, Express Towers, “Karvy Hou
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
3. Gratuity: Email: vrl.ipo@edelcap.com Fax: (91 40
Calculated on basic salary and dearness allowance.
Ms. Navdeep Kaur
Contact Pers
4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
32
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?"@& @-+).%)/.& @)A)%'!

COMMISSION DEPARTMENT Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
This is department under section headed by account department. In this
department allowance are given to agents for service rendered as a part of company’s Contact Person: Mr. R. P. Raichur, Company Secretary and Compliance Officer
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
service. Company assigns ,"'A)0A&-$&".N&O
part of their !activity to bodies that are known as agents.
P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
They perform their activity/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
as assigned by the company. Usually their main functions
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
are booking and delivery in relation with branch offices. These agencies receive
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
commission on the basis of business they gain, i.e., basic, and freight charge paid by
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
customers. Commission will be on percentage basic that is rate of percentage will be
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
calculated on basic freight. Period/Issue Period not exceeding 10 working days. Any revision in the Price Band and the revised Bidding/Issue Period, if a
Thus the main function of this department is to allow commission to the
agents on the basic of their performance towards business. This department managed
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
by great personality Miss Hazel.
Commissions are given differently to different states
+'*'"#@& ").Z.
States 1-5000 5001-10000 10000 and above
Karnataka 11% 8% 6%
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
Kerala 12%
The Issuer having made 9.5% 7.5%
all reasonable inquiries, accepts responsibility for and confirms that this Draft Red Herring Prospectus
Others 11% 8.5% 6.5%
),-& +"#!)*+
Conditions to be satisfied while taking up an agency @).%)*+& #""#*+'A'*%
is [!].
 Deposit:
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
A sum of amount should be kept as deposit forExpress
14th Floor, takingTowers,
a new agency. Usually
“Karvy Hou
the deposit amount will be like Rs.100,000
Tel: (91 for taking
22) 4086 agency
3535 Fax: (91 22)in2288
big2119
cities that Tel: (91 40)
is where can done on large scale. edelcapredressal@edelcap.com Email: vrl.i
Ms. Navdeep Kaur
 Sole Agency:
4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
An agent of VRL must carry on the business activities concerned only with the
VRL. No other agencies should be taken up simultaneously.
33
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?"@& @-+).%)/.& @)A)%'!

 Legal formalities: Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
A party who is taking up agency must show his property for security purpose
and other party to act as guarantee/surety. Contact Person: Mr. R. P. Raichur, Company Secretary and Compliance Officer
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
BOOKING DEPARTMENT %('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
This department is concerned with booking of Travels and Cargo. Firstly to deal
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
with travels, it consists one-day trips, regular trips and even buses are given basis of
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
hire for special occasions like Marriages. Secondly cargo consists transportation %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
goods in large quantity this department is headed by Mr. Hattikal.
TRAVELS: allocation to Mutual Funds only. Mutual Funds Bidders shall also be eligible for proportionate allocation under the balance
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
There is no minimum period
This being prior
the first public to
issuebooking.
of Equity SharesBooking can
and Warrants of be done
our Company, thereany time
before traveling. The company undertakes full care of passengers. When they issue to
take tickets, the price covers not only costs even insurance premium of+'*'"#@&
coaches and
").Z.
passenger. In event of accident and
losing their injury,
investment. loss
Investors are of lifeto read
advised andthe any other
risk factors damages,
carefully before takingsuch
an investment decision in this Issue. F
contingencies are covered by insurance.
approved The
by the Securities andticket
Exchangeissued is valid
Board of India till
(“SEBI”), nor90
doesdays from the
SEBI guarantee theaccuracy or adequacy of this Draf
issue date. )..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M

The company undertakes no liability in case of cancellation of trips or
),-& +"#!)*+
breakdown for regions beyond
This Issue the control
has been graded by of thehas management.
[!] and been assigned the “IPO The
Grade [!ticket can
]” indicating [!], be
postponed to any day, but only
section till 90Information”
“General days. There are
beginning some
on page [!] ofsystems for
this Draft Red consolation.
Herring Prospectus.
@).%)*+& #""#*+'A'*%
Their slabs is [!].
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
Above 48 hrs ':>9c>8==&
10% /HG8BH9& @8a8B>: ZHC_`&/5a
24-48 hrs SEBI Reg.15% No. : INM000010650 Banjara Hill
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
12-24 hrs Investor 20%
Grievance Email :
Fax: (91 40
Below 12 hrs Website:50%
www.edelcap.com
Website: ww
Contact Pers
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
34
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?"@& @-+).%)/.& @)A)%'!

TRANS-SHIPMENT DEPARTMENT Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
It is place where goods actually find out its way towards destinations. It is a
point at which all goods will be received from different booking point, which are to Contact Person: Mr. R. P. Raichur, Company Secretary and Compliance Officer
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
be transported to different ,"'A)0A&-$&".N&O
destinations. !Such goods will be classified and grouped on
P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
the basis of their destination point. Different goods with same destinations point or
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
same route of destination point will be grouped. Like such different groups will be
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
formed with different destination points. And at last all the groups will be loaded in to
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
the vehicles reaching respective destination points. %('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
Its main objective is to avoid misappropriation in transporting the good to
their respective destination point. If goods are sent to destination poling other then
the mentioned, chance of loosing the goods and delay in reaching the actual consignee
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
are much. So to avoid customer
This beingcomplaints ofof delay
the first public issue andandloss
Equity Shares ofofgoods
Warrants transshipment
our Company, there has been no formal market for the Equity Sha
department is meant. Book Running Lead Manager, on the basis of assessment of market demand for the Equity Shares offered by way of book building
+'*'"#@& ").Z.
Activities of transshipment department
Investments in equity andor process
equity-related of reaching
securities this
involve a degree department:
Goods received from different booking points will be unloaded. Classified and
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
put into the blocks according to destination
The Issuer point. inquiries,
having made all reasonable Set of goods
accepts fromforthe
responsibility and blocks will
confirms that this Draft Red Herring Prospectus
be loaded into the vehicles and
reaching respective
is not misleading destination
in any material respect, that thepoints.
opinions and intentions expressed herein are honestly held and that there are n
),-& +"#!)*+
It is loading and unloadingThis

from
Issue has been graded by [!] and has been assigned the “IPO Grade [!]” indicating [!], through its letter dated [!]. The IP
goods. In anthis
1 to 5 with “IPOplace
Grade 5”supervising as VRLll
indicating strong fundamentals and as controlling
an “IPO of poor fundamentals. For detail
Grade 1” indicating
both loading and unloading of goods. Mr. Biradar heads it. @).%)*+& #""#*+'A'*%
Features: is [!].
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
 It is like a post office: 14th Floor, Express Towers, “Karvy Hou
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
In post office letters of different Email: vrl.ipo@edelcap.com
destinations are received and are classed Fax: (91 40
according to their destination. Similarly is theWebsite:
department of transshipment. Here the
Ms. Navdeep Kaur
cargo is received and classed according to the destination and they are loaded.
4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
35
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?"@& @-+).%)/.& @)A)%'!

 Junction Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
It acts a junction if cargo is booked in Ludhiana and a destination for 8 tons is
10 tones. It is under loaded and cost of frights charges increases with a results in loss Contact Person: Mr. R. P. Raichur, Company Secretary and Compliance Officer
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
to company. In such a case, the lorry can
,"'A)0A&-$&".N&O fill up to the cargo up to 10 tones in nearest
!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
place. In this case it is Hubli. And thus, loss can be avoided.
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
 Godown: *0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
It is where house with the premises. It is section, which as sub section of %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
different place all over India. Goods of same destination are grouped and also
accesses goods or unconnected goods are stored.
Competitive Strengths of the company: ").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
An established brand having a good reputation
+'*'"#@& ").Z.
VRL have built a brand over
Investments twoanddecades,
in equity owing
equity-related securities to thea commitment
involve to quality
degree of risk and investors should not invest any funds in this Issue
service standards, reliability and timeliness of services offered and the long-
standing presence in the industry. VRL have a long operating track record in
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
the industry. Issuer and the Issue, which is material in the context of the Issue, that the information contained in this Draft Red Herring Prospect
),-& +"#!)*+
Large and established size and scale of operations
VRL are a multi-service transport and logistics provider with@).%)*+&
the presence in
#""#*+'A'*%
17 states and 7 Union Territories
from BSE inlisting
and NSE for the India.of ourVRL offer
Equity Shares and a widepursuant
Warrants range of services
to letters dated [!] and [!], respectively. For purposes o
is [!].
such as parcel cargo, express cargo, full truckload and courier services
4--Z&"0**)*+&@'#!&A#*#+'"
in
"'+).%"#"&%-&%('&)..0'
addition to passenger transportation.14th Floor, Express Towers,
':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
“Karvy Hou
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Details Goods Transportation Passenger Travels
No. Of vehicles owned 2446 Contact Person: Mr. Sumeet Lath / Contact Pers
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
No. Of States4)!d)..0'&
covered 17- , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
No. Of Union Territories 7
36
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No. Of cities covered 649
No. Of transshipment hubs 43 "><8=B>C>:&-DD8E>F R.S No. 351/1, NH-4, Bangalore Road, Varur, Hubli 581 207, Karnataka India Tel: (91 836) 2237 6
No. Of branches
,04@)/&(owned) 799 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
)..0'& -$& IJK2J22J222&
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
No. Of Franchisees 1387
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
The large fleet size provides us multiple benefits like ability to provide the
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
services in larger number of routes, better margins on consignments, less dependence
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
on hired vehicles, and reputation for reliable delivery of the consignment / passengers
in a timely manner. Also the variety of vehicles in the fleet enables us to service the
diverse nature of consignments of the customers and requirements of the passengers.
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
Long operating history in the
This being the firsttransport andShares
public issue of Equity logistics business
and Warrants of our Company, there has been no formal market for the Equity Sha
VRL have an operating track record of over 24 years in the transport and
+'*'"#@& ").Z.
logistics business. Investments
The chairman Mr. Vijay
in equity and equity-related securitiesSankeshwar, who
involve a degree of risk has should
and investors beennot invest any funds in this Issue
actively involved in the business and management of the Company, enjoys
over three decades of experience in the transport industry )..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
Strategies of the company: and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are n
),-& +"#!)*+
Improving operating efficiency
@).%)*+& #""#*+'A'*%
VRL have developed a good
The Equity Shares andreputation for the
Warrants offered through efficiency
this Draft and quality
Red Herring Prospectus are proposedof
to be listed on the BSE and the N
transportation services
is [!].
that VRL offer. While VRL presently invest in several
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
in-house capabilities to increase efficiency, VRL @8a8B>:
':>9c>8==& /HG8BH9& also intend to further ZHC_`&/5a
improve the service standards, as VRLNariman
remain committed
Point, Mumbai 400to providing
021, India timely
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
and reliable transportation and logistics
Email:services. In order to increase the
efficiency levels, VRL propose to addedelcapredressal@edelcap.com
more transshipment hubs that serve as Email: vrl.i
re-distribution points. Ms. Navdeep Kaur
Contact Pers
4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
37
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Less dependence on hiring the Trucks
VRL prefer to operate the owned trucks and hire trucks only in cases of
emergency or in seasons where they see very high demand. The advantages of Contact Person: Mr. R. P. Raichur, Company Secretary and Compliance Officer
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
operating the own ,"'A)0A&-$&".N&O
trucks are many. Hiring trucks involves a higher cost of
!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
operation because VRL are required to pay for the operation of the truck and
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
also are required to pay the owner for using the truck. Therefore, operating the
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
own trucks enables us to eliminate the cost payable to the owner of the truck
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
and thus operate at a lower cost. In light of the same, VRL are not required to
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
pass on the increased costs to the customers and thus are not forced to operate
at a high cost. Secondly, there is also no guarantee that vehicles will be
available for hire whenever VRL need the same.
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
Expansion of consignment
This being thetransportation
first public issue of Equityinto
SharesEast andof North
and Warrants our Company, East
there hasstates
been no formal market for the Equity Sha
in India Book Running Lead Manager, on the basis of assessment of market demand for the Equity Shares offered by way of book building
+'*'"#@& ").Z.
The passenger transport
Investmentsbusiness currentlysecurities
in equity and equity-related covers the
involve states
a degree of riskof
and Karnataka,
Maharashtra and Tamil Nadu while the goods transport business covers 17
states and 7 Union Territories in India. However except Kolkata VRL
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
presently do not have anythe presence
Issuer and in thein the
Issue, which is material eastern
context ofand northeastern
the Issue, that the informationstates
containedof
in this Draft Red Herring Prospect
India. this Draft Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions mislea
),-& +"#!)*+
Maintain the commitment to time bound delivery.
@).%)*+& #""#*+'A'*%
VRL have developed a reputation for ensuring timely transport of the
is [!].
passengers and have also maintained the commitment towards timely and safe
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
delivery of the consignment in relation':>9c>8==&
to the goods
/HG8BH9&business.
@8a8B>: As VRL seek to ZHC_`&/5a
expand the goods business, the reputation
SEBI Reg.of No.
ensuring timely deliver is very
: INM000010650 Banjara Hill
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
essential and VRL intend to continue to focus
Email: on ensuring timeliness and
vrl.ipo@edelcap.com
Fax: (91 40
efficiency. For example VRL ensure Website:
that there are two drivers in a vehicle
Ms. Navdeep Kaur
carrying express cargo or covering a distance of more than 1,000 kilometers. .
4)!d)..0'&,"-+"#AA'
The same is done to4)!d)..0'&
avoid excessive
- , ' * .& - *stress
& F& on one [!
single
] I22edriver and the
4)!d). . 0 ' & / @ - . ' .& - *
chances of accidents due to stress on drivers are greatly reduced. Also the
38
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stoppage time is reduced. VRL shall continue this practice so as to ensure that
neither the passengers nor the goods delivered are affected in any manner.
Increase more corporate clients particularly in the Industrial goods Contact Person: Mr. R. P. Raichur, Company Secretary and Compliance Officer
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
Till now VRL had clients who are into non-industrial products. From now
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
VRL have decided to increase more corporate clients who are into industrial
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
products. Over a period of last one year VRL have bought handling
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
equipments like cranes, folk lifts etc., which are capable of handling heavy
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
machineries. In case of revision in the Price Band, the Bidding Period will be extended for three additional working days after revision
Intra State Transportation of Goods
Till now transportation of non-industrial goods within the state was
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
concentrated in the value
statesof theof Karnataka
Equity Shares is Rs.10 per Equity Share and the Issue Price is [!] times of the face value. The Issue Price (as determine
Renting out space on vehicles to corporate for advertisement +'*'"#@& ").Z.
VRL provide space to corporate for advertising their products on the trucks.
Since VRL cover many states and cities through out India)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
providing this kind
of service to the corporate
Issuer and thewill
Issue, help
which isthem
material in displaying
in the their
context of the Issue, that products
the informationin cities
as well as remote areas.
),-& +"#!)*+
Companies operations arefrom
divided into the following three segments:
@).%)*+& #""#*+'A'*%
(i) Transport and logistics Business; from BSE and NSE for the listing of our Equity Shares and Warrants pursuant to letters dated [!] and [!], respectively. For purposes o
is [!].
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
(ii) Wind Power Generation Business; and ':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
(iii) Air charter business. Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
39
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SWOT ANALYSIS
STRENGTHS WEAKNESS
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
OPPORTUNITY THREATS
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
A. STRENGTHS: the change on the websites of the Book Running Lead Managers and at the terminals of the Syndicate.
i. International tie-ups
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
ii. The main strength of company is manpower
iii. The company
Book RunningisLead
financially
Manager, on thesound turnover
basis of assessment 65066.20
of market demand forlakhs
the Equity Shares offered by way of book building
iv. Its efforts to improve quality of operation.
+'*'"#@& ").Z.
v. They have entered into tourist transport operation.

vi. They have
approvedtheir
by the own in-house
Securities and Exchangebodybuilding andnorvehicles.
Board of India (“SEBI”), does SEBI guarantee the accuracy or adequacy of this Draf
vii. The entire garage operation and account as well as infrastructure
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
controlIssuer
hasandbeen computerized.
the Issue, which is material in the context of the Issue, that the information contained in this Draft Red Herring Prospect
viii. The company did not under go any lockouts, strikes etc.
),-& +"#!)*+
ix. Aviation: - has

This Issue company is [!moving
been graded by ] and has beeninwards private
assigned the “IPO domestic
Grade [!]” indicating [!], air
services.
@).%)*+& #""#*+'A'*%
is [!].
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
B. WEAKNESS: 14th Floor, Express Towers, “Karvy Hou
Banjara Hill
i. Dependent on economicSEBIscenario.
Reg. No. : INM000010650
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
ii. Have to face the bureaucracy.
iii. Labor-intensive industry.
Website: ww
Contact Pers
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
40
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C. OPPORTUNITIES: Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
i. Non-regulated industry.
ii. Availability of skilled manpower(Institutions).
iii. Backward integration. Email: investors@vrllogistics.com, Website: www.vrllogistics.com
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
iv. They have entered their service to north and south states.
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
v. They can enter into international courier
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O and cargo express
!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
service.
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
vi. They can tie up with the government agencies. ,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
D. THREATS: proportionate basis, subject to valid bids being received at or above the Issue Price. Out of the portion available for allocati
i. Economy slow down
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
ii. Government
This being the firstregulations
public issue of Equity Shares and Warrants of our Company, there has been no formal market for the Equity Sha
iii. Uncertain
Book Runningfuel prices.on the basis of assessment of market demand for the Equity Shares offered by way of book building
Lead Manager,
iv. New technology +'*'"#@& ").Z.
v. Increase competition in this segment / industry due to
liberalization there is increase the competitors in last 7 years
company has to fight for marketing shares.

)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
),-& +"#!)*+
@).%)*+& #""#*+'A'*%
is [!].
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
41
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SISTER CONCERNS OF VRL: Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
VRL "><8=B>C>:&-DD8E>F R.S No. 351/1, NH-4, Bangalore Road, Varur, Hubli 581 207, Karnataka India Tel: (91 836) 2237 6
Maruti parcel ctheier
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
Anand printers and publishers (now sold to TOI)
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
Anand printers, Omkar mineral water
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
Textiles In case of revision in the Price Band, the Bidding Period will be extended for three additional working days after revision
Vijayanand road lines fixed deposits scheme
Aviation ").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
COMPETITORS: be taken to be indicative of the market price of the Equity Shares and Warrants after the Equity Shares and Warrants are listed. No
+'*'"#@& ").Z.
• Transport Investments
co operation
in equity of
and India (TCI)
equity-related securities involve a degree of risk and investors should not invest any funds in this Issue
• Government undertaking
• Sharma transport )..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
• Ghatge patil transportation Ltd
• Prakash road lines
),-& +"#!)*+
• Deluxe This Issue has been graded by [!] and has been assigned the “IPO Grade [!]” indicating [!], through its letter dated [!]. The IP
• Kirti transports
@).%)*+& #""#*+'A'*%
• Navata transpors
• SMRT Ltdis [!].
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
• Ambika transport ':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
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42
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Theoretical Background
Logistics covers the entire process of shipping raw materials and input
requirements from suppliers to plants, the conversion of the inputs into products at
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certain plants, the shipping%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O
of the products to various warehouses or depots, and the !P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
eventual delivery of these'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
products to the final customers. Transportation is a key
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
decision area within the logistics mix because transportation often represents the most
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)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
important single element in logistics costs. The most important operational
,")/'&4#*!F&".N&O decisions
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%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
related to transportation inIn case
a supply chain are the decisions concerning issues of
of revision in the Price Band, the Bidding Period will be extended for three additional working days after revision
routing and scheduling of the
deliveries.
notification Given
to National a set of
Stock Exchange customer
of India orders,
Limited (“NSE”) and thethe goal
Bombay Stockof a Limited (“BSE”), by issui
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change on the websites of the Book Running Lead Managers and at the terminals of the Syndicate.
company is to route and schedule delivery
proportionate basis, subject tovehicles such
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meet the delivery promiseson are as lowbasis
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received at or
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often described as the problem in which vehicles based on a central depot are required
to visit geographically dispersed customers
Book Running Lead inbasisorder
Manager, on the to offulfill
of assessment known
market demand for the customer
Equity Shares offered by way of book building
demands. and/or sustained trading in the Equity Shares and Warrants of the Company or regarding the price at which the Equity Shares andW
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MODELS FOR VEHICLE ROUTING
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
Neural Ant Particle Lagrangean Dynamic ),-& +"#!)*+
Network Colony Swarm Relaxation Programming
section “General Information” beginning on page [!] of this Draft Red Herring
Branch Prospectus.
& Bound
Tabu
@).%)*+& #""#*+'A'*%
Search Mathematical
Programming
Simulated
is [!].
Annealing
Preference Based
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Genetic Approach
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Algorithms 14th Floor, Express Towers, “Karvy Hou
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021, India
SEBI Reg. No. : INM000010650 Approach Banjara Hill
Savings Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Procedure Email: vrl.ipo@edelcap.com Simulation Based Fax: (91 40
edelcapredressal@edelcap.comApproach Email: vrl.i
Insertion Website: www.edelcap.com Website: ww
Improvement Cluster-FirstContact Person: Mr. Sumeet Lath
Route-First, /
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Procedure Contact Pers
(2-opt, 3-opt) Route-Second Cluster-Second Ms. Navdeep Capability
Kaur
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43
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Hybrid Genetic Algorithms for Vehicle Routing Problems with Time Windows
Abstract: was changed to VRL Logistics Limited and a fresh certificate of incorporation, consequent on change of name, was granted to our Company on August 25, 200
Blanton and Wainwright (1993) first introduced the application of Genetic
Algorithm in Vehicle Routing Problem with Time Windows (VRPTW). Coupled Email: investors@vrllogistics.com, Website: www.vrllogistics.com
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
with several problem specific crossover operators the algorithm achieved satisfactory
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
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results for the problems tested. However their methods have some
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O drawbacks. In most
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instances the algorithm often do not converge to a feasible solution. To overcome this
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
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)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
problem, in this paper hybrid genetic algorithms that incorporate heuristic methods
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
developed by Solomon (1987) are proposed. Instead of using lexicographic ordering %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
the problem is modeled as a multi-objective optimization problem so that several
alternative solutions can be selected from the set of final solutions. It is found that
these algorithms, which incorporate a modified enhanced edge-recombination
operator, are superior to those proposed by Blanton and Wainwright in all the
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
problems tested. The hybrid genetic algorithm is also extended to solve several
benchmark problems and the algorithms
and/or sustained tradinghave produced
in the Equity Shares andvery
Warrantscompetitive
of the Company or results when
regarding the price at which the Equity Shares andW
+'*'"#@& ").Z.
compared to the best solutions found
Investments in the
in equity literature.
and equity-related securities involve a degree of risk and investors should not invest any funds in this Issue
Introduction )..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
Most real world problems encountered in distribution have a time constraint
within which distribution of goods or services can be made. This is often
),-& +"#!)*+
characterized by the working pattern
This Issue has beenof thebyorganizations/
graded companies,
[!] and has been assigned the “IPO Grade [which usually
!]” indicating [!], through its letter dated [!]. The IP
operate in a fixed time schedule.
section “GeneralIn addition,
Information” customers'
beginning preferences,
on page [!] of this such as in
Draft Red Herring Prospectus.
@).%)*+& #""#*+'A'*%
restaurants where deliveries
The are
Equityonly allowed
Shares and before
Warrants offered a this
through certain
Draft Redtime
Herring of the day,
Prospectus mayto be listed on the BSE and the N
are proposed
also restrict the scheduleis [!of
]. the vehicles involved. Normally, these issues are
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
simplified and formulated as Vehicle Routing Problem (VRP); the solution to this
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relatively unconstrained problem may not beNariman
practical
Point,and is rarely
Mumbai 400 021,implemented
India in “Karvy Hou
real life problems without major revisions being carried
Tel: (91 22) 4086out
3535(Bodin, 1990).
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Although
2288 2119 Tel: (91 40)
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some solutions to VRP have been adaptededelcapredressal@edelcap.com
successfully to practical routing and Email: vrl.i
scheduling problems with time restrictions, Contact
the need Person: Mr. Sumeet Lath /
toMs.address these constraints
Navdeep Kaur
Contact Pers
explicitly in the modeling can no longer be ignored. 4)!d)..0'&,"-+"#AA'

4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
Vehicle Routing Problem with Time Windows (VRPTW) has only recently
received attention from the research community and most of the earlier investigations
in this field have concentrated on case studies developing ad-hoc procedures for each
44
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individual problem (Knight and Hofer (1968) and Pullen and Webb (1967)). VRPTW
is an extension of VRP that not only addresses the spatial but also the temporal
aspects of vehicle movement. VRPTW involves finding the best routing schedule for
a fleet of homogeneous (or heterogeneous) vehicles, originating and terminating at a Email: investors@vrllogistics.com, Website: www.vrllogistics.com
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central depot, with limited ,"'A)0A&-$&".N&O
capacities and!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
associated maximum travel times, to service
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a set of customers with known demands and time windows!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
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earliest and the latest allowable times within which the service should begin. Owing
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
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)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
to working regulations that may be applied to drivers, a limit on the total time allowed
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
for any vehicle may also be added and defining a time window at the depot often %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
attains this. Therefore VRPTW comprises two parts, the routing and the scheduling of
vehicles. The routing is concerned with finding an optimal visiting sequence of the
customers whilst the scheduling specifies the time the customers are serviced. In the
presence of time windows, the total cost of routing not only includes the total travel
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
distance and the service times, but also the total cost of waiting incurred when a
vehicle arrives too early at and/or
a customer location.
sustained trading InShares
in the Equity some instances,
and Warrants the objective
of the Company value
+'*'"#@& ").Z.
also incorporates the totalInvestments
penalty accumulated
in equity and equity-related when the customers
securities involve are
a degree of risk and serviced
outside their time windows.must rely on their own examination of the Issuer and the Issue including the risks involved. The Equity Shares and Warrants offered
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
The VRPTW arises in many practical decision making problems such as: retail
distribution, school bus routing, bank and postal deliveries, industrial refuse
),-& +"#!)*+
collection, newspaper delivery, fuel
This Issue has oil delivery,
been graded dial-a-ride
by [!] and has been service,
assigned the “IPO Grade [!]” airline and
indicating [!], through its letter dated [!]. The IP
railway fleet routing andsection
scheduling, etc. beginning
“General Information” An excellent review
on page [!] of this Draft Red is presented
Herring Prospectus. by
@).%)*+& #""#*+'A'*%
Desrochers (1988), Solomon and Shares
The Equity Desrosiers
and Warrants(1988) andthismost
offered through recently
Draft Red by Desrosiers
Herring Prospectus are proposed to be listed on the BSE and the N
(1995). is [!].
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
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Two hybrid genetic algorithms developed
Narimanto solve
Point, VRPTW.
Mumbai 400 021, We
India will show
“Karvy Hou
how these algorithms can be modified appropriately
Tel: (91 22) 4086to
3535accommodate
the added
Fax: (91 22) 2288 2119 Tel: (91 40)
Fax: (91 40
complexity and a comparison with two of the edelcapredressal@edelcap.com
heuristics developed in Solomon (1987) Email: vrl.i
is also made to give an indication of the quality of solutions thatKaur
Ms. Navdeep can be achieved Contact Pers
using GA. 4)!d)..0'&,"-+"#AA'

4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
In the next section, a review of some of the solution procedures developed in

the literature, with a particular emphasis on heuristic methods, is presented. The
45
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necessary notations and terminology are given in section 3.0. Before outlining our
methods, we discussed two heuristic methods for VRPTW based on the work of
Solomon (1987). These techniques will be embedded in our new approaches and the
results obtained will be compared with those found by our new algorithms. Section Email: investors@vrllogistics.com, Website: www.vrllogistics.com
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
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subsequent section. Preliminary experiments carried out on test
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the benchmark problems are given and future work and suggestions regarding various
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
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modifications are discussed in the concluding remarks. ,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
A Brief Review of VRPTW Heuristics notification to National Stock Exchange of India Limited (“NSE”) and the Bombay Stock Exchange Limited (“BSE”), by issui
VRP is itself -hard and by restriction, because of the added complexity,
VRPTW is also -hard (Solomon, 1987). In fact, even finding a feasible solution
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
to the VRPTW, when theThisnumber of vehicles is fixed, is itself an -complete
being the first public issue of Equity Shares and Warrants of our Company, there has been no formal market for the Equity Sha
problem (by inference fromBook
theRunning
workLeadofManager,
Savelsbergh (1984) on the TSPTW).
on the basis of assessment of market demand for the Equity Shares offered by way of book building
Although several exact algorithms have been proposed, it is very +'*'"#@&
unlikely").Z.
that
solutions to realistic size problems will be
losing their investment. found
Investors owing
are advised to readto
thetheir huge
risk factors computational
carefully before taking an investment decision in this Issue. F
requirements (Desrochers et al (1992)).
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
Owing to the inherent complexity of VRPTW, the use of classical methods,
such as those described above, is only successful for certain types of problems and
),-& +"#!)*+
performs poorly on others.
from Metaheuristics
1 to 5 with an “IPO Gradeoffer a great
5” indicating advantage
strong fundamentals overGradeclassical
and an “IPO 1” indicating poor fundamentals. For detail
methods. They combine various features from different procedures@).%)*+&
in an#""#*+'A'*%
effective
way to explore the solutionfrom
space inNSE
BSE and order
for theto find
listing better
of our solutions
Equity Shares and
and Warrants these
pursuant techniques
to letters dated [!] and [!], respectively. For purposes o
is [!].
have been successfully applied to VRP and other combinatorial optimisation
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
problems. ':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Metaheuristic techniques include Simulated Annealing, Tabu Search
and Fax: (91 40
Genetic Algorithm, amongst others. In particular, Genetic Algorithm (GA)
Website: www.edelcap.com is a Website: ww
Ms. Navdeep Kaur
stochastic search technique that closely mimics the metaphor of natural biological
4)!d)..0'&,"-+"#AA'
evolution. GA explores the problem
4)!d)..0'& domain
-,' * .& - * & by F& maintaining a population 4)!d).
[! ] I22e of . 0 ' & / @ - . ' .& - *
individuals, which represents a set of potential solutions in the search space. The
survival of each individual into the next generation is determined by its fitness, a
46
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performance measured based on an objective function that describes the problem. At
each iteration, new individuals are created by selecting individuals according to their
fitness and breeding them using genetic operators similar to natural genetics. The
selection is carried out based on Darwin’s principle of the survival of the fittest where Email: investors@vrllogistics.com, Website: www.vrllogistics.com
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individuals than the weaker ones, who may not even contribute
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O at all. Using genetic
!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
operators, GA attempts to combine the good features found in each individual using a
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
structured yet randomized information exchange in order to construct individuals ,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
which are better suited to their environment than the individuals that they were %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
created from. Through the evolution of better and better individuals, it is hoped that
the desired solution will be found. The Issue is being made through a 100% Book Building Process wherein not more than 50% of the Issue will be allocated to
Thangiah et al (1991) were among the first to introduce ").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'

metaheuristics based
on GA to solve VRPTW.value
This technique, which is known as GIDEON, has been
successfully applied to VRPTW. Thangiah
and/or sustained (1995)
trading in the hasand
Equity Shares modified the
Warrants of the original
Company GIDEON
+'*'"#@& ").Z.
in order to improve the results.
InvestmentsRecently, Thangiah
in equity and equity-related et alinvolve
securities (1995)
a degreeextended the should
of risk and investors post-not invest any funds in this Issue
optimization procedure to include
must rely on the
their own -interchange mechanism.
examination of the Issuer In order
and the Issue including the risksto diversify
and intensify the search process, several strategies have been )..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
adopted from Tabu
Search, Simulated Annealing
Issuerand anIssue,
and the Oscillation
which is materialStrategy, which
in the context of the Issue,allows the algorithm
that the information contained in this Draft Red Herring Prospect
to iterate between feasible,thisand infeasible
Draft Red search
Herring Prospectus regions.
as a whole A hybrid
or any of such information of
or theTabu Search
expression of any such opinions or intentions mislea
),-& +"#!)*+
and Simulated Annealing This
approaches has byalso
Issue has been graded [!] andbeen
has beensuccessfully implemented
assigned the “IPO Grade [!]” indicating [!],for
VRPTW (Thangiah et al, 1995). Here,
section “General GA is
Information” onlyonused
beginning page [!]as a mean
of this Draft Red of creating
Herring Prospectus.good
@).%)*+& #""#*+'A'*%
initial solutions that will later be improved
The Equity by some
Shares and Warrants localthisoptimization
offered through techniques.
Draft Red Herring Prospectus are proposed to be listed on the BSE and the N
is [!].
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
Description of the Problem ':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
We first introduce some of the notation Tel:and(91abbreviations
22) 4086 3535 Fax: that
(91 22)are
2288used
2119 below. Tel: (91 40)
Fax: (91 40
Let and be the customers and vehicle indices where
edelcapredressal@edelcap.com and Email: vrl.i
K denote, respectively, the total number of customers and the total number
Ms. Navdeep Kaur of vehicles Contact Pers
4)!d)..0'&,"-+"#AA'
available.
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
47
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?"@& @-+).%)/.& @)A)%'!

As in VRP, we assume that there are N customers with known demand , for
, to be serviced by a fleet of K homogeneous vehicles stationed at the
depot . Each vehicle has a maximum capacity of , , where is
such that more than one customer may
,04@)/& )..0'& -$&be assigned
IJK2J22J222& to.(#"'.&
'L0)%M& a vehicle. Unlike
-$& ".N& 12& VRP
'#/(& $-"& where,")/'& -$& ".N& O!P& ,'"& 'L0
/#.(&#%&#&
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
we normally impose an upper bound on the number of vehicles to be used, here it is
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
assumed that the number is'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
unlimited and will be determined simultaneously with the
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
routing and scheduling. )..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
The service-time at each customer, , involving pick-up or delivery of goods is
denoted by and it can only begin at time within a time window defined by the
earliest time and the latest time that a customer will permit the start of a service.
Therefore, if a vehicle arrives before the beginning of the permitted service time, then
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
the vehicle has to wait for value
a period where , and is
the time the service is completed at customer assuming that customer precedes
+'*'"#@& ").Z.
customer i. The variable is the time taken to travel from customer j to customer i
and is normally assumed to be equal to the Euclidean distance between the two
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
customers. The Euclidean The
distance
Issuer havingismade
assumed toinquiries,
all reasonable be symmetric, i.e.for and confirms .thatThe
accepts responsibility this Draft Red Herring Prospectus
beginning of service at thiscustomer i can therefore be explicitly expressed as
Draft Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions mislea
),-& +"#!)*+
.
@).%)*+& #""#*+'A'*%
In addition to the customer's time window, most formulations incorporate a
is [!].
scheduling horizon, which4--Z&"0**)*+&@'#!&A#*#+'"
defines the working time of the respective vehicles by
"'+).%"#"&%-&%('&)..0'
imposing a time window at the depot, denoted':>9c>8==&
by and/HG8BH9&. @8a8B>:
ZHC_`&/5a
“Karvy Hou
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Since VRPTW involves a time constraint,Investor
the solution
Grievanceto this: problem consists of
Email
a set of directed arcs that must be followed. However if the
Contact Person: Mr. time
Sumeetwindow
Lath / constraints Website: ww
Contact Pers
Ms. Navdeep Kaur
are very large, then part or all of the routes may be traversed in4)!d)..0'&,"-+"#AA'
either direction
without causing infeasibility. We would
4)!d)..0'& - , ' *like
.& - *to
& point
F& out that for computational
[! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
purposes, time, cost and distance are interchangeable.
48
CMYK
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;<2#&='$1*&>#(&?#''+-@&!',%5
?"@& @-+).%)/.& @)A)%'!

GA-Based Approaches to VRPTW Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
We propose two methods: vertex sequencing and parallel savings approaches to
demonstrate the application of GA in VRPTW. This procedure benefits the most from Email: investors@vrllogistics.com, Website: www.vrllogistics.com
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
the hybridization of GA and local search heuristics by incorporating an insertion
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
heuristic proposed by Solomon (1987). On the other hand,!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O the parallel savings
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
approach allows us to show how a parallel route-building algorithm based on GA can
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
be adapted to VRPTW. Our second algorithm is similar to Blanton and Wainwright ,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
(1993), except for the criteria used in selecting the best route in which to insert the %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
customer under consideration. We note that in both cases each chromosome encodes a
list of permutation of cities/customers to be visited.
Vertex Sequencing for VRPTW ").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'

In this approach, each customer is assigned to the best vehicle (based on some
+'*'"#@& ").Z.
criteria) following the sequence it inappears
Investments on the chromosome.
equity and equity-related Theofbest
securities involve a degree customer
risk and onnot invest any funds in this Issue
investors should
each chromosome is usedmustto initialize
rely on the first
their own examination vehicle
of the Issuer andincluding
and the Issue subsequently, each
the risks involved. The Equity Shares and Warrants offered
unrouted customer is inserted in its best place in the emerging route using the
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
insertion heuristic (Solomon (1987)).
Issuer and the Issue,In theis insertion
which heuristic
material in the context a candidate
of the Issue, is selected
that the information contained in this Draft Red Herring Prospect
such that insertion in its this
bestDraft place yields
Red Herring Prospectusan
as a optimum value
whole or any of such according
information to some
or the expression of any such opinions or intentions mislea
),-& +"#!)*+
criteria. This process involves
This Issue two criteria
has been that
graded by [! take
] and has into account
been assigned the
the “IPO Grade spatial[!],and
[!]” indicating through its letter dated [!]. The IP
temporal aspects of the customers.
@).%)*+& #""#*+'A'*%
Let the sequence of The
theEquity
current
Shares androute
Warrants be represented
offered as Herring Prospectus are proposed
through this Draft Red whereto be listed on the BSE and the N
is [!].
denote the depot. For each unrouted customer u, its best feasible insertion
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
place with respect to capacity and time window constraints,
':>9c>8==& in the emerging
/HG8BH9& @8a8B>: route, is ZHC_`&/5a
computed as SEBI Reg. No. : INM000010650 Banjara Hill
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Ms. Navdeep Kaur
(1)
4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
Where . Here, is defined as
49
CMYK
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?"@& @-+).%)/.& @)A)%'!

(2)
Where and . and are two factors based on the
distance and time given by,04@)/&
the expressions:
)..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
(3)
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
(4)
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
Where is a constant and is the new time for the service to begin at
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
customer j, given that u is on the route. Once the best place to insert each of the
unrouted customers is identified, and then the next step involves selecting the
customer that will produce the best objective value. Therefore, a customer is to be
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
preferred for inclusion in the route when
(5)
+'*'"#@& ").Z.
Where u is unrouted and feasible and is such that
(6)
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
Where is a constant. ),-& +"#!)*+
In VRPTW, the insertion of new customers into a partial route always entails
@).%)*+& #""#*+'A'*%
checking the feasibility with respect
The Equity to Warrants
Shares and the timeoffered window constraints
through this Draft of succeeding
Red Herring Prospectus are proposed to be listed on the BSE and the N
is [!].
customers. An explicit testing of time feasibility at each customer can be carried out
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
in O (N) time and this can consume a lot of computational
':>9c>8==& /HG8BH9&time for reasonably large
@8a8B>: ZHC_`&/5a
N. We implemented the procedure based onNariman a pushPoint,forward
Mumbai 400
factor suggested by
021, India
Banjara Hill
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Solomon (1987). Here, we assume that each vehicle
Email: starts at the earliest possible
time. Note that the departure time from the depot canwww.edelcap.com
Website: be adjusted accordingly after the Website: ww
completion of the schedule to eliminate unnecessary waiting time. Kaur
Ms. Navdeep Let the sequence
4)!d)..0'&,"-+"#AA'
on the partially constructed 4)!d)..0'&
feasible route be given as
- , ' * .& - * & F&
before,[!i.e.
] I22e
and
4)!d). . 0 ' & / @ - . ' .& - *
as depot. We denote as the new time the service at customer
begins, given that customer u is on the route. Also, let be the waiting time at
50
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customer for Assuming that the triangle inequality holds both for travel
distances and times, the insertion of customer u defines a push forward in the
schedule at : (For changes in our name and registered office see “Our History and Certain Corporate Matters” o
(7)
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
Hence, S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
(8)
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
It is interesting to note that if , some of the customers , may
become infeasible. Consequently, these customers should be examined sequentially
for time feasibility until we find some customer, say , , for which ,
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
or is time infeasible. However, in the
value of the Equity Sharesworst case,
is Rs.10 per Equityall the
Share customers
and the , of the face value. The Issue Price (as determine
Issue Price is [!] times
are examined. This result can be stated formally as:
+'*'"#@& ").Z.
Lemma 1 must rely on their own examination of the Issuer and the Issue including the risks involved. The Equity Shares and Warrants offered
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
The necessary and sufficient conditions
The Issuer having for inquiries,
made all reasonable time accepts
feasibility when
responsibility for and inserting a Draft Red Herring Prospectus
confirms that this
customer, say , between two adjacent customers and , , on a
),-& +"#!)*+
partially constructed feasible
This route
Issue has been graded by [!] and has been assigned theare
“IPO Grade [!]” indicating [!], through its letter dated [!]. The IP
@).%)*+& #""#*+'A'*%
(9)
is [!].
And 4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
14th Floor, Express Towers,(10) “Karvy Hou
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
It should be noted that if non-Euclidean distance
Investor is Email
Grievance used,: it is possible
that Email: vrl.i
which results in all customers being
Contacttime feasible.
Person: Mr. SumeetAlso,
Lath / since Contact Pers
Ms. Navdeep Kaur
Lemma 1 ensures that the vehicle will arrive at the depot within the4)!d)..0'&,"-+"#AA'
scheduled time.
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
However if inserting this customer violates one or all of the constraints, a new route is
initiated using this customer. Since the number of vehicles is assumed to be unlimited,
all the solutions obtained are feasible.
51
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We note that following the clustering process; two customers that are adjacent to
each other on the chromosome may not necessarily be adjacent on the routes. It is
therefore necessary to rearrange the customers in the chromosome so that the Email: investors@vrllogistics.com, Website: www.vrllogistics.com
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
chromosome represent the ,"'A)0A&-$&".N&O
actual routing!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
assigned by the insertion heuristic. This will
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
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allow GA to exploit the similarities in the chromosomes in order
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O to search globally
!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
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for an optimal sequence of customers to be visited.
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
In most route construction techniques, the choice of the first customer to be %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
visited is a crucial factor in determining the quality of the final solution. Many
procedures have been designed to find a suitable candidate to initialise each vehicle.
Obviously, different criteria always result in different solutions, and in most cases the
difference in the solutions can be quite significant. For GA-based algorithms, this
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
problem does not arise since the first customer on the chromosome is always chosen
to initialize the first vehicle. Subsequent
and/or sustained trading invehicles areand
the Equity Shares seeded using
Warrants of the orfirst
the Company unrouted
regarding the price at which the Equity Shares andW
+'*'"#@& ").Z.
customer on the chromosome. Since
Investments in equityGA works with
and equity-related securitiesainvolve
population ofandindividuals,
a degree of risk investors should not invest any funds in this Issue
many alternative seeds can
mustbe
rely exploited at theof same
on their own examination the Issuer time andincluding
and the Issue the theindividuals that
risks involved. The Equity Shares and Warrants offered
produce a competitive set of routes are then allowed to progress to the next
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
generation. Issuer and the Issue, which is material in the context of the Issue, that the information contained in this Draft Red Herring Prospect
),-& +"#!)*+
A Time-Oriented ParallelThis
Savings Method
@).%)*+& #""#*+'A'*%
In a time-oriented parallel
The Equitysavings method,
Shares and Warrants offered the routes
through this Draft for all the
Red Herring vehicles
Prospectus areto be listed on the BSE and the N
are proposed
constructed simultaneously.is [!This
]. algorithm uses the first K genes to initialize each of
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
the vehicles. With this approach, as in any other parallel route building procedure, the
':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
number of vehicles has to be determined a priori.
Nariman Then, following
Point, Mumbai theIndia
400 021, sequence on “Karvy Hou
the chromosome, the cost of adding the first Tel:
unrouted customer
(91 22) 4086 to 22)
3535 Fax: (91
the2288
last customer
2119 Tel: (91 40)
Fax: (91 40
on each vehicle is computed based on some selection criteria.
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
As pointed out by Solomon (1987), the savings heuristic alone may find it
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
profitable to join two customers that are very close to each other geographically but
far apart in terms of the earliest allowable service time. Such links will undoubtedly
introduce extended periods of waiting time, which often results in a high opportunity
52
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cost since the vehicles can be serving other customers instead of waiting for the
customer to start the service. Solomon (1987) proposed limiting the amount of
waiting time when considering joining two customers. If joining two customers’
results in waiting time greater than a predefined value, then the two customers are not Email: investors@vrllogistics.com, Website: www.vrllogistics.com
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
allowed to merge. However, we felt that it is more appropriate to use the weighted
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
combination of the savingsS#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O
and the waiting time rather than defining an upper bound
!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
on the waiting time. Clearly, adding the customer to a vehicle, which produces
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
maximum savings and minimum waiting time, is always preferred. Therefore, the
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
selection criterion for each vehicle can be expressed mathematically as %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
(11)
Where on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price.
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
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(13)
+'*'"#@& ").Z.
(14)
With Note that accounts for the temporal aspects of the
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
problem whilst measures the savings obtained when this customer is merged with
other customers on the route rather then serving them individually. Hence,),-& +"#!)*+
(15)
@).%)*+& #""#*+'A'*%
Where is the best vehicle to insert the current customer.
is [!].
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
We should mention that, with time window constraints,
Nariman as400
Point, Mumbai well
021, as the capacity
India
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
constraint, the feasibility of including the customer in each vehicle has to be validated
first before any other criteria can be considered. This can be accomplished by
computing the beginning of service at the customer if it Ms. is Navdeep
added Kauron that particular Contact Pers
route. If the time exceeds the latest allowable service time for that4)!d)..0'&,"-+"#AA'
customer or the
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
capacity of the vehicle is exceeded, then we associate an arbitrary large constant with
the route to forbid the route from being selected. In addition, the time feasibility of the
53
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vehicle (ensuring that the addition of the new customer does not prevent the vehicle
from reaching the depot within the scheduling horizon) must also be examined. In
circumstances where no feasible route can be found, the customer is considered
unserviced and the next customer on the sequence is then evaluated, unless all the Email: investors@vrllogistics.com, Website: www.vrllogistics.com
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
customers have been examined. If the clustering process results in unserviced
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
customers, the solution isS#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O
considered infeasible and a penalty is imposed on the
!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
amount of unserviced demand. This ensures that infeasible solutions are ranked lower
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
than feasible solutions. Since finding feasible solutions is often difficult in VRPTW,
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
high penalties are normally selected so as to drive the search towards feasible region %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
of the search space. Again, GA is used to search for a good sequence in the
chromosome and a greedy heuristic based on a measure of saving and waiting time is
used to find the best route for each customer. It is apparent from the way the cluster
builder assigns customers to vehicles that a good chromosome should consist of

").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
customers with earlier deadlines at the beginning of the sequence and those with later
‘latest service times’ at theand/or
endsustained
of thetrading
string.
in the Equity Shares and Warrants of the Company or regarding the price at which the Equity Shares andW
+'*'"#@& ").Z.
Objective Evaluation must rely on their own examination of the Issuer and the Issue including the risks involved. The Equity Shares and Warrants offered
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
The choice of a suitable objective function that mirrors the performance of a
chromosome is essential in GA since its search is guided purely by the evaluation
),-& +"#!)*+
function. The algorithm requires
This Issue has that thebyobjective
been graded [!] and has beenvalue is “IPO
assigned the able
Gradeto[!]”discriminate
between good and bad solutions. In most
section “General of the
Information” algorithms
beginning on page [!] ofdeveloped for VRPTW
this Draft Red Herring Prospectus. so
@).%)*+& #""#*+'A'*%
far, a {lexicographic} ordering ofShares
The Equity parameters is normally
and Warrants offered employed.
through this Draft A solution
Red Herring Prospectus thatto be listed on the BSE and the N
are proposed
requires fewer vehicles is often
is [!]. preferred from the economic point of view, and this is
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
followed by the total scheduling cost, total distance travelled and total waiting time, in
':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
order of decreasing priority. In algorithmsNariman
with Point,
soft Mumbai
constraints,
400 021, solutions
India with “Karvy Hou
minimum tardiness are always favored rather Tel: than(91those
22) 4086with smaller
3535 Fax:
(91 22)total scheduling
2288 2119 Tel: (91 40)
Fax: (91 40
cost, but with greater tardiness. It is often possible to reduce the total scheduling cost
by increasing the number of vehicles, but most schedulers preferKaur
Ms. Navdeep a schedule that Contact Pers
optimizes the vehicle utilization at the expense of an increase in total4)!d)..0'&,"-+"#AA'

cost. Moreover,
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
in some instances, it may be desirable to reduce the amount of {ideal} time (or
waiting time) of each vehicle so that a more efficient schedule can be designed.
Another important factor that may be of interest is the total distance covered by all the
54
CMYK
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vehicles. Since an increase in the distance traveled inevitably results in an increase in
operating cost, it may be desirable explicitly to express this factor in the objective to
be optimized. However, empirical results have shown that reducing the total distance
often results in an increase in the total waiting time and vice versa. This is because, as Email: investors@vrllogistics.com, Website: www.vrllogistics.com
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
pointed out earlier, two customers that are close geographically may not necessarily
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
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be close from the temporalS#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O
point of view. Therefore, placing !more emphasis on the
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'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
distance traveled will often result in unnecessary waiting time. It is clear that these
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
solutions are such that improvement in any objective can only be achieved at the ,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
expense of degradation in other objective values. Since GA works with a population %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
of individuals, it is possible to address this problem by exploiting the trade-off
between the competing objective values. The Issue is being made through a 100% Book Building Process wherein not more than 50% of the Issue will be allocated to
In this study, several important factors, such as the total scheduling cost and the
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
waiting time, are modeledvalue
using a weighted-sum approach. Here, combining them
linearly with weights givenand/or
to emphasize
sustained trading inthe relative
the Equity importance
Shares and Warrants of the of various
Company objective
+'*'"#@& ").Z.
functions aggregates all the relevant
Investments objectives.
in equity and Let each
equity-related securities involve a objective
degree of risk andfunction benot invest any funds in this Issue
investors should
represented as , and must rely on their own examination of the Issuer and the Issue including the risks involved. The Equity Shares and Warrants offered
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
Where ),-& +"#!)*+
Different weights provide different set of solutions. Since we are only considering
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hard time window constraints, criteria
The Equity that
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this Draft Red minimizing
Herring Prospectus theto be listed on the BSE and the N
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number of vehicles, total scheduling cost, total distance covered, vehicle utilization
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
and total waiting time. As a preliminary investigation, minimizing
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the total scheduling cost and the total amountNariman
of timePoint,
spent waiting
Mumbai forIndia
400 021,
the customers Banjara Hill
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
to start the service is considered. AlthoughEmail:
minimizing the number of vehicles is
equally important, we observed in the entire test www.edelcap.com
Website: problems we tested that if the Website: ww
population contains solutions with fewer vehicles, the final Ms. best
Navdeepsolution
Kaur found after
4)!d)..0'&,"-+"#AA'
some termination criteria are attained always requires the same number of vehicles. It
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
may, however, be useful to incorporate this factor in other type of problems.
55
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Moreover, this performance measure can easily be integrated in the objective
function. was changed to VRL Logistics Limited and a fresh certificate of incorporation, consequent on change of name, was granted to our Company on August 25, 200
Thus, the objective function can formally be stated as Email: investors@vrllogistics.com, Website: www.vrllogistics.com
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
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(16)
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
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Where are, respectively, the normalized values of function
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%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
And notification to National Stock Exchange of India Limited (“NSE”) and the Bombay Stock Exchange Limited (“BSE”), by issui
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Where Book Running Lead Manager, on the basis of assessment of market demand for the Equity Shares offered by way of book building
Assuming that customer
+'*'"#@& ").Z.
precedes customer , and losing their investment. Investors are advised to read the risk factors carefully before taking an investment decision in this Issue. F
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
For time-oriented parallel savings a slight modification has to be made to
accommodate the infeasibility
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OBJECTIVES AND RESEARCH METHODOLOGY Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
Project title: was changed to VRL Logistics Limited and a fresh certificate of incorporation, consequent on change of name, was granted to our Company on August 25, 200
“A study on Routing and scheduling of the vehicles in VRL Logistic Limited” Contact Person: Mr. R. P. Raichur, Company Secretary and Compliance Officer
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 To understand the logistics market.
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 Identifying strengths and weaknesses of VRL.
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METHODOLOGY: notification to National Stock Exchange of India Limited (“NSE”) and the Bombay Stock Exchange Limited (“BSE”), by issui
This project report has been done by collection both primary and secondary
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“IPO Grade 5” indicating qualitative
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 Company website. SEBI Reg. No. : INM000010650
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
LIMITATIONS OF THE STUDY: Contact Person: Mr. Sumeet Lath / Contact Pers
Ms. Navdeep Kaur
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3. Time constraint to cover the entire TPT’s.
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Data Analysis, Findings and Suggestions
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Particulars Actual Assumed
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
Diesel (in liters) 39-40.15 40
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
Mileage (Km per %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
3.5-4.5 3.5
liter) Period/Issue Period not exceeding 10 working days. Any revision in the Price Band and the revised Bidding/Issue Period, if a
Labor (per Km) 0.75-1.25
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
Freight Charge (per This being the first public issue of Equity Shares and Warrants of our Company, there has been no formal market for the Equity Sha
1.60-4.00
Km) Book Running Lead Manager, on the basis of assessment of market demand for the Equity Shares offered by way of book building
+'*'"#@& ").Z.
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
),-& +"#!)*+
@).%)*+& #""#*+'A'*%
is [!].
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':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Ms. Navdeep Kaur
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345'%'61 was made by the Registrar of Companies, Bangalore, Karnataka on July 1, 1994, on the Original Certificate of Incorporation dated March 31, 1983. Pursuant to
1. 36$(' was changed to VRL Logistics Limited and a fresh certificate of incorporation, consequent on change of name, was granted to our Company on August 25, 200
!"#$%&'())#"><8=B>C>:&-DD8E>F R.S No. 351/1, NH-4, Bangalore Road, Varur, Hubli 581 207, Karnataka India Tel: (91 836) 2237 6
!"#$%&% /5CG5CHB>&-DD8E>F Giriraj Annexe, Circuit House Road, Hubli- 580 029. Tel: (91 836) 2237 511/512, Fax
!'6'#1('++'% Contact Person: Mr. R. P. Raichur, Company Secretary and Compliance Officer
*$('++$,$-.' Email: investors@vrllogistics.com, Website: www.vrllogistics.com
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
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,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
8)++'7'% ,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
366",,"7 %('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
:.'45'4';."#1
8'7'%9$6'% on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price.
Ernakulam TPT ").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
Ernakulam-Kottyam-Changancheri and/or sustained trading in the Equity Shares and Warrants of the Company or regarding the price at which the Equity Shares andW
8)66'% +'*'"#@& ").Z.
Distance=85.8 Km Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in this Issue
Particulars Cost
Diesel (85.8/3.5)*40 980.5714286
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
The Issuer having made all /.1#$('4'4+.',$#'%
reasonable inquiries, accepts responsibility for and confirms that this Draft Red Herring Prospectus
Labor (85.8*0.70) 60.06
Total Cost 1040.631429),-& +"#!)*+
Less: Freight charge (200Kg*2.5) 500

@).%)*+& #""#*+'A'*%
Net Profit is [!]. (540.6314286)
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
Inference: Nariman Point, Mumbai 400 021, India
“Karvy Hou
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119
From the above table we can conclude that Ernakulam-Kottyam-Changancheri
Email: vrl.ipo@edelcap.com route Tel: (91 40)
Fax: (91 40
is making the loss of Rs.540. edelcapredressal@edelcap.com Email: vrl.i
Ms. Navdeep Kaur
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01623 (Our Company was incorporated in the State of Karnataka as a private limited company under part IX of the Companies Act, 1956 under the name of Vijay
TW
)5@D1<56
6
-3@1781 dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
Incorporation
)>
0161;1C3 ;9 was made by the Registrar of Companies, Bangalore, Karnataka on July 1, 1994, on the Original Certificate of Incorporation dated March 31, 1983. Pursuant to
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ZY Limited and a fresh certificate of incorporation, consequent on change of name, was granted to our Company on August 25, 200
03:16
-1C><5C> $4@5D [W "><8=B>C>:&-DD8E>F R.S No. 351/1, NH-4, Bangalore Road, Varur, Hubli 581 207, Karnataka India Tel: (91 836) 2237 6
ZY
ZZ /5CG5CHB>&-DD8E>F Giriraj Annexe, Circuit House Road, Hubli- 580 029. Tel: (91 836) 2237 511/512, Fax
024
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%17:=16<56 !#%()%) RY
E;: L1=>>6191: Contact Person: Mr. R. P. Raichur, Company Secretary and Compliance Officer
SY UT Email: investors@vrllogistics.com, Website: www.vrllogistics.com
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!178A@1 $44 ,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
SR WW
P3C1 F=1:K=17 V
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
EQ:>6191:
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O
.5@91681 !P&@#/.&QU)..0'VRN&%(
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,7:3
RS
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
TV
)27 $MN1@<56S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
WWU
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%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
?2< 03D1<56 !37:83 *0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
@3 /361D TZ
T
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
WX
.:7 P3D1Q1O1:1 !P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
,")/'&4#*!F&".N&O
,K=1@41617D3 %('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
[V
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
Solapur TPT
WW
U
Period/Issue Period not'13K=56

exceeding 10 working days. Any revision in the Price Band and the revised Bidding/Issue Period, if a
Solapur-Chadchan-Indi-Sindgi-Bijapur
0181@4AC #378125856 [RNational Stock Exchange of India Limited (“NSE”) and the Bombay Stock Exchange Limited (“BSE”), by issui
notification to
the change on the websites of theW Book Running Lead Managers and at the terminals of the Syndicate.
V
The Issue is being made through aV 100% Book Building Process wherein not more than 50% of the Issue will be allocated to
Distance=220 Km proportionate basis, subject to valid bids being received at or above the Issue Price. Out of the portion available for allocati
WY
0>@815; allocation to Mutual Funds only. Mutual Funds Bidders shall also be eligible for proportionate allocation under the balance
U
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on a proportionate basis to Retail Individual I567AA@

Bidders, subject to valid Bids being received at or above the Issue Price.
XZ
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
G=16O1: 05:K< Particulars
RS
.1781B1C3 Cost
ZT
RR
E59@3
Diesel (220/3.5)*40
EA2<>C 2514.285714
U
WS
XY TVbe taken to be indicative of the market price of the Equity Shares and Warrants after the Equity Shares and Warrants are listed. No
S and/or sustained trading in the Equity Shares and Warrants of the Company or regarding the price at which the Equity Shares andW
0>@@16Q
J>@@1<56 Labor (220*0.70)
Y
154 +'*'"#@& ").Z.
E6<
WV
Total Cost 2668.285714
V
WRT
T
WR
SR SV must rely on their own examination of the Issuer and the Issue including the risks involved. The Equity Shares and Warrants offered
E163=16 $717C1<56
GB8 of the investors is invited to the section titled “Risk Factors” beginning on page [!] of this Draft Red Herring Prospectus
71B16 [Y
Less: Freight charge (550Kg*2.5)
F=3C61:5681 1375
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
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Net Profit (1293.285714)
!=3;A81
WRU
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If the vehicle don’t touch these points then:

U
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UV
Solapur-Bijapur from BSE and NSE for the listing of our Equity Shares and Warrants pursuant to letters dated [!] and [!], respectively. For purposes o
01781@A6>
is [!].
/1781@A6> Distance=99.6
E12217
Km 4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
WS
':>9c>8==&
S /HG8BH9& @8a8B>: ZHC_`&/5a
Particulars WT
W
Cost
I632=718363
WR
“Karvy Hou
V

Banjara Hill
Diesel (99.6/3.5)*40 1138.285714
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
/Q2A6> Email: vrl.ipo@edelcap.com Fax: (91 40
Labor (99.6*0.70) Investor Grievance Email : 69.72
X

WW
Total Cost Contact Person: Mr. 1208.005714

Sumeet Lath / Contact Pers
Ms. Navdeep Kaur
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Routes /5CG5CHB>&-DD8E>F Giriraj Annexe, Circuit House Road, Hubli- 580 029. Tel: (91 836) 2237 511/512, Fax
Time taken
Solapur-Chadchan-Indi-Sindgi- 220/40=5.5 hours
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
Bijapur %('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
Add: time taken at these stations 3 hours
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
Solapur-Bijapur 99.6/40=2.49
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
Inference: the change on the websites of the Book Running Lead Managers and at the terminals of the Syndicate.
From above tables Solapur-Chadchan-Indi-Sindgi-Bijapur route is not profit making
and Solapur-Bijapur without giving touch to Chadchan, Indi and Sindgi will reduce
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
120 Km extra distances andvalue

also time 6 hours.
+'*'"#@& ").Z.
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),-& +"#!)*+
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is [!].
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Ms. Navdeep Kaur
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40<;3D08 was made by the Registrar of Companies, Bangalore, Karnataka on July 1, 1994, on the Original Certificate of Incorporation dated March 31, 1983. Pursuant to
TR E>68@
.;0D@ "><8=B>C>:&-DD8E>F R.S No. 351/1, NH-4, Bangalore Road, Varur, Hubli 581 207, Karnataka India Tel: (91 836) 2237 6
SQ /5CG5CHB>&-DD8E>F Giriraj G3<931:8>)*+*
Annexe, Circuit House Road, Hubli- 580 029. Tel: (91 836) 2237 511/512, Fax
438A31 (For changes in our name and registered office see “Our History and Certain Corporate Matters” o
!01A@ Contact Person: Mr. R. P. Raichur, Company Secretary and Compliance Officer
!0;6@;8@ E3773< Email: investors@vrllogistics.com, Website: www.vrllogistics.com
MP
/083C=A31 /3A1>7=D08
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
K
,"'A)0A&-$&".N&O !P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
F=3<<38323D3C<3
!#$)*+* +0CC08 %('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
OO
4056313 /-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
/0123
MS
4373839:; 'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
!3;@A>8@
PP
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
Mangalore TPT )..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
E0<708 !27:8>
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
+3223<<08 %('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
OL
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
43<<08
Mangalore-Murdbi-Karkal-Hebri In case of revision in the Price Band, the Bidding Period will be extended for three additional working days after revision
SS
*=31377>82
Q
Distance=85.6 Km !3=>
RM
4:?=@A:;>
Particulars Cost
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
Diesel (85.6 /3.5)*40 978.2857143
MM
Q
Labor (85.6 *0.70) 59.92
Total Cost *8@7708 1038.205714 +'*'"#@& ").Z.
PL
Less: Freight charge (220Kg*2.5) "10B3
of the investors is invited 550
to the section titled “Risk Factors” beginning on page [!] of this Draft Red Herring Prospectus
P
(8<3A0135 )..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
Net Profit (488.2057143)
),-& +"#!)*+
Inference:
MN
O
From the above table Mangalore-Murdbi-Karkal-Hebri rouet is not generating profits
@).%)*+& #""#*+'A'*%
and company is incurring loss by Rs.488.
from BSE and NSE for the listing4:1135
of our Equity Shares and Warrants pursuant to letters dated [!] and [!], respectively. For purposes o
is [!].
KL
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Ms. Navdeep Kaur
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4. Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
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S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
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*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
Salem TPT 15% of the Issue shall be available for allocation on a proportionate basis to Non institutional Bidders and not less than 35% of
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
Idappadi-Tiruchengode Book Running Lead Manager, on the basis of assessment of market demand for the Equity Shares offered by way of book building
Distance=32.3 Km and/or sustained trading in the Equity Shares and Warrants of the Company or regarding the price at which the Equity Shares andW
+'*'"#@& ").Z.
Inference: must rely on their own examination of the Issuer and the Issue including the risks involved. The Equity Shares and Warrants offered
We suggest a new route is between Idappadi to Tiruchengode, which is 32.3 Km.
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Ms. Navdeep Kaur
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%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
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S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
Aurangabad TPT notification to National Stock Exchange of India Limited (“NSE”) and the Bombay Stock Exchange Limited (“BSE”), by issui
New route proportionate basis, subject to valid bids being received at or above the Issue Price. Out of the portion available for allocati
Ellora-Yeola on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price.
DISTANCE=93.8 Km ").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
Inference: and/or sustained trading in the Equity Shares and Warrants of the Company or regarding the price at which the Equity Shares andW
+'*'"#@& ").Z.
New route from Ellora to Yeola which is 93.8 Km.

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Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Ms. Navdeep Kaur
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%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
Shahabad-Sedam The Issue is being made through a 100% Book Building Process wherein not more than 50% of the Issue will be allocated to
Distance=116 Km 15% of the Issue shall be available for allocation on a proportionate basis to Non institutional Bidders and not less than 35% of
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
Inference: value of the Equity Shares is Rs.10 per Equity Share and the Issue Price is [!] times of the face value. The Issue Price (as determine
Only once in a week the Yadgiri consignments will be there, where as Shahabad
+'*'"#@& ").Z.
Consignments will be regular and also
Investments Hyderabab
in equity and equity-related. securities involve a degree of risk and investors should not invest any funds in this Issue
There is a route exists between Shahabad-Sedam-Hyderbad, by using this route VRL
can serve the more customers and reduce the cost. )..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
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Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Ms. Navdeep Kaur
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Findings
* Ernakulam-Kottyam-Changancheri route is making the loss of Rs.540.
* Solapur-Chadchan-Indi-Sindgi-Bijapur route is not profiting and
Solapur-Bijapur without giving touch to Chadchan, Indi and Sindgi
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
will reduce%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O
120 Km extra distances and also time 6 hours. !P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
* Mangalore-Murdbi-Karkal-Hebri route is not generating profits and
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
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%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
company is*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
incurring loss by Rs.488.
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
* Salem TPT to Elamillai to Idapati which covers only
,")/'&4#*!F&".N&O two!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
!P&%-&".N&O branches by
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
adding newInroute from Idappadi to Tiruchengode which is 32.3 Km.
case of revision in the Price Band, the Bidding Period will be extended for three additional working days after revision
* From Aurangabad
notification toTPT toStock
National Ellora to ofYeola
Exchange we can
India Limited have
(“NSE”) new
and the route
Bombay Stock and
Exchange Limited (“BSE”), by issui
it will giveproportionate
touch tobasis,
thesubject
regular
to valid route toreceived
bids being Mumbai Vashi
at or above and
the Issue we
Price. Out can
of the portion available for allocati
have more branches covered.
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* Only once in a week the Yadgiri consignments will be there, where as
Shahabad Consignments willon thebebasisregular
Book Running Lead Manager, and
of assessment wedemand
of market have new
for the Equity route
existing to connect to Sedam and it will give touch to the regular route
+'*'"#@& ").Z.
of Hyderabad.
* Employee transportation within the TPT is highly completed.
* No documentation of route maps. )..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
),-& +"#!)*+
@).%)*+& #""#*+'A'*%
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Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Ms. Navdeep Kaur
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Suggestions
 We should increase our sales in these following areas:
 Ernakulam-Kottyam-Changancheri (For changes in our name and registered office see “Our History and Certain Corporate Matters” o
 Solapur-Chadchan-Indi-Sindgi-Bijapur
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
 Mangalore-Murdbi-Karkal-Hebri rouet
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O !P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
 Consignments in these routs are not regular i.e., once in a week or ten
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
days. By increasing advertisements and increasing booking agents
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
VRL can increase consignments. ,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
 New route from Idappadi to Tiruchengode will cover more branches %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
and we can use full capacity utilization of vehicles and reduce the cost.
 New route from Ellora to Yeola will connect to regular Mumbai Vashi
route; this route will result in covering more branches and reduce cost.
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
 Only once in a week the Yadgiri consignments will be there, where as
Shahabad Consignments will onbetheregular
Book Running Lead Manager, and we
basis of assessment have
of market new
demand route
for the (i.e.,offered by way of book building
Equity Shares
Shahabad toand/or
Sedam =116 Km) existing to connect to Sedam and it will
sustained trading in the Equity Shares and Warrants of the Company or regarding the price at which the Equity Shares andW
+'*'"#@& ").Z.
give touch toInvestments
the regular
in equity route of Hyderabad.
and equity-related securities involve a degree of risk and investors should not invest any funds in this Issue
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
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Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
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Recommendations and Conclusion
Recommendations was changed to VRL Logistics Limited and a fresh certificate of incorporation, consequent on change of name, was granted to our Company on August 25, 200
We can sum the recommendations in brief as follows: (For changes in our name and registered office see “Our History and Certain Corporate Matters” o
 VRL can go for Computerized Vehicle Routing and Scheduling
,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
(CVRS) and%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O
Automatic Guided Vehicle (AGV) that will reduce the !P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
most of the 'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
manual work.
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
 They can enter into joint venture in non-profit making markets so that
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
they can reduce operating costs. ,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
Like: In case of revision in the Price Band, the Bidding Period will be extended for three additional working days after revision
In Madhya Pradesh they may tie up with:
o Krishna International Logistics
o Movar Logistic Pvt.Ltd
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
o Pegasus Logistics Pvt.Ltd, Indore.
In Andhra Pradesh they
Book Running Lead may
Manager,tie upbasis
on the with:
of assessment of market demand for the Equity Shares offered by way of book building
o South Cargo Packers and Movers
+'*'"#@& ").Z.
o Sun Investments
Rise Logistics
in equity and equity-related securities involve a degree of risk and investors should not invest any funds in this Issue
In Tamil Nadu approved by the Securities and Exchange Board of India (“SEBI”), nor does SEBI guarantee the accuracy or adequacy of this Draf
o Expressit,Adyar,Chennai. )..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
o UNI Logistic Pvt.Ltd, Chennai
 They can provide cycles or small autos to move within the TPT.
),-& +"#!)*+
 By using CVRS the

This Issue hasmaps arebyauto
been graded [!] andgenerated.
has been assigned the “IPO Grade [!]” indicating [!], through its letter dated [!]. The IP
 The goods in TPTs are consuming lots of space in TPT so they have to
@).%)*+& #""#*+'A'*%
implement scheduling
The Equity Sharesthe goodsoffered
and Warrants within TPT.
through this Draft Red Herring Prospectus are proposed to be listed on the BSE and the N
is [!].
 Time consumption in loading and unloading due to manual entry, it
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
can be reduced by bar coding. ':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
 VRL have to build internationalNariman
presence.
Point, Mumbai 400 021, India
Banjara Hill
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
 VRPTW will help in expressEmail: cargo and courier business of
vrl.ipo@edelcap.com VRL, Fax: (91 40
Email: vrl.i
which are providing high profit.edelcapredressal@edelcap.com
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
87
CMYK
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;<2#&='$1*&>#(&?#''+-@&!',%5
?"@& @-+).%)/.& @)A)%'!

Conclusion
 VRL is a name that stands for connectivity with network of 2629 Locations &
911 Branches. ,04@)/& )..0'& -$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
 They are trying to implement GPS system that will help the customer to trace
%('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
the vehicle in which their goods are transporting, which is in beta mode.
'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
 Routing and scheduling in India is very completed due to lack of connectivity
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
)..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
and in VRL they give some freedom to truck drivers to select the routes and
%('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
%('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
customers are satisfied. In case of revision in the Price Band, the Bidding Period will be extended for three additional working days after revision
 Different pricing is followed by VRL for Accounted customers.
 VRL also undergo long-term contracts with customers.
 Varur TPT controls 70% of total VRL logistic business.
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
 VRL having the adequate skilled
This being the first publiclabors, from
issue of Equity institutions
Shares situated
and Warrants of our near
Company, there has Hubli
been no formal market for the Equity Sha
and Dharwad. Book Running Lead Manager, on the basis of assessment of market demand for the Equity Shares offered by way of book building
 More manual work is seen in VRL, where as they can go for automation.
+'*'"#@& ").Z.
o 600 employees
losing for cross checking.
their investment. Investors are advised to read the risk factors carefully before taking an investment decision in this Issue. F
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
),-& +"#!)*+
@).%)*+& #""#*+'A'*%
is [!].
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
88
CMYK
!"#$
;<2#&='$1*&>#(&?#''+-@&!',%5
?"@& @-+).%)/.& @)A)%'!

Bibliography Incorporation dated March 31, 1983 was issued by the Registrar of Companies, Bangalore, Karnataka. The Company became a deemed public Limited Compan
Books Referred: "><8=B>C>:&-DD8E>F R.S No. 351/1, NH-4, Bangalore Road, Varur, Hubli 581 207, Karnataka India Tel: (91 836) 2237 6
Sales and Distribution Management by Tapan Panda and Sunil Sahdev Email: investors@vrllogistics.com, Website: www.vrllogistics.com
Logistic books and journals,04@)/&
from)..0'&
IGNOU-$& IJK2J22J222& 'L0)%M& .(#"'.& -$& ".N& 12& '#/(& $-"& /#.(&#%&#& ,")/'& -$& ".N& O!P& ,'"& 'L0
,"'A)0A&-$&".N&O!P&,'"&'L0)%M&.(#"'R&$-"&/#.(&#@-*+&S)%(&-*'&!'%#/(#4@'&S#""#*%&$-"&'?'"
Company Final Reports %('&,04@)/&)..0'&Q-%('"&%(#*&-*&%('&,"'T),-&,@#/'A'*%R&#++"'+#%)*+&".N&O!P&@#/.&QU)..0'VRN&%(
/-*.%)%0%'&IKNWX&3&-$&%('&$0@@M&!)@0%'!&,-.%T)..0'&'L0)%M&.(#"'&/#,)%#@&-$&-0"&/-A,#*M&,")
S#""#*%.&#*!&%('&)..0'&.(#@@&/-*.%)%0%'&O!P3&-$&%('&$0@@M&!)@0%'!&,-.%&)..0'&'L0)%M&.(#"'&
Websites: 'Y'"/).'&-$&!'%#/(#4@'&S#""#*%.J&#..0A)*+&$0@@&'Y'"/).'&-$&%('&!'%#/(#4@'&S#""#*%.N
%('&/-A,#*M&#@.-&,"-,-.'.&%-&A#Z'&#&,"'T),-&,@#/'A'*%&-$&0,&%-&O!P&'L0)%M&.(#"'.N&)$&.0/(&,"'
*0A4'"&-$&'L0)%M&.(#"'.&)..0'!&,0".0#*%&%-&%('&,"'T),-&,@#/'A'*%&S)@@&4'&"'!0/'!&$"-A&%
www.googlesearch.com )..0'&.)\'&-$&I]3&-$&%('&,-.%T)..0'&,#)!T0,&'L0)%M&.(#"'&/#,)%#@&,")-"&%-&'Y'"/).'&-$&!'%#/(#4
,")/'&4#*!F&".N&O!P&%-&".N&O!P&,'"&'L0)%M&.(#"'&-$&$#/'&?#@0'&".N&12
www.vrllogisticsltd.com %('&$#/'&?#@0'&-$&%('&'L0)%M&.(#"'.&).&".N&12N&%('&$@--"&,")/'&).&O!P&%)A'.&-$&%('
www.ebooks.com %('&/#,&,")/'&).&O!P&%)A'.&-$&%('&$#/'&?#@0'
www.googleearth.com Period/Issue Period not exceeding 10 working days. Any revision in the Price Band and the revised Bidding/Issue Period, if a
").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'
+'*'"#@& ").Z.
)..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M
),-& +"#!)*+
@).%)*+& #""#*+'A'*%
is [!].
4--Z&"0**)*+&@'#!&A#*#+'" "'+).%"#"&%-&%('&)..0'
':>9c>8==& /HG8BH9& @8a8B>: ZHC_`&/5a
Tel: (91 22) 4086 3535 Fax: (91 22) 2288 2119 Tel: (91 40)
Ms. Navdeep Kaur
4)!d)..0'&,"-+"#AA'
4)!d)..0'& - , ' * .& - * & F& [! ] I22e 4)!d). . 0 ' & / @ - . ' .& - *
89

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CMYK

?"@& @-+).%)/.& @)A)%'!

margin. Have increased the more concentration on vehicle routing @).%)*+&

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traded. To enable an increase in sphere of influence of the@).%)*+&

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integration of information, transportation, inventory, warehousing, material handling

INDIA REPORT | AUGUST 2008 5

?"@& @-+).%)/.& @)A)%'!

expansion and with globalization in been

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forwarding, often contractual in nature. 4)!d)..0'&,"-+"#AA'

Asset-based Dedicated Contract Carriage (DCC):

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principal emphasis is on utilizing the transportation-based assets of the parent

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Narrow Focus on Core activities:

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With expansion in newer markets, organizations benefits a lot in increasing

?"@& @-+).%)/.& @)A)%'!

?"@& @-+).%)/.& @)A)%'!

in the year 1994 and the Registrar

?"@& @-+).%)/.& @)A)%'!

Company started Shiva Road lines in the year 2003 as a separate").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'

?"@& @-+).%)/.& @)A)%'!

transportation of passengers by road. VRL have a long operating").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'

3. Air Charter Business

?"@& @-+).%)/.& @)A)%'!

at Kappatgudda, Gadag district in the state of Karnataka. It had issued various

?"@& @-+).%)/.& @)A)%'!

?"@& @-+).%)/.& @)A)%'!

transmission and supply of electrical power, energy to the state electricity

modifications or re-enactment thereof and rules made were@).%)*+&

Development Mechanism in connection with generation of electrical power.

?"@& @-+).%)/.& @)A)%'!

?"@& @-+).%)/.& @)A)%'!

Bachelor’s degree in commerce from Karnataka University, Dharwad.),-&

?"@& @-+).%)/.& @)A)%'!

?"@& @-+).%)/.& @)A)%'!

He is a commerce graduate and law graduate from Karnataka University,

July 28, 2007. ").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'

?"@& @-+).%)/.& @)A)%'!

?"@& @-+).%)/.& @)A)%'!

Full Truck Load This Issue has beenLess

Road Rail Air

?"@& @-+).%)/.& @)A)%'!

?"@& @-+).%)/.& @)A)%'!

?"@& @-+).%)/.& @)A)%'!

?"@& @-+).%)/.& @)A)%'!

?"@& @-+).%)/.& @)A)%'!

If the goods are lost4--Z&"0**)*+&@'#!&A#*#+'"

?"@& @-+).%)/.& @)A)%'!

otherwise stated. )..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M

claims, which is accounted on cash basis. @).%)*+& #""#*+'A'*%

?"@& @-+).%)/.& @)A)%'!

basis of estimated tax liability as per the applicable provisions

?"@& @-+).%)/.& @)A)%'!

Some important functions are explained below: ").Z&)*&"'@#%)-*&%-&%('&$)".%&)..0'

interest it is paid to employee after his retirement. )..0'"^.&#4.-@0%'&"'.,-*.)4)@)%M

weekly holiday on Sunday. Some special leave will@).%)*+&

Company started Shiva Road lines in the year 2003 as a separate").Z&)&"'@#%)-&%-&%('&$)".%&)..0'

transportation of passengers by road. VRL have a long operating").Z&)&"'@#%)-&%-&%('&$)".%&)..0'

July 28, 2007. ").Z&)&"'@#%)-&%-&%('&$)".%&)..0'

If the goods are lost4--Z&"0**)+&@'#!&A##+'"

claims, which is accounted on cash basis. @).%)+& #""#+'A'*%

Some important functions are explained below: ").Z&)&"'@#%)-&%-&%('&$)".%&)..0'

Thangiah et al (1991) were among the first to introduce ").Z&)&"'@#%)-&%-&%('&$)".%&)..0'

Vertex Sequencing for VRPTW ").Z&)&"'@#%)-&%-&%('&$)".%&)..0'

MQN 4--Z&"0**)+&@'#!&A##+'" "'+).%"#"&%-&%('&)..0'

7%@%;5( 4%@.&')%0 @).%)+& #""#+'A'*%

F1%+7'."7)'5F4 @).%)+& #""#+'A'*%

/<;G;66;79889< :#% @).%)+& #""#+'A'*%