MIRA
INFORM REPORT
|
Report Date : |
08.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
SNOWMAN LOGISTICS LIMITED (w.e.f. 17.03.2011) |
|
|
|
|
Formerly Known
As : |
SNOWMAN FROZEN FOODS LIMITED |
|
|
|
|
Registered
Office : |
Sy. No. 36/1, Virgonagar, Old Madras Road, Bandapura Village,
Bidarehalli Hobli, Bangalore – 560 049, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
17.03.1993 |
|
|
|
|
Com. Reg. No.: |
08-48636 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1029.070
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15122KA1993PLC048636 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS03089C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCS3514H |
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Service provider of Cold Storage Transportation |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track records. There
appears some accumulated losses recorded by the company in the previous year.
However, with some improvement in financial position, the company has been
successful in wiping-off those losses. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Kobal |
|
Designation : |
Senior Manager Executive |
LOCATIONS
|
Registered Office : |
Sy. No. 36/1, Virgonagar, Old Madras Road, Bandapura Village,
Bidarehalli Hobli, Bangalore – 560 049, Karnataka, India |
|
Tel. No.: |
91-80-40250400 |
|
Fax No.: |
91-80-40250400 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 15.07.2011
|
Name : |
Mr. Prem Krishan Gupta |
|
Designation : |
Director |
|
Address : |
94, Sainik Farm, Khanpur, |
|
Date of Birth/Age : |
22.02.1958 |
|
Qualification : |
B. Sc. |
|
Date of Appointment : |
22.11.2006 |
|
DIN No.: |
00011670 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
U74899DL1990PTC039124 |
Perfect
Communications Private Limited |
Director |
06-02-90 |
06-02-90 |
- |
Active |
NO |
|
2 |
L74899MH1994PLC164024 |
Gateway
Distriparks Limited |
Managing
director |
20-07-09 |
06-04-94 |
- |
Active |
NO |
|
3 |
U74899DL1994PTC061703 |
Prism
International Private Limited |
Director |
23-09-94 |
23-09-94 |
- |
Active |
NO |
|
4 |
U45209DL1999PTC153163 |
Star Cineplex
Private Limited |
Director |
20-01-00 |
20-01-00 |
- |
Active |
NO |
|
5 |
U65993MH2000PTC126495 |
Fortune
Technology Investments India Private Limited |
Director |
15-05-00 |
15-05-00 |
- |
Active |
NO |
|
6 |
U51909AP1994PTC017523 |
Gateway East
India Private Limited |
Director |
30-11-04 |
30-11-04 |
- |
Active |
NO |
|
7 |
U35111KA1994PTC020576 |
Gateway
Distriparks (South) Private Limited |
Director |
30-11-04 |
30-11-04 |
- |
Active |
NO |
|
8 |
U60231DL2005PLC138598 |
Gateway Rail
Freight Limited |
Managing
director |
20-07-09 |
02-05-06 |
- |
Active |
NO |
|
9 |
U15122KA1993PLC048636 |
Snowman Logistics
Limited |
Director |
22-11-06 |
22-11-06 |
- |
Active |
NO |
|
10 |
U80221DL2006PTC149987 |
Massco Media
Private Limited |
Director |
27-06-11 |
01-03-07 |
- |
Active |
NO |
|
11 |
U63030HR2007PLC036995 |
Container
Gateway Limited |
Director |
29-06-07 |
29-06-07 |
08-06-11 |
Active |
NO |
|
12 |
U63090KL2006PLC019751 |
Gateway
Distriparks (Kerala) Limited |
Additional
director |
27-03-08 |
27-03-08 |
- |
Active |
NO |
|
13 |
U21020MH2009PTC197190 |
Prima Soft
Tissue Private Limited |
Director |
21-11-09 |
21-11-09 |
- |
Active |
NO |
|
14 |
U45400DL2010PTC204945 |
Prestige
Infracon Private Limited |
Director |
19-01-11 |
19-01-11 |
- |
Active |
NO |
|
|
|
|
Name : |
Mr. Saroosh Dinshaw |
|
Designation : |
Director |
|
Address : |
Adenwalla Baug, |
|
Date of Birth/Age : |
11.08.1970 |
|
Qualification : |
B.Com, LLB, MBA |
|
Date of Appointment : |
22.11.2006 |
|
DIN No.: |
00034110 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
L74899MH1994PLC164024 |
Gateway
Distriparks Limited |
Director |
20-09-07 |
12-08-04 |
- |
Active |
NO |
|
2 |
U64200MH1995PTC087657 |
Omega Telecom
Holdings Private Limited |
Director |
28-12-07 |
17-08-06 |
10-08-09 |
Active |
NO |
|
3 |
U15122KA1993PLC048636 |
Snowman
Logistics Limited |
Director |
22-11-06 |
22-11-06 |
- |
Active |
NO |
|
4 |
U65990MH1992PTC067775 |
Cowasjee Dinshaw
And Sons Private Limited |
Director |
29-09-08 |
18-12-07 |
- |
Active |
NO |
|
5 |
U67120MH1985PTC035987 |
Sir H C
Adenwalla Trading Private Limited |
Director |
29-09-08 |
18-12-07 |
- |
Active |
NO |
|
6 |
U65190MH2008PTC183149 |
Lilywhite
Capital Advisors Private Limited |
Director |
04-06-08 |
04-06-08 |
- |
Strike off |
NO |
|
7 |
U60231DL2005PLC138598 |
Gateway Rail
Freight Limited |
Alternate
director |
22-04-11 |
06-04-09 |
13-06-11 |
Active |
NO |
|
8 |
U74999MH1941PLC003466 |
United Salt
Works And Industries Limited |
Director |
29-09-10 |
02-09-10 |
- |
Active |
NO |
|
|
|
|
Name : |
Mr. Shabbir Hassanbhai |
|
Designation : |
Director |
|
Address : |
36, |
|
Date of Birth/Age : |
10.11.1946 |
|
Qualification : |
Associate of Certified and Corporate accountants, |
|
Date of Appointment : |
22.11.2006 |
|
DIN No.: |
00268133 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting
status |
|
1 |
L74899MH1994PLC164024 |
Gateway
Distriparks Limited |
Director |
30-04-09 |
15-06-95 |
- |
Active |
NO |
|
2 |
U51909AP1994PTC017523 |
Gateway East
India Private Limited |
Director |
09-09-04 |
09-09-04 |
- |
Active |
NO |
|
3 |
U36999HR1996PLC033491 |
Gurgaon
Technology Park Limited |
Director |
29-07-05 |
29-07-05 |
19-05-09 |
Active |
NO |
|
4 |
U35111KA1994PTC020576 |
Gateway
Distriparks (South) Private Limited |
Director |
12-08-05 |
12-08-05 |
- |
Active |
NO |
|
5 |
U60231DL2005PLC138598 |
Gateway Rail
Freight Limited |
Director |
21-07-06 |
21-07-06 |
- |
Active |
NO |
|
6 |
U15122KA1993PLC048636 |
Snowman
Logistics Limited |
Director |
22-11-06 |
22-11-06 |
- |
Active |
NO |
|
|
|
|
Name : |
Mr. Gopinath Pillai |
|
Designation : |
Director |
|
Address : |
67, HUA |
|
Date of Birth/Age : |
18.09.1937 |
|
Qualification : |
BA Graduate |
|
Date of Appointment : |
22.11.2006 |
|
DIN No.: |
00268337 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
L74899MH1994PLC164024 |
Gateway
Distriparks Limited |
Director |
15-06-95 |
15-06-95 |
- |
Active |
NO |
|
2 |
U74899HR1993PLC031920 |
Prasha
Technologies Limited |
Director |
28-05-96 |
28-05-96 |
17-09-08 |
Active |
NO |
|
3 |
U72200TN2001PTC046986 |
Savant India
Institute Of Technology Private Limited |
Director |
18-04-01 |
18-04-01 |
08-04-11 |
Active |
NO |
|
4 |
U35111KA1994PTC020576 |
Gateway
Distriparks (South) Private Limited |
Director |
30-11-04 |
30-11-04 |
- |
Active |
NO |
|
5 |
U51909AP1994PTC017523 |
Gateway East
India Private Limited |
Director |
16-09-11 |
30-11-04 |
- |
Active |
NO |
|
6 |
U60231DL2005PLC138598 |
Gateway Rail
Freight Limited |
Director |
02-05-06 |
02-05-06 |
- |
Active |
NO |
|
7 |
U63090KL2006PLC019751 |
Gateway
Distriparks (Kerala) Limited |
Director |
28-08-06 |
28-08-06 |
- |
Active |
NO |
|
8 |
U15122KA1993PLC048636 |
Snowman
Logistics Limited |
Director |
22-11-06 |
22-11-06 |
- |
Active |
NO |
|
|
|
|
Name : |
Mr. Keiichi Nakagaki |
|
Designation : |
Director |
|
Address : |
27, Golf Links, |
|
Date of Birth/Age : |
10.06.1952 |
|
Qualification : |
Bachelor of Economics |
|
Date of Appointment : |
27.05.2008 |
|
DIN No.: |
02165974 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
L26102DL1984PLC019542 |
Asahi India
Glass Limited |
Director |
30-07-08 |
06-05-08 |
Active |
NO |
|
2 |
U45201DL1996PTC079069 |
Mitsubishi
Corporation India Private Limited |
Managing
director |
08-05-08 |
08-05-08 |
Active |
NO |
|
3 |
U29200TZ2007PTC014014 |
Mc Craftsman
Machinery Private Limited |
Director |
14-05-08 |
14-05-08 |
Active |
NO |
|
4 |
U15122KA1993PLC048636 |
Snowman
Logistics Limited |
Director |
27-05-08 |
27-05-08 |
Active |
NO |
|
|
|
|
Name : |
Kannan Ravindran Naidu |
|
Designation : |
Director |
|
Address : |
003, SPRUCE, G Block, Rahija Koramangala, |
|
Date of Birth/Age : |
10.05.1959 |
|
Qualification : |
B. Com, MCA and Certification in Logistics from IIT |
|
Date of Appointment : |
30.09.2009 |
|
DIN No.: |
02813755 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U15122KA1993PLC048636 |
Snowman
Logistics Limited |
Director |
16-09-10 |
30-09-09 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Sundar Mangadu Agaram |
|
Designation : |
Company Secretary |
|
Address : |
194, Panduranga Nagar, |
|
Date of Birth/Age : |
30.07.1962 |
|
Date of Appointment : |
16.10.2007 |
|
PAN No.: |
AABPS2314Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.07.2011
|
Names of Shareholders |
|
No. of Shares |
|
Abraham J Tharakan (Jointly with Amalgam Foods Limited, |
|
101 |
|
Ramesh J Tharakan (Jointly with Amalgam Foods Limited, |
|
101 |
|
Kamli Tharakan (Jointly with Amalgam Foods Limited, |
|
303 |
|
P J |
|
101 |
|
Rani Thakaran (Jointly with Amalgam Foods Limited, |
|
101 |
|
Amalgam Foods Limited, |
|
999293 |
|
Mitsubishi Corporation, |
|
15641000 |
|
Mitsubishi Logistics Corporation, |
|
3632000 |
|
Nichirei Logistics Corporation, |
|
7400000 |
|
Gateway Distriparks Limited, |
|
53711619 |
|
Laguna International Private Limited , |
|
952381 |
|
International Finance Corporation, |
|
20570000 |
|
Total |
|
102907000 |
As on 15.07.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
|
46.83 |
|
Bodies corporate |
|
53.17 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service provider of Cold Storage Transportation. |
GENERAL INFORMATION
|
No. of Employees : |
500 (Approximately) |
|
|
|
|
Bankers : |
· Axis Bank Limited Unit No.6, Corporate
Park, ·
Centurion
Bank Limited No. 102, ·
Indusind
Bank Limited Dup Arc Trinity, West Wing, No.17, 1st
Floor, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution: |
3i Infotech Trusteeship Services Limited, S-310,3rd Floor,
South Block, Manipal Centre, 47, Dickenson Road, Bangalore-560042, Karnataka,
India |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
5th Floor, Tower D, The Millenia, 1 and 2 Murphy Road,
Ulsoor, Bangalore - 560 008, Karnataka, India |
|
|
|
|
Holding company: |
Gateway Distriparks Limited CIN No.: L74899MH1994PLC164024 |
|
|
|
|
Fellow Subsidiaries: |
·
Gateway East India Private Limited ·
Gateway Distriparks (South) Private Limited ·
Gateway Distriparks (Kerala) Limited ·
Gateway Rail Freight Limited |
CAPITAL STRUCTURE
As on 15.07.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
125000000 |
Equity Shares |
Rs.10/- each |
Rs.1250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
102907000 |
Equity Shares |
Rs.10/- each |
Rs.1029.070
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1029.070 |
1029.070 |
823.370 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9.172 |
90.666 |
57.720 |
|
|
4] (Accumulated Losses) |
0.000 |
(145.945) |
(187.309) |
|
|
NETWORTH |
1038.242 |
973.791 |
693.781 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.764 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.764 |
|
|
DEFERRED TAX LIABILITIES |
9.541 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1047.783 |
973.791 |
694.545 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
573.347 |
298.890 |
292.333 |
|
|
Capital work-in-progress |
60.735 |
115.404 |
49.583 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.022 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
102.345
|
86.694
|
67.995 |
|
|
Cash & Bank Balances |
293.126
|
441.456
|
248.235 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
79.542
|
85.449
|
80.764 |
|
Total
Current Assets |
475.013
|
613.599
|
396.994 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
55.180
|
47.119
|
31.635 |
|
|
Other Current Liabilities |
4.700
|
5.177
|
4.513 |
|
|
Provisions |
1.432
|
1.806
|
8.239 |
|
Total
Current Liabilities |
61.312
|
54.102
|
44.387 |
|
|
Net Current Assets |
413.701
|
559.497
|
352.607 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1047.783 |
973.791 |
694.545 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Services |
451.661 |
345.699 |
316.335 |
|
|
|
Other Income |
24.239 |
23.325 |
31.534 |
|
|
|
TOTAL (A) |
475.900 |
369.024 |
347.869 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Services Rendered |
235.918 |
178.702 |
179.701 |
|
|
|
Employee Cost |
71.995 |
60.784 |
57.684 |
|
|
|
Administrative and Other Expenses |
53.730 |
51.618 |
59.448 |
|
|
|
TOTAL (B) |
361.643 |
291.104 |
296.833 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
114.257 |
77.920 |
51.036 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND
FINANCIAL EXPENSES (D) |
0.060 |
0.458 |
0.595 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
114.197 |
77.462 |
50.441 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
40.205 |
36.099 |
34.063 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
73.992 |
41.363 |
16.378 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.540 |
0.000 |
1.290 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
64.452 |
41.363 |
15.088 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(187.309) |
(202.398) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(145.945) |
(187.309) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.626 |
0.495 |
0.183 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
13.54
|
11.21
|
4.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.38
|
11.97
|
5.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.06
|
4.53
|
2.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.04
|
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.06
|
0.06
|
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.45
|
11.34
|
8.94 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The company changed its registered office from Amalgam House,
The Registered Office has again shifted from Plot No. 276/5-1, 277/7,
Ezhupunna Village, Eramalloor (PO), Sherthala Taluk, Ezhupunna Village,
Alappuzha – 688 537, Kerala, India to No. 424, 4th Main, 6th
Cross, OMBR Layout, Banaswadi, Bangalore – 560 043, Karnataka, India w.e.f.
27.11.2008.
The Registered Office has again shifted from No. 424, 4th Main,
6th Cross, OMBR Layout, Banaswadi, Bangalore – 560 043, Karnataka,
India to the present address w.e.f. 28.01.2011.
MANAGEMENT AND OPERATIONS
The Company for
the year ended 2010-11 made a post tax profit of Rs.64.450 million as against a
profit of Rs.41.360 million during the previous year. This was possible due to
an improved performance of all the business verticals.
The Gross Revenue
of the company from Freezer Division and Transportation divisions increased by
39% and 32% respectively during the year.
In case of Freezer
Division, the commencement of 2 new warehouses in Chennai and
In case of
transportation division, the addition of new fleets, reductions achieved in
fuel, lease rental and repair costs etc, and achievement of better yields per
km have contributed to the growth.
During the year,
the Company inaugurated its new warehouses at Chennai and
UPDATE ON OTHER MATTERS AND OUTLOOK 2011-12
The new 2
warehouses, Chennai (2,700 Pallets) and
The Company has an
ambitious expansion plan and as part of the 1st phase of the same, the new
3,000 pallet warehouse at Mumbai is nearing completion and will be operational
by July 2011.
Further, approval
of the board has also been accorded for the construction of new warehouses at
FORM 8
|
This form is for |
Creation of charge |
|
Corporate identity number of the company |
U15122KA1993PLC048636 |
|
Name of the company |
SNOWMAN FROZEN FOODS LIMITED |
|
Address of the registered office or of the principal place of business in |
No.424, 4th Main, 6th Cross,
OMBR Layout, Banaswadi, |
|
Type of charge |
·
Book debts ·
Floating charge ·
Others o
Current Assets |
|
Particular of charge holder |
Indusind Bank Limited Dup Arc Trinity, West Wing, No.17, 1st Floor, E-Mail : meena.pandi@indusind.com |
|
Nature of description of the instrument creating or modifying the
charge |
1. Bank Sanction Letter 2. Composite Agreement for Hypothecation of Stocks, Book Debts and
other Current Assets (covering all working capital limits including WCDL and
term loan) |
|
Date of instrument Creating the charge |
16.02.2010 |
|
Amount secured by the charge |
Rs.20.000 millions |
|
Brief particulars of the principal terms an conditions and extent and
operation of the charge |
Rate of interest BPLR-4.75% (presently @ 12% p.a.) payable at monthly rests (BPLR =
16.75%) Terms of repayment For Cash Credit Limit of Rs.20.000 millions - Repayable on demand For BG of Rs.20.000 millions (sublimit of CC)- Repayable on invocation Margin For Cash Credit Limit of Rs.20.000 millions - 25% margin on Book Debts For BG of Rs.20.000 millions (sublimit of CC)- 10% Cash Margin Extent and operation of the charge The charge extends and operates on
the entire current assets of the company (on pari passu basis with
working capital bankers in case of Multiple/Consortium accounts) |
|
Short particulars of the property charged |
Hypothecation of the entire current currents of the company
comprising, inter alia, book debts and other current assets located at
Snowman House, 424 6th Cross, 4th C Main, OMBR Lyt, Banaswadi, Blr-43 |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Computer Equipment
·
Furniture and Fixtures
·
Office Equipments
·
Motor Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.45 |
|
|
1 |
Rs.80.38 |
|
Euro |
1 |
Rs.69.12 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.