MIRA
INFORM REPORT
|
Report Date : |
13.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SNOWMAN LOGISTICS LIMITED |
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Formerly Known
As : |
SNOWMAN FROZEN FOODS LIMITED |
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Registered
Office : |
Sy. No. 36/1, Virgonagar, Old Madras Road, Bandapura Village,
Bidarehalli Hobli, Bangalore- 560049, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
17.03.1993 |
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Com. Reg. No.: |
08-48636 |
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Capital
Investment / Paid-up Capital : |
Rs.1029.070
Millions |
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CIN No.: [Company Identification
No.] |
U15122KA1993PLC048636 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS03089C |
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PAN No.: [Permanent Account No.] |
AAFCS3514H |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business
: |
Service provider of Cold Storage Transportation |
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3900000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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- 560049, Karnataka, India |
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Tel. No.: |
91-80-40250400 |
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Fax No.: |
91-80-40250400 |
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E-Mail : |
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Website : |
DIRECTORS
(AS ON 16.09.2010)
|
Name : |
Mr. Gopinath Pillai |
|
Designation : |
Director |
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Address : |
67, |
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Date of Birth/Age : |
18.09.1937 |
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Date of Appointment : |
22.11.2006 |
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Name : |
Mr. Prem Krishan Gupta |
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Designation : |
Director |
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Address : |
94, Sainik Farm, Khanpur, New Delhi-110 062, |
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Date of Birth/Age : |
22.02.1958 |
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Date of Appointment : |
22.11.2006 |
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Name : |
Mr. Hakimuddin Hassanbhai |
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Designation : |
Director |
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Address : |
36, |
|
Date of Birth/Age : |
10.11.1946 |
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Date of Appointment : |
22.11.2006 |
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Name : |
Mr. Saroosh Dinshaw |
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Designation : |
Director |
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Address : |
Adenwalla Baug, Tardeo, Mumba-400 007, |
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Date of Birth/Age : |
11.08.1970 |
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Date of Appointment : |
22.11.2006 |
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Name : |
Mr. Ekiichi Nakagaki |
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Designation : |
Director |
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Address : |
#27, Golf Links, New Delhi-110 003, |
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Date of Birth/Age : |
10.06.1952 |
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Date of Appointment : |
27.05.2008 |
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Name : |
Ms. Kannan Naiu Ravindran |
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Designation : |
Director |
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Address : |
003, Spruce G Block, Rahija Koramangala, Bangalore-560 034, |
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Date of Birth/Age : |
10.05.1959 |
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Date of Appointment : |
30.09.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Sundar Mangadu Agaram |
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Designation : |
Company Secretary |
|
Address : |
194, Panduranga Nagar, Bannergetta Road, Bangalore-560 076, |
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Date of Birth/Age : |
30.07.1962 |
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Date of Appointment : |
16.10.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 16.09.2010)
|
Names of Shareholders |
|
No. of Shares |
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|
|
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Abraham Tharakan |
|
101 |
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Ramesh Tharakan |
|
101 |
|
Kamli Tharakan |
|
303 |
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Antonym P J |
|
101 |
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Rani Thakaran |
|
101 |
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Amalgam Foods Limited, |
|
999293 |
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Mitsubishi Corporation, |
|
15641000 |
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Mitsubishi Logistics Corporation, |
|
3632000 |
|
Nichieri Logistics Group Inc, |
|
7400000 |
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Gateway Distriparks Limited, |
|
53711619 |
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Laguna International Pte. Limited , |
|
952381 |
|
International Finance Corporation, |
|
20570000 |
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|
|
|
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Total |
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102907000 |
(AS ON 16.09.2010)
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Category |
|
Percentage |
|
|
|
|
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
|
48.83 |
|
Bodies corporate |
|
53.17 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service provider of Cold Storage Transportation |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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No. of Employees : |
500 (Approximately) |
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Bankers : |
· Indusind Bank Limited, Dup Arc Trinity, West Wing, No.17, 1st Floor, M. G. Road,
Bangalore- 560001, Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution: |
· 3i Infotech Trusteeship Services Limited, S-310,3rd Floor,
South Block, Manipal Centre, 47, Dickenson Road, Bangalore-560042, Karnataka,
India |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
5th Floor, Tower D, the Milenia, 1 and 2 Murphy Road
Ulsoor, Bangalore-560 008, Karnataka, India |
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Holding company: |
Gateway Distriparks Limited |
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Fellow Subsidiaries: |
·
Gateway Earst India Private Limited ·
Gateway Distriparks (South) Private Limited ·
Gateway Distriparks (Kerala) Limitred ·
Gateway Rail Freight Limited |
CAPITAL STRUCTURE
(AS ON 16.09.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.10/- Each |
Rs.1250.000 Millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
102907000 |
Equity Shares |
Rs.10/- Each |
Rs.1029.070
Millions |
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|
|
|
|
NOTE:
Of the above 53,711,619 equity shares are held
by Gateway Distriparks Limited, the Holding Company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
1029.070 |
823.370 |
823.370 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
90.666 |
57.720 |
57.720 |
|
|
4] (Accumulated Losses) |
(145.945) |
(187.309) |
(202.398) |
|
|
NETWORTH |
973.791 |
693.781 |
678.692 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.764 |
2.728 |
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|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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|
TOTAL BORROWING |
0.000 |
0.764 |
2.728 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
973.791 |
694.545 |
681.420 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
298.890 |
292.333 |
306.596 |
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Capital work-in-progress |
115.404 |
49.583 |
7.893 |
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|
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|
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INVESTMENT |
0.000 |
0.022 |
0.022 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.000 |
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|
Sundry Debtors |
86.694
|
67.995 |
94.839 |
|
|
Cash & Bank Balances |
441.456
|
248.235 |
276.556 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
85.449
|
82.083 |
44.735 |
|
Total
Current Assets |
613.599
|
398.313 |
416.130 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
47.119
|
31.635 |
44.901 |
|
|
Other Current Liabilities |
5.177
|
5.832 |
3.247 |
|
|
Provisions |
1.806
|
8.239 |
1.073 |
|
Total
Current Liabilities |
54.102
|
45.706 |
49.221 |
|
|
Net Current Assets |
559.497
|
352.607 |
366.909 |
|
|
|
|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
TOTAL |
973.791 |
694.545 |
681.420 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Services |
345.699 |
316.335 |
265.854 |
|
|
|
Other Income |
23.325 |
31.534 |
35.522 |
|
|
|
TOTAL (A) |
369.024 |
347.869 |
301.376 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Services Rendered |
178.702 |
179.701 |
162.811 |
|
|
|
Employee Cost n |
60.784 |
57.684 |
50.790 |
|
|
|
Administrative and Other Expenses |
51.618 |
59.448 |
50.693 |
|
|
|
TOTAL (B) |
291.104 |
296.833 |
264.294 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
77.920 |
51.036 |
37.082 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.458 |
0.595 |
0.994 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
77.462 |
50.441 |
36.088 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
36.099 |
34.063 |
34.697 |
|
|
|
|
|
|
|
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|
|
PROFIT BEFORE
TAX (E-F) (G) |
41.363 |
16.378 |
1.391 |
|
|
|
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|
|
|
|
|
Less |
TAX (H) |
0.000 |
1.290 |
1.204 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
41.363 |
15.088 |
0.187 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(187.309) |
(202.398) |
(202.585) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(145.945) |
(187.309) |
(202.398) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.495 |
0.183 |
0.002 |
|
Expected Sales (2010-2011): Rs.450.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.21
|
4.34 |
0.06 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.97
|
5.18 |
0.52 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.53
|
2.37 |
0.19 |
|
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.02 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.06
|
0.07 |
0.08 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
11.34
|
8.71 |
8.45 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office of the company has been shifted from Amalgam House, Bristow Road Willingdon Island, Cochin 3, Earnakulam-682003, Kerala India to the present address w.e.f. 12.07.2007.
MANAGEMENT AND OPERATIONS
Performance 2009-10 and Outlook 2010-11
The Company for the year ended 2009-10 made a post
tax profit of Rs.41 .36 million as against a profit of Rs.15.09 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 Consignment agemy divisions increased by 12% and 134% respectively
during the year. In case of transportation division, though the sales figures
have been less as compared to that of the previous year, the bottom line has
shown a great improvement due to focus on improving profitability rather than
increasing the top line. This improvement was possible due to reductions
achieved in fuel, lease rental and repair costs as well as better yields per Km
travelled.
During the year, the Company inaugurated its
new warehouse at Ahmedabad. The Expansion of the Chennai warehouse was also
completed and trial runs commenced. Construction of the new
OTHER HIGHLIGHTS
·
Update on IFC: During the
year, ‘International Finance Corporation’ (IFC), World Bank Group acquired a
19.99% stake in the Company.
·
ISO Certification: During
the year, all major warehouses of the Company received certification under ISO
22000 for food safety and hygene and ISO 14001 for environment and safety
compliances.
·
Upgrading of IT Systems:
During the year, Company implemented a new state of art ERP which in their
opinion would contribute to the overall improvement in operational efficiency
as well as equip the Company to meet the aggressive growth plans.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
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, 6th Cross, 4th Main, Omplor Layout,
Banaswadi, Bangalore-560 043, |
|
Type of charge |
Book Debts Others Current Assets |
|
Particular of
charge holder |
3i Infotech
Trusteeship Services Limited, S-310,3rd Floor,South Block, Manipal Centre,
47, Dickenson Road, Bangalore-560042, |
|
Nature of
description of the instrument creating or modifying the charge |
Deed Of Hypothecation
dated 17-12-08 |
|
Date of
instrument Creating the charge |
17.12.2008 |
|
Amount secured by
the charge |
Rs.18.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The applicable
rate as on date is 16.50% Terms of
Repayment Facility is valid
for 12 months (6th November,2009) Extent and
Operation of the charge First Charge on
all current assets of the company |
|
Short particulars
of the property charged |
First charge on
all current assets of the company. Details are mentioned in Deed of
Hypothecation |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer Equipment
·
Furniture and Fixtures
·
Office Equipments
·
Motor Vehicles
NEWS AND EVENTS
SNOWMAN NEW
WAREHOUSE IN BANGALORE (OLD MADRAS ROAD)
Snowman Logistics Limited has started its new cold store capacity of
2520 Pallets to cater Frozen and Chilled Cargo at Virgo Nagar (Old Madras Road)
Bangalore, in addition to its Existing Store capacity of 580 Pallets in
Nelamangala (Tumkur Road) Bangalore, Karnataka. The new Bangalore warehouse
provides solutions to cold storage needs of all types of frozen and chilled
foods.
The warehouse maintains the freshness of the products in the temperature
range of -25 to +25 deg C. A blast freezer housed has a refrigerant temperature
of up to – 40 deg C maximum with the capacity 3 Tons. Integrated with
ozone-friendly refrigerant, the warehouse is designed with minute care to
minimize the flow of refrigerated air to the ambience, the release added.
In addition to complete and unique facilities, Snowman plans to boost
its turnover in Karnataka considerably. The 2520 pallets of big and multi room,
multi-temperature facility, currently warehouses vegetarian and non-vegetarian
products accommodating various goods like dairy products, fruits, vegetables,
chocolates, frozen food, ready-to-cook food, confectionary, ice-cream,
food-pulp concentrates and other chilled products. The demand for such quality
space is growing by more than 25% in Karnataka with the growth in the dairy,
fruits and vegetables, ice-cream, confectionary and other processed food.
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] Records 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.44.91 |
|
|
1 |
Rs.73.06 |
|
Euro |
1 |
Rs.64.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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.