MIRA INFORM REPORT

Report Date :

20.08.2014

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 – 560049, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.03.1993
Com. Reg. No.:	08-048636
Capital Investment / Paid-up Capital :	Rs. 1241.059 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 :	Subject is providing integrated temperature controlled logistics services in India.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 8900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “SNOWMAN LOGISTICS LIMITED”. It is a well-established company having fine track. The company possesses a favourable financial profile marked by adequate networth base. Management has reported a significant increase in its sales volume as well as net profitability during FY 13. The rating also take into consideration, the financial support extended by the parent as well as a concrete expansion strategy which may further lead to better growth, Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. In view of strong and reputed promoters, the company can be considered for business dealings at usual trade terms and conditions.

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

NEWS

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	IND-RA
Rating	Long term bank facilities = A+ (SO)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	March 25, 2014

Rating Agency Name	IND-RA
Rating	Short term bank facilities = A1+ (SO)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	March 25, 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Sunil Parena
Designation :	Accounts Manager
Contact No.:	91-80-67806400
Date :	19.08.2014

LOCATIONS

Registered Office :	Sy. No. 36/1, Virgonagar, Old Madras Road, Bandapura Village, Bidarehalli Hobli, Bangalore – 560049, Karnataka, India
Tel. No.:	91-80-67806400
Fax No.:	Not Available
E-Mail :	shivanand@snowman.in sundar@snowman.in info@snowman.in
Website :	http://www.snowman.in
Corporate Office :	54, Old Madras Road, Virgonagar, Bangalore – 560049, Karnataka, India

DIRECTORS

AS ON 26.09.2013

Name :

Mr. Gopinath Pillai

Designation :

Director

Address :

67, Hua Guan Avenue, Singapore - 589163

Date of Birth/Age :

18.09.1937

Date of Appointment :

22.11.2006

DIN No. :

00268337

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74899MH1994PLC164024	GATEWAY DISTRIPARKS LTD.	Director	15/06/1995	15/06/1995	-	Active	NO
2	U74899HR1993PLC031920	PRASHA TECHNOLOGIES LIMITED	Director	28/05/1996	28/05/1996	17/09/2008	Active	NO
3	U72200TN2001PTC046986	SAVANT INDIA INSTITUTE OF TECHNOLOGY PRIVATE LIMITED	Director	18/04/2001	18/04/2001	08/04/2011	Active	NO
4	U51909AP1994PTC017523	GATEWAY EAST INDIA PRIVATE LIMITED	Director	16/09/2011	30/11/2004	-	Active	NO
5	U35111TN1994PTC087210	GATEWAY DISTRIPARKS (SOUTH) PRIVATE LIMITED	Director	30/11/2004	30/11/2004	-	Active	NO
6	U60231DL2005PLC138598	GATEWAY RAIL FREIGHT LIMITED	Director	02/05/2006	02/05/2006	-	Active	NO
7	U63090KL2006PLC019751	GATEWAY DISTRIPARKS (KERALA) LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO
8	U15122KA1993PLC048636	SNOWMAN LOGISTICS LIMITED	Director	22/11/2006	22/11/2006	-	Active	NO
9	U63011AP2005PTC046936	CHANDRA CFS AND TERMINAL OPERATORS PRIVATE LIMITED	Director	28/08/2013	04/02/2013	-	Active	NO

Name :

Mr. Prem Kishan Dass Gupta

Designation :

Director

Address :

94, Sainik Farm, Khanpur, New Delhi – 110062, India

Date of Birth/Age :

22.02.1958

Date of Appointment :

22.11.2006

DIN No. :

00011670

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1990PTC039124	PERFECT COMMUNICATIONS PRIVATE LIMITED	Director	06/02/1990	06/02/1990	-	Active	NO
2	L74899MH1994PLC164024	GATEWAY DISTRIPARKS LTD.	Managing director	20/07/2012	06/04/1994	-	Active	NO
3	U74899DL1994PTC061703	PRISM INTERNATIONAL PRIVATE LIMITED	Director	23/09/1994	23/09/1994	-	Active	NO
4	U45209DL1999PTC153163	STAR CINEPLEX PRIVATE LIMITED	Director	20/01/2000	20/01/2000	-	Active	NO
5	U65993MH2000PTC126495	NEXIA INTERNATIONAL PRIVATE LIMITED	Director	15/05/2000	15/05/2000	29/01/2013	Active	NO
6	U35111TN1994PTC087210	GATEWAY DISTRIPARKS (SOUTH) PRIVATE LIMITED	Director	30/11/2004	30/11/2004	-	Active	NO
7	U51909AP1994PTC017523	GATEWAY EAST INDIA PRIVATE LIMITED	Director	30/11/2004	30/11/2004	-	Active	NO
8	U60231DL2005PLC138598	GATEWAY RAIL FREIGHT LIMITED	Managing director	20/07/2012	02/05/2006	-	Active	NO
9	U15122KA1993PLC048636	SNOWMAN LOGISTICS LIMITED	Director	22/11/2006	22/11/2006	-	Active	NO
10	U80221DL2006PTC149987	MASSCO MEDIA PRIVATE LIMITED	Director	27/06/2011	01/03/2007	-	Active	NO
11	U63030HR2007PLC036995	Container Gateway Limited	Director	29/06/2007	29/06/2007	08/06/2011	Active	NO
12	U63090KL2006PLC019751	GATEWAY DISTRIPARKS (KERALA) LIMITED	Director	08/08/2008	27/03/2008	-	Active	NO
13	U21020MH2009PTC197190	PRIMA SOFT TISSUE PRIVATE LIMITED	Director	21/11/2009	21/11/2009	-	Active	NO
14	U45400DL2010PTC204945	PRESTIGE INFRACON PRIVATE LIMITED	Director	19/01/2011	19/01/2011	-	Active	NO
15	U63011AP2005PTC046936	CHANDRA CFS AND TERMINAL OPERATORS PRIVATE LIMITED	Director	28/08/2013	04/02/2013	-	Active	NO

Name :

Mr. Shabbir Hakimuddin Hassanbhai

Designation :

Director

Address :

36, Keppel Bay Drive, 05-78, Caribbean AT Keppel BAY, Singapore

Date of Birth/Age :

10.11.1946

Date of Appointment :

22.11.2006

DIN No. :

00268133

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74899MH1994PLC164024	GATEWAY DISTRIPARKS LTD.	Director	30/04/2009	15/06/1995	-	Active	NO
2	U51909AP1994PTC017523	GATEWAY EAST INDIA PRIVATE LIMITED	Director	09/09/2004	09/09/2004	-	Active	NO
3	U36999HR1996PLC033491	GURGAON TECHNOLOGY PARK LIMITED	Director	29/07/2005	29/07/2005	19/05/2009	Active	NO
4	U35111TN1994PTC087210	GATEWAY DISTRIPARKS (SOUTH) PRIVATE LIMITED	Director	12/08/2005	12/08/2005	-	Active	NO
5	U60231DL2005PLC138598	GATEWAY RAIL FREIGHT LIMITED	Director	21/07/2006	21/07/2006	-	Active	NO
6	U15122KA1993PLC048636	SNOWMAN LOGISTICS LIMITED	Director	22/11/2006	22/11/2006	-	Active	NO
7	U63011AP2005PTC046936	CHANDRA CFS AND TERMINAL OPERATORS PRIVATE LIMITED	Director	28/08/2013	04/02/2013	-	Active	NO

Name :

Saroosh Cowasjee Dinshaw

Designation :

Director

Address :

Adenwalla Baug, Tardeo Road, Nana Chowk, Opposite Shatri Hall, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

11.08.1970

Date of Appointment :

22/11/2006

DIN No. :

00034110

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74899MH1994PLC164024	GATEWAY DISTRIPARKS LTD.	Director	20/09/2007	12/08/2004	-	Active	NO
2	U64200MH1995PTC087657	OMEGA TELECOM HOLDINGS PRIVATE LIMITED	Director	28/12/2007	17/08/2006	10/08/2009	Active	NO
3	U15122KA1993PLC048636	SNOWMAN LOGISTICS LIMITED	Director	22/11/2006	22/11/2006	-	Active	NO
4	U67120MH1985PTC035987	SIR H C ADENWALLA TRADING PRIVATE LIMITED	Director	29/09/2008	18/12/2007	-	Strike off	NO
5	U65990MH1992PTC067775	COWASJEE DINSHAW AND SONS PRIVATE LIMITED	Director	29/09/2008	18/12/2007	-	Active	NO
6	U65190MH2008PTC183149	LILYWHITE CAPITAL ADVISORS PRIVATE LIMITED	Director	04/06/2008	04/06/2008	-	Strike off	NO
7	U60231DL2005PLC138598	GATEWAY RAIL FREIGHT LIMITED	Alternate director	22/04/2011	06/04/2009	13/06/2011	Active	NO
8	U74999MH1941PLC003466	UNITED SALT WORKS AND INDUSTRIES LIMITED	Director	29/09/2010	02/09/2010	-	Active	NO

Name :

Michael Philip Pinto

Designation :

Director

Address :

405, Shalaka, Maharshi Karve Road, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

27.05.1943

Date of Appointment :

26.09.2013

DIN No. :

00021565

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L21011WB1936PLC008726	STAR PAPER MILLS LTD.	Director	17/09/2010	15/04/2004	-	Active	NO
2	L74899MH1994PLC164024	GATEWAY DISTRIPARKS LTD.	Director	16/06/2004	16/06/2004	-	Active	NO
3	U65990MH1987PLC044571	INFRASTRUCTURE LEASING AND FINANCIAL SERVICES LIMITED	Director	07/07/2004	07/07/2004	-	Active	NO
4	U63090KL2006PLC019751	GATEWAY DISTRIPARKS (KERALA) LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO
5	U15200KA1998PLC023489	HEALTHCARE GLOBAL ENTERPRISES LIMITED	Director	27/09/2007	25/04/2007	17/11/2011	Active	NO
6	L45200MH1993PLC071970	ASHOKA BUILDCON LIMITED	Director	04/09/2007	31/05/2007	-	Active	NO
7	U63000TN2007PTC064278	RAFFLES PORTWORKS PRIVATE LIMITED	Director	30/10/2008	01/10/2007	22/12/2010	Active	NO
8	U61100MH1974PLC017161	TOLANI SHIPPING COMPANY LIMITED	Director	17/07/2009	14/11/2008	-	Active	NO
9	U61100MH2006PLC163149	SCI FORBES LIMITED	Director	14/09/2009	18/11/2008	-	Active	NO
10	L35110GJ1997PLC033193	PIPAVAV DEFENCE AND OFFSHORE ENGINEERING COMPANY LIMITED	Director	11/08/2009	18/07/2009	30/04/2010	Active	NO
11	U63020TN2000PLC061232	GOODEARTH MARITIME LIMITED	Director	29/09/2011	18/05/2011	05/12/2012	Active	NO
12	U74999MH1924NPL001128	BOMBAY CHAMBER OF COMMERCE AND INDUSTRY	Director	14/06/2011	14/06/2011	06/06/2013	Active	NO
13	U67110MH2000PTC129483	PRINCIPAL TRUSTEE COMPANY PRIVATE LIMITED	Director	21/09/2012	11/11/2011	-	Active	NO
14	U15122KA1993PLC048636	SNOWMAN LOGISTICS LIMITED	Director	26/09/2013	08/05/2013	-	Active	NO
15	L85110GJ1975PLC054824	ESSAR PORTS LIMITED	Director	26/09/2013	18/07/2013	-	Active	NO
16	L61200GJ2010PLC060285	ESSAR SHIPPING LIMITED.	Director	25/09/2013	07/08/2013	-	Active	NO

Name :

Kannan Ravindran Naidu

Designation :

Director

Address :

003, Spruce, G Block, Rahija Residency, Koramangala, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

10.05.1959

Date of Appointment :

16.09.2010

DIN No. :

02813755

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15122KA1993PLC048636	SNOWMAN LOGISTICS LIMITED	Director	16/09/2010	30/09/2009	-	Active	NO

Name :

Masakazu Sakakida

Designation :

Director

Address :

13, Panchsheel Marg, Chanakya Puri, New Delhi – 110021, India

Date of Birth/Age :

11.11.1958

Date of Appointment :

26.09.2013

DIN No. :

06505056

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29200TZ2007PTC014014	MC Craftsman Machinery Private Limited	Director	20/03/2013	20/03/2013	-	Active	NO
2	U45201DL1996PTC079069	MITSUBISHI CORPORATION INDIA PRIVATE LIMITED	Director	27/09/2013	20/03/2013	-	Active	NO
3	U15122KA1993PLC048636	SNOWMAN LOGISTICS LIMITED	Director	26/09/2013	20/03/2013	-	Active	NO
4	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Director	14/08/2013	01/04/2013	-	Active	NO

Name :

Alwarthirunagari Kuppuswamy Thiruvenkata Chari

Designation :

Director

Address :

181-A, Twins Towers, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

16.12.1939

Date of Appointment :

26.09.2013

DIN No. :

00746153

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45203KA2000PLC027382	INFRASTRUCTURE DEVELOPMENT CORPORATION (KARNATAKA) LIMITED	Director	30/06/2000	30/06/2000	-	Active	NO
2	U45201DL2000PLC105292	IDFC FINANCE LIMITED	Nominee director	17/08/2001	17/08/2001	21/07/2011	Active	NO
3	U65993UR2002SGC027065	UTTARAKHAND INFRASTRUCTURE DEVELOPMENT COMPANY LIMITED	Director	18/11/2002	18/11/2002	29/11/2010	Active	NO
4	U74210DL2007PTC160401	ATHENA ENERGY VENTURES PRIVATE LIMITED	Director	23/06/2008	09/06/2008	21/03/2013	Active	NO
5	U74899DL1990PTC040630	Feedback Infra Private Limited	Nominee director	24/07/2008	24/07/2008	-	Active	NO
6	U45203MH2007PLC176640	IDFC PROJECTS LIMITED	Director	06/07/2009	01/10/2008	21/07/2011	Active	NO
7	U60200MH2007PLC175335	Jetpur Somnath Highway Limited	Director	29/06/2009	21/04/2009	-	Strike off	NO
8	U40109TG2003PLC040899	DHEERU POWERGEN LIMITED	Nominee director	22/07/2010	05/02/2010	21/07/2011	Active	NO
9	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Director	05/08/2010	10/03/2010	24/04/2014	Active	NO
10	U45400MH2007PTC174567	TRIL Roads Private Limited	Director	11/07/2011	01/06/2011	23/05/2013	Active	NO
11	U74990MH2010PTC207854	MAHINDRA EPC SERVICES PRIVATE LIMITED	Director	06/08/2013	14/02/2013	-	Active	NO
12	U66020MH2011PLC218824	HDFC Pension Management Company Limited	Director	17/04/2014	06/03/2013	-	Active	NO
13	U15122KA1993PLC048636	SNOWMAN LOGISTICS LIMITED	Director	26/09/2013	01/08/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sundar Mangadu Agaram
Designation :	Secretary
Address :	194, Panduranga Nagar, Bannergatta Road, Bangalore – 560076, Karnataka, India
Date of Birth/Age :	30.07.1962
Date of Appointment :	16/10/2007
PAN No.:	AABPS2314Q

Name :	Mr. Sunil Parena
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2013

Shareholders details files are attached.

AS ON 26.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.01
Bodies corporate	48.33
Directors or relatives of Directors	1.10
Other top fifty shareholders	0.56
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is providing integrated temperature controlled logistics services in India.

Products :

Item Code No. (ITC Code)	Product Description
99672100	Refrigerated storage services

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

· Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. A. B. Road, Worli, Mumbai - 400018, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	NA	609.000
Rupee term loans from others	NA	300.000
Total	NA	909.000

NOTE :

Term loan from Bank [HDFC Bank] amounting to Rs.650.000 Millions are secured by paripassu charge on all assets namely fixed and current assets present and future of the company and corporate guarantee from Gateway Distriparks Limited, the Holding Company.

Term loan from International Finance corporation [IFC] amounting to Rs.300.000 Millions are secured by paripassu charge on all assets namely, fixed and current assets present and future of the company and corporate guarantee from Gateway Distriparks Limited, the Holding Company.

Banking Relations :	--
Financial Institution :	International Finance Corporation, 2121 Pennsylvania Avenue NW, Washington DC, Washington - 20433, United States of America
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Price Waterhouse, 252 Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai 400 028, Maharashtra, India
PAN No.:	AAEFP5579P
Holding Company :	Gateway Distriparks Limited [L74899MH1994PLC164024]
Fellow Subsidiary Company :	· Gateway Distriparks (Kerala) Limited [U63090KL2006PLC019751] · Gateway East India Private Limited [U51909AP1994PTC017523] · Gateway Rail Freight Limited [U60231DL2005PLC138598] · Gateway Distriparks (South) Private Limited

CAPITAL STRUCTURE

AFTER 26.09.2013

Authorised Capital : Rs. 2000.000Millions

Issued, Subscribed & Paid-up Capital : Rs. 1244.434 Millions

AS ON 26.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000,000	Equity Shares	Rs.10/- each	Rs. 2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
123,835,857	Equity Shares	Rs.10/- each	Rs. 1238.358 Millions

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000,000	Equity Shares	Rs.10/- each	Rs. 2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
124105857	Equity Shares	Rs.10/- each	Rs. 1241.059 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1,241.059	1,029.070	1,029.070
(b) Reserves & Surplus	971.979	262.682	72.729
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2,213.038	1,291.752	1,101.799
(3) Non-Current Liabilities
(a) long-term borrowings	904.000	909.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	43.634
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.420	3.716	2.407
Total Non-current Liabilities (3)	906.420	912.716	46.041
(4) Current Liabilities
(a) Short term borrowings	402.501	0.000	0.000
(b) Trade payables	45.350	53.305	30.661
(c) Other current liabilities	315.175	181.606	46.085
(d) Short-term provisions	1.900	0.844	1.434
Total Current Liabilities (4)	764.926	235.755	78.180
TOTAL	3,884.384	2,440.223	1,226.020
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2,487.388	1,566.650	738.061
(ii) Intangible Assets	12.642	7.494	5.542
(iii) Capital work-in-progress	424.343	319.578	101.863
(iv) Intangible assets under development	0.000	0.920	3.317
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	163.802	46.592	0.000
(d) Long-term Loan and Advances	168.247	111.610	95.871
(e) Other Non-current assets	1.403	1.227	2.107
Total Non-Current Assets	3,257.825	2,054.071	946.761
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.537
(c) Trade receivables	394.765	267.685	126.797
(d) Cash and cash equivalents	160.943	73.304	140.545
(e) Short-term loans and advances	66.843	44.044	10.119
(f) Other current assets	4.008	1.119	1.261
Total Current Assets	626.559	386.152	279.259
TOTAL	3,884.384	2,440.223	1,226.020

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from operations	1,534.068	1,136.951	613.956
	Other Income	18.261	4.077	28.014
	TOTAL (A)	1,552.329	1,141.028	641.970
Less	EXPENSES
	Purchases of Stock-in-Trade	0.000	8.231	3.873
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.537	-0.537
	Employees benefits expense	151.921	129.321	97.652
	Operating Expenses	902.400	0.000	0.000
	Other expenses	99.605	743.886	384.035
	TOTAL (B)	1,153.926	881.975	485.023
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	398.403	259.053	156.947
Less	FINANCIAL EXPENSES (D)	111.792	23.987	0.529
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	286.611	235.066	156.418
Less/ Add	DEPRECIATION/ AMORTISATION (F)	149.709	90.716	58.768
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	136.902	144.350	97.650
Less	TAX (H)	(87.890)	(45.603)	34.094
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	224.792	189.953	63.556
	IMPORTS
	Capital Goods		29.415	6.778
	TOTAL IMPORTS	0.000	29.415	6.778
	Earnings / (Loss) Per Share (Rs.)	1.90	1.85	0.62

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	14.48	16.65	9.90
Net Profit Margin (PBT/Sales)	(%)	8.92	12.70	15.91
Return on Total Assets (PBT/Total Assets}	(%)	4.15	6.96	8.71
Return on Investment (ROI) (PBT/Networth)		0.06	0.11	0.08
Debt Equity Ratio (Total Debt /Networth)		0.59	0.70	0.00
Current Ratio (Current Asset/Current Liability)		0.82	1.64	3.57

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1,029.070	1,029.070	1,241.059
Reserves & Surplus	72.729	262.682	971.979
Net worth	1,101.799	1,291.752	2,213.038
long-term borrowings	0.000	909.000	904.000
Short term borrowings	0.000	0.000	402.501
Total borrowings	0.000	909.000	1,306.501
Debt/Equity ratio	0.000	0.704	0.590

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	613.956	1,136.951	1,534.068
		85.184	34.928

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	613.956	1,136.951	1,534.068
Profit/(Loss) After Tax	63.556	189.953	224.792
	10.35%	16.71%	14.65%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	------
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10484439	25/02/2014	800,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, Dr.  A.B. Road, Worli, Mumbai, Maharashtra - 400018, IN  DIA	C00310169
2	10448596	16/11/2013 *	150,000,000.00	International Finance Corporation	2121 PENNSYLVANIA AVENUE NW, WASHINGTON DC, WASHI  NGTON, - 20433, UNITED STATES OF AMERICA	B90642984
3	10396703	07/03/2013 *	300,000,000.00	International Finance Corporation	2121 PENNSYLVANIA AVENUE NW, WASHINGTON DC, WASHI  NGTON, - 20433, UNITED STATES OF AMERICA	B71922967
4	10356945	07/03/2013 *	730,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	B71908859

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Factory building

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

WEBSITE DETAILS

PRESS RELEASE

IND-RA AFFIRMS SNOWMAN LOGISTICS’ BANK FACILITIES

Ind-Ra-New Delhi-25 March 2014: India Ratings and Research (Ind-Ra) has affirmed Snowman Logistics Limited’s (SLL) bank facilities. A full list of rating actions is at the end of the commentary.

KEY RATING DRIVERS

The ratings are based solely on the unconditional and irrevocable corporate guarantee provided by SLL’s parent Gateway Distriparks Limited (GDL, ‘IND A+'/Positive/'IND A1+').

SLL has been following an expansion strategy leading to a consistent increase in revenue to INR1,137m in FY13 (year end March) from INR346m in FY10. The company’s operating EBITDA margin has also increased consistently to 22.5% in FY13 from 15.9% in FY10. The annual capacity utilisation, which had remained around 100% for the past four years, dropped to below 80% during 9MFY14, due to capacity additions during this period.

The company’s cash flow from operation (CFO) has consistently remained positive on high profitability and a low working capital cycle due to its strong reputation and a well-diversified MNC client base. However, free cash flow (FCF) has been negative due to the capex that the company has been undertaking. This trend is expected to continue as the company’s strategy involves similarly planned capex each year. Currently SLL has a pallet capacity of around 55,000 and is looking to expand this to over 100,000 pallets by FYE16.

Despite the cash balances decreasing due to expansion plans, SLL’s fund-based working capital limits have generally remained unused. As at FYE12, SLL had zero debt, however, it has since raised debt to fund its capex and total debt as at end-9MFY14 was INR1,331m and net leverage at FYE13 was 3.46x. According to Ind-Ra the company’s net leverage will deteriorate further in FY14 due to debt taken to fund the ongoing capex.

The company is planning an initial public offering in FY14-FY15 from which it expects to raise around INR1,600m-INR2,000m. The draft red herring prospectus (DRHP) has been filed and the company has received approval from the Securities and Exchange Board of India in February 2014. The proceeds from the IPO would be primarily used to fund capex and repay the bridge loan incurred in FY14. The company is to make a bullet repayment of INR800m on or before December 2014. If the IPO does not take place, the company would likely seek fresh private equity or a term loan to meet its obligations.

RATING SENSITIVITIES

Any change in GDL’s ratings will impact the ratings of SLL’s guaranteed bank facilities. Revocation of the guarantee given by GDL could be negative for SLL’s ratings.

COMPANY PROFILE

Incorporated in 1993, SLL is a leading player in the cold chain storage industry offering a range of complete facilities for storage and distribution of frozen and chilled products. SLL has international certifications and its investors include GDL, Mitsubishi Corporation, Mitsubishi Logistics Corporation, International Finance Corporation (World Bank Group) and Norwest Venture Partners. SLL has 22 refrigerated warehouses and a fleet of over 350 trucks across India. Revenue for 9MFY14 was around INR1,100m with an operating EBITDA margin of nearly 27%.

CRISIL ASSIGNS IPO GRADE 4/5 TO SNOWMAN LOGISTICS LIMITED

13 Mar 2014

MUMBAI (Commodity Online): CRISIL has assigned a CRISIL IPO Grade "4/5" (pronounced "four on five") to the proposed initial public offer (IPO) of Snowman Logistics Ltd (Snowman). This grade indicates that the fundamentals of the IPO are ‘above average’ relative to the other listed equity securities in India. However, this grade is not an opinion on whether the issue price is appropriate in relation to the issue fundamentals. A CRISIL IPO Grading is not a recommendation to buy / sell or hold the securities to which it relates (or any other securities); it does not comment on the issue price, future market price or suitability for a particular investor.

The assigned grade reflects Snowman’s strong position as a leading domestic integrated cold chain company and good long-term prospects for the cold chain industry. CRISIL Research expects the cold chain industry to grow at a healthy pace over the next few years (15-17% CAGR over FY13-16) driven by growing demand from end-product industries, uneven regional distribution of cold storages in India and favourable government policies.

The grade is supported by Snowman’s strong end-product portfolio, loyal clientele, professional management, seasoned shareholders and modern cold chain infrastructure. The company has increased its pallet (a structural foundation of a unit load for efficient handling and storage of products) capacity by five times in less than two years without any adverse impact on its margins. It further plans to expand its capacity to 1,00,000 pallets by FY16.

The grade is constrained by risks related to Snowman’s aggressive capacity expansion plans. The company might not be able to generate sufficient business to run at a healthy utilsation with the increased capacity which can put pressure on its profitability and growth.

Snowman’s operating income grew from ₹346 mn in FY10 to ₹1,137mn in FY13 driven by capacity expansion, broadening of the end-product portfolio and increase in the client base. EBITDA margin improved from 16% in FY10 to 22.5% in FY13 due to increase in utilisation and improvement in per pallet realisation. Consequently, EBITDA expanded from ₹56 mn in FY10 to ₹256 mn in FY13.

Adjusted PAT grew from ₹38.2 mn in FY10 to ₹219.4 mn in FY13 on the back of strong growth in EBITDA and tax credit on account of Section 35AD of Income Tax Act 1961. Consequently, PAT margin improved from 11% in FY10 to 19.3% in FY13. The company has a net debt of ₹885 mn as of FY13.

GATEWAY DISTRIPARKS TO LIST ITS COLD CHAIN UNIT BY MONTH END

Snowman Logistics to issue 42 million equity share via IPO that will open on 26 August and close on 28 August

Mumbai: Port-based logistics company Gateway Distriparks Limited on Saturday said that it is planning to take its cold chain unit to capital market with an initial public offer (IPO) end of this month.

In filing to BSE, Gateway Distriparks said its subsidiary Snowman Logistics Limited has filed its red herring prospectus (RHP) with the Registrar of Companies, Bengalore for a IPO of its equity shares.

In August 2013, Snowman Logistics had postponed its IPO plans citing poor market conditions.

The proposed IPO will give an exit route to the investors including Norwest Venture Partners (Mauritius), International Finance Corp., Mitsubishi Corp, Mitsubishi Logistics Corp and Nicheri Logistics Group Inc.

Snowman Logistics is an integrated temperature controlled logistics services provider with 23 temperature controlled warehouses across 14 locations in India including Serampore (near Kolkata), Taloja (near Mumbai), Palwal (near Delhi), Mevalurkuppam (near Chennai) and Bangalore capable of warehousing 58,543 pallets and 3,000 ambient pallets as of 31 March 2014, according to company’s website.

Snowman operates 370 reefer vehicles for primary and secondary transportation as of 31 March 2014, the website said.

In its filing to BSE, Gateway Distriparks said Snowman Logistics will issue 42 million equity share via IPO. The issue will open on 26 August and will close on 28 August. After the IPO, Gateway Distriparks’ equity stake in Snowman Logistics will come down to 40.17% from current 54.04%. The public holding post IPO will be at 25.23%, the company said.

It did not disclose other details.

Companies that have avoided tapping investors for three years are now starting to revive share-sale plans, seeking to benefit from buoyant equity markets and take advantage of an expected economic upturn. Only one company has raised money through an IPO so far this year. That was in April, when Wonderla Holidays Ltd, which runs water theme parks and amusement parks in southern India, sold Rs181 crore of shares. In March, steel processor Loha Ispat Ltd withdrew its IPO after it was underscribed.

While announcing earnings on 5 August, Gopinath Pillai, chairman at Gateway Distriparks had said that the listing of Snowman Logistics will unlock inherent value and the potential of the cold chain operations.

The cold chain unit or Snowman Logistics posted a net profit declined to Rs1.28 crore for the quarter ended 30 June 2014 against Rs3.65 crore for the corresponding quarter a year ago due to interest cost and expansion expenses.

In its February note, rating firm India Ratings and Research Pvt Ltd had assigned a stable outlook to the logistics sector for the financial year 2014-15 based on the strong likelihood of the sector continuing to display overall moderate growth rate despite a continued economic slowdown.

The firm said the value-added offerings of large logistics companies help support margins, thereby cushioning their credit profiles.

It said there is a strong business potential in new segments such as agricultural and cold storage logistics, logistics related to e-tailing.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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.60.73
UK Pound	1	Rs.101.48
Euro	1	Rs.81.04

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		62

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.