MIRA INFORM REPORT
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Report No. : |
354921 |
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Report Date : |
17.12.2015 |
IDENTIFICATION DETAILS
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Name : |
SNOWMAN LOGISTICS LIMITED (w.e.f. 17.03.2011) |
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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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Tel. No.: |
91-80-39939500 / 67693700 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
17.03.1993 |
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Com. Reg. No.: |
08-048636 |
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Capital
Investment / Paid-up Capital : |
Rs.1666.765 Million |
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CIN No.: [Company Identification
No.] |
L15122KA1993PLC048636 |
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IEC Code : |
Not Applicable (As claimed by company management that company does not export and import) |
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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 Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in cold chain business in India, which offers a range of complete and unique facilities for transportation, storage, handling and retail distribution of frozen and chilled products. (Registered Activity) |
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No. of Employees
: |
408 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (61) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 11940000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Gateway Distriparks Limited”. It is a well-established
company having fine track. The company possesses a favourable financial profile marked by
adequate networth base along with comfortable debt level in FY14.Management
has reported a significant increase in its sales volume and has reported
decent profit margin in the year 2015. 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
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 |
EXTERNAL AGENCY RATING
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Rating Agency Name |
IND-RA |
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Rating |
Long term bank facilities = A+ (SO) |
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Rating Explanation |
Adequate degree of safety and low credit risk. |
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Date |
March 25, 2014 |
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Rating Agency Name |
IND-RA |
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Rating |
Short term bank facilities = A1+ (SO) |
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Rating Explanation |
Very strong degree of safety and lowest credit risk. |
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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
31-03-2015.
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.: |
91-80-67806400 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
54, Old Madras Road, Virgonagar, Bangalore
– 560049, Karnataka, India |
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Plant Location : |
Bangalore, Virgonagar I Snowman Logistics Limited, Sy. No 36/1, Virgonagar, Old Madras Road, Bandapura Village, Bidarehalli Hobli, Bangalore-560049, Karnataka, India Bangalore,
Virgonagar II Snowman Logistics Limited, Sy. No 36/1, Virgonagar, Old Madras Road, Bandapura Village, Bidarehalli Hobli, Bangalore-560049, Karnataka, India Bangalore,
Nelamangala Snowman Logistics Limited Survey No.10 2B and 102C, Bommanahalli, Boodihal Panchayat, Nelamangala Taluk, Bangalore - 562123, Karnataka, India Ahmedabad Snowman Logistics Limited, Plot No 329, Near Multi-Pack Plast Private Limited, Sarkhej Bawla Road, Changodar, Ahmedabad - 382213, Gujarat, India Palwal, Delhi Snowman Logistics Limited, Sy.No. 23, Khewat No.71, Dudhola Palwal, Faridabad-121102, Haryana, India Phillaur Snowman Logistics Limited, Khewat No. 311, Gana Pind, Phillaur, Jalandar – 144 410, Punjab, India Chandigarh Snowman Logistics Limited, Sy No. Khara No.86/126, Khasara 53/113, Mubarakhpur Village, Derabassi Taluk, Mohali -140 507 Punjab, India Chennai – I Snowman Logistics Limited, 54, Mevalurkuppam, Thandalam, Valarpuram P.O, Sriperumpudur Taluk, District Kanchipuram– 602105, Tamilnadu, India Chennai – II Snowman Logistics Limited, 54, Mevalurkuppam, Thandalam, Valarpuram P.O, Sriperumpudur Taluk, District Kanchipuram– 602105, Tamilnadu, India Chennai – III Snowman Logistics Limited, 262/10A, 10B, 10C, , Mevalurkuppam Village, Sriperumbudur Taluk, District Kancheepuram– 602105, Tamilnadu, India Chennai – IV Snowman Logistics Limited, 199/9 and 200/2, Mevalurkuppam Village, Sriperumbudur Taluk, District Kancheepuram– 602105, Tamilnadu, India Cochin Snowman Logistics Limited, Eramalloor PO, Ezhupunna, Cherthala Taluk, District Alapuzhu - 688537, Kerala, India Hyderabad – I Snowman Logistics Limited, Plot No.199, Sy.No.238, Pashamylaram IDA Isnapur, District Medak– 502307, Telangana, India Hyderabad – II Snowman Logistics Limited, Sy No: - 605, 631, Devaraymal, Near VRL Logistics, Shameerpet Taluk, District Ranga Reddy - 502319, Telangana, India Kolkata –I Snowman Logistics Limited, C/o. Modular Food Park Limited Dag No.261 & 262, Near Dankuni Dakshin Rajyadharpur, Serampure, NH2 By-pass, District Hoogly – 712 203, Kolkata, India Kolkata – II Snowman Logistics Limited Mouza Tentul Kuli , JL No- 53, Opposite Kolkata West City, Near Salap More, NH- 5, Domjur, District Howrah – 711114, Kolkata, West Bengal, India Pune – I Snowman Logistics Limited, Sy. No.517, Opposite Minilec Urawade Road, Amboli, Kasar Amboli, Mulshi, Pune-411004, Maharashtra, India Pune – II Snowman Logistics Limited, Gat No.1171/2, Post Ghotawade, Mulshi, Pune – 411 042, Maharashtra, India Mumbai – I, II, III Snowman Logistics Limited, M-8, Taloja Industrial Area, MIDC, Navi, Panvel Mumbai – 410206, Maharashtra, India Mumbai – IV Snowman Logistics Limited, M-55, Taloja Industrial Area, MIDC, Navi, Panvel Mumbai – 410206, Maharashtra, India Mumbai – V Snowman Logistics Limited, M-32, Taloja Industrial Area, MIDC, Navi, Panvel Mumbai – 410206, Maharashtra, India Nagpur Snowman Logistics Limited, Plot No. D-78 MIDC Industrial Area, Hingana Road, Sonegaon Village, Nagpur - 440016, Maharashtra, India Visakhapatnam – I Snowman Logistics Limited, Plot No.32, IDA, Block ‘E’, Auto Nagar, Visakhapatnam – 530012, Andhra Pradesh, India Visakhapatnam – II Snowman Logistics Limited, Plot No.248, Block D, IDA, Autonagar, Gajuwaka, Visakhapatnam – 530012, Andhra Pradesh, India Surat Snowman Logistics Limited, Plot No. A/33, GIDC Ichhapore, Surat-Hazira Road, Surat– 394510, Gujarat, India Bhubaneswar Snowman Logistics Limited, Khata No.574, Tahasil No.387,
Tahasil- Sadar, PS No.187, P.O. Sundargram, Bhubaneswar, Cuttack– 754002,
Odisha, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Alwarthirunagari Kuppuswamy Thiruvenkata Chari |
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Designation : |
Director |
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Address : |
181-A, Twin Towers, Prabhadevi, Mumbai - 400025, Maharashtra, India |
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Date of Birth/Age : |
16.12.1939 |
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Date of Appointment : |
01.08.2013 |
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DIN No.: |
00746153 |
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Name : |
Mr. Michael Philip Pinto |
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Designation : |
Director |
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Address : |
405, Shalaka, Maharshi Karve Road, Mumbai - 400021, Maharashtra, India |
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Date of Birth/Age : |
27.05.1943 |
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Date of Appointment : |
08.05.2013 |
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DIN No.: |
00021565 |
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Name : |
Mr. Prem Kishan Dass Gupta |
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Designation : |
Director |
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Address : |
94 Sainik Farm, Khanpur, New Delhi - 110062, India |
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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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DIN No.: |
00011670 |
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Name : |
Mr. Saroosh Cowasjee Dinshaw |
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Designation : |
Director |
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Address : |
Adenwalla Baug, Tardeo Road, Nana Chowk, Opposite Shsatri Hall, Mumbai - 400007, Maharashtra, India |
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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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DIN No.: |
00034110 |
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Name : |
Mr. Shabbir Hakimuddin Hassanbhai |
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Designation : |
Director |
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Address : |
36, Keppel Bay Drive, 05-78, Caribbean At Keppel Bay, Singapore, 098653, Singapore |
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Date of Appointment : |
22.11.2006 |
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DIN No.: |
00268133 |
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Name : |
Mr. Kannan Ravindran Naidu |
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Designation : |
Whole-Time Director |
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Address : |
No. 604, G Block, Spruce Raheja Residency, Koramangala 1st Block, Bangalore - 560034, Karnataka, India |
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Date of Birth/Age : |
10.05.1959 |
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Date of Appointment : |
30.09.2009 |
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DIN No.: |
02813755 |
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Name : |
Mamta Gupta |
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Designation : |
Additional Director |
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Address : |
94, Sainik Farm, Khanpur, New Delhi - 110062, India |
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Date of Appointment : |
05.11.2015 |
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DIN No.: |
00160916 |
KEY EXECUTIVES
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Name : |
Mr. Sundar Mangadu Agaram |
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Designation : |
Secretary and Chief Financial Officer |
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Address : |
194, Panduranga Nagar, Bannergatta Road, Bangalore – 560076,
Karnataka, India |
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Date of Birth/Age : |
30.07.1962 |
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Date of Appointment : |
16/10/2007 |
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PAN No.: |
AABPS2314Q |
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Audit Committee : |
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Nomination and
Remuneration Committee : |
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Stakeholders
Relationship Committee : |
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Corporate Social
Responsibility Committee : |
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MAJOR SHAREHOLDERS
AS ON 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
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(A) Shareholding of
Promoter and Promoter Group |
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|
67254119 |
40.25 |
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|
67254119 |
40.25 |
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Total shareholding
of Promoter and Promoter Group (A) |
67254119 |
40.25 |
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(B) Public
Shareholding |
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|
8366065 |
5.01 |
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|
58838 |
0.04 |
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|
7334347 |
4.39 |
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|
15759250 |
9.43 |
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8028164 |
4.80 |
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Individual shareholders holding nominal share capital up to Rs.0.100 Million |
12638047 |
7.56 |
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Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
4221085 |
2.53 |
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|
59187330 |
35.42 |
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|
957951 |
0.57 |
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|
1359857 |
0.81 |
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|
36202357 |
21.67 |
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|
17593381 |
10.53 |
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|
528722 |
0.32 |
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|
895062 |
0.54 |
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|
1650000 |
0.99 |
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|
84074626 |
50.32 |
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Total Public
shareholding (B) |
99833876 |
59.75 |
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Total (A)+(B) |
167087995 |
100.00 |
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
167087995 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in cold chain business in India, which offers a range of complete and unique facilities for transportation, storage, handling and retail distribution of frozen and chilled products. (Registered Activity) |
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Products / Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
408 (Approximately) |
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Bankers : |
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Facilities : |
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Financial Institution : |
International Finance Corporation, 2121 Pennsylvania Avenue NW,
Washington DC, Washington - 20433, United States of America |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
Price
Waterhouse, 252 Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai 400
028, Maharashtra, India |
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PAN No.: |
AAEFP5579P |
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Internal Auditors : |
Varma and Varma Chartered Accountants |
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Holding Company : |
Gateway Distriparks Limited (till September 9, 2014 and associate company thereafter) |
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Associates : |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 2000.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
166676495 |
Equity Shares |
Rs.10/- each |
Rs.1666.765 Million |
Reconciliation of
number of shares
|
Equity Shares: |
As on 31.03.2015 |
|
|
Number of shares |
Rs. In Million |
|
|
Balance at the beginning of the year |
124105857 |
1241.059 |
|
Add: Number of shares issued during the year |
42570638 |
425.706 |
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Balance at the end
of the year |
166676495 |
1666.765 |
Details of Shares
allotted during the year on exercise of Employee Stock Options:
|
Scheme / Date of
allotment : |
As on 31.03.2015 |
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Number of shares |
Rs. In Million |
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|
ESOP |
Preferential Allotment |
Share Capital |
Securities Premium |
|
May 8, 2014 |
301000 |
-- |
3.010 |
0.180 |
|
August 5, 2014 |
36500 |
-- |
0.365 |
0.118 |
|
January 28, 2015 |
63600 |
-- |
0.636 |
0.057 |
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February 23, 2015 |
163500 |
-- |
1.635 |
0.101 |
|
Total (2014-15) |
564600 |
-- |
5.646 |
0.456 |
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Scheme / Date of
allotment : |
As on 31.03.2015 |
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Number of shares |
Rs. In Million |
|||
|
|
ESOP |
Preferential Allotment |
Share Capital |
Securities Premium |
|
July 05, 2013 |
678000 |
19842857 |
205.208 |
496.478 |
|
August 01, 2013 |
108000 |
300000 |
4.080 |
7.565 |
|
February 11, 2014 |
270000 |
-- |
2.700 |
0.162 |
|
Total (2013-14) |
1056000 |
20142857 |
211.988 |
504.205 |
The Company completed its Initial Public Offering (IPO) pursuant to which 42006038 equity shares of the company of Rs.10 each were allotted at a price of Rs.47 per equity share. The equity shares of the Company were listed on The National Stock Exchange of India Limited and Bombay Stock Exchange of India Limited on September 12, 2014.
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Scheme / Date of
allotment : |
As on 31.03.2015 |
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Number of shares |
Rs. In Million |
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|
|
ESOP |
Preferential Allotment |
Share Capital |
Securities Premium |
|
September 9, 2014 |
42006038 |
--- |
420.060 |
1554.223 |
|
Total |
42006038 |
--- |
420.060 |
1554.223 |
Rights, preferences
and restrictions attached to shares:
Equity shares: The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts in proportion to their shareholding.
Details of shares
held by shareholders holding more than 5% of the aggregate shares in the
company
|
Equity Shares: |
As on 31.03.2015 |
|
|
Number of shares |
Percentage |
|
|
Gateway Distriparks Limited* |
67254119 |
40.35% |
|
Norwest Venture Partners VII-A- Mauritius |
17142857 |
10.29% |
|
Mitsubishi Corporation |
15641000 |
9.38% |
|
International Finance Corporation |
15427500 |
9.26% |
* 101 Shares (2014: 101) are held by Gateway Distriparks Limited, jointly with Prem Kishan Gupta.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1666.765 |
1241.059 |
1029.070 |
|
(b) Reserves &
Surplus |
2514.454 |
971.979 |
262.682 |
|
(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) |
4181.219 |
2213.038 |
1291.752 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
711.501 |
904.000 |
909.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
35.874 |
24.170 |
0.000 |
|
(d) long-term provisions |
3.290 |
2.420 |
3.716 |
|
Total Non-current
Liabilities (3) |
750.665 |
930.590 |
912.716 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
402.501 |
0.000 |
|
(b) Trade payables |
32.561 |
31.893 |
53.305 |
|
(c) Other current
liabilities |
422.746 |
304.462 |
181.606 |
|
(d) Short-term provisions |
101.257 |
1.900 |
0.844 |
|
Total Current Liabilities
(4) |
556.564 |
740.756 |
235.755 |
|
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|
|
|
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TOTAL |
5488.448 |
3884.384 |
2440.223 |
|
|
|
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|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3358.842 |
2487.388 |
1566.650 |
|
(ii) Intangible Assets |
6.810 |
12.642 |
7.494 |
|
(iii) Capital
work-in-progress |
229.687 |
424.343 |
319.578 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.920 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
308.861 |
163.802 |
46.592 |
|
(d) Long-term Loan and Advances |
183.710 |
168.247 |
111.610 |
|
(e) Other Non-current
assets |
1.396 |
1.403 |
1.227 |
|
Total Non-Current Assets |
4089.306 |
3257.825 |
2054.071 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
481.754 |
394.765 |
267.685 |
|
(d) Cash and cash
equivalents |
837.270 |
160.943 |
73.304 |
|
(e) Short-term loans and
advances |
77.961 |
66.843 |
44.044 |
|
(f) Other current assets |
2.157 |
4.008 |
1.119 |
|
Total Current Assets |
1399.142 |
626.559 |
386.152 |
|
|
|
|
|
|
TOTAL |
5488.448 |
3884.384 |
2440.223 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
2029.325 |
1534.068 |
1136.951 |
|
|
Other Income |
46.540 |
18.261 |
4.077 |
|
|
TOTAL |
2075.865 |
1552.329 |
1141.028 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Operating expenses |
1174.504 |
832.706 |
0.000 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
8.231 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.000 |
0.000 |
0.537 |
|
|
Employees benefits
expense |
170.377 |
151.921 |
129.321 |
|
|
Other expenses |
214.244 |
169.299 |
743.886 |
|
|
TOTAL |
1559.125 |
1153.926 |
881.975 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
516.740 |
398.403 |
259.053 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
124.263 |
111.792 |
23.987 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
392.477 |
286.611 |
235.066 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
245.145 |
149.709 |
90.716 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
147.332 |
136.902 |
144.350 |
|
|
|
|
|
|
|
Less |
TAX |
(100.154) |
(87.890) |
(45.603) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
247.486 |
224.792 |
189.953 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
18.922 |
43.268 |
29.415 |
|
|
TOTAL IMPORTS |
18.922 |
43.268 |
29.415 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
1.67 |
1.90 |
1.85 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
192.500 |
155.000 |
41.000 |
|
Cash generated from operations |
537.939 |
185.860 |
NA |
|
Net cash flows from (used in) operations |
523.716 |
146.645 |
136.988 |
QUARTERLY
RESULT
|
Particulars (Unaudited) |
30.06.2015 |
30.09.2015 |
|
1st
Quarter |
2nd
Quarter |
|
|
Net Sales |
592.040 |
576.560 |
|
Total Expenditure |
467.850 |
466.110 |
|
PBIDT (Excl OI) |
124.190 |
110.450 |
|
Other Income |
12.910 |
6.360 |
|
Operating Profit |
137.100 |
116.810 |
|
Interest |
24.490 |
22.390 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
112.610 |
94.420 |
|
Depreciation |
66.680 |
72.230 |
|
Profit Before Tax |
45.930 |
22.190 |
|
Tax |
(9.400) |
(7.200) |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
55.330 |
29.390 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
55.330 |
29.390 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
12.20 |
14.65 |
16.71 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
25.46 |
25.97 |
22.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.98 |
4.15 |
6.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.06 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.22 |
0.66 |
0.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.51 |
0.85 |
1.64 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.88/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
1029.070 |
1241.059 |
1666.765 |
|
Reserves & Surplus |
262.682 |
971.979 |
2514.454 |
|
Net worth |
1291.752 |
2213.038 |
4181.219 |
|
|
|
|
|
|
long-term borrowings |
909.000 |
904.000 |
711.501 |
|
Short term borrowings |
0.000 |
402.501 |
0.000 |
|
Current Maturities of
Long Term Debt |
41.000 |
155.000 |
192.500 |
|
Total borrowings |
950.000 |
1461.501 |
904.001 |
|
Debt/Equity ratio |
0.735 |
0.660 |
0.216 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1136.951 |
1534.068 |
2029.325 |
|
|
|
34.928 |
32.284 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1136.951 |
1534.068 |
2029.325 |
|
Profit |
189.953 |
224.792 |
247.486 |
|
|
16.71% |
14.65% |
12.20% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---------------------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10448596 |
16/11/2013 * |
150,000,000.00 |
INTERNATIONAL FINANCE CORPORATION |
2121 PENNSYLVANIA AVENUE NW, WASHINGTON DC, WASHINGTON, - 20433, UNITED STATES OF AMERICA |
B90642984 |
|
2 |
10396703 |
07/03/2013 * |
300,000,000.00 |
INTERNATIONAL FINANCE CORPORATION |
2121 PENNSYLVANIA AVENUE NW, WASHINGTON DC, WASHINGTON, - 20433, UNITED STATES OF AMERICA |
B71922967 |
|
3 |
10356945 |
30/09/2015 * |
1,630,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
C68984343 |
* Date of charge modification
GENERAL INFORMATION
Subject is engaged in cold chain business in India. Snowman offers a range of complete and unique facilities for transportation, storage, handling and retail distribution of frozen and chilled products.
The Company had changed its name from Snowman Frozen Foods Limited to Snowman Logistics Limited and obtained a fresh certificate of incorporation dated March 17, 2011. The equity shares of the Company were listed on The National Stock Exchange of India Limited and Bombay Stock Exchange of India Limited on September 12, 2014.
OPERATIONS
During the year the Company recorded a sales of Rs. 2029.300 Million as compared to Rs. 1534.100 Million, a growth of 32%, EBITDA. Rs. 470.200 Million as against Rs. 380.100 Million which is a growth of 24%. PBT of Rs. 147.300 Million as against Rs. 136.900 Million, growing at 8% and PAT Rs. 247.500 Million as against Rs. 224.800 Million which is a growth of 10%.
During the year, warehousing capacities were added at
Mumbai, Chennai, Bhubaneswar, Pune, Surat and Visakhapatnam, taking the total
installed capacity from 61,700 pallets at the start of the year to 85,500
pallets which is a growth of 39%. A majority of our temperature controlled
warehouses are ISO 14001 (TUV-SUD), ISO 22000 (TUV-SUD) and Foods and Safety
Standards Authority of India certified. In the transportation division the
fleet size increased from 370 to 501 trucks during the year representing a
growth of 35%.
OUTLOOK
The outlook for the Company continues to be promising. All key segments, the Company is involved with such as ice-cream, dairy products, sea food, meat & poultry, processed foods, quick service restaurants continue to chalk up impressive growth rates. While food and related services will continue to be the main stay of the Company’s business, opportunities await to be exploited in areas like F and V processing, pharma and e-commerce.
Snowman is on track to achieve its expansion objectives.
There is a tremendous demand for cold chain in India and only a very small part
of this market is currently being catered by the organised players. With
increase awareness of food safety and hygiene, customers have been moving to
organised players. Hence Snowman’s immediate focus will be to bridge this gap
by ramping up capacities across the country. This would apply to the
transportation division also.
WAREHOUSING BUSINESS
Overview
Snowman’s integrated ‘source to stores’ operation comprises warehousing, primary distribution, secondary distribution and value-added services (kitting, labelling, sorting and bulk breaking).
As of March 2015, the Company’s operations comprised 28 temperature-controlled warehouses across 15 locations including Kolkata, Mumbai, Delhi, Chennai and Bengaluru, capable of warehousing 85,500 pallets.
Snowman’s warehousing solutions offer services across a spectrum of temperature - from ambient to chilled and frozen (i.e. -25ºC to +20ºC). The Company provides blast freezing facilities at temperaturecontrolled warehouses in Bengaluru, Chennai, Visakhapatnam, Kolkata, Mumbai, Ahmedabad, Delhi, Chandigarh and Surat.
A majority of the Company’s temperaturecontrolled warehouses were certified for ISO 14001 (TUV-SUD), ISO 22000 (TUV-SUD) and FSSA. Four temperature-controlled warehouses comprised EIA and MPEDA (Marine Products Export Development Authority) certifications; four temperature controlled warehouses were certified under the Drugs and Cosmetics Act, 1940.
The Company’s
Temperaturecontrolled Warehouses Comprises The Following:
Facilities
- Refrigeration systems;
- Reach truck to handle operations in palletised conditions;
- G+4 heavy-duty racking system;
- Air-curtain equipped poly-urethane insulated doors;
- Multiple generators;
- Leaf-styled dock door
opening; and
- Real time basis inventory
management by customised ERP solutions
The Company stored products in pallets capable of enduring weights up to 1 tonne. The G+4 (i.e. ground + 4 levels) racking and pallet system increased storage capacity and facilitated stacking up to 22 feet. The storing and unloading was done using stateof-the-art reach trucks.
Highlights, 2014-15
Increased pallet capability to 85,500 from 61,700 in 2013-14
DISTRIBUTION BUSINESS
Overview
Snowman’s distribution services comprise primary and secondary transportation. The primary transportation (long haul) facilitates inter-city transport of products; primary transport service includes door-to-door service, customised milk runs and part cargo consolidation. The Company also provides secondary transportation (last mile distribution, supplying, amongst others retail outlets, restaurants and the hotels).
The product segments that Snowman caters to include dairy products (butter and cheese), ice-cream, poultry & meat, seafood, ready-to-eat /ready-to-cook food products, confectioneries (chocolate and baked products), fruit& vegetables, healthcare and pharmaceutical products as well as industrial products (x-rays, and photo-imaging films).
Highlights, 2014-15
Added 131 vehicles during the year.
Outlook
Going ahead, the Company will proceed towards an express distribution and dedicated transportation systems for customers.
VALUE-ADDED SERVICES
Overview
In addition to the regular warehousing and distribution services, we provide value added services to customers.
We provide value-added services (kitting, labeling, sorting, stuffing and de-stuffing of containers, repacking and bulk breaking). Besides, we sort, grade, pack and wash select fruits and vegetables.
The blast freezers at some of our major temperature-controlled warehouses make it possible to freeze products to –40 ºC.
Outlook
With a growing awareness of food safety and hygiene, we see a bright future for quality players, going ahead.
INDUSTRY REVIEW
Indian Economy at a
Glance
After a couple of dull years, the Indian economy picked pace in 2014-15 on the back of positive policies undertaken by the newly-instated Central Government and sharp decline in global oil prices. The economy grew at around 7.3%* and crossed the USD 2.1-trillion mark against a 6.9% growth in 2013-14. There was renewed optimism across all industries as India is expected to overtake the Chinese economy, which grew at 7% in 2014-15 (Source: Forbes).
This reversal in fortunes materialised on the back of a robust manufacturing sector and surge in public expenditure. Capital formation, an indicator of investment growth in the economy, dropped to 29.8% (during AprilDecember 2014) from 30.7% during (April-December 2013).The manufacturing sector grew at 10.1% during the October-December quarter, against 8.7% in the previous quarter, whereas the public services sector grew at nearly 20% against 6% during the same time period. On the other hand, the construction and the agricultural sectors declined nearly 1.7% and 0.4%, respectively.
As per industry estimates, the overall economic situation in the country is looking better.
Outlook
The cold chain industry is emerging as a fast-growing sector in India, with developments in the food processing sector, organised retail and government initiatives. To develop a world-class cold chain infrastructure, government and industry bodies need to collaborate to encourage the adoption of efficient refrigeration technologies that can prolong the shelf-life of food products and bring commensurate economic returns to farmers.
India needs a more effective, efficient and well-thought cold storage infrastructure. The technology of construction has undergone a change from the conventional brick wall construction to sandwich insulated panel and reinforced concrete structures to pre-engineered buildings steel structures. Energy-efficient practices like energy recovery systems, energy-efficient designs of refrigeration equipment and automation are some innovative features. Efforts are needed to introduce green technology of renewable energy for the cold chain sector. Special emphasis needs to be laid on the development of reefer infrastructure in view of India’s exports thrust and potential.
Besides, to boost investments, financial institutions need
to play a major role to encourage investments in the cold chain industry in
terms of term loan sanctioning, nominal interest rates and disbursement. The
growth cannot happen without their support. The State Governments must make a
step towards subsidising electrical tariffs, encouraging the use of renewable
energies, among others, in order to catalyse the development of cold chain
infrastructure in India.
UNAUDITED FINANCIAL RESULTS FOR QUARTER AND SIX MONTHS ENDED
30.09.2015
(Rs. In Million)
|
Particulars |
3 Months ended 30.09.2015 |
3 Months ended 30.06.2015 |
Year to date figures for the current period ended 30.09.2015 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income
from operations |
|
|
|
|
Net sales/ Income from operation (net of excise duty) |
576.559 |
592.038 |
1168.597 |
|
Other operating income |
0.000 |
0.000 |
0.000 |
|
Total
income from Operations(net) |
576.559 |
592.038 |
1168.597 |
|
Expenditure |
|
|
|
|
Purchases of stock in trade |
23.542 |
0.000 |
23.542 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(5.061) |
0.000 |
(5.061) |
|
Operating Expenses |
321.535 |
359.596 |
681.131 |
|
Employees benefit expenses |
55.429 |
50.427 |
105.856 |
|
Depreciation and amortization expenses |
72.226 |
66.680 |
138.906 |
|
Other expenditure |
70.663 |
57.835 |
128.498 |
|
Total expenses |
538.334 |
534.538 |
1072.872 |
|
Profit
from operations before other income and financial costs |
38.225 |
57.500 |
95.725 |
|
Other income |
6.360 |
12.914 |
19.274 |
|
Profit from
ordinary activities before finance costs |
44.585 |
70.414 |
114.999 |
|
Finance costs |
22.393 |
24.490 |
46.883 |
|
Profit from
ordinary activities before tax Expense: |
22.192 |
45.924 |
68.116 |
|
Tax expenses |
(7.196) |
(9.407) |
(16.603) |
|
Net Profit / (Loss)
from ordinary activities after tax |
29.388 |
55.331 |
84.719 |
|
Paid-up equity share capital (Nominal value Rs.10/- per share) |
1670.880 |
1670.610 |
1670.880 |
|
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
--- |
--- |
--- |
|
Earnings per share
of Rs.10/- each) (not annualized): |
|
|
|
|
Basic |
0.18 |
0.33 |
0.51 |
|
Diluted |
0.18 |
0.33
|
0.51 |
|
A. Particulars
of shareholding |
|
|
|
|
1.
Public Shareholding |
|
|
|
|
- Number of shares |
99833876 |
99806876 |
99833876 |
|
- Percentage of shareholding |
59.75% |
59.74% |
59.75% |
|
2.
Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
--- |
--- |
--- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
--- |
--- |
--- |
|
Percentage of shares (as a % of total share capital of the
company) |
--- |
--- |
--- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
67254119 |
67254119 |
67254119 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
40.25% |
40.26% |
40.25% |
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
1 |
|
|
Receiving during the quarter |
|
3 |
|
|
Disposed of during the quarter |
|
4 |
|
|
Remaining unreserved at the end of the quarter |
|
--- |
|
SEGMENT
REPORTING
(Rs.
In Million)
|
Particulars |
3 Months ended 30.09.2015 |
3 Months ended 30.06.2015 |
Year to date figures for the current period ended 30.09.2015 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Segment
Revenue |
|
|
|
|
Temperature Controller Services |
544.428 |
585.119 |
1129.547 |
|
Ambient Services |
8.298 |
6.919 |
15.217 |
|
Unallocated |
23.833 |
0.000 |
23.833 |
|
Total |
576.559 |
592.038 |
1168.597 |
|
Less:
Inter Segment Revenue |
--- |
--- |
--- |
|
|
|
|
|
|
Net
Sales/Income from Operation |
576.559 |
592.038 |
1168.597 |
|
|
|
|
|
|
Segment
Results |
|
|
|
|
Temperature Controller Services |
76.527 |
87.926 |
164.453 |
|
Ambient Services |
0.632 |
0.319 |
0.951 |
|
Unallocated |
1.359 |
0.000 |
1.359 |
|
Total |
78.518 |
88.245 |
166.763 |
|
Less : |
|
|
|
|
Finance Cost |
22.393 |
24.490 |
46.883 |
|
Other Unallocable expenditure |
40.256 |
30.455 |
70.711 |
|
Un-allocable Income |
6.323 |
12.624 |
18.947 |
|
Profit Before Tax |
22.192 |
45.924 |
68.116 |
|
Capital Employed |
|
|
|
|
Temperature Controller Services |
--- |
--- |
4612.527 |
|
Ambient Services |
--- |
--- |
81.681 |
|
Unallocated |
--- |
--- |
(422.295) |
|
Total |
--- |
--- |
4271.913 |
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Million)
|
Particulars |
30.09.2015 |
|
(Unaudited) |
|
|
EQUITY AND LIABILITIES |
|
|
Shareholders’ Funds |
|
|
Share Capital |
1670.880 |
|
Reserves and Surplus |
2601.033 |
|
Sub-total
Shareholder’s Fund |
4271.913 |
|
Non-Current Liabilities |
|
|
Long term Borrowings |
609.003 |
|
Other Long term liabilities |
18.733 |
|
Long term provisions |
4.328 |
|
Sub-total
Non-Current Liabilities |
632.064 |
|
Current Liabilities |
|
|
Trade Payables |
80.595 |
|
Other Current Liabilities |
353.338 |
|
Short term provisions |
1.785 |
|
Sub-total
Current Liabilities |
435.718 |
|
|
|
|
TOTAL – EQUITY AND
LIABILITIES |
5339.695 |
|
|
|
|
ASSETS |
|
|
Non-Current Assets |
|
|
Fixed Assets |
3791.073 |
|
Long term loans and advances |
280.863 |
|
Other Non-Current Assets |
1.160 |
|
Deferred Tax Assets (net) |
340.921 |
|
Sub-total
Non-Current Assets |
4414.017 |
|
Current Assets |
|
|
Inventories |
5.061 |
|
Trade Receivables |
550.329 |
|
Cash and Bank Balances |
261.488 |
|
Short term Loans and advances |
104.781 |
|
Other Current Assets |
4.019 |
|
Sub-total
Current Assets |
925.678 |
|
|
|
|
TOTAL - ASSETS |
5339.695 |
Note:
- After review by Audit Committee, the Board of Directors of the Company have approved the results at their meeting held on November 5, 2015.
- During the period, pursuant to snowman ESOP Scheme 2012, the company has allotted following equity shares.
- There was no exceptional/ extraordinary item.
- The above financial results for the quarter ended September 30, 2015 have been subject to a "Limited Review” by the auditors of the Company, as per listing agreement entered into with the stock exchanges in India.
- The comparative numbers
presented as part of this statement have been reclassified/regrouped
wherever necessary.
The Company is into the business of "Cold Chain Related Logistics" as primary segment which includes providing transportation, cold storage and consignment agency facilities. Based on the risk, rewards and nature, the Company has considered "Temperature Controlled Services" and "Ambient Services" as reportable segments. The company's operation are such that all activities are confined only to India and hence there is no secondary reportable segment relating to the Company's Business.
FIXED ASSETS
- Land
- Buildings
- Factory Building
- Plant and Equipment
- Factory Equipments
- Furniture and
Fixtures
- Vehicles
- Office Equipment
- Computer Equipments
WEBSITE DETAILS:
PRESS RELEASE:
SNOWMAN LOGISTICS
SPURTS 100% OVER IPO PRICE
September 19, 2014
Snowman Logistics hit an upper circuit limit of 5% at Rs 94.65 at 11:28 IST on BSE on strong buying support.
Meanwhile, the BSE Sensex was up 16.19 points, or 0.06%, to 27,128.40.
On BSE, so far 94,000 shares were traded in the counter. The stock opened with an upward gap, rising by the maximum 5% daily circuit and remained locked at the 5% level at Rs 94.65 so far in the day.
Shares of Snowman Logistics have risen 101.38% compared to its initial public offer (IPO) price of Rs 47.
The small-cap company has an equity capital of Rs 1664.500 Million. Face value per share is Rs 10.
Shares of Snowman Logistics listed on the stock exchanges on 12 September 2014. That day it settled at Rs 78.75 on BSE, a premium of 67.55% over the IPO price of Rs 47.
The stock debuted at Rs 75, a premium of 59.57% to the IPO price.
Reliance mutual fund and a well-known investor bought Snowman Logistics shares via bulk deals on listing day on NSE.
Reliance Mutual Fund Tax Saver (ELSS) fund bought 16 lakh shares at Rs 79.80 per share and Reliance Mutual Fund bought 20 lakh shares at Rs 79.04 per share.
Derive Investments, an investment firm run by independent investor Radhakishan Damani, also bought 23.70 lakh shares at Rs 78.90 a piece. Radhakishan Damani is known in India for his stock picks.
Shares were acquired from Kotak Mahindra Bank, which sold 15.41 lakh shares at Rs 79.67 per share.
The IPO of Snowman Logistics was subscribed 59.75 times with total bids for 1944.900 Million shares, compared with 42.000 Million shares on offer. The issued opened on 26 August 2014 and closed 28 August 2014. Snowman Logistics had priced the IPO at the top end of the Rs 44 to Rs 47 per equity share price band.
The qualified institutional buyers (QIBs) portion was subscribed 16.98 times. Non Institutional Investors portion was subscribed 221.79 times. Retail Individual Investors (RIIs) portion was subscribed 41.26 times.
Ahead of the IPO, the IPO committee of the board of directors of Snowman Logistics had allocated 9.450 Million equity shares to anchor investors at Rs 47 per equity share. Among the anchor investors, Faering Capital India Evolving Fund was allotted 3.492 Million shares. ICICI Prudential Growth Fund - Series 2 was allotted 2.127 Million shares. ICICI Prudential Value Fund Series 4 was allotted 8.51 lakh shares. IDFC Sterling Equity Fund was allotted 2.659 Million shares and IDFC Infrastructure Fund was allotted 0.319 Million shares.
Snowman Logistics reported net profit of Rs 224.800 Million on net sales of Rs 1534.100 Million in the year ended March 2014.
Gateway Distriparks is promoter and the largest shareholder in Snowman Logistics. Snowman 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 Bengaluru capable of warehousing 58,543 pallets and 3,000 ambient pallets as of 31 March 2014. Snowman Logistics operates 370 reefer vehicles for primary and secondary transportation as of 31 March 2014.
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 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.66.84 |
|
|
1 |
Rs.100.57 |
|
Euro |
1 |
Rs.73.15 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
61 |
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.