Snowman Logistics Ltd

Snowman Logistics Ltd

Snowman Logistics Limited is engaged in the business of providing integrated cold chain solution to users in India. The company's infrastructure comprises of compartmentalized temperature - controlled warehouses in all major cities of the country and a fleet of temperature controlled trucks. The company is focused on its core business of temperature controlled warehousing for frozen and chilled products with transportation division acting as an enabler. The company with its one lakh plus pallets of warehousing capacity spread across the country and fleet of 293 trucks traversing the length and breadth of the country is in a unique leadership position.Snowman Logistics Ltd was incorporated as Snowman Frozen Foods Limited on March 17 1993 as a public limited company. The company was originally promoted by Amalgam Foods Limited. In 1997 Hindustan Unilever Limited (then Brooke Bond (India) Limited) acquired 23% of the company's equity share capital. In 2001 the Mitsubishi Group acquired a majority stake of the company. Subsequently in 2003 Nichirei Corporation acquired 15% of the company's equity share capital which was thereafter assigned to Nichirei Logistics Group Inc. in 2005.In 2006 Promoter of the company acquired the majority stake of the company by acquiring 6861000 shares held by Amalgam Foods Limited and by subscribing to fresh shares issued by the company. Consequently Promoter of the company held 33.34% of the company's equity share capital. In 2010 IFC acquired 20570000 equity shares of the Company. Subsequently on March 17 2011 the name of the company was changed to Snowman Logistics Limited pursuant to a new certificate of incorporation. The change in name was to better capture the nature of the business of the company. In 2013 NVP acquired 17142857 shares of the Company. On August 2 2014 Promoter of the company acquired 5142500 of the shares held by IFC and on March 11 2014 promoter acquired 7400000 shares from Nichirei. The total promoter shareholding in the company stood at 40.25% as on 30 September 2018.Snowman commenced its business as a trader of frozen marine products and in Fiscal 1998 the company commenced cold storage operations at 4 (four) locations. It has since then expanded its operations to become an integrated temperature controlled logistics service provider with an ability to service customers on a pan-India basis.Snowman's warehousing solutions cover the complete spectrum of temperature ranges from ambient to chilled and frozen. The company offers blast freezing facilities at its temperature controlled warehouses in Bengaluru Mevalurkuppam (near Chennai) Visakhapatnam Serampore (near Kolkata) Taloja (near Mumbai) Ahmedabad Palwal (near Delhi) Mubarakpur (near Chandigarh) and Surat. The company's integrated Source to Stores' operations comprise warehousing primary distribution and secondary distribution and value-added services including kitting labelling sorting and bulk breaking.The company's total warehousing capacity of 98500 pallets comprised of 30 temperature controlled warehouses across 15 locations as on 31 March 2016. As of 31 March 2016 it also operated a fleet of 300+ Reefer vehicles. A majority of its temperature controlled warehouses are ISO 14001 (TUV-SUD) ISO 22000 (TUV-SUD) and Foods and Safety Standards Authority of India (FSSA) certified. In August 2014 the company completed its highly successful Initial Public Offering of 42006038 Equity Shares of Rs. 10/- each at a premium of Rs. 37/- per Equity Share aggregating to Rs. 47/- per Equity Share. The total size of the issue was Rs. 1974283786. The Initial Public Offer was oversubscribed to the extent ~60 times. The bid/issue was opened on 26 August 2014 and closed on 28 August 2014. The Equity shares of the Company were listed on both National Stock Exchange of India Limited and BSE Limited since 12 September 2014.During the financial year ended 31 March 2015 the company added warehousing capacities at Mumbai Chennai Bhubaneswar Pune Surat and Visakhapatnam taking the total installed capacity from 61700 pallets at the start of the year to 85500 pallets which is a growth of 39%. In the transportation division the fleet size increased from 370 to 501 trucks during the year representing a growth of 35%.During the financial year ended 31 March 2016 the company added warehousing capacities at Mumbai Bangalore and Jaipur taking the total installed capacity from 85500 pallets at the start of the year to 98500 pallets which is a growth of 15%.During the year ended 31 March 2017 the company crossed 1 lakh pallet capacity with the commencement of operations at the Cochin Warehouse reconfirming its position as the market leader in the temperature controlled logistics industry. The company purchased a land parcel from Gateway Distriparks Limited for Rs. 2.03 crore at Krishnapatanam.With inauguration of the 3600 Pallet warehouse at Krishnapatnam during the year ended 31 March 2018 the company's capacity increased to 106964 pallets. This has further strengthened the company's position as a market leader in the industry. Temperature controlled warehousing continued to be the core strength of the Company and the focus area of our business due to its huge potential. The second vertical of the Company viz transportation functioned as an enabler to provide a one stop solution to the temperature controlled logistics requirement of our clients.During the year under review the company entered into Rental Agreement with Gateway Distriparks Limited for Rs 5.5 Lakhs at Krishnapatnam.