MIRA
INFORM REPORT
|
Report Date : |
26.11.2008 |
IDENTIFICATION DETAILS
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Name : |
UMA POLYMERS LIMITED |
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Registered Office : |
C Wings, 1st Floor, Abhay Chambers, Jalori Gate, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
29.04.1987 |
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Com. Reg. No.: |
17-3956 |
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CIN No.: [Company
Identification No.] |
L25201RJ1987PLC003956 |
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IEC No.: |
1397003634 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JDHU00929F |
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PAN No.: [Permanent
Account No.] |
AAACU0748E AAACU2021J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Flexible Packaging Materials |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1500000 |
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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 well – established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED BY
|
Name : |
Mr. C. L. Khimsara |
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Designation : |
Vice President Finance |
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Contact No.: |
91-9829600804 |
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Date : |
24.11.2008 |
LOCATIONS
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Registered Office : |
C Wings, 1st Floor, Abhay Chambers, Jalori Gate, |
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Tel. No.: |
91-291-2635920/ 2636022/ 2616169 |
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Mobile No.: |
91-9829600804 |
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Fax No.: |
91-291-2636021 |
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E-Mail : |
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Website : |
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Area : |
5000 sq. ft |
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Location : |
Rented |
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Factory 1: |
Village |
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Tel. No.: |
91-291-2868131 to 135 |
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Fax No.: |
91-291-2868275 |
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E-Mail : |
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Area : |
225000 sq. ft. |
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Location : |
Owned |
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Factory 2: |
Ambaji Industrial Area, |
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Tel. No.: |
91-2974-226881 to 885 |
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Fax No.: |
91-2974-226884 |
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E-Mail : |
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Area : |
225000 sq. ft. |
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Location : |
Owned |
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Branch Office : |
Noida Plot No. D – 49, Sector 41, |
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Tel. No.: |
91-120-4335250 |
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Fax No.: |
91-120-4914350 |
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E-Mail : |
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Area : |
2500 sq. ft. |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Shripal Lodha |
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Designation : |
Director |
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Address : |
C-67, Shastri Nagar, |
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Date of Birth/Age : |
50 years |
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Qualification : |
MBA |
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Experience : |
28 years |
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Name : |
Mrs. Sarita Lodha |
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Designation : |
Director |
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Address : |
C-67, Shastri Nagar, |
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Date of Birth/Age : |
43 years |
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Qualification : |
BA |
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Experience : |
19 years |
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Name : |
Mr. Rakesh Jain |
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Designation : |
Director |
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Address : |
C-67, Shastri Nagar, |
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Date of Birth/Age : |
42 years |
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Qualification : |
M. Com |
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Experience : |
17 years |
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Name : |
Mr. G. P. Mehta |
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Designation : |
Director |
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Address : |
807, Maker Cambers Nariman Point, Mumbai, |
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Date of Birth/Age : |
55 years |
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Qualification : |
CA |
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Experience : |
28 years |
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Name : |
Mr. Ajay Vijayvergia |
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Designation : |
Director |
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Name : |
Mr. Mahesh Singhi |
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Designation : |
Director |
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Name : |
Mr. Sunil Singhvi |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Khalid Hussain |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Shripal Lodha |
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2570200 |
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Sarita Lodha |
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2238150 |
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Shrikul Lodha |
|
244700 |
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Shrikul Trading Company Private Limited |
|
755000 |
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Uma Polypaklcs Private Limited |
|
415000 |
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Shruti Lodha |
|
121500 |
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UPL Trading Company Private Limited |
|
350000 |
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Reward Exports Private Limited |
|
562500 |
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Micro Resorts Private Limited |
|
160000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Flexible Packaging Materials |
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Products : |
Domestic Market
International
Market
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Brand Name : |
UMA |
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Terms : |
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Selling : |
Cash (60 days) |
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Purchasing : |
L/C and Credit (60 days) |
PRODUCTION STATUS
|
Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Flexible Packaging Materials |
MT |
|
7200 |
5900 |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
421 (Office 57, Factory 355 and Branch – 9) |
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Bankers : |
Kapda Bazar, Chandi Hall |
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Facilities : |
CC Limit Rs.125.000 Millions LC Rs.50.000 Millions Term Loans Rs.40.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajendra Jain Chartered Accountant |
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Address : |
Kalptaru Shopping Centre, |
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Tel. No.: |
91-291-2627730 |
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Mobile No.: |
91-9829021236 |
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Associates/Subsidiaries : |
Umax Packaging
Limited Village Mogra, N H 85, (Manufacturer of Flexible Laminates) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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9000000 |
Equity Shares |
Rs.10/- each |
Rs.90.000 Millions |
|
1500000 |
Preference Shares |
Rs.10/- each |
Rs.15.000 Millions |
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Total |
|
Rs.105.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
7866400 |
Equity Shares |
Rs.10/- each |
Rs. 78.664 Millions |
|
1500000 |
Preference Shares |
Rs.10/- each |
Rs.15.000 Millions |
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Total |
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Rs.93.664
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
93.664 |
80.464 |
80.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
199.947 |
90.490 |
60.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
293.611 |
170.954 |
140.500 |
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LOAN FUNDS |
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1] Secured Loans |
128.519 |
114.070 |
110.500 |
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2] Unsecured Loans |
19.210 |
49.870 |
39.500 |
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TOTAL BORROWING |
147.729 |
163.940 |
150.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
441.340 |
334.894 |
290.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
136.396 |
142.386 |
102.600 |
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Capital work-in-progress |
0.000 |
0.000 |
34.900 |
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INVESTMENT |
84.733 |
9.342 |
6.400 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
109.220
|
83.236 |
54.100 |
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Sundry Debtors |
134.307
|
109.763 |
83.600 |
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Cash & Bank Balances |
8.908
|
8.745 |
17.800 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
31.480
|
21.955 |
23.200 |
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Total
Current Assets |
283.915
|
223.699 |
178.700 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
63.704
|
40.533 |
18.700 |
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Provisions |
0.000
|
0.000 |
13.400 |
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Total
Current Liabilities |
63.704
|
40.533 |
32.100 |
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Net Current Assets |
220.211
|
183.166 |
146.600 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
441.340 |
334.894 |
290.500 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
798.786 |
695.096 |
575.600 |
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Other Income |
5.937 |
2.025 |
2.900 |
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Total Income |
804.723 |
697.121 |
578.500 |
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Profit/(Loss) Before Tax |
50.206 |
42.117 |
22.100 |
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Provision for Taxation |
17.263 |
14.826 |
8.900 |
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Profit/(Loss) After Tax |
32.943 |
27.291 |
13.200 |
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Export Value |
6.076 |
17.082 |
NA |
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Import Value |
73.125 |
27.025 |
NA |
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Expenditures : |
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Opening Stock |
22.813 |
18.348 |
73.000 |
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Raw Material Consumed |
565.939 |
503.720 |
339.000 |
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Stores and Components Consumed |
33.583 |
22.045 |
26.000 |
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Manufacturing Expenses |
43.717 |
42.051 |
27.100 |
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Cost of Employment |
32.656 |
20.096 |
1.800 |
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Administrative Expenses |
23.408 |
20.419 |
31.800 |
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Financial Charges |
15.450 |
12.343 |
11.600 |
|
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Depreciation & Amortization |
16.951 |
15.982 |
13.200 |
|
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Other Expenditure |
0.000 |
0.000 |
32.900 |
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Total Expenditure |
754.517 |
655.004 |
556.400 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
4.09
|
3.91 |
2.28 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.29
|
6.06 |
3.84 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.94
|
11.50 |
7.86 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.25 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.72
|
1.20 |
1.30 |
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Current Ratio (Current Asset/Current Liability) |
|
4.46
|
5.52 |
5.57 |
LOCAL AGENCY FURTHER INFORMATION
Trade Reference:
- Shivdeep Industrial Limited
Bichawat Industrial Area
- K. K. Polymers
250,
Mr. A. K. Mittal
Mobile No.: 91-9314501662
- Ester Industrial Limited
Khatima, Uttar Pradesh
Mobile No.: 91-9958090014
- Polyplex Corporation Limited
Khatima Uttar Pradesh
Mr. Rakesh Kackar
Mobile No.: 91-98110080375
Website Details:
Profile:
Subject was incorporated as a Private Limited Company in
year 1987 in the state of Rajasthan which
has been converted into the Public Limited Company in year 1995. Subject was
first one to establish packaging
industry of flexible packaging
unit in Rajasthan. The company in its first phase has setup a unit at
The company under its first expansion in year 1996, setup a
modern plant at Uma Nagar, Village Mogra, Jodhpur, Rajasthan (India)
having total land 55000 sq. yard with constructed area of over 100000 sq. ft.
for manufacturing of multi layer flexible
packaging material.
Company Group in its next phase has setup another project at village Santej
District Mehsana (
Now company has taken the program of expansion at its Mogra plant and installed
state of the art proven technology machines from world's renowned technology
suppliers. The unit is totally clean and fit as per international standards for
hygienic packing. They are
working as a friend to nature and surrounded by green plantation in our
factory.
The company is fully managed with professional attitude at
all levels of organization. They have developed more transparency and allowed freedom
to manage their Strategic Business Units (SBU's). They are growing only with a
team of competent persons with knowledge of latest systems. They have fully
automated & computerized system for sales & customer support. The units
and all offices in
Technology:
The
units are equipped with all ultra - modern sophisticated machinery such as
state of the art eight color Rotogravure printing machines attached with
Automatic registration control system, with web video, high fidelity lines of
lamination and co-extrusion. Company is having biggest setup of pouching
machines to make variety of pouches. They are having their own Captive Power
Plant to work smoothly without any disturbance in electric supply.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.97 |
|
|
1 |
Rs.75.45 |
|
Euro |
1 |
Rs.64.21 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|