MIRA INFORM REPORT

Report Date :

27.08.2011

IDENTIFICATION DETAILS

Name :	UMAX PACKAGING LIMITED

Registered Office :	215, Raheja Plaza, Plot No.15, Off Veera Desai Road, Andheri (West), Mumbai – 400 053, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	14.09.2007

Com. Reg. No.:	11-174118

Capital Investment / Paid-up Capital :	Rs.51.325 millions

CIN No.: [Company Identification No.]	U74950MH2007PLC174118

TAN No.: [Tax Deduction & Collection Account No.]	MUMU05282E

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of all kinds of Plastic Aluminum and Polyester Foils and Other Packaging Material.

No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 862000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. The company is progressing well. The company has successful in wiping off the accumulated losses of previous year. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Mr. Pankaj Chhajer
Designation :	Account Manager
Contact No.:	91-9460551215

Name :	Mr. C.L. Khimscra
Designation :	Finance Manager
Contact No.:	91-9829600804
Date :	25.08.2011

LOCATIONS

Registered Office :	215, Raheja Plaza, Plot No.15, Off Veera Desai Road, Andheri (West), Mumbai – 400 053, Maharashtra, India (Only Director Mr. Atit Gandhi sits in this office)
Tel. No.:	91-22-22825210/ 26736555
Mobile No.:	91-9460551215 (Mr. Pankaj Chhajer - Account Manager) 91-9829600804 (Mr. C.L. Khimscra - Finance Manager)
Fax No.:	91-22-22824578/ 26736557
E-Mail :	pankaj.chhajer@gmail.com mumbai@umaxpackaging.com khalidhussain@umapolymers.com khalid@umaxpackaging.com
Website :	www.umaxpackaging.com

Corporate Office :	1^st Floor, Abhay Chambers, Jalori Gate, Jodhpur – 342 003, Rajasthan, India
Tel. No.:	91-291-2868285/ 2635920
Fax No.:	91-291-2868288

Communication Office :	National Highway No. 65, Pali Road, Mogra – 342 802, Jodhpur, Rajasthan, India
Tel. No.:	91-291-2868285, 86, 87
Fax No.:	91-291-2868288
E-Mail :	info@umaxpackaging.com

Gurgaon Office :	102/104, Silver Oaks, DLF Phase 1, Gurgaon - 122 002, Haryana, India
E-Mail :	gurgaon@umaxpackaging.com

Factory 1 :	Khasa No.20/20-2, Pali Road, Mogra, Jodhpur, Rajasthan, India
Tel. No.:	91-291-2111675

Factory 2 :	G – 155/156, Ambaji Industrial Area, Santpur, Abu Road, Sirohi District – 307 026, Rajasthan, India
Tel. No.:	91-2974-226881 / 882
Fax No.:	91-2974-226883

Factory 3 :	Uma Nagar, National Highway No. 65, Pali Road, Mogra District, Jodhpur – 342 001, Rajasthan, India
Tel. No.:	91-291-2868131 / 132
Fax No. :	91-291-2868275

Branch Office 1 :	H – 64, Sector – 2, Noida – 201 301, Uttar Pradesh, India
Tel. No.:	91-120-2547434
E-Mail :	umapoly_delhi@rediffmail.com sales@umapolymers.com

Branch Office 2 :	34, B-Block, 2^nd Floor, B.G. Tower, Outside Delhi Darwarja, Ahmedabad – 380 004, Gujarat, India
E-Mail :	ucpl@enfinet.net

Branch Office 3 :	61, Pratap Aditya Road, Kolkata – 700 026, West Bengal, India
Tel. No.:	91-33-24661658
E-Mail :	sales@umapolymers.com

US Office :	13810, Hampton Cove Drive, Houston Tx- 77077
Tel. No.:	+1 832-288-4066
Fax No.:	+1 832 288 4167
E-Mail :	us@umaxpackaging.com

DIRECTORS

As on 27.09.2010

Name :	Mr. Shripal Raj Lodha
Designation :	Managing Director
Address :	C-66-67, Shastri Nagar, Jodhpur – 342 003, Rajasthan, India
Date of Birth/Age :	20.10.1958
Date of Appointment :	14.09.2007
DIN No.:	00057381

Name :	Mr. Atit Satish Gandhi
Designation :	Whole Time Director
Address :	403, Kripanidhi, Greater Mumbai Co-Operative society, Gulmohar X Road No.4, Juhu Scheme, Vile Parle, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	30.10.1977
Date of Appointment :	27.09.2010
DIN No.:	00968654

Name :	Mrs. Sarita Lodha
Designation :	Whole Time Director
Address :	C-66-67, Shastri Nagar, Jodhpur – 342 003, Rajasthan, India
Date of Birth/Age :	22.05.1966
Qualification :	BA
Date of Appointment :	14.09.2007
DIN No.:	00057325

Name :	Mrs. Shruti Lodha
Designation :	Director
Address :	C-66-67, Shastri Nagar, Jodhpur – 342 003, Rajasthan, India
Date of Birth/Age :	28.11.1988
Date of Appointment :	14.09.2007
DIN No.:	01316941

KEY EXECUTIVES

Name :	Mr. Pankaj Chhajer
Designation :	Account Manager

Name :	Mr. C.L. Khimscra
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2010

Names of Shareholders		No. of Shares
Uma Polymers Limited, India		5132494
Uma Polymers Limited, India Shripal Raj Lodha		1
Uma Polymers Limited, India Sarita Lodha		1
Uma Polymers Limited, India Shruti Lodha		1
Uma Polymers Limited, India Rakesh Jain		1
Uma Polymers Limited, India Chiranji Lal Khimsara		1
Uma Polymers Limited, India Sunil Singhvi		1
Total		5132500

As on 31.03.2011

Names of Allottees

No. of Shares

Uma Polymers Limited, India

600000

Total

600000

As on 27.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of all kinds of Plastic Aluminum and Polyester Foils and Other Packaging Material.

Products :	v Beverage Closures and Systems v Consumer Products v Flexible Packaging Products v Food Packaging v Soil Confinement and Stabilization Systems v Stand-Up Pouches v Matte Finishes v Freshgard(TM) v Showpack (R) Flat Bottom Bags v MetalWhite v Viscopack v Re-Seal It v Stickpack v Shrink Labels

Exports :
Products :	Plastic Aluminum and Polyester Foils
Countries :	v UK v Nepal v New Zealand

Imports :
Products :	Machines and Raw Materials like Paper Roll, LDP etc.
Countries :	v Taiwan v Singapore v Dubai

Terms :
Selling :	L/C and Credit

Purchasing :	L/C and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Licensed Capacity: N.A.

Installed Capacity: Not ascertainable since it depends upon and varies according to different size and specifications of the various Jobs.

Particulars	Actual Production
Flexible Rolls/Poly	2243.433 MT
Scrap Generated	207.872 MT

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

300 (Approximately)

Bankers :

v State Bank of Bikaner and Jaipur, City Branch, Kapra Bazar, Jodhpur – 342 001, Rajasthan, India

v State Bank of India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
State Bank of Bikaner and Jaipur
i) Term Loan: secured by way of equitable mortgage of Land, Building and hypothecation of Plant and Machinery of Mogra unit and other assets of the company alongwith collateral security by way of equitable mortgage of land belonging to Uma Polymers Limited situated at Mogra and corporate guarantee of the said company alongwith the personal guarantees of directors:	189.405	186.344
ii) Cash Credit hypothecation/WCDL secured by way of Hypothecation of stocks of Raw material, Stock in process, consumables, Stores and components, finished goods alongwith collateral security by way of equitable mortgage of land owned by Uma Polymers Limited at Mogra and corporate guarantee of said company and personally guarantees by Directors:	92.932	6.293
Foreign Bill Purchased	0.000	7.445
Less Credit balances in CD A/c	12.491	0.000
Net Balance in CC account	80.441	13.738
Total	269.846	200.082

Unsecured Loans

31.03.2010

Rs. In Millions

31.03.2009

Rs. In Millions

Deposit from Customers

0.414

0.240

Total

0.414

0.240


Banking Relations :	--

Auditors :
Name :	Rajendra Jain and Company Chartered Accountants
Address :	‘Sudershan’, E–123, Kalptaru Shopping Centre, Opposite Manidhari Hospital, Residency Road, Jodhpur – 342 001, Rajasthan, India
Income-tax PAN of auditor or auditor's firm :	AAOPJ6227C

Holding Company :	Uma Polymers Limited CIN No.: U25201RJ1987PLC003956 Address: C-Wings, 1^st Floor, Abhay Chambers, Jalori Gate, Jodhpur, Rajasthan, India Line of Business: Manufacturer of all kinds of Plastic Aluminum and Polyester Foils and Other Packaging Material.

CAPITAL STRUCTURE

After 27.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6357500	Equity Shares	Rs.10/- each	Rs.63.575 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5132500	Equity Shares	Rs.10/- each	Rs.51.325 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		51.325	48.825	20.500
2] Share Application Money		0.000	0.000	1.458
3] Reserves & Surplus		164.269	144.975	60.000
4] (Accumulated Losses)		0.000	(2.472)	0.000
NETWORTH		215.594	191.328	81.958
LOAN FUNDS
1] Secured Loans		269.846	200.082	1.383
2] Unsecured Loans		0.414	0.240	0.000
TOTAL BORROWING		270.260	200.322	1.383
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		485.854	391.650	83.341

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		305.133	268.806	0.052
Capital work-in-progress		8.225	22.847	38.865

INVESTMENT		0.004	0.004	0.003
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	75.143	28.617	0.000
	Sundry Debtors	80.326	27.576	0.000
	Cash & Bank Balances	13.530	21.793	12.623
	Other Current Assets	0.000	0.000	0.000
	Loans, Advances & Deposits	52.159	52.017	28.584
Total Current Assets		221.158	130.003	41.207
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.073	29.372	0.101
	Other Current Liabilities & Provisions	7.635	0.694	0.331
Total Current Liabilities		48.708	30.066	0.432
Net Current Assets		172.450	99.937	40.775

MISCELLANEOUS EXPENSES		0.042	0.056	3.646

TOTAL		485.854	391.650	83.341

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Net Sales	374.439	74.466	0.000
		Other Income	3.608	3.271	0.000
		Closing Stock	25.092	4.237	0.000
		Prior Period Income	0.478	0.000	0.000
		TOTAL (A)	403.617	81.974	0.000

Less	EXPENSES
		Opening Stock	4.237	0.000	0.000
		Raw Material Consumed	266.839	49.559	0.000
		Cost of Trading Goods	11.002	9.644	0.000
		Stores and Components Consumed	23.118	1.551	0.000
		Manufacturing Expenses	16.764	4.926	0.000
		Cost of Employment	14.762	3.816	0.000
		Administrative and Selling Expenses	8.749	1.956	0.000
		Preliminary Expenses written off	0.014	0.014	0.000
		TOTAL (B)	345.485	71.466	0.000

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		58.132	10.508	0.000

Less	FINANCIAL EXPENSES (D)		27.429	8.752	0.000

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		30.703	1.756	0.000

Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.517	4.228	0.000

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		17.186	(2.472)	0.000

Less	TAX (H)		2.920	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		14.266	(2.472)	0.000

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(2.472)	0.000	0.000

	BALANCE CARRIED TO THE B/S		11.794	(2.472)	0.000

	EARNINGS IN FOREIGN CURRENCY		31.909	9.833	0.000

	IMPORTS
		Raw Material	22.500	0.000	0.000
		Capital Goods	2.539	137.956	0.000
	TOTAL IMPORTS		25.039	137.956	0.000

	Earnings/ (Loss) Per Share (Rs.)		2.77	(0.51)	0.00

Particulars

31.03.2011

Sales Turnover (Approximately)

1010.000

The above information has been parted by Mr. Pankaj Chhajer (Account Manager) and Mr. C.L. Khimscra (Finance Manager).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.53	(3.02)	0.00

Net Profit Margin (PBT/Sales)	(%)	4.59	(3.32)	0.00

Return on Total Assets (PBT/Total Assets}	(%)	3.27	(0.62)	0.00

Return on Investment (ROI) (PBT/Networth)		0.08	(0.01)	0.00

Debt Equity Ratio (Total Liability/Networth)		1.48	1.20	0.02

Current Ratio (Current Asset/Current Liability)		4.54	4.32	95.39

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors	41.073	28.894	0.007
Sundry Creditors for Expenses	0.000	0.478	0.094
Total	41.073	29.372	0.101

FINANCIAL RESULTS:

The Sales increased to 403.754 millions as compared to 81.929 millions in the previous year mainly on account of overall good performance of the Company in every field, which resultant in to the boosting results.

FORM 8:

Corporate identity number of the company	U74950MH2007PLC174118
Name of the company	UMAX PACKAGING LIMITED
Address of the registered office or of the principal place of business in India of the company	215, Raheja Plaza, Plot No.15, Off Veera Desai Road, Andheri (West), Mumbai – 400 053, Maharashtra, India E-Mail: khalidhussain@umapolymers.com
This form is for	Modification of charge
Charge identification number of the modified	10240004
Type of charge	Immovable Property Book Debts Movable Property Others (Hypothecation of Current Assets)
Particular of charge holder	State Bank of Bikaner and Jaipur, City Branch, Kapra Bazar, Jodhpur – 342 001, Rajasthan, India E-Mail: sbbj10200@sbbj.com
Nature of description of the instrument creating or modifying the charge	1. Supplemental Deed of Guarantee for Increase in Overall Limit, dated: 18.07.2011.
Date of instrument Creating the charge	18.07.2011
Amount secured by the charge	Rs.427.300 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Not applicable as the company has provided corporate guarantee only. Terms of Repayment: Not applicable as the company has provided corporate guarantee only. Margin: Not applicable as the company has provided corporate guarantee only. Extent and Operation of the charge: Bank has enhanced overall limit from Rs.238.100 millions to Rs.427.300 millions (comprising of CC limit and Term Loan) to Uma Polymers Limited, Jodhpur for which the company has provided Corporate Guarantee by way of Equitable Mortgage of its entire property and Hypothecation of entire current assets.
Short particulars of the property charged	Equitable Mortgage of its entire property and Hypothecation of entire Current assets.
Date of latest modification prior to the present modification	26.08.2010
Particulars of the present modification	Bank has enhanced overall limit from Rs.238.100 millions to Rs.427.300 millions (comprising of CC limit and Term Loan) to Uma Polymers Limited, Jodhpur for which the company has provided Corporate Guarantee by way of Equitable Mortgage of its entire property and Hypothecation of entire current assets.

TRADE REFERENCES:

v Pepsico International Holding Private Limited

v Pratap Snacks Private Limited, Indore

v Prakash Snacks Private Limited, Indore

CONTINGENT LIABILITIES NOT PROVIDED FOR (As on 31.03.2010):

The company has challenged the levy of Entry Tax under the Raj. Tax on Entry of Goods into Local Area Act, 1999 before the Hon'ble High Court of Rajasthan and since the matter is still sub-judiced before the Hon'ble High Court, the company is contingently liable for entry tax under said Act for an amount of Rs.0.140 million and interest thereon for the year under report. The accumulated liability for the above entry tax as on 31.03.2010 amounts to Rs.0.745 million and interest thereon.

FIXED ASSETS:

v Buildings

v Plant and Machinery

v Office Equipments

v Furniture and Fixtures

v Computers

v Vehicles

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 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.46.05
UK Pound	1	Rs.75.20
Euro	1	Rs.66.47

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.

MIRA INFORM REPORT

75.143

80.326

13.530

0.000

52.159

221.158

7.635

48.708

172.450

3.53

4.59

3.27

0.08

1.48

4.54

Unit