MIRA INFORM REPORT

Report Date :

28.01.2011

IDENTIFICATION DETAILS

Name :	UMA CONVERTER PRIVATE LIMITED
Registered Office :	A/36, 4^th Floor, Circle – B, Judges Bunglow Road, Sarkhej Bodakde Highway, Gandhinagar, Ahmedabad – 380 015, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.06.1999
Com. Reg. No.:	04-36163
CIN No.: [Company Identification No.]	U55200GJ1999PTC036163
TAN No.: [Tax Deduction & Collection Account No.]	MUMU03834F
PAN No.: [Permanent Account No.]	AAACU4076B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Flexible Pouches.

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 180000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Jagdish Thakker
Designation :	Finance Manager
Contact No.:	91-9327103577
Date :	27.01.2011

LOCATIONS

Registered Office/ Factory :		A/36, 4^th Floor, Circle – B, Judges Bunglow Road, Sarkhej Bodakde Highway, Gandhinagar, Ahmedabad – 380 015, Gujarat, India
Tel. No.:		91-79-26872584
Contact No.:	91-9327103577 (Mr. Jagdish Thakker)
Fax No.:		91-79-26872585
E-Mail :		umaconverter@gmail.com ho@umaconverter.com ucpl2002@yahoo.com ucpl2002@gipl.net
Website :		http://www.umaconverter.com
Area :		1600Sq.ft.
Location :		Owned
Factory/ Godown :		Plot No.868, 16 Satej Road, Taluka Kalol, District Gandhji Nagar, India
Tel. No.:		91-2764-286681/ 286432
Fax No.:		91-2764-286181
Area :		1 Acre
Location :		Owned
South Address (Marketing):		"JANANI", Sreenivasapuram Varkala - 695145, District Trivandrum, Kerala State, India
Tel. No.:		91-470-2608676
Email :		uma_gauri@sify.com uma_gauri@dataone.com

DIRECTORS

As On : 30.09.2010

Name :	Mr. Sumer Raj Lodha
Designation :	Director
Address :	C-3/42, Goyal Intercity, Drive – in – Road, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	22.09.1956
Qualification :	Graduate
Date of Appointment :	18.06.1999
DIN No :	00033283
Name :	Mrs. Nirmala Lodha
Designation :	Director
Address :	C-3/42, Goyal Intercity, Drive – in – Road, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	23.09.1963
Qualification :	SSC
Date of Appointment :	18.06.1999
DIN No :	00033246

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2010

Names of Shareholders	No. of Shares
Sumer Raj Lodha	849900
Nirmala Lodha	1440000
Abhishek Lodha	570000
Swati Lodha	40000
Manoj Bothra	50000
Naresh Bothra	50000
Chartered Carrier Limited, India	100
Total	3000000

AS ON 15.06.2010

Names of Allotees	No. of Shares
Nirmala Sumer Raj Lodha	900000
Sumer Raj Sudh Raj Lodha	20000
Abhishek Sumer Raj Lodha	400000
Total	1320000

AS ON 25.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		0.03
Directors or relatives of directors		99.97
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Flexible Pouches.

Products :

ITC Code No.	Product Description
3923.90	Plastic Pouches
3920.38	Flexible Rolls
3920.32	Co - Extruded Sheet

Exports :

Products :

Flexible Pouches

Countries :

• Australia
• Sri Lanka

Imports :

Products :

Raw Materials

Countries :

Singapore

Terms :

Selling :

L/C, Cash, Credit

Purchasing :

L/C, Cash, Credit

PRODUCTION STATUS (31.03.2010)

Particulars	Unit	Actual Production
Pouches	Nos.	30628615
Co-extruded Sheets	Kg.	62213
Flexible Rolls	Kg.	1709831
Scrape Generated (Wastage)	Kg.	131436

GENERAL INFORMATION

Customers :

Wholesalers

Ø Britannia

Ø Pillsbury

Ø Vadilal

Ø Nezone Biscuits

Ø AVT-Coffee

Ø Real

Ø Everest

Ø Medico

Ø Royal Coffee

Ø Sushma Namkeen

Ø Hariom Namkeen

Ø Cipla

Ø T-Stanes

Ø Rasna International

Ø Surati

Ø Nilamels

No. of Employees :

120 (Office – 7 and Factory – 113) (Approximately)

Bankers :

• Corporation Bank, Industrial Finance Branch, Opposite V S Hospital, Ahmedabad – 380006, Gujarat, India
• HDFC Bank Limited
• Standard Chartered Bank
• Yes Bank Limited
• Axis Bank
• ICICI Bank

Facilities :

Secured Loan	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Corporation Bank (Cash Credit )	21.313	1.233
Corporation Bank (Cash Credit Forex) (Cash Credit Limit secured by way of hypothecation of stock and book debts and first charge on fixed assets along with personal guarantee of Directors)	45.646	45.646
Corporation Bank (Term Loan Forex)	4.890	11.590
Corporation Bank (Term Loan 45003)	36.210	0.000
Corporation Bank (Term Loan 60013) (Secured by way of Equitable Mortgage of land and building and hypothecation of plant and machinery and other movable assets and personal guarantee of Directors)	3.714	5.644
HDFC Bank Car Loan	0.000	0.075
Axis Bank Car Loan	0.141	0.292
Citi Corp. Finance	0.072	0.185
ICICI Bank Car Loan	0.149	0.429
Total	112.135	65.094
Unsecured Loan	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From Directors	40.825	29.053
From Corporate Bodies	22.982	24.064
From Shareholders	7.468	6.053
Deposits for Cylinder	6.469	5.061
Total	77.744	64.231

Banking Relations :	--
Auditors :
Name :	Rajendra R. Jain and Company Chartered Accountants
Address :	Sudarshan, E–123, Kalpatru Shopping Centre, Residency Road, Jodhpur – 342003, Rajasthan, India

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1680000	Equity Shares	Rs. 10/- each	Rs. 16.800 millions

As On : 25.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs. 10/- each	Rs. 35.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs. 10/- each	Rs. 30.000 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		16.800	16.600	15.800
2] Share Application Money		0.000	1.000	0.000
3] Reserves & Surplus		30.304	27.582	16.516
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		47.104	45.182	32.316
LOAN FUNDS
1] Secured Loans		112.135	65.094	78.914
2] Unsecured Loans		77.744	64.231	51.653
TOTAL BORROWING		189.879	129.325	130.567
DEFERRED TAX LIABILITIES		11.181	10.328	9.861
TOTAL		248.164	184.835	172.744
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		136.208	86.867	89.302
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	70.218	60.887	55.394
	Sundry Debtors	72.877	50.360	46.492
	Cash & Bank Balances	5.066	2.954	3.467
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	14.844	20.772	10.262
Total Current Assets		163.005	134.973	115.615
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	51.048	31.491	27.012
	Other Current Liabilities		5.664	5.164
	Provisions	0.000	0.000	0.000
Total Current Liabilities		51.048	37.155	32.176
Net Current Assets		111.957	97.818	83.439
MISCELLANEOUS EXPENSES		0.000	0.150	0.003
TOTAL		248.164	184.835	172.744

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	NA	NA	NA
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Selling and Distribution Expenses	NA	NA	NA
		Administrative Expenses	NA	NA	NA
		Preliminary Expenses Written off	NA	NA	NA
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	NA	NA
Less	FINANCIAL EXPENSES (D)		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.572	13.978	17.661
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.967	5.192	4.982
	PROFIT BEFORE TAX (E-F) (G)		3.605	8.786	12.678
Less	TAX (H)		1.410	1.372	6.834
	PROFIT AFTER TAX (G-H) (I)		1.922	7.866	5.844
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		20.182	12.316	6.472
	BALANCE CARRIED TO THE B/S		22.104	20.182	12.316
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2.736	2.771	4.075
	TOTAL EARNINGS		2.736	2.771	4.075
	IMPORTS
		Raw Materials	68.364	4.079	8.470
	TOTAL IMPORTS		68.364	4.079	8.470
	Earnings Per Share (Rs.)		1.14	4.47	3.70

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	1.20	3.96	6.19
Return on Investment (ROI) (PBT/Networth)		0.08	0.19	0.39
Debt Equity Ratio (Total Liability/Networth)		5.35	3.68	5.04
Current Ratio (Current Asset/Current Liability)		3.19	3.63	3.59

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions	31.03.2008 Rs. in Millions
Trade Creditors		28.658	22.306
Creditors for Expenses	51.048	0.362	0.846
Creditors for Stores		0.753	0.615
Creditors for Capital Goods		1.718	3.245
Total	51.048	31.491	27.012

FUTURE OUTLOOK:

Looking to the positive movements in all kinds of industries, the Directors have taken all reasonable steps to cope any challenging from any competitors in the market.

Mr. Sumer Raj Lodha Chairman and Director of the Company having rich experience and wide knowledge of packaging industry and his day to day involvement in the business activities and direct guidance to the Company,

Company will reach its new heights. Company has taken strong initiative actions for the better growth of the Company.

FORM 8:

Corporate identity number of the company	U55200GJ1999PTC036163
Name of the company	UMA CONVERTER PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A/36, 4^th Floor, Circle – B, Judges Bunglow Road, Sarkhej Bodakde Highway, Gandhinagar, Ahmedabad – 380 015, Gujarat, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Corporation Bank, Industrial Finance Branch, Opposite V S Hospital, Ahmedabad – 380006, Gujarat, India E-Mail: cb489@corpbank.co.in
Nature of instrument creating charge	Supplementary common deed of hypothecation of movable / Assets / Debts Dated 09.10.2010
Date of instrument Creating the charge	09.10.2010
Amount secured by the charge	Rs.162.900 millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and operation of the charge All the securities as described here in below have been charged / mortgaged to the Bank to secure overall limit of Rs.162.900 millions funded by the Corporation Bank.
Charge identification number of the charge to be modified	80012178
Date of instrument modifying the charge	07.06.2010
Particulars of the present modification	The entire Credit Facility is re-constituted / Modified / reviews by the bank as mentioned in agreement and the current overall limit of bank loan is Rs.162.900 millions.

TRADE REFERENCE:

• Flint Group India Private Limited – Baroda

Fixed Assets:

• Land and site Development
• Factory Building
• Plant and Machinery
• Furniture and Fixture
• Office Equipment
• Computer and Printers
• Motor and Vehicles
• Electric Installation
• Factory and Auxiliary Equipments
• Building Under Construction

WEB SIDE DETAILS

Profile

Subject has played an influential role in the packaging industry ever since its inception in the year 1999. Uma manufacturing has worked every inch to become a force to reckon with in the field of manufacturing Flexible Packaging materials. They are poised to take a giant stride into the future of Packaging world by updating ourselves with latest technology/machinery available. Today, our company is geared with sophisticated plant and machinery, employing state of the art technology and specializing in multi-faceted packaging activities including printing, lamination, pouch packaging and other areas of flexible packaging.

Today, Uma manufactured packaging materials are used by wide range of industries for their multifarious packaging functions. Primary among them are packaging of tea, confectionery, milk and milk products, snacks, pharmaceutical products, biscuits, coffee, instant food items, oil, sea food, cosmetic

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.45.57
UK Pound	1	Rs.72.50
Euro	1	Rs.62.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.