MIRA INFORM REPORT

Report Date :

31.01.2011

IDENTIFICATION DETAILS

Name :	UMA POLYMERS LIMITED
Registered Office :	C Wings, 1^st Floor, Abhay Chambers, Jalori Gate, Jodhpur – 342003, Rajasthan
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	29.04.1987
Com. Reg. No.:	17-3956
CIN No.: [Company Identification No.]	L25201RJ1987PLC003956
IEC No.:	1397003634
TAN No.: [Tax Deduction & Collection Account No.]	JDHU00929F
PAN No.: [Permanent Account No.]	AAACU0748E AAACU2021J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Flexible Packaging Materials

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1174400
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well established company having moderate track. The Latest financials of the company is not available with Government Departments. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered 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.

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. C. L. Khimsara
Designation :	Vice President Finance
Contact No.:	91-9829600804
Date :	29.01.2011

LOCATIONS

Registered Office :	C Wings, 1^st Floor, Abhay Chambers, Jalori Gate, Jodhpur – 342003, Rajasthan, India
Tel. No.:	91-291-2635920/ 2636022/ 2616169
Mobile No.:	91-9829600804 (Mr. C. L. Khimsara)
Fax No.:	91-291-2636021
E-Mail :	finance@umapolymers.com
Website :	http://www.umapolymers.com
Area :	500 sq. ft
Location :	Rented
Factory 1:	Village Mogra, NH 85 Pali Road District Jodhpur, India
Tel. No.:	91-291-2868131 to 135
Fax No.:	91-291-2868275
E-Mail :	mogra@umapolymers.com
Area :	225000 sq. ft.
Location :	Owned
Factory 2:	Ambaji Industrial Area, Abhu Road, District Sirohi, India
Tel. No.:	91-2974-226881 to 885
Fax No.:	91-2974-226884
E-Mail :	mogra@umapolymers.com
Area :	225000 sq. ft.
Location :	Owned
Branch Office :	Noida Plot No. D – 49, Sector 41, Noida, India
Tel. No.:	91-120-4335250
Fax No.:	91-120-4914350
E-Mail :	umapolymersltd@yahoo.co.in
Area :	2500 sq. ft.
Location :	Rented

DIRECTORS

As on 30.09.2006

Name :	Mr. Shripal Lodha
Designation :	Director
Address :	C-67, Shastri Nagar, Jodhpur, India
Date of Birth/Age :	50 years
Qualification :	MBA
Experience :	28 years
Name :	Mrs. Sarita Lodha
Designation :	Director
Address :	C-67, Shastri Nagar, Jodhpur, India
Date of Birth/Age :	43 years
Qualification :	BA
Experience :	19 years
Name :	Mr. Rakesh Jain
Designation :	Director
Address :	C-67, Shastri Nagar, Jodhpur, India
Date of Birth/Age :	42 years
Qualification :	M. Com
Experience :	17 years
Name :	Mr. G. P. Mehta
Designation :	Director
Address :	807, Maker Cambers Nariman Point, Mumbai, Maharashtra, India
Date of Birth/Age :	55 years
Qualification :	CA
Experience :	28 years
Name :	Mr. Ajay Vijayvergia
Designation :	Director
Name :	Mr. Mahesh Singhi
Designation :	Director
Name :	Mr. Sunil Singhvi
Designation :	Director
Name :	Mr. Gopaldas Bhanuprasad Patel
Designation :	Director
Address :	A/23, Mehsana Nagar Society, Nizampura, Baroda, India
Date of Birth/Age :	15.07.1958
Date of Appointment :	05.02.1989
Name :	Mr. Manilal Ushaban Patel
Designation :	Director
Address :	2, Laxminagar Society, Nr. D. K. Patel Hall, Naranpura, Ahmedabad – 380013, India
Date of Birth/Age :	30.05.1963
Date of Appointment :	05.02.1989
Name :	Mr. Kantilal Shailesh Patel
Designation :	Director
Address :	2, Laxminagar Society, Nr. D. K. Patel Hall, Naranpura, Ahmedabad – 380013, India
Date of Birth/Age :	30.06.1964
Date of Appointment :	05.02.1989

KEY EXECUTIVES

Name :	Mr. Khalid Hussain
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2006

Names of Shareholders	No. of Shares
Mr. Bhadresh Patel	800
Mr. Paresh T Patel	200
Mr. Rakesh K Patel	1500
Mrs. Ritaben T. Patel	500
Mrs. Rashmiben K Patel	500
Mr. Kalpesh R Patel	700
Mr. Pramod T Patel	2500
Mr. Jaimin B Patel	400
Mr. Kamal R Patel	400
Mr. Nayan M Patel	400
Mr. Jignaben M Patel	300
Mr. Sunil R Patel	500
Mr. Trikam G Patel	10
Mr. Naran G Patel	10
Mr. Chandrakant P Bhavsar	601
Mr. Ranchhod G. Patel	10
Mr. Dinesh K. Patel	10
Mr. Miss. Harsha A. Patel	10
Mr. Ushaben M Patel	1000
Mr. Shardaben P. Patel	1000
Mr. Prabhudas S Patel	10
Mr. Bhanuprasad G Patel	1000
Mr. Babyben S Patel	10
Mr. Shailesh K Patel	1001
Mr. Prahalad M Patel	10
Mrs. Chhaya S. Patel	10
Mrs. Minakshi R. Patel	10
Mr. Rajendra K Patel	10
Mr. Mohanbhai A Patel	10
Mr. Ashok A Patel	10
Mr. Ishwarbhai M Patel	10
Mr. Mahendra M Patel	10
Mr. Kantibhai G Patel	10
Mr. Dhimant A Patel	10
Mr. Karshandas V. Patel	10
Mr. Ambalal C Patel	10
Mr. Gopaldas N Patel	10
Total	13502

As on 30.09.2006

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Flexible Packaging Materials
Products :	Domestic Market Tata Salt J.K. White Cement Pillsbury Atta GRASIM - Birla White Cement Dhampur Sugar Shakti Bhog Tea Modi Sugar Shakti Bhog Salt MDH Spices Britannia Kwality Bhujia Saffola Salt Bikaji Bhujia Ankur Salt Harpal Tea 502 Pataka Tea Tata Tea Godrej Haldiram Britannia Vadilal Hero Honda International Market Herbal Products
Brand Name :	UMA
Exports :
Products :	Flexible Packing Materials
Countries :	Italy England
Imports :
Products :	Raw Material
Countries :	China Italy Thailand Dubai Turkey
Terms :
Selling :	L/C, Cash, Credit (60 days)
Purchasing :	L/C, Cash (60 days, 90 days)

PRODUCTION STATUS 31.03.2008

Particulars	Unit	Installed Capacity	Actual Production
Flexible Packaging Materials	MT	7200	5900

GENERAL INFORMATION

Customers :	End Users Industrial
No. of Employees :	420 (Approximately)
Bankers :	State Bank of Bikaner and Jaipur Kapda Bazar, Chandi Hall Jodhpur, India
Facilities :	CC Limit Rs.125.000 Millions LC Rs.50.000 Millions Term Loans Rs.35.000 Millions

Banking Relations :	Satisfactory
Auditors :
Name :	Rajendra Jain Chartered Accountant
Address :	Kalptaru Shopping Centre, Opposite Manidhari Hospital, Residency Road, Jodhpur, India
Tel. No.:	91-291-2627730
Mobile No.:	91-9829021236
Associates/Subsidiaries :	Umax Packaging Limited Village Mogra, N H 85, Pali Road, Jodhpur (Manufacturer of Flexible Laminates)

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs.90.000 Millions
1500000	Preference Shares	Rs.10/- each	Rs.15.000 Millions
	Total		Rs.105.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7866400	Equity Shares	Rs.10/- each	Rs. 78.664 Millions
1500000	Preference Shares	Rs.10/- each	Rs.15.000 Millions
	Total		Rs.93.664 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars	31.03.2010	31.03.2009
Sales Turnover (Approximately)	80.000(Due to Recession)	100.000

Expected Sales (2010-2011) : Rs.105.000 Millions (Approximately)

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		93.664	80.464	80.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		199.947	90.490	60.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		293.611	170.954	140.500
LOAN FUNDS
1] Secured Loans		128.519	114.070	110.500
2] Unsecured Loans		19.210	49.870	39.500
TOTAL BORROWING		147.729	163.940	150.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		441.340	334.894	290.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		136.396	142.386	102.600
Capital work-in-progress		0.000	0.000	34.900
INVESTMENT		84.733	9.342	6.400
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	109.220	83.236	54.100
	Sundry Debtors	134.307	109.763	83.600
	Cash & Bank Balances	8.908	8.745	17.800
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	31.480	21.955	23.200
Total Current Assets		283.915	223.699	178.700
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	63.704	40.533	18.700
	Provisions	0.000	0.000	13.400
Total Current Liabilities		63.704	40.533	32.100
Net Current Assets		220.211	183.166	146.600
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		441.340	334.894	290.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2008	31.03.2007	31.03.2006
	SALES
		Income	798.786	695.096	575.600
		Other Income	5.937	2.025	2.900
		TOTAL (A)	804.723	697.121	578.500
Less	EXPENSES
		Opening Stock	22.813	18.348	73.000
		Raw Material Consumed	565.939	503.720	339.000
		Store and Components Consumed	33.583	22.045	26.000
		Manufacturing Expenses	43.717	42.051	27.100
		Cost of Employment	32.656	20.096	1.800
		Administrative Expenses	23.408	20.419	31.800
		Other Expenses	0.000	0.000	32.900
		TOTAL (B)	722.116	626.679	531.600
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		82.607	70.442	46.900
Less	FINANCIAL EXPENSES (D)		15.450	12.343	11.600
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		67.157	58.099	35.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.951	15.982	13.200
	PROFIT BEFORE TAX (E-F) (G)		50.206	42.117	22.100
Less	TAX (I)		17.263	14.826	8.900
	PROFIT AFTER TAX (G-I) (J)		32.943	27.291	13.200
	Earnings Per Share (Rs.)		0.35	NA	NA

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	4.09	3.91	2.28
Net Profit Margin (PBT/Sales)	(%)	6.29	6.06	3.84
Return on Total Assets (PBT/Total Assets}	(%)	11.94	11.50	7.86
Return on Investment (ROI) (PBT/Networth)		0.17	0.25	0.16
Debt Equity Ratio (Total Liability/Networth)		0.72	1.20	1.30
Current Ratio (Current Asset/Current Liability)		4.46	5.52	5.57

LOCAL AGENCY FURTHER INFORMATION

Trade Reference:

• Shivdeep Industrial Limited

Bichawat Industrial Area

• Star Industrial Limited

• K. K. Polymers

250, Ganapati Plaza, M I Road, Jodhpur

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 Abu Road, Dist. Sirohi (Rajasthan) for manufacturer of laminated flexible packaging material. 

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 (Gujarat) in the year 1999 for the same product.

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 India are totally integrated and connected to avoid any communication gap.

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, 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.45.74
UK Pound	1	Rs.72.73
Euro	1	Rs.62.73

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--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		29

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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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.