MIRA INFORM REPORT

Report Date :

22.01.2013

IDENTIFICATION DETAILS

Name :	UMASREE TEXPLAST PRIVATE LIMITED

Formerly Known As :	MEENAXI FASHIONS PRIVATE LIMITED

Registered Office :	728 /1, Village Motibhuyan, Taluka Kalol, Gandhinagar, Ahmedabad- 382721, Gujarat

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	15.12.1994

Com. Reg. No.:	04-023882

Capital Investment / Paid-up Capital :	Rs. 14.877 Millions

CIN No.: [Company Identification No.]	U99999GJ1994PTC023882

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of PP Woven Fabric, Sacks, FIBC (Jumbo Bags), Single Loop Bags, Double Loop Bags, Tunnel Lift Bags, Ventilated Tarpaulins and BOPP Woven Sack.

No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 407000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a well 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 for normal 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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	(ICRA) BB-
Rating Explanation	ICRA has suspended its rating due to lack of information.
Date	November 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office/ Factory :	728 /1, Village Motibhuyan, Taluka Kalol, Gandhinagar, Ahmedabad- 382721, Gujarat, India
Tel. No.:	91-2764-281232
Fax No.:	91-2764-281574
E-Mail :	info@umasree.com
Website :	http://www.umasree.com

Corporate Office :	309, Safal Prelude, Corporate Road, Opposite Prahladnagar AUDA Garden, Off S.G. Highway, Ahmedabad-380015, Gujarat, India
Tel. No.:	91-79-29296114
Fax No.:	91-79-40030002

DIRECTORS

As on 29.09.2012

Name :	Mr. Anup Mahendra Gopalka
Designation :	Director
Address :	8, Tejal Apartments, Gulbai Tekra, Ahmedabad-380015, Gujarat, India
Date of Appointment :	20.10.2003
DIN No.:	01114195

Name :	Mr. Mahendra Kumar Gopalka
Designation :	Director
Address :	8, Tejal Apartments, Gulbai Tekra, Ahmedabad-380015, Gujarat, India
Date of Appointment :	20.10.2003
DIN No.:	01589127

Name :	Vishwanath Sreenivasan
Designation :	Additional Director
Address :	11/C, Nandigram Society, No.1, Sindhwaimata Road, Praqtapnagar, Vadodara-390004, Gujarat, India
Date of Appointment :	10.12.2009
DIN No.:	00367350

Name :	Sunilkumar Murlidhar Ranasaria
Designation :	Director
Address :	12, Sujan Bunglow, Nr. Shryas Foundation, Ambawadi, Ahmedabad -380015, Gujarat, India
Date of Appointment :	28.10.2004
DIN No.:	00472602

Name :	Sanjay Jain
Designation :	Director
Address :	46-B, Keshav Path, Suraj Nagar(West), Civil Lines, Jaipur-302006, Rajasthan, India
Date of Appointment :	02.04.2010
DIN No.:	01273163

Name :	Ajay Kumar Jagnani
Designation :	Director
Address :	Shanker and Company, 301, Sudama Place, Kankarbagh, Patna-800020, Bihar, India
Date of Appointment :	11.07.2005
DIN No.:	02029560

Name :	Varsha Anup Gopalka
Designation :	Additional Director
Address :	8, Tejal Apartments, Gulbai Tekra, Ahmedabad-380015, Gujarat, India
Date of Appointment :	15.07.2009
DIN No.:	02662210

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders		No. of Shares
Anup Gopalka		162800
Mahendra Kumar Gopalka		198700
Sunil Ranasaria		62000
Devjyoti Vyapaar Private Limited		215000
Bansidhar Mahendra Kumar (HUF)		50900
Uma Gopalka		156200
Varsha Gopalka		156500
Mahendra Kumar Gopalka- HUF		33900
Punit Gopalka		95000
Vishakha Gopalka		32500
Anupriya Gopalka		7500
Manekchand Duggar		500
Anil Kumar Gopalka		20
Sharda Devi Gopalka		20
Swiss Polyplast		205000
R.K.Bhojnagarwalla		76000
Chaturbhuj Agencies Private Limited		120000
Ranisati Creation Traders Private Limited		90000
Manikala Agencies Private Limited		50000
Starlight Devcon Private Limited		100000
Exxon distributors Private Limited		60000
Total		1872540

LIST OF NON VOTING SHARES HELD AT THE DATE OF AGM DATED 29.09.2012

Names of Shareholders		No. of Shares
Archer Financial Services Private Limited		3000
Astha Stock Broking Private Limited		5000
Green Star Financial Services Private Limited		2000
Jasmine Conclave Private Limited		11200
Sparking Star Infradev Private Limited		4000
Starlight Debcon Private Limited		7000
Veemotech Exim Private Limited		3000
Manikala Agencies Private Limited		50000
Starlight Devcon Private Limited		60000
Doreman Distributors Private Limited		90000
Total		235200

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of PP Woven Fabric, Sacks, FIBC (Jumbo Bags), Single Loop Bags, Double Loop Bags, Tunnel Lift Bags, Ventilated Tarpaulins and BOPP Woven Sack.

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity
PP/HDFE Type, PP/HDPE Woven Fabrics, PP/HDPE Woven Sacks	MT	5400

NOTE: Installed capacity is taken as certified by the management and being a technical matter accepted by the auditor as correct.

ACTUAL PRODUCTION:

Particular	Unit	Actual Production
PP/HDPE Tape	MT	2689.97
PP/HDPE Woven Fabrics	MT	3353.19
PP/HDPE Woven Sacks	PCS.	19158414
Polyethylene Liner	MT	181.32
PP Narrow Fabrics	MT	180.74
Tarpoline	PCS.	394.00
Granules (Reprocess)	MT	40.95
PP/HDPE Waste	MT	170.38

GENERAL INFORMATION

No. of Employees :

200 (Approximately)

Bankers :

State Bank of India, Mid Corporate, Commercial Branch, Paramsiddhi Complex, Ellis Bridge, Ahmedabad- 380006, Gujarat, India
Central Bank of India, Gulabi Tekra Branch, Sears Tower, Panchvati, Ambawadi, Ahmedabad- 380006, Gujarat, India

Facilities :

Secured Loan		31.03.2012 (Rs. in Millions)
Term Loans :
From Banks
Term Loan from State Bank of India		6.376
Term Loan-1 from State Bank of India		26.370
State Bank of Hyderabad- Car Loan		0.437
Sundaram Finance Limited- Eicher Loan		0.179
Kotak Mahindra Prime Limited		0.492
Loans Repayable on Demand
State Bank of India- Buyer’s Credit A/c		28.996
State Bank of India-CC A/c		42.847
State Bank of India-EPC A/c		35.862
Total		141.559
Less : Current Maturities of the Long Term Liabilities
Term Loans :
From Banks
Existing Term Loan		2.100
New Term Loan		1.978
Long Term Maturities
State Bank of Hyderabad Car Loan		0.240
Sundaram Finance Limited- Eicher Loan		0.180
Kotak Mahindra Prime Limited		0.389
Total		136.674


Banking Relations :	--

Auditors :
Name :	Jain Jitendra and Company Chartered Accountants
Address :	303, Hari Krishna Complex, Behind City Gold Cinema, Off, Ashram Road, Ahmedabad- 380009, Gujarat, India
Tel. No.:	91- 79-26582272
Fax No.:	91- 79-26583476
E-Mail :	cajjain4@gmail.com
PAN No.:	AAKPJ5067C

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

2750000	Equity Shares	Rs.10/- each	Rs. 27.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2107740	Equity Shares	Rs.10/- each	Rs. 21.077 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

2500000	Equity Shares	Rs.10/- each	Rs. 25.000 Millions

250000	Special Equity Shares	Rs.10/- each	Rs. 2.500 Millions

	Total		Rs. 27.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1452540	Equity Shares	Rs.10/- each	Rs. 14.525 Millions

35200	Special Equity Shares	Rs.10/- each	Rs. 0.352 Million

	Total		Rs. 14.877 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		14.877	14.117	13.765
2] Share Application Money		0.000	1.000	0.000
3] Reserves & Surplus		86.981	79.872	56.029
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		101.858	94.989	69.794
LOAN FUNDS
1] Secured Loans		136.674	88.339	66.208
2] Unsecured Loans		7.985	9.245	14.220
TOTAL BORROWING		144.659	97.584	80.428
DEFERRED TAX LIABILITIES		8.163	6.906	6.121

TOTAL		254.680	199.479	156.343

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		76.555	78.262	64.384
Capital work-in-progress		14.112	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	76.976	63.377	42.381
	Sundry Debtors	69.414	44.029	54.679
	Cash & Bank Balances	8.516	14.284	0.543
	Other Current Assets	0.086	24.986	5.752
	Loans & Advances	44.374	1.878	1.956
Total Current Assets		199.366	148.554	105.311
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.973	24.778	11.947
	Other Current Liabilities	11.910	0.879	0.149
	Provisions	3.470	1.680	1.256
Total Current Liabilities		35.353	27.337	13.352
Net Current Assets		164.013	121.217	91.959

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		254.680	199.479	156.343

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	420.624	386.446	349.871
		Other Income	8.176	7.899	0.910
		TOTAL (A)	428.800	394.345	350.781

Less	EXPENSES
		Cost of Raw Materials and Components Consumed	333.795	314.827
		Purchases of Stock-in-Trade	0.126	0.000
		(Increase)/ Decrease in Inventories of Finished Goods and Work-in-Progress	(14.083)	(23.734)
		Employee Benefits Expense	9.098	7.622
		Other Expenses
		Manufacturing Overheads	51.397	47.052
		Factory and Administrative Overheads	7.980	8.231
		Selling and Distribution Overheads	11.734	15.937
		Exceptional Items	0.000	0.000
		TOTAL (B)	400.047	369.935	331.466

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.753	24.410	19.315

Less	FINANCIAL EXPENSES (D)		12.851	10.730	8.722

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.092	13.680	10.593

Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.066	4.619	3.610

	PROFIT BEFORE TAX (E-F) (G)		10.836	9.061	6.983

Less	TAX (I)		3.727	2.466	2.555

	PROFIT AFTER TAX (G-I) (J)		7.109	6.595	4.428

	IMPORTS
		Raw Materials	110.056	138.412	51.177

	Earnings Per Share (Rs.)		4.78	4.67	3.22

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.66	1.67	1.26

Net Profit Margin (PBT/Sales)	(%)	2.58	2.34	1.99

Return on Total Assets (PBT/Total Assets}	(%)	3.93	3.99	3.76

Return on Investment (ROI) (PBT/Networth)		0.11	0.10	0.10

Debt Equity Ratio (Total Liability/Networth)		1.77	1.32	1.34

Current Ratio (Current Asset/Current Liability)		5.64	5.43	7.89

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

The registered office has been shifted from 30, Gandhi Purshottam Park, Naranpura Char Rasta, Ahmedabad- 380013, Gujarat, India to the present address w.e.f. 15.12.2010.

UNSECURED LOAN

Particulars		31.03.2012 (Rs. in Millions)
Loans from Director		1.090
Loans from Other Parties		6.895
Total		7.985

FIXED ASSETS

Land and Site Development
Factory Building
Plant and Machinery
Electrification
Office Equipments
Vehicle
Computers
Furniture and Fixtures

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 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. 53.87
UK Pound	1	Rs. 85.53
Euro	1	Rs. 71.78

INFORMATION DETAILS

Report Prepared by :

RJT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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

76.976

69.414

8.516

0.086

44.374

199.366

19.973

11.910

3.470

35.353

164.013

Unit