Uma Exports
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 28 Mar 2022 – 30 Mar 2022
- Listing date
- 07 Apr 2022
- Face value
- ₹10 per share
- Issue price
- ₹68 per share
- Lot size
- 220 shares
- Total issue size
- ₹60 Cr
- Market cap at offer price
- ₹230 Cr
- Promoter holding
- 98.13% → 72.51% pre-issue → post-issue
- ISIN
- INE0GIU01018
- Registrar
- MAS Services Ltd.
- Lead managers
- Corporate Capital Ventures Pvt.Ltd.
- Registered office
- Ganga Jamuna Apartment 28/1, Shakespeare Sarani, 1st Floor, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 220 shares per lot, in multiples, at ₹68
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 220 | ₹14,960 |
| Retail (max) | 13 | 2,860 | ₹1,94,480 |
| S-HNI (min) | 14 | 3,080 | ₹2,09,440 |
| S-HNI (max) | 66 | 14,520 | ₹9,87,360 |
| B-HNI (min) | 67 | 14,740 | ₹10,02,320 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.92 | — |
| P/E (×) | 13.82 | — |
| Market cap | — | ₹230 Cr |
Key performance indicators
- Return on net worth
- 17.67%
- ROCE
- 28.89%
- Debt / equity
- 0.61
- PAT margin
- 1.62%
- EBITDA margin
- 2.83%
- NAV per share
- ₹27.83
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Uma Exports
Uma Exports Limited, incorporated on March 9, 1988 and converted to a public limited company on March 25, 2010, operates as a trading company in agricultural produce and commodities. The company sources agricultural products from various parts of India for export and imports commodities from around the world for domestic sale. The company adopts a customer-centric approach, leveraging its experience and network to deliver quality products with a competitive edge. For the half-year ended September 30, 2021, domestic sales (import and re-sale) constituted 84.19% of revenue while exports comprised 15.81%. The company operates through its registered office in Kolkata, West Bengal, and maintains a wholly-owned subsidiary U.E.L. International FZE in the UAE, established in 2014 to support international market presence.
Company Analysis
from RHPUma Exports Limited is an agricultural commodities trading company engaged in the import and export of agro products such as lentils, sugar, pulses, rice, and wheat across domestic and international markets.
Uma Exports Limited, incorporated on March 9, 1988 and converted to a public limited company on March 25, 2010, operates as a trading company in agricultural produce and commodities. The company sources agricultural products from various parts of India for export and imports commodities from around the world for domestic sale. The company adopts a customer-centric approach, leveraging its experience and network to deliver quality products with a competitive edge. For the half-year ended September 30, 2021, domestic sales (import and re-sale) constituted 84.19% of revenue while exports comprised 15.81%. The company operates through its registered office in Kolkata, West Bengal, and maintains a wholly-owned subsidiary U.E.L. International FZE in the UAE, established in 2014 to support international market presence.
Objects of the Issue
- Augmentation of working capital requirements ₹5,000 lakhs p.19
- General corporate purposes ₹999.85 lakhs p.19
- Augmentation of working capital requirements ₹5,000 lakhs p.99
- General corporate purposes ₹486.25 lakhs p.99
- Funding capex for setting up a procurement office in Australia through a wholly owned subsidiary to procure commodities directly in Australia and dispatch to global locations, enabling cost savings on freight and import duties p.125
Issue Structure
- Total Issue
- ₹5,999.85 lakhs
- Fresh Issue
- ₹5,999.85 lakhs (88,23,320 equity shares at ₹68 per share)
- Price Band
- ₹65 (Floor Price) to ₹68 (Cap Price) per equity share
- Lot Size
- 220 equity shares (minimum Bid Lot)
- Face Value
- ₹10 per equity share
Business Model
Uma Exports Limited operates as a trading intermediary in agricultural commodities. The company imports agricultural produce (primarily lentils, pulses, rice, wheat, and sugar) from countries such as Canada, Australia, UAE, and Netherlands, and re-sells in the domestic Indian market to merchants and distributors. Simultaneously, the company exports agricultural products sourced domestically to international markets including Bangladesh, Sri Lanka, Afghanistan, UAE, and other countries. Revenue is generated through margins on buy-sell transactions. The company does not engage in production but focuses on sourcing, quality assurance, and distribution.
Business Segments
SWOT Analysis
- • Promoters retain significant control and influence over company decisions post-IPO(p.52)
- • Trademark UNIWORLD registered and valid through 2027(p.55)
- • Strong track record of profitability with weighted average RONW of 14.49%(p.106)
- • Experienced management with proven track record in trading and commodity business(p.124)
- • Strong presence and strategic focus in agro commodities trading with ability to pivot between commodities(p.124)
- • Consistent revenue and profit growth with healthy cash flows(p.125)
- • Long-term relationships with established customer base and repeat business(p.125)
- • Backward integration strategy to reduce costs through direct procurement(p.125)
- • Established agricultural trading expertise with over two decades of operational history(p.254)
- • Diversified product portfolio across multiple agricultural commodities and geographies(p.254)
- • Strong revenue growth trajectory with CAGR of 51.10% across Fiscals 2019-2021(p.254)
- • Strong profit growth with PAT CAGR of 105.45% from Fiscal 2019-2021(p.254)
- • Flexibility to diversify trading portfolio based on market demand and pricing dynamics(p.254)
- • International presence through subsidiary and overseas market exposure(p.254)
- • Regulatory registrations and certifications from recognized authorities(p.254)
- • Positive current ratio and net asset growth indicating financial stability(p.230)
- • Diversified product portfolio in agricultural trading and commodities(p.260)
- • Significant revenue growth; 146% increase from FY2019 to FY2020 driven by volume and price realisations(p.264)
- • Strong profitability growth; 188.57% increase in net profit after tax from FY2019 to FY2020(p.265)
- • Significant contingent liabilities related to Employee State Insurance Act non-registration(p.53)
- • Dependence on related party transactions that may not have been negotiated at arm's length despite claims(p.52)
- • Promoter interest conflicts with minority shareholders(p.52)
- • Vulnerability to operational losses from pilferage, theft and misappropriation(p.54)
- • High customer concentration with top 5 customers representing 49.35% of revenue in H1 FY22(p.132)
- • FEMA violations in subsidiary acquisition without prior RBI approval(p.157)
- • FEMA violations in incorporation of Singapore subsidiary(p.159)
- • Small workforce of only 17 employees creating operational dependency(p.134)
- • Deferred payment obligations for subsidiary acquisition still outstanding(p.157)
- • High dependence on commodity price fluctuations and market cyclicality(p.255)
- • Significant working capital requirements with high inventory levels(p.193)
- • Elevated financial liabilities with total debt of ₹6,178.77 lakhs as of September 2021(p.239)
- • High finance costs consuming 1.14% of total income in the six-month period ended September 30, 2021(p.259)
- • Limited operational scale with modest employee base relative to revenue(p.183)
- • Decline in revenue from Fiscal 2020 to Fiscal 2021 of 7.19%(p.258)
- • High dependence on limited customer base; top 5 customers represent 49.35% of revenues(p.269)
- • Significant reliance on few suppliers; top 5 suppliers represent 49.35% of purchases(p.269)
- • High short-term borrowing relative to long-term debt; ratio of 10.22 as of September 30, 2021(p.271)
- • Outstanding litigation from promoters; Income Tax Department appeal pending in Calcutta High Court(p.278)
- • Augmentation of working capital with IPO proceeds to support business growth(p.99)
- • Enhanced corporate image and brand visibility through public listing(p.99)
- • Expansion potential for working capital with projected inventory and receivables growth(p.100)
- • Government initiatives to scale food processing sector and agriculture exports(p.118)
- • Target to increase agricultural exports to $60 billion by 2022 and $100 billion subsequently(p.118)
- • Expanding vessel-based procurement to achieve economies of scale(p.125)
- • Growth in organic food segment expected at 10% CAGR during 2015-25(p.116)
- • Processed food market projected to grow to Rs. 3.45 trillion by 2025(p.116)
- • Strategy to increase export participation in bigger tenders with additional capital(p.125)
- • Expansion of domestic market presence with shift towards higher domestic revenue contribution(p.258)
- • Growth in high seas sales representing new revenue stream(p.257)
- • Expansion into new geographic markets beyond existing Bangladesh, Malaysia, and Sri Lanka operations(p.254)
- • Growth potential in specialty agricultural segments including organic and value-added products(p.254)
- • Enhancement of export business leveraging established regulatory registrations and certifications(p.254)
- • Capital deployment through IPO for capacity expansion and working capital enhancement(p.247)
- • Expansion through increased import volumes; shift from export to import model yielded 146% revenue growth(p.264)
- • Leveraging seasonality; business benefits from festive periods and global seasons(p.269)
- • Operating as essential goods trader providing pandemic resilience; business continued during lockdowns(p.270)
- • Dependence on agricultural commodity markets vulnerable to monsoon and price fluctuations(p.58)
- • Exchange rate volatility impacts dividend repatriation and share sale proceeds for foreign investors(p.56)
- • High susceptibility to natural and man-made disasters including terrorism and civil unrest(p.53)
- • Exposure to Indian economic slowdown and macroeconomic volatility(p.59)
- • Regulatory and tax law changes affecting business operations(p.60)
- • Failure to renew Import Export Code could materially affect operations(p.55)
- • Competitive environment from organized and unorganized players domestically and internationally(p.133)
- • Foreign exchange fluctuation risk impacting import/export business(p.114)
- • Commodity price volatility affecting margins(p.121)
- • COVID-19 pandemic impact on supply chain and logistics(p.124)
- • Dependence on monsoon and agricultural production cycles(p.113)
- • Regulatory risks from food safety and export compliance requirements(p.146)
- • Adverse impact from commodity price volatility and global agricultural market fluctuations(p.255)
- • Supply chain disruptions and logistics constraints affecting procurement and distribution(p.255)
- • COVID-19 pandemic and potential future communicable disease outbreaks impacting operations(p.255)
- • Regulatory and policy changes affecting agricultural exports and imports(p.256)
- • Foreign exchange exposure and currency fluctuation risks(p.203)
- • Natural disasters and climatic events affecting agricultural production and supply chains(p.256)
- • Intense competition in agricultural trading and potential customer contract terminations(p.256)
- • Dependence on key management personnel including promoter with succession risk(p.254)
- • Significant exposure to foreign exchange rate fluctuations; imports priced in USD(p.268)
- • Dependent on working capital availability from banks and NBFCs; failure to obtain could adversely affect growth(p.268)
- • Exposure to market demand-supply cycles affecting procurement and revenue(p.269)
- • Business impacted by seasonality; revenues vary significantly between quarters(p.269)
- • Continued COVID-19 pandemic risk; future impact depends on severity and economic factors(p.270)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rakesh Khemka | Promoter | 31.97% | — |
| Sumitra Devi Khemuka | Promoter | 10.31% | — |
| Rakesh Khemka | Promoter | 31.97% | 23.62% |
| Sumitra Devi Khemuka | Promoter | 10.31% | 7.62% |
| Sweta Khemka | Promoter Group | 13.76% | 10.17% |
| Madan Mohan Khemuka | Promoter Group | 5.66% | 4.18% |
| Rakesh Khemka | Promoter | 31.97% | — |
| Sumitra Devi Khemuka | Promoter | 10.31% | — |
| Rakesh Khemka | Promoter | 31.97% | — |
| M.M. Khemuka & Sons (HUF) | Promoter Group | 11.29% | — |
| Sweta Khemka | Promoter Group | 13.76% | — |
| Primerose Dealers Private Limited | Promoter Group Entity | 13.73% | — |
| Rakesh Kumar Khemka (HUF) | Promoter Group | 7.57% | — |
| Sumitra Devi Khemuka | Promoter Group | 10.31% | — |
| Madan Mohan Khemuka | Promoter Group | 5.66% | — |
| Rakesh Khemka | Promoter and Managing Director | — | — |
| Mukesh Khemuka | Promoter Group | — | — |
| Madan Mohan Khemuka | Promoter Group | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.