(i) Asad Daud, aged 32 years, is the Managing director of the company. He is associated with the company since April 3, 2009. He holds a Masters of Science degree in field of Accounting & Finance from The London School of Economics and Political Science. He possesses more than 12years of experience in the polymer packaging Industry. He looks after the management and operations of the company and is in involved in bringing about innovation in the operations and products of the Company. (ii) Hakim Sadiq Ali Tidiwalaaged 65 years, is the Whole Time Director of the Company. He has been associated with our Company since August 1, 1998. He was then appointed as the Managing director and since November 2, 2015 he has been re-appointed as Whole Time Director in the Company. He does not have a formal education degree. He possesses more than 23 years of experience in the polymer packaging Industry. He is responsible for the general management and administration of the Company and brings about innovation through creation of new capacities, development of products, exploring and evaluating ways of penetrating existing markets and developing new markets in India and abroad.

Name Of the company	Revenue (Cr)	Profit (Cr)	EPS	P/E	CMP	MCAP (Cr)
Rishi Tectex	101	1	1.79	14.4	24	17.9
Jumbo Bag	131	1	1.27	6.11	23	19.2
SMVD Polybag	86	1	1.05	14.9	16	16.2
EMMBI Industry	436	19	10.76	10.1	87	153
Sah Polymer	81	4	17.02	38.2	65	167

   

Review and Recommendation of Sah Polymer IPO by IZ team is 4/10 1. Sah Polymer is ISO 9001:2015 certified company. Primarily involved in the production and sale of woven sacks, HDPE/PP woven textiles, and polypropylene (PP)/high density polyethylene (HDPE) FIBC bags in a variety of weights, sizes, and colours to meet the needs of clients. 2. They provide business-to-business ("B2B") manufacturers serving various industries, such as the agro-pesticides, basic drugs, cement, chemical, fertiliser, food products, textile, ceramic, and steel industries, with customised bulk packaging solutions. 3. They also work as a polymer branch of Indian Oil Corporation Limited, it also functions as Dealer Operated Polymer Warehouse (DOPW). 4. To produce their tape and fabric in accordance with the demands of their clients, they enter into agreements as third-party manufacturers. 5. According to sales for the three months ended June 30, 2022 and FY 2022, they are present in 5 states and 1 territory. Internationally they sell to Algeria, Togo, Ghana, Poland, Portugal, France, Italy, Dominican Republic, USA, Australia,UAE, Palestine, UK and Ireland. 6. For the three months ended June 30, 2022 and Fiscal 2022, 2021, and 2020, exports contributed 57.61%, 55.14%, 49.98%, and 50.75 % of their revenue from operations. 7. They have one manufacturing unit in Udaipur, Rajasthan, with 3960 m.t. P.a. and In keeping with our strategic expansion objectives, we expect to use part of our Net Proceeds to create a new plant with an extra 3960 m.t p.a. capacity to manufacture FIBC products. 8. Their primary products are FIBC (Flexible intermediate bulk container), Container Bags, Garden/Waste Bags, Woven Sacks, PP Fabric, Ground Covers, Spiral Tubing, Box Bags, and PP Woven Fabric Rolls. 9. The Revenue has Increased from 49 Crore in FY20 to 81 Crore in FY22. 10. The PAT has Increased from 29 Lakhs in FY20 to 4.37 Crore in FY22. 11. The EBITDA has increased from 2 Crore in FY20 to 7 Crore in FY22. 12. As per FY22, EPS is 1.69, ROE is 16.41 & ROCE is 22.78 . 13. As per FY22, Market Capitalization is 167 Crore & P/E is 38.46 . The IPO looks highly overpriced. However, as the Issue size is small, it can be manipulated easily.

Sah Polymers Limited E-260-261 Mewar Industrial Area Madri Udaipur Rajasthan 313003 Phone: +91 294 2493889 Email: cs@sahpolymers.com Website: https://sahpolymers.com/