POLYPLEX CORPORATION LTD

Polyplex Corporation Limited was incorporated in October, 1984. Promoted by Sanjiv Saraf in association with Mahalaxi Trading & Investment Company, a non-resident corporate body, the Corporation is a leading Biaxially Oriented Polyethylene Terephthalate Film (BOPET) film producer. It offers a wide range of plastic films across various substrates including BOPET (thin & thick), Biaxially Oriented Polypropylene Film (BOPP), Cast Polypropylene (CPP) and Blown Polypropylene/Polyethylene (Blown PP/PE). Its portfolio of specialty, innovative and differentiated products are used across packaging, electrical & electronic and other industrial applications. The Company currently operate a total base film capacity of ~439,437 MTPA as of March 31, 2024. Polyplex is the only global player with resin plants at all manufacturing locations. Backward integration enables it to develop resins required for specialty products, apart from enhancing cost competitiveness and ensuring supply security. Forward integration provides an ability to undertake one or more downstream processes on the base film in a cost-efficient manner leading to higher innovation, value addition and reduced volatility. The downstream businesses like metalizing, silicone coating, extrusion coating, holography, TMP/DMP and offline chemical coating has enabled the Company to offer products for a variety of applications. The plant was commissioned in 1988 with a capital outlay of about Rs 40 cr. The company's product is biaxially-oriented polyester film, a thermoplastic film used in a range of products including audio, video, computer tapes, flexible packaging, metallised yarn, stamping foils, graphic arts, X-rays, electrical insulations, sun-control films, capacitors and other applications. With good prospects for the polyester film industry, the company expanded its capacity 14,830 tpa at a cost of around Rs 70 cr. The capacity expansion was funded by a private placement of shares (in Nov.'94 it made a private placement of shares at a premium of Rs 130) and internal accruals. Polyplex has imported equipment from leading international suppliers such as Lindauer Dorner, Barmag and Kampf, Germany; Nishimura, Japan; Nucleometre FAG, France; and Extrusion of Dies, US. This, coupled with the technical skills of its operating personnel and emphasis on quality control, has enabled it to produce films which enjoy a premium position not only in India but also in the international market. The company has entered into a Joint Venture Agreement with Global Solar Energy LCC for its PV Project, with the terms & Agreement of both have equal equity position of 50% each, Assets of PV division transferred to goint concern, Funds will met by partners in the sration of proposed shareholding & Global Solar Energy used as an implementing entity. Company corporate office project at an advanced stage. A forward integration programme for setting up a Metallizer is in the process at a cost of Rs.1000.00 lacs.This has been financed by way of term loan to the extent of Rs.700.00 lacs from IDBI and the balance through internal accruals.An expansion programme of polyester film is in a active stage.This project was earlier planned to be located in UAE but due to social uncertainty in the Middle East the company has decided to relocate the project in Thailand. The total project cost of US $ 30 million,including US $ 6 million towards working capital is proposed to be financed by way of debt to the tune of US $ 20 million and the balance by way of equity /preference shares. The Metalliser project has been delayed and has been scheduled to be in the current financial year ie 2002-03. Polyplex (Thailand) Public Company Ltd(PTL)-a subsidiary of Polyplex Corporation Ltd-has made IPO of 240 million ordinary shares of Baht 1 each at an offering price of Baht 6.90 per share.The proceeds raised through IPO by the foreign subsidiary,are proposed to be utilized towards repayment of Loans to Financial Institutions.With the making of IPO,the shareholding of the company in PTL has come down to 70%. During the year 2005, Polyplex (Singapore) Pte. Ltd., (PSPL) was incorporated and became a wholly owned subsidiary of Polyplex (Thailand) Public Company Limited (PTL). The Company's off-line silicone coating facility, set up at Khatima, commenced commercial production in March, 2007. It commenced operations of PET film production from the second line in Turkey in 2008-09. A new PET film line was commissioned in Turkey and Metallisers were added at Turkey and Thailand. During the year 2009-10, it commissioned a Polyester (PET) films line, a Biaxially Oriented Polypropylene (BOPP) film line in India and a Cast Polypropylene film (CPP film) manufacturing facility in Thailand. It got into downstream businesses like Silicone Coating and Extrusion Coating. PTL had commissioned the first Blown PP/PE line in October 2013. During FY 2013-14, many projects became operational including the Thin PET film line in USA, Thick PET film with Resin plant in Thailand and other smaller projects like Blown PP, Extrusion Coating Line 2, Recycling plant in Thailand and Offline Coating plant in Turkey respectively. The Resin plant in USA was started in July 2014. It completed trial runs for bottle grade PET resin plant in Turkey with the annual capacity of 210,000 tonnes. Following two companies viz Polyplex Europe B.V. registered in Netherland and Polyplex Paketleme Cozumleri Sanayi ve Tickaret Anonim Sirketi registered in Turkey became step-down subsidiaries during the period 2013-14. During FY 2014-15, new metallizers operationalized both in Thailand & Turkey respectively to manufacture higher optical density films and transparent barrier films, which would augment the portfolio of Metallized Films. An Offline Coater to produce specialty products was commissioned at the existing location at Bazpur during the year. In March 2015, the Company had divested 100% controlling interest of Polyplex Resins Sanayi Ve Ticaret Anonim _irketi (PR) in favour of Indorama Ventures Limited (IVL). The PET Bottle Grade Resin line was the first such line in the Group which was being implemented at PR. This Plant had an annual capacity of 210,000 tonnes and was a significant related diversification for the Company. The Company commissioned Off-line Coater at Bazpur and Rice Husk Heater at Khatima and twin screw extruder at aggregate capital expenditure of Rs. 4,987 Lacs. During the year 2015, Polyplex Resins Sanayi Ve Ticaret Anonim Sirketi, Turkey ceased to be a subsidiary during the year w.e.f. 2nd March, 2015. During year 2016, Peninsula Beverages and Foods Company Private Limited (PBFCPL) ceased to be subsidiary of the Company w.e.f. February 13, 2017. In 2021-22, the Company commissioned a new BOPP line adjacent to the BOPET film line in Indonesia. The second Blown film line in Thailand was commissioned in June 2018 to develop merchant markets and also produces Polyethylene (PE) based blown films. A third Blown line was commissioned in Thailand in January 2021. The applications serviced include agriculture usage (mulch films), labels, separator in manufacturing of air bag safety films, preferred sealing substrates for flexible laminates (Polyplex core business segment) and many more. Another Blown Film line was introduced in Turkey in March '22 to diversify product portfolio and market share in this high value add/ specialty film segment. During FY 2022- 23, eight new BOPET lines commissioned. It commissioned six holography machines in India, one in Turkey and two in Thailand for flexible packaging applications, gift wrap, label face stock and Carton lamination. It installed both seamless and shim line Holo technology. In 2023-24, a CircuLiner program for PET filmic liner waste was launched with some global companies to provide desired circular recycling solutions.