Resins and Plastics Unlisted Shares Price

Resins and Plastics Ltd.

₹525.00
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RATING

RECOMMENDATION

Strong Buy

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RATING

RECOMMENDATION

Strong Buy

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ISIN

INE422F01017

Face Value

₹10.00

Total Share

41,72,300

Total Income

₹14,906.83 L

Profit After Tax

₹1,168.30 L

EPS

₹28.00

P/E

18.75

P/B

2.84

Market Capitalisation

₹219.05 Cr

Enterprise Value

₹204.17 Cr

Book Value

₹184.99

Intrinsic Value

₹698.67

Dividend Yield

1.05 %

Earnings Yield

5.33 %

Sector

Materials

Sub-sector

Auto Ancillaries

Resins and Plastics Growth

About Resins and Plastics

Resins and Plastics Ltd. (RPL) manufactures and markets various synthetic resins primarily in India to a wide range of industries today such as adhesives, coatings, printing inks, insulating varnishes, wire enamels, lamination, construction, cosmetics, textiles and foundries. RPL commenced its operations in 1971 for manufacturing Alkyd Resins, Epoxy Resins, Foundry Resins, Ketonic Resins, and Phenolic Resins some of which are import substitutes.
Over the years, RPL has also established itself as a noteworthy exporter of synthetic resins to the coatings and printing ink manufacturers of the neighbouring countries. The company exports to neighbouring countries and are planning to expand it to other countries. Its corporate office is in Mumbai and has three manufacturing plants located in Taloja (1) (Maharashtra) and Ankleshwar (2) (Gujarat), both of which are in close proximity to the shipping ports.
The management team consists of experienced professionals having educational background in Chemical Engineering, Polymer Science and MBA’s from reputed institutes. Its well- equipped R&D centre is recognized by Government of India and it leverages technology to achieve a competitive advantage for its customers. RPL's strength lies in its manufacturing and strong distribution network that spans across India.
Pragati Chemicals Limited has been merged with the company with effect from 1st April 2019 vide National Company Law Tribunal (NCLT) order dated 25th June 2020.
The company has received approval for the higher production from Statutory Authorities during FY21. This will boost up their market foot prints and increased production and sale during FY21.

Resins and Plastics IPO Details

Currently, the company has no plan to raise funds through IPO.

Resins and Plastics Merger & Acquisition

Merger

The National Company Law Tribunal Special Bench, Mumbai had passed an order approving the Scheme of Amalgamation of Pragati Chemicals Limited (Transferor Company) with Resins and Plastics Limited (Transferee Company/ the Company). The appointed date of the Scheme was fixed as 01.04.2019.

Pursuant to the scheme of amalgamation, Authorized Share Capital of the company has been increased to 6,00,00,000/- and the company had allotted 6,00,000 Equity Shares of 10 each in the ratio of 5 (Five) equity shares for every 3 (Three) share held by shareholders of Pragati Chemicals Limited on 3rd September, 2020 pursuant to the scheme of amalgamation.

Resins and Plastics Subsidiaries

The company does not have any subsidiaries/ joint ventures/ associates.

Resins and Plastics Business Model

Resins and Plastics Ltd. (RPL) is one of India's leading synthetic resin manufacturer catering to a wide range of industries today such as adhesives, coatings, printing inks, insulating varnishes, wire enamels, lamination, construction, cosmetics, textiles and foundries.
RPL also has an associate company, Pragati Chemicals Ltd. (PCL) that focuses on the manufacturing of amino resins, ketonic resins and epoxy resins. PCL has a plant in Ankleshwar in Gujarat that is eco-friendly using natural gas as a source for heat.
RPL has also established itself as a noteworthy exporter of synthetic resins to the coatings and printing Ink manufacturers of the neighbouring countries in Asia, Africa, and Middle East and South East Asian countries.

Resins and Plastics Revenue Segmentation

Synthetic Resins (Finished Goods)
Synthetic Resins (Traded Goods)

Other Operating Income

Resins and Plastics Product & Services

• Adhesives

• Coatings

• Printing Inks

• Insulating Varnishes

• Wire Enamels

• Lamination

• Construction

• Cosmetics

• Textiles and Foundries

Resins and Plastics Assets

The company's assets as on 31st March 2021.

Particulars	(Amount in Rs. Lakhs)
Land Leasehold	38.73
Buildings	226.64
Plant and Equipment	518.38
Furniture and Fixtures	15.94
Vehicle and Office Equipments	19.78
R&D Equipments	52.41
Software and License	5.57

Resins and Plastics Industry Overview

Industry Statistics

The plastic industry in India made a promising beginning in 1957 with the production of polystyrene. Thereafter, significant progress has been made, and the industry has grown and diversified rapidly. The industry spans the country and hosts more than 2,000 exporters. It employs about 4 million people and comprises more than 30,000 processing units, 85-90% of which are small and medium-sized enterprises.
Resins and Plastics produces products range from Alkyds, Acrylics, Polyamides, Phenolic and Polyurethane.
Alkyds are used in paints, varnishes and in moulds for casting. They are the dominant resin or binder in most commercial oil-based coatings. Approximately 200,000 tons of alkyd resins are produced each year.
Polyamide demand in India stood at 206 KTPA in 2018 and is projected to grow at a CAGR of 9% during 2019-2030 to reach 657 KTPA by 2030. As polyamide has enhanced chemical and mechanical properties such as tensile strength, its demand is growing in industries such as automotive, machinery, electrical & electronics, consumer goods & appliances and textiles.
Phenolic Resin demand is anticipated to grow at a healthy CAGR of 5% during 2030 in India. Phenolic Resin is a synthetic polymer obtained by the reaction of Phenol or Formaldehyde. The Indian automobile industry is one of the driving forces of the economy hence impacting the domestic Phenolic resin market where the product is majorly consumed.
Growth in application of acrylic resins in various end-use industries such as building & construction and automotive is expected to boost the market growth.
The current demand for polyurethanes in India is estimated at 565,000 MT with a consistent year-on-year (YoY) growth rate of 10-12 percent. The industry is largely dependent on imports as the present domestic production (of 150,000 MT) is unable to meet the growing demand for this material.Though polyurethane globally is fifth largest polymer family due to its versatility, in India the production and consumption is relatively small compared to other Asian countries as production costs are higher.
The market was negatively impacted due to COVID-19 in 2020. Owing to the pandemic scenario, the country went into lockdown. This affected various industries such as paints and coatings, adhesives and sealants, electrical and electronics, and others due to supply chain disruptions, work stoppages, and labor shortages. The automotive production witnessed a 25% decline in 2020 over the previous year, thereby impacting the demand for epoxy resins from the automotive paints and coatings industry. However, the condition is expected to recover in 2021, thereby restoring the growth trajectory of the market over the forecast period.
Over the medium term, strong growth of the construction industry in the country is expected to drive the market during the forecast period. The construction industry is the second-largest industry in India, with a GDP contribution of about 9%. The construction industry slowed down in FY 2020-2021 due to COVID-19, but a major share of projects in commercial space is likely to continue even during this period, as these include either public-private partnership (like smart city) projects or public projects, which are already budgeted.
On the flipside, declining automotive industry is expected to hinder the growth of the market.
Paints and coatings segment is projected to dominate the market through the forecast period.
The Indian synthetic resins market is partially fragmented in nature with the presence of various players in the market. Some of the major companies in India synthetic resins market includes 3M, Covestro AG, Hexion, Huntsman International LLC, Olin Corporation, among others.

Future Prospects

The global plastic material and resins market is expected to grow from $466.16 billion in 2020 to $659.22 billion in 2025 at a CAGR of 7%.
The searches for new characteristics for plastic materials and innovations in the manufacturing process have led to the development of various high-performance plastics.
The demand for industrial packaging products has increased globally, particularly in emerging economies. As the size of the middle-class grew in these countries, consumption of processed foods, poultry, meat and agricultural products increased. India's GDP per capita increased from $1,605.6 in 2015 to $2,010 in 2018. Increased per-capita income in these economies resulted in the emerging middle-class purchasing more packaged goods and services. Thus, the demand for packaged goods increased the consumption of plastic and paper for their packaging.
The plastic material and resin market growth in the historic period was mainly driven by the increase in construction activity in emerging markets.
This rapid growth in construction activity contributed to the growth of the plastic material and resin market.

Government Initiatives

The Plastics Export Promotion Council (PLEXCONCIL) is the apex government body for the promotion of exports by the Indian plastics industry. The organization acts as an interface between the exporting community and the government of India, and also sponsors delegations from overseas to India.

Resins and Plastics Strengths

Resins and Plastics manufactures Alkyd Resins, Epoxy Resins, Foundry Resins, Ketonic Resins, and Phenolic Resins some of which are import substitutes.
In the current FY21, manufacturing improvement, higher production, reduce wastages, improve quality standards, increased sales with a focus on Polyamide, Acrylics and Polyester, strengthen R&D towards existing products and new products with value added contribution, generate alternate supplier and low-cost sources, improve safety compliance and roll out employee health scheme drive within the organization, has been the major thrust areas.
In recent years a lot of modification of manufacturing facilities to improve process technology is done in order to get an edge in production from the company’s competitors.
The company has received approval from statutory authorities for increased production in FY21, which is expected to assist the company in expansion and increase production and sales in FY21 and subsequent years.

Resins and Plastics Shortcomings

The company's overseas sales account for only 2% of total sales, which could have been higher because the average foreign exchange rate in FY21 was higher than in FY20, resulting in higher revenues. Although the exports have increased slightly yet the contribution of foreign sales could have been improved.
The total expense of the company on R & D has been the lowest in comparison with its peers, which could impose a negative impact to gain the competitive edge over the competition.
The company is almost debt-free, which reduces the company's need to take financial leverage to increase their returns.

Resins and Plastics Opportunities

In the coming years, the company is focusing on expanding its wings further across Asia, Africa, and Middle East and South East Asian countries.
RPL's focus in the coming years will be to develop resins for the new generation. It will focus not only on the traditional products like 'Alkyds' but invest considerable financial resources and time on developing resins that are eco-friendly and moving along with the world trends.
Focus on research and innovation projects will continue and this will enable launch of improved as well as new products of superior quality in the market to meet clients’ expectations/demands.

Resins and Plastics Threats

Oil price volatility is likely to have a negative impact on the plastic material and resins market, which increases the production cost for all petrochemical companies.
Its demand is entire dependent upon the other industries like adhesive, paints, automobile, etc. So slowdown of any of these industries could impact the sales of resins in the economy.

Resins and Plastics Rating

RECOMMENDATION

Strong Buy

Resins and Plastics Detail Info

Industry Statistics

PRIVATE LIMITED

Registered In

India

last Updated

24/01/2022

Registered Date

22/12/1960

Planify Ticker

RAPL

Reg Office: A-8 Marol Industrial Estate of MIDC, Cross Road B, Street No.5, Andheri (East), Mumbai 400093.

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This new SEBI rule was introduced in the month of August-2021, wherein the SEBI has reduced the lock-in period previously from 1 year to 6 months to encourage more and more funds to be invested in startups which are going to public or IPO in near future. Reduction of lock-in is seen as big step and after that many PMS funds are advising their clients to invest in Pre-IPO shares to get the benefit of early stage investment.

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Management

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Profitability

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RATING

Investment Checklist

Resins and Plastics Unlisted Shares Essentials

Resins and Plastics Growth

About Resins and Plastics

Resins and Plastics IPO Details

Resins and Plastics Merger & Acquisition

Resins and Plastics Subsidiaries

Resins and Plastics Business Model

Resins and Plastics Revenue Segmentation

Resins and Plastics Product & Services

Resins and Plastics Assets

Resins and Plastics Industry Overview

Industry Statistics

Future Prospects

Government Initiatives

Resins and Plastics Strengths

Resins and Plastics Shortcomings

Resins and Plastics Opportunities

Resins and Plastics Threats

Resins and Plastics Rating

Resins and Plastics Detail Info

Resins and Plastics Share Price

Investment Checklist