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Aditya Sharma    


Mumbai, India

I am a MBA students and simultaneously reading on capital market to get some knowledge on fundamental research where I more focus on business model, opportunity size of the industry and their related parameters who help me out to find out great businesses for the investment. Nevertheless, I always look forward to learn about grow further into the same.

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Contributor since: 2022

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SAH POLYMERS LIMITED

SAH POLYMERS LIMITED: AN UPCOMING IPO


About Company

Incorporated in 1992, Sah Polymers Limited is primarily engaged in manufacturing and selling of Polypropylene (PP)/High-Density Polyethylene (HDPE) FIBC Bags, Woven Sacks, HDPE/PP woven fabrics and woven polymer.

The company offer customised bulk packaging solutions to business-to-business (" B2B") manufacturers catering to different industries such as Agro Pesticides Industry, Basic Drug Industry, Cement Industry, Chemical Industry, Fertilizer Industry, Food Products Industry, Textile Industry Ceramic Industry and Steel Industry.

Sah Polymers Limited have two business divisions (i) domestic sales; and (ii) exports. The company has a presence in 6 states and 1 union territory for the domestic market and 6 regions internationally in 6 regions such as Africa, the Middle East, Europe, the USA, Australia and the Caribbean.

As of March 31, 2022, the company is supported by 97 committed staff based on the payroll. The company has one manufacturing facility with an installed production capacity of 3960 m.t. p.a. located at Udaipur, Rajasthan.

Business Overview

The company offer an ISO 9001:2015 certified company, primarily engaged in manufacturing and selling of Polypropylene (PP)/ High Density Polyethylene (HDPE) FIBC Bags, Woven Sacks,HDPE/PP woven fabrics, based products of different weight, sizes and colThe companys as per customers specifications. Sah offer customised bulk packaging solutions to business-to-business (“B2B”) manufacturerscatering todifferent industries such as Agro Pesticides Industry, Basic Drug Industry, Cement Industry, Chemical Industry, Fertilizer Industry, Food ProductsIndustry, Textile Industry Ceramic Industry and Steel Industry. Besides, The company Company is a Del Credere Associate cum Consignment Stockist (DCA/ CS) of Indian Oil Corporation Limited and also operates as Dealer Operated Polymer Warehouse (DOPW) of Indian Oil Corporation Limited for their polymer division. The company enter into arrangements as third-party manufacturers to manufacture The company tape and fabric based on customers’ requirements.

Business Division

The company have two business divisions (i) domestic sales; and (ii) exports.

They have presence in 5 states and 1 union territory for The company domestic market based on sales made for the three months ended June 30, 2022 and FY 2022, respectively. Internationally they have export their products to 14 countries such as Algeria, Togo, Ghana, Poland, Portugal, France, Italy,Dominican Republic, USA, Australia,UAE, Palestine, UK and Ireland. For the three months ended June 30. 2022 and for Fiscals 2022, 2021 and 2020, the revenue from exports was Rs. 1558.22 lakhs, Rs. 4439.39 lakhs, Rs. 2752.39 lakhs, and Rs. 2491.88 lakhs cotributed 57.61%, 55.14%, 49.98% and 50.75% respectively of company's revenue from operations

Manufacturing Status Update: Presently, they have 1 manufacturing facility with installed production capacity of 3,960 MTPA located at Udaipur, Rajasthan. Over the years, they have made investments, from time to time, in their manufacturing infrastructure to support their product portfolio requirements and its reach. Furthermore, in line with their strategic expansion plans, they intend to use part of their Net Proceeds to establish a new facility with an additional installed capacity of 3,960 MTPA to manufacture different variants of FIBC products. 

Company's Product

Manufacturing Process

Key Business Performance

Key Strength

Company's Product Portfolio: Company's product mix has evolved over the past several years as they have entered into new product categories. Company's product portfolio includes FIBC (Flexible Intermediate Bulk Containers), Container bag, PP woven Fabric & HDPE woven fabric, woven sacks, PP fabric, box bags, fabric rolls, bags for flexible packaging. They have engage in manufacturing of products based on the orders of their customers to meet their requirements. The company trust that maintaining a variety of products in their business provides them with an opportunity to cater to diverse needs of different customer segment. The company's products undergo quality check at various levels of production to ensure that any quality defects or product errors are rectified on real time basis.

Strong Geographic Exposure: The company has a customer base across industries and geographies both at domestic and overseas. They follow B2B customer segment catering the packaging requirements of Agro Pesticides Industry, Basic Drug Industry, Cement Industry, Chemical Industry, Fertilizer Industry, Food ProductsIndustry, Textile Industry, Ceramic Industry and Steel Industry. Further domestically they export The company products to to 14 countries such as Algeria, Togo, Ghana, Poland, Portugal, France, Italy,Dominican Republic, USA, Australia,UAE, Palestine, UK and Ireland. In addition to direct sales,domestically they also sell The company products through commission agents and globally through overseas representatives and merchant exporter. The company customer base across various industries and at varied geographies reduces The company dependence on any one industry or location and provides a natural hedge against market instability in a particular industry or location. 

Experienced Management Team: Asad Daud, The company's Managing Director, and Hakim Sadiq Ali Tidiwala, Whole Time Director, has been instrumental in managing their expanding operations, implementing strategic marketing and business initiatives, and focusing on financial performance. The company's management team has experience in key areas such as production, sales and marketing, and finance. In particular, they have led the process through which we have created value through operational growth, building brand recognition and loyalty and identified new business opportunities by diversifying the customer base.As of March 31, 2022, we are supported by 97 committed staff base on their payroll.

Board of Directors

Object of the Issue

  • Setting up of a new manufacturing facility to manufacture new variant of Flexible Intermediate Bulk Containers (FIBC).
  • Repayment/ Prepayment of certain secured and unsecured borrowings in full or part availed by the Company and the Subsidiary Company.
  • Funding the working capital requirements of the Company.
  • General corporate purposes.

Issue Details

Issue Open - Dec 30, 2022 to Jan 4, 2023

Issue Size - 66.30 Crore through OFS

Price Band - ₹61 to ₹65 per share

Lot Size - 230 Shares

 

Disclosure:

I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Business relationship disclosure:

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Stocx Research Club). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure:

Source - Company's RHP. Disc - The given IPO in the article is not for an recommendation as it is for an knowledge purpose only. so kindly do your on research before applying the same

Disclosure legality:

I am not a SEBI Registered individual/entity and the above research article is only for educational purpose and is never intended as trading/investment advice.

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Comments

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    10 January, 2023, 3:00 pm
    Great Analysis
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