Key Metrics of Polyplex Corporation Limited
About Polyplex Corporation Limited
Company details
- Registered office
- Lohia Head Road Khatima District Udham Singh Nagar, Uttranchal, In-uk, 262308
- Listed
- NSE: POLYPLEX · ₹891.70
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
NoteLatest action: rating withdrawn (CARE, 23 Mar 2020)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 23 Mar 2020 | CARE | Withdrawn | A+ | A1+ | Stable | ₹0 | View |
| 07 Jan 2019 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹405 Cr | View |
| 26 Mar 2018 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹435 Cr | View |
| 18 Jan 2017 | CARE | Other | — | — | — | — | View |
| 18 Apr 2016 | CARE | Other | — | — | — | — | View |
Credit strengths (CARE, Mar 2020)
+ Experienced promoters with long track record of operations
PCL has a long track record of operations of more than 25 years. The company has a diversified product portfolio along with geographical spread across the globe including manufacturing facilities in Thailand, Turkey, USA and Indonesia. PCL is promoted by Mr Sanjiv Saraf who is the chairman of the company and has more than 35 years of experience in the corporate world. The top management of the company comprises qualified professionals from diverse fields ably
+ Comfortable financial risk profile and healthy debt service coverage indicators
The financial risk profile of PCL has improved characterized by growth in total income from operations by 31.41% to Rs 4733.43 crore in FY19 from Rs 3602.03 crore in FY18 driven by increase in sales volume. PBILDT Margin of the company has increased from 14.66% in FY18 to 18.91% in FY19 on account of scale economies with better realizations.. Also, the company’s PAT margin has improved from 7.89% in FY18 to 12.33% in FY19. Further, During 9MFY20, Company has
+ Positive Industry Outlook
The outlook for PET film industry remains positive on account of growth in flexible packaging industry as well as emerging application of PET films in photovoltaic, display and optical films driven by increased demand for renewable energy sources and expanding sales of smartphones, tablets, flat screen TVs. Liquidity: Strong The company is having a strong liquidity position marked by strong cash accruals and healthy liquid investments. GCA of
+ Liquidity: Strong
The company is having a strong liquidity position marked by strong cash accruals and healthy liquid investments. GCA of the company for FY19 was Rs. 791 crore in FY19 as against Rs. 471 crore in FY18 (GCA of Rs. 644 crore in 9MFY20). The company had healthy cash and cash equivalents of Rs. 783.65 crore and investment in mutual funds amounting Rs. 10.88 crore as on March 31, 2019. Further company is having non current investment of around Rs. 390.76 crore in bonds and
Credit challenges
− Susceptibility of profitability margins to volatility in raw material prices
The major raw material used for the production of PET films is PET resin, which is mostly manufactured in-house. Purified Terephthalic Acid (PTA) and Monoethylene Glycol (MEG) are the major raw materials used for manufacturing of PET resin. PTA and MEG, being derivatives of crude oil, their prices move in tandem with crude oil prices. Polyplex group’s profitability margins remain susceptible to any adverse movement in the prices of raw materials.
− Exposure to foreign currency movement
The overseas subsidiaries of PCL have availed term borrowing denominated in EURO and USD and hence remain exposed to foreign currency fluctuation on the payment date. Thus company is exposed to forex risk on account on any adverse movement in the foreign currencies. Exposure to change in government policy, demand-supply disparity Given the environment hazards of plastics, the sector remains sensitive to the government regulations. In March 2011,
− Exposure to change in government policy, demand-supply disparity
Given the environment hazards of plastics, the sector remains sensitive to the government regulations. In March 2011, the environment ministry imposed ban on the plastic packing of tobacco products (Gutka and other smokeless tobacco products) which accounted for approximately 25-30% of the end-user industry for flexible packaging in India. The flexible packaging contributed approx. contributes 70% of total sales of Polyplex group. The group’s business further remains
− Analytical appr oach: Not Applicable
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Facilities Action Long-term Bank Facilities [Single A Plus ] | Working capital & bank lines | — | ₹357 Cr | — | A+ (Stable) | Reaffirmed | CARE |
| Short-term Bank Facilities [A One Plus] | Working capital & bank lines | — | ₹48.0 Cr | — | A1+ | Reaffirmed | CARE |
CARE ratings on record (checked 22 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Long Term | — | Withdrawn |
| Short Term | — | Withdrawn |
| Term Loan | — | Withdrawn |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Withdrawal | CARE · 23 Mar 2020 · Withdrawn (reason not stated in report) |
| Next action stable or better (model) | 55% |
| Information on file | 67% · missing: Capex / investment plans, Auditor details, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 55% chance the next rating action is stable or better
- Current rating A+ (investment grade)
- CARE withdrew its ratings on 23 Mar 2020 — usually after the rated bank loans were repaid or moved to another lender
Rated limits by facility
Timeline
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.