### **Company Profile** HCP Plastene Bulkpack Limited (HPBL), formerly known as Gopala Polyplast Limited, is a 40-year-old Indian manufacturer specializing in plastic packaging solutions. The company is now part of the **Plastene Group**, a leading Indian manufacturer and exporter of **Flexible Intermediate Bulk Containers (FIBCs)**, small bags, and **AD Star bags**. HPBL was revived through a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC) in 2020, when **Plastene India Limited (PIL)** acquired the company and became its new promoter. --- ### **Core Business & Products** HPBL manufactures **polypropylene (PP) and HDPE woven fabric and sacks**, serving diverse industries including: - **Cement** - **Sugar** - **Food Grains** - **Fertilizers** - **Agriculture** - **Chemicals** - **Construction** - **Pharmaceuticals & Garments (via labels)** **Key Products:** - **FIBC Bags (Jumbo Bags)** – Including **Fusion**, the world’s first **stitch-less FIBC**, launched in FY23 to prevent sifting, leakage, and contamination. - **Small PP Woven Bags** - **AD Star Bags** – A specialized high-strength bag used in cement and chemical packaging. - **PP/HDPE Woven Sacks & Liners** – Lightweight, water-resistant, recyclable, and cost-effective. - **Polypropylene Geotextiles** – Used in construction for soil stabilization, filtration, and reinforcement. - **Woven Jacquard Labels & Laces** – For the garment industry, manufactured using **Swiss-imported Jacquard looms** and advanced CAD software. The company’s raw material base is primarily **polypropylene**, a hydrophobic material that resists moisture absorption while allowing vapor transmission—ideal for humid environments. --- ### **Manufacturing & Operations** - **Manufacturing Facilities:** Located in **Santej, Gujarat**, with logistics operations at Plot No. 485, Santej Vadsar Road. - **Technology:** Uses **Spin & Draw technology** for fabric production and maintains **strict quality control** standards, especially for export markets. - **Production Capacity:** - PP Tape, Looms, and Sack/Bags: 18,110 MT and 2,100 MT respectively (underutilized during insolvency). - **Capacity Utilization:** A short-term strategic focus; operations were non-functional during the first wave of the pandemic and CIRP. - **Job-Work Model:** A significant portion of revenue is generated through job work. AD Star bag production, disrupted during the insolvency, is being re-initiated and requires investment in imported machinery. --- ### **Strategic Developments & Expansion (Recent Updates)** #### ✅ **International Expansion: Malaysia Subsidiary** - In **September 2024**, HPBL established **HCP Plastene Bulkpack PLT**, an LLP in **Malaysia**, holding a **60% stake** with an initial investment of **INR 5.51 lakhs (RM 30,000)**. - Objective: To explore FIBC and related product markets in **Malaysia and the Asia-Pacific region**, enhancing international reach. - Malaysia serves as a strategic gateway to high-growth ASEAN and global trade hubs. #### ✅ **Innovation: Launch of 'Fusion' FIBC** - Launched in **FY23/24**, **Fusion** is the **world’s first stitch-less FIBC**, eliminating stitching holes—reducing contamination and leakage. - Positioned as a **future-forward, premium product** attracting strong customer interest, especially in sensitive industries like food and pharma. #### ✅ **Integration within Plastene Group** - HPBL is now fully integrated into the **Plastene Group (PIL)**, founded in 1998 by **Mr. Prakash Parekh**. - The group is India’s **second-largest FIBC manufacturer and exporter**, exporting to **over 40 countries**. - Approximately **90% of sales** come from international markets, with **90% of export revenue from US and EU**—markets with stringent quality standards. --- ### **Financial Performance (FY21–FY24)** | Fiscal Year | Revenue (₹ Crore) | EBITDA (₹ Crore) | Notes | |------------|-------------------|------------------|-------| | **FY21** | 16.11 | (35.00) Loss | Non-operational during early pandemic and CIRP | | **FY22** | 49.49 | +30.64 | Rapid revival post-acquisition; 307% YoY growth | | **FY23** | 48.40 | Flat | Marginal decline; stable post-recovery | | **FY24** | 45.55 | – | Further decline, indicating **flat-to-soft performance** | **Trend Analysis:** - Sharp recovery in **FY22** after **Plastene India Limited** took control and streamlined operations within six months. - Performance has plateaued in **FY23 and FY24**, indicating market and cost headwinds. --- ### **Management & Promoters** - **Promoters:** - **Prakash Hiralal Parekh** (MD, Plastene India Limited & HPBL) – 22+ years in plastic packaging; instrumental in setting up plants rapidly. - **Madhu Prakash Parekh**, **Aman Prakash Parekh**, **Ayush Anil Kawar** - Entities: **Plastene India Limited**, **HCP Enterprise Limited** - **Mr. Anil Goyal** (Director) – 21+ years in plastics; international market development experience. - The management team has strong **industry networks**, supplier/customer relationships, and technical expertise.