Anuroop Packaging Limited (to be renamed **Shivanshi Industries Limited**) is a Maharashtra-based manufacturer specializing in eco-friendly corrugated packaging solutions. Established in **1995** and transitioning to a public entity in **2017**, the company operates a semi-automatic manufacturing facility in **Wada, Thane**. The company is currently undergoing a strategic transformation, moving from a semi-automatic production model to a fully integrated, automated industrial entity to capitalize on India’s booming e-commerce and sustainable packaging sectors. --- ### **Core Product Portfolio & Technical Specifications** The company specializes in high-quality paper-based packaging, maintaining **ISO 9001:2015** certification. Its portfolio is engineered for durability, recyclability, and superior burst factor performance. #### **1. Corrugated Box Solutions** The company produces three distinct tiers of boxes tailored for specific industrial weight and durability requirements: * **3-Ply Boxes:** Single-wall construction; lightweight and cost-effective for small items like jewelry, toys, or outer wrappers. * **5-Ply Boxes:** Utilizes high **GSM** paper with multi-layered fluting; high strength and stackable, ideal for heavy-duty e-commerce and logistics. * **7-Ply Boxes:** A composite of **three distinct flute types** and premium **GSM** paper; designed for maximum robustness in heavy-duty industrial packaging. #### **2. Kraft Paper, Rolls, and Liners** * **Kraft Production:** Utilizes a chemical pulping process to preserve long fibers for superior tear resistance. * **Sack Kraft Paper:** High-elasticity paper for high-strength applications. * **Bleached Kraft Pulp:** Used for high-quality white paper products resistant to yellowing. * **Corrugated Liners & Sheets:** Includes linerboard and corrugating medium. The company uses **white bleached pulp** or coatings for branding and high-quality graphic printing (book covers, magazines). #### **3. Production Capacities** | Product Category | Monthly Production Capacity | Key Features | | :--- | :--- | :--- | | **Large Jumbo Boxes** | **200 Tonnes** | High-strength, customized specifications | | **Smaller Boxes** | **100 Tonnes** | Precision manufacturing for retail/e-commerce | | **Corrugated Sheets/Liners** | Integrated | Flexible dimensions for diverse industrial use | --- ### **Operational Infrastructure & Strategic Location** * **Manufacturing Facility:** A **1-acre** site in **Wada, Maharashtra**, with the current unit occupying **17,000 sq. ft.**, leaving significant room for future physical expansion. * **Technology:** Currently equipped with **two cutting-edge semi-automatic machines**. A strategic shift toward a **fully automatic plant** is underway to enhance operational uptime and output quality. * **Quality Assurance:** Operates a dedicated **in-house laboratory** for rigorous quality testing from raw material intake to final delivery. * **Logistical Advantage:** Situated in India’s most industrialized state, providing access to a substantial market within a **300 km radius**, minimizing transit costs and lead times. --- ### **Strategic Roadmap & Growth Drivers** The company follows a **promoter-led, hands-on management** model with a focus on fiscal conservatism and long-term client retention. * **Revenue & Expansion Targets:** Aiming to exceed a turnover of **INR 70 Crore** in **FY 2024-25**. * **Client Retention:** Approximately **70% of revenues** (FY 2022-23) are derived from customers with over a **decade-long association**. * **Sector Diversification:** Serves high-growth industries including **Pharmaceuticals, Logistics, Stationery, Toys, and Ready-made Garments**. * **Sustainability Positioning:** Capitalizing on the **Plastic Ban in India** by replacing plastic packaging with **recyclable and biodegradable** corrugated alternatives. * **Forward Integration:** Strategic intent to expand into **raw material sourcing, packaging design, and branding** services. * **Market Dynamics:** The Indian kraft paper market is projected to grow at a **CAGR of 8.9%** to reach **1.56 crore tons by 2028**, fueled by an e-commerce market expected to reach **USD 350 billion by 2030**. --- ### **Financial Engineering & Capital Structure** Anuroop Packaging has significantly restructured its balance sheet to fund capacity expansion and debt reduction. #### **Capital Raising Activities (2023-2025)** | Instrument / Action | Details & Metrics | | :--- | :--- | | **Authorized Share Capital** | Increased from **INR 11 Crore** to **INR 16 Crore** (Aug 2024) | | **Preferential Equity Issue** | **5,17,500 shares** at **INR 40/share** (**INR 2.07 Crore**) | | **Convertible Warrants** | **40,75,000 warrants** at **INR 40/share** (**INR 16.30 Crore**) | | **Convertible Loans** | Option to convert loans up to **INR 50 Crore** into Equity (Approved Aug 2025) | | **Bonus Issue** | **3:2 ratio** (Approved Dec 2023) | #### **Key Financial Performance (FY 2022-23)** * **Total Revenue:** **₹21.79 Cr** (a **+43%** YoY increase). * **Profit After Tax (PAT):** **₹2.72 Cr** (**+16.2%** YoY). * **Net Gearing (Debt/Equity):** Reduced to **0.32x** from **0.48x**, reflecting efficient cash ploughback. * **Interest Cover:** **5.30x**, indicating strong ability to service debt. * **RoCE Trend:** Maintained at **16.52%** (FY23), compared to **17.31%** (FY22) and **16.05%** (FY21). --- ### **Corporate Structure & Governance** * **Leadership:** **Mr. Akash Sharma** serves as Chairman & MD. The roles of Chairman and Managing Director are separated to enhance governance. * **Board Composition:** Maintains a **1:1 ratio** of Independent to Non-Independent Directors (Total strength of **4**). * **Subsidiaries & Investments:** * **Sara Solutions Limited:** Majority stake held since 2012. The company is executing an **Offer for Sale (OFS)** of up to **2,200,000 shares** via an IPO to monetize this asset. * **Shinka Technologies Private Limited:** Acquired a **0.68% stake** in March 2025 for **INR 1.99 Crore**. * **Workforce:** Lean direct team of **13** (as of March 2023), supplemented by skilled contract labor. --- ### **Risk Management & Mitigation** The company employs a structured framework to address operational and financial volatility. * **Credit & Liquidity Risk:** Management monitors individual risk limits and forward-looking indicators. Financial assets are written off only when recovery is impossible, though enforcement continues post-write-off. * **Raw Material Volatility:** Mitigation through **fixed-price agreements** with suppliers and a strategic shift to **cash-basis procurement** to capture discounts. * **Currency Risk:** Implementation of **hedging strategies** for receivables to protect sales profitability. * **Technical Challenges:** To combat **moisture sensitivity** in paper packaging, the company is integrating **lamination layers** to enhance product durability. * **Operational Synergy:** Utilizes related party transactions for **cost optimization and R&D access**, ensuring services are obtained at or below market rates.