Apcotex Lattices Limited is a public limited company incorporated in the year 1986 as a private limited company which was converted into a deemed public limited company with effect from May 12 1988 and a public limited company vide a Special Resolution passed on August 8 1988 under the Act with the objective of manufacturing and selling Synthetic Rubber and associate products including lattices of different varieties.Asian Paints (India) Limited is a leading manufacturer of Paints and enamels in the country. In the year 1980 Asian Paints (India) Limited established as a diversification venture the Apcotex Division to manufacture Vinyl Pyridine Latex an important raw material for the Tyre industry at Taloja Maharashtra in technical collaboration with a German company viz. Chemische Werke Huls (CWH). The plant went into production in the year 1980.The assets liabilities licences etc. of the Apcotex Division of Asian Paints (India) Limited were vested in Apcotex Lattices Limited with effect from 1.4.1990 consequent to a Scheme of Arrangement approved by the Mumbai High Court u/s 391/394 of the Act and Apcotex Lattices Limited issued to the shareholders of Asian Paints (India) Limited its equity shares in the ratio of one equity share for every thirteen shares held by such shareholders in Asian Paints (India) Limited. Towards the end of 1992 the company made a right offer amounting to Rs. 746 Lakhs to the existing shareholders in the ratio of 11 shares for every 5 shares held to part finance the expansion of manufacturing capacity and for the enhanced working capital requirements. The equity shares of the Company were listed on the BSE on 23.3.1993 and on the NSE on 6.9.1995.The actual performance of the Company has exceeded projections made in the letter of offer dated November 26 1992 as tabulated below:------------------------------------------------------------ March 31 1993 March 31 1994 ------------------------------------------------------------ Proj. Actuals Proj. Actuals ------------------------------------------------------------PBT (Rs.lac) 209.78 239.96 232.70 421.24 PAT (Rs.lac) 110.12 109.96 184.36 226.24 EPS (Rs.) 3.56 3.56 5.96 7.32 ------------------------------------------------------------*on expanded share capital------------------------------------------------------------------------------------------------------------------------ March 31 1995 March 31 1996 ------------------------------------------------------------ Proj. Actuals Proj. Actuals ------------------------------------------------------------PBT (Rs.lac) 202.00 581.97 279.42 630.61PAT (Rs.lac) 150.76 406.97 178.41 455.61EPS (Rs.) 4.87 13.16 5.76 12.64*------------------------------------------------------------*on expanded share capital------------------------------------------------------------Further as against the scheduled commencement of commercial production by December 1994 the Company was able to commence commercial production by September 1994.MAIN OBJECTS OF THE COMPANYThe main objects of the Company as set out in its Memorandum of Association are as under:To carry on the business of manufacturers and dealers ina) Synthetic rubbers and elastomers synthetic resins plastics latices and formulations thereof including reclaimed rubber rubber and plastic products.b) Styrene butadiene and similar monomers ethylene alcohol petroleum fractions and chemical substances compounds synthetics and substances basic intermediate.c) Plastic materials styrene polystyrene vinyl chloride polyvinyl chloride polyethylene polyolefines vinyl acetate and copolymers of one or more of the above products acrylics and polyesters polycarbonates any polyethers and epoxy resins and compositions silicone resins and compositions P-F U-F and other thermo-setting resins and moulding compositions nylons Rilsan and similar thermoplastics and moulding compositions including prefabricated sections and shapes cellulose plastics and other thermosetting and thermoplastic materials (of synthetic or natural origin) rubber chemicals plastic and resinous materials elastomers gums glues and adhesive and sealant compositions plasticizers coating resins solvents.The present and proposed activities of the Company as laid out in this Prospectus are within the purview of the Objects of the Company as set out in the Main Objects clause of the Memorandum of Association of the Company.PRESENT BUSINESS OF THE COMPANYThe Company is in the business of manufacture and sale of a wide variety of synthetic rubber latices used in the Tyre Paper Textile and Carpet industries and synthetic rubber used in the Footwear industry. The Company has an installed capacity of 3780 MTPA of synthetic rubber latices and 1500 MTPA of synthetic rubber and has the flexibility to vary the product mix depending on the market situation. The Company is currently engaged in expanding the latex plant in order to balance capacities of the latex plant and rubber plant at a cost of Rs.7.5 crores. The expansion is funded through internal accruals Rs. 2.5 crores and a term loan from SBI of Rs. 5 Crores which has been sanctioned. The Company proposes to complete this expansion programme by July 1996. s
Name | Position |
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Mr. Atul C Choksey | Chairman |
Mr. Abhiraj A Choksey | Vice Chairman & Mng.Director |
Mr. Ravishankar Sharma | Executive Director |
Mr. Amit C Choksey | Non Executive Director |
Dr. S Sivaram | Independent Director |