Midland Polymers Share price

The Company was incorporated as a Public Ltd Company on 1stSept. 1992 and obtained its Certificate of Commencement ofBusiness on 15th January 1993. The Main objects of theCompany as fully set out in the Memorandum & Articles ofAssociation of the Company are fully reproduced in thisprospectus.The Company has been promoted by the promoters of the Saboogroup of Companies Gwalior who have extensive experiencein the plastic industry. The promoters are undertaking theproject to manufacture Mono-axially OrientedPolypropylene (MOPP) Film a plastic film with wide rangingapplications in packaging.Dr. Alok Kumar Saboo Managing Director of the Company andMr. Devendra Jain a technical consultant have beeninstrumental in developing the product in India as well asthe plant and machinery with the technical assistance ofOGP Windsor India Ltd (formerly Kiockner Windsor IndiaLtd.).RATIONALE FOR EXPANSIONThe proposed project had initially been conceptualised bythe promoters with an installed capacity of 616 MTPAofMOPP Film. Termed as Phase I it has been appraised andfinanced by RIICO Ltd who have also extended a term loanof Rs.141.00 lacs to the Company.As a part of the product feasibility study. the promotershave examined the acceptability of the MOPP Film byimporting samples from foreign suppliers and tested themat various converters & the end users'' plants. Theendusers/ converters including Godrej Soaps Ltd. HaldiramMarketing (P) Ltd. have responded favourably and expressedan interest in the product at a commercial level.In addition to the above factor the product has wideapplications is comparatively cost effective and has alarge growing market; reasons which have justified anaddition in capacity to 1354 MTPA.