Apcotex Industries Limited — Investor Presentation 2021

Aug 11, 2021

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Date: 11[th ] August 2021

To, Manager - Department of Corporate Services BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001 Scrip Code: 523694	To, The Manager - Listing Department, The National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, Block G, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051 Symbol: APCOTEXIND

Sub : Investor Presentation – August 2021

Dear Sir/Madam,

Please find enclosed herewith Investor Presentation – August 2021. The same is for your reference and records.

Thanking you,

For Apcotex Industries Limited

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Anand V Kumashi Company Secretary

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INVESTOR PRESENTATION AUGUST 2021

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Index
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Executive Summary

Company Overview Business Overview Industry Overview Strategic Overview Financial Overview

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Executive Summary

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Executive Summary
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OVERVIEW
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• Apcotex Industries Ltd (Apcotex) is a leading producer of Synthetic Rubber (Nitrile Rubber, High Styrene Rubber, Nitrile Polyblends and Nitrile Powder) and Synthetic Latex (XSB Latex, VP Latex, Styrene Acrylics and Nitrile Latex) in India.

• The company has one of the broadest range of Emulsion Polymers available in the market today.

• The various grades of Synthetic Rubber find application in products such as Automotive Components, Hoses, Gaskets, Rice De-husking Rollers, Printing and Industrial Rollers, Friction Materials, Belting, Footwear, Medical and Industrial Nitrile Gloves.

• Apcotex is listed on both the BSE and NSE and has an approximate market capitalisation of INR 16,660.4 Mn as on 30[th] June, 2021.

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BUSINESS MIX
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MARQUEE CLIENTS
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MANUFACTURING
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▶ SYNTHETIC LATEX

• Paper/ Paper Board, Carpet, Construction, Tyre Cord, Speciality.

▶ SYNTHETIC RUBBER

• Automobile, Footwear, Rice Rolls.

• SYNTHETIC LATEX

• ITC Ltd, BILT, JK PAPER, Pidilite Industries, MRF, SRF,Century Enka, etc.

• SYNTHETIC RUBBER

• ▷ Paragon Footwear, Jayshree Polymers, Inarco, Parker Hannifin, Top Glove, Brightway, etc.

• Taloja Facility: Maharashtra ▷ 55,000 MTPA Synthetic Latex

• 7,000 MTPA High Styrene Rubber

• Valia Facility: Gujarat

• 21,000 MTPA Nitrile Rubber and Allied Products.

▷ .

Revenue - INR 5,406 Mn

Operating EBITDA - INR 685 Mn PAT- INR 442 Mn 4

Company Overview

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Company Overview
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Revenue (INR Mn) and
Operating EBITDA Margin (%)
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• The company’s Taloja plant was established in 1980 as a division of Asian Paints (India) Ltd. In 1991, the division was spun off as a separate company, which was headed by Mr. Atul Choksey, former MD of Asian Paints. The company is currently headed by Abhiraj Choksey who is the Managing Director.

• Apcotex has a significant global presence and for last few years has done business in all continents and several countries.

• It is one of the leading producers of Synthetic Rubber and Synthetic Latex in India.

• Its state-of-the-art manufacturing plants are strategically located on the western coast of India.

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7000 15.8% 18.0%
16.0%
6000 12.7%
14.0%
5000 10.8%
12.0%
6.7%
4000 10.0%
3000 8.0%
6.0%
2000
4.0%
1000
2.0%
6,257 4,960 5,406 1,853
0 0.0%
FY19 FY20 FY21 Q1-FY22
Revenue EBITDA Margin
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• Over the past several years, the company has developed a strong Research & Development base, which has enabled them to develop, manufacture and export products and compete effectively against global players.

• Apcotex Industries has a workforce strength of over 450 fulltime employees.

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Promoter Background and Board of Directors
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MR. ATUL C.
CHOKSEY
Chairman
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MR. AMIT C.
CHOKSEY
Director
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DR. S.
SIVARAM
Independent
Director
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MR. KAMLESH
S. VIKAMSEY
Independent
Director
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MR. UDAYAN
D. CHOKSI
Independent
Director
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•He is a Chemical Engineer from Illinois Institute of Technology, Chicago, USA and has more than four decades of experience in managing the affairs of the Company. He is on the board of reputed companies like Ceat.

•He is a Bachelor of Commerce and has over 30 years of experience in managing industries manufacturing various types of construction chemicals, specialty water proofing compounds and inorganic pigments. He is the Chairman of Mazda Colours Ltd.

•He obtained his MSc degree from IIT-Kanpur followed by PhD and DSc degrees from Purdue University, W. Lafayette, Indiana, USA. He was the Director of CSIR-NCL from 2002-10 and is presently an INSA Senior Scientist and Professor at the Indian Institute of Science Education and Research, Pune. He has over fifty years of R&D experience in the area of chemicals and polymers. The President of India bestowed on him the coveted civilian honour Padma Shri in 2006.

•He is a Chartered Accountant and a Senior Partner in reputed firm of Khimji Kunverji & Co. He was member of the Central Council of ICAI from 1998 to 2007 and held the post of president in 2005.

•He is a graduate in Economics from Warwick University. In addition to his CA degree, he also holds an LLB from Mumbai University. He is a senior indirect tax professional and practising counsel, and was previously at Big 4 – accounting and prominent law firms. He is a Partner at Khaitan & Co.

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MR. ABHIRAJ
A. CHOKSEY
Managing
Director
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MR. SHAILESH
S. VAIDYA
Independent
Director
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MS.
PRIYAMVADA
BHUMKAR
Independent
Director
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MR.
RAVISHANKAR
SHARMA
Executive
Director
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•He is a Bachelor of Science in Economics from Wharton Business School and also Bachelor of Science in Engineering from the Engineering School, University of Pennsylvania in U.S.A.

•He is a law graduate from Government Law College and became Solicitor in the year 1983 and has been practicing as Advocate and Solicitor. He is one of the senior partner at Kanga & Co.

•She is a graduate in Chemistry and MBA in Finance from Mumbai University having 25 years of rich experience in the field of colour dispersions. She is Managing Director of Soujanya Color Pvt. Ltd., the well-known Indian colorant manufacturing company.

•He is a Chemical Engineer from Laxminarayan Institute of Technology, Nagpur, passed out in 1988 and PGDBM from Goa Institute of Management, Goa (Executive MBA) in 2009 and has more than 30 years of rich experience in the field of Production, Projects, Specialty Chemicals, operations and Manufacturing.

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Key Milestones
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1980	1991	1998	2005	2009	2013	2014	2016	2019
Started as	The company	Started	Name	Started	Installed	Responsible	Synergistic	Reported
division of	was spun off	Synthetic	changed to	Acrylic	capacity of	care and TPM	acquisition of	highest ever
Asian Paints	as a division	Rubber	Apcotex	emulsion to	saleable	Special	Omnova	turnover,
(I) Limited &	of Asian	production	Industries	exploit	latex	Award	Solutions	exports and
Pioneered in	Paints and	with 10,000	Limited	synergies with	increased	journey		profit.
manufacture	listed on stock	MT (Dry)		other products	from 40,000	begins		Developed
of Vinyl	exchanges as	capacity		and markets	MT/Annum to			and entered
Pyridine latex	Apcotex				55,000			Nitrile Latex
and	Lattices				MT/Annum			business
Carboxylated	Limited				(wet)
Styrene-
Butadiene
latex

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Industry Clients
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Valia Facility, Gujarat

AUTO & INDUSTRIAL

PAPER

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(16,000 MT) Nitrile Rubber Allied
Products
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• Unique Auto Rub Udyog Pvt Ltd

• ITC Ltd ▶ JK PAPER

• ▶ BILT ▶ NR Group

• Varroc Elast

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• G.B. Rubber

CARPET

• Jayashree Polymers

• Obeetee Industries

• ABC Industries

RUBBER

HOSES & LPG

• Vansh Industries

• Super Hoze

• Paragon Footwear ▶ Distributors all over

• ▶ Lunars Footwear India

• Jugaltara

• Parker Hannifin India

• Josco

CONSTRUCTION

RICE ROLLS

• Shaktiman

• Pidilite ▶ Sika Industries ▶ Fosroc

TYRE / CORD DIPPER

• MRF ▶ Rajshree Polyfill

• ▶ SRF (Century Enka) ▶ Madura

Disclaimer : Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness.

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Taloja Facility, Maharashtra (55,000 MT) Synthetic Latex (7,000 MT) High Styrene Rubber

• Hindustan Rubber Industries (RR)

• Golden Rolls Pvt Ltd/Cable Corp

GLOVES

• Top Glove

• ▶ Brightway ▶ SRI Trang ▶ PT Shamrock

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R&D and Quality Control
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PRODUCT DEVELOPMENT LAB
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DCS PROCESS CONTROL
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PRODUCT APPLICATION LAB
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QUALITY ASSURANCE LAB
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The company has been continuously upgrading their technology through in house research & development efforts to meet the changing needs of customers Currently 47 employees are dedicated for R&D and technical support.

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Quality Certifications
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Integration ISO Safety TPM Of Quality, 14001:2004, TPM Excellence Excellence Environment TPM Valia plant ISO OHSAS Responsible 9001 Journey Grade by 18001:2007 Category and OHSAS Consistency Care Certified RC starts Telos A Systems Award certified certified Certified

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2000
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2006
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2010
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2011
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2011
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2012
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2013
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2015
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2018
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Key Strengths
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Experienced Promoters along with professional management team

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Only producer of Nitrile Rubber and High Styrene Rubber in India.

Marquee list of clients Styrene Rubber in India. Strategic location of Apcotex is a Globally manufacturing units in India and Reputed Brand lean business operations High entry barriers due to proprietary product and process Advanced technological technology, large capex, long sales knowhow, in-house R&D and lead times and difficult-to-handle customisation capability RMs

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Business Overview

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Process
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VALUE CHAIN
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Sources of Raw Materials
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Raw Materials
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Final Products
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Butadiene
PAPER CARPET CONSTRUCTION
Natural gas
Synthetic
Latex TYRE CORD GLOVES SPECIALTY
Styrene
NITRILE RUBBER NBR POLYBLEND
Acrylonitrile
Crude Oil
Rubber HIGH STYRENE RUBBER NBR POWDER
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Synthetic Latex Products
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The company caters to a large customer base for synthetic latex across industries and commands high market share across industries like Paper, Carpets, Tyres and Construction.

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PAPER
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CARPET
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CONSTRUCTION
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TYRE CORD
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GLOVES
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SPECIALTY
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Provides high wet and dry binding strength, high sheet gloss; Provides excellent wet and dry binding strengths; Provides excellent coverage and coating holdout; Provides excellent gloss .

Soft secondary backings of tufted carpets, Needle felt coating and impregnation, Textile Finishing / Softener, produces chemical additives for Textile Flooring, Synthetic Turf, Mattresses etc.

Bonding agent, cementitious

waterproofing 2 component repair mortar, Hydraulic cement admixture, damp proof coatings, bonding agent for cement sand plaster on concrete and Gypsum.

Tyre cord / belting fabric dipping.

For Medical and Industrial Purpose.

Binder for Nonwoven Fabric, Paper saturation, Binder for cork sheets, Jointing sheets, Textile finishing, Adhesives.

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CLIENTS
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CLIENTS
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CLIENTS
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CLIENTS
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CLIENTS
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CLIENTS
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Synthetic Rubber Products
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Apcotex is the only manufacturer of Nitrile Rubber and High Styrene Rubber in India. It has a high market share in HSR but a low market share in NBR due to capacity constraints.

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NITRILE RUBBER (NBR)
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NBR POLYBLEND
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HIGH STYRENE RUBBER
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NBR POWDER
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Low viscosity grade with excellent processibility, good tack and easy flow suitable for moulded & extruded rubber goods.

Cost effective medium ACN blend for general purpose automotive and industrial moulded and extruded products, footwear products etc.

Low hardness rubber grade with very good processibility for Hawaii and Micro-cellular sheets, Medium hardness grade for general purpose footwear products, Banwar and Neolite applications.

Linear powder grade suitable for jointing sheets, PVC modifications, medium ACN grade suitable for footwear, moulded and extruded goods, joining sheets, adhesives and Friction materials, Suitable for brake pads.

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CLIENTS
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CLIENTS
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CLIENTS
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CLIENTS
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Strategic Overview

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Future Strategy
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The company’s presence in the stable growth industries like Paper, Construction, Carpet, Tyre and Rubber provides stable growth & is a strong base for Apcotex.

The company also plans to increase capacities for Nitrile Rubber to cater to domestic and export market.

Planned capex worth INR 100 Cr at Valia Plant with the purpose of reduction in costs and debottlenecking completed in June 2020.

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Apart from the existing product portfolio, the next generation product pipeline is strong to propel growth. Launched new product XNBR Latex for gloves mainly catering to exports and plan to build capacity of 60,000 MT for this product by Q2-FY2022-23.

Apcotex has a strong global presence in South East Asia, Middle East & Africa and intends to tap the Asian Markets.

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Financial Overview

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Income Statement
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Particulars (INR Mn)	FY19	FY20	FY21	Q1-FY22
Revenue	6,257	4,960	5,406	1,852
Total Expenses	5,581	4,626	4,721	1,559
Operating EBITDA	676	334	685	293
Operating EBITDA Margin	10.80%	6.80%	12.67%	15.82%
Depreciation	118	134	145	33
Finance Cost	18	13	38	8
Other Income	77	59	65	24
PBT	617	246	567	276
Tax	151	80	125	57
PAT	466	166	442	219
PAT Margin	7.50%	3.40%	8.18%	11.83%
Other Comprehensive Income	(2)	(56)	177	77
Total Comprehensive Income	464	110	619	296
Diluted EPS (INR)	8.99	3.21	8.52	4.22

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Balance Sheet
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Particulars (INR Mn)	FY20	FY21
Shareholders Fund	2,513	3,054
Equity Share Capital	104	104
Other Equity	2,409	2,950
Total Non Current Liabilities	349	241
Deferred Tax liabilities	57	105
Borrowings	226	60
Long Term Provision	29	31
Other Financial Liabilities	37	45
Total Current Liabilities	1,107	1,222
Short Term Borrowings	189	51
Trade Payables	460	589
Other Current Liabilities	374	438
Short Term Provision	5	5
Other Current Liabilities	79	139
TOTAL EQUITY & LIABILITIES	3,969	4,517

Particulars (INR Mn) FY20 FY21	21
Total Non Current Assets 1,916 2,383
Property, Plant and Equipment 1,239 1,441
Capital Work inprogress 193 116
Non Current Investments 334 682
Intangible Assets 9 7
Current Tax Assets(net) 55 73
Other Non Current Assets 86 64
Total Current Assets 2,053 2,134
Investments 211 142
Inventories 597 558
Trade Receivables 891 1,048
Cash & Cash Equivalents 117 106
Other Bank Balances 43 44
Short Term loans & Advances 3 4
Other Financial Assets 60 72
Other Current Asset 131 160
TOTAL ASSETS 3,969 4,517

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Historical Performance Indicators
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Operational Revenue (In Mn)

Operating EBITDA and EBITDA Margin

PAT and PAT Margin

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7000 6,257 800 11.9% 12.7% 14.0%
8.2%
6000 5,382 4,960 5,406 700 10.8% 12.0%500450 7.2% 7.5%
5000 600 10.0%400
4000 500 6.7% 350
8.0%300
400
3000 6.0%250 3.4%
300 200
2000 200 4.0%150
1000 100 638 676 334 685 2.0%10050 386 466 166 442
0 0 0.0% 0
FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21
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10 Asset Turn Over Ratio
8.3
8
6.8
6
4.0 3.8
4
2
0
FY18 FY19 FY20 FY21
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0.250 Debt to Equity
0.20
0.200
0.150
0.100 0.07
0.050
0.01
-0.01
0.000
FY18 FY19 FY20 FY21
-0.050
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Disclaimer
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Apcotex Industries Ltd Disclaimer:

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Apcotex Industries Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company.

Valorem Advisors Disclaimer:

Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.

For further details, please feel free to contact our Investor Relations Representatives:

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Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-4903-9500 Email: apcotex@valoremadvisors.com

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Mr. Anand Kumashi Apcotex Industries Limited CIN: L99999MH1986PLC039199 Email: avkumashi@apcotex.com

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Thank You

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