Rajshree Polypack Limited — Investor Presentation 2021

Nov 23, 2021

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RAJSHREE POLYPACK LIMITED

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Investor Presentation H1 FY 2022

SAFE HARBOR

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This presentation and the accompanying slides (the “Presentation”), which have been prepared by Rajshree Polypack 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 exceptby 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 respectof the contents of, or any omissionfrom, this Presentation is expresslyexcluded.

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 overruns 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 incase 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.

		01	Company Overview
		02	Management Commentary
		03	KeyHighlights
		04	BusinessEvolution
		05	TechnologyUpgradation
		06	Products
CONTENTS		07 08	Our EsteemedCustomers FinancialAnalysis
		09	Operational Analysis
		10	Factory Unit-I (New) under Development-Sarigam
		11	Sustainability
		12	Shareholdingpattern
		13	Our Strengths

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	Financial Snapshot (₹ Lakhs) Fiscals H1 FY22 2021 2020 2019 2018 Turnover 9,888.80 12,707.22 12,571.98 12,501.37 11,232.73 Y-O-Y Growth NA 1.08% 0.56% 11.29% 18.16% EBITDA 1,345.97 2,038.11 1,996.82 2,116.99 2,119.00 EBITDA Mgn 13.61% 16.04% 15.88% 16.93% 18.86% PAT 491.20 881.86 926.00 1,050.93 955.77 PAT Mgn 4.97% 6.94% 7.37% 8.41% 8.51% verview
	Financial Snashot
	p (₹ Lakhs) Fiscals H1 FY22 2021 2020 2019 2018 Turnover 9,888.80 12,707.22 12,571.98 12,501.37 11,232.73 Y-O-Y Growth NA 1.08% 0.56% 11.29% 18.16% EBITDA 1,345.97 2,038.11 1,996.82 2,116.99 2,119.00 EBITDA Mgn 13.61% 16.04% 15.88% 16.93% 18.86% PAT 491.20 881.86 926.00 1,050.93 955.77 PAT Mgn 4.97% 6.94% 7.37% 8.41% 8.51%

Company Overview

Business Overview

With almost 2 decades of experience in plastic packaging industry, we are one of the leaders in manufacturing of Rigid Plastic Sheets and Thermoformed Packaging Products

• 3 manufacturing facilities at Daman, Equipped with state-of-the-art machinery with annual extrusion capacity of over 14,200 MT and thermoforming capacity of over 7,770 MT with more than 150 products.

• Products range includes packaging for dairy industry, food and beverages, bakery and confectionaries, trays for sweet and snacks, punnets for fruits and vegetables, electronic packaging, etc.

• In rigid packaging we offer sheets of PP/APET/GPET/HIPS, which are sold for ‘form-fill-seal’ (FFS) application, for box making & vacuum forming applications.

• First in the Industry in India to manufacture Rigid Barrier Packaging Products with completely integrated facility under one roof using state-of-the-art European Machinery. Our business and products

• The Company is exploring an opportunity of entering into Tube Laminates segment.

• As of September 30, 2021, the Company have personnel strength more than 500 employees on itspayroll.

• BRC certified for Global Standards for Packaging and packaging Materials.

	Fiscals 2021 2020 2019 2018 2017 Extrusion (in MT) 14,200 10,200 10,200 10,200 10,200 Thermoforming (in MT) 7,770 5,220 4,320 4,320 4,320 Printing (pieces in Lakhs) 6,200 6,200 6,200 5,148 5,148 Sleeving (pieces in Lakhs) 1,275 1,275 1,275 1,275 825 Annual capacity

Management Commentary

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• ProceedsreceivedfromIPO are successfully utilized for the expansion of Unit-II.

• ~

• Consolidation and modernization of Unit-I and Unit-III by deploying new capex 15 Croresto improveproductionefficiency and profitability.

• Raw Material prices have been very volatile in this year causing pressure on margins, we are workingclosely with our Customersto pass on this hike.

• Demand continues to be robust across segments and geographies. Accordingly, we clocked our highest ever half yearly sales volume and reported 4,563 MT for H1 FY22 and expectthis momentum to continue.

Key Highlights

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Consistently
Wide range of
Implementation declares Dividend
of SAP S4 HANA products under one
every year
roof
Certified from
Strong In- Ingress into Robust growth in CPCB for
house product barrier food top line and sales
production of
development packaging & tube volume
compostable
laminate domain
Products
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Business Evolution

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2003-2004
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2020-2021
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2011 2016 • Converted to Pvt. Ltd Co. • Commenced commercial • Co-developed packaging for operations in Daman (Unit – prominent beverage III). 2021 manufacturers. • Crossed installed capacity of 10,000 MT per annum for • First in India to Successfully 2012 2003 sheet extrusion. manufacture Rigid Barrier • Received Equity Investment • Incorporated as 2017 Packaging Products, with from Wifag Polytype Holding integrated facility under one Partnership firm. AG, Switzerland. • Converted to Public Limited roof, for enhanced shelf life of Company. 2004 2013 food products using state-of- 2018 the-art European technology. • Commenced • Commenced commercial commercial operations in Daman (Unit – • Crossed ₹100 Crores in • In-principal approval from operations in Daman II). turnover. NSE for migration from SME • • (Unit – I). Co-developed packaging for Raised ~₹39 Crores through to Main Board. one of the major IPO and Pre-IPO with Shares confectionery brands. listed on NSE EMERGE.

Technology Upgradation

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First to upgrade with

• Alternate decoration technology of shrink sleevingoncontainers

• Fully automated 8-colour printing machine in dry offset with Swiss technologyin the Indian market

• High-tech extrusion machines for plastic rigidsheetswith Italiantechnology

• Completely integrated solution under one roof i. e. Extrusion, Forming, Printing, Sleeving

One of the early ones to introduce

• 6-Colour printing in dry offset in Indian market

• 3-Station fully automated vacuum forming machine withGerman technology

• Fully automated thermoforming machines withGerman technology

• Fully automated 6-colour printing machine in dry offset with Swiss technologyin the Indian market

2011 - 2015

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2004 - 2010
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2016 - 2020

Maintaining thrust for technology with

• Fully automated sleeving machine with indigenoustechnology

• Obtained CIPET approval for BioDegradable PLA Products

• Obtained License from CPCB for productionof compostable Products

• Setting up of Solar panels at Unit II with installedcapacityof 135 KW

2021 - onwards

Focused on remaining first with

• Successful commencement of manufacturing of Rigid Barrier Packaging Products, with integrated facility under one roof, for enhanced shelf life of food products using state-of-the-art European technology

• In advance stage of consolidation and modernizationof Unit I & Unit III

• • Implementationof SAPS4HANA.

Products

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Our business and products

Packaging is a vital communicator with the consumer as it plays major role in giving a distinctive look and preserving the flavors and hygiene of the products while also protecting the contents

o Rigid plastic packaging products (along with lids) in various shapes and sizes.

o Diversified range of products that cater to the dairy, beverages,food,FMCG, QSR,retail,pharmaceuticals and the electronics sector

o We produce rigid plastic sheets of PP / APET / GPET and HIPS, which are sold for ‘form-fill-seal’ (FFS) application, for box making and for vacuum forming applications

o We are ready to produce environment friendly packaging products

o Barrier Packaging Products for enhanced shelf life of food

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Plastic Rigid Sheets

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End Use
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• FFS – Form-Fill-Seal Application

• Electronic Packaging

• Textile Packaging

• Displays

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• Stationary Packaging

• Industrial Packaging

• Pharmaceutical Packaging

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Rigid Packaging Products

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• End Use

• o Yoghurt

• Ice Cream, Butters and Spreads

• Juice & Beverages Packing

• Bakery, Chocolate and Confectionery

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o Online Food Delivery

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Barrier Packaging Products

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• Ethnic Sweets

• Snacks

• Pet Food

• Ready-to-Eat Meal

• Dry Fruits

• Fruits & Vegetable

• Baby Food

• Dairy Products

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End Use
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Our Esteemed Customers

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Sr. No Name of the Customers 1. NourishCo Beverages Limited 2. Huhtamaki India Limited 3. Gujrat Co-operative Milk Marketing Federation Limited (Amul) 4. Amcor Flexibles India Private Limited 5. Goldstone PackagingJiaxingCompany Limited 6. Ferrero India Private Limited 7. Neeyog Packaging 8. Hindustan Unilever Limited 9. Kunshan Jiapu Packing Material CompanyLimited 10. Smartpaddle Technology Private Limited

Profit & Loss Statement

Financial Analysis

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(₹ Lakhs)

Fiscals	H1FY 22	H1FY 21	H1FY22 vs. H1FY21	H2FY21	H1FY22 vs. H2FY21	FY21	FY20	Y-o-Y
Revenue from operations	9,888.80	5,034.70	96.41%	7,672.52	28.89%	12,707.22	12,571.98	1.08%
Operating Profit	1,955.69	1,213.08	61.22%	1,637.74	19.41%	2,850.82	2,775.76	2.70%
Operating Profit Margin %	19.78%	24.09%	-	21.35%	-	22.43%	22.08%	-
EBIDTA	1345.97	833.02	61.58%	1,205.09	11.69%	2,038.11	1,996.82	2.07%
EBIDTA Margin %	13.61%	16.55%	-	15.71%	-	16.04%	15.88%	-
PAT	491.20	349.67	40.48%	532.19	-7.70%	881.86	926.00	-4.77%
PAT Margin %	4.97%	6.95%	-	6.94%	-	6.94%	7.37%	-
Earning Per Shares (EPS) (₹)	4.37	3.11	40.48%	4.74	-7.70%	7.85	8.24	-4.77%
Operational EBIDTA/VA (%)	37.20%	33.75%	-	33.94%	-	33.86%	35.91%	-
PAT/VA (%)	14.42%	16.10%	-	18.00%	-	17.20%	18.79%	-

Financial Analysis

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Balance Sheet

(₹ Lakhs)

Fiscals	H1 FY22	FY21	FY20	FY19
Shareholders’ Funds	11,192.79	10,813.94	10,044.42	9,186.14
Borrowings	2,677.60	1,673.04	845.71	1,499.88
Fixed Assets	8,219.68	8,293.68	4,566.17	4,436.70
Other Non Current Liabilities	350.36	326.72	273.26	361.06
Other Non-current Assets	534.55	403.19	606.74	231.43
Current Liabilities	4,132.97	5,261.58	1,877.04	2,136.96
Current Assets	7,534.71	7,919.29	7,216.36	7,746.84
Operational Working Capital	4,493.79	3,410.33	2,650.14	2,408.91
Working Capital	3,401.74	2,657.71	5,339.32	5,609.88

Cash Flow Statement

(₹ Lakhs)

Fiscals	H1 FY22	FY21	FY20	FY19
Cash Flow from Operating Activities	(50.22)	863.13	1,203.78	1,185.37
Cash Flow from Investing Activities	(661.73)	(2478.08)	554.93	(3694.16)
Cash Flow from Financing Activities	875.38	614.70	(916.43)	2,706.05
Net Cash Generated from above Activities	163.43	(1,000.25)	842.29	197.26
Opening Cash & Cash Equivalent	122.26	1,122.51	280.22	82.96
Closing Cash & Cash Equivalent	285.69	122.26	1,122.51	280.22

Sales

Operational Analysis

Ratio Analysis

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0% 20% 40% 60% 80% 100% 2,000 4,000 6,000 8,000 10,000 12,000		87.32% 89.56% 96.55% 91.92% 92.30% 12.68% 10.44% 3.45% 8.08% 7.70% 6,772 5,800 5,035 7,673 9,889 H1 FY 20 H2 FY 20 H1 FY 21 H2 FY 21 H1 FY 22 Regional Split (₹ Lakhs) Domestic Export		Fiscals	H1 FY22	FY21	FY20	FY19
				Debtors Turnover (Days)	50.93	78.75	66.22	60.65
				Creditors Turnover (Days)	33.20	58.55	43.29	43.92
				Fixed Assets To Turnover (X)	2.41	1.52	2.72	2.82
				Inventory Turnover (Days)	88.10	96.37	60.77	60.47
				Debt Equity Ratio	0.24	0.15	0.08	0.16
0% 20% 40% 60% 80% 100% 2,000 4,000 6,000 8,000 10,000 12,000		67.53% 62.27% 68.09% 66.44% 65.66% 30.02% 32.60% 29.10% 30.51% 29.80% 2.45% 5.13% 2.81% 3.06% 4.55% 6,772 5,800 5,035 7,673 9,890 H1 FY 20 H2 FY 20 H1 FY 21 H2 FY 21 H1 FY 22 Sales Mix Split (₹ Lakhs) Thermoformed products Plastic Rigid Sheet Others
				Debt EBITDA Ratio	0.99	0.82	0.42	0.71
				Interest Coverage Ratio	6.11	13.17	9.19	7.62

Operational Analysis : Capacity Utilization

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EXTRUSION
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Extrusion (in MT)

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Production % Capacity Utilisation
110%
7,500
100% 98.00% 89.46% 76.92% 115.86% 97.51%
90% 6,500 6,923
80% 5,500 5,909
70%
4,500 5,010
60% 4,563
3,500 3,923
50%
40% 2,500
30% 1,500
H1 19-20 H2 19-20 H1 20-21 H2 20-21 H1 21-22
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Operational Analysis : Capacity Utilization

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THERMOFORMING
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Thermoforming (in MT)
Production % Capacity Utilisation
110% 3,500
100% 79.58% 74.56% 62.21% 104.23% 78.56%
3,000
90% 2,944
2,500 2,720
80%
70% 2,000
2,077
60% 1,946
1,500
1,624
50%
1,000
40%
30% 500
H1 19-20 H2 19-20 H1 20-21 H2 20-21 H1 21-22
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Operational Analysis : Capacity Utilization

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PRINTING & SLEEVING

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Printing (pieces in Mn)
Production % Capacity Utilisation
110% 350
96.45%
80.40% 54.30% 97.05% 95.12%
100%
300
90% 299 301 295
250
80%
249
70% 200
60%
150
168
50%
100
40%
30% 50
H1 19-20 H2 19-20 H1 20-21 H2 20-21 H1 21-22
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Sleeving (pieces in Mn)
Production % Capacity Utilisation
110% 60
100% 75.29% 60.65% 44.59% 69.72% 63.25%
50
90%
48
80% 40 44
70% 39 40
60% 30
50% 28
20
40%
30% 10
H1 19-20 H2 19-20 H1 20-21 H2 20-21 H1 21-22
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Factory Unit I (New) (Under Development) - Sarigam

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Sustainability Focus Area

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Economic Performance

Sustain strong financial performance by tracking economic value generated and distributed, assess and address the financial implications of sustainability risks.

Diversity and EqualOpportunity

To ensure a diverse andinclusive workplace throughpolicies, pay parity,infrastructural support and motivation.

Compliance

Ensuring Compliance to all legal and statutoryrequirements by maintainingcompliance score cards and creating awareness among third-party.

OccupationalHealth andSafety

Promote a zero harm workplace.

Energy and GHGEmissions

Reduce our energyintensitybyinvestinginenergyefficiency initiatives,adoptingrenewable energyandconsequentlyreduce direct and indirectemissions.

Materials

Ensuring raw materials used in our products are sustainable in terms of impact on the environment, safety of our customers and highest quality and packaging materials are recycled 100%.

Responsible SupplyChain

Alignsustainabilityacrosssupplychain and drive responsible businessoperationbyenhancing suppliersustainability assessments,vendorand suppliercode of conduct.

Sustainability Culture

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Vision

To be the leading and most admired solution provider for rigid packaging

Commitment to Sustainability

• Publicdisclosure through corporate presentationsand annual publications

• Use of sustainable and recyclable materials.

Fostering Commitment

• Integratingsustainabilityintovision, mission, value andgovernance practices - Developingpolicies,frameworkandguidelines

• Allocationof resources.

Assigning Responsibility

• Linkingincentivestoperformance on sustainabilitygoalsand targets

• Identifying, trainingandassigningresponsibilitytosustainabilitychampions.

Building Capacity

• Comparing processesand businesspractices to industry-bests

• Modifyingexistingsystemsandprocessesto achieve improvedefficiency - InvestinR&D and technologyfor process improvements

• Increasingfocus on sustainabilityinitiativesandprojects.

Raising Awareness

• Motivate employeestoparticipate throughawarenessprograms and workshops

• Internal competitionsas a means to generate andidentifynew ideas

Monitoring andEvaluation

• Continuousmonitoringand evaluationof performance against set goals

• Effective feedback

• Monitoring effectivenessof employee awareness.

• Postersand flierspromotingsustainabilitypracticesandbehavior.

Shareholding Pattern As of September 30, 2021

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Public/Other
19.81
Institutional
Promoters
8.21
52.17
Foreign Co.
19.82
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Market Cap:~ INR 227Crore (as on November 17 2021)

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Our Strengths

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Strategically Located
Strong customer relationships
Manufacturing Units with various industry players Efficient infrastructure and
resources management with
strict quality control
standards
Efficient Working capital
management
Consistent track record of
STRENGTHS
organic growth
Experienced management
team
Adaptation to new
technologies
Relatively insulated against Product innovation and
seasonality Development
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RAJSHREE POLYPACK LIMITED

THANK YOU

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Board: +91-22 2581 8200 Fax: +91-22 2581 8250

Registered Address:

503-504, Lodha Supremus, Building No.1 5th Floor, Road No. 22, Near New Passport Office, Wagle Estate, Thane (W) – 400 604. India

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Email: info@formpack.co.in marketing@formpack.co.in

www.rajshreepolypack.com