Jhaveri Flexo India Ltd Company Summary

Jhaveri Flexo India Ltd Summary

Incorporated in Apr.85 as a public limited company, Flexo Film Wraps (India) (FFW) is promoted by V K Thirani and Kunal Thirani. It manufactures PVC monolayer stretch cling film at Waluj (Aurangabad), Maharashtra, with an installed capacity of 360 tpa. FFW commenced commercial production in 1986.The company manufactures films in food and industrial grades, sold under the KlinWrap and Intact brand names. Its customers include Indian Airlines, Paper Products, Ponds (I), Indo-American Hybrid Seeds, Videocon Narmada Electronics, BHEL and Bajaj Auto.In Apr.96, the company came out with a public issue of 19,01,070 equity shares of Rs 10 each for cash at a premium of Rs 8 per share aggregating Rs 3,42,19,260. The issue was to part-finance its diversification project to manufacture 3-layer co-extruded blown film from the polyolefines category of polymers -- linear low density polyethylene (LLDPE), low density polyethylene (LDPE) and ethyl vinyl acetate (EVA) at Farola, Maharashtra.The company completed the modernisation for the manufacture of 1000 tpa of masking film, 1250 tpa of flamination film and 250 tpa of LLDPE stretch cling film in addition to the present installed capacity.During 1998-99, the company has reflected losses which exceeds its net worth, so a reference has been made to BIFR for rehabilitation as a consequence the company has been declared sick during the year 2000, and the BIFR has appointed ICICI as the operating agency.