Mega Flex Plastics Ltd Company Summary

Mega Flex Plastics Ltd Summary

Mega Flex Plastics Limited was originally incorporated as Mega Flex Plastics Private Limited on November 18, 2003 vide Certificate of Incorporation under the provisions of Companies Act, 1956 issued by the Registrar of Companies, West Bengal. Subsequently, the Company was converted to Public Limited Company vide a fresh Certificate of Incorporation issued by Registrar of Companies, West Bengal, consequent upon conversion from Private Limited to Public Company dated February 01, 2007 in the name of Mega Flex Plastics Limited.The Company was originally formed in year 2003 under visionary and dynamic leadership of Late Anup Chand Sethia and his son Mr. Rakesh Sethia with the main object of manufacturing, processing, buying, selling, trading etc. in flexible packaging material and to do all other acts and things necessary for the attainment of the foregoing objects to empower the Indian rural sector with packaging solutions. With his decades of rich experience in plastic processing, oil milling, paper packaging and other industries, he visualized tremendous opportunity available in packaging of horticultural produce, especially potato, onion and other vegetables. In 2006, the Company acquired land of 2.095 acres in Howrah Poly Park from West Bengal Industrial Development Corporation Limited (WBIDC Limited) on lease basis for 99 years to set up plastic products/packaging unit. In year 2007, it started manufacturing facility with installation of 27 looms with production capacity of 22.61 million bags per year. It decided to put 27 looms (First Phase) all designed specially to manufacture PP Leno Bags mainly and one Extrusion Tape line which can accommodate 60-65 looms thinking of future expansion. It was a very bold decision from the management to go fully for the product which was hardly established in the market. But they had full confidence on the future of the LENO Bags. The Company became an integrated fruits and vegetable packaging solutions provider offering Leno Bags, which are used for packing of fruits & vegetables, Technical Textile Fabric and Sutli (Fibrillated Twisted Thread). It is a part of a group whose other business interests include manufacturing of rigid plastic packaging products i.e. Plastic Container for Paints, Lubricants, Greases etc.; paper packaging products i.e. Corrugated Boxes & Mono Boxes; and logistics & warehousing etc.The Company export Leno Bags to European countries and is capable to produce Sutli (fibrillated Twisted Thread) as per the demand. Vegetables were mainly packed in jute bags. Jute bags was not an efficient mode of packaging due to its high cost, voluminous in size, wastage of packed produce because of high water absorption resulting in huge loss during storage and transportation. With technical and marketing support of some big polymer manufacturers, it reached out to farmers at grass root level in villages of West Bengal and popularized use of Leno Bags. This revolutionized the way vegetables were packed and proved to be a boon for the farmers.In 2009, the Company expanded the production capacity to 17 looms. In 2010, production capacity was increased to 3 looms. It achieved production of 20 million bags in 2009-10.In 2011, production capacity of the looms was increased to 6. It achieved production of 30 million bags in 2010-11.In 2014, it achieved the production capacity of 40 million bags in 2013-14.In 2015, it purchased office premises at 4 Ho Chi Minh Sarani, in Kolkata.In 2016, it additionally installed 1 loom of production capacity.In 2018, it additionally installed 6 looms of production capacity and achieved the production capacity of 50 million bags in 2017-18.It gradually increased capacity to 51.30 million Bags per year in 2020.The Company launched an IPO of 28,50,000 equity shares of Rs 10/- each by raising money through IPO aggregating to Rs 11.4 Crore in September, 2022.