Tijaria Polypipes Ltd

Tijaria Polypipes Ltd is engaged in manufacturing in two segments viz. Plastic and Textile. In the plastic division, the main products of the Company are HDPE Pipes, Sprinkler Irrigation System, DripIrrigation System, Mini Sprinkler System, Green House, Micro irrigation, uPVC Pipes, SWR pipes Fittings, Electrical uPVC Conduit Pipes Fittings, PLB ducts, DWC Pipes and uPVC Casing Pipes. These products are used in irrigation, telecommunication, industrial, and infrastructure and housing sector. The plastic division runs under the brand name of Tijaria and Vikas. In the Textile division, the compnays main product is mink blankets. Tijaria Polypipes Ltd is an ISO 9001: 2000 certified company. The company is based at Jaipur. They are having its branch offices at Lucknow, Indore, Nasik, Ahmedabad, Hyderabad and Haryana. Their five major customers include Ramky Infrastructure Ltd, R K Sales Corporation (Jodhpur), JDS Trade Links Pvt Ltd (New Delhi), Independent Fruit Trade B V (Netherlands) and APR Projects Pvt Ltd (Churu).Tijaria Polypipes Ltd was incorporated on July 17, 2000 as a private limited company. Initially, the company was started as a partnership firm under the name of Tijaria Overseas Vinyl in the year 2000. In July 17, 2006, the company was converted in to private limited company and thus formally incorporated. In July 20, 2006, the company was converted into public limited company. The company through their vision of learning and constant innovation has become a premier name in the industrial, agricultural, infrastructure, domestic and telecommunication fields.In the year 2009, the company entered into a consignment sale agreement with an overseas consignee Independent Fruit Trade B.V., Holland for sale of Indian Grapes. The company purchased grapes from the various farmers in the State of Maharashtra and sold under the said consignment agreement to the overseas consignee.The company won National Award2008 for Quality Production (Special Recognition Award) awarded by the Ministry of Micro, Small Medium Enterprises, Govt. of India. They also received Rashtriya Udyog Ratna Award in the Year 2010, by Center for Educational Development Research for excellence in their respective field. The company entered in an agreement with Ricky Mathur Associates, Architects Interior Designers and Planners Jaipur dated May 12, 2010 for providing project design and consultancy regarding setting up of the proposed expansion cum diversification project of the company. Also, they entered into an agreement with K.B. Bhatt, Surat dated May 12, 2010 for providing technical consultancy regarding setting up of the proposed expansion cum diversification project of the company.Tijaria Polypipes raised Rs 60 crore through an initial public offer (IPO) in October 2011. The company issued and allotted 1,00,00,407 Equity Shares of Rs. 10/ each, fully paidup, at a premium of Rs.50/ each in terms of the Prospectus dated September 12, 2011 filed and registered with Registrar of Companies, Rajasthan, Jaipur. The Equity Shares of the Company got listed and admitted to dealings on the Bombay Stock Exchange Ltd. and National Stock Exchange of India Ltd. with effect from October 14, 2011.Tijaria Polypipes commenced production and sales of Mink Blanket on 17 September 2012. Due to initial stage of POY, DTY and Mink blankets products, the company could not manage the adequate profit for the financial year 201213.Worldwide economic slowdown coupled with hostile competition from china and rise in price of raw material and crude prices affected the textile division of company adversely in 201314. Its cost of production increased substantially with no similar increase in price realization of finished product. The company was not even able to service the interest on loans and therefore decided to temporarily to stop the production of yarn and decided to give the plant on rent to contribute to the cash flow of the company. To monetize the immovable properties to reduce the debt burden and to bring efficiencies and cost reduction, pipe plant was shifted to Sitapura unit.The performance of the textiles division of company was adversely in 201415 due to worldwide economic slowdown, hostile competition from china, rise in price of raw material and rise in crude prices. The company was not even able to service the interest on loans and therefore decided to temporarily stop the production of yarn and decided to give the plant on rent to contribute to the cash flow of the company. Excepting for three months, the company was not even able to rent it out in the absence of takers. On 20 June 2014, SEBI passed an order directing the company to call back project advances for Rs.20.4 crore from the vendors and keep in a separate account till further directions, which has been challenged by the company by filing appeal before the SAT, Mumbai.During the financial year ended 31 March 2017, the company continued its focus on HDPE/PVC pipes, agricultural implements under the brand name Vikas and Tijaria. During the year under review, the company executed few supplies to infrastructure projects, irrigation projects of the government, telecom companies. The companys mink blanket product did well both in domestic and overseas market. Despite focus on cutting cost, achieving production efficiency and building brand image to deliver results, financial results impacted due to unexpected policy decisions taken by the Indian Government.