Bulkcorp International Ltd IPO

Bulkcorp International Limited was originally incorporated on October 08, 2009, as a Private Limited Company as `Navjivan Polyplast Private Limited' under the provisions of the Companies Act, 1956 with the Registrar of Companies, Gujarat, Dadra and Nagar Havelli. The name of the Company was subsequently changed to Bulkcorp International Private Limited on August 05, 2015 and received a certificate of incorporation dated August 27, 2015 from the Assistant Registrar of Companies, Registrar of Companies Ahmedabad. Subsequently, the Company was converted into a Public Limited Company pursuant to members resolution passed at Extra-ordinary General Meeting of the Company held on March 04, 2024 and the name of the Company was changed to Bulkcorp International Limited. A fresh Certificate of Incorporation consequent upon Conversion from Private Limited Company to Public Limited Company dated March 09, 2024 was issued by the Central Processing Centre, Haryana. The Corporate Identification Number of the Company is U25200GJ2009PLC058294.

World Economic Outlook: Global growth appears to be decelerating, with several key advanced economies slowing in the third quarter. Gross domestic product (GDP) contracted in Japan (-2.1% annualised) and the eurozone (-0.2%). Meanwhile, GDP growth slowed in the United Kingdom (UK; 0% vs 0.2% previous quarter). The United States (US) was a notable exception, with its real GDP growth accelerating sharply (4.9% annualised vs 2.1% previous quarter). Central banks in many advanced economies-maintained interest rates during their latest policy meetings. While inflation remains above targets, it has eased significantly over the past year. Central banks will closely monitor the impact of past rate hikes on economic growth and inflation. US growth accelerates: Real GDP in the US expanded an annualized 4.9% in the third quarter (vs 2.1% previous quarter), the fastest since the fourth quarter of 2021. Higher consumer spending (4% vs 0.8%) drove the growth, supported by exports, government spending, private inventory investment, and residential fixed investment. The US economy added 150,000 jobs in October (vs an average of 258,000 in the previous 12 months). The unemployment rate edged up to 3.9% (vs 3.8% the previous month), its highest since January 2022. Asset prices have been in broad, synchronous decline, investment growth has weakened substantially, and housing markets in many countries are worsening rapidly. Shockwaves continue to emanate from the Russian Federation's invasion of Ukraine, especially in energy and other commodity markets. Against this backdrop, confidence has fallen precipitously. The worlds three major engines of growth-the United States, the euro area, and China-are undergoing a period of pronounced weakness, with adverse spillovers for emerging market and developing economies (EMDEs), many of which are already struggling with weakening domestic conditions. Inflation eased to 3.2% in October (vs 3.7% the previous month), led by a 4.5% on-year slide in energy prices (vs 0.5% decline). Core inflation moderated marginally to a two-year low of 4% (vs 4.1%). The Federal Reserve maintained the funds rate at 5.25-5.5% for the second consecutive time at its November meeting. The committee noted it will factor in tightening of monetary policy, the lags with which it affects the economy and further developments for additional policy firming. The trade deficit widened $2.9 billion on-month to $61.5 billion in September, as the rise in imports outpaced the increase in exports. INDIAN ECONOMY INTRODUCTION Indian Economy Outlook: The effects of the slowdown in global economic growth resulting from high inflation and the continuing war between Russia and Ukraine are also seen to be affecting India's economic performance. The country recorded muted growth of 4.4% in Q4 2022 compared to 6.3% in Q3 2022, with sluggish private consumption and exports being the major reasons behind that. The country's real GDP growth in the fiscal year 2022-23 is estimated at 7.0% in comparison to 9.1% in the prior year. However, some demand indicators such as record sales of 3.8 million in the passenger vehicles segment in 20221, strong growth in tractor sales, and a rise in domestic air travel, continue to support economic growth. Despite the sluggish growth in the latest quarter, we still expect India to be one of the major beacons of growth in 2023, driven by strong domestic demand and government expenditure. The efforts of the Union Budget 2023-24 to improve the disposable income of taxpayers in the country are expected to boost consumption via an increase in discretionary spending. In addition, the strong capital expenditure push provided by the Union Budget, with an increased outlay of 37.4% in comparison to the fiscal year 2022-23, is expected to drive growth, investments, and job creation. The government's reduction of over 39,000 compliances and decriminalization of over 3,400 legal provisions will also foster the ease of doing business in the country.2 Strong credit growth and resilience in financial markets are further expected to create an environment that supports investments. FIBC Market Outlook (2023 to 2033): The global FIBC market size is expected to top a valuation of US$ 12.6 billion by the end of 2033, with a CAGR of 5.4% during the forecast period. In the year 2023, the market is expected to generate revenue of US$ 7.5 billion. The global FIBC market is estimated to hold a 1/3rd value share of the global IBC market worth US$ 22 billion in 2022. Flexible intermediate bulk containers (FIBC) that carry at least 750 kg are the most preferred type, estimated by Future Market Insights (FMI). As per the study, the FIBC industry is projected to grow steadily as manufacturers introduce lightweight containers. The expansion of the food and pharmaceutical industries as well as the growing requirement to lower the total weight of bulk packaging is one of the key factors driving the demand for FIBC. Industries are projected to use FIBCs to transport grains, rice, and liquid chemicals used in biological products. FMI predicts this sector is anticipated to witness a compound annual growth rate of 5.8% from 2023 to 2033. FMI predicts this sector is anticipated to witness a compound annual growth rate of 5.8% from 2023 to 2033. What is the Historical and Forecast Outlook for FIBC Market: Over the historical period of 2018 to 2022, FIBCs were built to be reusable and were intended for specific goods. Nowadays, several types of specialized FIBC gaining traction across diverse industries, boosting the market. The growing inclination of end users towards FIBC in place of traditional packaging and transportation is one of the factors propelling the demand. The need for high durability had a minor impact on the adoption rate of FIBC, hence manufacturers are developing new product lines to cater to the growing demand from end users. As per FMI, the industrial sector is predicted to experience steady growth due to the integration of machine learning and the adoption of robotics, which, in turn, is projected to fuel the growth of the FIBC industry. The industry holds a prominent position in the Indian economy contributing about 30 percent of total gross value added in the country. In FY23, the Indian industry faced some extraordinary challenges as the Russian-Ukraine conflict broke out. That led to a sharp rise in the prices of many commodities. Prices of edible oil, crude oil, fertilisers and food grains rose sharply. They remained at elevated levels for several months. The risk of another round of supply chain disruptions emerged, but they were not as severe as feared. Nonetheless, both the price and the availability of essential commodities had the potential to dent the industry's optimism on consolidating the recovery of FY22 and further accelerating it. It is fair to say that the Indian industry acquitted itself rather well under trying circumstances. Overall Gross Value Added (GVA) by the Industrial Sector, based on data available for the first half of the FY23, rose 3.7 per cent, which is higher than the average growth of 2.8 per cent achieved in H1 of the last decade. Robust domestic conditions since FY22 have provided a demand stimulus to industrial growth. Private Final Consumption Expenditure (PFCE) as a share of GDP in H1 of FY23 was the highest among all half years, H1 or H2, since FY15. Further, the strong export performance of FY22 continued somewhat in the first half of FY23. In this half of the year, exports of goods and services as a share of GDP have been the highest since FY16. However, the performance began to wane in the first half itself as the Year-on-Year (YoY) growth of exports declined from Q1 to Q2 due to persistently high inflation and rising interest rates in the advanced economies. The increase in investment demand has emerged as another powerful stimulus to industrial growth. It has been triggered by the augmented capex of the central government in the current and the previous year as compared to the pre-pandemic years. The leap also has crowded in private investment, already upbeat on the pent-up demand, export stimulus, and strengthening of the corporate balance sheets. The pandemic and the Russia-Ukraine conflict have demonstrated the risk of supply chain shocks to the global economic order. As companies adapt their manufacturing and supply chain strategies to build resilience, India has a unique opportunity to become a global manufacturing hub this decade. In this context, the government's Make-in-India initiative has facilitated investment, fostered innovation and built world-class infrastructure while addressing the gaps in domestic manufacturing capabilities. The Production Linked Incentive (PLI) schemes across 14 categories has further complemented it with an estimated Capex of around Rs.3 lakh crore over the next five years and the potential to generate over 60 lakh jobs. In the medium term, the scheme will help reduce net imports by building domestic manufacturing capacity that will cater to domestic and global needs.

Incorporated in 2009, Bulkcorp International Private Limited is an ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 and BRC certified Company, which is engaged in manufacturing and supply of Food Grade Flexible Intermediate Bulk Container (FIBC) bags. The manufacturing unit of the Company is situated at Changodar, Ahmedabad. Its manufacturing facility meets the requirements set out in BRC Global Standard for Packing and Packaging Materials and has achieved certified Grade A. The company offers a wide range of customisable packaging solutions FIBC bags (Jumbo Bags) which come in eight variations and container liners. Its manufacturing facility located at Changodar, Ahmedabad is equipped with the required facilities including machinery, and other handling equipment to facilitate smooth manufacturing process. The company endeavours to maintain safety and high hygiene in its premises by adhering to key safety and hygiene norms as specified by BRC.