MPL Plastics Ltd

MPL Plastics Ltd

Incorporated in 1972 as a partnership firm Milton Plastics was converted into a public limited company in 1992. The company has a manufacturing unit at Sanaswadi near Pune. The company also has six associate industrial units with substantial plasticising capacity which do job-work for Milton Plastics.The company manufactures a range of plastic household items insulated thermoware items vacuum flasks blossomates and components and fitments for the automobile industry and various engineering products made from plastics. It launched Funny Bunny baby care product range which includes about 36 baby care products. The product range also includes chinaware and glassware. The company's products are sold under the Milton brand name. In 1995 the company entered into a joint venture with the Hong Kong-based Electricals and Electronics (EEL) to launch domestic appliances like sandwich toasters hand mixers hair dryers etc. In 1999 the company introduces six new product ranges namely Microwavable Containers of various sizes Non-stick ware Water Purification System Soft Thermoware Products Pet Bottles/Jars of various sizes and shapes and Glass Based Tea and Dinnerware.The Board of Directors have decided to close down some of the non-core activities namley polymers trading and lease/finance activities.The Company made a preferential issue of 3250000 shares to Sweet Solutions Limited a business associate of the promoters of the Company. By issuing to above business associate the stake of the promoters was increased by 26% as against NIL % in previous year. During 2001-02 the company made a reference to BIFR as networth of the company was fully eroded.