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In the Press

Intelpack A Quarterly Packaging Update October-December 2000

Polymerupdate.com, India's first website dedicated to the plastics industry was launched on the 9th of November 1999, an auspicious day according to the Hindu calendar. Essentially a content based web site at the time, the site was providing free news feeds and price updates along with other value added services to the industry. Based on the feedback received from registered users and casual visitors, polymerupdate.com realized its potential to become a market maker in the plastics industry from its existing position as a community site around which a critical mass of market participants had already been built. Several visitors accessing the site daily for market intelligence from news feeds and price updates began to ask for additional services which would help them save time and costs and simplify their business thereby enabling them to concentrate on other pressing issues. Nurtured by the industry from a fledgling stage and considering today's transparent environment polymerupdate.com has matured into an industry portal where at a click of a button a visitor can gather : Critical market information to help him plan his purchases be it resins or machines, prime or secondary.
'Plastics market has great potential'
says John Braver, National sales director, www.polysort.com Mid-day, MUMBAI, 13 September 2000

Assist him in his raw material inventory management. Aid him if he faces difficulties while processing. Build him a storefront which can be accessed by potential buyers across the globe. Allow him to monitor what his competitors are doing. Book container space at special rates for exports. Educate himself with a host of industry expertise helping him enhance his knowledge in his chosen field within the industry.
And many many more features like answering frequently asked industry questions like existing duty structures, country wise exports, imports, etc etc. All this and more on a single, easy to use platform, www.polymerupdate.com, now synonymous with the on-line plastics community in India. Polymerupdate.com having attracted an investment from key processors in the Indian plastics industry Bright Brothers (15%), and Polyset Plastics (10%) and with the initiatives of its overseas alliance partner , U.S.A's renowned Polysort LLC (20%) is now ready to launch a powerful yet easy to use trading platform, developed by Polysort LLC, which will feature an anonymous, sealed bid format allowing industry buyers and sellers the opportunity to trade 24 hours a day in an efficient, timesaving system. Negotiations between buyers and sellers on the platform will be anonymous until both parties accept the terms and if they choose, companies even have the ability to exclude specific companies from a list of potential participants. The platform also features a highly interactive tool that informs the buyers by e-mail when materials they need are available and informs sellers by e-mail when buyers have posted requests for materials they can supply. However, the key to the success of the platform and the immense benefits it offers will be realized only once sufficient awareness and acceptability is created. Owing to its neutrality and commitment to the industry and gaining strength from the domain expertise it possesses, polymerudpate.com is now set to emerge as the market leader in this given space riding on the number of firsts it has to its credit and the tremendous brand equity it has managed to create and sustain over a period of time.


Could you share with us why you decided to enter the Indian market and how Polymerupdate.com fit strategically ?
In the United States, Polysort has considerable experience in providing an Internet marketplace for the plastic and rubber industries Further our site is accessed by a wide range of professionals such as engineers and marketing professionals, amongst others, from the plastics industry in the US as other parts of the world.
We believe the Indian plastics market has considerable growth potential over the next few years. It is expected to grow from the current usage level of three per Kg. to levels comparable with those of countries like China, where it is much higher. Hence when we were looking for a partner in the Indian market we found the business philosophy and operating practices of Polymerupdate.com, lead by Sajjid Mitha, to be convergent with ours. As a commitment to that end, we have taken a 20 percent equity stake in Polymerupdate.com.


The domestic plastics market is characterised by a large number of small scale processors. How would your site be able to offer value-added services to them ?
We recognise this characteristic of the Indian market when working with our partner to develop appropriate business solutions. We would be offering these small processors an opportunity to get better prices by pooling their produce.
Through the website of our Indian partner Polymerupdate.com, the large petrochemical users would have to bid online for their requirements as against the earlier practice of buying them directly from an individual producer.


Amongst users of business to business sites, there exists a certain fear of paying online. How would you overcome this problem ?
We have experienced a similar problem in the United States and as a result, the payments are made offline. Our Indian partners, I understand, would also be following a similar practice.


Could you throw some light on your future plans in the country ?
We are very optimistic that our venture with Polymerupdate.com, which also has equity participation from leading members from the trade here like Brite Brothers and Polyset Plastics, would make significant inroads in the Indian plastics industry. We are actively pursuing the opportunity of extending the scope of our site to neighbouring countries.
Further, through frequent interaction with our partner we believe that we can learn from each other's experiences when developing future business strategies.