Gulshan Polyols(GPL) – Business by FMCG and Valuation by Commodity

excellent write-up chaitu – this is a very good one that gives us all a sense of the business

I have a few questions

1. what happened post FY 11 – EBITDA margins plummeted 700 bps from FY 10 to FY11. would you know why ? margins over a 10 year period have ranged from 27 % to 14 %

2. how difficult a product is calcium carbonate to make and how critical is it to the end product – that will give us an indication of the pricing power ?

3. would you have a sense of how much agri commodities like corn are a function of the RM costs in total