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REFEX REFRIGERANTS LTD
CRISIL Research
CMP: Rs.20.35
Book Value: Rs.32.42
Market Cap: Rs.31.49 Cr
Refex Refrigerants Limited (RRL) was incorporated in 2002. It operates as a refiller and distributor of refrigerant gases. The company refills non ozone-depleting refrigerant gases, such as hydrofluorocarbons
(HFCs). Its products are used in refrigeration, industrial refrigeration, transport refrigeration, food processing, air conditioning, chillers for buildings and systems, aerosol propellants, foam blowing, etc. RRL has a refilling and storage facility in Tamil Nadu from where products are refilled and distributed to major OEMs.
KEY HIGHLIGHTS:
Strategic moves to strengthen the market reach RRL is one of the leading players in the country for HFCs, which are an environmentally safe refrigerant developed to replace chlorofluorocarbons (CFC) in several air conditioning and refrigeration applications. RRL has a technical collaboration with Kaltech Engineering and Refrigerants Pvt Ltd, Singapore (Kaltech is one of the largest trader of HFC gases in the world) in which it owns 51% stake and has increased its footprint outside India. In FY10, the company tied up with Daiken Arkema Refrigerants Asia Ltd for marketing Daiken’s speciality refrigerant gases in India, which has helped the company to increase the sale of speciality refrigerants in newer markets.
Concentrating on power business through subsidiary-Refex Energy RRL ventured into the power business in 2008. It has formed a wholly-owned subsidiary—Refex Energy Pvt Ltd for the foray. It is a strong player in solar photovoltaic (PV) power industry. In FY09, Refex Energy set up a 50 MW solar PV power plant in Gujarat and also signed a Memorandum of Understanding (MOU) with energy and petrochemicals department of Gujarat. In FY10, Refex Energy added a 5 MW solar power plant, under the Jawaharlal Nehru National Solar Mission (JNNSM) by NTPC Vidyut Vyapar Nigam Ltd and is expected to be operational by July 2012.
KEY RISKS:
• Largely dependent on foreign countries for supply of raw materials.
• Increase in raw material cost, adverse foreign exchange fluctuations.
• Changes in the regulatory framework pertaining to manufacturing and importing of refrigerant gases.

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