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          a) Background of CoDex

          Background of WICMA:

          Western India Corrugated Box Manufacturers Association (WICMA) is an association of corrugated box manufacturers in Western India

          • Established in 1967, it has around 460 members spread across Western India
          • It is affiliated to the Federation of Corrugated Box Manufacturers of India - An apex body of corrugated manufacturers from all over India with around 2000 members at present

          Objective of the assignment:

          • Given the volatility in the cost of raw materials used in the manufacture of corrugated boxes, CRISIL Research has been mandated to construct an independent cost index (CoDex) that monitors the movement of these costs to facilitate negotiations
          • To provide regular updates on CoDex

          Definition of Index:

          • Index is defined as change in cost of various components of corrugated box with respect to the base value over a given period of time
          • It represents the movement in 'Cost' of a corrugated box

          b) Trends in CoDex values



          The base value of CoDex is taken as 100 as on 22nd January 2010


          CRISIL has taken due care and caution in preparing this Report solely for the use only of WICMA on the basis of the information / documents obtained by CRISIL from the sources provided by WICMA and/or obtained by CRISIL from sources considered reliable. CRISIL does not guarantee the authenticity, accuracy, adequacy or completeness of the information / documents / Report / CoDex/ contents of the Report and is not responsible for any errors or for the results obtained from the use of the same. CRISIL especially states that it has no financial liability whatsoever to WICMA / any other user of the Report/ CoDex.

          c) Framework provided by WICMA for developing CoDex


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