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Bright Brothers Ltd. Stock Analysis

Small Cap
Evaluated by 114 users | BSE: 526731 | NSE: BRIGHTBROS |
Plastic Products
Bright Brothers Limited was incorporated as a Private Limited Company on July 11, 1946. It was promoted by T.W. Bhojwani. The company was converted into full fledged Public Limited Company on June 27, 1994. The company was manufacturing Umbrella, Ladies Cigarette Cases, Table lamps, Wash...

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Value Creation
 Mar'10Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19
Return on Capital Employed 7.43%5.99%6.86%3.18%8.04%0.43%-6.83%3.89%9.64%11.74%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 98.9127120147150162154184214231
Y-o-Y Gr. Rt.-28.8%-5.5%22.2%1.8%8.4%-4.9%18.9%16.8%7.6%
Adjusted EPS (Rs.) 4.872.73.88-2.193.58-4.95-11.92-2.081.063.3
Y-o-Y Gr. Rt.--44.6%43.7%-156.4%NA-238.3%NANANA211.3%
Book Value per Share (Rs.) 102.5104.08105.79102.11104.4199.0586.2674.4874.3975.37
Adjusted Net Profit 2.81.52.2-1.22-2.8-6.8-1.20.61.9
Net Op. Cash Flow (Rs. Cr.) 4.80.92.57.99.38.55.311.57.910.5
Debt to Cash Flow from Ops 0.744.021.340.830.570.520.720.320.891.17
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
Bright Brothers Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 9.9%9%14.3%7.6%
Adjusted EPS -4.2%-1.6%NA211.3%
Book Value per Share -3.4-6.3-4.41.3
Share Price 2.5% 0.9% -12.5% -16.4%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'10Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19
Return on Equity (%) 4.782.553.65-2.083.42-4.8-12.67-2.541.394.33
Operating Profit Margin (%) 4.395.624.83.755.033.291.164.25.35.92
Net Profit Margin (%) 2.861.21.83-0.841.36-1.73-4.38-0.640.280.81
Debt to Equity 0.060.060.060.110.090.080.080.090.170.29
Working Capital Days 10712513291827873595959
Cash Conversion Cycle 13132220191412338
Entity Percentage Holding
Promoters 53.13%
Non-Institutions 46.87%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)
Data is not available for this company.

The 5-year analysis of Bright Brothers's performance infers:

Bright Brothers earnings have declined by -1.6%, whereas share price has appreciated 0.9% CAGR over the past five years, indicating the company's share price is likely overvalued. However, for specific investment actions please connect with your investment advisor.

We analysed the performance of Bright Brothers share prices over the last 10 years. Here is what we found out:

Bright Brothers share price has appreciated -1% annually over the past ten years.

Bright Brothers Limited was incorporated as a Private Limited Company on July 11, 1946. It was promoted by T.W. Bhojwani. The company was converted into full fledged Public Limited Company on June 27, 1994. The company was manufacturing Umbrella, Ladies Cigarette Cases, Table lamps, Wash Basins fabricated out of `Perspex' (acrylic) Sheets. The company acquired several rights for products/processes from abroad including the `Engle processes, `Kaberit process' and a proprietary

Bright Brothers Limited was incorporated as a Private Limited Company on July 11, 1946. It was promoted by T.W. Bhojwani. The company was converted into full fledged Public Limited Company on June 27, 1994. The company was manufacturing Umbrella, Ladies Cigarette Cases, Table lamps, Wash Basins fabricated out of `Perspex' (acrylic) Sheets. The company acquired several rights for products/processes from abroad including the `Engle processes, `Kaberit process' and a proprietary range of plastic spheres known as the 'Allplas' systems.

In the seventies, the company diversified into manufacture of hi-teck precision industrial products for supply to OEM markets such as Phillips, Bush India, Voltas etc. In the eighties certain OEMs required manufacturing facilities to be located next to their own factories for implementing just in time techniques and this led to promoters of Brite Automotive and Plastics Ltd. at Pithampur in Madhya Pradesh to cater primarily to the requirements of Kinetic Honda Motors Limited.

The company installed its first injection moulding machine and started manufacturing household items like Combs, Bangles, Mugs etc. which were sold under the trade name 'BRITE'. This Trade name is owned by the company and is registered in the name of the Company since 1946.

Its manufacturing operation was set up at Tarapur, Maharashtra with an installed capacity of 850 TPA by installing 3 injection moulding machines. Presently the company has an installed capacity of 3,000 tpa and facilities at Bhandup and Tarapur. The company undertook to set up a project for setting up facilities for manufacture of injection moulded components. The company also undertook a diversification project for manufacture of office seating system at Tarapur.

Milestones

  • 1947 - On July 11 Bright Brothers Limited was incorporated in Mumbai.
  • 1948 - The Group pioneered injection Molding technology in the Indian Plastic Industry.
  • 1962 - The company commissioned a state-of-the-art factory, at Mumbai.
  • 1986 - Brite Automotive & Plastics Limited, a company specializing in the manufacture of thermoplastic automotive components was set up in Pithampur meeting requirements of Kinetic Honda, Bajaj Tempo & Hindustan Motors.
  • 1989 - In March, the Tarapur Plant was inaugurated to cater the needs of the Television Cabinets manufactured by the growing Television Industry.
  • 1992 - In November, another plant was set up at Thribhuvanai, Pondicherry for molding of large parts for washing machine manufactured by Whirlpool of India Ltd.
  • 1994 - In October the plant was inaugurated at Sohna, Gurgaon catering to requirements of Maruti Udyog Ltd., Honda Motorcycles & Scooters India Ltd., Sony & Whirlpool of India Ltd.
  • 1999 - In June the company’s plant was started in Thane.
  • 2001 - In August Whirlpool Plastic division at Faridabad was acquired for supplies to Whirlpool of India.
  • 2005 - In January the Pune plant was started for supplies to TELCO and Whirlpool.
  • 2006 - In January Chennai plant was scheduled to go into operations to meet the requirements of Hyundai Motors India Ltd.
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323
Research Analyst - INH000000719

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