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BSE: 533161 | NSE: EMMBI | Plastic Products | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Emmbi Industries Ltd is a below average quality company.
The key valuation ratios of Emmbi Industries Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Emmbi Industries Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 7.3% | 8.7% | 11.5% | 12% | 11.1% | 11.5% | 8.9% | 5.2% | 9.1% | 5.2% | - |
| Value Creation Index ⓘ | -0.5 | -0.4 | -0.2 | -0.1 | -0.2 | -0.2 | -0.4 | -0.6 | -0.4 | -0.6 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 159 | 184 | 208 | 229 | 254 | 289 | 304 | 274 | 436 | 371 | 372 |
| Sales YoY Gr. | - | 15.6% | 13.1% | 10.2% | 11.1% | 13.6% | 5.2% | -9.9% | 59% | -14.8% | - |
| Adj EPS ⓘ | 2.5 | 3.2 | 5.5 | 6.9 | 7.5 | 9.1 | 6.9 | 3.1 | 8.9 | 2.6 | 4.1 |
| YoY Gr. | - | 29.4% | 73.5% | 24.6% | 9.2% | 21.8% | -24% | -54.6% | 182.2% | -70.5% | - |
| BVPS (₹) ⓘ | 32.9 | 35.9 | 41.2 | 47.7 | 55.5 | 65 | 72.6 | 76.4 | 86.7 | 90.8 | 93.6 |
| Adj Net Profit ⓘ | 4.3 | 5.6 | 9.7 | 12.1 | 13.2 | 16.1 | 12.2 | 5.6 | 15.7 | 4.6 | 7 |
| Cash Flow from Ops. ⓘ | 4.3 | 7.9 | 36.7 | 19.8 | 30.1 | 25.9 | 20.1 | 3.6 | 27.4 | 38.5 | - |
| Debt/CF from Ops. ⓘ | 16 | 10.2 | 1.7 | 4 | 3.2 | 4 | 5.8 | 38.2 | 5.3 | 3.8 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 9.9% | 7.8% | 6.9% | -14.8% | ||||
| Adj EPS ⓘ | 0.7% | -19% | -27.8% | -70.5% | ||||
| BVPSⓘ | 12% | 10.3% | 7.8% | 4.7% | ||||
| Share Price | 26.3% | -3.8% | 9.4% | 21.1% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 7.7 | 9.2 | 14.3 | 15.4 | 14.5 | 15.1 | 10.1 | 4.2 | 10.9 | 2.9 | 4.4 |
| Op. Profit Mgn % ⓘ | 9.7 | 10.7 | 12.3 | 12.7 | 12.7 | 13.4 | 11.2 | 9.3 | 10.2 | 8.7 | 9.9 |
| Net Profit Mgn % ⓘ | 2.7 | 3.1 | 4.7 | 5.3 | 5.2 | 5.6 | 4 | 2 | 3.6 | 1.3 | 1.9 |
| Debt to Equity ⓘ | 1.2 | 1.3 | 0.9 | 0.9 | 1 | 0.9 | 0.9 | 1 | 0.9 | 0.9 | - |
| Working Cap Days ⓘ | 182 | 176 | 166 | 162 | 159 | 160 | 168 | 197 | 138 | 168 | 90 |
| Cash Conv. Cycle ⓘ | 150 | 155 | 135 | 113 | 100 | 93 | 100 | 126 | 90 | 111 | 27 |
Debt to equity has declined versus last 3 years average to 0.91
Return on Equity has declined versus last 3 years average to 4.40%
Sales growth has been subdued in last 3 years 6.88%
Net Profit has been subdued in last 3 years -27.75%
Sales growth is not so good in last 4 quarters at -0.33%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 4.1 | - |
| TTM Sales (₹ Cr.) | 372 | - |
| BVPS (₹.) ⓘ | 93.6 | - |
| Reserves (₹ Cr.) ⓘ | 148 | - |
| P/BV ⓘ | 1.10 | - |
| PE ⓘ | 25.46 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 79.25 / 138.35 |
| All Time Low / High (₹) | 8.71 / 264.10 |
| Market Cap (₹ Cr.) | 182 |
| Equity (₹ Cr.) | 17.7 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 35.7 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 159 | 184 | 208 | 229 | 254 | 289 | 304 | 274 | 436 | 371 |
| Operating Expenses ⓘ | 144 | 164 | 182 | 200 | 222 | 250 | 270 | 249 | 391 | 339 |
| Manufacturing Costs | 16 | 18 | 23 | 25 | 24 | 30 | 34 | 38 | 51 | 44 |
| Material Costs | 111 | 130 | 140 | 156 | 170 | 187 | 200 | 172 | 277 | 236 |
| Employee Cost | 6 | 6 | 8 | 7 | 12 | 15 | 17 | 18 | 20 | 17 |
| Other Costs ⓘ | 11 | 10 | 11 | 12 | 17 | 18 | 19 | 20 | 43 | 42 |
| Operating Profit ⓘ | 15 | 20 | 26 | 29 | 32 | 39 | 34 | 25 | 44 | 32 |
| Operating Profit Margin (%) | 9.7% | 10.7% | 12.3% | 12.5% | 12.6% | 13.4% | 11.2% | 9.3% | 10.2% | 8.7% |
| Other Income ⓘ | 0 | 1 | 1 | 1 | 3 | 3 | 4 | 3 | 5 | 5 |
| Interest ⓘ | 6 | 9 | 9 | 8 | 9 | 11 | 12 | 11 | 15 | 16 |
| Depreciation ⓘ | 3 | 3 | 4 | 4 | 5 | 6 | 7 | 7 | 9 | 10 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 6 | 8 | 14 | 17 | 21 | 24 | 19 | 10 | 26 | 12 |
| Tax ⓘ | 2 | 2 | 4 | 5 | 5 | 6 | 4 | 2 | 7 | 4 |
| Profit After Tax | 4 | 6 | 11 | 12 | 15 | 18 | 15 | 8 | 19 | 8 |
| PAT Margin (%) | 2.7% | 3.2% | 5.1% | 5.4% | 6.0% | 6.2% | 4.8% | 2.8% | 4.4% | 2.2% |
| Adjusted EPS (₹) | 2.5 | 3.4 | 6.0 | 7.0 | 8.6 | 10.1 | 8.3 | 4.3 | 10.8 | 4.7 |
| Dividend Payout Ratio (%) | 10% | 9% | 8% | 7% | 6% | 5% | 5% | 9% | 6% | 6% |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 58 | 63 | 73 | 84 | 98 | 115 | 128 | 135 | 153 | 161 |
| Share Capital ⓘ | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 |
| Reserves ⓘ | 41 | 46 | 55 | 67 | 81 | 97 | 111 | 117 | 136 | 143 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 65 | 77 | 59 | 75 | 90 | 96 | 107 | 124 | 126 | 138 |
| Long Term Debt | 6 | 7 | 5 | 15 | 38 | 36 | 36 | 56 | 50 | 54 |
| Short Term Debt | 59 | 70 | 54 | 60 | 52 | 61 | 72 | 68 | 76 | 83 |
| Trade Payables | 2 | 1 | 12 | 21 | 24 | 27 | 26 | 26 | 31 | 35 |
| Others Liabilities ⓘ | 15 | 15 | 21 | 18 | 33 | 32 | 34 | 42 | 43 | 33 |
| Total Liabilities ⓘ | 141 | 156 | 165 | 199 | 245 | 270 | 296 | 326 | 355 | 366 |
Fixed Assets | ||||||||||
| Gross Block | 64 | 70 | 80 | 102 | 134 | 151 | 166 | 185 | 208 | 227 |
| Accumulated Depreciation | 12 | 15 | 18 | 22 | 27 | 33 | 40 | 47 | 56 | 66 |
| Net Fixed Assetsⓘ | 52 | 55 | 62 | 80 | 107 | 117 | 126 | 137 | 152 | 162 |
| CWIP ⓘ | 0 | 0 | 1 | 5 | 4 | 4 | 6 | 4 | 0 | 5 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories | 49 | 55 | 57 | 63 | 70 | 73 | 79 | 90 | 98 | 104 |
| Trade Receivables | 31 | 33 | 32 | 38 | 37 | 45 | 52 | 64 | 76 | 69 |
| Cash Equivalents | 0 | 3 | 1 | 0 | 4 | 4 | 4 | 2 | 1 | 2 |
| Others Assetsⓘ | 9 | 9 | 12 | 11 | 24 | 27 | 30 | 30 | 28 | 25 |
| Total Assets ⓘ | 141 | 156 | 165 | 199 | 245 | 270 | 296 | 326 | 355 | 366 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 4 | 8 | 37 | 20 | 30 | 26 | 20 | 4 | 27 | 38 |
| PBT ⓘ | 6 | 8 | 14 | 17 | 21 | 24 | 19 | 10 | 26 | 12 |
| Adjustment ⓘ | 10 | 13 | 13 | 13 | 15 | 17 | 19 | 18 | 23 | 26 |
| Changes in Working Capital ⓘ | -11 | -12 | 11 | -6 | -2 | -8 | -14 | -23 | -17 | 4 |
| Tax Paid ⓘ | -1 | -1 | -2 | -4 | -3 | -8 | -4 | -2 | -5 | -3 |
| Cash Flow From Investing Activity ⓘ | -8 | -6 | -11 | -27 | -31 | -17 | -19 | -15 | -20 | -24 |
| Capex | -7 | -7 | -11 | -27 | -31 | -17 | -18 | -17 | -20 | -20 |
| Net Investments | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 1 | 1 | 0 |
| Others ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | -4 |
| Cash Flow From Financing Activityⓘ | 3 | 2 | -28 | 7 | 3 | -9 | -2 | 11 | -8 | -14 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 10 | 11 | -18 | 16 | 23 | -3 | 0 | 20 | -6 | 4 |
| Interest Paid ⓘ | -6 | -9 | -9 | -8 | -9 | -11 | -12 | -11 | -15 | -16 |
| Dividend Paid ⓘ | 0 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 |
| Others ⓘ | 0 | 0 | 0 | 1 | -9 | 6 | 10 | 3 | 14 | -1 |
| Net Cash Flow ⓘ | 0 | 3 | -2 | -1 | 2 | 0 | -1 | -1 | 0 | 0 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 7.7 | 9.81 | 15.54 | 15.8 | 16.71 | 16.69 | 12.02 | 5.82 | 13.19 | 5.26 |
| ROCE (%) | 10.38 | 12.64 | 16.69 | 17.09 | 16.75 | 16.82 | 13.2 | 8.3 | 14.22 | 9.15 |
| Asset Turnover Ratio | 1.25 | 1.3 | 1.35 | 1.33 | 1.26 | 1.22 | 1.18 | 1.03 | 1.5 | 1.21 |
| PAT to CFO Conversion(x) | 1 | 1.33 | 3.36 | 1.67 | 2 | 1.44 | 1.33 | 0.5 | 1.42 | 4.75 | Working Capital Days |
| Receivable Days | 62 | 61 | 55 | 53 | 49 | 48 | 53 | 66 | 50 | 61 |
| Inventory Days | 97 | 98 | 94 | 91 | 87 | 83 | 83 | 96 | 67 | 85 |
| Payable Days | 11 | 5 | 17 | 40 | 49 | 50 | 49 | 56 | 38 | 51 |
Emmbi Polyarns was incorporated on November 29, 1994 under the Companies Act, 1956 as ‘Emmbi Polyarns Private Limited’. It was subsequently converted into a public limited company on April 1,1999 and received a certificate of name change. Emmbi first started off with trading activity i.e. trading into woven polyethylene and polypropylene bags. It subsequently backward integrated into manufacturing in the year 1997 and installed its first extrusion plant. Emmbi is premier and an established manufacturer of a wide range of woven polyethylene and polypropylene bags. It is an ISO 9000: 2008 certified company, with a legacy of over fifteen years of presence in the industry. It is the first non-European FIBC manufacturing company to be a part of European FIBC Manufacturing Association.
The company is engaged in manufacture and sale of FIBC (Jumbo Bags) and woven sacks and various woven polymer based products like container liners, protective irrigation system, canal liners, flexi tanks, car covers, etc. It is promoted by the first-generation entrepreneurs, Makrand Appalwar and Rinku Appalwar. The company is one of the well established brands in the field of woven polyethylene and polypropylene product manufacturing industry. It has a track record of business in the field of woven sacks and Flexible Intermediate Bulk Container (FIBC) container liners, canal liners, protective irrigation systems, flexi tanks, car covers, which find large-scale application in the segments like cement and fertilizer. The manufacturing facility is located at Silvassa.
Emmbi Polyarns has been awarded SME 2 Rating by CRISIL which indicates high level of credit worthiness adjudged in relation to other SMEs. The company has constantly shown growth in production and sales. It is amongst the first few companies in India to achieve ISO Certification for the management system in the woven sack industry.
The company specializes in high strength, low GSM FIBC with high safety factor. It is among the first few global manufacturers to offer Jumbo Bags (FIBCs) with 130 GSM Bags, 5:1 safety factor for 1000 KG Safe Working Load and 160 GSM Bags, 6:1 safety factor for 1500 KG Safe Working Load. Its extrusion machinery is capable of producing tapes with very high linear tenacity. This ensures that its woven plastic products are of the highest strength. Emmbi Polyarns produces FIBCs of U+2 panel, circular jumbo bags, baffle bags, all-panel bags, conductive FIBC and static dissipative FIBCs.
In addition to FIBC, the company manufactures various woven polypropylene products including small bags, box woven bags, roofing underlayment fabric, courier bags, ground covers, silt fence and geotextiles. It offers woven bags and fabrics in both PP and HDPE. Its products are UV stabilized and pre-conditioned against shrinkage. Emmbi Polyarns' operations are managed through fully integrated ERP software, which facilitates the accuracy and speed in its routine operation.
It has a fully-equipped manufacturing facility located in the Union Teritorry of Dadra and Nagar Haveli. The factory occupy 85000 sq ft constructed area with more than 135000 sq ft of lush green campus. These facilities are augmented with adequate power and water sources.
Products:
• Flexible Intermediate Bulk Container (FIBC)
• Technical Textile
• Flexible Tanks
• Woven Sacks
• Car Covers
• Container Liners: Bulk Cargo Handling Systems
• Anti Corrosive Packaging
Milestones:
• 1994 - Incorporation of the company
• 1997 - Installed first extrusion plant with an installed capacity of 80 kg / hr in a 20000 ft^2 plot and 30000 ft^2 constructed area
• 1999 - Increased the installed capacity from 80 kgs/ hr. to 100 kgs/hr
• 2001 - Increased the production capacity from 100 kgs / hr to 125 kgs / hr
• 2003 - Completely refurbished the downstream equipment of the extrusion line to increase the operating speed of the machine resulting in additional output of 100 kg per hour making it a 225 kg / hr plant
• 2005 - Purchased a new unit at Rakholi which had 1,00,000 ft^2 Land and 72,000 Ft^2 construction
• 2008 - Became the member of Small & Medium Business Development Chamber ofIndia
Awards/Achievements:
2009 - Received, Corp Excel National -mSEM Excellence Award 2008, presented by finance minister Pranab Mukherjee from Corporation Bank
2009 - ISO 9000:2008 Certification for Quality Management System from Det Norske Veritas Management System Certificate
2008 - Awarded with 'Udyog Rattan Award' for its new concept of 'Protective Irrigation System' by Institute of Economic Studies (IES)
• Certificate of Appreciation from Hindustan Unilever Limited
• “CorpExcel 2008†(Medium Enterprises Category) National Excellence Awards for mSMEs & Emerging Corporate from Corporation Bank
• Certificate of Recognisation as Export House from the Ministry of Commerce, Office of Zonal Joint Director General of Foreign Trade
• CRISIL SME 2 by CRISIL Ratings
• Certificate for FIBC;’s complying with the requirements of ISO 21898, 160 GSM having a safety working load of 1750 kgs with a safety factor of 5:1 from Labordata International Materials Testing Institute
• Certificate for FIBC;’s complying with the requirements of ISO 21898, 225 GSM having a safety working load of 2000 kgs with safety factor of 5:1 from Labordata International Materials Testing Institute
2007 • Certificate of Conformity: NEL Glasgow Certification for 1500 kgs SWL 6:1 SF 'U+2 Panel' Design Bag in 160 from TUV Nel Ltd. (United Kingdom)
• Test Certificate for FIBC test for cyclic top lift performance from Szechenyi Istvan University (Department of Logistics – Packing Laboratory) Hungary
2006 • ISO 9001:2000 Certification for Quality Management System from Det Norske Veritas Management System Certificate
• Certificate of Conformity: NEL Glasgow Certification for 1000 kgs SWL 6:1SF 'Circular' Design Bag'in 190 GSM from TUV Nel Ltd. (United Kingdom)
Global partners:
• SILAGRO Handels GmbH
• MIBRIAN Holding B.V
Customers:
• Hindustan Lever Limited
• Tata Chemicals Ltd
• Goderej Consumer Products Ltd
• Godrej Industries Ltd.
• ITC Ltd.
• Sahayamatha Salt Refinery Limited
• IPF - Vikram India Ltd
• Indo Brine Industries Ltd.
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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