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Resins and Plastics Limited Unlisted Shares

RESINS AND PLASTICS LIMITED

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RESINS & PLASTICS LTD FINANCIAL REPORT

Resins & Plastics Ltd. was incorporated in the year -1961. Recently there share price is 0. There market capitalisation stands at Rs 0 Cr. Latest news, company has reported Gross Sales of Rs. 1366.1 Cr and Total Income of Rs.1304.26 Cr. The company’s management includes Hemangi N Modi, Chetan Thakkar, Dhiren P Mehta, Bharat B Chovatia, Ashwin S Dani, Rupen A Choksi, Gobind J Lulla, Abhay A Vakil. This is listed on the BSE with a BSE Code of , NSE with an NSE Symbol of and ISIN of INE422F01017. It’s Registered office is at Plot No. A-8,Marol Industrial Estate Of M I D C,Cross Road – B, Street No.5, Andheri-eastMumbai-400093, Maharashtra. Their Registrars are ACC Ltd. It’s auditors are Manubhai & Shah, Manubhai & Shah LLP, Shah & Co

Shareholding Pattern:

Shareholding Pattern as on 31.03.2019.

S no.	Name	No. of Shares	Percentage of Total Shares
1	Narendra Investments (Delhi) Limited	42,000	1.17
2	P P Zibi Jose	26,465	0.74
3	Pratik Dilipbhai Parikh	9,500	0.26
4	Sunil Kumar Gohel	7,920	0.22
5	Ashok Vishwanath Hiremath	6,300	0.18
6	Ajay Kumar	5,150	0.14
7	Shravan Kumar Bali	5,000	0.14
8	Sonal Dharmesh Shah	5,000	0.14
9	Vikash Kejriwal	5,000	0.14
10	Ranjitsinh Himmatsinh Chavda	3,600	0.10

Financials of Resin & Plastic Limited Unlisted Shares:

(Figures in Lakhs) 1. Revenue, PAT, EPS, and RoCE Analysis

Year	Revenue	EBITDA	OPM	PAT	NPM	Shares	F.V.	EPS	CE	RoCE
2016	11,583	761	7%	485	4%	35.72	10	13	3,615	21%
2017	12,363	916	7%	604	5%	35.72	10	16	4,238	22%
2018	13,042	976	7%	637	5%	35.72	10	17	4,732	21%
2019	12,651	1088	9%	732	6%	35.72	10	20	5,363	20%
2020	140,44	1181	8.40%	857	6.10%	35.72	10	21	7410	17%

2. Debt/NW and RONW Analysis

Year	Long-Term Debt	Short-Term Debt	Total Debt	NW	Debt/NW	RONW
2016	0	0	0	3496	0	14%
2017	0	7.61	7.61	4101	0	15%
2018	0	0	0	4609	0	14%
2019	0	0	0	5213	0	14%
2020	0	0	0	7228	0	12%

3. Current Ratio, Receivable Days and Free Cash Flow Analysis

Year	Current Assets	Current Liabilities	Current Ratio	Receivable Days	CFO	Capital Exp.	FCF
2016	3956	1,042	3	86	246	66	179
2017	4526	1,044	4	83	502	63	438
2018	5217	1,222	4	79	848	44	804
2019	5584	930	6	76	706	31	675
2020	7647	1253	6	78	634	107	527

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Resins and Plastics Limited Unquoted/Illiquid Shares – Company Overview

RESINS & PLASTICS LIMITED is a pioneer in the manufacturing and marketing of Synthetic Resins in India. Resins & Plastics Limited started its operations in 1971. The company’s product portfolio has a wide range of products – Alkyds, Acrylics, Polyamides, Phenolic, Polyurethane, and Maleic Resins. Today, Resins & Plastics Limited has pan India sales network /distributors providing technical service and support to small, and large & MNCcustomersoperating in SurfaceCoatings, Adhesives, Printing Inks, and construction chemicals. The company exports to neighboring countries of India and are planning to expand it to other countries. Resins & Plastics Limited has 3 manufacturing facilities, One located at Maharashtra Industrial Development Corporation (MIDC), Taloja in Maharashtra, and Two at Gujarat Industrial Development Corporation (GIDC), Ankleshwar in Gujarat. Both of these facilities are located close to shipping ports.

The company has a well-equipped R&D center that is recognized by the Government of India and it leverages technology to achieve a competitive advantage for its customers.

Pragati Chemicals Limited (hereinafter referred to as ‘PCL’) has been merged with Resins & Plastics Limited with effect from 1st April 2019 vide National Company Law Tribunal (NCLT) order dated 25th June 2020. Pragati Chemicals Limited manufactures Amino Resins, Ketonic Resins, and Epoxy Resins.

Resins and Plastics Limited Unquoted Share Details as of March 31, 2023

Resins and Plastics Outstanding Shares:	41,72,300
Face Value of Resins and Plastics Unquoted Share:	Rs. 10 Per Equity Share
ISIN of Resins and Plastics Unquoted Share:	INE422F01017
Lot Size of Resins and Plastics Unquoted Share:	100 Shares
Resins and Plastics Share Price:	Best in Industry
PAN Number of Resins and Plastics:	AAACR1888C

Resins & Plastics Limited Incorporation Details

CIN of Resins & Plastics	U25209MH1961PLC012223
Registration Date of Resins & Plastics	22 December 1961
Resins & Plastics Registered office address and contact details	A-8 Marol Industrial Estate of MIDC, Cross Road B, Street No. 5, Andheri (East), Mumbai 400 093; Tel.: 61987000
Resins & Plastics Registrar and Transfer Agent address	Link Intime India Private Limited C-101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai – 400 083

Resins & Plastics Limited Principal Business Activities

Name and Description of main products/services	NIC Code of the product/service	% to total turnover of the Company
Synthetic Resins	3022	38.29%

Resins & Plastics Limited Board of Directors

Shri Dhiren P. Mehta, Chairman

Shri Rupen A. Choksi, Managing Director

Shri Ashwin S. Dani, Director

Smt. Dipika A. Vakil, Director

Shri Bharat B. Chovatia, Director

Shri Chetan S. Thakkar, Director

Smt. Hemangi N. Modi, Director

Resins & Plastics Limited Shareholding Pattern (As of 31-03-2023)

S. No.	Shareholders’ Name	Number of shares	% of total Shares of the company
1	Promoters Shareholding	36,94,363	88.54%
2	Public Shareholding	4,77,937	11.46%
	Total	41,72,300	100%

Industry Outlook

Synthetic Resins are primarily used in Adhesives, Construction Chemicals, and IndustrialCoatings & Printing Inks Industries. The raw materials used in manufacturing synthetic resins witnessed price fluctuation during FY 2020.

In FY 2021, automation, higher production, and increased sales of existing and new products would be the main thrust areas for resin manufacturers.

The Global resin market is projected to increase significantly due to the rise in demand for sustainable packaging for water bottles and other items.

The resin market is segmented geographically into the Asia Pacific, the Middle East and Africa, Europe, North America, and Latin America. Among these markets, Asia Pacific is in the dominant position and has the largest market share in the resin market at present. This growth has mainly come from emerging economies such as India, China, and Japan. China is one of the biggest consumers of resin.

The future of Resin market in India looks bright with opportunities in transportation, marine, wind energy, aerospace, pipe & tank, construction, electrical and electronics, and consumer goods.

In view of the restrictions imposed by regulatory authoritiesdue to COVID-19 lockdown, the production and sales were adversely affected for a few days during the FY2020. All the operations were disrupted since mid-March 2020 and the industry saw partial commencementof production from May 2020. Resins & Plastics Limited has now commenced operating across its all the three plants after takingrequisite government permissions.

Resins and Plastics Limited Balance Sheet (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Equity and Liabilities
Share Capital	417.23	417.23
Reserves and Surplus	10,382.09	9,474.93
Total Shareholders’ Funds	10,799.32	9,892.16
Non-Current Liabilities
Deferred Tax Liabilities (Net)	74.84	62.06
Long Term Provisions	61.23	103.61
Current Liabilities
Total Outstanding dues of Micro Enterprises and Small enterprises	202.06	96.96
Total Outstanding dues of Creditors other than Micro Enterprises and Small Enterprises	1,221.46	1,582.82
Other Current Liabilities	168.48	243.26
Short Term Provisions	50.95	86.61
TOTAL	12,578.34	12,067.48
Assets
Non-Current Assets
Property Plant and Equipment	1,473.42	1,552.54
Intangible Assets	0.88	1.87
Capital Work-in-Progress	23.09	–
Non-Current Investments	0.09	0.09
Long Term Loans and Advances	119.82	148.32
Current Assets
Current Investments	2,739.63	2,121.15
Inventories	1,937.83	2,494.12
Trade Receivables	5,797.17	5,459.93
Cash and Bank Balances	248.81	122.14
Short Term Loans and Advances	235.8	165.49
Other Current Assets	1.8	1.83
TOTAL	12,578.34	12,067.48

Resins and Plastics Limited Profit & Loss Statement (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Revenue from operations	25,820.63	25,233.42
Other Income	231.85	85.64
Total Income	26,052.48	25,319.06
Expenses
Cost of Materials Consumed	20,315.89	19,935.25
Purchase of Stock in Trade	415.8	427.21
Change in inventories of finished goods, work-in-progress and stock-in-trade	45.3	-120.32
Employee Benefits Expenses	1,413.44	1,365.20
Finance Costs	3.14	2.88
Depreciation and Amortization Expenses	147.48	126.35
Other Expenses	2,156.46	2,252.77
Total Expenses	24,497.51	23,989.34
PROFIT BEFORE TAX	1,554.97	1,329.72
Tax Expenses
Current Tax	387	334
Deferred Tax	12.78	9.55
Short/ (Excess) Provision for earlier years	-2.31	4.75
TOTAL TAX EXPENSES	397.47	348.3
PROFIT FOR THE YEAR	1,157.50	981.42
Earnings per share (Rs.) Basic & Diluted (Face value of Rs.10 each)	27.74	23.52

Resins and Plastics Limited Consolidated Cash Flow Statement (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Cash flow from operating activities
Net profit before tax and extraordinary items	1,554.97	1,329.72
Adjustments for:
Depreciation and amortization	147.48	126.35
Interest income	-4.01	-8.34
Finance cost	3.14	2.88
Dividend income received from Non Current Investment	-0.02	-0.02
Loss/(profit) on Sale of Investment (Net)	-81.22	-46.89
Fixed assets written off	0.32	0.49
Sundry Balances written back/write off	–	-3.93
Bad Debt written off	1.14	4.02
Unrealized Foreign exchange (gain)/loss	3.02	-10.42
Loss /(profit) on sale of fixed assets (net)	-0.5	-9.48
Operating profit before working capital changes	1,624.32	1,384.38
Changes in working Capital:
Inventories	556.29	-311.91
Trade receivables	-338.38	-368.1
Short term loans and advances	-70.31	-9.19
Long term loans and advances	4.04	48.46
Trade payables	-259.28	407.18
Other current liabilities	-24.42	-25.23
Short term provisions	-21.6	-21.35
Long term provisions	-42.38	25.34
Cash generated from operations	1,428.28	1,129.58
Income tax paid (Net of refund)	-367.5	-331.99
Net cash flow generated from operating activities	1,060.78	797.59
Cash flow from investing activities
Capital expenditure on Property Plant and Equipments	-126.66	-445.51
Capital work in progress	-23.09	–
Purchase of Current Investment	-2,500.00	-3,275.00
Sale of Current Investment	1,962.73	3,201.73
Proceeds from sale of Property Plant and Equipments	0.8	13.12
Dividend income received from Non Current Investment	0.02	0.02
Interest received	4.04	2.02
Net cash used in investing activities	-682.16	-503.62
Cash flow from financing activities
Finance cost	-1.74	-2.88
Dividend paid (Final and Interim)	-250.34	-250.34
Net cash used in financing activities	-252.08	-253.22
Net increase / (decrease) in cash and cash equivalents	126.54	40.75
Cash and cash equivalents at the beginning of the year	107.82	67.07
Cash and cash equivalents at the end of the year	234.36	107.82

Here is the analysis of cash flow for year March 2023 and 2022:

Cash Flow from Operating Activities:

Net profit before tax and extraordinary items: In the fiscal year ending March 31, 2024, the company reported a net profit before tax and extraordinary items of ₹1,554.97 Lakh, up from ₹1,329.72 Lakh in the previous year. This increase indicates improved profitability.

Adjustments: Various adjustments were made to compute cash flow from operations, including depreciation and amortization expenses amounting to ₹147.48 Lakh, interest income of -₹4.01 Lakh (reflecting interest earned), finance costs of ₹3.14 Lakh (interest paid), and dividend income received from non-current investments amounting to -₹0.02 Lakh.

Profit or loss on investments and assets: The Company recorded a net loss of -₹81.22 Lakh from the sale of investments and a slight profit of ₹0.32 Lakh from fixed assets written off. There were also adjustments for bad debts written off (₹1.14 Lakh), unrealized foreign exchange gains (₹3.02 Lakh), and gains/losses on the sale of fixed assets (₹-0.50 Lakh).

Operating profit before working capital changes: Before adjusting for changes in working capital, the company’s operating profit was ₹1,624.32 Lakh in 2024, up from ₹1,384.38 Lakh in 2023.

Changes in working capital: Significant changes in working capital affected cash flows. Inventories increased by ₹556.29 Lakh, whereas trade receivables decreased by -₹338.38 Lakh. There were decreases in short-term loans and advances (-₹70.31 Lakh) and trade payables (-₹259.28 Lakh). Other current liabilities decreased by -₹24.42 Lakh, and both short-term (-₹21.6 Lakh) and long-term (-₹42.38 Lakh) provisions decreased.

Cash generated from operations: After adjusting for working capital changes and other adjustments, the cash generated from operations in 2024 amounted to ₹1,428.28 Lakh, compared to ₹1,129.58 Lakh in 2023.

Income tax paid: The company paid income tax of -₹367.5 Lakh (net of refunds), compared to -₹331.99 Lakh in the previous year.

Net cash flow from operating activities: Overall, the net cash flow generated from operating activities in 2024 was ₹1,060.78 Lakh, reflecting an increase from ₹797.59 Lakh in 2023.

Cash Flow from Investing Activities:

Capital expenditures: The company invested -₹126.66 Lakh in property, plant, and equipment in 2024, compared to -₹445.51 Lakh in 2023. Additionally, -₹23.09 Lakh was spent on capital work in progress.

Investments: There was a significant reduction in investments with the purchase of current investments amounting to -₹2,500.00 Lakh in 2024, compared to -₹3,275.00 Lakh in 2023. Conversely, proceeds from the sale of current investments were ₹1,962.73 Lakh in 2024, down from ₹3,201.73 Lakh in 2023.

Other activities: The Company received dividend income of ₹0.02 Lakh and interest income of ₹4.04 Lakh from non-current investments and other sources in 2024, compared to ₹0.02 Lakh and ₹2.02 Lakh, respectively, in 2023.

Net cash flow from investing activities: Overall, the net cash used in investing activities was -₹682.16 Lakh in 2024, compared to -₹503.62 Lakh in 2023, reflecting decreased investments in property, plant, and equipment, and reduced purchases and sales of current investments.

Cash Flow from Financing Activities:

Finance costs: The company incurred finance costs of -₹1.74 Lakh in 2024, compared to -₹2.88 Lakh in 2023.

Dividends: Dividends paid out totaled -₹250.34 Lakh in both 2024 and 2023.

Net cash flow from financing activities: The net cash used in financing activities was -₹252.08 Lakh in 2024, slightly lower than -₹253.22 Lakh in 2023.

Net Increase / (Decrease) in Cash and Cash Equivalents:

Beginning and ending cash balances: Cash and cash equivalents at the beginning of 2024 were ₹107.82 Lakh, increasing to ₹234.36 Lakh by the end of the year. In comparison, cash and cash equivalents were ₹67.07 Lakh at the beginning of 2023, increasing to ₹107.82 Lakh by the end of that year.

Net increase: The net increase in cash and cash equivalents during 2024 was ₹126.54 Lakh, compared to ₹40.75 Lakh in 2023.

Financial Ratios of Resins and Plastics Limited

Ratio	2024	2023
Current Ratio (Times)	6.67	5.16
Return on Equity Ratio (%)	11.19%	10.30%
Inventory Turnover Ratio (Times)	11.62	10.76
Trade Receivables Turnover Ratio (Times)	4.58	4.77
Trade Payables Turnover Ratio (Times)	14.42	15.05
Net Profit Ratio (%)	4.49%	3.90%
Return on Capital Employed (%)	14.93%	13.88%
Return on Investment (%)	3.34%	2.28%

Here is the summary of financial and operational metrics for Resins and Plastics Limited for year 2023 & 2022:

Current Ratio (Times):

2024: 6.67 times

2023: 5.16 times

Insight: The current ratio measures the company’s ability to pay its short-term liabilities with its short-term assets. An increase from 5.16 times in 2023 to 6.67 times in 2024 indicates improved liquidity and a stronger ability to meet short-term obligations.

Return on Equity Ratio (%):

2024: 11.19%

2023: 10.30%

Insight: This ratio indicates how effectively the company is generating profits from shareholders’ equity. An increase from 10.30% in 2023 to 11.19% in 2024 suggests improved profitability relative to shareholder investments.

Inventory Turnover Ratio (Times):

2024: 11.62 times

2023: 10.76 times

Insight: The inventory turnover ratio shows how efficiently inventory is managed. An increase from 10.76 times in 2023 to 11.62 times in 2024 indicates that inventory is being sold more quickly, which can free up working capital and improve cash flow.

Trade Receivables Turnover Ratio (Times):

2024: 4.58 times

2023: 4.77 times

Insight: This ratio measures how efficiently the company collects payments from customers. A slight decrease from 4.77 times in 2023 to 4.58 times in 2024 suggests a slightly longer collection period for receivables.

Trade Payables Turnover Ratio (Times):

2024: 14.42 times

2023: 15.05 times

Insight: The trade payables turnover ratio indicates how quickly the company pays its suppliers. A decrease from 15.05 times in 2023 to 14.42 times in 2024 suggests a longer payment cycle to suppliers.

Net Profit Ratio (%):

2024: 4.49%

2023: 3.90%

Insight: The net profit ratio shows the percentage of net profit generated from total revenue. An increase from 3.90% in 2023 to 4.49% in 2024 indicates improved profitability.

Return on Capital Employed (%):

2024: 14.93%

2023: 13.88%

Insight: This ratio evaluates the profitability of capital investments. An increase from 13.88% in 2023 to 14.93% in 2024 indicates improved returns on the capital employed in the business.

Return on Investment (%):

2024: 3.34%

2023: 2.28%

Insight: The return on investment ratio measures the return generated on investments made. An increase from 2.28% in 2023 to 3.34% in 2024 indicates improved efficiency in generating returns on investments.

Dividend History

Particulars	2024	2023
Dividend Per Share (In Rs.)	7.00	6.00

Resins and Plastics Limited Recent Financial Performance:

Dividend per Share: The specific dividend per share figure for March 2024 is Rs. 7 and 2023 is also Rs 6; Dividend per share represents the portion of a company’s earnings that is distributed to shareholders in the form of dividends. A higher dividend per share may indicate that the company is sharing more of its profits with shareholders.

To provide a more comprehensive analysis, it would be necessary to consider additional financial metrics such as revenue, net profit, assets, liabilities, and cash flows. Additionally, an analysis of trends over multiple years and a comparison to industry benchmarks and competitors would help in assessing the company’s financial health and performance.

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