Kisan Mouldings Ltd
Plastic Products
FV – Rs 10; 52wks H/L –52/16.55; TTQ – 25; CMP – Rs 52 (As On October 17th 2016; 11:30) ;

Market Cap – Rs 111.61 Crs

Standalone Financials and Valuations for FY16 (Amt in Rs.Crs unless specified)

Equity Capital	Net worth	Long Term Debt	Total Sales	PAT	BV (Rs)	EPS (Rs)	P/E	Industry P/E	P/BV	Promoter’s Stake	Beta
20.33	42	112	469	-15.32	21	-7.54	–	57.08	2.48	51.23	1.07

 

Standalone Financials and Valuations for Q1 FY17 (Amt in Rs Crs unless specified)

Equity Capital	Net worth	Long Term Debt	Total Sales	PAT	BV (Rs)	EPS (Rs)	P/E	P/BV	Beta
21.46	42	112	121	-2.03	21	-0.95	–	2.48	1.07

• Promoter holding has decreased considerably to 51.23 in Sept,16 from 68.96 in June,16

The company eyes Rs.1000 Crs turnover by FY 2018.

(http://www.business-standard.com/article/pti-stories/kisan-mouldings-eyes-rs-1-000-cr-turnover-by-fy18-115052001141_1.html)

On 18^th April 2016 the members have approved preferential allotment of 1381000 shares of the company.

On 21^st September 2016 the members of the Committee have approved the allotment of 7400000 Equity Shares of Rs. 10 each at a price of Rs. 40/- (inclusive of premium Rs. 30/-) on preferential basis. http://corporates.bseindia.com/xml-data/corpfiling/AttachHis/9E8865EB_9EA6_4739_B34A_BFE63361ED19_153335.pdf

Overview:

Kisan Mouldings Limited (KML) is one of India’s largest plastics companies, processing around 50,000 metric tonnes of polymer each year. 

• Kisan Mouldings Limited is an India-based manufacturer of polyvinyl chloride (PVC) pipes, fittings and allied products.
• The Company’s segments include Pipes and Fittings, and Moulded Furniture.
• The Company’s pipes are used for water supply, sanitation, sewerage, construction, cable ducting, drinking water, tube wells, submersible pumps and various polymer products.
• The Company is also engaged in manufacturing of molded furniture.
• The Company’s pipes include rigid unplasticized polyvinyl chloride (uPVC) pipes; soil, waste and rain water (SWR) pipes, free flow uPVC plumbing pipes (American Society for Testing and Materials (ASTM)), high density polyethylene (HDPE) pipes, submersible pipes and underground drainage pipes, among others. The Company’s products include fittings, chlorinated polyvinyl chloride (CPVC) plumbing system, composite piping system, irrigation systems, Kisan barish rain water system, furniture, solvent cement, rubber lubricants, and cisterns and seat covers.

KML has decided to restructure its manufacturing footprint and is now focusing on reallocating capacities from various units to the core units in Tarapur and Tumkur. This will allow for lower order completion times and better economies of scale.

The Company has experienced a reduction of sales of about 16% in terms of Value. From a segmental point of view, Agricultural PVC Pipes have declined by over 30% in terms of Value.

Clientele:

• Shirke
• Indian Petrochemicals Ltd
• Hiranandani
• Lloyds Group
• Peninsula Land
• Raheja Corp
• Voltas
• Evershine
• HCC
• L &T
• Shapoorji Pallonji
• Tata
• Hindalco
• TCS
• Brigade Group
• Bhel
• Others

Industry Updates:

• India’s plastics industry is projected to grow dramatically in the coming years.
• There is a huge potential to grow business not only for catering to domestic demand but also for catering to global demand of plastics products and is obvious that the country will remain one of the largest sources of additional demand for almost all kinds of plastics and plastics products for major usages i.e. domestic, industrial and agriculture.
• Polymer consumption in the country has witnessed a growth in the year under review but there was tremendous volatility in the Polymer prices during the preceding year, owing to the drastic changes in crude prices.

Management:

• Mr. Vijay Aggarwal – Chairman
• Mr. Ashok Aggarwal – MD
• Mr. Suresh Purohit – CFO

Bulk Deals :

Deal Date	Client Name	Deal Type	Quantity	Price (Rs.)
19-Sep-16	Ishwar Enterprises	S	500000	40
19-Sep-16	Rajasthan Global Services Pvt.Ltd	P	500000	40
15-Sep-16	Nipur Chemicals Ltd	S	502500	40
15-Sep-16	I C Jain	P	502500	40
27-Jun-16	Veena Agarwal	S	138229	35.9
27-Jun-16	Polsons Traders LLP	P	139275	35.9

 

Major Non-Promoter Holdings:

Sr.No	Non – Promoters	No. of Shares held	% of shares held
1	Kapil Agarwal	450000	1.56
2	Pankaj Kajaria	400000	1.39
3	Rajesh Nuwal	500000	1.73
4	Usha Gosalia	750000	2.6
5	I C Jain	502500	1.74
6	Madhu Mehta	750000	2.6
7	Parul Mody	500000	1.73
8	Quiet Enterprises LLP	1000000	3.46
9	Ladderup Finance Ltd	1000000	3.46
10	Sallee Tradefin Ltd	600000	2.08
11	Rajasthan Global Securities Pvt.Ltd	500000	1.73

 

 

Standalone Financial Trends (In Rs.Crs):

Particulars	FY16	FY15	FY14	FY13	FY12
Equity Paid Up	20.33	20.33	20.33	20.33	20.33
Networth	42	59	96	101	100
Total Debt	226	224	209	204	196
Net Sales	469	450	538	521	442
Other Income	4	2	1.5	1.2	1.8
PAT	-15.32	-37.84	2.33	2.42	7.05
Book Value (Rs)	21	29	47	50	49
EPS (Rs)	-7.54	-18.61	1.15	1.19	3.47