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Caprihans India Ltd. (509486) (85)


Caprihans India Limited is one of the largest manufacturers of PVC Films in India and has got expertise of more than 35 years in this field. It manufacturers a wide variety of PVC films both Flexible & Rigid and also Sheets/Boards made from other polymers like ABS, PP, HDPE and Rigid PVC. The films are calendared while the sheets/Boards are extruded. Caprihans India Limited is a Public Limited company and became a part of EVC group in 1997. EVC was acquired by the INEOS group in 2001. The INEOS Films business was acquired by Bilcare in 2010. Caprihans India Limited is today part of Bilcares´ Solutions Division. The company has 4 calendaring lines, 3 extruder lines, 2 lamination and coating lines as also printing and embossing lines at its production units at Thane and Nasik, near Mumbai. It has an equity base of just Rs.13.13 crore that is supported by reserves of around Rs.99.93 crore which is 7.61 times higher than equity. It has a share book value of Rs.86.09 & price to book value ratio is just 0.97 which is highly impressive. The Promoters hold 71.93% (Foreign promoters hold 51%), DIIs hold 3.72% while the investing public holds 24.35% stake in the company. For 9MFY16, CIL has reported sales of Rs.190.63crore as against Rs.198.81crore in 9MFY15. Despite higher provisioning for income tax, profit after tax has gone up nicely by 26% to Rs.7.62crore (Net profit of 9MFY16 is higher than FY15 profit). 9MFY16 EPS stood at Rs.5.80. Script is trading at PE ratio of just 11. Company has paid 15% dividend for FY15. Script is looking highly attractive at current level for investment. Fallen crude price will increase company's profitability in coming quarters. Investors can buy this stock with stop loss of Rs.70. One the upper side it will zoom up to Rs.110 levels in medium term. Most of MNC stocks are trading above 25+ PE ratio so if CIL gets PE ratio of 25, its share price should be Rs.170. Its all-time high rate is Rs.143…

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