Acrysil (India) Ltd.

Acrysil (India) Ltd.

Current price

220.00

Sector

Kitchen Sinks

No of shares

4658000

52 week high

714.90

52 week low

220.10

BSE Sensex

27890.13

Nifty

8429.70

Average Volume

7000

BSE Code

524091               

Company Details

Acrysil Ltd is one the leading manufacturer and exporter of Composite Quartz Granite Kitchen Sinks in India. The company is engaged in the manufacture and sale of kitchen sinks in India. They offer granite kitchen sinks and stainless steel kitchen sinks. They market their sinks under the brand name 'Carysil'. The Company is also an original equipment manufacturer (OEM) for brands worldwide. The company is exporting their product to more than 40 countries which includes Poland, China, Malaysia, Greece, Great Britain, France, Bahrain, and USA.

The company’s products include granite sinks, stainless steel sinks, and wash basins. Its kitchen appliances comprise faucets, hoods and chimneys, hobs and cook tops, ovens and microwave ovens, food waste disposers, and wine chillers, as well as other free standing cooking products. The Company's granite sinks are manufactured in various range, such as jazz series, vivaldi series, beethoven series, single series, swan series, tango, and entertainment series. The Company’s stainless steel sinks range include quadro, trend, vogue, catwalk, diva, glamour, and big bowl. Acrysil is the only company in all of Asia - and one of just four companies worldwide - manufacturing composite quartz sinks. They are the India's largest sink manufacturer in the non-steel category and the company has set the goal to be the No. 1 manufacturer across all categories, in terms of branded volume.

Sternhagen, the German brand that symbolises the pinnacle of luxury in design and engineering will soon be launched in India. The brand, owned by Acrysil GmbH, Germany (a wholly owned subsidiary of Acrysil Limited, India). The Sternhagen collection of washbasins will initially have four nature inspired exclusive designs namely, Düne (inspired by sand dunes), Seerose (inspired by petals of water lily), Golden Cut (90° geometric cut design) and Kristall (inspired by natural crystal). The collection provides a subtle visual reminder of nature, and each design connects people with emotions and memories associated with nature. The washbasins are designed in Berlin, Germany by EMAMI DESIGN (No.1 of the worldwide Red Dot Design ranking). The current market capitalisation stands at Rs 246.91 crore.

Share Holding Pattern

Category

No. of Shares

Percentage

Promoters

2,201,350

47.26

General Public

1,418,747

30.46

Foreign - OCB

452,400

9.71

Foreign - NRI

313,929

6.74

Other Companies

262,257

5.63

Others

5,888

0.13

Directors

3,204

0.07

Financial Institutions

150

0.00

Central Government

75

0.00

Financial Details
  • Market Cap (Rs Cr) – 246.30

  • Company P/E (x) – 27.30

  • Industry P/E (x) – 54.82

  • Book Value (Rs) – 79.41

  • Price / BV (x) – 6.38

  • Dividend (%) – 40 %

  • EPS (TTM) – 18.61

  • Dividend Yield (%) – 0.79 %

  • Face Value (Rs) – 10

Balance Sheet

 

Mar '14

Mar '13

Mar '12

Mar '11

                 Mar '10

Sources Of Funds

 

 

 

 

 

Total Share Capital

4.51

4.46

2.97

2.97

2.97

Equity Share Capital

4.51

4.46

2.97

2.97

2.97

Share Application Money

0.38

0.00

0.00

0.00

0.00

Reserves

33.72

27.40

25.10

22.54

17.87

Networth

38.61

31.86

28.07

25.51

20.84

Secured Loans

27.95

20.83

13.79

16.24

9.00

Unsecured Loans

5.18

4.11

2.62

0.88

1.84

Total Debt

33.13

24.94

16.41

17.12

10.84

Total Liabilities

71.74

56.80

44.48

42.63

31.68

Application Of Funds

 

 

 

 

 

Gross Block

54.04

46.88

39.19

35.89

30.48

Less: Accum. Depreciation

26.21

22.08

18.63

15.51

12.84

Net Block

27.83

24.80

20.56

20.38

17.64

Capital Work in Progress

0.82

0.06

0.40

0.47

0.73

Investments

7.40

5.19

1.09

0.33

0.00

Inventories

21.29

16.27

10.45

9.80

9.70

Sundry Debtors

24.39

20.06

14.86

16.23

10.86

Cash and Bank Balance

2.04

1.86

1.47

0.83

0.88

Total Current Assets

47.72

38.19

26.78

26.86

21.44

Loans and Advances

12.97

7.97

9.26

7.15

5.10

Fixed Deposits

0.00

0.00

0.00

0.26

0.15

Total CA, Loans & Advances

60.69

46.16

36.04

34.27

26.69

Current Liabilities

21.56

15.96

10.91

10.54

8.40

Provisions

3.43

3.46

2.71

2.28

4.96

Total CL & Provisions

24.99

19.42

13.62

12.82

13.36

Net Current Assets

35.70

26.74

22.42

21.45

13.33

Total Assets

71.75

56.79

44.47

42.63

31.70

Contingent Liabilities

9.03

6.89

8.41

8.41

0.10

Book Value (Rs)

84.80

71.46

94.46

85.85

70.12

Profit and Loss Account

 

Mar '14

Mar '13

Mar '12

Mar '11

 Mar '10

Income

 

 

 

 

 

Sales Turnover

103.71

78.45

62.23

56.08

47.13

Excise Duty

0.00

0.00

0.00

0.71

0.48

Net Sales

103.71

78.45

62.23

55.37

46.65

Other Income

0.77

0.81

0.89

0.44

-0.75

Stock Adjustments

5.32

2.61

1.12

0.14

1.90

Total Income

109.80

81.87

64.24

55.95

47.80

Expenditure

 

 

 

 

 

Raw Materials

58.96

43.64

33.17

24.70

21.45

Power & Fuel Cost

3.59

3.22

2.49

2.11

1.90

Employee Cost

6.98

4.81

5.57

5.14

4.31

Other Manufacturing Expenses

3.62

2.78

0.36

0.43

0.33

Selling and Admin Expenses

0.00

0.00

0.00

10.41

7.73

Miscellaneous Expenses

18.50

13.80

11.92

1.06

0.84

Total Expenses

91.65

68.25

53.51

43.85

36.56

Operating Profit

17.38

12.81

9.84

11.66

11.99

PBDIT

18.15

13.62

10.73

12.10

11.24

Interest

3.44

2.66

2.12

1.63

0.95

PBDT

14.71

10.96

8.61

10.47

10.29

Depreciation

4.20

3.79

3.32

2.86

2.65

Profit Before Tax

10.51

7.17

5.29

7.61

7.64

Extra-ordinary items

0.00

0.00

0.00

0.12

-0.17

PBT (Post Extra-ord Items)

10.51

7.17

5.29

7.73

7.47

Tax

2.54

1.66

1.37

1.68

1.57

Reported Net Profit

7.98

5.50

3.94

6.10

5.91

Total Value Addition

32.69

24.61

20.33

19.15

15.10

Equity Dividend

1.80

1.47

1.19

1.19

1.18

Corporate Dividend Tax

0.31

0.25

0.19

0.19

0.20

Per share data (annualised)

 

 

 

 

 

Shares in issue (lakhs)

45.08

44.58

29.72

29.72

29.72

Earning Per Share (Rs)

17.70

12.35

13.26

20.53

19.88

Equity Dividend (%)

40.00

33.00

40.00

40.00

40.00

Dividend and Bonus History

Index and Company Price Movement Comparison

Technical Indicators

Symbol

Value

Action

RSI(14)

63.615

Buy

STOCH(9,6)

66.966

Buy

STOCHRSI(14)

78.714

Overbought

MACD(12,26)

4.940

Buy

ADX(14)

24.813

Buy

Williams %R

-16.703

Overbought

CCI(14)

97.4447

Buy

ATR(14)

5.2893

High Volatility

Highs/Lows(14)

6.6357

Buy

Ultimate Oscillator

58.764

Buy

ROC

4.981

Buy

Bull/Bear Power(13)

7.0360

Buy

Important Ratios (YoY)
  • PBIT – 12.62 v/s 11.37

  • RoCE – 19.75 v/s 17.28

  • RoE – 22.08 v/s 17.63

  • Net Profit Margin – 7.63 v/s 6.94

  • Return on net worth – 20.87 v/s 17.27

  • D/E Ratio – 0.87 v/s 0.78

  • Interest Cover – 4.06 v/s 3.70

  • Current Ratio – 0.88 v/s 0.79

  • Reserves – 33.72 cr v/s 27.40

  • PAT – 7.98 cr v/s 5.50 cr

  • Total assets – 71.75 cr v/s 56.76 cr

  • Net sales – 103.71 cr v/s 78.45 cr

  • Book Value – 84.80 v/s 71.46

Simple Moving Average

Days

BSE

NSE

30

517.58

 

50

548.67

 

150

586.00

 

200

550.08

 

Investment Rationalize
  • Acrysil Ltd manufactures and sells kitchen sinks/centers with Quartz composite sink being a niche product, has no substitutes in the market.

  • Acrysil has tied up with some other German and Swiss companies for new products for both designing and technology. It is selling to some big retail chains in USA and Europe. This will assure quality and revenue growth.

  • The company launched a range of lifestyle kitchen appliances like faucets, hoods and chimneys, hobs and cook tops, ovens and microwave ovens, food waste disposers and wine chillers which will help the company to tap the market potential in more effective manner.

  • The Revenue has grown at an impressive CAGR of 17.1%, Asset Turnover of 1.22(x), sound ratios and margins and Reserves of Rs.33.72 crore which will help the company in expansion plans.

  • Only 20% of the companies revenue from India which implies huge growth potential of the affordable high quality fashionable products to the company to be sold in fast growing domestic market with more demand of branded kitchen products by the fast growing middle class population.

  • Companies expansion plans in both manufacturing and number of outlets will add to the growth potential of the company, as the number of nuclear families and real estate sector sentiment improves.

  • Being a capital intensive company Acrysil has been able to maintain fast and positive cash flow by having an impressive business model.

  • Revenue from untapped international market and fully owned subsidiaries will add to the Profit of the company.

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