Key Metrics of Captain Polyplast Limited
About Captain Polyplast Limited
Sectors
Company details
- Registered office
- Ul25 Royal Complex Bhutkhana Chowk, Dhebar Road, Rajkot, In-gj, 360001
- Listed
- NSE: CPL · ₹54.98
Operational Areas of Captain Polyplast Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Vendor checks & payment capacity
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Credit ratings
NoteLatest action: rating withdrawn (CARE, 15 Mar 2022)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 15 Mar 2022 | CARE | Withdrawn | BB+ | A4+ | Stable | — | View |
| 08 Feb 2021 | CARE | Reaffirmed | BB+ | A4+ | Stable | ₹249 Cr | View |
| 14 Sep 2020 | CARE | Reaffirmed | BB+ | A4+ | Stable | ₹120 Cr | View |
| 31 Dec 2019 | CARE | Revised (from BBB-) | BB+ | A4+ | Stable | ₹92.0 Cr | View |
| 29 Jan 2019 | CARE | Reaffirmed | BBB- | A3 | Negative | ₹46.5 Cr | View |
| 07 Jan 2019 | CARE | Reaffirmed | BBB- | A3 | Negative | ₹136 Cr | View |
| 24 Aug 2018 | CARE | Reaffirmed (from BBB-) | BBB- | A3 | Stable | ₹136 Cr | View |
| 05 Jun 2018 | CARE | Reaffirmed (from BBB-) | BBB- | A3 | Positive | ₹136 Cr | View |
Credit strengths (CARE, Mar 2022)
+ Non-fund-based - 1)CARE A4+ 2 ST - -
ST-Bank Guarantee (31-Dec-19) 2)CARE A4+ 3)CARE A3 (14-Sep-20) (24-Aug-18) 4)CARE A3 (05-Jun-18) 1)CARE A3 (29-Jan-19) 1)CARE A4+ 2)CARE A3 (08-Feb-21) (07-Jan-19) Non-fund-based - 1)CARE A4+ 3 ST - - - ST-Letter of credit (31-Dec-19) 2)CARE A4+ 3)CARE A3 (14-Sep-20) (24-Aug-18) 4)CARE A3 (05-Jun-18) 4 Fund-based - LT- LT - - - - - 1)Withdrawn 3 CARE Ratings Ltd.
+ Fund-based - LT- 9 LT - - - -
Term Loan 2)CARE BB+; Stable (14-Sep-20) Fund-based - LT- 1)CARE 10 Working capital Term LT - - - BB+; Stable - - Loan (08-Feb-21) * Long Term / Short Term Annexure-3: Detailed explanation of covenants of the rated instrument / facilities: Not Applicable 4 CARE Ratings Ltd.
Credit challenges
− Moderate scale of operations
The scale of operations of CPPL continued to remain moderate at Rs.179.14 crore in FY21 as compared to Rs.189.54 cr in FY20, decline was mainly due to second wave of covid-19. Apart from MIS business, company also earns commission income as a del- credere agent for polymers; however its contribution in company’s total revenue profile is marginal. Further, during 9MFY22, the company reported TOI of Rs.127.53 crore, as compared to Rs.114.31 cr during 9MFY21.
− Elongated collection of government subsidies resulting in elevated working capital requirements
CPPL’s collection period continued to remain high (at around 252 days in FY21, increased from around 236 days in FY20). This apart, company is also required to provide credit under its del credere agency business for polymers of Indian Oil Corporation Ltd. (IOCL). This results in sizeable working capital requirements, which are funded mainly through bank borrowings including dealer financing limits of IOCL, alongwith creditors. Thus, dependence on bank debt remains high in light of elevated work
− Moderate capital structure and debt coverage indicators
Capital structure of CPPL remained moderate with an overall gearing (incl. acceptances) of 1.56x as on March 31, 2021, albeit with marginal improvement from FY20 level of 1.61x owing to accretion of profits to reserves. Total outside liabilities to tangible networth (TOL/TNW) continued to remain high at 2.38x as on March 31, 2021 (2.96x as on March 31, 2020) due to significant credit availed by the company to fund its working capital requirements.
− Debt coverage indicators of the company continued to remain moderate, marked by total debt/GCA of 7.44x (P.Y.:5.16x) and
PBILDT interest coverage of 2.65x (P.Y.: 3.12x) during FY21. Dependence on the agricultural sector and government policies; albeit favourable growth prospects for MIS sector Around 50% of the arable land in India is rain-fed and the problem of water scarcity prevails in the country, thus there is a huge potential for the growth of MIS in the nation. However, demand for MIS products is subject to risks associated with the
− Reputed clientele with gradual geographic diversification
Over the last few years, CPPL has focused on diversification of its revenue by expanding its presence in states other than Gujarat. As a part of this, CPPL has obtained/renewed licenses to operate as an authorized supplier for MIS for 16 states in India, which has reduced its dependency on Gujarat. However, Gujarat and Tamil Nadu continues to be the largest revenue contributor for CPPL due to its established presence in the state, with 50% contribution to sales from the same.
− Susceptible of profitability to volatile input prices
Company’s profitability remains susceptible to volatile prices of granules, which are a derivative of crude oil and are thus impacted by fluctuations in the prices of the latter.
Could lead to an upgrade
Increase in total operating income (TOI) beyond Rs.300 crore through healthy volume driven growth in MIS business and stabilization of solar EPC business, along with sustenance of PBILDT margin at over 15% Improvement in overall gearing to 1.20x on sustained basis, with reduced reliance on external borrowings to fund working capital requirements Reduction in gross working capital cycle (receivables + inventory) to less than 200 days
Could lead to a downgrade
Decline in TOI to below Rs.120 crore Decline in PBILDT margin to below 10%, on sustained basis Elongation in gross working capital cycle to beyond present level of around 360 days with further increase in working capital borrowings to fund these requirements Any major write offs in the inventory or non-recovery of any major receivable Any large-sized debt funded capex adversely affecting the debt coverage indicators and
Agency-reported financials (CARE, 15 Mar 2022)
| Metric | 9MFY22 |
|---|---|
| Total operating income | ₹128 Cr |
| PBILDT | ₹12.15 Cr |
| PAT | ₹1.40 Cr |
| Overall gearing (times) | — |
| Interest coverage (times) | 1.66× |
| EBITDA margin | 9.5% |
| Implied interest cost (EBITDA ÷ coverage) | ₹7.32 Cr |
| PAT margin | 1.1% |
Rajkot, Gujarat based CPPL wa s established in March 1997 by Mr. Ramesh Khichadia along with two other business associates. CPPL is engaged in the business of manufacturing and assembling of irrigation equipment including drip irrigation and sprinkl er systems, high density polyethylene (HDPE) pipes, PVC pipes and other allied products related to MIS. As on March 31, 2021, CPPL had an installed capacity to manufacture 8,200 metric tons per annum (MTPA) of MIS equipment of various grades at its manufacturing facility located at Shapar nea r Rajkot in Gujarat. Further, in May 2019, CPPL commenced production at its greenfield facility at Kurnool, Andhra Pradesh having an installed capacity of 5,940 MTPA for manufacturing of various types of pipes and MIS systems. In February 2017, CPPL commen ced agency business for various types of polymers of Indian Oil Corporation Ltd. (IOCL) as its DCA and consignment stockist (CS) for Gujarat region. Moreover, during FY21, CPPL commenced EPC of solar
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Facilities Ratings Action Long Term Bank Facilities | Working capital & bank lines | — | ₹14.5 Cr | — | BB+ (Stable) | Assigned | CARE |
| Long Term Bank | Working capital & bank lines | — | ₹38.1 Cr | — | BB+ (Stable) | Other | CARE |
| Facilities Short Term Bank | Working capital & bank lines | — | ₹71.7 Cr | — | A4+ | Reaffirmed | CARE |
| Facilities Details of facilities in Annexure-1 | Other | — | ₹124 Cr | — | — | Reaffirmed | CARE |
CARE ratings on record (checked 24 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | — | Withdrawn |
| Cash Credit | — | Withdrawn |
| Credit Exposure Limit | — | Withdrawn |
| Letter of credit | — | Withdrawn |
| Short Term | — | Withdrawn |
| Term Loan | — | Withdrawn |
| Working Capital Demand loan | — | Withdrawn |
| Working capital Term Loan | — | Withdrawn |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Withdrawal | CARE · 15 Mar 2022 · Withdrawn at company request with lender NOCs |
| Next action stable or better (model) | 45% |
| Information on file | 33% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 45% chance the next rating action is stable or better
- Current rating BB+ (below investment grade)
- CARE withdrew its ratings on 15 Mar 2022 — usually after the rated bank loans were repaid or moved to another lender
Rated limits by facility
Timeline
From the report
However, gross cash accruals remained limited at around Rs.13.09 crore due to moderate scale.
From the report
Total outside liabilities to tangible networth (TOL/TNW) continued to remain high at 2.38x as on March 31, 2021 (2.96x as on March 31, 2020) due to significant credit availed by the company to fund its working capital requirements.
From the report
Total outside liabilities to tangible networth (TOL/TNW) continued to remain high at 2.96x as on March 31, 2020 (3.33x as on March 31, 2019) due to sig nificant credit availed by the company to fund its working capital requirements.
From the report
Marginal improvement in the same was due to improved generation of cash accruals during FY20; though debt levels continued to remain elevated owing to higher working capital borrowings and term debt availed for recently completed capacity expansion .
From the report
These result in high utilization of the working capital limits, which averaged at 73% for trailing twelve months ended December 2020, with peak utilization during select months remaining high at around 90 -95%.
From the report
CPPL had availed moratorium for the period March 2020 to August 2020 from one of its two lenders on working capital limits; an option provided by RBI as a Covid-19 pandemic relief measure.
From the report
Total outside liabilities to tangible networth (TOL/TNW) continued to remain high at 2.85x as on March 31, 2020 (3.24x as on March 31, 2019) due to significant credit availed by the company to fund its working capital requirements.
From the report
Marginal improvement in the same was due to improved generation of cash accruals during FY20; though debt levels continued to remain elevated owing to higher working capital borrowings and term debt availed for recent capacity expansion.
From the report
CPPL has availed moratorium for the period March 2020 to August 2020 from one of its two lenders on working capital limits and a covid-loan; an option provided by RBI as a Covid-19 pandemic relief measure.
From the report
This increase in the working capital requirements was funded largely through additional bank borrowings availed by the company, including limits under dealer financing scheme (DFS) of IOCL.
From the report
Deterioration in capital structure and debt coverage indicators: CPPL’s outstanding debt as on FY19 end increased sizeably compared to that as on March 31, 2018, primarily driven by additional bank borrowings availed to fund working capital requirements along with the long-term debt availed for funding the establishment of its manufacturing facility at Kurnool in Andhra Pradesh (for catering to its supplies to South Indian states).
From the report
On a combined basis, overall gearing deteriorated to 1.54x as on June 30, 2018, compared with 1.18x as on March 31, 2018, primarily on account of higher working capital borrowings availed to fund the elongated receivables, mainly subsidy payments from various government agencies.
From the report
The contribution of Gujarat in overall sales reduced to 43% in FY18 compared to 61% in FY17 with reduction in sales in Gujarat for its MIS products, while that to other states increased on the back of registration with other state government agencies obtained in the past few years. 1 Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications 1 CARE Ratings Limited Press Release Comfortable debt coverage indicators: Total debt availed by CPL as on FY18 end remained in line with the previous year- end, primarily on account of stable working capit
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Captain Polyplast Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Apollo Tyres |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | apollotyres.com | 1972 | Ernakulam, India |
 Tata Chemicals |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | tatachemicals.com | 1939 | Mumbai, India |
 CEAT |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | ceat.in | 1924 | Mumbai, India |
 Pidilite Industries |
Paints, Panels & Construction Chemicals · Cement, Building Materials & Polymers | pidilite.com | 1959 | Mumbai, India |
| Aarti Industries Ltd | Discovered Companies · Other Industries | — | — | Vapi, Gujarat, India |
 Atul |
Discovered Companies · Other Industries | atul.co.in | 1947 | India |
 GUJARAT FLUOROCHEMICALS LIMITED |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | gfl.co.in | 1987 | Basal, Himachal Pradesh, India |
| JUBILANT INGREVIA LIMITED | Discovered Companies · Other Industries | — | — | Amroha, Uttar Pradesh, India |
| SUMITOMO CHEMICAL INDIA LIMITED | Polymers & Petrochemicals · Cement, Building Materials & Polymers | — | — | Mumbai, Maharashtra, India |
| PRIVI SPECIALITY CHEMICALS LIMITED | Polymers & Petrochemicals · Cement, Building Materials & Polymers | — | — | Navi Mumbai, Maharashtra, India |
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Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
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