Key Metrics of Gulshan Polyols Limited
About Gulshan Polyols Limited
Company details
- Registered office
- 9th Km Jansath Road, Muzaffarnagar, In-up, 251001
- Listed
- NSE: GULPOLY · ₹159.21
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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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
NoteLatest action: rating withdrawn (CARE, 18 Feb 2022)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 18 Feb 2022 | CARE | Withdrawn | A+ | A1+ | Stable | — | View |
| 08 Jan 2021 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹113 Cr | View |
| 17 Jan 2020 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹150 Cr | View |
| 28 Dec 2018 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹179 Cr | View |
| 07 Nov 2017 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹205 Cr | View |
Credit strengths (CARE, Feb 2022)
+ Experienced promoters and management team
The promoter of GPL, Dr CK Jain, has an experience of over four decades in the chemical industry. The company’s senior management team comprises well-qualified and experienced professionals. Diversified product profile GPL has a diversified range of products comprising of Calcium Carbonate (CC), Sorbitol & liquid glucose (LG) and starch in its product portfolio. The manufacturing facilities for CC and starch (corn grinding) are located at Muzaffarnagar (UP), Dhaula Kuan
+ Diversified product profile
GPL has a diversified range of products comprising of Calcium Carbonate (CC), Sorbitol & liquid glucose (LG) and starch in its product portfolio. The manufacturing facilities for CC and starch (corn grinding) are located at Muzaffarnagar (UP), Dhaula Kuan (HP) and Bharuch (Gujarat) with total installed capacity of 1,06,000 MTPA for CC and 87000 MTPA for sorbitol and liquid glucose and 60,000 MTPA for starch as on March 31, 2020. The company also manufactures by-products like gluten, corn oil
+ Reputed clientele from diverse industries
The client profile of GPL is diversified and includes reputed players from various industries. GPL derives its revenue from sale of products like sorbitol, liquid glucose, fructose, CC, by-products and ENA/IMFL as well as trading of calcium carbonate. Sorbitol, starch and its derivative products findapplication in diverse industrial and commercial uses such as food & drink, paper & board, personal care & pharmaceuticals, textile, FMCG, animal & pet foods etc. CC is used in PVC irrigation pipes a
+ Comfortable financial risk profile
The financial risk profile of GPL remained comfortable. During FY21 (refers to period from April 01 to March 31), the company has registered growth in operating income of 23.31% to Rs.766.69 crore (PY: Rs 621.74 crore). The PBILDT margin for FY2 1 stood at 1 7.41% as against 11.23% in FY20 primarily due to higher demands and better real izations because of improvement in 1Complete definition of the ratings assigned are available at www.careedge.in and other CARE Ratings Ltd.’s publications
+ Liquidity: Adequate
The liquidity profile of the company is adequate with the average working capital utilization of ~75% for the last 12 months ending leaving sufficient buffer in the working capital lines. The company has further, reduced its overall sanctioned working capital limits from Rs.110 crore to Rs.90 crore in August 2020. The company has an operating cycle of 73 days as on March 31, 2021. As on March 31, 2021, the company had cash and cash equivalents of Rs. 17.88 crore. Current ratio stood at 2.33x (PY
Credit challenges
− Volatility in agro-based raw material availability & prices
The Maize prices remain volatile on account of various factors including changes in minimum support prices (MSP) announced by the government, actual production levels, inflation, growth in the economy, demand supply scenario etc. Maize is mainly a rain fed kharif crop which is sown just before the onset of monsoon and is harvested after retreat of the monsoon.Cost of maize forms around 70% of the operating income of the company. When the price of maize falls significantly, in order to
− Competition from the organized and small-scale unorganized units
In the Sorbitol industry, although the company is having a dominant position, it faces competition from other large organized players. Furthermore, the CC industry in India comprises of few organized players and other small-scale unorganized players. GPL faces competition from both the organized and unorganized players. The company also faces competition from cheaper imports.
Could lead to an upgrade
Sustained growth in turnover by more than 30% with rise in PBILDT margins beyond 15% over the projected years Total Debt to GCA of less than 0.5x on a sustained basis.
Could lead to a downgrade
Any deterioration in the Capital structure with overall gearing increasing beyond 0.75x on a sustained basis for 2 years or more going forward Total debt to EBIDTA higher than 2x on a sustained basis. Any future capex or expansion other than envisaged which has an adverse impact on the credit or
Agency-reported financials (CARE, 18 Feb 2022)
| Metric | 9MFY21 |
|---|---|
| Total operating income | ₹809 Cr |
| PBILDT | ₹126 Cr |
| PAT | ₹73.80 Cr |
| Overall gearing (times) | — |
| Interest coverage (times) | 35.30× |
| EBITDA margin | 15.6% |
| Implied interest cost (EBITDA ÷ coverage) | ₹3.58 Cr |
| PAT margin | 9.1% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Facilities Action Long Term Bank Facilities | Working capital & bank lines | — | ₹103 Cr | — | A+ (Stable) | Reaffirmed | CARE |
| Short Term Bank Facilities | Working capital & bank lines | — | ₹10.0 Cr | — | A1+ | Reaffirmed | CARE |
CARE ratings on record (checked 26 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Long Term | — | Withdrawn |
| Short Term | — | Withdrawn |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
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 · 18 Feb 2022 · Merger, amalgamation or liquidation |
| Next action stable or better (model) | 54% |
| Information on file | 67% · missing: 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: 56% chance the next rating action is stable or better
- Current rating A+ (investment grade)
- Working-capital limits 75% utilised on average
- CARE withdrew its ratings on 18 Feb 2022 — usually after the rated bank loans were repaid or moved to another lender
Rated limits by facility
Timeline
From the report
The capital structure of the company also stood comfortable with the debt to equity and overall gearing ratio stood 0.03x and 0.03x respectively as on March 31, 2021 improved from previous year when the respective ratios stood at 0.14x and 0.33x as on March 31, 2020 due to scheduled repayment of debt and enhanced net worth base on account of accretion of profits to reserves.
From the report
Liquidity: Adequate The liquidity profile of the company is adequate with the average working capital utilization of ~75% for the last 12 months ending leaving sufficient buffer in the working capital lines.
From the report
The company has further, reduced its overall sanctioned working capital limits from Rs.110 crore to Rs.90 crore in August 2020.
From the report
As on March 31, 2021, the company had cash and cash equivalents of Rs. 17.88 crore.
From the report
The capital structure of the company also stood comfortable with the debt to equity and overall gearing ratio stood 0.14x and 0.33x respectively as on March 31, 2020 improved from previous year when the respective ratios stood at 0.24x and 0.50x as on March 31, 2019 due to scheduled repayment of debt and enhanced net worth base on account of accretion of profits to reserves.
From the report
Liquidity: Adequate The liquidity profile of the company is adequate with the average working capital utilization of ~62% for the last 12 months ending October 2020 leaving sufficient buffer in the working capital lines.
From the report
The company has further, reduced its overall sanctioned working capital limits from Rs.110 crore to Rs.90 crore in August 2020.
From the report
As on March 31, 2020, the company had cash and cash equivalents of Rs.2.43 crore while as on Sep 30, 2020, GPL had cash and cash equivalents of Rs.12.35 crore.
From the report
Liquidity: Adequate The liquidity profile of the company is comfortable with the average working capital utilization of ~58% for the last 12 months ending November 2019 leaving sufficient buffer in the working capital lines.
From the report
As on March 31, 2019, GPL had cash and bank balance of Rs.25.16 cr due to FDs and other short-term investments it had maintained with banks.
From the report
Further, in FY20 GPL has repayment due for Rs 9.75 crore out of which Rs.7.25 crore is pending and all availed term loans shall be fully repaid by FY22.
From the report
The financial risk profile of GPL remained comfortable with repayment of term loans despite moderate increase in working capital limits as reflected by overall gearing (0.67 times as on March 31, 2018) on account of strong net-worth base (PY: 0.63x) and strong coverage indicators (interest coverage ratio of 6.38 times for FY18).
From the report
Liquidity The liquidity profile of the company is comfortable with the average working capital utilization of 63% for the last 12 months ending October 2018.
From the report
The cash and cash equivalents of Rs 32.50 crore as on November 30, 2018 act as a cushion in terms of liquidity.
From the report
The financial risk profile of GPL have improved with repayment of term loans despite moderate increase in working capital limits as reflected by overall gearing (0.64 times as on March 31, 2017) and strong coverage indicators (interest coverage ratio of 11.67 times for FY17).
From the report
The average working capital utilization is comfortable at 57% in the last 12 months ending September, 2017.
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.
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
No filings on record yet.