UNEXPLORED MULTIBAGGER SMALL CAP STOCKS
EQUITY RESEARCH REPORT
SHAILY ENGINEERING
PLASTICS LTD. BSE CODE: 501423
Industry: Plastic Products CMP: Rs. 529.60 (29/01/2017)
Market Cap: 440.54 (INR in Crore) Target Price: Rs. 1050
Date: January 29, 2017 Time Period: 12 – 24 months
Saral Gyan Capital Services
An Independent Equity Research Firm
www.saralgyan.in | www.saralgyan.com

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TABLE OF CONTENT
S.No Content Page No.
1. Company Background 03
2. Recent Developments 07
3. Financial Performance 08
4. Peer Group Comparison 10
5. Key Concerns / Risks 10
6. Saral Gyan Recommendation 11
7. Disclaimer 14

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1. Company Background
Shaily Engineering Plastics Ltd (SEPL), is a
quality supplier of high precision injection
molded plastic components,
subassemblies & assemblies for various
OEM requirements. Shaily Engineering Plastics is certified to ISO: 9001:2008, ISO/TS
16949:2009, ISO 15378:2011, ISO 13485:2012 quality certifications and is the first
injection molding company to have obtained the ISO: TS16949 certification in India.
The company caters to a wide range of industries including FMCG, pharmaceuticals,
switchgear components, auto components, electronics and electrical appliances, etc.
Currently, SEPL has five manufacturing
facilities - four in Savli (Gujarat) and one
in Halol (Gujarat). One facility in Savli is an
Export Oriented Unit (EOU) which was set
up around nine years back while others
cater to both domestic and export
markets. During FYl5, SEPL had set up a
Pharmaceutical packaging plant for
manufacturing of Child Resistant (CR)
caps & bottles for packaging of drugs for
regulated markets.
The plants are equipped with various post molding facilities viz., hot stamping, ultrasonic
welding, Vibration Welding, vacuum metalizing, pad printing, Screen printing, Painting,
hot foiling, Laser Marking, manual assembly lines, semi-auto assembly lines and fully
automated assembly lines & other post molding services.
The company has been exporting components, sub-assemblies & assemblies to customers
in US, Europe & middle East since past more than 20 years and is 100% compliant to the
quality standards & logistics requirements of these customers.
SEPL is being managed by the promoter and Executive Chairman Mr. Mahendra Sanghvi
who has experience of over four decades in Plastic industry. He is a Chemical engineer
from USA and plastic technologist holding diploma in management with vast experience
in North American Plastics Industry. He controls the overall affairs of the company. He is
assisted by Mr. Amit Sanghvi who is Managing Director of the company. His brother Mr.
laxman Sanghvi looks after procurement and project execution.
The Board of Directors of the company consists of veterans from the fields of Plastic as
well as Finance. The overall management of the company is competent in their respective
areas of operations.

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SEPL has reputed domestic and international clients across wide range of industries which
have been its customers since long. This includes FMCG sector customers like Ikea Trading
(I) Pvt. ltd. (IKEA), Hindustan Unilever ltd. (HUL), Procter & Gamble (P&G), Switchgear
customers like Lucy Electric, ASS, L&T, Siemens, Electrical appliance customers like GE
appliance, Pharmaceutical customers like Wockhardt, Sun Pharma, Sanofi-Aventis, etc.
SEPL manufactures insulin pen for Sanofi which is a global leader in its field and SEPL is
the sole supplier of these pens to Sanofi globally. SEPL is catering to fortune 100
companies and has long standing relationship with these clients and gets repeat orders
from them.
Gradually, SEPL has been increasing its focus on exports and has developed one 100%
EOU plant. The company has developed the skill set to meet the requirement of the
customers from developed countries. Its exports are geographically diversified with major
export destinations being USA, Germany, Sweden, Netherlands, UK and Canada.
SEPL has tied up with Global Closure Systems (GCS), the European leader in CRC solutions.
As per the terms of contract, SEPL will receive an exclusive licence from GCS to sell CRCs
in India. SEPL has built its second ISO Class 8 Clean-room facility at Rania in Gujarat with
a capacity to manufacture 100 million CRCs and bottles of varying capacities. The
company received approval from two Indian drug manufacturers and is in talks with
another 12 drug manufacturers for its new products. The company has started supplies
in Oct 2016 to one of the major domestic pharma company. The CRC plant is expected to
run at full capacity by FY19, contributing around Rs 60 crores to top-line in that year. SEPL
will be the sole integrated supplier of CRCs and bottles in India.

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Business Units
1. Switchgears - SEPL is one of the few companies which
specializes in processing diverse, difficult and exotic
Thermoplastic & Thermoset polymers. 1st company in India
to introduce Thermoset injection molding technology in
early 90’s; set a benchmark for processing tight tolerances
Thermoset injection molded components particularly for
the Switchgear industry serving the needs of demanding
customers like ABB, Siemens, Schneider, Emerson Group companies etc.
2. Home Appliances - SEPL is a supplier partner to GE
Appliances USA since past more than 18 years catering to
their needs of various kinds of knob assemblies and critical
components for different appliances. Each knob assembly is
unique to its specification which involves molding, pad
printing, heat stacking, inlay fixing, Spring Clip fixing and
unique packaging. SEPL has been the sole supplier of these components since past so
many years.
3. Healthcare - SEPL is one of the India’s
leading injection molding companies with a
vision to manufacture quality and
affordable healthcare products to improve
Healthcare environment. The company
specializes in conceptualizing and
manufacturing complex precision
components and assemblies for medical devices, which require stringent quality controls,
tight tolerances and high performance such as DPI’S, Pen Injectors, Healthcare
Disposables and Primary Packaging material.
Over the years SEPL has established itself as a competent manufacturer of medical
devices for companies like Sanofi, Sun Pharmaceuticals, Wockhardt, GE Healthcare,
Westrock (erstwhile; MWV), Akums Drugs, Clearspec - McKesson and Zydus Cadila. Shaily
has ventured into manufacturing of DMF grade (DMF NUMBER :28979 CANADIAN
DMF:2015-200) Child Resistant Closures, HDPE Bottles for solid orals & Eye droppers
recently
4. Home, Personal & Beauty Care - SEPL setup a clean
room injection molding facility & secondary operation
facilities like Vacuum Metallizing, High Speed Pad
Printing lines, Hot Stamping & Hot Foiling, Ultrasonic
Welding, Painting in the year 1992 to cater the needs of
customers like P&G, HUL, GEA, Sunpharma, Zydus
Cadila etc. While this industry was on the growth path

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during the period starting 2003, global companies contemplated India as a one of the best
and economical source for plastic components, sub-assemblies and assemblies. During
this phase, SEPL got the opportunity for manufacture and supply of injection molded
components and assemblies to one of the world’s largest Home Furnishing company
based out of Europe.
5. Automotive - SEPL has been a niche player in
the automotive industries, developing
components from ultrahigh performance
engineering plastic which are subjected to
extremely high temperature, wear and tear
requirements & are a direct replacement of
metal to plastic. SEPL has developed proprietary
molding process to manufacture components
from Polyamide imide material – TORLON (One
of the 2 processor of this material in ASIA) & PEEK (Poly ether ether ketone). Many of
these components are used in US defense application and in the turbo charges of high
end luxury cars like BMW, Audi, Volkswagen, Toyota, GM. SEPL manufactures extremely
critical components for the car seat head rest assembly and the other components of car
seats required for adjustment and maneuvering the seats.
6. Industrial & Electrical Applications - SEPL made
a beginning in late 80’s with a purpose to cater the
need of high precision injection molded plastic
components manufactured from high
performance engineering plastic materials. Its
ability to consistently mold high precision
components to tight tolerances, makes SEPL a
leading player in manufacture & supply of
engineering plastic component for power tools, Industrial & oil field valves, industrial &
domestic LED lighting fixtures, photography studio equipment, Industrial flash lights,
Industrial electronic, etc.

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2. Recent Developments
DSP Blackrock increases its shareholding in Shaily Engineering Ltd to 7.65% - Sept 2016
DSP BlackRock Trustee Company Pvt Ltd (DSPBRTC) is the trustee for the schemes
launched by DSP BlackRock Alternative Investment Fund and DSP BlackRock Mutual Fund.
DSPBRTC on behalf of the schemes of the fund has acquired equity shares of Shaily
Engineering Plastics Ltd.
One of the scheme, DSP BlackRock Emerging Stars Fund has acquired additional 78,585
shares of the company at Rs. 514.98 per share on 1st Sept 2016. DSP Blackrock
shareholding in the company across various schemes has increased till 7.65% of the paid
up capital of the company.
Earlier on 8th March 2016, DSP Blackrock Emerging Stars Fund bought 4,50,000 shares of
Shaily Engineering Plastics at Rs 500 on the BSE.
IKEA to invest Rs 2,000 crore in Haryana; signs MoU with state – March 2016
Swedish furniture retailing giant IKEA signed a memorandum of understanding with
Haryana government to invest an estimated Rs 2,000 crore to open its stores in the state.
IKEA India inked an MoU (memorandum of understanding) with the state of Haryana as a
major step forward towards establishing retail stores in the state. IKEA will invest an
estimated Rs 2,000 crore for its retail expansion in Haryana, will employ about 1,000
coworkers directly and engage around 3,000 more for providing services such as furniture
assembly, delivery services among others. In 2015, IKEA had signed MoUs with Karnataka,
Telengana, Uttar Pradesh and Maharashtra to set up stores.
Haryana is a prioritised state for IKEA due to its open investment climate. IKEA will set up
retail stores to bring high quality, functional home furnishings with affordability and
design for the many people. IKEA said it sees India as an important future market and is
evaluating different sites in the prioritised states of Delhi NCR, Bangalore, Mumbai and
Hyderabad. IKEA announced opening of its first store in India at Hyderabad in the second
half of 2017 even as it scouts for more sites in Delhi-NCR, Mumbai and Bengaluru.
The company, which received government approval in 2013 for its Rs 10,500 crore
proposal to open retail stores under 100 per cent FDI, plans to open 25 stores by 2025 in
nine Indian cities.
Above development will augur well for SEPL in coming years as the company generates
almost 50% of its revenue from client IKEA.

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3. Financial Performance
Shaily Engineering Plastics standalone net profit declines 3.14% in the Sept 2016 quarter
Net profit of Shaily Engineering Plastics declined 3.14% to Rs 4.01 crore in the quarter
ended September 2016 as against Rs 4.14 crore during the previous quarter ended
September 2015. Sales rose 3.70% to Rs 63.82 crore in the quarter ended September 2016
as against Rs 61.58 crore during the previous quarter ended September 2015
Shaily Engineering Plastics standalone net profit declines 4.14% in the June 2016 quarter
Net profit of Shaily Engineering Plastics declined 4.14% to Rs 3.24 crore in the quarter
ended June 2016 as against Rs 3.38 crore during the previous quarter ended June 2015.
Sales rose 10.09% to Rs 58.91 crore in the quarter ended June 2016 as against Rs 53.51
crore during the previous quarter ended June 2015.
1 2 3 4 5 6
Total Sales 53.51 61.58 54.45 52.85 58.91 63.82
Net Profit 3.38 4.14 3.87 4.1 3.24 4.01
53.51
61.58
54.45 52.85
58.91
63.82
3.38 4.14 3.87 4.1 3.24 4.01
0
10
20
30
40
50
60
70
RsinCrores
Jun 15 Sep 15 Dec 15 Mar 16 Jun 16 Sep 16
Last 6 Quarters Net Sales & Profit

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Current & Expected Earnings
Quarterly Ended Profit & Loss Account (Standalone)
Currently company generates majority of its revenue from IKEA in home and furnishing
segment. If we look at revenue contribution, 45-50% is from IKEA, 25% is from pharma
and 25-30% is from appliances, FMCG and high end engineering put together.
We believe the company profit margins will improve in coming quarters along with robust
revenue growth considering continuous addition of new clients from diversified sectors
by offering innovative products.
Particulars
(Rs in Crores)
Dec
2015
Mar
2016
Jun
2016
Sep
2016
Dec
2016 E
Mar
2017 E
Audited / UnAudited UA UA UA UA UA UA
Net Sales 54.45 52.85 58.91 63.82 61.53 65.78
Other Operating Income 0.77 1.35 0.29 1.2 0.85 1.21
Total Income – Operations 55.22 54.2 59.2 65.03 62.38 66.99
Raw Materials Consumed 34.95 32.11 37.09 42.11 39.57 42.94
Purchase of Traded Goods -- -- -- -- -- --
Increase/Decrease in Stocks -1.59 0.63 -1.37 -2.19 -1.67 0.75
Power & Fuel -- -- -- -- --
Employees Cost 5.92 5.26 6.68 6.89 6.65 6.05
Depreciation 2.45 3.59 3.06 3.17 3.25 3.77
Provisions And Contingencies -- -- -- -- -- --
Other Expenses 5.88 7 6.75 7.64 6.45 7.14
P/L Before Other Income 7.6 5.61 7 7.4 8.13 6.34
Other Income 0.15 1.7 0.12 0.72 0.34 1.55
P/L Before Int., E. Items & Tax 7.75 7.31 7.12 8.12 8.47 7.89
Interest 2.01 2.98 2.14 1.97 1.91 2.37
P/L Before E. Items & Tax 5.74 4.33 4.98 6.15 6.56 5.52
Exceptional Items -- -- -- -- -- --
P/L Before Tax 5.74 4.33 4.98 6.15 6.56 5.52
Tax 1.88 0.22 1.74 2.14 2.29 0.28
P/L After Tax – Ord. Activities 3.87 4.1 3.24 4.01 4.27 5.24
Prior Year Adjustments -- -- -- -- -- --
Extra Ordinary Items -- -- -- -- -- --
Net Profit/(Loss) 3.87 4.1 3.24 4.01 4.27 5.24
Equity Share Capital 8.32 8.32 8.32 8.32 8.32 8.32
Calculated EPS 4.65 4.93 3.9 4.82 5.13 6.3
Calculated EPS (Annualised) 18.6 19.72 15.6 19.28 20.53 25.19
Public Shares Holding 3818587 3818587 3818587 3885587 3818587 NA
Public Share Holding (%) 45.91 45.91 45.91 46.71 45.91 NA

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4. Peer Group Comparison
PEER GROUP
SHAILY ENGINEERING
PLASTICS
KINGFA SCIENCE
TECHNOLOGY
ASTRAL POLY
TECHNIK
CMP 529.60 863.60 386.70
52 W L/H 439.00/704.00 367.00/1270.00 334.05/526.35
Market Cap 440.54 873.10 4632.67
Results (in Crores) Sep-16 Sep-16 Sep-16
Net Sales 63.82 112.09 334.18
PAT 4.01 4.18 21.52
Equity 8.32 10.11 11.98
EPS (TTM) 18.30 15.69 9.76
P/E 28.94 55.04 39.62
5. Key Concerns / Risks
 SEPL uses plastic granules as its major raw material. Plastic granules are derivatives of
crude, whose price has reduced over the past one year. Volatility in prices of polymer,
a key raw material for SEPL, may impact realizations of the company.
 As the company generate 65-70% of its revenue from exports, any slowdown in the
global demand will have an impact on company’s growth.

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6. Saral Gyan Recommendation
Shaily Engineering Plastics is into a business of manufacturing high precision injection
mould and plastic component assemblies for various industries, including medical
devices, pharma, FMCG, home and personal care. IKEA is the company’s largest
customer. SEPL continue to derive strength from its long and established track record
in plastic injection moulding business. Experienced promoters, reputed clientele
across diverse end use industries, growing demand for plastic with its increased
application in various industries, healthy profitability along with moderate leverage
give ample growth opportunities to the company.
SEPL’s ability to manufacture innovative products on a consistent basis with superior
quality at low prices earned a place for itself in the list of preferred suppliers for many
big domestic and international clients. Some of SEPL’s clients include big names such
as General Electric Appliances (GEA), Sun Pharma, Sanofi, Gillette India, P&G, and
HUL. Most of these clients have relationship with SEPL since the past 15 years. The
company is continuously adding new customers and also continue to strengthen its
business relationship with key customer IKEA.
The company has shown its ability to grow its scale of operations along with
diversification of its customer base while retaining its existing clientele, sustain its
profitability margins and improve its capital structure. The company has received
business confirmation for manufacturing and supply of packaging for one of the
largest global skin care brand. Also commenced manufacturing and supply of two new
additional parts for Gillette in 2nd quarter. If we look at broad mix of businesses, 45-
50% is from IKEA, 25% is from pharma and 25-30% is from appliances, FMCG and high
end engineering put together.
In terms of profitability and return on capital employed, the company’s performance
has improved significantly over last couple of years. Though the revenue grew
moderately during FY12-16, the EBITDA margin expanded steadily over the same
period. The company has registered sales CAGR of 12.2% and profit CAGR of 28.5%
with ROE of 17.7% over last 5 years.
Key Financial Parameters Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016
Return on Equity (%) 19.94 12.29 16.68 21.42 16.57
ROCE (%) 15.11 11.67 13.09 13.07 13.20
Operating Profit Margin (%) 15.18 14.34 15.43 15.60 18.54
Net Profit Margin (%) 4.37 2.95 4.37 7.24 6.87
Debt to Equity (%) 1.26 1.29 1.55 1.06 0.75
Working Capital Days 147 164 148 152 129
Operations of SEPL are largely working capital intensive in nature since it gets lower
credit period from its suppliers and it has historically been required to extend higher
credit period to its customers. However, there has been gradual improvement in

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working capital management by the company. It has now put in place strict payment
terms for its customers leading to improvement in its collection period to 58 days
during FY16 from 68 days during FYl5 even with 25% growth. It continues to hold
around 40 days inventory. Accordingly, its operating cycle has improved to 67 days
during FY16 compared to 78 days in FY15.
SEPL's sales with the top 5 customers contributing around 74% to its gross sales during
FY16. Some of the injection moulding machines installed at company’s manufacturing
facilities at Savli and Halol are dedicated to particular client's products. Also, the
recently completed capex is dedicated to cater to a few large clients like IKEA and
Sanofi. However, SEPL has added many new customers over the past few years.
During FY16, SEPL has expanded its clientele with addition of companies like Gillette
India ltd., Corvi LEDs, NATCO Pharmaceuticals, SP Pharmaceuticals.
SEPL focus on providing customised solutions to customers has enabled it to enter
categories such as automotives and FMCG. SEPL supported Honeywell to convert
metal rods for turbo chargers in automotive applications to plastic rods which not only
brought in cost savings but also higher efficiency for users. The company plans to
continue focusing on customised, niche solutions which will aid future growth.
Currently, the company generates around 25% of its total revenue from pharma
segment. SEPL has increased its focus on pharma devices and packaging. SEPL
currently manufactures insulin pens, asthma inhalers and speculums, among other
pharmaceutical devices, and has prominent customers such as Sanofi, Wockhardt and
Sun Pharma. It is a supplier of AllStar insulin pens to Sanofi and is also the sole supplier
of insulin pens to Wockhardt. SEPL has also entered the pharma packaging market via
Child Restraint Caps through a technology tie-up with Global Closure system (GCS)
and has incurred capex of Rs 30 crores to set up a plant. As per management, this
plant can generate revenues of Rs. 60 crores on full utilisation (by FY19).
As of Dec’16, promoter’s shareholding in the company is at 54.09%. Promoters have
not pledged any shares, Institution shareholding in the company is at 8.26%.
Management has once again started paying dividend to shareholders from 2015
onwards, the dividend payout before 2015 was in 2008. The company has paid
dividend of Rs. 4 per share for FY15-16, dividend yield at current price is 0.75%.
YEAR Mar'12 Mar'13 Mar'14 Mar'15 Mar'16
EPS 8.70 4.95 9.00 17.19 18.62
Dividend / Share (In Rs) 0.00 0.00 0.00 2.00 4.00
As per our estimates, SEPL can deliver PAT of 27.90 crores for full financial year 2017-
18, annualized EPS of Rs 33.5 with forward P/E ratio of 15.8X for FY17-18. Company’s
valuation looks reasonable considering robust growth outlook with increase in
product offerings to reputed clientele from various industries.

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On equity of Rs. 8.32 crore, the estimated annualized EPS for FY17-18 works out to Rs.
33.53 and the Book Value per share is Rs. 116.62. At current market price of Rs.
529.60, stock price to book value is 4.54.
Considering ambitious growth plan of the management with objective of achieving target
revenues of Rs. 650 crores ($100 million) by FY20 with investment of Rs 100 crore on
capex over the next 2 to 3 years, company’s expertise of manufacturing complex precision
components and assemblies to offer total solutions in plastics to reputed clientele from
various sectors, robust growth outlook with increase in demand of plastic based products
and expected improvement in operating margins of the company from the current 17%
due to better product mix and improving efficiencies, Saral Gyan team
recommends “Buy” on Shaily Engineering Plastics Ltd at current market price of Rs.
529.60 for target of Rs. 1050 over a period of 12 to 24 months.
Buying Strategy:
 80% at current market price of 529.60
 20% at price range of 440 - 460 (in case of correction in stock price in near term)
Portfolio Allocation: 3% of your equity portfolio.

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7. Disclaimer
Important Notice: Saral Gyan Capital Services is an Independent Equity Research Company.
© SARAL GYAN CAPITAL SERVICES
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Definitions of Terms Used:
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price keeping in mind the tenure and objective of the recommendation service.
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further update and not buy more of the stock at current market price.
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