Milton Cycle Industries Limited (MCIL) is an unlisted company established on May 10, 1960, primarily engaged in the manufacturing of bicycles and bicycle components. The company is headquartered in Sonepat, Haryana, where it operates a manufacturing facility spread over 7.5 acres, capable of producing up to 5,000 bicycles daily. Its product range includes various types of bicycles such as fancy bikes, ladies' bikes, junior bikes, kids' bikes, and roadsters, along with components like chains, freewheels, and rims. Initially functioning as a subcontractor for Atlas Cycles (Haryana) Limited, MCIL transitioned to a fully-fledged bicycle manufacturer in July 2006. The company markets its products through a dealer-distributor network across several states in India and neighboring countries like Nepal. Despite its growth and diversified product offerings, MCIL faces challenges such as rising input costs and competition from both organized and unorganized sectors, particularly from Chinese firms.
| P&L Statement | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Revenue | 86.23 | 1825 | 52 | 118 |
| Cost of Material Consumed | 65.32 | 953 | 24 | 66 |
| Gross Margins | 24.25 | 47.78 | 53.85 | 44.07 |
| Change in Inventory | -0.5 | 165 | 15 | 81 |
| Employee Benefit Expenses | 11.43 | 674 | 464 | 163 |
| Other Expenses | 13.3 | 383 | 47 | 240 |
| EBITDA | -3.32 | -350 | -498 | -432 |
| OPM | -3.85 | -19.18 | -957.69 | -366.1 |
| Other Income | 7.89 | 300 | 103 | 638 |
| Finance Cost | 0.65 | 23 | 0.05 | 0.16 |
| D&A | 0.84 | 75 | 59 | 33 |
| EBIT | -4.16 | -425 | -557 | -465 |
| EBIT Margins | -4.82 | -23.29 | -1071.15 | -394.07 |
| PBT | 3.06 | -148 | -454 | 173 |
| PBT Margins | 3.55 | -8.11 | -873.08 | 146.61 |
| Tax (2021) | 0.66 | -46 | -83 | 10 |
| PAT | 2.4 | -102 | -371 | 163 |
| NPM | 2.78 | -5.59 | -713.46 | 138.14 |
| EPS | 57.14 | -24.29 | -88.33 | 38.81 |
| Financial Ratios | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Operating Profit Margin | -3.85 | -19.18 | -957.69 | -366.1 |
| Net Profit Margin | 2.78 | -5.59 | -713.46 | 138.14 |
| Earning Per Share (Diluted) | 57.14 | -24.29 | -88.33 | 38.81 |
| Assets | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Fixed Assets | 5.71 | 496 | 436 | 380 |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 2.05 | 205 | 205 | 205 |
| Trade Receivables | 28.71 | 1589 | 1532 | 1424 |
| Inventory | 8.06 | 348 | 327 | 172 |
| Other Assets | 13.66 | 1353 | 1599 | 1450 |
| Total Assets | - | - | - | - |
| Liabilities | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Share Capital | 0.42 | 42 | 42 | 42 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 14.14 | 1312 | 934 | 1075 |
| Borrowings | 5.9 | 0 | 0 | 0 |
| Trade Payables | 28.61 | 2236 | 2233 | 2233 |
| Other Liabilities | 9.12 | 401 | 890 | 281 |
| Total Liabilities | 58.19 | 3991 | 4099 | 3631 |
| Cash-Flow Statement | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| PBT | 3.06 | -149 | -455 | 173 |
| OPBWC | -3.31 | -351 | -504 | -433 |
| Change in Receivables | -2.9 | 1282 | 21 | 108 |
| Change in Inventories | -0.99 | 458 | 0 | 156 |
| Change in Payables | 16.05 | -6 | -21 | -0.6 |
| Other Changes | -15.82 | -1136 | 554 | -650.4 |
| Working Capital Change | -3.66 | 598 | 554 | -387 |
| Cash Generated From Operations | -6.97 | 247 | 50 | -820 |
| Tax | -0.87 | 0 | 0 | -10 |
| Cash Flow From Operations | -7.84 | 247 | 50 | -830 |
| Purchase of PPE | -0.21 | 0 | 0 | 0 |
| Sale of PPE | 7.62 | 199 | 0 | 581 |
| Cash Flow From Investment | 7.91 | 301 | 102 | 691 |
| Borrowing | 0.16 | -589 | -12 | -3 |
| Divided | 0 | 0 | 0 | 0 |
| Equity | 0 | 0.97 | 0 | 0 |
| Others From Financing | -0.65 | -24.97 | 0 | 0 |
| Cash Flow from Financing | -0.49 | -613 | -12 | -3 |
| Net Cash Generated | -0.42 | -65 | 140 | -142 |
| Cash at the Start | 1.24 | 80 | 15 | 155 |
| Cash at the End | 0.82 | 15 | 155 | 13 |
