Calcutta Security Printers Annual Reports, Balance Sheet and Financials

Calcutta Security Printers Limited Standalone Balance Sheet (Rs. in Thousand)

Particulars	31-03-2024	31-03-2023
Non-current assets
Property, plant and equipment	57,895.57	67,181.85
Investments	160.00	172.50
Deferred Tax assets	3,133.66	5,365.23
Current assets
Inventories	33,562.30	29,726.37
Trade Receivables	38,706.12	43,948.56
Cash and Cash equivalents	2,510.67	1,164.78
Bank balances other than above	793.73	600.88
Current tax assets (net)	1,463.55	-
Other Current Assets	42,252.38	42,983.01
Total Assets	1,80,477.98	1,91,143.18
Equity
Equity Share capital	4,290.00	4,290.00
Other Equity	48,995.66	65,218.68
Current liabilities
Borrowings	91,473.67	89,876.39
Trade Payables
Total outstanding dues of Micro and Small enterprises	11,675.02	5,200.72
Total outstanding dues of Creditors other than Micro and Small Enterprises	17,059.24	17,542.28
Other Current liabilities	6,248.77	6,720.67
Provisions	735.62	910.51
Current tax liabilities (net)	-	1,383.92
Total Equity and Liabilities	1,80,477.98	1,91,143.18

Calcutta Security Printers Limited Standalone Profit and Loss Account (Rs. in Thousand)

Particulars	31-03-2024	31-03-2023
Revenue from Operation	1,88,259.89	2,81,563.10
Other Income	602.30	608.48
Total Income	1,88,862.19	2,82,171.58
Expenses
Cost of material consumed	1,31,171.47	1,85,240.37
Change in inventories of finished goods, Stock-in-trade and work-in-progress	-43.30	-3324.09
Employee Benefit Expense	21,476.94	22,323.42
Finance Cost	5,271.57	5,161.46
Depreciation and Amortisation Expense	17,328.56	16,858.45
Other Expenses	27,679.82	46,126.50
Total Expense	2,02,885.06	2,72,386.11
Profit/Loss before tax and exceptional items	-14,022.87	9,785.47
Exceptional item	1,820.28	0.00
Profit/Loss before tax	-15,843.15	9,785.47
Current tax	0.00	3,500.00
Deferred tax	2,229.38	-2,929.54
(Excess)/Short provision earlier year written off	-1,374.48	-43.15
Profit for the year	-16,698.05	9,258.16
Other Comprehensive Income
Items that will not be reclassified to profit or loss:
Remeasurement Gain/ (losses)on post-employment defined benefit plans.	477.20	657.81
Total comprehensive Income/(Loss) for the year	-16,220.85	9,915.97
Earnings per Equity Share (Nominal value per share Rs.10/-)
Basic & Diluted (Including Other Comprehensive Income)	(37.81)	23.11
Basic & Diluted (excluding Other Comprehensive Income)	(38.92)	21.58

Calcutta Security Printers Limited Standalone Balance Sheet (Rs. in Thousand)

Particulars	31-03-2024	31-03-2023
Cash Flow from Operating Activities
Net Profit before Tax and extraordinary items	-14,022.87	9,785.47
Adjustments for:
Depreciation	17,328.56	16,858.45
Other Interest on FDR (Reclassified to Investing Activities)	-218.88	-94.05
Interest Paid	5,271.57	5,161.46
Provision for Doubtful Debt	0.00	-2,421.30
Provision for Leave Encashment	-174.89	39.95-
Profit on Sale of Assets	175.65	-50.00
Foreign Exchange (Gain)/Loss	18.88	-3.25
Other non-cash items	0.00-	374.49
Operating Profit before Working Capital Charges	8,026.70	28,902.23
Adjustments for:
Increase/ Decrease in Trade & other Receivables	4,316.68	7,723.44-
Increase/ Decrease in Inventories	3,835.93	-11,048.27
Increase/ Decrease in Trade Payables & other liabilities	4,154.26	-6,290.89
Cash Generated from Operations	12,661.71	19,286.51
Income tax paid/ Refund	-6.29	0.00
Net Cash Generated from Operating Activates	12,655.42	19,286.51
Cash Flow from Investing Activities
Purchase of fixed assets	-8,246.62	-2,800.38
Sale of Fixed Assets	380.00	50.00
Sale of Investment	12.50	-
Interest received	218.88	94.05
Net Cash Used in Investing Activities	-7,635.24	-2,656.33
Cash flow from financing activities
Proceeds/(Repayment) from borrowings (Unsecured & Secured)	1,597.28	-12,263.30
Interest and finance charges paid	-5,271.57	-5,161.46
Net cash flow generated/ (used in) from financing activities	-3,674.29	-17,424.75
Net Increase /(Decrease) In Cash and Cash Equivalents	1,345.89	-794.57
Cash & Cash Equivalents at the Beginning of the Year	1,164.77	1,959.34
Cash & Cash Equivalents at the End of the Year	2,510.67	1,164.77

Here is a summary of the Cash Flow Statement for the years 2024 and 2023:

Cash Flow from Operating Activities

In 2024, the company’s core operations generated ₹12,655.42 thousand in cash, which is lower than the ₹19,286.51 thousand generated in 2023. This decline was mainly because the company moved from a profit in the previous year to a loss before tax of ₹14,022.87 thousand this year. However, the impact of this loss was cushioned by non-cash expenses like depreciation (₹17,328.56 thousand) and interest charges (₹5,271.57 thousand), which do not require actual cash outflow. Additionally, working capital adjustments—such as better collections from customers, management of inventories, and timely payments to suppliers—helped maintain a positive cash inflow from operations.

Cash Flow from Investing Activities

The company recorded a net cash outflow of ₹7,635.24 thousand from investing activities in 2024, a bigger outflow than the ₹2,656.33 thousand spent in 2023. The primary reason for this was higher capital expenditure (₹8,246.62 thousand) on property, plant, and equipment, indicating continued investment in long-term assets. Some cash was recovered from the sale of fixed assets (₹380.00 thousand), sale of investments (₹12.50 thousand), and interest income (₹218.88 thousand), but these were much smaller compared to the money spent.

Cash Flow from Financing Activities

Financing activities showed a net outflow of ₹3,674.29 thousand in 2024, compared to a much larger outflow of ₹17,424.75 thousand in 2023. The smaller outflow this year was due to a small inflow from borrowings (₹1,597.28 thousand), which partly offset the outflow caused by interest and finance cost payments (₹5,271.57 thousand). This suggests the company relied less on external financing this year while still managing its debt obligations.

Net Change in Cash and Cash Equivalents

Combining all activities, the company’s cash balance increased by ₹1,345.89 thousand in 2024, compared to a decrease of ₹794.57 thousand in 2023. The closing cash balance at the end of the year stood at ₹2,510.67 thousand, up from ₹1,164.77 thousand in the previous year. While profitability was weaker, the company still managed to improve its cash position through controlled financing outflows and disciplined working capital management.

Calcutta Security Printers Limited Financial Ratios

Particulars	2024	2023
Current Ratio	0.94	0.97
Debt-Equity Ratio	1.72	1.29
Debt Service Coverage Ratio	-0.16	0.04
Return on Equity	(27.20)	14.34
Inventory Turnover Ratio	6	12
Trade Receivables Turnover Ratio	4.56	6.05
Trade Payables Turnover Ratio	3	5.00
Net Capital Turnover Ratio	-33.88	(20.50)
Net Profit Ratio	(8.87)	3.29
Return on Capital Employed	(16.42)	21.50

Here is a summary of the Financial Ratios for the years 2024 and 2023:

Current Ratio

The current ratio slightly declined from 0.97 in 2023 to 0.94 in 2024. This is below the ideal level of 1, showing that the company does not have enough current assets to fully cover its short-term liabilities. It reflects a weak liquidity position, meaning there could be challenges in meeting short-term obligations.

Debt-Equity Ratio

The debt-equity ratio increased from 1.29 to 1.72, indicating higher reliance on borrowed funds compared to equity. A rising ratio means higher financial risk, as a larger share of the company’s capital structure is funded through debt.

Debt Service Coverage Ratio

The ratio dropped from a positive 0.04 in 2023 to –0.16 in 2024. A negative value means the company is not generating enough earnings to meet its debt repayment obligations, which could lead to financial stress if not addressed.

Return on Equity (ROE)

ROE declined sharply from a positive 14.34% in 2023 to –27.20% in 2024. This shows that the company moved from generating profits for shareholders to making losses, indicating poor financial performance.

Inventory Turnover Ratio

The ratio dropped from 12 to 6, meaning the company is selling and replenishing its inventory at half the speed compared to last year. Slower turnover may indicate weaker sales or excess stock holding.

Trade Receivables Turnover Ratio

This fell from 6.05 to 4.56, showing that the company is taking longer to collect payments from customers. This could affect cash flow and increase the risk of bad debts.

Trade Payables Turnover Ratio

The ratio decreased from 5.00 to 3.00, indicating the company is taking longer to pay suppliers. While this may help short-term cash flow, it could strain supplier relationships.

Net Capital Turnover Ratio

The ratio worsened from –20.50 to –33.88, showing that the company is using its capital very inefficiently and generating significantly less revenue from it.

Net Profit Ratio

The net profit ratio fell from 3.29% in 2023 to –8.87% in 2024, meaning the company has shifted from a small profit to a substantial loss relative to sales.

Return on Capital Employed (ROCE)

ROCE declined from 21.50% to –16.42%, showing that the company is no longer generating positive returns from the total capital it employs, highlighting a significant drop in efficiency and profitability.