MIRA INFORM REPORT
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Report Date : |
16.04.2011 |
IDENTIFICATION DETAILS
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Name : |
GARWARE ELASTOMERICS LIMITED |
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Registered Office : |
Plot No. 11, Block D1, MIDC, Chinchwad, Pune – 411019, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
25.10.1975 |
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Com. Reg. No.: |
11-18620 |
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CIN No.: [Company
Identification No.] |
U17113MH1975PLC018620 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
PNEB02887D |
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PAN No.: [Permanent
Account No.] |
AABCG0362P |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer, Trader, Importer, Exporter and Dealer of Heat Resistance Rubber Elastic Tapes. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 810200 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Anil Kulkarni |
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Designation : |
Export / Import Department |
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Contact No.: |
91-9370606135 |
LOCATIONS
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Registered Office : |
Plot No. 11, Block D1, MIDC, Chinchwad, Pune – 411019, |
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Tel. No.: |
91-20-27473931 / 27473932 |
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Fax No.: |
91-20-27473645 |
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E-Mail : |
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Website : |
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Corporate Office 1
: |
4th Floor, Amar Avinash Corporate Plaza, Plot No.D-2, Bund
Gardan Road, Pune – 411001, Maharashtra, India |
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Tel. No.: |
91-20-56056071 |
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Fax No.: |
91-20-56024140/56024240 |
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Corporate Office 2
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Chowpatty Chambers, ground Floor, Sandhurst Brige, Mumbai
– 400007, |
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Factory : |
Plot No. C-2, MIDC, Wai District Satara – 412803, |
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Tel. No.: |
91-2167-265107 / 8 |
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Fax No.: |
91-2167-265106 |
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E-Mail : |
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Distributors
and Agents |
Located at :
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DIRECTORS
AS ON 28.09.2010
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Name : |
Mr. Ramesh B. Garware |
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Designation : |
Director |
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Address : |
Ramesh Garware Form, |
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Date of Birth/Age : |
14.10.1940 |
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Date of Appointment : |
25.10.1975 |
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Name : |
Mr. Shripad M. Kuvelkar |
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Designation : |
Director |
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Address : |
111-B, |
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Date of Birth/Age : |
15.02.1935 |
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Date of Appointment : |
25.10.1975 |
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Name : |
Ms. Ganesh P. Jategaonkar |
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Designation : |
Director |
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Address : |
Blossom Apartments, 3rd Floor, Plot No. 11, |
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Date of Birth/Age : |
17.08.1934 |
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Date of Appointment : |
26.06.1997 |
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Name : |
Mr. Shrikant. P. Kulkarni |
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Designation : |
Whole Time Director |
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Address : |
44, Vijaynagar Colony, Pune-411030, |
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Date of Birth/Age : |
14.08.1949 |
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Date of Appointment : |
22.09.2001 |
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Name : |
Ms. Diya Garware Ibanez |
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Designation : |
Director |
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Address : |
Ramesh Garware, P Box |
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Date of Birth/Age : |
25.09.1970 |
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Date of Appointment : |
30.05.2003 |
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Name : |
Mr. Vijay R Garware |
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Designation : |
Additional Director |
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Address : |
Garvare Farm, |
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Date of Birth/Age : |
18.02.1972 |
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Date of Appointment : |
25.01.2008 |
KEY EXECUTIVES
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Name : |
Mr. S P Raykar |
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Designation : |
Chief Financial Officer And Company Secretary |
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Name : |
Mr. Anil Kulkarni |
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Designation : |
Export Import Department |
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Mobile No.: |
91-9370606131 |
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Name : |
Mr. Shreechandra P.Raykar |
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Designation : |
Secretary |
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Address : |
Shreesha, Plot 12 ,S.No 11, Green Park Bunglow ,SCHM, Anand Nagar, Pune – 411051, Maharashtra, India |
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Date of Birth/Age : |
01.05.1954 |
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Date of Appointment : |
16.11.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2010
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Names of Shareholders |
No. of Shares |
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RSDV Investments Private Limited, Pune |
1410000 |
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Suramex EXIM Private Limited, Pune |
26168 |
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RSDV Finance Company Private Limited, Pune |
287000 |
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CEE BEE GEE Investment Company Private Limited, Pune |
240000 |
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Garware Wall Ropes, Mumbai |
1478300 |
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Diya Ibanez Gareware |
350000 |
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Garware Capital Markets Limited, Mumbai |
1471801 |
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Ramesh B Garware |
1065531 |
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Ramesh B Garware |
256000 |
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Total |
6584800 |
Equity Share Breakup (Percentage of Total Equity)
AS ON 28.09.2010
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Category |
Percentage |
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Bodies corporate (not mentioned above) |
74.61 |
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Directors or relatives of directors |
25.39 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader, Importer, Exporter and Dealer of Heat Resistance Rubber Elastic Tapes. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports: |
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Products: |
Raw material |
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Countries: |
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Terms: |
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Selling: |
L/C Cash and
Credit |
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Purchase: |
L/C Cash and Credit |
PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Heat Resistant Rubber Products |
MT |
7400 |
4716 |
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Tiles, Rubber, Paring And Scrap |
MT |
--- |
12 |
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GENERAL INFORMATION
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Customers : |
End Users, OEM’s |
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No. of Employees : |
35 |
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Bankers : |
· Bank of India, Corporate Banking Branch, University road, Pune-411005 ·
Bank of ·
Bank of · Axis Bank Limited, Branch Dhika Zimkhana, Pune - 411005 |
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Facilities : |
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Banking Relations
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-- |
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Auditors : |
Gokhale Tanksale and Ghatpande Chartered Accountants |
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Address: |
101, R K Classic, |
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Tel. No.: |
91-20-25383004 |
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Mobile No.: |
91-20-25380074 |
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E-Mail : |
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Associates: |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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9000000 |
Equity shares |
Rs.10/-each |
Rs.90.000 Millions |
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1000000 |
Unclassified shares |
Rs.10/-each |
Rs.10.000 Millions |
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Issued, Subscribed and Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6584800 |
Equity shares |
Rs.10/-each |
Rs.65.848
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES
OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
65.848 |
65.848 |
65.848 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
136.702 |
127.360 |
117.519 |
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4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
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202.550 |
193.208 |
183.367 |
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LOAN FUNDS |
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1] Secured Loans |
(1.362) |
(1.242) |
(0.302) |
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2] Unsecured
Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING
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(1.362) |
(1.242) |
(0.302) |
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DEFERRED TAX
LIABILITIES |
8.010 |
7.898 |
7.070 |
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TOTAL
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209.198 |
199.865 |
190.135 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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70.984 |
72.752 |
72.817 |
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Capital work-in-progress
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0.000 |
0.000 |
0.000 |
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INVESTMENT
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16.387 |
16.386 |
14.890 |
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DEFERREX TAX ASSETS
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0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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144.853
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127.775
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158.363
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Sundry Debtors
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8.622
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0.689
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0.000
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Cash & Bank Balances
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12.984
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4.017
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3.265
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Other Current Assets
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0.000
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0.000
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0.000
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Loans & Advances
|
31.195
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34.785
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30.465
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Total Current Assets
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197.654
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167.266
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192.093
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Less : CURRENT
LIABILITIES & PROVISIONS
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Sundry Creditors
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39.788
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17.513
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8.479
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Other Current Liabilities
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10.318
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12.349
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57.474
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Provisions
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25.721
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26.678
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23.713
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Total Current Liabilities
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75.827
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56.540
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89.666
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Net
Current Assets
|
121.827
|
110.726
|
102.428 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
209.198 |
199.865 |
190.135 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
472.659 |
596.995 |
442.215 |
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Other Income |
4.168 |
8.194 |
3.804 |
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TOTAL (A) |
476.827 |
605.189 |
446.019 |
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Less |
EXPENSES |
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Material |
404.296 |
524.503 |
377.093 |
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Increased/(Decreased) in Stock |
(0.114) |
0.124 |
(0.019) |
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Manufacturing Expenses |
22.883 |
24.305 |
21.747 |
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Salaries, Wages and Employees Benefits |
11.196 |
13.905 |
11.390 |
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Administrative Expenses |
9.876 |
10.238 |
8.305 |
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Loss on sale of assets |
0.000 |
0.008 |
0.000 |
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TOTAL (B) |
448.137 |
573.083 |
418.516 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
28.690 |
32.106 |
27.503 |
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Less |
FINANCIAL
EXPENSES (D) |
0.153 |
1.425 |
0.244 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
28.537 |
30.681 |
27.259 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.576 |
5.573 |
3.366 |
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PROFIT BEFORE
TAX (E-F) (G) |
21.961 |
24.108 |
15.743 |
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Less |
TAX (I) |
6.842 |
8.386 |
5.087 |
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PROFIT AFTER TAX
(G-I) (J) |
15.119 |
15.722 |
10.656 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
114.520 |
104.679 |
98.707 |
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Add |
PRIOR PERIOD TO
ADJUSTMENT |
0.000 |
(0.103) |
1.093 |
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Less |
APPROPRIATIONS |
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Proposed Dividend |
4.938 |
4.938 |
4.938 |
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Tax on Dividend |
0.839 |
0.839 |
0.839 |
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BALANCE CARRIED
TO THE B/S |
123.862 |
120.298 |
104.679 |
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IMPORTS |
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Raw Materials |
368.537 |
43.810 |
28.700 |
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TOTAL IMPORTS |
368.537 |
43.810 |
28.700 |
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Earnings Per
Share (Rs.) |
2.30 |
2.37 |
--- |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
PAT / Total Income
|
(%)
|
3.17 |
2.60 |
2.39 |
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Net Profit Margin
(PBT/Sales) |
(%) |
4.65 |
4.04 |
3.56 |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
8.17 |
9.40 |
5.63 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.11 |
0.12 |
0.08 |
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Debt Equity Ratio
(Total
Liability/Networth) |
|
0.37 |
0.28 |
0.49 |
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Current Ratio
(Current
Asset/Current Liability) |
|
2.61 |
2.96 |
2.14 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
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Name of the company |
GARWARE ELASTROMERICS LIMITED |
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Presented
By |
GARWARE
ELASTROMERICS LIMITED |
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1) Date and description of instrument creating the change |
Agreement of Hypothecation of Plant. Machinery, Stocks and Bad Debts dated 9th June, 2003 - Annexure I |
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2) Amount secured by the charge/amount owing on the securities of charge |
USD 1 million
equivalent to Rs. 49.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
a.)All tangible
movable machineries and plant, both present Plant and Machinery and future whether
installed or not and whether lying loose or in cases at site or in transit a
short particulars of which are disclosed. b.)All tangible
movable properties and assets of
whatsoever nature (other than movable and uninstalled machines) of the
Borrower (both present and future) and including all Stock of raw material c) All the
present and future book-debts, outstanding. money Book debts, money
receivables, claims, bills which are due and owing or which may at any time
hereafter during the continuance of this security become due and owing to in
the course of this business by any persons, firm, company or body corporate
or by the Central Government or any State Government, or any Government
Department or office or any municipal or local or public or semi - governmental body or authority or anybody corporate or undertaking or project whatsoever:. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
a.) To the
intent that the security and
charge hereby created shall be a security by way of first charge on pari
passu basis. b) Interest
payable at the rate of 250 BPS over SIX monthly LIBOR. The rate is subject to
change from time to time. c) 8 quarterly
installments of RS.6.200 Millions each commencing from 9 months after disbursement d) The security
shall be the continuing security. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Corporate
Banking Branch, 1162/6, |
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6) Date and brief description of instrument modifying the charge |
On 17th October, 2003 by a Joint Mortgage by deposit of title deeds.
No Instrument was executed. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
No Instrument
executed. On 17th October, 2003 , aforesaid loan further secured,
by way of Joint Mortgage by deposit of title deeds created by the Company in
favour of Bank of India in respect of Company's lands and other immovable
property situate at Plot No C-2 Wai Industrial Area within the village limits of Wai Taluka
and Registration Sub District Satara with Bank of India acting for itself with an intent to
create security by way of First Charge in favour of the Bank of India on the said lands and
building and structures thereon, fixed plant and machinery. Permanently
fastened to the earth or fastened to anything attached to earth. |
FIXED ASSETS:
- Land
- Building /
Premises
- Plant and
Machinery
- I T Equipment
- Furniture and
Fixtures
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.52 |
|
|
1 |
Rs.72.71 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.