MIRA INFORM REPORT
|
Report Date : |
16.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
GARWARE WALL ROPES LIMITED |
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Registered
Office : |
Plot No.11, Block D-1, MIDC, Chinchwad, Pune – 411 019, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
01.04.1976 |
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Com. Reg. No.: |
11-018939 |
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Capital
Investment / Paid-up Capital : |
Rs.219.723
millions |
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CIN No.: [Company Identification
No.] |
L25209MH1976PLC018939 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG08397E MUMG08396D |
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PAN No.: [Permanent Account No.] |
AAACG1377P |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of Various Textile Technical Product Like Ropes, Twine, Yarn, Fishnet and Other Nets. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD11000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having good track record. Financial position of the company is sound. Fundamentals of the
company are healthy. Trade relations are reported as fair. Business is active. Payment
terms 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based limit: “A+” |
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Rating Explanation |
Adequate degree of safety. It carry low
credit risk. |
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Date |
November 2013 |
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Rating Agency Name |
ICRA |
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Rating |
Non-fund based limit: “A1+” |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
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Date |
November, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
Management Non-cooperative. (Tel. No.: 91-20-30780195)
LOCATIONS
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Registered Office/ Factory 1 : |
Plot No.11, Block D-1, MIDC, Chinchwad, Pune – 411 019, |
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Tel. No.: |
91-20-30780000/ 30780195 |
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Fax No.: |
91-20-30780350/ 30780341 |
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E-Mail : |
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Website : |
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Factory 2 : |
Plot No.C-1 and B-226, MIDC, Wai, District Satara – 412 803, |
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Tel No.: |
91-2167-308301/ 02 |
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Factory 3 : |
Plot No.75, 80, 81 and 86, Danudyog Sahakari Sangh Limited, Piparia,
Amli – 396 230, |
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Tel No.: |
91-260-2640867 |
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Mumbai Office 1 : |
Chowpatty Chambers, |
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Tel No.: |
91-22-23631388 |
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Mumbai Office 2 : |
39, S.K. Hafizuddin Marg, Byculla, Mumbai – 400 008, |
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Tel No.: |
91-22-23091164/ 68 |
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Foreign Branch Office : |
Narrows Reach Business Centre, |
DIRECTORS
As on: 31.03.2013
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Name : |
Late Mr. B.D. Garware |
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Designation : |
Founder Chairman |
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Name : |
Mr. R.B. Garware |
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Designation : |
Chairman Emeritus |
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Date of Birth/ Age : |
71 Years |
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Qualification : |
Educated in a Public
School called Dulwich College, |
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Experience : |
48 Years |
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Date of Appointment : |
01.11.2006 |
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|
Name : |
Mr. V.R. Garware |
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Designation : |
Chairman and Managing Director |
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Date of Birth/ Age : |
40 Years |
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Qualification : |
Graduate Cum Laude in BSc
Economics (Specialisation in Finance) from |
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Experience : |
16 Years |
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Date of Appointment : |
07.12.1995 |
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Name : |
Mr. P N. Shah |
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Designation : |
Board of Directors |
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Name : |
Ms. Diya Garware Ibanez |
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Designation : |
Director |
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Name : |
Mr. R.M. Telang |
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Designation : |
Director |
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Name : |
Mr. S.P. Kulkarni |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. P.M. Chandrachud |
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Designation : |
President ( |
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Date of Birth/ Age : |
61 Years |
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Qualification : |
B.E |
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Experience : |
38 Years |
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Date of Appointment : |
10.01.1998 |
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Name : |
Mr. M.V. Subbarao |
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Designation : |
President |
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Date of Birth/ Age : |
61 Years |
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Qualification : |
B. Tech., |
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Experience : |
32 Years |
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Date of Appointment : |
11.12.2002 |
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|
Name : |
Mr. A. M. Boradkar |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
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|
3632712 |
16.60 |
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|
7411194 |
33.87 |
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|
11043906 |
50.47 |
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Total shareholding of Promoter
and Promoter Group (A) |
11043906 |
50.47 |
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(B) Public Shareholding |
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|
1300 |
0.01 |
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|
1914 |
0.01 |
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|
1030008 |
4.71 |
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|
936999 |
4.28 |
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|
1970221 |
9.00 |
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|
|
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|
971329 |
4.44 |
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|
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|
4778919 |
21.84 |
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|
2024901 |
9.25 |
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|
1092784 |
4.99 |
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|
146284 |
0.67 |
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|
946500 |
4.33 |
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|
8867933 |
40.53 |
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Total Public shareholding (B) |
10838154 |
49.53 |
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Total (A)+(B) |
21882060 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
21882060 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Various Textile Technical Product Like Ropes, Twine, Yarn, Fishnet and Other Nets. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity p.a.
|
Installed
Capacity * p.a.
|
Actual
Production ** |
|
Twines, Ropes and Yarns |
M.T. |
N.A. |
31680 |
26440 |
|
Nettings |
M.T. |
N.A. |
8724 |
7461 |
|
Woven Fabric |
M.T. |
N.A. |
400 |
826 |
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Metal Gabions |
M.T. |
N.A. |
5400 |
998 |
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Machineries and Parts |
Nos. |
N.A. |
N.A. |
# 18 |
Notes:
* The figures for installed capacities are as certified
by the whole time director and being a technical matter, have not been verified
by the auditors.
** The actual production includes production
needed for other products/ division and processed through job works.
# Machinery production includes 17 machines
produced for captive consumption.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
·
Bank of ·
Bank of ·
DBS Bank Limited ·
Citibank NA ·
Royal Bank of · HDFC Bank Limited · IDBI Bank Limited |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Patki and Soman Chartered Accountants |
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Address : |
639 Sadashiv Peth, |
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Solicitors and Advocates : (As on 31.03.2013) |
Talwar Thakore and Associates |
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Associates Companies: (As on 31.03.2013) |
·
Garware Elastomerics Limited ·
Garware Bestretch Limited ·
Garware Meditech Private Limited |
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Subsidiary / Joint Venture Companies: (As on 31.03.2013) |
·
Garware Environmental Services Private Limited |
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Enterprises Owned or Significantly Influenced by Key Management Personnel
or Their Relatives: (As on 31.03.2013) |
·
RSDV Finance Company Private Limited ·
RSDV Investments Private Limited ·
Garware Securities Broking Limited ·
Garware Capital Markets Limited ·
Garware Indus Consulting Limited ·
Garware Utzon (Cordage) Limited ·
Manmit Investments and Trading Company Private
Limited ·
Ceebeegee Investment Company Private Limited ·
Moonshine Investments and Trading Company Private
Limited ·
Gurukrupa Investments and Trading Company Private
Limited ·
Sanand Investments and Trading Company Private
Limited ·
Starshine Investments and Trading Company Private
Limited ·
Sukukar Holdings and Trading Company Private
Limited |
|
|
|
|
Enterprises Owned or Significantly Influenced by Key Management
Personnel or Their Relatives where no transactions are entered during the year: (As on 31.03.2013) |
·
Consolidated Agricultural and Dairy Farming
Company Private Limited ·
Vimalabai Garware Research Institute ·
Ramesh Trading Company ·
Sunita Trading Company ·
Diya Trading Company ·
Vayu Trading Company ·
Ramesh B. Garware (HUF) ·
Gartex Industries Limited ·
Garware Motors Limited ·
Garware Infrastructure Private Limited ·
Garware Apparel Private Limited ·
Garware Research Institute ·
Suramex Exim Private Limited ·
Garware Holdings Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.219.723 Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,00,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 Millions |
|
1,00,00,000 |
Unclassified Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 600.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,37,08,350 |
Equity Shares |
Rs.10/- each |
Rs. 237.084
Millions |
|
|
|
|
|
NOTE:
|
Reconciliation of
Number of Shares |
31.03.2013 |
|
|
|
Number of Shares |
Rs. In Millions |
|
Equity Shares |
|
|
|
Opening Balance |
23,708,350 |
237.084 |
|
Changes during the year |
-- |
-- |
|
Closing Balance |
23,708,350 |
237.084 |
Details of Shareholders'
holding more than
5% Shares in
the Company
|
Particulars |
31.03.2013 |
|
Equity Shares |
|
|
Ramesh B. Garware |
3,612,053 15.24% * |
|
Garware Capital Markets Limited |
3,453,911 14.57% |
* 9.22% (Previous year 4.24%) shares are held on behalf of a partnership
firm.
Shares
allotted as fully
paid up by
way of Bonus
Shares (during 5 years preceding
31st March 2013): Nil
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
219.723 |
237.084 |
237.084 |
|
(b) Reserves & Surplus |
2529.225 |
2429.778 |
2267.154 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2748.948 |
2666.862 |
2504.238 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
117.849 |
244.740 |
420.004 |
|
(b) Deferred tax liabilities (Net) |
202.501 |
181.436 |
179.896 |
|
(c) Other long term liabilities |
32.652 |
30.564 |
29.783 |
|
(d) long-term provisions |
15.828 |
16.797 |
14.505 |
|
Total Non-current Liabilities (3) |
368.830 |
473.537 |
644.188 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
449.859 |
832.177 |
830.887 |
|
(b) Trade payables |
640.751 |
575.658 |
535.263 |
|
(c) Other current liabilities |
598.164 |
374.202 |
406.915 |
|
(d) Short-term provisions |
1180.140 |
849.462 |
810.024 |
|
Total Current Liabilities (4) |
2868.914 |
2631.499 |
2583.089 |
|
|
|
|
|
|
TOTAL |
5986.692 |
5771.898 |
5731.515 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
|
1601.258 |
1452.395 |
1577.691 |
|
(ii) Intangible Assets |
|
89.010 |
87.392 |
|
(iii) Capital work-in-progress |
|
3.511 |
33.438 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
93.347 |
91.695 |
91.196 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
114.921 |
108.852 |
94.855 |
|
(e) Other Non-current assets |
10.142 |
16.978 |
7.910 |
|
Total Non-Current Assets |
1819.668 |
1762.441 |
1892.482 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1268.260 |
1217.934 |
1234.346 |
|
(c) Trade receivables |
1425.422 |
1551.442 |
1495.561 |
|
(d) Cash and cash equivalents |
89.195 |
197.628 |
235.303 |
|
(e) Short-term loans and advances |
1384.147 |
1042.453 |
873.823 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
4167.024 |
4009.457 |
3839.033 |
|
|
|
|
|
|
TOTAL |
5986.692 |
5771.898 |
5731.515 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
6876.539 |
5993.680 |
5782.682 |
|
|
|
Other Income |
8.758 |
57.094 |
33.434 |
|
|
|
TOTAL (A) |
6885.297 |
6050.774 |
5816.116 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2891.601 |
2353.105 |
2270.319 |
|
|
|
Purchase of Traded Goods |
119.256 |
261.883 |
311.691 |
|
|
|
(Increase)/Decrease in inventories of Finished Goods, Work-in-Progress and Traded Goods |
60.493 |
31.850 |
(63.815) |
|
|
|
Employee Benefit Expense |
888.041 |
791.559 |
793.604 |
|
|
|
Operation and Other Expenses |
2230.011 |
1970.331 |
1857.528 |
|
|
|
TOTAL (B) |
6189.402 |
5408.728 |
5169.327 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
695.895 |
642.046 |
646.789 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
161.194 |
144.801 |
166.062 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
534.701 |
497.245 |
480.727 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
143.934 |
163.244 |
160.192 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
390.767 |
334.001 |
320.535 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
124.148 |
87.262 |
80.478 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
266.619 |
246.739 |
240.057 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1338.796 |
1186.101 |
1039.030 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
24.700 |
24.100 |
|
|
|
Dividend |
NA |
59.271 |
59.271 |
|
|
|
Tax on Dividend |
NA |
10.073 |
9.615 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1338.796 |
1186.101 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exporter |
NA |
2541.456 |
2458.447 |
|
|
TOTAL EARNINGS |
NA |
2541.456 |
2458.447 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
691.583 |
652.424 |
|
|
|
Stores & Spares |
NA |
223.195 |
168.871 |
|
|
|
Capital Goods |
NA |
11.941 |
92.822 |
|
|
TOTAL IMPORTS |
NA |
926.719 |
914.117 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.13 |
10.41 |
10.31 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
3.87 |
4.08 |
4.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.68 |
5.57 |
5.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.63 |
5.88 |
5.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.12 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.21 |
0.41 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.45 |
1.52 |
1.49 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
237.084 |
237.084 |
219.723 |
|
Reserves & Surplus |
2267.154 |
2429.778 |
2529.225 |
|
Net
worth |
2504.238 |
2666.862 |
2748.948 |
|
|
|
|
|
|
long-term borrowings |
420.004 |
244.740 |
117.849 |
|
Short term borrowings |
830.887 |
832.177 |
449.859 |
|
Total
borrowings |
1250.891 |
1076.917 |
567.708 |
|
Debt/Equity
ratio |
0.500 |
0.404 |
0.207 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5782.682 |
5993.680 |
6876.539 |
|
|
|
3.649 |
14.730 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5782.682 |
5993.680 |
6876.539 |
|
Profit |
240.057 |
246.739 |
266.619 |
|
|
4.15% |
4.12% |
3.88% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATIONS DETAILS
CASE
DETAILS
BENCH
– BOMBAY
Presentation
Date: 13/06/2014
|
Lodging No.:- |
ITXAL/1137/2014 |
Filing Date:- |
13/06/2014 |
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX - 5 |
Respondent:- |
GARWARE WALL ROPES LIMITED |
|
District:- |
MUMBAI |
|
|
|
Bench:- |
SINGLE |
|
|
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
|
Next Date:- |
28/08/2014 |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
|
Last Coram:- |
REGISTRAR (OS)/ PROTHONOTARY AND SR. MASTER |
|
|
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260A |
|
Unsecured Loan |
As on 31.03.2014 |
As on 31.03.2013 |
|
Short term
borrowings |
|
|
|
Cash Credit, Rupee Loan and Rupee Packing Credit |
NA |
59.034 |
|
Packing Credit in Foreign Currency Loan |
NA |
137.018 |
|
|
|
|
|
Total |
NA |
196.052 |
UNAUDITED FINANCIAL
RESULTS (PROVISIONAL) FOR THE QUARTER ENDED ON 30TH JUNE, 2014
(Rs. In Millions)
|
Sr. No |
Particulars |
30.06.2014 (Audited) |
|
|
PART I |
|
||
|
1. |
Income from
operations |
|
|
|
|
(a) Net Sales/Income from Operations (Net of excise duty) |
1984.579 |
|
|
|
(b) Other Operating Income |
9.331 |
|
|
|
Total income from
operations (net) |
1993.910 |
|
|
2. |
Expenses |
|
|
|
|
a. Cost of materials consumed |
843.538 |
|
|
|
b. Purchase of Stock-in-trade |
63.324 |
|
|
|
c. Changes in inventories of finished goods, work in progress and stock-in-trade |
12.560 |
|
|
|
d. Employee benefits expense |
263.254 |
|
|
|
e. Depreciation and amortization expense |
34.999 |
|
|
|
f. Other expenses (Any item exceeding 10% of the total expenses relating to continuing operations to be shown separately) |
617.378 |
|
|
|
Total expenses |
1835.053 |
|
|
3. |
Profit / (Loss) from
Operations before Other Income, finance cost and exceptional Items (1-2) |
158.857 |
|
|
4. |
Other Income |
7.235 |
|
|
5. |
Profit / (Loss)
from ordinary activities before finance cost and exceptional Items (3+4) |
166.092 |
|
|
6. |
Finance Cost |
22.945 |
|
|
7. |
Profit / (Loss)
from ordinary activities after finance cost but before exceptional Items
(5+6) |
143.147 |
|
|
8. |
Exceptional Items |
-- |
|
|
9. |
Profit (+) /
Loss(-) from Ordinary Activities Before Tax (7+8) |
143.147 |
|
|
10. |
Tax Expenses |
45.650 |
|
|
11. |
Net Profit (+) /
Loss (-) from Ordinary Activities after Tax (9-10) |
97.497 |
|
|
12. |
Extraordinary Items (net of Tax Expense Rs. Nil) |
-- |
|
|
13. |
Net Profit (+)/Loss
(-) for the period (11-12) |
97.497 |
|
|
14. |
Paid-up Equity Share Capital (Face value Rs. 10/- each) |
218.821 |
|
|
15. |
Reserves excluding Revaluation Reserves as per Balance Sheet of previous Accounting Year |
-- |
|
|
16. |
Earnings Per Share
of Rs. 10/- each (EPS) (Rs.) |
|
|
|
|
a) Basic and diluted EPS before Extraordinary items (not annualized) |
4.46 |
|
|
|
b) Basic and diluted EPS after Extraordinary items (not annualized) |
4.46 |
|
|
PART II |
|
||
|
A. |
PARTICULARS OF
SHAREHOLDING |
|
|
|
1 |
Public shareholding |
|
|
|
|
- Number of shares |
1,08,38,154 |
|
|
|
- Percentage of shareholding |
49.53 |
|
|
2 |
Promoters and
Promoter Group Shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of shares |
Nil |
|
|
|
b) Non-encumbered |
|
|
|
|
- Number of shares |
1,10,43,906 |
|
|
|
- Percentage of shares (as a % of the total shareholding of Promoters) |
100.00 |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
50.47 |
|
|
INVESTOR COMPLAINTS
DURING THREE MONTHS ENDED ON 30TH JUNE, 2014 |
|||
|
Pending at the
beginning of the quarter (Nos.) |
Received during the
quarter (Nos.) |
Disposed of during
the quarter (Nos.) |
Remaining
unresolved at the end of the quarter
(Nos.) |
|
NIL |
NIL |
NIL |
NIL |
(Rs. In Millions)
|
Sr. No |
Particulars |
30.06.2014 (Audited) |
|
1. |
Segment Revenue |
|
|
|
a) Synthetic cordage |
1670.887 |
|
|
b) Fibre and Industrial Products & Projects |
401.810 |
|
|
Total |
2072.697 |
|
|
Less: Inter-Segment Revenue |
88.118 |
|
|
Net Sales/Income
from Operations |
1984.579 |
|
2. |
Segment Results
(Profit (+)/Loss(-) before tax and interest from each segment) |
|
|
|
a) Synthetic cordage |
178.349 |
|
|
b) Fibre and Industrial Products & Projects |
28.189 |
|
|
Total |
206.538 |
|
|
Less: i) Interest |
22.945 |
|
|
ii) Other unallocable expenditure net off Unallocable Income |
40.446 |
|
|
Total Profit Before
Tax |
143.147 |
|
3. |
Capital Employed (Segment
Assets - Segment Liabilities) |
|
|
|
a) Synthetic cordage |
2571.742 |
|
|
b) Fibre and Industrial Products & Projects |
895.960 |
|
|
Total |
3467.702 |
(The figures of previous periods have been regrouped/rearranged wherever necessary to confirm current period's presentation.)
Notes:
Garware Environmental Services Private Limited,
("Subsidiary Company") is yet to commence its commercial operation.
The above results were reviewed by the Statutory Auditors and also by the Audit
Committee and have been taken on record and approved by the Board of Directors
at its meeting held on 7th August, 2014.
During the period from 1st April, 2014 to 9th April, 2014, the
Company has bought back 90,193 equity shares, under the Buy-back scheme.
Therefore, Issued, Subscribed and Paid-up Capital was reduced from 2,19,72,253
equity shares to 2,18,82,060 equity shares of Rs.10 each. The buy-back scheme
ended on 9th April, 2014.
Effective April 1, 2014, Schedule II of the Companies Act, 2013, prescribes the useful lives of various types of assets. Pending the determination of the revised useful lives by Management, the Company continues to provide depreciation at the rates being followed hitherto.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10334334 |
11/01/2012 |
150,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
52/60 MAHATMA
GANDHI ROAD, FORT, MUMBAI, MAHARASH |
B31593486 |
|
2 |
10315464 |
01/11/2011 |
250,000,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND
FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI,
MAHARASHTRA |
B24454464 |
|
3 |
10316447 |
24/10/2011 |
250,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B24852527 |
|
4 |
10127061 |
13/10/2008 |
121,300,000.00 |
IDBI BANK
LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A49434764 |
|
5 |
10127060 |
08/10/2008 |
105,400,000.00 |
IDBI BANK
LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
A49434699 |
|
6 |
90088708 |
15/01/2004 * |
24,300,000.00 |
BANK OF INDIA |
PUNE CORPORATION
BANKING BRANCH, 1162/6; SHIVAJI |
- |
|
7 |
90082624 |
19/04/2000 * |
50,000,000.00 |
BANK OF BARODA |
CO. BANKING
BRANCH, MANTRI COURT, PUNE, MAHARASHTRA - 411001, INDIA |
- |
|
8 |
90085074 |
24/05/1999 |
20,200,000.00 |
BANK OF
MAHARASHTRA |
LOKMANGAL; 1501,
SHIVAJINAGAR, PUNE, MAHARASHTRA |
- |
|
9 |
90088154 |
02/01/1999 |
20,000,000.00 |
CORPORATION BANK
|
INDUSTRIAL
FINANCE BRANCH, 14; PUNE; MUMBAI ROAD, |
- |
|
10 |
90084810 |
14/02/2012 * |
2,831,000,000.00
|
BANK OF INDIA |
1162/6
SHIVAJINAGAR, UNIVERSITY ROAD, PUNE, MAHARASHTRA - 411005, INDIA |
B32884645 |
Note: * Date of charge modification
FIXED ASSETS:
Tangible Assets
v
v Buildings
v Plant and Machinery
v R&D Equipments
v Electrical Installations
v Furniture and Fixtures
v Office Equipments
v Vehicles
v Helicopter
Intangible Assets
v Technical Knowhow
v Product Development
v Computer Software
PRESS RELEASE
GARWARE-WALL ROPES
GAINS AS BOARD APPROVES BUYBACK PROPOSAL
Garware-Wall Ropes rose 2.04% to Rs 50 at 11:39 IST on BSE, after the company's board of directors approved buyback of equity shares.
The announcement was made after market hours on Tuesday, 24 September 2013.
Meanwhile, the BSE Sensex was down 162.78 points, or 0.82% at 19,757.43
On BSE, 13,036 shares were traded in the counter as against an average daily volume of 2,072 shares in the past one quarter.
The stock hit a high of Rs 50.10 and low of Rs 50 so far during the day. The stock had hit a 52-week high of Rs 54 on 23 October 2012 and a 52-week low of Rs 37.95 on 28 August 2013.
The small-cap stock had outperformed the market over the past one month till 24 September 2013, rising 22.81% compared with the Sensex's 7.56% gain. The scrip had also outperformed the market in the past one quarter, gaining 16.67% as against Sensex's 7.44% rise.
The company has an equity capital of Rs 23.71 crore. Face value per share is Rs 10.
Garware-Wall Ropes' board of directors at its meeting held on 24 September 2013 approved buy-back of the company's shares from its shareholders from open market through stock exchanges at a price not exceeding Rs 65 per share payable in cash for an aggregate amount not exceeding Rs 110.000 millions. The offer size represents 4.13% of the aggregate of the company's paid up equity capital and free reserves as at 31 March 2013, the company said.
Garware-Wall Ropes' net profit rose 3.5% to Rs 62.000 millions on 9.5% fall in net sales to Rs 1486.600 millions in Q1 June 2013 over Q1 June 2012.
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 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 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. 60.99 |
|
|
1 |
Rs.99.10 |
|
Euro |
1 |
Rs. 79.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.