MIRA
INFORM REPORT
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Report No. : |
308969 |
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Report Date : |
20.02.2015 |
IDENTIFICATION DETAILS
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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
: |
Manufacturing and Selling of Various Products such as Ropes, Twine, Yarn, Fishnet, Other Nets and Technical Textiles and also Providing Solution to the Infrastructure Industries which include Coastal Protection, Land Filling etc. |
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No. of Employees
: |
Not Available |
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 : |
USD 7850000 |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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India |
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 |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Fund based limit: “A+” |
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Rating Explanation |
Adequate degree of safety and carry low
credit risk. |
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Date |
November, 2014 |
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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, 2014 |
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.
LOCATIONS
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Registered Office/ Factory 1 : |
Plot No.11, Block D-1, MIDC, Chinchwad, Pune – 411019, Maharashtra,
India |
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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 – 412803, Maharashtra,
India |
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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, Sandhurst
Bridge, Mumbai – 400007, Maharashtra, India |
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Tel No.: |
91-22-22634696/ 97 |
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E-Mail : |
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Mumbai Office 2 : |
39, S.K. Hafizuddin Marg,
Byculla, Mumbai – 400008, Maharashtra,
India |
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Tel No.: |
91-22-23091164/ 68 |
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E-Mail: |
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Foreign Branch Office : |
Narrows Reach Business Centre, |
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Tel. No.: |
001-25356 40217 |
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E-Mail: |
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Overseas Office 1: |
Tacoma, WA 98406-2099, USA |
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Tel. No.: |
253-564-0217 |
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Fax No.: |
253-564-0237 |
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E-Mail : |
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Overseas Office 2 : |
Milton Keynes, MK9 1LH, United Kingdom |
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Tel. No.: |
+44 1908 424424-25 Extn: 4424/25 |
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Overseas Office 3 : |
North Sydney – 2060, Australia |
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Tel. No.: |
0061 2 9957 44 66/67 |
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Fax No.: |
0061 2 99572929 |
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E-Mail : |
DIRECTORS
As on 31.03.2014
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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, U.K., Graduated with Honors Degree in Moral Sciences and Law from Jesus College, Cambridge, Brief Course in French at Sorbonne in Paris. |
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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 Wharton Business School of University of Pennsylvania, U.S.A. |
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Date of Appointment : |
07.12.1995 |
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Name : |
Ms. Diya Garware Ibanez |
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Designation : |
Director |
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Name : |
Ms. M.V. Garware |
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Designation : |
Director |
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Date of Appointment: |
16.08.2014 |
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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 |
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Name : |
A. D. Goeal |
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Designation : |
Director |
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Date of Appointment : |
16.08.2014 |
KEY EXECUTIVES
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Name : |
R. H. Yadav |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
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Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
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(A) Shareholding of
Promoter and Promoter Group |
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3631711 |
16.60 |
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7430720 |
33.96 |
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11062431 |
50.55 |
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Total shareholding of
Promoter and Promoter Group (A) |
11062431 |
50.55 |
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B) Public Shareholding |
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1300 |
0.01 |
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3092 |
0.01 |
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|
716232 |
3.27 |
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945099 |
4.32 |
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1665723 |
7.61 |
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1170017 |
5.35 |
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4781100 |
21.85 |
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2113744 |
9.66 |
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1089045 |
4.98 |
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142545 |
0.65 |
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946500 |
4.33 |
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9153906 |
41.83 |
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Total Public shareholding
(B) |
10819629 |
49.45 |
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Total (A)+(B) |
21882060 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
21882060 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to 
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Selling of Various Products such as Ropes, Twine, Yarn, Fishnet, Other Nets and Technical Textiles and also Providing Solution to the Infrastructure Industries which include Coastal Protection, Land Filling etc. |
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Products : |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
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Selling : |
-- |
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Purchasing : |
-- |
PRODUCTION STATUS:
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· Bank of India Bank of
Baroda DBS
Bank Limited Citibank
NA HDFC
Bank Limited IDBI
Bank Limited HSBC
Bank Limited |
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Facilities : |
NOTE LONG TERM
BORROWINGS l) lDBl Bank Term Loan under TUFS Loan is repayable in 20 quarterly instalments of Rs. 5.270 Millions each along with interest from 31st July, 2009. This loan is secured by way of charge on specific assets financed by the Bank. 2) ClTl Bank ECB Term Loan is repayable in 16 quarterly installments of Rs. 15.625 Millions each along with interest from 25th December' 2012. This loan is secured by way of hypothecation of the whole of the Movable Fixed Assets comprising Plant and Machinery Computers, Furniture and Fixtures, Machinery Spares, Tools and Accessories and other Assets both present and future on first charge on pari-passu basis with others. 3) HDFC Bank Rupee Term Loan is repayable in 12 quarterly instalments of Rs. 20.833 Millions each along with interest from 4th January, 2012. This loan is secured by way of hypothecation of the lmmovable Properties including plant and Machinery Spares, Tools and Accessories and other Movables both present and future on first charge on pari-passu basis with others. SHORT TERM
BORROWINGS The above Secured Loans are availed from Consortium Bankers, viz., Bank of lndia, Bank of Baroda, lDBl Bank Limited, HDFC Bank Limited, ClTl Bank N. A., DBS Bank Limited and The Hongkong and Shanghai Banking Corporation Limited, are secured by a first charge, pari passu, interse by way of hypothecation of the Company's Current Assets, viz. raw materials, stock-in-process, semi-finished goods, finished goods, stores and spares not relating to Plant and Machinery bills receivable and book debts and other movables (except for Plant and Machinery secured by way of second charge), both present and future. Out of above Consortium Bankers, the loans from Bank of lndia and Bank of Baroda, are also secured to the extent of Rs. 617.000 Millions by Second Charge over the Company's immoveable properties, by way of equitable mortgage, ranking pari passu, inter-se. The Cash Credit' Rupee Loan and Rupee Packing Credit (rupee and foreign currency loan) loan is repayable on demand. * The said deposits were received from Late R. B. Garware, and the same will be repaid according to the
terms of his Will. |
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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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Associates
Companies : |
Garware Meditech Private Limited |
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Subsidiary / Joint
Venture Companies : |
Garware Environmental Services Private Limited |
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Enterprises Owned or
Significantly influenced by Key Management Personnel or Their Relatives : |
· Manmit lnvestment and Trading Company Private Limited Garware Capital Markets Limited Gurukupa lnvestments and Trading Company Private
Limited Sanand lnvestments and Trading Company Private
Limited Moonshine
lnvestments and Trading Company Private Limited Starshine lnvestments and Trading Company Private
Limited Sukukar Holdings and Trading Company Private Limited Garware Utzon Cordage Limited Garware lndus Consulting Limited Garware lnfrastructure Private Limited Garware Bestretch Limited Garware Holdings Limited Suramex Exim Private Limited Garware Apparel Private Limited Gartex lndustries Limited Ramesh Trading Company Sunita Trading Company Diya
Trading Company Vayu
Trading Company RSDV lnvestments Private Limited RSDV
Finance and Trading Company Private Limited Garware Securities Broking Limited Ceebeegee lnvestments Company Private Limited Garware Resach lnstitute Vimlabai Garware Research lnstitute Consolidated
Agricutural and Dairy Farming Company Private
Limited |
CAPITAL STRUCTURE
As on 25.09.2014
Authorised Capital : Rs. 600.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 237.084 Millions
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
50000000 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 Millions |
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10000000 |
Unclassified Shares |
Rs.10/- each |
Rs. 100.000 Millions |
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Total |
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Rs. 600.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
21972253 |
Equity Shares |
Rs.10/- each |
Rs. 219.723 Millions |
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NOTE
|
Reconciliation of
Number of Shares |
As at 31.03.2014 |
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Number of Shares |
Rs. In Millions |
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|
Equity Shares |
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Opening Balance |
23708350 |
237083500 |
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Changes during the year |
(1736097)* |
(17360970) |
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Closing Balance |
21972253 |
219722530 |
*During the year 2013-14, the company has bought back 1736097 Equity Shares of Rs. 10/- each under the Buy Back Scheme (Previous Year Nil).
Details of Shareholders'
holding more than
5% Shares in
the Company
|
Particulars |
As at 31.03.2014 |
|
Equity Shares |
|
|
Ramesh B. Garware** |
3,612,053 15.86%* |
|
Garware Capital Markets Limited |
3,453,911 15.17% |
* 9.60% (Previous year 9.22%) shares are held on behalf of a partnership firm.
**V.R. Garware has informed to Company that
a) His father R.B. Garware, expired on 7th February, 2014, has left a Will dated 6th April, 2012.
b) The Executors of the said will have informed him in writing that the above stated shares are bequeathed to him and Executors are taking steps in getting them transmitted in his demat account.
Pending transmission of the said shares in the name of V.R. Garware, the shares in demat accounts continue to be registered in the name of R.B. Garware.
Shares allotted as
fully paid up by way of Bonus Shares (during 5 years preceding 31st
march, 2014): Ni.
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 |
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(1)Shareholders'
Funds |
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(a) Share Capital |
219.723 |
237.084 |
237.084 |
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(b) Reserves & Surplus |
2529.225 |
2429.777 |
2267.154 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
2748.948 |
2666.861 |
2504.238 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
117.849 |
244.740 |
420.004 |
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(b) Deferred tax liabilities (Net) |
202.501 |
181.436 |
179.896 |
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(c) Other long term liabilities |
32.653 |
30.564 |
29.783 |
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(d) long-term provisions |
15.828 |
16.797 |
14.505 |
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Total Non-current Liabilities (3) |
368.831 |
473.537 |
644.188 |
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(4) Current Liabilities |
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(a) Short term borrowings |
449.859 |
684.391 |
830.887 |
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(b) Trade payables |
640.751 |
575.658 |
535.263 |
|
(c) Other current
liabilities |
598.163 |
374.202 |
406.915 |
|
(d) Short-term provisions |
1180.140 |
849.463 |
810.024 |
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Total Current Liabilities (4) |
2868.913 |
2483.714 |
2583.089 |
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|
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TOTAL |
5986.692 |
5624.112 |
5731.515 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
|
|
|
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(i)
Tangible assets |
1450.762 |
1452.395 |
1577.691 |
|
(ii) Intangible Assets |
76.117 |
89.010 |
87.392 |
|
(iii) Capital
work-in-progress |
74.379 |
3.511 |
33.438 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
93.346 |
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 |
1819.667 |
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 |
1403.656 |
1495.561 |
|
(d) Cash and cash
equivalents |
89.195 |
197.628 |
235.303 |
|
(e) Short-term loans and
advances |
1384.148 |
1042.453 |
873.823 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
4167.025 |
3861.671 |
3839.033 |
|
|
|
|
|
|
TOTAL |
5986.692 |
5624.112 |
5731.515 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6845.677 |
5993.680 |
5782.682 |
|
|
|
Other Income |
39.620 |
57.512 |
33.434 |
|
|
|
TOTAL (A) |
6885.297 |
6051.192 |
5816.116 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2844.069 |
2353.105 |
2270.319 |
|
|
|
Purchase of Traded Goods |
180.882 |
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 |
881.536 |
791.559 |
793.604 |
|
|
|
Operation and Other Expenses |
2222.422 |
1970.750 |
1857.528 |
|
|
|
TOTAL (B) |
6189.402 |
5409.147 |
5169.327 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
695.895 |
642.045 |
646.789 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
161.194 |
144.801 |
166.062 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
534.701 |
497.244 |
480.727 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
143.933 |
163.244 |
160.192 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
390.768 |
334.000 |
320.535 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
124.149 |
87.262 |
80.478 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
266.619 |
246.738 |
240.057 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1338.795 |
1186.101 |
1039.030 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
26.700 |
24.700 |
24.100 |
|
|
|
Proposed Final Dividend on Equity Shares |
59.325 |
59.271 |
59.271 |
|
|
|
Tax on Dividend |
10.082 |
10.073 |
9.615 |
|
|
BALANCE CARRIED
TO THE B/S |
96.107 |
94.044 |
92.986 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
3271.582 |
2541.456 |
2458.447 |
|
|
TOTAL EARNINGS |
3271.582 |
2541.456 |
2458.447 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
800.992 |
691.583 |
652.424 |
|
|
|
Traded Goods, Stores, Spares, etc. |
135.201 |
223.195 |
168.871 |
|
|
|
Capital Goods |
11.078 |
11.941 |
92.822 |
|
|
TOTAL IMPORTS |
947.271 |
926.719 |
914.117 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
12.13 |
10.41 |
10.31 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.89 |
4.12 |
4.15 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
10.17 |
10.71 |
11.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.72 |
6.04 |
5.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.13 |
|