Garware Marine Industries Ltd

Garware Marine Industries Ltd. The Company has been engaged in the Manufacture and Marketing of Fishing Nets for over 3 decades and is catering to the needs of large number of fishermen throughout the Indian sub-continent.

Pros:
Company is virtually debt free.
Stock is trading at 0.25 times its book value
Cons:
The company has delivered a poor growth of -36.46% over past five years.
Company has a low return on equity of -7.09% for last 3 years.

Peer Comparison Sector: Ship Building // Industry: Miscellaneous

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Quarterly Results Figures in Rs. Crores

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
0.18 0.25 0.33 0.12 0.22 0.17 0.35 0.40 0.45 0.34 0.23 0.23
0.24 0.29 0.51 0.31 0.26 0.21 0.22 0.26 0.24 0.29 0.28 0.21
Operating Profit -0.06 -0.04 -0.18 -0.19 -0.04 -0.04 0.13 0.14 0.21 0.05 -0.05 0.02
OPM % -33.33% -16.00% -54.55% -158.33% -18.18% -23.53% 37.14% 35.00% 46.67% 14.71% -21.74% 8.70%
Other Income 0.00 0.00 0.00 0.00 0.12 0.00 0.00 0.02 0.00 0.00 0.00 0.01
Interest 0.00 0.00 0.04 0.01 0.00 0.01 0.01 0.01 0.01 0.00 0.01 0.00
Depreciation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Profit before tax -0.06 -0.04 -0.22 -0.20 0.08 -0.05 0.12 0.15 0.20 0.05 -0.06 0.03
Tax % -0.00% -100.00% -9.09% -10.00% 25.00% -40.00% 41.67% 126.67% 20.00% 20.00% -0.00% -133.33%
Net Profit -0.06 -0.08 -0.24 -0.22 0.06 -0.07 0.07 -0.04 0.16 0.04 -0.06 0.07
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Jun 2007 Jun 2008 Jun 2009 Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
11.97 11.55 11.65 12.20 10.92 11.10 9.33 1.60 0.93 1.16 0.88 1.15 1.25
11.37 10.80 11.20 11.58 10.26 10.63 9.51 8.97 1.70 1.90 1.40 0.95 1.02
Operating Profit 0.60 0.75 0.45 0.62 0.66 0.47 -0.18 -7.37 -0.77 -0.74 -0.52 0.20 0.23
OPM % 5.01% 6.49% 3.86% 5.08% 6.04% 4.23% -1.93% -460.63% -82.80% -63.79% -59.09% 17.39% 18.40%
Other Income 0.85 0.44 2.12 0.80 0.45 0.35 0.52 4.07 0.20 0.83 0.14 0.14 0.01
Interest 0.50 0.46 0.46 0.31 0.23 0.22 0.13 0.10 0.04 0.06 0.05 0.03 0.02
Depreciation 0.16 0.16 0.28 0.30 0.42 0.37 0.34 0.02 0.01 0.00 0.00 0.00 0.00
Profit before tax 0.79 0.57 1.83 0.81 0.46 0.23 -0.13 -3.42 -0.62 0.03 -0.43 0.31 0.22
Tax % 15.19% 19.30% 18.03% 11.11% 8.70% 0.00% -0.00% 3.80% -22.58% 66.67% -18.60% 90.32%
Net Profit 0.67 0.46 1.50 0.72 0.42 0.23 -0.13 -3.29 -0.76 0.00 -0.51 0.03 0.21
EPS in Rs 1.27 0.85 2.56 1.16 0.64 0.40 0.00 0.00 0.00 0.00 0.00 0.04
Dividend Payout % 36.94% 53.80% 18.90% 40.07% 68.69% 0.00% -0.00% -0.00% -0.00% -0.00% 0.00%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:-36.46%
3 Years:7.33%
TTM:9.65%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:-55.70%
TTM:950.00%
Return on Equity
10 Years:%
5 Years:-5.90%
3 Years:-7.09%
Last Year:-0.95%

Balance Sheet Figures in Rs. Crores

Jun 2007 Jun 2008 Jun 2009 Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
4.95 4.95 5.67 5.77 5.77 5.77 5.77 5.77 5.77 5.77 5.77 5.77 5.77
Reserves 0.78 0.95 3.21 3.74 3.82 4.05 3.92 0.63 -0.13 -0.13 -0.64 1.73 0.50
Borrowings 4.04 4.03 2.36 2.68 0.00 0.03 0.01 0.00 0.00 0.00 0.00 0.00 0.00
3.12 3.60 2.63 3.16 5.09 3.91 3.17 1.48 0.91 0.60 0.63 0.92 0.84
Total Liabilities 12.89 13.53 13.87 15.35 14.68 13.76 12.87 7.88 6.55 6.24 5.76 8.42 7.11
2.45 2.29 3.73 3.50 4.09 3.89 3.95 0.04 0.02 0.02 0.01 0.02 0.02
CWIP 0.00 1.61 0.00 0.96 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments 0.91 0.90 0.91 0.91 0.90 0.90 0.90 0.90 0.90 0.89 0.84 3.09 1.64
9.53 8.73 9.23 9.98 9.69 8.97 8.02 6.94 5.63 5.33 4.91 5.31 5.45
Total Assets 12.89 13.53 13.87 15.35 14.68 13.76 12.87 7.88 6.55 6.24 5.76 8.42 7.11

Cash Flows Figures in Rs. Crores

Jun 2007 Jun 2008 Jun 2009 Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
0.93 1.58 0.86 1.51 -0.39 0.43 0.14 -6.18 -0.49 -0.43 -0.42 -0.18
-0.06 -1.61 -0.03 -0.87 0.01 -0.17 -0.39 6.54 0.01 0.65 0.15 0.02
-0.83 -0.03 -0.71 0.01 -0.26 -0.30 0.28 0.00 0.10 -0.07 -0.05 0.25
Net Cash Flow 0.04 -0.06 0.12 0.65 -0.64 -0.04 0.03 0.36 -0.38 0.16 -0.32 0.09

Ratios Figures in Rs. Crores

Jun 2007 Jun 2008 Jun 2009 Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 10.97% 9.64% 20.97% 7.94% 5.79% 4.63% 0.00% -88.32% -6.39% -9.04% -9.66% 3.48%
Debtor Days 126.55 127.04 155.71 166.64 185.84 143.70 187.39 736.84 1,310.86 1,135.91 1,650.80 1,333.04
Inventory Turnover 2.99 2.96 3.38 4.07 4.24 4.20 4.43 1.37 0.80 1.81 5.87