GARWARE HI-TECH FILMS Share price

The Company was incorporated on 6th June 1957 in the nameof Garware Motors & Engineers Pvt. Ltd. and was engaged inthe manufacture of moulds and dies and catered to therequirements of plastic manufacturing units. In the year1976 another Group Company known as Garware PlasticsPrivate Limited incorporated in the year 1933 and engagedin the manufacture and sale of plastic moulded and extrudedgoods was merged with this Company under a scheme ofamalgamation which was sanctioned by the High Court atBombay on 18th October 1976. Since the Company waspredominantly engaged in the manufacture and sale ofplastic and polyester products the Company was renamedGarware Plastics & Polyester Private Limited with effectfrom 14th April 1977. Subsequently the Company wasconverted into a public limited company on 26th March 1981and the word "Private" was deleted from its name.Gradually the business of manufacture of polyester filmgrew and developed and the name of the Company was changedto "Garware Polyester Ltd." with effect from 18th March1994 to reflect the main activities of the Company.The Company started manufacture of Polyester Film on thebasis of indigenously developed technology in the year1976. Initially the Company was given licence tomanufacture 300 tonnes of film per annum. Over the yearsthe Company has expanded its capacity and after therecently commissioned III Line the installed capacity hasincreased to 21000 tonnes per annum of Polyester Film. TheCompany is the largest manufacturer of Polyester Film inthe country. The Company''s manufacturing units are locatedat Ambad (Nasik) Waluj and Chikalthana (Aurangabad) andSilvassa.Location Production Lines Products (Year of commencement)Chikalthana 1976 Line I Plain Film and 1982 Line II Sun Control Film 1995 Line III 1995 Polyester ChipsWaluj 1983 Polyester Chips 1987 Video TapesNasik 1978 Metallised and Processed FilmSilvassa 1992 Slitting of FilmPRSENT BUSINESS OF THE COMPANYThe Company is presently engaged in the manufacture andsale of Polyester Film. The Company manufactures films ofvarious grades and thickness which are used in a wide rangeof industries like packaging textiles telecommunicationmagnetic media automobiles and construction.With three film lines in operation the Company enjoys thelargest share in the domestic market for most of the aboveend uses. The Company also has been exporting polyesterfilm to several countries in Europe Far East and USA overthe last 10 years. The Company has recently received an ISO9002 certification from BVQI (Bureau Veritas QualityInternational) for its Plain Film Plant at Chikalthana.The Company diversified into the manufacture of Video Tapesand Cassettes in the year 1987. While the Company succeededin establishing a quality brand name for its video tapesand cassettes on account of a steep increase in the exciseduty this division suffered losses. Subsequently onaccount of the increasing popularity of Cable T.V. demandfor Video Tapes has gone down and the Company has taken aconscious decision to divest its Video business and islooking out for a suitable buyer for this division. Thecumulative operating cash loss of this division from itsinception upto 31st March 1995 which is accounted for inthe books of the Company is Rs. 25.29 crore.