Jullundur Motor Agency (Delhi) Limited

Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.) is one of India’s leading players in the technical textiles sector. Established in 1976, the company today is a multi-divisional, multi-geographical technical textiles company and is known for providing world class innovative solutions in high performance aquaculture cage nets, fishing nets, sports nets, safety nets, agricultural nets, coated fabrics, polymer ropes and geosynthetics. Garware Technical Fibres at a Glance 1.  Pioneers of synthetic cordage in India 2.  Global presence with customers spread across 75 countries.3.  ISO 14001-2015 and 9001-2015 Certifications by BVC, UK. 4.  R&D Unit recognized by the Department of Science & Technology, Government of India.5.  Carries ICRA’s ‘AA’ rating indicating strong financial stability.6. Awarded ‘Star Export House’ status for many years.7. Received the largest sports goods and sport nets exporter award from the Sports Goods Export Promotion Council, sponsored by the Ministry of Commerce, Govt. of India.8.  A dividend paying Public Limited Company since inception. Listed on the Bombay Stock Exchange and the National Stock Exchange of India.9.  Management of the company is overseen by the Board of Directors headed by Chairman and Managing Director Mr. Vayu R Garware. 10. Day to day operations are managed by a team of experienced professionals having techno- commercial expertise with a vast industrial and marketing experience Global Presence A thrust on international business over the years has seen Garware Technical Fibres global footprint growing steadily. We have six overseas offices and customers in over 75 countries. The financials of the company is average, RoNW is 19.85% and at CMP its looks fully priced. Price difference is around 3%, so there is not much arbitrage benefit at CMP. So we give AVOID rating to this buyback and who are holding this stock before announcement of buyback, may participate in buyback depending on market price.