Thx for the excellent analysis @bm and didn’t felt it as long as you have beautifully focused it on management, and quality of their reporting. While reading through the report and AR one thing i thought of is ‘Do they have any IP rights or not? Or do they have any collaborations with others to use any IP rights/license? Couldn’t trace any from last 2 AR’s, except for some Device trademark, and Word Trademark, both issued in 2021 and 2022. I do not have much clue about the industry they operate, and given the size of the co., not sure they must be working towards those and filing for it??
Adding few other bit of findings that could be worth highlighting. The tax case mostly a negligible item, but keeping it only for reference.
1. The company had a property tax case against Kalamassery Municipality. It was initially quashed by the high court, however the municipality went ahead and filed an appeal against the judgement. The case is still pending as per AR (May, 2024). Not sure, how much of a financial impact it may have (if goes against the co.) though its most likely not a possibility.
Incerpts from the indiakannon site.
The case involves a dispute over the levying of property tax on Holmarc Opto Mechatronics by the Kalamassery Municipality. The company contested the property tax assessment order and demand notice issued by the municipality. The dispute centers on whether Holmarc’s industrial unit within an industrial estate is exempt from property tax.
2. While going through directors list and associated companies, I noticed few relations with “Greentreat Machines Private Limited” and Holmarc Opto-Mechatronics Limited. Not sure, if the company is still active, and having any business. The following is what i could trace from the Annual report.
Past Associate Company: Holmarc’s annual report for FY2023-24 mentions that Greentreat Machines Private Limited was an associate company of Holmarc until March 15, 20211. An associate company is typically an entity in which another company has a significant influence but not control, often through a minority ownership stake.
50% Shareholding: Holmarc held a 50% shareholding in Greentreat Machines Private Limited until that date.
Promoter Disassociation: Jolly Cyriac, Holmarc’s promoter, resigned from Greentreat Machines Private Limited on March 16, 2023. Likely the formal disassociation between Holmarc and Greentreat Machines Private Limited.
Based on the above, Greentreat Machines Private Limited was previously closely related to Holmarc through a significant ownership stake and likely operational influence. However, this association ended in 2021 and was further solidified by Jolly Cyriac’s resignation from Greentreat Machines Private Limited in 2023.
While digging further some websites showed current MD of Greentreat Machines is one Mr.Joy George Menachery, and Additional director Eby Manakkatu cherian and i couldnt trace them back to Holmarc’s KMP’s.
Edit: Greentreat mach., Co., status is active as per MCA site.
Disclosure: Not invested. Post purely for study purposes. thanks.
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