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Company Information

Home » Market » Company Information

Tirupati Forge Ltd.

Tirupati Forge Ltd. is not traded in BSE
Dec 02, 03:45
9.75 -0.30 ( -2.99 %)
 
VOLUME : 77918
Prev. Close 10.05
Open Price 10.40
TODAY'S LOW / HIGH
9.55
 
 
 
10.40
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
2.31
 
 
 
17.05
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Market Cap. ( ₹ ) 95.55 Cr. P/BV 4.60 Book Value ( ₹ ) 2.12
52 Week High/Low ( ₹ ) 17/2 FV/ML 2/1 P/E(X) 243.75
Bookclosure 09/10/2021 TTM EPS ( ₹ ) 0.12 Div Yield (%) 0.21
NOTES TO ACCOUNTS
You can view the entire text of Notes to accounts of the company for the latest year
Year End :2018-03 

1. Corporate Information:

Tirupati Forge Limited was incorporated in 2012 under Companies Act, 1956. The Company is situated at Hadamtala Industrial Area in district of Rajkot. The Company is engaged in business of manufacturing of Carbon Steel Forged Flanges, Forged Components and other automotive components. The Company was converted into a public limited company with effect from 11 August, 2017.

2. Basis of Preparation:

The financial statements have been prepared to comply in all material respects with the standards specified under Section 133 of the Companies Act, 2013 ("Act"), read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Act. The financial statements have been prepared under historical cost convention on an accrual basis except in case of assets for which provision for impairment is made. The accounting policies have been consistently applied by the Company and except for the changes in accounting policy discussed below, are consistent with those used in the previous year.

(c) Terms/Rights attached to Equity Shares

The company has only one class of equity shares having a per share value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

As per records of the company, including its register of shareholders/members and other declaration received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

Term Loan from IOB

(a) Loan is secured against hypothecation of Plant & Machineries purchased from the said Term Loan. It is also secured by equitable mortgage of Leasehold Factory Land and Building situated at Hadamtala Industrial Zone, District Rajkot and personal guarantee of directors.

(b) Interest rate of term loan is 10.90% p.a. (i.e. 2.50% over One Year MCLR 8.40% presently)

(c) Term Loan is repayable in 75 monthly installment of Rs. 4,60,000/- commencing from 01/10/2013.

(d) However, the above term loan is repaid fully on 16.10.2017.

Term Loan from ICICI

(a) Term loan is secured against accent car.

(b) Interest rate of loan is 8.5%.

(c) Term Loan is repayable in 36 monthly installment of Rs. 47,305/- commencing from 01/05/2017.

Inter Corporate deposits

(a) Inter Corporate deposits are unsecured.

(b) It is repayable on demand. However, all Intercorporate Deposits are repaid fully in current year.

Cash Credit

(a) Loan is secured against hypothecation of stock, book debt and with exclusive first charge on entire current assets. It is also secured by equitable mortgage of Industrial Land and Building situated at Hadamtal Industrial Zone, District Rajkot and personal guarantee of directors.

(b) Rate of interest is One Year MCLR 2.50%, Presently One Year MCLR is 8.40%. Hence effective rate is 10.90%.

(c) It is repayable on demand.

Export Packing Credit

(a) Loan is secured against hypothecation of stock, book debt and with exclusive first charge on entire current assets. It is also secured by equitable mortgage of Industrial Land and Building situated at Hadamtal Industrial Zone, District Rajkot and personal guarantee of directors.

(b) Rate of interest is 11.40%.

(c) It is repayable in 90 days from the date of sanction.

3. GRATUITY

Every employee who has completed five years or more service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service.

The Following table summaries the components of net benefit expense recognized in the statement of profit and loss and amounts recognized in the balance sheet for the respective plans.

4. Contingent Liabilities not acknowledged as debt

Bank has sanctioned bank guarantee upto Rs. 25.50 lakhs which is issued in favour of PGVCL (O & A), Gondal

5. Details of utilisation of proceeds of IPO

During the year, the Company has completed the initial public offer (IPO) and raised a total capital of Rs. 5,22,00,000 by issuing 18,00,000 equity shares of Rs 10 each at a premium of Rs 19 per share. The equity shares of the Company were listed on the National Stock Exchange (EMERGE Platform) effective from 12th October, 2017. The proceeds from IPO is Rs. 4,66,04,927 (net of issue expenses).

As per objects of the public issue mentioned on page no. 83-87 of final prospectus, management of the company in accordance with the policies of the Board, will have flexibility in utilizing any surplus amounts for other objects.

6. Other Notes

Previous year figures are regrouped, re arranged & re casted wherever necessary.