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Company Information

Home » Market » Company Information

Garg Furnace Ltd.

May 19
33.55 +1.50 (+ 4.68 %)
 
VOLUME : 1651
Prev. Close 32.05
Open Price 33.45
TODAY'S LOW / HIGH
30.45
 
 
 
33.65
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
15.35
 
 
 
56.65
Garg Furnace Ltd. is not traded in NSE
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Market Cap. ( ₹ ) 13.45 Cr. P/BV 1.59 Book Value ( ₹ ) 21.15
52 Week High/Low ( ₹ ) 57/15 FV/ML 10/1 P/E(X) 0.00
Bookclosure 30/09/2020 TTM EPS ( ₹ ) -3.81 Div Yield (%) 0.00
NOTES TO ACCOUNTS
You can view the entire text of Notes to accounts of the company for the latest year
Year End :2015-03 1. Corporate Information:

Garg Furnace Limited is a Public Limited company incorporated in India under Provisions of Companies Act, 1956. Its shares are listed in Bombay Stock Exchange, Delhi stock exchange and Ludhiana stock exchange. The Company is engaged in manufacturing of Alloy and Non Alloy Steel Ingots, Wire Rod, Wire Round, Mig Wire, casting of Iron products and trading of Iron, Steel and Textile products

2. Contingent Liabilities

(I)                                  As at 31st            As at 31st
                                     March-2015            March 2014

a)   For Bank Guarantees           Rs. 2163.87 Lacs    Rs. 2307.38 Lacs
     and letter of credit
     outstanding
b) Other Contingent Liabilities Rs. 51.11 Lacs Rs. 55.20 Lacs

c) . Other monies for which company is contingently liable:

The company has contested the demand of Punjab Power Corporation Ltd of Rs 72306370/- on account of voltage surcharge. As Against this a sum of Rs 53510589/- has been deposited under protest and stands included under the head "Advances Recoverable in cash or In kind. "The Company has filed an appeal in Punjab And Haryana High Court. Honourable High court has granted stay in disconnection of supply of electricity of company. No provision in accounts has been made in respect thereof.

(II) Commitments:

                                       As at 31st           As at 31st
                                       March-2015           March 2014

a) Estimated amount of contracts          Nil           Rs. 202.08 Lacs
Remaining to be executed on Capital account (net of advances.

3. Debit or Credit Balances on whatsoever account are subject to confirmation from parties.

4. In the opinion of the Board of Directors, all the Current Assets, Loans & Advances have a value on realization in the ordinary course of business at least equal to the amount of at which they are stated ,except as expressly stated otherwise.

Disclosure under Accounting Standards:

5. The Earning per share has been calculated in accordance with Accounting Standard (AS)-20 issued by the Institute of Chartered Accountants of India. The numerators and denominators used to calculate basic and Diluted Earning per share are as under:-

6. The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (Last drawn salary) for each completed year of service subject to a maximum amount of Rs. 10,00,000.00.

The Accounting Standard (AS-15 Revised) prescribed by the companies Accounting Standard Rules 2006 is being followed and the following table summarize the components of net benefit/expenses recognized in the Statement of profit and loss and the funded status and the amount recognized in the balance sheet for the gratuity plan.

Method of Valuation: Projected Unit Credit Method

7. Related Party Disclosure:

i) Name of related parties and description of relationship

A. Key Management Personnel

1. Sh. Devinder Garg - Executive Chairman

2. Smt. Vaneera Garg - (Wholetime Director)

3. Sh. Toshak Garg - (Managing Director)

4. Sh. Daksh Garg - (CFO)

ii) Enterprise owned or significantly influenced by key management personnel and their relatives.

A. Vaneera Industries Ltd

B. Avtar Exports Pvt Ltd

C. Devinder Garg & Son's HUF

Summary of Associates Key Managerial Personnel

Transactions

iii) There is no provision for doubtful debts or amounts written off or written back during the year in respect of dues from or to related parties.

8. Segment Information as required by Accounting Standard (AS)-17 on Segment Reporting issued by the Institute of Chartered Accountants of India is disclosed hereunder :-

The company has identified two reportable segments viz; Iron & Steel Products & Textile product