Works

PBX
FAX

KANGANWAL ROAD, V.P.O. JUGIANA,

G.T. ROAD, LTIDHIANA-L4L r2o (INDIA)
00-91-161-2510913 (3o Lines)

GARG
FURNACE LTD.

:
: oo-9r-16r-z5rzz85
E-MAIL : gargfurnace@yahoo.com

VISIT US : www.gargfurnace.com

J TURhIACE LIMITED
,

r,i,LL

Kangariwal Road, V.P.O. Jugiana

,*
.:i:t

i-.f

Standalone / Consolidated Unaudited Resu Its for the Quarter and 3 Months ended 31.1 2.201

.Y.20{5-

.ln

Particu lars

3 Months

ended
31.12.201s

Unaudited

' ,:zre Frorn 0perations

r:'e:: Sales/ Income from operations (net of

r irty:)

uiher Operating Income

. lncome from Operations

(net)

. .:i *i

F,laterial Consumed
:i.!L:as oi Stock-in-Trade
.i-ir-ge ifl inventories of finished goods, work
:,. .ri):{:yee bend{its expense
,

-rpreciation and amortisation expense

Preceding 3
Months ended
30.09.201 5

Unaudited

0.00

0.00

0.00

0.00

o.o0

o.o(

1643-75

2924.27

3047.69

7375.58

4937.20

L4642.O9

1367.1 5

1454.23
856.87
517.35

1818.10
589.01
34.46

4295.17

6636.94
858.69

9092.6
3370.6\
( 1 89.33

18.35

19.98

19.32

58.08

78.14

35.09

4I.67

to6.37

1o2.77

1t4.7:

288.19
1.26.85

686.38
380.70

738.62
329.35

1021.0(
454.8"

29L7.60

7629.7L

8334.07

13981.98

603.13

660.1
t 37.8

220.O2

(2se.46\

329L.L4

2t52.27
(4e.2o)

141O.44\

117.51

ilossi from operations before other income,

r icst and exceptional items

(1-2)

l[come

tLL7.45l

t362.471

;,'1": Cost

L70.O9

t254.L31

27.72

4.a6

39_13

5.87

L74.95

1215.OOt

609.OO

231.42

t335.751
256.50

1343.051

1592.25t

L7.39

5.82

>iit / (Loss) from ordinary activities before

":r cost and exceptional items (3+4)

Audited
74642.O1

t76t.20

i:- 1

Unaudited

8937.20

760.76

i--

Unaudited

7375.58

:::i,t axperrses

y'

31.12.2014

Unaudited

3087.69

2r9.29

l,.!l-Err sf,S

31.12.2015

2928.27

, .,cc; & Fuel consumed

.

31.12.2014

1643.75

36.76
279.63
726.32

: :':

Corresponding Year to date

Year to date
3 months
figure for
figures for the Previous yea
ended in the current pbriod previous year
ended
previous year
ended
ended
3{.03.2015

1111.63t

157.56

15.97

532.68

797.92
i 67 .73

76.32

3().19

76.32

so.19

llossi from ordinary activities after finance

'af,iore exceptional items {5+6)

iiisnal items

,/ {Lcss}

::;.

Expense

1930.971

0.00

22.92

0.00

22.92

r343.O51

t569.33t

L7.39

t908.o5t

from ordinary activities before tax

-::-.rent Tax inet)

(15. 28\

(3.4e1

Credit entitlement
: :.rreed tax (assets /liability )
::iar year tax provisions written back
?toitt / (Loss) from ordinary activities after tax

::r:ti

0.00

53.56

(4.2s)

126.75

(3e. 71l,

sc
Q(s5.7!
_-,J.J.

t343.04t

t4LS.77l

9.65

l7aL.29t

2L.33

s3.53

(343.04)

l4ls.77l

9.65

178L.2el

2L.33

53.53

=traordinary items (net oftax expense)

r Prcfit / {Lossl for the period (11+121

:ra of Profit /

(Loss)

of associates *

6ffi

Works

PBX
FAX

:
: oo-9r-16r-z5rzz85

E-MAIL :

GARG
FURI\ACE ITD.

KANGANWAL ROAD, V.P.O. JUGIANA,

G.T. ROAD, LUDHIANA-u4I r2o (INDIA)
00-91-161-2510913 (3o Lines)
gargfurnace@yahoo.com

VISIT US : www.gargfurnace.com

::critSz

Interest

;;. .irrofit / (Loss) after taxes, minority interest

:i:rrre of profit / (loss) of associates (13+14+15) *

l4L5.771

178L.2el

53.53

(10.37)

(r9.491

1.34

(10.37)
(10.37)

(19.491
(79.491

7.34
7.34

-i{ up equity share capital

'::::

Value Rs. 1O/- per share

: ::roe excluding Revaluation Reserves

;:

r :ireet of previous accounting

as per

Year

i:,::ining Per Share (before extraordinary items)

:j::. /- each) ( not annualised)
'Basic

Diluted
r"-l1ing Fer Share (after extraordinary items)
.ii. /- each) ( not annualised)
i

r;:

Basic

Diluted
note to the Financial Results

(8.56)
(8.s6)

;,,i::ii of Djr.cctors at its meeting held on 15th February 2016 have approved the results and its release.
as lequired under clause 41 of the listing agreement has been Carried out by statutory Auditors
,,r:rjrhuncr- of AS 22"Accounting for taxes on Income", deffered tax assets arising during the quarter have not been recognised subject tc
r iil1o1 of pruclence. For the quarter ended 3ost September, 2O15 Partial deffered tax asset of Rs.15356427 was created to the extent to set ofl
r :rr:r ii:,rbi1itv tbr the period upto 3Oth June,2015

, :i r tr icu,

,1trt_r11\r is 1ot able to pa1. 1ns1.11"ments including interest of its 3 term loan from lndian Bank from the last 4 months subject to one
r j_r:r\.nieut ol Rs. 165100O/ - in respect of one term loan. The management is of the view that companies operating assets are not generating
gccl r-evenues on account ofvarious factors beyond the control ofthe company, such as slump in steel industry and delayed payments lrom
rr.r.s is p6sii1g r:hallenges to meet cash flow needs. However, the company is taking adequate steps to resolve the liquidity issues.

.'
r

iics ol thc contpany has significantily reduced due to various market factors like slump in steel industry and Cut-Throat competition $'rth
.:ri j.:i:i elc duc to rvhich company is making Losses.
rrrir)lr ir)r Ciraruity Liabilit_v to employees has been made on estimated basis. The short/excess on basis of actuarial valuation as per AS- 15
ilr'rI enrcrt Benellts would be made rn Audited Accounts
:, li)i pr(,\ii()Lis perio<1s have been recast/regrouped,wherever necessary to make them comparable.
ir rir. l,r'evious Year ericled 31.O3.2012 a demand of Rs 72306370/- has been raised by PSPCL on al c. of volatge surcharge relatlng tc
ilr.,s. Honolrrable Punjab & Haryana High Court has granted stay in the disconnection of the supply of electricity to the company. I lowevet
.t Rs 5,35,10,589/- paid upto 31st March, 2013 has been shown under Advances Recoverable.
r s ii:. C}'rrLilols balances are subject to confirmation from parties.

For Garg

.r.:ihiana
:.-r'l

f^i4

Chairman
DIN:O1

Works

GARG

I(AI{GANWAL ROAD, V.P.O. JUGIANA,

G.T. ROAD, LUDHIANA- L4t r2o (INDIA)

PBX
FAX

: oo-9t-r6r-251o913 (3o Lines)

: oo-9r-16r-z5l"zz85
E-MAIL : gargfurnace@yahoo.com

FURNIACE IjTD.

VISIT US : www.gargfurnace.com

SEGMENT INFORMATION FOR

UARTER AND NINE MONTHS ENDED

31.12.2015

di

':ent Revenue
...,. ? cr^^t

1129.55

fextile Products
Unallocated

'

Revenue
I.iei Sales/lncome from operations

Results (ProfiULoss(,--firre tax and interest from each

-,irln

& Steel

-fextile ProdLlcts
liJrrallocated

l-r)

lnteresl

101.O3

i) Other Unallocable

Expenditure net off

(iii) Unallocable lncome

:ta! Profit Before Tax

{'aoital

,*.rrrent Assets
I rl ircir & Steel
,i,,. r94!e-Pr949!:
r

ment Liabilities

,;) Llnallocated

3115.81

Liabilities have the same meaning as defined in the

Segrnent Revenue, Segment Results, Segment Assets and Segment
::lounting Standard on Segment Reporting (AS-17) issued by lCAl
:i,i abcve rnforr.nation is furnished for each of the reportable primary segments as identified in accordance with AS-17
sLred by !CAl

For Garg Fu
! udhiana

:.s.o2.2016

Chairman Curri
DIN:O1665456

Director

DASS KHANNA &

co.

ACCOUNTANTS
CHARTERED

NAGAR,
B.XX-2815, GURDEV
LUDHIANA 141 OO1
Tele. No.2402492
E- aiI :dasskhannaco@yahoo.cofi
P A N : P d B F D5 1 5 1 G

LIMITED REI'IEW REPORT

To,
The BoardofDirectors'
GargFurnaceLimited,
Ludhiaaa,
1. Introduction:
We have reviewedthe accompanyingstatementof unauditedfinancial resultsof Garg
Furnace Limited ("the Company') for the quafier and nine months ended3lst
ofthe Company's
is theresponsibility
('the Statement").
Thisstatemeht
December,2ol5.
is to
by the Boardof Directors.Our rsponsibility
andhasbeenapproved
Management
basedon our review
issuea reporton thesefinancialstatements
.,

of ReYiewi
ScoDe
(SRE)
with the Standardon ReviewEngagement
We conductedour review in accordance
2410,"Review of lnterim FinancialInformationPeformed by the lndependentAuditor
of the Entity" issuedby the Institute of CharteredAccountantsof India. This standard
requiresthat we plan andperformthe review to obtainmodente assuranceasto whether
A review is limited primarily
the financial statementsare free of materialmisstatement.
appliedto financialdataand
andanallticalprocedures
to inquiriesofcompanypersonnel
thus provide less assurancethan an audit We have not performed an audit and
anauditopinion.
wedo note\press
accordingly.
Emphasisof Mafter

3 . We draw attentionto Note No. 3 in the financial results about complianoewith AS-

22"Accountingfor Ta,\eson lncome".Defferedtax assatsa sing duringthe quarterhave

ofprudenceandfor the quaxterended30th
subjectto consideration
not beenrecognised
wascreatedto theextentto
2015,partialdeferedta,xassetofRs.15356427lSeptember,
tax liabilityfor theperiodupto30thJune,2015
setoff deferred

4. We draw attention to Note No. 4 in the financial results which indicatesthat the

includinginterestofits 3 termloansftom Indian

Companyis not ableto payinstalments
in respect
Bankfrom the last4 monthssubjectto onelumsumpaymentofRs. 1651000/arenot
assets
operating
is ofthe view thatcompanies
ofone telm loan.The management
of the
beyond
the
control
vadous
factors
account
of
geneEtingenvisagedrevenueson
posing
company,suchasslumpin steelindustryanddelayedpaymentsfrom customersis
view the companyis
to meetcashflow needs.However,asper management
challenges
stepsto resolvetheliquidityissues
takingadequate

thatthe salesof
5 . We drawattentionto NoteNo. 5 in thefinancialresultswhich indicates
the companyhas signifrcantlyreduceddue to vadousmarketfactorslike slump in steel
industryand cut-throatcompetitionwith Chinamarketetc.,due to which companyis
makinglosses.
ifany
basis,TheshotVexcess
hasbeenmadeon estimated
6 . Gratuityliabilityto employees
AS-15Retirement
standard
on the basisof actuarialvaluationasper revisedaccounting
benefitswould be madein the auditedaccourtsat the yearend.Accordingly,we are
unableto cornmenton the impact of the sameon the resultsfor the quarter and nine
2015.
monthsended31thDecember,

7 . As statedin NoteNo 8 ofFinancialResults,duringtheyearended31 03.2012a demand

amountingto Rs 723063701hasbeenrajsedby PSPCLon a,/c.of VoltageSurcharge
PunjabAnd HaryanaHigh Courlhasgrantedstayin
relatingto earlieryears.Honourable
of the supplyof electricityto the company.Howeveramountof Rs
the disconnection
Sofar
hasbeenshownunderAdvancesRecoverable.
53510589^paid up to 31.03.2013
no provisionagainstthis demandhasbeenmade,so wg areunableto commenton this
ma er.
8 . As statedin Note no. 9 of FinancialResults,during the quarterended31 12.2015
balances
of Debtors& Creditorsare subjectto confirmationftom the parties.We are
unableto commentthe effects,if any,ofthe statedmatteron the financialresultsasthey
arenot ascertainable.
Ouropinionis notqualifiedin respectofthe abovematters.
Conclusion:
asabovgnothinghascometo our attentionthatcauses
9. Basedon our reviewconducted
in
financialresultsprepared
statement
of unaudited
us to believethatthe accompanying
accordance
with applicableAccountingStandardsand other recognizedaccounting
in terms
practices
the informationrequiredto be disclosed
andpolicieshasnot disclosed
of Regulation33 of the SEBI (Listing Obligationsand Disclosue Requirements)
or thatit contains
Regllations,2015includingthe mannerin which it is to be disclosed,
anvmaterialmisstatement.
FoTDASSKHANNA & CO.
CHAI{TERED ACCOIJNTANTS
(Firm RegistrationNo. 000

DATED:15.02,2016
PLACE:LUDHIANA

(CA. RAKESH SO
PARTNER
M. No. 083142