Ganga Forging Limited IPO

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(i) Ganga Forging Limited is started in the year 1989 by qualified technocrats and manufactures forging and machined components as per customer’s specifications for industrial use. The Forging is a manufacturing process involving the shaping of metal using localized compressive forces. The blows are delivered with a hammer (often a power hammer) or a die. Forging is often classified according to the temperature at which it is performed: cold forging (a type of cold working), warm forging, or hot forging (a type of hot working)

(ii)  Ganga Forging Limited Is an ISO 9001:2008. The company is a full-fledged forging unit catering to the needs of not only OEM customer’s but also to the part manufacturing units by offering them word class products at very cost effective prices. The company also exports forged components in raw, semi-finished or finished stage depending upon requirements of its buyers. The company manufactures specialized components for the automotive industry, railways, construction equipment, agricultural machinery and equipment, earth moving and other industries.

(iii) The Company is equipped with an in-house testing laboratory for checking of the raw materials, working in process materials and finished products. The raw material purchased undergoes testing and quality check in the laboratory to ensure that they are of relevant quality and match the standards as specified. The finished products are checked again at laboratory to ensure that the same is of relevant standards and design as specified by the customer; the products are then packed and dispatched.

(iv) The Company sells products as a semi-finished product to the supplier who further grinds the product. The existing manufacturing facility is equipped with 4 Drop Hammers, 2 automatic power press, 2 manual power press, 4 furnaces in the forge shop. The manufacturing facilities are well equipped with required facilities including machinery, other handling equipment to facilitate the smooth manufacturing process. We endeavor to maintain safety in our premises by adhering to key safety norms.

Ganga Forging Limited IPO Stock Quote & Charts

21.20

-0.24%

  • Open: 21.25
  • High - Low: 21.25 - 20.50
  • Previous Close: 21.25
  • Total Traded Volume: 54000
  • Updated On: 19-Jul-2018

Objects of the Ganga Forging Limited IPO:

Objective of

Ganga Forging Limited IPO

are: 1. To finance setting up of Closed Die Forging manufacturing facility 2. General corporate purposes.

Ganga Forging Limited IPO Details:

Open Date: Jun 29 2018
Close Date: Jul 03 2018
Total Shares: 2,382,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Fixed Price Issue IPO
Issue Size: 5.0022 Cr.
Lot Size: 6000 Shares
Issue Price: ₹ 21 Per Equity Share
Listing At: NSE Emerge
Listing Date: Jul 11 2018

Promoters And Management:

Promoters of Ganga Forging Limited IPO Company are: (i) Mr. Hiralal Mahidas Tilva, aged 69 years, is one of the Promoters of our Company. He is an Indian national and has been associated with our Company since incorporation. He holds a Bachelor Degree in Science from Saurashtra University. Mr. Hiralal Mahidas Tilva is a first generation entrepreneur and has an experience of over 30 (Thirty) years in Forging Industry. (ii) Mr. Rakesh Chhaganlal Patel, aged 43 years, is one of our Promoters and Managing Director of our Company. He has been associated with our Company since 2004. He was appointed as a Director on March 10, 2016. He possesses 14 years of work experience in forging industry, marketing, and purchase.

Financials of Ganga Forging Limited IPO as per DRHP:

Particulars For the year/period ended (in Rs. Lacs)
31-Dec-2017 31-Mar-17 31-Mar-16 31-Mar-15 31-Mar-14
Total Assets 2,317.97 1,514.46 1,345.33 1,202.73 1,078.34
Total Revenue 1,818.46 1,779.17 1,769.45 1,557.19 1,695.19
Profit After Tax 38.71 48.49 25.26 46.58 60.74

Recommendation on Ganga Forging Limited IPO:

Ganga Forging Limited IPO Rating by InvestorZone team => 3/10 1-5: Fair 5-7: Good 7-10: Excellent

Lead Manager of Ganga Forging Limited IPO:

  1. Pantomath Capital Advisors Private Limited

Registrar of Ganga Forging Limited IPO:

  1. Link Intime India Private Limited

Company Address:

Ganga Forging Limited Plot No 1 SNO 298 & 30 Rajkot Gondal N H, Veraval (Shapar)Rajkot, Gujarat360 024, India Phone No. +912827-252208/252077 Fax No. +91 2827-252208 Email: info@gangaforging.com Website: www.gangaforging.com

Bid Details of Ganga Forging Limited IPO as on
03-Jul-2018 17:00:00 IST

Category No.of shares offered No. of shares bid
1,128,000 948,000
1,128,000 3,162,000
126,000 126,000
2,382,000 4,236,000
QIBs No
QIBs+HNIs Subscription 0.84X
Retail Subscription 2.80X
Total Subscription 1.73X

Discussion on Ganga Forging Limited IPO:

    Debtor days are more than 100 in FY17 and it has gone even further to 180 days in FY18. It seems that company is extending benefits to debtor to improve the sales before the IPO. If this continues i wonder how they will finance their day to day operation.

    The Company has total debt of 7.4 Cr in books as compared to equity of 7 Cr. So debt/equity is manageable here.