Hira Ferro Alloys Unlisted Shares Annual Reports

Hira Ferro Alloys Unlisted Shares

Here's a comprehensive summary of the provided PDF, aiming to cover all key aspects while adhering to the specific requirements outlined. **Overview:** The document is the 40th Annual Report for FY 2023-24 of Hira Ferro Alloys Limited (HFAL), a company engaged in manufacturing ferro alloys, products, and electricity generation. The report includes information on the company's performance, operations, financial results, corporate governance, and compliance matters. **Financial Performance:** * HFAL's financial performance in FY 2023-24 was satisfactory due to demand in the steel sector and better price realization. However, key financial metrics decreased compared to the previous year. * Gross sales were Rs 34560.39 lacs, EBIDTA was Rs 3853.65 lacs, and PAT was Rs. 820.09 lacs. This compares to gross sales of Rs. 45378.01 lacs, EBIDTA of Rs. 4119.87 lacs, and PAT of Rs. 2178.96 lacs in the previous year. * The sales turnover of ferro alloys decreased by 19.72% due to lower prices in the steel sector. * The sale of power decreased by 9.23% due to increased captive consumption. * Net profit after tax decreased due to lower price realizations and increased depreciation and finance charges. * HFAL produced 41637.30 MTs of ferro alloys and sold 41619.85 MTs during FY 2023-24. **Power Generation:** * HFAL generated 114898900 units of power in its Thermal Power Plant. * HFAL generated 32221350 units of power in its Bio-mass Power Plant. * HFAL generated 2733043 units of power in its Wind Power. * HFAL generated 54239946 units of power in its Captive Solar Power. * The company commissioned a 22 MWp Captive Solar PV Power Plant on 29.11.2023, part of a proposed 60 MWp capacity. * HFAL had earlier commissioned a 30 MWp Solar PV Power Plant on 29.03.2023, and a 52 MWp plant has been commissioned overall. * The company is trying to acquire additional land for the remaining 8 MWp capacity. * The solar power plant will be used for captive consumption, supporting green initiatives, reducing the carbon footprint, and improving profitability. **Dividend & Reserves:** * No dividend was declared for the financial year 2024-25. * No amount was transferred to the General Reserve during the financial year 2023-24. **Share Capital:** * There was no change in the share capital during the year. * The paid-up share capital was Rs. 1,33,18,85,000, divided into 2,31,88,500 equity shares of Rs 10/- each and 11,00,00,000 preference shares of Rs 10/- each. * The company did not issue shares with differential voting rights, stock options, or convertible securities. * Equity shares representing 99.87% and preference shares representing 100% are in dematerialized form. **Corporate Governance & Compliance:** * Mr. B. N. Ojha, Independent Director, retired, and Mr. Hukam Chand Daga was appointed as an Additional Independent Director. * The Board designated key managerial personnel, including Mr. Narayan Prasad Agrawal (Managing Director), Mr. Dilip Chouhan (Chief Financial Officer), and Mr. Mohit Chande (Company Secretary). * The CSR committee met twice. The company spent Rs. 140.25 Lacs on CSR activities. * The Directors' Responsibility Statement confirms compliance with accounting standards, maintenance of records, and internal financial controls. * A meeting of Independent Directors was held. * The Audit Committee comprised three directors and met four times. * The company has a Vigil Mechanism/Whistle Blower Policy. * All related party transactions were on arm's length basis and in the ordinary course of business. * M/s Singhi & Co. are the statutory auditors, M/s Sanat Joshi & Associates are the cost auditors, and M/s. OPS & Co are the internal auditors. * The report on Secretarial Audit of the Company for the year 2023-24 is enclosed herewith as Annexure -2. There are no qualifications, reservations or adverse remarks in the secretarial audit report of the company. * The company has an internal control system commensurate with its size and operations. * The company has adopted a Risk Management Policy. * The company has an Anti-Sexual Harassment Policy and an Internal Complaints Committee (ICC). No complaints were received during the year. * There were no applications made under the Insolvency and Bankruptcy Code 2016. **Other Disclosures:** * There are no qualifications, reservations or adverse remarks in the Statutory Auditor's Report. * The company has disclosed the impact of pending litigations on its financial position. * The company has used foreign exchange of Rs. 280.41 Lakhs. * Details of Directors seeking appointment/reappointment/Retiring by Rotation at the ensuing Annual General Meeting is given in explanatory statement. **Annexure - 1: CSR Activities:** * The CSR Committee formulated a CSR policy. * Total CSR obligation for the financial year 2023-24 was Rs 13,799,563. * The amount spent on CSR projects was Rs 1,42,87,452. **Annexure - 2: Secretarial Audit Report:** * The company generally complied with the statutory provisions listed in the report. **Standalone Financial Statements Highlights:** * The standalone financial statements include the Balance Sheet, Statement of Profit and Loss, Cash Flow Statement, and Notes to Financial Statements. * Detailed financial data, including assets, liabilities, equity, revenue, expenses, and cash flows, are presented. **Consolidated Financial Statements Highlights:** * The consolidated financial statements include the Consolidated Balance Sheet, Statement of Profit and Loss, Cash Flow Statement, and Notes to Financial Statements, including a summary of significant accounting policies. * All related party transactions were on arm's length basis and in the ordinary course of business. * More extensive details, especially pertaining to the financial position as well as notes for these statements can be found directly in the report.

Hira Ferro Alloys Unlisted Shares

Hira Ferro Alloys Limited Annual Report FY 2022-23 Summary: **Overview:** The 39th Annual Report of Hira Ferro Alloys Limited (HFAL) for the fiscal year 2022-23 highlights the company’s performance, operations, and financial results, including both standalone and consolidated financial statements. The report covers various aspects, including the Board of Directors, financial performance, production, new initiatives like the solar power plant, and compliance with regulatory requirements. **Financial Performance:** HFAL reported gross sales of Rs 45378.01 lacs, EBIDTA of Rs 4119.87 Lacs, and PAT of Rs. 2178.98 Lacs for the year ended March 31, 2023. These figures were lower compared to the previous year's gross sales of Rs. 59321.29 lacs, EBIDTA of Rs. 16901.51 Lacs, and PAT of Rs. 11349.12 lacs. The decrease is attributed to lower Ferro Alloys sales turnover (Rs 37578.63 Lakhs vs Rs 48079.96 Lakhs previous year) and reduced power sales (Rs.4552.29 Lakhs vs Rs.9015.24 Lakhs previous year). However, the company cites satisfactory performance due to demand in the steel sector and better price realization. **Production & Operations:** In FY 2022-23, HFAL produced 43156.30 MTs of Ferro Alloys compared to 47503.93 MTs in FY 2021-22, and sold 41707.82 MTs versus 45066.275 MTs. Power generation was also reported for various sources: Thermal (14205200 units vs 161996285 units), Bio-mass (62922855 units vs 90458760 units), Wind (2737017 units vs 2744343 units) and Captive Solar Power (114720 units vs 0 units), indicating a mixed trend. **Solar Power Plant:** HFAL commissioned a 30 MWp Captive Solar PV Power Plant at Bemetara, Chhattisgarh, which was synchronized with the grid on March 29, 2023. Due to land limitations, the proposed capacity was reduced from 60 MWp to 55 MWp. The solar plant will support the company's green initiatives and reduce its carbon footprint. **Dividend:** Due to the need for funds to complete the 25 MWp Solar Power Plant, the company decided not to pay any dividend for FY 2022-23. **Share Capital:** The shareholders approved an increase in authorized capital from Rs. 23,60,00,000 to Rs. 133,60,00,000 via the creation of additional Preference Shares. 11,00,00,000 9% Optionally Convertible Cumulative Redeemable Participating Preference Shares were allotted to Godawari Power and Alloys Limited (the Holding Company) to repay outstanding debt related to setting up the Solar Power Plant. The company's paid-up share capital as of March 31, 2023, was Rs. 1,33,18,85,000 divided into equity and preference shares. **Other Key Highlights:** * No shares with differential voting rights or stock options were issued. * Material Changes affecting the financial positions were also reported. * Changes in directors included the appointment of Mr. Vinod Pillai and Mr. Dinesh Kumar Gandhi as directors, while Mr. Arvind Dubey resigned. * The CSR committee met once in the year. The company spent Rs. 125.00 Lacs on CSR activities. **Audit and Compliance:** * M/s JDS & Co was initially appointed as statutory auditors. Due to merger, this changed to M/s. Singhi & Co. * Sanat Joshi & Associates were appointed as cost auditors, and OPS & Co. as internal auditors. * The Vigil Mechanism / Whistle Blower Policy is in place and properly communicated. **Financial Statements and Ratios:** The report includes standalone and consolidated balance sheets, statements of profit and loss, cash flow statements, and changes in equity. Key financial ratios, like the current ratio, debt-equity ratio, and earnings per share, are provided and analyzed. **Annexures:** The report includes annexures related to the CSR activities and Secretarial Audit Report. The CSR activity report indicates spending on various projects. The secretarial audit report states that the company generally complied with statutory provisions. **Overall Conclusion:** Hira Ferro Alloys Limited's annual report provides a detailed view of the company’s financial performance, operational activities, and governance practices for the year ended March 31, 2023. While the company's financial metrics show a decrease compared to the previous year, operational initiatives and the focus on sustainable practices through the new solar plant highlight its ongoing efforts towards growth and environmental responsibility.

Hira Ferro Alloys Unlisted Shares

Hira Ferro Alloys Limited Annual Report FY 2021-22 Summary: The 38th Annual Report of Hira Ferro Alloys Limited (HFAL) covers the business and operations of the company for the year ended March 31, 2022. The report includes audited standalone and consolidated financial statements and the auditor's report. The company's board includes Narayan Prasad Agrawal, Yarra Chandra Rao, Dinesh Kumar Gandhi, Bhrigu Nath Ojha, Bhavna Govindbhai Desai, Vinod Pillai, Ajay Dubey, and Biswajit Choudhuri, and Arvind Kumar Dubey. Dilip Chauhan is the Chief Financial Officer, and Mohit Chande is the Company Secretary. The registered office is located at 567B, Urla Industrial Area, Raipur, Chhattisgarh, 493221. **Financial Performance Review:** The company's performance was excellent due to demand in the steel sector and better price realization. Gross sales were Rs 59321.28 lacs, with EBIDTA of 16901.52 lacs and PAT of Rs. 11349.13 lacs, compared to the previous year's gross sales of Rs. 31446.46 lacs, EBIDTA of Rs. 3365.66 Lacs, and PAT of Rs 2113.87 lacs. The sales turnover of Ferro Alloys increased by 108.19%. The sale of power decreased by 11.69% due to increased captive consumption. Net profit after tax grew by 436.89%. Production of Ferro Alloys was 47503.93 MTs, and sales were 45066.275 MTs. Power generation was 161996285 units in Thermal Power Plant, 90458760 units in the Bio-mass Power Plant and 2744343 units of power in its Wind Power. **Dividend:** Due to the requirement of funds for a proposed Solar Power Plant, no dividend was declared for the financial year 2021-22. **Share Capital:** 36,00,000 Equity shares of Rs 10/- each were allotted to Godawari Power and Alloys Limited on a preferential basis at Rs 195/- per share, to be used for setting up a Solar Power Plant in Chhattisgarh. The equity share capital increased to Rs. 23,18,85,000 divided into 2,31,88,500 equity shares of Rs 10/- each. **Other Business Changes:** The company became a subsidiary of Godawari Power and Ispat Limited. The company sold its entire stake in Spring Solar Power Private Limited (SSPPL), and SSPPL has ceased to be a subsidiary of the company with effect from 27.09.2021. No change in the status of the associate company, Xtratrust Digisign Private Limited. **Directorate Changes:** Biswajit Choudhuri resigned as Chairman, and Yarra Chandra Rao was appointed as Chairman. Vinod Pillai was appointed as Whole Time Director, effective April 1, 2022. Dinesh Kumar Gandhi was appointed as an Additional Director, effective April 12, 2022. Arvind Dubey resigned from the Board of Directors, effective April 12, 2022. Ajay Dubey retires by rotation but is eligible for reappointment. **Key Managerial Personnel:** The designated Key Managerial Personnel are Narayan Prasad Agrawal, Dilip Chouhan, and Mohit Chande. **CSR:** The CSR Committee was dissolved and later reconstituted due to changes in CSR obligation. The company spent Rs.19.25 Lacs on CSR activities and will be preparing an revised CSR policy for 2022-23 onward. **Director's Responsibility Statement:** Confirms adherence to accounting standards, proper maintenance of records, and preparation of accounts on a going concern basis. **Other Committees:** Mentions the Nomination and Remuneration Committee, Audit Committee, and Stakeholders Relationship Committee, detailing their composition and meetings. Shri Biswajit Choudhuri has resigned from the directorship of the Company and Shri Y.C. Rao, Non Executive Director of the Company has became Chairman of the Company with effect from 16.10.2021. The Board of Directors has appointed Mr, Bhrigu Nath Ojha as Chairman of the Committee and inducted Ms Bhavna Govindbhai Desai as member of the Committee w.e.f. 16.10.2021. **Auditors:** JDS & Co., Chartered Accountants, are the statutory auditors, with reappointment approved for a second term of 5 years until the 43rd Annual General Meeting. M/s Sanat Joshi & Associates have been appointed as cost auditors for FY 2022-23. M/s.OPS & Co, Chartered Accountants were appointed as Internal Auditors for the FY 2021-22 and FY 2022-23. **Audit reports:** Includes details on the Secretarial Audit, Auditor's Reports, Whistle Blower Policy, and Related Party Transactions. **Other legal and regulatory requirements:** Pertain to conservation of energy, technology absorption and foreign exchange earnings. For Energy conservation, no additional measures have been taken during the financial year. During the year under review your company has used foreign exchange of Rs. 51.80 Lakhs. **Internal controls:** Company has an internal control system and a Risk Management Policy. **Annexure-A:** Details of CSR activities and the reconstitution of the CSR committee is enclosed as Annexure -A. **Standalone Financial Results:** Contains detailed balance sheets, profit and loss statements, cash flow statements, and equity statements, along with notes to the financial statements and auditor's report. There has been no resignation of the statutory auditors of the Company during the year. and Company is not capable of meeting its liabilities. There are no unspent amounts towards Corporate Social Responsibility. **Risk factors:** Key risks revolve around Credit risk, Liquidity risk and Interest rate risk as well as price and foreign exchange rate risk.

Hira Ferro Alloys Unlisted Shares

The Hira Ferro Alloys Limited Annual Report for FY 2020-21 details the company's performance, operations, and financial status. **Corporate Information:** Hira Ferro Alloys Limited, a public company domiciled in India, manufactures ferro alloys and generates electricity. Key personnel include Biswajit Choudhuri (Chairman, Independent Director), Narayan Prasad Agrawal (Managing Director), and CA Dilip Chauhan (Chief Financial Officer). The registered office is in Urla Industrial Area, Raipur, Chhattisgarh, and the corporate office is in Pandri, Raipur. **Financial Performance (Standalone & Consolidated):** The company experienced satisfactory performance due to demand in the steel sector and better price realization. Key highlights include: * **Revenue:** Increased to Rs 314.46 Crores from operations (Rs 301.77 Crores in the previous year). * **EBIDTA:** Increased to Rs 33.66 Crores (Rs 15.73 Crores in the previous year). * **PAT:** Increased to Rs. 21.14 Crores (Rs. 83 Crores in the previous year). * **Net Profit After Tax (NPAT):** Rs. 2113.87 Lakhs * Ferro Alloys sales increased by 9.66%. * Electricity division sales decreased by 10.09%. * The company registered a Net Profit after tax growth of 435% (Rs.2049.19 Lakhs versus Rs.382.80 Lakhs). * HFAL produced 35304.050 MTs of Ferro Alloys and sold 36513.02 MTs of Ferro Alloys. * Generated 158276400 units of power in its Thermal Power Plant, 81247560 units in its Bio-mass Power Plant and 2924697 units of power in its Wind Power. **Dividend:** No dividend was recommended for FY 2020-21. **Share Capital:** The paid-up Equity Share Capital remained at Rs. 1958.85 Lakhs. 99.21% of shares are dematerialized. **Subsidiaries & Associates:** * Acquired a 20% equity stake in Xtratrust Digisign Private Limited, making it an associate company. Xtratrust has not started operations. * Acquired 100% equity stake in Spring Solar Power Private Limited, making it a wholly-owned subsidiary. Spring Solar has not started operations. **Directors and Key Managerial Personnel:** * Ms. Bhavna Govindbhai Desai was appointed as an Additional Director (Woman-Independent Non-Executive) effective from 7th August 2020. * Mr. Yarra Chandra Rao retired by rotation. * Key Managerial Personnel: Narayan Prasad Agrawal (Managing Director), Arvind Dubey (Whole-time Director), Dilip Chouhan (Chief Financial Officer), Mohit Chande (Company Secretary). * The CSR Committee was dissolved in view of CSR obligation is less than Rs.50 lakhs for the financial year 2021-22. * The Board and all its committees and directors have been evaluated by the Board of the directors in its meeting. **Committees of the Board:** * **Audit Committee:** Consists of three directors, including two Independent Directors. * **Nomination and Remuneration Committee:** Consists of three directors, including two Independent Directors. * **Stakeholders Relationship Committee:** Comprises two Independent Directors, one Non-Executive Director, and the Company Secretary. **Auditors:** * **Statutory Auditors:** M/s JDS & Co., Chartered Accountants. No qualifications or reservations were noted in their report. * **Cost Auditors:** M/s Sanat Joshi & Associates appointed for FY 2021-22. * **Internal Auditors:** M/s OPS & Co, Chartered Accountants appointed for FY 2020-21 and FY 2021-22. * Mrs. Tanveer Kaur Tuteja appointed Secretarial Auditor. **Policies & Compliance:** * Established 'Whistle Blower Policy'. * Related party transactions were on an arm's length basis. * The Company has an Anti-Sexual Harassment Policy. No complaints were received. * The company is regular in depositing undisputed statutory dues. **Other Highlights:** * No significant and material orders were passed by regulators or courts impacting the company's going concern status. * Foreign Exchange Earnings: Rs. 1124.28 Lakhs, Foreign Exchange Outgo: Rs. 5009.51 Lakhs. * Internal financial controls are adequate and effective. **Annexure -1 Secretarial Audit Report:** Tanveer Kaur Tuteja reported the company generally complied with the statutory provisions listed. **Financial Statements (Standalone and Consolidated):** The report presents the Standalone and Consolidated financial statements, which include the balance sheet, statement of profit and loss, statement of changes in equity, and cash flow statement, along with notes on financial statements. A detailed listing of assets, liabilities, equity, revenue, expenses, and various financial metrics is provided for the fiscal year 2020-21.