I’ve been told by blog regulars that Galada Power (FV Rs 10),BSE Code : 504697 was being recommended a few days ago by some at Rs 6/7 as a multibagger
Just know this…..It has been declared sick by BIFR but as the Board is of the View that a viable rehabiltation package can be arrived at,the Accounts have been prepared on a’Going Concern ‘Basis
Ten Days ago Galada Power was Rs 6/7…then several vested Bulk Deals have been taking place and Price moved to Rs 13/14
Those advising to buy are justifying on the basis of Real Estate Value of over Rs 40 crs of Factory Land and Office Building and One Time Settlement of Dues with Financial Institutions…..Company make no specific mention of this when declaring it’s March 31,2010 results end June 2010
Be Careful….As at March 31,2010,Galada Power has accumulated Loss of Rs 153 crs,Non Provision of Interest of Rs 120 crs and Non Provision of additional Interest and liquidated damages payable to Financial Institutions of Rs 214 crs (it has sought waiver on this in it’s Rehabilitation Proposal) above the actual Outstandings due as on it’s Balance Sheet
Reproduced below is the Company Declared Results as at March 31,2010 and as uploaded on the BSE site
Scrip Code : 504697 Company : GALADA POWER & TELECOMMUNICATION LTD.