MIRA
INFORM REPORT
|
Report Date : |
20.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MURLI INDUSTRIES LIMITED |
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Formerly Known As : |
MURLI AGRO PRODUCTS LIMITED |
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Registered Office : |
101 Jai Bhawani Society, Wardhaman Nagar, Nagpur – 440 008,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.12.1991 |
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Com. Reg. No.: |
11-64271 |
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CIN No.: [Company
Identification No.] |
U01110MH1991PLC064271 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NGPM03894C |
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PAN No.: [Permanent
Account No.] |
AACCM1276B |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer and sale of solvent extraction medium and
craft paper. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 6700000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having fine track.
Trade relations are fair. Business is active. General financial is good. Payments are reported as usually made as per commitments. The company can be considered good for any normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Rati |
|
Designation : |
Accounts Manager |
|
Date : |
19.09.2008 |
LOCATIONS
|
Registered Office : |
101 Jai Bhawani Society, Wardhaman Nagar, Nagpur – 440 008,
Maharashtra, India |
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Tel. No.: |
91-712-2769849 / 2768912 / 2683000 |
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Fax No.: |
91-712-2761145 / 2684422 |
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E-Mail : |
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Website : |
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Area : |
4000 Sq. ft. |
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Location : |
Rented |
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Corporate Office : |
1186, Radha Nivas, C. A.
Backroad, Bhavsar Chowk, Gandhibag, Nagpur - 440002, Maharashtra, India |
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Tel. No.: |
91-712-2760407/2767151 |
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Fax No.: |
91-712-2760407 |
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E-Mail : |
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Corporate Office : |
Radha House, 239 East Wardhman Nagar, Nagpur – 400 008, Maharashtra,
India |
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Tel. No.: |
91-712-2683000 |
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Fax No.: |
91-712-2684422 |
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E-Mail : |
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Factory 1 : |
Solvent Unit : U-140/141 MIDC Industrial
Area, Hingna Road, Nagpur-440016, Maharashtra, India |
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Tel No.: |
91-7104-236611/236121 |
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Fax No.: |
91-7104-236131 |
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Factory 2 : |
Solvent Unit : Umerade Taluka |
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Tel No.: |
91-7116-243123 |
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Factory 3 : |
Paper Unit : Village Vadodra, Nagpur Bandara Road, 27 Km Mile Stone, Nagpur,
Maharashtra, India |
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Tel No.: |
91-7116-242566 |
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Factory 4 : |
Chandrapur District, Village Naranda, Chandrapur, India |
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Factory 5 : |
S. No. 60, Village
Borgaon, Dhukheda Road, Umred - 441 203, Nagpur, Maharashtra, India |
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Tel No.: |
91-7116-243123 |
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Factory 6 : |
Paper Division : S.N. 115, Village Patansaongi,
Nagpur-Saoner Road, Nagpur, Maharashtra, India |
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Tel No.: |
91-7113-276458 |
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Factory 7 : |
Duplex Paper Unit : S.N. 481 Village Vadoda,
Bhandara Road, 27th Km Stone, Nagpur, Maharashtra, India |
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Tel No.: |
91-7109-279146 |
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Factory 8 : |
News Print Unit : S. N. 485, Village
Vadoda, Bhandara Road, 27th Km Stone, Nagpur, Maharashtra, India |
DIRECTORS
|
Name : |
Mr. Nandlal Bankatlal Maloo |
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Designation : |
Managing Director |
|
Address : |
1418-C, Deshpande Layout, Wardhman Nagar, Central Avenue, Nagpur – 440
008, Maharashtra, India |
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Date of Birth/Age : |
07.04.1954 |
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Date of Appointment : |
02.12.1991 |
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Name : |
Mr. Sobhagmal Bankatlal Maloo |
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Designation : |
Director |
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Address : |
1418-E, Deshpande Layout, Wardhman Nagar, Central Avenue, Nagpur – 440
008, Maharashtra, India |
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Date of Birth/Age : |
05.03.1941 |
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Date of Appointment : |
30.07.1999 |
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Name : |
Mr. Lalchand Bankatlal Maloo |
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Designation : |
Director |
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Address : |
1418-A, Deshpande Layout, Wardhman Nagar, Central Avenue, Nagpur – 440
008, Maharashtra, India |
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Date of Birth/Age : |
05.06.1960 |
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Date of Appointment : |
02.12.1991 |
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Name : |
Mr. Sunil Kumar Sobhagmal Maloo |
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Designation : |
Director |
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Address : |
1418-E, Deshpande Layout, Wardhman Nagar, Central Avenue, Nagpur – 440
008, Maharashtra, India |
|
Date of Birth/Age : |
20.06.1969 |
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Date of Appointment : |
02.12.1991 |
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Name : |
Mr. Bajranglal Bankatlal Maloo |
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Designation : |
Director |
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Address : |
1418-B, Deshpande Layout, Wardhman Nagar, Central Avenue, Nagpur – 440
008, Maharashtra, India |
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Date of Birth/Age : |
01.05.1955 |
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Date of Appointment : |
02.12.1991 |
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Name : |
Mr. Bhargavaram Purushottam Ganu |
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Designation : |
Director |
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Address : |
Plot No. 170, RPTS Road, Laxmi Nagar (West), Nagpur – 440 022,
Maharashtra, India |
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Date of Birth/Age : |
18.04.1942 |
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Date of Appointment : |
10.04.2006 |
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|
Name : |
Mr. Krishnamoorthy Melur Veera Kannan |
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Designation : |
Director |
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Address : |
Mahesh Building, 576-B, Jame Jamshed Road, Matunga, Mumbai – 400 019,
Maharashtra, India |
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Date of Birth/Age : |
17.11.1939 |
|
Date of Appointment : |
10.04.2006 |
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Other Directorship : |
·
Advani Hotels and Resports (India) Limited CIN
No.: U99999MH1987PTC042891 ·
Kesar Enterprises Limited CIN
No.: U99999MH1995PTC007996 ·
Patel Engineering Limited CIN
No.: U99999MH1949PTC007039 ·
Consolidated Construction Consortium Limited CIN
No.: U45201TN1997PTC038610 ·
Advani Pleasure Cruise Company Private Limited CIN
No.: U55101GA2000PTC002811 |
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|
|
|
Name : |
Mr. Yashpal Dhiman |
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Designation : |
Director |
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Address : |
Yash Plaza, Opp. Anand Gas Wardhman Nagar, Nagpur – 440 008,
Maharashtra, India |
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Date of Birth/Age : |
07.10.1955 |
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Date of Appointment : |
07.01.2002 |
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Name : |
Mr. Chandra Kishore Modi |
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Designation : |
Additional Director |
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Address : |
Flat No. 1202, Block No. 32, Seawoods Estate, Palm Beach Road, Nerul,
Navi Mumbai – 400 021, Maharashtra, India |
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Date of Birth/Age : |
18.08.1938 |
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Date of Appointment : |
02.03.2006 |
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Name : |
Mr. Arun Kedarnath Mago |
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Designation : |
Additional Director |
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Address : |
E-7, Nizamuddin West, New Delhi – 110 013, Delhi, India |
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Date of Birth/Age : |
27.09.1944 |
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Date of Appointment : |
30.06.2007 |
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|
Name : |
Mr. Manghat Gopalan Mani |
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Designation : |
Additional Director |
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Address : |
Opp. Khare Town, P.O. 402, Abhogi Apartment, Dharampeth, Nagpur – 440
010, Maharashtra, India |
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Date of Birth/Age : |
29.05.1936 |
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Date of Appointment : |
12.07.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Gyanesh Verma |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
List of Allotment
|
Names of Allottees |
No. of Shares |
|
Ambaji Papers Private Limited |
500000 |
|
Inco Infrastructure Private Limited |
500000 |
|
Kanhaiya Mining and Minerals Private Limited |
500000 |
|
Ramji Agri Business Private Limited |
500000 |
|
Runicha Alloys and Steel Private Limited |
500000 |
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|
|
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Total |
2500000 |
List of Allotment
|
Names of Allottees |
No. of Shares |
|
Deutsche Bank AG, London |
312283 |
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|
|
|
Total |
312283 |
List of Allotment
|
Names of Allottees |
No. of Shares |
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Deutsche Bank AG, London |
78070 |
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Grants Investment Limited |
156141 |
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|
Total |
234211 |
List of Allotment
|
Names of Allottees |
No. of Shares |
|
Elara India Opportu-nities Fund Limited |
117106 |
|
|
|
|
Total |
117106 |
Equity shares Breakup (percentage of total equity)
(As on
30.09.2007)
|
Category |
Percentage |
|
Foreign holdings (Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution (s),
Non-resident Indian(s) or Overseas corporate bodies or others |
5.99 |
|
Bodies corporate |
32.99 |
|
Directors or relatives of directors |
51.77 |
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Other top fifty (50) shareholders |
4.45 |
|
Others |
4.80 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and sale of solvent extraction medium and
craft paper. |
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Products : |
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Exports : |
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Countries : |
·
Srilanka ·
Bangladesh ·
Nepal |
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Imports : |
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Countries : |
·
USA ·
UK |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days / 60 days / 90 days) |
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Purchasing : |
L/C, Cash and Credit (30 days / 60 days / 90 days) |
GENERAL
INFORMATION
|
Customers : |
Dealers |
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No. of Employees : |
700 |
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Bankers : |
·
Punjab National Bank BO MCB, Surya Nagar Branch, Kalmana Road,
Nagpur – 440 008, Maharashtra, India ·
Bank of Baroda Gokul Bhavan, Near City Post Office,
Itwari, Nagpur – 440 008, Maharashtra, India |
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Banking
Relations : |
Good |
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Auditors : |
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|
Name : |
Mr. Vijay Ramani Chartered Accountants |
|
Address : |
Demble Ramani and Company, Abhyankar Road, Sitabuldi, Nagpur – 440
010, Maharashtra, India |
CAPITAL STRUCTURE
(As on
30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10242200 |
Equity Shares |
Rs.10/- each |
Rs.102.422
millions |
(As on 31.03.2007)
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9609300 |
Equity Shares |
Rs.10/- each |
Rs.96.093
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
96.093 |
98.093 |
71.093 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1234.603 |
600.377 |
340.546 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1330.696 |
698.470 |
411.639 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1726.319 |
1115.240 |
1413.482 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1726.319 |
1115.240 |
1413.482 |
|
|
DEFERRED TAX LIABILITIES |
307.333 |
221.089 |
151.459 |
|
|
Cement and Others |
329.058 |
72.653 |
69.355 |
|
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TOTAL |
3693.406 |
2107.452 |
2045.935 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1705.668 |
1219.567 |
1299.655 |
|
|
Capital work-in-progress |
145.158 |
24.765 |
0.000 |
|
|
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|
|
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INVESTMENT |
49.203 |
40.430 |
0.264 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1357.216
|
801.799 |
772.932 |
|
|
Sundry Debtors |
332.948
|
274.990 |
424.211 |
|
|
Cash & Bank Balances |
47.736
|
50.012 |
50.990 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
787.091
|
217.204 |
215.705 |
|
Total
Current Assets |
2524.991
|
1344.005 |
1463.838 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
723.444
|
495.047 |
695.851 |
|
|
Provisions |
43.615
|
26.268 |
22.338 |
|
Total
Current Liabilities |
767.059
|
521.315 |
718.189 |
|
|
Net Current Assets |
1757.932
|
822.690 |
745.649 |
|
|
|
|
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|
|
MISCELLANEOUS EXPENSES |
35.445 |
0.000 |
0.367 |
|
|
|
|
|
|
|
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TOTAL |
3693.406 |
2107.452 |
2045.935 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
5239.337 |
5104.633 |
3098.229 |
|
|
Other Income |
11.289 |
17.239 |
3.529 |
|
|
Total Income |
5250.626 |
5121.872 |
3101.758 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
472.641 |
291.180 |
150.572 |
|
|
Provision for Taxation |
61.571 |
11.171 |
5.000 |
|
|
Profit/(Loss) After Tax |
411.070 |
280.009 |
145.572 |
|
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|
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Earnings in Foreign Currency : |
|
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|
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|
Sale of Goods Manufactured |
1014.590 |
942.866 |
552.254 |
|
Total Earnings |
1014.590 |
942.866 |
552.254 |
|
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Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
3044.480 |
3261.626 |
1982.439 |
|
|
Consumption of stores and spares parts |
340.208 |
340.054 |
211.485 |
|
|
Increase/(Decrease) in Finished Goods |
52.788 |
(47.336) |
(56.863) |
|
|
Salaries, Wages, Bonus, etc. |
76.952 |
66.470 |
54.285 |
|
|
Managerial Remuneration |
3.660 |
3.660 |
3.660 |
|
|
Payment to Auditors |
0.200 |
0.200 |
0.200 |
|
|
Interest |
122.898 |
149.288 |
96.047 |
|
|
Insurance Expenses |
9.363 |
9.603 |
4.856 |
|
|
Power & Fuel |
370.561 |
341.306 |
180.064 |
|
|
Depreciation & Amortization |
183.986 |
204.666 |
132.984 |
|
|
Other Expenditure |
572.889 |
501.155 |
342.029 |
|
Total Expenditure |
4777.985 |
4830.692 |
2951.186 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
7.83
|
5.47 |
4.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.02
|
5.70 |
4.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.17
|
11.36 |
5.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.42 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.87
|
2.34 |
5.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.29
|
2.58 |
2.04 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Indo Group Companies Private Limited – Nagpur
·
Indus Synergy Private Limited - Nagpur
Form No. 8
|
Corporate identity
number of the company |
U01110MH1991PLC064271 |
|
Name of the
company |
MURLI INDUSTRIES LIMITED CN |
|
Address of the
registered office or of the principal place of business in India of the company |
101 Jai Bhawani Society, Wardhaman Nagar, Nagpur – 440 008,
Maharashtra, Indiaq |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Immovable
property ·
Any interest
immovable property ·
Movable
property (not being pledge) |
|
Particular of charge
holder |
Punjab National Bank BO MCB, Surya Nagar Branch, Kalmana Road, Nagpur – 440 008,
Maharashtra, India |
|
Nature of
instrument creating charge |
·
Sanction
Letter ·
Deed of
Hypothecation of Movable Properties forming part of fixed assets, ·
Master agreement
for ILC ·
Deed of
hypothecation to secure LC on DA basis, ·
Application
for IIRCR documentary credit, ·
Letter for
IIRCRDC |
|
Date of
instrument Creating the charge |
02.01.2008 |
|
Amount secured by
the charge |
Rs.45.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate of
interest As per bank guidelines ·
Terms of
repayment 180 days from the date of Bill of lading ·
Margin 10% by way of duly discharged FDRS ·
Extent and
operation of the charge o
Second
Pari-Passu charge by way of hypothecation over the entire fixed assets of the
Pulp Mill and Chemical Recovery unit of the company alongwith other term loan
financing bankers namely BOB and SBH o
Extension of
equitable mortgage on IP situated at Khasra Nos. 482, 483/A, 483/B, 483/C,
484/1 and 484/2 at Vill: Vadoda, Sub Dist and Tal: Kamptee in the name of the
Company already mortgaged to BOB, PNB and SBH for the W and P unit and Pulp
Mill and Chemical Recovery Unit for securing TL. |
|
Particulars of the
property charged |
·
Second
Pari-Passu charge by way of hypothecation over the entire fixed assets of the
Pulp Mill and Chemical Recovery unit of the company alongwith other term loan
financing bankers namely BOB and SBH ·
Extension of
equitable mortgage on IP situated at Khasra Nos. 482, 483/A, 483/B, 483/C,
484/1 and 484/2 at Vill: Vadoda, Sub Dist and Tal: Kamptee in the name of the
Company already mortgaged to BOB, PNB and SBH for the W and P unit and Pulp
Mill and Chemical Recovery Unit for securing TL. |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.32 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.65.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
68 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|