MIRA
INFORM REPORT
|
Report Date : |
13.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
MURLI INDUSTRIES LIMITED (w.e.f. 24.01.2007) |
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Formerly Known As : |
MURLI AGRO PRODUCTS LIMITED |
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Registered Office : |
101, Jai Bhawani Society, Wardhaman Nagar, Nagpur-440008, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
02.12.1991 |
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Com. Reg. No.: |
11-64271 |
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Capital Investment
/ Paid-up Capital : |
Rs.107.422 Millions |
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CIN No.: [Company
Identification No.] |
L01110MH1991PLC064271 |
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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 : |
Public Limited
Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business : |
Manufacturer and sale of solvent extraction medium and
craft paper. |
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No. of Employees : |
700 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 14000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject s an established company having satisfactory track. The
company has incurred some losses in the year 2010-11. However, trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at
usually trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
101, Jai Bhawani Society, Wardhaman Nagar, Nagpur-440008, |
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Tel. No.: |
91-712-2769849 / 2768912 / 2683000 / 2765526 / 2769876 |
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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 : |
Radha House, 239 East Wardhman Nagar, |
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Tel. No.: |
91-712-2683000 / 3050200 |
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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, |
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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, |
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Tel No.: |
91-7116-242566 |
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Factory 4 : |
Chandrapur District, Village Naranda, |
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Factory 5 : |
S. No. 60, Village
Borgaon, |
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Tel No.: |
91-7116-243123 |
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Factory 6 : |
Paper Division : S.N. 115, Village
Patansaongi, |
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Tel No.: |
91-7113-276458 |
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Factory 7 : |
Duplex Paper Unit : S.N. 481 Village Vadoda, |
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Tel No.: |
91-7109-279146 |
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Factory 8 : |
News Print Unit : S. N. 485, Village
Vadoda, |
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Factory 9 : |
Agro Unit – I MIDC Industrial Area, |
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Factory 10 : |
Agro Unit – II |
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Factory 11 : |
Duplex Board Unit / Writing and Printing Paper Unit / Pulp Mill Unit /
Newsprint Paper Unit / 18 MW Power Unit Village Vadoda, Tahsil –
Kamptee, Dist. |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Nandlal Bankatlal Maloo |
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Designation : |
Managing Director |
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Address : |
1418-C, Deshpande Layout, Wardhman Nagar, |
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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 : |
Non Executive Chairman |
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Address : |
1418-E, Deshpande Layout, Wardhman Nagar, |
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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, |
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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, |
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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, |
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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 : |
Independent Director |
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Address : |
Plot No. 170, |
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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. Yashpal Dhiman |
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Designation : |
Director |
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Address : |
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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. Rajinder P Gupta |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Tarun K Singh |
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Designation : |
Company Secretary and
Compliance Officer |
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Address : |
101, Jai Bhawani Society,
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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16,811,600 |
28.49 |
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2,500,000 |
4.24 |
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19,311,600 |
32.73 |
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Total shareholding of Promoter and Promoter Group (A) |
19,311,600 |
32.73 |
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(B) Public Shareholding |
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22,874,194 |
38.76 |
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22,874,194 |
38.76 |
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10,258,759 |
17.38 |
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5,265,954 |
8.92 |
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1,024,030 |
1.74 |
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276,463 |
0.47 |
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26,607 |
0.05 |
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249,856 |
0.42 |
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16,825,206 |
28.51 |
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Total Public shareholding (B) |
39,699,400 |
67.27 |
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Total (A)+(B) |
59,011,000 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
59,011,000 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million
BUSINESS DETAILS
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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 ·
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Imports : |
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Countries : |
·
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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
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Customers : |
Dealers |
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No. of Employees : |
700 [Approximately] |
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Bankers : |
·
Punjab National Bank BO MCB, Surya Nagar Branch, ·
Bank of Gokul Bhavan, Near City Post Office,
Itwari, ·
Andhra Bank ·
Bank of ·
IDBI Bank Limited ·
·
State Bank of ·
State Bank of ·
State Bank of ·
State Bank of ·
State Bank of Travancore ·
SIMCO Limited ·
Allahabad Bank |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Demble Ramani and Company Chartered Accountants |
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Address : |
201, M. G. House, Civil Lines, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital : Rs.250.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.107.422 Millions
As on 29.09.2010
Authorised Capital : Rs.250.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.118.022 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
107.422 |
102.422 |
102.422 |
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2] Share Application Money |
541.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3011.574 |
2540.406 |
2104.917 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3659.996 |
2642.828 |
2207.339 |
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LOAN FUNDS |
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1] Secured Loans |
8447.125 |
8630.257 |
5865.895 |
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2] Unsecured Loans |
2839.464 |
1092.793 |
1017.214 |
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TOTAL BORROWING |
11286.589 |
9723.050 |
6883.109 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14946.585 |
12365.878 |
9090.448 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10240.943 |
3789.280 |
1749.514 |
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Capital work-in-progress |
550.128 |
5383.351 |
4772.485 |
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INVESTMENT |
109.160 |
97.565 |
83.498 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3549.856
|
2347.289
|
2167.380
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Sundry Debtors |
320.409
|
197.415
|
292.150
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Cash & Bank Balances |
85.068
|
163.913
|
53.624
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
1262.574
|
1142.205
|
589.789
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Total
Current Assets |
5217.907
|
3850.822
|
3102.943 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1176.932
|
778.417
|
608.094
|
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Provisions |
26.521
|
12.168
|
45.342
|
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Total
Current Liabilities |
1203.453
|
790.585
|
653.436 |
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Net Current Assets |
4014.454
|
3060.237
|
2449.507 |
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MISCELLANEOUS EXPENSES |
31.900 |
35.445 |
35.444 |
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TOTAL |
14946.585 |
12365.878 |
9090.448 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
5716.789 |
5202.171 |
6491.801 |
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Other Income |
69.879 |
8.156 |
23.108 |
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TOTAL (A) |
5786.668 |
5210.327 |
6514.909 |
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Less |
EXPENSES |
|
|
|
|
|
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Cost of goods sold |
3324.074 |
3190.061 |
4237.053 |
|
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Manufacturing Expenses |
796.900 |
621.286 |
747.527 |
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Selling Expenses |
104.361 |
182.486 |
213.198 |
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Salaries, Wages, Bonus, etc. |
169.753 |
127.660 |
121.487 |
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Managerial Remuneration |
1.850 |
15.750 |
6.920 |
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Payment to Auditors |
0.671 |
0.320 |
0.200 |
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Administrative Expenses |
65.421 |
54.067 |
50.893 |
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TOTAL (B) |
4463.030 |
4191.630 |
5377.278 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1323.638 |
1018.697 |
1137.631 |
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Less |
FINANCIAL
EXPENSES (D) |
412.667 |
214.903 |
179.420 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
910.971 |
803.794 |
958.211 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
466.825 |
280.546 |
256.790 |
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PROFIT BEFORE
TAX (E-F) (G) |
444.146 |
523.248 |
701.421 |
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Less |
TAX (I) |
68.012 |
63.793 |
158.485 |
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PROFIT AFTER TAX
(G-I) (J) |
376.134 |
459.455 |
542.936 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
37.613 |
45.945 |
NA |
|
|
|
Dividend |
20.484 |
20.484 |
NA |
|
|
|
Tax on Dividend |
3.481 |
3.481 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
314.556 |
389.545 |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
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|
|
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Export Earnings |
3.208 |
10.716 |
NA |
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TOTAL EARNINGS |
3.208 |
10.716 |
NA |
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|
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IMPORTS |
|
|
|
|
|
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Raw Materials |
724.308 |
411.250 |
639.995 |
|
|
|
Capital Goods |
177.538 |
51.271 |
11.888 |
|
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TOTAL IMPORTS |
901.846 |
462.521 |
651.883 |
|
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|
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|
|
|
|
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|
Earnings Per
Share (Rs.) |
7.00 |
8.97 |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
30.06.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
5th
Quarter |
|
Net Sales |
1927.610 |
1321.050 |
1649.250 |
2442.770 |
2192.400 |
|
Total Expenditure |
1339.740 |
827.170 |
2035.020 |
3162.030 |
2376.130 |
|
PBIDT (Excl OI) |
587.870 |
493.880 |
(385.770) |
(719.260) |
(183.730) |
|
Other Income |
2.580 |
1.070 |
0.540 |
3.800 |
0.320 |
|
Operating Profit |
590.450 |
494.9500 |
(385.230) |
(715.460) |
(183.410) |
|
Interest |
200.680 |
256.790 |
524.760 |
351.050 |
379.5800 |
|
PBDT |
389.770 |
238.160 |
(909.990) |
(1066.510) |
(562.990) |
|
Depreciation |
234.140 |
210.910 |
62.090 |
106.200 |
153.660 |
|
Profit Before Tax |
155.630 |
27.250 |
(972.080) |
(1172.710) |
(716.650) |
|
Profit After Tax |
155.630 |
27.250 |
(972.080) |
(1172.710) |
(716.650) |
|
Net Profit |
155.630 |
27.250 |
(972.080) |
(1172.710) |
(716.650) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.50
|
8.82 |
8.33
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.77
|
10.06 |
10.80
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.87
|
6.85 |
14.45
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.20 |
0.32
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.41
|
3.98 |
3.41
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.33
|
4.87 |
4.75
|
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The Company achieved a turnover of Rs.5716.800 millions during the
period, as compared to Rs.5202.200 millions during the previous year which is a
growth of 10%over the last year’s turnover i.e. Rs.514.600 Millions. The Profit
after Tax is Rs.376.100 millions against Rs.459.500 millions in the previous
year. The profit was slightly less than the profit of previous year i.e.
Rs.86.200 Millions which is mainly due to higher depreciation. The Cash
accruals i.e. Rs.842.900 Millions, which is an increment of Rs.102.900 Millions
over previous year’s Rs.740.000 Millions.
MANAGEMENT
DISCUSSION AND ANALYSIS STATEMNENT
Performance of the
Company
During
the year the Company has achieved favorable performance in its continuous quest
for new customers for the existing products as well as for the new product
(i.e. cement) the production of which commenced this year. The Company achieved
better result than the previous year. The turnover increased by 10% over the last year's turnover and
also the cash profit increased by 14% in comparison to previous year. The PAT
is slightly lower than the previous year's PAT, but it is mainly due to higher deprecation.
The most awaited project i.e. Cement unit of the Company has started its
operation during March 2010. The performance was much more satisfactory than
anticipated. The product has been welcomed by the market with great hope and
the Company has fulfilled the expectation of the market to the fullest extent.
During the one month of operation the turnover was Rs.141.100 Millions. The
expert of the industry opined that this Unit will take the Company at new
height.
Gross
turnover of the Company for the year 2010 was Rs.5716.800 Millions. Pre tax profit was Rs.444.100 Millions,
while post tax profit (before exceptional items) at Rs.376.100 Millions. The
turnover achieved growth of 10% in comparison to last year, the Pre tax profit
slightly lower by Rs.79.100 Millions i.e.
15% and the Post tax Profit down by Rs.83.300 Millions i.e. 18% in
comparison to last year, Cash flow from the operations was Rs.910.972 Millions
during the year, which is 14% higher than previous year.
In order
to sustain growth and to provide sufficient fund for the upcoming cement
projects of the Company the Board of Directors recommend transferring the
profit of Rs.37.613 Millions to the Reserves for utilizing the same for the
future growth of the company.
BUSINESS SEGMENT
Solvent Extraction
Plant
The Company continues to maintain
its valuable position in the market by delivering superior value to consumer
through best products and services.
Agro Unit I
During the period the Unit
produced 32,221.72 MT of Soya DOC and 6,480.43 MT of Refined Oil respectively
as compared to 32,945.02 MT of DOC and 7,616.34 MT of Refined Oil during the
previous year. The Unit recorded a turnover of Rs.974.650 Millions during the
year which was at Rs.984.117 Millions in the previous year. This was a
negligible negative growth of 0.95% against the turnover of last year. The
profit before tax of the Unit I also declined to Rs.92.217 Millions from
Rs.121.779 Millions for the last year's Profit Before Tax. The Profit After Tax
(PAT) also declined to Rs.72.217 Millions from Rs.101.646 Millions of the last
year's Profit After Tax. The performance of the Unit was affected mainly due to
non-availability of the Soya seeds and volatility in the market. There was
scanty rain fall during the last season throughout
Agro Unit II
During the period the Soya DOC and
Refined Oil Production were 62,674.19 MT and 12,532.65 MT as compared to
63,203.91 MT and 12,851.66 MT respectively in the previous year. The turnover of
the Unit was Rs.1794.540 Millions during the year which was at Rs.1707.571
Millions in the previous year. It constituted a growth of 5% over and above the
turnover of the last year for the same period. The company also achieved
significant growth in the Profit. The Profit After Tax of this Unit increased
from Rs.205.010 Millions to Rs.221.618 Millions, registering a growth of 8%
over the PAT of last year for the same period. The Company could achieve more
turnover due to higher production capacity.
PAPER SEGMENT
The paper segments of the Company
have overcome the problem faced during the previous year. All the Units
performed well and achieve their target even though there was a lot of
volatility in the international market of waste paper. The Government also
modified the rule in respect of imported waste paper which also affected the
availability of raw material for the Paper Units. Particularly News Print Unit
suffered from problem of shortage of raw material. Other Unit performed well
and the SBS Unit completed its first full year of operation. Further the
Company was awarded by several Tender from various State Government for writing
and Printing Paper. The company also got a tender from the Bangladesh
Government and which also successfully completed.
Duplex Unit
Production during
the year touched 20,654.95 MT as compared to 19147.51 MT in 2008-09 and
contributed an amount of Rs.396.027 Millions in comparision to PY Rs.374.377
Millions to the Company's turnover. In its turnover, the Unit achieved a growth
of Rs.21.649 Millions which is around 5.78% over the turnover of last year. The
Profit After Tax of the Unit has gone up from Rs.14.246 Millions to Rs.41.597
Millions. The Unit has achieved a remarkable growth against the growth rate of
the industry it belongs to. They also expect the same performance in the coming
year too.
Newsprint Unit
This year the Company saw very
good demand for news print. The Company established good rapport with the
customer. The Company could not capitalise on the demand of the product due to
shortage of imported raw material. The production was less than previous year
and hence the profit also decreased. During the year Company has manufactured 24,659.09 MT (Previous Year
35,751.79 MT) of Newsprint Paper. The Turnover of the Unit was at Rs.509.653
Millions. (Previous Year Rs.907.822 Millions) achieved a turnover similar to
previous year. The profit before depreciation of the Unit for F.Y 2009-10 is
Rs.5.878 Millions in comparison to Rs.174.086 Millions P. Y. 2008-09. The Unit
suffered loss of Rs.69.100 Millions against the Previous Year profit of
Rs.114.015 Millions.
Writing and
Printing Paper Unit
This Unit of the Company faced
huge setback last year due to several unprecedented events. The Unit overcame
those events and performed excellent this year. While during the Financial Year
the paper industry was witnessing low demand in the writing ft printing paper,
several big companies were forced to sale the finished products at lower cost than their production and many of the
production houses were forced to keep the finished products as stock for
several months, the Company performed excellently and achieved growth in the
turnover as well as profits. The Unit has manufactured 33,031 .'14MT (Previous
Year 16,124.65 MT) of writing printing paper. The Turnover of the Unit is at
Rs.920.528 Millions as compared to Previous Year Rs.513.800 Millions which
represents a growth of 79.16% and also achieved 622% growth in the Profit After
Tax. PAT for the F.Y.2009-10 is Rs.130.264 Millions in comparison to Loss of
Rs.24.931 Millions for P.Y. 2008-09.
Paper Power Unit
The
power generation at this Unit is used totally for the captive purpose for the
paper plants of the Company. During the year total Power Generation is
64,931.50 MW (Previous Year 59,060 MW). The Turnover of the Unit is at
Rs.347.963 Millions in comparison to Previous Year Rs.528.174 Millions. The
Profit after Tax is Rs.103.769 Millions in comparison to Previous Year
Rs.108.119 Millions. The Company has definitely taken a bold step towards
Energy Conservation and cost cutting on overheads.
Cement Captive Power Unit
The
Company established three Units of 16.5MWforthe captive consumption of Cement
Unit. Two Units out of three have started production. All the power requirement
of Cement plants are fulfilled by these two Units only. Both the Units are
performing well. Third Unit is nearings completion and it is expected that the
same will be completed very soon.
SBS Unit
This Unit
has completed its first full commercial year. The product of this Unit is in a
great demand. Due to high quality in its segment, extensive advertisement and
excellent marketing strategy, the new product is received well in the market.
This is new product in the Indian market; hence it will take some time to
develop its own product market among the consumers. The performance of the Unit
was satisfactory and it is hoped that this Unit will play an important role for
the growth of top line as well bottom line of the Company.
Pulp Mill Unit
Due to technical and other
unavoidable reasons the Pulp Unit remained shut throughout the year.
Cement Unit
Most awaited and the dream project
of the Company has come up with the bang. The Cement Unit has started its
commercial production during the March 2010, little late but with big promise
to deliver a sound performance. It started production and the same has been
accepted in the market with great demand. During one month of its operation it
produced only OPC cement which astonished the existing established player with
its demand of the product. It is initial stage of the Unit and it is performing
at 30-40% of its capacity and it is hoped that shortly it will be able to
perform to its 80% capacity. The market demand of the product is very high
because of excellent marketing strategy and high quality of the product. During
this short period the Company has also awarded some government tenders which
shows the quality and service of the Company promised to deliver in the future.
Experts opined that this Unit will take the Company to a great height of
success and in coming years half of the turnover of the total Company will come
from the Cement Unit only.
UNAUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER
ENDED ON 30.06.2011
RS. IN MILLIONS
|
Particulars |
1ST QUARTER ENDED ON |
UP TO DATE |
|
|
|
30.06.2011 |
30.06.2010 |
31.03.2011 |
|
Income |
|
|
|
|
a) Net Sales / Income from Operations |
2192.398 |
1927.611 |
7340.679 |
|
b) Other Operating Income |
0.000 |
0.000 |
0.000 |
|
Total Operating Income |
2192.398 |
1927.611 |
7340.679 |
|
Expenditure |
|
|
|
|
(a) (Increase)/decrease in Stock in Trade |
123.613 |
110.161 |
12.148 |
|
(b) Consumption of Raw Materials |
2000.537 |
1081.949 |
6655.574 |
|
(c) Purchase of traded goods |
0.000 |
0.000 |
0.000 |
|
(d) Employees Cost |
54.284 |
47.655 |
266.917 |
|
(e) Depreciation |
153.664 |
234.137 |
613.335 |
|
(f) Other Expenditure |
197.694 |
99.980 |
429.324 |
|
Total Expenditure |
2529.792 |
1573.882 |
7977.298 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
(337.394) |
353.729 |
(636.619) |
|
Other Income |
0.319 |
2.582 |
8.011 |
|
Profit/(Loss) before Interest and Exceptional items |
(337.075) |
356.311 |
(628.608) |
|
Interest |
379.578 |
200.684 |
1333.285 |
|
Profit / (Loss) after interest before Exceptional items |
(716.653) |
155.627 |
(1961.893) |
|
Exceptional Items |
-- |
-- |
-- |
|
Profit / (Loss) From
Ordinary activities before Tax |
(716.653) |
155.627 |
(1961.893) |
|
Tax Expenses |
-- |
-- |
-- |
|
Net Profit/(Loss) From Ordinary activities after Tax |
(716.653) |
155.627 |
(1961.893) |
|
Extraordinary Items |
-- |
-- |
-- |
|
Net Profit/(Loss) for the period |
(716.653) |
155.627 |
(1961.893) |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.2/- each ) |
118.022 |
107.422 |
118.022 |
|
Reserves (Excluding Revaluation Reserves) |
-- |
-- |
-- |
|
Earning Per Share |
|
||
|
Before/ After
Extraordinary Items |
|
|
|
|
-Basic |
(12.14) |
2.90 |
(33.25) |
|
-Diluted |
(12.14) |
2.90 |
(33.25) |
|
Public Share Holding |
|
|
|
|
- Number of Shares |
39699400 |
24368400 |
39699400 |
|
- Percentage of shareholding |
67.27 |
45.41 |
67.27 |
|
Promoters and Promoter group share holding |
|
|
|
|
a) Pledged / Encumbered |
|
||
|
- Number of Shares |
10100000 |
2500000 |
10100000 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
52.30 |
8.53 |
52.30 |
|
- Percentage of shares(as a % of the total share capital of the company) |
17.11 |
4.65 |
17.11 |
|
b) Non-encumbered |
|
||
|
- Number of Shares |
9211600 |
26822000 |
9211600 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
47.30 |
91.47 |
47.30 |
|
- Percentage of Share (as a % of the total share capital of the company) |
15.61 |
49.94 |
15.61 |
SEGMENT WISE
REVENUE STATEMENT FOR THE FIRST
QUARTER ENDED ON 30.06.2011
RS. IN MILLIONS
|
Particulars |
1ST QUARTER ENDED ON |
UP TO DATE |
|
|
1) SEGMENT
REVENUE |
30.06.2011 |
30.06.2010 |
31.03.2011 |
|
|
|
|
|
|
a) Solvent Extraction and Refinery |
344.490 |
560.443 |
2717.344 |
|
b) Paper and Paper Board |
830.027 |
834.414 |
2808.223 |
|
c) Power |
281.985 |
209.464 |
734.985 |
|
d) Cement |
735.896 |
323.290 |
1080.127 |
|
Net Sales Income
from Operation |
2192.398 |
1927.611 |
7340.679 |
|
2) SEGMENT
RESULT (Profit (+) / Loss (-) before tax and interest from each segment) |
|
|
|
|
a) Solvent Extraction and Refinery |
(79.566) |
113.945 |
169.965 |
|
b) Paper and Paper Board |
(110.371) |
175.419 |
(636.955) |
|
c) Power |
(38.061) |
87.660 |
220.285 |
|
d) Cement |
(109.077) |
(20.713) |
(401.903) |
|
Total |
(337.075) |
356.311 |
(628.608) |
|
Less : Interest |
379.578 |
200.684 |
1333.285 |
|
Total Profit
Before Tax |
(716.653) |
155.627 |
(1961.893) |
|
3) CAPITAL
EMPLOYED (Segment assets – Segment Liabilities) |
|
|
|
|
a) Solvent Extraction and Refinery |
1640.500 |
1564.800 |
1644.000 |
|
b) Paper and Paper Board |
2499.600 |
2600.900 |
2514.500 |
|
c) Power |
895.000 |
1247.600 |
882.200 |
|
d) Cement |
204.700 |
1125.600 |
272.600 |
|
Total |
5239.800 |
6538.900 |
5313.300 |
Notes:-
- The above results
were taken or record by the Board of Directors at its meeting held on 12
August 2011.
- Segment A
includes Solvent Extraction and Refinery facilities of MIDC Unit and Umred
Unit.
- Segment B
includes all the five Paper/Pulp unit.
- Segment C includes
Captive Power Plant of Paper and Cement.
- Segment D
includes Cement Unit. (Chandrapur)
- Segment
Revenue, Results and Capital Employed includes respective amounts
identifiable to each of the segment.
- The status of
number of complaints during the quarter are as follows: Beginning – Nil,
Received – 3, Processed – 3, Pending – Nil.
- The status of
number of requests during the quarter are as follows: Beginning – Nil,
Received – 28, Processed – 26, Pending – Nil.
- Provision for
taxation will be made at the end of the year.
TRADE REFERENCES
·
Indo Group Companies Private Limited –
·
Indus Synergy Private Limited -
WEB DETAILS
Profile
Murli agro Products Limited which has been rechristened as Subject
following the adoption of a special resolution as provided for in the Company's
Act, 1956 came into being on 2nd December, 1991. Headquartered in
Wardhaman Nagar, heart of downtown
The commissioning
of two Captive co-generation Power Units with combined capacity of 18 MW which
marked a turn around in Company's fortunes saw an upswing in the production
activities by ensuring constant supply of power.
The promoters of
the Company are vastly experienced in the production and marketing of various
agro-based products like Soya de-oiled cake, Refined Edible Oil and paper
products like Duplex, News Print and Printing Paper and Printing Paper, Cream
Wove, Map Litho Paper, Copier, etc. The entire credit of the robust financial
health of the Company undoubtedly goes to their far-sightedness, prudent fiscal
management, proficiency in handling industrial operations on a massive scale
and a host of other attributes which are a pre-requisite for the success of any
business.
Management
Subject which is now a household name in
Being a force to
reckon with in the fields of paper, solvent extraction and power generation for
a considerable length of time is a huge achievement by any standard which has
been possible thanks mainly to sound managerial policies which are fine-tuned
periodically to suit the changing needs of business scenario. The company
achieved the turnover from Rs.1951.30 Million as on 31.03.2002 to Rs.5239.30
Million as on 31.03.2007 during last Five years. The profit after tax also
increased from Rs.31 Million to Rs.411 Million during these years. Market capitalization
increased was Rs. 176.90 Million as on 31.03.2002 and now it is Rs.9578.60
Million as on 31.03.2007 which is a growth of 56 times over and above of Market
Cap as on 31.03.2002.
A competent work
force, extensive modernisation, able supervision, etc. are among a host of
factors which are playing a critically important role in the process of
evolution of the company which the market watchers are also terming as
revolution the company is witnessing at the moment.
There is no gainsaying
the fact that the upcoming cement project, Specialty Board Unit as well newly-
launched Pulp Mill all will go a long way in giving a concrete shape to the
desire to win a place of prominence in the industrial sector thereby making it
a magnet for prospective investors.
Achievements
- Subject is recognized as one of
- It has carved a niche for itself in
customized paper products segments.
- It achieved EBIDTA margin of 16.25%
(2006-07) which is one of the highest in Indian paper industry.
- They were the first to set up a large
Pulp Mill for captive virgin pulp availability; this backward integration
is expected to supply major portion of the company's overall raw material
needs. The company expects to meet approximately 40% of its raw material
needs from this backward integration.
- Subject became one of the TOP ten major
players in the Indian Paper Industry by producing 105,386 Tonnes of paper
in the year 2006-07.
- Subject has achieved turnover of Rs.500
million in the year 2006.
Subject is proud of enjoying one of Top ten players' position in
Exports
The Company is already in the Exports Market in a big way by directly
and indirectly exporting its products like Quality Paper of different
varieties, Deoiled cake and is enjoying the Status of EXPORT HOUSE since long.
During
the year ended on 31st March 2007, the Company achieved Exports of Rs.1014.59
Million out of total turnover of Rs. 5239.34 Million representing in percentage
terms Exports of about 20% of total turnover.
However,
the journey does not stop here and we have kept ambitious targets of
unquestionable supremacy in the Global Market to improve the share of Exports
Sales by improving on both Quality and volume, incessantly.
It
is heartening to note that they are installing imported ‘Speciality Board Unit’
adjacent to our factory in Vadoda and same is expected to produce 225 MT of SBS
(Solid Bleach Sulphate) Board on daily basis. The Paper produced at this Plant
will be superior version of SBS Board and will largely cater to Overseas Market
besides premium domestic Markets. This Plant will alone add more than Rs.1000
millions to the Export turnover of the Company after its commissioning which is
expected during the year 2007-08.
They have adopted following Strategies for improving the share of the
Global Market:
·
Enlarge and improve the share of different paper
products by directly exporting the products to various countries.
·
Constantly enriching the Quality of the various
Paper products to command premium in the Global Market.
·
Establish direct contact with the Large established
Buyers and eliminate middle man to establish long term relationship and improve
upon the margins.
·
Establish own Logistics Centre and Clearing and
forwarding activity to serve better to the Overseas buyers and earn equitable
margin for the Company.
·
Establish the
MURLI Brand in the overseas Market by regular campaigns
especially after the commissioning of ‘Speciality Board unit’.
·
Increase the share of Direct Exports of Deoiled
Cakes/Meal by nominating ship loads of Cargo.
·
Participate in the Fairs and Exhibitions.
·
Establish own ‘International Trading Division’ to clinch the large
deals in the overseas Market for various similar products of the Company and
other products purely for the purpose of Trading and ‘Add Value’.
All these strategies will gradually enhance the share of the Sales in
the Global Market keeping with the trend of business which is witnessing
dismantling of national boundaries in the ever increasing free regime of Global
Trade and industry.
Existing Projects
·
Duplex Paper
·
News Print and Printing Paper
·
Writing and Printing Paper
·
Solvent
·
Pulp
·
Power
Future Projects
·
Cement
·
SBS Board
MILE STONES:
1991: Incorporated as a
private limited company
1992: Flagged off operation
with a 200 TPD solvent extraction plant
1994: Successfully
floated a public issue at par installed state - of -the - art edible oil
refinery
1997: Ventured into the
paper business with a kraft paper plant (40 TPD)
1999: Acquired another
solvent unit to strengthen presence in soya industry
2000: Commissioned
Duplex Paper Board Unit (60 TPD). Project completed in a record time of 11
months
2002: Set up a 70 TPD
Newsprint paper unit
2003: Commissioned 3 MW
captive power plant
2005: Commissioned a
150 tpd writing and printing paper
unit.
2005: Added another 15
MW captiva power plant
2006: Achieved new
milestone sales turnover of Rs. 5000 MN
2006: The name of the
company changed from Murli Agro Products Limited to Murli Industries Limited
2007: Successfully
floated the foreign currency convertible bond in the London of USD 23 million
and the securities listed on
2007: Commissioned 150
tpd pulp mill unit
2008: Expansion of
capacity of newsprint from 70 tpd to 140 tpd
2009: Newly established
SBS board unit, commenced its production, established with a capacity of 250
tpd
2010: Cement unit
established with a capacity of 3 mnt of a huge investment of Rs. 8190.000
Millions.
2010: Setting up of power
plant at Chandrapur with a capacity of 50 MW to cater the power requirement of
cement unit
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.46.97 |
|
|
1 |
Rs.74.21 |
|
Euro |
1 |
Rs.63.66 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.