Murudeshwar Ceramics Ltd - MURUDESH.CERAMIC Share Price

Summary

Murudeshwar Ceramics (MCL) was promoted in 1983 by R N Shetty and Associates along with the KSIIDC to manufacture 12,500 tpa of glazed ceramic tiles, using the single-firing process, at Krishnapur (near Hubli), Karnataka. MCL sourced the technical know-how for the project from Sacmi Imola, (SACMI), Italy, which also supplied the plant and machinery for the project.To part-finance this Rs 13.45-cr project, it entered the capital market in Jan.88 with a public issue of Rs 1.65 cr. It started commercial production on 1 May 88 without any time or cost overrun. In view of the satisfactory performance, the company expanded the production capacity in 1989-90 to 25,000 tpa, by installing balancing equipment. In 1992-93, the company undertook an expansion-cum-diversification project to increase its capacity from 25,000 tpa to 40,000 tpa by adding a 15,000-tpa capacity to produce vitrified tiles and by setting up facilities to process 72,000 sq mtr pa of granite slabs at Chalamatti, (Dharwad district), Karnataka. This Rs 41.85-cr project was financed by a Rs 15.45-cr rights issue of equity capital (premium : Rs 50), a Rs 16.2-cr rights issue of partly convertible debentures, rupee term loans worth Rs 10 cr from the ICICI and a state subsidy of Rs 20 lac. Commercial production of vitrified tiles was scheduled to commence from Mar.93, and that of granite slabs from Sep.93. The control panel of the granite slabs unit was damaged by a fire during installation, thus delaying the... Read More