Murudeshwar Ceramics Ltd. — Interim / Quarterly Report 2019

Nov 12, 2018

NAiIEIéN lvl nmmoumt MURUDESHWAR I ICERAMICS LTD.

CIN No. : L26914KA1983PLC005401 Naveen Complex, 7th Floor, 14, MG. Road, Bengaluru - 560 001 INDIA Phone : 080 - 42897000 25584181 Fax : 080 - 25584017 e-mail : mclblore@naveentile.com

MCL: SEC NOVEMBER 12, 2018

To, National Stock Exchange of India Limited, Exchange Plaza, Bandra Kurla Complex, Bandra (East), MUMBAI 400 05 1, Stock Code: MURUDCERAEQ

Dear Sir/ Madam,

Sub.:- Outcome of the Board Meeting held today November 12, 2018.

In continuation of our intimation dated October 30, 2018 informing the date of the Board Meeting. We Wish to inform you that the Board of Directors have approved the following at their meeting held today November 12, 2O 18.

• 1. Appointment of Shri. Sathya Murthy Padaki (DIN: 08276537) as an Additional Director (Independent) W.e.f. 12th November, 2018.
• 1. Unaudited Financial Results for the quarter/ half year ended September 30, 2O 18; and
• 1. Limited Review Report for the quarter/ half year ended September 30, 2018 issued by the Statutory Auditors of the Company;

The said Unaudited Financial Results and Limited Review Report was reviewed by the Audit Committee and taken on record at the Board Meeting held today November 12, 2018. Please find enclosed herewith the same.

This is for your information and records.

Thanking you.

Yours faithfully,

For MURUDESHWAR CERAMICS LIMITED

3.?

SATISH RAM'A SHETTY MANAGING DIRECTOR

Encl.: As Above

An ISO 9001-2008 Certified Company

The brief profile of Shri. Sathya Murthy Padaki (DIN: 08276537) as follows:

Mr. Shri. Sathya Murthy Padaki is 83 years old residing at No. 2918, 6%" Cross, Chamundi Purain, Mysore—570004. He is graduate in BE (Civil). He is retired Superintending Engineer of Karnataka Irrigation Department.

,—
BriefprofileDIN	ofMr.KaranSatishShetty
BirthDateof	08276537March
	193603,
AgefirstDateof	83 years
onappointmenttheBoard_	201812th November,
Qualifications	—BE.(Civil)
l Experience	RetiredKarnatakaSuperintendingEngineer,IrrigationDepartment
Detailsofremunerationlastdrawn	NIL
inotherPublicDirectorshipsLimitedCompanies(excludingforeigncompanies,privateSectioncompanies885companies)	NIL
ofMembershipCommittees/inotherPublicChairmanshipLimitedCompanies	NIL
ofNo.Boardmeetingsattendedtheduringyear	NIL
No. ofsharesheld:(a) Own(b)Forotheronpersonsabeneficialbasis	NIL

Pursuant to his qualification and rich experience as stated hereinabove, the Board of the Company is confident that Shri. Sathya Murthy Padaki (DIN: 08276537) would be able to effectively contribute to the Company as an Independent Director.

The composition of the Board of Directors was inadvertently non—complied upon appointment of Mr. Karan Satish Shetty as the Whole—time Director. In view of the latest development of appointment of thi. Satin-1;: Murthy Padaki, as an Independent Director, we are in compliance of the requirement of Corporate Governance under Regulation 27(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with respect to Board Composition.

$\blacksquare_{\blacksquare} \blacksquare_{\blacksquare} \blacksquare_{\blacksquare} \blacksquare_{\blacksquare} \blacksquare_{\blacksquare} \blacksquare_{\blacksquare} \blacksquare_{\blacksquare} \blacksquare_{\blacksquare} \blacksquare_{\blacksquare} \blacksquare_{\blacksquare} \blacksquare_{\blacksquare} \blacksquare_{\blacksquare} \blacksquare_{\blacksquare} \blacksquare_{\blacksquare} \blacksquare_{\blacksquare} \blacksquare_{\blacksquare} \blacksquare_{\blacksquare} \blacksquare_{\blacksquare} \blacksquare_{\blacksquare} \blacksquare_{\blacksquare} \blacksquare_{\blacksquare} \blacksquare_{\blacksquare}$

Į

Statement of Standalone Unaudited							Financial Results for the Quarter and Half Year ended September 50, 2018						(Pos. en Lawres)
		Preceding	Corresponding	Year to date	Year to date	Year Ic date
Particulars	3 monthsended	3 monthsended	3 months endedin the previous	Tigures forcurrent	figures for	hgures for	EMPLOYED FOR THE QUARTER AND HALF YEAR ENDED ON 30.09.2018			SEGMENTWISE REVENUE, RESULTS AND CAPITAL
	30.09.2018	30.08.2018	09/2017yearB	period ended30.09.2018	the previcusyear ended30.09.2017	the previousyear ended31.03.2318		3 month	Preceding3 months	3 months endedCorresponding	Year to datefigures for	Year to datefigures for	Year to datefigures for
ncome	(Unaudited)	Unaudited	Dutpineąn	Unaudited	Unaudited)	(Audit sd)	Particulars	30.09.2018ended	30 06 2018ended	in the previousvear	current	the previous	the previous
Revenue from operations	2592.14	247891	2395.03	5071.05	5309.95	11933.86				ZLOZ 60 06	period ended30,09,2018	year ended30 09 2017	31.03.2018year ended
Other Income	33.36	6.18	9.88	39.54	19.27	123.26		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
Total Income	2625.50	2485.09	2404.91	5110.59	532922	12062.12	Segment Revenue (Income)
ExpensesN							(Net Sales / Income from each segment)
Cost of materials consumedē	216.62	176.81	300.38	393.43			Ceramic	0.00		0.41	0.00	0.56	0.87
Purchases for Trading / Stock Transfers	260.05	244.62	726.80	504.67	690.60	1567.09	Vitrified64	1436.44	1332.23	1449.96	2768.67	285914	6177.57
(c) Changes in inventories of finished goods,	316.27	255.23	(323.76)	571.60	990.31	1823.01	Tradingm	148.82	121.13	340.08	269.95	67275	1372.86
work-in-progress and stock-in-trade					(486.62)	(514.52)	Services	1006.88	1025.55	604.58	2032.43	1777.50
(d) Employee benefits expense	330.77	351,18	312.45	681.95	620.06	1642.59	Total Segment ReverrueLess: inter segment revenue	2592.14	2478.91	2395.03	5071.05	5309.9E	4387.5611938.86
(f) Deprec ation, depletion and amortisation expenseFinance costs$\overline{e}$	451.64	412.57	405.31	864.21	838.62	1867.94	Revenue from operations	2592.14	2478.91	2395.03	5071.05	5309.9E
Other Expenses$\overline{5}$	228.30	228.43	234.70	456.73	469.36	902.68							11938.86
1. Power and Fuel
	314.107.57	387,63	319.37	701.73	987.65	2128.15
2. Production consumables3. Repairs & Maintenance and Civil Contract4. Selling Expenses	152.45	29.97	75.0342.47	37.54	92.28	159.56
	108.35	65.91	109.54	213.24174.26	406.89	791.08
5. Travelling Expenses	50.33	53.10	34.98	103.43	229.09106.00	282.66336,94
6. Rent Paid7. Other Expe	31.17	27.10	38.73	58.27	72.32	134.50
Other Expenditure	56.54	116.63	97.33	173.17	210,40	432.35
Total other expenses	720.51	741.13	717.45	1461.64	2105.23	4263.24
Total expenses	2524.16	2409.97	2373.33	4934.13	5227.56	11552.03
Total profit before exceptional items and taxm	101.34	75.12	31.58	176.46	101.66	510.09	Segment Result
Exceptional items¥
Total profit before taxw	101.34	75.12	31,58	176.46	101.66	510.09	Profil (+) /Loss (-)before tax & interest
Tax expense6							from each segment
Current tax	21.22	15.72	6.61	36.94	21.28	107 50	Ceramic	(28.99)	(33.71)	(13, 50)	(62.70)	(20.18)	(64.44)
Deferred tax						9.37	VitrifiedŃ$\overline{r}$	46.97	59.33	20.37	106.30	59,21	145.40
Total tax expenses	21.22	15.72	6.61	36.94	21.28	116.87	ServicesTrading	6.54	3,57	8.65	10.11	16.00	53.68
Nel Profit / Loss for the period from continuing operationsr	80.12	59.40	24.97	139.52	80.38	393.22	Total Profit before tax	100.7076.18	45.29	16.06	121.47	46.17	298.02
Profit (loss) from discontinued operations before taxœ									74.48	31.58	175.18	101.20	432.66
Tax expense of discontinued operations			j				Finance Cost
Net profit (loss) from discontinued operation after tax
Total profit (loss) for periodeø	80.12	59.40	24.97	139.52	80.38	393,22	ii. Other Unallocable Expendtiure
(a) (i) Items that will not be reclassified to profit & lossOther comprehensive income						16.74	net off unallocable income	(0.64)	(0.64)	$\mathfrak{f}$	(1.28)	(0.46)	(77.43)
[ii] Income Tax relating to items that will not be classified to profit & loss- Remeasurement of defined benefit plans- Remeasurement of defined benefit plans						24.24
Income Tax on items that may be reclassified to profit & lossenous that may be reclassified to profit & loss) (i) llems that may be reclassified to profit & loss)(ii) Income Tax on items that may be recleasing:
Total Other Comprehensive income net of taxes						1674
Total Comprehensive income for the period	80.12	59.40	24.97	139.52	80.38	409 96
11 Details of equity share capital							G.ĊAR.
Paid-up equity share capitalFace value of equity share capital	4758.1710.00	4758.1710.00	1521.17	4758.17	4521.17	4521.17
				10.00	10.00	10.00	Profit before Tax	101.34	75.12	31.58	176.46	101.66	510.09
							ИC.DE				$\mathcal{L}$

Murudeshwar Ceramics Limited

į

Unaudited Financial Results .. 30.09.2018

Contd.

EMPLOYED FOR THE QUARTER AND HALF YEAR ENDED ON 30.09.20184737.70479.803334.4647917.2539365.29300,001183.2510994.47384.71Year to dateperiod ended(Unaudited)figures for30.09.2018currentSEGMENTWISE REVENUE, RESULTS AND CAPITAL3 months endedCorresponding4738.18in the previous40116.702765.6348744.521200.401392.45631731611.891124.0130 08 2017(Unaudited)year4737.7048200.153310,38441.27300.0013230.9439710.801262.85346.501321,5930 06 2018(Unaudited)Preceding3 monthsStatement of Standalone Unaudited Financial Results for the Quarter and Half Year ended September 30, 2018ended4737.7012862.4339365.293334.4647917.25479.80300.001183.25(Unaudited)10994.47384.7130.09.20183 monthendedTotal capital employedTotal capital employedParticulars(Segment Liabilities)Capital EmployedSegment AssetsCeramicServicesCeramicServicesVitrifiedTradingTradingVitrifiedm$\tilde{\mathcal{E}}$$\overline{\mathsf{N}}$¥2ო40.9529165.680.910.95Year to date0.91the previous31 03.2018year endedrel sentitył(Audited)0.1928140.110.200.19Year to date0.20the previous30.09.2017year ended(Unaudited)ligures forï29165.680.290.290.290.29Year to dateperiod ended30.09.2018(Unaudited)Ngures forcurrentths ended11,041990.07sponding0.07previous0.070.07J.ł.30.09.2017(Unaudited)yearCorre3 morin the29165.680.130.130.130.13(Unaudited)30 08 20183 monthsPrecedingended0.160.160.160.1630,09,2018(Unaudited)3 monthsendedReserves excluding Revaluation ReserveDebenture Redemption ReserveDiuted earnings (tess) per share from discontinued operationsBasic earnings (loss) per share from discontinued operationsDiluted earnings (loss) per share from continuing andDiluted earnings (less) per share from continuing operationsBasic earnings (loss) per share from continuing andBasic earnings (loss) per share from continuing operationsEarnings per equity share for discontinued operationsEarnings per equity share for continuing operationsParticularsb,discontinued operationsdiscontinued operationsiii Earnings per equity share14 Earnings per share뎓73œ									(Rs. in Lakts)
								Year to datafigures for	Year to dateligures for
								the previous	the previous
								30 09 2017year ended	31032018year ended
								(Unaudited)	(Audited)
								4738.18	2730.05
								40116.70	41445.01
								2765.631124.01	675.661857.50
								48744.52	46708.22
								1200.40	1200.95
								11392.45	0566.76
								631.73	277.42
								1611.89	952.72
MOTES						14836.47	12862.43	14836.47	12997.85

NOTES1 The above results were reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 12.11.2018.2 The Company has adopted Indian Accounting Standards (ND AS) notified by the Minis comparable.

Place : BengalunuDate : 12.11.2018

CALL OF THE REAL PROPERTY For MURUDESHYAR CERAMICS LIMITED Dr. R N SHETAY, Chairman

MICS

$\bar{\chi}$

STATEMENT OF ASSETS AND LIABILITIES

						(stn Lacs)
					Figures as at the	Figures as at the
				Note	end of current	end of the previous
			Particulars	No.	reporting period	reporting period
					30.09.2018	31.03.2018
(1)	(a)(b)		ASSETSNon-current assetsProperty. Plant and EquipmentCapital work-in-progress	1 313	29,465.32704.13	30,168.54453.00
	(c)(:1)(e)(f)(9)		Investment PropertyGoodwillOther Intangible assetsIntangible assets under developmentBiological Assets otherthan bearer plants
	(h)	(i)	Financial AssetsInvestments(ii) Trade receivables	10	390.29	390.29
			(iii) Loans	11	85.78	85.78
	(i)(j)		Deferred tax assets (net)Other non-current assetsCurrent assets		689.70	689.71
(2)	(a)(b)	(i)	InventoriesFinancial AssetsInvestments	12	10,689.79	11,180.02
			(ii) Trade receivables	15	4,193.56	3,255.74
			(iii) Cash and cash equivalents	16	17.51	13.40
			(iv) Bank balances other than (iii) above	16	299.25	423.75
		(v)	Loans	17	777.27	614.40
			(vi) Others (to be specified) (Interest Accrued on Deposit)	18	96.99	88.32
	(c)		Current Tax Assets (Net)		6.24	171 .22
	(d)		Other current assets		850.91	586.37
			Total Assets		48,266.74	48,120.54
	(a)		EQUITY AND LIABILITIESEquityEquity Share Capital	3	4,758.17	4,521.17
(1)	(b)(a)		Other EquityLIABILITIESNon-current liabilitiesFinancial Liabilities	4	29,826.61	29,312.19
		(i)(ii)	BorrowingsTrade payables(iii) Other financial liabilities (other than those specified in item (b),to be specified (Gratuity Provision)	5	2,888.75	3,222.95
	(b)		Provisions		17.80	17.80
	(c)(d)		Deferred tax liabilities (Net)Other non-current liabilities	5	819.54	819.54
(2)			Current liabilities
	(a)		Financial Liabilities
		(i)	Borrowings	6	7,021.38	7,141.41
		(ii)	Trade payables	7	1,758.57	1,958.05
			(iii) Other financial liabilities (otherthan those specified in item (c)		27.51
	(b)		Other current liabilities	8	1,086.59	1,065.61
	(c)		Provisions	9	61.82	61.82
	(d)		Current Tax Liabilities (Net)
			Total Equityand Liabilities		48,266.74	48,120.54

By order 0 9 Board of Directors For Mu f shwar Ceramics Ltd.

, Place : Bengaluru Dr. R N SHE , Chairm

LIMITED REVIEW REPORT

(For the quarter/half year ended September 30, 2018)

To, The Board of Directors, Murudeshwar Ceramics Limited, MurudeshwarBhavan ,Gokul Road, Hubballi-580030.

We have reviewed the accompanying statement of unaudited financial results of Murudeshwar Ceramics Limited for the quarterihalf year endedSeptember 30, 2018. This statement is the Our responsibility of the Company's Management and has been approved by the Board of Directors. responsibility is to issue a report on these financial statements based on our review.

We Engagements conducted our review in accordance with the Standard on Review Engagement (SRE) 2400, to Review Financial Statements issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the with accompanying statement of unaudited financial results prepared in accordance applicable accounting standards and other has not recognized accounting practices and policies disclosed the information required to be disclosed in terms of Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed. or that it contains any material misstatement.

ForKA RAGHUPA THY& CO

CHARTERED ACCO TANTS

RAGHUPA THY * (PARTNER) M. NO. 218041

PLACE: BENGALURU DA TE : 12.11.2018

81 "SFll GURUKRUPA".2nd Main, 3rd 'A' Cross, Nanjappa Layout, Vidyaranyapura, Bengaluru-560 097.