MADRAS FERTILIZERS LIMITED Status of implementation of PRP at MFL

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Presentation transcript:

MADRAS FERTILIZERS LIMITED Status of implementation of PRP at MFL MANALI , CHENNAI 600 068 Status of implementation of PRP at MFL 1

MADRAS FERTILIZERS LIMITED INCORPORATED IN DECEMBER 1966 COMMERCIAL PRODUCTION FROM NOV 1971 INITIAL PROJECT COST : Rs 65 Cr EQUITY : FIRST PUBLIC ISSUE : MAY 1997, 2.86 Cr SHARES @ Rs 5 PREMIUM AUTHORISED SHARE CAPITAL Rs 175.00 Cr + Rs 190 Cr ** = Rs 365 Cr SUBSCRIBED SHARE CAPITAL Rs 161.10 Cr PAID-UP SHARE CAPITAL Rs 161.10 Cr ** Preference Capital not issued * Decreased due to forfeiture of shares. 2

FINANCIAL PERFORMANCE OF MFL (₹ Cr) DETAILS 2007-08 2008-09 2009-10 2010-11 2011-12 TOTAL REVENUE 1148.69 1127.55 1309.02 1633.77 2218.74 EXPENDITURE 1157.45 1135.94 1170.95 1492.34 2007.72 EBDIT (8.76) (8.39) 138.07 141.43 211.02 FINANCE COST 79.10 92.62 88.45 55.05 60.00 EBDT (87.86) (101.01) 49.62 86.38 151.02 DEPRECIATION 42.84 41.63 41.53 41.21 40.34 DRE 4.03 2.57 1.21 0.00 EXTRAORDINARY ITEMS 124.69 1.31 PROFIT / (LOSS)/ BEFORE TAX (134.73) (145.21) 6.88 169.86 111.99 TAX 0.12 0.17 PROFIT / (LOSS) AFTER TAX (134.85) (145.38) CASH PROFIT / (LOSS) (87.98) (101.18) 211.07 152.33 ACCUMULATED LOSS (648.55) (793.93) (787.05) (617.19) (505.20) 3

Status on implementation of PRP PRP is yet to be implemented at MFL because of the following: Company is under the purview of BIFR (declared sick in April 2009). Company’s operation is profitable since 2009-10 and is consistently generating profit since last 3 years. Revised pay (with out PRP) was implemented in April, 2011. After settling pending arrears of 1997 wage revision and 1/3rd arrears of 2007 wage revision, balance amount is to be paid on ‘monthly’ basis, based on cash profit. Board has agreed to consider revision in Perks and Allowances if company is able to demonstrate improvement in production performance. Subsequently, PRP would be implemented based on affordability criteria and after obtaining Board approval. However as 2012-13 MOU parameter, Company is to implement Bell Curve approach in PMS rating. 4

THANK YOU 5