MIRA INFORM REPORT
|
Report
Date : |
9th
June, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
CENTURY TEXTILE AND INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Dr. Annie Besant Road, Century Bhavan, Mumbai 400025,
Maharastra, India |
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|
Country: |
India |
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|
|
Financials
as on: |
31.03.2005 |
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|
Date
of Incorporation : |
20/10/1987 |
|
|
|
|
Com.
Reg. No.: |
11-163 |
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|
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|
CIN
No.: |
L17120MH1897PLC000163 |
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|
TAN
No.: |
MUMC10668A |
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|
|
Legal
Form : |
Subject is a Public
Limited Liability Company. The company’s shares
are listed on the Stock Exchanges. |
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Line
of Business : |
Manufacturing and Exporting of Cloth, Cotton Yarn, Cotton
Yarn/Blended Yarn, Denim Cloth, Viscose Filament Yarn and Viscose Tyre Yarn/
Industrial Yarn/ Rayon Yarn, Tyre Yarn and Fabric, Sulphuric Acid,
Carbon-di-Sulphide, Caustic Soda, Liquid Chlorine, Hydrochloric Acid, Salt,
Cement, Paper, Rayon and/or Paper Grade Pulp, Bagasse based Paper, Newsprint,
Compressed Hydrogen, Spinning Machines and other Equipments, Generated Power,
Cut Rose Flowers and Pig Iron. |
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 |
|
Maximum
Credit Limit : |
EUR
28000000 |
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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 of B.K. Birla Group, one of
the largest industrial houses in the country. Financial
position is satisfactory but the company’s profitability is under severe pressure since last 2
years. Payments to local suppliers
are reported as slow. However, payments to overseas suppliers are met in
time. The
profitability of the company in the current year has not perceptibly improved
due to continued economic slow down and recession particularly in cement and
viscose filament yarn. |
LOCATIONS
|
Registered
Office : |
Dr. Annie Desant Road, Century Bhavan, Mumbai 400025,
Maharastra, India |
|
Tel.
No.: |
91–22–2430
0351 |
|
Fax
No.: |
91–22–2430
9491/2436 1980 |
|
E-Mail
: |
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|
Website
: |
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|
Factory
1 : |
@
Textile Mills Pandurang Budhkar Marg, Mumbai – 400 025, Maharashtra Tel. No. 91-22-24303231 Fax No. 91-22-24304144/24305473 Gram. “centextile”
Mumabai @
Century Rayon Rayon, Tyre Cord & Chemical
Plants, Murbad Road, Kalyan – 421 103, Maharashtra @
Cenray Minerals and Chemicals Nawa Nagna, Jamnagar – 361 007, Gujarat @
Century Cement P. O. Baikunth – 493 116, Raipur (Chatisgarh) @
Maihar Cement Units I & II P. O. Sarlanagar – 485 772, Maihar District, Satna,
Madhya Pradesh @
Manikgarh Cement P. O. Gadchandur – 442 908 P.O. Chandrapur, Maharashtra @
Century Pulp & Paper Ghanshyamdham, P. O. Lalkua – 262 402, District Nainital, Uttar Pradesh @
Century Yarn & Century Denim 100% Export Oriented Unit Satrati, Agra-Mumbai Road, Tehsil – Kasrawad, District Khargone –451 660, Madhya Pradesh Tel. No. 91-7285-232040/265277 Fax No. 91-7285-265244 Gram. “centextile”
Mumbai |
DIRECTORS
|
Name : |
Mr. S. K. Birla |
|
Designation
: |
Director |
|
Other
Directorship: |
1.
Birla
Brothers Private Limited 2.
Birla
Estern Limited 3.
Birla
VXL Limited 4.
Dormeuil
– Birla VXL Limited 5.
Mysore
Cements Limited 6.
Navin
Investments Limited 7.
Pilani
Investment Limited 8.
Industries
Corporation Limited Sidharth Soya Products Limited |
|
Date
of Appointment : |
04.06.1964 |
|
|
|
|
Name : |
Mr. B. K. Birla |
|
Designation
: |
Chairman |
|
Other
Directorship: |
1.
B. K.
Birla Foundation 2.
Century
Enka Limited 3.
Jay
Shree Tea & Industries Limited 4.
Kesoram
Industries Limited Pilani Investment & Industries Corporation Limited |
|
Date
of Appointment : |
23.05.1973 |
|
|
|
|
Name : |
Mr. P. K. Daga |
|
Designation
: |
Director |
|
Other
Directorship: |
1.
Govind
Sugal mills Limited 2.
Deepak
Spinners Limited 3.
Longview
Tea Company Limited 4.
Deepak
Gears Limited Continental Profiles Limited |
|
Date
of Appointment : |
04.06.1963 |
|
|
|
|
Name : |
Mr. E. B. Desai |
|
Designation
: |
Director |
|
Experience
: |
1.
Birla
Global Finance Limited 2.
Bekaert
Industries PrivateLimited 3.
Dolphin
Fisheries & Trading Private Limited 4.
Hercules
Hoists Limited 5.
Hindalco
Industries Limited 6.
Ispat
Metallics India Limited 7.
Matsushita
Lakhanpal Battery India Limited 8.
New
Age International Private Limited 9.
National
Panasonic India Private Limited 10.
Prudential
ICICI Trust Limited 11.
Siltap
Chemicals Limited Widia (India) Limited |
|
Date
of Appointment : |
05.05.1970 |
|
|
|
|
Name : |
Mr. Privanda Birla |
|
Designation
: |
Director |
|
Other
Directorship: |
1.
Birla Brothers Private Limited 2.
Birla Corporation Limited 3.
Birla Financial Corporation Limited 4.
Birla Ericsson Optical Limited 5.
Hindustan Gum & Chemicals Limited 6.
Pilani Investment & Industries 7.
Corporation Limited 8.
Universal Cables Limited 9.
Vindhya Telelinks Limited 10.
The
Indian Smelting & Refining Company Limited 11.
Punjab Produce Holdings Limited 12.
Mazbat Properties Private Limited Optic Fibre Goa Limited |
|
Date
of Appointment : |
25.01.2001 |
|
|
|
|
Name: |
Mr.
Arvind C. Dalal |
|
Designation: |
Director |
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|
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|
Name: |
Mr. C. K. Birla |
|
Designation: |
Director |
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|
Name: |
Mr. H. Narayanan |
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Designation: |
Director ( LIC Representatives) |
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|
Name: |
Mr. Privanda Birla |
|
Designation: |
Director |
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|
Name: |
Mr. B. L. Jain |
|
Designation: |
Wholetime Director |
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Other
Personnel: |
|
|
Name: |
Mr. D. K. Agrawal |
|
Designation: |
Company Secretary |
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Management: |
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|
TEXTILE MILLS,
CENTURY YARN AND CENTURY DENIM |
|
|
Name: |
Mr. R. K. Dalmia |
|
Designation: |
President |
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|
|
|
Name: |
Mr. D. K. Agrawal |
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Designation: |
Executive President (Corporate Finance) & Secretary |
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|
Name: |
Mr. I. C. Surana |
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Designation: |
Joint President (Finance) |
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|
Name: |
Mr. P. M. Nevatia |
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Designation: |
Joint President (Works) |
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|
Name: |
Mr. U. C. Garg |
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Designation: |
Joint President (Purchase & Projects) |
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|
Name: |
Mr. R. C. Panwar |
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Designation: |
Vice President (Marketing) |
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|
Name: |
Mr. S. R. Makharia |
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Designation: |
Vice President (Production) |
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CENTURY RAYON |
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|
Name: |
Mr. L. S. Mehta |
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Designation: |
President |
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|
Name: |
Mr. D. V. Singh |
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Designation: |
Joint President (Personnel & Administration) |
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|
Name: |
Mr. M. C. Mehta |
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Designation: |
Joint President (Technical & Marketing) |
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Name: |
Mr. O. R. Chitlange |
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Designation: |
Joint President (Finance) (Rayon and Shipping) |
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|
Name: |
Mr. A. K. Taori |
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Designation: |
Senior Vice President (Marketing) |
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Name: |
Mr. R. Lalwani |
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Designation: |
Senior Vice President (Commercial) |
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Name: |
Mr. S. M. Sanklecha |
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Designation: |
Vice President (Purchase) |
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|
Name: |
Mr. H. G. Uttamchandani |
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Designation: |
Vice President (Development & Engineering) |
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Name: |
Mr. S. M. Bandekar |
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Designation: |
Vice President (Rayon Plant) |
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Name: |
Mr. R. K. Tandon |
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Designation: |
Vice President (Delhi Office) |
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CENTURY, MAIHAR AND MANIKGARH CEMENT |
|
|
Name: |
Mr. B. L. Jain |
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Designation: |
Senior President |
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|
CENTURY CEMENT |
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|
Name: |
Mr. B. L. Kedia |
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Designation: |
Executive President (Plant) |
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|
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|
Name: |
Mr. S. K. Jain |
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Designation: |
Joint President (Finance) |
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|
Name: |
Mr. M. C. Gupta |
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Designation: |
Joint President (Process & Quality Control) |
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|
Name: |
Mr. P. C. Jain |
|
Designation: |
Senior Vice President (Mines) |
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|
Name: |
Mr. S. L. Agarwal |
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Designation: |
Senior Vice President (Commercial) |
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|
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|
Name: |
Mr. Alok Patni |
|
Designation: |
Vice President (Mechanical) |
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|
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|
Name: |
Mr. S. K. Sultania |
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Designation: |
Vice President (Marketing) |
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|
MAIHAR CEMENT (UNIT
I) |
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|
Name: |
Mr. Kamal Kishore |
|
Designation: |
Executive President (Co-ordination) |
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|
Name: |
Mr. C. S. Jain |
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Designation: |
Joint President (Marketing) |
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|
Name: |
Mr. V. K. Bhandari |
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Designation: |
Joint President (Commercial) |
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|
Name: |
Mr. B. L. Agarwal |
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Designation: |
Senior Vice President (Electrical) |
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|
Name: |
Mr. M. P. Rai |
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Designation: |
Senior Vice President (Plant) |
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|
Name: |
Mr. N. M. Singhvi |
|
Designation: |
Vice President (Commercial) |
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|
MAIHAR CEMENT (UNIT
II) |
|
|
Name: |
Mr. B. P. Jain |
|
Designation: |
Executive President (Plant) |
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|
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|
Name: |
Mr. M. K. Sethi |
|
Designation: |
Joint President (Process & Quality Control) |
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|
Name: |
Mr. Sharad Jain |
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Designation: |
Senior Vice President (Finance) |
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|
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|
Name: |
Mr. R. S. Dosh |
|
Designation: |
Vice President (Personnel & Administration) |
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|
Name: |
Mr. Rakesh Sharma |
|
Designation: |
Vice President (Personnel & Administration) |
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|
|
Name: |
Mr. P. M. Intodia |
|
Designation: |
Vice President (Marketing) |
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|
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|
MANIKGARH CEMENT |
|
|
Name: |
Mr. S. S. Sharma |
|
Designation: |
Executive President (Co-ordination) |
|
|
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|
Name: |
Mr. P. S. Bakshi |
|
Designation: |
Joint President (Plant) |
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|
|
|
Name: |
Mr. S. K. Mandelia |
|
Designation: |
Senior Vice President (Commercial & Administration) |
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|
|
|
Name: |
Mr. N. B. Singh |
|
Designation: |
Senior Vice President (Process & Quality Control) |
|
|
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|
Name: |
Mr. P. R. sundaresan |
|
Designation: |
Vice President (Electrical) |
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|
|
|
Name: |
Mr. A. D. Karwa |
|
Designation: |
Vice President (Commercial) |
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|
|
|
CENTURY SHIPPING |
|
|
Name: |
Mr. S. K. Sood |
|
Designation: |
Executive President |
|
|
|
|
Name: |
Mr. V. K. Bemby |
|
Designation: |
Vice President (Technical) |
|
|
|
|
CENTURY PULP AND
PAPER |
|
|
Name: |
Mr. R. L. Lakhotia |
|
Designation: |
President |
|
|
|
|
Name: |
Mr. J. K. Mandelia |
|
Designation: |
Senior Vice President (Works) |
|
|
|
|
Name: |
Mr. S. H. Chomal |
|
Designation: |
Vice President (Raw Material) |
|
|
|
|
CENRAY MINERALS AND
CHEMICALS |
|
|
Name: |
Mr. M. M. Sand |
|
Designation: |
Vice President (Salt Works) |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters |
4,10,74,780 |
44.15 |
|
Resident
Individuals |
2,23,34,930 |
24.00 |
|
Private
Corporate Bodies |
65,06,130 |
6.99 |
|
Financial
Institutions |
41,18,692 |
4.43 |
|
Nationalised
Banks and Mutual Funds |
1,41,47,274 |
15.20 |
|
FIIs |
35,37,201 |
3.80 |
|
NRIs and
OCBs |
5,68,063 |
0.61 |
|
GDRs |
7,58,610 |
0.82 |
|
Total |
9,30,45,680 |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing and Exporting of Cloth, Cotton Yarn, Cotton
Yarn/Blended Yarn, Denim Cloth, Viscose Filament Yarn and Viscose Tyre Yarn/
Industrial Yarn/ Rayon Yarn, Tyre Yarn and Fabric, Sulphuric Acid,
Carbon-di-Sulphide, Caustic Soda, Liquid Chlorine, Hydrochloric Acid, Salt,
Cement, Paper, Rayon and/or Paper Grade Pulp, Bagasse based Paper, Newsprint,
Compressed Hydrogen, Spinning Machines and other Equipments, Generated Power,
Cut Rose Flowers and Pig Iron. |
PRODUCTION STATUS
|
Particulars |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Cloth |
3042 looms |
1981 Looms |
67073539 Mtrs |
|
Cotton
Yarn |
146564 spindles |
135656 spindles |
80377 Kgs |
|
Cotton
Yarn/Blended Yarn |
25200 spindles |
24960 spindles |
4876220 Kgs |
|
Denim
Cloth |
11000000 mtrs. |
1100000 Mtrs. |
9782729 Mtrs |
|
Viscose
Filament Yarn and Viscose Tyre Yarn/Industrial Yarn |
23200 |
25000 |
-- |
|
Sulphuric
Acid |
58000 |
71000 |
61481 |
|
Carbon
Director Sulphide |
10500 |
18000 |
15666 |
|
Caustic
Soda |
28426 |
20000 |
18285 |
|
Liquid
Chlorine |
10500 |
17000 |
14684 |
|
Hydrochloric
Acid |
47241 |
19241 |
4377 |
|
Refined
Salt |
100000 |
100000 |
77320 |
|
Salt |
-- |
-- |
98774 |
|
Cement |
6300000 |
6300000 |
6070032 |
|
Paper including
Paper Board/Straw Board |
29800 |
37250 |
39786 |
|
Rayon
and/or Paper Grade Pulp |
200000 |
37250 |
34779 |
|
Bagasse
Based Paper |
(i) |
84600 |
85809 |
|
Newsprint |
20000 |
-- |
-- |
|
Compressed
Hydrogen |
4000000 |
5000000 |
4418104 |
|
Spinning
Machines & other Equipments |
74 |
1200 |
-- |
|
|
|
|
|
|
Cut Rose
Flowers |
NA |
311000 |
6638043 Flowers |
|
Carnation
Flowers |
NA |
134000 |
1167180 Flowers |
|
Carnation
Plants |
NA |
13000 |
1083188 Plants |
|
Gerbera
Flowers |
NA |
54000 |
1737575 |
|
|
|
|
|
|
Capsicum |
NA |
30000 |
51 Ton |
GENERAL INFORMATION
|
No. of
Employees : |
20857 |
|
|
|
|
Bankers
: |
@
State
Bank of India Madame Cama Road, Mumbai – 400 021, @
Central
Bank of India @
Bank
of India |
Facilities
:
|
Secured Loans |
31.03.2005 |
|
Sales Tax Loan From Madhya Pradesh Audyogik Vikas Nigam
(Interest Free) |
8.200 |
|
Foreign Currency
Loan From :- |
|
|
State Bank of India |
341.600 |
|
Bank of India |
437.400 |
|
|
|
|
Term Loan From :- |
|
|
Bank of India |
-- |
|
Industrial Investment Bank of India |
-- |
|
State Bank of Patiala |
-- |
|
State Bank of India |
-- |
|
Bank of Maharashtra |
5.600 |
|
National Horticulture Board |
4.000 |
|
Bank of India |
218.700 |
|
Corporation Bank |
306.200 |
|
The Federal Bank Limited |
147.300 |
|
HDFC Bank Limited |
143.400 |
|
Union Bank of India |
250.000 |
|
ICICI Bank Limited |
-- |
|
State Bank of Patiala |
250.000 |
|
Syndicate Bank |
250.000 |
|
IDBI Bank Limited |
116.900 |
|
Oriental Bank of Commerce |
500.000 |
|
Foreign Currency Loan from State Bank of India |
656.100 |
|
Foreign Currency Short Term Loan from ICICI Bank Limited |
498.600 |
|
Working Capital Demand Loans from Banks |
1518.900 |
|
Pre-shipment, Post-shipment, Cash Credit and Export Bills
discounting facility from Banks |
1111.600 |
|
Inland Bills discounting facility from Banks |
149.300 |
|
|
|
|
Unsecured Loans |
|
|
Fixed Deposits |
435.800 |
|
Short Term Loan from Companies |
-- |
|
Sales Tax Deferment |
260.900 |
|
Buyers Credit from Banks |
26.500 |
|
Commercial Paper |
-- |
|
Short Term Loan from Infrastructure Leasing And Financial
Services Limited |
225.000 |
|
Short Term Loan from housing Development Finance
Corporation Limited |
225.000 |
|
Foreign Currency Short Term Loan from HDFC Bank LImited |
218.700 |
|
Foreign Currency Loan from Industrial Development Bank Of
India Limited |
437.400 |
|
Total |
1829.300 |
|
|
|
|
Banking Relations : |
Good |
|
|
|
|
Auditors
: |
Dalal
& Shah Chartered
Accountants |
|
|
|
|
Associates/Subsidiaries
: |
@
Pilani
Investment and Industries Corporation Limited @
Kesoram
Industries Limited @
Century
Enka Limited @
Jayshree
Tea and Industries Limited @
Mangalam
Cement Limited @
Mangalam
Timber Products Limited @
Birla
Century Finance Limited @
Centak
Chemicals Limited @
Industry
House Limited @
Birla
Consultants Limited @
Phil
Textile Mills Inc., Republic of Philippines @
Birla
International Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
14,80,00,000 |
Equity
Shares |
Rs. 10/-
each |
Rs.1480.000
millions |
|
1,00,00,000 |
Redeemable
Cumulative Non-convertible Preference Shares |
Rs. 100/-
each |
Rs.1000.000
millions |
|
|
Total |
|
Rs.2480.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
9,30,61,090 |
Equity
Shares |
Rs. 10/- each |
Rs.930.610 millions |
|
|
Total |
|
Rs.930.610 millions |
|
|
|
|
|
|
Subscribed & Paid-up Capital : |
|||
|
9,30,45,680 |
Equity Shares of Rs. 10/- each |
|
Rs.930.456 millions |
|
|
Total |
|
Rs.930.456 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
930.400 |
930.400 |
930.456 |
|
|
2] Share
Application Money |
-- |
-- |
-- |
|
|
3]
Reserves & Surplus |
6810.300 |
7121.400 |
6910.900 |
|
|
4]
(Accumulated Losses) |
-- |
-- |
-- |
|
NETWORTH
|
7740.700 |
8051.800 |
7841.356 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
7063.800 |
8531.900 |
9549.000 |
|
|
2]
Unsecured Loans |
1829.300 |
2312.900 |
746.100 |
|
TOTAL
BORROWING
|
8893.100 |
10844.800 |
|
|
|
DEFERRED
TAX LIABILITIES |
2430.300 |
2028.700 |
1689.900 |
|
|
|
|
|
|
|
TOTAL
|
19064.100 |
20925.300 |
19826.356 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
13337.600 |
13867.400 |
14725.556 |
|
Capital work-in-progress
|
336.400 |
1206.500 |
888.100 |
|
|
|
|
|
|
|
INVESTMENT
|
279.400 |
722.500 |
141.400 |
|
DEFERREX TAX ASSETS
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
4425.600 |
4695.200 |
3588.000 |
|
|
Sundry Debtors
|
2078.000 |
2092.200 |
1906.000 |
|
|
Cash & Bank Balances
|
310.900 |
375.200 |
386.000 |
|
|
Other Current Assets
|
37.400 |
29.700 |
104.400 |
|
|
Loans & Advances
|
2000.500 |
1514.700 |
1150.700 |
Total Current Assets
|
8852.400 |
8707.000 |
7135.100 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
3268.400 |
3352.300 |
2958.900 |
|
|
Provisions
|
665.400 |
479.500 |
355.600 |
Total Current Liabilities
|
3933.800 |
3831.800 |
3314.500 |
|
Net
Current Assets
|
4918.600 |
4875.200 |
3820.600 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
192.100 |
253.700 |
250.700 |
|
|
|
|
|
|
|
TOTAL
|
19064.100 |
20925.300 |
19826.356 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
25297.200 |
23419.100 |
22930.600 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
1336.100 |
1012.900 |
2236.900 |
Provision for Taxation
|
110.600 |
85.000 |
1330.600 |
Profit/(Loss) After Tax
|
1225.500 |
927.900 |
906.300 |
|
|
|
|
|
Export Value
|
|
|
|
|
Export Earnings |
2945.300 |
3384.200 |
3247.200 |
|
Freight and Charter Hire |
278.300 |
231.200 |
125.700 |
|
Other Earnings |
0.600 |
2.700 |
8.900 |
|
|
|
|
|
Import Value
|
|
|
|
|
Raw Materials |
722.200 |
1243.600 |
940.800 |
|
Components & Spares |
276.800 |
209.400 |
535.500 |
|
Capital Goods |
102.400 |
201.200 |
29.600 |
|
|
|
|
|
Expenditure
|
|
|
|
Cost of Materials Consumed, Purchases and Other Expenses
|
22271.900 |
20435.200 |
19689.100 |
Interest and Finance Charges
|
443.100 |
691.300 |
1004.200 |
Depreciation
|
-- |
-- |
1330.600 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
|
|
|
|
|
Sales Turnover
|
|
25782.700 |
24414.700 |
Other Income
|
|
1072.500 |
836.000 |
Total Income
|
|
26855.200 |
25250.700 |
Total Expenditure
|
|
23063.700 |
22225.400 |
Operating Profit
|
|
3791.500 |
3025.300 |
Interest
|
|
413.300 |
443.100 |
Gross Profit
|
|
3378.200 |
2582.200 |
Depreciation
|
|
1467.200 |
1375.600 |
Tax
|
|
481.100 |
110.300 |
Reported PAT
|
|
1090.500 |
1096.300 |
Dividend
|
|
300.000 |
|
2005-06
1st Quarter
Expenditure includes
(Increase)/Decrease in stock in Trade Rs (220.10) million Consumption of Raw
Material Rs 1464.40 million Staff Cost Rs 725.90 million Stores & Spare
parts consumed Rs 847.40 million Power, Fuel & Water Rs 1350.20 million
Freight, Forwarding, Octroi etc Rs 875.30 million Other expenditure Rs 527.50
million Expenditure Capitalised Rs (3.00) million Depreciation includes
Deprecation Rs 319.60 million Net adjustments including arrears of Depreciation
in respect of earlier years Rs 30.70 million Tax Includes Provision for Current
Tax Rs 62.00 million Deferred Tax Rs 159.00 million DISPLAY Fringe Benefit Tax
Rs 4.50 million
2005-09 2nd Quarter
Expenditure Includes (Increase)/Decrease in
stock in Trade Rs 87.10 million Consumption of Raw Material Rs 1297.50 million
Staff Cost Rs 684.80 million Stores & Spare parts consumed Rs 815.80
million Power, Fuel & Water Rs 1343.30 million Freight, Forwarding, Octroi
etc Rs 670.60 million Other expenditure Rs 437.30 million Expenditure
Capitalised Rs (2.60) million Depreciation Includes Deprecation Rs 331.90
million Net adjustments including arrears of Depreciation in respect of earlier
years Rs 30.80 million Tax Includes Provision for Current Tax Rs 60.00 million
Deferred Tax Rs 3.50 million Fringe Benefit Tax Rs 5.50 million
KEY
RATIOS
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Debt Equity Ratio |
1.29 |
1.37 |
1.50 |
|
Long Term Debt Equity Ratio |
0.79 |
0.84 |
0.93 |
|
Current Ratio |
0.90 |
0.86 |
0.84 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
0.97 |
0.89 |
0.90 |
|
Inventory |
6.18 |
6.09 |
7.03 |
|
Debtors |
13.51 |
12.62 |
12.71 |
|
Interest Cover Ratio |
3.34 |
2.19 |
1.71 |
|
Operating Profit Margin (%) |
10.97 |
11.85 |
13.04 |
|
Profit Before Interest and Tax Margin (%) |
6.10 |
6.24 |
7.20 |
|
Cash Profit Margin (%) |
8.76 |
8.65 |
8.62 |
|
Adjusted Net Profit Margin (%) |
3.89 |
3.04 |
2.78 |
|
Return on Capital Employed (%) |
9.93 |
8.73 |
9.91 |
|
Return on Net Worth (%) |
14.30 |
9.94 |
9.41 |
STOCK PRICES
|
Face
Value |
Rs.10 |
|
High |
Rs.310.00 |
|
Low |
Rs.293.70 |
LOCAL AGENCY FURTHER INFORMATION
Biodata
B K Birla group flagship,
Century Textiles and Industries (CTIL) upto 1951, was just a textile mill. Over
the years, Century has diversified into rayon yarn, tyre cord, minerals &
chemicals, cement, pulp & paper and shipping. Its textile division is one
of the largest units in India.
Its textile division in Mumbai, the 100% EOU for spinning in Madhya
Pradesh, and the rayon and tyre cord divisions, received the ISO 9002
certification, whereas, Birla Tyres was awarded the ISO 9001 certification.
CTIL set up a pulp and, writing and printing paper plant with a total
capacity of 400 tpd in Punjab and another paper plant in Uttar Pradesh. A 100%
export-oriented denim plant at Satrati, Madhya Pradesh got completed during
1996-97. It has also set up a pig iron project of 3 lac tpa in West Bengal,
under a new division -- Century Iron and Steel. It has also set-up a
floriculture project for export-quality roses at Shirgaon, Pune, additional
polyhouses and new varieties have been planted for improving international
marketability.
The company's Shipping Division sold two bulk carriers in 2001-02, with this
sale the company's fleet now consists of two ships and 73805 MT dead weight
(DWT). CTIL has decided to install co-gen power & steam plant of 6 MW with
prior approval from GOI. The plant will be operative by December,2004. It has
also enhanced the cement capacity by about 8 tonnes and expansion programme is
expected to be completed by early next financial year. The company has
technically upgraded its multi fuel boiler,in order to reduce cost. The total
capital expenditure for all projects were estimated to be Rs,165 crore.
Century Textiles & Industries Limited, Mumbai
was incorporated in the year 1897. Till 1951 it had only one industrial unit -
Cotton Textile Mills. Since then the Company has been making rapid progress in
widely diversified fields. At present, the company is not only the trend setter
in Cotton Textiles but has also made a remarkable presence in Yarn, Denim,
Viscose Filament Rayon Yarn, Tyrecords, Caustic Soda, Sulfuric Acid, Salt,
Cement and Pulp & Paper. The Company has also entered in the business of
Tram Shipping and is also engaged in the activities of Properties & Land
Development, Builders & Floriculture. The company is managed by Board of
Directors, comprising of eminent Industrialists, businessmen and dedicated
professionals and chairman of the Board is Mr. B.K. Birla.
GLOBAL PRESENCE
Century
Textiles produces 100% cotton fabrics. Century's cloth covers the length and
breadth of the Globe. In the highly competitive international markets,
Century's cloth has carved a niche for itself. In fact, Century Fabric has
charmed its way into: Austria, Australia, Bahrain, Bangladesh, Belgium, Canada,
China, Cyprus, Czechoslovakia, Denmark, Dominican Republic, Egypt, Finland,
France, Germany, Hong Kong, Hungary, Israel, Italy, Kenya, Kuwait, Lebanon,
Lithuania, Madagascar, Malta, Malaysia, Mauritius, Nepal, Netherland, Norway,
Oman, Panama, Poland, Portugal, Russia, S.Africa, S.Korea, Saudi Arabia,
Singapore, Slovania, Spain, Sri Lanka, Taiwan, Thailand, Turkey, U.A.E., U.K.,
USA, West Indies and Zimbabwe.
Century Textiles has lived up to its name by
completing a century of its existence. Over the years, it has grown in terms of
infrastructure and capacity to deal with the challenges of new millenium.
Enriched with the experienced manpower, modern machines and sound financial
health, it has made an indelible mark of excellence in Textile Business.
Century has been playing an unique role with its commitment to highest level of
quality standards and it believes in rededicating itself to the same commitment
in the years to come.
Quality, productivity and environmental policy
"Century Textiles, producing and marketing cotton textiles, is totally
committed to comply with requirements and continually improve quality,
productivity and environmental performance through effective management system
including:
- meeting the needs and expectations of the customers,
- minimising losses,
- improving equipment availability by effective maintenance,
- conservation of natural resources,
- reduction in waste generation,
- human resource development and
- involvement of all employees."
R.K.DALMIA
27 Nov 2001
PRESIDENT
RESEARCH AND DEVELOPMENT
In-house
R & D unit of Century Textiles has continuous recognition since 1975 by
Department of Scientific & Industrial Research, Ministry of Science &
Technology, Government of India. R & D efforts of Century aims towards,
Ř improvement in
productivity and quality of Yarn and fabric manufacture, Processing and
Finishing;
Ř developing and imparting
various special finishes to 100% cotton fabrics;
Ř create new materials,
designs and finishes to meet the requirement of domestic and global consumers;
Ř Process modification or
chemical substitution to reduce cost of manufacture, minimise pollution and to
conserve energy.
The company’s
fixed assets of important value include land (textile mills –
freehold/leasehold), buildings, water pipe lines and tanks, plant and
machinery, floral plantation – roses, ships, railway sidings and locomotives,
ropeway, reservoir and pans, electric installations, air-conditioning plant,
furniture, fixtures, equipments, air craft, railway wagons and vehicles.
Expenditure includes
(Increase)/Decrease in stock in Trade Rs (220.10) million Consumption of Raw
Material Rs 1464.40 million Staff Cost Rs 725.90 million Stores & Spare
parts consumed Rs 847.40 million Power, Fuel & Water Rs 1350.20 million
Freight, Forwarding, Octroi etc Rs 875.30 million Other expenditure Rs 527.50
million Expenditure Capitalised Rs (3.00) million Depreciation includes Deprecation
Rs 319.60 million Net adjustments including arrears of Depreciation in respect
of earlier years Rs 30.70 million Tax Includes Provision for Current Tax Rs
62.00 million Deferred Tax Rs 159.00 million DISPLAY Fringe Benefit Tax Rs 4.50
millions.
Exports:
The
total exports of the company as a whole amounted to Rs. 3910.000 millions which
represents about 16% of the Net Sales.
Floriculture Activities
The
company is continuing to export Roses to Japan, Australia and European
Countries. Though the quality is well accepted, the prices remained depressed
due to compettion from African countries and change in customer preferences.
Effective from April 2005, the Government of India has increased Airfreight
subsidy from 10% to 20% on FOB value of exports, which should help the Company
to improve realization.
The
Ministry of Commerce, Government of India, has awarded to the Company
Certificate of Merit for excellent performance in export of fresh roses for the
year 2003-2004.
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
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. 45.92 |
|
UK Pound |
1 |
Rs. 84.62 |
|
Euro |
1 |
Rs. 58.03 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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 |
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/normal. |
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 |