%2026-Feb-2007_files/image002.jpg)
MIRA INFORM
REPORT
|
Report
Date : |
26th
February, 2007 |
IDENTIFICATION DETAILS
|
Correct
Name : |
CENTURY
RAYON (DIVISION OF CENTURY TEXTILE AND INDUSTRIES LIMITED) |
|
|
|
|
Registered
Office : |
Dr. Annie Besant Road, Century Bhavan, Mumbai 400 030,
Maharashtra, India |
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|
Country: |
India |
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|
|
Financials
as on: |
31.03.2006 |
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|
|
|
Date
of Incorporation : |
20/10/1987 |
|
|
|
|
Com.
Reg. No.: |
11-163 |
|
|
|
|
CIN
No.: |
L17120MH1897PLC000163 |
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|
|
|
TAN
No.: |
MUMC10668A |
|
|
|
|
Legal
Form : |
Subject is a Public
Limited Liability Company. The company’s shares are listed on the Stock
Exchanges. |
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|
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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 : |
USD
33500000 |
|
|
|
|
Status
: |
Good |
|
|
|
|
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,
India 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, India @
Cenray Minerals and Chemicals Nawa Nagna, Jamnagar – 361 007, Gujarat, India @
Century Cement P. O. Baikunth – 493 116, Raipur (Chatisgarh), India @
Maihar Cement Units I & II P. O. Sarlanagar – 485 772, Maihar District, Satna,
Madhya Pradesh, India @
Manikgarh Cement P. O. Gadchandur – 442 908, P.O. Chandrapur, Maharashtra,
India @
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, India Tel. No. 91-7285-232040/265277 Fax No. 91-7285-265244 Gram. “centextile”
Mumbai |
DIRECTORS
|
Name : |
Mr. S. K. Birla |
|
Designation
: |
Chairman |
|
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 |
|
|
|
|
Name: |
Mr. C. K. Birla |
|
Designation: |
Director |
|
|
|
|
Name: |
Mr. H. Narayanan |
|
Designation: |
Director ( LIC Representatives) |
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|
Name: |
Mr. Privanda Birla |
|
Designation: |
Director |
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|
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|
Name: |
Mr. B. L. Jain |
|
Designation: |
Whole Time Director |
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|
|
Name: |
Mr. Kumar Mangalam Birla |
|
Designation: |
Director |
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|
Name: |
Mr. Amal Ganguli |
|
Designation: |
Director |
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Other
Personnel: |
|
|
Name: |
Mr. D. K. Agrawal |
|
Designation: |
Company Secretary |
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|
Management: |
|
|
TEXTILE MILLS,
CENTURY YARN AND CENTURY DENIM |
|
|
Name: |
Mr. R. K. Dalmia |
|
Designation: |
President |
|
|
|
|
Name: |
Mr. D. K. Agrawal |
|
Designation: |
Executive President (Corporate Finance) & Secretary |
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|
Name: |
Mr. I. C. Surana |
|
Designation: |
Joint President (Finance) |
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|
|
|
Name: |
Mr. P. M. Nevatia |
|
Designation: |
Joint President (Works) |
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|
Name: |
Mr. U. C. Garg |
|
Designation: |
Joint President (Purchase & Projects) |
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|
Name: |
Mr. R. C. Panwar |
|
Designation: |
Vice President (Marketing) |
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|
|
|
Name: |
Mr. S. R. Makharia |
|
Designation: |
Vice President (Production) |
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|
|
|
CENTURY RAYON,
TYRECORD AND CHEMICALS |
|
|
Name: |
Mr. M. C. Mehta |
|
Designation: |
President |
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|
|
|
Name: |
Mr. O. R. Chitlange |
|
Designation: |
Joint President (Finance) (Rayon and Shipping) |
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|
Name: |
Mr. R. Lalwani |
|
Designation: |
Joint President (Commercial) |
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|
Name: |
Mr. S. M. Sanklecha |
|
Designation: |
Senior Vice President (Purchase) |
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|
Name: |
Mr. H. G. Uttamchandani |
|
Designation: |
Senior Vice President (Rayon and Auxiliaries) |
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|
Name: |
Mr. R. K. Tandon |
|
Designation: |
Vice President (Delhi Office) |
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|
Name: |
Mr. S K Mital |
|
Designation: |
Vice President (Engineering and Services) |
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|
|
Name: |
Mr. Sudhir A Luthra |
|
Designation: |
Vice President (Chemicals) |
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|
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|
Name: |
Mr. Subodh Dave |
|
Designation: |
Vice President (Rayon) |
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|
|
|
Name: |
Mr. Anil Sancheti |
|
Designation: |
Vice President (Tyrecord and CSY) |
|
|
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|
CENTURY, MAIHAR AND MANIKGARH CEMENT |
|
|
Name: |
Mr. B. L. Jain |
|
Designation: |
Senior President |
|
|
|
|
CENTURY CEMENT |
|
|
Name: |
Mr. B. L. Kedia |
|
Designation: |
Executive President (Plant) |
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|
|
|
Name: |
Mr. S. K. Jain |
|
Designation: |
Joint President (Finance) |
|
|
|
|
Name: |
Mr. M. C. Gupta |
|
Designation: |
Executive President (Works) |
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|
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|
Name: |
Mr. P. C. Jain |
|
Designation: |
Senior Vice President (Mines) |
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|
|
|
Name: |
Mr. S. L. Agarwal |
|
Designation: |
Senior Vice President (Commercial) |
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|
Name: |
Mr. Alok Patni |
|
Designation: |
Senior Vice President (Mechanical) |
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|
|
|
Name: |
Mr. S. K. Sultania |
|
Designation: |
Senior Vice President (Marketing) |
|
|
|
|
Name: |
Mr. N M Singhvi |
|
Designation: |
Vice President (Commercial) |
|
|
|
|
Name: |
Mr. A H Singhania |
|
Designation: |
Vice President (Mechanical) |
|
|
|
|
MAIHAR CEMENT (UNIT
I) |
|
|
Name: |
Mr. Kamal Kishore |
|
Designation: |
Executive President (Co-ordination) |
|
|
|
|
Name: |
Mr. R S Doshi |
|
Designation: |
Joint President (Finance) |
|
|
|
|
Name: |
Mr. R K Vaishnavi |
|
Designation: |
Senior Vice President (Plant) |
|
|
|
|
Name: |
Mr. P M Intodia |
|
Designation: |
Senior Vice President (Marketing) |
|
|
|
|
Name: |
Mr. Vijay Kumar |
|
Designation: |
Vice President (Process and Quality Control) |
|
|
|
|
Name: |
Mr. A K Lodha |
|
Designation: |
Vice President (Marketing) |
|
|
|
|
Name: |
Mr. M K Jain |
|
Designation: |
Vice President (Mechanical) |
|
|
|
|
MAIHAR CEMENT (UNIT
II) |
|
|
Name: |
Mr. B. P. Jain |
|
Designation: |
Executive President (Plant) |
|
|
|
|
Name: |
Mr. Rakesh Sharma |
|
Designation: |
Senior Vice President (Personnel & Administration) |
|
|
|
|
Name: |
Mr. V K Bhandari |
|
Designation: |
Joint President (Commercial) |
|
|
|
|
Name: |
Mr. B M Singh |
|
Designation: |
Senior Vice President (Projects) |
|
|
|
|
Name: |
Mr. S K Tewari |
|
Designation: |
Vice President (Mines) |
|
|
|
|
Name: |
Mr. G S Pandey |
|
Designation: |
Vice President (Market Development) |
|
|
|
|
Name: |
Mr. Arvind Kumar Jain |
|
Designation: |
Vice President (Mechanical) |
|
|
|
|
MANIKGARH CEMENT |
|
|
Name: |
Mr. S. S. Sharma |
|
Designation: |
Executive President (Co-ordination) |
|
|
|
|
Name: |
Mr. P. S. Bakshi |
|
Designation: |
Joint President (Plant) |
|
|
|
|
Name: |
Mr. S. K. Mandelia |
|
Designation: |
Senior Vice President (Commercial & Administration) |
|
|
|
|
Name: |
Mr. N. B. Singh |
|
Designation: |
Senior Vice President (Process & Quality Control) |
|
|
|
|
Name: |
Mr. P. R. Sundaresan |
|
Designation: |
Vice President (Electrical) |
|
|
|
|
Name: |
Mr. A. D. Karwa |
|
Designation: |
Senior Vice President (Commercial) |
|
|
|
|
Name: |
Mr. R K Udge |
|
Designation: |
Vice President (Mines) |
|
|
|
|
Name: |
Mr. A K Panja |
|
Designation: |
Vice President (Marketing) |
|
|
|
|
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. Dilip Chandrana |
|
Designation: |
Vice President (Technical) |
|
|
|
|
Name: |
Mr. R K Sharma |
|
Designation: |
Vice President (Electrical and Instrumentation) |
|
|
|
|
Name: |
Mr. R C Maheshwari |
|
Designation: |
Vice President (Utilities) |
|
|
|
|
CENRAY MINERALS AND
CHEMICALS |
|
|
Name: |
Mr. M. M. Sand |
|
Designation: |
Vice President (Salt Works) |
|
|
|
|
NEW
PROJECTS |
|
|
Name: |
Mr. A K Mukherjee |
|
Designation: |
Vice President (Projects) |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters |
38998220 |
41.91 |
|
Resident
Individuals |
20995547 |
22.56 |
|
Private
Corporate Bodies |
8334823 |
8.96 |
|
Financial
Institutions |
3403328 |
3.66 |
|
Nationalised
Banks and Mutual Funds |
11819307 |
12.70 |
|
FIIs |
8129168 |
8.74 |
|
NRIs and
OCBs |
623577 |
0.67 |
|
GDRs |
741710 |
0.80 |
|
Total |
93045680 |
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 |
1824 Looms |
56997461 Mtrs |
|
Cotton
Yarn |
146564 spindles |
133272 spindles |
76062 Kgs |
|
Cotton
Yarn/Blended Yarn |
25200 spindles |
24960 spindles |
4911164 Kgs |
|
Denim
Cloth |
11000000 mtrs. |
21000000 Mtrs. |
10150836 Mtrs |
|
Viscose
Filament Yarn and Viscose Tyre Yarn/Industrial Yarn |
23200 |
25000 |
-- |
|
Rayon
Yarn |
-- |
-- |
17151 |
|
Tyre Yarn
and Fabric |
-- |
-- |
6046 |
|
High
Performance |
-- |
-- |
-- |
|
Viscose
Staple Fibre |
-- |
-- |
-- |
|
Sulphuric
Acid |
58000 |
71000 |
59039 |
|
Carbon
Di-Sulphide |
10500 |
18000 |
15482 |
|
Caustic
Soda |
28426 |
20000 |
18314 |
|
Liquid
Chlorine |
10500 |
17000 |
15116 |
|
Hydrochloric
Acid |
47241 |
19241 |
3680 |
|
Refined
Salt |
100000 |
100000 |
97128 |
|
Salt |
-- |
-- |
106694 |
|
Cement |
6300000 |
6300000 |
6635867 |
|
Paper
including Paper Board/Straw Board |
29800 |
37250 |
41932 |
|
Rayon
and/or Paper Grade Pulp |
20000 |
31320 |
37645 |
|
Bagasse
Based Paper |
(i) |
84600 |
83303 |
|
Newsprint |
20000 |
-- |
-- |
|
Compressed
Hydrogen M3 |
4000000 |
5000000 |
4546864 |
|
Spinning
Machines and other Equipments |
74 |
(i) |
-- |
|
Cut Rose
Flowers |
NA |
428639 |
5002870 Flowers |
|
Carnation
Flowers |
NA |
233865 |
994957 Flowers |
|
Carnation
Plants |
NA |
15000 |
656335 Plants |
|
Gerbera
Flowers |
NA |
38238 |
1253723 |
|
Capsicum |
NA |
12600 |
27 Ton |
|
Rose
Plants |
NA |
325000 |
-- |
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 |
31.03.2006 |
|
Sales Tax Loan From Madhya Pradesh
Audyogik Vikas Nigam (Interest Free) |
6.900 |
|
|
|
|
Term Loans from Banks |
|
|
-- Rupee Loans |
1710.900 |
|
-- Foreign Currency Loans |
669.300 |
|
|
|
|
Short Term Borrowings from Banks |
|
|
-- Rupee Loans |
1500.000 |
|
-- Foreign Currency Loans |
0.000 |
|
|
|
|
Term Loan from Bank of Maharashtra
|
5.500 |
|
|
|
|
Term Loan from National
Horticulture Board (Guaranteed by a bank, where the
guarantee is secured in the manner) |
2.000 |
|
|
|
|
Working Capital Loans from Banks |
3072.600 |
|
|
|
|
TOTAL |
6967.200 |
|
|
|
|
UNSECURED LOANS |
|
|
Fixed Deposits |
388.700 |
|
|
|
|
SHORT Term Borrowings |
|
|
-- From Banks |
|
|
-- Under Buyer’s Credit Arrangement |
321.400 |
|
-- Rupee Loans |
1150.000 |
|
-- Foreign Currency Loans |
0.000 |
|
|
|
|
-- From Financial Institutions |
0.000 |
|
|
|
|
-- From Others |
450.000 |
|
|
|
|
Foreign Currency Term Loan from a
Financial Institutions |
0.000 |
|
|
|
|
Sales Tax Deferment Loan |
23.800 |
|
|
|
|
TOTAL |
2333.900 |
|
|
|
|
Banking Relations : |
Good |
|
|
|
|
Auditors
: |
|
|
Name : |
Dalal and
Shah Chartered
Accountants |
|
Address : |
Mumbai,
Maharashtra, India |
|
|
|
|
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 @
Vasavadatta
Services 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
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 |
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 |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
930.400 |
930.400 |
930.400 |
|
|
2]
Reserves & Surplus |
7566.500 |
6810.300 |
7121.400 |
|
NETWORTH
|
8496.900 |
7740.700 |
8051.800 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
6967.200 |
7063.800 |
8531.900 |
|
|
2]
Unsecured Loans |
2333.900 |
1829.300 |
2312.900 |
|
TOTAL
BORROWING
|
9301.100 |
8893.100 |
10844.800 |
|
|
DEFERRED
TAX LIABILITIES |
2771.800 |
2430.300 |
2028.700 |
|
|
|
|
|
|
|
TOTAL
|
20569.800 |
19064.100 |
20925.300 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
13946.000 |
13337.600 |
13867.400 |
|
Capital work-in-progress
|
1040.800 |
336.400 |
1206.500 |
|
|
|
|
|
|
|
INVESTMENT
|
159.400 |
279.400 |
722.500 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
4909.300 |
4425.600 |
4695.200 |
|
|
Sundry Debtors
|
1682.800 |
2078.000 |
2092.200 |
|
|
Cash & Bank Balances
|
383.500 |
310.900 |
375.200 |
|
|
Other Current Assets
|
44.100 |
37.400 |
29.700 |
|
|
Loans & Advances
|
3136.100 |
2000.500 |
1514.700 |
Total Current Assets
|
10155.800 |
8852.400 |
8707.000 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
3740.900 |
3268.400 |
3352.300 |
|
|
Provisions
|
1220.900 |
665.400 |
479.500 |
Total Current Liabilities
|
4961.800 |
3933.800 |
3831.800 |
|
Net
Current Assets
|
5194.000 |
4918.600 |
4875.200 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
229.600 |
192.100 |
253.700 |
|
|
|
|
|
|
|
TOTAL
|
20569.800 |
19064.100 |
20925.300 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
26986.600 |
25297.200 |
23419.100 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
2033.600 |
1336.100 |
1012.900 |
Provision for Taxation
|
816.200 |
110.600 |
85.000 |
Profit/(Loss) After Tax
|
1217.400 |
1225.500 |
927.900 |
|
|
|
|
|
Export Value
|
|
|
|
|
Export Earnings |
2306.300 |
2945.300 |
3384.200 |
|
Freight and Charter Hire |
250.400 |
278.300 |
231.200 |
|
Other Earnings |
9.500 |
0.600 |
2.700 |
|
|
|
|
|
Import Value
|
|
|
|
|
Raw Materials |
822.700 |
722.200 |
1243.600 |
|
Components & Spares |
236.600 |
276.800 |
209.400 |
|
Capital Goods |
693.500 |
102.400 |
201.200 |
|
|
|
|
|
Expenditure
|
|
|
|
Cost of Materials Consumed, Purchases and Other Expenses
|
23195.100 |
22271.900 |
20435.200 |
Interest and Finance Charges
|
413.300 |
443.100 |
691.300 |
Depreciation
|
1344.600 |
1246.100 |
-- |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2006 |
30.09.2006 |
31.12.2006 |
|
Type |
1st Qtr |
2nd Qtr |
3rd Qtr |
Sales Turnover
|
7215.000 |
7421.100 |
8009.500 |
Other Income
|
128.200 |
179.400 |
123.800 |
Total Income
|
7343.200 |
7600.500 |
8133.300 |
Total Expenditure
|
5899.300 |
6062.400 |
7260.500 |
Operating Profit
|
1443.900 |
1538.100 |
872.800 |
Interest
|
116.200 |
118.300 |
106.600 |
Gross Profit
|
1327.700 |
1419.800 |
766.200 |
Depreciation
|
332.400 |
327.400 |
361.400 |
Tax
|
237.000 |
342.500 |
97.500 |
Reported PAT
|
697.300 |
747.900 |
339.300 |
200606 Quarter 1 :-- Expenditure Includes (Increase) /
Decrease in Stock in Trade Rs (183.40) million Consumption of Raw Materials Rs 1567.50
million Staff Cost Rs 789.90 million Stores & Spares parts consumed Rs
986.20 million Power & Fuel & Water Rs 1450.70 million Freight,
Forwarding, Octroi, etc. Rs 829.40 million Other Expenditure including VRS
amortisation - Textiles Rs 463.20 million Less - Expenditures Capitalised Rs
(4.20) million Depreciation Includes Depreciation Rs 308.80 million Net
adjustments including arrears of depreciation, in respect of earlier years Rs
23.60 million Tax Includes Provision for Current Tax Rs 231.00 million Deferred
Tax Rs 61.00 million Fringe Benefit Tax Rs 6.00 million.
200612 Quarter 3 :-- Expenditure Includes (Increase) /
Decrease in Stock in Trade Rs 41.50 million Consumption of Raw Materials Rs
1746.60 million Staff Cost Rs 845.40 million Stores & Spares parts consumed
Rs 999.60 million Power & Fuel & Water Rs 1447.30 million Freight,
Forwarding, Octroi, etc. Rs 836.90 million Other Expenditure Rs 502.10 million
Depreciation Includes Depreciation Rs 338.60 million Net adjustments including
arrears of depreciation, in respect of earlier years Rs 22.80 million Tax
Includes Provision for Current Tax Rs 90.00 million Deferred Tax
Rs(32.00)million Fringe Benefit Tax Rs 7.50 million Extra Ordinary Includes
Payments under Voluntary Retirement Scheme (VRS) Rs 534.80 million Gratutiy,
Exit Payment Rs 306.30 million EPS is Basic and Diluted Status of Investor
Complaints for the quarter ended December 31, 2006 Complaints Pending at the
beginning of the quarter Nil Complaints Received during the quarter 33 Complaints
disposed off during the quarter 33 Complaints unresolved at the end of the
quarter Nil 1. The above results have been reviewed and recommended for
adoption by the Audit Committee to the Board of Directors and have been
approved by the Board at its meeting held on January 25, 2007. The Statutory
Auditors have carried out a limited review of the above financial results and
their report contains no qualification. 2. a)A Voluntary Retirement Scheme
(VRS) was offered to the workers and staff at the Company's Textile Mill at
Worli, Mumbai during the current quarter. About 6300 workers and staff out of
about 6600 having opted to accepted VRS offered, the manufacturing operations
at this mill have become virtually stagnant. The Revenue and Results relating to
the said Textile Mill at Worli included in the Segment are as under : (Rs
million) 3 Months ended 9 Months ended December 31, 2006 December 31, 2006
a.Revenue Rs 433.60 million Rs 1470.40 million b.Results (Loss)Rs (297.40)
million Rs (454.10)million b) Under the accounting treatment permitted by the
revised Accounting Standard 15 on Employee Benefits, payments under the VRS
will be charged to expenditure over the four accounting years ending March 31,
2010. On this basis, the amount to be charged in the accounts for the year
ending March 31, 2007 is Rs 713.10 million of which the proportionate amount
upto December 31, 2006, Rs 534.80 million has been charged in the current
quarter and Rs 178.30 million will be charged in the quarter ending March 31,
2007. In addition an amount of Rs 34.40 million has been charged in previous
quarters in respect of a prior VRS. c) Consequent on the acceptance of the VRS,
certain gratuity and other exits payments have been made, amounting in total to
Rs 612.60 million. Since this liability crystallised in November December 2006,
the Company has charged half the amount viz. Rs 306.30 million to the accounts
for the current quarter and the balance of Rs 306.30 million will be charged in
the succeeding quarter. d) As a result of the virtual cessation of
manufacturing operations at the Textile Mill at Worli and the charges mentioned
in 2(b) and 2(c) above, the results for the quarter and nine months ended
December 31, 2006 are not comparable with those of prior corresponding periods.
3. The Accounting Standard 15 (Revised 2005) _ Employee Benefits issued by the
Institute of Chartered Accountants of India has become mandatory w.e.f. April
01, 2006. Any additional obligation of the Company on account of above revised
Accounting Standard will be recognised at the year end and the Company's
obligation prior to April 01, 2006 will be adjusted against the General
Reserve. 4. Previous periods' figures have been regrouped / recast wherever
necessary.
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
1.15 |
1.29 |
1.37 |
|
Long Term Debt Equity Ratio |
0.60 |
0.79 |
0.84 |
|
Current Ratio |
0.84 |
0.90 |
0.86 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.00 |
0.97 |
0.89 |
|
Inventory |
6.37 |
6.18 |
6.09 |
|
Debtors |
15.81 |
13.51 |
12.62 |
|
Interest Cover Ratio |
3.90 |
3.34 |
2.19 |
|
Operating Profit Margin (%) |
11.33 |
10.97 |
11.85 |
|
Profit Before Interest and Tax Margin (%) |
6.40 |
6.10 |
6.24 |
|
Cash Profit Margin (%) |
7.63 |
8.76 |
8.65 |
|
Adjusted Net Profit Margin (%) |
2.69 |
3.89 |
3.04 |
|
Return on Capital Employed (%) |
11.33 |
9.93 |
8.73 |
|
Return on Net Worth (%) |
10.13 |
14.30 |
9.94 |
STOCK PRICES
|
Face
Value |
Rs.10.00 |
|
High |
Rs.589.00 |
|
Low |
Rs.536.20 |
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.
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.
The performance of each
business segment of the Company has been comprehensively covered in the
Management Discussion and Analysis Report based on the reports of the Wholetime
Director of the Company and Presidents of each unit and forms part of this
Directors Report.
Exports:
The total
exports of the Company as a whale amounted to Rs.3180 millions which represents
about 12 per cent of the net sales.
Floriculture Activities:
The quality of flowers is well accepted in European and Japanese markets and
there is also an improvement in the preen realized an exports. However,
production remained low as we had to uproot 7 to 8 years old plants for
plantation of new varieties.
During the year, the Government of India has announced in its Exim Policy
2005-06 a new scheme of 'Vishesh Krishi Upaj Yojana' by which an extra
incentive of 5% of FOB value of FOB value of exports shall be availed by the
Company.
Expansion and Modernization:
a)
Century Denim:
They have successfully completed the expansion of our Unit, plant by edition 10
million meters of Quality Denim to the plant capacity and the new plant for
manufacturing Denim including value added fabrics has already been commissioned
in March, 2006 as scheduled.
b) Century Rayon:
Erection and Commissioning of a 60 tonnes per day Fluidised Bed Combustion
Boiler at a cost of about Rs.200 millions in replacement of the old and
inefficient oil fired boilers is under way and expected to be completed during
the current year. This will result in reduction of the cast of steam and
improvement in opera) efficiency.
c) Cement:
i) New captive thermal power plants of 15 MW at Mulder Cement Unit and 10 MW at
Century Cement Unit have commissioned in the month of March, 2006 and April,
2006 respectively. With the commissioning of these plants, the total installed
capacity of captive thermal power plants of the cement divisions is now 75 MW
(Century Cement - 25 MW. Mother Cement - 35 MW and Manikgarh Cement-15
MW).
ii) The progress of project work for capacity enhancement from 6.3 million
tonnes to 7.8 million tonnes at all con t units in the aggregate is
satisfactory and the capacity is likely to be increased by December,
2006.
d) Pulp and Paper:
The installation of the 211 TPO Paper Plant based on waste
paper/non-conventional raw material and a 16 MW Turbine is in progress and will
be commissioned by December, 2006 as scheduled.
Modernisation in Rayon Grade Pulp Plant has been undertaken for installation of
3 Nos brown stock washers for stage washing and an oxygen bleaching system
which is expected to be commissioned by September, 2006.
The multifuel boiler and two digesters for processing wood chips to make pulp
have already been commissioned during the year under review.
e) General:
Modernisation and technological upgradation programmes, as necessary, are being
continued in all the units of the Company to maintain competitiveness and
achieve better quality. Stringent cost control measures are being implemented
in all possible areas.
General-Awards, Sports and Welfare
Activities:
a) Textiles:
In the Inter Mills Sports Tournament organised by Rasheriya Mill Mazdoor Sangh
(RMMS) in December, 2005, the unit has won the first prize in the Women's
Shooting Sports and Music Competition.
b) Rayon, Tyre Cord and Chemicals:
i) Bagged the 'Best Export Performance Award' in Viscose Filament Yarn from The
Synthetics & Rayon Textiles Export Promotion Council for the year
2004-05.
ii) Awarded 'Certificate of Recognition' for Water Resource Management in
Chemical Industry by Indian Chemical Manufacturers Association.
c) Cement:
i) Century Cement has received far its Limestone mines the first prize in
overall performance (mechanised mines), top soil management, management of
minerals and subgrade minerals and noise vibration control & aesthetic
beauty during the Mines Environment and Mineral Conservation Week 2005-06 held
under the aegis of Indian Bureau of Mines, deacon Region. It has also received
the first prize for tyre maintenance during the Annual Safety Celebration 2005
(non-coal mines), Bilaspur Region held under the guidance of Director General
of Min,. Safety Bilaspur Region.
A student from our School at Century Cement has achieved excellent results and
stood first in the merit list of the Secondary School Examination held by
Chhattisgarh Madhyamik Shiksha Mandel, Raipur in the year 2005 Five students
participated in the field of games and sports at the National Level.
ii) Molder Cement has received for its Limestone Mines the first prize in
'First Aid Competition-Team Event' during the Metalliferrous Mines Safety Week
2005 of Jabalpur Region.
Maihar Cement has also received for its Limestone mines the first prize in 'Air
Quality Management', Water Quality Management' and 'Publicity and Propaganda'
during the Mines and Environment and Mineral Conservation Week
in the year 2005-06 held under the guidance of the Indian Bureau of Mines.
Jabalpur Region.
Students from our school at Maiden Cement have participated in the field of
games and sports, arts and crafts at various levels. Tan students were selected
for Presidents' Award and Five students for Governors' Award for scouts/guides
during the academic session 2005-06.
iii) Manikgarh Cement has received for its Limestone mines the first prize in
the Noise Vibration Studies and Aesthetc Beauty categories during the Mines
Environment and Mineral Conservation Week 2005-08, Nagpur Region (Madhya
Pradesh and Maharashtra).
Manikgarh Cement Quality Circle Group has been awarded prizes for excellent
presentation and distinguished presentation in the National Convention of
Quality Circles organized by Quality Circle Forum of India at Ernakulam in
December, 2005.
d) Pulp & Paper Division:
The unit had the unique distinction of being selected as a 'Model' unit among
the pulp 5 paper industry in India for installation and execution of a
'Cess-Funded' Pdoc-scale Plant on 'Electrafiocullatian for decolorization of Effluent
by General Pollution Control Board.
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.
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. 44.31 |
|
UK Pound |
1 |
Rs. 86.96 |
|
Euro |
1 |
Rs. 58.58 |
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 |
PRIVATE
& CONFIDENTIAL : This information is provided to you at
your request, you having employed MIPL for such purpose. You will use the
information as aid only in determining the propriety of giving credit and
generally as an aid to your business and for no other purpose. You will hold
the information in strict confidence, and shall not reveal it or make it known
to the subject persons, firms or corporations or to any other. MIPL does not
warrant the correctness of the information as you hold it free of any liability
whatsoever. You will be liable to and indemnify MIPL for any loss, damage or
expense, occasioned by your breach or non observance of any one, or more of
these conditions