MIRA INFORM REPORT

 

 

Report Date :

05.04.2011

 

Note:

Correct name of the company is “CENTURY YARN (DIVISION OF CENTURY TEXTILE AND INDUSTRIES LIMITED)”

 

IDENTIFICATION DETAILS

 

Name :

CENTURY TEXTILE AND INDUSTRIES LIMITED

 

CENTURY YARN (DIVISION OF CENTURY TEXTILE AND INDUSTRIES LIMITED)

 

 

Registered Office :

Century Bhavan, Dr. Annie Besant Road, Worli, Mumbai – 400025, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

20.10.1897

 

 

Com. Reg. No.:

11-000163

 

 

CIN No.:

[Company Identification No.]

L17120MH1897PLC000163

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMC10668A

 

 

Legal Form :

Public Limited Liability Company. The Company’s Shares Are Listed On The Stock Exchanges.

 

 

Line of Business :

Manufacturer and Trader of Cotton Yarn that used for manufacturing of Cotton Fabrics.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (63)

 

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 71008000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having fine track. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY (Partial Details)

 

Name :

Mr. Nilay Rathi

Designation :

Account Executive

Contact No.:

91-22-24957239

 

 

Name :

Mr. Haribala

Designation :

Assistant of Mr. Nilay Rathi

Contact No.:

91-22-24957129

Date :

31.03.2011

 

 

LOCATIONS

 

Registered/ Corporate Office :

Century Bhavan, Dr. Annie Besant Road, Worli, Mumbai – 400025, Maharashtra, India

Tel. No.:

91-22-24957000

Fax No.:

91-22-24309491/ 24361980

E-Mail :

centextho@centurytext.com

atulkedia@centurytext.com

Website :

http://www.centurytext.com

 

 

Factory :

BIRLA CENTURY

 

Plot No. 826, GIDC Industrial Estate, Jhagadia - 393 110, District Bharuch, Gujarat, India

 

CENTURY RAYON

 

Rayon, Tyre Cord and 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, District Raipur, Chhattisgarh, India

 

MAIHAR CEMENT UNITS I and II

 

P.O. Sarlanagar - 485 772, Maihar, District Satna, Madhya Pradesh, India

 

MANIKGARH CEMENT

 

P.O. Gadchandur - 442 908, District Chandrapur, (Maharashtra)

 

CENTURY PULP AND PAPER

 

Ghanshyamdham, P.O. Lalkua - 262 402, District Nainital, Uttarakhand, India

 

CENTURY YARN

CENTURY DENIM

Village and Post Satrati, Tehsil – Kasrawad, District Khargone - 451 660, Madhya Pradesh, India

Tel. No.: 91-7285-255277/ 255281/ 82/ 83/ 84

Fax No.: 91-7285-255305

 

 

DIRECTORS

 

As on 31.03.2010

 

Name :

Mr. B.K. Birla

Designation :

Chairman

Date of Birth/ Age :

91 Years

Other Directorship:

1.       B. K. Birla Foundation

2.       Century Enka Limited

3.       Jay Shree Tea and Industries Limited

4.       Kesoram Industries Limited

5.       Pilani Investment and Industries Corporation Limited

Date of Appointment :

23.05.1973

 

 

Name :

Mr. Pradip Kumar Daga

Designation :

Director

Date of Birth/ Age :

72 Years

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 and 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 and Chemicals Limited

6.       Pilani Investment and Industries

7.       Corporation Limited

8.       Universal Cables Limited

9.       Vindhya Telelinks Limited

10.   The  Indian Smelting and 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

Date of Birth/ Age :

80 Years

 

 

Name:

Mr. C.K. Birla

Designation:

Director

 

 

Name:

Mr. H. Narayanan

Designation:

Director ( LIC Representatives)

 

 

Name:

Mr. Privanda Birla

Designation:

Director

 

 

Name:

Mr. B.L. Jain

Designation:

Whole Time Director

 

 

Name:

Mr. Kumar Mangalam Birla

Designation:

Director

Date of Birth/ Age :

42 Years

 

 

Name:

Mr. Amal Ganguli

Designation:

Director

Date of Birth/ Age :

70 Years

 

 

Other Personnel:

 

Name:

Mr. D. K. Agrawal

Designation:

Company Secretary

 

 

MANAGEMENT:

 

TEXTILE MILLS, CENTURY YARN AND CENTURY DENIM

Name:

Mr. R. K. Dalmia

Designation:

Senior President

 

 

Name:

Mr. D. K. Agrawal

Designation:

Executive President (Corporate Finance) and Secretary

 

 

Name:

Mr. I. C. Surana

Designation:

Joint President (Finance)

 

 

Name:

Mr. P. M. Nevatia

Designation:

Joint President (Works)

 

 

Name:

Mr. U. C. Garg

Designation:

Joint President (Purchase and Projects)

 

 

Name:

Mr. R. C. Panwar

Designation:

Vice President (Marketing)

 

 

Name:

Mr. S. R. Makharia

Designation:

Vice President (Production)

 

 

CENTURY RAYON, TYRECORD AND CHEMICALS

Name:

Mr. M. C. Mehta

Designation:

President

 

 

Name:

Mr. O. R. Chitlange

Designation:

Joint President (Finance) (Rayon and Shipping)

 

 

Name:

Mr. R. Lalwani

Designation:

Joint President (Commercial)

 

 

Name:

Mr. S. M. Sanklecha

Designation:

Senior Vice President (Purchase)

 

 

Name:

Mr. H. G. Uttamchandani

Designation:

Senior Vice President (Rayon and Auxiliaries)

 

 

Name:

Mr. R. K. Tandon

Designation:

Vice President (Delhi Office)

 

 

Name:

Mr. S K Mital

Designation:

Vice President (Engineering and Services)

 

 

Name:

Mr. Sudhir A Luthra

Designation:

Vice President (Chemicals)

 

 

Name:

Mr. Subodh Dave

Designation:

Vice President (Rayon)

 

 

Name:

Mr. Anil Sancheti

Designation:

Vice President (Tyrecord and CSY)

 

 

CENTURY, MAIHAR AND MANIKGARH CEMENT

Name:

Mr. B. L. Jain

Designation:

Senior President

 

 

CENTURY CEMENT

 

Name:

Mr. B. L. Kedia

Designation:

Executive President (Plant)

 

 

Name:

Mr. S. K. Jain

Designation:

Joint President (Finance)

 

 

Name:

Mr. M. C. Gupta

Designation:

Executive President (Works)

 

 

Name:

Mr. P. C. Jain

Designation:

Senior Vice President (Mines)

 

 

Name:

Mr. S. L. Agarwal

Designation:

Senior Vice President (Commercial)

 

 

Name:

Mr. Alok Patni

Designation:

Senior Vice President (Mechanical)

 

 

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 and 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 and Administration)

 

 

Name:

Mr. N. B. Singh

Designation:

Senior Vice President (Process and 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)

 

 

Name :

Mr. Nilay Rathi

Designation :

Account Executive

 

 

Name :

Mr. Haribala

Designation :

Assistant of Mr. Nilay Rathi

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.12.2010

 

Category of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

210,470

0.23

Bodies Corporate

37,359,190

40.29

Sub Total

37,569,660

40.51

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

37,569,660

40.51

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

8,501,804

9.17

Financial Institutions / Banks

4,527,781

4.88

Central Government / State Government(s)

2,580

-

Insurance Companies

2,477,516

2.67

Foreign Institutional Investors

8,249,410

8.90

Sub Total

23,759,091

25.62

(2) Non-Institutions

 

 

Bodies Corporate

9,173,232

9.89

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs.0.100 million

16,164,439

17.43

Individual shareholders holding nominal share capital in excess of Rs.0.100 million

4,324,836

4.66

Any Others (Specify)

1,739,142

1.88

Clearing Members

490,412

0.53

Non Resident Indians

801,647

0.86

Overseas Corporate Bodies

365,820

0.39

Trusts

78,400

0.08

Foreign Nationals

1,263

-

Directors & their Relatives & Friends

1,600

-

Sub Total

31,401,649

33.86

Total Public shareholding (B)

55,160,740

59.49

Total (A)+(B)

92,730,400

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

(1) Promoter and Promoter Group

-

-

(2) Public

315,280

-

Sub Total

315,280

-

Total (A)+(B)+(C)

93,045,680

-

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Trader of Cotton Yarn that used for manufacturing of Cotton Fabrics.

 

 

Products :

 

Item Code NO.

Product Description

252329

Other Grey Portland Cement

480200

Paper

540332

Viscose Filament Yarn

 

 

PRODUCTION STATUS (AS ON 31.03.2010)

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

Cloth

Mtrs.

31608000

25000000

16131539

Made Ups

Sets

NA

NA

370420

Cotton Yam/Blended Yarn

Spindles/Kgs

25200

24960

3992257

Denim Cloth

Mtrs

21000000

21000000

14322319

Viscose Filament Yarn and

MT

30000

25000

--

Viscose Tyre Yarn/Industrial Yarn

--

 

 

 

Rayon Yarn

--

NA

NA

18130

Tyre Yarn and Fabric

--

NA

NA

2200

Sulphuric Acid

MT

71000

71000

67504

Carbon di-sulphide

MT

20000

18000

16440

Caustic Soda

MT

28426

20500

19302

Liquid Chlorine

MT

25000

17500

15998

Hydrochloric Acid

MT

47241

19241

4237

Refined Salt

MT

144000

100000

73643

Salt

MT

NA

NA

91666

Cement

MT

7800000

7800000

7583216

Paper including Paper Board/Straw Board

MT

29800

37250

39229

Rayon and/or Paper Grade Pulp

MT

20000

31320

37320

Bagasse based Paper

MT

G

84600

85386

Newsprint

MT

20000

NA

NA

Recycle Based Paper

MT

I

75960

88605

Prime Grade Tissue Paper

MT

M

36000

13546

Compressed Hydrogen M3

MT

8000000

6200000

5513648

Spinning Machines and other equipments

Nos

74

J

J

Cut Rose Flowers

Nos

NA

450000 Mother Plats Equipment to 7200000 Flowers Per Annum

6131391

Carnation Flowers

Nos

NA

NA

NA

Carnation Plants

Nos

NA

NA

NA

Gerbera Flowers

Nos

NA

10000 Mother Plats Equipment to 360000 Flowers Per Annum

264861

Rose Plants

Nos

NA

325000Rose Plant Per Annum

278840

 

  1. Including production for internal consumption and regenerated and/or reprocessed production.
  2. Licensed and Installed capacity includes for High Performance Viscose Staple Fibre and Tyre Yarn Fabric.
  3. As certified by the Management and being a technical matter accepted by the Auditors as correct.
  4.  Includes Nil for Captive Consumption (2008-2009,97 M.T.).
  5. Memorandum / Applications for enhanced capacities are filed with Appropriate Authorities for Century Cement.
  6. Company holds letter of Intent No. 16(1997) dated 28.1.1997 for enhancement of capacity upto 31,320 M.T.
  7. For Bagasse based Paper Plant, Company has filed memorandum to manufacture 84600 M.T. of paper with Department of Industrial Development, Ministry of Industry, Government of India.
  8. Capacity as per registration given by Dy. Salt Commissioner vide its office letter No.l8(9) salt/91/1143 dated 19th January, 1999. Revised Capacity vide Dy. Salt Commissioner office letter No. 18(9)Salt/91/Pt.l/150 dated 05.01.2010
  9. Company has filed memorandum with the Department of Industrial Development, Ministry of Industry for additional capacity Vide letter No. 1839/SIA/IMO/2003 dated 9th July, 2003,letter No. 1977/SIA/IMO/2003 dated 24th July, 2003 and letter No. 2032/SIA/IMO/2007 dated 17th July, 2007
  10.  Central workshop facilities have been closed.
  11. Licensed/Registered and Installed capacity increased by 600000 MT w.e.f. 01.01.2008 and 400000 MT w.e.f 01.03.2008.
  12. For Recycle based Paper Plant, Company has filed memorandum to manufacture 75,960 M.T. of paper with Ministry of Commerce and Industry, Government of India,
  13. For Prime Grade Tissue Paper Plant, Company has filed memorandum to manufacture 36000 M.T. of paper with Ministry of Commerce and Industry, Government of India.
  14. Net after Reprocessing / Repulping - Nil MT (2008-2009,2 MT)
  15. Net after Reprocessing / Repulping - 49 MT (2008-2009,100 MT)
  16. Net after Reprocessing / Repulping - Nil MT (2008-2009,3031 MT)

 

GENERAL INFORMATION

 

No. of Employees :

11326 (Approximately)

 

 

Bankers :

@        State Bank of India, Madame Cama Road, Mumbai – 400 021, Maharashtra, India

@        Central Bank of India

@        Bank of India

 

 

Facilities :

Secured Loans

31.03.2010

Rs. In Millions

31.03.2009

Rs. In Millions

Sales Tax Loan from Madhya Pradesh Audyogik Vikas Nigam (Interest free)

0.100

0.900

Term Loans from Banks

- Rupee Loans

13309.300

13009.600

- Foreign Currency Loans

0.000

916.000

Short Term Rupee Loan from a Bank

2500.000

1500.000

Working Capita! Loans from Banks

1801.800

1723.300

Total

17611.200

17149.800

 

Unsecured Loans

31.03.2010

Rs. In Millions

31.03.2009

Rs. In Millions

Fixed Deposits

421.400

257.100

Short Term Borrowings:

- From Banks -

Under Buyer's Credit Arrangement

 

 

4135.300

 

 

176.000

Rupee Loans

1000.000

0.000

Commercial Paper (Maximum balance outstanding during the year Rs.950.000 Millions; Previous year Rs. Nil)

500.000

0.000

Total

6056.700

433.100

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Dalal and Shah

Chartered Accountants

Address :

Mumbai, Maharashtra, India

 

 

Related Party :

  • Pilani Investment and Industries Corporation Limited
  • Kesoram Insurance Broking Services Limited
  • Vasavadatta Services Limited
  • Industry House Limited

·         Bander Coal Company Private Limited

·         Kesoram Industries Limited

·         Century Enka Limited

·         Jayshree Tea and Industries Limited

 

 

CAPITAL STRUCTURE

 

Authorised Capital : (As on 31.03.2010)

No. of Shares

Type

Value

Amount

148000000

Equity Shares

Rs.10/- each

Rs.1480.000 Millions

10000000

Redeemable Cumulative Non-convertible Preference Shares

Rs.100/- each

Rs.1000.000 Millions

 

Total

 

Rs.2480.000 Millions

 

Issued:

No. of Shares

Type

Value

Amount

93061090

Equity Shares

Rs.10/- each

Rs.930.600 Millions

 

 

 

 

 

Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

93045680

Equity Shares

[including 8,78,90,120 Equity Shares, issued as fully paid up Bonus Shares by way of capitalisation of Reserves and Securities Premium Account]

Rs.10/- each

Rs.930.400 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

930.400

930.400

930.400

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

16821.600

14024.800

12108.600

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

17752.000

14955.200

13039.000

LOAN FUNDS

 

 

 

1] Secured Loans

17611.200

17149.800

13413.900

2] Unsecured Loans

6056.700

433.100

753.900

TOTAL BORROWING

23667.900

17582.900

14167.800

DEFERRED TAX LIABILITIES

2513.400

2900.800

0.000

 

 

 

 

TOTAL

43933.300

35438.900

27206.800

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

24843.700

25797.500

17142.800

Capital work-in-progress

12873.800

2282.900

6271.400

 

 

 

 

INVESTMENT

584.300

465.400

277.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
8685.100

6705.700
6128.800

 

Sundry Debtors
2251.100

1508.900
1649.100

 

Cash & Bank Balances
574.100

665.400
474.600

 

Other Current Assets
320.200

337.800
0.000

 

Loans & Advances
7510.100

6722.400
5075.300

Total Current Assets
19340.600
15940.200

13327.800

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

8074.300
6733.200
8846.100

 

Others Current Liabilities
171.700
77.000
 

 

Provisions
5525.300
3277.400
2781.200

Total Current Liabilities
13771.300
10087.600
11627.300

Net Current Assets
5569.300
5852.600
1700.500

 

 

 

 

MISCELLANEOUS EXPENSES

62.200

1040.500

1815.100

 

 

 

 

TOTAL

43933.300

35438.900

27206.800

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

44529.000

38156.900

39125.400

 

 

Other Income

946.700

749.700

738.300

 

 

TOTAL                                     (A)

45475.700

38906.600

39863.700

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials consumed, Purchases and Manufacturing Expenses

26004.800

23274.300

29263.400

 

 

(Increase)/Decrease in Inventories

(1074.800)

(748.700)

(190.700)

 

 

Payments to and Provisions for Employees

3332.300

3046.100

2767.300

 

 

Selling and Other Expenses

7746.500

6418.200

529.300

 

 

TOTAL                                     (B)

36008.800

31989.900

32369.300

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

9466.900

6916.700

7494.400

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

1005.300

1030.100

891.800

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

8461.600

5886.600

6602.600

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

2344.700

2052.800

1686.000

 

 

 

 

 

 

PROFIT BEFORE EXCEPTIONAL ITEMS

 

 

 

 

- From Continuing Operations

- From Discontinuing Operations

0.000

0.000

3833.800

0.000

5206.000

(289.400)

 

 

 

 

 

Less

EXCEPTIONAL ITEMS

881.600

364.300

939.300

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

5235.300

3469.500

3977.300

 

 

 

 

 

Less

TAX                                                                  (H)

1673.700

8215.000

900.900

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

3561.600

2648.000

2794.300

 

 

 

 

 

Less/ Add

EXCESS/(SHORT) PROVISION FOR TAXATION

165.000

12.400

36.600

 

 

 

 

 

Less/ Add

PRIOR PERIOD ADJUSTMENTS (NET)

1.900

7.100

8.100

 

 

 

 

 

Less/ Add

INSTALLMENT OF ARREARS OF DEPRECIATION

0.000

263.100

268.500

 

 

 

 

 

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1781.000

1405.500

1101.100

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed Equity Dividend

511.800

418.700

418.700

 

 

Tax on Proposed Equity Dividend

85.000

71.200

71.200

 

 

Transfer to General Reserve

1500.000

1500.000

2000.000

 

BALANCE CARRIED TO THE B/S

3078.900

1781.000

1405.500

 

 

 

 

 

 

Earnings Per Share (Rs.)

36.48

25.42

--

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2010

30.09.2010

31.12.2010

Type

1st Quarter

2nd Quarter

3rd Quarter

Net Sales

11296.400

11105.000

11636.800

Total Expenditure

9069.200

9565.800

10490.000

PBIDT (Excl OI)

2227.200

1539.200

1146.800

Other Income

27.500

62.500

37.200

Operating Profit

2254.700

1601.700

1184.000

Interest

217.400

297.500

299.200

Exceptional Items

(5.000)

186.600

(7.500)

PBDT

2032.300

1490.800

877.300

Depreciation

582.000

585.300

587.600

Profit Before Tax

1450.300

905.500

289.700

Tax

446.000

245.000

76.100

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

1004.300

660.500

213.600

Extraordinary Items

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

1004.300

660.500

213.600

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
7.83

6.80

7.01

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
11.75

9.09

10.16

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
11.84

8.31

13.05

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.29

0.23

0.30

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.10

1.85

1.97

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.40

1.58

1.14

 

 

LOCAL AGENCY FURTHER INFORMATION

 

COMPANY DETAILS:

 

Subject, a B K Birla group flagship 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 in Yarn, Denim, Viscose Filament Rayon Yarn, Tyrecords, Caustic Soda, Sulfuric Acid, Salt, Cement and Pulp and Paper. The company also carried on shipping business which was later disposed off. 

 
The company has it manufacturing facilities located at Mumbai, Kalyan, Jamnagar, Baikunth(Raipur), Sarlanagar, Gadchandur, Lalkua and Satrati (Khargone). 


The companies 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. 

Subject produces 100% cotton fabrics. Century's cloth covers the length and breadth of the Globe. Century Fabric has charmed its way into: Bahrain, Bangladesh, Belgium, Canada, China, Comoros, Egypt, France, Germany, Honduras, Hong Kong, Hungary, Indonesia, Israel, Italy, Japan, Jordan, Kenya, Kuwait, Madagascar, Mauritius, Morocco, Nepal, Netherland, Panama, Portugal, Russia, S.Africa, S.Korea, Singapore, Spain, Sri Lanka, Sweden, Switzerland, Taiwan, Thailand, Turkey, U.A.E., U.K., Uganda and USA 


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 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 poly houses and new varieties have been planted for improving international marketability. 


EXPANSION AND MODERNISATION: 

 

a)      Cement

 

i)                    Cement Grinding Unit at Sagardighi, West Bengal

 

The orders have been placed for the main plant and machinery for the grinding unit with a capacity of 1.5 million tpa at Sagardighi, District Murshidabad, West Bengal. The contract for civil construction work has been finalized and work is planned to start from October, 2010. The project activities are progressing on schedule. The grinding unit is expected to be operational by the last quarter of 2011-12. The total outlay on the project is estimated at Rs.4250.000 millions.

 

ii)                  Manikgarh Cement expansion - 2.5 Million tonnes capacity per annum and 40 MW Captive Thermal Power Plant

 

On account of the slowdown both globally and to some extent in India, placing of orders for Manikgarh Cement Expansion was deferred. Now that the economy looks brighter and the forecast is expected to be double digit growth in the relatively near term, orders for all main cement manufacturing equipment and for the captive thermal power plant will be placed before June/July 2010. The total outlay on the project is estimated to be about Rs.16000.000 millions. The enhanced capacity should be fully on stream by the end of the calendar year 2012.

 

After upgradation and expansion, the cement manufacturing capacity will stand at 12.5 million tpa by the end of calendar year 2012.

 

b)      Pulp and Paper

 

Civil work for the Fibreline (Pulp Plant) and Multilayer Packaging Board Project including 43 MW Turbine is in full swing. Main equipments have already been ordered and have started arriving at the site. Erection of the main machinery and recovery plant is in progress. Orders for auxiliary and balancing equipment are being finalized. Capital outlay on the above projects is estimated to be Rs.16600.000 millions. Completion of the project is scheduled for December, 2010.

 

c)       General

 

Modernisation and technological up gradation programmes continue at all the units of the Company to maintain competitiveness and achieve better quality. Stringent cost control measures remain in place in all possible areas and are regularly reviewed.

 

LAND DEVELOPMENT AT WORLI, MUMBAI:

 

Construction of commercial buildings meant for leasing at Worli, Mumbai where Century Mill was earlier situated has commenced on part of the land by awarding the required contracts. Construction of one more office building behind Century Bhavan, Worli, Mumbai has also commenced. Thus, two buildings having constructed area of about eleven lac square feet including parking spaces etc. should be completed within a period of 12 to 15 months. Regarding the dispute with the existing less or in respect of about 10 acres of leasehold land at Worli, Mumbai, the matter is subjudice.

 

SHIPPING BUSINESS:

 

Considering the present trend in the shipping industry, it has been decided to restart the shipping business in which the Company has long experience and various formalities required to be complied with are being undertaken.

 

ENVIRONMENT AND POLLUTION CONTROL:

 

Century is in compliance with all relevant statutes relating to the environment and pollution control in the area of environment. As a policy, environment impact assessment and qualitative risk analysis are performed for all new and major expansion projects and incorporate all the necessary measures to mitigate environmental impacts due to project implementation. All the hardware - such as effluent treatment plants, air emission abatement units and waste disposal facilities, were maintained and improved further. The above efforts have resulted in significant improvement in water consumption, water recycle and reuse, and reduction of C02 and other gaseous emissions, ozone depleting substances and consumption and generation of hazardous waste.

 
MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

 OVERALL REVIEW:

 

During the year, the profitability of the Company has increased satisfactorily as compared to the previous year, mainly because of better performance of the Cement Divisions. The Paper Business was under severe pressure due to a substantial increase in the prices of raw materials and reduced demand. The production at the new Textile Unit of the Company, "Birla Century" in District Bharuch of Gujarat has now almost stabilized. However, in the textile segment, which includes rayon yarn, tyrecord etc., the prices of all inputs had gone up which could not be passed on to the end users in view of adverse market conditions prevailing during the major part of the year coupled with low demand. Therefore, the performance of textile segment remained depressed.

 

The interest cost is likely to increase in future due to higher borrowings for the various expansion programmes planned, which are under implementation, including the expansion of cement manufacturing capacity at Manikgarh Cement, District Chandrapur, Maharashtra and at Sonar Bangla Cement at Sagardighi, District Murshidabad, West Bengal, as also the multilayer packaging board and fibre line (pulp plant) at Century Pulp and Paper, Lalkua in District Nainital, Uttarakhand and land development at Worli, Mumbai. There are indications that interest rates are likely to harden still further.

 

India has been able to face the global economic downturn better than most other countries in spite of the inadequate and uneven monsoon and resultant slowdown in agriculture. Growth is expected to be better as there are clear signs of an upturn in the economy and with the forecast of a normal monsoon in the current year, the prospects for the economy will be brighter. In this background, higher demand for cement may be expected. The prices of and demand for paper are likely to rule firm owing to the Central Government's sustained thrust on promoting education at all levels. Demand overseas is also looking up and it is expected that the prices of textile products may also improve.

 

BUSINESS SEGMENT – TEXTILES

 

COTTON TEXTILES, YARN AND DENIM:

 

a)      Industry Structure and Development:

 

Though the global economy seems to be coming out of the crisis, recovery may be unsteady for a while. The continuous improvement and investment in weaving and processing will help to meet the demand of quality textiles, which will give an edge to the Indian textile industry over competitors. Upgrading technology and infrastructure is an ongoing process and, with the added support of Government bodies it should boost the Indian textile further.

 

b)      Opportunities and Threats:

 

A stronger economy and brighter sentiment holds out optimism for the order flow as a general feeling of buoyancy prevails. Export markets are also looking up especially in the USA. However, the increase in prices of cotton is a matter of concern. Further, competition from neighboring countries including Vietnam and Bangladesh continue to challenge the industry.

 

c)       Segmental Review and Analysis:

 

The production at their new textile mill named "Birla Century" in District Bharuch (Gujarat), has almost stabilized, reaching near optimum levels of production and efficiency. The unit manufactures high value cotton products such

as elite shirtings, an eye catching range of suitings, fancy and finer fabrics and dress materials, and a wide range of bed linen with innovative finishes and attractive designs. Nevertheless, the performance of this unit remained under pressure due to the high cost of cotton and other inputs. There was no improvement in the market prices of fabrics to absorb the cost increases.

 

The brand "Cottons by Century" by which the Company's ready to wear products are known is now one of the wellknown national brands in India for this segment.

 

The technical performance of yarn and denim Divisions of the Company has been satisfactory although selling prices were under pressure. The demand for yarn and denim fabric has recently started showing some improvement and prices have also firmed up in the domestic market. There are also prospects of similar strengthening of international demand and consequently, also the prices.

 

d)      Risks and Concerns:

 

The sharp increase in cotton prices and other input costs have made it very difficult for Indian exporters to compete in the international market. The strengthening of the Rupee and non-availability of skilled workers are also hurdles faced by the exporters including the Company.

 

e)      Outlook:

 

They are trying to focus on cost cutting strategies, development of new markets and maintaining the quality of Their fabrics to satisfy and exceed the expectations of the market and look forward to a better market sentiment for textile fabrics.

 

Century Rayon - Viscose Filament Yarn (VFY), Continuous Spun Yarn (CSY) and Rayon Tyre Yarn.

 

  1. Industry Structure and Development:

 

The demand for viscose filament yarn (VFY) and continuous spun yarn (CSY) remained steady during the year. The domestic market is witnessing an influx of coarser denier yarn and embroidery yarn at lower rates from China, affecting the market adversely. Since these products are not covered by anti dumping duty, industry is in the process of preferring an application to the Government of India to control the inflow of these materials and provide a level playing field to domestic manufacturers.

 

In the recent Union budget, excise duty on rayon yarn has been increased from 8% to 10%, which adversely affects the selling price. The industry feels that besides reduction in excise duty, the Government should also take various steps to make credit cheaper and provide other incentives/subsidy to VFY producers to help sustain their operations.

 

The world over, due to stringent environment control, rayon manufacturing units are closing their operations, including one having so well-known a name as Enka Elsterberg, Germany. As a result, a substantial production base of VFY is likely to be shifted to Asia, providing more opportunity to producers including the Company.

 

  1. Opportunities and Threats:

 

The strengthening of the Rupee against the US Dollar and other currencies encourages cheaper imports coming into India. Fiscal support to VFY producers in China continues to make them more competitive, and this adds to the threat of cheaper imports. Further, polyester yarn which is cheaper than VFY continues to be used as a substitute for certain end products.

 

With the development of highways across India and dedicated corridors between metres, an opportunity may materialize for use of tyres made out of rayon tyre yarn, in which case, the domestic scenario of the tyre yarn industry should change for the better.

 

  1. Segmental Review and Analysis:

 

Their products i.e. pot spun yarn, continuous spun yarn, rayon tyre yarn and various chemical products are well accepted in the market. Various initiatives taken by the unit for automation have led to better productivity and improved quality of the products which should have a positive impact on the working of the unit.

 

Offtake of rayon tyre yarn continues to remain under pressure as the demand for tyres in Europe and the U.S.A. has not picked up causing major tyre manufacturing units all over the world to operate at lower than their respective installed capacities.

 

Newly developed zero twist rayon tyre yarn is well accepted in the market and export of this yarn is expected to rise in due course.

 

High inventory of rayon tyre yarn continues to remain a major concern and 50% of the production capacity remains suspended from February 2009. They do not expect the situation to improve before the end of the year 2010-11.

 

Continuous rise in the cost of major inputs and utilities, more particularly rayon grade pulp and sulphur, which constitute a major portion of the cost, may erode the profit margins of the unit.

 

Salt Works

 

Production and sale of refined salt have improved compared to the previous year. They foresee better demand for their refined salt in future.

 

  1. Risks and Concerns:

 

Availability of polyester yarn at a cheaper price and substantial import of VFY at a lower price continue to pose major hurdles to the further growth of the VFY industry. This unit is labour intensive and inflation in employee costs also continues to pose a threat. Stringent environmental control measures may add to Their costs and create hindrances in smooth working as rapid urbanization is taking place in and around the plant, due to which lot of residential colonies are likely to come up in the vicinity.

 

f)        Outlook:

 

Imposition of anti dumping duty on import of embroidery yarn and coarser denier yarn from China, would pave the

way to improve currently depressed prices. A national fibre policy, to be announced by the Government of India soon, is likely to address the concerns of this man-made fibre industry.Considering all prevalent circumstances, the outlook for the industry is considered a bit optimistic.

 

BUSINESS SEGMENT - CEMENT DIVISIONS

 

a)      Industry Structure and Development:

 

The total installed capacity of the Indian cement Industry, the world's second fastest growing market after China, is about 240 million tonnes. Cement consumption in the country has witnessed compound annual growth of 9.32% in the last five years and in the year, a growth of about 10% has been achieved on account of increased construction activities. The working group on the cement industry for the XI Five Year Plan (2007-12) has set a target of cement production at 269 million tonnes and capacity of 298 million tonnes at the end of the plan. The industry's capacity which was 166 million tonnes in the year 2007 has already increased to 240 million tones in 2010. Further, to cater to the increased demand expected, a large expansion of capacity has been planned and the industry may see added capacity of about 60 million tonnes in the next couple of years.

 

b)      Opportunities and Threats:

 

Since the onset of the economic crisis for more than a year, countries around the world continue to witness sluggish economic growth. Various timely stimuli, have enabled the Indian economy to overcome this crisis. Even in these turbulent times India has in 2009 recorded a growth rate of 6.7%, more modest than in recent years but clearly outpacing most major economies around the world. In the current year the economy is expected to grow at about 8.5% and some experts expect this to accelerate to over 9% in 2011 and beyond.

 

The per capita consumption of cement in India is still very low at about 150 kg compared to the world average of around 275 kg and this portends the tremendous potential for growth.

 

Demand for cement is likely to remain robust due to increased construction activities on account of the Government's thrust on development and improvement of infrastructure through budgetary allocations, the need for more affordable dwelling units, leading to a revival in the real estate business. However in the immediate future, the cement industry is likely to face pressures on realization and regional imbalances in demand and supply.

 

c)       Segmental Review and Analysis:

 

All cement units of the Company have operated at optimum levels. During the year the Company produced 7.583 Millions tonnes (previous year – 7.216 Millions tonnes). The overall performance of the cement divisions has been noteworthy.

 

Considerable emphasis is being placed on conservation of energy and protection of the environment by production of blended cement which constitutes about 95% of total cement production.

 

d)      Risks and Concerns:

 

The availability of coal against linkage is only 60% necessitating procurement of market/e-auction coal at a substantial premium. The prices of major inputs for cement viz: coal, slag, fly ash and petroleum products have started rising and are likely to harden, which should push up manufacturing and distribution costs. High incidence of taxation and government levies are matters of concern for the cement industry.

 

e)      Outlook:

 

India, having emerged as a fast growing economy, and with the Government and private sector investments in housing, infrastructure and economic development, the long term outlook for the cement industry looks attractive.

 

BUSINESS SEGMENT - CENTURY PULP AND PAPER

 

a)      Industry Structure and Development:

 

India is today among the top paper producing countries. Various domestic paper producers have recently augmented their capacities which have come on stream for commercial production. The main growth of the industry is in quality paper, like duplex board, copier paper, tissue paper etc. However, the fortunes of the paper industry is linked to structural economical factors like improvement in the literacy rate, the Government's initiatives in spreading education and the growth in the print media industry.

 

The paper industry in India also suffered from general economic malaise and simultaneously faced significant increases in cost of production through input costs of raw materials, chemicals and coal. Now that the economy has stabilised, the paper industry should return to sustained growth.

 

b)      Opportunities and Threats:

 

With education being made compulsory under the law for children in the age group of 6 to 14 years, and the impetus in the economy, demand for paper should grow. The substantial new capacities referred to earlier, including those in the pipeline, will keep the paper market under some pressure in the short term. Their efforts are directed towards further reduction in costs and increase in efficiency.

 

c)       Segmentai Review and Analysis:

 

The demand for paper was expected to witness a marginal slow down since the beginning of the year. Although all varieties of paper were affected by the slow down, the demand for certain varieties, which had a close relationship with industrial production, held up reasonably well.

 

The prices of bagasse and wood which constitute major raw materials for pulp and other input costs have considerably increased without a sizable appreciation in selling prices. This has adversely affected the performance of this Division for a major part of the year.

 

With the notebook season having commenced, the writing and printing paper market has shown considerable improvement in demand since January, 2010 and selling prices have also firmed up well. The quality of existing products has been enhanced in tune with changing consumer preferences. Tissue paper has now been well accepted in the market. They expect to get the benefit of this segment in both domestic and international markets. There is continuous thrust on customer service to increase the market share. The Company is focusing on increasing market share in the premium segment as well as branded products.

 

d)      Risks and Concerns:

 

Smaller mills which enjoy lower cost of production due to advantageous levels of overhead expenses and taxes, have upgraded the quality of their products, and provide tough competition to large units in terms of both quality and price.

 

Scarcity of quality raw materials at attractive prices is a major concern for the industry.

 

e)      Outlook:

 

The overall outlook for writing, printing and tissue paper in domestic and export markets appears to be improving.

 

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

 

The Company has proper and adequate systems of internal control, to safeguard all assets against loss from unauthorized use or disposition. These systems also ensure that ail transactions are authorised, recorded and reported correctly. Regular internal audits and checks are carried out to provide assurance that adequate systems are in place and that the responsibilities at various levels are discharged effectively. The Management continuously reviews the internal control systems and procedures to obtain comfort regarding orderly and efficient conduct of business. The review includes overseeing adherence to management policies, safeguarding the assets of the Company as well as ensuring the preparation of timely and accurate financial information. The emphasis on internal control prevails across functions and processes, covering the entire gamut of activities including finance, supply chain, sales and distribution, marketing and the like. A strong system of internal audit and effective and comprehensive reviews by the Audit Committee of the Board have strengthened the internal control within the organisation.

 

WEBSITE DETAILS

 

Company Profile:

 

Century Textiles and 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 and Paper. 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: Bahrain, Bangladesh, Belgium, Canada, China, Comoros, Egypt, France, Germany, Honduras, Hong Kong, Hungary, Indonesia, Israel, Italy, Japan, Jordan, Kenya, Kuwait, Madagascar, Mauritius, Morocco, Nepal, Netherland, Panama, Portugal, Russia, S.Africa, S.Korea, Singapore, Spain, Sri Lanka, Sweden, Switzerland, Taiwan, Thailand, Turkey, U.A.E., U.K., Uganda and USA.

VISION STATEMENT

To continuously modernise, expand and technologically upgrade their Textile, Yarn and Denim divisions for producing excellent quality goods to meet the changing customer needs, foreign exchange earnings by promoting exports, face global and domestic competition and further improve their global as well as domestic presence, fame and glory. To ensure customer satisfaction, become cost effective, to promote employee participation and to implement innovative methods for enrichment of quality of life of all concerned.

Out Ready to wear garments started about two years ago under the brand "Cottons by Century" is on the success path and gradually they further expect encouraging improvement in sales in the coming years.

CONCRETE VISION ELEMENTS

  • Modernisation, expansion and technological upgradation to achieve International Standards of excellence.
  • Marketing focus on the changing customer needs and change of product suited to customer requirements.
  • Promotion of exports and earning valuable foreign exchange for the country.
  • Regular upgradation to face global challenges and competition from developing countries.
  • Continuous Organizational restructuring to ensure customer satisfaction.
  • Cost effectiveness in all areas of operations and effective management to meet global competition.
  • Participation of employees and their motivation for achieving their visionary goals.

Goal

  • To ensure customer suitable and cost-effective production technology.
  • To conquer tomorrow's marketplace today.
  • To ensure and monitor financial operations in a way to suitably encounter currency value fluctuations.
  • To evolve a cost-effective system for integrating continuous quality improvement efforts of the people at all levels in their organisation, leading to Total Quality Management.
  • To inspire all employees of the organisation towards improved Quality of Life, thereby focussing everyone towards beating the best.

Awards

AN ENVIABLE STRING OF AWARDS

At the first ever global contest sponsored by 'The Textile Horizon' - an International Textile Magazine published by The Textile Institute, Manchester, U.K., Century Mill was chosen for the highly coveted "International Textile Mill of the Year Award".

The above award is an addition to the glittering string of awards, applauds and achievements, a record yet to be set by any Company in India. Century has won 81 awards, including 31 awards from Cotton Textiles Export Promotion Council, 23 awards from Government of Maharashtra, 8 National Awards from Government of India and 5 awards from Indo-German Chamber of Commerce for its outstanding export performance and 14 other prestigious awards.

In its pursuit of allround excellence, Century has a tradition to devote its resources towards Greener Earth which result in receiving Championship Trophy at Flower, Plants and Vegetable Show on several occasions.

Century has inculcated habit of regular savings through-out the organisation. National Savings Commissioner for India declared it as Bachat (saving) Mill in recognition to its efforts for promoting the habit of savings amongst its employees. Century has been also declared as All India Best Pay-roll saving group in private sector.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER, 2010

 

(Rs. in Millions)

Particulars

3 months

ended

31.12.2010

(Unaudited)

Year to Date

figures for

Current Period

ended

31.12.2010

(Unaudited)

Sales/ Income Form operations

12475.900

36819.500

Less: Excise Duty

1112.100

3322.300

1. Net Sales/ Income From Operations

11363.800

33497.200

2. Other Operating Income

273.000

520.700

3. Total Income ( 1+2)

11636.800

34017.900

4. Expenditure

 

 

a) Increase/ Decrease in stock in trade and work in progress

177.000

(627.000)

b) Consumption of raw material

2952.500

8913.000

c) Purchase of traded goods

41.200

135.600

d) Employee Cost

949.800

2803.700

e) Depreciation

587.600

1754.900

f) Other Expenditure

 

 

- Stores and Spare parts consumed

1509.700

4107.500

- Power, fuel and Water

2452.500

7058.100

- Freight, Forwarding, Octroi etc.

1601.200

4482.400

- Others

806.100

2231.900

g) Total (a to f)

11077.600

30860.100

5. Profit form operations before other Income, Interest and Exceptional Item (3-4)

559.200

3157.800

6. Other Income

37.200

127.200

7. Profit before Interest and Exceptional Item ( 5+6)

596.400

3285.000

8. Interest (Net)

299.200

814.100

9. Profit after Interest but before Exceptional Item ( 7-8)

297.200

2470.900

10. Exceptional Items:

 

 

a) Payments under Voluntary Retirement Scheme and other exit payments

7.500

17.500

b) Surplus on Sale of Assets of Textile Mill at Worli

--

--

c)    Surplus on sale of Property

--

(192.100)

11. Profit Before Tax ( 9-10)

289.700

2645.500

12. Tax Expenses

 

 

- Current Tax

66.100

716.100

- Deferred Tax

100.000

51.000

13. Net Profit After tax ( 11-12)

213.600

1878.400

14. Extraordinary Items

--

--

15. Net Profit for the period ( 13-14)

213.600

1878.400

16. Paid-up Equity Share Capital

(Face Value : Rs. 10/- per share)

930.400

930.400

17. Reserve excluding Revaluation Reserve as per balance sheet of previous accounting year

--

--

18. Basic and Diluted Earnings Per Share in Rs.

(not annualised) before and after extraordinary Items.

2.30

20.19

19. Public Shareholding

 

 

- Number of Shares

5,51,60,740

5,51,60,740

- Percentage of Shareholding

59.28%

59.28%

20. Promoters and Promoter group Shareholding

 

 

- Number of Shares

7,050

7,050

- Percentage of Share (as a % of the total shareholding of promoter and promoter group)

0.02%

0.02%

- Percentage of Shares (as a % of total share capital of the company)

0.01%

0.01%

b) Non- encumbered

 

 

- Number of Shares

3,75,62,610

3,75,62,610

- Percentage of Share (as a % of the total shareholding of promoter and promoter group)

99.98%

99.98%

- Percentage of Shares (as a % of total share capital of the company)

40.37%

40.37%

 

Notes:

 

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 24th January, 2011. The Statutory Auditors have carried out a limited review of the above financial results and their report contains no qualification.

2.       Information on investor complaints for the quarter – (Nos.): Opening balance – 0, New – 9, Disposals – 9, Closing balance – 0.

3.       Previous period’s figures have been regrouped / recast wherever necessary.

 

 

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED, UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE QUARTER ENDED 31ST DECEMBER, 2010

 

(Rs. in Millions)

 

Particulars

3 months

ended

31.12.2010

(Unaudited)

Year to Date

figures for

Current Period

ended

31.12.2010

(Unaudited)

1. Segment Revenue

(Net Sales/ Income from Operations)

 

 

a) Textiles*

3130.700

8190.500

b) Cement

5821.400

17946.400

c) Pulp and Paper @

2624.500

7754.500

d) Others **

189.900

699.400

Total

11766.500

34590.800

Less: Inter Segment Revenue

402.700

1093.600

Net Sales/ Income From operations

11363.800

33497.200

2. Segment Results 

 

 

Profit/ Loss after depreciation but before interest and exceptional items

 

 

a) Textiles*

108.500

(29.200)

b) Cement

488.500

3258.500

c) Pulp and Paper @

41.000

146.200

d) Others **

3.300

87.500

Sub-Total

641.300

3463.000

Add/ Less:

 

 

Inter Segment Profit/ Loss

0.800

(19.300)

Total

642.100

3443.700

Add/ Less:

 

 

i) Interest (Net)

299.200

814.100

ii) Other un-allocable expenditure net of un-allocable income

45.700

158.700

Profit before Exceptional items and tax

297.200

2470.900

Less:

 

 

Exceptional Items (Textiles)

7.500

(174.600)

Total Profit Before Tax

289.700

2645.500

3. Capital Employed $

(Segment Assets – Segment Liabilities)

 

 

a) Textiles*

12651.400

12651.400

b) Cement

8258.000

8258.000

c) Pulp and Paper @

26904.300

26904.300

d) Others **

2244.400

2244.400

Total Capital Employed in Segments

50058.100

50058.100

e) Unallocable assets less liabilities

(30427.700)

(30427.700)

Total Capital Employed in the company

19630.400

19630.400

 

* "Textiles" include Yarn, Cloth, Garments, Denim Cloth, Viscose Filament Yarn and Tyre Yarn

@ "Pulp and Paper" include Pulp, Writing, Printing and Tissue Paper

** "Others" include Salt, Chemicals, Floriculture, etc.

$ Includes projects under implementation viz. Multilayer Packaging Board, Fibre Line (Pulp) and Real Estate

 

 

 

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 records 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.44.65

UK Pound

1

Rs.71.93

Euro

1

Rs.63.24

 

 

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

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

 

63

 

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 EXPLANATIONS

 

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

-

NB

                                       New Business

-

 

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.