MIRA INFORM REPORT

Report Date :

12.04.2011

The Correct of name of the company is “CENTURY TEXTILE AND INDUSTRIES LIMITED”

IDENTIFICATION DETAILS

Name :	CENTURY TEXTILE AND INDUSTRIES LIMITED CENTURY PULP AND PAPER 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 :	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 (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

LOCATIONS

Registered 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 1:	BIRLA CENTURY Plot No. 826, GIDC Industrial Estate, Jhagadia - 393 110, Dist. Bharuch, Gujarat, India
Factory 2 :	CENTURY RAYON Rayon, Tyre Cord and Chemical Plants, Murbad Road, Kalyan - 421 103, Maharashtra, India
Factory 3 :	CENRAY MINERALS AND CHEMICALS Nawa Nagna, Jamnagar - 361 007, Gujarat, India
Factory 4 :	CENTURY CEMENT P.O. Baikunth - 493 116, Dist. Raipur, Chhattisgarh, India
Factory 5 :	MAIHAR CEMENT UNITS I and II P.O. Sarlanagar - 485 772, Maihar, Dist. Satna, Madhya Pradesh, India
Factory 6 :	MANIKGARH CEMENT P.O. Gadchandur - 442 908, Dist. Chandrapur, Maharashtra, India
Factory 7 :	CENTURY PULP and PAPER Ghanshyamdham, P.O. Lalkua - 262 402, Dist. Nainital, Uttarakhand, India
Factory 8 :	CENTURY YARN CENTURY DENIM Satrati 451 660, Dist. Khargone, Madhya Pradesh, India
Branches :	Located at: Delhi Kolkata

DIRECTORS

As On 31.03.2010

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 and Industries Limited 4. Kesoram Industries Limited Pilani Investment and 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
Other Directorship:	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
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
Name:	Mr. Amal Ganguli
Designation:	Director
Other Personnel:
Name:	Mr. D. K. Agrawal
Designation:	Company Secretary
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) 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)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2010

Names 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 :

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.

Products :

Item Code NO.	Product Description
252329	Other Grey Portland Cement
480200	Paper
540332	Viscose Filament Yarn

GENERAL INFORMATION

No. of Employees :

12601 (approximately)

Bankers :

@ State Bank of India

Madame Cama Road, Mumbai – 400 021,

@ Central Bank of India

13. Bank of India

Facilities :

Particulars	Rs. In Millions 31.03.2010
SECURED LOAN
Sales Tax Loan from Madhya Pradesh Audyogik Vikas Nigam (Interest free) Term Loans from Banks - Rupee Loans - Foreign Currency Loans Short Term Rupee Loan from a Bank Working Capita! Loans from Banks	0.100 13309.300 -- 2500.000 1801.800
Total	17611.200
UNSECURED LOAN
Fixed Deposits Short Term Borrowings: - From Banks Under Buyer's Credit Arrangement Rupee Loans Commercial Paper (Maximum balance outstanding during the year Rs.950.000 Millions; Previous year Rs. Nil)	421.400 4135.300 1000.000 500.000
Total	6056.700

Banking Relations :	--
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

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)

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

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
	Others Current Liabilities	171.700	77.000	8846.100
	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 (I)		1673.700	8215.000	900.900
	PROFIT AFTER TAX (G-I) (J)		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
Type	1^st Quarter
Sales Turnover	12261.500
Other Income	27.500
Total Income	11323.900
Total Expenditure	9074.200
Operating Profit	2249.700
Interest	217.400
Gross Profit	2032.300
Depreciation	582.000
Tax	412.500
Reported PAT	1004.300

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, Dist. Murshidabad, West Bengal. The contract for civil construction work has beenfinalized 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 projectis 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 under review, 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, Dist. Chandrapur, Maharashtra and at Sonar Bangla Cement at Sagardighi, Dist. 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:

We 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.

2. 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.

3. 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. We 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. We foresee better demand for their refined salt in future.

4. 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. We 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 Attached

Company Profile:

Century Pulp and Paper (CPP) a division of Subject is manufacturer of Rayon Grade Pulp (RGP) and an exhaustive range of excellent quality of Writing and Printing Paper. The unit successfully achieved significant efficiencies in various disciplines within a short span of time. Located at Lalkua (District Nainital, U.K.), CPP has provided direct and indirect employment to the people of the surrounding areas.

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 31.12.2010

(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 amortised	7.500	17.500
b) Surplus on Sale of Assets of Textile Mill at Worli	--	--
c) Surplus on sale of property	--	--
11. Profit Before Tax ( 9-10)	289.700	2645.500
12. Tax Expenses
- Current Tax	66.100	716.100
- Deferred Tax	10.000	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. Earning Per share (EPS)
Basic and Diluted Earning Per Share in Rs.- (not annualized)	2.30	20.19
19. Public Shareholding
- Number of Shares	55160740	55160740
- Percentage of Shareholding	59.28%	59.28%
20. Promoters and Promoter group Shareholding
- Number of Shares	7050	7050
- 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	37562610	37562610
- 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 24.01.2011. 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 REVENUE, RESULTS AND CAPITAL EMPLOYED

FRO THE QUARTER ENDED 31.12.2010

(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)	3130.700	8190.500
a) Textiles*	5821.400	17946.400
b) Cement	2624.500	7754.500
c) Pulp and Paper @	189.900	699.400
d) Others **	11766.500	34590.800
Total	402.700	1093.600
Less: Inter Segment Revenue	11363.800	33497.200
Net Sales/ Income From operations
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 Emplyed $ (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.44.20
UK Pound	1	Rs.72.26
Euro	1	Rs.63.90

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.