MIRA INFORM REPORT

 

 

Report Date :

27.05.2011

 

IDENTIFICATION DETAILS

 

Name :

CENTURY TEXTILE AND INDUSTRIES LIMITED

 

CENTURY RAYON – 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

 

 

Paid-up Capital :

Rs. 930.400 Millions

 

 

CIN No.:

[Company Identification No.]

L17120MH1897PLC000163

 

 

Legal Form :

A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.

 

 

Line of Business :

Manufacturer, Exporter and Importer of Yarn

 

 

No. of Employees :

1000 (approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (64)

 

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 70000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an old and reputed company having fine track. Financial position of the company is good. Directors are reported as experienced, respected and resourceful businessmen. Their trade relations are fair. Payments are reported to be regular and as per commitments.

 

The company can be considered good for normal 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.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Dilip Mishra

Designation :

Finance Department

Date :

26.05.2011

 

 

LOCATIONS

 

Registered Office :

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

Tel. No.:

91-22-24957000

Fax No.:

91-22-24309491

E-Mail :

Centextho@centurytexti.com

atulkedia@centurytext.com

Website :

www.centurytextind.com

Area :

10000 sq.ft

Location :

Owned

 

 

Head Office :

Industry House 159, Churchgate Reclammation, Mumbai - 400 020, Maharashtra, India

Tel. No.:

91-22-22027570 (8 Lines)

Fax No.:

91-22-22025109 (General)

91-22-22028892 (Marketing)

91-22-22027916 (Purchase)

E-Mail :

cenbom@vsnl.com

 

 

Factory  1 :

PB No 22, Murbad Road Po Shadad, Thane – 421103, Maharashtra, India

Tel. No.:

(91-251-2733670 (10 Lines)

Fax No.:

91-251-2730064 (Tel. Opr.)

91-251-2544047 (Exec. Wing)

91-251-2564759 (Purchase)

91-251-2301471 (CC arehouse)

E-Mail :

cenray@cenrayon.com

 

 

Factory  2 :

Birla Century Plot No. 826, GIDC Industrial Estate, Jhagadia – 393 110, Dist. Bharuch, Gujarat, India

 

 

Factory  3 :

Century Rayon

Rayon, Tyre Cord and Chemical Plants, Murbad Road, Kalyan - 421 103, Maharashtra, India

 

 

Factory  4 :

Cenray Minerals And Chemicals

Nawa Nagna, Jamnagar - 361 007, Gujarat, India

 

 

Factory  5 :

Century Cement

P.O. Baikunth - 493 116, Dist. Raipur, Chhattisgarh, India

 

 

Factory  6 :

Maihar Cement Units I and II

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

 

 

Factory  7 :

Manikgarh Cement

P.O. Gadchandur - 442 908, Dist. Chandrapur, Maharashtra, India

 

 

Factory  8 :

Century Pulp and Paper

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

 

 

Factory  9 :

Century Yarn

Century Denim

Satrati 451 660, Dist. Khargone, Madhya Pradesh, India

 

 

DIRECTORS

 

As On 27.07.2010

 

Name :

Mr. Basant Kumar Birla

Designation :

Director

Address :

Basant Vihar, 1B Gurusaday Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

16.02.1921

Date of Appointment :

23.05.1973

DIN No.:

00055856

 

 

Name :

Mr. Kumar Mangalam Birla

Designation :

Director

Address :

16/A IL-Palazzo Little Gibbs Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

14.06.1967

Date of Appointment :

07.02.2006

DIN No.:

00012813

 

 

Name :

Mr. Pradip Kumar Daga

Designation :

Director

Address :

5 Merlin Park, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

24.04.1937

Date of Appointment :

04.06.1963

DIN No.:

00040692

 

 

Name :

Mr. Eruch Byramsha Desai

Designation :

Director

Address :

8th Floor, Sonarica, 33A Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

01.04.1931

Date of Appointment :

05.05.1970

DIN No.:

00023290

 

 

Name :

Mr. Arvind Chimanlal Dalal

Designation :

Director

Address :

21 Nymph Off N.D Marg, Nepeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

14.11.1921

Date of Appointment :

09.05.1986

DIN No.:

00010902

 

 

Name :

Mr. Amal Ganguli

Designation :

Director

Address :

J 6/7 DLF Phase II, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

17.10.1939

Date of Appointment :

31.07.2004

DIN No.:

00013808

 

 

Name :

Mr. Bahadurlal Jain

Designation :

Director

Address :

A-83/84, Silver Apartments Shankar Ghanekar Marg, Dadar (West), Mumbai – 400028, Maharashtra, India

Date of Birth/Age :

23.10.1936

Date of Appointment :

01.04.1999

DIN No.:

00040804

 

 

KEY EXECUTIVES

 

Name :

Devendrakumar Dwarkaprasad Agrawal

Designation :

Company Secretary

Address :

Flat No. 4 Century Park Veer Savrakar Marg, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

14.12.1939

Date of Appointment :

05.04.1967

Pan No.:

AABPA4891L

 

 

Name :

Gagrani and Gagan

Designation :

Company Secretaries

Address :

39A, IDA Mansion, 18, Vaju Kotak Road, Fort, Mumbai – 400001, Maharashtra, India

 

 

Name :

Mr. O R Chitlange         

Designation :

President

 

 

Name :

Mr. R Lalwani

Designation :

Executive President (Commercial)

 

 

Name :

Mr. S M Sanklecha

Designation :

Joint President (Purchase)

 

 

Name :

Mr. S K Mital

Designation :

Joint President (Engineering Services and Auxiliary

 

 

Name :

Mr. Subodh Dave

Designation :

Senior Vice President (Personnel and Administration)

 

 

Name :

Mr. Apurva Gupta

Designation :

Senior Vice President (Rayon and Development)

 

 

Name :

Mr. V K Jhingon

Designation :

Senior Vice President (Tyre Cord and CSY)

 

 

Name :

Mr. M M Sand

Designation :

Vice President (Salt Works

 

 

Name :

Mr. S A Luthra

Designation :

Vice President (Chemicals)

 

 

Name :

Mr. Manmohan B

Designation :

Vice President (Finance)

 

 

Name :

Mr. Arun Jhawar

Designation :

Vice President (Marketing)

 

 

Name :

Mr. Dilip Mishra

Designation :

Finance Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As On 31.03.2011

 

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

40.52

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

37,569,660

40.52

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

8,465,239

9.13

Financial Institutions / Banks

4,403,030

4.75

Central Government / State Government(s)

2,580

-

Insurance Companies

2,595,724

2.80

Foreign Institutional Investors

6,031,189

6.50

Sub Total

21,497,762

23.18

(2) Non-Institutions

 

 

Bodies Corporate

10,143,493

10.94

Individuals

 

 

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

16,989,961

18.32

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

4,809,537

5.19

Any Others (Specify)

1,719,587

1.85

Clearing Members

421,836

0.45

Non Resident Indians

845,872

0.91

Overseas Corporate Bodies

365,820

0.39

Trusts

82,716

0.09

Foreign Nationals

1,263

-

Directors & their Relatives & Friends

2,080

-

Sub Total

33,662,578

36.30

Total Public shareholding (B)

55,160,340

59.48

Total (A)+(B)

92,730,000

100.00

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

-

-

(1) Promoter and Promoter Group

-

-

(2) Public

315,680

-

Sub Total

315,680

-

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

93,045,680

-

 

As On 27.07.2010

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

8.73

Bodies corporate

51.34

Directors or relatives of Directors

0.23

Other top fifty shareholders

3.34

Others

19.92

Government Companies

2.67

Public financial companies

3.49

Nationalised or other banks

0.83

Mutual funds

9.45

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Yarn

 

 

Products :

Item Code No.

Product Description

252329

Other Grey Portland Cement

480200

Paper

540332

Viscose Filament Yarn

 

 

Exports :

 

Products :
  • Writing Paper

Countries :
  • Russia
  • Yemen
  • Sweden
  • Nigeria
  • Australia
  • Poland
  • Srilanka

 

 

Imports :

 

Products :
  • Raw Materials

Countries :
  • Germany
  • Canada
  • Sweden
  • Finland

 

 

Terms :

 

Selling :

Cash, Credit: 30/60/90 Days

 

 

Purchasing :

Cash, Credit: 30/60/90 Days

 

PRODUCTION STATUS (As On 31.03.2010)

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

Cloth

 

31608000 Mtrs

25000000 Mtrs

16131539 Mtrs

Made Ups

 

-

-

370420 Sets

Cotton Yarn/Blended Yarn

 

25200 Spindles

24960 Spindles

3922257 Kgs

Denim Cloth

 

21000000 Mtrs

21000000 Mtrs

14322319 Mtrs

 

 

M.T

M.T

M.T

Viscose Filament Yarn and Viscose Tyre Yarn/Industrial Yarn

 

30000

25000

-

Rayon Yarn

 

-

-

181300

Tyre Yarn and Fabric

 

-

-

(d) 2200

High Performance

 

-

-

-

Viscose Staple Fibre

 

-

-

-

ulphuric Acid

 

71000

71000

67504

Carbon di-sulphide

 

20000

18000

16440

Caustic Soda

 

28426

20500

19302

Liquid Chlorine

 

25000

17500

15998

Hydrochloric Acid

 

47241

19241

4237

Refined Salt

 

144000

100000

73643

Salt

 

-

-

91666

Cement

 

7800000

7800000

7583216

Paper including Paper Board/Straw Board

 

29800

37250

39229

Rayon and/or Paper Grade Pulp

 

20000

31320

37320

Bagasse based Paper

 

(g)

84600

85386

Newsprint

 

20000

-

-

Recycle Based Paper

 

(I)

(I)

(p) 88605

Prime Grade Tissue Paper

 

(m)

36000

13546

Compressed Hydrogen

 

8000000

6200000

5513648

 

 

Nos

 

Nos

Spinning Machines and other

equipments

 

74

(j)

-

Cut Rose Flowers

 

NA

450000 Mother Plants

equivalent to 7200000 Flowers per annum

6131391 Flowers

Carnation Flowers

 

NA

-

-

Carnation Plants

 

NA

-

-

Gerbera Flowers

 

NA

10000 Mother Plants equivalent to 360000 Flowers

264861 Flowers

Rose Plants

 

NA

325000 Rose Plants per annum

278840 Plants

 

(a) Including production for internal consumption and regenerated and/or reprocessed production.

(b) Licensed and Installed capacity includes for High Performance Viscose Staple Fibre and Tyre Yarn Fabric.

(c) As certified by the Management and being a technical matter accepted by the Auditors as correct.

(d) Includes Nil for Captive Consumption (2008-2009, 97 M.T.).

(e) Memorandum / Applications for enhanced capacities are fi led with Appropriate Authorities for Century Cement.

(f) Company holds letter of Intent No. 16(1997) dated 28.1.1997 for enhancement of capacity upto 31,320 M.T.

(g) For Bagasse based Paper Plant, Company has fi led memorandum to manufacture 84600 M.T. of paper with Department of Industrial Development, Ministry of Industry, Government of India.

(h) Capacity as per registration given by Dy.Salt Commissioner vide its office letter No.18(9) salt/91/1143 dated 19.01.1999. Revised Capacity vide Dy.Salt Commissioner office letter No. 18(9)Salt/91/Pt.l/150 dated 05.01.2010

(i) Company has fi led memorandum with the Department of Industrial Development, Ministry of Industry for additional capacity Vide letter No. 1839/ SIA/IMO/2003 dated 09.07.003,letter No. 1977/SIA/IMO/2003 dated 24th 24.07.2003 and letter No. 2032/SIA/IMO/2007 dated 17.07.2007

(j) Central workshop facilities have been closed.

(k) Licensed/Registered and Installed capacity increased by 600000 MT w.e.f. 01.01.2008 and 400000 MT w.e.f 01.03.2008.

(l) For Recycle based Paper Plant, Company has fi led memorandum to manufacture 75,960 M.T. of paper with Ministry of Commerce and Industry, Government of India.

(m) For Prime Grade Tissue Paper Plant, Company has fi led memorandum to manufacture 36000 M.T. of paper with Ministry of Commerce and Industry, Government of India.

(n) Net after Reprocessing / Repulping - Nil MT (2008-2009, 2 MT)

(o) Net after Reprocessing / Repulping - 49 MT (2008-2009, 100 MT)

(p) Net after Reprocessing / Repulping - Nil MT (2008-2009, 3031 MT)

 

 

GENERAL INFORMATION

 

Customers :
  • End Users
  • OEMs

 

 

No. of Employees :

1000 (approximately)

 

 

Bankers :
  • State Bank of India, Corporate Account Group, 23, J.N. Heredia Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India
  • Indusind Bank Limited, 2401 Gen Thimmayya Road, Contonment, Pune - 411001 , Maharashtra, India
  • State Bank of India, Commercial Branch 24, Park Street, Kolkata – 700016, West Bengal, India

 

 

Facilities :

Cash Credit: Rs. 66.000 Millions (State Bank of India)

Cash Credit: Rs. 1484.400 Millions (Indusind Bank)

 

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 Capital Loans from Banks

1801.800

1723.300

Total

17611.200

17149.800

 

Note:

(a) Sales Tax Interest Free Loan from Madhya Pradesh Audyogik Vikas Nigam is secured by hypothecation and mortgage on the movable and immovable properties of Century Cement at Raipur and Maihar Cement at Maihar, present and future and such charge to remain subsequent to the charges created / to be created by the Company in favour of Rupee/ Foreign Currency Term Loans from Banks. (Due within one year Rs. 0.100 Millions).

 

(b) Rupee loans from Banks are secured / to be secured by first pari passu mortgage / hypothecation of all the immovable / movable fi xed assets, present and future, of the Company's Birla Century, Cement, Pulp and Paper (excluding leasehold land) and Rayon Divisions and second charge created / to be created in favour of certain term lenders on the current assets of the Company. Loans for the Company’s Century Denim Division are also secured by mortgage / hypothecation of all the immovable / movable fixed assets of the Denim Division. Short Term Rupee Loan is secured by way of second and subservient charge on movable current assets of the Company (Due within one year Rs. 3945.600 Millions).

 

(c) Pre-shipment, Post-shipment, Cash Credits, Working Capital Demand Loans and Export Bills Discounting facilities are secured against the hypothecation of the whole of the Company’s Raw Materials, Finished Goods, Materialsin- process, Stores and Spares, present and future Book Debts, Receivables, etc. and second charge created / to be created over movable and immovable fixed assets of Birla Century, Cement, Pulp and Paper (excluding leasehold land) and Rayon Divisions of the Company. Inland Bills discounting facilities from Banks are secured against Railway Receipts, Lorry Receipts, etc.

 

(d) The charge by way of hypothecation of Raw Materials, Finished and Semi-finished goods and Stores and Spares in favour of banks, also extends to the guarantees given by the banks on behalf of the Company, aggregating Rs. 1496.800 Millions (31.03.2009 Rs. 1257.000 Millions).

 

 

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 :

--

 

 

 

 

Financial Institute :

  • The Industrial Credit and Investment of India Limited – 163, Backbay Reclamation, Mumbai – 400020, Maharashtra, India

Auditors :

 

Name :

Dalal and Shah

Chartered Accountant

Address :

252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra, India

Pan No.:

AAAFD0907D

 

 

Relationships :
  • Pilani Investment and Industries Corporation Limited.
  • Kesoram Insurance Broking Services Limited.
  • Vasavadatta Services Limited.
  • Industry House Limited
  • Bander Coal Company Private Limited

 

 

Other Related Parties :
  • Kesoram Industries Limited
  • Century Enka Limited
  • Jayshree Tea and Industries Limited

 

 

CAPITAL STRUCTURE

 

As On 31.03.2010

 

Authorised Capital :

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

2508.300

 

 

 

 

TOTAL

43933.300

35438.900

29715.100

 

 

 

 

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

226.000

 

Loans & Advances
7510.100

6722.400

4329.900

Total Current Assets
19340.600

15940.200

12808.400

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

8074.300

6733.200

5749.900

 

Other Current Liabilities
171.700

77.000

68.500

 

Provisions
5525.300

3277.400

2781.200

Total Current Liabilities
13771.300

10087.600

8599.600

Net Current Assets
5569.300

5852.600

4208.800

 

 

 

 

MISCELLANEOUS EXPENSES

62.200

1040.500

1815.100

 

 

 

 

TOTAL

43933.300

35438.900

29715.100

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

44529.000

38156.900

34426.100

 

 

Other Income

946.700

749.700

701.300

 

 

TOTAL                                     (A)

45475.700

38906.600

35127.400

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed, purchases and manufacturing expenses

26004.800

23274.300

19763.400

 

 

(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

7804.300

6471.300

5380.400

 

 

Expenditure transferred to capital account

(57.800)

(53.100)

(87.400)

 

 

Exceptional Items

881.600

364.300

939.300

 

 

TOTAL                                     (B)

36890.400

32354.200

28572.300

 

 

 

 

 

Less

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

8585.300

6552.400

6555.100

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

1005.300

1030.100

891.800

 

 

 

 

 

 

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

7580.000

5522.300

5663.300

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

2344.700

2052.800

1686.000

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

5235.300

3469.500

3977.300

 

 

 

 

 

Less

TAX                                                                  (I)

1673.700

821.500

943.000

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

3561.600

2648.000

3034.300

 

 

 

 

 

 

EXCESS/(SHORT) PROVISION FOR TAXATION

(165.500)

(12.400)

36.600

 

 

 

 

 

 

PRIOR PERIOD ADJUSTMENTS

(1.900)

(7.100)

(8.100)

 

 

 

 

 

 

INSTALLATION 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

5175.700

3770.900

1405.500

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

2374.000

2292.900

1975.700

 

 

Dividend

0.600

0.700

0.600

 

 

Sale proceeds of assets

37.400

0.400

0.000

 

TOTAL EARNINGS

2412.000

2294.000

1976.300

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

2389.900

1551.800

1814.900

 

 

Spare Parts etc

294.500

665.700

328.200

 

 

Capital Goods

6012.900

1697.600

3524.200

 

TOTAL IMPORTS

8697.300

3915.100

5667.300

 

 

 

 

 

 

Basic and Diluted Earnings Per Share (Rs.)

 

 

 

 

- Including Exceptional Items

36.48

25.42

30.03

 

- Excluding Exceptional Items

42.83

29.24

36.69

 

 

Particulars

 

 

 

31.03.2011

Sales Turnover

 

 

50000.000 (above)

 

 

 

 

 

Expected Sales (2011-12) : Rs. 55000.000 Millions

 

The above information has been parted by Mr. Dilip Mishra

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2010 1st Quarter

30.09.2010

2nd Quarter

31.12.2010

3rd Quarter

31.03.2011

4th Quarter

Net Sales

11296.400

11105.000

11636.800

13611.100

Total Expenditure

9069.200

9565.800

10490.000

11840.900

PBIDT (Excl OI)

2227.200

1539.200

1146.800

1770.200

Other Income

27.500

62.500

37.200

217.900

Operating Profit

2254.700

1601.700

1184.000

1988.100

Interest

217.400

297.500

299.200

341.500

Exceptional Items

(5.000)

186.600

(7.500)

(211.900)

PBDT

2032.300

1490.800

877.300

1434.700

Depreciation

582.000

585.300

587.600

641.700

Profit Before Tax

1450.300

905.500

289.700

793.000

Tax

446.000

245.000

76.100

296.500

Profit After Tax

1004.300

660.500

213.600

496.500

Net Profit

1004.300

660.500

213.600

496.500

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
7.83

6.81

8.64

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
11.76

9.09

11.55

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
11.85

8.31

13.28

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.29

0.23

0.31

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.11

1.85

1.75

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.40

1.58

1.49

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

The Details of Sundry Creditors:

Rs. In Millions

Particulars

31.03.2010

31.03.2009

31.03.2008

Sundry Creditors

8074.300

6733.200

5749.900

 

 

SUMMARIZED FINANCIAL RESULTS:

The performance of each business segment of the Company has been comprehensively discussed in the Management Discussion and Analysis Report (forming part of this Directors’ Report) based on the reports of the Wholetime Director of the Company and Senior President / President of each of the units of the Company.

 

EXPORTS:

The total exports of the Company amounted to Rs.3720.000 millions (Previous year Rs.3520.000 millions) representing about 8 percent of the net sales.

 

EXPANSION and MODERNISATION:

 

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 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.

 

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.1660 millions. Completion of the project is scheduled for December, 2010.

 

General

Modernisation and technological upgradation 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.

 

GENERAL – AWARDS, SPORTS and WELFARE ACTIVITIES:

Various Divisions of the Company have received numerous awards for environmental excellence, effi ciency in energy, safety provisions etc. Some of the more important awards are:-

 

Rayon Division:

* Secured First Award for Export Performance in the LSI Textile Category for the year 2007-08 from Directorate of Industries, Government of Maharashtra.

 

Century Cement:

* First Prize for “Overall Performance”, for the limestone mines, from the Directorate General of Mines Safety, Bilaspur Region.

* First Prize for “Overall Performance”, “Reclamation and Rehabilitation” and “Noise, Vibration Control and Aesthetic Beauty” for the limestone mines (Mechanised Mines category) and “Environment Excellence Award” for achieving consistent performance for the last three years in Mine Environment and Mineral Conservation aspects, from Indian Bureau of Mines – Nagpur Region.

 

Maihar Cement and Maihar Cement Unit II :

* “Narmada Award in Overall Performance” and “Sonbhadra Award in Waste Dump Management”, for the limestone mines, from Indian Bureau of Mines, Jabalpur Region.

* Master Aman Singh, student of Class VIII of there School received the Gold Medal in “All India G.K. and I.Q. Test-2009” conducted by “Knowledge Olympiad Society, Hyderabad”.

* 6 Students for the National Level and 8 students for the State Level have been selected for the Gold Medal in

“Maths Talent Search Examination – 2009” held by Putani Vignana Group, Chitradurga, Karnataka. Based on the performance, there school has been recognized as the “Best School” at the National Level for its commitment to spread a scientifi c attitude among the students and the mathematics teacher of there school, Mrs. Shipra Chatterjee has been awarded a Gold Medal and the certifi cate of “Hexagon award for Maths Excellence”.

 

Manikgarh Cement :

* First Prize for “Overall Performance” for the limestone mines from the Directorate General of Mines Safety Nagpur Region (I and II).

* First Prize for “Overall Performance” from the Indian Bureau of Mines, Nagpur Region, (Chhattisgarh and Madhya Pradesh).

 

Pulp and Paper:

* Awarded 1st prize by the Government of Uttarakhand entitled “State Energy Conservation Award 2009” under the Large and Medium Scale Industries for outstanding achievements in Energy Conservation at Dehradun on 14.12.2009.

* The Unit’s Quality Circle “Agro” has secured “Excellent” award in the 23rd National Convention on Quality Circles; organized by the Quality Circle Forum of India, Bangaluru – Chapter.

* Five workmen of there Unit’s Quality Circle “Skylark” were awarded “Vishwakarma Rashtriya Puraskar and National Safety awards for the performance year 2007” recognising the performance of workers in promoting productivity, effi ciency and safety, by the Government of India, Ministry of Labour and Employment, New Delhi.

 

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, 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:

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.

 

Segmental Review and Analysis:

The production at there 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.

 

Outlook:

They are trying to focus on cost cutting strategies, development of new markets and maintaining the quality of there 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.

Industry Structure and Development:

The demand for viscose fi lament yarn (VFY) and continuous spun yarn (CSY) remained steady during the year.

The domestic market is witnessing an infl ux 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 infl ow of these materials and provide a level playing fi eld 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.

 

Segmental Review and Analysis:

There 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 profi t margins of the unit.

 

Salt Works

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

 

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 fi bre policy, to be announced by the Government of India soon, is likely to address the concerns of this man-made fi bre industry. Considering all prevalent circumstances, the outlook for the industry is considered a bit optimistic.

 

BUSINESS SEGMENT – CEMENT DIVISIONS

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.

 

Segmental Review and Analysis:

All cement units of the Company have operated at optimum levels. During the year the Company produced 75.83 lac tonnes (previous year - 72.16 lac 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.

 

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

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.

 

Segmental 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.

 

Outlook:

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

 

 

 

Rs. In Millions

Contingent Liabilities not provided for:

31.03.2010

(a) Guarantees given by the Company's bankers

[Guarantees have been given by the Company's bankers in the normal course of business and are not expected to result in any liability on the Company)

18.900

(b) (i) Claims against the Company not acknowledged as debts in

respect of :

 

- Custom Duty and Excise Duty

378.900

- Sales Tax and Entry Tax

359.600

- Power Charges

237.200

- Royalty

1688.000

- Others

186.000

(ii) Claims against members of a "Business Consortium of Companies" in which the Company had an interest not acknowledged as debts. (proportionate)

174.800

 

 

Form 8:

 

Corporate identity number of the company

L17120MH1897PLC000163

Name of the company

CENTURY TEXTILE AND INDUSTRIES LIMITED

Address of the registered office or of the principal place of  business in India of the company

'Century Bhavan'dr Annie Besant Road, Worli, Mumbai - 400025, Maharashtra, India

 

This form is for

Modification of charge

Type of charge

Immovable Property

Particular of charge holder

Name :

Indusind Bank Limited

Address :

2401 Gen Thimmayya Road, Contonment, Pune - 411001 , Maharashtra, India

Email :

companysecretary@indusind.com

Nature of instrument creating charge

Oraldeposit of title deeds on 23.12.2010

Date of instrument Creating the charge

23.12.2010

Amount secured by the charge

Rs. 1484.400 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest - Base Rate+2.75% P. A. Payable Monthly.

 

Terms of Repayment - 12 Equal Quarterly Installments of 123.700 millions After Moratorium Period Of Two Years.

1st Installment Due On 27th Month From The Date of 1st Disbursement.

 

Extent and Operation of the charge - The Charge Created Shall Rank Paripassu with the Existing First Pari Passu Chargeholders.

Particulars of the property charged

Land And Building And Plant and Machineries Attached Thereto At Below Mention Properites At C.S. 794 (Pt.) Of Phase  1-B (Now Phase -1) At Pandurang Budhkar Marg, Worli, Mumbai

Particulars of the present modification

Mortgage Created  is Extended to Property At C.S. 794 (Pt.) of Phase 1-B (Now Phase-1) At Pandurang Budhkar Marg Worli Mumbai

 

 

Fixed Assets:

  • Land
  • Freehold and leasehold, Worli, Mumbai
  • Buildings
  • Improvement to leased premises
  • Water pipe lines and tanks
  • Plant and machinery
  • Floral plantation
  • Railway siding and locomotives
  • Ropeway
  • Resevoir and pans
  • Electric installation
  • Air-condition plant
  • Furniture, fixtures, equipments etc
  • Software development
  • Air-craft
  • Vehicles

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.

 

 

73.84CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.29

UK Pound

1

Rs.73.84

Euro

1

Rs.64.18

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

9

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

6

--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

NO

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

64

 

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.