MIRA INFORM REPORT

Report Date :

07.09.2011

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) :	31.03.2011
Date of Incorporation :	20.10.1897
Com. Reg. No.:	11-000163
Capital Investment / Paid-up Capital :	Rs.930.400 Millions
CIN No.: [Company Identification No.]	L17120MH1897PLC000163
TAN No.: [Tax Deduction & Collection Account No.]	MUMC04722E MUMC11976G MUMC10668A
PAN No.: [Permanent Account No.]	AAACC2659Q
Legal Form :	A Public Limited Liability Company. The Company’s Shares 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 78000000
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.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Dilip Mishra
Designation :	Finance Department

LOCATIONS

Registered Office :	‘Century Bhavan’ Dr Annie Besant Road, Worli, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-24957000
Fax No.:	91-22-24309491/ 2436 1980
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 – 400020, 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 :	P.O. Box 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 – 421103, 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 :	8^th 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 :	Senior 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 30.06.2011)

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	8,971,671	9.68
Financial Institutions / Banks	3,751,596	4.05
Central Government / State Government(s)	2,580	-
Insurance Companies	2,792,572	3.01
Foreign Institutional Investors	5,599,347	6.04
Sub Total	21,117,766	22.77
(2) Non-Institutions
Bodies Corporate	10,590,174	11.42
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	17,018,388	18.35
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	4,807,551	5.18
Any Others (Specify)	1,626,461	1.75
Clearing Members	351,602	0.38
Non Resident Indians	824,100	0.89
Overseas Corporate Bodies	365,820	0.39
Trusts	82,246	0.09
Foreign Nationals	613	-
Directors & their Relatives & Friends	2,080	-
Sub Total	34,042,574	36.71
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	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

PRODUCTION STATUS (As On 31.03.2011)

Particulars	Licensed Capacity	Installed Capacity (a)*	Actual Production (b)
Cloth	31608000 Mtrs	25000000 Mtrs	22903698 Mtrs
Made Ups	-	-	412886 Sets
Cotton Yarn	-	-	1034908 Kgs
Cotton Yarn/Blended Yarn	25200 Spindles	24960 Spindles	42442002 Kgs
Denim Cloth	21000000 Mtrs	21000000 Mtrs	15137834 Mtrs
	M.T	M.T	M.T
Viscose Filament Yarn and Viscose Tyre Yarn/Industrial Yarn	30000	25000	-
Rayon Yarn	-	-	18027
Tyre Yarn and Fabric (c)	-	-	3034
High Performance (c)	-	-	-
Viscose Staple Fibre (c)	-	-	-
Sulphuric Acid	71000	71000	68695
Carbon di-sulphide	20000	18000	14899
Caustic Soda	28426	20500	20304
Liquid Chlorine	25000	17500	17255
Hydrochloric Acid	47241	19241	3297
Refined Salt (d)	144000	100000	63258
Salt	-	-	57440
Cement	7800000	7800000	7701762
Paper including Paper Board/Straw Board	29800	37250	38388
Rayon and/or Paper Grade Pulp	20000	31320	36858
Bagasse based Paper @	84600	84600	84522
Newsprint	20000	-	-
Recycle Based Paper	75960	75960	84783
Prime Grade Tissue Paper	36000	36000	12689
Compressed Hydrogen M3 @	8000000	6200000	5034197
Flowers (Cut Rose, Gerbera etc)	NA	--	6881173 Flowers

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

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

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

(d) Capacity as per registration given by Dy. Salt Commissioner vide its office letter No.18 (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.

@ Company has filed memorandum with the Department of Industrial Development, Ministry of Industry.

* Installed against Industrial Entrepreneur Memorandum. Company has filed memorandum of information with Secretariat for Industrial approval, Government of India.

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 :

Secured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Sales Tax Loan from Madhya Pradesh Audyogik Vikas Nigam (Interest free)	0.000	0.100
Term Loans from Banks
- Rupee Loans	16252.100	13309.300
Short Term Rupee Loan from a Bank	0.000	2500.000
Working Capital Loans from Banks	4728.300	1801.800
Total	20980.400	17611.200

Unsecured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Fixed Deposits	534.700	421.400
Short Term Borrowings :
- From Banks -
Under Buyer’s Credit Arrangement	5120.200	4135.300
Rupee Loans	1950.000	1000.000
Commercial Paper (Maximum balance outstanding during the year Rs.950.000 millions; Previous year Rs. Nil)	1500.000	500.000
Total	9104.900	6056.700

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
Group Companies :	· Kesoram Textiles · Century Enka · Manikgarh Cement · Maihar Cement, Mumbai · Jayshree Tea and Industries Limited. · Kesoram Cement · Vasavadatta Cement · Century Rayon · Manjushree Plantations Limited · Birla Tyres · Century Pulp and Papers, Calcutta · Kesoram Rayon · Mangalam Cement Limited · Vidula Chemicals and Mfg. Company Limited · Rajshree Polyfils · Birla Century Finance Limited · Woodcraft Products Limited · Mangalam Timber · Century Salt
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 31.03.2011

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 Capital :

No. of Shares	Type	Value	Amount
93061090	Equity Shares	Rs.10/- each	Rs.930.611 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.930.457 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		930.400	930.400	930.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		18600.600	16821.600	14024.800
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		19531.000	17752.000	14955.200
LOAN FUNDS
1] Secured Loans		20980.400	17611.200	17149.800
2] Unsecured Loans		9104.900	6056.700	433.100
TOTAL BORROWING		30085.300	23667.900	17582.900
DEFERRED TAX LIABILITIES		2639.400	2513.400	2900.800
TOTAL		52255.700	43933.300	35438.900
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23987.300	24843.700	25797.500
Capital work-in-progress		19983.500	12873.800	2282.900
INVESTMENT		683.600	584.300	465.400
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10706.700	8684.200	6705.700
	Sundry Debtors	3081.000	2251.100	1508.900
	Cash & Bank Balances	414.700	574.100	665.400
	Other Current Assets	326.800	321.100	337.800
	Loans & Advances	10296.400	7446.800	6722.400
Total Current Assets		24825.600	19277.300	15940.200
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	8673.500	7948.800	6733.200
	Other Current Liabilities	2047.800	171.700	77.000
	Provisions	6503.000	5525.300	3277.400
Total Current Liabilities		17224.300	13645.800	10087.600
Net Current Assets		7601.300	5631.500	5852.600
MISCELLANEOUS EXPENSES		0.000	0.000	1040.500
TOTAL		52255.700	43933.300	35438.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	46766.800	44529.000	38156.900
		Other Income	1254.100	946.700	749.700
		TOTAL (A)	48020.900	45475.700	38906.600
Less	EXPENSES
		Cost of materials consumed, purchases and manufacturing expenses	29411.600	26004.800	23274.300
		(Increase)/Decrease in Inventories	(336.100)	(1074.800)	(748.700)
		Payments to and provisions for employees	3652.700	3332.300	3046.100
		Selling and other expenses	8350.400	7804.300	6471.300
		Expenditure transferred to capital account	(112.700)	(57.800)	(53.100)
		Exceptional Items	37.800	881.600	364.300
		TOTAL (B)	41003.700	36890.400	32354.200
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7017.200	8585.300	6552.400
Less	FINANCIAL EXPENSES (D)		1182.100	1005.300	1030.100
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5835.100	7580.000	5522.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2396.600	2344.700	2052.800
	PROFIT BEFORE TAX (E-F) (G)		3438.500	5235.300	3469.500
Less	TAX (I)		1042.500	1673.700	821.500
	PROFIT AFTER TAX (G-I) (J)		2396.000	3561.600	2648.000
	EXCESS/(SHORT) PROVISION FOR TAXATION		(21.100)	(165.000)	(12.400)
	PRIOR PERIOD ADJUSTMENTS		0.000	(1.900)	(7.100)
	INSTALLATION OF ARREARS OF DEPRECIATION		0.000	0.000	(263.100)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3078.900	1781.000	1405.500
Less	APPROPRIATIONS
		Proposed Equity Dividend	511.800	511.800	418.700
		Tax on Proposed Equity Dividend	83.000	85.000	71.200
		Transfer to General Reserve	1500.000	1500.000	1500.000
	BALANCE CARRIED TO THE B/S		3359.000	3078.900	1781.000
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2882.200	2374.000	2292.900
		Dividend	0.600	0.600	0.700
		Sale proceeds of assets	0.000	37.400	0.400
		Others	1.700	0.000	0.000
	TOTAL EARNINGS		2884.500	2412.000	2294.000
	IMPORTS
		Raw Materials	1984.000	2389.900	1551.800
		Spare Parts etc	441.700	294.500	665.700
		Capital Goods	1016.200	6012.900	1697.600
	TOTAL IMPORTS		3441.900	8697.300	3915.100
	Basic and Diluted Earnings Per Share (Rs.)
	- Including Exceptional Items		25.52	36.48	25.42
	- Excluding Exceptional Items		25.80	42.83	29.24

QUARTERLY RESULTS

PARTICULARS	30.06.2011
Type	1^st Quarter
Net Sales	11760.300
Total Expenditure	10646.100
PBIDT (Excl OI)	1114.200
Other Income	25.800
Operating Profit	1140.000
Interest	345.600
Exceptional Items	0.000
PBDT	794.400
Depreciation	600.600
Profit Before Tax	193.800
Tax	(45.200)
Provisions and contingencies	0.000
Profit After Tax	239.000
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	239.000

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.99	7.83	6.81
Net Profit Margin (PBT/Sales)	(%)	7.35	11.76	9.09
Return on Total Assets (PBT/Total Assets}	(%)	0.70	11.87	8.31
Return on Investment (ROI) (PBT/Networth)		0.18	0.29	0.23
Debt Equity Ratio (Total Liability/Networth)		2.42	2.10	1.85
Current Ratio (Current Asset/Current Liability)		1.44	1.41	1.58

LOCAL AGENCY FURTHER INFORMATION

BUSINESS DESCRIPTION

Company is a India-based company that operates in four segments. The Textiles segment’s products/services consist of yarn, cloth and denim cloth, viscose filament yarn and tyre yarn. The Pulp and Paper segment’s products/services consist of pulp, writing and printing paper, tissue paper, multilayer packaging board and fiber line. The Cement segment’s products/services consist of cement and clinker. Others include salt works, chemicals, floriculture and real estate. Its Rayon Division produces various specialty yarns, such as intermingled yarn, fancy yarn, carpet yarn and monofilament split yarn. The Company is a paper producer offering writing and printing grades, copier, specialty grades, tissue and packaging boards. The sale of its ready-to-wear garments is marketed under Cottons by Century brand name. The Company’s new Textile mill, Birla Century, in Gujarat manufactures textile fabrics. For the nine months ended 31 December 2010, Company’s revenues increased 4% to RS34.15B. Net income decreased 34% to RS1.88B. Revenues reflect an increase in income from textiles segment, higher income from pulp and paper and a rise in others income. Net income was offset by an increase in consumption of raw material, a rise in employee cost, an increase in cost of depreciation and a rise in stores and spare parts consumed.

EXPORTS:

The total exports of the Company amounted to Rs.3660.000 Millions (Previous year Rs.3720.000 Millions) representing about 8 percent of the net sales.

EXPANSION AND MODERNISATION

RAYON

The process of installation of 12 machines for production of viscose filament yarn is in progress in order to increase the production capacity of viscose filament yarn by about 5 per cent per annum. Further, two existing electrolyzers are being replaced by an energy efficient electrolyzer in the Caustic Soda plant. These improvements involve capital expenditure of about Rs.500.000 Millions and are expected to be completed before December, 2011.

Cement

Purchase orders for supply of main plant and machinery for 1.5 million tonnes per annum (tpa) cement grinding unit named Sonar Bangla Cement at Sagardighi, Distt. Murshidabad, West Bengal and for expansion of 2.8 million tpa cement manufacturing capacity at Manikgarh Cement, Gadchandur, Distt. Chandrapur, Maharashtra have been released.

At Sonar Bangla Cement (Grinding Unit) extensive pilling work on account of soil condition had to be undertaken and it is likely to be over by June, 2011. Thereafter main plant civil work will commence. Civil work for Manikgarh Cement expansion will start from June, 2011. The Sonar Bangla Cement (Grinding Unit) is expected to be operational by September, 2012 and Manikgarh Cement expansion by March, 2013.

After ongoing up gradation and expansion, the total cement manufacturing capacity will stand increased to 12.8 million tonnes per annum.

Pulp and Paper

The Fibre Line (Pulp Plant) with a capacity of 1.62 lac tonnes per annum and Multilayer Packaging Board Plant with a capacity of 1.8 lac tonnes per annum are near completion. The production is expected to commence during May, 2011 and will get stabilized in due course. It may be added that the 43 MW turbine has already been commissioned successfully.

They have undertaken up gradation of Paper Machine based on recycled pulp by installing a size press and A-4 cutter for copier paper for which orders have already been placed. We are also increasing the bagasse pulping capacity by another 23,400 tonnes per annum by installing a continuous digester and carrying out modifications in the existing plant. The total cost for these initiatives is expected to be about Rs.2200.000 Millions and these are likely to be completed before the end of the current financial year.

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.

MANAGEMENT DISCUSSION AND ANALYSIS

OVERALL REVIEW:

The overall profitability of the Company during the year has been adversely affected as compared to the previous year due to unfavorable market conditions prevailing for a major part of the year, particularly in the cement segment which is a major contributor to the revenues of the Company. Global economic recovery is still uneven and weak though emerging economies have grown strongly. Commodity prices have risen sharply. Oil prices are uncomfortably high due to various factors including unrest in several Middle Eastern countries. In India, the economy has grown well. Concerns include rising commodity prices, high inflation, particularly food price inflation and high current account deficit. The rupee has been strengthening against the dollar putting pressure on realizations from exports. In order to control high inflation, RBI has adopted tighter monetary policies which have resulted in higher interest rates. Interest cost is likely to increase further in the coming years partly due to higher borrowings for various expansions programmes and partly because of a general increase in the interest rates on all types of borrowings, whether short term or long term. Other input costs such as those of coal, power and oil are also rising regularly year after year due to various factors including fresh levies by way of excise duty, service tax, etc. by the Government and the market is not in a position to absorb compensating cost increases fully. We expect the growing economy to result in increased demand and the ability and willingness to accept price increases.

· BUSINESS SEGMENT – TEXTILES

COTTON TEXTILES, YARN AND DENIM

Industry Structure and Development:

The Textile industry faces a particularly acute challenge as the price of its raw material, viz. cotton, has increased by more than 100 per cent in just the last one year. The industry has not been able to take the advantage of heavy investments made in recent years because of lack of demand. Particularly in the export market, the prices realizable are not remunerative. The importing countries are still not fully out of the demand recession and the adverse rupee dollar parity does not encourage exports. Allowing export of cotton has created an acute shortage of this commodity. This factor coupled with increased cost to an unprecedented level and partial restrictions on the export of yarn up to March, 2011 have all added to the problems of the industry. Unless export policies get stabilized on a sound footing, it will be difficult for the industry to improve substantially in the near future.

Outlook:

In spite of the current stressful situation outlined above, the demand for cotton textiles in the long run should remain strong in India and abroad. The continued efforts to maintain quality and scouting for new and better markets should promote growth and we hope to achieve a better performance in the near future.

CENTURY RAYON – VISCOSE FILAMENT YARN (VFY), CONTINUOUS SPUN YARN (CSY) AND RAYON TYRE YARN

Industry Structure and Development:

During the year, overall demand for VFY improved in the backdrop of a spurt in consumption for few end-use segments, ensuring off-take outstripping supplies. Arrivals from China continue to remain high and more quantities now emanating are in the form of value added products like doubled and twisted yarn.

In view of high imports of double and twisted yarn and embroidery yarn from China, an application has been filed by the industry to Government to impose a safe guard duty on imports, so as to provide a level playing field to Indian producers.

Due to this industry being labour intensive, and subject to stringent environment control the world over, including

India, no new major expansions are in the pipeline.

In a positive note for the industry, consumption of finer denier yarn is on the rise and fabric selling prices are firm

Outlook:

Finer denier yarn and eco-friendly fabrics are being increasingly favoured by discerning customers and they have the advantage of versatility in suiting our yarn to what the fashion industry wants. The outlook for VFY remains comfortable.

· BUSINESS SEGMENT – CEMENT DIVISIONS

Industry Structure and Development:

The Indian cement industry is the second largest in the world. The industry occupies an important place in the national economy because of its strong linkages to other sectors such as construction, coal, power and transportation.

It is also one of the major contributors to the exchequer by way of direct and indirect taxes.

The Indian cement industry has witnessed healthy trends such as cost control and continuous technology up gradation.

The present installed capacity is about 280 million tonnes and it is set to achieve the capacity of 298 million tonnes (including mini plants) targeted by the working group on the cement industry for the XI five year (2007-12) plan.

During the year 2010-11, cement production in the country stood at 210.52 million tonnes as against 201.28 million tonnes during the previous year 2009-10 witnessing a growth of about 4.6%.

Outlook:

Pricing pressures will continue in the short / medium term and competition may be intensified by greater fragmentation of production with many small players increasing capacity to become mid size players. Companies enjoying a leaner cost structure, Locational advantages, strong capital structures and geographically dispersed plants would be in a better position to face competition.

Looking further ahead, high domestic growth is expected to boost consumption. The pace of capacity addition is expected to slow down from 2012 onwards. The long term outlook for the industry looks positive.

· BUSINESS SEGMENT – CENTURY PULP AND PAPER

Industry Structure and Development:

The demand for paper in India is estimated to be growing at 8 to 9% p.a. which is higher than the world average. This is also helped by the emphasis of the Government on improving literacy and spreading education through various programmes like Sarva Siksha Abhiyan. The production capacities on the other hand are also being augmented in the last 2 to 3 years. The increase in demand is now catching up with the increased production and demand and supply should come to equilibrium during the current year.

With the economy growing, the demand for tissue paper has improved and is likely to increase in the domestic as well as international markets in the coming years.

Outlook:

The overall outlook for writing and printing paper, packaging board etc. in both domestic and export markets is positive.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
(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)	44.900	18.900
(b) (i) Claims against the Company not acknowledged as debts in respect of :
- Custom Duty and Excise Duty	411.300	378.900
- Sales Tax and Entry Tax	404.900	359.600
- Power Charges	124.800	237.200
- Royalty	2029.300	1688.000
- Others	331.000	186.000
(ii) Claims against members of a "Business Consortium of Companies" in which the Company had an interest not acknowledged as debts. (proportionate)	185.900	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 27^th Month From The Date of 1^st 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

DIRECTOR’S PROFILE:

Mr. Basant Kumar Birla

Non-Executive Chairman of the Board- Chairman- RT 

Mr. Basant Kumar Birla is Non-Executive Chairman of the Board of Company. He is an Industrialist having Business experience. He is Director of Century Enka Limited, Jay Shree Tea and Industries Limited, Kesoram Industries Limited, Pilani Investment And Industries Corporation Limited.

Mr. Kumar Mangalam Birla

Non-Executive Director - Director/Board Member RT

Dr. Kumar Mangalam Birla is Non-Executive Director of Company. He is a Industrialist. His other Directorships includes Grasim Industries Limited, Aditya Birla Nuvo Limited, Hindalco Industries Limited, Birla Sunlife Asset Management Company Limited, Birla Sunlife Insurance Company Limited, Essel Mining and Industries Limited, Ultra Tech Cement Limited, Idea Cellular Limited and Aditya Birla Minacs Worldwide Limited.

Mr. Amal Ganguli

Independent Non Executive Director - Director/Board Member- RT

Mr. Amal Ganguli is an Independent Non Executive Director of Company. He is an Eminent Chartered Accountant having experience in Finance. He is Director of Maruti Suzuki India Limited, Tata Communications Limited, ICRA Limited, HCL Technologies Limited, New Delhi Television Limited, Triveni Engineering and Industries Limited, AVTEC Limited, Hughes Communications India Limited, Aricent Technologies (Holdings) Limited, Tata Teleservices Maharashtra Limited.

NEWS:

F &O total turnover stood at Rs.1088016.200 Millions on August 30

Accord Fintech (India)

02 September 2011

[What follows is the full text of the news story.]

India, Sept. 02 -- Future and Option (F&O) total turnover stood at Rs.1088016.200 Millions on August 30, and the total numbers of contract traded on the day were 4417508.Of the total turnover, Index Futures contributed Rs.155614.900 Millions, Stock Futures Rs.127863.000 Millions and Index Options Rs.775838.700 Millions while, the contribution of the Stock Options was of Rs.28699.500 Millions. For the day the total F&O Put Call ratio stood at 0.99 while Index Options Put Call ratio was 1.03 and that of Stock Options was 0.37.The top five scrips with highest PCR on OI were Century Textiles 4.00, Siemens 2.30, Kotak Bank 1.54, Sesa Goa 1.45 and Dr. Reddy's 1.21.Among most active underlying, SBI witnessed an addition of 1.18% of Open Interest (OI) in the September month futures contract followed by RIL witnessed an addition of 2.00% of Open Interest (OI) in the near month contract. Meanwhile Tata Steel and ICICI Bank witnessed an addition of 8.97% and 13.12% of OI in the September month futures respectively. Finally, Infosys witnessed an addition of 11.43% of Open Interest (OI) in the September month futures. Published by HT Syndication with permission from Accord Fintech.

F&O total turnover stood at Rs.901306.600 Millions on August 29

Accord Fintech (India)

30 August 2011

[What follows is the full text of the news story.]

India, Aug. 30 -- Future and Option (F&O) total turnover stood at Rs.901306.600 Millions on August 29, and the total numbers of contract traded on the day were 3718982.Of the total turnover, Index Futures contributed Rs.128859.900 Millions, Stock Futures Rs.103959.700 Millions and Index Options Rs.645090.900 Millions while, the contribution of the Stock Options was of Rs.23396.100 Millions. For the day the total F&O Put Call ratio stood at 1.06 while Index Options Put Call ratio was 1.10 and that of Stock Options was 0.38.The top five scrips with highest PCR on OI were Century Textiles 4.00, Siemens 3.00, Dr. Reddy's 3.00, Kotak Bank 1.50 and Sun Pharmaceuticals Industries 1.38 Among most active underlying, SBI witnessed an addition of 6.16% of Open Interest (OI) in the September month futures contract followed by RIL witnessed a decline of 0.80% of Open Interest (OI) in the near month contract. Meanwhile IFCI and Tata Steel witnessed an addition of 5.50% and 0.47% of OI in the September month futures respectively. Published by HT Syndication with permission from Accord Fintech.

Nifty continues bull run on firm global cues; reclaims 5,000 level

Accord Fintech (India)

30 August 2011

[What follows is the full text of the news story.]

India, Aug. 30 -- Nifty continued its bull run for second straight session and snapped the day's trade with a gain of over one and half a percent, reclaiming its crucial 5,000 level as sentiments remained buoyant on the back of positive global leads. Moreover, global sentiments remained supportive as US recorded largest increase in consumer spending in five months and report of consolidation between two Greek banks too aided the sentiment. Earlier, the local market made a gap up start on the back of strong global leads while Non-banking finance companies (NBFC) too supported the up-move as stocks like SREI Infrastructure Finance, Mahindra and Mahindra Financial Services, Bajaj Finserv and L and T Finance Holdings surged in early trade triggered by new bank license norms and NBFC guidelines issued by the Reserve Bank of India. In the late morning trade, the domestic market slipped to its intraday low after the GDP data came slightly higher than street expectation but lower on Y-o-Y basis. GDP for the quarter ended June 2011 came in at 7.7%, the slowest pace since 2010, as against 8.8% in the year ago period. Manufacturing sector growth came in at 7.2% v/s 12.7% on a y-o-y basis. Industrial growth stood at 5.1% and the farm sector grew at 3.9% moreover, ONGC continued bleeding and ended the session with a cut of over 4 percent as company is likely to come up with a follow-on public offer on September 20. Afterwards, market strengthened again as European counterparts opened on a strong note. Huge buying interest was seen in Heavyweight Reliance Industries that helped Nifty to regain its crucial 5,000 mark. Meanwhile, the parliament has approved the State Bank of India (Subsidiary Banks Laws) Amendment bill, which will pave the way for the central government to effectively manage the affairs of these associate banks. Stocks like, State Bank of Travancore, State Bank of Mysore and State Bank of Bikaner and Jaipur all zoomed by 10-16 percent in the last leg of trade. Finally, Nifty snapped the day's trade near its intraday high tad above its psychological 5,000 mark with a gain of over 80 points. Meanwhile, Nifty 5000 call volume were over 0.425 Million and open interest was over 5.535 Millions adding 0.500 Million during the day, moreover, open interest remained over 4.493 Million with addition of over 0.300 Million for Nifty 5100 call indicating that the marketmen are bullish about the market. On the global front, the US markets surged overnight on getting good economic news and as the Tropical Storm Irene caused far less damage than many had feared while, most of the Asian equity indices finished the day's trade in the positive terrain on Tuesday following Wall Street rally after a better-than-expected batch of US consumer spending data. Moreover, European counterparts were trading on a mixed note where major indices like CAC, DAX edged lower while, FTSE was trading with a gain of over two percent at this point of time. Back home, broad based buying supported most of the sectoral indices on the NSE to settle in the positive territory with CNX Realty surging the most and ending with a gain of 4.02% followed by CNX IT up 2.10% and Bank Nifty up 2.04% while, CNX PSE down by 0.79% and CNX FMCG down by 0.13%. The India Volatility Index (VIX), a gauge for market's short term expectation of volatility, declined 4.56% and reached 26.07, while S&P Nifty moved higher by 81.40 points or 1.65% to close at 5,001.00. The India VIX lost 1.19% at 24.88 as compared to its previous close of 26.07 on Monday. The 50-share S&P CNX Nifty gathering over 81.40 points or 1.65% settled at 5,001.00.Nifty September 2011 futures closed at 5,014.05 at a premium of 13.05 points over spot closing of 5,001.00, while Nifty October 2011 futures were at 5,026.20 at a premium of 25.20 points over spot closing. The near month September 2011 derivatives contract expires on Thursday, September 29, 2011. Nifty September futures saw addition of 10.32% or 2.39 million (mn) units, taking the total outstanding open interest (OI) to 25.60 mn units. From the most active contract by contract value, SBI's September 2011 futures were at a premium of 8.60 point at 1981.60 compared with spot closing of 1973.00. The number of contracts traded was 35,726.RIL September 2011 futures were at a premium of 1.90 point at 786.95 compared with spot closing of 785.05. The number of contracts traded was 28,561. L and T September 2011 futures were at a discount of 0.50 point at 1613.50 compared with spot closing of 1614.00. The number of contracts traded was 12,990.Tata Steel September 2011 futures were at a discount of 1.55 point at 466.45 compared with spot closing of 468.00. The number of contracts traded was 20,030. Infosys September 2011 futures were at a discount of 1.70 point at 2356.95 compared with spot closing of 2358.65. The number of contracts traded was 15,676.Among Nifty calls, 5000 SP from the September month expiry was the most active call with an addition of 0.49 million 9.80%.Among Nifty puts, 4900 SP from the September month expiry was the most active put with addition of 1.31 million or 34.45%.The maximum Call OI outstanding for Calls was at 5000 SP (5.54 mn) and that for Puts was at 4800 SP (5.13 mn). The respective Support and Resistance levels are: Resistance 5035.65-- Pivot Point 4981.6-- Support 4946.95.The Nifty Put Call Ratio (PCR) OI wise stood at 1.39 for September -month contract. The top five scrips with highest PCR on OI were Century Textiles 4.00, Siemens 2.30, Kotak Bank 1.54, Sesa Goa 1.45 and Dr. Reddy's 1.21.Among most active underlying, SBI witnessed an addition of 1.18% of Open Interest (OI) in the September month futures contract followed by RIL witnessed an addition of 2.00% of Open Interest (OI) in the near month contract. Meanwhile Tata Steel and ICICI Bank witnessed an addition of 8.97% and 13.12% of OI in the September month futures respectively. Finally, Infosys witnessed an addition of 11.43% of Open Interest (OI) in the September month futures. Published by HT Syndication with permission from Accord Fintech.

F&O total turnover stood at Rs.1013755.900 Millions on August 26

Accord Fintech (India)

27 August 2011

[What follows is the full text of the news story.]

India, Aug. 27 -- Future and Option (F&O) total turnover stood at Rs.1013755.900 Millions on August 26, and the total numbers of contract traded on the day were 4239309.Of the total turnover, Index Futures contributed Rs.148879.800 Millions, Stock Futures Rs.115197.800 Millions and Index Options Rs.726395.900 Millions while, the contribution of the Stock Options was of Rs.23282.400 Millions. For the day the total F&O Put Call ratio stood at 1.21 while Index Options Put Call ratio was 1.25 and that of Stock Options was 0.54.The top five scrips with highest PCR on OI were Century Textiles 8.00, Siemens 3.00, Kotak Bank 2.29, Dr. Reddy's 2.25 and Dabur India 2.00 Among most active underlying, SBI witnessed an addition of 7.35% of Open Interest (OI) in the September month futures contract followed by RIL witnessed an addition of 2.34% of Open Interest (OI) in the near month contract. Meanwhile Tata Steel witnessed an addition of 3.40% of OI in the September month futures. Published by HT Syndication with permission from Accord Fintech

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.46.13
UK Pound	1	Rs.74.18
Euro	1	Rs.64.88

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.