MIRA INFORM REPORT

Report Date :

14.12.2012

IDENTIFICATION DETAILS

Name :	CENTURY TEXTILE AND INDUSTRIES LIMITED

Registered Office :	‘Century Bhavan’, Dr. Annie Besant Road, Worli, Mumbai – 400025, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

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.]	MUMC10668A

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.

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

No. of Employees :	12672 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING

STATUS

PROPOSED CREDIT LINE

56-70

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 76000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is an old and well established reputed company having good track. The company is a trendsetter in cotton textiles. Financial position of the company appears to be strong. There appears a huge dip in the profitability of the company during the year 2012 in view of adverse market conditions. However, trade relations are reported as praiseworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	AA- (Long term bank facilities)
Rating Explanation	Having high degree of safety regarding timely servicing of financial obligation it carry low credit risk.
Date	September, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered/ Corporate Office :	‘Century Bhavan’, Dr. Annie Besant Road, Worli, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-24957000
Fax No.:	91-22-24309491/24361980
E-Mail :	atulkedia@centurytext.com centextho@centurytext.com
Website :	http://www.centurytext.com

Corporate Office:	CENTURY RAYON Industry House, 159, Churchgate Reclamation, Mumbai – 400020, Maharashtra, India Tel No.: 91-22-22027570

Factory :	BIRLA CENTURY Plot No. 826, GIDC Industrial Estate, Jhagadia - 393 110, District Bharuch, Gujarat, India CENTURY RAYON Rayon, Tyre Cord and Chemical Plants, Murbad Road, Kalyan - 421 103, Maharashtra, India CENRAY MINERALS AND CHEMICALS Nawa Nagna, Jamnagar - 361 007, Gujarat, India CENTURY CEMENT P.O. Baikunth - 493 116, District Raipur, Chhattisgarh, India MAIHAR CEMENT UNITS I and II P.O. Sarlanagar - 485 772, Maihar, District Satna, Madhya Pradesh, India MANIKGARH CEMENT P.O. Gadchandur - 442 908, District Chandrapur, (Maharashtra) CENTURY PULP AND PAPER Ghanshyamdham, P.O. Lalkua - 262 402, District Nainital, Uttarakhand, India CENTURY YARN CENTURY DENIM Village and Post Satrati, Tehsil – Kasrawad, District Khargone - 451 660, Madhya Pradesh, India Tel. No.: 91-7285-255277/ 255281/ 82/ 83/ 84 Fax No.: 91-7285-255305

DIRECTORS

(AS ON 31.03.2012)

Name :	Mr. B.K. Birla
Designation :	Chairman

Name :	Mr. Kumar Mangalam Birla
Designation :	Director

Name :	Mr. Pradip Kumar Daga
Designation :	Director

Name :	Mr. Arvind C. Dalal
Designation :	Director

Name :	Mr. Amal Ganguli
Designation :	Director

Name :	Mr. B. L. Jain
Designation :	Whole Time Director

KEY EXECUTIVES

TEXTILE CENTURY TEXTILES BIRLA CENTURY, CENTURY YARN AND DENIM :
Name :	Mr. R.K. Dalmia
Designation :	Senior President

Name :	Mr. D.K. Agrawal
Designation :	President (Corporate Finance) and Secretary

Name :	Mr. U.C. Garg
Designation :	Executive President (Purchase and Projects)

Name :	Mr. R.C. Panwar
Designation :	Joint President (Marketing)

Name :	Mr. Sanjay Khimesra
Designation :	Joint President (Birla Century)

RAYON CENTURY RAYON, TYRECORD AND CHEMICALS:
Name :	Mr. O.R. Chitlange
Designation :	Senior President

Name :	Mr. R. Lalwani
Designation :	President (Commercial)

Name :	Mr. S.M. Sanklecha
Designation :	Joint President (Purchase)

Name :	Mr. S.K. Mital
Designation :	Joint President (Engineering Services and Auxiliaries)

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. Sudhir Luthra
Designation :	Senior Vice President (Chemicals)

Name :	Mr. B. Manmohan
Designation :	Vice President (Finance)

Name :	Mr. Arun Jhawar
Designation :	Vice President (Marketing)

CEMENT CENTURY, MAIHAR, MANIKGARH AND SONAR BANGLA CEMENTS:
Name :	Mr. B.L. Jain
Designation :	Senior President

CENTURY CEMENT AND SONAR BANGLA CEMENT:
Name :	Mr. Alok Patni
Designation :	President (Works)

Name :	Mr. Vijay Kumar
Designation :	Joint President (Plant)

Name :	Mr. M.K. Jain
Designation :	Senior Vice President (Purchase)

Name :	Mr. A.K. Panja
Designation :	Senior Vice President (Commercial)

Name :	Mr. Satish Gurtoo
Designation :	Senior Vice President (Electrical and Instt.)

Name :	Mr. Arun Gaur
Designation :	Senior Vice President (Finance)

Name :	Mr. C.S. Vithalkar
Designation :	Vice President (Mechanical)

Name :	Mr. A.K. Biswas
Designation :	Vice President (Project)

Name :	Mr. A.K. Bajpai
Designation :	Vice President (Marketing)

Name :	Mr. B. P. Mishra
Designation :	Vice President (Mines)

MAIHAR CEMENT UNITS I AND II:
UNIT I:
Name :	Mr. R.K. Vaishnavi
Designation :	President (Works)

Name :	Mr. P. M. Intodia
Designation :	Executive President (Marketing)

Name :	Mr. Nand Kumar E.
Designation :	Joint President (Electrical, Instrumentation and Development)

Name :	Mr. Arvind Kumar Jain
Designation :	Senior Vice President (Mechanical)

Name :	Mr. Manoj Gupta
Designation :	Senior Vice President (Finance)

Name :	Mr. Ajai Kumar Jain
Designation :	Vice President (Production)

Name :	Mr. R. Deshpande
Designation :	Vice President (Purchase)

UNIT II
Name :	Mr. R.S. Doshi
Designation :	Executive President (Commercial)

Name :	Mr. S. K. Tewari
Designation :	Joint President (Mines and Projects)

Name :	Mr. Ashok Maheshwari
Designation :	Senior Vice President (Commercial)

Name :	Mr. P.K. Agarwal
Designation :	Senior Vice President (Purchase)

Name :	Mr. A.S. Thakur
Designation :	Vice President (Materials and Systems)

Name :	Mr. J. P. Pandey
Designation :	Vice President (Mechanical)

Name :	Mr. S. K. Singh
Designation :	Vice President (Personnel)

MANIKGARH CEMENT UNITS I AND II
UNIT I
Name :	Mr. P.S. Bakshi
Designation :	President (Works)

Name :	Mr. S.K. Mandelia
Designation :	Executive President (Commercial)

Name :	Mr. A.D. Karwa
Designation :	Executive President (Finance and Marketing)

Name :	Mr. R.K. Udge
Designation :	Senior Vice President (Mines)

Name :	Mr. M. P. Joshi
Designation :	Senior Vice President (Electrical and Instrumentation)

Name :	Mr. A.K. Jain
Designation :	Senior Vice President (Mechanical)

Name :	Mr. Kiran Sharma
Designation :	Vice President (Generation)

Name :	Mr. Deepal Jaisinghni
Designation :	Vice President (Mechanical)

UNIT II
Name :	Mr. J. L. Tiwari
Designation :	Senior Executive President (Plant)

Name :	Mr. O. P. Moondra
Designation :	Senior Vice President (Electrical and Instrumentation)

Name :	Mr. N. D. Hemke
Designation :	Senior Vice President (Mechanical)

Name :	Mr. E. V. Ravikumar
Designation :	Vice President (Finance)

Name :	Mr. V. K. Sharma
Designation :	Vice President (Mechanical)

Name :	Mr. P. K. Bajaj
Designation :	Vice President (Commercial)

PAPER:
CENTURY PULP AND PAPER:

Name :	Mr. Ashwani Kumar Sharma
Designation :	CEO and Senior President

Name :	Mr. Manjit Singh
Designation :	Plant Head

Name :	Mr. A. K. Bhatia
Designation :	Joint President (Commercial)

Name :	Mr. Pawan Mehra
Designation :	Chief Sourcing Officer

Name :	Mr. Rakesh Nangia
Designation :	Chief Marketing Officer

Name :	Mr. Hirendra Goyal
Designation :	Head of Engineering

Name :	Mr. Jagdeep Hira
Designation :	Head of Process

Name :	Mr. R.K. Sharma
Designation :	Senior Vice President (Engineering)

Name :	Mr. S.L. Sharma
Designation :	Vice President (Commercial)

Name :	Mr. S.K. Agarwal
Designation :	Vice President (RGP and ENV)

SALT
CENRAY MINERALS AND CHEMICALS:
Name :	Mr. M.M. Sand
Designation :	Vice President (Salt Works)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	210470	0.23
Bodies Corporate	37358910	40.29
Sub Total	37569380	40.51
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	37569380	40.51
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	9157616	9.88
Financial Institutions / Banks	3956864	4.27
Central Government / State Government(s)	2580	0.00
Insurance Companies	2822572	3.04
Foreign Institutional Investors	8226485	8.87
Sub Total	24166117	26.06
(2) Non-Institutions
Bodies Corporate	7876184	8.49
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	16699562	18.01
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	4502361	4.86
Any Others (Specify)	1919896	2.07
Clearing Members	729816	0.79
Non Resident Indians	720548	0.78
Overseas Corporate Bodies	365820	0.39
Trusts	102219	0.11
Foreign Nationals	613	0.00
Directors & their Relatives & Friends	880	0.00
Sub Total	30998003	33.43
Total Public shareholding (B)	55164120	59.49
Total (A)+(B)	92733500	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	312180	0.00
Sub Total	312180	0.00
Total (A)+(B)+(C)	93045680	0.00

BUSINESS DETAILS

Line of Business :

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

Products :

Products Description	Item Code No.
Other Grey Portland Cement	252329
Paper	480200
Viscose Filament Yarn	540332

Brand Name :

Birla Century

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	Production

Electricity (KWH)
Cotton Fabrics	Per 1000 Sq. Mtrs.	2038.00
Cotton Yarn (M.P.)	Per 100 Kgs.	526.80
Denim Fabrics	Per 1000 Sq. Mtrs.	1568.69
Rayon Yarn	M.T.	4324.54
CSY (Continuous Spg. Yarn)	M.T.	5099.40
Tyre Yarn/Fabric/Fibre	M.T.	3542.14
Caustic Soda	M.T.	2627.11
Carbon-di-sulphide	M.T.	1080.23
Sulphuric Acid	M.T.	47.89
Cement	M.T.	78.43
Paper	M.T.	1262.00

2. Furnace Oil / Diesel Oil (M.T.)
Cotton Fabrics	Per 1000 Sq. Mtrs.	--
Denim Fabrics	Per 1000 Sq. Mtrs.	0.143
Rayon Yarn	M.T.	--
CSY (Continuous Spg. Yarn)	M.T.	--
Tyre Yarn/Fibre	M.T.	--
Paper	M.T.	0.022
Cement	M.T.	--

3. Coal - B, C, D & E Grades (M.T.)
Rayon Yarn	M.T.	3.817
CSY (Continuous Spg. Yarn)	M.T.	8.387
Tyre Yarn/Fibre	M.T.	4.141
Cement	M.T.	0.113
Paper	M.T.	0.702

4. Coal for Producer Gas (Grade B,C & E) (M.T.)
Paper	M.T	0.084

5. LP Gas (MT)
Paper	M.T	0.005

NOTE:

(a) Minor variations.

(b) Due to energy conservation.

(d) Due to change in denier mix/market mix.

GENERAL INFORMATION

No. of Employees :

12672 (Approximately)

Bankers :

· State Bank of India,

Madame Cama Road, Mumbai – 400 021, Maharashtra, India

· Bank of India

· Bank of Baroda

· State Bank of Hyderabad

· Allahabad Bank

· Union Bank of India

· IDBI Bank

· Dena Bank

· Syndicate Bank

· Bank of Tranvancore

· IndusInd Bank

· State Bank of Mysore

· ICICI Bank

· State Bank of Bikaner and Jaipur

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term Loans from Banks - Secured
Term Loan from State Bank of India	2333.000	2999.800
Term Loan from Bank of Baroda	372.000	600.000
Term Loan from State Bank of Hyderabad	211.000	325.000
Term Loan from Allahabad Bank	211.000	325.000
Term Loan from Union Bank of India	908.400	1174.800
Term Loan from IDBI Bank	372.000	600.000
Term Loan from Dena Bank	646.200	--
Term Loan from Syndicate Bank	623.100	--
Term Loan from State Bank of Tranvancore	530.700	--
Term Loan from State Bank of India	3500.000	--
Term Loan from IndusInd Bank	865.900	834.200
Term Loan from State Bank of India	750.000	--
Term Loan from Bank of Baroda	150.000	--
Term Loan from State Bank of Hyderabad	150.000	--
Term Loan from Allahabad Bank	150.000	--
Term Loan from Union Bank of India	150.000	--
Term Loan from State Bank of Mysore	150.000	--
Term Loan from IndusInd Bank	1000.000	--
Term Loan from State Bank of India	0.000	1500.000
Term Loan from ICICI Bank	3750.000	--
TUF Loan from State Bank of India	175.000	335.000
TUF Loan from State Bank of Patiala	106.500	153.800
TUF Loan from State Bank of India	12.500	21.900
TUF Loan from State Bank of India	49.900	56.700
TUF Loan from State Bank of India	1405.700	1874.300
TUF Loan from State Bank of India	15.600	23.700
TUF Loan from State Bank of India	346.800	462.000
TUF Loan from State Bank of India	150.000	200.000
TUF Loan from State Bank of Mysore	321.400	428.600
TUF Loan from State Bank of Hyderabad	214.300	285.700
TUF Loan from State Bank of Bikaner and Jaipur	150.000	200.000
Working capital loans from banks	6890.900	4709.800

Total	26661.900	17110.300

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)

Fixed Deposits	543.400	534.700
Short Term Borrowings from Banks:	0	0
- Under buyers credit arrangement in foreign currency	6013.700	5120.200
- Rupee Loans	1000.000	1950.000
Commercial Paper (Maximum balance outstanding during the year Rs.9750.000 Millions)	0.000	1500.000

Total	7557.100	9104.900


Banking Relations :	--

Auditors :
Name :	Dalal and Shah Chartered Accountants
Address :	Mumbai, Maharashtra, India

Related Parties :	· Pilani Investment and Industries Corporation Limited · Kesoram Insurance Broking Services Limited · Vasavadatta Services Limited · Industry House Limited · Bander Coal Company Private Limited · Kesoram Industries Limited · Century Enka Limited · Jayshree Tea and Industries Limited

CAPITAL STRUCTURE

(AS ON 31.03.2012)

Authorized Capital :

No. of Shares	Type	Value	Amount

148000000	Equity Shares	Rs.10/- each	Rs.1480.000 Millions
10000000	Redeemable Cumulative Non-Convertible Preferences 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.930.600 Millions

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

93045680	Equity Shares (The Company has only one class of equity share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board is subject to the approval of shareholders except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts in proportion to their shareholding.)	Rs.10/- each	Rs.930.400 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		930.400	930.400	930.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		18058.800	18600.600	16821.600
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		18989.200	19531.000	17752.000
LOAN FUNDS
1] Secured Loans		26661.900	17110.300	17611.200
2] Unsecured Loans		7557.100	9104.900	6056.700
TOTAL BORROWING		34219.000	26215.200	23667.900
DEFERRED TAX LIABILITIES		2627.400	2639.400	2513.400

TOTAL		55835.600	48385.600	43933.300

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		41092.000	23998.900	24843.700
Capital work-in-progress		11119.200	19975.800	12873.800

INVESTMENT		713.500	683.600	584.300
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10952.400	10706.600	8685.100
	Sundry Debtors	3334.500	3071.500	2251.100
	Cash & Bank Balances	500.900	406.400	574.100
	Other Current Assets	339.700	360.200	320.200
	Loans & Advances	4868.900	4674.200	7510.100
Total Current Assets		19996.400	19218.900	19340.600
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	3116.700	4117.400	8074.300
	Other Current Liabilities	9893.200	7813.900	171.700
	Provisions	4075.600	3560.300	5525.300
Total Current Liabilities		17085.500	15491.600	13771.300
Net Current Assets		2910.900	3727.300	5569.300

MISCELLANEOUS EXPENSES		0.000	0.000	62.200

TOTAL		55835.600	48385.600	43933.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	48727.800	47600.300	44529.000
		Other Income	271.800	420.400	946.700
		TOTAL (A)	48999.600	48020.700	45475.700

Less	EXPENSES
		Cost of Materials Consumed	15687.800	15768.500
		Purchase of stock-in-trade	375.800	183.200
		Changes in Inventories of Finished Goods, Work-in-progress and Stock-in-trade	(431.500)	(336.100)	36890.400
		Employee Benefits Expenses	4247.200	3620.700
		Expenditure Transferred to Capital Account	(192.300)	(112.700)
		Other Expenses	24785.100	21885.800
		TOTAL (B)	44472.100	41009.400	36890.400

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4527.500	7011.300	8585.300

Less	FINANCIAL EXPENSES (D)		1720.800	1182.700	1005.300

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2806.700	5828.600	7580.000

Less/ Add	DEPRECIATION/ AMORTISATION (F)		2581.200	2396.600	2344.700

	PROFIT BEFORE TAX (E-F) (G)		225.500	3432.000	5235.300

Less	TAX (H)		4.200	1057.100	1673.700

	PROFIT AFTER TAX (G-H) (I)		221.300	2374.900	3561.600

Add/ Less	Short Provision for tax adjustments in respect of earlier years ( Net )		--	--	(165.000)
	Prior Period Adjustments (Net)		--	--	(1.900)
Less/ Add	Installment of Arrears of Depreciation		--	--	0.000

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		--	--	1781.000

Less	APPROPRIATIONS
		Transfer to General Reserve	--	--	1500.000
		Dividend	--	--	511.800
		Tax on Dividend	--	--	85.000
	BALANCE CARRIED TO THE B/S		--	--	3078.900

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2960.800	2882.200	2374.000
		Dividend	1.000	0.600	0.600
		Sale proceeds of assets	0.000	0.000	37.400
		Others	6.400	1.700	0.000
	TOTAL EARNINGS		2968.200	2884.500	2412.000

	IMPORTS
		Raw Materials	2539.700	1984.000	2389.900
		Stores & Spares	423.400	441.700	294.500
		Capital Goods	1039.100	1016.200	6012.900
	TOTAL IMPORTS		4002.200	3441.900	8697.300

	Earnings Per Share (Rs.)		2.38	25.52	36.48

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2012	30.09.2012
Type	1^st Quarter	2^nd Quarter
Net Sales	13886.800	14308.800
Total Expenditure	12262.600	12934.900
PBIDT (Excl OI)	1624.200	1373.900
Other Income	60.700	86.400
Operating Profit	1684.900	1460.300
Interest	807.200	837.600
Exceptional Items	0.000	0.000
PBDT	877.700	622.700
Depreciation	853.600	939.300
Profit Before Tax	24.100	(316.600)
Tax	0.000	(60.000)
Provisions and contingencies	0.000	0.000
Profit After Tax	24.100	(256.600)
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	24.100	(256.600)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.45	4.95	7.83

Net Profit Margin (PBT/Sales)	(%)	0.46	7.21	11.75

Return on Total Assets (PBT/Total Assets}	(%)	0.37	7.94	11.85

Return on Investment (ROI) (PBT/Networth)		0.01	0.18	0.29

Debt Equity Ratio (Total Liability/Networth)		2.70	2.14	2.11

Current Ratio (Current Asset/Current Liability)		1.17	1.24	1.40

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	----
22]	Litigations that the firm / promoter involved in	----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----
26]	Buyer visit details	----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

EXPORTS:

The total exports of the Company amounted to Rs.3670.000 Millions (Previous year Rs.3660.000 Millions) representing about 8 percent of the net sales.

EXPANSION AND MODERNISATION:

A) CEMENT

At Sonar Bangla Cement, extensive piling work on account of soil conditions was carried out and 80% of the civil work has been completed. Poor road conditions have resulted in longer lead times for inland transportation of over dimensional cargo. Erection of the wagon tippler, cement mill, packing plant and 132 KV sub-station has started. Heavy absenteeism and non-availability of the required numbers of skilled labour in north Bengal have caused delays in the progress of civil / mechanical work.

Civil work for Manikgarh Cement Unit-II has started, but it faces various challenging conditions such as delays in getting forest clearance, rocky terrain and the need to cut through hilly topography for installing the pipe conveyor and building civil structures, which have affected adversely the finalization of drawings for necessary plant site arrangements.

The Sonar Bangla Cement Grinding Unit and Manikgarh Cement Unit II are expected to be operational by March, and September 2013 respectively.

After expansion, the Company’s total cement manufacturing capacity will stand increased to 12.8 million tonnes per annum.

B) 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 at Lalkua, Nainital (Uttarakhand) have started production and the quality of the production at each facility is expected to be stabilized in course of time. Further, the 43 M.W. turbine is also now in operation.

The up gradation of the paper machine based on recycled pulp is in progress. The installation of the A-4 cutter for copier paper has been completed. Orders have been placed for the necessary plant and machinery to increase the bagasse pulping capacity by 23,400 tonnes per annum by installing a continuous digester and carrying out modifications in the existing plant and the work is likely to be completed before the end of the current financial year.

C) 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 awards for environmental excellence, efficiency in energy consumption, providing a safe working environment etc. Some notable awards are mentioned below:-

A) RAYON, TYRECORD AND CHEMICALS

The Unit’s Quality Circle “Swastik” has won the ‘Par Excellence’ Award and “Progressive” has won the “Excellence’ award in the National Convention for Quality Concepts – 2011 held at Secunderabad in December, 2011.

2 students of the Century School were the Mega Prize winners in Navneet Art Competition.

Birla School has obtained ISO 9001-2008 Certification and is in the process of obtaining NABET Accreditation.

Birla College of Arts, Science and Commerce, Kalyan won the IMC Ramkrishna Bajaj National Quality (IMC RBNQ Performance Excellence) Awards 2011 in Education.

B) CENTURY CEMENT:

First prize for “Overall Performance”, “Standard of Working”, “Publicity and Propaganda” and “Use of Explosives” for the limestone mines from the Director General of Mines Safety, Bilaspur and Raigarh Region.

First prize for “Water Quality Management” for the limestone mines, from Indian Bureau of Mines, Nagpur Region (Chhattisgarh State).

Federation of Indian Mineral Industries (FIMI)’s National Environment Award (Gem Granite Environment Award) for the year 2010-11 for the limestone mines.

Six students of our school (2 each in basketball & football and 1 each in netball & volleyball) had participated in national tournaments. One of them, received the silver medal in netball and another has been selected for trials for the selection of the Indian team in basketball.

C) MAIHAR CEMENT:

First prize for “Standard of Workings”, “Electrical Installations and Ore Handling Plant” and “Fire Safety Provision and Organisation” etc. for the limestone mines, from the Director General of Mines Safety, Jabalpur Region.

First prize for “Afforestation” and “Air Quality Management” for the limestone mines, from Indian Bureau of Mines, Jabalpur Region.

Miss Gyanshri Shukla and Miss Nadira Beig Siddiqui, students of class VI and VIII respectively of the school received the gold medals in the “Akhil Bhartiya Rashtra Bhasha Hindi Pratiyogita Pariksha” conducted by the “Mahatma Gandhi Rashtra Bhasha Hindi Prachar Sansthan, Pune”.

5 Students from our school (3 scouts and 2 guides) have been selected for the “Governor’s Award” during the academic session 2011-12.

Miss Anika Tripathi, a student of our school has been selected for the National Level Girls Cricket Competition.

C) MANIKGARH CEMENT:

First Prize for “Injury Rate Performance” and “Explosives” for the limestone mines, from Directorate General of Mines Safety, Western Zone, Nagpur Region.

First Prize for “Noise, Vibration Control and Aesthetic Beauty” for the limestone mines from Indian Bureau of Mines, Nagpur Region (Madhya Pradesh and Maharashtra States).

“Gold Award” in the International Convention of Quality Circles held at Nagpur on the case study of “To Eliminate

Leakages in Gas Conditioning Tower”, “Frequent Failure of Carbon Brushes of Pre-Heater Fan HT Motor”, “Random Tripping of ESP Fan-2 DC Drive 1600 KW Motor Showing Mains Voltage Low Alarm”, “Elimination of Dust Generation during Loading of Dumpers” and “Failure of Thermo Well Inside Boiler Furnace”.

Best Team “Diamond Award” at the All India Seminar on Quality Progress 2012 organized by The Institute of Engineers (India), Nagpur.

“Excellence Award” in the “25th National Convention on Quality Circles” organized by Quality Circle Forum of India, Hyderabad.

E) PULP AND PAPER:

The unit’s stall was adjudged first among the Agro-Forestry, Nursery, Herbal and Medicinal Plants Group at the All India Farmers’ Fair and Agro-Industrial Exhibition-2012 organized by G.B. Pant University of Agriculture and Technology, Pantnagar, Uttarakhand from March 15-18, 2012.

The unit has bagged the Certificate of Export Recognition, a ‘Special Export Award’ in recognition of achievement in export in respect of Printing and Writing Paper for the year 2010-11, by CAPEXIL (Sponsored by the Ministry of Commerce and Industry, Govt. of India), in the Annual Award Function held at Mumbai on 30^th September, 2011.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

OVERALL REVIEW:

The profitability of the Company, after providing for interest, has suffered a severe set back because of continuing increases in input costs, the global economic slow down, lack of adequate demand due to high inflation and other reasons, fierce competition and high interest costs. The circumstances prevailing in each of the business segments of the Company are separately discussed hereunder. Efforts to improve the performance of the Company are continuing.

BUSINESS SEGMENT – TEXTILES

(COTTON FABRICS AND DENIM CLOTH, YARN, VISCOSE FILAMENT YARN AND TYRE YARN)

INDUSTRY STRUCTURE AND DEVELOPMENT:

The Indian textile industry has witnessed a year confronting many challenges including sluggish demand in domestic and export markets. Cotton prices reached at an all time high followed by a phase of correction. This left various mills with high cost inventories causing heavy losses as the selling prices of fabrics did not improve. There has been a persistent slowdown in the global demand for yarn, denim and ready- to- wear garments resulting in higher inventories. Textile products from Bangladesh permitted to be imported duty free are cheaper and have flooded the markets, pushing out Indian products with prices that cannot compete. The Indian textile industry is thus passing through an adverse phase although the future would be more optimistic if input costs, including the cost of raw material and interest, could remain generally stable.

OUTLOOK:

The Birla Century textile unit has a competitive edge in terms of quality, design and innovative products. The unit continues to explore new markets which will help its growth, both in India and internationally.

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

INDUSTRY STRUCTURE AND DEVELOPMENT:

Demand for VFY remained stable during the year but the industry in general, in both the PSY and CSY segments, faced pressure on off-take due to substantial arrivals from China, coupled with inroads made by polyester yarn into some of the sectors hitherto dominated by VFY.

Cheap imports from China continue in large quantities in the form of doubled and twisted yarn and embroidery thread in addition to regular yarn. A review petition for imposition of anti dumping duty has been filed with the Government and it is expected that anti dumping duty on an ad-valorem basis may be imposed shortly.

While no new substantial manufacturing capacities are likely to be added in these segments, the unit has made marginal investment and installed additional 12 machines for manufacture of viscose filament yarn of about 900 tonnes per annum as per deniers produced. These are being used for manufacturing fine denier yarn which is preferred in the market.

In the recent budget, the Government has increased excise duty across the board by 2%. In the prevailing market conditions, we are making all efforts to pass on this burden to the consumers.

OUTLOOK:

In spite of the increase in costs, the working of the unit during the year ahead is expected to be stable due to improved demand for rayon tyre yarn and optimum capacity utilization of all machines, equipment and allied facilities.

If embroidery and double and twisted yarns emanating from China are brought under the purview of anti dumping duty or safeguard duty coupled with opening doors for export of VFY to Pakistan and as no addition to capacity is being undertaken outside India, according to available information, the outlook of the industry may be considered to be positive.

BUSINESS SEGMENT – CEMENT (CEMENT AND CLINKER)

INDUSTRY STRUCTURE AND DEVELOPMENT:

India is the second biggest cement producing nation after China with an installed capacity of about 300 million tonnes per annum (tpa). The industry holds a significant place in the national economy because of its strong linkages to various sectors such as construction, transportation, coal and power. It is also one of the major contributors to the exchequer by way of direct and indirect taxes.

During the year 2011-12, industrial production slowed in the country and GDP is expected to grow by about 6.90% compared to 8.40% achieved in the year 2010-11.

The Indian cement industry witnessed subdued growth in demand of 6.50% in the year 2011-12. The weakness was caused primarily by lower infrastructure spending, slowdown in the realty sector due to high interest rates and an extended monsoon.

The industry has seen constant modernization and implementation of latest technologies during past few years. More than 90% of the total capacity is based on eco-friendly dry process technology.

OUTLOOK:

The economic outlook is expected to remain modest in spite of India’s strong fundamentals. Factors such as high domestic savings and investments, a rapid infrastructure development and urbanization all promise to a steadier economic scenario. Interest rates were at a peak during the year 2011-12 on account of RBI’s initiative to control inflation. The softening of the high interest regime should improve the prospects of the economy and growth. Long term prospects for growth in demand for cement are favourable riding on the back of strong economic fundamentals and the impetus provided to the housing and infrastructure construction activities in the 12th five year plan period (2012-17).

BUSINESS SEGMENT –PULP AND PAPER

(PULP, WRITING & PRINTING PAPER, TISSUE PAPER AND MULTILAYER PACKAGING BOARD)

INDUSTRY STRUCTURE AND DEVELOPMENT:

Being in the commodity sector, the paper industry is cyclical in nature and is strongly co-related with global economic factors. The balance between demand and supply at the domestic level is determined by the economic scenario in developed countries. However, demand for paper in India is growing at about 7-8% per annum primarily due to the focus of the Government on literacy. Accordingly, the industry should grow at a reasonable pace along with the economy.

OUTLOOK:

Long term outlook for writing and printing paper, tissue and packaging board appears to be good but increased input costs will adversely impact profitability in the near future.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER, 2012

(Rs. in millions)

PART I
Particulars	3 months ended 30.09.2012	Preceding 3 months ended 30.06.2012	Year to date figures for current period ended 30.09.2012
	(Unaudited)	(Unaudited)	(Unaudited)
Income from operations (a) Net sales/income from operations
(Net of excise duty)	14138.500	13724.700	27863.200
(b) Other operating income	170.300	162.100	332.400
Total Income from operations (net)	14308.800	13886.800	28195.600
Expenses
(a) Cost of materials consumed	4871.800	4711.500	9583.300
(b) Purchases of stock-in-trade	54.300	30.600	84.900
(c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade	(260.300)	(481.800)	(742.100)
(d) Employee benefits	1171.300	1207.900	2379.200
(e) Depreciation and amortisation	939.300	853.600	1792.900
(f) Other expenditure
- Stores and Spare parts consumed	593.100	653.800	1246.900
- Power, Fuel and water	3763.300	3498.300	7261.600
- Freight, Forwarding, Octroi, etc.	1876.000	1830.700	3706.700
- Others	865.400	811.600	1677.000
Total expenses (a to f)	13874.200	13116.200	26990.400
Profit / (Loss) from Operations before Other Income, Finance costs and Exceptional Items ( 1-2)	434.600	770.600	1205.200
Other Income	86.400	60.700	147.100
Profit from ordinary activities before finance costs and exceptional items (3 + 4)	521.000	831.300	1352.300
Finance Costs	837.600	807.200	1644.800
Profit / (Loss) from ordinary activities after finance costs and before exceptional items (5 - 6)	(316.600)	24.100	(292.500)
Exceptional items	--	--	--
Profit / (Loss) from ordinary activities before tax (7 -8 )	(316.600)	24.100	(292.500)
Tax expense
- Current Tax (Net of MAT entitlement credit)	--	--	--
- Deferred Tax	(60.000)	--	(60.000)
- Tax adjustments in respect of earlier years (Net)	--	--	--
Net Profit / (Loss) from ordinary activities after tax (9-10)	(256.600)	24.100	(232.500)
Extraordinary items	--	--	--
Net Profit / (Loss) for the period (11-12)	(256.600)	24.100	(232.500)
Paid-up equity share capital (Face Value : Rs. 10/- per Share)	930.400	930.400	930.400
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
Basic and Diluted Earnings Per Share in Rs. ( not annualised)	(2.76)	0.26	(2.50)

PART I
PARTICULARS OF SHAREHOLDING	3 months ended 30.09.2012	Preceding 3 months ended 30.06.2012	Year to date figures for current period ended 30.09.2012
	(Unaudited)	(Unaudited)	(Unaudited)
Public shareholding
- No. of shares	55164120	55164120	55164120
- % of holding (to total shareholding)	59.28 %	59.28 %	59.28 %
Promoters And Promoter Group Shareholding a) Pledged/ Encumbered
-Number of Shares	132050	132050	132050
-% of Shares (As a % of the total Shareholding of Promoter and Promoter Group)	0.35 %	0.35 %	0.35 %
-% of Shares (as a % of the total share capital of the Company)	0.14 %	0.14 %	0.14 %
b) Non Encumbered
- Number of Shares	37437330	37437330	37437330
-% of Shares (As a % of the total Shareholding of Promoter and Promoter Group)	99.65 %	99.65 %	99.65 %
-% of Shares (as a % of the total share capital of the Company)	40.24 %	40.24 %	40.24 %

INVESTOR COMPLAINTS	31.03.2012
Pending at the beginning of the quarter	Nil
Received during the quarter	16
Disposed of during the quarter	16
Remaining unresolved the end of the quarter	Nil

Note:

1. (Rs. in millions)

	Particulars	6 Months ended 30.09.2012 (Unaudited)
A 1	EQUITY AND LIABILITIES Shareholders' Funds : (a) Share Capital (b) Reserves and Surplus	930.400 17826.300
	Sub-total - Shareholders' funds	18756.700
2	Non-current liabilities (a) Long-term borrowings (b) Deferred tax liabilities (net) (c) Other long-term liabilities (d) Long-term provisions	21562.200 2567.400 227.200 3540.200
	Sub-total - Non-current liabilities	27897.000
3	Current liabilities (a) Short-term borrowings (b) Trade Payables (c) Other Current liabilities (d) Short-term provisions	19510.700 4087.900 9471.900 314.400
	Sub-total - current liabilities	33384.900
	TOTAL - EQUITY AND LIABILITIES	80038.600
B 1	ASSETS Non current assets (a) Fixed assets (b) Non-current investments (c) Long-term loans and advances (d) Other non-current assets	55846.000 708.000 2971.300 53.000
	Sub-total - Non-current assets	59578.300
2	Current assets (a) Current investments (b) Inventories (c) Trade receivables (d) Cash and cash equivalents (e) Short-term loans and advances (f) Other current assets	870.700 10880.700 5213.400 425.800 2630.700 439.000
	Sub-total - current assets	20460.300
	TOTAL ASSETS	80038.600

2. The Competition Commission of India (CCI) has vide its order dated 20th June, 2012, upheld the complaint filed by the Builders Association of India alleging cartelisation against certain cement manufacturing companies, including the Company. The CCI has imposed a penalty of Rs. 2740.200 millions on the Company. Based on a legal opinion, the Company believes that it has a good case and has filed an appeal against the Order before the Competition Appellate Tribunal. Accordingly, no provision has been made in the accounts

3. The above results have been reviewed and recommended for adoption by the Audit Committee to the Board of Directors and have been approved by the Board at its meeting held on 31^st October, 2012. The Statutory Auditors have carried out a limited review of the above financial results.

4. Previous period's figures have been regrouped / recast wherever necessary.

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED, UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER, 2012

	3 months ended 30.09.2012		Preceding 3 months ended 30.06.2012		Year to date figures for current period ended 30.09.2012
	(Unaudited)		(Unaudited)		(Unaudited)
1. Segment Revenue (Net Sales / Income from operations)
(a) Textiles		4172.400		3854.300	8026.700
( b ) Cement		6714.500		7837.700	14552.200
( c ) Pulp and Paper		3434.900		2173.700	5608.600
(d ) Others		312.000		272.200	584.200
Total		14633.800		14137.900	28771.700
Less: Inter Segment Revenue		495.300		413.200	908.500
Net Sales/Income from operations		14138.500		13724.700	27863.200
2. Segment Results
Profit / ( Loss ) after depreciation but before finance costs and exceptional items
(a ) Textiles		224.800		172.700	397.500
( b ) Cement		607.200		1254.000	1861.200
( c ) Pulp and Paper		(398.600)		(480.800)	(879.400)
(d ) Others		69.500		22.000	91.500
Sub - Total		502.900		967.900	1470.800
Add / ( Less ) : Inter Segment ( Profit) / Loss		(9.800)		(28.100)	(37.900)
Total ( Add ) / Less :		493.100		939.800	1432.900
i Finance Costs		837.600		807.200	1644.800
ii. Other un-allocable expenditure net of un-allocable income		(27.900)		108.500	80.600
Total Profit / (Loss) Before Tax		(316.600)		24.100	(292.500)
3. Capital Employed $
(Segment Assets-Segment Liabilities)
(a ) Textiles		12479.700		12876.700	12479.700
(b) Cement		17168.400		15331.300	17168.400
(c) Pulp and Paper		30040.700		31641.500	30040.700
(d) Others		4887.700		4542.500	4887.700
Total Capital Employed in Segments		64576.500		64392.000	64576.500
(e) Allocable assets less liabilities		(45819.800)		(45378.700)	(45819.800)
Total Capital Employed in the company		18756.700		19013.300	18756.700

(a) Textiles" include Yam, Cloth and Denim Cloth, Viscose Filament Yam and Tyre Yarn

(b) "Cement" include Cement and Clinker

(d) "Others" include Salt works. Chemicals, Floriculture and Real Estate.

$ Includes projects under implementation.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2012 (Rs. in millions)	31.03.2011 (Rs. in millions)

(a) (i) Claims against the Company not acknowledged as debts in respect of :
- Custom Duty and Excise Duty	179.800	151.700
- Sales Tax and Entry Tax	944.600	404.900
- Power Charges	151.000	124.800
- Royalty	2815.200	2029.300
- Others	175.700	331.000
(ii) Claims not acknowledged as debts jointly with other members of "Business Consortium of Companies" in which the Company had an interest (proportionate)	191.900	185.900

(b) Disputed income tax matters under appeal	131.800	117.100

(c) Registration and Road Tax on Dumper of Cement Division	Amount not determinable

(d) Liability on account of Jute packaging obligation upto 30th June, 1997 under the Jute Packaging Materials (Compulsory use in Packing Commodities) Act, 1987 -	Amount not determinable

(e) Guarantees given by 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)	24.100	44.900

(f) Undertaking given by the company under concessional duty/ exemption scheme to government authorities (net obligation fulfilled)	6967.900	7464.200

FIXED ASSETS:

· Land

· Freehold and Leasehold Land

· Building

· Water Pipe Lines and Tanks

· Plant and Machinery

· Floral Plantation

· Railway Siding and Locomotives

· Ropeway

· Reservoir and Pans

· Electric Installation

· Air Conditioning Plant

· Furniture, Fixtures and Equipments

· Vehicles

· Software Developments

PRESS RELEASE:

CENTURY TEXTILES AND INDUSTRIES LIMITED

ON FINANCIAL RESULTS FOR THE YEAR 2011-12

02.05.2012

OVERALL REVIEW:

The profitability of the company, after providing for interest, has suffered a severe setback because of continuing increase in input costs, the global economic slowdown, lack of adequate demand due to high inflation and other reasons, fierce competition and high interest costs. Efforts to improve the performances of the company are continuing.

EXPANSION AND MODERNIZATION:

CEMENT:

At Sonar Bangla Cement, extensive piling work on account of soil conditions was carried out and 80% of the civil work has been completed. Civil work for Manikgarh Cement Unit-II has started. The Sonar Bangla Cement Grinding Unit and Manikgarh Cement Unit II are expected to be operational by March, asn September 2013 respectively. After expansion, the company’s total cement manufacturing capacity will stand increase to 12.08 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 at Lalkua, Nainital (Uttarakhand) along with 43 M.W. turbine are all operational and up gradation of the paper machine based on recycled paper is in progress.

GENERAL:

Modernization 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.

PRESS RELEASES

CENTURY TEXTILES AND INDUSTRIES LIMITED

PRESS RELEASE ON FINANCIAL RESULTS FOR THE YEAR 2011-12

Overall Review:

The profitability of the Company, after providing for interest, has suffered a severe set back because of continuing increases in input costs, the global economic slow down, lack of adequate demand due to high inflation and other reasons, fierce competition and high interest costs. Efforts to improve the performance of the Company are continuing.

EXPANSION AND MODERNISATION:

a) Cement

At Sonar Bangla Cement, extensive piling work on account of soil conditions was carried out and 80% of the civil work has been completed. Civil work for Manikgarh Cement Unit-ll has started. The Sonar Bangla Cement Grinding Unit and Manikgarh Cement Unit II are expected to be operational by March, and September 2013 respectively. After expansion, the Company's total cement manufacturing capacity will stand increased to 12.S million tonnes per annum

b) 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 tones per annum at Lalkua, Nainital (Uttarakhand) along with 43 M.W. turbine are all operational and upgradation of the paper machine based on recycled paper is in progress.

c) General

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.23
UK Pound	1	Rs.87.53
Euro	1	Rs.70.94

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--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.

MIRA INFORM REPORT

10952.400

10706.600

8685.100

3334.500

3071.500

2251.100

500.900

406.400

574.100

339.700

360.200

320.200

4868.900

4674.200

7510.100

19996.400

19218.900

19340.600

3116.700

4117.400

8074.300

9893.200

7813.900

171.700

4075.600

3560.300

5525.300

17085.500

15491.600

13771.300

2910.900

3727.300

5569.300

0.45

4.95

0.46

7.21

0.37

7.94

0.01

0.18

2.70

2.14

1.17

1.24

Unit