MIRA
INFORM REPORT
|
Report Date : |
23.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
CENTURY TEXTILE AND INDUSTRIES LIMITED CENTURY RAYON (A DIVISION OF CENTURY TEXTILE AND INDUSTRIES LIMITED) |
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Registered
Office : |
Century Bhavan, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
20.10.1897 |
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Com. Reg. No.: |
11-000163 |
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Capital
Investment / Paid-up Capital : |
Rs.930.400
Millions |
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CIN No.: [Company Identification
No.] |
L17120MH1897PLC000163 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC10668A |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares Are
Listed On The Stock Exchanges. |
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Line of Business
: |
Manufacturer and Trader
of Cotton Yarn that used for manufacturing of Cotton Fabrics. |
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No. of Employees
: |
11326 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 78000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having fine track. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered / Corporate Office : |
Century Bhavan, |
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Tel. No.: |
91-22-24957000 |
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Fax No.: |
91-22-24309491/24361980 |
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E-Mail : |
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Website : |
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Corporate
Office: |
CENTURY RAYON Industry House, 159, Churchgate Reclamation, Mumbai-400020,
Maharashtra, India Tel No.: 91-22-22027570 |
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Factory : |
BIRLA CENTURY Plot No. 826, GIDC Industrial Estate, Jhagadia - 393 110,
District Bharuch, CENTURY RAYON Rayon, CENRAY MINERALS AND
CHEMICALS Nawa Nagna, CENTURY CEMENT P.O. Baikunth - 493 116, District MAIHAR CEMENT UNITS
I and II P.O. Sarlanagar - 485 772, Maihar, District Satna, MANIKGARH CEMENT P.O. Gadchandur - 442 908, District Chandrapur, ( CENTURY PULP AND
PAPER Ghanshyamdham, P.O. Lalkua - 262 402, District Nainital, CENTURY YARN CENTURY DENIM Village and Post Satrati, Tehsil – Kasrawad, District
Khargone - 451 660, Tel. No.: 91-7285-255277/ 255281/ 82/ 83/ 84 Fax No.: 91-7285-255305 |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. B.K. Birla |
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Designation : |
Chairman |
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Date of Birth/
Age : |
91 Years |
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Name : |
Mr. Kumar Mangalam Birla |
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Designation : |
Director |
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Name : |
Mr. Pradip Kumar Daga |
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Designation : |
Director |
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Name : |
Mr. Arvind C. Dalal |
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Designation : |
Director |
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Name : |
Mr. Amal Ganguli |
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Designation : |
Director |
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Name : |
Mr. B. L. Jain |
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Designation : |
Director |
KEY EXECUTIVES
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CENTURY TEXTILES BIRLA CENTURY, CENTURY YARN AND DENIM : |
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Name : |
Mr. R.K. Dalmia |
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Designation : |
Senior President |
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Name : |
Mr. D.K. Agrawal |
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Designation : |
President (Corporate Finance) and Secretary |
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Name : |
Mr. U.C. Garg |
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Designation : |
Executive President (Purchase and Projects) |
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Name : |
Mr. R.C. Panwar |
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Designation : |
Joint President (Marketing) |
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Name : |
Mr. Sanjay Khimesra |
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Designation : |
Joint President (Birla Century) |
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Name : |
Mr. S.K. Somani |
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Designation : |
Vice President (Finance) |
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CENTURY RAYON, TYRECORD AND CHEMICALS: |
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Name : |
Mr. O.R. Chitlange |
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Designation : |
Senior President |
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Name : |
Mr. R. Lalwani |
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Designation : |
President (Commercial) |
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Name : |
Mr. S.M. Sanklecha |
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Designation : |
Joint President (Purchase) |
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Name : |
Mr. S.K. Mital |
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Designation : |
Joint President (Engineering Services and Auxiliaries) |
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Name : |
Mr. Subodh Dave |
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Designation : |
Senior Vice President (Personnel and Administration) |
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Name : |
Mr. Apurva Gupta |
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Designation : |
Senior Vice President (Rayon and Development) |
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Name : |
Mr. V.K. Jhingon |
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Designation : |
Senior Vice President (Tyre Cord and CSY) |
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Name : |
Mr. Sudhir Luthra |
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Designation : |
Senior Vice President (Chemicals) |
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Name : |
Mr. B. Manmohan |
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Designation : |
Vice President (Finance) |
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Name : |
Mr. Arun Jhawar |
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Designation : |
Vice President (Marketing) |
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CENTURY, MAIHAR, MANIKGARH AND SONAR BANGLA
CEMENTS: |
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Name : |
Mr. B.L. Jain |
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Designation : |
Senior President |
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Name : |
Mr. Kamal Kishore |
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Designation : |
President (Co-ordination) |
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CENTURY CEMENT AND SONAR BANGLA CEMENT: |
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Name : |
Mr. Alok Patni |
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Designation : |
President (Works) |
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Name : |
Mr. J. L. Tiwari |
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Designation : |
Executive President (Projects-Cement Division) |
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Name : |
Mr. Rakesh Sharma |
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Designation : |
Executive President (Personnel and Administration) |
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Name : |
Mr. M.K. Jain |
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Designation : |
Senior Vice President (Purchase) |
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Name : |
Mr. A.K. Panja |
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Designation : |
Senior Vice President (Commercial) |
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Name : |
Mr. Satish Gurtoo |
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Designation : |
Senior Vice President (Electrical and Instt.) |
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Name : |
Mr. Arun Gaur |
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Designation : |
Senior Vice President (Finance) |
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Name : |
Mr. C.S. Vithalkar |
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Designation : |
Vice President (Mechanical) |
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Name : |
Mr. A.K. Biswas |
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Designation : |
Vice President (Project) |
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Name : |
Mr. A.K. Bajpai |
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Designation : |
Vice President (Marketing) |
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MAIHAR CEMENT UNITS I AND II: |
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Unit I: |
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Name : |
Mr. R.K. Vaishnavi |
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Designation : |
President (Works) |
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Name : |
Mr. P. M. Intodia |
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Designation : |
Executive President (Marketing) |
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Name : |
Mr. Arvind Kumar Jain |
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Designation : |
Senior Vice President (Mechanical) |
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Name : |
Mr. M.P. Joshi |
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Designation : |
Senior Vice President (Electrical and Instt.) |
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Name : |
Mr. Manoj Gupta |
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Designation : |
Senior Vice President (Finance) |
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Name : |
Mr. Ajai Kumar Jain |
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Designation : |
Vice President (Production) |
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Name : |
Mr. R. Deshpande |
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Designation : |
Vice President (Purchase) |
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Unit II |
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Name : |
Mr. R.S. Doshi |
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Designation : |
Executive President (Commercial) |
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Name : |
Mr. S. K. Tewari |
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Designation : |
Joint President (Mines and Projects) |
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Name : |
Mr. Ashok Maheshwari |
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Designation : |
Senior Vice President (Commercial) |
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Name : |
Mr. P.K. Agarwal |
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Designation : |
Senior Vice President (Purchase) |
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Name : |
Mr. H.P. Tiwari |
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Designation : |
Senior Vice President (Personnel and Administration) |
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Name : |
Mr. A.S. Thakur |
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Designation : |
Vice President (Materials and Systems) |
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Name : |
Mr. J. P. Pandey |
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Designation : |
Vice President (Mechanical) |
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MANIKGARH CEMENT UNITS I AND II |
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Unit I |
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Name : |
Mr. P.S. Bakshi |
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Designation : |
President (Works) |
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Name : |
Mr. S.K. Mandelia |
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Designation : |
Executive President (Commercial) |
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Name : |
Mr. A.D. Karwa |
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Designation : |
Executive President (Finance and Marketing) |
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Name : |
Mr. Vijay Kumar |
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Designation : |
Joint President (Plant) |
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Name : |
Mr. R.K. Udge |
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Designation : |
Senior Vice Presidient (Mines) |
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Name : |
Mr. A.K. Jain |
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Designation : |
Senior Vice President (Mechanical) |
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Name : |
Mr. O.P. Moondra |
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Designation : |
Senior Vice President (Instrument) |
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Name : |
Mr. N.D. Hemke |
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Designation : |
Senior Vice President (Mechanical) |
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Name : |
Mr. Kiran Sharma |
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Designation : |
Vice President (Generation) |
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Unit II |
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Name : |
Mr. Surendra Kumar |
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Designation : |
Vice President (Project) |
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Name : |
Mr. E. V. Ravikumar |
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Designation : |
Vice President (Finance) |
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Name : |
Mr. V. K. Sharma |
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Designation : |
Vice President (Mechanical) |
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|
Name : |
Mr. Deepak Jaisinghani |
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Designation : |
Vice President (Mechanical) |
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PAPER: |
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CENTURY PULP AND PAPER: |
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|
Name : |
Dr. B.L. Bihani |
|
Designation : |
Senior President |
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|
Name : |
Mr. S.K. Agarwal |
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Designation : |
Senior Vice President (Commercial) |
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|
Name : |
Mr. A.C. Mittal |
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Designation : |
Senior Vice President (Production) |
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|
Name : |
Mr. J.K. Jain |
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Designation : |
Senior Vice President (Raw Material) |
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|
Name : |
Mr. R.K. Sharma |
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Designation : |
Senior Vice President (Engineering) |
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|
Name : |
Mr. S.L. Sharma |
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Designation : |
Vice President (Commercial) |
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|
Name : |
Mr. U.K. Agarwal |
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Designation : |
Vice President (Process) |
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Name : |
Mr. S.P. Bhandari |
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Designation : |
Vice President (Sales and Marketing) |
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|
Name : |
Mr. C.V. Ramaraju |
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Designation : |
Vice President (Technical) |
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SALT |
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|
CENRAY MINERALS AND CHEMICALS: |
|
|
Name : |
Mr. M.M. Sand |
|
Designation : |
Vice President (Salt Works) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
210,470 |
0.23 |
|
|
37,358,910 |
40.29 |
|
|
37,569,380 |
40.51 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
37,569,380 |
40.51 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
10,498,822 |
11.32 |
|
|
4,002,188 |
4.32 |
|
|
2,580 |
- |
|
|
2,792,572 |
3.01 |
|
|
5,619,921 |
6.06 |
|
|
22,916,083 |
24.71 |
|
|
|
|
|
|
8,407,552 |
9.07 |
|
|
|
|
|
|
16,691,268 |
18.00 |
|
|
4,797,667 |
5.17 |
|
|
2,351,550 |
2.54 |
|
|
1,004,682 |
1.08 |
|
|
897,039 |
0.97 |
|
|
365,820 |
0.39 |
|
|
81,316 |
0.09 |
|
|
613 |
- |
|
|
2,080 |
- |
|
|
32,248,037 |
34.77 |
|
Total Public shareholding (B) |
55,164,120 |
59.49 |
|
Total (A)+(B) |
92,733,500 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
312,180 |
- |
|
|
312,180 |
- |
|
Total (A)+(B)+(C) |
93,045,680 |
- |
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%20-%20180845%2023-May-2012_files/image004.gif){kind=small}
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader
of Cotton Yarn that used for manufacturing of Cotton Fabrics. |
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Products : |
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PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity (a) * |
Actual
Production (b) |
|
Cloth ) |
Mtrs. |
31608000 |
25000000 |
22903698 |
|
Made Ups ) |
Mtrs. |
-- |
-- |
412886 |
|
Cotton Yarn ) |
Mtrs. / Kgs. |
-- |
-- |
1034908 |
|
Cotton Yarn/Blended Yarn |
Spindles/ Kgs. |
25200 |
24960 |
4244202 |
|
Denim Cloth |
Mtrs. |
21000000 |
21000000 |
15137834 |
|
Viscose Filament Yarn and Viscose Tyre Yarn/Industrial Yarn (c) |
MT |
30000 |
25000 |
-- |
|
Rayon Yarn |
MT |
-- |
-- |
18027 |
|
Tyre Yarn and Fabric |
MT |
-- |
-- |
3034 |
|
High Performance (c) |
MT |
-- |
-- |
-- |
|
Viscose Staple Fibre |
MT |
-- |
-- |
-- |
|
Sulphuric Acid @ |
MT |
71000 |
71000 |
68695 |
|
Carbon di-sulphide @ |
MT |
20000 |
18000 |
14899 |
|
Caustic Soda @ |
MT |
28426 |
20500 |
20304 |
|
Liquid Chlorine @ |
MT |
25000 |
175000 |
17255 |
|
Hydrochloric Acid |
MT |
47241 |
19241 |
3297 |
|
Refined Salt (d) |
MT |
144000 |
100000 |
63258 |
|
Salt |
MT |
-- |
-- |
57440 |
|
Cement |
MT |
7800000 |
7800000 |
7701762 |
|
Paper including Paper Board/Straw Board |
MT |
29800 |
37250 |
38388 |
|
Rayon and/or Paper Grade Pulp |
MT |
20000 |
31320 |
35858 |
|
Bagasse based Paper @ |
MT |
84600 |
84600 |
84522 |
|
Newsprint |
MT |
20000 |
-- |
-- |
|
Recycle Based Paper |
MT |
75960 |
75960 |
84783 |
|
Prime Grade Tissue Paper |
MT |
36000 |
36000 |
12689 |
|
Compressed Hydrogen Mł @ |
MT |
8000000 |
6200000 |
5034197 |
|
Flowers (Cut Rose, Gerbera, etc.) |
Nos. |
Not Applicable |
6881173 |
|
NOTE:
(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
|
No. of Employees : |
11326 (Approximately) |
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Bankers : |
·
State
Bank of India, Madame Cama Road, Mumbai – 400 021, Maharashtra, India ·
Central
Bank of India ·
Bank
of India |
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Facilities : |
NOTE: 1.
Rupee term loans from banks are secured by first
pari passu mortgage / hypothecation of all the immovable / movable fixed
assets, present and future of the Company's Birla Century, Cement, Pulp and
Paper and Rayon Divisions (excluding Leasehold Land at Birla Century, Pulp
and Paper and Sonar Bangla Cement Division) and also a portion of land at
Worli, Mumbai and second charge created in favour of certain term lenders on
the current assets of the Company. Loans for the Company’s Century Denim
Division are also secured by mortgage / hypothecation of all the immovable /
movable fixed assets of the Denim Division (Due within one year Rs. 3851.700
Millions). 2.
Pre-shipment, Post-shipment, Cash Credits, Working
Capital Demand Loans and Export Bills Discounting facilities are secured
against the hypothecation of the whole of the Company’s Raw Materials,
Finished Goods, Material in process, Stores and Spares, present and future
Book Debts, Receivables, etc. and second charge created over movable and
immovable fixed assets Company’s divisions viz. Birla Century, Cement, Pulp
and Paper and Rayon Divisions ( excluding Leasehold Land at Birla Century,
Pulp and Paper and Sonar Bangla Cement division) and also a portions of the
land at Worli, Mumbai. 3.
Unclaimed Fixed deposits amounting to (Rs.
22500.000 Millions) [31.3.2010 (Rs. 225000.000 Millions)] and (Rs. 31500.000
Millions) [31.3.2010 (Rs.31500.000 Millions)] being interest accrued and due
thereon remain unpaid in view of the internal disputes between the claimants
which has been referred to the Court whose decision is awaited. |
|
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|
Banking
Relations : |
-- |
|
|
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|
Auditors : |
|
|
Name : |
Dalal and Shah Chartered
Accountants |
|
Address : |
Mumbai, |
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|
Related Parties : |
·
Pilani Investment and Industries Corporation
Limited ·
Kesoram Insurance Broking Services Limited ·
Vasavadatta Services Limited ·
Industry House Limited ·
Bander Coal Company Private Limited ·
Shri B.K. Birla ·
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 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 [ including
87890120 Equity Shares, issued as fully paid up Bonus Shares by way of capitalization
of Reserves and Securities Premium Account ] |
Rs.10/- each |
Rs.930.400
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
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
|
8685.100
|
6705.700 |
|
|
Sundry Debtors |
3081.000
|
2251.100
|
1508.900 |
|
|
Cash & Bank Balances |
414.700
|
574.100
|
665.400 |
|
|
Other Current Assets |
326.800
|
320.200
|
337.800 |
|
|
Loans & Advances |
10296.400
|
7510.100
|
6722.400 |
|
Total
Current Assets |
24825.600
|
19340.600
|
15940.200
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1876.200
|
8074.300
|
6733.200
|
|
|
Other Current Liabilities |
8845.100
|
171.700
|
77.000
|
|
|
Provisions |
6503.000
|
5525.300
|
3277.400
|
|
Total
Current Liabilities |
17224.300
|
13771.300
|
10087.600
|
|
|
Net Current Assets |
7601.300
|
5569.300
|
5852.600
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
62.200 |
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 |
|
|
|
Payments to and Provision for Employees |
3652.700 |
3332.300 |
3046.100 |
|
|
|
Selling and Other Expenses |
8350.400 |
7804.300 |
6471.300 |
|
|
|
Exceptional Items |
37.800 |
881.600 |
364.300 |
|
|
|
Increase / Decrease in Inventories |
(336.100) |
(1074.800) |
(748.700) |
|
|
|
Expenditure Transferred to Capital Account |
(112.700) |
(57.800) |
(53.100) |
|
|
|
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 (H) |
1042.500 |
1673.700 |
821.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2396.000 |
3561.600 |
2648.000 |
|
|
|
|
|
|
|
|
|
Add/ Less |
Short Provision for tax adjustments in respect of earlier years ( Net
) |
(21.100) |
(165.000) |
12.400 |
|
|
|
Prior Period Adjustments (Net) |
0.000 |
(1.900) |
7.100 |
|
|
Less/ Add |
Installment of Arrears of Depreciation |
0.000 |
0.000 |
263.100 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3078.900 |
1781.000 |
1405.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1500.000 |
1500.000 |
1500.000 |
|
|
|
Dividend |
511.800 |
511.800 |
418.700 |
|
|
|
Tax on Dividend |
83.000 |
85.000 |
71.200 |
|
|
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 |
|
|
|
Stores & Spares |
441.700 |
294.500 |
665.700 |
|
|
|
Capital Goods |
1016.200 |
6012.900 |
1697.600 |
|
|
TOTAL IMPORTS |
3441.900 |
8697.300 |
3915.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) [Basic] |
25.52 |
36.48 |
25.42 |
|
|
|
Earnings Per
Share (Rs.) [Diluted] |
25.80 |
42.83 |
29.24 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
11760.300 |
10989.500 |
13015.100 |
12962.900 |
|
Total Expenditure |
10646.100 |
10393.100 |
11453.100 |
11913.600 |
|
PBIDT (Excl OI) |
1114.200 |
596.400 |
1562.000 |
1049.300 |
|
Other Income |
25.800 |
55.800 |
32.300 |
157.900 |
|
Operating Profit |
1140.000 |
652.200 |
1594.300 |
1207.200 |
|
Interest |
345.600 |
320.700 |
393.900 |
660.600 |
|
Exceptional Items |
0.000 |
(52.500) |
(13.700) |
0.000 |
|
PBDT |
794.400 |
279.000 |
1186.700 |
546.600 |
|
Depreciation |
600.600 |
600.600 |
608.200 |
771.800 |
|
Profit Before Tax |
193.800 |
(321.600) |
578.500 |
(225.200) |
|
Tax |
(45.200) |
0.000 |
35.700 |
13.700 |
|
Profit After Tax |
239.000 |
(321.600) |
542.800 |
(238.900) |
|
Net Profit |
239.000 |
(321.600) |
542.800 |
(238.900) |
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
|
11.75 |
9.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.04
|
11.85 |
8.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.29 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.42
|
2.11 |
1.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44
|
1.40 |
1.58 |
LOCAL AGENCY FURTHER INFORMATION
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:
A) 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.
B) 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
upgradation and expansion, the total cement manufacturing capacity will stand
increased to 12.8 million tonnes per annum.
C) 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.
Further, we have undertaken upgradation 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.
D) 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, safety provisions etc. Some notable awards are as under:-
A) CENTURY CEMENT:
·
First Prize for “Standard of Working”, “Tyre
Maintenance” and “Environment Management and Pollution Control” for the
limestone mines from the Director General of Mines Safety, Bilaspur Region. *
First Prize for “Noise Vibration Control and Aesthetic Beauty” for the
limestone mines, from Indian Bureau of Mines, Nagpur Region (Chhattisgarh
State).
·
Six students of our school and college (1 in
Football, 1 in Soft Ball and 4 in Net Ball) have been selected at the National
Level.
·
Five students of our school (2 of class VII, 1 of
Class VIII and 2 of class XII) have attained merit positions in the Board Exams
for the academic session 2009-10.
B) MAIHAR CEMENT:
·
First prize for “Standard of Working”, “Electrical
Installation and Ore Handling Plant” and “Best Team of First-Aid
·
Competition” for the limestone mines from the
Director General of Mines Safety, Jabalpur Region.
·
First prize for “Waste Dump Management” for the
limestone mines, from the Indian Bureau of Mines, Jabalpur Region.
·
Master Devesh Gedam, student of Class VII of our
School received the Gold Medal in “Junior General Knowledge and Intelligence
Test” conducted by the “Central Institute of General Knowledge Learning, New
Delhi”.
·
13 Students from our school (8 Scouts and 5 Guides)
have been selected for the “Governor’s Award” during the academic session
2010-11.
C) MANIKGARH
CEMENT:
·
First Prize “Gold Award” in the International
Convention of Quality Circles held at Hyderabad on the case study titled “To
eliminate Bags and Electrodes damage inside Hybrid ESP”.
·
First Prize for “Overall Performance”, “Opencast
Working”, “Transport in Mines and Dust Suppression”, “House Keeping and
Provision of Welfare Facility”, “Injury Rate Performance” and “Exhibition
Stall” for the limestone mines, from the Directorate General of Mines Safety,
Western Zone, Nagpur Region.
·
First Prize for “Environment Excellence”, “Waste
Dump Management”, “Noise Vibration Control and Aesthetic Beauty” and “Water
Quality Management” for the limestone mines from the Indian Bureau of Mines,
Nagpur Region (Maharashtra and Madhya Pradesh States).
D) PULP AND PAPER:
·
The Unit’s
Quality Circle “AGRO” has secured the “Gold Award” in the 21st Regional
Convention on Quality Circles, organized by the Quality Circle Forum of India, Kanpur
Chapter, held at Kanpur on 13 November 2010 for their case study presentation.
·
The Unit’s
Quality Circle “AGRO” has secured “Excellent Award” in the 24th National
Convention on Quality Circles, organized by the Quality Circle Forum of India,
Visakhapatnam Chapter, held at Visakhapatnam during 27th to 30th December, 2010
for their case study presentation.
·
Certified for
Forest Stewardship Council (FSC) Chain-of-custody (CoC), an International
Certification, for the period from 24.01.2011 to 23.01.2016 which will assist
us for business with improved international market access in an increased
environmentally aware sector.
·
The Unit has
begged the Certificate of Export Recognition, a ‘Special Export Award’ in
recognition of achievement in exports in respect of Printing and Writing Paper
for the year 2009-10, by CAPEXIL (Sponsored by the Ministry of Commerce and
Industry, Govt. of India), in the Annual Award Function held at Delhi on 4th
March, 2011.
MANAGEMENT DISCUSSION AND ANALYSIS
REPORT
OVERALL REVIEW:
The overall
profitability of the Company during the year under review has been adversely
affected as compared to the previous year due to unfavourable 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 expansion 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. Our 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 under review, 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 we have the advantage of versatility in suiting our yarn to what
the fashion industry wants. Therefore, our 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
upgradation.
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,
vocational 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 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
(a) 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) |
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 not
acknowledged as debts jointly with other members of "Business
Consortium of Companies" in which the Company had an interest (proportionate) |
185.900 |
174.800 |
|
(c) Registration and Road Tax on Dumper of Cement Division |
Amount not
determinable |
|
|
(d) Disputed income tax matters under appeal |
117.100 |
28.100 |
|
(e) 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 |
|
|
Note: Item No.5(b) to
5(e) (The Company has
taken legal and other steps necessary to protect its position in respect of
these claims which based on legal advice are not sustainable. It is not
possible to make any further determination of the liabilities which may arise
or the amounts which may be refundable in these respects). |
||
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND AUDITED FOR THE YEAR ENDED 31ST
MARCH, 2012
RS.
IN MILLIONS
|
PARTICULAR |
PRECEDING 3 MONTHS ENDED |
3 MONTHS ENDED |
YEAR ENDED |
|
|
UNAUDITED |
UNAUDITED |
AUDITED |
|
|
31.12.2011 |
31.03.2012 |
31.03.2012 |
|
|
|
|
|
|
(a)
Net Sales / Income from operations |
12770.400 |
12756.100 |
47892.300 |
|
(b)
Other Operating Income |
244.700 |
206.800 |
835.500 |
|
Total
Income |
13015.100 |
12962.900 |
48727.800 |
|
Expenditure |
|
|
|
|
Cost
of material consumed |
4135.300 |
3504.900 |
15887.800 |
|
Purchase
of stock in trade |
93.800 |
85.800 |
375.800 |
|
Changes
in inventories of finished goods, work in progress and stock in trade |
13.700 |
494.200 |
(431.500) |
|
Employees
benefits |
1025.700 |
1098.400 |
4247.200 |
|
Depreciation
and amortization |
608.200 |
771.800 |
2581.200 |
|
Other
expenditure |
|
|
|
|
Stores
and spare parts consumed |
477.000 |
891.800 |
2424.700 |
|
Power,
fuel and water |
3124.000 |
2878.300 |
11872.700 |
|
Freight
forwarding, octrol, etc |
1789.200 |
2007.800 |
6973.800 |
|
Others
|
808.300 |
952.400 |
3321.800 |
|
Total |
12075.200 |
12685.400 |
47053.300 |
|
Profit
from operations before other income, interest and exceptional Items |
940.100 |
277.500 |
1674.500 |
|
Other
income |
32.300 |
157.900 |
271.800 |
|
Profit
before interest and exceptional Items |
972.400 |
435.400 |
1946.300 |
|
Interest |
393.900 |
660.600 |
1720.800 |
|
Profit after Interest but
before Exceptional Items |
578.500 |
(225.200) |
225.500 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
Profit (+)/Loss(-) from
Oridinary Activities before tax |
578.500 |
(225.200) |
225.500 |
|
Tax
expense |
|
|
|
|
Current
tax |
0.000 |
16.200 |
16.200 |
|
Deferred
tax |
35.700 |
(2.500) |
(12.000) |
|
Net Profit (+)/Loss(-) from Ordinary
Activities after tax |
542.800 |
(238.900) |
221.300 |
|
Extraordinary items |
0.000 |
0.000 |
0.000 |
|
Net
Profit (+) / Loss (-) for the year period |
542.800 |
(238.900) |
221.300 |
|
Paid
up equity share capital (Face value of Rs.10/- per share) |
930.400 |
930.400 |
930.400 |
|
Reserves
excluding revaluation reserves as per balance sheet of previous accounting
year |
-- |
-- |
18058.800 |
|
Earning
per share (EPS) |
|
|
|
|
(a) Basic and diluted
EPS before Extraordinary items for the period, for the year
to date and for the previous year (not to be
annualised) |
5.83 |
(2.57) |
2.38 |
|
(a) Basic and diluted EPS
before Extraordinary items for the period, for the year
to date and for the previous year (not to be
annualised) |
5.83 |
(2.57) |
2.38 |
|
Public
shareholding |
|
|
|
|
Number of shares |
55160620 |
55164120 |
55164120 |
|
Percentage of shareholding |
59.28 |
59.28 |
59.28 |
|
|
|
|
|
|
Promoters
and Promoters group Shareholding- |
|
|
|
|
a)
Pledged /Encumbered |
|
|
|
|
Number
of shares |
132050 |
132050 |
132050 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
0.35 |
0.35 |
0.35 |
|
Percentage
of shares (as a % of total share capital of the company) |
0.14 |
0.14 |
0.14 |
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
Number
of shares |
37437330 |
37437330 |
37437330 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
99.65 |
99.65 |
99.65 |
|
Percentage
of shares (as a % of total share capital of the company) |
40.24 |
40.24 |
40.24 |
SEGMENT WISE
REVENUE AND CAPITAL EMPLOYED, UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE
QUARTER AND YEAR ENDED 31ST MARCH, 2012
RS.
IN MILLIONS
|
PARTICULARS |
PRECEDING 3 MONTHS ENDED |
3 MONTHS ENDED |
YEAR ENDED |
|
|
UNAUDITED |
UNAUDITED |
AUDITED |
|
|
31.12.2011 |
31.03.2012 |
31.03.2012 |
|
|
|
|
|
|
1. SEGMENT REVENUE (NET SALES/ INCOME FROM OPERATIONS) |
|
|
|
|
a)
Textiles* |
3103.300 |
3489.600 |
12969.200 |
|
b)
Cement |
7396.200 |
7968.700 |
26852.700 |
|
c)
Pulp and Paper @ |
2475.800 |
1235.000 |
8704.600 |
|
d)
Others |
259.500 |
263.600 |
1045.100 |
|
Total |
13234.800 |
12956.900 |
49571.600 |
|
Less:
Inter Segment Revenue |
464.200 |
200.800 |
1679.300 |
|
Net Sales/ Income From operations |
12770.400 |
12758.100 |
47892.300 |
|
|
|
|
|
|
2. SEGMENT RESULTS |
|
|
|
|
Profit/
Loss after depreciation but before interest and exceptional items |
|
|
|
|
a)
Textiles* |
(81.200) |
(112.500) |
(352.800) |
|
b)
Cement |
1138.400 |
1059.700 |
2989.800 |
|
c)
Pulp and Paper @ |
30.900 |
(654.000) |
(611.300) |
|
d)
Others ** |
20.900 |
53.200 |
131.100 |
|
Sub-Total |
11270.000 |
348.400 |
2136.600 |
|
Add/
Less: |
|
|
|
|
Inter
Segment Profit/ Loss |
(39.000) |
89.600 |
36.000 |
|
Total |
1088.000 |
438.000 |
2172.600 |
|
Add/
Less: |
|
|
|
|
i)
Interest (Net) |
393.900 |
660.600 |
1720.800 |
|
ii)
Other un-allocable expenditure net of un-allocable income |
115.800 |
0.600 |
226.300 |
|
Total Profit Before Tax |
578.500 |
(225.200) |
225.500 |
|
|
|
|
|
|
3. CAPITAL EMPLOYED $ (SEGMENT ASSETS – SEGMENT LIABILITIES) |
|
|
|
|
a)
Textiles* |
13045.100 |
12857.700 |
12857.700 |
|
b)
Cement |
11046.200 |
12675.600 |
12675.600 |
|
c)
Pulp and Paper @ |
30633.100 |
31329.700 |
31329.700 |
|
d)
Others ** |
3818.600 |
3520.800 |
3520.800 |
|
Total Capital Employed in Segments |
58543.000 |
60383.800 |
60383.800 |
|
e)
Unallocable assets less liabilities |
(38551.800) |
(41394.600) |
(41394.600) |
|
Total
Capital Employed in the company |
19991.200 |
18989.200 |
18989.200 |
NOTE:
1.
"Textiles" include Yarn, Cloth and Denim
Cloth, Viscose Filament Yarn and Tyre Yarn
2.
"Cement " include Cement and Clinker
3.
"Pulp and Paper" include Pulp, Writing
and Printing paper, Tissue paper, Multilayer packaging Board and Fibre line
4.
"Others" include Salt works, Chemicals,
Floriculture and Real Estate.
5.
Includes projects under implementation.
STATEMENT OF
ASSETS AND LIABILITIES AS ON 31.03.2012
RS.
IN MILLIONS
|
PARTICULAR |
31.03.2012 |
|
|
AUDITED |
|
Shareholder
Funds |
|
|
Share Capital |
930.400 |
|
Reserves and Surplus |
18058.800 |
|
Total |
18989.200 |
|
|
|
|
Non Current
Liabilities |
|
|
Long-Term Borrowings |
19771.000 |
|
Deferred Tax Liabilities (Net) |
2627.400 |
|
Other Long-Term Liabilities |
192.600 |
|
Long-Term Provision |
3150.600 |
|
Total |
25741.600 |
|
|
|
|
Current
Liabilities |
|
|
Short-Term Borrowings |
14448.000 |
|
Trade Payable |
3116.800 |
|
Other Current Liabilities |
9700.500 |
|
Short-Term Provision |
925.000 |
|
Total |
28190.300 |
|
|
|
|
TOTAL EQUITY AND
LIABILITIES |
72921.100 |
|
|
|
|
Assets |
|
|
Non Current
Assets |
|
|
Fixed Assets |
52211.200 |
|
Non-Current Investments |
692.800 |
|
Long-Term Loan and Advances |
2880.300 |
|
Other Non-Current Assets |
51.900 |
|
Total |
55836.200 |
|
|
|
|
Current Assets |
|
|
Current Investments |
20.700 |
|
Inventories |
10952.400 |
|
Trade Receivables |
3334.500 |
|
Cash and Cash Equivalents |
500.900 |
|
Short-Term Loan and Advances |
1988.600 |
|
Other Current Assets |
287.800 |
|
Total |
17084.900 |
|
|
|
|
TOTAL ASSETS |
72921.100 |
NOTE:
1.
The board of director has recommended dividend of
Rs.5.50 per equity share of Rs.10 each equivalent to 55% on paid up equity share
capital of the company for the year ended 31.03.2012. in the previous year the
same amount was paid as dividend. The dividend will be paid when declared by
the shareholders in accordance with the law.
2.
The fibre line (pulp plant) with a capacity of 1.62
lac tones per annum and Multilayer Packaging Board Plant with a capacity of
1.80 lac tones per annum at Lalkua, Nainital (Uttarakhand) along with 43 M.W.
turbine have commenced operations and up gradation of the paper machine based
on recycled paper in progress.
3.
Information on investor complaints for the quarter
(Nos.): Opening Balance – 0, New – 12, Disposals – 12, Closing Balance – 0.
4.
The financial statements have been prepared as per
the revised schedule VI to the Companies Act, 1956 which had a significant
impact on presentation. Comparative figures have been regrouped or rearranged
where considered necessary.
5.
The results for the quarter ended 31st
March, 2012 are derived figures arrived at by subtracting the results for the
nine months ended on 31st December, 2011 from the audited results
for the year ended 31st March, 2012.
6.
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 the meeting held on 2nd May, 2012. The
report of the statutory auditors contains no qualification.
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.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.54.88 |
|
|
1 |
Rs.86.84 |
|
Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.