MIRA
INFORM REPORT
|
Report Date : |
17.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
CENTURY TEXTILE AND INDUSTRIES LIMITED |
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Registered
Office : |
‘Century Bhavan’, |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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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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PAN No.: [Permanent Account No.] |
AAACC2659Q |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing and Exporting of Textiles including Yarn, Viscose
Filament Yarn, Cement, Pulp and Paper and Others like Salt Works, Chemicals,
Floriculture and Real Estate. |
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|
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|
No. of Employees
: |
12972 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 72198000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a part of B.K. Birla Group. It is an old and well established
company having fine track record. The company has incurred loss from its operation during the financial
year 2013. However, the rating reflects the company’s well-established
operations, its experienced management, diversified business profile and
sound general financial position. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current account
deficit narrowed in the quarter ended September as government measures to curb
imports, especially gold, kicked in. The current account deficit, the
excess of a country’s imports of goods and services over exports, narrowed to $
5.2 billion from $ 21 billion in the year ago period, according to provisional
Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for
the year will be less than $ 60 billion or 3 per cent of GDP and the latest
data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities : AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
July 05, 2013 |
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Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities : A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
July 05, 2013 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. M. Vishwanath Lath |
|
Designation : |
Finance Manager |
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Contact No.: |
91-22-24957000 |
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Date : |
15.01.2014 |
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, Tel No.: 91-22-22027570 |
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Factory : |
Located at: ¯
BIRLA
CENTURY Plot No. 826, GIDC Industrial Estate, Jhagadia, District Bharuch - 393110, Gujarat, India ¯
CENTURY
RAYON Rayon, Tyre Cord and Chemical Plants, Murbad Road, Kalyan - 421103, Maharashtra, India ¯
CENRAY
MINERALS AND CHEMICALS Nawa Nagna, Jamnagar - 361007, Gujarat, India ¯
CENTURY
CEMENT P.O. Baikunth, District Raipur - 493116, Chhattisgarh, India ¯
MAIHAR
CEMENT UNITS I and II P.O. Sarlanagar, Maihar, District Satna - 485772, Madhya Pradesh, India ¯
MANIKGARH
CEMENT P.O. Gadchandur, District Chandrapur - 442908, Maharashtra, India ¯
SONAR
BANGLA CEMENT Village Dhalo, P.O. Gankar, P.S. Raghunathganj, District Murshidabad - 742227, West Bengal, India ¯
CENTURY
PULP AND PAPER Ghanshyamdham, P.O. Lalkua, District Nainital - 262402, Uttarakhand, India ¯
CENTURY
YARN ¯
CENTURY
DENIM Village and Post Satrati, Tehsil – Kasrawad, District Khargone - 451660, Madhya Pradesh, India Tel. No.: 91-7285-255277/ 255281/ 82/ 83/ 84 Fax No.: 91-7285-255305 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. B.K. Birla |
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Designation : |
Chairman |
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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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Date of Appointment : |
09.05.1986 |
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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 : |
Whole-time Director |
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Date of Birth/Age : |
76 Years |
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Qualification : |
Bachelor’s
degree in Commerce and is a Chartered Accountant. |
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DIN No.: |
00040804 |
KEY EXECUTIVES
|
Name : |
Mr. M.
Vishwanath Lath |
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Designation : |
Finance Manager |
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TEXTILE 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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BIRLA CENTURY |
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Name : |
Mr. Sanjay Khimesra |
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Designation : |
Joint President (Birla Century) |
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Name : |
Mr. Abhijit Bhatwadekar |
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Designation : |
Vice President (Spinning) |
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Name : |
Mr. Pankaj Mehta |
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Designation : |
Vice President (Processing) |
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CENTURY YARN AND DENIM |
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Name : |
Mr. R.S. Verma |
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Designation : |
Joint President |
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RAYON 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) |
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Name : |
Mr. V.K. Jhingon |
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Designation : |
Senior Vice President (Tyrecord, CSY and TQM) |
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Name : |
Mr. Sudhir Luthra |
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Designation : |
Senior Vice President (Chemicals and Safety) |
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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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CEMENT 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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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. Vijay Kumar |
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Designation : |
Joint President (Plant) |
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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 Instrumentation) |
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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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Name : |
Mr. B. P. Mishra |
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Designation : |
Vice President (Mines) |
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Name : |
Mr. Piyush Kumar Choudhary |
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Designation : |
Vice President (Power Plant) |
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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 : |
Joint President (Mechanical) |
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Name : |
Mr. Manoj Gupta |
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Designation : |
Joint President (Finance) |
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Name : |
Mr. Ajai Kumar Jain |
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Designation : |
Senior Vice President (Production) |
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Name : |
Mr. R. Deshpande |
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Designation : |
Senior Vice President (Purchase) |
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Name : |
Mr. Govind Mahajan |
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Designation : |
Vice President (Electrical & Instrumentation) |
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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 : |
Executive President (Mines and Projects) |
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Name : |
Mr. Ashok Maheshwari |
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Designation : |
Joint President (Marketing) |
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Name : |
Mr. P.K. Agarwal |
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Designation : |
Joint President (Purchase) |
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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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Name : |
Mr. S. K. Singh |
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Designation : |
Vice President (Personnel) |
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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. A.D. Karwa |
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Designation : |
Executive President (Finance and Marketing) |
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Name : |
Mr. R.K. Udge |
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Designation : |
Joint President (Mines) |
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Name : |
Mr. M. P. Joshi |
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Designation : |
Joint President (Electrical and
Instrumentation) |
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Name : |
Mr. A.K. Jain |
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Designation : |
Senior Vice President (Mechanical) |
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Name : |
Mr. Deepal Jaisinghni |
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Designation : |
Vice President (Mechanical) |
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UNIT II |
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Name : |
Mr. J. L. Tiwari |
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Designation : |
Senior Executive President (Plant) |
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Name : |
Mr. S.K. Mandelia |
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Designation : |
Executive President (Commercial) |
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Name : |
Mr. N. D. Hemke |
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Designation : |
Senior Vice President (Mechanical) |
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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. P. K. Bajaj |
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Designation : |
Vice President (Commercial) |
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Name : |
Mr. G.V. Suryanarayan |
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Designation : |
Vice President (Instrumentation) |
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PAPER: |
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CENTURY PULP AND PAPER: |
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Name : |
Mr. Bipin Lal |
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Designation : |
Chief Executive
Officer |
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Name : |
Mr. J. P. Narain |
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Designation : |
Chief Operating
Officer (Works) |
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Name : |
Mr. Karthik V. Kumar |
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Designation : |
Chief Strategy
and Marketing Officer |
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Name : |
Mr. Indranil Roy |
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Designation : |
Chief Sales
Officer |
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Name : |
Mrs. Archana Singh |
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Designation : |
Chief Finance and
Business Planning Officer |
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Name : |
Mr. Ashutosh Bhalerao |
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Designation : |
Chief Supply
Chain Officer |
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Name : |
Mr. A. K. Bhatia |
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Designation : |
Chief Procurement
Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Total No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
210470 |
0.23 |
|
|
37358910 |
40.28 |
|
|
37569380 |
40.51 |
|
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|
|
|
Total shareholding of Promoter and Promoter Group (A) |
37569380 |
40.51 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
6592702 |
7.11 |
|
|
3863596 |
4.17 |
|
|
2580 |
0.00 |
|
|
2458042 |
2.65 |
|
|
9282727 |
10.01 |
|
|
22199647 |
23.94 |
|
|
|
|
|
|
11622809 |
12.53 |
|
|
|
|
|
|
15914322 |
17.16 |
|
|
3954951 |
4.26 |
|
|
1487371 |
1.60 |
|
|
397185 |
0.43 |
|
|
590509 |
0.64 |
|
|
365820 |
0.39 |
|
|
133189 |
0.14 |
|
|
388 |
0.00 |
|
|
280 |
0.00 |
|
|
32979453 |
35.56 |
|
Total Public shareholding (B) |
55179100 |
59.49 |
|
Total (A)+(B) |
92748480 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
297200 |
0.00 |
|
|
297200 |
0.00 |
|
Total (A)+(B)+(C) |
93045680 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Pilani Investment & Industries Corporation Limited |
34220520 |
36.78 |
|
2 |
Kesoram Industries Limited |
2746100 |
2.95 |
|
3 |
Aditya Marketing & Manufacturing Limited |
60900 |
0.07 |
|
4 |
Prakash Educational Society |
128000 |
0.14 |
|
5 |
Birla Educational Institution |
44000 |
0.05 |
|
6 |
Manav Investment & Trading Company Limited |
11950 |
0.01 |
|
7 |
Godavari Corporation Private Limited |
126740 |
0.14 |
|
8 |
Sunanda Medical Institute |
4000 |
0.00 |
|
9 |
Padmavati Investment Limited |
16700 |
0.02 |
|
10 |
Basant Kumar Birla |
131900 |
0.14 |
|
11 |
Sarala Devi Birla |
67900 |
0.07 |
|
12 |
Ramavatar Makharia |
1110 |
0.00 |
|
13 |
Ravi Makharia |
3620 |
0.00 |
|
14 |
Laxmi Devi Makharia |
3440 |
0.00 |
|
15 |
Ganga Somani |
2500 |
0.00 |
|
|
Total |
37569380 |
40.38 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No.
of Shares held |
Shares
as % |
|
|
1 |
HDFC Trustee Company Limited HDFC Top 200 Fund |
2577000 |
2.77 |
|
|
2 |
Life Insurance Corporation of India & Others |
3276238 |
3.52 |
|
|
3 |
SBI Magnum Tax Gain Scheme & Others |
1800000 |
1.93 |
|
|
4 |
Birla Corporation Limited |
1807660 |
1.94 |
|
|
5 |
Orient Paper & Industries Limited |
1545140 |
1.66 |
|
|
6 |
Credit Suisee (Singapore) Limited |
1038000 |
1.12 |
|
|
7 |
Drive Trading Private Limited |
988000 |
1.06 |
|
|
8 |
Birla Sunlife Trustee Company Private Limited A/c Birla Sunlife Tax
Relief 1996 & Others |
1015037 |
1.09 |
|
|
9 |
Bajaj Allianz Life Insurance Company Limited |
1901908 |
2.04 |
|
|
10 |
HDFC Standard Life Insurance Company Limited |
1664038 |
1.79 |
|
|
|
Total |
17613021 |
18.93 |
|
Details of Depository Receipts (DRs)
|
Sl. No. |
Type of Outstanding
DR (ADRs, GDRs, SDRs, etc.) |
No. of Outstanding DRs |
No. of Shares Underlying |
Shares Underlying Outstanding DRs as % |
|
1 |
GDRs |
2,97,200 |
2,97,200 |
0.32 |
|
|
Total |
2,97,200 |
2,97,200 |
0.32 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Exporting of Textiles including Yarn,
Viscose Filament Yarn, Cement, Pulp and Paper and Others like Salt Works,
Chemicals, Floriculture and Real Estate. |
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Products/ Services : |
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Exports : |
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Products : |
Yarn, Viscose Filament Yarn, Cement, Pulp and Paper and
Others |
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Countries : |
· USA UK Middle East |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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|
No. of Employees : |
12972 (Approximately) |
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|
Bankers : |
¯ State Bank of
India ¯ Bank of Baroda ¯ State Bank of
Hyderabad ¯ Allahabad Bank ¯ Union Bank of
India ¯ IDBI Bank ¯ Dena Bank ¯ Syndicate Bank ¯ State Bank of
Tranvancore ¯ Indusind Bank ¯ State Bank of
Mysore ¯ ICICI Bank ¯ Development
Credit Bank ¯ State Bank of
Patiala ¯ State Bank of
Bikaner and Jaipur |
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|
Facilities : |
|
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|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dalal and Shah Chartered
Accountants |
|
Address : |
Mumbai, |
|
|
|
|
Where significant influence
exists : |
¯ Pilani Investment and Industries Corporation Limited ¯ Kesoram Insurance Broking Services Limited ¯ Vasavadatta Services Limited ¯ Industry House Limited ¯ Bander
Coal Company Private Limited |
|
|
|
|
Other Related
Parties : |
¯ B.K. Birla ¯ Kesoram Industries Limited ¯ Century Enka Limited ¯ Jayshree Tea and Industries Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
148000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1480.000 Millions |
|
10000000 |
Redeemable
Cumulative Non-convertible Preference Shares |
Rs. 100/- each |
Rs. 1000.000 Millions |
|
|
Total |
|
Rs. 2480.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
93061090 |
Equity Shares |
Rs. 10/- each |
Rs. 930.600
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
93045680 |
Equity Shares |
Rs. 10/- each |
Rs. 930.400
Millions |
|
|
(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.) |
|
|
Shareholders holding more than 5%
shares of the Company
|
Name of Shareholders |
31.03.2013 |
|
|
|
Number |
Percentage |
|
Pilani Investment and Industries Corporation Limited |
34220520 |
36.78% |
|
HDFC Trustee Company Limited |
4828300 |
5.19% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
930.400 |
930.400 |
930.400 |
|
(b) Reserves & Surplus |
17119.100 |
18058.800 |
18600.600 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
18049.500 |
18989.200 |
19531.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
31481.500 |
19771.000 |
12400.500 |
|
(b) Deferred tax liabilities (Net) |
2429.200 |
2627.400 |
2639.400 |
|
(c) Other long term liabilities |
388.000 |
200.800 |
170.100 |
|
(d) long-term provisions |
3636.100 |
3195.900 |
2760.500 |
|
Total Non-current Liabilities (3) |
37934.800 |
25795.100 |
17970.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
12125.000 |
14448.000 |
13814.700 |
|
(b) Trade payables |
3598.700 |
3075.500 |
4117.400 |
|
(c) Other current
liabilities |
9872.200 |
9688.300 |
7643.800 |
|
(d) Short-term provisions |
1024.000 |
925.000 |
799.800 |
|
Total Current Liabilities (4) |
26619.900 |
28136.800 |
26375.700 |
|
|
|
|
|
|
TOTAL |
82604.200 |
72921.100 |
63877.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
42292.800 |
41039.900 |
23950.100 |
|
(ii) Intangible Assets |
31.100 |
34.800 |
37.200 |
|
(iii) Capital
work-in-progress |
17107.600 |
11119.200 |
19975.800 |
|
(iv)
Intangible assets under development |
4.800 |
17.300 |
11.600 |
|
(b) Non-current Investments |
737.800 |
692.800 |
683.600 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2904.500 |
2880.300 |
2658.200 |
|
(e) Other Non-current assets |
196.400 |
166.900 |
49.800 |
|
Total Non-Current Assets |
63275.000 |
55951.200 |
47366.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
20.700 |
0.000 |
|
(b) Inventories |
12037.900 |
10952.400 |
10706.600 |
|
(c) Trade receivables |
4080.100 |
3334.500 |
3071.500 |
|
(d) Cash and cash
equivalents |
534.900 |
500.900 |
406.400 |
|
(e) Short-term loans and
advances |
2377.600 |
1988.600 |
2016.000 |
|
(f) Other current assets |
298.700 |
172.800 |
310.400 |
|
Total Current Assets |
19329.200 |
16969.900 |
16510.900 |
|
|
|
|
|
|
TOTAL |
82604.200 |
72921.100 |
63877.200 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
59494.700 |
48727.800 |
47600.300 |
|
|
|
Other Income |
269.000 |
271.800 |
420.400 |
|
|
|
TOTAL |
59763.700 |
48999.600 |
48020.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
20256.400 |
15687.800 |
15768.500 |
|
|
|
Purchases of Stock-in-trade |
182.900 |
375.800 |
183.200 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-progress and Stock-in-Trade |
(565.400) |
(431.500) |
(336.100) |
|
|
|
Employee Benefits Expense |
4928.900 |
4247.200 |
3620.700 |
|
|
|
Other Expenses |
29080.000 |
24785.100 |
21885.800 |
|
|
|
TOTAL |
53882.800 |
44664.400 |
41122.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
5880.900 |
4335.200 |
6898.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3199.500 |
1720.800 |
1182.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2681.400 |
2614.400 |
5715.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3559.500 |
2581.200 |
2396.600 |
|
|
|
|
|
|
|
|
|
|
EXPENDITURE TRANSFERRED
TO CAPITAL ACCOUNT |
166.000 |
192.300 |
112.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(712.100) |
225.500 |
3432.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(367.200) |
4.200 |
1057.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
(344.900) |
221.300 |
2374.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
2915.500 |
3359.000 |
3078.900 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Equity Dividend |
511.800 |
511.800 |
511.800 |
|
|
|
Tax on proposed equity dividend |
83.000 |
83.000 |
83.000 |
|
|
|
General Reserve |
0.000 |
70.000 |
1500.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1975.800 |
2915.500 |
3359.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of exports |
3220.300 |
2960.800 |
2882.200 |
|
|
|
Dividend |
0.700 |
1.000 |
0.600 |
|
|
|
Others |
1.000 |
6.400 |
1.700 |
|
|
TOTAL EARNINGS |
3222.000 |
2968.200 |
2884.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2788.700 |
2539.700 |
1984.000 |
|
|
|
Stores & Spares |
457.200 |
423.400 |
441.700 |
|
|
|
Capital Goods |
1161.300 |
1039.100 |
1016.200 |
|
|
TOTAL IMPORTS |
4407.200 |
4002.200 |
3441.900 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(3.71) |
2.38 |
25.52 |
|
Expected Sales (2013-2014): Rs. 65000.000 Millions
The above information has been parted by Mr. M. Vishwanath Lath (Finance
Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(0.58)
|
0.45 |
4.95 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.20)
|
0.46 |
7.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.10)
|
0.37 |
7.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
0.01 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.42
|
1.80 |
1.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.73
|
0.60 |
0.63 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Term loans from Banks - Secured |
|
|
|
|
Term Loan from
State Bank of India (Repayable in 24
equal quarterly instalments, last instalment falling due on June’2016.
Interest rate as at 31.03.2013 - 11.20 % p.a) |
666.800 |
666.800 |
666.800 |
|
Term Loan from
Bank of Baroda (Repayable in 24
equal quarterly instalments, last instalment falling due on June’ 2014.
Interest rate as at 31.03.2013 - 11.20 % p.a) |
302.400 |
228.000 |
119.200 |
|
Term Loan from
State Bank of Hyderabad (Repayable in 24
quarterly instalments, last instalment falling due on June’ 2014. Interest rate
as at 31.03.2013 - 11.20 % p.a) |
151.200 |
114.000 |
59.600 |
|
Term Loan from
Allahabad Bank (Repayable in 24
quarterly instalments, last instalment falling due on June’ 2014. Interest
rate as at 31.03.2013 - 11.20 % p.a) |
151.200 |
114.000 |
59.600 |
|
Term Loan from
Union Bank of India (Repayable in 24
quarterly instalments, last instalment falling due on June’ 2015. Interest
rate as at 31.03.2013 - 11.20 % p.a) |
353.200 |
266.400 |
139.200 |
|
Term Loan from
IDBI Bank (Repayable in 24
quarterly instalments, last instalment falling due on June’ 2014. Interest
rate as at 31.03.2013 - 11.20 % p.a) |
302.400 |
228.000 |
119.200 |
|
Term Loan from
Indusind Bank (Prepaid during the year) |
0.000 |
494.800 |
75.800 |
|
Term Loan from State
Bank of India (Repayable in 20
quarterly instalments, last instalment falling due on Sep’2018. Interest rate
as at 31.03.2013 - 11.20 % p.a) |
200.000 |
0.000 |
-- |
|
Term Loan from
Bank of Baroda (Repayable in 20
quarterly instalments, last instalment falling due on Sep’2018. Interest rate
as at 31.03.2013 - 11.20 % p.a) |
41.600 |
0.000 |
-- |
|
Term Loan from
State Bank of Hyderabad (Repayable in 20
quarterly instalments, last instalment falling due on Sep’2018. Interest rate
as at 31.03.2013 - 11.20 % p.a) |
36.000 |
0.000 |
-- |
|
Term Loan from
Allahabad Bank (Repayable in 20
quarterly instalments, last instalment falling due on Sep’2018. Interest rate
as at 31.03.2013 - 11.20 % p.a) |
38.400 |
0.000 |
-- |
|
Term Loan from
Union Bank of India (Repayable in 20
quarterly instalments, last instalment falling due on Sep’2018. Interest rate
as at 31.03.2013 - 11.20 % p.a) |
56.000 |
0.000 |
-- |
|
Term Loan from
State Bank of Mysore (Repayable in 20
quarterly instalments, last instalment falling due on Sep’2018. Interest rate
as at 31.03.2013 - 11.20 % p.a) |
36.000 |
0.000 |
-- |
|
Term Loan from
Indusind Bank (Repayable in 12
equal quarterly Instalments, last instalment falling due on Sep’2016. Interest
rate as at 31.03.2013 - 11.50 % p.a) |
191.700 |
0.000 |
-- |
|
Term Loan from
State Bank of India (Repayable in
monthly instalments, last instalment due on May’2012 ) |
0.000 |
1500.000 |
1500.000 |
|
Term Loan from
ICICI Bank (Repayable in 16
equal quarterly instalments, last instalment falling due on Jan’2017.
Interest rate as at 31.03.2013 - 11.50 % p.a) |
1000.000 |
250.000 |
0.000 |
|
Term Loan from
Development Credit Bank (Repayable in 12
equal quarterly instalments, last instalment falling due on Dec’2016.
Interest rate as at 31.03.2013 - 11.20 % p.a) |
116.700 |
0.000 |
-- |
|
Term Loan from
Syndicate Bank (Repayable in 12
equal quarterly instalments, last instalment falling due on Dec’2016.
Interest rate as at 31.03.2013 - 11.50 % p.a) |
141.700 |
0.000 |
-- |
|
TUF Loan from
State Bank of India (Repayable in 26
quarterly instalments, last instalment falling due on Mar’2014. Interest rate
as at 31.03.2013 - 5.95 % p.a) @ |
175.000 |
160.000 |
160.000 |
|
TUF Loan from
State Bank of Patiala (Repayable in 26
equal quarterly instalments, last instalment falling due on June’2015.
Interest rate as at 31.03.2013 - 6.50 % p.a) @ |
47.300 |
47.300 |
47.300 |
|
TUF Loan from
State Bank of India (Repayable in 28
equal quarterly instalments, last instalment falling due on June’2014.
Interest rate as at 31.03.2013 - 5.95 % p.a) @ |
9.500 |
9.400 |
9.400 |
|
TUF Loan from
State Bank of India (Repayable in 32
equal quarterly instalments, last instalment falling due on Sep’ 2018.
Interest rate as at 31.03.2013 - 5.95 % p.a) @ |
7.000 |
6.800 |
0.000 |
|
TUF Loan from
State Bank of India (Repayable in 28
equal quarterly instalments, last instalment falling due on Mar’2016.
Interest rate as at 31.03.2013 - 5.95 % p.a) @ |
468.600 |
468.600 |
468.600 |
|
TUF Loan from
State Bank of India (Repayable in 26
quarterly instalments, last instalment falling due on Mar’2015. Interest rate
as at 31.03.2013 - 5.95 % p.a) @ |
8.100 |
8.100 |
8.100 |
|
TUF Loan from
State Bank of India (Repayable in 26
equal quarterly instalments, last instalment falling due on Mar’2016.
Interest rate as at 31.03.2013 - 5.95 % p.a) @ |
115.200 |
115.200 |
115.200 |
|
TUF Loan from
State Bank of India (Repayable in 28
equal quarterly instalments, last instalment falling due on Mar’2016.
Interest rate as at 31.03.2013 - 5.95 % p.a) @ |
50.000 |
50.000 |
50.000 |
|
TUF Loan from State
Bank of Mysore (Repayable in 28
equal quarterly instalments, last instalment falling due on Mar’2016.
Interest rate as at 31.03.2013 - 5.95 % p.a) @ |
107.100 |
107.100 |
107.100 |
|
TUF Loan from
State Bank of Hyderabad (Repayable in 28
equal quarterly instalments, last instalment falling due on Mar’2016.
Interest rate as at 31.03.2013 - 5.95 % p.a) @ |
71.400 |
71.400 |
71.400 |
|
TUF Loan from
State Bank of Bikaner & Jaipur (Repayable in 28
equal quarterly instalments, last instalment falling due on Mar’2016.
Interest rate as at 31.03.2013 - 5.95 % p.a) @ |
50.000 |
50.000 |
50.000 |
|
TUF Loan from State Bank of Patiala (Repayable in 24 equal quarterly instalments, last instalment paid on 30.03.2012. Interest rate 7.00 %)@ |
-- |
-- |
25.000 |
|
|
|
|
|
|
Amount
disclosed under the head “ Other Current Liabilities” |
(4894.500) |
(4955.900) |
(3851.500) |
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
LITIGATION
DETAILS:
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 21.05.2013 |
|
Lodging No: ITXAL/672/2013 Filing Date:
21.05.2013 Reg. No.: ITXA/1512/2013 Reg. Date: 06.08.2013 |
|
Petitioner: COMMISSIONER OF INCOME TAX- 6 Respondent: CENTURY
TEXTILE AND INDUSTRIES LIMITED Petn. Adv : SHREE ARVIND PINTO (0) Resp.Adv.:
PANKAJ R. TOPRANI (0) District: MUMBAI |
|
Bench: DIVISION Status: Pre-Admission Category:
TAX APPEALS Next Date: 25.02.2014
Stage: Coram: ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
|
Act: Income Tax Act, 1961 UNDER SECTION: 260
A |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
SHORT TERM BORROWINGS |
|
|
|
Fixed Deposits |
601.100 |
543.400 |
|
Short Term
Borrowings from Banks: Under a buyer’s credit arrangement in foreign currency Rupee Loans |
3495.200 |
7013.700 |
|
|
|
|
|
Total |
4096.300 |
7557.100 |
EXPANSION AND MODERNISATION:
Rayon, Tyre Cord and Chemicals
Three additional Pot Spun Yarn (PSY)
spinning machines with balancing equipment in spin bath and four Continuous
Spun Yarn (CSY) spinning machines are expected to be commissioned by June, 2013
and additional six CSY machines by March, 2014. After such commissioning, the
capacity of PSY and CSY will increase by about 1800 tonnes per year. These
additions will be at an estimated investment of about Rs.62 crore.
Cement
Sonar Bangla Cement – Grinding Unit – 1.5 Million
tpa – Sagardighi, Dist. Murshidabad (West Bengal)
Out of two cement mills, one cement
mill has been commissioned in February, 2013 and after successful trial runs,
commercial production and despatches have commenced in March, 2013. Erection of
another cement mill has been completed and expected to be commissioned by July,
2013.
Manikgarh Cement Expansion – 2.8 Million tpa + 60
MW Captive
Thermal Power Plant – Gadchandur, Maharashtra
The work schedule of civil construction
activities at Manikgarh cement expansion was adversely affected due to
incessant rains in 2012. An acute shortage of natural sand has also delayed
progress of the project work. Civil and structural work is expected to be
completed by October, 2013. Mechanical erection work is simultaneously in
progress.
The Company will be installing a
captive thermal power plant of 60 MW capacity, compared to 40 MW earlier
planned, which is more economical in terms of operating cost and sufficient to
meet the requirement for both existing capacity and the proposed cement plant
expansion. Environment clearance from Ministry of Environment and Forests for
the 60 MW captive thermal power Plant has been obtained.
Manikgarh Cement Unit II is expected to
be operational by March, 2014. After the proposed expansion, the Company’s
total cement manufacturing capacity will stand increased to 12.8 million tonnes
per annum.
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.
AWARDS:
Various Divisions of the Company have
received various notable awards as mentioned below:-
Rayon, Tyrecord and Chemicals:
The Unit’s Four Quality Circles Kohinoor,
Swastik, Progressive and Sanghrachna won the Gold Trophy at a Convention of
Quality Circle-2012 held at Hyderabad.
Century Cement:
First prize for “Overall Performance”,
“Standard of Working”, “Environment Management and Pollution Control”, “Electrical
Installation and Exhibition Stall” 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 the Indian Bureau of Mines, Nagpur
Region (Chhattisgarh State).
Maihar Cement:
First prize for “Standard of Working”
and “Use of Explosives and Dust Suppression” for the limestone mines from the
Directorate General of Mines Safety, Jabalpur Region.
First prize in “Water Quality
Management” for the limestone mines from the Indian Bureau of Mines, Jabalpur
Region.
Manikgarh Cement:
First Prize in the “House Keeping and
Provision of Welfare Facilities”, “Transport in Mines and Dust Suppression” and
“Exhibition Stall” for its limestone mines from the Directorate General of
Mines Safety, Western Zone, Nagpur Region.
First Prize in the “Afforestation” for
its limestone mines from the Indian Bureau of Mines, Nagpur Region.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
OVERALL REVIEW
The profit of the Company, after
interest, during the year has remained almost at the same level as compared to
last year. However, due to higher depreciation in the current year on account
of commissioning of Multilayer Packaging Board and Fiberline Plant (Pulp plant)
in the Pulp and Paper Division, the Company has incurred a net loss. Though
operations have not shown the desired improvement due to increase in input
costs, higher interest, adverse market conditions, mainly in the Paper segment
and also because of the ongoing depressed conditions in the Indian as well as
the world economy, efforts are being made to improve the overall performance of
the Company. The steps taken by the Reserve Bank of India to stimulate the
economy have marginally brought down the interest rates but these are still
painfully high. It is hoped and expected that after inflation eases, Reserve
Bank of India will consider favourably relaxing the interest regime further
which can be instrumental in helping the revival of the economy. The outlook appears
to be more hopeful as the government has repeatedly stated that it is committed
to reforms. FDI in retail allowed within the year by the government may see the beginning of
investment in new infrastructure and technology by global giants and the systematic
marketing of agricultural produce in India. Other keenly awaited measures like
the implementation of Goods and Service Tax (GST) as well as power sector
reforms would go a long way in achieving this positive outlook. Increase in
spending by the government coupled with the current expectation of a normal
monsoon portend positive signals for the economy in the coming year and it is
expected that demand and prices of cement, paper and textiles which comprises
the Company’s main business will keep pace with the general upturn in the
economy. Considering all these factors, the Company is hopeful of a supportive
environment, enabling it to maintain steady performance. The circumstances
prevailing in each of the business segments of the Company and their operations
are separately discussed hereunder.
BUSINESS SEGMENT – TEXTILES (COTTON FABRICS, DENIM
CLOTH, YARN, VISCOSE FILAMENT YARN AND TYRE YARN) COTTON TEXTILES, YARN AND
DENIM
INDUSTRY STRUCTURE AND DEVELOPMENT
The Indian textile industry is on a comeback trail due to an improved US
economy, a recovering demand from the European Union and favourable raw
material prices. China, a major textiles producer for about two decades is now
focusing on other sectors, which should open up opportunities for other
textiles producing countries such as India and Bangladesh. As a result, India,
Bangladesh and Vietnam are receiving more orders due to reduction in the global
spinning capacity and cut down in cotton imports by China. The global buyers,
therefore, are looking at India as one of the major sourcing destinations. The
Indian textile industry is competitively placed vis-à-vis competitors. India
offers higher skills, lower costs, modern technology, global acceptance and a highly
creative pool of design talent. A supportive policy regime and the absolute
commitment of private enterprise add strength to Indian prospects. India is
among the few textiles manufacturing countries, which is fully integrated from
fibre to finished products.
SEGMENTAL REVIEW AND ANALYSIS
The financial performance of their
textile unit known as ‘Birla Century’ has improved as also its capacity
utilization. The sales at Birla Century have improved by about 65% as compared
to last year due to better use of capacity and increasing demand in domestic
and US markets. We are concentrating on high priced premium branded goods,
which are in demand in high- end markets. However the market for denim is
depressed. We have, therefore, reengineered the product line to produce the
items that customers prefer, to overcome the slackness. Cottons By Century with
its new summer collection and diversified product plan is expected to do better
in the years ahead. Innovative styling of fashion fabrics along with the cost advantage
due to withdrawal of excise duty will help us to have an edge over others.
OUTLOOK
Their textile unit has a competitive
edge in terms of quality, designs and innovative products. We expect much
better performance in the coming years on the back of revival in the world
economy including India.
CENTURY RAYON – VISCOSE FILAMENT YARN (VFY) [POT
SPUN YARN (PSY) AND CONTINUOUS SPUN YARN (CSY)] AND RAYON TYRE YARN
INDUSTRY STRUCTURE AND DEVELOPMENT
Demand for VFY remained stable throughout the year. Overall inventories
in the industry and at unit level are comfortable, which resulted in prices
being maintained. Demand for tyre yarn remained subdued. The Chemical Division
is operating at optimum capacity. Production of VFY by domestic producers has dropped
by about 23% in the last 5 years and the gap thus created has been met through
higher imports as there have been no significant additions to capacities within
India. Due to imposition of anti- dumping duty on certain products originating
from China, some reduction has been witnessed in the quantities of VFY imports
compared to earlier years. This has helped the domestic industry in maintaining
an adequate off-take of its products. Notably, despite the overall volume of
imports going down, China continues to export huge quantities in the form of
doubled and twisted yarn and embroidery thread at lower rates, thus adversely
affecting market sentiment. Due to escalation in costs coupled with
environmental issues, some of the small rayon producing units in China have
ceased operations. This is a good sign for the Indian industry. No major
investments are taking place in the Industry world-wide. Continuing recession
in Europe has adversely affected the off-take of rayon tyre yarn which forced
their unit to curtail its production by about 35%.
SEGMENTAL REVIEW AND ANALYSIS
Due to introduction of super fine
deniers, their unit has been able to retain its competitive edge and increase
its market share. Efforts undertaken to bring down cost of the main raw materials
like wood pulp and other inputs together with initiatives in curtailing cost of
power and water have yielded positive results. The Company’s initiatives for
improving productivity of the machines has enhanced production and reduced the
cost of production. Continued depreciation of the rupee and very high premiums
on forward rates have caused cost of imports to rise. Similarly, continued
inflation also resulted in rising dearness allowance paid to employees, thereby
increasing the labour cost. However, due to innovations in production and
stringent cost control measures, the performance of their unit remains
satisfactory.
Considering the present demand- supply
imbalance, lower utilization of rayon tyre yarn capacity is likely to continue
in the next financial year.
SALT WORKS
Production of raw salt is at optimum
capacity. We have sufficient raw salt to run the refinery to meet present
market demand. We expect better performance during this financial year.
OUTLOOK
The unit is expected to work satisfactorily
during the year ahead due to steady demand and optimum capacity utilization for
the manufacture of viscose filament yarn and chemical products. The success of
further efforts to reduce power and raw material cost would enhance benefits
and may improve overall performance.
BUSINESS SEGMENT – CEMENT (CEMENT AND CLINKER)
INDUSTRY STRUCTURE AND DEVELOPMENT
The Cement industry had witnessed a growth of 10.5% in the year
2009-2010. Unfortunately, with the withdrawal of stimulus packages coupled with
a slowdown in construction activity due to lower spending on infrastructure and
a deceleration in the realty sector caused by high interest rates and a
simultaneous over-supply of built stock in some areas, the cement industry
slipped to growth rates of 6.7% during 2011-2012. The growth for the year 2012-
2013 is expected to be around 5.5% only. The cement industry had surpassed the
target set by the working group on this industry for the XIth five year plan
(2007-2012). The installed capacity was over 340 million tonnes against a
target of 298 million tonnes at the end of the terminal year of the XIth five
year plan, resulting in surplus capacity. Though the pace of capacity addition
has slowed during the current year, surplus capacity is still a major concern.
Lacklustre demand has caused a part of the existing capacity to remain idle.
SEGMENTAL REVIEW AND ANALYSIS
All the cement divisions of the company
have operated at optimum levels. Captive thermal power plants have also worked
equally well. During the year 2012-13, we have produced 76.51 lac tonnes of
cement as compared to 75.25 lac tonnes in the previous year. We continue to
focus on conservation of energy and protection of the environment by production
of blended cement which constituted about 95% of the Company’s total cement
production compared to about 70% in the industry. The overall financial
performance has been better than in the previous year.
OUTLOOK
India’s growth story remains attractive
in comparison with many developed and developing economies. GDP is expected to
grow at around 6% in the fiscal year 2013-14. Various economic reforms
announced by the Government are expected to boost investment and, it is hoped,
rejuvenate the economy. The recent measures announced by the government to
expedite infrastructure projects and with upcoming state and national
elections, construction activity is expected to pick up, resulting in improved
demand for cement. During the XIIth five year plan (2012-2017) government has
provided impetus to the housing, rural development and infrastructure
construction activities. Investment in the infrastructure sector during this
five year plan is expected to be around Rs.50 lac crore. Therefore, the long
term growth prospects for the cement industry appear to be favourable.
BUSINESS SEGMENT – PULP AND PAPER (PULP, WRITING
AND PRINTING PAPER, TISSUE PAPER AND MULTILAYER PACKAGING BOARD)
INDUSTRY STRUCTURE AND DEVELOPMENT
The growth in the paper industry has traditionally mirrored the growth in
GDP. Being a commodity, the industry is cyclical in nature and is strongly
co-related with global economic factors. While India represents more than 15%
of the world population, consumption of paper is one of the lowest in the world
at about 2% of the world’s consumption. Based on the expected growth in India’s
GDP, it is estimated that the paper industry will grow at about 6 – 8% in the
next financial year.
SEGMENTAL REVIEW AND ANALYSIS
Demand and consequently the prices of
paper products were under pressure for a major part of the year. There was some
relief in the last quarter which witnessed firmed up demand, affording a window
of opportunity to improve prices. Apart from lack of demand, the high cost of
essential raw materials like wood and coal also necessitated increase in
selling prices. The financial performance of the unit was very adversely
affected mainly on account of higher interest cost on borrowed money for
setting up new projects for Multilayer Packaging Board and for increasing the pulping
capacity. In view of lower realization and higher interest costs, the financial
performance of this Division has been unsatisfactory.
OUTLOOK
The long-term outlook for paper, board
and tissue paper appears to be good. However, increasing costs and competition,
will compel focus to be directed to operational efficiency, new product and
service development and enhanced customer satisfaction for optimum results.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30.09.2013
(RS.
IN MILLIONS)
|
Particular |
3
Months ended 30.09.2013 |
Preceding
3 Months ended 30.06.2013 |
Year
to date figures for current period ended 30.09.2013 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
15511.900 |
15734.200 |
31246.100 |
|
Other Operating Income |
355.000 |
174.100 |
529.100 |
|
Total Income from
operations (net) |
15866.900 |
15908.300 |
31775.200 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of material consumed |
5466.300 |
5864.400 |
11330.700 |
|
(b) Purchase of stock in trade |
15.900 |
12.700 |
28.600 |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
426.200 |
(521.000) |
(94.800) |
|
(d) Employee benefit expenses |
1310.700 |
1284.600 |
2595.300 |
|
(e) Depreciation and amortization expenses |
892.900 |
896.700 |
1789.600 |
|
(f) Other Expenses |
|
|
|
|
-
Stores and Spare Parts consumed |
781.400 |
731.100 |
1512.500 |
|
-
Power, Fuel and water |
3452.700 |
3185.600 |
6638.300 |
|
-
Freight, Forwarding , Octroi etc. |
1848.400 |
2226.900 |
4075.300 |
|
-
Others |
1107.700 |
969.300 |
2077.000 |
|
Less: Expenditure transferred to Capital Account |
28.200 |
15.900 |
44.100 |
|
Total Expenses |
15274.000 |
14634.400 |
29908.400 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
592.900 |
1273.900 |
1866.800 |
|
Other Income |
89.800 |
47.600 |
137.400 |
|
Profit/ Loss from Ordinary
Activities before Finance costs and Exceptional item |
682.700 |
1321.500 |
2004.200 |
|
Finance costs |
911.300 |
875.000 |
1786.300 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
(228.600) |
446.500 |
217.900 |
|
Exceptional
item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
(228.600) |
446.500 |
217.900 |
|
Tax Expenses |
|
|
|
|
- Current Tax
(Net of MAT entitlement credit) |
-- |
-- |
-- |
|
- Deferred
Tax Liability/ Assets |
87.500 |
70.000 |
157.500 |
|
- Tax
adjustments in respect of earlier years |
-- |
-- |
-- |
|
Net Profit/ Loss from Ordinary Activities
after tax |
(316.100) |
376.500 |
60.400 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
(316.100) |
376.500 |
60.400 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
930.400 |
930.400 |
930.400 |
|
Paid-up Debt
Capital (Listed Debenture) |
5000.000 |
5000.000 |
5000.000 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
|
|
|
|
Basic and Diluted Earnings per share Rs. (not annualized) |
(3.40) |
4.05 |
0.65 |
|
Debt Equity Ratio |
|
|
2.90 |
|
Debt Service Coverage Ratio |
|
|
0.99 |
|
Interest Service Coverage Ratio |
|
|
2.12 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
55170100 |
55170100 |
55170100 |
|
Percentage of Shareholding |
59.29% |
59.29% |
59.29% |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
130090 |
129940 |
130090 |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
0.35% |
0.35% |
0.35% |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
0.14% |
0.14% |
0.14% |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
37439290 |
37439440 |
37439290 |
|
- Percentage
of Shares (as a % of the
total shareholding of promoter and promoter
group) |
99.65% |
99.65% |
99.65% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
40.24% |
40.24% |
40.24% |
|
|
Particulars |
3
Months ended 30.09.2013 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
11 |
|
|
Disposed of during the quarter |
11 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT – WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars |
3
Months ended 30.09.2013 |
Preceding
3 Months ended 30.06.2013 |
Year
to date figures for current period ended 30.09.2013 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1. Segment Revenue |
|
|
|
|
a. Textiles |
4356.700 |
3944.800 |
8301.500 |
|
b. Cement |
7128.800 |
8368.200 |
15497.000 |
|
c. Pulp and Paper |
4392.900 |
3791.200 |
8184.100 |
|
d. Others |
323.400 |
316.100 |
639.500 |
|
Total |
16201.800 |
16420.300 |
32622.100 |
|
Less: Inter – segment revenue |
689.900 |
686.100 |
1376.000 |
|
Total income from operations (net) |
15511.900 |
15734.200 |
31246.100 |
|
|
|
|
|
|
2. Segment Results |
|
|
|
|
Profit/ (loss) before tax and interest |
|
|
|
|
a. Textiles |
437.000 |
340.900 |
777.900 |
|
b. Cement |
352.600 |
1076.800 |
1429.400 |
|
c. Pulp and Paper |
(80.700) |
(55.300) |
(136.000) |
|
d. Others |
54.500 |
83.100 |
137.600 |
|
Total |
763.400 |
1445.500 |
2208.900 |
|
Less: Finance Costs |
911.300 |
875.000 |
1786.300 |
|
Other un-allocable expenditure net off
un-allocable other operating income |
85.100 |
124.400 |
209.500 |
|
Total Profit Before Tax |
(228.600) |
446.500 |
217.900 |
|
|
|
|
|
|
3. Capital Employed $ |
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
a. Textiles |
12201.700 |
12768.600 |
12201.700 |
|
b. Cement |
22952.800 |
21753.700 |
22952.800 |
|
c. Pulp and Paper |
29002.700 |
29651.300 |
29002.700 |
|
d. Others |
7381.600 |
6827.700 |
7381.600 |
|
e. Total Capital Employed in Segments |
71538.800 |
71001.300 |
71538.800 |
|
f. Unallocated |
(53432.800) |
(52575.300) |
(53432.800) |
|
Total |
18106.000 |
18426.000 |
18106.000 |
a)
Textiles include Yarn, Cloth and Denim Cloth,
Viscose Filament Yarn and Tyre Yarn.
b)
Cement include Cement and Clinker
c)
Pulp and Paper incluse Pulp, Writng and Printing
Paper, Tissue paper, Multilayer packaging Board and Fibre line.
d)
Others include Salt Works, Chemicals, Floriculture
and Real Estate.
$ Includes projects under implementation.
NOTES:
1.
STATEMENT OF ASSETS AND
LIABILITIES AS ON 30.09.2013
|
Particulars |
6 Months ended 30.09.2013 |
|
|
A. EQUITY AND LIABILITIES |
Unaudited |
|
|
|
|
|
|
1. Shareholders
Funds |
|
|
|
a] Share Capital |
930.400 |
|
|
b] Reserves and Surplus |
17175.600 |
|
|
Sub-total –
Shareholders’ funds |
18106.000 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
33255.700 |
|
|
b] Deferred Tax Liabilities |
2586.700 |
|
|
c] Other current liabilities |
356.300 |
|
|
d] Long term provisions |
3918.500 |
|
|
Sub-total -
Non-current Liabilities |
40117.200 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
14550.500 |
|
|
b] Trade Payables |
3599.400 |
|
|
c] Other Current Liabilities |
11330.200 |
|
|
d] Short Term Provision |
388.600 |
|
|
Sub-total - Current Liabilities |
29868.700 |
|
|
|
|
|
|
TOTAL - EQUITY
AND LIABILITIES |
88091.900 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
62720.800 |
|
|
b] Non-current investment |
936.800 |
|
|
c] long Term loans and Advances |
3049.800 |
|
|
d] Other non-current assets |
199.100 |
|
|
Sub-total – Non- current assets |
66906.500 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Current Investments |
--
|
|
|
Inventories |
11972.400
|
|
|
Trade Receivables |
5471.400
|
|
|
Cash & Bank Balances |
624.400
|
|
|
Short Term loans and advances |
2687.500
|
|
|
Other Current Assets |
429.700
|
|
Sub-total – Current Assets |
21185.400
|
|
|
|
|
|
|
TOTAL - ASSETS |
88091.900 |
|
2.
The Competition Commission of India (CCI) has imposed
a penalty of Rs. 2740.200 Millions on the
Company based on
the complaint filed by the Builders Association of India alleging
cartelisation by the Company
along with other cement
manufacturing companies. Based
on the
legal opinion, the
Company believes that it has a good case and has filed an
appeal against the order
before the
Competition Appellate Tribunal (COMPAT). Accordingly no
provision has been made in the accounts. During the quarter ended 30.06.2013, the Company
was asked to pay 10% of the
penalty pending disposal of appeal by the
COMPAT, which the Company had deposited by way of Fixed Deposit
Receipt as per the directive
of Honorable Supreme Court
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
31.10.2013. The Statutory Auditors have earned out a limited review of the above financial results.
4.
Ratios has been
calculated as follows :
a.
Debt-Equity Ratio = Debt/Networth [Debt is Long
Term Borrowing (current and non-current portion) and Short Term Borrowing]
b.
Debt Service Coverage Ratio = Earnings before
Interest, Depreciation, Tax and Exceptional items (EBITDA) / Finance Cost for
the period + Principal repayment of Long Term Borrowings during the period.
c.
Interest Service Coverage Ratio = Earnings before Interest,
Depreciation, Tax and Exceptional
items (EBITDA) / Finance Cost for the period.
5.
Previous period’s figures have been regrouped I recast wherever necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. in Millions) |
|
|
(a) (i) Claims against the Company not acknowledged as
debts in respect of : |
|
|
|
- Custom Duty and Excise Duty |
185.300 |
179.800 |
|
- Sales Tax and Entry Tax |
1053.200 |
944.600 |
|
- Power Charges |
124.800 |
151.000 |
|
- Royalty |
3109.800 |
2815.200 |
|
- Others |
138.800 |
175.700 |
|
(ii) Claims not acknowledged as debts jointly with other members of “Business Consortium of Companies” in which the Company had an interest ( proportionate) |
200.200 |
191.900 |
|
(b) Disputed income tax matters under appeal |
142.600 |
131.800 |
|
(c) Registration and Road Tax on Dumper of Cement Division |
Amount not determinable
|
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 |
Amount not
determinable |
|
(e) 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 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. Future cash flows in respect of item No.32 (a) to (e) above are determinable only on receipt of judgements / decisions pending with various forums / authorities.) |
2740.200 |
0.000 |
|
(f) Guarantees given by the Company’s bankers Guarantees have been given by the Company’s bankers in the normal course of business and are not expected to result in any liability on the Company |
224.800 |
24.100 |
|
(g) Undertaking given by the Company under concessional duty / exemption scheme to government authorities (net of obligation fulfilled) |
6320.800 |
6967.900 |
FIXED ASSETS:
TANGIBLE
ASSETS
¯
Freehold
Land
¯
Leasehold
Land
¯
Buildings
¯
Plant
and Equipment
¯
Furniture
and Fixtures
¯
Vehicles
¯
Office
equipment
¯
Water
Pipe Lines and Tanks
¯
Railway
Sidings and Locomotives
¯
Ropeway
¯
Reservoir
and Pans, etc.
¯
Electric
Installations
¯
Air-conditioning
Plant
¯
Improvement
to Leased Premises
¯
Floral
Plantation – Roses
INTANGIBLE
ASSETS
¯
Computer
software
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 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 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. 61.53 |
|
|
1 |
Rs. 100.73 |
|
Euro |
1 |
Rs. 83.84 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.