MIRA INFORM REPORT

 

 

Report No. :

322908

Report Date :

19.05.2015

 

IDENTIFICATION DETAILS

 

Name :

CENTURY TEXTILE AND INDUSTRIES LIMITED

 

CENTURY RAYON DIVISION OF CENTURY TEXTILE AND INDUSTRIES LIMITED

 

 

Registered Office :

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

Tel. No. :

91-22-24957000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

20.10.1897

 

 

Com. Reg. No.:

11-000163

 

 

Capital Investment / Paid-up Capital :

Rs. 930.400 Million

 

 

CIN No.:

[Company Identification No.]

L17120MH1897PLC000163

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMC10668A

 

 

TIN No.:

24210800333

 

 

PAN No.:

[Permanent Account No.]

AAACC2659Q

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturing and Exporting of Textiles including Yarn, Viscose Filament Yarn and Cement, Pulp and Paper and Others like Salt Works, Chemicals, Floriculture and Real Estate.

 

 

No. of Employees :

12950 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (62)

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Maximum Credit Limit :

USD 49000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a well-established company having fine track record.

 

The rating reflects the company’s well-established business operations supported by diversified business profile and improved operational performance which has resulted into profit achieved during financial year 2014.

 

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. 

 

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long term rating = AA-

Rating Explanation

High degree of safety and very low credit risk.

Date

February 26, 2015

 

 

Rating Agency Name

CRISIL

Rating

Short term rating = A1+

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

February 26, 2015

 

 

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 31-03-2014.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Yogesh Soni

Designation :

Accountant

Contact No.:

91-251-2733670

Date :

15.05.2015

 

 

LOCATIONS

 

Registered/ Corporate Office :

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

Tel. No.:

91-22-24957000

Fax No.:

91-22-24309491/ 24361980

E-Mail :

atulkedia@centurytext.com

centextho@centurytext.com

ambuj@birlacentury.com

Website :

http://www.centurytextind.com

 

 

Head Office:

CENTURY RAYON

Industry House, 159, Churchgate Reclamation, Mumbai – 400020, Maharashtra, India

Tel No.: 91-22-22027570

Fax No.: 9122-22853085

 

 

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

Tel No.: 91-7721-261222 – 6

Fax No.: 91-7721-261229

 

¯  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 31.03.2014

 

Name :

Mr. B.K. Birla

Designation :

Chairman

 

 

Name :

Mr. Kumar Mangalam Birla

Designation :

Director

 

 

Name :

Mr. Pradip Kumar Daga

Designation :

Director

 

 

Name :

Mr. Arvind C. Dalal

Designation :

Director

Date of Appointment :

09.05.1986

 

 

Name :

Mr. Amal Ganguli

Designation :

Director

 

 

Name :

Mr. B. L. Jain

Designation :

Whole-time Director

Date of Birth/Age :

76 Years

Qualification :

Bachelor’s degree in Commerce and is a Chartered Accountant.

DIN No.:

00040804

 

 

KEY EXECUTIVES

 

Name :

Mr. M. Vishwanath Lath

Designation :

Finance Manager

 

 

Name :

Mr. Yogesh Soni

Designation :

Accountant

 

 

Name :

Mr. Nirav Sharaft

Designation :

Company Secretary

 

 

TEXTILE

CENTURY TEXTILES

BIRLA CENTURY, CENTURY YARN AND DENIM :

Name :

Mr. R.K. Dalmia

Designation :

Senior President

 

 

Name :

Mr. D.K. Agrawal

Designation :

President (Corporate Finance) and Secretary

 

 

Name :

Mr. U.C. Garg

Designation :

Executive President (Purchase and Projects)

 

 

Name :

Mr. R.C. Panwar

Designation :

Joint President (Marketing)

 

 

Name :

Mr. Sanjay Khimesra

Designation :

Joint President (Works)

 

 

Name :

Mr. Pradeep Kher

Designation :

Vice President (Marketing)

 

 

Name :

Mr. Abhijit Bhatwadekar

Designation :

Vice President (Spinning)

 

 

Name :

Mr. Abhay K. Nahar

Designation :

Vice President (Finance)

 

 

Name :

Nilay Rathi

Designation :

Vice President (Commercial)

 

 

Name :

Mr. Atul K. Kedia

Designation :

Vice President (Legal and Secretarial)

 

 

RAYON

CENTURY RAYON, TYRECORD AND CHEMICALS:

Name :

Mr. O.R. Chitlange

Designation :

Senior President

 

 

Name :

Mr. R. Lalwani

Designation :

President (Commercial)

 

 

Name :

Mr. S.M. Sanklecha

Designation :

Joint President (Purchase)

 

 

Name :

Mr. S.K. Mital

Designation :

Executive President (Engineering, Auxiliary and Instrument)

 

 

Name :

Mr. Subodh Dave

Designation :

Joint President (Personnel and Administration)

 

 

Name :

Mr. Apurva Gupta

Designation :

Joint President (Rayon)

 

 

Name :

Mr. Sudhir Luthra

Designation :

Joint President (Chemicals and Safety)

 

 

Name :

Mr. B. Manmohan

Designation :

Senior Vice President President (Finance)

 

 

Name :

Mr. Arun Jhawar

Designation :

Senior Vice President President (Marketing)

 

 

CEMENT

CENTURY, MAIHAR, MANIKGARH AND SONAR BANGLA CEMENTS:

Name :

Mr. B.L. Jain

Designation :

Senior President

 

 

CENTURY CEMENT AND SONAR BANGLA CEMENT:

Name :

Mr. Alok Patni

Designation :

President (Works)

 

 

Name :

Mr. Vijay Kumar

Designation :

Executive President (Plant)

 

 

Name :

Mr. A.K. Panja

Designation :

Executive President (Plant) - Sonar Bangla Cement

 

 

Name :

Mr. Satish Gurtoo

Designation :

Joint President (Electrical and Instrumentation)

 

 

Name :

Mr. Arun Gaur

Designation :

Joint President (Finance)

 

 

Name :

Mr. M.K. Jain

Designation :

Senior Vice President (Plant)

 

 

Name :

Mr. C.S. Vithalkar

Designation :

Senior Vice President (Mechanical)

 

 

Name :

Mr. A.K. Biswas

Designation :

Senior Vice President (Project)

 

 

Name :

Mr. A.K. Bajpai

Designation :

Senior Vice President (Marketing)

 

 

Name :

Mr. B. P. Mishra

Designation :

Vice President (Mines)

 

 

MAIHAR CEMENT UNITS I AND II:

UNIT I:

 

Name :

Mr. R.K. Vaishnavi

Designation :

President (Works)

 

 

Name :

Mr. P. M. Intodia

Designation :

Executive President (Marketing)

 

 

Name :

Mr. Arvind Kumar Jain

Designation :

Joint President (Mechanical)

 

 

Name :

Mr. Manoj Gupta

Designation :

Joint President (Finance)

 

 

Name :

Mr. Ajai Kumar Jain

Designation :

Senior Vice President (Production)

 

 

Name :

Mr. R. Deshpande

Designation :

Senior Vice President (Purchase)

 

 

Name :

Mr. Govind Mahajan

Designation :

Vice President (Electrical and Instrumentation)

 

 

UNIT II

 

Name :

Mr. R.S. Doshi

Designation :

Executive President (Commercial)

 

 

Name :

Mr. Ashok Maheshwari

Designation :

Joint President (Marketing)

 

 

Name :

Mr. P.K. Agarwal

Designation :

Joint President (Purchase)

 

 

Name :

Mr. A.S. Thakur

Designation :

Senior Vice President (Materials and Systems)

 

 

Name :

Mr. J. P. Pandey

Designation :

Senior Vice President (Mechanical)

 

 

Name :

Mr. S. K. Singh 

Designation :

Senior Vice President (Personnel)

 

 

MANIKGARH CEMENT UNITS I AND II

UNIT I

 

 

Name :

Mr. P.S. Bakshi

Designation :

President (Works)

 

 

Name :

Mr. A.D. Karwa

Designation :

Executive President (Finance and Marketing)

 

 

Name :

Mr. R.K. Udge

Designation :

Joint President (Mines)

 

 

Name :

Mr. M. P. Joshi

Designation :

Joint  President (Electrical and Instrumentation)

 

 

Name :

Mr. A.K. Jain

Designation :

Senior Vice President (Mechanical)

 

 

Name :

Mr. Deepak Jaisinghni

Designation :

Vice President (Mechanical)

 

 

Name :

Mr. P.K. Bajaj

Designation :

Vice President (Commercial)

 

 

UNIT II

 

Name :

Mr. J. L. Tiwari

Designation :

Senior Executive President (Plant)

 

 

Name :

Mr. N. D. Hemke

Designation :

Senior Vice President (Mechanical)

 

 

Name :

Mr. E. V. Ravikumar

Designation :

Vice President (Finance)

 

 

Name :

Mr. V. K. Sharma

Designation :

Vice President (Mechanical)

 

 

Name :

Mr. G.V. Suryanarayan

Designation :

Vice President (Instrumentation)

 

 

PAPER:

CENTURY PULP AND PAPER:

 

 

Name :

Mr. Bipin Lal

Designation :

Chief Executive Officer

 

 

Name :

Mr. J. P. Narain

Designation :

Chief Operating Officer (Works)

 

 

Name :

Mr. Karthik V. Kumar

Designation :

Chief Strategy and Marketing Officer

 

 

Name :

Mr. Indranil Roy

Designation :

Chief Sales Officer

 

 

Name :

Mrs. Archana Singh

Designation :

Chief Finance and Business Planning Officer

 

 

Name :

Mr. Ashutosh Bhalerao

Designation :

Chief Supply Chain Officer

 

 

Name :

Mr. A. K. Bhatia

Designation :

Chief Procurement Officer

 

 

SHAREHOLDING PATTERN

 

As on 31.03.2015

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

207970

0.20

http://www.bseindia.com/include/images/clear.gifBodies Corporate

45698170

45.02

http://www.bseindia.com/include/images/clear.gifSub Total

45906140

45.22

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

45906140

45.22

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

5262296

5.18

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

3595003

3.54

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

2591

0.00

http://www.bseindia.com/include/images/clear.gifInsurance Companies

1452981

1.43

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

8821617

8.69

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

2052569

2.02

http://www.bseindia.com/include/images/clear.gifForeign Portolio Investor ( Corporate)

2052569

2.02

http://www.bseindia.com/include/images/clear.gifSub Total

21187057

20.87

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

11485673

11.31

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

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

13428658

13.23

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

8011166

7.89

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

1496986

1.47

http://www.bseindia.com/include/images/clear.gifClearing Members

564482

0.56

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

455258

0.45

http://www.bseindia.com/include/images/clear.gifOverseas Corporate Bodies

365820

0.36

http://www.bseindia.com/include/images/clear.gifTrusts

110456

0.11

http://www.bseindia.com/include/images/clear.gifForeign Nationals

450

0.00

http://www.bseindia.com/include/images/clear.gifOffice Bearer

240

0.00

http://www.bseindia.com/include/images/clear.gifDirectors & their Relatives & Friends

280

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

34422483

33.91

Total Public shareholding (B)

55609540

54.78

 

 

 

Total (A)+(B)

101515680

100.00

 

 

 

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

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

 

 

 

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

101515680

100.00

 

 

 

 

 

 

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.

 

 

Products :

Item Code No. (ITC Code)

Product Description

252329

Other Grey Portland Cement

480200

Paper

540332

Viscose Filament Yarn

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

PRODUCTION STATUS = NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

12950 (Approximately)

 

 

Bankers :

¨       State Bank of India, Corporate Account Group II, The Capital, A- Wing, 16th Floor, Bandra Kurla Complex, Mumbai – 400051, Maharashtra, 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

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Non-Convertible Debentures

9000.000

5000.000

Term loans from bank

18104.200

26481.500

SHORT TERM BORROWINGS

 

 

Loans repayable on demand from banks

 

 

Working capital loans from banks

5961.400

7575.600

Pre-shipment, Post-shipment and Export Bills Discounting facilities

859.900

453.100

Total

33925.500

39510.200

 

NOTE:

 

SHORT TERM BORROWINGS

 

Nature of Security

 

(i) Working capital loans from banks are secured against a first and pari passu charge over the Current Assets (including documents of title to goods/related receivables), second pari passu charge over the entire fixed assets, present and future, of the Company’s Birla Century, Rayon, Century Cement, Maihar Cement I and II, Manikgarh Cement, Pulp and Paper divisions and Phase I of Real Estate Development (excluding leasehold land and building of Birla Century and Pulp and Paper divisions, Sonar Bangla Cement and land and buildings of Maihar Unit I and II, 1.35 acres out of the 544 acres situated at Cement Plant at Raipur and furniture and fixtures, vehicle and other miscellaneous assets of all the above divisions are excluded).

 

The charge created as per para (i) also extends to the guarantees given by the banks on behalf of the Company, aggregating Rs. 2409.700 Million (31.03.2013 Rs.1290.600 Million.)

 

Auditors :

 

Name :

Dalal and Shah

Chartered Accountants

Address :

Mumbai, Maharashtra, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Related Parties :

¨       Pilani Investment and Industries Corporation Limited

¨       Kesoram Insurance Broking Services Limited

¨       Vasavadatta Services Limited

¨       Industry House Limited

¨       Bander Coal Company Private Limited

¨       Century Enka Limited

¨       Kesoram Industries Limited

¨       Jayshree Tea and Industries Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

148000000

Equity Shares

Rs. 10/- each

Rs. 1480.000 Million

10000000

Redeemable Cumulative Non-convertible Preference Shares

Rs. 100/- each

Rs. 1000.000 Million

 

Total

 

Rs. 2480.000 Million

 

Issued Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

93061090

Equity Shares

Rs. 10/- each

Rs. 930.600 Million

 

Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

93045680

Equity Shares

Rs. 10/- each

Rs. 930.400 Million

 

(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

31.03.2014

 

Number

Percentage

Pilani Investment and Industries Corporation Limited

34220520

36.78%

HDFC Trustee Company Limited

--

--

 

 

FINANCIAL DATA

[All figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

930.400

930.400

930.400

(b) Reserves & Surplus

16543.600

17119.100

18058.800

(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)

17474.000

18049.500

18989.200

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

28104.200

31481.500

19771.000

(b) Deferred tax liabilities (Net)

2667.900

2429.200

2627.400

(c) Other long term liabilities

2355.600

1912.100

200.800

(d) long-term provisions

4055.600

3633.200

3195.900

Total Non-current Liabilities (3)

37183.300

39456.000

25795.100

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

16592.800

12125.000

14448.000

(b) Trade payables

5035.300

3595.800

3075.500

(c) Other current liabilities

15702.900

8366.400

9688.300

(d) Short-term provisions

927.300

1024.000

925.000

Total Current Liabilities (4)

38258.300

25111.200

28136.800

 

 

 

 

TOTAL

92915.600

82616.700

72921.100

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

43760.800

42292.800

41039.900

(ii) Intangible Assets

35.800

31.100

34.800

(iii) Capital work-in-progress

22286.600

17107.600

11119.200

(iv) Intangible assets under development

0.000

4.800

17.300

(b) Non-current Investments

936.200

737.800

692.800

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

2622.600

2917.000

2880.300

(e) Other Non-current assets

659.700

196.400

166.900

Total Non-Current Assets

70301.700

63287.500

55951.200

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

5.600

0.000

20.700

(b) Inventories

13004.400

12037.900

10952.400

(c) Trade receivables

5257.900

4080.100

3334.500

(d) Cash and cash equivalents

728.800

534.900

500.900

(e) Short-term loans and advances

3193.600

2377.600

1988.600

(f) Other current assets

423.600

298.700

172.800

Total Current Assets

22613.900

19329.200

16969.900

 

 

 

 

TOTAL

92915.600

82616.700

72921.100

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

66659.200

59494.700

48727.800

 

 

Other Income

282.600

269.000

271.800

 

 

TOTAL                                    

66941.800

59763.700

48999.600

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

23945.000

20256.400

15687.800

 

 

Purchases of Stock-in-Trade

49.600

182.900

375.800

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

104.200

(565.400)

(431.500)

 

 

Employees benefits expense

5014.800

4928.900

4247.200

 

 

Expenditure transferred to capital account

(81.500)

(166.000)

(192.300)

 

 

Other expenses

30455.500

29080.000

24785.100

 

 

TOTAL                                    

59487.600

53716.800

44472.100

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

7454.200

6046.900

4527.500

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

3628.000

3199.500

1720.800

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

3826.200

2847.400

2806.700

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION        

3546.200

3559.500

2581.200

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

280.000

(712.100)

225.500

 

 

 

 

 

Less

TAX                                                                 

252.800

(367.200)

4.200

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

27.200

(344.900)

221.300

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1975.800

2915.500

3359.000

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed Equity Dividend

511.800

511.800

511.800

 

 

Tax on proposed equity dividend

90.900

83.000

83.000

 

 

General Reserve

3.200

0.000

70.000

 

 

Debenture  Redemption Reserve

24.000

0.000

0.000

 

BALANCE CARRIED TO THE B/S

1373.100

1975.800

2915.500

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

F.O.B. value of exports

4383.400

3220.300

2960.800

 

 

Dividend

0.900

0.700

1.000

 

 

Others

0.000

1.000

6.400

 

TOTAL EARNINGS

4384.300

3222.000

2968.200

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

4083.400

2788.700

2539.700

 

 

Stores & Spares

742.000

457.200

423.400

 

 

Capital Goods

373.100

1161.300

1039.100

 

TOTAL IMPORTS

5198.500

4407.200

4002.200

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

0.29

(3.71)

2.38

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

12081.500

4894.500

4955.900

Cash generated from operations

6036.000

4780.500

3627.400

 

 

QUARTERLY RESULTS

 

Particulars (Rs. In Million)

30.06.2014

1st Quarter

30.09.2014

2nd Quarter

31.12.2014

3rd Quarter

31.03.2015

4th Quarter

Audited / Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Net Sales

18873.700

17058.300

18475.700

21055.100

Total Expenditure

16824.300

15501.600

17513.300

18952.500

PBIDT (Excl OI)

2049.400

1556.700

962.400

2102.600

Other Income

74.600

108.600

106.800

40.300

Operating Profit

2124.000

1665.300

1069.200

2142.900

Interest

962.600

1092.600

1398.400

1392.600

Exceptional Items

0.000

0.000

0.000

0.000

PBDT

1161.400

572.700

(329.200)

750.300

Depreciation

586.500

635.000

706.600

564.000

Profit Before Tax

574.900

(62.300)

(1035.800)

186.300

Tax

(90.000)

(70.000)

(400.000)

68.200

Provisions and contingencies

0.000

0.000

0.000

0.000

Profit After Tax

664.900

7.700

(635.800)

118.100

Extraordinary Items

0.000

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

0.000

Net Profit

664.900

7.700

(635.800)

118.100

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

PAT / Sales

(%)

0.04

(0.58)

0.45

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

11.18

10.16

9.29

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.40

(1.10)

0.37

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.02

(0.04)

0.01

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

3.25

2.69

2.06

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.59

0.77

0.60

 

 

FINANCIAL ANALYSIS

[All figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

930.400

930.400

930.400

Reserves & Surplus

18058.800

17119.100

16543.600

Net worth

18989.200

18049.500

17474.000

 

 

 

 

long-term borrowings

19771.000

31481.500

28104.200

Short term borrowings

14448.000

12125.000

16592.800

Current Maturities of Long Term Debt

4955.900

4894.500

12081.500

Total borrowings

39174.900

48501.000

56778.500

Debt/Equity ratio

2.063

2.687

3.249

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

48727.800

59494.700

66659.200

 

 

22.096

12.042

 

 

 

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

48727.800

59494.700

66659.200

Profit/loss

221.300

(344.900)

27.200

 

0.45%

(0.58%)

0.04%

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

----------------------

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

No

10

Date of Birth of Proprietor / Partners / Directors

No

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

----------------------

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

----------------------

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

----------------------

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

LITIGATION DETAILS

CASE DETAILS

Bench:- Bombay

Presentation Date:- 09.03.2015

Lodging No. :

NMSL/702/2015

Failing Date:-

09.03.2015

Main Matter

Lodging No. :

STRL/56/2007

Petitioner:-

COMMISSIONER OF SALES TAX-

Respondent:-

CENTURY TEXTILES AND INDUSTRIE

Petn.Adv:-

GOVERNMENT PLEADER ORIGINAL SIDE

District:-

MUMBAI

Bench:-

DIVISION

Category:- NOTICE OF MOTION (TAX)

Status:-

Pre-Admission

 

 

Act. :

Sales Tax Act, 1979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNSECURED LOANS

 

PARTICULAR

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Non-Convertible Debentures

1000.000

0.000

 

 

 

SHORT TERM BORROWINGS

 

 

Fixed Deposits

418.700

601.100

Under a buyer’s credit arrangement in foreign currency

2102.800

2995.200

Rupee Loans

500.000

500.000

Commercial Paper

6750.00

0.000

 

 

 

Total

10771.500

4096.300

 

 

INDEX OF CHARGES

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10567972

17/04/2015

500,000,000.00

THE SOUTH INDIAN BANK LIMITED

INDUSTRIAL FINANCE BRANCH, AT 110 , RAHEJA TOWERS, 
ANNAI SALAI, CHENNAI - 600002, Tamil Nadu, INDIA

C52952389

2

10567561

17/04/2015

750,000,000.00

ADITYA BIRLA FINANCE LIMITED

INDIAN RAYON COMPOUND, VERAVAL - 362266, Gujarat, 
INDIA

C52728557

3

10567563

17/04/2015

750,000,000.00

Export Import Bank of India

Centre One Building, Floor 21, World Trade Centre, 
Complex, Cuffe Parade, Mumbai  - 400005, Maharashtra, INDIA

C52729936

4

10559965

24/03/2015

2,000,000,000.00

State Bank of Travancore

Corporate Finance Branch 112-115 Tulsiani Chambers, west wing 1st floor F.P.Journal Marg, Nariman Point, Mumbai - 400021, Maharashtra, INDIA

C49427099

5

10546880

22/01/2015

4,000,000,000.00

AXIS BANK LIMITED

AXIS HOUSE, C-2 WADIA INTERNATIONAL CENTRE, PANDURANG BHUDHKAR MARG, WORLI, MUMBAI - 400103, Maharashtra, INDIA

C42361675

6

10546987

22/01/2015

4,000,000,000.00

AXIS BANK LIMITED

AXIS HOUSE, C-2 WADIA INTERNATIONAL CENTRE, PANDURANG BHUDHKAR MARG, WORLI, MUMBAI  - 4 
00103, Maharashtra, INDIA

C42360818

7

10486213

24/03/2014

500,000,000.00

STATE BANK OF INDIA

CORPORATE ACCOUNTS GROUP II BRANCH, "THE CAPITAL" 
A WING ,16TH FLOOR B.K.C., MUMBAI - 400051, Maharashtra, INDIA

C00946418

8

10486380

24/03/2014

2,940,000,000.00

STATE BANK OF INDIA

CORPORATE ACCOUNTS GROUP II BRANCH, "THE CAPITAL" 
A WING 16TH FLOOR B K C, MUMBAI - 400051, Maharashtra, INDIA

C00997528

9

10486338

12/03/2014

4,000,000,000.00

SBICAP TRUSTEE COMPANY LIMITED

202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, Maharashtra, INDIA

C00731059

10

10456590

25/10/2013

3,000,000,000.00

STATE BANK OF INDIA

CORPORATE ACCOUNTS GROUP II BRANCH, "THE CAPITAL 
" A WING 16TH FLOOR B. K. C., MUMBAI - 400051, Maharashtra , INDIA

B88167440

 

* Date of charge modification

 

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

OVERALL REVIEW:

 

In spite of the adverse market conditions prevailing in various businesses in which the Company operates, the overall performance of the Company during the year has marginally improved compared to that of the previous year. The global economic outlook remained uncertain and challenging with a growth of about three per cent in 2013. There were many reasons for this sluggishness including weak recovery in the US and Europe and a general economic slowdown in emerging economies like China and India.

 

During much of 2013-14, there was no turnaround in the domestic economy in either consumption or investment as was reflected by the downward trend in both the capital and consumer goods segments. The high borrowing cost to combat inflation, coupled with lower consumption, low investment in infrastructure and other sectors of the economy were responsible for this, although agriculture and allied businesses had shown some improvement. Foreign Institutional Investors (FIIs) were record buyers of Indian debt instruments in the quarter ended March 2014, reflecting increased confidence in India’s long-term economic prospects although growth is yet to show any definite signs of emerging from a slump. The Rupee has recently strengthened against the US Dollar which might adversely affect exports from India.

 

It is expected that the economy should grow in the coming years and the demand for and prices of cement, paper and textile products should improve which will enable the Company to regain steady or better 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:

 

Raw material costs have been increasing globally, coupled with a shortage of skilled workers. While a shift is taking place of textiles industries from China and Bangladesh to India, the industrial climate in India has also become adverse due to regular increases in input costs. Any further appreciation of the Rupee will adversely affect exports from India. Though the spinning industry has fared somewhat better those with a presence in weaving, processing or even composite businesses are facing the heat due to increases in input cost without being able to pass on such higher costs to customers as the market is simply unable to absorb the same.

 

SEGMENTAL REVIEW AND ANALYSIS:

 

The financial performance of their textile unit known as ‘Birla Century’ has stabilized and is showing improvements including in capacity utilization. As a result, the sales at Birla Century have improved aided by increasing demand in the domestic and U.S. Markets. The demand for premium branded goods is healthier and they are concentrating on high priced premium goods. The performance of the yarn Division remained fairly stable. Since April, 2014, the yarn market is depressed but it is hoped that it should improve in the current year. The market for denim is depressed. They have, therefore, changed the product pattern based on cotton lycra denim fabric which is in demand and which customers have been seen to prefer in adverse market conditions. Considering the challenges that exist, the financial results of this division are satisfactory.

 

OUTLOOK:

 

Their textile unit has in the current year found acceptance by major retail chain stores in the US for all the products which also has the added beneficial effects of strengthening the quality / design and innovations in the product. 2014- 2015 may see better performance in India and possibly a stronger performing world economy.

 

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 Viscose Filament Yarn (VFY) declined after September 2013 leading to a continuous increase in inventories both at the unit and industry levels. Appreciation of the Rupee recently against the US Dollar has reduced landed cost of material from China thus putting additional pressure on the industry to re-adjust its prices. A demand-supply imbalance coupled with a subdued market for the fabric had also adversely impacted the consumption of VFY.

 

Consumption of PSY as well as CSY is gradually shifting from coarser denier to super fine deniers which invites increased imports from China. Available capacity in the industry to cater to the changing pattern of demand is inadequate and it is expected that imports will continue to dominate despite the levy of an anti-dumping duty.

 

New pollution control norms proposed to be introduced by the Government will increase the operating cost further. Consumption of Rayon Tyre Yarn, mainly used abroad as reinforcement material in Ultra High Performance (UHP) Passenger Car Tyres has grown both in Europe and Japan, and this helped the unit to increase capacity utilization to about 80%.

 

Chemical products had witnessed mixed fortunes as prices of Caustic Soda, CS2 and Hydrogen remained stable while those of Sulphuric Acid and Chlorine remained volatile thus adversely affecting the operating margins of the unit.

 

SEGMENTAL REVIEW AND ANALYSIS:

 

It is expected that the existing trend of excess supply affecting sales volumes as well as prices will continue for some time. Focused measures taken by the management to control cost of raw material, power and utilities have helped the unit to maintain its performance at a satisfactory level.

 

The recent strengthening of the Rupee against the U.S. Dollar and a simultaneous weakening of the Chinese Yuan would erode competitiveness of Indian viscose filament yarn producers in both Indian and global markets.

 

Capacity utilization in tyre cord is expected to be sustained at the level of 80% which has been achieved.

 

The market for their chemical products viz. Caustic Lye and Sulphuric Acid is expected to remain stable. However, sales of Carbon-di-sulphide may come under pressure due to additional capacities entering the market.

 

Demand for doubled and twisted yarn is now met by Chinese material and production from the unorganized sector. The unit is at advanced stage of introducing this product.

 

OUTLOOK:

 

Due to augmentation of production, both in PSY and CSY to cater to the growing demand for super- fine denier and efforts undertaken by the unit in reducing the cost of raw material, power and other utilities, the performance of the unit ought to remain satisfactory. Increased capacity utilization would help to reduce cost and gain more orders.

 

BUSINESS SEGMENT – CEMENT (CEMENT AND CLINKER)

 

INDUSTRY STRUCTURE AND DEVELOPMENT:

 

The Indian cement industry has an installed capacity of about 360 million tonnes. The Industry grew by an average annual growth rate of 8.6% during the golden period of 3 years (2007-08 to 2009-10). With the withdrawal of stimulus packages coupled with a slowdown in construction activity, the average annual growth has come down to 6.3% during the last three years. During 2013-14, cement production in India was 255.63 million tonnes (248.23 million tonnes in 2012-13) witnessing a growth of 2.98%. GDP growth in the year 2013-14 is expected to come out at 4.5% to 5%. The multiplier of cement demand growth to GDP growth not only declined below one but also lost its relevance. Lower growth was due to several reasons – a prolonged monsoon, natural calamities (floods and cyclones) that hit many parts of India and poor demand due to high cost of borrowings, low investment in the infrastructure and commercial segments. Over the past few years, the Production capacity industry-wide has also increased substantially, thus resulting in a situation of over-capacity and consequently lowering capacity utilization. Demand is anticipated to revive gradually over 2014 and 2015 with the formation of a new government and recovery in industry generally and particularly in construction activity. The cement industry faced many intricate issues like -rising cost, non-availability of linkage coal, high interest rates and clearances under various statutes. An overall weak macro environment and ban on sand mining continued to be causes for worry.

 

SEGMENTAL REVIEW AND ANALYSIS:

 

During the year 2013-14, they have produced 81.67 lac tonnes of cement compared to 76.51 lac tonnes in the previous year, a growth of 6.74%. In line with the Company’s plans and practices, the focus on production of fly ash based cement was maintained. The production of blended cement constituted about 96% of the Company’s total cement production. Energy is one of the major costs of production in this industry. Continuous efforts are being made to increase productivity, control cost and improve quality. Costs of major raw materials-fly ash, power and fuel, freight and forwarding and packing bags have increased during the year.

 

The Company continues to develop and leverage its large and able network of stockists, dealers and retailers. Their reach and penetration helps the Company in core rural and semi-urban markets. This coupled with the strong brand equity and efficient channel management has significantly helped the Company to withstand severe competition in an over supplied market. 

 

OUTLOOK:

 

The GDP growth is expected to remain soft in the first quarter of financial year 2014-15. It is expected that Indian economy will grow at around 5-6% during 2014-15 driven by India’s strong economic fundamentals, high saving and investment rates, rapid workforce growth, a quickly expanding middle class and the start of a shift from low productivity agriculture to high productivity manufacturing and accordingly cement demand and prices should show an improvement.

 

The mid-term outlook will possibly remain challenging though there are reasons to hope that growth will tend more towards 6% after 2014-15. It is expected that capacity utilization will improve gradually given the slowdown in capacity addition and gradual recovery of demand for cement. Economy reforms announcements including the much hoped for lowering of interest rates would boost sentiment and rejuvenate the economy.

 

The cement industry is looking for an up-cycle backed by an increase in rural consumption and recovery in infrastructure activity after a muted growth for last three years. Long term growth prospects for cement demand are favorable.

 

BUSINESS SEGMENT –PULP AND PAPER (PULP, WRITING AND PRINTING PAPER, TISSUE PAPER AND MULTILAYER PACKAGING BOARD)

 

INDUSTRY STRUCTURE AND DEVELOPMENT:

 

Century Pulp and Paper is the only unit that produces the complete range of paper and paper products whilst using all the possible raw material options i.e. wood, agro and recycle paper.

 

India’s paper industry is one of the oldest and core industrial manufacturing sectors with a bearing on socio-economic development, which has undergone a significant change during the last decade. The changing policy of the government has propelled this sector to integrated international markets. Further, apart from rising production and consumption, erstwhile import dependent India has achieved self-sufficiency and also has witnessed an increase in exports. The nature of India’s Paper industry has been considerably influenced by the changing policies of the government during the last three decades.

 

SEGMENTAL REVIEW AND ANALYSIS:

 

Demand for paper products during the first half of 2013 - 14 was quite satisfactory and healthy. However from December 2013 onwards, demand started to contract and subsequently prices too came under pressure. In Q3 of last year, the industry has seen a price rise of around 7 - 8% which has helped recoup raw material costs to some extent. While raw material costs have been increasing, the selling prices could not be increased to offset entirely the rising costs which resulted in an adverse financial performance.

 

During 2013-14, Century Pulp and Paper has opened up 11 new markets for paper boards viz., Poland, Sri Lanka Greece, Italy, Russia, UK, Slovenia, Canada, Turkey, Ukraine and Iran.

 

OUTLOOK:

 

In the long term, the outlook for the industry is quite positive and encouraging.

 

 

AWARDS

 

Various Divisions of the Company have received notable awards as mentioned below:-

 

(a)   Rayon, Tyre Cord and Chemicals:

 

¨       Century Rayon was felicitated by OEKO-TEX Association of Step (Sustainable Textiles Production) at Frankfurt in Germany for it’s outstand in achievements with regard to human-ecologically optimized textiles and sustainable production.

 

¨       Two Quality Circles participated in National Convention of Quality Circles at Kolkata and won the Par Excellence Award (the highest recognition).

 

¨       Two Quality Circles participated in the Maharashtra Convention for Best Quality Circles at Aurangabad and won the Diamond Award (the highest recognition).

 

¨       Seven Quality Circles participated in the Chapter Convention on Quality Concept held at Mumbai. Six quality circles won the Gold Award and one Circle the Silver Award.

 

(b)   Century Cement:

 

¨       First prize for “Innovative Practices and Technology Adopted” and “Compliance of Recommendation of 10th Safety Conference” for the limestone mines from the Directorate General of Mines Safety, Bilaspur Region.

 

¨       First prize for “Top Soil Management” for the limestone mines from the Indian Bureau of Mines, Nagpur Region.

 

(c)   Maihar Cement:

 

¨       First prize for “Standard of Working” and “Welfare Amenities and Injury Rate Performance” for the limestone mines from the Directorate General of Mines Safety, Jabalpur Region.

 

¨       First prize in “Noise, Vibration and Aesthetic Beauty” and “Afforestation” for the limestone mines from the Indian Bureau of Mines, Jabalpur Region.

 

(d)   Manikgarh Cement:

 

¨       First prize in the “Overall Best Performance” and “Provision of Safety Equipments and Statutory Survey Plans and Equipments” for its limestone mines from the Directorate General of Mines Safety, Western Zone, Nagpur Region I and II.

 

¨       First prize in the “Afforestation and Noise Vibration Control and Aesthetic Beauty” for its limestone mines from the Indian Bureau of Mines, Nagpur Region.

 

¨       Units Akshaya Quality Circle and Electron Quality Circle, both have won Gold Awards in the “24th Chapter Level Convention and Competition on Quality Circles” held at Nagpur in September, 2013 on the case studies “Frequent stoppage of Cement Mill No.3 due to tripping of Belt Conveyors 1 and 2 belts” and “Undetected breaking of Raw mill hydro pneumatic cylinder rocker arm spring rod” respectively.

 

¨       At “Quality Progress-2014” organized by “The Institution of Engineers (India)” at Nagpur in February, 2014 unit’s Electron Quality Circle team has won the Gold Award and Akshaya Quality Circle team has won Par Excellence Award.

 

 

CONTINGENT LIABILITIES:

 

Particulars

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

(a) (i) Claims against the Company not acknowledged as debts in respect of :

 

 

- Custom Duty and Excise Duty

147.700

185.300

- Sales Tax and Entry Tax

1114.600

1053.200

- Power Charges

259.400

124.800

- Royalty

3453.200

3109.800

- Others

298.500

138.800

(ii) Claims not acknowledged as debts jointly with other members of “Business Consortium of Companies” in which the Company had an interest ( proportionate)

208.400

200.200

(b) Disputed income tax matters under appeal

156.500

142.600

(c) Registration and Road Tax on Dumper of Cement Division

Amount not determinable

Amount not determinable

(d) Liability on account of jute packaging obligation up to 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 imposed a penalty of Rs. 2740.200 Million on the Company based on the complaint filed by the Builders Association of India alleging cartelization 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 year, the Company was directed to deposit 10% of this demand pending disposal of the appeal by COMPAT. Consequently, an amount of Rs.274.000 million was deposited by the Company as Fixed Deposit with its bankers in the name of the “Registrar, Competition Appellate Tribunal A/c Century Textiles and Industries Ltd.”

 

The amounts shown in respect of item No.32 (a) to (e) represent the best possible estimates arrived at on the basis of available information. The uncertainties are dependent on the outcome of the different legal processes. The timing of future cash flows will be determinable only on receipt of judgments / decisions pending with various forums / authorities. The Company does not expect any reimbursements against the above.

2740.200

2740.200

(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

132.900

224.800

(g) Undertaking given by the Company under concessional duty / exemption scheme to government authorities (net of obligation fulfilled)

5530.300

6320.800

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND SIX MONTHS ENDED 31TH DECEMBER 2014

 

(RS. IN MILLION)

 

Particular

3 Months ended 31.12.2014

Preceding 3 Months ended 30.09.2014

Year to date figures for current period ended 31.12.2014

 

(Unaudited)

(Unaudited)

(Unaudited)

Income from Operations

 

 

 

Net Sales/Income from Operations

17700.000

16429.000

52518.300

Other Operating Income

775.700

629.300

1889.400

Total Income from operations (net)

18475.700

17058.300

54407.700

 

 

 

 

Expenses

 

 

 

(a) Cost of material consumed

6101.900

6466.100

20337.000

(b) Purchase of stock in trade

5.100

19.100

40.400

(c) Changes in inventories of finished goods, work in progress and stock in trade

336.000

(859.600)

(1050.000)

(d) Employee benefit expenses

1591.700

1409.200

4382.900

(e) Depreciation and amortization expenses

706.600

635.000

1928.100

(f) Other Expenses

 

 

 

-       Stores and Spare Parts consumed

762.100

852.900

2414.800

-       Power, Fuel and water

4532.400

3986.400

12170.100

-       Freight, Forwarding , Octroi etc.

2856.500

2458.300

7921.000

-       Others

1329.400

1179.300

3646.200

Less: Expenditure transferred to Capital Account

1.800

10.100

23.200

Total Expenses

18219.900

16136.600

51767.300

 

 

 

 

Profit from Operations before Other Income, Finance costs and Exceptional item

255.800

921.700

2640.400

Other Income

106.800

108.600

290.000

Profit/ Loss from Ordinary Activities before Finance costs and Exceptional item

362.600

1030.300

2930.400

Finance costs

1398.400

1092.600

3453.600

Profit/ Loss from Ordinary Activities after Finance costs but Exceptional item

(1035.800)

(62.300)

(523.200)

Exceptional item

0.000

0.000

0.000

Profit/ Loss from Ordinary Activities before tax

(1035.800)

(62.300)

(523.200)

Tax Expenses

 

 

 

- Current Tax (Net of MAT entitlement credit)

0.000

0.000

0.000

- Deferred Tax Liability/ Assets

(400.000)

(70.000)

(560.000)

- Tax adjustments in respect of earlier years

0.000

0.000

0.000

Net Profit/ Loss from Ordinary Activities after tax

(635.800)

7.700

36.800

Extraordinary Items

0.000

0.000

0.000

Net Profit for the period

(635.800)

7.700

36.800

Paid- up Equity Share Capital

(Face value of the share – Rs. 10)

930.400

930.400

930.400

Reserves excluding revaluation reserves as per balance sheet of Previous Accounting Year

---

---

---

Basic Earnings per share Rs. (not annualized)

(6.83)

0.06

0.40

Diluted Earnings per share Rs. (not annualized)

(6.42)

0.07

0.38

 

 

 

 

PARTICULARS OF SHAREHOLDING

 

 

 

1. Public shareholding

 

 

 

Number of Shares

55312340

55312340

55312340

Percentage of Shareholding

59.44%

59.44%

59.44%

2. Promoters and promoter group shareholding

 

 

 

a) Pledged/Encumbered

 

 

 

- Number of Shares

2751040

2751040

2751040

- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)

73.5%

73.5%

73.5%

- Percentage of Shares (as a % of the Total Share Capital of the Company)

2.96%

2.96%

2.96%

 

 

 

 

Non - encumbered

 

 

 

- Number of Shares

34685100

34685100

34685100

- Percentage of Shares

(as a % of the total shareholding of promoter

and promoter group)

92.65%

92.65%

92.65%

- Percentage of Shares

(as a % of the total share capital of the

company)

37.28%

37.28%

37.28%

 

 

Particulars

3 Months ended 31.12.2014

B

Investor complaints (Nos.)

 

 

Pending at the beginning of the quarter

Nil

 

Received during the quarter

5

 

Disposed of during the quarter

5

 

Remaining unresolved at the end of the quarter

Nil

 

 

SEGMENT – WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

 

(Rs. In Million)

 

Particulars

3 Months ended 31.12.2014

Preceding 3 Months ended 30.09.2014

Year to date figures for current period 31.12.2014

 

(Unaudited)

(Unaudited)

(Unaudited)

1. Segment Revenue

 

 

 

a. Textiles

4328.500

4212.100

12839.500

b. Cement

10423.200

8596.700

29105.300

c. Pulp and Paper  

3944.700

4489.300

12881.700

d. Others

280.400

309.800

894.600

Total

18976.800

17607.900

55721.100

Less: Inter – segment revenue

1276.800

1178.900

3202.800

Total income from operations (net)

17700.000

16429.000

52518.300

 

 

 

 

2. Segment Results

 

 

 

Profit/ (loss) before tax and interest

 

 

 

a. Textiles

136.600

329.000

791.000

b. Cement

279.000

585.000

1831.600

c. Pulp and Paper  

(40.600)

108.000

288.400

d. Others

(5.600)

47.800

92.900

Total

369.400

1069.800

3003.900

Inter Segment Profit / (Loss)

3.900

10.100

17.300

Total

373.300

1079.900

3021.200

Less: Finance Costs

1398.400

1092.600

3453.600

Other un-allocable expenditure net off un-allocable other operating income

10.700

49.600

90.800

Total Profit Before Tax

(1035.800)

(62.300)

(523.200)

 

 

 

 

3. Capital Employed $

 

 

 

(Segment Assets – Segment Liabilities)

 

 

 

a. Textiles

12946.400

12810.500

12946.400

b. Cement

29080.000

28085.200

29080.000

c. Pulp and Paper  

29228.300

28851.100

29228.300

d. Others

9411.000

9264.200

9411.000

e. Total Capital Employed in Segments

80665.700

79011.000

80665.700

f. Unallocated

(61724.700)

(59434.200)

(61724.700)

Total

18941.000

19576.800

18941.000

 

Note:

 

  1. 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 February 04, 2015. The Statutory Auditors have carried out a limited review of the above financial results.

 

  1. The Competition Commission of India (CCI) upheld the complaint of alleged cartelization against cement manufacturing companies Including the Company. The CCI has imposed a penalty of Rs. 2740.200 Million on the Company. The Company filed an appeal against the Order before the Competition Appellate Tribunal (COMPAT). COMPAT has granted stay on the CCI order on condition that the Company deposit 10% of the penalty, amounting to Rs. 274.000 Million. The same has been deposited by the Company during the year 2013-14. The Company backed by a legal opinion, continues to believe that it has a good case and accordingly no provision has been made in the accounts.

 

  1. In accordance with the provisions of the Companies Act 2013, effective from 1st April, 2014, the Company has reassessed the remaining useful lives of its fixed assets. As a consequence of such reassessment, the charge for depreciation for the quarter and nine month period is lower than the previously applied rates by Rs. 349.400 Million and Rs. 955.500 Million respectively, correspondingly the transitional impact of Rs. 224.500 Million (net of deferred tax Rs. 115.600 Million) has been adjusted to retained earnings.

 

  1. In terms of the Shareholders approval obtained in the Extra-Ordinary General Meeting of the Company held on 4th June, 2014. the Company issued and allotted 1,86,50,000 Preferential Warrants @ Rs. 354.89 each as per SEBI guidelines to Promoter Group, to be utilised to reduce debt of the Company. Warrant holders will be entitled to apply for and obtain one equity share of the face value of Rs. 10/- fully paid up of the Company against each of such warrant The Company received 25% amount against each such warrant, which has been utilised for the said purpose.

 

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

 

 

FIXED ASSETS

 

  • Land at Worli (Freehold and Leasehold)
  • Land Others (Freehold and Leasehold)
  • 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

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgment 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.63.55

UK Pound

1

Rs.99.86

Euro

1

Rs.72.67

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

`

 

Analysis Done by :

SAN

 

 

Report Prepared by :

PNM

 

 

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

--PROFITABILITY

1~10

6

--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

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

62

 

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 unfavorable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.