Century

Textile

11/12/2010
Harpreet Singh
A23
 Century
Textiles
Introduction
• One of the Asia's largest Composite 100% Cotton Textile Mill.
• Located in the heart of Mumbai formerly Bombay, the financial capital of India.
• Production facilities spread over an area of 30 acres.
• Production of 14 Million Kgs / year of cotton yarn utilised to manufacture 100 Million
square metres / year of world class fabric.
 • Processing capacity of 50 million sq. meter per year.
• Works 24 hours a day, 7 days in a week and 351 days in a year.
• Possesses balanced blend of modern, sophisticated machinery with highly skilled,
dedicated workforce.
• Annual turn-over US $ 95 million.
• International Textile Mill award from The Textile Institute, Manchester, U.K. in the first
ever contest.
• Accredited to IS/ISO9001:2000 Quality system.
• Oeko-Tex certificate from Germany for entire product range.
• Practising of TPM

A green field project viz. “Birla Century” with the state -of- the-art, ultramodern Textile
production facility is stepping ahead towards fulfilling customer’s need of premium products. It
is equipped with over 100,000 spindles with latest compact technology and 300 Airjet looms
capable of manufacturing all kind of fabrics like, Drills, Twills, Satins, Dobbies, Structured etc.
in bleached, solid dyed, yarn dyed with Innovative fi nishes like
wrinkle free, easy care, anti bacterial etc. through world class automated processing with eco
friendly and non toxic dyes and chemicals.
The plant is having captive power plant using gas turbines with a capacity of 30
MW and a Biological Effluent Treatment plant with Zero discharge to recycle waste for keeping
the production environment friendly. The plantis equipped with world class mechanical and
chemical laboratory to test fabrics as per international norms and has a facility of Pilot sampling
for providing quick services for development of samples. It is also equipped with in-house
design studio, research and development centre for continuous innovations of designs as per
latest international trend

Shri R.K. Dalmia Senior President

Shri D.K. Agrawal President (Corporate Finance) & Secretary
Shri U.C. Garg Executive President (Purchase & Projects)
Shri R.C. Panwar Joint President (Marketing)
Shri Sanjay Khimesra Senior Vice President (Yarn & Denim)
Shri S.K. Somani Vice President Finance

FABRIC VARIETIES

Sheetings & Poplins

Cambrics, Mulls, Lawns & Voiles
Duck fabrics
Drills, Twills, Satins & Gaberdines
Suitings & Tussors
Plain, Dobby & Slub Dress Materials
Shirtings in 40s & 50s
2/100s x 2/100s Shirtings
Extra Superfine Elite Shirtings in 2/140s & 3/140s
Furnishing Fabrics
Towelling Fabrics

Apparels

Shirts,
Kurtas,
Pyjama,
T-Shirts,
Trousers,
Shorts,
Nightwears,
Socks,
Ties,
Sweaters,
Pullovers,
Jackets,
Belts,
Wallets.

History
1897

- The Company was incorporated on 20th October, at Mumbai. The

Company Manufacture textile fabrics, rayon yarn, tyrecord, caustic soda and allied chemicals,
salt, cement, rayon grade wood pulp and writing and printing paper. The company also carries
on Shipping business. The textile mills are equipped to do bleaching, dyeing, printing,
organising, pre-shrinking, embossing, block printing and amiline dyeing.

1960

- The company signed a technical collaboration and know-how agreement jointly with Alemene,
Kunstzigde Unie N.V. of Holland and Verinigts Glazstoff-Fabriken AG of Germany to set up a
super two tyre yarn and a cord plant with capacity of 6 1/4 tonnes per day.

1961
- The Company obtained a licence for a rayon grade caustic soda
plant of the capacity of 30 tonnes.

1967
- In May, 35,050 Bonus Equity shares in the prop. 1:8.

1968
- In December, 39,432 Bonus Equity shares issued in the prop.1:8.

1969
- The Company acquired a salt manufacturing unit at Jamnagar in
order to ensure continuous supplies of good quality salt to the caustic soda plant.

1971
- Government's approval was received to set up a composite textile mill in Indonesia.

1972
- 3,54,882 Bonus Equity shares issued in the prop. 1:1.

1973
- The Company obtained a letter of intent for the establishment of cement plant at Maihar in
Satna district of Madhya Pradesh for the manufacture of portland cement with an annual installed
capacity of 7,50,000 tonnes. M.P. Govt. sanctioned mining leases of limestone areas. A
Company under the name of P.T. Elegant Textile Industry was established in Indonesia as a joint
venture for the Indonesian project.

1977
- The Company made an application to Indian Govt. for permission to participate in a joint
venture project in Malaysia for palm oil 3,54,882 Bonus Equity shares issued in prop. 1:2 in
January.

1978
- An application was made for an industrial licence to set up
another cement plant at Manikgarh in Chandrapur district of Maharashtra with an annual
capacity of 10 lakh tonnes. A letter of intent in this respect was received in 1979. During the
year, effective steps were taken to install a 10 MW captive power plant at Manikgarh. With a
view to introducing Pozzolana portland cement, the Company proposed to install an additional
cement mill incorporating the latest technology.

1980
- 5,32,323 Bonus Equity shares issued in prop. 1:2.

1986
- 10,64,646 Bonus Equity shares issued in prop. 2:3.

1987
- The Company entered new markets such as Taiwan, South Korea,
Hongkong, Japan, etc. The Company installed 84 Air jet looms in replacement of old auto
looms and 49 ring frames during the year The name of the company was changed to the present
one from the Century Spinning & Weaving Company Ltd.Rajasthan Govt. accepted in principle,
the Company's proposal for establishment of a thermal power station with 400-500MWs capacity
to be operated as base load station. Formal sanction by way of draft licence by Rajasthan Govt.
to Rajasthan State Electricity Board has been received. During October, the Company offered
50,00,000-14% secured redeemable non-convertible debentures of the face value of Rs 100 each
on rights basis in the ratio of two debentures for every one equity share held. All were taken up.
These debentures were redeemable at a premium of 5%
at the end of 7 years from the date of allotment i.e., 15th
December.

1988
- The Rayon plant had a lock-out for 70 days. The company developed several new shades of
dyed yarns particularly for furnishing and tapestry industry.Three D.G. sets with a total capacity
of 3.3 MW were commissioned during the year. With the acquisition of four more vessels, the
Company's fleet increased to nine vessels inclusive of bulk carriers, timber carriers,
chemical and product tankers.The aggregate deadweight capacity of the fleet having reached
1,53,829 DWT against the MRTP sanction of 2 lakh DWT, the Company applied and obtained
approval of Govt. to further increase the tonnage
to 5 lakh DWT. Permissions were received from Govt. for acquisition of 3 more bulk carriers,
two in the range of 15-25000 DWT, one in range of 25-45000 DWT and one product carrier of
25-35000 DWT range.Rajasthan State Govt. granted licence for establishment for the Thermal
power station with a capacity of 400-500 MWs. Directions were issued to Rajasthan State
Electricity Board to enter into an agreement with the Company for purchase of total energy
supplied by it.

1989
- The Major additions for the machinery in Textile Mills division included 52 Air jet looms, 9
Ruti-C wider width looms, 52 ring frames and one auto coner winding machine.Steps were being
taken to expand the Cement plant capacity from 8 lakh tonnes to 10 lakh tonnes by technological
upgradation modernisation and by adding balancing equipment in different
sections of the unit and by installing a pre-calcinator to increase clinker production.
- With the acquisition of four more vessels, the Company owned a
diversified fleet of 12 vessels with an aggregate deadweight
capacity
of 2,29,270 DWT.

1990
- During the year the Chemical division obtained from the Govt. permission to introduce the
membrane cell technology in the caustic soda plant.
- Production was adversely affected from 1st June, to 5th August, due to lock-out following the
failure of talks on wage agreement.
- During June, the Company offered 50,00,000-14% secured redeemable non-convertible
debentures of the face value of Rs 100 each on rights basis in the ratio of two debentures for
every one equity share held.All were taken up. These debentures were redeemable at a premium
of 5%at the end of 6th (Rs. 35), 7th (Rs 30 + Rs 5 premium) and 8th (Rs.35)year from the date of
allotment.

1991
 - The Textile division could withstand the adverse factors such as hike in input costs, sluggish
demand, etc., mainly due to improvementsachieved in product quality and due to introduction of
new varieties from time to time.
- With a continuous research and development, the Company was able to use an enzyme to give
a super silken finish to 100% cotton shirting through a novel technique termed as bio-polishing.
- The Company proposed to install balancing equipments apart from undertaking certain
modifications in the existing plant.
- Steps were taken to modernise the salt works for securing higher production. The Company
proposed to undertake manufacture of refinededible salt in technical collaboration with Kreb &
Co. of Switzerland.
- The Cement capacity at Maihar was enhanced from 8 lakh tonnes to 10 lakh tonnes by
technological upgradation and modernisation.
- One bulk carrier of 42,308 DWT was added to the fleet increasing the
overall tonnage to 2,71,578 DWT.
- During November, the Company was selected by the MP Govt. for establishing, maintaining
and operating a 2 x 210 MW thermal powerstation at Pench in the Chhindwara district. A
separate unit CenturyPower was established to undertake the above said project. An MOU
Was signed with the State Govt. for procurement of land for plant, township, railway siding, etc.
- The Application for allocation of feedstock for Rs 650 crores synthetic elastomers project was
awaiting final clearance from the Petrochemical Ministry.
- Necessary applications were made to the Govt. for the setting up of a new grass-roots caustic
soda/chlorine unit of 100 TPD capacity withan investment of Rs 115 crores.
- Necessary approvals were obtained by the Company for a 100% EOU
consisting of 25,200 spindles at Satrati in M.P. for manufacture of cotton/blended yarn for
exports.
- 15,96,969 Bonus Equity shares issued in prop. 3:5.

1992
- During the year, various machineries including speed frames, ringframes, autoconers, warping
machines etc. were installed.
- The new caustic soda plant with membrane cells was commissioned in December.
- The company proposed to sell some of the ships of the Company and replace them with newer,
modern ones.
- Clearance was accorded by the Central Electricity authority in principle and funding of the
project was to be tied up only after issue of final techno-economic clearance by CEA.
- The Company issued 150,00,000-17% secured non-convertible
debentures of Rs 100 each on private placement basis to financial/investment institutions. These
are to be redeemed at par in annual instalments of Rs 35, Rs 30 and Rs 35 on the expiry of 6th,
7th and 8th year respectively from the date of allotment of debentures.

1993
- The Company successfully commissioned its new bagasse based paper unit with a capacity of
84,600 tonnes of paper per annum. During the year, modernisation and technical upgradation
programmes of both paper and rayon pulp plants.
- The Company issued 150,00,000-16.5% secured Non-Convertible Redeemable Debentures of
Rs 100 each aggregating to Rs 150 crores on private placement basis.
 1994
- On 26th Sept. the Company issued and allotted 3,93,700 No. of equity shares of the face value
of Rs 100 each at a price of U.S. $ 254 per GDR representing one equity shares of the Company.

1995
- The Company undertook to instal a precalcinator system in kiln No. 1 to increase the clinker
capacity by 2 lakh tpa.
- Modernisation and diversification schemes were taken up for increasing the installed capacity
of writing paper from 20,000 TPA to 27,000 TPA. Also, steps were taken to increase the
installed capacity of rayon grade pulp plant from 20,000 TPA to 25,000 TPA.
- During the year, necessary steps were taken for setting up a bagasse-based paper project with a
capacity of 75,000 TPA.
- The Company continued its process of modernisation by acquiring one 44000 DWT bulk
carriers built in 1994 and by disposing of 35000 DWT bulk carrier Aditya Prabha built in 1982.
The Company's fleet now consists of 10 ships aggregating 2,81,010 DWT.
- The company proposed to set up a paper board plant of a capacity of 300 TPD at Lalkua.
- Technology tie up was concluded with MECON and a subjective MOU was signed. A new
division in the name of Century Iron & Steel was set up to implement the project MECON were
to provide consultancy.

1996
- The Company proposed to instal one Thermal captive power plant of 15
MW at Maihar plant.
- Application was made for necessary approval from Govt. for the setting up of a sponge iron
plant with a capacity of 3 lakh tonnes per annum. Application was made for mining lease for
iron ore.
- A project for manufacture of pulp and writing and printing paper with a total capacity of about
400 tonnes per day at Bhavatgarh was to be set up.
- The Company also proposed to establish another project to manufacture paper and pulp with a
capacity of 300 tonnes per day at Aliganj in th state of U.P.

1997
- An agreement was entered into with M/s. Snia Engineering S.p.a.Italy for supply of 12 nos.
continuous spinning machine for manufacture of 1500 tonnes p.a. of viscose filament yarn based
on 120 denier.
- The Company decided to install in the first phase, 2 x 6MW DG genset at the Kalyan factory
in view of the uncertainties regarding Naphta availability.
- One Thermal capative power plant of 15 MW was installed and it commenced generation
during the year.
- 3,93,700 shares allotted.
- Century Textile Ltd has been awarded Textprocil Special Gold Trophy for its highest global
exports for the year 1995-96 in Mumbai.
- The share price of Century Textiles and Industries Ltd shot up by Rs.207.25 to Rs.2,282.25 on
28.4.987, following the announcement by the company that it would consider the issue of bonus
shares at the board meeting on May 6.
 - The company had issued on private placement basis 10.25 per cent cumulative preference
shares aggregating to Rs 100 crore on October 29, 1997, redeemable after three years,
- The company has allotted bonus equity shares on October 27, in the ratio of one bonus share
for every one equity share held on the record date (September 26.).
- The paid-up equity share capital, therefore, stands increased to Rs 93.05 crore with effect from
October 27.

1998
- The proposed strike by the workers of the pulp and paper divisionof Century Textiles and
Industries at Lalkua may dampen the sentiments of the stock. The workers have demanded for a
higher bonus and have threatened to go on strike from November 3, if the demand is not met.
- Century Textiles and Industries Ltd has declared a lock-out in the Century Pulp and Paper
division, including the bagasse unit, with effect from November 15.
- The production in the pulp, paper division was `adversely affected' on account of the stay-in-
strike and go-slow tactics adopted by the workers.
- Workers of pulp and paper division had resorted to an illegal strike for two days on October 19
and October 20, 1998, pressing their demand for higher bonus as against the minimum bonus
payable under the provisions of the Payment of Bonus Act, 1965.

1999
- The net loss has been primarily due to the illegal strike resulting in lock-out at the factories of
the pulp and paper division from November 15, 1998.
- The lock-out was lifted after a memorandum of understanding was signed with the workers'
union and the division resumed functioning from January 22.
- The company has attributed the poor performance to the ongoing recession and an `illegal'
strike for nearly 68 days by some workers at the pulp and paper divisions.
- The pulp and paper division also commissioned 12 continuos spinning
machines.

2002
-Century Textiles & Industries stops operations at its Bagasse paper plant at Nainital.
-Century Textiles has decided to shut down its shipping division.
-Century Textile and Industries Ltd has informed BSE that Intel SteamPipeline of 21 M W
Turbine has been repaired and Bagasse Paper Plant production has been started.
-Century Textiles is stepping into branded apparels by leveraging on its brand 'Century'
-CTIL, an outfit of B K Birla group has forayed into the fast expanding branded ready-to wear
segment.

2003
-Century Textiles has posted a net loss of Rs.44 million in the quarter ended as compared
to net profit of Rs.88.1 million.
-Mr Raghu Palat has been appointed as UTI Nominee on the Board of century textiles
in place of Shri A P Kurian.
-Century Textiles has decided to diversity into value-added readymade garments and accessories
under the brand name of 'Cottons by Century'.
-Century Textiles has decided to refocus on domestic market and to reduce its exposure
in overseas market due to recession in the foreign market.

2004
-Century Textiles & Industries Ltd has informed that they have received intimation from The
Stock Exchange Ahmedabad, vide letter dated December 29, 2003 that equity shares of Century
Textiles & Industries Ltd have been delisted from their exchange wef January 16,2004.

2005
-Century Textiles enters into an agreement for sale of remainin ship

2006
-Century Textiles & Industries Ltd has informed that the equity shares of the Company have
been delisted from Calcutta Stock Exchange Association Ltd (CSE) w.e.f. August 14, 2006.
-Century Textiles all set to acquire land for cement plant

Key Areas

• Rayon
Century Rayon is exporting its products all over the world. Tyre yarn is mainly exported to
Western Europe and Japan where it is used as a reinforcement material in ultra high performance
passenger car tyres. About 85 % of total production is exported to these destinations.The Rayon
fi lament yarn, which is used for textiles and apparel application, has wide spread market base.
Major export markets are North Africa, South & North America and Western Europe. About
15% of total production is exported to above destinations. Century Rayon was proud recipient
of First Award for export performance in the “LSI Textile Category” for the year 2007-08
from Directorate of Industries, Govt. of Maharashrta . This award was given in recognition of
Century Rayon’s outstanding achievement in exporting Rayon Viscose fi lament Yarn under
Textile category from Maharashtra state

• Cement
Company is manufacturing and marketing cement under its premium brand “Birla Gold”. In the
era of globalisation where the speed of communication, logistic and transportation are very fast
and competition between various brands available is very stiff, the emphasis of Birla Gold is
“Quality & Consistency.” A highly qualifi ed quality control team equipped with modern test
facilities work round the clock and superimposes itself in every stage of the production process
so as to ensure that quality of the rawmaterial and the intermediary product at no stage is
compromised towards maintaining a very high standard of quality to our product The state of art
technology and upgradation of manufacturing process is a continuous activity in our plant which
ensures the best quality product with consistency. Company is committed to provide best quality
cement to the consumer and in pursuit of this goal, a fully integrated state of art, XRF-XRD
cement analyser equipment has been installed at Maihar Cement Unit which measure very
quickly free lime and clinker phases to ensure corrective measures for maintaining quality
parameters.

• Paper
In the World of Paper, we may seem to be yet another player. Over the years, our obsession with
quality and value creation have created a niche for ourselves amongst the largest paper producers
in the country. We are known for our ability to provide customer delight through a culture that
encompasses creation of value and wealth through promotion of quality, environmental and
safety concerns. Excellence at Century continues to be all pervasive. Having been predominantly
in the Writing & Printing Segment,the foray into Tissue Paper last year was only a stepping
stone to our passion to move into other segments.The new project to manufacture Coated Boards
of International Standards will soon be commissioned. This new state-of-the-art board machine
will be amongst the best in the world and our products are expected to set new benchmarks for
both Indian and International manufacturers of FBBD, SBS, Cup-Stock, Liquid Packaging
Boards, etc. In near future Century will be amongst the top fi ve paper and paperboard
manufacturers in India and our goal to reach the top will soon become a reality
 • Revenue And Expenditure

• Competitors

Bombay Textile Research Association

Bombay Textile Research Association, International Collaboration is solicited for Contract
Research, Testing and Training

Jivan Jyoti Textile Traders

Manufacturer and supplier of all types of polyester fabrics
, polyester cotton fabrics, cotton fabrics, nylon fabrics, woven fabrics, apparel
fabrics, filter fabrics, dyed fabrics, luggage fabrics, industrial fabrics and tarpaulin fabrics.

Natural Clothing Pvt Ltd

Manufacturer and exporter of designer fabrics for fashion garments and home furnishings in
different types like Forever Collection, Gorgeous Gold Collection, Little Darlings, Metallics,
Sheer Collections, Trend Setters and Women�s Pride.
Persona Furnishing
We offer home furnishings
accessories, designer curtains, cotton beddings, chair cloths, decorative bolsters, designer
cushions, designer blankets, printed pillows, pvc carpets, bed sheets, pillow covers, foam mattress,
bath towels and door mats
.

• Factors Effecting Demand Of Century Textile

Fashion
Income Of Consumers
Price Effect
Competetion
Government policies
Taste and Preferences

• demand growth and increased prices in global and key SSA export markets;
• foreign and domestic investment in new and expanded production capacity;
• government policies (domestic and foreign) promoting SSA industry development,
including internal policies that created export processing zones and fostered
downstream processing, as well as external policies that provided tariff preferences,
such as the African Growth and Opportunity Act (AGOA); and
• improvements in general and industry-specific infrastructure.

Price of the Product

There is an inverse (negative) relationship between the price of a product and the amount of that
product consumers are willing and able to buy. Consumers want to buy more of a product at a
low price and less of a product at a high price. This inverse relationship between price and the
amount consumers are willing and able to buy is often referred to as The Law of Demand.

The Consumer's Income

The effect that income has on the amount of a product that consumers are willing and able to buy
depends on the type of good we're talking about. For most goods, there is a positive
(direct) relationship between a consumer's income and the amount of the good that one is
willing and able to buy. In other words, for these goods when income rises the demand
for the product will increase; when income falls, the demand for the product will
decrease. We call these types of goods normal goods.

The Price of Related Goods

As with income, the effect that this has on the amount that one is willing and able to buy depends
on the type of good we're talking about. Think about two goods that are typically consumed
together. For example, bagels and cream cheese. We call these types of goods compliments. If
the price of a bagel goes up, the Law of Demand tells us that we will be willing/able to buy
fewer bagels. But if we want fewer bagels, we will also want to use less cream cheese (since we
typically use them together). Therefore, an increase in the price of bagels means we want to
purchase less cream cheese. We can summarize this by saying that when two goods are
complements, there is an inverse relationship between the price of one good and the demand for
the other good.

On the other hand, some goods are considered to be substitutes for one another: you don't
consume both of them together, but instead choose to consume one or the other. For example, for
some people Coke and Pepsi are substitutes (as with inferior goods, what is a substitute good for
one person may not be a substitute for another person). If the price of Coke increases, this may
make Pepsi relatively more attractive. The Law of Demand tells us that fewer people will buy
Coke; some of these people may decide to switch to Pepsi instead, therefore increasing the
amount of Pepsi that people are willing and able to buy. We summarize this by saying that when
two goods are substitutes, there is a positive relationship between the price of one good and the
demand for the other good.

The Tastes and Preferences of Consumers

This is a less tangible item that still can have a big impact on demand. There are all kinds of
things that can change one's tastes or preferences that cause people to want to buy more or less of
a product. For example, if a celebrity endorses a new product, this may increase the demand for a
product. On the other hand, if a new health study comes out saying something is bad for your
health, this may decrease the demand for the product. Another example is that a person may have
a higher demand for an umbrella on a rainy day than on a sunny day.

The Consumer's Expectations

It doesn't just matter what is currently going on - one's expectations for the future can also affect
how much of a product one is willing and able to buy. For example, if you hear that Apple will
soon introduce a new iPod that has more memory and longer battery life, you (and other
consumers) may decide to wait to buy an iPod until the new product comes out. When people
decide to wait, they are decreasing the current demand for iPods because of what they expect to
happen in the future. Similarly, if you expect the price of gasoline to go up tomorrow, you may
fill up your car with gas now. So your demand for gas today increased because of what you
expect to happen tomorrow. This is similar to what happened after Huricane Katrina hit in the
fall of 2005. Rumors started that gas stations would run out of gas. As a result, many consumers
decided to fill up their cars (and gas cans), leading to long lines and a big increase in the demand
for gas. This was all based on the expectation of what would happen.

• Value Addition
• Century Textiles has announced its results for the quarter ended September 2010. It has reported
net profit at Rs 66 crore as against Rs 82.6 crore.

Net sales increased to Rs 1,098 crore from Rs 1,014 crore.

The company's trailing 12-month (TTM) EPS was at Rs 32.06 per share (June, 2010). The stock's price-
to-earnings (P/E) ratio was 15.79. The latest book value of the company is Rs 188.97 per share. At
current value, the price-to-book value of the company was 2.68. The dividend yield of the company was
1.09%.
The stock's price-to-earnings (P/E) ratio stands at 15.76 on (NSE).

• "Century Textiles is one of the most liquid counter in F&O segment but it is not in
limelight as of now but the way cement counters have been moving, we saw a good
amount of move yesterday. There is not much change in open interest in Century Textiles
but what we observed was blend of short covering and fresh formation of long over
there."

He further added, "We are quite optimistic on the stock from trading perspective, would suggest to go
long in November futures around Rs 518-520 and the current price is around Rs 522 for November
futures. Expect a bigger target but right now would restrict ourselves to Rs 568 and fix a stop loss of 20
points down from the buying price which should be around Rs 498.

• Conclusion
Century Textiles is well known for a vigilant and professional management. To promote Human
Resource Development, it imparts regular training to all workers and organises refresher courses
for Supervisory and Management cadre staff. It has a team of dedicated and experienced
workmen, managerial, technical staff and executives. It has cordial relations with workmen and
their representative union.With planned and channelised material feeding to machines, it has
been possible to achieve machine utilisation of 99.5% of the installed capacity and manufacture
yarn and fabrics of International standard.
Century stands for energy conservation by process renovation and upgrading of techniques. In
recognition to its outstanding achievement century bagged 4 Gold Trophies and one Sliver
Trophy from the "I.B.P.L. Urja Research Foundation."

• References
www.centurytextind.com

www.google.com

www.wikipedia.com