MIRA
INFORM REPORT
|
Report Date : |
07.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CENTURY
METAL RECYCLING PRIVATE LIMITED |
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|
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Formerly Known As : |
CENTURY
ALUMINIUM INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
F-170
B, Western Avenue, Sainik Farm, New Delhi – 110062 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.07.1994 |
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Com. Reg. No.: |
55-60453 |
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CIN No.: [Company
Identification No.] |
U74899DL1994PTC060453 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELB07578E |
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PAN No.: [Permanent
Account No.] |
AAACB3682J |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
To
carry on the business of leasing and finance company in respect of all types
of industrial and office plant, equipment, machinery, vehicles, moveable
assets, land and buildings, real estate, agriculture farms, farms and
agricultural produces and consumer goods of all kinds. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
500000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established and reputed company having satisfactory track.
Directors are reported as experience and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
F-170
B, Western Avenue, Sainik Farm, New Delhi – 110062, India |
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Tel. No.: |
91-11-51618203 |
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E-Mail : |
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Administrative
Office : |
Plot
No. 1, Sector 25, Faridabad – 121004, Haryana |
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Tel.
No.: |
91-129-2238059
/ 3058001-4 |
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Fax
No.: |
91-129-2235356 |
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E-Mail
: |
DIRECTORS
|
Name : |
Mr.
Gauri Shankar Agarwal |
|
Designation : |
Director
|
|
Address : |
F-170B,
Western Avenue, Sainik Farm, New Delhi – 110062, India |
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PAN No.: |
ADEPA0101D |
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Date of Birth/Age : |
04.07.1940 |
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Date of Appointment : |
25.07.1994 |
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|
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Name : |
Mr.
Mohan Agarwal |
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Designation : |
Managing
Director |
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Address : |
F-170B,
Western Avenue, Sainik Farm, New Delhi – 110062, India |
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PAN No.: |
ADEPA0100C |
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Date of Birth/Age : |
12.07.1963 |
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Date of Appointment : |
25.07.1994 |
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Other Directorship : |
Suvridhi
Financial Services Limited U67120DL2003PLC123134 Grand
Metal Industries Private Limited U00337DL2005PTC139870 Grand
Metal Recycling Private Limited U00331DL2005PTC139891 |
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|
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Name : |
Mr.
Mayank Pareek |
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Designation : |
Director
|
|
Address : |
176,
Ashoka Enclave –I, Faridabad – 121003, Haryana |
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PAN No.: |
AECPP5693J |
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Date of Birth/Age : |
01.11.1972 |
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Date of Appointment : |
18.08.2003 |
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|
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Name : |
Mr.
Praveen Maggu |
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Designation : |
Director
|
|
Address : |
House No. 893, Sector – 18, Faridabad – 121001,
Haryana |
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PAN No.: |
AJPPM3972M |
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Date of Birth/Age : |
23.01.1964 |
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Date of Appointment : |
18.08.2003 |
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Name : |
Ms.
Pratibha Agarwal |
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Designation : |
Director
|
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Address : |
F-170B,
Western Avenue, Sainik Farm, New Delhi – 110062, India |
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Date of Birth/Age : |
27.07.1968 |
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Date of Appointment : |
04.01.2005 |
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Name
: |
Dr.
Mam Raj Vyas |
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Designation
: |
Whole
Time Director |
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Address
: |
House
No. 176, Ashoka Enclave, Part – 1, Kaveri Path, Faridabad – 121003, Haryana,
India |
|
Date
of Appointment : |
07.08.2006 |
KEY EXECUTIVES
|
Name
: |
Mr.
Sanjay Gupta |
|
Designation
: |
Company
Secretary |
|
Address
: |
House
No. 13, Sector -7A, Near Satya Palace Cinema, Faridabad – 121006, Haryana,
India |
|
Date
of Birth/Age : |
06.01.1976 |
|
Date
of Appointment : |
07.08.2006 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mohan
Agarwal |
|
10 |
|
Gauri
Shankar Agarwal |
|
60010 |
|
Saraswati
Devi |
|
2150 |
|
Mohan
Agarwal HUF |
|
10 |
|
Gauri
Shankar Agarwal – HUF |
|
10 |
|
Mayank
Pareek |
|
11600 |
|
Apoorva
Pareek |
|
20400 |
|
M. R.
Vyas |
|
4000 |
|
B. R.
Industries Limited |
|
198000 |
|
Anshu
Purohit |
|
4000 |
|
Atul
Pareek |
|
8000 |
|
R. K.
Sharma |
|
20000 |
|
Uma
Devi Khaitan |
|
12000 |
|
Abha
Devi Khaitan |
|
18000 |
|
Kalawati
Agarwal |
|
110000 |
|
Pratibha
Agarwal |
|
155000 |
|
Neha
Agarwal |
|
4000 |
|
Ashok
Kumar Agarwal |
|
5000 |
|
Lila
Devi Agarwal |
|
2000 |
|
Nawal
Kishore Agarwal |
|
2000 |
|
Sabita
Agarwal |
|
5000 |
|
Dhiraj
Poddar |
|
4000 |
|
S. B.
Poddar |
|
3000 |
|
Vikas
Poddar |
|
4000 |
|
Vinay
Poddar |
|
4000 |
|
Yasoda
Poddar |
|
3000 |
|
Abhilasha
Agencies Private Limited |
|
70000 |
|
Chandelier
Tracon Private Limited |
|
20000 |
|
Chirayu
Traders Private Limited |
|
44000 |
|
J. N.
Fiscal Services Private Limited |
|
70000 |
|
Rashmi
Vyapar Private Limited |
|
30000 |
|
SAO
Finance and Properties Private Limited |
|
30000 |
|
Shubh
Suppliers Private Limited |
|
50000 |
|
Simpro
Vanijya Private Limited |
|
40000 |
|
Sugam
Commodeal Private Limited |
|
58000 |
|
Swarnganga
Vinimay Private Limited |
|
42000 |
|
Vedanga
Leather Private Limited |
|
12000 |
|
Venlon
Securities Private Limited |
|
10000 |
|
Venus
Tea Traders Private Limited |
|
70000 |
|
Madhu
Khaitan |
|
229500 |
|
R. K.
Saraogi and Son [HUF] |
|
18000 |
|
Total |
|
1452690 |
BUSINESS DETAILS
|
Line of Business : |
To
carry on the business of leasing and finance company in respect of all types
of industrial and office plant, equipment, machinery, vehicles, moveable
assets, land and buildings, real estate, agriculture farms, farms and
agricultural produces and consumer goods of all kinds. |
GENERAL
INFORMATION
|
No. Of Employees : |
About
100 |
|
|
|
|
Bankers : |
State
Bank of India Commercial
Branch, Vardhman Trade Centre, Plot No. 3 & 4, 2nd Floor,
Nehru Place, New Delhi – 110019, Delhi, India |
|
Banking Relations : |
Satisfactory
|
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|
|
|
Auditors : |
B. R.
Goyal Chartered
Accountants 11K,
Gopal Tower, 25, Rajender Place – 110008, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 40.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1452690 |
Equity
Shares |
Rs. 10/- each |
Rs. 14.527 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
14.527 |
14.527 |
|
|
2] Share Application Money |
|
46.665 |
0.000 |
|
|
3] Reserves & Surplus |
|
65.013 |
32.351 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
126.205 |
46.878 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
54.075 |
0.406 |
|
|
2] Unsecured Loans |
|
40.521 |
19.998 |
|
|
TOTAL BORROWING |
|
94.596 |
20.404 |
|
|
DEFERRED TAX LIABILITIES |
|
10.797 |
0.106 |
|
|
|
|
|
|
|
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TOTAL |
|
231.598 |
67.388 |
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
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|
FIXED ASSETS [Net Block] |
|
132.696 |
15.523 |
|
|
Capital work-in-progress |
|
36.852 |
19.273 |
|
|
|
|
|
|
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INVESTMENT |
|
11.008 |
9.548 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
31.534 |
2.767 |
|
|
Sundry Debtors |
|
1.194 |
0.013 |
|
|
Cash & Bank Balances |
|
11.545 |
15.707 |
|
|
Other Current Assets |
|
0.000 |
1.632 |
|
|
Loans & Advances |
|
39.967 |
4.634 |
|
Total Current Assets |
|
84.240 |
24.753 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
28.022 |
1.428 |
|
|
Provisions |
|
5.176 |
0.281 |
|
Total Current Liabilities |
|
33.198 |
1.709 |
|
|
Net Current Assets |
|
51.042 |
23.044 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
231.598 |
67.388 |
|
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.01 |
0.47 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
2.54 |
14.48 |
LOCAL AGENCY
FURTHER INFORMATION
The name
of the company had been changed from Bhairav Leasing and Finance Private
Limited to Century Aluminium Industries Private Limited and the present name of
the company is Century Metal Recycling Private Limited.
The
Registered Office of the company was shifted from Flat No. 203, Hemkunt Tower,
98, Nehru Place, New Delhi – 110019, India to the present address w.e.f.
24.07.2006
|
Name of the company |
CENTURY ALUMINIUM INDUSTRIES PRIVATE
LIMITED [EARLIER KNOWN BHAIRAV LEASING AND FINANCE PRIVATE LIMITED] |
|
Presented By |
Mr. Mayank Pareek, Director |
|
1) Date and description of instrument creating the change |
Agreement
of loan for overall limit dated 25.08.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
196.000 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
First
charge on all present and future book dents and all other movable assets of
the company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The
loan is repaid in 24 quarterly instalments commencing from 30.06.2006 The
loan carry interest @ 12.75 % p.a. with monthly rests. The interest rate and
periodicity or interest application are subject to charge as per RBI Bank
guidelines from time to time. Interest will be charged at 2.5 % above SBAR A
prepayment penalty of 2 % will be
charged on the prepaid amount. However no prepayment fee will be charged for
repayment upto Rs. 1.000 Millions or acceleration of repayment upto 6 months.
Over
terms and conditions as per loan agreement dated 25.08.2005 The
entire term loan of Rs. 196.000 Millions to be repaid at he end of March 2012 |
|
5) Name and Address and description of the person entitled to the charge. |
State
Bank of India Commercial
Branch, Vardhman Trade Centre, Plot No. 3 & 4, 2nd Floor, DDA
Building, Nehru Place, New Delhi – 110019, Delhi, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
|
Name of the company |
CENTURY ALUMINIUM INDUSTRIES PRIVATE
LIMITED [EARLIER KNOWN BHAIRAV LEASING AND FINANCE PRIVATE LIMITED] |
|
Presented By |
Mr. Mayank Pareek, Director |
|
1) Date and description of instrument creating the change |
Agreement
of loan for overall limit dated 25.08.2005 registered with Registrar of
companies. New Delhi on 21.10.2005. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
196.000 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
First
charge on all present and future book dents and all other movable assets of
the company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The
loan is repaid in 24 quarterly instalments commencing from 30.06.2006 The loan
carry interest @ 12.75 % p.a. with monthly rests. The interest rate and
periodicity or interest application are subject to charge as per RBI Bank
guidelines from time to time. Interest will be charged at 2.5 % above SBAR A
prepayment penalty of 2 % will be
charged on the prepaid amount. However no prepayment fee will be charged for
repayment upto Rs. 1.000 Millions or acceleration of repayment upto 6 months.
Over
terms and conditions as per loan agreement dated 25.08.2005 The
entire term loan of Rs. 196.000 Millions to be repaid at he end of March 2012 |
|
5) Name and Address and description of the person entitled to the charge. |
State
Bank of India Commercial
Branch, Vardhman Trade Centre, Plot No. 3 & 4, 2nd Floor, DDA
Building, Nehru Place, New Delhi – 110019, Delhi, India |
|
6) Date and brief description of instrument modifying the charge |
A
sanction letter no. C & V
2005-06/665 dated 03.01.2006 |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Additional
security of Equitable mortgage of the land and building on plot measuring
approx 46077 sq. yards. At Tatarpur-Bhugola Road, Post Asawati, Palwal,
Faridabad – 121102 |
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered
forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.12 |
|
UK
Pound |
1 |
Rs.87.01 |
|
Euro |
1 |
Rs.57.45 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|