MIRA
INFORM REPORT
|
Report Date : |
30.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CENTURY METAL
RECYCLING PRIVATE LIMITED |
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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 |
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|
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 records.
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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Name : |
Mr. Mohan Agarwal
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Designation : |
Managing Director
|
|
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
|
|
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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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 |
|
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 |
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Date of
Birth/Age : |
06.01.1976 |
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Date of
Appointment : |
07.08.2006 |
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Name: |
M/s. P C Jain and
Company |
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Designation: |
Company Secretary |
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 |
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|
|
|
Bankers : |
State Bank of
India Commercial
Branch, Vardhman Trade Centre, Plot No. 3 & 4, 2nd Floor,
Nehru Place, New Delhi – 110019, Delhi, India HDFC Bank ABN Amro Bank ICICI Bank
Limited |
|
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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|
|
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APPLICATION OF FUNDS |
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|
|
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|
|
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FIXED ASSETS [Net Block] |
|
132.696 |
15.523 |
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Capital work-in-progress |
|
36.852 |
19.273 |
|
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|
|
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INVESTMENT |
|
11.008 |
9.548 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
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|
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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 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
17.187 |
6.920 |
|
|
Other Income |
|
50.390 |
0.294 |
|
|
Total Income |
|
67.577 |
7.214 |
|
|
|
|
|
|
|
|
Profit/(Loss) After Tax |
|
34.061 |
1.400 |
|
|
|
|
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
|
3.071 |
1.444 |
|
|
Raw Material Consumed |
|
2.894 |
7.893 |
|
|
Increase/(Decrease) in Finished Goods |
|
(0.339) |
2.302 |
|
|
Interest |
|
0.058 |
(0.740) |
|
Total Expenditure |
|
5.684 |
10.899 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
50.40 |
19.40 |
|
|
|
|
|
|
|
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.43.47 |
|
UK Pound |
1 |
Rs.85.36 |
|
Euro |
1 |
Rs.57.89 |
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 |
|