MIRA INFORM REPORT

                                                                                   

 

Report Date :

17.02.2011

 

Note:

The correct name of the company is Century Metal Recycling Private Limited

 

IDENTIFICATION DETAILS

 

Name :

CENTURY METAL RECYCLING PRIVATE LIMITED

 

 

Formerly Known as :

CENTURY ALUMINIUM INDUSTRIES PRIVATE LIMITED

 

 

Registered Office :

F-170 B, Western Avenue, Sainik Farm, New Delhi – 110062, Delhi

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

25.07.1994

 

 

Com. Reg. No.:

55-60453

 

 

CIN No.:

[Company Identification No.]

U74899DL1994PTC060453

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELB07578E

 

 

PAN No.:

[Permanent Account No.]

AAACB3682J

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Aluminum and Zinc Alloy Ingots

 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (48)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

 

 

 

 

Maximum Credit Limit :

USD 1800000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

F-170 B, Western Avenue, Sainik Farm, New Delhi – 110062, Delhi, India

Tel. No.:

91-11-51618203 / 29554559

Fax No.:

91-1275-262977

E-Mail :

sanjay.g@century.in

secretarial@century.in

Website :

www.cmr.co.in

 

 

Administrative Office :

Plot No. 1, Sector 25, Faridabad – 121004, Haryana

Tel. No.:

91-129-2238059 / 3058001-4

Fax No.:

91-129-2235356

E-Mail :

cnfc@cnfcindia.com

 

 

Corporate Office :

Village Tararpur Tehsil Palwal District, Faridabad- 121102, Haryana, India

Tel. No.:

91-9254355877/78/79

Fax No.:

91-1275-262977

E-mail :

century@century.in 

 

 

DIRECTORS

 

As On 30.09.2010

 

Name :

Mr. Gauri Shankar Agarwal

Designation :

Chairman

Address :

F-170B, Western Avenue, Sainik Farm, New Delhi – 110062, Delhi, India

PAN No.:

ADEPA0101D

Date of Birth/Age :

04.07.1940

Date of Appointment :

25.07.1994

DIN No. :

00595378

 

 

Name :

Mr. Mohan Agarwal

Designation :

Managing Director

Address :

F-170B, Western Avenue, Sainik Farm, New Delhi – 110062, Delhi, India

PAN No.:

ADEPA0100C

Date of Birth/Age :

12.07.1963

Date of Appointment :

07.08.2006

DIN No. :

00595232

 

 

Name :

Mr. Mayank Pareek

Designation :

Whole- time- Director

Address :

176, Ashoka Enclave –I, Faridabad – 121003, Haryana, India

PAN No.:

AECPP5693J

Date of Birth/Age :

01.11.1972

Date of Appointment :

18.08.2003

DIN No. :

00595657

 

 

 

 

 

MAJOR SHAREHOLDERS

 

As On 30.09.2010

 

Names of Shareholders

 

No. of Shares

Gauri Shankar Agarwal

 

350020

Mohan Agarwal

 

460510

Gauri Shankar Agarwal – HUF

 

10

Mohan Agarwal HUF

 

10

Kalawati Agarwal

 

230000

Pratibha Agarwal

 

307000

Saraswati Devi

 

2150

Grand Metal Recycling Private limited – India

 

335000

Suvridhi Financial Services Limited – India

 

613000

Sanjivani Infrastructure Private Limited – India

 

390000

Forever Multimedia Private Limited – India

 

292500

Ramayana Polymers Private limited – India

 

290500

Total

 

3270700

 

As On 30.09.2010

 

Category

Percentage

Bodies corporate

58.73

Directors or relatives of Directors

41.20

Others

0.07

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Aluminum and Zinc Alloy Ingots

 

 

Products :
  • Aluminum Alloy Ingots
  • Zinc Alloy Ingots

 

 

 

GENERAL INFORMATION

 

Customers :
  • Yamaha
  • Honda
  • Shriram
  • Subros
  • Mitsubishi
  • Suzuki
  • Maruti Suzuki
  • Kiran Udyog
  • Sage Metals Limited
  • Kangaro
  • Escorts
  • Groz

 

 

Bankers :
  • IDBI Bank Limited, Indian Red Cross Building, 1-Red, Cross Road, New Delhi – 110001, Delhi, India

 

 

Facilities :

--

  

Banking Relations :

--

 

 

Auditors :

 

Name :

K.N Gutgutia and Company

Chartered Accountants

Address :

11K, Gopal Tower, 25, Rajender Place New Delhi – 110008, Delhi, India

Pan No.:

AACFK6448G

 

 

CAPITAL STRUCTURE

 

As On 31.03.2010

 

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

 

 

 

 

3270700

Equity Shares

Rs.10/- each

Rs.32.707 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

32.707

32.707

32.707

2] Share Application Money

0.000

0.000

 0.000

3] Reserves & Surplus

420.583

296.032

 308.402

4] (Accumulated Losses)

0.000

0.000

 0.000

NETWORTH

453.290

328.739

 341.109

LOAN FUNDS

 

 

 

1] Secured Loans

631.564

537.651

479.425

2] Unsecured Loans

12.150

7.753

 1.336

TOTAL BORROWING

643.714

545.404

 480.761

DEFERRED TAX LIABILITIES

39.222

30.289

 32.780

OTHERS

0.000

0.000

6.064

 

 

 

 

TOTAL

1136.226

904.432

 860.714

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

542.467

478.724

361.400

Capital work-in-progress

5.671

5.859

16.296

 

 

 

 

INVESTMENT

1.911

1.913

1.915

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
419.564

113.845

148.955

 

Sundry Debtors
410.199

376.084

396.809

 

Cash & Bank Balances
55.773

46.104

37.280

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
148.133

149.353

60.096

Total Current Assets
1033.669

685.386

643.140

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

235.503

125.591

 

Other Current Liabilities
403.144

15.793

19.853

 

Provisions
47.382

16.154

 16.593

Total Current Liabilities
450.526

267.450

 162.037

Net Current Assets
583.143

417.936

 481.103

 

 

 

 

MISCELLANEOUS EXPENSES

3.034

0.000

 0.000

 

 

 

 

TOTAL

1136.226

904.432

 860.714

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

4313.374

3015.226

 2734.936

 

 

Other Income

0.100

0.100

 0.722

 

 

TOTAL                                     (A)

4313.474

3015.326

 2735.658

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                     (B)

4100.190

2964.051

2634.651

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

213.284

51.275

101.007

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

37.216

39.763

37.711

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

176.068

11.512

 63.296

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

32.295

25.437

19.528

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

143.773

(13.925)

43.768

 

 

 

 

 

Less

TAX                                                                  (I)

19.222

(1.555)

15.891

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

124.551

(12.370)

27.877

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

74.460

86.830

58.953

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

199.011

74.460

86.830

 

 

 

 

 

 

Earnings Per Share (Rs.)

38.08

(3.78)

8.52

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)

2.89

(0.41)

1.02

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

3.33

(0.46)

1.60

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

9.12

(1.20)

4.36

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.32

0.04

0.13

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

2.41

2.47

1.88

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.29

2.56

3.97

 

 

 

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.

 

Note:

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

 

Operations

During the year, the company’s performance was satisfactory. The operations of the company were also satisfactory.

 

During the year, the turnover of the company was Rs. 4554.175 millions as against Rs. 3371.248 millions for the previous year. During the year, the company has not earned any income from the sale of its long-term investments.

 

The Company’s production capacity is 1,36,700 MT per annum and the company has utilized its plant capacity upto 29.94 % during the year under consideration.

 

The company has started its production at Gurgaon plant. Now the company is running three plants in India i.e. Palwal (Haryana), Gurgaon (Haryana) and Haridwar (Uttarakhand) and as a part of the growth policy the Company is further planning to set up a new projects in India.

 

Barring unforeseen circumstances, the directors expect better prospects for the company in the coming year.

 

 

Fixed Assets

 

  • Land
  • Factory
  • Non Factory Building
  • Office Building
  • Plant and Machinery
  • Electrical Installation
  • Office Equipments
  • Furniture and Fixture
  • Computer
  • Tools
  • Vehicles

 

AS PER WEB SITE DETAILS

 

PROFILE:

 

Established in 2006 by Mr. GS Agarwala along with his son Mr. Mohan Agarwala have rich experience in line.They have grown from a small plant of only 500 Tons annual capacity in 1986 to the largest recycling plant in India in 2006 with 60000 Tons annual capacity.


Another plant with 30,000 tons annual capacity is being commissioned in 2nd half of 2008 for supply of Liquid Metal to its customers.


CMR can boast of being India’s most advanced plant for recycling Aluminium and Zinc for the manufacture of Aluminium alloys and Zinc alloys.

 

 

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.45.45

UK Pound

1

Rs.72.90

Euro

1

Rs.61.43

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--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

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

48

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

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

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

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

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

-

NB

                                       New Business

-

 

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.