MIRA INFORM REPORT

 

IDENTIFICATION DETAILS

 

Name :

CENTURY EXTRUSIONS LIMITED

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALC03885A / CALC00594G

 

 

PAN No.:

[Permanent Account No.]

AABCC1791N

 

 

Legal Form :

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

 

 

No. of Employees :

500 (Approximately)

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of Aluminium Extruded Products and Transmission and Distribution Line Hardware.

 

 

GENERAL INFORMATION

 

Customers :

·         L and T

·         Ordnance Factories

·         Integral Coach Factory

·         Areava T & D

·         Siemens

·         ABB Limited

·         Department of Atomic Energy

·         Bharat Earth Movers Limited

·         Bharat Heavy Electricals Limited

·         Bharat Electronics Limited

 

 

No. of Employees :

500 (Approximately)

 

 

Bankers :

·         State Bank of India

·         Axis Bank Limited

·         ICICI Bank Limited

 

 

Facilities :

SECURED LOANS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Term Loan from Banks

45.500

67.500

Vehicles Loan from Banks

0.900

1.100

Term Loans from Government of West Bengal

17.700

39.600

SHORT TERM BORROWINGS

 

 

Loan Repayment on Demand

Working Capital Loan

155.700

105.800

Channel Financing

98.900

48.400

Foreign Currency Loan

0.000

40.900

 

 

 

Total

 

318.700

303.300

 

LONG-TERM BORROWINGS

 

Term Loan from Banks referred above to the extent of :

 

a. Rs.67.500 Millions includes Rs.30.000 Millions shown in Current maturities of Long Term Borrowings from State Bank of India is secured by exclusive first charge over fixed assets created out of this term loan and second charge on the current assets of the Company. Further, the loan has been guaranteed by the personal guarantee of the Chairman and Managing Director and one other Director of the Company.

 

Repayable in 20 quarterly installments of Rs.7.500 Millions each, commencing from July, 2010. Last installment due in April 2015. Rate of interest 14.10% p.a. as at year end.

 

b. Rs.14.700 Millions includes Rs.6.700 Millions shown in Current maturities of Long Term Borrowings from Axis Bank is secured by exclusive first charge over fixed assets created out of this term loan and Pari passu second charge on the entire current assets of the Company both present and future, Further, the loan has been guaranteed by the personal guarantee of the Chairman & Managing Director and one other Director of the Company.

 

Repayable in 12 quarterly installments, First 11 Installments of Rs.1.700 Millions each, commencing from July, 2012. Last installment of Rs.1.300 Millions due in April 2015. Rate of interest 14.25% p.a. as at year end.

 

 

Vehicle Loan from Banks referred above to the extent of :

 

a. Rs.0.400 Million includes Rs.0.200 Million shown in Current maturities of Long Term Borrowings from Axis Bank are secured by hypothecation of vehicles purchased out of the said loan.

 

Repayable in 60 equated monthly installments of Rs. Nil (22876) each, commencing from December, 2009. Last installment due in November 2014. Rate of interest 9.00% p.a. as at year end.

 

b. Rs.0.500 Million includes Rs.0.200 Million shown in Current maturities of Long Term Borrowings from Axis Bank are secured by hypothecation of vehicles purchased out of the said loan.

 

Repayable in 60 equated monthly installments of Rs. Nil (17038) each, commencing from May, 2011. Last installment due in April 2016. Rate of interest 10.59% p.a. as at year end.

 

c. Rs.0.400 Million includes Rs.0.100 Million shown in Current maturities of Long Term Borrowings from Axis Bank are secured by hypothecation of vehicles purchased out of the said loan.

 

Repayable in 60 equated monthly installments of Rs. Nil (10577) each, commencing from July, 2012. Last installment due in June, 2017. Rate of interest 11.59% p.a. as at year end.

 

Term Loan from Government of West Bengal referred above to the extent of :

 

Rs.4.000 Millions includes Rs.2.000 Millions shown in Current maturities of Long Term Borrowings from Govt. of West Bengal is secured by first mortgage on all the immovable properties and a first charge by way of hypothecation of plant and machinery of the Company, both present and future, (except the fixed assets created out of the term loan from State Bank of India on which the bank has exclusive first charge and the other consortium banks along with Government of West Bengal have pari passu second charge) situated at Company factory at Kharagpur in West Bengal, ranking pari passu with fund and non-fund Credit Limits which the Company has availed from State Bank of India and Axis Bank Limited

 

Repayable in 5 Yearly installments of Rs.2.000 Millions each, commencing from July, 2010. Last installment due in July 2014. Rate of Interest 8.75% less 2% per annum rebate for timely repayment.

 

Sales Tax Loan from Government of West Bengal referred above to the extent of :

 

Rs.19.600 Millions includes Rs.3.900 Millions shown in Current maturities of long Term Borrowings from Govt. of West Bengal is secured by way of residuary charge on all fixed assets of the Company, both present and future, situated at Company’s factory at Kharagpur in West Bengal.

 

Repayable in 8 Yearly installments of Rs.3.900 Millions each, commencing from March, 2011. Last installment due in March 2018.Rate of Interest 8.75% less 2% per annum rebate for timely repayment.

 

 

SHORT TERM BORROWINGS

 

a. Working Capital Loan from Banks are secured - i) By first mortgage on all the immovable properties and a first charge by way of hypothecation of plant & machinery of the Company, both present and future, (except the fixed assets created out of the term loan on which the lender has exclusive first charge and the other consortium banks along with Govt. of West Bengal have pari passu second charge situated at Company’s factory at Kharagpur in West Bengal). ii) By first charge by hypothecation of stocks, receivables and other current assets. iii) By personal guarantees of the Chairman and Managing Director and one other Director of the Company.

 

b. Channel Financing from ICICI Bank Limited is secured against pledge of fixed deposit to the extent of 15% of sanctioned limit. It is further secured by personal guarantee of the Chairman and Managing Director and one other director of the Company.

 

c. Channel Financing from Yes Bank Limited is secured against pledge of fixed deposit to the extent of 15% of sanctioned limit. It is further secured by personal guarantee of the Chairman and Managing Director and one other director of the Company.

 

d. Loan from Body Corporate amounting to Rs.0.300 Million is secured against receivable from the Customer.

 

 

 

UNSECURED LOANS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Deferred Sales Tax

0.000

2.900

From Bodies Corporate

10.100

0.000

SHORT TERM BORROWINGS

 

 

Loans from Bodies Corporate

52.900

46.200

 

 

 

Total

 

63.000

49.100

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

A L P S and Company

Chartered Accountants

Address :

310, Todi Chambers 2, Lalbazar Street, Kolkata-700001, West Bengal, India

 

 

Cost Auditors :

 

Name :

N Radhakrishnan and Company

Cost Accountants

Address :

11A, Dover Lane, Kolkata-700029, West Bengal, India

 

 

Associated Concern :

·         Century Aluminium Mfg. Company Limited

·         Vintage Capital Markets Limited

·         Paramsukh Properties Private Limited

·         Jeco Exports and Finance Limited

·         CAMCO Multi Metal Limited

·         Alfa Aluminium Private Limited

·         Vintage Securities Limited

·         Kutir Udyog Kendra (India) Limited

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(AS ON 31.03.2014)

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

9168967

11.46

Bodies Corporate

32459682

40.57

Sub Total

41628649

52.04

 

 

 

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

41628649

52.04

 

 

 

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

1800

0.00

Financial Institutions / Banks

2500

0.00

Central Government / State Government(s)

100

0.00

Sub Total

4400

0.01

 

 

 

(2) Non-Institutions

 

 

Bodies Corporate

3905064

4.88

 

 

 

Individuals

 

 

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

30338702

37.92

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

2214139

2.77

 

 

 

Any Others (Specify)

1909046

2.39

Trust & Foundation

2900

0.00

Non Resident Indians

1906146

2.38

Sub Total

38366951

47.96

 

 

 

Total Public shareholding (B)

38371351

47.96

 

 

 

Total (A)+(B)

80000000

100.00

 

 

 

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

 

 

(1) Promoter and Promoter Group

0

0.00

(2) Public

0

0.00

Sub Total

0

0.00

 

 

 

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

80000000

100.00

 

 

 

 

 

 

 

 

FINANCIAL DATA

[All figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

80.000

80.000

80.000

(b) Reserves & Surplus

283.100

279.200

243.700

(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)

363.100

359.200

323.700

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

74.200

111.100

162.800

(b) Deferred tax liabilities (Net)

18.700

21.100

18.000

(c) Other long term liabilities

0.100

0.400

0.300

(d) long-term provisions

10.600

10.600

4.900

Total Non-current Liabilities (3)

103.600

143.200

186.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

307.500

241.300

158.200

(b) Trade payables

93.000

104.900

154.400

(c) Other current liabilities

137.500

111.800

110.900

(d) Short-term provisions

4.900

4.800

9.100

Total Current Liabilities (4)

542.900

462.800

432.600

 

 

 

 

TOTAL

1009.600

965.200

942.300

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

413.100

414.600

443.300

(ii) Intangible Assets

2.800

2.300

2.500

(iii) Capital work-in-progress

0.200

3.400

2.700

(iv) Intangible assets under development

0.000

0.600

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

77.200

54.700

15.200

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

493.300

475.600

463.700

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

225.300

222.000

190.500

(c) Trade receivables

233.300

221.900

244.400

(d) Cash and cash equivalents

39.700

27.600

26.400

(e) Short-term loans and advances

18.000

14.900

17.300

(f) Other current assets

0.000

3.200

0.000

Total Current Assets

516.300

489.600

478.600

 

 

 

 

TOTAL

1009.600

965.200

942.300

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Revenue from Operations

1781.000

1924.500

1631.200

 

 

Other Income

41.100

20.500

8.900

 

 

TOTAL                                     (A)

1822.100

1945.000

1640.100

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

1356.400

1504.000

1283.700

 

 

Change in Inventories

16.600

(37.200)

(57.300)

 

 

Employee Benefit Expenses

98.900

104.800

94.800

 

 

Other Expenses

230.700

230.000

209.900

 

 

TOTAL                                     (B)

1702.600

1801.600

1531.100

 

 

 

 

 

Less

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

119.500

143.400

109.000

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

77.400

75.000

62.000

 

 

 

 

 

 

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

42.100

68.400

47.000

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

44.200

41.300

40.400

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX (E-F)                  (G)

(2.100)

27.100

6.600

 

 

 

 

 

Less

TAX                                                                  (H)

(1.900)

(4.900)

0.800

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX (G-H)                   (I)

(0.200)

32.000

5.800

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

F.O.B Value of Exports

1.200

0.000

0.039

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

18.300

22.000

21.300

 

 

Components and Spare Parts

12.400

0.700

12.200

 

 

Capital Goods

18.700

3.000

1.100

 

TOTAL IMPORTS

49.400

25.700

34.600

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

0.00

0.40

0.07

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (30)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Exist

 

 

LITIGATION DETAILS

 

CALCUTTA HIGH COURT

CASE STATUS INFORMATION SYSTEM

 

Case Status     :   Pending

 

Status of          TEMP APO (APOT)   448        of    2013        

 

JOINT COMMISSIONER, COMMERCIAL TAX GRO             Vs.            CENTURY EXTRUSIONS LTD & ANR.

 

Pet's Adv.        :   PARITOSH SINHA                   

 

Res's Adv.       :       

 

Court No.        :  1                      Last Listed On :  Tuesday, November 12, 2013  

 

Category           :   SALES TAX : REVENUE

 

CONNECTED APPLICATION (S)

CONNECTED MATTER (S)

GA     2743    of   2013

GA     2744    of   2013

WP     695    of   2012

 

Case Updated on:   Thursday, September 12, 2013

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

LOCATIONS

 

Registered/ Head Office :

113, Park Street, N Block, 2nd Floor, Kolkata – 700016, West Bengal, India

Tel. No.:

91-33-22291012/ 1291

Fax No.:

91-33-22261110/ 22495656

E-Mail :

century@centuryextrusions.com

mfae@centuryextrusions.com

secretary@centuryextrusions.com 

Website :

http://www.centuryextrusions.com

 

 

Factory :

WBIIDC Industrial Growth Centre, Plot No. 7A, Sector ‘B’, Nimpura, P.O.- Rakhajungle, Kharagpur – 721301, West Bengal, India

Tel. No.:

91-3222-233310 / 233324

Fax No.:

91-3222-233304

E-Mail :

works@centuryextrusions.com

 

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