MIRA INFORM REPORT
|
Report Date : |
15th June, 2006 |
IDENTIFICATION DETAILS
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Name : |
CHAUDHRY
HAMMER WORKS LIMITED |
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Registered Office : |
Near Hapur Road Flyover,
Ghaziabad-201001, Uttar Pradesh, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
17.11.
1970 |
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Com. Reg. No.: |
20-03370 |
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CIN No.: [Company Identification No.] |
U27310UP1970PLC003370 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
MRTC0095E |
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Legal Form : |
A
closely held public limited liability company. |
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Line of Business : |
Manufacturers
of Steel Forgings/ Flanges and Machinery Parts |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine
track records. Directors are experienced, respectable and resourceful
industrialist. Their trade relations are fair. Financial position is good.
Payments are correct and as per commitments. The
company can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Head Office : |
Near Hapur Road Flyover,
Ghaziabad-201001, Uttar Pradesh, India |
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Tel. No.: |
91-120-4388000/4376972
to 74 |
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Fax No.: |
91-120-4376971
/ 4376971 |
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E-Mail : |
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Website : |
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Area : |
3654.80
sq. mts. (39325.65 sq. ft.) |
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Location : |
Owned
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Factory 1 : |
Village-Acheja,
P. O. Dujana, G. T. Road, Greater Nodia, Gautam Budh Nagar-203207, India |
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Tel. No.: |
91-120-2674650
to 2676452 |
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Fax No.: |
91-120-2674653 |
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Area : |
38848.60
sq. mtr. (418010.93 sq. ft.) |
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Location : |
Owned
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DIRECTORS
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Name : |
Mr.
Mukul Chaudhry |
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Designation : |
Director
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Address : |
KL-152,
Kavi Nagar, Ghaziabad |
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Date of Birth/Age : |
45
years |
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Qualification : |
B.
Com. |
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Experience : |
23
years |
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Name : |
Mr.
Anish Chaudhry |
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Designation : |
Director
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Address : |
KL-152,
Kavi Nagar, Ghaziabad |
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Date of Birth/Age : |
35
yers |
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Qualification : |
M.
B. A. |
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Experience : |
13
years |
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Name : |
Mr.
Sachin Chaudhry |
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Designation : |
Director
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Address : |
KL-10,
Kavi Nagar, Ghaziabad |
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Date of Birth/Age : |
34
years |
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Qualification : |
B.
Com. |
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Experience : |
12
years |
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Name : |
Mrs.
Savitri Devi |
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Designation : |
Director
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Address : |
KL-152,
Kavi Nagar, Ghaziabad |
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Date of Birth/Age : |
58
years |
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Qualification : |
H.
S. |
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Experience : |
30
years |
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Date of Appointment : |
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Name : |
Mrs.
Purnima Chaudhry |
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Designation : |
Director
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Address : |
KL-152,
Kavi Nagar, Ghaziabad |
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Date of Birth/Age : |
37
years |
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Qualification : |
B.
A. |
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Experience : |
12
years |
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Name : |
Mrs.
Deepika Chaudhry |
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Designation : |
Director
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Address : |
KL-152,
Kavi Nagar, Ghaziabad |
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Date of Birth/Age : |
33
years |
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Qualification : |
B.
A. |
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Experience : |
6
years |
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Name : |
Mrs.
Nitu Chaudhry |
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Designation : |
Director
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Address : |
KL-10,
Kavi Nagar, Ghaziabad |
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Date of Birth/Age : |
31 years |
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Qualification : |
B.
A. |
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Experience : |
5
years |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Anirudh Agarwal |
8130 |
2.91 % |
|
Anish Chaudhry |
2700 |
0.97 % |
|
Anubhav Agarwal |
7690 |
2.75 % |
|
A. P. and Sons HUF |
22724 |
8.14 % |
|
B. K. and Sons HUF |
22382 |
8.01 % |
|
Brahmcharni Nidhi
Enterprises |
3442 |
1.23 % |
|
Chamunda Nidhi Enterprises |
3404 |
1.22 % |
|
Chintpurni Nidhi
Enterprises |
3352 |
1.20 % |
|
Deepika Chaudhary |
9300 |
3.33 % |
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Hidamba Nidhi Enterprises |
3325 |
1.19 % |
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Indrani Nidhi Enterprises |
4065 |
1.46 % |
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Jagdamba Nidhi Enterprises |
3370 |
1.21 % |
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Kamakshi Nidhi Enterprises |
3470 |
1.24 % |
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Komakshi Nidhi Enterprises |
3194 |
1.14 % |
|
Madan Mercantile Private
Limited |
49750 |
17.81 % |
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Mahalaxmi Nidhi Enterprises |
4005 |
1.43 % |
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M.C. and Sons HUF |
6380 |
2.28 % |
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Mukul Chaudhry |
13825 |
4.95 % |
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Naina Devi Nidhi
Enterprises |
3825 |
1.37 % |
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Nitu Chaudhry |
8647 |
3.10 % |
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Pashupati Nath Enterprises |
3690 |
1.32 % |
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Purnima Chaudhry |
23450 |
8.40 % |
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Sachin Chaudhry |
25968 |
9.30 % |
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Savitri Devi |
27363 |
9.80 % |
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Somnath Nidhi Enterprises |
3475 |
1.24 % |
|
Anushka Aggarwal |
800 |
0.29 % |
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Sub Total |
271726 |
97.30 % |
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OUT SIDE |
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Ajudhya Prasad |
5 |
0.00 % |
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Bala Jain |
5 |
0.00 % |
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BPST Inv L& F Company
Private Limited |
2000 |
0.72 % |
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Charu Bansal |
5 |
0.00 % |
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Four Season Exp Private
Limited |
5500 |
1.97 % |
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Mahabir Prasad |
5 |
0.00 % |
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Praduman Kumar Jain HUF |
5 |
0.00 % |
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Praveen Kumar Jain HUF |
5 |
0.00 % |
|
Rahul Kumar Jain |
5 |
0.00 % |
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Rajeshwari Metal Industrial
|
5 |
0.00 % |
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Rajiv Kumar and Sons HUF |
5 |
0.00 % |
|
Renu Jain |
5 |
0.00 % |
|
Virender KR. Jain |
4 |
0.00 % |
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Sub Total |
7554 |
2.70 % |
|
Total |
279280 |
100.000 % |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Steel Forgings/ Flanges and Machinery Parts |
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Products : |
Steel
Forgings and Machinery Parts Item
code No. (ITC Code): 7207.90,7224.00, 7218.00, 7307.00, 8485.90 |
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Agencies Held : |
Petroleum Services Company Trade
Zone Area, Future, Zone, Flamingo Complex Building B, P. O. Box No. 4098
Safat 13041, Kuwait Tel
No: 91-965-4610785/4610801/2/3 Fax
No: 91-965-4610805/6 Contact
Person : Mr. Thomas Thaliath Narfoam Kar Company No.
6, 4th Street, Ahmed Ghasir Ave, Tehran, Iran Tel
No: 91-98218733130 Mr.
Hamid Ghafoorain Hi-Tech services and Supplies LLC P.O.
Box 2992, Postal Code-112, Ruwi, Sultanate Od Iman Tel
No. 91-968-24810575 ext. 238 Fax
No: 91-968-24810287 Rakesh
Puthran Al Beshri Technical Services P.
O. Box No. 50087, Dubai, UAE Tel
No: 91-97165557436 Fax
No.: 91-97165557318 Mr.
N. Ramalingam ABU Dhabi Oilfield Supply Centre P.O.
Box No. 4897, Abu Dhabi UAE Tel
No: 91-971-2-6725822 Fax
No: 91-971-2-6787604 Mr.
Moideen E B Gas Arabian Services Enterprises P.
O. Box 3422, Dammam-31471, KSA Tel
No: 91-971-2-6725822 Fax
No: 91-96638311500 Mr.
M S Kumar Oriental Trading Company Souq
Al Jassim P.
O. Box 96, Diha-Oatar Tel
No: 91-4423750 Fax
No: 91-4433573 Mr.
V S Narayanan Elsafa Tarding Company Prtrochemcial 613
B Elhorreya Avenue, Ziznia Alexanria,
Egypt Tel
No: 91-20-35743044/35738370 Mr.
Mohamed Abdel Kadar Vhan Enterprises Block
3578, Admiralty Drive# 10-152 Singapore-752357 Mr.
Chandrika Nagarajan |
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Exports to : |
Forgings/
Flanges to Germany, USA, UK and UAE |
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Imports from : |
Band
Saw Blades and Machinery from Germany |
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Terms : |
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Selling : |
L/C,
T.T., Document through Bank, L/C, DD/Cheque against Delivery |
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Purchasing : |
Credit
30 days |
PRODUCTION STATUS
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Particulars |
Units |
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Installed Capacity |
Actual Production |
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Steel Forgings/ Flanges and
Machinery Part |
MT |
|
5400 |
2349.105 |
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GENERAL INFORMATION
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Customers : |
End
Users, Stockiest, Traders, General Engineering and Fabricators Ø
Reliance Industries
Limited Ø
KSB Pumps Limited (PPD) Ø
Larsen and Toubro
Limited Ø
The Indian Sugar and
General Engineering Corporation Ø
Thermax Limited Ø
Alfa Laval India
Limited Ø
Baliga Lighting
Equipments Private Limited Ø
Bend Joint Private
Limited Ø
Bharat Heavy
Electrical Limited Ø
Bridge and Roof
Company India Limited Ø
Chennai petroleum
Corporation Limited Ø
Delta Development
Engineering Private Limited Ø
Delta Engineering Ø
Energy Pack Boilers
Private Limited Ø
Engineering
Specialties Private Limited Ø
Essar Constructions
Limited Ø
Gansons Limited |
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No. of Employees : |
367 |
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Bankers : |
Ø
State Bank of India,
SBI Branch, 1st Floor, Navyug Market, Ghaziabad Tel No.: 91-120-2790990/2791066/2798682 Fax No: 91-120-2790665 |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
P.
Jain and Company Chartered
Accountants |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity
Shares |
Rs. 100/- each |
Rs. 40.000 millions |
|
|
|
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|
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
279280 |
Equity
Shares |
Rs. 100/- each |
Rs. 27.928 millions |
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FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
27.928 |
12.991 |
12.991 |
|
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2] Share Application Money |
0.000 |
20.500 |
0.000 |
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3] Reserves & Surplus |
102.386 |
36.529 |
24.998 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
130.114 |
70.020 |
37.989 |
|
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
85.186 |
61.847 |
12.431 |
|
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2] Unsecured Loans |
20.360 |
19.225 |
43.372 |
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TOTAL
BORROWING
|
105.546 |
81.072 |
55.803 |
|
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DEFERRED TAX LIABILITIES |
2.999 |
5.626 |
3.178 |
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TOTAL
|
238.859 |
154.718 |
96.970 |
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APPLICATION OF FUNDS
|
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FIXED ASSETS [Net Block]
|
81.702 |
62.750 |
27.563 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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INVESTMENT
|
4.151 |
4.151 |
3.730 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
101.715
|
55.017 |
|
|
|
Sundry Debtors
|
46.780
|
35.705 |
|
|
|
Cash & Bank Balances
|
18.832
|
14.033 |
84.222 |
|
|
Other Current Assets
|
0.000
|
0.000 |
|
|
|
Loans & Advances
|
33.236
|
25.678 |
|
Total Current Assets
|
200.563
|
130.433 |
84.222 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
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|
Current Liabilities
|
47.240
|
42.626 |
18.564 |
|
|
Provisions
|
0.319
|
0.000 |
|
Total Current Liabilities
|
47.559
|
42.626 |
18.564 |
|
Net Current
Assets
|
153.004
|
87.807 |
65.658 |
|
|
|
|
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MISCELLANEOUS EXPENSES
|
0.002 |
0.010 |
0.019 |
|
|
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|
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|
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TOTAL
|
238.859 |
154.718 |
96.970 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
424.283 |
262.653 |
167.090 |
|
|
|
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|
Profit/(Loss) Before Tax
|
57.094 |
17.220 |
8.783 |
Provision for Taxation
|
19.975 |
5.545 |
2.719 |
Profit/(Loss) After Tax
|
37.119 |
11.675 |
6.064 |
|
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Export Value
|
156.867 |
80.185 |
NA |
|
|
|
|
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Import Value
|
3.278 |
20.863 |
NA |
|
|
|
|
|
Total Expenditure
|
357.281 |
240.525 |
154.252 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
8.75
|
4.45 |
5.26 |
|
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|
Net Profit Margin
(PBT/Sales) |
(%) |
13.46
|
6.56 |
5.26 |
|
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|
Return on Total Assets
(PBT/Total Assets} |
(%) |
20.23
|
8.91 |
7.85 |
|
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Return on Investment (ROI)
(PBT/Networth) |
|
0.44
|
0.25 |
0.23 |
|
|
|
|
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|
Debt Equity Ratio
(Total Liability/Networth) |
|
1.18
|
1.77 |
1.96 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
4.22
|
3.06 |
4.54 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS
Ø
Freehold Land
Ø
Leasehold Land
Ø
Shed and Building
Ø
Plant and Machinery
Ø
Furniture and Fixture
Ø
Officer Equipment
Ø
Motor Cars
Ø
TATA Mobiles
Ø
Air Conditions
Ø
Xerox Machines
Ø
Type Writer
Ø
Cmputer
Ø
Cycles
Ø
Scooters
Ø
Electric Installation
Ø
Fax Machines
Ø
Electric Fittings and
Fans
AS PER WEBSITE
Incepted
in 1956, Chaudhry Hammer Works Private Limited has a proud tradition of steel
forgings, which is combined with a policy of continuous investment in the
latest technology to meet the requirements of very discerning and demanding
buyers in the domestic as well as international market.
Mission Statement
Chaudhry Hammer Works strives to achieve excellence in serving customers
through continuous improvement in product quality, delivery schedules and
services. Its aim is to forge lasting relationship with its customers based on
consistent performance.
Products
The company manufactures a wide range of carbon steel forgings such as:
- Steel Flanges
- Forged Shafts
- Blinds Flanges & Tube Sheets
- Forged Rings & Girth flanges ....and
various other forged steel products for engineering applications
Certifications
The products are certified by RWTUV of Germany. The company holds a API 6A
license for manufacture of well head equipments.
Today Chaudhry Hammer Works has established itself as a reputed
organization through its quality products and committed services.
The
resources
Chaudhry Hammer Works has an integrated ERP system, which controls material,
production and inspection schedule to ensure committed deliveries. A
sophisticated communication system, including web based connectivity for fast
information exchange between the company & its customers is under implementa-
tion.
The company has also developed a comprehensive human resource management
program, which seeks to continuously upgrade the skill level of all personnel.
The
production unit
- Forge shop
They are equipped with a range of hammers, which enables us to forge single piece weighing up to 5,000 kgs. This unit is adequately equipped with support facilities such as handling equipment and heating furnaces. - Heat Treatment Plant
Heat treatment is decisive in obtaining the required quality of products. This department is well equipped with furnaces, which are capable of solution annealing, normalizing, hardening, tempering and stress relieving.
Machine Shop
Chaudhry Hammer boasts of a modern machine shop equipped with a comprehensive
range of lathes, drill machines and other allied machines. It enables us to
supply forging in semi finished and fully machined condition.
Stock
Unit
The stock unit makes sure that various types and
grades of the material are always available in sufficient quantity for regular
production as well as for contingency requirements.
Power
Back Up
They have in-house captive power back up, which
makes sure that in case of power supply failure, the production does not stop
for any moment.
Logistic
Support
They are strategically located in one of the most
developed industrial hub of India, which is well connected with road and
railway transport.
Awards & Recoginitions
Chaudhry
Hammer Works is certified by various quality evaluating organizations and has
received various quality certificates such as following.
Chaudhry
Hammer Works is an ISO 9001: 2000 certified company by Lloyds register quality
assurance. Its products are also certified to AD 2000 - Merkblatt WO &
97/23/EC (PED) by RWTUV Essen, Germany and API. The company also holds an API
6A license for manufacture of well head equipment.
Quality policy
The company has consistently demonstrated the ability to meet the most
stringent quality assurance standards. This commitment is reflected by the
meticulous application of monitoring procedures, which ensure complete material
traceability throughout the production cycle.
They undertake supply of forgings under world renowned third party
inspection agencies such as:
- Llyod's Register of Shipping
- Engineers India Limited
- Bureau Veritas
- Det Norske Veritas
- TUV
- Bax Counsel
- UHDE
- Velosi Certfication Services
- IBR
- Projects & Development India Limited
- Industrial & Engineering Inspection
(I.E.I)
- Germanischer LLOYD (G.L)
- Bekhrad International Inspection
Services (B.I.S)
Testing
capability
Chaudhry Hammer Works has comprehensive mechanical testing facilities that
include impact testing, tensile and non-destructive testing. The organization
uses the most advanced equipment such as ultrasonic testing and highly
sensitive mobile spectrometer, specialized dye penetrant and magnetic particle
technique.
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] 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. 45.92 |
|
UK
Pound |
1 |
Rs. 85.11 |
|
Euro |
1 |
Rs. 58.08 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--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
|
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 |