MIRA
INFORM REPORT
|
Report Date : |
02.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CHOKSI
BROTHERS PRIVATE LIMITED |
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Registered Office : |
Western
India House, Sir Pherozshah Mehta Road, Fort, Mumbai - 400 001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.10.1953 |
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Com. Reg. No.: |
11-9154 |
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CIN No.: [Company
Identification No.] |
U21000MH1953PTC009154 |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
Importers
and Traders of Medical X-Ray Films, X-Ray Accessories, AGFA Medical and NDT
Systems. |
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 60000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
The company is
very much active and hence latest financials could be available. Subject is a
well established and reputed company having satisfactory fine track. Trade
relations are fair. Payments are usually correct and as per commitments. The company is
doing steady business. It can be
considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
Western
India House, Sir Pherozshah Mehta Road, Fort, Mumbai - 400 001, Maharashtra,
India |
|
Tel. No.: |
91-22-2287
1821 / 2287 0438 / 2687 0664 / 2202 9511 |
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Fax No.: |
91-22-2202
9511 / 26874381 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Administrative
Office : |
Plot
9A, Mahal Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai -
400 093, Maharashtra, India |
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Tel. No.: |
91-22-26871787/94 |
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Fax No.: |
91-22-26874381 |
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E-Mail : |
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Branches : |
Located
at Mumbai, Hyderabad, Ghaziabad, Kolkata, Chennai, New Delhi and Pondicherry |
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
|
Name : |
Mr. Anil Vadilal Choksi |
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Designation : |
Chairman |
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Address : |
Plot No. 3,
Jaihind Society, NS Road No. 12, JVPD Scheme Vile Parle [West], Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
07.04.1932 |
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Date of Appointment : |
01.11.1953 |
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Name : |
Mr. Suresh Vadilal Choksi |
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Designation : |
Whole time Director |
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Address : |
25 Nutanlaxmi
Society, NS Road No. 9, JVPD Scheme Vile Parle [West], Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
29.05.1940 |
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Date of Appointment : |
24.08.1985 |
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Name : |
Mr. Bharat V. Choksi |
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Designation : |
Whole time Director |
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Address : |
25 Nutanlaxmi
Society, NS Road No. 9, JVPD Scheme Vile Parle [West], Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
07.07.1944 |
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Date of Appointment : |
04.08.1985 |
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Name : |
Mr. Tushar K. Choksi |
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Designation : |
Whole time Director |
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Address : |
Plot No. 13,
Jaihind Society, NS Road No. 12, JVPD Scheme Vile Parle [West], Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
08.08.1962 |
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Date of Appointment : |
01.09.1985 |
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Name : |
Mr. Naimish N. Choksi |
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Designation : |
Whole time Director |
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Address : |
51, Shatri Nagar,
Adyar, Madras – 600020, Tamilnadu, India |
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Date of Birth/Age : |
30.01.1954 |
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Date of Appointment : |
21.06.1994 |
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Name : |
Mr.
Sunil Anil Choksi |
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Designation : |
Whole
time Director |
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Address : |
Plot No.
3, Jaihind Society, NS Road No. 12, JVPD Scheme Vile Parle [West], Mumbai –
400049, Maharashtra, India |
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Date of Birth/Age : |
18.11.1965 |
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Date of Appointment : |
05.09.1994 |
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Name : |
Mr.
Venkatachalam Thanu Iyer |
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Designation : |
Whole
time Director |
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Address : |
11,
Lakshmi, 17th Road, Chembur, Mumbai – 400071, Maharashtra, India |
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Date of Birth/Age : |
04.09.1928 |
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Date of Appointment : |
27.01.1995 |
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Name : |
Mr.
Gaurav Suresh Choksi |
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Designation : |
Whole
time Director |
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Address : |
25
Nutanlaxmi Society, NS Road No. 9, JVPD Scheme Vile Parle [West], Mumbai –
400049, Maharashtra, India |
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Date of Birth/Age : |
27.10.1947 |
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Date of Appointment : |
01.09.1997 |
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Name : |
Mr.
Samir Kanubhai Choksi |
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Designation : |
Whole
time Director |
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Address : |
Plot
No. 13, Jaihind Society, NS Road No. 12, JVPD Scheme Vile Parle [West],
Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
24.04.1964 |
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Date of Appointment : |
21.11.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Nalini Vadilal
Choksi and Shardaben V. Choksi |
|
35 |
|
Mr.
Bharat V. Choksi & Mrs. Yamini B. Choksi |
|
668 |
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Mr. Anil
V. Choksi & Mrs. Bharti A. Choksi |
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182 |
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Mrs.
Bharti A. Choksi & Mr. Anil V. Choksi |
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243 |
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Mr.
Tushar K. Choksi |
|
291 |
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Mr.
Samir K. Choksi & Mrs. Urmila K. Choksi |
|
177 |
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Mrs.
Gaurav S. Choksi & Mrs. M. S. Choksi |
|
265 |
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Mr. Hemant
S. Choksi & Mrs. M. S. Choksi |
|
270 |
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Mrs.
Yamini B. Choksi & Mr. B. V. Choksi |
|
120 |
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Mrs.
Minaxi Suresh Choksi & Mr. Suresh V. Choksi |
|
120 |
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Mrs.
Urmila K. Choksi, Mr. Tushar K. Choksi & Mr. S. K. Choksi |
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28 |
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Mrs. Kusum
N. Choksi |
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131 |
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Mr.
Naimish N. Choksi & Mrs. Gaurangi N. Choksi |
|
657 |
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Mrs.
Deepa S. Choksi & Mr. Sunil A. Choksi |
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132 |
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Mr.
Suresh V. Choksi & Mrs. Minaxi Suresh Choksi |
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120 |
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Mr.
Sunil A. Choksi & Mrs. Deepa S. Choksi |
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221 |
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Mr.
Suresh V. Choksi [Karta S.A.C. HUF] |
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8 |
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Mr.
Sunil A. Choksi [Karta S.A.C. HUF] |
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10 |
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Ms.
Sumati N. Dalal & Mr. N. C. Dalal |
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25 |
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Mrs.
Urmila K. Choksi & Mr. Tushar K. Choksi |
|
178 |
|
Mrs. Gaurav
S. Choksi [Karta Gaurav S. Choksi HUF] |
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5 |
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Mr.
Samir K. Choksi [Karta Samir K. Choksi HUF] |
|
2 |
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Mr.
Samir K. Choksi & Bineu Samir Choksi |
|
112 |
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Total |
|
4000 |
BUSINESS DETAILS
|
Line of Business : |
Importers
and Traders of Medical X-Ray Films, X-Ray Accessories, AGFA Medical and NDT
Systems. |
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Products : |
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Purchasing : |
L/C
terms |
GENERAL
INFORMATION
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Suppliers : |
Agfa
Gaevert NV, Belgium |
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No. of Employees : |
25 |
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Bankers : |
v
UCO Bank,
UCO Bank Building, D N Road, Mumbai – 400001 v
Citi Bank
NA, 293, Dr. D N Road, Mumbai – 400001 v Bank of Baroda, Fort Branch,
Sir P. M. Road, Mumbai 400 001, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Parikh
& Amin Associates Chartered
Accountants, |
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Address : |
205,
2nd Floor, B Wing, Abhinav Apartment, Shrdhanand Road, Vile Parle
[East], Mumbai – 400057, Maharashtra, India |
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Tel. No.: |
91-22-26161717 |
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Associates/Subsidiaries : |
v
Selvas
Photographics Limited, Selvasa U. T.
: Processing of Photographic Rolls v Choksi Brothers, Mumbai :
Processing of Photographic Rolls |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs.1000/-
each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000 |
Equity Shares |
Rs. 1000/- each |
Rs. 4.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
4.000 |
4.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
10.673 |
9.880 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
14.673 |
13.880 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
11.124 |
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TOTAL BORROWING |
|
0.000 |
11.124 |
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DEFERRED TAX LIABILITIES |
|
0.075 |
0.033 |
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TOTAL |
|
14.748 |
25.037 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
1.014 |
2.172 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.080 |
0.00 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.862 |
5.789 |
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Sundry Debtors |
|
8.497 |
32.360 |
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Cash & Bank Balances |
|
1.775 |
2.923 |
|
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Other Current Assets |
|
7.435 |
5.119 |
|
|
Loans & Advances |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
18.569 |
46.191 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
4.086 |
20.362 |
|
|
Provisions |
|
0.829 |
2.964 |
|
Total
Current Liabilities |
|
4.915 |
23.326 |
|
|
Net Current Assets |
|
13.654 |
22.865 |
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|
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|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
14.748 |
25.037 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
22.561 |
115.574 |
|
|
Total Income |
|
22.561 |
115.574 |
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|
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Profit/(Loss) After Tax |
|
1.601 |
0.453 |
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Expenditures : |
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|
|
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Interest |
|
0.313 |
1.395 |
|
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Depreciation & Amortization |
|
0.269 |
0.378 |
|
|
Other Expenditure |
|
20.378 |
113.348 |
|
Total Expenditure |
|
20.960 |
115.121 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
7.09 |
0.39 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.33 |
1.68 |
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|
Current Ratio (Current Asset/Current Liability) |
|
|
3.77 |
1.98 |
LOCAL AGENCY
FURTHER INFORMATION
Business
To carry on the
business of manufacturers of the dealers in paper of all kinds and articles
made from paper or pulp and material used in the manufacture or treatment of paper
including photograph mounts, cardboard, oil papers and wall and ceiling
papers.
The
company does not export.
The
company’s fixed assets of important value include building, motor car,
computer, air conditioner, furniture/office equipment and electrical
installation.
Business
Activities
Importer
and Trader of Medical X-ray Films, X-ray Accessories, Chemicals, X-ray
Processors and NDT Systems.
Business Information
Industry
Focus
Ultrasonic,
Ultraviolet, infrared and radiological equipment for biological and medical
applications, Refract meters and other optical instruments, Densitometers /
osteometers, cameras photographic equipment and projectors, Photographic
processing equipment, photo finishing industry, Developing machines photographic
film, Photographic printing machines, automatic, X-ray film processing
equipments, Hospital, Medical, Dentistry and veterinary equipment
|
Name of the company |
CHOKSI BROTHERS PRIVATE
LIMITED |
|
Presented By |
Bank of Baroda, Sir P. M. Road,
Mumbai 400 001, Maharashtra, India |
|
Date and description of instrument creating the change |
Instrument of
hypothecation of dated 28.09.1979 executed by the company under its common
seal in favour of Bank of Baroda, Sir P. M. Road,
Mumbai 400 001, Maharashtra, India |
|
Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.500
Millions |
|
Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All stocks of raw
materials like paper, boards, adhesives etc. finished goods of the Company’s
manufacturing div. such Mounts,
albums etc. |
|
Gist of the terms and conditions and extent and operation of the charge. |
By the instrument
of hypothecation of goods, the company has agreed to hypothecate, deposit
with the pledge to Bank of Baroda, herein after referred to as the Bank, and
has also pledged, hypothecated and charged the Bank , all stocks of goods,
mentioned in the Col. 3 hereof, as security for the amount outstanding and
owing to the Bank in respect of Cash Credit facility of Rs. 0.500 Millions
all costs, charges, expenses etc, payable by the company to the Bank,
Borrowings not to exceed 60 % of the market value of goods. |
|
Name and Address and description of the person entitled to the charge. |
Bank
of Baroda, Sir P. M. Road, Mumbai 400 001, Maharashtra, India |
|
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 |
CHOKSI BROTHERS PRIVATE
LIMITED |
|
Presented By |
Bank of Baroda, Sir P. M.
Road, Mumbai 400 001, Maharashtra, India |
|
Date and description of instrument creating the change |
Instrument of
hypothecation of Book debts dated 28.09.1979 executed by the company under
its common seal in favour of Bank of Baroda |
|
Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.200
Millions |
|
Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
all the present and future book dents owing to the company. |
|
Gist of the terms and conditions and extent and operation of the charge. |
Interest as may
be applicable from time to time. |
|
Name and Address and description of the person entitled to the charge. |
Bank
of Baroda, Sir P. M. Road, Mumbai 400 001, Maharashtra, India |
|
Date and brief description of instrument modifying the charge |
Instrument of
modification of hypothecation of book debts dated 19.12.1984 |
|
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. |
The original
charge created by the company in favour of Bank of Baroda as referred to
hereinabove will continue to over the
Import Letters of Credit facility of Rs. 3.500 Millions additional Cash
Credit Book debts facility upto a limit of Rs. 1.050 Millions, and guarantee
facility upto a limit of Rs. 2.000 Millions also, thereby making interest at
the rate of 6.5 % over Bank rate, minimum 16.50 % p.a. or at such other rate as maybe decided by
the bank and charged to the account quarterly plus all costs, charge,
expenses etc, payable by the company to the Bank. Borrowings not to
exceed 50 % of the value of Book debts. Company has been
modified from time to time as follow : On 29.09.1999 the
total amount of all facilities increased from Rs. 0.200 Millions to Rs. 2.200
Millions by granting C/C Hypothecation of Rs. 0.500 Millions, Export L/C of
Rs. 1.500 millions and guarantee limit of Rs. 0.200 Millions On 12.05.1983 the
total amount of all facilities increased from Rs. 2.200 Millions to Rs. 4.450
Millions by granting additional C/C Hypothecation of Rs. 0.250 Millions
additional Import L/C of Rs. 2.000
Millions and guarantee of Rs. 0.200
Millions Vide this
modification the bank. |
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.43.59 |
|
UK Pound |
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.58.14 |
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 |
NO |
|
--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
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 |
|