MIRA
INFORM REPORT
|
Report Date : |
09.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CHOKSI BROTHERS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Western India House, Sir Pherozshah Mehta Road,
Fort, Mumbai - 400 001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
26.10.1953 |
|
|
|
|
Com. Reg. No.: |
11-9154 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U21000MH1953PTC009154 |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
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 |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
60000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually
correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 |
|
Fax No.: |
91-22-2202 9511 / 26874381 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Administrative
Office : |
Plot 9A, Mahal Industrial Estate, Mahakali Caves Road, Andheri
(East), Mumbai - 400 093, Maharashtra, India |
|
Tel.
No.: |
91-22-26871787/94 |
|
Fax
No.: |
91-22-26874381 |
|
E-Mail
: |
|
|
|
|
|
Branches
: |
Located at Mumbai, Hyderabad, Ghaziabad, Kolkata, Chennai, New
Delhi and Pondicherry |
DIRECTORS
|
Name : |
Mr. Anil Vadilal Choksi |
|
Designation : |
Chairman |
|
Address : |
Plot
No. 3, Jaihind Society, NS Road No. 12, JVPD Scheme Vile Parle [West], Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
07.04.1932 |
|
Date of Appointment : |
01.11.1953 |
|
|
|
|
Name : |
Mr. Suresh Vadilal Choksi |
|
Designation : |
Whole time Director |
|
Address : |
25
Nutanlaxmi Society, NS Road No. 9, JVPD Scheme Vile Parle [West], Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
29.05.1940 |
|
Date of Appointment : |
24.08.1985 |
|
|
|
|
Name : |
Mr. Bharat V. Choksi |
|
Designation : |
Whole time Director |
|
Address : |
25
Nutanlaxmi Society, NS Road No. 9, JVPD Scheme Vile Parle [West], Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
07.07.1944 |
|
Date of Appointment : |
04.08.1985 |
|
|
|
|
Name : |
Mr. Tushar K. Choksi |
|
Designation : |
Whole time Director |
|
Address : |
Plot
No. 13, Jaihind Society, NS Road No. 12, JVPD Scheme Vile Parle [West], Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
08.08.1962 |
|
Date of Appointment : |
01.09.1985 |
|
|
|
|
Name : |
Mr. Naimish N. Choksi |
|
Designation : |
Whole time Director |
|
Address : |
51,
Shatri Nagar, Adyar, Madras – 600020, Tamilnadu, India |
|
Date of Birth/Age : |
30.01.1954 |
|
Date of Appointment : |
21.06.1994 |
|
|
|
|
Name : |
Mr. Sunil Anil Choksi |
|
Designation : |
Whole time Director |
|
Address : |
Plot
No. 3, Jaihind Society, NS Road No. 12, JVPD Scheme Vile Parle [West], Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
18.11.1965 |
|
Date of Appointment : |
05.09.1994 |
|
|
|
|
Name : |
Mr. Venkatachalam Thanu Iyer |
|
Designation : |
Whole time Director |
|
Address : |
11, Lakshmi, 17th
Road, Chembur, Mumbai – 400071, Maharashtra, India |
|
Date of Birth/Age : |
04.09.1928 |
|
Date of Appointment : |
27.01.1995 |
|
|
|
|
Name : |
Mr. Gaurav Suresh Choksi |
|
Designation : |
Whole time Director |
|
Address : |
25
Nutanlaxmi Society, NS Road No. 9, JVPD Scheme Vile Parle [West], Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
27.10.1947 |
|
Date of Appointment : |
01.09.1997 |
|
|
|
|
Name : |
Mr. Samir Kanubhai Choksi |
|
Designation : |
Whole time Director |
|
Address : |
Plot
No. 13, Jaihind Society, NS Road No. 12, JVPD Scheme Vile Parle [West], Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
24.04.1964 |
|
Date of Appointment : |
21.11.2002 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Nalini
Vadilal Choksi and Shardaben V. Choksi |
|
35 |
|
Mr. Bharat V. Choksi & Mrs. Yamini B. Choksi |
|
668 |
|
Mr. Anil V. Choksi & Mrs. Bharti A. Choksi |
|
182 |
|
Mrs. Bharti A. Choksi & Mr. Anil V. Choksi |
|
243 |
|
Mr. Tushar K. Choksi |
|
291 |
|
Mr. Samir K. Choksi & Mrs. Urmila K. Choksi |
|
177 |
|
Mrs. Gaurav S. Choksi & Mrs. M. S. Choksi |
|
265 |
|
Mr. Hemant S. Choksi & Mrs. M. S. Choksi |
|
270 |
|
Mrs. Yamini B. Choksi & Mr. B. V. Choksi |
|
120 |
|
Mrs. Minaxi Suresh Choksi & Mr. Suresh V. Choksi |
|
120 |
|
Mrs. Urmila K. Choksi, Mr. Tushar K. Choksi & Mr. S. K.
Choksi |
|
28 |
|
Mrs. Kusum N. Choksi |
|
131 |
|
Mr. Naimish N. Choksi & Mrs. Gaurangi N. Choksi |
|
657 |
|
Mrs. Deepa S. Choksi & Mr. Sunil A. Choksi |
|
132 |
|
Mr. Suresh V. Choksi & Mrs. Minaxi Suresh Choksi |
|
120 |
|
Mr. Sunil A. Choksi & Mrs. Deepa S. Choksi |
|
221 |
|
Mr. Suresh V. Choksi [Karta S.A.C. HUF] |
|
8 |
|
Mr. Sunil A. Choksi [Karta S.A.C. HUF] |
|
10 |
|
Ms. Sumati N. Dalal & Mr. N. C. Dalal |
|
25 |
|
Mrs. Urmila K. Choksi & Mr. Tushar K. Choksi |
|
178 |
|
Mrs. Gaurav S. Choksi [Karta Gaurav S. Choksi HUF] |
|
5 |
|
Mr. Samir K. Choksi [Karta Samir K. Choksi HUF] |
|
2 |
|
Mr. Samir K. Choksi & Bineu Samir Choksi |
|
112 |
|
Total |
|
4000 |
BUSINESS DETAILS
|
Line of Business : |
Importers and Traders of Medical X-Ray Films, X-Ray
Accessories, AGFA Medical and NDT Systems. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Purchasing : |
L/C terms |
GENERAL
INFORMATION
|
Suppliers : |
Agfa Gaevert NV, Belgium |
|
|
|
|
No. of Employees : |
25 |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
Parikh & Amin Associates Chartered Accountants, 205, 2nd Floor, B Wing, Abhinav
Apartment, Shrdhanand Road, Vile Parle [East], Mumbai – 400057, Maharashtra,
India |
|
Tel No.: |
91-22-26161717 |
|
|
|
|
Associates/Subsidiaries : |
ŕ
Selvas Photographics Limited, Selvasa U. T. :
Processing of Photographic Rolls ŕ 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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
4.000 |
4.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
10.673 |
9.880 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
14.673 |
13.880 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
11.124 |
|
|
TOTAL BORROWING |
|
0.000 |
11.124 |
|
|
DEFERRED TAX LIABILITIES |
|
0.075 |
0.033 |
|
|
|
|
|
|
|
|
TOTAL |
|
14.748 |
25.037 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.014 |
2.172 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.080 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.862 |
5.789 |
|
|
Sundry Debtors |
|
8.497 |
32.360 |
|
|
Cash & Bank Balances |
|
1.775 |
2.923 |
|
|
Other Current Assets |
|
7.435 |
5.119 |
|
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 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
14.748 |
25.037 |
|
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
0.33 |
2.48 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
3.78 |
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.44.17 |
|
UK
Pound |
1 |
Rs.86.10 |
|
Euro |
1 |
Rs.57.26 |
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 |
|