MIRA
INFORM REPORT
|
Report Date : |
28.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CHOKSI HERAEUS
PRIVATE LIMITED |
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Registered Office : |
A-195-196,
F-Road, Madri Mewar Industrial Area, Udaipur – 313 009, Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.09.1988 |
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Com. Reg. No.: |
17-4625 |
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CIN No.: [Company
Identification No.] |
U36911RJ1988PTC004625 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JDHC00897B |
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PAN No.: [Permanent
Account No.] |
AABCC1753G |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer of
Electrical Contractors & Related products for Switchgear & Telecom
Industries. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1100000 |
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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 Indo-German joint Venture. Available information indicates high
financial responsibility of the company. Trade relations are fair. Financial
position is good. Payments are correct and as per commitments. The company is doing well. It can be regarded as a promising business partner in a medium to long run. |
LOCATIONS
|
Registered Office : |
A-195-196,
F-Road, Madri Mewar Industrial Area, Udaipur – 313 009, Rajasthan, India |
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Tel. No.: |
91-294-2490029 /
2492027 / 24910285 / 2490031 / 2492045 / 2490058 / 2491028 |
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Fax No.: |
91-294-2491825 /
2492177 |
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E-Mail : |
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Website : |
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Branches : |
Located at :
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DIRECTORS
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Name : |
Mr. Choksi R
Shailesh |
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Designation : |
Director |
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Address : |
Vainkuntum-Hawalakhurs,
Behind Shilpgram, Udaipur – 313 004, Rajasthan, India. |
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Date of Birth/Age : |
24.05.1960 |
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Date of Appointment : |
25.10.1988 |
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Name : |
Mr. Choksi S
Ravindra |
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Designation : |
Director |
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Address : |
‘Ravi Kamal’,
I-Rani Road, Udaipur – 313 001, Rajasthan, India. |
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Date of Birth/Age : |
12.09.1935 |
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Date of Appointment : |
25.10.1988 |
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Name : |
Mr. Choksi R
Kishore |
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Designation : |
Managing Director
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Address : |
‘Ravi Kamal’,
I-Rani Road, Udaipur – 313 001, Rajasthan, India. |
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Date of Birth/Age : |
10.09.1955 |
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Date of Appointment : |
25.10.1988 |
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Name : |
Mr. Link Alfons |
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Designation : |
Director |
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Address : |
AM-Pfingstborn,
1163599, Biedagmend, Germany. |
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Date of Birth/Age : |
08.01.1949 |
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Date of Appointment : |
29.09.1994 |
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Name : |
Mr. Kock Wulf |
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Designation : |
Director |
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Address : |
Alzenau I Ufr, St
Kalberau Rannenber-Gring 24A, D-63755, Alzenan, Germany. |
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Date of Birth/Age : |
16.09.1949 |
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Date of Appointment : |
29.01.1997 |
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Name : |
Mr. Behrens E
Nordhalm |
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Designation : |
Director |
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Address : |
Park Street 9,
63589 Linsengericht, Germany. |
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Date of Appointment : |
23.01.2006 |
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Name : |
Mr. Dr. Peter
Koehler |
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Designation : |
Director |
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Address : |
Hoewelberg 6,
32760 Detmold, Germany. |
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Date of Birth/Age : |
12.10.1958 |
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Date of Appointment : |
23.01.2006 |
KEY EXECUTIVES
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Name : |
V M Associates |
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Designation : |
Company Secretary |
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Address : |
403, Royal World, S. C. Road, Jaipur 302001 |
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Tel No. : |
91-141-2370954 |
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Mobile No.: |
91-9314504821 |
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E-mail : |
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Name : |
Mr. Carsten Mohr |
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Designation : |
German Marketing Partner |
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Address : |
W.C. Heraeus GmbH & Co KG, Heraeusstrasse 12 – 14, D-63450 Hanau,
Germany |
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Tel No. : |
00-49-6181-35 3730 |
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Fax No.: |
00-49-6181-35 5179 |
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E-mail : |
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Name : |
Mr. David Bergmann |
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Designation : |
U.S. Marketing Partner |
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Address : |
North American Electronics Components, LLC, Post Box No.2804, 109,
Merrywood Ln, Peachtree City, GA 30269 (USA) |
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Tel No. : |
00-1-770-487 6006 |
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Fax No.: |
00-1-770-487 8525 |
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E-mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Choksi S Ravindra |
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10000 |
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Choksi R Kishore |
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6000 |
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Choksi R Shailesh |
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6000 |
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Choksi R Kamla |
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10000 |
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Choksi K Namrata |
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4500 |
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Choksi K Samveg |
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4500 |
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Choksi S Nandita |
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4500 |
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Choksi S Radhey |
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4500 |
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W. Cheraeus
International GmbH |
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50000 |
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Total: |
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100000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
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Directors or relatives of directors |
|
50.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Electrical Contractors & Related products for Switchgear & Telecom
Industries. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
350 |
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Bankers : |
Bank of Baroda,
Main Branch, Opposite Town Hall, Udaipur. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B L Ajmera &
Company Chartered
Accountant |
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Address : |
Maljichhogalal Trust building, Mirza Ismail Road, Jaipur – 302001,
Rajasthan, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
267.644 |
197.947 |
158.936 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
277.644 |
207.947 |
168.936 |
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LOAN FUNDS |
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1] Secured Loans |
0.076 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.076 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
7.971 |
7.239 |
6.947 |
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TOTAL |
285.691 |
215.186 |
175.883 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
76.897 |
59.975 |
52.474 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
61.784
|
68.673 |
43.501 |
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Sundry Debtors |
105.954
|
72.757 |
67.997 |
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Cash & Bank Balances |
64.558
|
37.399 |
39.342 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
144.890
|
86.607 |
56.974 |
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Total
Current Assets |
377.186
|
265.436 |
207.814 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
42.688
|
13.325 |
19.264 |
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Provisions |
125.704
|
96.900 |
65.141 |
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Total
Current Liabilities |
168.392
|
110.225 |
84.405 |
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Net Current Assets |
208.794
|
155.211 |
123.409 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
285.691 |
215.186 |
175.883 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
979.053 |
507.984 |
412.649 |
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Other Income |
3.302 |
6.709 |
1.910 |
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Total Income |
982.355 |
514.693 |
414.559 |
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Profit/(Loss) Before Tax |
131.336 |
86.062 |
71.927 |
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Provision for Taxation |
46.640 |
32.051 |
28.538 |
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Profit/(Loss) After Tax |
84.696 |
54.011 |
43.389 |
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Export Value |
431.724 |
170.166 |
120.091 |
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Import Value |
186.081 |
82.866 |
58.194 |
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Expenditures : |
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Depreciation & Amortization |
4.938 |
4.328 |
3.609 |
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Other Expenditure |
846.081 |
424.303 |
339.023 |
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Total Expenditure |
851.019 |
428.631 |
342.632 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
8.62
|
10.49 |
10.47 |
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Net Profit Margin (PBT/Sales) |
(%) |
13.41
|
16.94 |
17.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
28.92
|
26.45 |
27.63 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
0.41 |
0.43 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.61
|
0.53 |
0.50 |
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Current Ratio (Current Asset/Current Liability) |
|
2.24
|
2.41 |
2.46 |
LOCAL
AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
CHOKSI HERAEUS PRIVATE LIMITED |
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Presented By |
Bank of
Baroda, Main Branch, Opposite Town Hall, Udaipur. |
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1) Date and description of instrument creating the change |
All agreement dated 29.04.1989. Deed of Hypothecation of movable machinery. Deed of Hypothecation of goods. Deed of Hypothecation of Book Debts. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.000 Millions |
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3) 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 existing & furniture movable plant & machinery, tools dies, belonging to the company. Hypothecation of book debts of the company. Hypothecation of all stock, office, equipments, furniture, fixtures etc. Stores or in transit to any Godown or other place of storage at Udaipur and other places. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest 16.5% pa.. or at the rate equivapment to 6.5% above current rate of RBI with quarterely rests. Margin 20% Repayable on demand. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda,
Main Branch, Opposite Town Hall, Udaipur. |
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6) Date and brief description of instrument modifying the charge |
All agreements dated 03.08.2005 Supplemental composite agreement of Goods, Book Debts, Movable Machinery & Vehicles. Memorandum of Extension of Equitable Mortgage of Deposit of Title Deeds (Two). |
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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 overall existing limits have been certified to Rs. 107.000 Millions.
First charge by way of hypothecation of all stock of raw material stock in process, semi finished and finished goods, stock in transit packaging material, consumable stores, and spares, all present & future book debts, outstanding monies receivables, claims, bills, RRs/MTRs bills of exchange, bills of lading couter indemnity, all present and future movable plant & machinery and all other current assets of the company, to cover the enhanced limits of Rs. 107.000 Millions . Equitable mortgage by way of 1st charge extended on all immovable & fixed assets of the company comprising factory land, buildings, fixed plant & machinery thereon present & future situated at Plot no. A-195, A & B, Plot No. A-196, M.I.A. Udaipur, to cover enhanced limits of Rs. 107.000 Millions. Interest on CC: 0% over Bench PLR minimum 10.50% p.a. with monthly rests or as per the Banks guidelines from time to time p.a. with monthly rests. Commission on Bills Pur./Disc., L/C and B.O.: As per Bank’s norms. Margin 45% on Stock and Book Debts. Other terms and conditions remain unchanged. |
As Per
Website
Profile
Production
facilities for manufacturing electrical contacts and allied products for switch
gear and telecommunication industries have been establish here at Udaipur in
Rajasthan state, India.
The chief promoter
and chairman of the company Ravindra Choksi has rich experience in this field
for over four decades. He is ably assisted by his two engineer sons Kishor
Choksi (Managing Director) and Shailesh Choksi (Director).
To expand the
companies product range and to make use of the latest technology, they have
entered into collaboration with W.C. Heraeus GmbH, Germany who are world
renowned manufacturers of precious metal products for industrial application.
The joint venture
will have ready access to state-of-the-art technology at all times.
The plant is
situated in the 'City of Lakes', Udaipur - a popular tourist resort, which is
easily accessible by air, rail and road from Delhi as
well as Mumbai.
Services
Refining of Industrial Scraps & Spent
Catalysts
Industrial Scraps
& Spent precious metal catalysts are economically processed in their modern
refinery with a high recovery rate of precious metals.
Products
The following products manufactured by their associate company "Ravindra Heraeus"
- Platinum / Rhodium Catalyst Gauzes
- Palladium Alloy Catchment Gauzes
- Platinum Laboratory Apparatus
- Platinum Electrodes
- Platinum, Platinum / Rhodium Thermocouple Wires
- Platinum / Rhodium Bushing & Equipments for Fibre Glass / Glass Industries
- Precious Metal Salts such as Chloroplatinic Acid, Palladium Chloride, Platinum Oxide, Rhodium Chloride etc.
- Refining
of Precious Metals from Spent Catalyst
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 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.39.73 |
|
UK Pound |
1 |
Rs.78.96 |
|
Euro |
1 |
Rs.59.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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. |
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 |
|