MIRA
INFORM REPORT
|
Report Date : |
02.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHW FORGE PRIVATE LIMITED |
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Formerly Known
As : |
CHAUDHRY HAMMER WORKS LIMITED |
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Registered
Office : |
E-205, basement, Greater kailash, Part – II, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
17.11.1970 |
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Com. Reg. No.: |
55-148230 |
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Capital Investment
/ Paid-up Capital : |
Rs.30.524 Millions |
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CIN No.: [Company Identification
No.] |
U27310DL1970PTC148230 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of high quality carbon steel, alloy steel, stainless
steel and duplex steel |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 3187500 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
E-205, Basement, Greater kailash, Part – II, |
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Tel. No.: |
91-120-4388000 |
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Fax No.: |
91-120-4376970 |
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E-Mail : |
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Website : |
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Unit 1 : |
Near |
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Tel. No.: |
91-120-4388000 |
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Fax No.: |
91-120-4376970 / 71 |
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E-Mail : |
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Unit 2 : |
Achheja, P.O. Dujana, |
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Tel. No.: |
91-120-4186600 |
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Fax No.: |
91-120-4186641 |
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E-Mail : |
DIRECTORS
As on 05.08.2010
|
Name : |
Mr. Mukul Chaudhry |
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Designation : |
Managing Director |
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Address : |
KL-152,Kavi Nagar, |
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Date of Birth/Age : |
25.11.1960 |
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Date of Appointment : |
24.11.1982 |
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DIN No.: |
00216504 |
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Name : |
Mr. Anish Chaudhry |
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Designation : |
Whole-Time Director |
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Address : |
KL-152,Kavi Nagar, |
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Date of Birth/Age : |
16.07.1971 |
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Date of Appointment : |
01.08.1993 |
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DIN No.: |
00279686 |
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Name : |
Mr. Sachin Chaudhry |
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Designation : |
Whole-Time Director |
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Address : |
KK-10,Kavi Nagar, |
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Date of Birth/Age : |
08.12.1973 |
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Date of Appointment : |
01.08.1996 |
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DIN No.: |
00052031 |
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Name : |
Mrs. Purnima Chaudhry |
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Designation : |
Director |
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Address : |
KL-152,Kavi Nagar, |
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Date of Birth/Age : |
25.08.1967 |
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Date of Appointment : |
15.04.1999 |
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DIN No.: |
00279734 |
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Name : |
Mrs. Savitri Devi |
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Designation : |
Director |
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Address : |
KL-152,Kavi Nagar, |
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Date of Birth/Age : |
10.08.1940 |
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Date of Appointment : |
30.04.2004 |
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DIN No.: |
00051936 |
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Name : |
Mrs. Deepika Chaudhry |
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Designation : |
Director |
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Address : |
KL-152,Kavi Nagar, |
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Date of Birth/Age : |
11.03.1973 |
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Date of Appointment : |
30.04.2004 |
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DIN No.: |
00051797 |
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Name : |
Mrs. Nitu Chaudhry |
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Designation : |
Director |
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Address : |
KK-10,Kavi Nagar, |
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Date of Birth/Age : |
20.11.1975 |
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Date of Appointment : |
30.04.2004 |
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DIN No.: |
00051895 |
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Name : |
Mr Swatantra Kumar Sharma |
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Designation : |
Whole-Time Director |
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Address : |
D-398, Govindpura M.P.S., Kavi Nagar, |
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Date of Birth/Age : |
10.10.1953 |
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Date of Appointment : |
01.04.2009 |
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Date of Cessation : |
31.05.2010 |
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DIN No.: |
02610235 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 05.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Anirudh Mukul Aggarwal |
|
8130 |
|
Anubhav Mukul |
|
7690 |
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A. P. and Sons (HUF) |
|
28000 |
|
Purnima Mukul Chaudhry |
|
25979 |
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Mukul Anand Prakash Chaudhry |
|
62477 |
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Deepika Anish Chaudhry |
|
15593 |
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Savitri Anand Prakash Chaudhry |
|
30018 |
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Anushka Anish Aggarwal |
|
800 |
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Anish Anand Prakash Chaudhry |
|
56365 |
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Anish Chaydhry and Sons (HUF) |
|
1500 |
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B. K. and Sons (HUF) |
|
25000 |
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Nitu Sachin Chaudhry |
|
9663 |
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Sachin Brahm Kumar Chaudhry |
|
83613 |
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|
0 |
|
Total |
|
354828 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of high quality carbon steel, alloy steel, stainless
steel and duplex steel |
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Products : |
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PRODUCTION STATUS (31.03.2010)
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Open Forging |
Quantity |
|
7200 |
-- |
|
Ring Rolling |
Quantity |
|
12000 |
-- |
|
Steel Forging and Machinery
Parts |
Quantity |
|
-- |
5677.735 |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
P. Jain and Company Chartered Accountant |
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Address : |
6, Navyug Market, |
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PAN.: |
AABFP6159J |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
715000 |
Equity Shares |
Rs.100/- each |
Rs.71.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
305243 |
Equity Shares |
Rs.100/-
each |
Rs.30.524 Millions |
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As on 05.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
715000 |
Equity Shares |
Rs.100/- each |
Rs.71.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
354828 |
Equity Shares |
Rs.100/-
each |
Rs.35.482 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
30.524 |
35.499 |
35.499 |
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2] Share Application Money |
0.000 |
0.300 |
0.300 |
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3] Reserves & Surplus |
766.351 |
698.602 |
557.275 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
796.875 |
734.401 |
593.074 |
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
328.135 |
664.012 |
460.595 |
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2] Unsecured Loans |
29.875 |
2.050 |
0.000 |
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TOTAL BORROWING |
358.010 |
666.062 |
460.595 |
|
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DEFERRED TAX LIABILITIES |
32.857 |
65.301 |
18.083 |
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SHARE CAPITAL SUSPENSE |
4.958 |
0.000 |
0.000 |
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TOTAL |
1192.700 |
1465.764 |
1071.752 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
790.935 |
883.579 |
496.637 |
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Capital work-in-progress |
9.890 |
7.259 |
147.384 |
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INVESTMENT |
0.000 |
0.000 |
4.856 |
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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 |
274.244
|
450.759 |
283.083 |
|
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Sundry Debtors |
143.040
|
190.552 |
189.842 |
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Cash & Bank Balances |
15.207
|
7.143 |
21.528 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
77.508
|
110.494 |
81.616 |
|
Total
Current Assets |
509.999
|
758.948 |
576.069 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
107.148
|
117.460 |
119.430 |
|
|
Other Current Liabilities |
9.625
|
14.809 |
6.347 |
|
|
Provisions |
1.351
|
51.753 |
27.417 |
|
Total
Current Liabilities |
118.124
|
184.022 |
153.194 |
|
|
Net Current Assets |
391.875
|
574.926 |
422.875 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
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TOTAL |
1192.700 |
1465.764 |
1071.752 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
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|
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Turnover |
1116.100 |
1337.900 |
1047.100 |
|
|
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Other Income |
NA |
NA |
NA |
|
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TOTAL |
NA |
NA |
NA |
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|
Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Interest |
|
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TOTAL |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
190.537 |
363.156 |
331.462 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
120.001 |
90.007 |
42.042 |
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|
|
|
|
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|
PROFIT BEFORE
TAX |
70.536 |
273.149 |
289.420 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.342 |
129.576 |
99.789 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
|
69.194 |
143.573 |
189.631 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
67.901 |
141.328 |
189.560 |
|
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Earnings Per
Share (Rs.) |
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
6.32
|
20.42 |
27.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.42
|
16.60 |
26.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.37 |
0.49 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.60
|
1.16 |
1.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.32
|
4.12 |
3.76 |
LOCAL AGENCY FURTHER INFORMATION
NOTE :
The company changed its registered office from “Near hapur Road Fly Over
Ghaziabad - 110001 Delhi, India” to “131/1,
Krishna nagar, Street No.8, Safdarjung Enclave, New Delhi – 110029, Delhi,
India” w.e.f. from 07.03.2006. The Registered Office has again shifted
from” E-205, Basement, Greater Kailash, Part – II,
FINANCIAL
PERFORMANCE :
Turnover of the company for the year ended 31st march,2010 to
Rs.1116.100 Millions from Rs.1337.900 Millions in the previous year
Profit before depreciation and taxation was Rs.189.244 Millions and
after providing Rs.120.001 Millions towards depreciation and Rs.1.342 Millions
towards tax, the net profit amounts to Rs.67.901 Millions.
CONTINGENT
LIABILITIES :
|
PARTICULARS |
31.03.2010 Rs.
(In Millions) |
31.03.2009 Rs.
(In Millions) |
|
Guarantees issued by Bank on behalf of company |
62.178 |
63.977 |
|
Sales Tax/Trade Tax and Entry Tax Demand |
15.952 |
7.030 |
|
Stamp Duty Demand |
5.549 |
5.549 |
|
Capital Commitment (Net of Advances) |
26.116 |
27.519 |
|
Income Tax |
0.459 |
0.459 |
|
Surety Bond to Central Excise (EOU) |
27.617 |
33.207 |
|
Bills discounted under LC |
4.272 |
27.374 |
|
Show cause notice for Excise Duty (excluding interest and penalty if any, amount unascertained) |
23.306 |
0.738 |
|
Electricity Demand |
1.464 |
0.000 |
Against the aforesaid demand Rs.2.251 Millions (previous year Rs.1.331
Millions) paid/adjusted towards sales tax/trade tax/ entry tax, Rs.3.000
Millions towards stamp duty (previous year Rs.3.000 Millions) and Rs.0.459 Million
towards income tax (previous year Rs.0.459 Million are outstanding under loans
and advances in balance sheet. The company has filed appeals/ replies against
the disputed demands.
FORM 8 ;
|
Corporate
identity number of the company |
U27310DL1970PTC148230 |
|
Name of the
company |
CHW FORGE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-205, basement, Greater kailash, Part – II, E-mail Id : chw@chaudhryhammer.com |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10181966 |
|
Type of charge |
|
|
Particular of
charge holder |
Citi Bank N.A., Jeevan Bharti Building, 4th Floor, 124,
Connaught Circus, Connaught Place, New Delhi – 110001, Delhi, India E-mail Id : roc@sdpa.in |
|
Nature of
instrument creating charge |
Modification to
Memorandum of Entry Deed of
modification for Goods Security Agreement |
|
Date of
instrument Creating the charge |
11.07.2011 |
|
Amount secured by
the charge |
Rs.210.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
terms and as may decided by the bank and company mutually from time to time Terms of Repayment Repayable on
demand, annually renewable. Margin Borrower shall a
all times during the continuance of the security maintain a sufficient amount
to provide the margin of security as may from time advised by the bank Extend and Operation of the charge First pari-passu
charge on the current assets (including stocks and book debts) and second
pari-passu charge on movable fixed assets (including plant and machinery,
office Equipments, Furniture and fixtures etc.) of the borrower both present and future The Exclusive
charge on the property located at 6bigha 19 biswa 13.5 Biswani comprised in
khasra no.34,35,37 and 38 situated in Villafe Achheja, The Dadri, Jila Gautam
budh nagar, Others The repayment of
all monies in respect of the banking facilities including outstanding balance
and also all interests, costs, charges, expenses and other moneys payable to
Citibank N.A. Delhi as per Modification to Memorandum of Entry and Deed of
modification for Goods Security
Agreement attached is secured by the properties and assets mentioned in the
clause no.13(d). |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
|
Particulars of
the present modification |
Overall limit is
enhanced from Rs.150.00 Millions to Rs.210.000 Millions and the charge is
secured by
|
FIXED ASSETS :
- Freehold land
- Leasehold
land
- Shed and
Building
- Plant and
Machinery
- Furniture and
Fixtures
- Office
Equipments
- Motor Cars
- TATA
- Ambulance
- Air
Conditioner
- Xerox Machine
- Type Writer
- Computers
- Cycles
- Scooters
- Electric
Installation
- Fax Machine
- Electric
Fittings and Fans
- Dies
- Computer
Software
WEBSITE DETAILS :
PROFILE :
Established in 1956, Subject of India’s leading manufacturers of high
quality carbon steel, alloy steel, stainless steel and duplex steel forgings
which find application across diverse sectors.
Formerly known as Chaudhry Hammer Works, the ISO 9001:2008 certified
Subject is preferred by companies across the globe for both its products and
customer service. During 54 years of operation, the company has developed systematic
and scientific processes resulting in manufacturing excellence. The company is
a trusted name known for forgings manufactured using the best raw materials,
infrastructure marked by the most advanced machinery and testing processes
which are as per international standards . At the same time, Subject shares
close relationships with some of the biggest names across the world due to its
strong service orientation which translates into on-time deliveries, handling
emergency orders, flexible customization capabilities and much more.
Also, Subject has deployed the latest production techniques such as a
state of the art Radial-Axial Ring Rolling Machine. An integrated company wide
ERP system is used to bring accurate control on materials, production and inspections
while advanced communication systems ensure fast information exchange between
the organiation and its customers.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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.46.02 |
|
|
1 |
Rs.75.43 |
|
Euro |
1 |
Rs.66.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.