| BACKGROUND :
Choksi Laboratories Limited ("the Company") was incorporated on
29/01/1993 under the Companies Act, 1956.The Company is engaged in the
business of Testing & Analytical Services.The Company's equity shares
are listed at BSE.
1. The Company has only one class of shares i.e. equity shares with
equal rights for dividend and repayment. Each holder of the shares is
entitled to one vote per share.Dividend on equity shares whenever
proposed by the Board of Directors is subject to the approval of the
shareholders in the Annual General Meeting.
2. The Term Loans from Axis Bank is secured by hypothecation of Indore
& Goa fixed assets. The above loans are also personally guaranteed by
the directors Mr. Sunil Choksi & Mr. Vyangesh Choksi. Loan from Bank of
India is secured by Freehold Land at Kumedi in Indore.
3. All unsecured Loans are also personally guaranteed by the director
Mr. Vyangesh Choksi.
4. There are no defaults as on the Balance Sheet date in repayment of
the above loans and interest thereon.
5. Working Capital Loans are secured by joint hypothecation of running
stocks of consumable and all Book debts, both present and future
alongwith Indore and Goa Fixed Assets.
*The above loans are also personally guaranteed by the directors Mr.
Sunil Choksi & Mr.Vyangesh Choksi.
6. Segmental Reporting :
The Company is engaged in the sole segment of Analysis and Testing.
There are, therefore, no separate segments within the Company as
defined by AS-17 (Segmental Reporting) issued by the ICAI.
7. Related Party Disclosures :
Relationships (Related party relationships are as identified by the
Company and relied upon by the Auditors)
8. Related Parties
(a) Individual having control & Key Management Personnel
Mr. Sunil Choksi Managing Director
Mrs. Himika Varma Jt. Managing Director (up to 01/09/2014)
Mrs. Stela Choksi Whole Time Director
Mr.Vyangesh Choksi Whole Time Director &CFO
(b) Relatives of KMP
Mrs.Neeta Shah
D. G Choksi HUF
Mrs. Khyati Choksi
9. Contingent liabilities not provided for in respect of :
a) Guarantees issued by Bank on behalf of the Company
Rs.1478612/-(Previous year Rs. 1,34,264).
b) An amount of Rs.32,04,212/- has been shown as recoverable from
Commissioner of Customs (EPCG) under current assets.This amount was
forfieted by the said authority during FY 2012-13 . The Company has
timely fulfilled all export obligations & is under the process of
recovering the same from the said authority.
10. Estimated amount of Contracts remaining to be executed on Capital
Account and not provided for (net of advances) Rs. Nil (Previous year
Rs. Nil).
11. The previous year figures have been regrouped/ reclassified,
wherever necessary to confirm to current year presentation.
|