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Choksi Labs

BSE: 526546|ISIN: INE493D01013|SECTOR: Miscellaneous
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Choksi Labs is not listed on NSE
Mar 14
Notes to Accounts Year End : Mar '15
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.
Source : Dion Global Solutions Limited
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