MIRA INFORM REPORT

 

 

Report Date :

12.05.2007

 

IDENTIFICATION DETAILS

 

Name :

ACME LOCKS LIMITED

 

 

Registered Office :

WP-469 Shiv Market Wazipur, New Delhi - 110052

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

29.11.1990

 

 

Com. Reg. No.:

55-042226

 

 

CIN No.:

[Company Identification No.]

L74899DL1990PLC042226

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELA11946E

 

 

Legal Form :

Subject is a closely held public limited liability company.

 

 

Line of Business :

Manufacturing, Stockiest, Import, Export, Trade, Commission agent and deal in all kinds of Hardware Item.

 

 

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 45000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments.

 

The company can be normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

WP-469 Shiv Market Wazipur, New Delhi - 110052

E-Mail :

provest@vsnl.com

Website :

http://www.acmelocks.com

 

 

 

 

Branches :

76-D, Udyog Vihar, Phase –IV, Gurgaon – 122016, Haryana

Tel. No.:

91-124-2340949 / 2341577

Fax No.:

91-124-2340777

E-Mail :

Acmelocks@acmelocks.com

 

 

DIRECTORS

 

Name :

Mr. Ravinder Bhasin

Designation :

Chairman

Address :

22/ 12, Punjabi Bagh Ext. New Delhi – 110026

Date of Birth/Age :

04.02.1951

Date of Appointment :

29.11.1990

 

 

Name :

Mr. Sandeep Chadha

Designation :

Director

Address :

28/ 1, Punjabi Bagh Ext. New Delhi – 110026

Date of Appointment :

25.06.2004

 

 

Name :

Ms. Suman Chadha

Designation :

Director

Address :

28/1, Punjabi Bagh Ext. New Delhi – 110026

Date of Appointment :

29.11.1990

 

 

Name :

Mr Yash Pal Chadha

Designation :

Director

Address :

28/ 1, Punjabi Bagh Ext. New Delhi – 110026

Date of Appointment :

25.06.2004

 

 

Name :

Me. Ajay Bhasin

Designation :

Director

Address :

22/ 12, Punjabi Bagh Ext. New Delhi – 110026

Date of Birth/Age :

07.09.1956

Date of Appointment :

29.11.1990

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

No. of Shares

 

1.Mr. Ravinder Bhasin

   Late Sh S. N. Bhasin

111620

 

2.Mr. Ajay Bhasin

   Late Sh S. N. BHasin

58680

 

3. Mrs. Suman Chadha

    Mr. Y.P. Chadha

51700

 

4. Mr. Y.P. Chadha

    Mr. B. N. Chadha

28190

 

5. Mr. Sandeep Chadha

    Mr Y.P. Chadha

18.050

 

6. Mrs. Neelam Bhasin

    Mr. Ajay BHasin

55410

 

7. Mr. Mrs USha Rani Bhasin

  Mr. Ravinder Bhasin

65950

 

8. Mrs S. R. Bhasin

Late Sh S. N. Bhasin

73400

 

9. Mr Rohit Chadha

    Sh Y.P. Chadha

26940

 

10. Mr. Deepak Chadha

   Late Sh K .C. Chadha

10500

 

11. Mr. PAvi Bhasin

    Sh Ravinder Bhasin

18860

 

12. M/s ACME Products Private Limited

    

21200

 

13. Mrs. Kanta Chadha

      Late Sh K.C. Chadha

10900

 

14. Ms Sneh Chadha

Sh Shiv Narain Bhasin

47500

 

15. Mr. Rohit Chadha

     (H.U.F.)

15000

 

16. Mr. Ajay Bhasin

                (H.U.F.)

16500

 

17. Mr. Yas Pal Chadha

          (H.U.F.)

20000

 

18. Mr. Ravinder BHasin

            (H.U.F.)

36400

 

19. New Line – Fin Cap Private Limited

45000

 

 

Equity Share Capital Break-up

Category

Percentage

1. Bodies Corporate

8.83 %

2. Directors / Relatives of Directors

91.49 %

3. Other top 50 Share Holders

0.68 %

Total

100 %

 

Details of Share Transfers Since Date of Last AGM

Date of Previous AGM : 30.09.2004

1. Anjali Bhasin  Tf / Name  Pavi Bhasin

9000

2. Hemani Bhasin  Tf/ Name Ravinder Bhasin  (HUF)

14000

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing, Stockiest, Import, Export, Trade, Commission agent and deal in all kinds of Hardware Item.

 

 

Products :

NIC Code & Name

28933 – Locks, Padlocks, Keys and other hardware

 

Item Code                                       Production Description

   ----                                             Cylinderical / Mortise Door Locks

 

  • Cylinder Door Locks
  • Scrap
  • PTML Locks

 

 

 

PRODUCTION STATUS

 

Particulars

Actual Production

Cylinder Door Locks

94336

(72408)

Morties Door Locks

2650

(6509)

PTML Locks

64572

(53744)

 

 

 

 

 

 

GENERAL INFORMATION

 

 

 

No. of Employees :

 

 

 

Bankers :

State Bank of India, Commercial Branch, Najafagarh Road, New Delhi

 

 

Facilities :

Secured Loan

State Bank Of India

Working capital Loan

Term Loan

(Secured by way of hypothecation over machinery) ICICI Bank

(secured by way of hypothecation over vehicles )

Standard Chartered Bank

(Secured by way of hypothecation over Vehicle)

 

Unsecured Loan

 

Other

 

 

Note : Term Loan & working capital facilities from State Bank of India are secured by way of first charge over all Fixed Assets of the payment, hypothecation of stocks od raw materials, semi finished goods, finished goods, consumable stores and book – debts. The loan is guaranteed by the directors of the company

Rs. In Million

 

Rs.6.215

     2.628

 

     1.107

 

 

     0.018

 

 

Rs.9.969

 

 

Rs.1.150

Rs.1.150

 

 

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

P V S & Company

Chartered Accountant

Address :

b-4/ 148 C, Safdarjung Enclave, New Delhi - 110029

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

750000

Equity Share

Rs.10/-

Rs.7.500 millions

 

 

 

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

750000

Equity Share

Rs.10/-

Rs.7.500 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

 

7.500

7.500

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

3.913

3.632

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

11.413

11.132

LOAN FUNDS

 

 

 

1] Secured Loans

 

10.799

9.969

2] Unsecured Loans

 

3.525

1.150

TOTAL BORROWING

 

14.324

11.119

DEFERRED TAX LIABILITIES

 

2.271

2.245

 

 

 

 

TOTAL

 

28.008

24.496

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

12.920

12.066

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.176

0.179

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

12.808

11.032

 

Sundry Debtors
 

9.034

6.692

 

Cash & Bank Balances
 

0.184

0.541

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

0.887

0.541

Total Current Assets
 

22.913

18.806

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

7.949

7.053

 

Provisions
 

0.200

0.036

Total Current Liabilities
 

8.149

7.089

Net Current Assets
 

14.764

11.717

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.148

0.534

 

 

 

 

TOTAL

 

28.008

24.496

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Sales Turnover

 

33.046

31.836

Other Income

 

0.389

0.329

Total Income

 

33.436

32.166

 

 

 

 

Profit/(Loss) Before Tax

 

0.470

0.469

Provision for Taxation

 

0.000

0.000

Profit/(Loss) After Tax

 

0.470

0.469

 

 

 

 

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

 

 

 

 

Manufacturing Expenses

 

 

 

 

Administrative Expenses

 

 

 

 

Raw Material Consumed

 

18.662

19.954

 

Purchases made for re-sale

 

0.000

0.000

 

Consumption of stores and spares parts

 

6.854

7.510

 

Increase/(Decrease) in Finished Goods

 

(1.425)

(4.013)

 

Salaries, Wages, Bonus, etc.

 

3.928

3.689

 

Managerial Remuneration

 

0.420

0.318

 

Payment to Auditors

 

0.016

0.016

 

Interest

 

1.209

0.809

 

Insurance Expenses

 

0.061

0.042

 

Power & Fuel

 

0.440

0.413

 

Depreciation & Amortization

 

1.108

0.909

 

Other Expenditure

 

1.689

2.045

Total Expenditure

 

35.812

39.718

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

1.40

1.45

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

1.42

1.47

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

1.31

1.51

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.04

0.04

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

1.96

1.63

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

2.81

2.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Form 8

 

Name of the company

ACME LOCKS LIMITED

Presented By

Bank of India, Commercial Branch, Najafgarth Road, New Delhi

1) Date and description of instrument creating the change

1. General agreement for the grant of medium term advances to small scale industries and hypothecation of moveable book debts and other assets dated 12.10.2004

 

b). Ancillary agreement no. A. (Agreement for grant of small industrial advances) & Ancillary agreement No. 6 (Agreement for grant of small industrial advances) dated 21.10.2004

2) Amount secured by the charge/amount owing on the securities of charge

2. Rs.4.500 millions

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

3. a) First charge on all the fixed assets of the company both present & future WDV Rs. 9.150 millions as on 31.03.04

b) Extension of EM charge over factory ; land and building already mortgage with the bank 2nd charge over current assets.

 

4) Gist of the terms and conditions and extent and operation of the charge.

4. a) Rate of interest @ 9% p.a.

b) Margin : Terms Loan (Machinery) – 20%

5) Name and Address and description of the person entitled to the charge.

5. State Bank of India, Commercial Branch, Najafgarh Road, New Delhi

6) Date  and brief description of instrument modifying the charge

N.A.

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.

N.A.

 

 

Form 8

 

 

Corporate identity number (CIN) Foreign company registration number

L74899DL1990PLC042226

Name of the Company

ACME LOCKS LIMITED

Address

WP-469 Shiv Market Wazipur, New Delhi - 110052

This form is for

 

Type of Charge

a)       Others

b)       Corporate Guarantee of the company

Particulars of the charge holder 

UTI Bank Limited

AM-196, Shalimar Bagh, Delhi – 110088

Email – gkjain1234@redifmail.com

Amount secured by the charge

Rs.9.200 millions

Brief of the principal terms and conditions 

a)       Rate of Interest  @PLR – 1.50 5P.A. Presently 11.50 %P.A.

b)       Terms of Repayment : Payable on Demand

c)       Margin : FLC – 25%

                    Stocks – 25 %

                    Book Debts – 40 %

d)       Extent and Operation of the Charge : 100 %

e)       Others : The above is to secured FLC limit of RS.4.000 Millions and CC Limit of Rs.5.200 millions granted by the Bank to M/s ACME Products Private Limited

 

 

Fixed Asset :

 

  • Land
  • Building
  • Machinery
  •  Furniture & Fittings
  • Office Equipment
  • Electrical Installation
  • Tools & Dies
  • Vehicles
  • Pollution Cont. Devices

 

 

Web Details Attached :

 

one of the leading contributors to the well being of the nation has been instrumental in bringing out a revolutionary change in security devices "The Door Locks" with the innovativeness, foresightedness & the pioneering zeal of the promoters in modernization of the security measures. Acme Locks Ltd. is emerging as a big giant with a progressive sophisticated technology. 4C Acme Door Locks speaks itself. 4C means foresightedness for revolution in Locks industry & ACME means perfection.

Promoters of Acme entered in Technical Collaboration in 1990 with M/s Euco Industries of Taiwan for Manufacturing Door Locks of International Standards. ACME, the pioneer in sophisticated Pin Cylinder Technology & the leader in quality, is poised to reach the pinnacle of its performance by enlarging its role as an innovative entrepreneur by launching a range of New Products in Door Locks.

Backed by the world class technology, a team of dedicated work force, using state of the art manufacturing plant, with special purpose. Imported machines, Forging equipment's, Ultramodern Press shop, Machine Shop, using high density Imported Lacquers & Electrophoretic Lacquer Coating. The complete manufacturing facilities are strategically located at Gurgaon, NCR of Delhi & near to the International Airport.

Acme, excellence in the Quality & Design, with a well-defined accent on quality, monitors on inputs, process controls & finished products. Acme offer an extensive range of International Standard Products. No doubt, Acme Products compare to the best in the world & its product reliability & testing is as per International Standard. The company strives continuously towards further upgradation, constantly assimilating & absorbing the latest International Technology. In it's completely modernized plant, the company relies on the most sophisticated & upto date technology, search for quality has always been the guiding principle.

ACME, after making room in the heart of the most professional Indian Architects, Interior Decorators, Builders & House Owners, added by an impressive dealer network, is ready to step into the International Market to take the full advantage of strong Research Division & of it's cost effective & innovative product range. ACME being the only manufacturer of Cylindrical Locks, is a boon for the Country's economy as an import substitute & now an export activity that is fast gathering momentum.

 

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.40.93

UK Pound

1

Rs.81.20

Euro

1

Rs.55.42

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

5

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

48

 

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions