MIRA
INFORM REPORT
|
Report Date : |
23.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ACME HOUSING INDIA PRIVATE LIMITED |
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Registered Office : |
Acme Ghar Khandu Bhai Desai Road, Vile Parle (West), Mumbai – 400 056,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.04.2001 |
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Com. Reg. No.: |
11-131675 |
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CIN No.: [Company
Identification No.] |
U45102MH2001PTC131675 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA16056F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Construction Activities |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 540000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established and reputed real estate developers. It has completed
several prestigious construction (residential + Commercial) project. Trade relations are fair. Payments are usually correct and as per
commitments The company has made good fortunes in recent real estate boom. It can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
Acme Ghar Khandu Bhai Desai Road, Vile Parle (West), Mumbai – 400 056,
Maharashtra, India |
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Tel. No.: |
91-22-26718883 |
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Fax No.: |
91-22-26710976 |
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E-Mail : |
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Website : |
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Corporate Office : |
Acme Ghar , 19,
K. D. Road, Vile Parle (W), Mumbai-
400 056 |
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Tel. No.: |
91-22 26718883 |
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Fax No.: |
91- 26710976 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Pravin Himmatlal Doshi |
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Designation : |
Director |
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Address : |
102, Asha Kiran, lajpatrai Road, Vile Parle (West), Mumbai – 400 056,
Maharashtra, India |
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Date of Birth/Age : |
23.11.1943 |
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Date of Appointment : |
19.04.2001 |
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E-Mail: |
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Name : |
Mr. Munish Pravin Doshi |
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Designation : |
Director |
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Address : |
102, Asha Kiran, lajpatrai Road, Vile Parle (West), Mumbai – 400 056,
Maharashtra, India |
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Date of Birth/Age : |
07.10.1970 |
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Date of Appointment : |
19.04.2001 |
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E-Mail: |
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Name : |
Mr. Rajesh Doshi |
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Designation : |
Director |
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Address : |
102, Asha Kiran, lajpatrai Road, Vile Parle (West), Mumbai – 400 056,
Maharashtra, India |
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Date of Birth/Age : |
10.07.1973 |
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Date of Appointment : |
15.03.2007 |
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PAN No.: |
AACPD6941R |
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Directorship in other companies: |
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CIN of the Company: |
U45200MH1994PTC078200 |
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Name of the Company |
Avishkar Infrastructure Private Limited |
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Designation: |
Director |
SHAREHOLDING
PATTERN
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
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Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
45.85 |
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2 |
Bodies corporate |
54.15 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Construction Activities |
GENERAL
INFORMATION
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Suppliers : |
· Ambuja cement · Anchor · Woods UK · ACC Samrat · ESS ESS · Jaquar · CERA · Aquel · Nirali · Romano · Somany · Vinay · Regent · MARC · Kajaria · Franke · Nitco · Marbito |
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No. of Employees : |
80 |
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Bankers : |
· Kapol Co-operative Bank Limited, Address: Vile Parle (East) Branch, Mumbai – 400 056, Maharashtra, India · Karnataka Bank Limited Address: Bandra West Branch, 333/334, Dr.
Ambedkar Road, Mumbai – 400 050, Maharashtra, India E-mail: Mumbai.ro@ktkbank.com |
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Financial Institutions: |
Housing Development Finance Corporation
Limited Address: Ramon House, H T Parekh Marg, 169, Backbay Reclamation ,
Churchgate , Mumbai – 400 020,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
UKG and Associates Chartered Accountants |
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Address : |
B -11, West View, 2nd Floor, Opposite Swaminarayan Temple,
L N Road, Dadar (East), Mumbai – 400 014, Maharashtra, India |
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Associates/Subsidiaries : |
Acme Shelters Private Limited (CIN : U45200MH1991PTC063199) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1200000 |
Equity shares |
Rs. 100/- each |
Rs.120.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70000 |
Equity shares |
Rs. 100/-
each |
Rs. 7.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
7.000 |
7.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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128.087 |
65.048 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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135.087 |
72.048 |
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LOAN FUNDS |
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1] Secured Loans |
|
43.028 |
1.608 |
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2] Unsecured Loans |
|
33.466 |
36.073 |
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TOTAL BORROWING |
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76.494 |
37.681 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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211.581 |
109.729 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.979 |
2.040 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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132.995 |
49.852 |
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DEFERREX TAX ASSETS |
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0.107 |
0.055 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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97.035 |
77.936 |
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Sundry Debtors |
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10.593 |
9.033 |
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Cash & Bank Balances |
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1.274 |
0.716 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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19.095 |
27.389 |
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Total
Current Assets |
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127.997 |
115.074 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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49.084 |
56.080 |
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Provisions |
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2.477 |
1.288 |
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Total
Current Liabilities |
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51.561 |
57.368 |
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Net Current Assets |
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76.436 |
57.706 |
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MISCELLANEOUS EXPENSES |
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0.064 |
0.076 |
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TOTAL |
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211.581 |
109.729 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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216.195 |
168.157 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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216.195 |
168.157 |
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Profit/(Loss) Before Tax |
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64.881 |
24.675 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
64.881 |
24.675 |
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Expenditures : |
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Interest |
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2.227 |
1.037 |
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Depreciation & Amortization |
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0.585 |
0.657 |
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Other Expenditure |
|
148.502 |
141.788 |
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Total Expenditure |
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151.313 |
143.482 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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30.01 |
14.67 |
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Net Profit Margin (PBT/Sales) |
(%) |
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30.01 |
14.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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24.67 |
14.77 |
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Return on Investment (ROI) (PBT/Networth) |
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0.48 |
0.34 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.95 |
1.32 |
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Current Ratio (Current Asset/Current Liability) |
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2.48 |
2.01 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the
company |
ACME HOUSING INDIA PRIVATE LIMITED |
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Presented By |
Mr. Munish Doshi |
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1) Date and
description of instrument creating the change |
Date 17.05.2005 No Instrument executed.
Oral Charge |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 100.000
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 |
All that piece
and parcel of land admeasuring 357393.10 sq.fts or thereabouts being portion
of all that piece or parcel bearing survey No. 21(pt.) of village Varsale,
Taluka and district Thane and within
the registration district and Sub district of thane The above being
part of the larger piece and parcel
of land bearing survey No. 21 and survey No. 23 (Pt.) admeasuring 15 acres 25
gunthas and equivalent to 357393
sq.fts of thereabout situated lying and
being a village varslae taluka and district thane and within the registration
district and sub registration district of thane construction thereon present
and future. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Terms and Conditions: · A line of credit of Rs. 10.000 millions only availed by Acme Combines · Term of Short term loan shall be 18 months · Interest on the loan @ 10.00% p.a to be paid monthly · Maximum outstanding principal amount shall not exceed Rs. 70.000 millions at the end of September 06 and Rs. 40.000 millions at the end of October 06 Rs. Nil at the end of November 06 from the date of first disbursement of the loan. |
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5) Name and
Address and description of the person entitled to the charge. |
Housing Development Finance Corporation
Limited Address: Ramon House, H T Parekh Marg,
169, Backbay Reclamation , Churchgate , Mumbai – 400 020 |
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6) Date and brief description of instrument
modifying the charge |
NA |
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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. |
NA |
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Corporation identity number or foreign company registrations number of
the company |
U45102MH2001PTC131675 |
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Name of the company |
ACME HOUSING
INDIA PRIVATE LIMITED |
|
Address |
Acme Ghar Khandu Bhai Desai Road, Vile Parle (West), Mumbai – 400 056,
Maharashtra, India |
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This Form is for |
Creation of charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder
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Karnataka Bank Limited Address: Bandra West Branch, 333/334, Dr. Ambedkar Road, Mumbai – 400
050, Maharashtra, India E-mail: Mumbai.ro@ktkbank.com
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Nature or description of the instrument creating charge |
No instrument was executed. Charge created by way of equitable
mortgage by deposit of title deeds. |
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Date of the instrument creating charge |
29.09.2006 |
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Amount Secure by the charge |
Rs. 144.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Extent and operation of the charge: Security created in respect of facilities granted to Direct internet solutions
Private Limited |
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Short particulars of the Property charged |
Immovable property of the company bearing survey No. 55, Hissa No. 8
and corresponding CTS No. 111, 111/1 to 4 admeasuring 32000 Sq.fts carpet
area and basement of 8,000 sq.fts carpet area and 25 stilt car parking in the
building known as ACME –I- TECH PARK located at village Mogra, Taluka Andheri, old Nagardas Road, Andheri (Eats), Mumbai – 400 069 together
with the proportionate land underneath the said building. |
OTHER DETAILS:-
Project Completed
Under Construction -
Residential
Projects
· Acme Ganesh
· Acme Amay
·
Acme Anisha
·
Acme Ashish
·
Acme Atlantis
·
Acme Avenue II
·
Acme Complex 2
A
·
Acme Elite
·
Acme Ghar
·
Acme Harmony
·
Acme Prangan
·
Acme Regency
·
Acme
Suryadarshan
·
Acme Sweet 16
·
Acme Township
·
Akshay Girikunj
·
Amartaru
-1/2/3/4/5/6
·
Amartaru VII
·
Apna Ghar -3
·
Ascent
Residency
·
Asha Kiran
·
Asmeet
·
Juhu Nandadeep
·
Nandini Chs
(Abhiyan And Acme Group)
Commertial Projects:
· Acme Atlantis
· Acme Center
· Acme Complex-3
· Acme Ganesh
· Acme 1 – Tec park
· Acme Industrial Park III
· Acme Mall
· Acme plaza-2
· Acme Shopping Arcade
· Acme Showroom
· Apna ghar – A wing shops
· Centre point (ACME , ABHIYAN, BHOOMI Group)
· Info Park (ACME , ABHIYAN, BHOOMI Group)
WEBSITE DETAILS:
Since 1976, ACME Group has been
studying Mumbai with landmarks in over fifty-eight projects, all colorful,
sturdy, high-rise projects. Mumbai's grandeur are Acme's ongoing projects like
Acme Mall a Shopping Zone, besides residential projects like, Akshay
Girikunj-4, Amartaru -VII, Acme Complex, Acme Amay in western suburbs. Also
introducing shortly, Acme Ozone in Thane and Acme Avenue in Kandivili.
As each project is positioned in a different location,
a home seeker gets to choose from a wide range. This also means that a buyer
can make his choice from a variety of locations, amenities, lifestyles and
price options, which ranges from just over a half million rupees to fifteen
million rupees.
Besides offering variety like a one-stop-shop for
homes, subject operates as a veritable service oriented group. Acme offers all
services under roof including choosing a property to Home Loans to Stamp Duty
and Registration Assistance. Every Acme flat is earthquake resistant, and
designed as per Vaastu Shastra more often than not.
Subject has been consistently handing over possession
of flats in time and it maintains transparency in all its dealings, which is a
commendable practice for any business house in this industry.
The marketing team goes the extra mile to customize
major deals as required by a client. From time-to-time, the group also designs
attractive schemes to facilitate easy ownership with loans from leading
financial institutions. Acme's efficient and committed customer service team
provides every essential information that can help a customer secure the best
deal money can buy.
The experienced customer service department is well
versed with the entire process of mandatory paper work involved in buying and
selling of flats. They provide customized solutions for every legal formality.
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.43.15 |
|
UK Pound |
1 |
Rs.85.08 |
|
Euro |
1 |
Rs.68.10 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|