MIRA
INFORM REPORT
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Report Date : |
08.06.2007 |
IDENTIFICATION DETAILS
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Name : |
AKT IMPEX PRIVATE LIMITED |
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Registered Office : |
264- B, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
24.05.2000 |
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Com. Reg. No.: |
55 – 105868 |
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CIN No.: [Company
Identification No.] |
U51109DL2000PTC105868 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA18983G |
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PAN No.: [Permanent
Account No.] |
AACCA7119D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Automobile Accessories |
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 2172 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track record. Directors are reported as experience and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
264- B, |
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Tel. No.: |
91-11-25648427, 25648207, 25562744 |
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Fax No.: |
91-11-25648427, 25648207 |
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E-Mail : |
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Website : |
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Corporate Office : |
G -21, 305-306, Vardhaman Chambers – II, PVR Complex, Vikas Puri, New
Delhi – 110 018, India. |
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Tel. No.: |
91-11-45527277, 64591111 |
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Fax No.: |
91-11-45527277 |
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Mobile No.: |
91-9810050502( Mr. Ashok Thakral, Managing Director) 91-9313853054(Mr. Sanjay Arora) |
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Website : |
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Location : |
Commercial |
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Branches : |
48 /25 /1, Hastsal Industrial Area, |
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Tel. No.: |
91-11-25648207, 25565093 |
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Fax No.: |
91-11-255219970 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ashok Kumar Thakral |
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Designation : |
Director |
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Address : |
A-182, Janak Puri, |
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Date of Birth/Age : |
08.04.1957 |
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Date of Appointment : |
24.05.2000 |
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Name : |
Mr Parmanand Thakral |
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Designation : |
Director |
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Address : |
C4C /256, Janak Puri, |
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Date of Birth/Age : |
05.05.1933 |
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Date of Appointment : |
26.08.2000 |
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Name : |
Mr. Gulshan Kumar Thakral |
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Designation : |
Director |
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Address : |
95, Site –II, C- Block, Janak Puri, |
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Date of Appointment : |
26.08.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of
Equity Shares |
Percentage of
Holding |
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Mr. Ashok Kumar Thakral |
40,000 |
80.00 |
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Mr. Parmanand Thakral |
10,000 |
20.00 |
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Total |
50,000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Automobile Accessories |
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Products : |
Wheel Covers Door Side Beadings Carpet Foot Mats PVC Floor Matting / Foot Mats Mud Flaps –Rubber, PVC & PP Rubber Floor Mats / Foot Mats Body Covers Dash Board Covers SUV – Stepney Covers Steering Covers |
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Imports : |
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Products : |
Raw materials and automotive accessories |
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Countries : |
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Terms : |
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Selling : |
Credit 60 to 90 days |
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Purchasing : |
Letter of credit and documents against payment |
PRODUCTION STATUS
- 1.2 Million wheel covers per annum
- 1.5 million rubber and PVC foot mats per annum
- Million carpet mats per annum
- Million mud flaps
GENERAL INFORMATION
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No. of Employees : |
Around 70 |
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Bankers : |
Canara Bank, Chandni Chowk, |
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Facilities : |
Cash Credit : Rs. 2.000 Millions From Canara Bank As Per Hypothecation
Agreement Dated 08.01.2001. It Is Secured By Hypothecation Of All The Goods, Commodities, Book
Debts, Outstanding Moneys Receivable, Claims And Bills Arising Out Of The |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s VPMG and Company Chartered Accountant |
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Address : |
AC/166 –C, Shalimar Bagh, |
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Mobile No.: |
91-9899450262 |
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E-Mail : |
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Associates/Subsidiaries : |
MGT International |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,000 |
Equity |
Rs. 10/- Each |
Rs. 0.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,000 |
Equity |
Rs. 10/- Each |
Rs. 0.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.043 |
0.012 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
0.543 |
0.512 |
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LOAN FUNDS |
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1] Secured Loans |
0.084 |
0.191 |
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2] Unsecured Loans |
0.908 |
2.594 |
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TOTAL BORROWING |
0.992 |
2.785 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
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TOTAL |
1.535 |
3.297 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.411 |
0.509 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.775 |
2.925 |
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Sundry Debtors |
2.787 |
2.462 |
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Cash & Bank Balances |
0.181 |
0.010 |
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Other Current Assets |
0.000 |
0.000 |
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Loans & Advances |
0.284 |
0.216 |
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Total
Current Assets |
7.027 |
5.613 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.900 |
2.835 |
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Provisions |
0.013 |
0.002 |
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Total
Current Liabilities |
5.913 |
2.837 |
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Net Current Assets |
1.114 |
2.776 |
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MISCELLANEOUS EXPENSES |
0.010 |
0.012 |
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TOTAL |
1.535 |
3.297 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
10.405 |
5.960 |
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Total Income |
10.405 |
5.960 |
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Profit/(Loss) Before Tax |
0.046 |
0.005 |
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Provision for Taxation |
0.015 |
0.002 |
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Profit/(Loss) After Tax |
0.031 |
0.003 |
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Expenditures : |
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Freight |
0.025 |
0.000 |
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Job work |
0.047 |
0.000 |
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Personnel Expenses |
0.138 |
0.082 |
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Raw Material Consumed |
10.352 |
0.000 |
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Administrative and other expenses |
0.310 |
4.587 |
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Increase/(Decrease) in Finished Goods |
0.850 |
(0.891) |
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Depreciation |
0.105 |
0.122 |
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Financial charges |
0.232 |
0.273 |
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Total Expenditure |
10.872 |
4.669 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.29 |
0.05 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.44 |
0.08 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.61 |
0.08 |
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Return on Investment (ROI) (PBT/Networth) |
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0.08 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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12.71 |
10.98 |
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Current Ratio (Current Asset/Current Liability) |
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1.18 |
2.02 |
LOCAL AGENCY FURTHER INFORMATION
History:
Incorporated on 24.05.2000 the subject is engaged in the business of imoters
and manufacturers of automotive wheel covers, automotive PVC floor matting and
foot mats, rubber floor mats.
As Per Website:
About Them
Subject
was
established in 1979 and specializes in the manufacture of automotive wheel
covers, automotive PVC floor matting & foot mats, rubber floor mats, foot
mats & mud flaps, automotive carpet foot mats, etc. They have been
devotedly active in the industry as a manufacturer, exporter, importer and trader with a
particularly unique service spirit and innovation, since their establishment.
Throughout these years, Subject has been leading the industry through its quality
in availability of car accessories on a nation wide scale and belief in
customer’s delight. The company has always valued the hard work, dedication,
and commitment of its team members. Their products are designed and developed
while keeping in mind - the strict quality norms. The aim of Subject is to provide
personal vehicle owners the true value for their money.
They are currently one of the largest manufacturers of car accessories in
Subject has 4 manufacturing
facilities in
Quality Statement - “All their
employees are committed to achieve customer satisfaction by timely delivery of
consistent quality production with optimum cost”.
Products
Their range includes the following products and they make them for all the
passenger vehicles that exist in
- Wheel Covers
- Door Side Beadings
- Carpet Foot Mats
- PVC Floor Mattings/Foot Mats
- Mud Flaps – Rubber, PVC & PP
- Rubber Floor Mats/Foot Mats
- Body Covers
- Dash Board Covers
- SUV – Stepney Covers
- Steering Covers.
Quality
Quality is not a pre-requisite, rather a habit with them. Every product, from
the raw material to the finishing stage is subjected to stringent quality
checks under the supervision of their experts. Their quality professionals have
served as a beacon not only for them but also for the entire industry in
establishing top-notch quality standards. Their products give a flawless
performance and conform to the Indian and international standards of quality.
Infrastructure
Subject has a highly
committed workforce headed by skilled professionals who continuously raise the
industry standards by running that extra mile, which distinguishes them from others.
They have established a state of the art molding R&D center by adopting the
cutting edge technologies and facilities. They have manufacturing units where
the latest machinery and technology is used to deliver high level of
efficiency, facilitating the maintenance of excellent work culture.
Clients
They have a widespread client base in
All logos are registered Trade Marks &
Trade Names of there respective companies and are used to refer either the
entities, claiming marks and names or there products. They disclaim proprietary
interest in these.
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.91 |
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1 |
Rs.80.46 |
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Euro |
1 |
Rs.54.60 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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