MIRA
INFORM REPORT
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Report Date : |
07.08.2007 |
IDENTIFICATION DETAILS
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Name : |
STEELBIRD HI-TECH INDIA LIMITED |
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Registered Office : |
C – 3/11, Maya Puri, Phase – II, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.07.1992 |
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Com. Reg. No.: |
49434 |
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CIN No.: [Company
Identification No.] |
U74999DL1992PLC049434 |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of Helmets, Pannier Boxes and Auto 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 70000 |
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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. 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 considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
C – 3/11, Maya Puri, Phase – II, |
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Tel. No.: |
91-11-28114854 / 28113971 / 28117711 / 28116882 |
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Fax No.: |
91-11-28115723 |
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E-Mail : |
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Website : |
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Area : |
5000 sq. ft. [Owned] |
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Factory 1 : |
11,12,13, Phase – 1, [EPIP], BADDI, |
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Area : |
Owned |
DIRECTORS
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Name : |
Mr. Subhash Kapur |
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Designation : |
Director |
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Address : |
A – 3/, 28, Janak Puri, |
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Date of Birth/Age : |
08.11.1944 |
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Date of Appointment : |
01.04.2000 |
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Name : |
Mr. Rajeev Kapur |
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Designation : |
Managing Director |
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Address : |
A – 3/, 28, Janak Puri, |
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Date of Birth/Age : |
02.01.1972 |
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Date of Appointment : |
01.04.2000 |
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Name : |
Mr. Dhall Lal Krishan |
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Designation : |
Director |
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Address : |
III Chander Nagar, Janak Puri, |
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Date of Birth/Age : |
25.03.1944 |
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Date of Appointment : |
25.07.1992 |
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Name : |
Mr. Subhash Das Banarasi |
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Designation : |
Director |
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Address : |
H. No. 1000, Sector – 14, Gurgaon, |
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Date of Birth/Age : |
04.09.1932 |
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Date of Appointment : |
25.07.1992 |
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Name : |
Mr. Taneja Harish |
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Designation : |
Managing Director |
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Address : |
A – 86, Chander Nagar, janak Puri, |
KEY EXECUTIVES
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Name : |
Mr. Dinesh Kumar |
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Designation : |
Company Secretary |
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Address : |
A – 5, Sector – 16, Rohini, |
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Date of Appointment : |
17.05.2007 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Helmets, Pannier Boxes and Auto Accessories |
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Products : |
Open Face and Full Face Motorcycle Helmets Like Safety Helmets Like Safety
Helmets, Ski Helmets, Bullet Proof Helmets, Grant Prix Racking Helmets,
Integral Helmets, Jet Helmets, Off Road Helmets Moto Cross Helmets etc. |
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Brand Names : |
STEELBIRD |
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Exports : |
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Countries : |
Middle East, Europe, |
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Terms : |
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Selling : |
LC, Cash and Credit |
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Purchasing : |
LC, Cash and Credit |
GENERAL INFORMATION
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Customers : |
Dealers and Distributors |
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No. of Employees : |
300 |
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Bankers : |
State Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vikas Katyal and Associates Chartered Accountants |
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Address : |
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Collaborators : |
Composites Bieffe S.r.l. [Previously known as Finim S.P.A.], |
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Associates/Subsidiaries : |
Three Generation
Sales Turnover Rs. 70.000 Millions Matchless
Technology Sales Turnover Rs. 50.000 Millions Manufacturing and Exporting of Helmets |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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9,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 90.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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807200 |
Equity Shares |
Rs. 10/- each |
Rs. 8.072
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2003 |
31.03.2002 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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8.070 |
8.070 |
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2] Share Application Money |
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0.434 |
0.665 |
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3] Reserves & Surplus |
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9.097 |
5.350 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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17.601 |
14.085 |
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LOAN FUNDS |
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1] Secured Loans |
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39.239 |
19.449 |
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2] Unsecured Loans |
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2.189 |
1.786 |
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TOTAL BORROWING |
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41.428 |
21.235 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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59.029 |
35.320 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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26.365 |
16.534 |
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Capital work-in-progress |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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10.798 |
15.493 |
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Sundry Debtors |
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10.540 |
6.654 |
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Cash & Bank Balances |
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1.147 |
1.375 |
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Other Current Assets |
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19.040 |
0.201 |
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Loans & Advances |
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3.567 |
1.656 |
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Total
Current Assets |
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45.092 |
25.379 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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11.328 |
6.988 |
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Provisions |
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1.100 |
0.122 |
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Total
Current Liabilities |
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12.428 |
7.110 |
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Net Current Assets |
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32.664 |
18.269 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.517 |
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TOTAL |
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59.029 |
35.320 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2003 |
31.03.2002 |
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Sales Turnover |
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83.743 |
56.647 |
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Other Income |
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Total Income |
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83.743 |
56.647 |
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Profit/(Loss) Before Tax |
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4.846 |
1.591 |
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Provision for Taxation |
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1.100 |
0.122 |
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Profit/(Loss) After Tax |
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3.746 |
1.469 |
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
280.000 |
236.165 |
109.341 |
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Profit/(Loss) Before Tax |
NA |
30.599 |
6.476 |
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Provision for Taxation |
NA |
7.835 |
0.700 |
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Profit/(Loss) After Tax |
NA |
22.764 |
5.776 |
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Paid Up Capital |
NA |
41.830 |
25.830 |
Expected Sales (2007-08) : Rs.300.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2003 |
31.03.2002 |
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PAT / Total Income |
(%) |
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4.47 |
2.59 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.79 |
2.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.78 |
3.80 |
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Return on Investment (ROI) (PBT/Networth) |
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0.28 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.06 |
2.01 |
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Current Ratio (Current Asset/Current Liability) |
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3.63 |
3.57 |
LOCAL AGENCY FURTHER INFORMATION
AS PER WEBSITE
Profile
Subject is flagship company of Steelbird group of industries in
Bieffe
Helmets are patronized by all the well known
racing champions like Eddie Irvine Formula 1, Loris Capirossi Motomondiale 500cc,
Emilio Alzamora Motomondiale 250cc, Rinaldi team Yamaha 500 cc Motocross Enduro
and 20 other racers.
Subject has 25 Helmet models and 8 Pannier Box models having on
an average 3 to 7 colour
variations and different decals, which means they have around 800 product
variants. SBHT produces vide
variety of Open Face and Full Face motorcycle helmets like Safety Helmets, Ski
Helmets, Bullet Proof Helmets, Grand Prix racing Helmets, Integral Helmets, Jet
Helmets, Off Road Helmets Moto Cross Helmets etc in different sizes from XXS to
XXL catering to all customer segments Viz Men, Ladies and Kids. SBHT can also supply customized
Helmets fitted with antiscratch, antiglare and antifog visors, exclusively for
its buyers carrying their own brand name. SBHT also manufactures Helmet Locking Devices (HLD) and Auto
Accessories.
Subject specializes in Fibreglass
Reinforce Plastic (FRP) helmets and its fully pressurized dust free
manufacturing facility is equipped with Injection / balloon moulding, ultra
modern paint shop & conveyor based assembly system. The total production
capacity of SBHT is over 3600 Helmets and 600 Pannier boxes per day. (Over a million per year).
Quality and customer satisfaction
have all along been the company’s principal objectives and adherence to them
has given SBHT its due
recognition in the field of Motor Cycle Helmets and Auto Accessories. SBHT
believes in producing quality Helmets which are designed to provide maximum
safety to its users. To achieve higher standards of safety the company has
acquired Shock Absorption Test
Equipment from AD Engineering,
Steelbird
Helmets known for its world class standard
& quality, has started exporting its products recently and in short span of
time it has established vast distribution network in different countries
through country specific distributors like
Steelbird
Helmets has successfully established its brand
name in the corporate sector because of its quality products combined with
brand promotions activities like participation in international exhibitions
& trade shows, advertisements in satellite TV channels, auto magazines
& newspapers, hoardings, translites, glow signs and gift articles. SBHT had
participated in “Made In India
” show, Gallagher Estate, Johannesburg, South Africa from 18th
to 21st July 2001 and in “ Indian
Trade Exhibition”, Sao Paulo, Brazil from 25th to 29th
September 2001 and will be participating in “Auto Expo – 2002 ”, New Delhi, India (Asia’s largest automotive show ) from 15th to 22nd
January 2002 as part of its brand promotion exercise.
Background
Subject Guided by its chairman, Hon’ble Shri Subhash Kapur and led under the dynamic leadership of its Managing
Director Hon’ble Shri Rajeev Kapur boasts off 26 years of leadership. The name Steelbird has been the Torch Bearer
for uncompromising quality, ensuring that each of its products deliver the
costumer, the Best of the
Quality.
The success of the Steelbird group
of industries is a success story of a visionary who had a humble
beginning. It all begin with a vision of a young man, Mr. Subhash Kapur
who at the age of 20 had little finances but a lot of guts. Despite
little formal education Mr. Kapur developed a fantastic business sense of a
genius. His uncanny neck for choosing the difficult path kept him
ahead. Whether it was air filters, fuel filters, electronic parts of two
wheelers or helmets, as the name “Steelbird” appeared on thousands of two wheeler products, it spelled
one thing, “Top Most Quality”.
In a market where people have had
little knowledge about the role of a safety helmet in two-wheeler riding and
they end up purchasing useless plastic caps or non standard helmets, Mr. Kapur
had the guts to manufacture helmets starting from 760/- onwards, whereas the
market was flooded with cheap so called Helmets priced around Rs 150/-.
This uncanny knack was passed to
the next generation and as the dynamic, Mr. Rajeev Kapur took over the
mantle, Steelbird saw itself expanding its wings in the Global Market.
Says, Mr. Rajeev Kapur, “The legacy of my father has to continue unabated and
I take responsibility to take his vision to every part of the world.”
In less than 2 years, Mr. Rajeev Kapur took the Steelbird name to many
countries around the Globe. The efforts of Steelbird and its name in the Asian Region also resulted in an Italian collaboration with BIEFFE, the World’s no.1 company in helmets.
Now the bike enthusiast in
News
Steelbird launches new models in
January 01, 2002
In
January 2002 Steelbird launched an offensive in
- Delhities have
gone Bonkers over these Safest Smartest Helmets.
- Every bike
enthusiast who has come to know about the Steelbird range, wants a piece
of the Same.
Steelbird Celebrates with its dealers at Hotel Le
Meridien C.P.
July 15, 2002
- Top dealers get
recognized and awarded with gifts such as T.V. Gold coins etc.
- Chairman of
Steelbird distributes “ Certificates of Excellence” to outstanding
performers.
- The Managing
Director, Mr. Rajeev Kapur shares his vision for a prosperous Business
Relationship.
- The Vice
President (Marketing), Mr. Ajay Gandhi elaborates on how to go about
realizing the company vision and achieve new milestones in Unparalleled
Quality and Prompt customer service.
Infrastructure
Subject has state of the art manufacturing set up right here
in the heart of the Capital, Mayapuri,
Withover 1,00,000 sq. ft. of covered area, Steelbird has the installed capacity of 3600 helmets per day and 600 side boxes per day.
In installing this capacity, Steelbird has the Most Advanced Equipment, the Latest Ovens Pressurized Dust Free Zones, Hi-Tech. Moulding machines, Juki Stiching and Interlocking machines, Full scale plotter for in house production of radium decals., Imported riveting machines for accurate fitting, Double Conveyors, Injection moulding unit, Baloon moulding machines, and much more ….
Apart from the world class production facility, the infrastructure boasts of In House Fully Equipped testing facility. Steelbird’s in house lab has the most advanced equipment in the Country, that can conduct almost all tests required by various testing bodies around the world.
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.58 |
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1 |
Rs.81.85 |
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Euro |
1 |
Rs.55.70 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
YES |
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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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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
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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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