MIRA
INFORM REPORT
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Report Date : |
17.08.2007 |
IDENTIFICATION DETAILS
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Name : |
STEELFAB BUILDING SYSTEMS |
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Formerly Known As : |
STEELFAB
ENGINEERING CORPORATION |
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Registered Office : |
Off- 5, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
1970 |
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IEC No.: |
0303085339 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS35482G |
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Legal Form : |
Partnership
concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturer of
pre-engineered steel sheds and buildings (PEB), colour-coated sheets, space frame
structures. |
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 20000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established family owned partnership concern. Partners are reported as experienced and
respectable businessmen. Their trade
relations are reported as fair.
Payments are reported as slow but correct. The concern can
be considered normal for business dealings at usual trade terms and
conditions. Management
declined business and financial details and hence this report is based on
indirect sources of information. |
LOCATIONS
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Registered Office : |
Off- 5, |
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Tel. No.: |
91-22-22044835/22045598/22821280/22825792 |
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Mobile No.: |
91-9820031855 |
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Fax No.: |
91-22-22043271 |
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E-Mail : |
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Website : |
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Area : |
40,000 Sq.ft. |
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Location : |
Owned |
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Marketing Offices: |
Mumbai |
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Factory 1 : |
·
Pramod
Industrial Estate, Western Express Highway No. 8, Opp. Delhi Darbar Hotel,
Kashimira, Dahisar, Mumbai – 400 068, Maharashtra, India o
Tel.
No. 91-22-811 1113 ·
C-8,
Laghu Udyog Kendra, |
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Branches : |
·
Survey
No. 60, Tel No. :
91-260-2630422 ·
Plot
No. 102/1/1, Madhuban Dam Road, Near Alok Textile Mills, Rakholi, Silvassa –
396 230, Union Territory, India Area : Owned
–175000 sq. ft. |
PARTNERS
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Name : |
Mr. Jignesh P.
Shah |
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Designation : |
Partner |
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91-9820031855 |
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Email : |
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Address : |
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Name : |
Mr. Chirag P.
Shah |
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Designation : |
Partner |
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Address : |
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Name : |
Ms. Jyoti Shah |
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Designation : |
Partner |
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Date of
Birth/Age : |
52 years |
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Name : |
Mr. Bipin Shah |
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Designation : |
Partner |
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Date of
Birth/Age : |
50 years |
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Name : |
Pramop P. Shah
(HUF) |
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Designation : |
Partner |
KEY EXECUTIVES
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Name : |
Mr. Jignesh P.
Shah |
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Designation : |
Chief Executive
Officer |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
pre-engineered steel sheds and buildings (PEB), colour-coated sheets, space
frame structures |
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Terms : |
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Selling : |
L/C and Cash |
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Purchasing : |
L/C and Cash |
PRODUCTION STATUS
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Particulars |
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Unit |
Installed
Capacity |
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Pre-Engineered
Building and Colour Coated Sheets |
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MT |
25000 |
GENERAL INFORMATION
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Customers : |
Wholesalers and
End Users ·
Air
India Limited ·
Associated
Cement Corporation Limited ·
B. E.
Billimoria & Company Private Limited ·
Bharat
Heavy Electricals Limited ·
Bharat
Shell Limited ·
Bridge
& Roof Limited ·
ECC
Construction Group ·
Dodsal
Limited ·
Datamatics
Information Technology Limited ·
Engineering
Projects ( ·
Gammon
India Limited ·
Goodlass
Nerolac Paints Limited ·
Godfrey
Phillips India Limited ·
Grasim
Cement Limited ·
Gujarat
Narmada Valley Fertilizers Company Limited ·
Hindustan
Petrochemicals Limited ·
Indian
Oil Corporation ·
Indian
Aluminium Company Limited ·
Raliance
Petroleum Limited ( ·
Perfect
Tate Engineering ( ·
Pooja
Ferror Alloys Private Limited ( ·
Overseas
Shipbreakers Construction Management & Research ·
Mahindra
& Mahindra Limited ·
Mahindra
Matthews Construction Limited ·
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No. of Employees : |
50 (Office: 10;
Factory: 40) |
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Bankers : |
·
City
Bank N.A. D. N. Road, Fort,
Mumbai – 400 001, |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
·
Ceejay
Investment & Leasing Company Private Limited Deal mainly in
investments in various organisations, bank and giving loans to the other
parties. ·
Ceejay
Warehouse Warehousing Business
since 1982. Warehouses are situated at
Kajupada, Chene, Borivali, Pramod Industrial Estate, Opp. Delhi Darbar Hotel,
Kashimira, Dahisar, Mumbai – 400 068, Maharashtra, India ·
Jigson
Engineers Main Activities are
fabrication and erection of steel tubular structure. And also labour contractors and executing
labour work for fixing of AC sheets on roof and erection work for shed ·
Steelfab
Engineering Corporation ( Manufactures of
“Steelfab” Pre-fabricated steel tubular structures which are required for
Labour colonies, houses, godowns, dormitories, site office set and undertake
job like design, supply, fabrication and erection of prefabrication of steel
tubular sheds. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.000
millions |
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Borrowed : |
-- |
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Total : |
Rs. 5.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover |
80.000 |
70.000 |
60.000 |
LOCAL AGENCY FURTHER INFORMATION
Established in 1970,
STEELFAB is reputed name in the field of pre-engineered, prefabricated steel
sheds and buildings
Focus
Well equipped in
dealing with turnkey project for MNC’s corporate Houses, Government
Departments, Semi-Government Department, Public Sectors and Private Sectors to
their entire satisfaction.
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. 41.57 |
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1 |
Rs. 82.14 |
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Euro |
1 |
Rs. 55.74 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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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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47 |
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. |
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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