MIRA
INFORM REPORT
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Report Date : |
28.05.2007 |
IDENTIFICATION DETAILS
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Name : |
STERLINGS AND WILSON
ELECTRICALS PRIVATE LIMITED |
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Registered Office : |
Bussa Udyog Bhavan, Industrial Premises Cooperative Society Limited,
Gr Floor, Tokersey Jivraj Sewri West, Mumbai ; 400015, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.06.1974 |
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Com. Reg. No.: |
11-17538 |
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CIN No.: [Company
Identification No.] |
U31200MH1947PTC017538 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS48651B |
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PAN No.: [Permanent
Account No.] |
AAACS9939D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject act as an Electro Mechanicals Engineering Company |
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 830000 |
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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 records. 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 : |
Bussa Udyog Bhavan, Industrial Premises Cooperative Society Limited,
Gr Floor, Tokersey Jivraj Sewri West, Mumbai ; 400015, Maharashtra |
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Tel. No.: |
91-22-24177300 |
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Fax No.: |
91-22-24177331 |
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E-Mail : |
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Website : |
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Head Office : |
Bussa Udyog Bhavan, T.J.Road, Sewri (W), Mumbai - 400 015
Fax : 022 - 2417 7331 E-Mail : mumbai@sterlingwilson.com |
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Zonal Office: |
Zonal Office -
South No. 99, 3rd Floor,
4th 'B' Cross, 5th Block,
Koramangala Indl. Area, Tel : 080 - 4110
4915/16/17/18 Fax : 080 - 4110
4919 E-Mail : dg_blr@sterlingwilson.com Zonal Office -
North C 56/38, Sector
62, Institutional
Area, Noida - 201307 -
UP Tel : 0120 -
4071000 Fax : 0120 -
4071030 E-Mail : dg_delhi@sterlingwilson.com Zonal Office - East BG - 168, Sector
2, Kolkata - 700 091 Tel : 033 - 2358
6806 Fax : 033 - 2358
6806 E-Mail : dg_kolkata@sterlingwilson.com Zonal Office - West Bussa Udyog
Bhavan, T.J.Road, Sewri
(W), Mumbai - 400 015 Tel : 022 - 2417
7300 / 400 Fax : 022 - 2417
7331 E-Mail : dg_mumbai@sterlingwilson.com |
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Factory 1 : |
Survey No. 59, 343/1 Village kala, Kherdi, Khanvel Silvassa Tel : 0260 - 2677408 / 419 Fax : 0260 - 2677408 E-Mail : silvassa@sterlinggenerators.com |
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Branches : |
Chennai BG - 168, Sector
2, Kolkata - 700 091 Tel : 033 - 2358
6806 Fax : 033 - 2358
6806 E-Mail : dg_kolkata@sterlingwilson.com
Bussa Udyog
Bhavan, T.J.Road, Sewri
(W), Mumbai - 400 015 Tel : 022 - 2417 7300
/ 400 Fax : 022 - 2417
7331 E-Mail : dg_mumbai@sterlingwilson.com 158/4, Mangala
Apartments, Behind Panaji
Residency, Cortim, Panjim, Tel : 0832 - 309
0325 Fax : 0832 - 309
0325 E-Mail : dg_goa@sterlingwilson.com
Pune S P Infocity (IBM
Company) Satyapuram
Society, Fursungi, Pune - 412 308 Tel : 020 - 2698
0459 Fax : 020 - 2698
0459 E-Mail : dg_pune@sterlingwilson.com
Plot no. B-15,
Vikrampuri Colony, Bata Adjacent
Lane, Karkhana Picket, Secunderabad - 500
009 Tel : 040 - 2784
6300 / 5545 8220 Fax : 040 - 2784
6300 E-Mail : dg_hyd@sterlingwilson.com
122 B, Karunanidhi
Nagar Ramanathapuram, Tel : 040 - 2784
6300 / 5545 8220 Fax : 040 - 2784
6300 E-Mail : dg_cbe@sterlingwilson.com |
DIRECTORS
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Name : |
Mr. Zarine Yazdi Daruvala |
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Designation : |
Chairman cum Managing Director |
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Address : |
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Date of Birth/Age : |
17.12.1944 |
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Date of Appointment : |
06.03.1980 |
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Name : |
Mr. Khurhed Yazdi Daruvala |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
22.03.1960 |
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Date of Appointment : |
01.09.1993 |
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Name : |
Ms. Kersi Jehangirshaw Bhagat |
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Designation : |
Director |
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Address : |
Building No.1, Flat No.16, 3rd Floor Bhanbai Wadi Dadabhai
Rd Ville Parle (west) Mumbai;400056, |
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Date of Birth/Age : |
07.05.1935 |
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Date of Appointment : |
09.09.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Pillonji Shapoorji and Company Limited |
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60000 |
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Pallonji Shapoor Mistry |
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1200 |
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Khurshed Yazdi Darvaca |
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58790 |
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Zarine Yazdi Daruvaca |
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5 |
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Zemobia Farhaw Umwalla |
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5 |
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Zarine Yazdi Daruvaca jointly
with Khurshed Yazdi Daruvaca |
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24 |
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Zenobia Farhad Unwalla jointly with Khurshed Yazdi Daruvaca |
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24 |
BUSINESS DETAILS
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Line of Business : |
Subject act as an Electro Mechanicals Engineering Company |
GENERAL INFORMATION
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Customers : |
Apollo Tyres group Citi Bank Cipla Limited DelhiI Metro Rail Corporation Ltd. (DMRC) Dell Computers Daksh eServices Pvt. Ltd. Glenmark Pharmaceuticals Ltd. Hindustan Lever Group Hiranadani Group IBM Inox Leisure Ltd. Jubilant Group jcb Manufacturing Ltd. Lupin Ltd. McDonalds Metlife Insurance Micro Lab Limited PVR Group Raheja Group Ranbaxy Laboratories Ltd. Skoda Auto India Pvt. Ltd. TATA Group videsh sanchar nigam ltd. (vsnl) WEST SIDE STORES (TRENT LTD) WARTSILA INDIA LTD. |
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No. of Employees : |
Around 400 |
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Bankers : |
UTI Bank limited Nariman Point
Branch, UNION BANK OF Mumbai samachar
Marg Branch, Mumbai ICICI Bank
Limited |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kalyaniwalla and Mistry Chartered Accountant |
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Address : |
Kalpataru Heritage, |
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Associates/Subsidiaries : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Sahres |
Rs.100/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
120000 |
Equity Shares |
Rs.100/-
each |
Rs.12.000Millions |
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 |
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12.000 |
2.400 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
197.878 |
101.528 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
209.878 |
103.928 |
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LOAN FUNDS |
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1] Secured Loans |
|
25.576 |
28.346 |
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2] Unsecured Loans |
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44.615 |
24.950 |
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TOTAL BORROWING |
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70.191 |
53.296 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.227 |
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TOTAL |
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280.069 |
157.451 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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31.240 |
24.497 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
1.685 |
0.272 |
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DEFERREX TAX ASSETS |
|
2.465 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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62.018 |
41.023 |
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Sundry Debtors |
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501.399 |
315.339 |
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Cash & Bank Balances |
|
64.213 |
28.328 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
50.502 |
63.545 |
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Total
Current Assets |
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678.132 |
448.235 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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408.825 |
275.472 |
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Provisions |
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24.628 |
40.081 |
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Total
Current Liabilities |
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433.453 |
315.553 |
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Net Current Assets |
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244.679 |
132.682 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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280.069 |
157.451 |
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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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Other Income |
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1756.862 |
11791.184 |
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Total Income |
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1765.862 |
11791.184 |
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Profit/(Loss) Before Tax |
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167.649 |
80.632 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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167.649 |
80.632 |
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Export Turnover |
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77.368 |
120.147 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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1589.213 |
1098.552 |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
|
12.944 |
7.652 |
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Depreciation & Amortization |
|
6.501 |
4.127 |
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Total Expenditure |
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1608.658 |
1110.331 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
9.49 |
0.68 |
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Net Profit Margin (PBT/Sales) |
(%) |
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9.49 |
0.68 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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23.63 |
17.05 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.79 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
2.065 |
3.036 |
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Current Ratio (Current Asset/Current Liability) |
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1.56 |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
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This form is for |
Modification of charge |
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Charge
identification number of the charge to be modified |
10027970 |
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Corporate
identity number of the company |
U31200MH1974PTC017538 |
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Name of the
company |
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Address of the registered
office or of the principal place of
business in |
Bussa Udyog Bhavan, Industrial Premises Cooperative Society Limited,
Gr Floor, Tokersey Jivraj Sewri West, Mumbai ; 400015, Maharashtra |
|
Type of charge |
Immovable Property,
Movable Property (not being pledge), Others |
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Particular of
charge holder |
L65110GJ1993PLC020769 UTI Bank limited Nariman Point
Branch, |
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Nature of
description of the instrument creating or modifying the charge |
No instrument
Memorandum of entry (MOE) Equitable Mortqgage of Property By Deposit of Title
Deeds |
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Date of
instrument Creating the charge |
22.12.2006 |
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Amount secured by
the charge |
Rs.100.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As Specified Bank
form time to time Terms of
Repayment As Specified Bank
form time to time Margin As Specified Bank
form time to time Extent and
operation of the charge: The Terms Loan
Rs.100.000 Millions further secured by deposits of title deeds more
particularly described in seconds schedule to MOE relating to immovable Property
situated at Village Deonar, Taluka Kurla together with building and
structures constructed thereon and all plant and Machinery attached to the
earth or permanently fastened to anything attached to the earth, both present
and future. Others: -- |
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Short particulars
of the property charged |
a) Hypothecation by way of exclusive charge
on all present and future movable P &M, Furniture, fixture etc.
consisting of electrical testers equipments, tools etc. being movable properties
stored or installed at various sites, or in transit or elsewhere. b) Exclusive Charge by Equi. Mortgage by
depo. Of title deed relating to imm property viz: all that piece and parcel
of land adm. Ground 1807 sq.mtrs bearing CTS. No.275B of Village Deonar
Taluka Kurla, Off Govandi station rd, Mumbai-88 |
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Date of latest
modification prior to the present modification |
-- |
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Particulars of
the present modification |
Now vide this
modification, the credit facilities of Rs.100.000 Millions granted by UTI
Bank Limited, further secured by Exclusive charge by Equi. Mortgage by
deposit of title deed relating to immovable property viz. all that piece and
parcel of land measuring grounds 1807 sq.mtrs bearing CTS No.275B of Village
Deonar, Taluka Kurla Off Govandi station Rd Mumbai:88, together with factory
building, more particularly described in the 2nd Schedule t MOE. |
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Name of the company |
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Presented By |
UNION BANK OF Mumbai samachar
Marg Branch, Mumbai |
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1) Date and description of instrument creating the change |
Hypothecation (Goods) Agreement Dated:23rd Marc, 2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000
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 |
By way of
Hypothecation of stocks of Goods i.e, raw Materials, of every kind used for
their manufacturing activity including stores , spares parts etc., purchased
under L/C opened by the Bank and stored and / or lying in their premises or
godown/s at Mumbai or wherever else may be including stocks in the course of
transit from Docks ot Company Premises/ godown/ and/ or lying With their
agents |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest: Usual Margin :25% |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of |
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6) Date and brief description of instrument modifying the charge |
Supplementary
Agreement to SD-03 Hypothecation Agreement (SD-03(S)] |
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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. |
The original
charge dated 23rd March,2000 for Rs.10.000 Millions is herby modified
by granting and additional um of Rs.10.000 Millions thereby enhancing the
Inland Letter of Credit limits from Rs.10.000 Millions to Rs.20.000 Millions
and then security of hypothecated goods, products and movable property covered by the
Principal Hypothecation Agreement shall continue to be a security for the
Bank for the enhanced limit of Rs. 20.000 Millions together with interest at the rate of
12.75% per annum with monthly rests or such other rates as may be revised by
the Bank from time to time depending on the change in P.L.R or policy of the
Bank from time to time. |
As Per Web Site
About Them
Company is electromechanical engineering companies. Its range of activities cover HV and LV electrical systems, airconditioning systems, diesel generating sets, structured data cabling, integrated fire alarm systems, security systems, etc.
Company began in 1927 as Wilson Electric Works. With Shapoorji Pallonji acquiring a 51% stake in the company, the name was changed to Company Electricals.
Company has seen business grow exponentially in the past few years. Inspite of the rapid growth in operations, the core strength of the company delivering high quality projects within tight schedules at very competitive prices, has not been compromised. This has lead to The company receiving repeat business from nearly every customer they have worked with in the past 5 years.
The strength of The company can be gauged from he fact that
many competitors have been using the company to gain a competitive edge in the
market. Larsen & Toubro Limited, Skanska, JMC, Emass etc are working with
The company country wide. In fact, Shapoorji Pallonji constitutes only about
15% to the turnover of
Experience:
The company began as long back 1927, during a time when local contractors were few and the only standards to match were those set by electrical contractors from the west. Inspired by the vision of their founder, Meherwanji Daruvala, they set theirselves to match and even surpass these standards.
Over the next few decades they established theirselves as a
premier electrical contracting firm and helped shape the growth of Indian
Industry and infrastructure. With a view to play a lead role in the emergence
of a self-reliant
Thereafter, they took their expertise to the middle east
where they offered management expertise and technical know-how to several
foreign companies.Voltamp Electricals Ltd in Oman, Voltage Engineering Ltd in
Later, they were invited to handle the prestigious state
building within the Muscat Palace Complex and the Nizwa Stadium in
In a history that spans over 79 years, they have associated with almost every large business group in the country and handled projects in every sector: from airports and banks, to corporate offices and factories, to hotels and hospitals, and information technology and relating. In the last 3 years alone, they have completed over 200 projects and won repeat business and maintenance contracts from business groups like HLL, Reliance and the Tatas. They are proud to say that it is this wealth of experience that reflects in every job theydo, and which makes them the preferred choice for some of the most challenging projects in the country.
The Power of
Integrated Planning:
They view planning as a critical function, a prerequisite to the success of any project, large or small. To them, planning means pioneering new levels of professionalism into the industry and achieving standards which are nothing less than international. Needless to say, to deliver these standards, they have honed their systems to a high degree of sophistication - from concept to commissioning and material procurement to installation.
Adopting a precision-driven approach, they start by providing detailed working drawings created on CAD systems. They coordinate closely with other civil construction departments, to understand their requirements. And, they chalk out an implementation plan that commits to deliver and schedules.
Depending on the requirements of the project, they create an on-site office infrastructure comprising telephone lines, fax machine, a PC and an Autocad system for faster decision-making. And, for greater accuracy at every stage, you will find their documentation comprehensive, precise and updated.
Their Team
At the company,
their senior managers consitute some of the best minds in the industry:
stalwarts who bring a solutions-oriented approach to their jobs. Most of them
have been with them for over two decades; hence they have a sharp understanding
of customer requirements and carry a strong sense of accountability to their
projects. Their junior engineers are handpicked - from the finest institutions
and trained at some of the best engineering companies in
It is no coincidence that every project, big or small, enjoys the involvement of top management: a fact that sets them apart in their field. On-site, their personnel are fully empowered to take critical decisions. Led by a Project Manager, the team comprises experienced Engineers, Supervisors, Electricians and other fully dedicated support staff picked for their project-relevant experience. Augmenting their technical skills is a customer-oriented attitude that forms the very essence of their work culture, helps to create a productive environment and leaves a lasting impression with customers.
Some of the projects executed in India by the Company:
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.60 |
|
|
1 |
Rs.80.65 |
|
Euro |
1 |
Rs.54.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|