MIRA
INFORM REPORT
|
Report Date : |
06.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
STERLING AND WILSON LIMITED (w.e.f. 08.09.2009) |
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Formerly Known
As : |
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Registered
Office : |
9th Floor, Universal Magnetic, L.P. Lokhande Marg, Chembur,
Mumbai – 400043, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
13.06.1974 |
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Com. Reg. No.: |
11-017538 |
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Capital
Investment / Paid-up Capital : |
Rs.160.360
Millions |
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CIN No.: [Company Identification
No.] |
U31200MH1974PLC017538 |
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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 : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Company is engaged in the business of Mechanical, Electricals and
Plumbing and Fire-fighting (collectively known as ‘MEP’ segment). |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in 1974 as a private limited company under
the name “Sterling and Wilson Electricals Private Limited”. Later on June 27,
2007, the name was changed to “Sterling and Wilson Private Limited”;
Subsequently the company was converted into a public limited company on
September 08, 2009 and its legal name was changed to its present name. It is a well-established and leading Electro-Mechanical company in
India, subsidiary of Shapoorji Pallonji and Company Limited having fine track
record. The management has reported consecutive losses for past two years
which has further deteriorated the position of reserve during 2013. However, the general financial position of the company appears to be
strong. Trade relations are decent. Business is active. Payment terms are
reported as regular and as per commitments. In view of established position and proven track as engineering, procurement
and construction player and strong parentage the subject can be considered
for business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limits = A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
November 2013 |
|
Rating Agency Name |
ICRA |
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Rating |
Non Fund Based Limits = A1 |
|
Rating Explanation |
Very strong degree of safety and lowest credit
risk |
|
Date |
November 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non-Cooperative (Tel
No.: 91-22-25485300)
LOCATIONS
|
Registered / Head Office : |
9th Floor, Universal Magnetic, L.P. Lokhande Marg, Chembur,
Mumbai – 400043, Maharashtra, India |
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Tel. No.: |
91-22-25485300 |
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Fax No.: |
91-22-25485331 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
Kasturi Building, Sanghavi Industrial Estate, Govandi Station Road,
Govandi (East), Mumbai - 400088, Maharashtra, India |
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Tel. No.: |
91-22-25485300 |
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Fax No.: |
91-22-25485331 / 352 |
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E-Mail : |
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Area : |
5000 Sq.fts |
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Location : |
Owned |
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Factory : |
Survey No. 59, 343/1, Village Kala, Kherdi, Khanvel, Silvassa, U.T.
of Dadra and Nagar Haveli |
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Tel. No.: |
91-260-2677408 / 419 |
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Fax No.: |
91-260-2677408 |
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E-Mail : |
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International Office: |
FZE P.O. BOX 54811, DFZA, Dubai |
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Tel. No.: |
009714 6091 050 |
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Fax No.: |
007914 6091 051 |
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Zonal Office : |
Located at ·
C 56/38, Sector 62, Institutional Area, Noida – 201307, Uttar Pradesh, India Tel. No.:91-120-4071000 Fax No.:91-120-4071030 / 31 · Bangalore · Kolkata ·
Mumbai |
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Branch Office : |
Located at: · Chennai · Baroda · Goa · Pune · Hyderabad ·
Hyderabad |
DIRECTORS
As on 27.09.2013
|
Name : |
Zarine Yazdi Daruvala |
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Designation : |
Director |
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Address : |
613, Dinshaw Mody
Building, Jame Jamsed Road, Parsi Colony, Dadar, Mumbai – 400014,
Maharashtra, India |
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Date of Birth/Age : |
17.12.1944 |
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Qualification : |
B. Com |
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Date of Appointment : |
06.03.1980 |
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PAN No.: |
AECPD6525K |
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DIN No.: |
00190585 |
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Name : |
Khurshed Yazdi Daruvala |
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Designation : |
Director |
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Address : |
613, Dinshaw
Mody Building, Jame Jamsed Road, Parsi Colony, Dadar, Mumbai – 400014,
Maharashtra, India |
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Date of Birth/Age : |
22.03.1969 |
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Qualification : |
B. Com, ACA |
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Date of Appointment : |
01.09.1993 |
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PAN No.: |
AACPD7565R |
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DIN No.: |
00216905 |
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Name : |
Mr. Jimmy Jehangir Parakh |
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Designation : |
Director |
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Address : |
508, Sterling Tower, Harish Chandra, Goregaonkar Marg, Gamdevi, Mumbai
– 400007, Maharashtra, India |
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Date of Birth/Age : |
17.12.1949 |
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Qualification : |
B. Com |
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Date of Appointment : |
29.09.2008 |
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DIN No.: |
00004945 |
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Name : |
Mr. Jonathan Richard Vanica |
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Designation : |
Director |
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Address : |
Flat B, 7/F, 3 South Bay Close, South Bay, Hong Kong |
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Date of Birth/Age : |
29.10.1973 |
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Date of Appointment : |
12.08.2008 |
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DIN No.: |
06512304 |
KEY EXECUTIVES
|
Name : |
Mr. Hariharan Kalpathy |
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Designation : |
Secretary |
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Address : |
No.6, Forward House, Building No.1, Wadala, Mumbai – 400031,
Maharashtra, India |
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Date of Birth/Age : |
26.01.1952 |
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Date of Appointment : |
28.02.2008 |
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PAN No.: |
AAAPH9627C |
MAJOR SHAREHOLDERS
As on 27.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Pallonji S. Mistry |
|
144000 |
|
Shapoorji Pallonji Mistry and Company limited, India |
|
8836000 |
|
Khurshed Y. Daruvala |
|
5231865 |
|
GS Strategic Investments, Mauritius |
|
1824095 |
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Zarir Madan |
|
10 |
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Pervin Z Madan |
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10 |
|
Kainaz K. Daruvala |
|
20 |
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Total |
|
16036000 |
Equity Share Break up (Percentage of Total Equity)
As on 27.09.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
11.00 |
|
Bodies corporate |
56.00 |
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Directors or relatives of Directors |
33.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of Mechanical, Electricals and
Plumbing and Fire-fighting (collectively known as ‘MEP’ segment). |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information denied by management |
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Bankers : |
Union Bank of India-Lead Bank of Union Bank Consortium,
Industrial Finance Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai –
400023, Maharashtra, India |
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Facilities : |
Details
of the security and repayment terms : a.
Working capital demand loan from
State Bank of India, Axis bank, HSBC Bank and ICICI Bank is secured by hypothecation
of book debts and first charge on fixed assets of the Company carrying an
interest ranging from 11.75% to 12.5% p.a repayable within a period ranging
from seven days to three months. b.
Cash credit facility from State Bank
of India, Union Bank of India, Yes Bank, Axis Bank and ICICI Bank is secured
by hypothecation of book debts and first charge on fixed assets of the
Company, ranking pari pasu. Cash credit facility from the banks carries
interest rate ranging from 12% to 13.5% p.a., on monthly basis on actual
amount utilised, and are repayable on demand. c.
Buyer’s credit facility is secured by
hypothecation of book debts and first charge on fixed assets of the Company,
ranking pari pasu carrying an interest ranging from Eurobor plus 60 basis point
to libor plus 130 basis point. d.
Unsecured loan from DBS, Citi Bank,
Axis Bank and Kotak Mahindra is repayable within six months to one year with
a roll over ranging from one week to three months carrying an interest
ranging from 12.5% to 13.5% p.a. e.
Unsecured loans from a director and
holding company carries an interest rate of 12% p.a and 12.75% respectively
and are repayable on demand. f.
The Company had taken an
Inter-Corporate deposit from HDFC Bank Limited which carried an interest rate
of 14.5% p.a and was repaid within 293 days and from Indostar Capital Private
Limited at an interest rate of 12.60% and was repaid within 160 days of
borrowing. Details
of the security and repayment terms : a.
Working capital facility from State
Bank of India and ICICI Bank is secured by hypothecation of book debts and
first charge on fixed assets of the Company carrying an interest ranging from
11% to 12.5% p.a repayable within a period ranging from seven days to three
months. b.
Cash credit facility from Union Bank
of India, Yes Bank and ICICI Bank is secured by hypothecation of book debts
and first charge on fixed assets of the Company, ranking pari pasu. Cash
credit facility from the banks carries interest rate ranging from 12% to
13.5% p.a., compounded on monthly basis on actual amount utilised, and are
repayable on demand. c.
Working capital facility from
Barclays Bank Plc carrying an interest ranging 11% to 12% from is guaranteed
by the Joint Managing director of the Company and is repayable on demand. d.
Buyers credit facility is secured by
hypothecation of book debts and first charge on fixed assets of the Company,
ranking pari pasu carrying an interest ranging from 11% to 13%. e.
Unsecured loan from Axis Bank, DBS, Kotak
Mahindra and Citibank is repayable within six months to one year with a roll
over ranging from one week to three months carrying an interest ranging from
11% to 13% p.a. f.
The Company has taken Inter-Corporate
deposit from HDFC Bank Limited which carries an interest rate of 13.5% p.a is
repayable within 84 days with and eqivalent roll over period. g.
Unsecured loan from a director
carries an interest rate of 11% p.a and is repayable on demand |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 1st
Floor, Apollo Mills Compound, N M Joshi Marg, Mahalakshmi, Mumbai - 400011 |
|
PAN No.: |
AAIFB7355D |
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Holding Company : |
·
Shapoorji Pallonji and Company Limited CIN No.: U45200MH1943PLC003812 |
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Subsidiaries : |
·
Range Consultants Private Limited CIN No.: U72200DL2002PTC114999 ·
Sterling and Wilson International FZE |
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|
Fellow
Subsidiary company : |
·
Bengal Shapoorji Housing Development Private
Limited CIN No.: U65990MH1988PTC049619 ·
Delsys Infotech Private Limited CIN No.: U29300MH1992PTC065843 ·
S D Corporation Private Limited CIN No.: U70109MH1998PTC116091 ·
Sterling and Wilson Powergen Private Limited CIN No.: U70100MH1995PTC088637 ·
Sterling and Wilson Security Systems Private
Limited CIN No.: U31908MH2012PTC233374 ·
Sterling Generators Private Limited CIN No.: U99999MH1995PTC085899 ·
Transtle Systems Private Limited CIN No.: U51395MH1991PTC060681 |
CAPITAL STRUCTURE
As on 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
Rs.10/- each |
Rs.180.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16036000 |
Equity Shares |
Rs.10/- each |
Rs.160.360
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
160.360 |
160.360 |
160.360 |
|
(b) Reserves & Surplus |
1,792.616 |
1,983.465 |
2,316.656 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1,952.976 |
2,143.825 |
2,477.016 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
175.582 |
131.673 |
135.661 |
|
Total Non-current Liabilities (3) |
175.582 |
131.673 |
135.661 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3,199.224 |
3,056.049 |
2,404.182 |
|
(b) Trade payables |
5,513.897 |
5,354.021 |
4,097.421 |
|
(c) Other current
liabilities |
3,540.520 |
2,056.542 |
1,350.565 |
|
(d) Short-term provisions |
21.757 |
21.028 |
30.714 |
|
Total Current Liabilities (4) |
12,275.398 |
10,487.640 |
7,882.882 |
|
|
|
|
|
|
TOTAL |
14,403.956 |
12,763.138 |
10,495.559 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
413.347 |
437.446 |
278.102 |
|
(ii) Intangible Assets |
45.430 |
65.606 |
75.156 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
20.801 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
60.870 |
60.870 |
60.870 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
22.110 |
|
(d) Long-term Loan and Advances |
983.954 |
651.330 |
323.064 |
|
(e) Other Non-current assets |
4.494 |
8.966 |
10.063 |
|
Total Non-Current Assets |
1,508.095 |
1,224.218 |
790.166 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.159 |
0.159 |
0.159 |
|
(b) Inventories |
740.757 |
945.047 |
957.544 |
|
(c) Trade receivables |
8,096.927 |
7,106.687 |
4,224.554 |
|
(d) Cash and cash
equivalents |
54.506 |
47.855 |
195.066 |
|
(e) Short-term loans and
advances |
738.280 |
644.140 |
479.580 |
|
(f) Other current assets |
3,265.232 |
2,795.032 |
3,848.490 |
|
Total Current Assets |
12,895.861 |
11,538.920 |
9,705.393 |
|
|
|
|
|
|
TOTAL |
14,403.956 |
12,763.138 |
10,495.559 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
15,004.148 |
15,603.381 |
12200.899 |
|
|
|
|
Other Income |
127.087 |
124.363 |
68.609 |
|
|
|
|
TOTAL (A) |
15,131.235 |
15,727.744 |
12,269.508 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
12,723.231 |
13,801.488 |
8744.154 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
166.357 |
(2.096) |
(260.149) |
|
|
|
|
Employee Benefits Expenses |
1,257.160 |
1,145.550 |
977.579 |
|
|
|
|
Other Expenses |
512.563 |
589.187 |
2193.977 |
|
|
|
|
TOTAL (B) |
14,659.311 |
15,534.129 |
11,655.561 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
471.924 |
193.615 |
613.947 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
532.012 |
408.536 |
239.529 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(60.088) |
(214.921) |
374.418 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
119.902 |
100.298 |
72.656 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(179.990) |
(315.219) |
301.762 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
12.860 |
17.972 |
105.388 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(192.850) |
(333.191) |
196.374 |
||
|
|
|
|
|
|
||
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1115.800 |
1449.000 |
1283.986 |
||
|
|
|
|
|
|
||
|
|
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
22.000 |
|
|
|
|
Dividend |
0.000 |
0.000 |
8.000 |
|
|
|
|
Tax on Dividend |
0.000 |
0.000 |
1.400 |
|
|
|
BALANCE CARRIED
TO THE B/S |
924.900 |
1115.800 |
1448.960 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
138.502 |
46.976 |
377.977 |
|
|
|
TOTAL EARNINGS |
138.502 |
46.976 |
377.977 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
491.791 |
595.128 |
1250.097 |
|
|
|
TOTAL IMPORTS |
491.791 |
595.128 |
1250.097 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
(11.90) |
(20.78) |
12.25 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(1.27) |
(2.12) |
1.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.20) |
(2.02) |
2.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.25) |
(2.48) |
2.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.09) |
(0.15) |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.64 |
1.43 |
0.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05 |
1.10 |
1.23 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
160.360 |
160.360 |
160.360 |
|
Reserves & Surplus |
2316.656 |
1983.465 |
1792.616 |
|
Net
worth |
2477.016 |
2143.825 |
1952.976 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
2404.182 |
3056.049 |
3199.224 |
|
Total
borrowings |
2404.182 |
3056.049 |
3199.224 |
|
Debt/Equity
ratio |
0.971 |
1.426 |
1.638 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
12,200.899 |
15,603.381 |
15,004.148 |
|
|
|
27.887 |
(3.840) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
12,200.899 |
15,603.381 |
15,004.148 |
|
Profit |
196.374 |
(333.191) |
(192.850) |
|
|
1.61% |
(2.14%) |
(1.29%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long term debt |
0.000 |
0.000 |
0.000 |
|
Total |
0.000 |
0.000 |
0.000 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Term loans from banks |
59.602 |
23.076 |
|
Term loans from others |
796.000 |
350.000 |
|
Total |
855.602 |
373.076 |
BACKGROUND
The Company is one of India’s leading MEP services company with a pan
India presence and international operations in Africa.
The Company is specialized in complete turn-key solutions, offering a
large spectrum of services like Electrical Contracting, heat ventilation and
air-conditioning systems, Public health and Safety, LV systems, EPC
contracting, Solar EPC and Data Centre solutions with having experience of
executing more than 3000 projects.
The Company was established in 1927 as Wilson Electric Works. The
Company was renamed as Sterling and Wilson Electricals Private Limited in 1974
and subsequently as Sterling and Wilson Private Limited in Financial Year 2007.
The name has been changed to Sterling and Wilson Limited on 24 June 2009.
Sterling and Wilson Limited is a subsidiary of Shapoorji Pallonji and
Company limited, effective from 17 April 2008.
The Company is one of India’s leading MEP services company with a pan
India presence and international operations in Africa.
The Company is specialized in complete turn-key solutions, offering a
large spectrum of services like Electrical Contracting, heat ventilation and
air-conditioning systems, Public health and Safety, LV systems, EPC
contracting, Solar EPC and Data Centre solutions with having experience of
executing more than 3000 projects.
The Company was established in 1927 as Wilson Electric Works. The
Company was renamed as Sterling and Wilson Electricals Private Limited in 1974
and subsequently as Sterling and Wilson Private Limited in Financial Year 2007.
The name has been changed to Sterling and Wilson Limited on 24 June 2009.
Sterling and Wilson Limited is a subsidiary of Shapoorji Pallonji and
Company limited, effective from 17 April 2008.
OVERVIEW OF
PERFORMANCE
The Global stagnation and domestic uncertainties coupled with unabated inflation sliding Rupee and high interest rates have cumulatively depressed the process of investments in all segments of the market The monetary measures initiated by the Government to contain the inflationary pressures and the consequent severe paucity of liquidity have reversed the pace of growth in all segments of the market
This reversal in trend has severely impacted not only fresh investments in all segments of the traditional market but has also outstretched the pace of implementation of projects under execution resulting in squeeze on cash flows and erosion of margins The only silver lining in the midst of this gloom is the Company’s strategic foray into ?Solar Energy? and executing a Solar Power Plant of 36 MW in record time during the year This has enabled it to maintain its turnover though marginally lower by 35%over the last fiscal The Company’s policy to focus on orders with better value addition has enabled the Company to improve its operating profits for the year by 150% as compared to last year However the whooping interest cost due to high bank rates and dependence on borrowings has wiped off this advantage and the year ended with a net loss of Rs.19080.000 Millions against net loss of Rs.33310.000 Millions last year
OUTLOOK FOR 2013-14
The year under review has closed with a robust order book at Rs.18220.000 Millions up by 20% as compared to last year in an otherwise ambiguous and uncertain environment and the company expects to achievea modest growth in turnover during 2013-14 The slew of measures initiated during thelast couple of years including focus on orders with better margins optimum utilization of resources planning for commodity procurement cash flow management cost controls etc are expected to contribute positively to the bottom line
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10438784 |
18/07/2013 |
1,400,000,000.00 |
Union
Bank of India |
Industrial
Finance Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai, Maharashtra -
400023, India |
B80378490 |
|
2 |
10329364 |
13/01/2012 |
700,000,000.00 |
ICICI
BANK LIMITED |
Landmarkrace
Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
B29752102 |
|
3 |
10331805 |
15/12/2011 |
2,000,000,000.00 |
Axis
Bank Limited |
Trishul
3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad,
Gujarat - 380006, India |
B30569313 |
|
4 |
10196418 |
14/01/2010 |
270,000,000.00 |
State
Bank of India |
Commercial
Branch (Advances), NGN Vaidya Marg, Bank Street, Horniman Circle, Mumbai,
Maharashtra |
A77377786 |
|
5 |
10197028 |
14/01/2010 |
270,000,000.00 |
State
Bank of India |
Commercial
Branch (Advances), NGN Vaidya Marg, Bank Street, Horniman Circle, Mumbai,
Maharashtra |
A77559540 |
|
6 |
10181814 |
26/11/2012 * |
11,500,000,000.00 |
Union
Bank of India - Lead Bank of Union Bank Cons |
Industrial
Finance Branch,, 66/80, Mumbai Samachar Marg, Fort,, Mumbai, Maharashtra -
400023, India |
B64409808 |
|
7 |
10163478 |
24/06/2009 |
850,000,000.00 |
ICICI
BANK LIMITED |
Landmarkrace
Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
A64265051 |
|
8 |
10155213 |
04/04/2009 |
650,000,000.00 |
Union
Bank of India |
Mumbai
Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai, Maharashtra
- 400023, India |
A61163002 |
|
9 |
10124061 |
18/09/2008 |
250,000,000.00 |
Barclays
Bank Plc |
801/808,
Ceejay House, Shivsagar Estate,, Dr. Annie Besant Road, Worli, Mumbai,
Maharashtra - 400018, India |
A46813713 |
|
10 |
10043411 |
24/03/2008 * |
850,000,000.00 |
ICICI
BANK LIMITED |
Landmarkrace
Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
A43743913 |
|
11 |
90240667 |
15/06/2009 * |
250,000,000.00 |
Union
Bank of India |
Mumbai
Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai, Maharashtra
- 400023, India |
A64933468 |
|
12 |
80007288 |
19/12/2006 * |
300,000,000.00 |
Union
Bank of India |
Mumbai
Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai, Maharashtra
- 400023, India |
- |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
NEWS
STERLING AND WILSON TOP SOLAR EPC PLAYER
Chennai, Jan. 21:
Sterling & Wilson, part of the Shapoorji Pollonji group, has been
ranked the top solar engineering, procurement and construction (EPC) company in
India by the Hong Kong-based IHS Research,
a market research firm. IHS’s latest ‘Epc and integrator market share and
project market tracker’ report lists Sterling & Wilson among the top 20
solar EPC companies in the world. The India and global lists put the company
ahead of well-entrenched Indian solar EPC players such as L&T ECC Solar,
Mahindra EPC and Moser Baer. Sterling & Wilson has built over 200 MW of
solar projects in India, and is currently executing various projects in Tamil
Nadu and Andhra Pradesh totalling around 60 MW.
STERLING AND WILSON COMMISSIONS LARGEST SOLAR
POWER PROJECT UNDER REC SCHEME
Climate Connect, 01 April 2013,
New Delhi: Giriraj Enterprises, Pune based conglomerate, with interests in
FMCG, amusement, hospitality and Wind power today announced that it is foraying
into solar power by putting up 33 MW plant under REC mechanism in Rajasthan.
This project shall generate around 53 thousand solar RECs and hence satiate
tremendous demand which exists for Solar RECs. This project will instil much
needed investor faith in this market mechanism and will aid various obligated
entities to meet solar RPOs, which as per sources will be strictly enforced
with heavy penalties for non-compliance in the coming times.
Giriraj Enterprises has chosen
Sterling and Wilson as their Engineering, Procurement and Construction (EPC)
and Sunrays Power Solutions Private Limited. As their Project Management
Consultant (PMC) for this project. Rajesh Malpani, Director, Malpani Group
mentions “As this is our first foray into this exciting field, our major consideration
was to choose a partner with proven track record and resource mobilisation
capabilities. After several rounds of discussions Sterling and Wilson proved to
be a synergistically fit partner for us”.
This ground mounted solar plant
based on state of the art technology and world class engineering will create
favourable impact on environment by off-setting approximately 47,520 tonnes of
CO2 every year, enabling India to achieve long term targets under NAPCC. Power
generated will be sold to local discom at APCC bridging demand supply gap in
the state. The power generated is equivalent to providing green electricity to
more than 1 lac rural households across the state.
Sterling and Wilson’s Solar Head Mr.
Bikesh Ogra also mentions “We have developed highly capable decentralised
in-house design teams over the past 2 years, which coupled with existing
execution teams puts us in a very good spot as a premium and largest pure play
solar EPC company in the country. We are now looking to execute more than 200
MW capacity of Solar PV in FY2013-14 by Facebook 0 0 Twitter 0 Google +1 Short
URL http://eepurl.com/xuHIf Subscribe Share Past Issues Translate developing
Solar Parks across various states in country including Rajasthan, Madhya
Pradesh, Andhra Pradesh and Tamil Nadu.”
INDIA'S STERLING AND WILSON BETS BIG ON SOLAR, EYES SAUDI MARKET
Eng. Bikesh Ogra, president of solar for Sterling and Wilson
Limited, speaks to Eco-Business on why renewable energy is a massive
opportunity for countries that struggle with fossil fuel dependence.
The 36-megawatt solar power plant in Rajasthan, India, is the largest solar project under the Indian government's Renewable Energy Certificate mechanism. Image: Sterling and Wilson
Engineer Bikesh Ogra has led the growth of the solar business of Indian firm Sterling and Wilson Limited since it started in 2010. Established in the power sector for nearly 90 years, Sterling and Wilson originated as a family business known as Wilson Electric Works. It is this decades of experience in the power sector that has enabled the firm to break into the solar market in India.
The company has been providing services in electricals, HVAC (or heating, ventilation and air conditioning), transmission and distribution, and low voltage systems, among others. It has added these different services throughout the years, building on its core expertise in electricals and by catering to the growth of the private sector in India. Some of its clients include Citibank, Dell, Intel, Siemens, Rustomjee Natraj IT Park, Supreme Tower, Lulu International Mall, and Holiday Inn.
In 2010, Sterling and Wilson decided to branch out to solar as the Indian government became more accepting of renewable energy, creating favourable policies to support the solar industry. Eng. Ogra, in particular, noted the strong demand for solar energy in the country, which was rising on the back of a ballooning population and burgeoning economy that needed energy that is not vulnerable to the changing oil and gas prices of the world market. Energy security is still a challenge in India, and the firm recognised the government’s initiative to address this, as well as the need to attain sustainable growth and combat climate change.
STERLING AND WILSON TOP SOLAR EPC PLAYER
Sterling & Wilson, part of the Shapoorji Pollonji group, has been ranked the top solar engineering, procurement and construction (EPC) company in India by the Hong Kong-based IHS Research, a market research firm. IHS’s latest ‘Epc and integrator market share and project market tracker’ report lists Sterling & Wilson among the top 20 solar EPC companies in the world. The India and global lists put the company ahead of well-entrenched Indian solar EPC players such as L&T ECC Solar, Mahindra EPC and Moser Baer. Sterling & Wilson has built over 200 MW of solar projects in India, and is currently executing various projects in Tamil Nadu and Andhra Pradesh totalling around 60 MW.
SHAPOORJI PALLONJI GROUP LED STERLING AND WILSON WINS THE BEST SOLAR
EPC COMPANY AWARD
August 7, 2013
Sterling and Wilson Limited, a Shapoorji Pallonji Group company, has been awarded as the Best Solar EPC Company at the Energize Awards, instituted to recognize those organizations and individuals, who have made a difference to India’s energy sector.
This Award was organized and evaluated by Ernst and Young.
On receiving the award, Mr. Khurshed Daruvala, MD, Sterling and Wilson said, “We have been a part of the Indian power sector for over a decade and we take great pride in receiving this award. Our engineering expertise and on time project execution skills has always been our forte in staying ahead of the competition”.
Over a period of 3 years, Sterling and Wilson has a solar portfolio of 22 projects of over 300 MW of which 150 MW is under execution.
STERLING AND WILSON WINS THE ‘BEST SOLAR EPC COMPANY’ AWARD
Press Release: Sterling and Wilson Limited, a Shapoorji Pallonji Group company, was awarded as the Best Solar EPC Company at the Energize Awards on July 25, 2013. Energize awards is instituted to recognize those organizations and individuals, who have made a difference to India’s energy sector. This Award was organized and evaluated by Ernst & Young.
On receiving the award, Mr. Khurshed Daruvala, Managing Director, Sterling and Wilson said, “We have been a part of the Indian power sector for over a decade and we take great pride in receiving this award. Our engineering expertise and on time project execution skills has always been our forte in staying ahead of the competition”.
Over a period of 3 years, Sterling and Wilson has a solar portfolio of 22 projects of over 300 MW of which 150 MW is under execution.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.87 |
|
|
1 |
Rs.102.67 |
|
Euro |
1 |
Rs.81.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
53 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.