MIRA INFORM REPORT
|
Report Date : |
28.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
STERLING AND WILSON LIMITED (w.e.f. 08.09.2009) |
|
|
|
|
Formerly Known
As : |
STERLING AND WILSON PRIVATE LIMITED (27.06.2007) STERLING AND WILSON ELECTRICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
9th Floor, Universal Magnetic, L.P. Lokhande Marg, Chembur,
Mumbai – 400043, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
13.06.1974 |
|
|
|
|
Com. Reg. No.: |
11-017538 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.160.360
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31200MH1974PLC017538 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Mums48651B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS9939D |
|
|
|
|
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). |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7800000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
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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 on 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
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that accounts
for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is
the main reason for this overall IT cut. A Reserve Bank of India committee has
recommended setting up a special category of lenders who would cater to small
businesses and households, to expand the number of customers with access to
banking services. These banks would focus onproviding payment services and
deposit products. Indian banks want the free use of automated teller
machines to be capped at five transactions in a month including that of the
bank in which the account is active. This follows state government order to
banks to install security guards at ATM booths after a woman banker was
assaulted in Bangalore. The government is likely to present a vote on Account in
mid-February. The annual Economic Survey will be tabled later in Parliament
along with the full Budget. A full Budget for 2014/15 is likely to be present
in July by the new government formed after the General Election. The government
will soon launch an internet spy system, called Netra, to detect malafide
messages. Security agency will deploy the system to capture dubious voice
traffic on applications such as Skype and Google Talk, as well as tweeters.
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 |
|
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
31-03-2012.
INFORMATION DENIED
Management Non-Cooperative (Tel
No.: 91-22-254853010)
LOCATIONS
|
Registered / Head Office : |
9th Floor, Universal Magnetic, L.P. Lokhande Marg, Chembur,
Mumbai – 400043, Maharashtra, India |
|
Tel. No.: |
91-22-25485300 |
|
Fax No.: |
91-22-25485331 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Kasturi Building, Sanghavi Industrial Estate, Govandi Station Road,
Govandi (East), Mumbai - 400088, Maharashtra, India |
|
Tel. No.: |
91-22-25485300 |
|
Fax No.: |
91-22-25485331 / 352 |
|
E-Mail : |
|
|
Area : |
5000 Sq.fts |
|
Location : |
Owned |
|
|
|
|
Factory : |
Survey No. 59, 343/1, Village Kala, Kherdi, Khanvel, Silvassa,
U.T. of Dadra and Nagar Haveli |
|
Tel. No.: |
91-260-2677408 / 419 |
|
Fax No.: |
91-260-2677408 |
|
E-Mail : |
|
|
|
|
|
International Office: |
FZE P.O. BOX 54811, DFZA, Dubai |
|
Tel. No.: |
009714 6091 050 |
|
Fax No.: |
007914 6091 051 |
|
|
|
|
Zonal Office : |
Located at
Tel. No.:91-120-4071000 Fax No.:91-120-4071030 / 31
|
|
|
|
|
Branch Office : |
Located at:
|
DIRECTORS
As on 27.09.2013
|
Name : |
Zarine Yazdi Daruvala |
|
Designation : |
Director |
|
Address : |
613, Dinshaw
Mody Building, Jame Jamsed Road, Parsi Colony, Dadar, Mumbai – 400014,
Maharashtra, India |
|
Date of Birth/Age : |
17.12.1944 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
06.03.1980 |
|
PAN No.: |
AECPD6525K |
|
DIN No.: |
00190585 |
|
|
|
|
Name : |
Khurshed Yazdi Daruvala |
|
Designation : |
Director |
|
Address : |
613, Dinshaw
Mody Building, Jame Jamsed Road, Parsi Colony, Dadar, Mumbai – 400014,
Maharashtra, India |
|
Date of Birth/Age : |
22.03.1969 |
|
Qualification : |
B. Com, ACA |
|
Date of Appointment : |
01.09.1993 |
|
PAN No.: |
AACPD7565R |
|
DIN No.: |
00216905 |
|
|
|
|
Name : |
Mr. Jimmy Jehangir Parakh |
|
Designation : |
Director |
|
Address : |
508, Sterling Tower, Harish Chandra, Goregaonkar Marg, Gamdevi, Mumbai
– 400007, Maharashtra, India |
|
Date of Birth/Age : |
17.12.1949 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
29.09.2008 |
|
DIN No.: |
00004945 |
|
|
|
|
Name : |
Mr. Jonathan Richard Vanica |
|
Designation : |
Director |
|
Address : |
Flat B, 7/F, 3 South Bay Close, South Bay, Hong Kong |
|
Date of Birth/Age : |
29.10.1973 |
|
Date of Appointment : |
12.08.2008 |
|
DIN No.: |
06512304 |
KEY EXECUTIVES
|
Name : |
Mr. Hariharan Kalpathy |
|
Designation : |
Secretary |
|
Address : |
No.6, Forward House, Building No.1, Wadala, Mumbai – 400031,
Maharashtra, India |
|
Date of Birth/Age : |
26.01.1952 |
|
Date of Appointment : |
28.02.2008 |
|
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 |
|
Zarir Madan |
|
10 |
|
Pervin Z Madan |
|
10 |
|
Kainaz K. Daruvala |
|
20 |
|
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 |
|
Directors or relatives of Directors |
33.00 |
|
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 : |
|
GENERAL INFORMATION
|
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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|
||||||||||||||||||
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Facilities : |
Details
of the security and repayment terms :
Details
of the security and repayment terms :
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 1st
Floor, Apollo Mills Compound, N M Joshi Marg, Mahalakshmi, Mumbai - 400011 |
|
PAN No.: |
AAIFB7355D |
|
|
|
|
Holding Company : |
CIN No.: U45200MH1943PLC003812 |
|
|
|
|
Subsidiaries : |
CIN No.: U72200DL2002PTC114999
|
|
|
|
|
Fellow
Subsidiary company : |
CIN No.: U65990MH1988PTC049619
CIN No.: U29300MH1992PTC065843
CIN No.: U70109MH1998PTC116091
CIN No.: U70100MH1995PTC088637
CIN No.: U31908MH2012PTC233374
CIN No.: U99999MH1995PTC085899
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 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 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.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
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.