MIRA INFORM REPORT
|
Report Date : |
10.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
STERLING AND WILSON LIMITED (w.e.f. 08.09.2009) |
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|
|
|
Formerly Known
As : |
STERLING AND WILSON PRIVATE LIMITED (27.06.2007) STERLING AND WILSON ELECTRICALS PRIVATE LIMITED |
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|
Registered
Office : |
9th Floor, Universal Magnetic, L.P. Lokhande Marg, Chembur,
Mumbai – 400043, Maharashtra |
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Country : |
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|
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
13.06.1974 |
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|
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Com. Reg. No.: |
11-017538 |
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|
Capital
Investment / Paid-up Capital : |
Rs.660.360
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31200MH1974PLC017538 |
|
|
|
|
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) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limits : |
USD 10000000 |
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|
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
The company possesses an acceptable financial profile marked by
adequate networth base along with working capital intensity of operations
owing to historically stretched receivables position which has had an impact
on the company’s liquidity position. Management has achieved a sufficient operating income and net
profitability during FY 14, as against a previous year losses. The ratings also take into consideration, the high competitive
pressures in the industry, and the intent of the management to go for IPO
which may comfort the liquidity to certain extent. Trade relations are favourable. 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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
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 |
|
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 |
|
Tel. No.: |
91-22-25485300 |
|
Fax No.: |
91-22-25485331 / 352 |
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E-Mail : |
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Area : |
5000 Sq.fts |
|
Location : |
Owned |
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Factory : |
Survey No. 59, 343/1, Village Kala, Kherdi, Khanvel, Silvassa,
U.T. of Dadra and Nagar Haveli |
|
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 |
|
Tel. No.: |
009714 6091 050 |
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Fax No.: |
007914 6091 051 |
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|
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|
Zonal Office : |
Located at:
Tel. No.:91-120-4071000 Fax No.:91-120-4071030 / 31
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Branch Office : |
Located at:
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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 |
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|
|
|
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 / SHAREHOLDING PATTERN
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 : |
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GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
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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 N Income-tax PAN of auditor or auditor's firm : |
AAIFB7355D |
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Holding company: |
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Subsidiaries,
direct holding: |
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Jointly controlled
entity, indirect holding: |
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Fellow
subsidiaries: |
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Joint venture: |
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Entities over which
key managerial person or their relatives exercise control: |
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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 |
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
Rs.10/- each |
Rs. 180.000 Millions |
|
500000 |
Preference Shares |
Rs.1000/- each |
Rs. 500.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 680.000
Millions |
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16036000 |
Equity Shares |
Rs.10/- each |
Rs. 160.360 Millions |
|
500000 |
Preference Shares |
Rs.1000/- each |
Rs. 500.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 660.360
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
660.360 |
160.360 |
160.360 |
|
(b) Reserves & Surplus |
1893.415 |
1792.616 |
1983.465 |
|
(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) |
2553.775 |
1952.976 |
2143.825 |
|
|
|
|
|
|
(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 |
178.172 |
175.582 |
131.673 |
|
Total
Non-current Liabilities (3) |
178.172 |
175.582 |
131.673 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3711.634 |
3199.224 |
3056.049 |
|
(b) Trade payables |
6389.881 |
5513.897 |
5354.021 |
|
(c) Other current liabilities |
3346.138 |
3540.521 |
2056.542 |
|
(d) Short-term provisions |
19.072 |
21.757 |
21.028 |
|
Total
Current Liabilities (4) |
13466.725 |
12275.399 |
10487.640 |
|
|
|
|
|
|
TOTAL |
16198.672 |
14403.957 |
12763.138 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
375.852 |
413.347 |
437.446 |
|
(ii) Intangible Assets |
20.206 |
45.430 |
65.606 |
|
(iii) Capital work-in-progress |
6.045 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
60.970 |
60.870 |
60.870 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1452.661 |
983.954 |
651.330 |
|
(e) Other Non-current assets |
7.965 |
4.494 |
8.966 |
|
Total
Non-Current Assets |
1923.699 |
1508.095 |
1224.218 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.159 |
0.159 |
0.159 |
|
(b) Inventories |
770.486 |
740.757 |
945.047 |
|
(c) Trade receivables |
8730.899 |
8096.927 |
7106.687 |
|
(d) Cash and cash equivalents |
298.841 |
54.506 |
47.855 |
|
(e) Short-term loans and
advances |
706.951 |
738.281 |
644.140 |
|
(f) Other current assets |
3767.637 |
3265.232 |
2795.032 |
|
Total
Current Assets |
14274.973 |
12895.862 |
11538.920 |
|
|
|
|
|
|
TOTAL |
16198.672 |
14403.957 |
12763.138 |
PROFIT AND LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
17544.970 |
15004.148 |
15603.381 |
|
|
Other Income |
183.827 |
127.087 |
124.363 |
|
|
TOTAL
(A) |
17728.797 |
15131.235 |
15727.744 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
12531.750 |
10077.689 |
13801.487 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(20.979) |
166.357 |
(2.096) |
|
|
Employees benefits expense |
1456.096 |
1257.160 |
1145.550 |
|
|
Other expenses |
3123.184 |
3158.104 |
589.187 |
|
|
TOTAL
(B) |
17090.051 |
14659.310 |
15534.128 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
638.746 |
471.925 |
193.616 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
417.372 |
532.012 |
408.537 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
221.374 |
-60.087 |
-214.921 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
120.575 |
117.902 |
100.298 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
100.799 |
(177.989) |
(315.219) |
|
|
|
|
|
|
|
Less |
TAX
(I) |
0.000 |
12.860 |
17.972 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
100.799 |
(190.849) |
(333.191) |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
925.000 |
1115.800 |
1449.000 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
1025.800 |
925.000 |
1115.800 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
138.502 |
46.976 |
|
|
TOTAL
EARNINGS |
NA |
138.502 |
46.976 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
491.791 |
595.128 |
|
|
TOTAL
IMPORTS |
NA |
491.791 |
595.128 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
6.29 |
(11.90) |
(20.78) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.57 |
(1.26) |
(2.12) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.57 |
(1.19) |
(2.02) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.62 |
(1.24) |
(2.48) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
(0.09) |
(0.15) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.45 |
1.64 |
1.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06 |
1.05 |
1.10 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
160.360 |
160.360 |
660.360 |
|
Reserves & Surplus |
1983.465 |
1792.616 |
1893.415 |
|
Net
worth |
2143.825 |
1952.976 |
2553.775 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
3056.049 |
3199.224 |
3711.634 |
|
Total
borrowings |
3056.049 |
3199.224 |
3711.634 |
|
Debt/Equity
ratio |
1.426 |
1.638 |
1.453 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
15603.381 |
15004.148 |
17544.970 |
|
|
|
(3.840) |
16.934 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
15603.381 |
15004.148 |
17544.970 |
|
Profit |
(333.191) |
(190.849) |
100.799 |
|
|
(2.14%) |
(1.27%) |
0.57% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OVERVIEW OF
PERFORMANCE
The domestic uncertainties, coupled with inflation, unstable Rupee, the monetary discipline initiated by the Reserve Bank of India and the resultant paucity of liquidity, have cumulatively slowed down the pace of growth in all segments of the market. This trend has severely impacted not only new investments in all segments of the traditional market but prolonged the pace of implementation of projects under execution, resulting in cash flows continuing to be under pressure and erosion of margins. The Company’s strategic foray into Green Energy, the focus on industrial and value added projects, the control on execuzion and financial discipline has enabled it to improve its performance with 5% increase in turnover over the last fiscal, reduction in interest costs and an improvement in the profits for the year, ending in a net profit of Rs.105.500 Millions against a net loss of Rs. 333.100 Millions last year.
OUTLOOK FOR 2014-15
The domestic market is poised to become stable and the company expects to maintain a modest growth in turnover during 2014-15. The efforts to tap the potential in exports to other developing regions, like Africa, Middle East and the CIS countries, in the last couple of years, is expected to fructify and enable the Company to maintain its growth trajectory. The time bound implementation of Solar EPC projects and the proven track record has helped the company emerge as a leading Solar EPC player, resulting in enhanced order inflows.
BACKGROUND
Subject 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 3,000 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.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Term loans from banks |
756.170 |
417.617 |
|
Term loans from others |
210.400 |
796.000 |
|
Other loans and advances |
250.000 |
0.000 |
|
Total |
1216.570 |
1213.617 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10503089 |
13/05/2014 |
1,750,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
C06690648 |
|
2 |
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 |
|
3 |
10329364 |
13/01/2012 |
700,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJ |
B29752102 |
|
4 |
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 |
|
5 |
10196418 |
14/01/2010 |
270,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH
(ADVANCES), NGN VAIDYA MARG, B |
A77377786 |
|
6 |
10197028 |
14/01/2010 |
270,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH(ADVANCES),
NGN VAIDYA MARG,, BA |
A77559540 |
|
7 |
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 |
|
8 |
10163478 |
24/06/2009 |
850,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJ |
A64265051 |
|
9 |
10155213 |
04/04/2009 |
650,000,000.00 |
UNION BANK OF INDIA |
MUMBAI SAMACHAR
MARG BRANCH, 66/80, MUMBAI SAMAC |
A61163002 |
|
10 |
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 |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Computer equipments
Intangible assets
- Goodwill
- Computer software
PRESS RELEASES
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.
CMT REPORT (Corruption, Money Laundering and 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.61.04 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.77.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE and 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 and 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.