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MIRA INFORM REPORT
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Report No. : |
491099 |
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Report Date : |
13.02.2018 |
IDENTIFICATION DETAILS
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Name : |
STERLING AND WILSON PRIVATE LIMITED (w.e.f. 07.11.2014) |
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Formerly Known
As : |
STERLING AND WILSON LIMITED (w.e.f. 08.09.2009) STERLING AND WILSON PRIVATE LIMITED (w.e.f. 27.06.2007) STERLING AND WILSONS ELECTRICALS PRIVATE LIMITED |
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Registered
Office : |
9th Floor, Universal Magestic, P.L. Lokhande Marg, Chembur,
Mumbai-400043, Maharashtra |
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Tel. No.: |
91-22-25485300 |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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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 : |
INR 660.360 Million |
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CIN No.: [Company Identification
No.] |
U31200MH1974PTC017538 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACS9939D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged mainly in the business of mechanical, electricals and plumbing and fire-fighting and revenue from operation and maintenance services. [Registered Activity] |
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No. of Employees
: |
05 (Approximately) (As per site visit) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum credit Limit: |
USD 10000000 (INR 720000000) |
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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 established in the year 1974 and it is a subsidiary of Shapoorji Pallonji and Company Private Limited. The company is involved in EPC business and provides complete mechanical, electrical and plumbing (MEP) services. Management has failed to file its financials for the year 2017 with Registrar of Companies. For the financial year 2016, the company has increased in its revenue from operations as compared to previous year and maintained average profitability margin of 2.47%. Rating takes into consideration, the sound financial profile of the company marked by healthy net worth base along with low debt structure. Further, the company also derives strength from its holding company support and experienced management team. Trade relations are reported as fair. Business is active. Payments are seems to be regular. The company can be considered for business dealings at usual trade terms and conditions. Note: Site visit was conducted at the given address and our executive have successfully traced the subject. Where our executive met the company’s management, but they denied to provide any information. As per our executive observation, it is a 15 storey building and the subject is situated on 9th floor. Location is easy to find. Locality seems to be commercial and the area of the premises seems to be upmarket Further, our executive have sighted approximately 5 employees at the premises as well as the name board of the subject was sighted on the given premise address. |
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Non fund base limit = A+ |
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Rating Explanation |
Adequate degree of safety and low credit
risk |
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Date |
February, 2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 04.11.2017.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Sagar |
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Designation : |
Accounts Department |
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Contact No.: |
91-22-25485300 |
Management non co-operative: (91-022-25485300)
Number is ringing (91-7990693856)
LOCATIONS
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Registered Office /
Head Office : |
9th Floor, Universal Magestic, P.L. 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: |
Commercial (As per site visit) |
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Branch Office 1 : |
Benfish, 3rd Floor IT Tower, 31, G. N. Block, Sector-V, Salt Lake City, Kolkata – 700091, West Bengal, India |
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Tel. No.: |
91-33-30118100 |
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E-Mail : |
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Branch Office 2 : |
Sai Sriyas Krishna, No 72, 1st and 2nd Floor, Ekkattuthangal Poonamallee, Ekkattuthangal, Guindy, Chennai-600032, Tamilnadu, India |
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Tel. No.: |
91-44-42956666 |
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Fax No.: |
91-44-22253918 |
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E-Mail : |
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Branch Offices : |
Also Located at:
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Overseas Office : |
Located at:
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DIRECTORS
AS ON 31.03.2017
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Name : |
Mr. Zarine Yazdi Daruvala |
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Designation : |
Managing 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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Other Directorship:
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Name : |
Mr. Khurshed Yazdi Daruvala |
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Designation : |
Whole-Time 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 : |
Chartered Accountant |
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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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Other Directorship:
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Name : |
Mr. Pallon Shapoor Mistry |
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Designation : |
Director |
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Address : |
Sterling Bay 103, Walkeshwar Road, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
12.03.1992 |
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Qualification : |
Graduate |
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Date of Appointment : |
06.10.2015 |
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PAN No.: |
APAPM0084M |
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DIN No.: |
05229734 |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
Mr. Kalpathy Hariharan Parameswaran |
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Designation : |
Company Secretary |
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Address : |
Flat No.6, Forward House No. 1, Wadala (West), 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 |
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Name : |
Mr. Sagar |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS
AS ON 28.09.2017
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Names of Equity Shareholders |
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No. of Shares |
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Shapoorji Pallonji and Company Private Limited, India |
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10546667 |
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Pallonji S. Mistry |
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144000 |
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Khurshed Y.Daruvala |
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5345293 |
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Zarir Madan Jointly With Khurshed Y.Daruvala |
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10 |
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Kainaz K.Daruvala Jointly With Khurshed Y.Daruvala |
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20 |
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Zarine Y.Daruvala |
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10 |
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Total |
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16036000 |
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Names of Preference Shareholders |
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No. of Shares |
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Shapoorji Pallonji and Company Private Limited, India |
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330000 |
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Khurshed Y.Daruvala |
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170000 |
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Total |
|
500000 |
AS ON 28.09.2016
|
Equity Share
Break up |
Percentage |
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Category |
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Promoters - Individual/Hindu Undivided Family – Indian |
34.23 |
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Promoters - Bodies corporate |
65.77 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged mainly in the business of mechanical, electricals and plumbing and fire-fighting and revenue from operation and maintenance services. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
05 (Approximately) (As per site visit) |
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Bankers : |
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Facilities : |
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Financial Institution : |
Axis Trustee Services Limited, Axis House, Bombay Dyeing Mills
Compound, Pandhurang Budhkar Marg, Worli, Mumbai-400025, Maharashtra, India |
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Auditors : |
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Name : |
BSR and Company LLP Chartered Accountants |
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Address : |
5th Floor, Lodha Excelus, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai, Maharashtra, India |
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PAN No.: |
AAFFH6834G |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Shapoorji Pallonji and Company Private Limited, India CIN No.: U45200MH1943PTC003812 |
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Subsidiaries,
Direct and Indirect Holding Companies : |
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Fellow Subsidiaries
Companies : |
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CAPITAL STRUCTURE
AS ON 28.09.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
INR 10/- each |
INR 180.000 Million |
|
500000 |
Preference Shares |
INR 1000/- each |
INR 500.000 Million |
|
|
Total |
|
INR 680.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16036000 |
Equity Shares |
INR 10/- each |
INR 160.360 Million |
|
500000 |
Preference Shares |
INR 1000/- each |
INR 500.000 Million |
|
|
Total |
|
INR 660.360
Million |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
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|
|
|
(1)Shareholders' Funds |
|
|
|
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(a) Share Capital |
660.360 |
660.360 |
660.360 |
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(b) Reserves and Surplus |
2917.200 |
2191.841 |
1893.415 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
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|
|
|
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’
Funds (1) + (2) |
3577.560 |
2852.201 |
2553.775 |
|
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|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
1000.000 |
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 |
317.143 |
281.403 |
178.172 |
|
Total Non-current
Liabilities (3) |
317.143 |
1281.403 |
178.172 |
|
|
|
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|
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(4)
Current Liabilities |
|
|
|
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(a) Short-term
borrowings |
0.592 |
2109.618 |
3711.634 |
|
(b) Trade
payables |
11591.237 |
6289.307 |
6389.880 |
|
(c) Other
current liabilities |
4283.222 |
2621.216 |
3292.783 |
|
(d) Short-term
provisions |
357.546 |
155.378 |
72.428 |
|
Total Current
Liabilities (4) |
16232.597 |
11175.519 |
13466.725 |
|
|
|
|
|
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TOTAL |
20127.300 |
15309.123 |
16198.672 |
|
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|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
375.577 |
389.569 |
375.852 |
|
(ii)
Intangible Assets |
47.075 |
24.588 |
20.206 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
0.000 |
6.045 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
560.993 |
60.970 |
60.970 |
|
(c) Deferred tax assets (net) |
152.066 |
128.585 |
0.000 |
|
(d)
Long-term loans and advances |
741.926 |
707.337 |
1452.661 |
|
(e) Other
Non-current assets |
13.013 |
8.804 |
7.965 |
|
Total Non-Current
Assets |
1890.650 |
1319.853 |
1923.699 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
305.084 |
0.159 |
0.159 |
|
(b)
Inventories |
806.211 |
518.788 |
770.486 |
|
(c) Trade
receivables |
12120.083 |
8790.869 |
8730.899 |
|
(d) Cash and
bank balances |
1045.300 |
195.257 |
298.841 |
|
(e)
Short-term loans and advances |
2101.486 |
1841.633 |
706.951 |
|
(f) Other
current assets |
1858.486 |
2642.564 |
3767.637 |
|
Total
Current Assets |
18236.650 |
13989.270 |
14274.973 |
|
|
|
|
|
|
TOTAL |
20127.300 |
15309.123 |
16198.672 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
32587.424 |
18251.654 |
17544.970 |
|
|
Other Income |
182.077 |
339.702 |
183.827 |
|
|
TOTAL |
32769.501 |
18591.356 |
17728.797 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
23277.601 |
12157.713 |
12531.750 |
|
|
Purchases of Stock-in-Trade |
9.561 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(194.385) |
200.530 |
(20.979) |
|
|
Employee benefit expense |
1528.493 |
883.357 |
1437.465 |
|
|
CSR expenditure |
4.842 |
0.000 |
0.000 |
|
|
Other expenses |
6428.889 |
4382.981 |
3137.852 |
|
|
TOTAL |
31055.001 |
17624.581 |
17086.088 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1714.500 |
966.775 |
642.709 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
340.057 |
475.070 |
421.335 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1374.443 |
491.705 |
221.374 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
133.062 |
141.190 |
120.575 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1241.381 |
350.515 |
100.799 |
|
|
|
|
|
|
|
Less |
TAX |
435.919 |
(48.022) |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
805.462 |
398.537 |
100.799 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD |
1294.200 |
1025.800 |
925.001 |
|
|
|
|
|
|
|
Less: |
Prior period Adjustment |
0.000 |
(29.701) |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to Debenture Redemption Reserve |
220.000 |
30.000 |
0.000 |
|
|
Proposed dividends on Preference Shares |
3.500 |
42.500 |
0.000 |
|
|
Interim dividends on Preference Shares |
39.000 |
0.000 |
0.000 |
|
|
Interim dividends on Equity Shares |
24.100 |
0.000 |
0.000 |
|
|
Proposed dividends on Equity Shares |
0.000 |
16.036 |
0.000 |
|
|
Tax on Interim Dividends |
12.800 |
0.000 |
0.000 |
|
|
Tax on Proposed Dividends |
0.700 |
11.900 |
0.000 |
|
|
Total |
300.100 |
100.436 |
0.000 |
|
|
|
|
|
|
|
|
Balance Carried to the B/S |
1799.562 |
1294.200 |
1025.800 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Income from work
contracts |
|
|
|
|
|
in India |
3779.949 |
612.323 |
400.262 |
|
|
by Philippines branch |
145.868 |
0.000 |
0.000 |
|
|
Sale of traded goods by Philippines branch |
9.891 |
0.000 |
0.000 |
|
|
Interest income |
105.971 |
134.363 |
119.764 |
|
|
TOTAL EARNINGS |
4041.679 |
746.686 |
520.026 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
47.04 |
21.66 |
6.29 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
1000.000 |
0.000 |
NA |
|
Net cash flows from (used in) operations |
4631.901 |
893.886 |
38.046 |
|
Net cash flows from (used in) operating activities |
4227.256 |
943.617 |
(69.124) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
135.75 |
175.80 |
181.63 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.69 |
2.08 |
2.01 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
181.68 |
188.82 |
186.11 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.13 |
1.86 |
0.83 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
4.06 |
2.33 |
1.60 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.86 |
0.80 |
0.83 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.28 |
1.09 |
1.45 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
4.54 |
3.92 |
5.27 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.12 |
0.15 |
0.16 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.04 |
2.04 |
1.53 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin [(PAT / Sales) * 100] |
% |
2.47 |
2.18 |
0.57 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.00 |
2.60 |
0.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
22.51 |
13.97 |
3.95 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.12 |
1.25 |
1.06 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.07 |
1.21 |
1.00 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.18 |
0.19 |
0.16 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.52 |
4.71 |
5.62 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.12 |
1.25 |
1.06 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR In Million) |
(INR In Million) |
(INR In Million) |
|
Share Capital |
660.360 |
660.360 |
660.360 |
|
Reserves & Surplus |
1893.415 |
2191.841 |
2917.200 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
2553.775 |
2852.201 |
3577.560 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
1000.000 |
0.000 |
|
Short term borrowings |
3711.634 |
2109.618 |
0.592 |
|
Total borrowings |
3711.634 |
3109.618 |
0.592 |
|
Debt/Equity ratio |
1.453 |
1.090 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR In Million) |
(INR In Million) |
(INR In Million) |
|
Sales |
17544.970 |
18251.654 |
32587.424 |
|
|
|
4.028 |
78.545 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR In Million) |
(INR In Million) |
(INR In Million) |
|
Sales |
17544.970 |
18251.654 |
32587.424 |
|
Profit |
100.799 |
398.537 |
805.462 |
|
|
0.57% |
2.18% |
2.47% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
660.360 |
660.360 |
|
(b) Reserves &
Surplus |
733.816 |
165.162 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
|
|
|
|
|
(2) Share Application
money pending allotment |
0.024 |
0.000 |
|
(3) Minority interest |
22.161 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
1416.361 |
825.522 |
|
|
|
|
|
(4) Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
755.945 |
1550.649 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
|
(d) long-term provisions |
390.771 |
347.230 |
|
Total Non-current
Liabilities (3) |
1146.716 |
1897.879 |
|
|
|
|
|
(5) Current Liabilities |
|
|
|
(a) Short term borrowings |
408.582 |
2639.431 |
|
(b) Trade payables |
12761.088 |
6858.558 |
|
(c) Other current
liabilities |
6323.092 |
3576.658 |
|
(d) Short-term provisions |
690.466 |
171.063 |
|
Total Current Liabilities
(4) |
20183.228 |
13245.710 |
|
|
|
|
|
TOTAL |
22746.305 |
15969.111 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
418.876 |
418.066 |
|
(ii) Intangible Assets |
49.311 |
24.588 |
|
(iii) Capital
work-in-progress |
58.478 |
58.478 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
|
(b) Non-current
Investments |
500.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
150.870 |
132.867 |
|
(d) Long-term Loan and Advances |
750.207 |
716.523 |
|
(e) Other Non-current
assets |
13.013 |
8.804 |
|
Total Non-Current Assets |
1940.755 |
1359.326 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
305.084 |
0.159 |
|
(b) Inventories |
852.241 |
553.471 |
|
(c) Trade receivables |
13764.930 |
9809.245 |
|
(d) Cash and cash
equivalents |
1844.163 |
434.385 |
|
(e) Short-term loans and
advances |
1465.393 |
866.758 |
|
(f) Other current assets |
2573.739 |
2945.767 |
|
Total Current Assets |
20805.550 |
14609.785 |
|
|
|
|
|
TOTAL |
22746.305 |
15969.111 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
Income |
44862.589 |
19785.580 |
|
|
Other Income |
158.530 |
231.940 |
|
|
TOTAL |
45021.119 |
20017.520 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost of Materials
Consumed |
28856.519 |
12992.804 |
|
|
Purchases of
Stock-in-Trade |
890.419 |
14.333 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(205.591) |
183.168 |
|
|
Employees benefits
expense |
1735.763 |
971.465 |
|
|
CSR expenditure |
4.842 |
0.000 |
|
|
Other expenses |
11844.699 |
5192.606 |
|
|
TOTAL |
43126.651 |
19354.376 |
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1894.468 |
663.144 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
441.699 |
571.579 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1452.769 |
91.565 |
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
146.961 |
155.164 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1305.808 |
(63.599) |
|
|
|
|
|
|
Less |
TAX |
508.197 |
(48.212) |
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
797.611 |
(15.387) |
|
|
|
|
|
|
Add |
Minority
interest |
(21.905) |
0.000 |
|
|
|
|
|
|
|
PROFIT FOR THE YEAR |
775.706 |
(15.387) |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
45.18 |
(4.15) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
Yes |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been
shifted from “9th Floor, Universal Magestic, L.P. Lokhande Marg, Chembur,
Mumbai-400043, Maharashtra, India” to the present address w.e.f.12.01.2013
OVERVIEW OF
PERFORMANCE
The Company has had an excellent year, where they have seen the Turnover growing by 127% and the profits growing by over 100%. All divisions of the company have contributed to this performance. They have consciously grown the turnover conservatively in their MEP business as they continue to lay great emphasis on profitability and terms of payment. This has helped the division expand its margins in the current year and lower the capital employed. The huge growth in Turnover has come from the Solar business where they have become Indias largest Solar EPC company. With the governments focus on substantially increasing the share of renewables in the countries generating capacity, they have benefitted with the substantial growth of Solar energy in India. The company has also expanded its international reach and the share of revenues from international markets has grown substantially. They see this as an important initiative and are confident that the share of international business will increase in the years to come.
OUTLOOK
The order inflow during the current year has been robust and as one of the pioneering players in the Solar EPC business, the company is reaping the benefits of buoyancy in this market. Beside being the leader in Solar EPC in India, they continue to be the largest MEP company in the country. With the domestic business environment slowly improving and their focused approach to increase their business in the international markets, MEP will continue to grow profitably. They began a separate Data Centre division last year which has laid the foundation for them to be a significant player in an area which is going to see exponential growth in the coming years. In order to increase their presence in the renewables sector and expand on their success in Solar, they are establishing a team which will focus on Wind energy and Energy Storage. They would like to see ourselves as a leading player on the global stage in EPC for renewables.
This growth would not be possible without an exceptional team. Over the past few years they have been able to attract the best talent from the industry, which is one of the key success factors to maintain this rapid expansion on a global scale.
UNSECURED LOANS:
|
PARTICULAR |
31.03.2016 INR In Million |
31.03.2015 INR In Million |
|
Long-term
Borrowings |
|
|
|
Non-convertible debentures others |
0.000 |
1000.000 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Working capital loans from banks |
0.000 |
600.000 |
|
Loans and advances from related parties |
0.000 |
310.000 |
|
Other loans and advances |
0.000 |
539.482 |
|
Other loans and advances, others |
0.000 |
350.000 |
|
Total |
0.000 |
2799.482 |
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
C06690648 |
10503089 |
Union Bank of India |
13/05/2014 |
- |
1750000000.0 |
Industrial Finance Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai-400023, Maharashtra, India |
|
2 |
B80378490 |
10438784 |
Union Bank of India |
18/07/2013 |
- |
1400000000.0 |
Industrial Finance Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai-400023, Maharashtra, India |
|
3 |
B29752102 |
10329364 |
ICICI Bank Limited |
13/01/2012 |
- |
700000000.0 |
Landmark Race Cource Circle, Alkapuri, Vadodara-390015, Gujarat, India |
|
4 |
B30569313 |
10331805 |
Axis Bank Limited |
15/12/2011 |
- |
2000000000.0 |
Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellis Bridge, Ahmedabad-380006, Gujarat, India |
|
5 |
A77377786 |
10196418 |
State Bank of India |
14/01/2010 |
- |
270000000.0 |
Commercial Branch (Advances), NGN Vaidya Marg, Bank Street, Horniman Circle, Mumbai-400021, Maharashtra, India |
|
6 |
A77559540 |
10197028 |
State Bank Of India |
14/01/2010 |
- |
270000000.0 |
Commercial Branch (Advances), NGN Vaidya Marg, Bank Street, Horniman Circle, Mumbai-400021, Maharashtra, India |
|
7 |
G34950436 |
10181814 |
Axis Trustee Services Limited |
15/09/2009 |
29/12/2016 |
73000000000.0 |
Axis House, Bombay Dyeing Mills Compound, Pandhurang Budhkar Marg, Worli, Mumbai-400025, Maharashtra, India |
|
8 |
A64265051 |
10163478 |
ICICI Bank Limited |
24/06/2009 |
- |
850000000.0 |
Landmark Race Cource Circle, Alkapuri, Vadodara-390015, Gujarat, India |
|
9 |
A61163002 |
10155213 |
Union Bank of India |
04/04/2009 |
- |
650000000.0 |
Industrial Finance Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai-400023, Maharashtra, India |
|
10 |
A46813713 |
10124061 |
Barclays Bank PLC |
18/09/2008 |
- |
250000000.0 |
801/808, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India |
FIXED ASSETS:
Tangible Asset:
- Land
- Building
- Plant and equipment
- Furniture and Fixture
- Leasehold improvements
- Computer improvements
- Vehicles
OBSERVATION
POINTS
|
Name of Company : |
STERLING AND WILSON PRIVATE LIMITED |
|
|
|
|
Address : |
9th Floor, Universal Magestic, P.L. Lokhande Marg, Chembur,
Mumbai-400043, Maharashtra, India |
|
|
|
|
Name Board : |
Sighted |
|
|
|
|
Location: |
Easy |
|
|
|
|
Total Floors of the building: |
15 |
|
|
|
|
Subject situated on: |
9th Floor |
|
|
|
|
Locality: |
Commercial |
|
|
|
|
Area : |
Upmarket |
|
|
|
|
No. of Employees
seen at Premises : |
05 |
|
|
|
|
Visibility of
Items: |
|
|
|
|
|
Proof of visit: |
Photographs |
CMT REPORT (Corruption, Money Laundering & Terrorism)
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.28 |
|
UK Pound |
1 |
INR 89.02 |
|
Euro |
1 |
INR 78.93 |
INFORMATION DETAILS
|
Information Gathered
by : |
NAI |
|
|
|
|
Analysis Done by
: |
PRS |
|
|
|
|
Report Prepared
by : |
NKTS |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.