CRISIL SME Fundamental Grading

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August 2015

CRISIL SME Fundamental Grading

Perfect Infraengineers Ltd

CRISIL SME Fundamental Grade 4/5

(Superior)

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CRISIL SME Fundamental Grading

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CRISIL SME fundamental grading scale

The CRISIL SME fundamental grade reflects the fundamentals of the company as compared to other SMEs in India.

CRISIL SME Fundamental Grade Assessment SME 5/5 Excellent fundamentals SME 4/5 Superior fundamentals

SME 3/5 Good fundamentals

SME 2/5 Moderate fundamentals

SME 1/5 Poor fundamentals

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Last updated: August, 2014

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This report has been sponsored by the National Stock Exchange of India Ltd. A CRISIL SME Fundamental Grading is a one-time assessment and reflects CRISIL's current opinion on the fundamentals of the graded equity issue. A CRISIL SME Fundamental Grading is neither an audit of the issuer by CRISIL nor is it a credit rating. Every CRISIL SME Fundamental Grade is based on the information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the grading is

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RESEARCH

Perfect Infraengineers Ltd

CRISIL SME Fundamental Grade 4/5 (Superior)

August 04, 2015

Grading summary

CRISIL has assigned a CRISIL SME fundamental grade of ‘SME 4/5’ (pronounced ‘SME four on five') to Perfect Infraengineers Ltd (Perfect). This SME fundamental grade indicates that the fundamentals of the company are superior compared to other SMEs in India.

Key strengths

■ Over the last 19 years, Perfect has established itself as a HVAC/MEP^** systems contractor. It specialises in variable refrigerant flow (VRF) and chiller-based HVAC systems used in diverse segments such as hospitality, retail malls, office spaces, healthcare and education.

■ In 2015, it started manufacturing electric control panels through its subsidiary Perfect Control Panels Pvt. Ltd, which complements its MEP contracting business. The company plans to market its panels across the country and has already executed a standalone government order.

■ It has an India-wide presence, and has ventured to Nigeria and Tanzania as well. Its clients include prominent organisations such as Fortune Hotels, Apollo Hospitals, Institute of Chartered Accountants of India (commercial building). It has also been associated with major infrastructure projects such as the Commonwealth Games Village in New Delhi and the Mumbai Metro. Over the past three years, it has been able to sufficiently diversify its client base. Contribution from the top 10 clients was ~40% in 9MFY15 compared with 87% in FY13.

■ It has a healthy order book of ₹520 mn as of July 2015, which is expected to be executed over the next couple of years. Some of the key projects under execution are Mantralaya – Government of Maharashtra, SRM University (Gurgoan), RITES Ltd (Hyderabad), Novotel (Lavasa) and a commercial complex in Tanzania (Jangid Plaza).

Key challenges

■ Revenue growth susceptible to project-specific delays: Owing to a small size and high working capital cycle, the company’s projects are susceptible to delays. In FY13, environment-related issues led to a slowdown in a project in Lavasa, which significantly impacted its revenue growth that year. Though the company has since diversified its client base by entering new segments such as education, project delays may impact its revenues.

■ High competition: Perfect, as a HVAC/MEP contractor, serves various end-user segments and faces competition from established players such as Sterling Wilson Ltd and project arms of HVAC systems manufacturers. It also faces competition from unorganised players in the electric panel manufacturing industry.

■ Promoter dependency: Based on our interactions with management, we found the decision-making to be centralised. Promoters make both strategic and day-to-day operational decisions. Perfect has recruited professionals with domain expertise to drive the next phase of growth, which should reduce dependency on the promoters.

Key financials

■ Revenues grew at a four-year CAGR of 14% to ₹255 mn in FY15. However, revenue growth has been volatile in the past owing to execution issues faced by the company. In FY15, 90% of revenues came from the installation and supply of HVAC/MEP equipment, and the remaining from maintenance contracts for HVAC systems and renting of air conditioners (ACs).

■ EBITDA margins have been in the range of 10-13% over the past five years. Margin contracted to 10.3% in FY14 as the company hired experienced personnel to support expansion to new segments such as railways contracting. EBITDA margin was 13.1% in FY15.

■ Adjusted net profit increased to ₹12 mn in FY15 (PAT margin of 4.9%) from ₹3 mn in FY14 on account of EBITDA margin expansion. Earnings declined in FY14 owing to higher interest expense due to higher working capital requirement. Over FY11-13, net profit margin was ~4%.

*Heating ventilation and air conditioning/ mechanical, electrical, plumbing

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Please see disclaimer on inside cover

CRISIL SME Fundamental Grading

Company background

Incorporated in 1996 and headquartered in Mumbai, Perfect is a provider of contract services for supply and installation of HVAC and MEP systems to infrastructure developers, educational institutions, real estate developers, retail malls, hotels and industrial complexes. It also provides maintenance services for HVAC systems and renting of ACs. In 2015, the company forayed into electric control panel fabrication through a subsidiary.

It is promoted by Mr Nimesh Mehta and his wife Mrs Manisha Mehta. It has a team of 150 engineers and technicians across Mumbai, Delhi, Bengaluru and Hyderabad. The company also operates in Nigeria and Tanzania. Its fabrication facility for electric panels is located in Rabale, Navi Mumbai.

Table 1: Summary of business segments

Business

segment Services provided End-users

Financial performance

Share in overall revenue (FY15)

Four-year CAGR (FY11-15)

HVAC/MEP projects

Offers contract services to procure and install HVAC and MEP systems. Specialises in VRV and chiller-based technologies in the HVAC segment, and outdoor installations in the MEP segment

Industrial and residential complexes, healthcare, educational institution, infrastructure projects and retail malls

90% 14.8%

Maintenance services

Provides maintenance services for HVAC systems

HVAC – systems maintenance across segments

6% 13.4%

Electric control panel

Manufactures electric control panels Multiple segments - -

Renting of ACs

Rents ACs to individual consumers and

offices Corporates and individuals 4% 1.2%

Source: Company, CRISIL Research

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Perfect Infraengineers Ltd

IPO Details

The proposed IPO is in the form of a fresh issue of shares amounting ₹60 mn. The company plans to spend most of it to fund working capital requirements and towards equity investment in its subsidiary Perfect Controls Panel Pvt. Ltd.

Table 2: Pre-IPO shareholding pattern

Name No. of shares Percentage (%)

Promoter shareholding (A) 5,029,172 98.51

Institutional (B) 0 0

Individual shareholders (C) 76,236 1.49

Total (A+B+C) 5,105,408 100.00

Source: Draft Prospectus

Table 3: Issue details

Type of issue Fresh issue (fixed price) Issue size ₹60 mn of gross proceeds

Face value ₹10

Price band Unavailable at the time of grading Lead managers SIDBI, Keynote Corporate Services Ltd Legal advisors to the issue Mindspright Legal

Registrar to the issue Karvy Computershare Private Ltd Source: Draft Prospectus

Table 4: Objects of the issue Sl no. Particulars

Amount to be deployed in FY15 (₹ mn)

Total amount

1 Part finance working capital requirement 42.5 42.5

2 Investment in its subsidiary Perfect Control Panels Pvt. Ltd 10 10

3 Issue-related expenses NA NA

Total 60 60

Source: Draft Prospectus

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CRISIL SME Fundamental Grading

Grading Rationale

Business prospects

■ Perfect is an established HVAC/MEP contractor with country-wide operations. It has executed contracts across diverse segments such as hospitality, healthcare, industrial and residential complexes, multiplexes, commercial spaces and educational institutions.

■ Over the past decade, the company has developed domain expertise in HVAC systems, specialising in VRF and chiller-based cooling systems. It has established relationships with leading HVAC equipment manufacturers such as Daikin Airconditioning India Pvt. Ltd, LG India Ltd and Voltas Ltd.

■ The company’s clients include some of the big infrastructure and real estate developers in India. Over the past three years, it has been able to sufficiently diversify its client base. In 9MFY15, its top 10 clients contributed

~40% of overall sales compared with 87% in FY13. Some of its major clientele/projects across segments include HCC Ltd (Lavasa), Hyatt Hotels, Hiranandani Hospital, Commonwealth Games Village – New Delhi, Mumbai Metro, TIFR-Mumbai, ICAI, Angel Broking Ltd, and Siemens Ltd among others.

■ Perfect also operates in Nigeria and Tanzania, leveraging its execution capabilities in the HVAC segment. It continues to focus on penetrating these markets with new services.

■ In FY15, it had ₹520 mn worth of orders to be executed in the next two-three years. Some of the key projects under execution include Mantralaya – Government of Maharashtra, SRM University (Gurgaon), RITES Ltd (Hyderabad), Novotel (Lavasa) and a commercial complex in Tanzania (Jangid Plaza).

■ The company is smaller than contracting firms such as Sterling and Wilson Ltd (a Shapoorji Pallonji group company), SEW Engineering India Pvt. Ltd, ETA Engineering Pvt. Ltd and project arms of various AC manufacturers such as Voltas Ltd. This limits its ability to acquire big ticket clients/projects.

■ Given the working capital nature of its business, delay in payments from bigger clients can exert significant working capital pressure. In the past, due to slowdown in a project in Lavasa, Perfect’s debtor days rose which, subsequently, affected its revenue growth as it could not participate in new projects.

Management and corporate governance

■ Mr Nimesh Mehta, the promoter, has an experience of more than 28 years in the HVAC industry and is well acquainted with the dynamics of the industry. He is supported by his wife Manisha Mehta who heads the legal and finance functions. Though all decision-making rests with the promoters, they are supported by an experienced second line.

■ The company has six members on its board including Mr Nimesh Mehta (Managing Director), Mrs Manisha Mehta (Executive Director), Mrs Sharmila Singh (Mr Nimesh’s sister) and three independent directors. The independent directors have experience across diverse sectors viz, banking, EPC contracts and logistics.

■ The company’s head office in Masjid Bhunder, Mumbai is owned by Mrs Manisha Mehta. Currently, there is no rent agreement for the same. Its sales office in Ghatkopar, Mumbai is owned by Mrs Sharmila Singh and the company paid a rent of ₹0.24 mn in FY15. Any significant rise in rent after the listing can impact the company’s profitability to that extent.

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Financial Performance

■ Perfect’s revenues grew at a 14% CAGR over FY11-15 to ₹255 mn driven by healthy growth in orders over the years. Some of the projects the company executed include major commercial complexes, infrastructure projects and educational institutions. Its other segments - AC renting and maintenance services - have grown at a steady pace.

■ The company’s EBITDA margins have been range-bound at 10-13% over the past five years. During FY12-13, margin contracted by 180 bps to 11.5% owing to higher other expenses arising from write-off of receivables due to project-related issues. Margin further contracted to 10.3% in FY14 as the company hired experienced professionals to expand its operations to new segments such as railway contracts and contract employees. In FY15, however, margin rose to 13.1% as employee cost moderated.

■ Adjusted net profit increased four times to ₹12 mn in FY15 (PAT margin of 4.9%), largely owing to expansion in EBITDA margin. In FY14, earnings declined owing to higher interest expense due to higher working capital requirement. Over FY11-13, net profit margin was 4%.

■ Structurally, the company’s working capital cycle has remained stretched owing to small size. In FY15, working capital days increased to 152 days, led by rise in debtor days (193 days in FY15 vs 164 days in FY14). The company faced a similar stretch in the debtor cycle in FY13 (debtor days of 200) as its Lavasa-based client delayed payments owing to regulatory hurdles.

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CRISIL SME Fundamental Grading

Financial summary of Perfect Infraengineers

Source: DRHP, CRISIL Research

Income statement Balance Sheet

(₹ m n) FY11 FY12 FY13 FY14 FY15 (₹ mn) FY11 FY12 FY13 FY14 FY15

Operating incom e 152 153 195 208 255 Liabilities

EBITDA 18 20 23 21 33 Equity share capital 20 21 36 38 51

EBITDA m argin 11.9% 13.3% 11.5% 10.3% 13.1% Reserves 8 14 7 13 13

Depreciation 3 3 3 3 7 Minorities - - - - - EBIT 15 18 20 18 26 Net w orth 28 36 43 51 64

Interest 7 8 8 12 14 Convertible debt - - - - - Operating PBT 9 10 12 6 12 Other debt 41 50 55 72 109

Other income 1 1 1 0 5 Total debt 41 50 55 72 109

Exceptional inc/(exp) 1 (0) (0) 0 3 Deferred tax liability (net) 1 1 1 1 2

PBT 10 11 12 6 20 Total liabilities 69 86 99 124 174

Tax provision 3 4 5 3 5 Assets Minority interest - - - - - Net fixed assets 20 19 32 36 64

PAT (Reported) 7 7 7 3 15 Capital WIP 13 13 - 9 1

Less: Exceptionals 1 (0) (0) 0 3 Total fixed assets 33 32 32 44 65

Adjusted PAT 6 7 7 3 12 Investm ents 3 3 4 7 5

Current assets Ratios ^Inventory ¹¹ ¹² ¹⁰ ⁴⁸ ¹³

FY11 FY12 FY13 FY14 FY15 Sundry debtors 45 63 102 89 130

Grow th Loans and advances 3 2 4 7 31

Operating income (%) 13.2 1.0 27.5 6.5 22.6 Cash & bank balance 1 1 2 0 1

EBITDA (%) 11.4 12.9 10.5 (5.3) 56.3 Marketable securities 0 0 0 0 0

Adj PAT (%) 2.4 15.8 1.3 (57.1) 297.5 Total current assets 60 78 118 144 175

Adj EPS (%) 302.7 10.4 (39.9) (59.7) 198.1 Total current liabilities 26 27 55 71 71

Net current assets 33 51 63 73 104

Intangibles/Misc. expenditure - - - - - Profitability Total assets 69 86 99 124 174

EBITDA margin (%) 11.9 13.3 11.5 10.3 13.1 Adj PAT Margin (%) 4.1 4.7 3.7 1.5 4.9 Cash flow RoE (%) 25.7 22.7 18.6 6.7 21.7 (₹ mn) FY11 FY12 FY13 FY14 FY15 RoCE (%) 24.8 22.7 21.7 16.3 17.8 Pre-tax profit 9 11 12 6 17

RoIC (%) 23.0 22.2 18.7 15.3 22.1 Total tax paid (4) (4) (4) (3) (4)

Depreciation 3 3 3 3 7

Working capital changes (1) (17) (12) (11) (30)

Valuations Net cash from operations 7 (7) (1) (4) (10)

Price-earnings (x) - - - - - Cash from investments Price-book (x) - - - - - Capital expenditure (14) (2) (2) (16) (28)

EV/EBITDA (x) 2.2 2.4 2.4 3.3 3.2 Investments and others (2) (1) (1) (3) 2

EV/Sales (x) 0.3 0.3 0.3 0.4 0.4 Net cash from investm ents (16) (3) (3) (19) (26)

Dividend payout ratio (%) 3.4 2.9 5.1 - 6.7 Cash from financing Dividend yield (%) - - - - - Equity raised/(repaid) 9 1 14 5 10

Debt raised/(repaid) 8 9 5 17 37

Dividend (incl. tax) (0) (0) (0) - (1)

B/S ratios Others (incl extraordinaries) (8) (0) (14) 0 (8)

Inventory days 33 36 25 101 23 Net cash from financing 9 9 5 22 37

Creditors days 67 68 107 134 108 Change in cash position 1 (0) 1 (1) 1

Debtor days 116 160 200 164 193 Closing cash 1 1 2 0 1

Working capital days 83 127 121 134 152

Gross asset turnover (x) 7.0 6.9 6.9 5.7 4.6 Per share Net asset turnover (x) 8.0 7.9 7.7 6.2 5.1 FY11 FY12 FY13 FY14 FY15 Sales/operating assets (x) 5.5 4.7 6.1 5.5 4.7 Adj EPS (₹) 3.1 3.4 2.0 0.8 2.4 Current ratio (x) 2.3 2.9 2.2 2.0 2.5 CEPS 4.5 4.7 2.8 1.7 3.8 Debt-equity (x) 1.5 1.4 1.3 1.4 1.7 Book value 13.7 16.7 11.9 13.3 12.5 Net debt/equity (x) 1.4 1.4 1.2 1.4 1.7 Dividend (₹) 0.1 0.1 0.1 - 0.2 Interest coverage 2.3 2.2 2.4 1.5 1.9 Actual o/s shares (mn) 2 2 4 4 5

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Annexure I: Profile of the board of directors

Name Age Designation Date of joining Qualification Role and experience Mr Nimesh M

Mehta 50

Chairman and Managing Director

May 16,1996 B.E(Mechanical), MBA

He has 28 years of experience in the HVAC and MEP contract businesses, of which 19 years have been with his company.

Mrs Manisha Mehta, 47 Promoter Director

and CFO May 16, 1996 Chartered Accountant

She has more than 20 years of experience and heads the finance vertical. Her expertise includes project and bridge financing, bill discounting, managing direct and indirect tax compliance.

Mrs Sharmila Singh 43 Executive

Director May 04, 2005 Diploma holder She heads the HR vertical of the company.

Mr Pradeep Bhave 60 Independent

Director March 30, 2015 Master’s in Physics

He has over 37 years of experience in the finance sector. He had earlier worked with Punjab National Bank and IndusInd Bank, and has served in senior positions in capital market intermediaries.

Mr Vinay Deshmukh 48 Independent

Director April 10, 2015 B.E, MBA

He is currently the CEO of Forbes Facility Management. He was earlier associated with Eureka Forbes Ltd, Ion Exchange (I) Ltd, and Godrej and Boyce Ltd.

Mr Virpul Vora 46 Independent

Director July 10, 2015 B.E

(Production engineering)

He has an experience of 23 years. He currently runs My Port Services Ltd as its proprietor. He was earlier associated with Mukand Ltd, Ispat Industries, and Nhava Sheva International Container Terminal Pvt.

Ltd.

Annexure II: Profile of key management personnel

Name Designation Date of joining Qualification Experience

(years) Mr Tarun Vora Project head (civil and plumbing division) June 01, 2013 Diploma in civil engineering 35

Mr Praveen Sood Project head (Northern region, HVAC) March 01, 2015 B.Com. 30

Mr Manish Chaturvedi Project manager July 27, 2001 B.A. 13

Mrs Sudha Balaji Company secretary February 04, 2015 C.A, C.S 12

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CRISIL SME Fundamental Grading

Annexure III: Shareholding structure

Institutional shareholders As of July, 2015

Promoters and promoter group No. of shares % holding

Mr Nimesh Mehta 2,566,053 50.26

Mrs Manisha Mehta 2,415,832 47.32

Mrs Sharmila Singh 36,620 0.72

Mrs Priti Bhanushali 10,667 0.21

Total (A) 5,029,172 98.51

Individual shareholders

Mr Praveen Sood 37,333 0.73

Mr Mitesh Kamdar 23,333 0.46

M/s Kamlakant Chhotalal Exporters Pvt. Ltd 7,783 0.15

Mrs Priya Rudra 1,556 0.03

Mr Nitin Rathod 1,556 0.03

Mrs P. Radha Rani 1,556 0.03

Mr Namal Nagesh Narasurya 1,556 0.03

Mr Mario D’ Mello 783 0.02

Mr Rahul Gorky 781 0.02

Total (B) 76,236 1.49

Total (A+B) 5,105,408 100.00

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RESEARCH

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CRISIL SME Fundamental Grading

CRISIL Research Team

Senior Director

Manish Jaiswal CRISIL Research +91 22 3342 8290 [email protected]

Analytical Contacts

Prasad Koparkar Senior Director, Industry & Customised Research +91 22 3342 3137 [email protected] Binaifer Jehani Director, Customised Research +91 22 3342 4091 [email protected] Manoj Damle Director, Customised Research +91 22 3342 3342 [email protected] Manoj Mohta Director, Customised Research +91 22 3342 3554 [email protected] Jiju Vidyadharan Director, Funds & Fixed Income Research +91 22 3342 8091 [email protected] Ajay Srinivasan Director, Industry Research +91 22 3342 3530 [email protected] Rahul Prithiani Director, Industry Research +91 22 3342 3574 [email protected] Ajay D'Souza Director, New Product Development +91 22 3342 3567 [email protected]

Business Development

Prosenjit Ghosh Director, Industry & Customised Research +91 99206 56299 [email protected]

Megha Agrawal Associate Director +91 98673 90805 [email protected]

Neeta Muliyil Associate Director +91 99201 99973 [email protected]

Ankesh Baghel Regional Manager (West) +91 98191 21510 [email protected]

Ravi Lath Regional Manager (West) +91 98200 62424 [email protected]

Siddhartha Biswas Regional Manager (West) +91 99200 36346 [email protected]

Manish Gupta Regional Manager (North) +91 99710 23111 [email protected] Saurabh Sabharwal Regional Manager (North) +91 96502 28684 [email protected] Priyanka Murarka Regional Manager (East) +91 99030 60685 [email protected] Naveena R Regional Manager (Karnataka & Kerala) +91 95383 33088 [email protected] Sanjay Krishnaa Regional Manager (Tamil Nadu & AP) +91 98848 06606 [email protected]

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