Dee Development Engineers Ltd - Stock Valuation and Financial Performance

The company was originally incorporated as ‘DE Development Engineers Private Limited’ a private limited company under the Companies Act, 1956 through a certificate of incorporation dated March 21, 1988, issued by the RoC. Thereafter, the name of the Company was changed to ‘DEE Development Engineers Private Limited’ pursuant to a Board resolution dated September 28, 1997 and a special resolution passed in the general meeting of the Shareholders held on October 22, 1997 and consequently a fresh certificate of incorporation dated January 8, 1998 was issued by the RoC to reflect the change in name. Pursuant to an amendment to the Companies Act, 1956, the company was deemed public under Section 43A (1A) of the Companies Act, 1956 with effect from July 1, 1998. Consequently, the word ‘Private’ was deleted from the name of the Company and the name was changed to ‘DEE Development Engineers Limited’ pursuant to a Board resolution dated June 1, 1998. Thereafter, the Company was converted into a private limited company pursuant to an amendment to Section 43A (1A) in Companies Act, 1956 by Section 43A (2A) of the Companies Amendment Act, 2000 with effect from July 16, 2004 and the name was changed to ‘DEE Development Engineers Private Limited’ pursuant to a Board resolution dated July 16, 2004. The name of the Company was changed to ‘DEE Development Engineers Limited’ upon conversion to a public limited company pursuant to a Board resolution dated December 29, 2009 and a resolution passed in the extra-ordinary general meeting of the Shareholders held on January 18, 2010 and consequently a fresh certificate of incorporation dated March 11, 2010, was issued by the RoC.

The company is an engineering company providing specialized process piping solutions for industries such as oil and gas, power (including nuclear), chemicals and other process industries through engineering, procurement and manufacturing. It has manufacturing experience of over three and a half decades and has been able to leverage its brand, strategically located manufacturing facilities and engineering capabilities to successfully expand its business. As part of its specialized process piping solutions, it also manufactures and supply piping products such as high-pressure piping systems, piping spools, high frequency induction pipe bends, Longitudinally Submerged Arc Welding pipes, industrial pipe fittings, pressure vessels, industrial stacks, modular skids and accessories including, boiler superheater coils, de-super heaters and other customized manufactured components. The company currently is ranked as one of the leading process pipe solution providers in the world, in terms of technical capability to address complex process piping requirement arising from multiple industrial segments. The company has seven strategically located Manufacturing Facilities at Palwal in Haryana, Anjar in Gujarat, Barmer in Rajasthan. Numaligarh in Assam and Bangkok in Thailand, with three Manufacturing Facilities located at Palwal, Haryana. It also operates a temporary Manufacturing Facility in Barmer, Rajasthan which is a dedicated facility set up to cater to the piping and erection requirements of the HPCL Rajasthan Refinery (the Barmer Satellite Facility).

Business area of the company

The company provides comprehensive specialized process piping solutions including engineering services such as pre bid engineering, basic engineering, detailed engineering and support engineering which includes engineering of process/ power piping systems for projects, and pre-fabrication services such as cutting and beveling on conventional and CNC machines, welding services on semi-automatic and fully automatic robotic welding machines, conventional and digital radiography, post weld heat treatment using CNG fired fully calibrated furnaces and induction heating process, hydro testing, pickling and passivation, grit blasting (manual and semiautomatic) and painting (manual and semiautomatic). It also specializes in handling complex metals such as varying grades of carbon steel, stainless steel, super duplex stainless steel, alloy steel and other materials including inconel and hastelloy in its manufacturing processes. 

Key awards, accreditations, certifications and recognitions

• 2007: Certificate of appreciation in recognition of invaluable contribution to the success of Thermax, by Thermax.
• 2013: Construction Industry Development Council (CIDC) Vishwakarma Award 2013 for Best Professionally Managed Company (Turnover Rs 100-500 crore) by CIDC.
• 2014: Pressure Equipment Directive 2014/68/EU (“PED”) Quality Assurance certificate meeting the requirement of Module H of the PED for design, manufacture, final product inspection and testing of piping systems issued to Unit II, Palwal Facility by Hartford Steam Boiler Ireland Limited.
• 2018: Star Performer Award for the year 2016-17 in the product group – Miscellaneous general purpose machinery (Large Enterprise) by National Award for Export Excellence, EEPC India.
• 2020: ISO 9001:2015 certificate for design and manufacture of pressure vessels and manufacture of pipe fittings and piping systems to National/International standards and customer specifications issued to Palwal Facility, Bangkok Facility, Anjar Facility I and Barmer Facility.
• 2020: ISO 14001:2015 certificate for design and manufacture of pressure vessels and manufacture of pipe fittings and piping systems to National/International standards and customer specifications issued to Palwal Facility, Bangkok Facility, Anjar Facility I and Barmer.
• 2021: Certificate of authorisation from the American Society of Mechanical Engineers for the (i) manufacture and assembly of power boilers and (ii) fabrication and assembly of pressure piping issued to Unit I, Palwal Facility.
• 2022: Certificate of authorisation from the American Society of Mechanical Engineers for the (i) manufacture and assembly of power boilers, (ii) manufacture of Class I and Class 2 pressure vessels and (iii) fabrication and assembly of pressure piping issued to Unit II, Palwal Facility.
• 2022: Certificate on DIN EN ISO 3834-2 issued to the Anjar Heavy Fabrication Facility.
• 2022: Certification authorization to register the ‘NB’ symbol issued to the Thailand Facility by the National Board of Boiler and Pressure Vessel Inspectors.
• 2023: ISO 9001:2015 certificate for manufacture of wind turbine towers, heavy fabricated structures for power plant and infrastructure projects issued to Anjar Heavy Fabrication Facility.
• 2023: ISO 14001:2015 certificate for manufacture of wind turbine towers, heavy fabricated structures for power plant and infrastructure projects issued to Anjar Heavy Fabrication Facility.
• 2023: ISO 45001:2018 certificate for manufacture and supply of wind turbine towers, heavy fabricated structures for power plant and infrastructure projects issued to Anjar Heavy Fabrication Facility.
• 2023: Certificate of authorization for fabrication and assembly of pressure piping issued to the Bangkok Facility by the American Society of Mechanical Engineers.
• 2023: Certification authorization to register the ‘R’ symbol issued to the Thailand Facility by the National Board of Boiler and Pressure Vessel Inspectors.
• 2024: Pressure Equipment Directive 2014/68/EU (PED) Quality Assurance certificate for manufacture and supply of forged, seamless and welded fittings issued to the Palwal Facility I and Palwal Facility II by TUV Nord Systems GmbH & Co.
• 2024: Certificate on DIN EN ISO 3834-2 issued to the Palwal Facility.

Major events and milestones

• 2006: Established Unit I, Palwal Facility for manufacturing of other fabricated metal products along with the processing/re-rolling of metal scraps.
• 2010: Established Unit II, Palwal Facility for manufacturing of other fabricated metal products and the processing/re-rolling of metal scraps.
• 2013: Established Unit III, Palwal Facility for manufacturing of other fabricated metal products and the processing/re-rolling of metal scraps.
• 2013: Commenced receiving orders for production of HP piping from a client for a power project at Solapur.
• 2014: Commenced receiving orders for production of HP piping from a client for a power project at Meja.
• 2017: Commenced business operations at Bangkok Facility, through its subsidiary DEE Piping Systems (Thailand) Co., Limited.
• 2017: Commenced supply of piping material for a petroleum refinery and polypropylene plant in Nigeria.
• 2020: Commenced business operations at Anjar Heavy Fabrication Facility in Gujarat, through subsidiary DEE Fabricom India Private Limited, to manufacture wind turbine towers.
• 2022: Commenced business operations at Anjar Facility I in Gujarat to manufacture fabricated metal products.
• 2022: Commenced business operations at the Barmer Facility in Rajasthan for manufacture of fabricated metal products.
• 2024: Commenced business operations at the Numaligarh Facility in Assam to manufacture piping spools and pipe supports.