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Report Date : |
16.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA SANYO SPECIAL STEEL PRIVATE LIMITED (w.e.f. 18.09.2012) |
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Formerly Known
As : |
NAVYUG SPECIAL STEEL PRIVATE LIMITED |
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Registered
Office : |
74, Ganesh Apartment, L.J. Road, Opposite Sitaladevi Temple, Mahim (West),
Mumbai – 400016, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
08.11.2011 |
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Com. Reg. No.: |
11-223696 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U27310MH2011PTC223696 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN19358D |
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PAN No.: [Permanent Account No.] |
AADCN7895E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Alloy Steel. |
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No. of Employees
: |
2800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 200 |
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Status : |
Yet to commence its business activity |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “MAHINDRA UGINE STEEL COMPANY LIMITED” Even though the company was incorporated in the year 2011, it will
start its commercial activity from July 2013. Mr. Sourabh Mehta, finance head has confirmed that in its first year
of operation, the company will achieve sizable sales turnover. The company gets strong support from its holding companies. Payment
terms are unknown. In view of experienced promoters, the company can be considered for
business dealings with some caution. |
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 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
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Rating |
BBB (Long Term Issue) |
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Rating Explanation |
The default risk is currently low. The
capability for payment of financial commitment is considered adequate. |
|
Date |
November 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Sourabh Mehta |
|
Designation : |
Finance Head |
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Contact No.: |
91-2192-260070/ 260528 |
|
Date : |
14.05.2013 |
LOCATIONS
|
Registered Office : |
74, Ganesh Apartment, L.J. Road, Opposite Sitaladevi Temple, Mahim (West),
Mumbai – 400016, Maharashtra, India |
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Tel. No.: |
91-22-24444287 |
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Fax No.: |
91-22-24458196 |
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E-Mail : |
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Website : |
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Factory/ Administrative Office
: |
MUSCO, Jagdish Nagar, Khopoli, Raigad
- 410216, Maharashtra, India |
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Tel. No.: |
91-2192-260500/ 528/ 263318/ 263347 |
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Fax No.: |
91-2192-263076/ 263073 |
DIRECTORS
As on: 29.05.2012
|
Name : |
Mr. Uday Gupta |
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Designation : |
Managing Director |
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Address : |
A1, Bunglow, Musco Offices Colony,Jadish Nagar, Khopoli, Raigad –
410216, Maharashtra, India |
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Date of Birth/Age : |
13.11.1958 |
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Date of Appointment : |
04.08.2012 |
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DIN No.: |
03514282 |
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Other Directorship :
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Name : |
Mr. Sanjay Vasant Joglekar |
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Designation : |
Director |
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Address : |
25, Shefale B-Makarand Sahniwas, Veer Savarkar, Mahim (West), Mumbai –
400016, Maharashtra, India |
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Date of Birth/Age : |
09.10.1955 |
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Date of Appointment : |
29.05.2012 |
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DIN No.: |
00209394 |
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Other Directorship :
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Name : |
Shinichi Hori |
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Designation : |
Additional Director |
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Address : |
6-31-707, Akasaka, 8-Chome, Minato-Ku, Tokyo 1070052 |
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Date of Birth/Age : |
05.08.1963 |
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Date of Appointment : |
02.05.2013 |
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DIN No.: |
06529863 |
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KEY EXECUTIVES
|
Name : |
Mr. Sourabh Mehta |
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Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.05.2012
|
Names of Shareholders |
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No. of Shares |
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Mahindra Ugine Steel Company Limited, India |
|
9999 |
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Ajay Kadhao Nominee Mahindra Ugine Steel Company Limited, India |
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1 |
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Total |
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10000 |
As on: 05.09.2012
|
Names of Allottees |
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No. of Shares |
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Sanyo Special Steel Company, Japan |
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2900000 |
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Mitsui and Company Limited, Japan |
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2000000 |
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Total |
|
4900000 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.05.2012
|
Category |
|
Percentage |
|
Bodies corporate |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Alloy Steel. |
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Exports : |
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Products : |
Alloy Steel |
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Countries : |
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Imports : |
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Products : |
Metal Scrap |
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Countries : |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
2800 (Approximately) |
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Bankers : |
State Bank of India, Commercial Branch, N.G.N Vaidya Marg, Fort, Mumbai - 400023, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte, Haskins and Sells Chartered Accountants |
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Address : |
Dr. Annie Beasant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India |
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PAN No.: |
AACFD4815A |
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Ultimate Holding
Company: |
Mahindra and Mahindra Limited |
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Holding Company : |
Mahindra Ugine Steel Company Limited (They have two division (1) Steel and Ring Division (2) Stumping Division) CIN No.: L99999MH1962PLC012542 |
CAPITAL STRUCTURE
After: 29.05.2012
Authorised Capital : Rs.100.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.100.000
Millions
As on: 29.05.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
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|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
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As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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|
31.03.2012 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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|
0.000 |
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4] (Accumulated Losses) |
|
|
(0.057) |
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NETWORTH |
|
|
0.043 |
|
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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|
0.000 |
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TOTAL |
|
|
0.043 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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|
0.000 |
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Capital work-in-progress |
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|
0.000 |
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INVESTMENT |
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|
0.000 |
|
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DEFERREX TAX ASSETS |
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|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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|
0.000 |
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Sundry Debtors |
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|
0.000 |
|
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Cash & Bank Balances |
|
|
0.110 |
|
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Other Current Assets |
|
|
0.000 |
|
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Loans & Advances |
|
|
0.000 |
|
Total
Current Assets |
|
|
0.110 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
|
|
0.050 |
|
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Other Current Liabilities |
|
|
0.017 |
|
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Provisions |
|
|
0.000 |
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Total
Current Liabilities |
|
|
0.067 |
|
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Net Current Assets |
|
|
0.043 |
|
|
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MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
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|
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TOTAL |
|
|
0.043 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
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SALES |
|
|
|
|
|
|
|
Income |
|
|
0.000 |
|
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Other Income |
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|
0.000 |
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|
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TOTAL |
|
|
0.000 |
|
|
|
|
|
|
|
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Less |
TOTAL EXPENSES |
|
|
0.057 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
|
(0.057) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
(0.057) |
|
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
0.000 |
|
|
|
|
|
|
|
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|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
|
(0.057) |
|
|
|
|
|
|
|
|
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Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
|
(0.057) |
|
|
|
|
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|
|
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|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
(5.70) |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
7000.000 |
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|
|
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The above information has been parted by Mr. Sourabh Mehta
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2012 |
|
PAT / Total Income |
(%) |
|
|
0.00 |
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|
|
|
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Net Profit Margin (PBT/Sales) |
(%) |
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|
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(51.82) |
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Return on Investment (ROI) (PBT/Networth) |
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(1.32) |
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Debt Equity Ratio (Total Debt/Networth) |
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|
|
0.00 |
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|
|
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|
|
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Current Ratio (Current Asset/Current Liability) |
|
|
|
1.64 |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last one year |
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
Note:
The Registered Office of the company has been shifted from 101-104,
Banaji House, First Floor, Flora Fountain, Fort, Mumbai – 400001, Maharashtra,
India to the present address w.e.f. 11.11.2011.
OPERATIONS:
The Company was incorporated on 8th November 2011 inter alia to carry on the business of manufacturing of alloy steel. The Company has not commenced its business activities during the period. It is proposed that Mahindra Ugine Steel Company Limited (MUSCO) will transfer its Steel Business to the Company in the financial year 2012-13, on slump sale basis as a going concern subject to necessary approvals.
PROPOSAL TO PURCHASE
STEEL And RING BUISNESS:
During the period, The Board of Directors at its meeting held on 11th November 2011, approved the proposal of purchasing or otherwise acquiring of the Steel (including Ring) Business together with all assets and liabilities of such Steel business, as a going concern and on a slump sale basis from the holding Company of the Company viz. Mahindra Ugine Steel Company Limited (MUSCO), for a lump sum consideration of Rs. 1335.000 Millions, subject to the terms, conditions and provisions set forth in the Business Transfer Agreement (BTA) entered into by the Company and the MUSCO.
The Steel Business of the holding company (Musco) is operating under a challenging environment due to various factors like high costs of raw materials, borrowings, power, fuel etc. These factors are adversely affecting the performance of the Steel business. With a view of improving the performance of the Steel business and ensure its growth, the holding company was exploring options and opportunities for its growth. In this context, the Board of MUSCO approved the hiving off its Steel Business as a going concern by way of a slump sale, to the Company, being a wholly owned subsidiary of MUSCO. The approval also include induction of strategic investor/s in the Company who can bring new technology and marketing network to provide quality edge and wide customer base for the products of the Steel Business.
After the proposed purchase and transfer of the said Steel Business from MUSCO, the Company will issue 50,90,000 equity shares of Rs.10/- each to MUSCO as per the terms of the BTA, towards the consideration payable for the proposed purchase of Steel division on a going concern basis.
Pursuant to the approval of the Board of directors, the Company has inter-alia entered into appropriate contractual arrangements with Sanyo Special Steel Company Limited ('Sanyo') and Mitsui and Company Limited ('Mitsui'), pursuant to which it is proposed that Sanyo and Mitsui will invest in the equity capital of the Company, subject to requisite approvals and satisfaction of certain conditions.
The said streamlining of the Steel business envisages investment by Sanyo and Mitsui in the Company after the transfer of the Steel Business of MUSCO to the Company and Sanyo and Mitsui would be issued new equity shares of the Company. It is proposed that Sanyo and Mitsui will invest an amount of Rs.1110.000 Millions approximately and Rs.760.000 Millions approximately, for 29% and 20%, of the equity share capital of the Company (on fully diluted basis), respectively. MUSCO will retain the majority equity stake at 51% in the Company.
MUSCO, Sanyo, Mitsui and the Company are expected to utilize their respective brands, technologies and networks in order to meet the customers needs, of the Steel Business, through the joint venture. The Company, Sanyo and Mitsui are expected to drive general management, manufacturing and technology and marketing functions of the joint venture respectively.
The Steel business is expected to be benefited from the strength, expertise and market reach of Sanyo and Mitsui in alloy steel market to become competitive and formidable alloy steel manufacturer in the near future. The joint venture will help the Steel business to regain its growth trajectory and contribute towards performance of the Company and overall consolidated performance of MUSCO which will enhance the value for all stakeholders.
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration number of the company |
U27310MH2011PTC223696 |
|
Name of the company
|
MAHINDRA SANYO
SPECIAL STEEL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
74, Ganesh Apartment, L.J. Road, Opposite Sitaladevi Temple, Mahim
(West), Mumbai – 400016, Maharashtra, India E-mail: gupta.uday@mahindra.com
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
State Bank of India, Commercial Branch, N.G.N Vaidya Marg, Fort, Mumbai - 400023, Maharashtra, India E-mail: r.pandole@sbi.co.in |
|
Nature of
instrument creating charge |
Indenture of
Mortgage dated 26th April, 2013, in favour of State Bank of India, Dena Bank
and Bank of India. |
|
Date of
instrument Creating the charge |
26.04.2013 |
|
Amount secured by
the charge |
Rs.2499.800
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
letters issued by the consortium Bankers Terms of
Repayment As per sanction
letters issued by the consortium Bankers Margin As per sanction
letters issued by the consortium Bankers Extent and
Operation of the charge As per sanction
letters issued by the consortium Bankers Others As per sanction
letters issued by the consortium Bankers |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All those pieces
and parcels of the Non-Agricultural Industrial Lands situate lying and being at
revenue Village Lavej and Village Wasrang, Taluka and Registration
Sub-District Khalpur, Distroict Riagad. The details of
the property more particularly mentioned in the First Schedule to the
Indenture of Mortgage. |
AS PER WEBSITE DETAILS
Press Release
MUSCO FINALISES 51:49
JV WITH SANYO SPECIAL STEEL COMPANY LIMITED AND MITSUI AND COMPANY LIMITED
Joint Venture to be named Mahindra Sanyo Special Steels Private Limited Synopsis:
September 7, 2012, Mumbai: The Board of Directors of Mahindra Ugine Steel Company Limited (MUSCO) has announced the financial closure of the 51:49 Joint Venture with Sanyo Special Steel Company Limited and Mitsui and Company Limited The new Joint Venture company will be called Mahindra Sanyo Special Steel Private Limited.
MUSCO had approved the slump sale of its steel business into its 100% owned subsidiary, Navyug Special Steel Private Limited (Navyug Steel) in November 2011.
Following the board meeting of Navyug Steel, the allotment of shares has been completed against cash infusion by Sanyo of approximately Rs.1290.000 Millions for their stake of 29%, while Mitsui paid approximately Rs.890.000 Millions for their 20% stake in Navyug Steel (JV Company). MUSCO holds the balance 51% of equity in the JV.
With financial, technical and operational inputs from Sanyo Special Steel Company Limited and Mitsui and Company Limited, the JV expects to enhance both its current production from the existing level of 120,000 tons per annum, the value it adds to the steel and therefore the special applications which the JV can now address. “The Mahindra Group welcomes this JV which will create a strong value proposition and enable MUSCO to leverage Sanyo’s technical expertise and Mitsui’s international footprint. This new venture will help the company to emerge as one of the most profitable, high quality speciality steel producers in the coming years,” said Anand Mahindra, Chairman and Managing Director, Mahindra Group.
“Sanyo is looking forward to working with Mahindra and Mahindra, Mitsui and Company, and all the people of India to make this project a successful one. We consider the future of the special steel market in India to be bright and are happy to be given a chance to make our contribution toward the project. We would try our best to make Mahindra Sanyo Special Steel Private Limited a successful entity by unlocking the value of this company and making it the best in India with respect to quality, productivity and customer satisfaction. In order to achieve these targets, we would work together with the shareholders, the board, the management and of course with the people who actually work on the scene.” said Y. Takeda, President and Representative Director, Sanyo Special Steel Company Limited
“This joint venture is indeed a testament to our longstanding partnership with Mahindra and Mahindra Limited and Sanyo Special Steel Company Limited, which has been built through broadening cooperation and converging synergies. It also reflects our confidence in the Indian market where we believe the ongoing transformation presents real growth opportunities. This project aims to evolve strategies so as to make Mahindra Sanyo Special Steel Private Limited reputable both in terms of quality and service in India. Together with our partners, we shall match combined competencies with sustained efforts to make this vision a reality. With this additional platform, I am confident our relations will flourish and we will continue to seek new areas of cooperation.” said M. Takahashi, Executive Managing Officer, Iron and Steel Products Business Unit, Mitsui and Company Limited
“Over the last 18 months that we have had the pleasure of working with Mitsui and Sanyo, we have developed a common vision of the future of our joint venture that leverages the strengths of all three partners and the opportunity to move up the value chain while addressing the growing needs of the Indian market for Speciality Steels,” said Hemant Luthra, Chairman, Mahindra Sanyo Special Steels Private Limited.
A dedicated team has been drawn from Sanyo to lead the manufacturing function and is supported by Mitsui which will contribute its marketing skills and Musco which will provide the general management skills to support the growth of the new JV. MUSCO, Sanyo and Mitsui will collectively utilize their brands, technologies and networks to meet customers’ needs through this joint venture.
About Mahindra Ugine
Steel Company Limited (MUSCO)
MUSCO is the holding company of Navyug Special Steel Private Limited (the JV Company with Sanyo Special Steel Company Limited and Mitsui and Company Limited of Japan), which is one of the leading manufacturers of alloy steel and special steel products in India and has its steel plant in Khopoli, Maharashtra. MUSCO is also in the business of stampings (pressed sheet metal and components) and is the leading player in this segment in India. The stampings business operates from four plants, Kanhe (near Pune), Nashik, Rudrapur and Pantnagar. MUSCO is a part of the Mahindra Group and is a direct subsidiary of Mahindra and Mahindra Limited
About Sanyo Special
Steel Company Limited (Sanyo)
Sanyo Steel is a leading Japanese Specialty Steel manufacturer established in 1933 with a $ 2 bn turnover and approximately 1.5 mn tons steelmaking capacity in F11. It is renowned as one of the best special steel manufacturers in the world, including its bearing steels. The company supplies its products to the bearing industry, tool and die industry and other industries including the automotive industry worldwide.
MAHINDRA UGINE SELLS
49% OF STEEL BIZ TO JAPAN’S MITSUI, SANYO FOR $39MN
Mahindra Ugine Steel Company Limited (Musco) has completed the sale of 49 per cent stake in its steel business to two Japanese firms Mitsui and Company Limited and Sanyo Special Steel Company Limited for Rs 218, as per a BSE filing.
Sanyo will invest Rs.1290.000 Millions for a 29% stake and Mitsui will invest Rs.890.000 Millions for picking up a 20% stake in Navyug Special Steel Private Limited, a majority owned subsidiary of Mahindra Ugine.
Musco had earlier approved the slump sale of its steel business to Navyug Special Steel in November 2011. However, that time the deal was pegged at Rs.187 Millions. The final deal has pegged the steel business’ valuation at Rs.4440.000 Millions.
Mahindra Ugine scrip shot up 15% to close at Rs 56.15 a share on the BSE in a strong Mumbai market on Friday. At this price, the parent company is valued at Rs.1820.000 Millions or less than half the value of its subsidiary. Musco’s valuation of its equity stake in the steel business itself is around Rs.2260.000 Millions.
Mahindra Ugine will take care of the general management, Sanyo will lead the manufacturing function while Mitsui will support the marketing function of the JV, and the name of Navyug Special Steel Private Limited will be changed to Mahindra Sanyo Special Steel Private Limited, according to the company statement.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.78 |
|
|
1 |
Rs.83.38 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.