|
|
|
MIRA INFORM REPORT
|
Report No. : |
506192 |
|
Report Date : |
02.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA SANYO SPECIAL STEEL PRIVATE LIMITED (w.e.f. 18.09.2012) |
|
|
|
|
Formerly Known
As : |
NAVYUG SPECIAL STEEL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
74, Ganesh Apartment, 7th Floor, Opposite Sitaladevi Temple, L.J.
Road, Mahim (West), Mumbai – 400016, Maharashtra |
|
Tel. No.: |
91-22-24444287 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
08.11.2011 |
|
|
|
|
Com. Reg. No.: |
11-223696 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 119.837 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27310MH2011PTC223696 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0312012098 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AADCN7895E1Z1 |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCN7895E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing, Processing and Marketing of Alloy Steel Products, Special Steel and Rings. (Registered Activity and also Confirmed by Management) |
|
|
|
|
No. of Employees
: |
1600 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Mahindra and Mahindra Limited’ and was
incorporated in the year 2011. It is engaged in manufacturing of tool alloy
and special steel. For the FY 2017, the company has achieved revenue growth of 6.97% as
compared to the previous year, however it has reported continuous loss from
its operations. The satisfactory financial profile of the company is marked by its
sound net worth base along with negligible debt balance sheet profile. Rating takes into consideration the strong financial and managerial
support that the company receives from its holding entity backed by its well
experience management team. Business is active. Payment seems to be usually correct. In view of the aforesaid, the company can be considered for business
dealing at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
India Rating and Research |
|
Rating |
Long term issuer rating= BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
05.04.2018 |
|
Rating Agency Name |
India Rating and Research |
|
Rating |
Short based working capital limit= A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
05.04.2018 |
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 02.05.2018.
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 PARTED BY
|
Name : |
Mr. Sandeep |
|
Designation : |
Senior Accountant |
|
Contact No.: |
91-2192-260500 |
|
Date : |
27.04.2018 |
LOCATIONS
|
Registered Office : |
74, Ganesh Apartment, 7th Floor, Opposite Sitaladevi Temple, L.J.
Road, Mahim (West), Mumbai – 400016, Maharashtra, India |
|
Tel. No.: |
91-22-24444287 |
|
Fax No.: |
91-22-24458196 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Factory : |
MUSCO, Jagdish Nagar, Khopoli, Raigad-410216, Maharashtra, India |
|
Tel. No.: |
91-2192-260500/ 263070 / 269542/ 262496 |
|
Fax No.: |
91-2192-263785 |
|
Location : |
Owned |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Uday Gupta |
|
Designation : |
Managing Director |
|
Address : |
A1 Bunglow MUSCO Officers Housing Colony, Jagdish Nagar Khopoli, Taluka Khalapur, Raigad - 410216, Maharashtra, India |
|
Date of Birth/Age : |
13.11.1958 |
|
Qualification : |
M. Tech |
|
Date of Appointment : |
11.11.2011 |
|
PAN No.: |
AMPPG5084M |
|
DIN No.: |
03514282 |
|
|
|
|
Name : |
Mr. Shriprakash Shukla |
|
Designation : |
Director |
|
Address : |
C-Wing, Flat - 2202, Chaitanya Towers, Appasaheb, Marathe Marg, Prabhadevi, Opp. Sidhivinayak Temple, Mumbai - 400025, Maharashtra, India |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
00007418 |
|
|
|
|
Name : |
Mr. Daljit Lilaram Mirchandani |
|
Designation : |
Director |
|
Address : |
101, Sindhi Hsg Society, Aundh, Pune – 411007, Maharashtra, India |
|
Date of Birth/Age : |
26.10.1947 |
|
Qualification : |
Graduate Engineer (Birla Institute of Technology) |
|
Date of Appointment : |
10.08.2012 |
|
DIN No.: |
00022951 |
|
|
|
|
Name : |
Mr. Kozo Takahashi |
|
Designation : |
Director |
|
Address : |
3-4-10-302 Ichiba Funabashi-Shi, Chiba, 2730001, Japan |
|
Date of Birth/Age : |
06.03.1959 |
|
Date of Appointment : |
18.07.2014 |
|
DIN No.: |
06921700 |
|
|
|
|
Name : |
Mrs. Jayashree Vaidhyanthan |
|
Designation : |
Director |
|
Address : |
Apartment 2B, 76 PT Rajan Road, KK Nagar, Chennai - 600078, Tamilnadu, India |
|
Date of Birth/Age : |
01.02.1970 |
|
Qualification : |
Bachelor of Computer Engineering, M.B.A from Cornell University, and CFA Charter holder from AIMR, USA. |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
07140297 |
|
|
|
|
Name : |
Mr. Mukul Verma |
|
Designation : |
Additional Director |
|
Address : |
97, Akash Kunj Apartments, Plot-14, Sec-9, Rohini, Delhi -110085, India |
|
Date of Appointment : |
31.10.2017 |
|
DIN No.: |
02428217 |
|
|
|
|
Name : |
Katsu Yanagimoto |
|
Designation : |
Director |
|
Address : |
514-5 Abo-kuo, Himeji-Shi Hyogo 6700944 Japan |
|
Date of Appointment : |
20.05.2016 |
|
DIN No.: |
07501215 |
|
|
|
|
Name : |
Mr. Shingo Tada |
|
Designation : |
Director |
|
Address : |
2-20-8-203 Hiratsuka Shinagawa-ku Tokyo 142005 Japan |
|
Date of Appointment : |
23.05.2017 |
|
DIN No.: |
07766801 |
KEY EXECUTIVES
|
Name : |
Mr. Sudhir Yagnik |
|
Designation : |
Chief Finance Officer (KMP) |
|
Address : |
MUSCO Staff Colony Jagdish Nagar, Taluka, Khalapur, Khopoli,
Raigad-410216, Maharashtra, India |
|
Date of Appointment : |
21.05.2014 |
|
PAN No.: |
AAKPY3916D |
|
|
|
|
Name : |
Mr. Pradeep Shekara Salian |
|
Designation : |
Company Secretary |
|
Address : |
N/6/7, Ganpati Nivas, Bangur Nagar, Goregaon (West), Mumbai-400090, Maharashtra, India |
|
Date of Appointment : |
03.08.2012 |
|
PAN No.: |
AHAPS0593F |
|
|
|
|
Name : |
Mr. Sandeep |
|
Designation : |
Senior Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Mahindra and Mahindra Limited |
|
6111661 |
|
Mahindra and Mahindra Limited Jointly with Shriprakash Shukla |
|
1 |
|
Mahindra and Mahindra Limited Jointly with Uday Gupta |
|
1 |
|
Mahindra and Mahindra Limited Jointly with Zhooben Bhiwandiwala |
|
1 |
|
Mahindra and Mahindra Limited Jointly with S. Durgashankar |
|
1 |
|
Sanyo Special Steel Company Limited |
|
3475260 |
|
Mitsui and Company Limited |
|
2396731 |
|
|
|
|
|
Total |
|
11983656 |
AS ON: 21.07.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Body Corporate |
51.00 |
|
Promoters – Others [Foreign Companies] |
49.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Processing and Marketing of Alloy Steel Products, Special Steel and Rings. (Registered Activity and also Confirmed by Management) |
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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 : |
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Products : |
Finished Goods |
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Countries : |
Hungary |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Dubai |
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Terms : |
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Selling : |
L/C and Credit [30 Days] |
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Purchasing : |
L/C and Credit [30 Days] |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesaler, Retailers, End Users and OEMs
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No. of Employees : |
1600 (Approximately) |
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Bankers : |
· ICICI Bank Limited ICICI Tower, NBCC Palace,Bism Pitamah Marg, Pragati Vihar, New Delhi - 110003, India · State Bank of India Commercial Branch, N.G.N. Vaidya Marg, Fort, Mumbai - 400001, Maharashtra, India · Axis Bank Limited Corporate Banking Branch, 12- Mittal Tower, First Floor, A-Wing, Nariman Point, Mumbai - 400021, Maharashtra, India |
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|
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|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
Indiabulls Finance Centre, Tower 3, 32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400013, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Investing Parties : |
· Mahindra and Mahindra Limited, India [L65990MH1945PLC004558] · Mahindra Limited Sanyo Special Steel Company Limited · Mitsui and Company Limited |
|
|
|
|
Joint venture of investing parties : |
· Mahindra Aerospace Private Limited, India [U63033MH2008PTC179520] · Mahindra Logistics Limited, India [L63000MH2007PLC173466] |
|
|
|
|
Subsidiaries of investing parties : |
· Sanyo Special Steel India Private Limited, India [U27101HR2012FTC044819] · Mitsui & Co. (Asia Pacific) Private Limited · Mahindra Defence Systems Limited, India [U75220MH2012PLC233889] · Mahindra Defence Naval Systems Limited, India [U75144MH2012PLC231267] · Lords Freight (India) Private Limited, India [U63030MH2011PTC216628] |
|
|
|
|
Associate of investing parties : |
Mahindra CIE Automotive Limited, India [L27100MH1999PLC121285] |
|
|
|
|
Subsidiary of Associate of investing
Company : |
Mahindra Gears and Transmissions Private Limited, India [U29130MH2004PTC168150] |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
INR 10/- each |
INR 150.000 Million |
|
|
|
|
|
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11983656 |
Equity Shares |
INR 10/- each |
INR 119.837 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
119.837 |
108.537 |
100.000 |
|
(b) Reserves & Surplus |
1668.832 |
1664.417 |
1816.061 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1788.669 |
1772.954 |
1916.061 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
571.498 |
734.912 |
820.000 |
|
(b) Deferred tax liabilities (Net) |
175.046 |
105.290 |
0.000 |
|
(c)
Other long term liabilities |
50.000 |
50.000 |
44.297 |
|
(d)
long-term provisions |
48.013 |
44.793 |
52.888 |
|
Total
Non-current Liabilities (3) |
844.557 |
934.995 |
917.185 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1611.684 |
1420.354 |
1271.892 |
|
(b)
Trade payables |
2018.822 |
1591.418 |
2036.435 |
|
(c)
Other current liabilities |
315.697 |
214.020 |
101.253 |
|
(d)
Short-term provisions |
43.382 |
41.729 |
12.810 |
|
Total
Current Liabilities (4) |
3989.585 |
3267.521 |
3422.390 |
|
|
|
|
|
|
TOTAL |
6622.811 |
5975.470 |
6255.636 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2049.887 |
1656.858 |
1707.134 |
|
(ii)
Intangible Assets |
3.089 |
4.820 |
0.157 |
|
(iii)
Capital work-in-progress |
141.958 |
623.488 |
339.223 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
140.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.722 |
0.941 |
65.462 |
|
(e)
Other Non-current assets |
176.324 |
133.855 |
0.000 |
|
Total
Non-Current Assets |
2371.980 |
2419.962 |
2251.976 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1533.303 |
1496.373 |
1710.519 |
|
(c)
Trade receivables |
2043.759 |
1663.719 |
1719.570 |
|
(d)
Cash and cash equivalents |
570.640 |
251.081 |
396.104 |
|
(e)
Short-term loans and advances |
1.480 |
1.602 |
162.857 |
|
(f)
Other current assets |
101.649 |
142.733 |
14.610 |
|
Total
Current Assets |
4250.831 |
3555.508 |
4003.660 |
|
|
|
|
|
|
TOTAL |
6622.811 |
5975.470 |
6255.636 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
9140.750 |
8544.823 |
9212.187 |
|
|
|
Other Income |
43.595 |
30.586 |
64.857 |
|
|
|
TOTAL |
9184.345 |
8575.409 |
9277.044 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4433.803 |
4169.681 |
5907.480 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(27.974) |
92.823 |
(360.799) |
|
|
|
Employees benefits expense |
613.046 |
590.604 |
575.757 |
|
|
|
Other expenses |
4065.385 |
3745.309 |
3341.199 |
|
|
|
TOTAL |
9084.260 |
8598.417 |
9463.637 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
100.085 |
(23.008) |
(186.593) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
272.586 |
239.414 |
228.532 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(172.501) |
(262.422) |
(415.125) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
288.264 |
233.904 |
217.621 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(460.765) |
(496.326) |
(632.746) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(460.765) |
(496.326) |
(632.746) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings [FOB basis] |
|
254.368 |
435.908 |
|
|
|
Earnings on other income |
|
0.171 |
3.263 |
|
|
TOTAL EARNINGS |
NA |
254.539 |
439.171 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
920.045 |
1553.892 |
|
|
|
Stores & Spares |
|
89.801 |
121.640 |
|
|
|
Capital Goods |
|
176.207 |
97.201 |
|
|
TOTAL IMPORTS |
NA |
1186.053 |
1772.733 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
(41.69) |
(46.20) |
(63.27) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
164.000 |
82.000 |
0.000 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
211.662 |
148.692 |
(348.181) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
212.649 |
154.539 |
(355.148) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
81.61 |
71.07 |
68.13 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.47 |
5.14 |
5.36 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
166.19 |
139.31 |
125.82 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.07 |
-0.02 |
-0.11 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.05 |
-0.01 |
-0.09 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.71 |
0.68 |
0.68 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.31 |
1.26 |
1.09 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.23 |
1.84 |
1.79 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.23 |
1.29 |
1.07 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.37 |
(0.10) |
(0.82) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(5.04) |
(5.81) |
(6.87) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(6.96) |
(8.31) |
(10.11) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(25.76) |
(27.99) |
(33.02) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.07 |
1.09 |
1.17 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.68 |
0.63 |
0.67 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.27 |
0.30 |
0.31 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
19.59 |
20.61 |
20.92 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.07 |
1.09 |
1.17 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
100.000 |
108.537 |
119.837 |
|
Reserves & Surplus |
1816.061 |
1664.417 |
1668.832 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1916.061 |
1772.954 |
1788.669 |
|
|
|
|
|
|
long-term borrowings |
820.000 |
734.912 |
571.498 |
|
Short term borrowings |
1271.892 |
1420.354 |
1611.684 |
|
Current Maturities of Long
term debt |
0.000 |
82.000 |
164.000 |
|
Total
borrowings |
2091.892 |
2237.266 |
2347.182 |
|
Debt/Equity
ratio |
1.092 |
1.262 |
1.312 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
9212.187 |
8544.823 |
9140.750 |
|
|
|
(7.244) |
6.974 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
9212.187 |
8544.823 |
9140.750 |
|
Profit/ (Loss) |
(632.746) |
(496.326) |
(460.765) |
|
|
(6.87%) |
(5.81%) |
(5.04%) |
LEGAL CASES
City
Civil Court, Mumbai
Case Details
Case Type: SUMMONS FOR JUDGT.
Filing Number: 113446/2016Filing Date: 29-11-2016
Registration Number: 100365/2016Registration Date: 29-11-2016
CNR Number: MHCC01-012853-2016
Case Status
First Hearing
Date: 17th December 2016
Next Hearing
Date: 30th January 2017
Stage of
Case: DIRECTION
Court Number and
Judge: 56-COURT 56 ADDITIONAL SESSIONS JUDGE
Petitioner and Advocate
1) H.C. And Company
Address - S Block Plot No. 146 MIDC Industrial Area
Bhosari Pune 411026
Advocate- Amit Karva
Respondent and Advocate
1) Mahindra Sanyo Special Steels Pvt
Ltd
Address - Jagdish Nagar Khopoli Dist. Raigad 410216
Acts
|
Under Act(s) |
Under Section(s) |
|
C.P.C.- Non-Interlocutory Order |
9 |
History of Case Hearing
|
Registration Number |
Judge |
Business On Date |
Hearing Date |
Purpose of hearing |
|
100365/2016 |
COURT 56 ADDITIONAL SESSIONS JUDGE |
17-12-2016 |
30-01-2017 |
DIRECTION |
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 |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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 |
|
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
Yes |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G55268411 |
100125975 |
Axis Bank Limited |
08/09/2017 |
- |
- |
320000000.0 |
Corporate Banking Branch, 12- Mittal TowerFirst Floor, A-Wing, Nariman PointMumbaiMH400021IN |
|
2 |
G54649108 |
100125037 |
ICICI BANK LIMITED |
23/08/2017 |
- |
- |
500000000.0 |
ICICI Tower, NBCC Palace,Bism Pitamah Marg, Pragati Vihar,New delhiDL110003IN |
|
3 |
G72718018 |
10424103 |
State Bank of India |
26/04/2013 |
16/12/2017 |
- |
4520000000.0 |
Commercial Branch, N.G.N. Vaidya Marg,Fort,MumbaiMH400023IN |
|
4 |
G72640709 |
10370111 |
State Bank of India |
16/08/2012 |
16/12/2017 |
- |
3700000000.0 |
COMMERCIAL BRANCHN.G.N. VAIDYA MARG, FORT.MUMBAIMH400023IN |
|
5 |
G53504288 |
10507668 |
ICICI BANK LIMITED |
12/06/2014 |
- |
13/09/2017 |
820000000.0 |
ICICI TOWER,NBCC PALACE,Bism Pitamah Marg, Pragati Vihar,New DelhiDL110003IN |
|
6 |
C19813153 |
10400399 |
DENA BANK |
09/01/2013 |
- |
05/09/2014 |
179800000.0 |
Industrial Finance Branch,Horiman circle, Fort,MumbaiMH400023IN |
|
7 |
C19612571 |
10368208 |
BANK OF INDIA |
04/07/2012 |
- |
04/09/2014 |
700000000.0 |
Andheri Large Corporate BranchM.D.I. Building, S.V.Road, Andheri (West),MumbaiMH400058IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Intercorporate deposits |
400.000 |
200.000 |
|
|
|
|
|
Total |
400.000 |
200.000 |
GENERAL INFORMATION
Mahindra Sanyo Special Steel Private Limited is a private limited company incorporated in Mumbai, India on November 08, 2011 under the Companies Act, 1956. The registered office of the Company is situated at 74, GANESH APARTMENT, OPP: SITALADEVI TEMPLE, L.J. ROAD, MAHIM WEST, MUMBAI - 400016, Maharashtra, INDIA. The Company’s plant is located in Khopoli, District Raigad, Maharashtra, India. The Company’s main activity is manufacturing, processing and marketing of alloy steel products and rings. The Company is a joint venture of Mahindra & Mahindra Limited, India, Sanyo Special Steel Company Ltd., Japan and Mitsui and Company Ltd., Japan.
STATE OF THE
COMPANY’S AFFAIRS
India is currently the world’s fourth largest producer of crude steel. Steel industry derives its demand from other important sectors like infrastructure, aviation, engineering, construction, automobile, pipes and tubes etc. With the Indian economy poised for its next wave of growth under the reforms being unleashed in the last one year, there lies tremendous opportunity for the Indian steel industry to prosper and grow exponentially.
During the year under review, the Company has recorded highest volume dispatch since its inception in the financial year 2011-12. Due to intense competition and pressure on pricing in the special steel market and low realisation the Company continued to incur losses for the year.
The major challenges which the Company had to face during the year were:
a) Pressure on contribution margin.
b) Sales realization due to price recovery from its customers.
c) Higher working capital utilisation i.e. WIP & receivables.
d) Q4 F 17 onwards, firming up in price of scrap, ferro alloys & furnace oil.
The Company is continuously striving to improve its quality, process efficiency & productivity, reduce power & fuel consumption and, reduce cost of production. The Company is successful in developing new grades and also getting new businesses. The Company is continuously focusing on growth in sales in auto, premium bearing & rings businesses with improved product mix.
With the technical support from joint venture partners, management continues to undertake initiatives in the above areas.
SUMMARY OF OPERATIONS:
During the year under review company had registered sales volume of 129 KT, i.e. growth of 11.21 % over previous year level of 116 KT.
The Company recorded sales revenue of INR 9140.000 Million during the year, i.e. growth of 6.90 % over previous year level of INR 8550.000 Million.
Earnings before interest, depreciation, tax & amortization for the year was INR 100.000 Million against INR (23.000) Million for the previous year.
Loss after tax for the year was INR (461.000) Million against INR (496.000) Million for the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS (MDA)
COMPANY OVERVIEW
Mahindra Sanyo Special Steel Private Limited (MSSSPL), is a subsidiary of Mahindra & Mahindra Ltd. (M&M). The Company is a manufacturer of Alloy steel products and rings (Bearing Races) at its plant, located in Khopoli, District Raigad, Maharashtra.
ANALYSIS OF STEEL BUSINESS
OVERVIEW
The Company produces special alloy steel through Electric Furnace (EAF) route where steel scrap is the main raw material. The company caters steel requirements for capital goods industries mainly in Automotive, Engineering, Oil & Gas, Tool & Die, Power Generation & Bearing sectors. Some of the end uses of the Alloy Steel is in making of Transmission parts, Bearings, Axles, Gears, Crankshafts, Fuel Injection pumps etc.
The Ring Rolling business is forward integration for Steel business. It caters to the Bearing industry (especially antifriction bearings) and also Auto parts manufacturing industries both in “as forged” and/or “green machined condition”. The company manufactures rings through closed die forging as well as seamless ring rolling processes.
CHANGE OF ADDRESS:
The Registered address 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
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
PRESS RELEASE :
MAHINDRA SELLS 22%
STAKE IN JV MAHINDRA SANYO FOR INR 1463.200 MILLION
February 09 2018
Mahindra to sell 26,36,401 equity shares of Rs10 each held by it in Mahindra Sanyo Special Steel to Sanyo Special Steel for a consideration of INR 1463.200 Million.
New Delhi: Mahindra & Mahindra on Friday said it will sell 22% of its stake in joint venture firm Mahindra Sanyo to Sanyo Special Steel Co Ltd for INR 1463.200 Million.
“The company has today agreed to sell 26,36,401 equity shares of INR 10 each held by the company in Mahindra Sanyo Special Steel Private Limited (MSSSPL), aggregating 22% of the paid-up equity share capital of MSSSPL, to Sanyo Special Steel Co., Limited. for a consideration of INR 1463.200 Million,” Mahindra & Mahindra (M&M) said in a BSE filing.
MSSSPL is a joint venture (JV) between M&M (51%) India, Sanyo Special Steel Co Ltd (29%) Japan and Mitsui and Co Ltd (20%) Japan.
“Following the sale, company’s shareholding in MSSSPL would come down to 29% from 51% of its share capital, and MSSSPL will cease to be a subsidiary of the company,” Mahindra & Mahindra added.
The transaction is expected to be completed by 31 March depending upon receipt of requisite approvals. Turnover of MSSSPL for the year ended March, 2017 was INR 9180.000 Million.
Shares of Mahindra & Mahindra were trading 0.60% lower at INR 749.20 on BSE.
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 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 66.78 |
|
UK Pound |
1 |
INR 92.89 |
|
Euro |
1 |
INR 80.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
RUB |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
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.