MIRA
INFORM REPORT
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Report Date : |
12.11.2008 |
IDENTIFICATION
DETAILS
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New Name : |
DANA HOLDING
CORPORATION |
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Registered Office : |
4500 Dorr Street, Toledo, OH 43615 |
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Country : |
United States |
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Date of Incorporation : |
07.12. 2007 |
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Com. Reg. No.: |
4469758 |
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Legal Form : |
Public Company |
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Line of Business : |
Manufactures, and Markets Products and Systems for the Automotive, Commercial
Truck, and Off-Highway Vehicle Markets Worldwide |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
Company
Name
DANA HOLDING CORPORATION
Company acronym:
--
Contact Information
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Address |
4500 Dorr Street USA |
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Telephone |
419-535-4500 |
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Fax |
419-535-4756 |
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Website |
www.dana.com |
Registration Data
|
Date of Registration |
December 7th, 2007 |
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Registration number |
4469758 |
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Legal address |
The Corporation Trust Company 1209 Orange Street, Wilmington, DE 19801 |
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Legal Form |
Public Company (NYSE = DAN) |
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Share Capital |
As of November 1st, 2008, 100,036,360 shares at USD 0.01
were issued and outstanding. |
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Other Registration Data |
- |
Shareholders
with Shares
74% of the common stock is held by institutional and mutual fund owners
including:
|
SILVER POINT CAPITAL, L.P. |
7.57% |
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LEHMAN BROTHERS HOLDINGS INC. |
5.10% |
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FRANKLIN RESOURCES, INC |
4.88% |
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GOLDMAN SACHS GROUP INC |
4.40% |
Board/Executive
|
Name |
John DEVINE |
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Position within the company |
Chairman |
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Name |
Gary L. CONVIS |
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Position within the company |
CEO |
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Name |
Kenneth A. HILTZ |
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Position within the company |
CFO |
Changes in
Registration Data
On December 31st
2007, DANA CORPORATION merged into DANA HOLDING CORPORATION.
Activities
(realistic and officials)
Dana Holding Corporation designs, manufactures, and markets products and
systems for the automotive, commercial truck, and off-highway vehicle markets
worldwide. The company designs and manufactures light axles, driveshafts,
structural products, sealing products, thermal products, and related service
parts for passenger cars, light trucks, sport utility vehicles, vans, and
crossover utility vehicles. It also offers axles, driveshafts, chassis and
suspension modules, ride controls and related modules and systems, engine
sealing products, thermal products, and related service parts for medium- and
heavy-duty trucks, buses, and other commercial vehicles. In addition, the
company provides axles, transaxles, driveshafts, suspension components,
transmissions, electronic controls, related modules and systems, sealing
products, thermal products, and related service parts for construction
machinery and leisure/utility vehicles; outdoor power, agricultural, mining,
forestry, and material handling equipment; and various non-vehicular,
industrial applications. It offers its products under the Spicer, Victor Reinz,
Parish, and Long brand names.
Staff
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Number of staff employed |
35,000 |
Export/Import
(Countries, goods and total values for the period)
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Imports From |
Europe, Far East |
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Exports To |
- |
Facilities
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Owned |
Manufacture, warehouse and office |
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Premises Size |
100,000 sq. feet |
Subsidiaries
and Participation
|
Parent Company |
Quoted with the NYSE under symbol DAN. |
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Subsidiaries |
There are more than 100 subsidiaries worldwide. |
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Affiliates |
- |
Branches
|
Address |
DANA is present in 26 countries |
Bankers
|
Bank |
JP Morgan Chase |
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Branch |
Bank of America |
Suppliers,
Partners
|
Suppliers |
Not known |
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Partners |
Not known |
Litigation,
Remarks on Payment
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Litigation |
None Recorded |
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Remarks on Payment |
Numerous delays of payment |
Financial
Information
|
Source |
SEC |
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Figures are |
Declared |
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Currency |
USD |
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Months |
Sales Figures |
Sales |
|
12 |
31/12/2007 |
8.7 billion |
Reporter Comments
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Local Reputation |
The company being investigated is believed by local reporters to be a Medium/High Trade Risk. According to our credit analysts, during the last 6 months, 62% of
trade experience indicates a regular payment. Payments of imports are currently made with an average of more than 30
days beyond terms. |
NEWS
|
Date |
Nov. 6, 2008 |
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Source |
Company news |
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|
Article |
Sales for the nine months ended September 30, 2008, were $6,574 million,
which compares to $6,564 million for the same period in 2007. Year to date,
the company reported net income of $274 million compared with a net loss of
$294 million for the same period in 2007. The nine-month 2008 results include
a net gain of $754 million recognized in connection with the company's
emergence from bankruptcy and application of fresh start accounting in
January. Year-to-date EBITDA of $290 million compares to $373 million for the
same period in 2007, as the earnings reduction related to lower North
American vehicle production and higher steel costs more than offset cost
reduction actions and pricing improvements. Based on current production estimates, Dana expects full-year 2008
sales of approximately $8,200 million and EBITDA of approximately $300
million. |
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Date |
Nov. 6 2008 |
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Source |
Company news |
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|
Article |
Third-quarter developments included: -- Sales of $1,929 million, a 9-percent decrease compared with 2007, primarily
because of lower vehicle production in North America; -- Net loss of $271 million, including $123 million of non-cash
goodwill and other impairment charges. This compares with a third-quarter
2007 net loss of $69 million; -- Earnings before interest, taxes, depreciation, amortization, and
restructuring (EBITDA) of $15 million, compared with $126 million in 2007;
and -- Strong cash balance of $1.0 billion and total liquidity of $1.3
billion at September 30, 2008. Net debt was $380 million. Additional Actions Planned "The economic and market challenges we've faced all year were
particularly difficult in the third quarter," said Executive Chairman
John Devine. "The combination of lower industry volumes and peaking
steel prices hit us sharply this quarter. Dana is planning up to 10 additional plant closures in 2009 and 2010,
and we will reduce our workforce this year by 5,000 versus the previously
announced 3,000. |
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FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.79 |
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UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)