MIRA
INFORM REPORT
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Report Date : |
26.07.2011 |
IDENTIFICATION DETAILS
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Name : |
SPICER INDIA LIMITED |
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Registered Office : |
29, Milestone, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
29.07.1993 |
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Com. Reg. No.: |
11-73227 |
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Capital
Investment / Paid-up Capital : |
Rs. 978.300 millions |
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CIN No.: [Company
Identification No.] |
U34300MH1993PLC073227 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES11424A |
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PAN No.: [Permanent
Account No.] |
AAECS1869C |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturer of Auto Part Components. |
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No. of Employees : |
2500 (Approximately)
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RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 7100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having good track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered normal for business dealings 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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
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Name : |
Mr. Sarad |
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Designation : |
Accounts Department |
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Name : |
Mr. Pravin |
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Designation : |
Accounts Department |
LOCATIONS
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Registered Office : |
29, Milestone, Pune Nashik Highway, Village Kuruli Taluka
Khed, Pune- 410501, Maharashtra, India |
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Tel. No.: |
91-20-24102501/ 02 / 03/ 04 / 05 / 562501 / 2135-2301125 / 301100 |
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Fax No.: |
91-20-24102516 / 2135-252229/24120516 / 562516 / 2301122 (General office) / 301133 (Axle Office) |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate
Office: |
Survey No. 24/P and 29 /9 Village, Jodalli – 580 114, |
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Factory 1: |
Village, Jodalli, Taluka Kalghatgi, District Dharwad, Jodalli
- 580 114, |
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Tel No: |
91-836-2310482/3 |
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Fax No: |
91-836-2310481 |
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Factory 2: |
Plot 144, Sipcot Industrial Comples, Phase – I, Hosur -
635126, |
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Tel No: |
91-4344-277026 |
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Fax No: |
91-4344-277803 |
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Factory 3: |
Gat No. 74/A, Tulja Bhavani Industrial Estate, Near to Additional M. I. D. C. Karandwadi, Satara –415004, Maharashtra, India. |
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Tel No: |
91-2162-246503/4/6 |
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Fax No: |
91-2162-246505 |
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Factory 4: |
622-626, Kuruli - 410 501, Chakan, Pune, |
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Tel No: |
91-2135-252228 |
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Factory 5: |
Santnagar (Uttar Khanch) |
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Factory 6: |
Hobli (Uttar Khan) |
DIRECTORS
AS ON 13.07.2010
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Name : |
Mr. Deep Chand Anand |
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Designation : |
Chairman |
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Address : |
No.1, Sri Aurobindo Marg, Hauz Khas, |
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Date of Birth/Age : |
26.08.1933 |
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Date of Appointment : |
29.07.1993 |
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Name : |
Mr. Mahendra Kumar Goyal |
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Designation : |
Director |
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Address : |
18, Anfilco Housing Colony, Dundahera, Gurgaon-122016, |
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Date of Birth/Age : |
01.11.1969 |
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Date of Appointment : |
08.12.2009 |
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Name : |
Mr. Deepak Chopra |
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Designation : |
Managing Director |
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Address : |
7 and 8, Anfilco Housing Colony, |
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Date of Birth/Age : |
25.12.1954 |
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Date of Appointment : |
19.01.2009 |
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Name : |
Mr. Martin Damon Bryant |
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Designation : |
Director |
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Address : |
3168, |
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Date of Birth/Age : |
21.08.1969 |
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Date of Appointment : |
04.02.2009 |
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Name : |
Mr. Ken Jinzhang Cao |
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Designation : |
Director |
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Address : |
29274, |
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Date of Birth/Age : |
04.04.1963 |
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Date of Appointment : |
04.02.2009 |
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Name : |
Mr. James Albert Yost |
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Designation : |
Director |
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Address : |
7115, |
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Date of Birth/Age : |
09.04.1949 |
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Date of Appointment : |
04.02.2009 |
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Name : |
Mr. Andrew Lee Nileman |
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Designation : |
Director |
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Address : |
7153, S Valley Cir Lambertville MI 48144954, |
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Date of Birth/Age : |
08.04.1955 |
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Date of Appointment : |
17.06.2010 |
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Name : |
Mr. Eric Willi Schwarz |
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Designation : |
Director |
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Address : |
3444, |
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Date of Birth/Age : |
02.07.1964 |
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Date of Appointment : |
16.06.2009 |
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Date of Ceasing: |
17.06.2010 |
KEY EXECUTIVES
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Name : |
Mr. B. Krishna Kumar |
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Designation : |
Company Secretary |
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Address : |
A 203, No.161 nad 162, Surobhi Park, New DP Road, Aundh, Pune – 411
007 |
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Date of Birth/Age : |
18.02.1971 |
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Date of Appointment : |
01.05.2009 |
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Name : |
Mr. Girish Dixit |
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Designation : |
Finance Manager |
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Name : |
Mr. Sarad |
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Designation : |
Accounts Department |
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Name : |
Mr. Pravin |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 13.07.2010
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Names of Shareholders |
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No. of Shares |
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Dana World Trade Corporation, |
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73274670 |
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Asia Investments Limited, |
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24555325 |
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Praveshkumar Srivastava |
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1 |
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Mahendra Kumar Goyal |
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1 |
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K K Jaggi |
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1 |
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Deepak R Chopra |
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1 |
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Jagdip Singh Oberoi |
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1 |
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Total |
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97830000 |
Equity Shares Breakup (Percentage of Total Equity):
AS ON (30.09.2010)
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Category |
Percentage |
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Foreign holdings (Foreign
institutional investors ) foreign companies foreign financial institutions,
non residents or Overseas corporate bodies or others |
74.90 |
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Bodies corporate |
25.10 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Auto Part Components. |
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Product : |
·
Light Axles ·
Driveshaft ·
Compact 2000 Series |
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Exports : |
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Products : |
Tron casting process companion flange Assy. |
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Countries : |
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Imports : |
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Products : |
Auto/truck parts, plastic tray |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit (30 days) |
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Purchasing : |
L/C / Cash / Credit (30 days) |
PRODUCTION STATUS (as on 31.03.2010):-
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Particulars |
Unit |
Installed
Capacity [
000’Per Annum] |
Actual
Production** |
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Yokes |
Nos. |
3000 |
1389320 |
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Propeller Shaft Assembly |
Nos. |
975 |
550120 |
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Axles |
Nos. |
375 |
251106 |
Notes:
* Actual Production includes items used as components
in own production.
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Domestic OEM’s
Overseas
Customers
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No. of Employees : |
2500 (Approximately)
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Bankers : |
·
Deutsche Bank, Hazarimal Somani Marg, Fort, Mumbai –
400001, ·
Bank of · Standard Charted Grindlays Bank Limited ·
HDFC Bank Limited, HDFC Bank House Senapati
Bapat Marg, Lower Parel, Mumbai – 400 013, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
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Pan No.: |
AAEFP3641G |
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Holding Company : |
DANA World Trade Corporation, |
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Ultimate Holding
Company: |
DANA Holding Corporation, |
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Fellow Subsidiaries : |
·
ROC Spicer Limited, ·
Dana Spicer ( · Spicer Axle Australia Pty Limited ·
Dana Spicer Europe Limited, · Dana Automotive System Group, LLC · Dana Australia Pty Limited · Dana Austria GmbH · Dana UK Driveshaft Limited · Dana Industries Ltda. ·
Spicer · Spicer Nordiska Kardan AB ·
Spicer Ayra Cardan S.A., · Dana India Priate Limited · Transajes Transmissioners Homocineticas De Columbia SA · Dana Heavy Vehicle Systems Group, LLC · Dana Global Products Inc. · Spicer Gelenkwellenbau, GmbH. |
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Note : |
There are 18-19 company
in the Group all over |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
109000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1090.000 millions |
|
100000 |
Redeemable Preference Shares |
Rs. 100/- each |
Rs. 10.000 millions |
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TOTAL |
Rs.
1100.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
97830000 |
Equity Shares |
Rs. 10/- each |
Rs. 978.300 millions |
Notes:
·
Of the above 73,274,670 Equity Shares of Rs.10/-
each are held by Dana world Trade
Corporation,
·
The Holding Company of Dana Group is Dana
Holding Corporation,
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
978.300 |
978.300 |
978.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
808.651 |
594.900 |
554.429 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1786.951 |
1573.200 |
1532.729 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.260 |
0.413 |
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2] Unsecured Loans |
4.660 |
9.310 |
14.025 |
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TOTAL BORROWING |
4.660 |
9.570 |
14.438 |
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DEFERRED TAX LIABILITIES |
12.172 |
0000 |
1.073 |
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TOTAL |
1803.783 |
1582.770 |
1548.240 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1034.524 |
970.166 |
921.567 |
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Capital work-in-progress |
18.999 |
134.968 |
63.019 |
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INVESTMENT |
0.012 |
0.012 |
26.013 |
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DEFERREX TAX ASSETS |
0.000 |
5.598 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
556.456
|
534.087
|
569.813
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Sundry Debtors |
851.365
|
650.294
|
1019.875
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Cash & Bank Balances |
1006.943
|
327.029
|
473.856
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Other Current Assets |
5.292
|
4.691
|
3.428
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Loans & Advances |
214.211
|
320.172
|
190.621
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Total
Current Assets |
2634.267 |
1836.273 |
2257.593 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
919.482
|
814.427
|
1061.991
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Other Current Liabilities |
750.309
|
344.047
|
622.980
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Provisions |
214.228
|
205.773
|
34.981
|
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Total
Current Liabilities |
1884.019
|
1364.247
|
1719.952
|
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Net Current Assets |
750.248
|
472.026
|
537.641
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1803.783 |
1582.770 |
1548.240 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
6428.311 |
5283.778 |
6282.360 |
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Other Income |
81.167 |
85.200 |
124.623 |
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TOTAL (A) |
6509.478 |
5368.978 |
6406.983 |
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Less |
EXPENSES |
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Raw Material Consumed |
4589.178 |
3590.910 |
3989.636 |
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Other Expenses |
1231.521 |
1365.750 |
1783.566 |
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Increase/ Decrease in Stocks |
[55.970] |
69.319 |
[76.789] |
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TOTAL (B) |
5764.729 |
5025.979 |
5696.413 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
744.749 |
342.999 |
710.570 |
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Less |
FINANCIAL
EXPENSES (D) |
1.128 |
3.983 |
0.496 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
743.621 |
339.016 |
710.074 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
120.834 |
117.389 |
116.983 |
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PROFIT BEFORE
TAX (E-F) (G) |
622.787 |
221.627 |
593.091 |
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Less |
TAX (H) |
123.962 |
9.471 |
112.244 |
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PROFIT AFTER TAX
(G-H) (I) |
498.825 |
212.154 |
480.848 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
339.598 |
320.343 |
187.055 |
|
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|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
49.883 |
21.215 |
48.100 |
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
0.000 |
108.700 |
|
|
|
Proposed Dividend on Equity |
146.745 |
146.745 |
-- |
|
|
|
Interim Dividend – Equity |
97.830 |
-- |
163.050 |
|
|
|
Tax on Proposed Dividend |
24.373 |
24.939 |
-- |
|
|
|
Tax on Interim Dividend |
16.626 |
-- |
27.710 |
|
|
BALANCE CARRIED
TO THE B/S |
502.966 |
339.598 |
320.343 |
|
|
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1231.084 |
1140.710 |
NA |
|
|
TOTAL EARNINGS |
1231.084 |
1140.710 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
386.516 |
404.138 |
NA |
|
|
|
Stores & Spares |
1.846 |
8.331 |
NA |
|
|
|
Capital Goods |
4.236 |
48.049 |
NA |
|
|
TOTAL IMPORTS |
392.598 |
460.518 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.10 |
2.17 |
4.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.66
|
3.95
|
7.51
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.69
|
4.19
|
9.44
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.98
|
7.90
|
18.14
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.14
|
0.39
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.06
|
0.87
|
1.13
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40
|
1.35
|
1.31
|
LOCAL AGENCY FURTHER INFORMATION
Contingent
Liabilities:
|
Particulars |
31.03.2010 Rs.
In Millions |
|
a) Claims against the company relating to Central Excise/ Service tax
not acknowledged as debts |
1.741 |
|
b) Claims against the company relating to Sales Tax not acknowledged
as debts |
0.199 |
|
c) Claims against the company relating to Income Tax |
3.930 |
INDIAN ECONOMY
The Indian Economy grew around 7.2% as against 6.7% in previous year and
8.5% average in last three years. The economy, having been severely affected
due to the global economic melt down last year, staged a promising and faster
recovery with the help of various governmental measures during 2009-10 and
registered a significant sustainable increased growth momentum.
AUTOMOTIVE
INDUSTRY
The overall auto industry recorded a growth of around 26% in the
financial year 2009-10, as compared to the previous year. Following the adverse
impact of global recession which also affected the Indian Automotive Industry
during 2008-Q9, the utility vehicle and LCV segment started recovering from Q3
of 2009 and the MandHCV segment also witnessed a sustainable recovery from Q4
of 2009 onwards. Based on this recovery, the Utility Vehicle, LCV and MandHCV
segments in which the Company has presence, registered an increase of 32%
compared to the previous year. While Utility Vehicle and LCV segments recorded
an increase of 24% and 41°h, respectively, MandHCV segment recorded an increase
of 30% in comparison to the previous year.
PERFORMANCE
ANALYSIS
During the financial year, the Company achieved the highest ever sales
turnover of Rs. 6428 million, as compared to Rs. 5284 million in the previous
year. Domestic sales recorded an increase of 22% during the financial year
aligned to overall market in its business segment and export sales were up by
7% as compared to the previous year. The Company continues to be a market
leader in its domestic product range.
The Directors wish to inform that despite major challenges of global
market recession, higher input costs and increase in conversion costs due to
normal yearly inflation, the Company has been highly successful in improving
its profitability and cash flow significantly through effective cost control, significant
improvement in conversion cost and working capital management. Consequently,
during the financial year, the Profit before Tax and Profit after Tax were at
Rs. 623 million and Rs.499 million, respectively, as compared to Rs. 222
million and Rs. 212 million, respectively in the previous year.
Maximising stakeholders value and managing of the changing auto market
dynamics and cost factors and successfully sustaining the margins shall be the
key focus of the Company and the Company is committed and well poised to
continue all efforts in this direction.
The Company continues to measure and improve operational excellence
through KPI, QCDGP, SS, Kaizen, Reduction in conversion cost and COPQ (Cost of
Poor Quality) across all its plants. The manufacturing work culture imbibes
continuous and productivity improvement process through Dana Operating System
and (DOS) and Anand Production System (APS) implemented and regularly monitored
as a key KPI at all manufacturing locations. The Chakan plant at Pune stood 2
best plant in Dana world wide as per the DOS score. These KPIs are integrated
in to the Employees Performance Measurement System to sustain operational
excellence and continuous improvement.
The Company has continued to take various initiatives and to focus its
efforts towards quality improvement, thereby targeting to achieve zero PPM,
including reduced field failures and in-house! suppliers’ end waste.
Supply Chain management is the key factor for the Company’s success.
VSME initiatives have been extended to the suppliers and vendors of the Company
to ensure improved manufacturing excellence at suppliers’ end, towards
improving quality and delivery. The Company is constantly exploring the supply
chain area to enter into strategic alliances with key suppliers to ensure
uninterrupted supplies of key raw parts and components. The Company is
committed and is confident to improve supply chain management, quality,
productivity and effective utilization of capacity.
Light Axle
During the financial year, the Company’s light axle sales were at Rs.
4007 million, as compared to Rs. 3159 million in previous year, thus recording
an increase of 27%, with the domestic sales and exports increasing @ 27% and
25% based on the auto industry recovery both in the domestic and export
markets.
The Company has won Ashok Leyland Nissan 307 T Sunrise project for LCV
axles up to 7.5 Ton and on the export front, the order for supply of companion
flanges for T6 model to
During the financial year, the Pantnagar plant produced a record 156,
416 axles for the TATA Ace vehicle. The Chakan plant successfully met the
customer requirements for the MandM Xylo launch and for the W 201 vehicle.
Also, the proto parts for AL Nissan 307 T project was developed in a record
time of 2 months for AL Nissan.
The foundation stone for the Gear Manufacturing plant at Chakan facility
was laid in February 2010 by Mr Jim Sweetnam, President and CEO Dana Group and
Mr. Deepak Chopra, CEO, Anand Group. The state of art Gear plant is expected to
commence operations during 2011 for the manufacture of advantek series of gears
to be used in axle manufacturing. Along with its Global partner Dana, the
Company is further exploring establishment of Test lab facility in
Drive Shaft
During the financial year, Drive Shafts sales were at Rs. 2421 million,
as compared to Rs. 2125 million in the previous year, thus registering an
increase of 14%. Domestic business was up by 23% due to sustained increase in
the heavy and medium commercial vehicle segments. Export sales were, however,
low by 6% as compared to previous year.
The Company has added a new customer, Daimler
During the financial year, for better operational synergy, the Company
successfully integrated the Drive shaft component machining unit at Hosur with
its machining unit at Jodalli with-in time and cost parameters, as planned.
Also, the Satara unit successfully started operating the new paint line to
enable increased productivity and meet higher salt spray testing validation
requirements for the Drive shaft assemblies manufactured in that unit.
Significant volume ramp up in the Domestic MandHCV segment during Q4 of
Indian financial year 2009- 10, along with export market picking up suddenly,
the Company witnessed temporary resource constraints at the drive shaft
machining plant in Jodalli due to non availability of adequate capacities,
higher machine down times and supplier issues resulting in export premium
freight shipments and lower delivery fill. The Company had ensured all possible
efforts to address the situation which had then significantly improved.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U34300MH1993PLC073227 |
|
Name of the
company |
SPICER INDIA
LIMITED |
|
Address of the
registered office or of the principal place of business in |
29, Milestone, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
10027654 |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
HDFC Bank
Limited, HDFC Bank Housesenapti Bapat Marg, Lower parel (West), Mumbai – 400 013, Maharashtra, India E-Mail: himir.zaveri@hdfcbank.com
|
|
Nature of
instrument creating charge |
Supplemental
Letter of Hypothecation of Stocks and Book Debts Dated 31.07.2009 |
|
Date of
instrument Creating the charge |
31.07.2009 |
|
Amount secured by
the charge |
Rs. 525.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest To be mutually
decided and agreed upon from time to time Terms of
Repayment Funded and non Fund
working capital limits on Continuing basis. Margin Margin as may be
stipulated by the bank form time to time Extent and
Operation of the charge First exclusive
charge on all stocks and book debts both present and future |
|
Short particulars
of the property charged |
First Exclusive
charge on all stocks and book debts both present and future |
|
Date of
instrument modifying the charge |
22.11.2006 |
|
Particulars of
the present modification |
Supplemental Letter
of Hypothecation of Stocks and book debts dated 31.07.2009 for revised limits
of Rs. 525.000 Millions from original hypothecation limits of Rs. 250.000
Millions vide principal letter of hypothecation of stocks and book debts
dated 22.11.2006 |
|
Corporate
identity number of the company |
U34300MH1993PLC073227 |
|
Name of the
company |
SPICER INDIA
LIMITED |
|
Address of the
registered office or of the principal place of business in |
29, Milestone, |
|
This form is for |
Creation of
charge |
|
Type of charge |
· Book Debts · Movable Property (Not Being Pledge) · Floating Charge |
|
Particular of
charge holder |
HDFC Bank Limited,
HDFC Bank Housesenapti Bapat Marg, Lower parel
(West), Mumbai – 400 013, Maharashtra, India E-Mail: himir.zaveri@hdfcbank.com
|
|
Nature of
instrument creating charge |
Letter of
Hypothecation of stocks and book debts, dated 22.11.2006. |
|
Date of
instrument Creating the charge |
22.11.2006 |
|
Amount secured by
the charge |
Rs. 250.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: 9% per annum +
Interest Tax (as and when applicable would be applicable as and when
communicated by the bank from time to time). Terms of Repayment: 60/90 Days. The
loan shall be payable by the borrower to the bank at forthwith on demand made
by the bank. Extent and Operation of the charge First and
Exclusive charge by way of hypothecation on all stocks in trade both present
and future of raw material, fin9shed goods, goods in process of manufacturing
and other merchandise whatsoever movable properties now or at any time
hereafter and all the book debts, outstanding monies receivables (excluding
export receivables to an extent of Rs. 250.000 millions ) |
|
Short particulars
of the property charged (Including location of the property) |
First and
exclusive charge by way of hypothecation on all the stock in trade both
present and future consisting of raw material, finished goods, goods in
process of manufacturing and other merchandise lying at all plants of the
company viz, chakan (Pune), Jodalli, Satara and hosur and all the book debts, outstanding monies receivable
(excluding export receivables) to an extent of Rs. 250.000 millions. |
|
Name of the company |
SPICER INDIA LIMITED |
|
Presented By |
Mr. C. S. Patel, Managing Director |
|
1) Date and description of instrument creating the change |
Unattested Deed of Hypothecation of Stocks and Book Debts dated
02.11.1998 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 180.000 millions |
|
3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Hypothecation of company’s all present and future moveable current assets
comprising of : [a] Stock – in – trade including stocks of raw materials,
goods-in-process, semi-finished and finished goods, consumable stores,
spares; [b] Book debts, outstanding, monies receivable, claims, bills,
contracts, engagements and securities |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest Rate :
Deutsche Bank Prime Lending Rate
[DBPLR] Repayment :
Repayable on Demand Charge created
as security for the credit facilities of Overdraft / Short Term Loan,
Pre-Export Advance / Export Bill Purchased, Import / Inland usance Letter of
Credit and Customs / Excise Guarantees totally aggregating to Rs. 180.000
millions |
|
5) Name and Address and description of the person entitled to the
charge. |
Deutsche Bank Hazarimal Somani
Marg, Fort, Mumbai – 400001 |
|
6) Date and brief description
of instrument modifying the charge |
First Supplemental Deed of Hypothecation of stocks and book debts
dated 03.10.2000 |
|
7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
a. The amount of charge increased from Rs. 180.000 millions to Rs.
210.000 millions b. Amount of credit facilities increased by the Bank from Rs. 180.000
millions to Rs. 210.000 millions |
TRADE REFERENCES:
· G. Plast
· Accurate Products
· Akshay Pressing
· Beejay Engineers, Hubli
· Creative Metal Craft
· Delux Engineering, Mumbai
· Dynam Pressing, Pune
· Gaurav Engineers, Pune
· Hindustan Gears Private Limited, Hubli
· Innovative Concepts, Dharwad
· Nichrome, Hubli
· SMG Industries, Hubli
· Suri Industries, Hubli
· Udit Packaging Private Limited, Pune
· Wire Rings, Mumbai
Fixed Assets:
·
·
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Computers
· Vehicles
AS PER WEBSITE DETAILS:
PROFILE:
Subject established in 1993, is a leading supplier of axles,
driveshafts (also known as Propeller shafts) and drivetrain products as well as
genuine service parts. The Company provides complete system solutions to OEMs
and related Aftermarket in
The Company has domestic sales of USD 151 million, exports of USD 51 million and a customer base of virtually all major OEMs in the automotive commercial vehicle segment and off - highway markets, employing 1,025 people out of which 15 percent are women.
The Company is established as a joint venture between Dana
Holding Corporation,
Press Release:
Spicer
PUNE, India – 4 February 2010 – Spicer India Limited, a joint venture company
of Dana Holding Corporation, USA, and Anand Automotive Systems today announced
the groundbreaking for a new hypoid gear manufacturing facility and testing
center in Chakan, Pune, India. Indian OEMs today operate on new vehicle
platforms in the MUV / SUV / LCV segments. Recognizing this growing customer
need, Spicer India plans to expand its services to the Indian automobile
industry “Indian-based OEMs are demanding improved efficiency, power density,
fuel economy, torque-carrying capacity, and weight reduction,” said Mr. James
E. Sweetnam, President and CEO of Dana Holding Corporation, a world leader in
axle and driveshaft technology. “In response, Dana has developed the AdvanTEK
series of axles to meet these growing customer requirements, and we are pleased
to announce that – with these new and expanded facilities – we will be
positioned to manufacture these axles in
About Spicer
Spicer India Limited, established in 1993, is a leading supplier of
axles, driveshafts (also known as propeller shafts) and drivetrain products, as
well as genuine service parts. The company provides complete system solutions
to OEMs and the related aftermarket in
The company, which has a customer base of virtually all major OEMs in
the automotive, commercial vehicle, and off-highway markets, is a joint venture
between Dana Holding Corporation,
About Dana Holding Corporation
Dana is a world leader in the supply of axles; driveshafts; and
structural, sealing, and thermal-management products; as well as genuine
service parts. The company's customer base includes virtually every major vehicle
manufacturer in the global automotive, commercial vehicle, and off-highway
markets. Based in
About Anand
Automotive Systems
Anand Automotive Systems is a leading manufacturer of
automotive components and systems in
With a large range of automotive components, the Group has a
sales turnover of USD 700 million, targeting to achieve $ 1 billion by 2012.
In 1961, the Group started its operations with the establishment of
Gabriel India, the Group's flagship Company in Mumbai for manufacturing Shock Absorbers.
Today, the Group comprises 19 companies with 38 business units spread in eight
states across the country
Overall, the strength of Anand Companies lie in their strong brand
image, widespread distribution network, product range, excellent quality,
extensive Original Equipment coverage, Export markets.
For Further Information Please Contact:
Abhinav Sood
ConnectComm
Ph: +919810605190
Email: abhinav.sood@connectcomm.org
Sona Puri
Corporate Communications
Anand Automotive Systems
Ph: + 9650705559
Email: sona.puri@anandgroupindia.com
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 records 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.42 |
|
|
1 |
Rs.72.49 |
|
Euro |
1 |
Rs.63.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
TOTAL |
|
63 |
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.