|
Report Date : |
04.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
SPICER INDIA LIMITED |
|
|
|
|
Registered
Office : |
29 Milestone, Pune-Nashik Highway, Village Kuruli, Taluka
Khed, Pune – 410 501, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation
: |
29.07.1993 |
|
|
|
|
Com. Reg. No.: |
11-073227 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.978.300 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300MH1993PLC073227 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
PNES11424A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECS1869C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is primarily engaged in business of manufacturing of
drivetrain products and service parts namely axles, driveshafts and
components. |
|
|
|
|
No. of Employees
: |
2500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9280000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject established as Joint Venture between Dana Holding Corporation
USA and Anand Automotive Limited. It is a well-established company having fine track record. The company
is progressing well. Financial position of the company is good, marked by no
external borrowings recorded during 2013. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitment. 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.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures to
curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous month,
even while indicating the fifth successive monthly contraction, according the
HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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. Rupesh |
|
Designation : |
Finance Department |
|
Contact No.: |
91-2135-301122 |
|
Date : |
03.01.2014 |
LOCATIONS
|
Registered Office : |
29 Milestone, Pune-Nashik Highway, Village Kuruli, Taluka Khed,
Pune – 410 501, Maharashtra, India |
|
Tel. No.: |
91-2135-301100 / 301125/ 301122 91-20-24102501/ 02 / 03/ 04 / 05 / 562501 / 2135-2301125 / 301100 |
|
Mobile No. : |
91-9623121814 [Mr. Pravin] |
|
Fax No.: |
91-2135-301122 91-20-24102516 / 2135-252229/24120516 / 562516 / 2301122 (General office) / 301133 (Axle Office) |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office:
|
Survey No.24/P and 29/9 Village, Jodalli – 580 114, Karnataka, India |
|
|
|
|
Factory 1: |
Village, Jodalli, Taluka Kalghatgi, District Dharwad, Jodalli - 580 114, Karnataka, India |
|
Tel No: |
91-836-2310482/3 |
|
Fax No: |
91-836-2310481 |
|
|
|
|
Factory 2: |
Plot 144, SIPCOT Industrial Comples, Phase – I, Hosur – 635 126, Tamilnadu, India. |
|
Tel No: |
91-4344-277026 |
|
Fax No: |
91-4344-277803 |
|
|
|
|
Factory 3: |
Gat No.74/A, Tulja Bhavani Industrial Estate, Near to Additional M.I.D.C. Karandwadi, Satara – 415 004, Maharashtra, India |
|
Tel No: |
91-2162-246503/4/6 |
|
Fax No: |
91-2162-246505 |
|
|
|
|
Factory 4: |
622-626, Kuruli, Chakan, Pune – 410 501, Maharashtra, India |
|
Tel No: |
91-2135-252228 |
|
|
|
|
Factory : |
Also located at: · Santnagar, Uttarakhand, India ·
Hobli Uttarakhand, India |
DIRECTORS
AS ON 29.07.2013
|
Name : |
Mr. Deepak Chopra |
|
Designation : |
Managing Director |
|
Address : |
7 and 8, Anfilco Housing Colony, Anand Farm, Palam Gurgaon Road,
Gurgaon – 122 016, Haryana, India |
|
Date of Birth/Age : |
15.12.1954 |
|
Qualification : |
ACA, ACS |
|
Date of Appointment : |
19.01.2009 |
|
DIN No.: |
00028770 |
|
PAN No.: |
ACEPC2926R |
|
|
|
|
Name : |
Mr. Deep Chand Anand |
|
Designation : |
Director |
|
Address : |
No.1, Sri Aurobindo Marg, Hauz Khas, New Delhi - 110 016, India |
|
Date of Birth/Age : |
26.08.1933 |
|
Date of Appointment : |
29.07.1993 |
|
DIN No.: |
00090123 |
|
|
|
|
Name : |
Mr. Robert David Pyle |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
No.4, Gao An Road, Xuhui District, Shanghai 200030, China |
|
Date of Birth/Age : |
12.12.1966 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
05.06.2012 |
|
DIN No.: |
03622775 |
|
|
|
|
Name : |
Mr. Mark Emerson Wallace |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
790 Broad CT N, Naples FL, 34102, United States of America |
|
Date of Birth/Age : |
16.01.1967 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
16.09.2011 |
|
DIN No.: |
03645546 |
|
|
|
|
Name : |
Mr. Jason Wesley Johnson |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
2311 Gibley Park Road, Toledo OH, 43617, United States of America |
|
Date of Birth/Age : |
15.03.1972 |
|
Date of Appointment : |
07.03.2012 |
|
DIN No.: |
05226025 |
|
|
|
|
Name : |
Mr. Saket Sapra |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
Hotel Oakwood Premier, 81, Mundhwa, Koregaon Park Annex, Pune – 411
036, Maharashtra, India |
|
Date of Birth/Age : |
14.09.1971 |
|
Date of Appointment : |
25.06.2013 |
|
DIN No.: |
05154694 |
|
|
|
|
Name : |
Mr. Manoj Rajendra Kolhatkar |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
C-8, Kapil Malhar, S.No.184 188, Baner, Pune – 411 045, Maharashtra,
India |
|
Date of Birth/Age : |
29.07.1968 |
|
Date of Appointment : |
25.06.2013 |
|
DIN No.: |
03553983 |
KEY EXECUTIVES
|
Name : |
Mr. Rajendra Kumar Jain |
|
Designation : |
Company Secretary |
|
Address : |
R 5, Gulmohar Park, Vishal Nagar, Pimple Nilakh, Chinchwad, Pune – 411 027, Maharashtra, India |
|
Date of Birth/Age : |
12.09.1972 |
|
Date of Appointment : |
28.03.2012 |
|
PAN No.: |
AEAPJ8408D |
MAJOR SHAREHOLDERS
AS ON 29.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
Dana World Trade Corporation, USA |
|
73274670 |
|
Asia Investments Limited, India |
|
24555325 |
|
Praveshkumar Srivastava |
|
1 |
|
Chandrakant Somabhai Patel |
|
1 |
|
K.K. Jaggi |
|
1 |
|
Deepak R. Chopra |
|
1 |
|
Charanjit Singh |
|
1 |
|
Total |
|
97830000 |
AS ON 29.07.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
74.90 |
|
Bodies
corporate |
|
25.10 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in business of manufacturing of
drivetrain products and service parts namely axles, driveshafts and
components. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
||||||||||||
|
|
|
||||||||||||
|
Imports : |
|
||||||||||||
|
Products : |
Raw Materials |
||||||||||||
|
Countries : |
· USA · UK |
||||||||||||
|
|
|
||||||||||||
|
Terms : |
|
||||||||||||
|
Selling : |
Cash / Credit |
||||||||||||
|
|
|
||||||||||||
|
Purchasing : |
Cash / Credit |
PRODUCTION STATUS (AS ON 31.03.2011):
|
Particulars |
Unit |
Installed
Capacity [
000’Per Annum] |
Actual
Production** |
|
Yokes |
Nos. |
3500 |
1951297 |
|
Propeller Shaft Assembly |
Nos. |
975 |
588279 |
|
Axles |
Nos. |
375 |
264848 |
|
Companion Flanges |
Nos. |
1980 |
1311073 |
|
Diff-Cases |
Nos. |
420 |
288840 |
Notes: * *Actual Production includes items used as
components in own production.
GENERAL INFORMATION
|
Suppliers : |
·
Mungi Engineers Private Limited |
||||||||||||
|
|
|
||||||||||||
|
Customers : |
Wholesalers and Retailers · Ashok Leyland Limited · Asia Motor Works Limited · Bharat Earth Movers Limited · Caterpillar India · Force Motors · Ford · General Motors India · International Cars and Motors Limited · Man Force Trucks Private Limited · Mahindra and Mahindra ·
Tata Motors |
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
2500 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
· Deutsche Bank, Hazarimal Somani Marg, Fort, Mumbai – 400 001, Maharashtra, India · Bank of Nova Scotia, Mittal Towers, 'B' Wing, Nariman Point, Mumbai - 400 021, Maharashtra, India · Standard Charted Grindlays Bank Limited ·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India (Tel.
No.: 91-20-61606161/ 66034332) ·
Yes Bank ·
Kotak Mahindra Bank Limited |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
Notes: (a) The loan has
been repaid during the year. Amount only for rounding off. (b) Buyer's
Import Credit for Capital Goods are secured by hypothecation of specific
Plant and Machinery procured using the said loan. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Muttha Towers, 5th Floor, Suite No. 8, Airport Road,
Yerawada, Pune – 411 006, Maharashtra, India |
|
PAN No.: |
AAEFP3641G |
|
|
|
|
Holding Company : |
Dana World Trade Corporation, United States |
|
|
|
|
Ultimate Holding
Company: |
Dana Automotive Systems Group, LLC, United States |
|
|
|
|
Fellow Subsidiary Companies : |
·
C.A. Danaven ·
Dana Australia Pty. Limited, Australia ·
Dana Austria GmbH, Austria ·
Dana Global Products, Inc., United States ·
Dana GmbH, Germany ·
Dana Heavy Vehicle Systems Group, LLC ·
Dana India Private Limited, India (CIN No.:
U51909MH2000PTC124685) ·
Dana Industrias Ltda., Brazil ·
Dana Italia, SpA, Italy ·
Dana Japan, Limited, Japan ·
Dana Spicer (Thailand) Limited, Thailand ·
Dana Spicer Europe Limited, United Kingdom ·
Dana Spicer Industria e Comercio Autopecas Ltda.,
Brazil ·
Dana UK Driveshaft Limited, United Kingdom ·
Dana de México Corporacion, S. de R.L. de C.V.,
Mexico ·
Fujian Spicer Drivetrain System Co., Limited,
China ·
Gearmax (Pty) Limited, South Africa ·
Industria de Ejes y Transmissiones S.A., Colombia ·
ROC Spicer, Limited, Taiwan, Province of China ·
Spicer Axle Australia Pty Limited, Australia ·
Spicer Ejes Pesados S.A., Argentina ·
Spicer France S.A.S., France ·
Spicer Gelenkwellenbau GmbH, Germany ·
Spicer Nordiska Kardan AB, Sweden |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
Asia Investments Private Limited, India (CIN No.: U65993MH1966PTC206200) |
CAPITAL STRUCTURE
AS ON 29.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
109000000 |
Equity Shares |
Rs.10/- each |
Rs.1090.000 millions |
|
100000 |
Preference Shares |
Rs.100/- each |
Rs.10.000 millions |
|
|
Total
|
|
Rs.1100.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
97830000 |
Equity Shares |
Rs.10/- each |
Rs.978.300 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
978.300 |
978.300 |
978.300 |
|
(b) Reserves & Surplus |
1341.723 |
1065.641 |
829.362 |
|
(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) |
2320.023 |
2043.941 |
1807.662 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
152.653 |
107.268 |
|
(b) Deferred tax liabilities (Net) |
88.324 |
20.665 |
6.682 |
|
(c) Other long term liabilities |
7.003 |
6.992 |
1.565 |
|
(d) Long-term provisions |
10.859 |
10.201 |
8.946 |
|
Total Non-current Liabilities (3) |
106.186 |
190.511 |
124.461 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
2480.579 |
2231.418 |
2027.089 |
|
(c) Other current
liabilities |
249.118 |
198.468 |
144.534 |
|
(d) Short-term provisions |
361.600 |
375.256 |
162.902 |
|
Total Current Liabilities (4) |
3091.297 |
2805.142 |
2334.525 |
|
|
|
|
|
|
TOTAL |
5517.506 |
5039.594 |
4266.648 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1739.463 |
1612.275 |
1024.402 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
53.183 |
127.145 |
327.446 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.007 |
0.007 |
0.012 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
300.754 |
257.283 |
341.469 |
|
(e) Other Non-current assets |
6.788 |
9.192 |
67.592 |
|
Total Non-Current Assets |
2100.195 |
2005.902 |
1760.921 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
937.775 |
929.669 |
842.084 |
|
(c) Trade receivables |
1485.939 |
1403.044 |
1141.922 |
|
(d) Cash and cash
equivalents |
714.572 |
450.165 |
322.402 |
|
(e) Short-term loans and
advances |
256.000 |
246.588 |
197.395 |
|
(f) Other current assets |
23.025 |
4.226 |
1.924 |
|
Total Current Assets |
3417.311 |
3033.692 |
2505.727 |
|
|
|
|
|
|
TOTAL |
5517.506 |
5039.594 |
4266.648 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
11819.631 |
10438.478 |
8582.521 |
|
|
|
Other Income |
23.207 |
26.636 |
104.967 |
|
|
|
TOTAL (A) |
11842.838 |
10465.114 |
8687.488 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
8175.230 |
7347.130 |
6326.073 |
|
|
|
Purchases of stock-in-trade |
39.494 |
6.756 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
29.252 |
(15.716) |
(137.393) |
|
|
|
Employee benefit expense |
592.456 |
488.204 |
360.510 |
|
|
|
Other expenses |
1759.466 |
1674.437 |
1414.632 |
|
|
|
TOTAL (B) |
10595.898 |
9500.811 |
7963.822 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1246.940 |
964.303 |
723.666 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.757 |
14.479 |
4.981 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1238.183 |
949.824 |
718.685 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
193.610 |
152.344 |
109.815 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
1044.573 |
797.480 |
608.870 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
311.799 |
220.100 |
75.184 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
732.774 |
577.380 |
533.686 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
648.000 |
470.000 |
503.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
73.000 |
58.000 |
53.000 |
|
|
|
Dividend on Equity |
392.000 |
294.000 |
440.000 |
|
|
|
Dividend Distribution Tax |
66.000 |
48.000 |
73.000 |
|
|
BALANCE CARRIED
TO THE B/S |
827.000 |
648.000 |
470.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2072.000 |
1860.000 |
1511.000 |
|
|
TOTAL EARNINGS |
2072.000 |
1860.000 |
1511.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
625.865 |
|
|
|
Stores & Spares |
NA |
NA |
15.440 |
|
|
|
Capital Goods |
NA |
NA |
210.007 |
|
|
TOTAL IMPORTS |
NA |
NA |
851.312 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
7.49 |
5.90 |
5.45 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.19
|
5.52
|
6.14
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.84
|
7.64
|
7.09
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.12
|
16.23
|
15.46
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.39
|
0.34
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.07
|
0.06
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11
|
1.08
|
1.07
|
LOCAL AGENCY FURTHER INFORMATION
Details of Current Maturities of Long Term
Debt: Not Available
|
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 three years |
Yes |
|
12] |
Profitability for last three years |
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 |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10027654 |
31/07/2009 * |
525,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
A68980234 |
|
2 |
90084549 |
18/11/1996 |
70,000,000.00 |
DEUTSCHE BANK |
HAZARIMAL SOMANI
MARG, FORT, BOMBAY, MAHARASHTRA |
- |
|
3 |
90084503 |
02/08/1996 |
50,000,000.00 |
ANZ GRINDLAYS
BANK |
P.I.C. FORT
BRANCH, MUMBAI, MAHARASHTRA, INDIA |
- |
|
4 |
90084495 |
24/07/1996 |
100,000,000.00 |
ANZ GRINDLAYS
BANK |
P.I.C. FORT BRANCH,
MUMBAI, MAHARASHTRA, INDIA |
- |
|
5 |
90090308 |
14/05/1996 |
50,000,000.00 |
THE BANK OF NOVA
SCOTIA |
MITTAL TOWERS;
'B' WING;, NARIMAN POINT, MUMBAI, |
- |
* Date of charge
modification
GENERAL INFORMATION:
The Company was
established in 1993 and is primarily engaged in business of manufacturing of
drivetrain products and service parts namely axles, driveshafts and components
there of which constitute heart of the transmission system. The Company has
manufacturing plants in India and sells in both domestic and export segment.
INDIAN ECONOMY
The Indian GDP
grew around 5.0% after having grown at 7.0% in F.Y. 2011-12 and 8.4% in F.Y.
2010-11. The Industrial sector witnessed a growth of 3.1% as against 3.6% in previous
year. Growth in Service sector continues to broad based 6.6% as against 9.4% in
previous year. Agricultural sector grew by 1.8% against 2.5% in previous years.
The Indian rupee has depreciated by14% against the US $ in 2012-13.
AUTOMOTIVE INDUSTRY
The overall auto
industry recorded a growth of around 2.6% in the financial year 2012-13, as
compared to 14.0% in previous year. Utility Vehicle, LCV and M&HCV segments
in which the Company has presence, registered an increase of 14.8% compared to
20.0% in previous year. While Utility Vehicle and LCV segments recorded an
increase of 52% and 14% respectively, M&HCV segment recorded de-growth of
23% in comparison to the previous year.
PERFORMANCE ANALYSIS
During the
financial year, the Company achieved the highest ever sales turnover of
Rs.11820.000 millions, as compared to Rs.10438.000 millions in the previous
year registering a growth of 13.2 %. Domestic sales recorded an increase of
13.3% during the financial year aligned to overall market in its business
segment and export sales were up by 11.1% as compared to the previous year. The
Company continues to be a market leader in its domestic product range.
Despite major
challenges of global market recession, higher input costs and increase in
conversion costs due to high inflation, the Company has been successful in
improving its profitability and cash flow through effective cost control and
improvement in conversion cost and working capital management. Consequently,
during the financial year, the Profit before Tax and Profit after Tax were at
Rs.1044.000 millions and Rs.710.000 millions respectively, as compared to
Rs.798.000 millions and Rs.578.000 millions respectively in the previous year.
Maximizing
stakeholders value, managing ever 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, DOS, 5S,
Reduction in conversion cost and COPQ (Cost of Poor Quality) across all its
plants. The manufacturing work culture imbibe continues in the company.
Productivity improvement process through Dana Operating System and (DOS) and Anand
HEIJUNKA Production System (AHPS) are implemented and regularly monitored as a
key KPI at all manufacturing locations. 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/Safety/Productivity improvement, thereby targeting to achieve zero PPM
and Accidents, while assuring that their processes are cost effective.
Supply Chain
management is the key factor for the Company’s success. Visionary small and
medium enterprises (VSME) initiatives have been extended to the suppliers and
vendors of the Company, to ensure manufacturing excellence at suppliers end
towards improving quality, cost 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 confident to improve supply chain management, quality,
productivity and effective utilization of capacity, while ensuring the growth
of key suppliers.
Light Axle
During the
financial year, the Company’s light axle sales were at Rs.7644.000 millions, as
compared to Rs.5964.000 millions in previous year, thus recording an increase
of 28.2%, with the domestic sales and exports increasing @ 28.8% and 25.3%
respectively based on the auto industry recovery both in the domestic and
export markets.
The Company has
been successful in renewing GM Tavera contract. The Company is in advanced
state of discussion with customer M &M for U301 program and Maruti Suzuki
Y9T program to win the business in coming financial year to grow beyond market
growth and to maintain and continue this growth momentum.
During financial
year 2012-13, Pantnagar plant produced 201,075 Axles and record 306,909 Drive
shafts for Tata Ace vehicle. The State of the art Gear Manufacturing plant at
Chakan facility has completed one year of operation.
The Plant has achieved 90% capacity utilization in second half of the
year.
Drive Shaft
During the
financial year, Drive Shafts sales were at Rs.4074.000 millions, as compared to
Rs.4400.000 millions in the previous year, thus registering de-growth of 7.4%.
Domestic business was affected by de-growth of 23% in the M&HCV segment.
Export sales were decreased by 9.5% as compared to previous year due to
recession in the European market.
The Company has
proactively started working on innovative product aimed at light weighting and
improved torque capacity. These products will help the company to win new
business and improve market share in the domestic OEM segment.
The Company has
taken initiative to re-energize Lucknow plant in line with company strategy to co-locate
with customer. The Company continues its efforts in expanding after-market
sales and registered growth @ 17.4% in 2012-13.
TRADE REFERENCES
· Mungi Engineers Private Limited
· Tata Motors
Fixed Assets:
Tangible Assets
· Land
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Computers
· Vehicles
Intangible Assets
· Computer Software
WEBSITE DETAILS:
PRESS RELEASES/ NEWS:
DANA SUPPLYING
HIGH-PERFORMANCE SPICER® AXLES FOR MAHINDRA AND MAHINDRA'S NEW VEHICLE PLATFORM
MAUMEE, Ohio, Oct. 22, 2013 /PRNewswire/ -- Dana Holding Corporation
(NYSE: DAN) announced today that it is expanding its business relationship with
Mahindra and Mahindra Limited by supplying it with efficient, lightweight
Spicer® axles with AdvanTEK® gears for the company's new
platform of sport-utility vehicles and small trucks.
The proven and reliable banjo-style Spicer Model 180 axles are
engineered to deliver enhanced efficiency and fuel economy through lower hypoid
offsets. Designed with Dana's proprietary assembly technology, Spicer axles
with AdvanTEK gearing are rugged and lightweight, offering improved power
density and best-in-class noise, vibration, and harshness performance.
"Dana's expertly engineered axles help meet Mahindra and Mahindra's
demand for an efficient and lightweight product for its new platform,"
said Mark Wallace, president of Dana Light Vehicle
Driveline Technologies. "For more than a decade, Dana's relationship
with Mahindra and Mahindra has continued to grow as we continue to bring
advanced technologies and vehicles to the Indian market."
With production expected to begin mid-2015, the axles will be
manufactured in Chakan, India, by Spicer®
India Limited, a majority-owned joint-venture with Anand Automotive
Systems. The Chakan facility is a leading supplier of axles, drivetrain
products, and genuine service parts, providing complete system solutions to
OEMs and the aftermarket in India.
Recently, Dana was honored by Mahindra and Mahindra as the 2012 Best
Supplier in the vehicle proprietary category. The award recognized Dana
for consistency in quality and delivery and also extended excellent support
during development of rear and front axles for the Quanto. Last year,
Dana also introduced Spicer rear axles with AdvanTEK gear sets for Xylo.
About Dana Holding
Corporation
Dana
is a world-leading supplier of driveline, sealing, and thermal-management
technologies that improve the efficiency and performance of passenger,
commercial, and off-highway vehicles with both conventional and
alternative-energy powertrains. The company's global network of
engineering, manufacturing, and distribution facilities provides
original-equipment and aftermarket customers with local product and service
support. Based in Maumee, Ohio, Dana employs
more than 23,000 people in 26 countries and reported 2012 sales of $7.2 billion.
About Spicer India
Limited
Spicer
India Limited, established as joint venture between Dana Holding Corporation
and Anand Group 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 original equipment
manufacturers and related aftermarket in India,
and also has been the major exporter to Dana. Spicer India Limited
products are marketed through a network of dealers and retailers across the
country in aftermarket.
SPICER INDIA OPENS ALL-NEW PLANT IN LUCKNOW
Lucknow, November 15, 2013: Spicer India has inaugurated its new facility,
in Lucknow, its sixth plant.
Lucknow, November 15, 2013: Spicer India has inaugurated its new facility, in Lucknow, its sixth plant. The new unit will provide just-in-time suppliers of propeller shafts to Tata Motors’ Lucknow plant.
M Venkatram, senior vice-president, Purchasing and Supply Chain, Tata Motors,
who was the chief guest for the occasion, lit the lamp along with other
dignitaries including, Mrs. Anjali Singh, chairperson, Anand Supervisory Board,
Robert Pyle, president, Asia Pacific, DANA Holding Corporation; Deepak Chopra,
CEO, Anand Automotive; and Arul Kumar, chief operating officer, Spicer India.
The new plant will supply propeller shafts to Tata Motors’ Lucknow and
Jamshedpur plants. The set-up of this dedicated facility is in line with the
expansion of Tata Motors’ Lucknow plant. Spicer India currently supplies drive
shafts for buses and trucks produced by Tata Motors’ Lucknow and Jamshedpur,
from its Satara plant. The new plant will help reduce transportation costs and
other logistics involved, which Spicer India says are being passed back to the
customer.
“Due to the current recessionary market, Spicer India has limited the capacity
of the plant to just half of the intended capacity. Even with this, it can
service twice the current requirement of both the Lucknow and Jamshedpur plants
of Tata Motors. Further, with a minimal investment, the capacity can be
expanded to 180,000 shafts per year (50 percent more) in a short span of time,
still leaving a possibility of further expansion to 250,000 shafts.
“Dana and the Anand Group firmly believe in partnering with their customers. We
would like to be not only where the customers are today but also be present
where the customers are likely to be tomorrow, in terms of technology, capacity
and location”, said Arul Kumar, chief operating officer, Spicer India.
Spicer India will also replace its existing drive shaft models to a more
advanced ‘Compact’" models, which will deliver a better torque-to-weight
ratio with also a price advantage to Tata Motors from the new Lucknow plant.
“The new plant set up by Spicer at Lucknow would ensure delivery of our
products on ‘Just In Time’ basis to Tata Motors Lucknow plant and at the same
time maintaining high quality levels and incorporating new technology”, said
Mrs Anjali Singh, chairperson, Anand Supervisory Board.
Robert Pyle, president, Asia Pacific, DANA Holding Corporation, commented: “The
opening of Lucknow plant marks another milestone in our collaboration with the
Anand Group and will help Spicer India enhance its reputation as a supplier
that is committed to investing and growing to support the needs of its
customers. I am confident that this plant will become a benchmark for
driveshaft manufacturing in India.”
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.62.41 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.85.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.