MIRA INFORM REPORT

Report Date :

13.03.2014

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.

ECGC Country Risk Classification List – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Rupesh
Designation :	Finance Department
Contact No.:	91-2135-301122

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 :	rk.jain@dana.com krishna.kumar@dana.com rajarshi.daharwd@dana.com
Website :	www.dana.com www.spicerindia.com
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 :

19.01.2014

DIN No.:

00028770

PAN No.:

ACEPC2926R

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29309TN1997PLC038508	VALEO FRICTION MATERIALS INDIA LIMITED	Director	24-09-2012	26-06-1997	10-06-2013	Active	NO
2	U74899DL1996PLC076149	ECHLIN INDIA LIMITED	Director	17-08-1999	17-08-1999	-	Strike off	NO
3	U35999TN1997PLC039028	MANDO INDIA LIMITED	Director	31-01-2000	31-01-2000	04-09-2009	Amalgamated	NO
4	U29117PN2001PLC018092	VICTOR GASKETS INDIA LIMITED	Director	19-07-2001	19-07-2001	08-02-2010	Active	NO
5	U74899DL1994PLC062873	AFM INDIA LIMITED	Director	15-11-2001	15-11-2001	-	Active	YES
6	U74999MH1975PLC206199	ANAND AUTOMOTIVE LIMITED	Managing director	01-04-2002	01-04-2002	20-01-2009	Active	NO
7	U24222HR1996PLC033371	HENKEL TEROSON INDIA LIMITED	Director	22-05-2002	22-05-2002	20-05-2013	Active	NO
8	U65993MH1966PTC206200	ASIA INVESTMENTS PRIVATE LIMITED	Director	20-06-2002	20-06-2002	24-06-2010	Active	NO
9	U51909DL1992PLC049978	CHANG YUN INDIA LIMITED	Director	24-06-2002	24-06-2002	26-09-2011	Active	NO
10	U85110DL1981PLC191868	DYTEK INDIA LIMITED	Director	19-12-2002	19-12-2002	-	Active	NO
11	U33699DL1980PLC010179	ANSYSCO LIMITED	Director	13-03-2004	13-03-2004	-	Amalgamated	NO
12	U29197DL1997PTC163461	MAHLE FILTER SYSTEMS (INDIA) PRIVATE LIMITED	Director	23-03-2005	23-03-2005	-	Amalgamated	NO
13	U34300MH1993PLC073227	SPICER INDIA LIMITED	Managing director	19-01-2014	27-09-2005	-	Active	NO
14	U29197DL1986PLC025120	DEGREMONT LIMITED	Director	05-06-2006	05-06-2006	04-01-2012	Active	NO
15	U29199HR2006PLC043262	FEDERAL-MOGUL BEARINGS INDIA LIMITED	Alternate director	01-09-2010	17-07-2006	03-10-2010	Active	NO
16	U29130TN1997FTC037962	FAURECIA EMISSIONS CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED	Director appointed in casual vacancy	15-06-2012	16-05-2007	14-06-2013	Active	NO
17	U45400HR2008PTC037677	CAMFIL AIR FILTRATION INDIA PRIVATE LIMITED	Director	04-03-2008	04-03-2008	12-08-2011	Active	NO
18	U29130TN2008PTC066530	C Y MYUTEC AUTOMOTIVE INDIA PRIVATE LIMITED	Director	15-05-2008	15-05-2008	29-06-2011	Active	NO
19	L34101PN1961PLC015735	GABRIEL INDIA LIMITED	Director	21-05-2008	21-05-2008	-	Active	NO
20	U34300PN1997PLC107619	MAHLE BEHR INDIA LIMITED	Director	29-09-2009	27-03-2009	-	Active	NO
21	U74899DL1966PLC004919	MAHLE FILTER SYSTEMS (INDIA) LIMITED	Alternate director	25-03-2013	02-06-2009	25-03-2013	Active	NO
22	U50100TN2012PTC084043	VALEO SERVICE INDIA AUTO PARTS PRIVATE LIMITED	Alternate director	13-04-2012	13-04-2012	07-12-2012	Active	NO

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

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L34101PN1961PLC015735	GABRIEL INDIA LIMITED	Director	24-02-1961	24-02-1961	21-05-2008	Active	NO
2	U99999MH1962PLC012316	PERFECT CIRCLE INDIA LIMITED	Director	06-04-1962	06-04-1962	22-05-2008	Active	NO
3	U74899DL1966PLC004919	MAHLE FILTER SYSTEMS (INDIA) LIMITED	Director	16-04-1966	16-04-1966	-	Active	NO
4	U99999DL1983PTC016655	ANAND AND ANAND PRIVATE LIMITED	Director	29-09-1983	29-09-1983	-	Amalgamated	NO
5	U74999MH1975PLC206199	ANAND AUTOMOTIVE LIMITED	Director	18-02-1986	18-02-1986	18-04-2013	Active	NO
6	U29197DL1986PLC025120	DEGREMONT LIMITED	Director	15-07-1989	15-07-1989	07-12-2010	Active	NO
7	U74899DL1991PTC043765	DEEP C.ANAND HOLDINGS PRIVATE LIMITED	Director	02-04-1991	02-04-1991	-	Active	NO
8	U34300MH1993PLC073227	SPICER INDIA LIMITED	Director	29-07-1993	29-07-1993	-	Active	NO
9	U34300PN1997PLC107619	MAHLE BEHR INDIA LIMITED	Director	13-05-1997	13-05-1997	-	Active	NO
10	U29309TN1997PLC038508	VALEO FRICTION MATERIALS INDIA LIMITED	Director	15-09-1997	15-09-1997	09-06-2009	Active	NO
11	U35999TN1997PLC039028	MANDO INDIA LIMITED	Director	08-10-1997	08-10-1997	23-05-2008	Amalgamated	NO
12	U99999MH1998PLC118876	HALDEX INDIA LIMITED	Director	15-05-2002	15-05-2002	29-08-2007	Active	NO
13	U65993MH1966PTC206200	ASIA INVESTMENTS PRIVATE LIMITED	Additional director	28-12-2010	21-05-2010	-	Active	NO

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

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U34300GJ2011PTC067703	YANFENG VISTEON INDIA AUTOMOTIVE TRIM SYSTEMS PRIVATE LIMITED	Director	02-11-2011	02-11-2011	20-06-2012	Active	NO
2	U34300MH1993PLC073227	SPICER INDIA LIMITED	Director appointed in casual vacancy	05-06-2012	05-06-2012	-	Active	NO
3	U29299PN2004PTC019249	VICTOR REINZ INDIA PRIVATE LIMITED	Additional director	01-01-2013	01-01-2013	-	Active	NO
4	U74210PN2001PTC129657	DANA INDIA TECHNICAL CENTRE PRIVATE LIMITED	Director	09-07-2013	12-06-2013	-	Active	NO
5	U74999PN2000PTC015131	DANA INDIA PRIVATE LIMITED	Director	30-09-2013	20-06-2013	-	Active	NO

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

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27209TN1981PLC008630	AXLES INDIA LIMITED	Director	29-08-2012	03-12-2011	-	Active	NO
2	U74999PN2000PTC015131	DANA INDIA PRIVATE LIMITED	Managing director	30-09-2013	25-01-2013	-	Active	NO
3	U74210PN2001PTC129657	DANA INDIA TECHNICAL CENTRE PRIVATE LIMITED	Managing director	09-07-2013	25-01-2013	-	Active	NO
4	U34300MH1993PLC073227	SPICER INDIA LIMITED	Director appointed in casual vacancy	25-06-2013	25-06-2013	-	Active	NO

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

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L34101PN1961PLC015735	GABRIEL INDIA LIMITED	Managing director	28-07-2011	27-05-2011	-	Active	NO
2	U34300MH1993PLC073227	SPICER INDIA LIMITED	Director appointed in casual vacancy	25-06-2013	25-06-2013	-	Active	NO

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 :

Item Code No.	Product Description
87085000	Axles
87089900	Propeller Shaft Assembly
87089900	Yokes
87089900	Companion Flanges
87089900	Diff-Cases

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 :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Loans repayable on demand from banks	0.000 (a)	152.653 (b)
Total	0.000	152.653

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, 5^th 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

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	978.300	978.300	978.300
Reserves & Surplus	829.362	1065.641	1341.723
Net worth	1807.662	2043.941	2320.023
long-term borrowings	107.268	152.653	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	107.268	152.653	0.000
Debt/Equity ratio	0.059	0.075	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	8582.521	10438.478	11819.631
		21.625	13.231

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	8582.521	10438.478	11819.631
Profit	533.686	577.380	732.774
	6.22%	5.53%	6.20%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last 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 - 400001, INDIA	-
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, MAHARASHTRA - 400021, INDIA	-

* 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, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.61.09
UK Pound	1	Rs.101.59
Euro	1	Rs.84.65

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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.