MIRA
INFORM REPORT
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Report Date : |
19.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
HARSHA WHEEL MOVERS PRIVATE LIMITED |
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Registered Office : |
No.11, Sadaramangala Industrial Area, Mahadevapura Post, White Field Road,
Bangalore, 560048, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.01.1992 |
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Com. Reg. No.: |
08 - 12708 |
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CIN No.: [Company
Identification No.] |
U03410KA1992PTC012708 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRH02319C |
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PAN No.: [Permanent
Account No.] |
AAACH5811M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Bus Bodies. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed Company having Satisfactory track
records. Trade relations are fair. Business is active. Payments are reported
as usually Correct and as per Commitment. The Company can be considered normal for business dealings at usual
trade terms and conditions |
INFORMATION PARTED
BY
|
Name : |
Mr. Shiv Ram Krishnan |
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Designation : |
Chief Financial Officer |
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Contact No : |
91-80-3840 0444 |
LOCATIONS
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Registered Office / Factory : |
No.11, Sadaramangala Industrial Area, Mahadevapura Post, White Field Road,
Bangalore, 560048, Karnataka, India |
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Tel. No.: |
91-80-28410179 |
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Fax No.: |
91-80-28416530 |
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E-Mail : |
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Website : |
http://www.harshawheelmovers.com
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Area : |
40000 Sq.ft. |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. Ashok Sharma |
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Designation : |
Managing Director |
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Address : |
1790, 5th Cross, 5th Block, Kalyan Nagar,
Bangalore, 560048, Karnataka, India. |
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Mobile No : |
91-98440 04295 |
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Date of Birth/Age : |
18/09/1945 |
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Date of Appointment : |
10.01.1992 |
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Name : |
Mr. Neeraj A Sharma |
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Designation : |
Director |
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Address : |
1790, 5th Cross, 5th Block, Kalyan Nagar, Bangalore,
560048, Karnataka, India. |
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Mobile No : |
91-98440 24295 |
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Date of Birth/Age : |
20/08/1950 |
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Date of Appointment : |
24.01.2005 |
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Name : |
Mr. Ravindra Kumar Sharma |
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Designation : |
Director |
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Address : |
No.2, Pearl Banjara Apartments, Bypenahalli Post, Bangalore, 560048,
Karnataka, India. |
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Date of Birth/Age : |
08.10.1953 |
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Date of Appointment : |
24.06.1998 |
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Date of Resignation : |
24.01.2005 |
KEY EXECUTIVES
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Name : |
Shiv Ram Krishnan |
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Designation : |
Chief Financial Officer |
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Tel No: |
91-80-3840 0444 |
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Name : |
Pradeep Gupta |
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Designation : |
General Manager |
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Tel No: |
91-80-2841 2905 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
|
Names of Shareholders |
No. of Shares |
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Mr. Ashok Sharma |
7025 |
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Mr. Neeraj Sharma |
1900 |
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Total |
8925 |
Equity Share breakup (percentage of Total Equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Directors or
relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bus Bodies. |
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Products : |
v Passenger Buses v School Buses v University /
Collage Coaches v Trucks v Ambulances v Bus Bodies v Specialised Application
Vehicles: o
Aircraft Hi Loader o
Tarmac Coaches o
Soil Testing o
Labs o
Mobile Library o
Motor Homes o
Mobile Hospitals |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Cash / Credit (30-45 days) |
GENERAL
INFORMATION
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Customers : |
v OEM’s v Government
Bodies Educational v ST. Johns
Medical College and Hospital , Bangalore v Krupa Nidhi
College, Bangalore v Max Well School,
Bangalore v St. Anns School,
Bangalore v Oxford School,
Bangalore v Canadian School,
Bangalore v Amrith Educational
Society, Bangalore v Maharshi Academy
For Blind, Bangalore v Sudarshan Vidhya
Mandir, Bangalore v University of
Mysore, Mysore v Acts Ministries v Nagarjuna
Education Society, Bangalore v Bangalore Cancer
Hospital, Bangalore v Festo Controls,
Bangalore v Bhoruka Gases
Limited, Bangalore v Cresent
Construction Company, Mumbai v S.F.S. School,
Chintamani v Society of
Sisters of Precious Blood, Bangalore v Gear Foundation,
Bangalore v Sundaram Motors
(Ashok Leyland Dealers, Bangalore) v Ambedkar
Institute of Technology, Bangalore v Mission Aries of
Charity, Bellary v Shishu Mandir,
Bangalore v Alliance
Business Academy, Bangalore v Al- Ameen
School, Hosakote v Central School
For Tibetians, Kollegal v Mallige College
of Nursing, Bangalore v Manipal
Hospital, Bangalore Corporate vJanata Travel Corporation, Bangalore vArvind Motors ( Tata Dealer) , Bangalore vKhivraj Motors ( Bajaj Dealers), Bangalore vTitan Industries, Bangalore vBangalore Mopeds (Eicher Motors), Bangalore vNamtech Electronic Devices Limited, Bangalore vAtufa Travels, Hyderabad vSangita Travels, Chennai vKarnataka State Muslim Federation, Bangalore vVenkateshwara Hatcheries, Hosur vHindustan Coca Cola Bottling South West Private Limited, Bangalore vAlert Safety and Fire Equipments, Bangalore vPragathi Enterprises (LPG Carriers), Bangalore vMothi Bakery and Ice Creams, Davangere vArvind Motors, Hassan vFletcher Pioneer India Private Limited, Bangalore vMallikarjun Tempo Sales And Service (Bajaj Dealer), Davangere vAvinash and Company, Gulbarga (Ashok Leyland Dealers) vSri Sai Vaibhav Transport Company, Secunderabad vSpectrum Distributors, Bangalore vLakshmi Travels, Adoni vMokul International, Delhi vNarayan Hrudayalaya, Bangalore vMokul International, Delhi vNational Academy of Construction, Hyderabad vChalukya Transport, Bangalore Government v Kerala State
Transport Corporation v Kolhapur
Municipal Transport v Karnataka State
Road Transport Corporation v Maharashtra
State Road Transport Corporation v Andhra Pradesh
State Road Transport Corporation v Karnataka
Electricity Board v Department of
Horticulture, Karnataka v Department of
Public Libraries, Karnataka v Karnataka State
Police v SC and ST Department, Karnataka v Center For
Airborn Systems, Bangalore v Department of
Telecom, Bangalore v Hindustan
Aeronauticals Limited, Bangalore v Rotary
Foundation, Shimoga v Diya Foundation |
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No. of Employees : |
Around 60 |
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Bankers : |
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Facilities : |
C/C Rs. 2.500 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
MNS and Company, Chartered Accountants |
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Address : |
163, 2nd Floor, R V Road, Minerva Circle, Bangalore,
560004, Karnataka |
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Tel. No.: |
91-80-26573319 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25,000 |
Equity Shares |
Rs. 100/- Each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8,925 |
Equity Shares |
Rs. 100/- Each |
Rs. 0.892
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.892 |
0.892 |
0.892 |
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2] Share Application Money |
0.487 |
0.487 |
0.188 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.578 |
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4] (Accumulated Losses) |
(0.100) |
(0.961) |
0.000 |
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NETWORTH |
1.279 |
0.418 |
1.658 |
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LOAN FUNDS |
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1] Secured Loans |
3.372 |
3.752 |
2.848 |
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2] Unsecured Loans |
3.392 |
3.508 |
4.951 |
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TOTAL BORROWING |
6.764 |
7.260 |
7.799 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.064 |
0.000 |
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TOTAL |
8.043 |
7.742 |
9.457 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.418 |
5.340 |
4.934 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.075 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.680
|
2.710 |
3.236 |
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Sundry Debtors |
8.607
|
9.418 |
5.344 |
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Cash & Bank Balances |
2.661
|
2.212 |
3.528 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
5.929
|
5.151 |
3.234 |
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Total
Current Assets |
20.877
|
19.491 |
15.342 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
18.327
|
17.089 |
10.819 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
18.327
|
17.089 |
10.819 |
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Net Current Assets |
2.550
|
2.402 |
4.523 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.043 |
7.742 |
9.457 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
70.458 |
72.047 |
49.164 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
70.458 |
72.047 |
49.164 |
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Profit/(Loss) Before Tax |
0.862 |
(1.541) |
2.087 |
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Provision for Taxation |
0.000 |
0.000 |
0.00 |
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Profit/(Loss) After Tax |
0.862 |
(1.541) |
2.087 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.22 |
(2.13) |
4.24 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.22 |
(2.13) |
4.24 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.27 |
(6.20) |
10.29 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.67 |
(3.68) |
1.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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14.33
|
40.88 |
6.53 |
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Current Ratio (Current Asset/Current Liability) |
|
1.14
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1.14 |
1.42 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the
company |
HARSHA WHEEL MOVERS PRIVATE LIMITED |
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Presented By |
ASHOK SHARMA -
DIRECTOR |
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1) Date and description of instrument creating the change |
(a) 16.12.2005 – General Agreement (b) 16.12.2005 – Composite Hypothecation Agreement. (both agreements relate to the same charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.000 millions |
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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 |
All the goods, stocks, raw materials, finished goods, unfinished goods, movable property of any kind Plant, Machinery, Fixtures, Implements, Fittings and Other Installations, Furnitures, Vehicles, Computers and all other Articles and things MS angles, rods, paints Welding rods etc. at No.11, Sadaramangala Industrial Area, Mahadevapura Post, White Field Road, Bangalore. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest 12.75% Repayment : Repayable on demand |
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5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank, White Field Branch, Bangalore. |
Trade References
v Ashok Lay Land, Chennai
v KSRTC, Bangalore
v BMTC, Bangalore
Website Details Attached:
Profile
Subject was founded in the year 1991 in
a very small work area near Bangalore. Later they moved on to a bigger facility
where they primarily made luxury passenger coaches and later designed and
developed aerodynamic bus bodies for various state transports. Later, the
company moved on to make more of specialized Vehicles like Soil testing
laboratories, Mobile libraries, Ambulances, Aircraft high loaders, Mobile
Hospitals, Mobile cancer detection unit etc., The operations are based on an
integrated product concept that combines conceptualizing, designing and
developing vehicles exact to the needs of the customer, deriving satisfaction
and utility out of the product.
Through the collective knowledge in these fields, they continuously strive to
fulfil the customer's expectations to improve their profitability from the
coaches built by HARSHA. This is how they build the long-term, trusting and
profit-making relationships.
Harsha buses are built on the specified guidelines of the Supreme Court of
India as well as the leading coach builders of the world .The Products are
designed to have the lowest possible impact on the environment. They are
designed to consume less energy, environment friendly raw materials and
chemicals, and to provide maximum utilization during their life cycle and the
end have better scrap value.
Harsha make buses right from 12 seaters to 65 seaters, intended to be used by
School Children, University Students, Corporates, State Transports, and
Specialized Application Users. Harsha’s product range is concentrated on bus
chassis, intended for use in tourist coaches as well as urban and intercity
traffic.
Harsha focuses its operations on the most profitable segment, heavy transport
vehicles. In economically mature markets, demand for trucks and buses in the
heavier segment increases with economic growth. In emerging markets, demand
increases faster or at the same pace as infrastructure expands and the demands
on logistics systems increase.
Management for profitable growth
The Goal is to become the Industry leaders in the Bus and Specialised vehicle segment by providing the most demanding customers with the most competitive and optimal solutions for their needs. The products and services shall fulfil the customer expectations well.
They intend to creat a Niche for the selves in the industry. They must
therefore continually improve the skills and working methods, so they can
outperform the competitors.
To achieve this, the leadership is focused on common values, principles and
working methods. As a team they look upto the Leader, The Managing Director Mr.
Ashok Sharma ,who with his vast experience in this field has created a new path
for them to follow and creat new geographical boundaries. Through the
collective knowledge in these fields, they continuously strive to fulfil the
customer's expectations to improve their profitability.
Refurbishments
They undertake Refurbishments of the entire bus or partly on behalf of the customers. Refurbishments could be for Fitness Certification or Resale of the vehicle.
Refurbishments such as painting of the vehicles, Upholsry on the seats,
Changing of front wind screen glasses and side passenger windows. Replacement
of damaged body panel sheets. Replacement of Electricals components and
assemblies can be undertaken by them.
Once the customer raises an enquiry for the same with us they will make
estimation for the work to be done and the time to be taken for the same.
The system of re-furbishments is fast and quality assured to the customer
Business Strategy
The Primary Goal is to create value for the customer by
giving him the product of his choice. With the flexible systems, the customer
can get the exact vehicle specification he wants. They work in an close
integration as vehicle and related services are adapted to a transport task, the
better the customer’s operating economy will be.
India’s Economy is growing and with it the Surface Transport Industry. They
intend to capitalize on this fortune and tap the opportunities being offered to
them. An increasingly vehicles and allied services India, offers major
opportunities to manufacturers with a well-developed sales and service network.
In India, the demand for vehicles, will increase as a growing share of both
goods and passenger traffic utilises Commercial Vehicless. India is definitely
a long-term quality product growth market. Infrastructure improvements will
open the way for a more efficient transport sector.
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 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 :
The 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.
The 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. 42.64 |
|
UK Pound |
1 |
Rs. 83.00 |
|
Euro |
1 |
Rs. 66.00 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
|
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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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, they have no basis upon which to
recommend credit dealings |
No Rating |
|