MIRA
INFORM REPORT
|
Report Date : |
07.08.2010 |
IDENTIFICATION DETAILS
|
Name : |
HARITA SEATING SYSTEMS LIMITED |
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Registered
Office : |
Jayalakshmi Estates, No. 29 (8), |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
24.04.1996 |
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Com. Reg. No.: |
18-35293 |
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CIN No.: [Company Identification
No.] |
L27209TN1996PLC035293 |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacture of Automobile Seats for Cars, Jeeps and trucks
and is an Original Equipment |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 310000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Jayalakshmi Estate, No. 29 (8), |
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Tel. No.: |
91-44-28272233 |
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Fax No.: |
91-44-28257121 |
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E-Mail : |
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Website : |
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Factory 1: |
Belagondapalli, |
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Tel. No.: |
91-4347-233445 |
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Fax No.: |
91-4347-233460 |
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E-Mail : |
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Factory 2: |
Plot A2 MIDC
Industrial area, Ranjangaon, |
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Tel. No.: |
91-2138-660742 |
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E-Mail : |
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Factory 3 : |
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Tel. No.: |
91-1795-220562 |
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E-Mail : |
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Factory 4 : |
Plot No. 116,117,125 A, Bommasandra Industrial Area, Bangalore-560
099, |
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Tel. No.: |
91-80 27832851 |
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Fax No.: |
91-80 27832853 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. H Lakshmanan |
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Designation : |
President |
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Name : |
Mr. S I Jaffar Ali |
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Designation : |
Director |
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Name : |
Martin Grammer |
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Designation : |
Director |
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Name : |
C |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S Thiagarajan |
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Designation : |
President - New projects |
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Name : |
Mr. A G Giridharan |
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Designation : |
President |
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Name : |
Mr. S Srinivasan |
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Designation : |
Secretary and Compliance Officer |
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Audit Committee: |
·
H Lakshmanan, Chairman ·
S I Jaffar Ali ·
C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.06.2010)
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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4,072,400 |
52.42 |
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1,087,600 |
14.00 |
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(B) Public Shareholding |
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|
|
|
|
|
|
200 |
- |
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|
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|
1,151,629 |
14.82 |
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|
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|
1,385,111 |
17.83 |
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|
55,186 |
0.71 |
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|
|
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|
|
16,914 |
0.22 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
- |
- |
|
Total (A)+(B)+(C) |
7,769,040 |
100.00 |
(1) Indian
Bodies Corporate
Directors/Promoters & their Relatives
& FriendsBUSINESS DETAILS
|
Line of Business : |
Manufactures Automobile Seats for Cars, Jeeps and trucks and
is an Original Equipment |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
540 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Sundaram and Srinivasan Chartered Accountants, |
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Address : |
No. 23, |
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|
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Associates/Subsidiaries : |
Harita Polymers Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Share |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7769040 |
Equity Share |
Rs.10/- each |
Rs.77.690
Millions |
Note:
Of the above 7769040 Equity Shares 3884520 Equity
Sahres were allotted by apitalisation of general reserve to the extent of
Rs.38.845 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
77.690 |
77.690 |
38.845 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
205.578 |
293.094 |
290.257 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
283.268 |
370.784 |
329.102 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
913.498 |
195.086 |
202.101 |
|
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2] Unsecured Loans |
106.505 |
68.887 |
110.461 |
|
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TOTAL BORROWING |
1020.003 |
263.973 |
312.562 |
|
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DEFERRED TAX LIABILITIES |
44.429 |
36.244 |
18.044 |
|
|
|
|
|
|
|
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TOTAL |
1347.700 |
671.001 |
659.708 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
799.369 |
529.991 |
249.837 |
|
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Capital work-in-progress |
0.318 |
24.695 |
188.227 |
|
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Acquisition Expenditure pending allocation |
0.301 |
0.000 |
0.000 |
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|
|
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INVESTMENT |
25.985 |
43.738 |
35.000 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
91.487
|
98.586 |
72.769 |
|
|
Sundry Debtors |
601.442
|
301.294 |
286.246 |
|
|
Cash & Bank Balances |
99.304
|
25.274 |
45.753 |
|
|
Other Current Assets |
7.936
|
4.667 |
3.587 |
|
|
Loans & Advances |
158.570
|
140.107 |
142.664 |
|
Total
Current Assets |
958.739
|
569.928 |
551.019 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
361.856
|
362.945 |
241.114 |
|
|
Other Current Liabilities |
1.130
|
1.032 |
7.034 |
|
|
Provisions |
74.026
|
133.374 |
116.227 |
|
Total
Current Liabilities |
437.012
|
497.351 |
364.375 |
|
|
Net Current Assets |
521.727
|
72.577 |
186.644 |
|
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1347.700 |
671.001 |
659.708 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
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SALES |
|
|
|
|
|
|
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Income |
1962.518 |
1910.487 |
1554.733 |
|
|
|
Other Income |
20.031 |
27.176 |
14.941 |
|
|
|
TOTAL (A) |
1982.549 |
1937.663 |
1569.674 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw materials
and components consumed |
1501.249 |
1369.365 |
1130.283 |
|
|
|
Salaries, wages,
stores consumed and other expenses |
447.891 |
391.040 |
303.090 |
|
|
|
TOTAL (B) |
1949.14 |
1760.405 |
1433.373 |
|
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
33.409 |
177.258 |
136.301 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
42.810 |
28.690 |
7.575 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(9.401) |
148.568 |
128.726 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
69.692 |
53.293 |
38.634 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(79.093) |
95.275 |
90.092 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
10.116 |
31.150 |
31.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(89.209) |
64.125 |
58.392 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(64.422) |
23.094 |
23.094 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
126.229 |
115.714 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
110.673 |
79.619 |
NA |
|
|
|
Stores & Spares |
9.400 |
2.961 |
NA |
|
|
|
Capital Goods |
6.822 |
1.091 |
NA |
|
|
TOTAL IMPORTS |
126.895 |
83.671 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(11.48) |
(8.25) |
15.03 |
|
SUMMERIZED
RESULTS
|
PARTICULARS |
|
|
31.03.2010 |
|
Yearly Results |
|
|
|
|
Sales Turnover |
|
|
2249.100 |
|
Other Income |
|
|
0.100 |
|
Total Income |
|
|
2249.200 |
|
Total Expenses |
|
|
2113.800 |
|
Operating Profit |
|
|
135.300 |
|
Gross Profit |
|
|
135.400 |
|
Interest |
|
|
70.800 |
|
PBDT |
|
|
64.600 |
|
Depreciation |
|
|
79.300 |
|
PBT |
|
|
(14.700) |
|
Tax |
|
|
(14.600) |
|
Net Profit |
|
|
(0.100) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
(4.50)
|
4.92 |
3.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(4.03)
|
4.99 |
5.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.50)
|
8.66 |
11.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.28)
|
0.26 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.14
|
2.05 |
2.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.19
|
1.15 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
Company History:
Incorporated on 21 Feb.'86, Harita Grammer (HGL) is a joint venture
between the Harita group of the TVS family and Grammer
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Company
provides seating solutions for transport applications and has established a
leading position in the country catering to all segments of the automotive
industries.
INDUSTRY STRUCTURE AND DEVELOPMENTS:
The year 2008-09 was
an unprecedented one. The first half of the year exceeded expectations, but
t0he global meltdown in second half of the year resulted in credit squeeze and
affected the business confidence causing slowdown in the economic activity
world-wide, and across industry segments. The Indian economy was also not
immune from this global turmoil and the GDP growth was estimated at 6% during
2008-09, lower than initial estimate of 7%.This growth was lower than the
growth rates witnessed during the past three years which were in excess of
8.5%. While agricultural growth is estimated to be at 2.2%, growth in the
industrial sector output is estimated
at 2.8%, a significant drop from 8.1% for the comparable period last year. Service
sector growth is also
estimated lower at
8.8% compared to 10.9% registered in 2007-08.
The global
financial crisis also resulted in slowdown of the automotive industry. Barring
the domestic passenger vehicle and the two wheeler segment, all other segments
of the Indian automotive industry registered a negative growth during 2008-09.
The following table highlights the industry sales figures in vehicle units.
|
PARTICULARS |
2008-2009 Nos. |
2007-2008 Nos. |
GROWTH % |
|
Medium and Heavy Commercial Vehicles |
200406 |
296675 |
-32% |
|
Light Commercial Vehicles |
226389 |
252813 |
-10.5% |
|
Cars and MUV’s |
1887619 |
1768283 |
6.7% |
|
Tractors |
329940 |
346501 |
-4.8% |
|
Three Wheelers |
497793 |
506006 |
-1.6% |
|
Two Wheelers |
8441844 |
8068991 |
4.6% |
Against the backdrop
of global uncertainty and slowdown, the Company achieved a sales and other
income of Rs.1980.000 millions during 2008-09 as against Rs.1940.000 Millions
during 2007-08, registering a growth of 2.06%. The unprecedented increase in
the prices of commodities especially crude and steel had a huge impact on the
raw material prices, which could not be passed on to the customers. The sudden
drop in demand in the second half of the year had a negative impact on the
profitability. As a result, the Company registered a loss of Rs. 7.91 cr in
2008-09 against a profit of Rs.95.200 millions registered in 2007-08.
OPPORTUNITIES AND THREATS
A number of
multinational companies have joined hands with Indian companies in forming
joint ventures for manufacture of commercial
vehicles. As a result, the Company expects the commercial vehicle market to
grow in terms of high value highend sophisticated vehicles with international
standards to be launched in Indian market in the near future. Being an
established leader in this segment, the Company expects to capitalize on
these developments. Efforts have
already been made to develop high-end seats for these applications.
Having established
a leadership position in tractor seat segment in the domestic market, the
Company is now focusing on export market and is committed to meet customer
requirements in terms of quality, cost, delivery and service.
Towards the end of
2008-09, the government offered a stimulus package by allocating funds to
various state transport undertakings (STU's) budget under the Jawaharlal Nehru
National Urban Renewal Mission (JNNURM) scheme. Under this scheme extended to
61 cities, public sector transport undertakings will introduce low floor city
buses and upgrade their existing fleet. This initiative is expected to open up
additional opportunities for the Company in the city bus transport segment.
Most of this business would be tender based and hence the Company would be
making every effort to secure the business. The introduction of Volvo buses
revolutionized the concept of safety and comfort in long distance traveling.
This move has brought a new outlook among other leading bus manufacturers, who
also started building high-end buses. This has provided the Company with
greater opportunities in the high end bus segment.
The government is
expected to continue its focus on strengthening of infrastructure in the
country. As a result, it is expected that the demand for earth moving equipment
would increase. The Company has already developed suitable seats for this
application and expects greater opportunities for business in this segment.
The new
polyurethane composite products developed and productionised by the Company offer
wide variety and choice to the customers for various applications.
A few
multi-national seat manufacturing companies in the segment of bus passenger and
commercial vehicle seats have established manufacturing facilities in
Innovation is the
key to success and the Company is fully committed to focus on product
innovation by developing newer cost effective products precisely targeted at
customer needs in order to meet the threats posed by competition and to leverage the opportunities
offered by the market. The Company's well established products and in-house
design capabilities with proximity to customers will enable the Company to
retain and improve its market share through well defined strategies.
PRODUCT-WISE PERFORMANCE
During 2008-09,
the Company's sales grew by 2.06%. The slowdown in the commercial vehicle
segment resulted in a drop of 26% in MHCV and drop of 6.8% in LCV driver seat
sales. Barring these two, in all other segments the Company registered a growth
in spite of the sudden downturn in the economy. Two wheeler seats grew by
18.8%, bus passenger seats by 14.6% and tractor seats by 9.6%. Exports sales
also grew by 6.5%.
The Company's new
technology products like long fibre injection moulded components and micro
cellular urethane products for automotive applications have been well received.
This business witnessed a growth of sales by 57.6% in 2008-09.
During the year
2008-09, the Company acquired Polyflex Group of companies. This acquisition
includes Polyflex's manufacturing plants and its fabrication unit called
Polyflex Engineering in
Audit observation
As the assets were
acquired from M/s. Polyflex (
BUSINESS OUTLOOK AND OVERVIEW
In 2009-10, the
GDP is projected to grow by < 6%. This subdued outlook of the economy will
impact the domestic automotive sector, which is expected to see a slowdown
during 2009-10. While the passenger car industry is likely to register a
marginal growth of 1%, supported by the launch of small cars and export of the
same, the two-wheeler segment is expected to register a flat growth. The MHCV
and LCV segments are expected to have a negative growth of 35% and 13%
respectively. Tractor segment is estimated to register a negative
growth of 10% and
three wheelers a negative growth of 20% for 2009-10.
Having already established
a leading position in tractor seats in domestic market, the Company is focusing
on export markets and has developed new models for a leading original equipment
(OE) manufacturer in the
Upgradation of
urban bus fleet and introduction of deluxe/ultra deluxe buses by state
transport corporations offers yet another scope for increase in volume of bus
passenger and driver seats.
As regards
exports, there is a good scope for increasing exports of driver seats for lawn
and garden tractors and seat components for commercial vehicles. The Company is
focusing on meeting customer expectations with regard to quality, cost and delivery.
During the year,
the Company signed a Letter of Intent with F S Fehrer Automotive GmbH for
entering into a joint venture (JV). The JV will be 51:49 in favour of the
Company. Fehrer is a well respected Tier-2 supplier to the passenger car seat
manufacturers globally and specifically in
UNAUDITED FINANCIAL RESULTS (STANDALONE) FOR THE
QUARTER ENDED 31.03.2010
Rs.
In Millions
|
PARTICULRS |
3 Months Ended 31.03.2010 |
Year to date figures for current year
ended 31.03.2010 |
|
UNAUDITED |
UNAUDITED |
|
|
(a) Net Sales / Income from operations |
593.561 |
2234.515 |
|
(b) Other Operating Income |
6.512 |
146.619 |
|
Total Income |
600.073 |
2381.134 |
|
|
|
|
|
Expenditure |
|
|
|
a) (Increase) / Decrease in stock in trade and work in
progress |
8.369 |
(9.825) |
|
b) Consumption of raw materials |
440.470 |
1651.891 |
|
c) Purchase of traded goods |
- |
- |
|
d) Employees cost |
46.143 |
203.002 |
|
e) Depreciation |
8.074 |
20.336 |
|
f) Other expenditure |
72.192 |
268.741 |
|
Total |
575.248 |
219.147 |
|
|
|
|
|
Profit from operations before other income, interest and
exceptional Items |
24.825 |
55.987 |
|
Other income |
0.088 |
0.088 |
|
Profit before interest and exceptional Items |
24.913 |
56.075 |
|
Interest |
15.145 |
70.754 |
|
Profit
after Interest but before Exceptional Items |
9.768 |
(14.679) |
|
Exceptional Items |
- |
- |
|
Profit
(+)/Loss(-) from Oridinary Activities before tax |
9.768 |
(14.679) |
|
Tax expense |
(14.213) |
(14.608) |
|
Net
Profit (+)/Loss(-) from Ordinary Activities after tax |
23.981 |
(0.071) |
|
Net Profit (+) / Loss (-) for the year period |
23.981 |
(0.071) |
|
Paid up equity share capital (Face value of Rs.10/- per
share) |
77.690 |
77.690 |
|
Reserves excluding revaluation reserves as per balance
sheet of previous accounting year |
- |
- |
|
Earning per share (EPS) |
|
|
|
(a)
Basic and diluted EPS before Extraordinary items for
the period, for the year to date and for the previous
year (not to be annualised) |
3.09 |
(0.01) |
|
(a)
Basic and diluted EPS before Extraordinary items for
the period, for the year to date and for the previous
year (not to be annualised) |
3.09 |
(0.01) |
|
Public
shareholding |
|
|
|
Number of shares |
2609040 |
2609040 |
|
Percentage
of shareholding |
33.58 |
33.58 |
|
|
|
|
|
Promoters
and Promoters group Shareholding- |
|
|
|
a) Pledged /Encumbered |
|
|
|
Number of shares |
NIL |
NIL |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
NIL |
NIL |
|
Percentage of shares (as a % of total share capital of the
company) |
NIL |
NIL |
|
|
|
|
|
b) Non Encumbered |
|
|
|
Number of shares |
5160000 |
5160000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
66.42 |
66.42 |
Notes:-
1 The Operation of
the company relates to only one segment namely seating systems for automotive
and non automotive applications.
2 The above
unaudited results were reviewed and recommended by the audit committee and
approved by the Board of Directors on 26th April 2010 and a Limited review of
the same has been carried out by the statutory auditors of the company.
3 Status of
Investors Complaints: No of Complaints received and disposed during the quarter
-Nil. No. of complaints lying unresolved at the commencement and at the end of
the quarter – Nil
4 The company was
alloted 1, 02, 00,000 equity shares of Rs.10/- each at a premium of Rs.17/- per
share and balance payment by way of cash by Harita Fehrer Limited (HFRL)
towards settlement of consideration for Rs.465.000 Millions for transfer of
certain business by the company in terms of the resolution approved by the
shareholders through postal ballot on 18th June 2009.
5 In terms of the
joint venture agreement between Harita seating systems Limited and M/s F.S.
Fehrer Automotive GmbH Germany(Fehrer), HFRL alloted 68,33,364 equity shares of
Rs 10/- each at a premium of Rs. 91.54 per share, aggregating of Rs.69.38 cr.
The shareholding pattern in HFRL by the company and Fehrer is in the ratio of
60:40, hence HFRL ceased to be a wholly owned subsidiary of the company, but
continues to be a subsidiary of the company.
6 Figures for the
previous periods have been regrouped, wherever necessary, to conform to the current
period's classification
Fixed Assets:
· Land
· Building
· Plant and machinery
· Vehicles
· Office Equipment
· Software
· Moulds furniture and Fitting
· Canteen Equipments
WEBSITE DETAILS:
COMPANY PROFILE:
Harita Seating
Systems Limited (HSSL) is a complete solution provider for seats and seating
systems for both automotive and non-automotive applications. HSSL manufactures,
driver seats for commercial
vehicles, buses, tractors, off-road vehicles, cars, multi-utility vehicles, two
wheeler and three wheeler segments; passenger
seats for buses, cars, multi-utility vehicles and three wheeler
segments; and seating systems to the railway and auditorium segment. The
company also offers products for automotive industry through polyurethane
composites.
Established in 1986, HSSL commenced its commercial production in 1988.
Today HSSL has established itself as the leader in development and manufacture
of innovative seats and seating systems for the commercial vehicles, buses,
tractors and off-road vehicle industry. HSSL recorded turnover of Rs.1940.000
Millions in 2007-08.
During the year 2008-09, the company acquired Polyflex Group of
companies. Through this acquisition, the company has paved the way for entry as
a Tier-2 polyurethane foam supplier to reputed customers like Hanil Lear in
Chennai, Tata Johnson Controls and Lear in Pune and Chennai, and Toyota Boshoku
in Bangalore. The foam pads supply will go into the cars of Hyundai, Tata
Motors, Ford, Mahindra Renault and Toyota Kirloskar.
Harita Seating Systems has five
manufacturing locations in
Major Milestones
( 1986 ) Harita
Grammer Limited incorporated as a Joint Venture with Grammer AG of Germany
( 1989 ) Commenced commercial production started during 1988
First to launch foam-in-place technology in
India
( 1990 ) First to launch tractor seats in India with foam-in-place technology
Static driver seats for commercial vehicles
launched
( 1991 ) Suspended driver seats for off-road and commercial vehicles launched
Car seats and MUV seats launched during 1991
(Tata Estate, Tata Sierra and Tatamobile)
( 1992 ) First to launch deluxe bus passenger seats in India
( 1994 ) Launched Multi Utility Vehicle seats
( 1995 ) Commenced production from second plant in Ranjangaon near Pune
( 1996 ) Adopted cellular manufacturing techniques to improve productivity
( 1997 ) Rolo forms Polymer merged operations with Harita Grammer Limited
Launched range of driver seats suitable to
semi-arid climate conditions
( 1998 ) Opened R and D center
( 1999 ) Launched new platform for
deluxe bus seats
Launched Millennium series of deluxe bus
passenger seats with new features
( 2000 ) Launched 2X1 series of bus
seats
QS9000
certification
( 2001 ) Commenced direct exports (Direct exports - Decathlon started during
2002)
ISO 14001 certification
( 2002 ) Renamed as Harita Seating Systems Limited after terminating JV with
Grammer AG
Entered Railways segment for luxury
passenger and driver seats
( 2003 ) Launched “Innova” plastic seats for city buses for first time in
India
( 2004 ) Launched new generation of suspension platform for driver seats
ISO/TS16949 certification
( 2005 ) Crossed annual turnover of Rs 1
billion
Launched new platform for deluxe bus
passenger seats
Launched “Elite” series of bus seat with new
features
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.02 |
|
|
1 |
Rs.73.03 |
|
Euro |
1 |
Rs.60.70 |
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 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.