1. Summary Information
|
Country |
|
||
|
Company Name |
HARSHA ENGINEERS LIMITED |
Principal Name 1 |
Mr. Rajendra Shantilal Shah |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Harishbhai Ranjit Rangwala |
|
Registration # |
|
||
|
Street Address |
Changodar,
Sarkhej- |
||
|
Established Date |
04.03.1986 |
SIC Code |
-- |
|
Telephone# |
91-2717-391200
/ 251204 to 9 / 391263 / 391374 |
Business Style 1 |
Manufacturers
of |
|
Fax # |
91-2717-250259 /
391259 |
Business Style 2 |
-- |
|
Homepage |
-- |
Product Name 1 |
Bearing
housing |
|
# of employees |
517 |
Product Name 2 |
Ball or
Roll Bearing Cages |
|
Paid up capital |
120,414,000 |
Product Name 3 |
-- |
|
Shareholders |
Rajendra S. Shah - 1802700 |
Banking |
State Bank of ICICI Bank Limited |
|
Public Limited Corp. |
-- |
Business Period |
24 years |
|
IPO |
--- |
International Ins. |
- |
|
Public |
--- |
Rating |
|
|
Related
Company |
|||
|
Relation
Subsidiaries |
Country
|
Company
Name |
Harsha
Engineers Inc |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
691,404,000 |
Current Liabilities |
402,908,000 |
|
Inventories |
543,782,000 |
Long-term Liabilities |
552,438,000
|
|
Fixed Assets |
966,810,000 |
Other Liabilities |
82,539,000 |
|
Deferred Assets |
-- |
Total Liabilities |
1,037,885,000 |
|
Invest& other Assets |
88,069,000 |
Retained Earnings |
1,131,766,000 |
|
|
|
Net Worth |
1,252,180,000 |
|
Total Assets |
2,290,065,000 |
Total Liab. & Equity |
2,290,065,000 |
|
Total Assets (Previous Year) |
2,214,627,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,523,224,000 |
Net Profit |
127,040,000 |
|
Sales(Previous yr) |
2,295,332,000 |
Net Profit(Prev.yr) |
123,681,000 |
MIRA
INFORM REPORT
|
Report Date : |
15.04.2011 |
IDENTIFICATION
DETAILS
|
Name : |
HARSHA
ENGINEERS LIMITED |
|
|
|
|
Registered Office : |
Changodar, Sarkhej- |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
04.03.1986 |
|
|
|
|
Com. Reg. No.: |
04-8520 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29259GJ1986PLC008520 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMH00485C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACH4828C |
|
|
|
|
Legal Form : |
A
Closely held Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturers
of Ball or Roll Bearing Cages and Bearing housing and Taper Rolling Bearing
Cages. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
||
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
|
|
|
|
|
|
Maximum Credit Limit : |
USD 5000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established company having satisfactory track. Financial position of the
company appears to be sound. Trade relations are reported as fair. Business
is active. Payments are reported to be regular and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DENIED BY
|
Name : |
Mr. Harshinder |
|
Designation : |
Accounts Department |
LOCATIONS
|
Registered Office : |
Changodar, Sarkhej- |
|
Tel. No.: |
91-2717-391200 / 251204 to 9 / 391263 / 391374 |
|
Fax No.: |
91-2717-250259 / 391259 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
20749
sq. mtrs. |
|
Location : |
Leased
|
|
|
|
|
Factory 1 : |
217,
GVMM Industrial Estate, Odhav, Ahmedabad – 382 415, |
|
Area : |
928.79
sq. mtrs |
|
|
|
|
Factory 2 : |
Changodar,
Sarkhej- |
|
Area : |
24807
sq. mtrs |
|
|
|
|
Factory 3 : |
Moraiya
Farm, |
|
Area : |
28328.08
sq. mtrs. |
DIRECTORS
As On 24.07.2010
|
Name : |
Mr. Rajendra Shantilal Shah |
|
Designation : |
Managing
Director |
|
Address : |
289
C, Manekbaug Society, Behind Manekbaug Hall, Ambawadi, Ahmedabad – 380015, |
|
Date of Birth/Age : |
01.02.1948 |
|
Qualification : |
B. E.
(Mech.) |
|
Experience : |
39
Years |
|
Date of Appointment : |
04.03.1986 |
|
DIN No. : |
00061922 |
|
|
|
|
Name : |
Mr. Harishbhai Ranjit Rangwala |
|
Designation : |
Joint
Managing Director |
|
Address : |
10,
Nishant Bungalow, |
|
Date of Birth/Age : |
01.08.1948 |
|
Qualification : |
B. E.
(Mech.) |
|
Experience : |
39
Years |
|
Date of Appointment : |
04.03.1986 |
|
DIN No. : |
00278062 |
|
|
|
|
Name : |
Mr. Pilak
Rajendra Shah |
|
Designation : |
Whole Time
Director |
|
Address : |
289-C,
Manekbaug Society, Ambawadi, Ahmedabad – 380015, |
|
Date of Birth/Age : |
18.12.1981 |
|
Date of Appointment : |
02.02.2009 |
|
DIN No. : |
00407960 |
|
|
|
|
Name : |
Mr. Vishal
Rangwala |
|
Designation : |
Whole Time
Director |
|
Address : |
10, Nishant II, |
|
Date of Birth/Age : |
27.11.1977 |
|
Date of Appointment : |
02.02.2009 |
|
DIN No. : |
02452416 |
|
|
|
|
Name : |
Mr. Dhirajlal Chunilal Bhatt |
|
Designation : |
Director |
|
Address : |
5,
Nishant Bunglows, |
|
Date of Birth/Age : |
05.08.1925 |
|
Date of Appointment : |
02.02.1987 |
|
DIN No. : |
01231828 |
|
|
|
|
Name : |
Mr. Jitendra Ujamshi Mamtora |
|
Designation : |
Director |
|
Address : |
95,
Basant Nahar Bunglow, Bopal, Ahmedabad – 380015, |
|
Date of Birth/Age : |
25.04.1948 |
|
Qualification : |
B. E.
(Ele.) |
|
Date of Appointment : |
02.02.1987 |
|
DIN No. : |
00139911 |
|
|
|
|
Name : |
Mr. Munjal
Rangwala |
|
Designation : |
Whole Time
Director |
|
Address : |
10, Nishant II, |
|
Date of Birth/Age : |
26.09.1981 |
|
Date of Appointment : |
01.04.2010 |
|
DIN No. : |
03033699 |
KEY EXECUTIVES
|
Name : |
Mr. Harshinder |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. Amit K. Patel |
|
Designation : |
Company Secretary |
|
Address : |
A/ 19, Pulin Park – 1, Naroda, Ahmedabad, |
|
Date of Birth/Age : |
17.05.1977 |
|
Date of Appointment : |
01.09.2008 |
|
Pan No. : |
ANNPP5438M |
MAJOR
SHAREHOLDERS
As On 24.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rajendra S. Shah |
|
1802700 |
|
Nirmala
R. Shah |
|
1800000 |
|
Pilak
R. Shah |
|
1200000 |
|
Krina
R. Shah |
|
300000 |
|
Hetal
B Ukani Jointly with Nirmala R. Shah |
|
300000 |
|
Mily R.
Shah |
|
300000 |
|
Harish
R. Rangwala |
|
1800000 |
|
Charusheela
H Rangwala |
|
1800000 |
|
Munjal
H. Rangwala |
|
1200000 |
|
Vaishali
P Shah |
|
300000 |
|
Vishal
H. Rangwala |
|
840000 |
|
Tanvi
V Rangwala |
|
360000 |
|
Dhirajlal C.
Bhatt |
|
36000 |
|
Harish R.
Rangwala jointly with Charusheela Rangwala |
|
2700 |
|
Total |
|
12041400 |
As On 24.07.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Ball or Roll Bearing Cages and Bearing housing and Taper Rolling Bearing
Cages. |
||||||||
|
|
|
||||||||
|
Products : |
Bearing Cages Roller Bearing Cages ·
Taper Roller Bearing Cages ·
Needle Roller Bearing Cages ·
Cylindrical Roller Bearing Cages ·
Spherical Roller Bearing Cages Ball Bearing Cages ·
Deep Groove Ball Bearing Cages ·
Angular Contact Ball Bearing Cages Stamped
Auto Components ·
Metal Inserts for Bearing Seals |
GENERAL
INFORMATION
|
No. of Employees : |
517
(Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Bankers : |
·
State Bank of ·
ICICI Bank Limited, JMC House, · CITI Bank N.A., Rembrandt, C.G. Road, Ground Floor, Near Panchvati Circle, Ahmedabad – 380006, Gujarat, India |
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Facilities : |
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Banking Relations : |
-- |
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Auditors : |
|
|
Name : |
C. P. Shah and Company (Chetan P. Shah) Chartered Accountant |
|
Address : |
403, Ashwamegh House, 5, Smruti Kunj Society, Choice
Restaurant’s Lane, Navrangpura, Ahmedabad – 380 009, |
|
Pan No. : |
ACBPS8919F |
|
|
|
|
Subsidiaries : |
·Harsha Engineers Inc. ·Harsha Engineers ( CIN No.: U35303GJ2008PTC054503 ·Aastha Tools Private Limited CIN No.: U29199GJ2002PTC041072 |
CAPITAL
STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12041400 |
Equity Shares |
Rs.10/- each |
Rs.120.414
millions |
|
|
|
|
|
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
120.414 |
120.414 |
120.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1131.766 |
1074.933 |
966.275 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1252.180 |
1195.347 |
1086.275 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
275.173 |
460.841 |
701.150 |
|
|
2] Unsecured Loans |
277.265 |
217.708 |
211.731 |
|
|
TOTAL BORROWING |
552.438 |
678.549 |
912.881 |
|
|
DEFERRED TAX LIABILITIES |
82.539 |
72.370 |
87.074 |
|
|
|
|
|
|
|
|
TOTAL |
1887.157 |
1946.266 |
2086.230 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
966.810 |
999.630 |
946.622 |
|
|
Capital work-in-progress |
12.074 |
14.569 |
3.708 |
|
|
|
|
|
|
|
|
INVESTMENT |
75.995 |
81.037 |
125.511 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
543.782
|
449.987
|
521.784
|
|
|
Sundry Debtors |
410.868
|
340.920
|
679.924
|
|
|
Cash & Bank Balances |
79.625
|
62.838
|
153.072
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
200.911
|
265.646
|
163.803
|
|
Total
Current Assets |
1235.186
|
1119.391
|
1518.583
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
215.438
|
119.769 |
320.218 |
|
|
Other Current Liabilities |
54.145
|
49.957
|
69.779
|
|
|
Provisions |
133.325
|
98.635
|
118.197
|
|
Total
Current Liabilities |
402.908
|
268.361
|
508.194
|
|
|
Net Current Assets |
832.278
|
851.030
|
1010.389
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1887.157 |
1946.266 |
2086.230 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1523.224 |
2295.332 |
2393.208 |
|
|
|
Other Income |
7.876 |
92.723 |
31.697 |
|
|
|
TOTAL (A) |
1531.100 |
2388.055 |
2424.905 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/(Decrease) in Stock |
(73.411) |
(10.353) |
(101.596) |
|
|
|
Cost of Raw Material Consumed |
771.961 |
1409.057 |
1395.093 |
|
|
|
Stores, Power & Operative Expenses |
212.786 |
247.918 |
280.888 |
|
|
|
Salaries, Wages& Other Employee Expenses |
162.619 |
173.569 |
162.292 |
|
|
|
Administrative & Other Expenses |
128.687 |
210.486 |
195.533 |
|
|
|
TOTAL (B) |
1202.642 |
2030.677 |
1932.210 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
328.458 |
357.378 |
492.695 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
47.454 |
64.899 |
61.966 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
281.004 |
292.479 |
430.729 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
89.692 |
106.670 |
109.406 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
191.312 |
185.809 |
321.323 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
64.272 |
62.128 |
51.499 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
127.040 |
123.681 |
269.824 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
60.207 |
30.103 |
60.000 |
|
|
|
Dividend Tax |
9.999 |
5.116 |
10.197 |
|
|
|
Transfer to General Reserve |
12.800 |
30.000 |
30.000 |
|
|
BALANCE CARRIED
TO THE B/S |
44.034 |
58.462 |
169.627 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
655.958 |
1680.357 |
1160.777 |
|
|
TOTAL EARNINGS |
655.958 |
1680.357 |
1160.777 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials & Spares |
14.567 |
22.480 |
19.632 |
|
|
|
Capital Goods |
24.901 |
46.193 |
22.714 |
|
|
TOTAL IMPORTS |
39.468 |
68.673 |
42.346 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.55 |
10.27 |
22.49 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.209 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.30
|
5.18 |
11.13
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.56
|
8.10 |
13.43
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.69
|
8.77 |
13.03
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.16 |
0.30
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.76
|
0.79 |
1.31
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.07
|
4.17 |
2.99
|
LOCAL AGENCY
FURTHER INFORMATION
Review of
operations:
During the year, the Company achieved gross sales turnover of Rs.
1593.974 millions compared to previous year sales of Rs. 2436.220 millions. The
profit before depreciation and tax has decreased to Rs. 281.003 millions from
Rs. 292.480 millions. The net profit after tax has increased to Rs. 127.039
millions from Rs. 123.682 millions. At the end of the year, Company’s reserves
stood at Rs. 1131.766 millions (Previous Year Rs. 1074.933 millions) and Book
Value of Share stood at Rs. 103.99 per Share (Previous Year Rs. 99.27 per
share).
Coping with the
challenging year:
The Company faced a very challenging year wherein the recession hit the
overall global markets especially the auto sector, as a result of which the
turnover of the company fell to Rs. 1593.974 millions from Rs. 2436.220
millions. However the management team took up this challenge very effectively
and the team carried out a lot of cost reduction initiatives during the year.
Few of such initiatives are Six Sigma Projects, manpower rationlisation, waste
reduction etc. As a result of the above the Company has ended the year
with reasonable profits even after very bad first half of the financial year.
CONTINGENT LIABILITIES NOT
PROVIDED FOR:
Rs. In Millions
|
Particulars |
2009-10 |
|
i)
Letter of Credit and Bank Guarantee |
3.891 |
|
ii) Corporate
Guarantee for Aastha Tools Private Limited in favor of State Bank of |
7.500 |
|
iii)
Disputes pending under Excise Act |
1.505 |
Fixed Assets
·
Land
·
·
·
Administrative Building
·
Furniture and Fittings
·
Plant and Machinery
·
Plant and Machinery (Leasehold)
·
Office Equipments
·
Electrical Fittings
·
Vehicles
·
Tools and Equipments
·
Computer and Peripherals
·
Wind Mill
·
AC Plant and ACs
|
Name of the company |
HARSHA
ENGINEERS LIMITED |
|
Presented By |
Mr. Harishbhai Ranjit Rangwala – Director |
|
1) Date and description of instrument creating the change |
Memorandum of deposit for creation of further charge for
term loan \ overall limit where the initial charge is created by a deed of Mortgage
date – 30.08.2005 |
|
2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 250.000 millions |
|
3) Short particular of the property charged. If the
property acquired is subject to charge, date of the acquired of the property
should be given |
(a) All that piece or parcel of freehold Non agricultural
industrial use land bearing Revenue Survey No. 427 adm 21262.54 sq. ft. i.e.
25430 sq. yards and 431 adm. 12182 sq. ft. i.e. 14570 sq. yards of Mouje
Moraiya of Sanand Taluka in the Registration District of Ahmedabad, Sannad
together with superstructure consisting of factory building / shed standing
thereon.
(b) All that piece or parcel of freehold Non agricultural industrial use land bearing Revenue Bolck No. 336 (Paiki) adm 1312 sq. ft., Bolck No. 341 (Paiki) adm 4755 sq. ft., Bolck No. 344 (Paiki) adm 833 sq. ft., Bolck No. 345 (Paiki) adm 2730.92 sq. ft., Bolck No. 388 (Paiki) adm 2647 sq. ft., Bolck No. 388 (Paiki) adm 11265 sq. ft., of Mouje Moraiya of Sanand Taluka in the Registration District of Ahmedabad, Sannad together with superstructure consisting of factory building / shed standing thereon.
(c) All that piece or parcel of freehold Non agricultural industrial use land bearing Revenue Bolck No. 644 (Paiki) adm 28328.08 sq. ft of Mouje Moraiya of Sanand Taluka in the Registration District and Sub district of Upleta.
(d) All that leasehold land or plot together with
ownership right in the shed standing thereon bearing sub-plot No. 217 adm.
1111 sq. sq. yards. Forming part of Revenue Survey No. 67 etc. of Mouje
Moraiya of Sanand Taluka in the Registration District of Ahmedabad |
|
4) Gist of the terms and conditions and extent and
operation of the charge. |
·
Repayable on demand – · Interest as such rate or rates as may be determined by SBI and or ICICI Bank Limited from time to time. ·
Personal guarantee of two Directors of the
Company Rajendra S Shah, Harish R Rangwala |
|
5) Name and Address and description of the person entitled
to the charge. |
State Bank of India, a Body
Corporate duly incorporated under the State bank of India Act, 1955 and
having one or its Local head offices at Bhandra, Ahmedabad – 380001 amd
branches amongst others at Overseas Brancgh at Near Gujarat vidyapith, P. O.
Navjivan, Ashram Road, Ahmedabad – 380014 |
|
6) Date and Brief Description of Instrument modifying the
charge. |
NA |
|
7) Particulars of Modification specifying the terms and conditions
or the extent or operation of the charge in which modification is made, and
the details of the modification. |
NA |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80038607 |
|
Corporate identity
number of the company |
U29259GJ1986PLC008520 |
|
Name of the
company |
HARSHA
ENGINEERS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Ahmedabad, |
|
Type of charge |
·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge |
|
Particular of
charge holder |
CITI Bank N.A. Rembrandt, E-Mail: vlaxman@vsnl.com |
|
Nature of
instrument creating charge |
Deed of
Modification |
|
Date of
instrument Creating the charge |
03.09.2007 |
|
Amount secured by
the charge |
Rs.175.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate
of interest As may be stipulated by Bank from time to time. ·
Terms
of repayment On Demand ·
Margin As may be stipulated by Bank from time to time. ·
Extent
and operation of the charge The Current Assets hypothecated to the Bank as and by way of first
pari passu charge as security for the repayment of the loan together with all
interest, liquidated damages, premia on prepayment or on redemption, costs,
charges and other expenses payable by the borrower to the bank. |
|
Particulars of
the property charged |
Hypothecation of
first pari passu on current assets including stocks and receivables of the
Borrower, both present and future. |
|
Date of latest modification
prior to the present modification |
10.03.2005 |
|
Particulars of
the present modification |
The Bank has now
increased the credit facilites from Rs. 135.000 millions to Rs. 175.000
millions. All other terms
and conditions shall remain the same. |
Web Details
Profile:
Subject is a global solution provider of Bearing Cages as well as special purpose Stamped Components. It is a preferred supplier of different types of Roller and Ball Bearing Cages and cages for Bearing with special applications. Harsha has been a growing organization with significant international presence. Since 1972, Harsha brings rich experience gained from customer engagements around the world through technology partnerships and strategic alliances. This results in realizing superior value to help industries perform efficiently and profitably. Harsha also believes that innovation and reliable support helps to strengthen customer relationships.
Harsha takes pride in its position as a preferred supplier to bearing manufacturers worldwide.
Harsha's constant focus on quality, systems and processes has resulted in ISO 14001:2004(E) Envronmental Certification and ISO/TS16949-III certification, which is the highest certification in Auto component manufacturing sector.
Milestones
|
1972: Inception of Harsha Engineers. |
|
1979: Developed first cage for Taper Roller Bearing. |
|
1985: Developed Brass Machined Cages as an import substitute. |
|
1993: New facility in Changodar, Ahmedabad. Introduced
state-of-the-art manufacturing facilities for pre-riveted Ball Bearing Cages
for the first time in |
|
Tool Room established with German and Japanese CNC machines. |
|
1998: Subject establishes a 100% Export Oriented Unit at Moraiya,
Ahmedabad with technical knowhow from |
|
1998- |
|
2001: AMA-Atlas Dyechem Outstanding Entrepreneur of the Year Award to
Managing Director, Mr. Rajendra Shah. |
|
2002: Polyamide Cage shop set up in Changodar,
Ahmedabad. |
|
Received Best Supplier Award from Timken India Limited |
|
2004: ISO / TS 16949:2002 Certification
received. |
|
Implemented ERP System - SAP. |
|
Started production of Bearing Seals and other Stamped components. |
|
2005: Taper automation division established at
Changodar, Ahmedabad. |
|
Started production of Steel Spherical Roller Bearing Cages. |
|
2006: Brass Machined Cage Shop established in Moraiya, Ahmedabad |
|
2007: Set up new world class deep Groove ball bearing
facility at changodar, |
|
2008: ISO 14001 Environmental certification
accredited backward integration with brass foundry |
|
2009: Six Sigma Implementation across the
organization |
|
2010: Harsha opens new manufacturing facility in
chagshu, |
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 :
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.44.48 |
|
|
1 |
Rs.72.36 |
|
Euro |
1 |
Rs.64.42 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.