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Impressive background and business model..

Harsha Engineers International Limited (“HEIL”) was incorporated on December 11, 2010. The Company is a part of the Harsha Group which was established in 1986 and has over 35 years of operating history in the engineering business. The Company is the largest manufacturer of precision bearing cages, in terms of revenue, in organised sector in India, and amongst the leading manufacturers of precision bearing cages in the world. (Source: CARE Advisory Report).

The Company offers diversified suite of precision engineering products across geographies and end?user industries. The Company's business comprises: (i) engineering business, under which the Company  manufactures bearing cages (in brass, steel and polyamide materials), complex and specialised precision stamped components, welded assemblies and brass castings and cages & bronze bushings; and (ii) solar EPC business, under which the Company provides complete comprehensive turnkey solutions to all solar photovoltaic requirements.

HEIL has approximately 50?60% of the market share in the organised segment of the Indian bearing cages market and 6.5% of the market share in the global organised bearing cages market for brass, steel and polyamide cages in    CY 2021.  (Source: CARE Advisory Report).

The Company offers a wide range of bearing cages starting from 20 mm to 2,000 mm in diameter and their bearing cages find its application in the automotive, railways, aviation & aerospace, construction, mining, agriculture, electrical and electronics, renewables sectors etc. HEIL has also been providing comprehensive complete turnkey solutions to all Solar Photovoltaic requirements.

HEIL has 4 strategically located manufacturing facilities facilities spread across 3 countries in India, China, and Romania for their engineering business with one of their principal manufacturing facilities at Changodar and one at Moraiya, near Ahmedabad in Gujarat in India, and one manufacturing unit each at Changshu, China and Ghimbav Brasov in Romania. As on March 31, 2022, the Company's aggregate installed capacity across these manufacturing facilities was 4,596 MTPA for castings and 1,097.87 million pieces p.a. for bearing cages. HEIL supply products to customers in over 25 countries covering 5 continents i.e., North America, Europe, Asia, South America and Africa. To help them meet ‘just in time’ requirements of their customers, the Company has entered into arrangements to stock inventory in warehouses spread across more than 20 locations across the world including in, Europe, US, China and South America. The Compay's multinational presence has also allowed them to diversify their revenue geographically.

HEIL is a technology driven company with a strong focus on quality, design and tool development, which has allowed them to develop products suited to their customers’ requirements. The Company has the expertise to design and develop advance tooling in?house which enables them to manufacture precision bearing cages and complex and specialised precision stamped components. Bearing cages are critical parts of a bearings and it requires high precision technology to manufacture them. HEIL, which housed a team of 253 qualified engineers (including solar EPC business) as of March 31, 2022, along with their decades of experience in bearing cages engineering, enable them to develop specialized products and solutions. As of March 31, 2022, we have been able to manufacture more than 7,205 bearing cages and more than 295 other products for customers in the automotive, railways, aviation & aerospace, construction, mining, agriculture, electrical and electronics, renewables sectors, allowing us to meet changing customer requirements. In addition, over the past three years itsproduct development and innovation centre has developed more than 1,200 products in different bearing types

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