MIRA INFORM REPORT
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Report Date : |
4th May, 2006. |
IDENTIFICATION DETAILS
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Name : |
HARYANA LEATHER CHEMICAL
LIMITED |
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Registered Office : |
72-77, Industrial Estate,
Hansi Road, Jind - 126 102, Haryana, INDIA. |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
22-01-1985 |
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Com. Reg. No.: |
19905 |
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CIN No. : |
L74999HR11985PLC019905 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
RTKH02403C |
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PAN No.: (Permanent Account No.) |
AAACH3955N |
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Legal Form : |
A
closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing of leather
acrylic emulsion, leather lubricating preparation and leather finishing
preparation. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 400000 |
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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. Directors are
reported as experienced and respectable businessman. Trade relations are
reportated as fair. Business is active. Payments are usually correct and as
per commitments. The company can be
considered normal for any business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
72-77, HSIDC Industrial
Estate, Hansi Road, Jind - 126 102, Haryana, INDIA. |
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Tel. No.: |
91-1681-225662 / 225899 /
226645 |
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Fax No.: |
91-1681-225101 |
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E-Mail : |
manikj@del6.vsnl.net.in |
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Head Office : |
B-316-319, Somdutt Chambers
I, 5, Bhikaji Cama Place, New Delhi - 110 066, INDIA. |
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Tel. No.: |
91 - 11 - 2617 1967 / 2616
3268 |
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Fax No.: |
91
- 11 - 2618 2705 |
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Corporate Office : |
1004, Bhikaji Cama Bhawan,
Bhiakaji Cama Place, New Delhi - 110
066, India |
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Tel. No.: |
91-11-26171967
/ 26106673 / 26163268 |
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Fax No.: |
91-11-26182705 |
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E-Mail : |
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Factory : |
72-77,
Industrial Estate, Hansi Road, Jind - 126 102, Haryana, INDIA |
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Tel. No.: |
91 - 1681- 255662 / 25899 /
26645 / 26646 |
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Fax No.: |
91 - 1681- 255101 |
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Branch: |
Chennai No.2, 3rd floor,
Raheja Complex, 834, Anna Salai, Chennai - 600 002, Tamilnadu, INDIA. |
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Tel. No.: |
91-44-2852
3088 |
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Branch: |
Kolkata 10-C,
Topsia Road, 2nd Lane, Opp. Bani Tyres, Calcutta - 700 039, West
Bengal, INDIA |
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Tel. No.: |
91-33-2343 8625 |
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Fax No.: |
91-33-2343
8680 |
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Branch : |
Agra CU-2, Rashmi Palace, Sultan
Ganj Crossing, Kamla Nagar, Agra - 282 005, New Delhi, INDIA |
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Tel. No.: |
91-562-2385363 |
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Fax No.: |
91-562-2351843 |
DIRECTORS
|
Name : |
Mr.
Pankaj Jain |
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Designation : |
Managing Director |
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Name : |
Mr. N K Jain |
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Designation : |
Director |
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Name : |
Mr. V K Garg |
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Designation : |
Director |
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Name : |
Mr. H K Gupta |
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Designation : |
Director |
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Name : |
Mr. H C Dutta |
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Designation : |
Director |
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Name : |
Mr. K S V Menon |
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Designation : |
Director |
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Name : |
Mr. Massimo Medini |
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Designation : |
Director |
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Name : |
Mr.
Piero Tranchinetti |
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Designation : |
Director |
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Name : |
Mr.
Sippy Jain |
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Designation : |
Alternate Director |
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Name : |
Mr.
Tomy Joseph |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters (including Foreign
Collaborator ) |
2134108 |
43.5% |
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FII, Banks, Mutual Funds |
239000 |
04.9% |
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Others |
2535362 |
51.6% |
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TOTAL: |
4908470 |
100.00% |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of leather
acrylic emulsion, leather lubricating preparation and leather finishing
preparation. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Installed Capacity |
Actual Production |
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Leather Chemicals and
Auxiliaries, Acrylic Emulsions and Adhesives |
2710.0 MT |
2572.86 MT |
GENERAL INFORMATION
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Suppliers : |
v
Kota Chemicals v
National Casein
Company v
Niranjan Container v
Yoyo Chemicals. |
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No. of Employees : |
Around
200 |
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Bankers : |
State Bank of India, Jind,
Haryana. |
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Facilities : |
- |
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Banking Relations : |
Satisfactory
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Auditors : |
S.
C. Dewan & Company |
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Qualification: |
Chartered
Accountants |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity
Shares |
Rs. 10/- each |
Rs, 60.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4908470 |
Equity
Shares |
Rs. 10/- each |
Rs. 49.084 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
|
49.084 |
49.084 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
54.888 |
49.868 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH
|
|
103.972 |
98.952 |
|
|
LOAN FUNDS |
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|
|
|
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1] Secured Loans |
|
0.666 |
3.961 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL
BORROWING
|
|
0.666 |
3.961 |
|
|
DEFERRED TAX LIABILITIES |
|
13.108 |
12.812 |
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|
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|
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TOTAL
|
|
117.746 |
115.727 |
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APPLICATION OF FUNDS
|
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FIXED ASSETS [Net Block]
|
|
59.672 |
59.966 |
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Capital work-in-progress
|
|
2.194 |
1.998 |
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|
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INVESTMENT
|
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS
|
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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|
16.158 |
17.323 |
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Sundry Debtors
|
|
69.083 |
66.204 |
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Cash & Bank Balances
|
|
2.150 |
1.492 |
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Other Current Assets
|
|
0.000 |
0.000 |
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Loans & Advances
|
|
6.245 |
6.135 |
Total Current Assets
|
|
93.636 |
91.154 |
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Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
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Current Liabilities
|
|
37.756 |
37.391 |
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|
Provisions
|
|
0.000 |
0.000 |
Total Current Liabilities
|
|
37.756 |
37.391 |
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Net Current
Assets
|
|
55.880 |
53.763 |
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MISCELLANEOUS EXPENSES
|
|
0.000 |
0.000 |
|
|
|
|
|
|
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TOTAL
|
|
117.746 |
115.727 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
187.086 |
154.176 |
|
|
|
|
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Profit/(Loss) Before Tax
|
|
8.606 |
9.844 |
Provision for Taxation
|
|
3.587 |
2.294 |
Profit/(Loss) After Tax
|
|
5.019 |
7.550 |
|
|
|
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Export Value
|
|
41.318 |
21.557 |
|
|
|
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Import Value
|
|
13.247 |
12.258 |
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|
|
|
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Total Expenditure
|
|
178.480 |
144.332 |
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
31.03.2006 |
|
Type |
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
|
Sales Turnover |
50.700 |
42.600 |
48.600 |
39.400 |
|
Other Income |
00.200 |
00.300 |
00.800 |
00.300 |
|
Total Income |
50.900 |
42.900 |
49.400 |
39.700 |
|
Total Expenditure |
45.800 |
38.000 |
43.600 |
34.600 |
|
Operating Profit |
05.100 |
04.900 |
05.800 |
05.100 |
|
Interest |
00.200 |
00.200 |
00.400 |
00.200 |
|
Gross Profit |
04.900 |
04.700 |
05.400 |
04.900 |
|
Depreciation |
01.500 |
01.300 |
01.600 |
01.400 |
|
Tax |
00.800 |
00.900 |
01.300 |
01.100 |
|
Reported PAT |
02.600 |
02.500 |
02.600 |
02.500 |
200506 Quarter 1 -
Notes: 1. The above results have been
taken on record on 27.07.2005 2. Number of investor complaints pending at the
beginning of the quarter is 02 received and disposed off during the quarter is
02 and pending at the end of the quarter is Nil 3. The provision for Fringe Benefit
Tax included in provision for Tax.
200509 Quarter 2 -
Notes: EPS is Basic and Diluted Status
of Investor Complaints for the quarter ended September 30, 2005 Complaints
Pending at the beginning of the quarter Nil Complaints Received during the
quarter 04 Complaints disposed off during the quarter 04 Complaints unresolved
at the end of the quarter Nil 1. The above results have been taken on record on
October 20, 2005. 2.The Provision for Fringe Benefit Tax included in provision
for Tax.
200512 Quarter 3 -
Notes Expenditure Includes (Increase) /
Decrease in Stock in Trade Rs (2.065)million Consumption of Raw Materials Rs
35.186 million Staff Cost Rs 2.800 million Other Expenditure Rs 7.795 million
Provision for tax includes Provision for Taxation Rs 1.250 million Deferred
Taxation Rs (0.100)million EPS is Basic and Diluted Status of Investor
Complaints for the quarter ended December 31, 2005 Complaints Pending at the
beginning of the quarter Nil Complaints Received during the quarter 03
Complaints disposed off during the quarter 03 Complaints unresolved at the end
of the quarter Nil 1. The above results have been taken on record on January
30, 2006. 2. The Provision for Fringe Benefit Tax for Rs 0.20 million included
in provision for Tax. 3. The sales of EOU division of Rs 11.30 million included
in gross sales.
200603 Quarter 4 -
Notes EPS is Basic and Diluted Status
of Investor Complaints for the quarter ended March 31, 2006 Complaints Pending
at the beginning of the quarter Nil Complaints Received during the quarter 01
Complaints disposed off during the quarter 01 Complaints unresolved at the end
of the quarter Nil 1. The above results have been taken on record on April 29,
2006. 2. The Provision for Fringe Benefit Tax for Rs 0.250 million included in
provision for Tax. 3. The sales of EOU division of Rs 16.90 million included in
gross sales.
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
|
0.02 |
0.08 |
|
Long Term Debt-Equity Ratio |
|
0.01 |
0.00 |
|
Current Ratio |
|
1.77 |
1.59 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
|
1.61 |
1.38 |
|
Inventory |
|
11.10 |
8.63 |
|
Debtors |
|
2.75 |
2.34 |
|
Interest Cover Ratio |
|
6.38 |
7.19 |
|
Operating Profit Margin(%) |
|
8.28 |
10.80 |
|
Profit Before Interest And Tax
Margin(%) |
|
5.49 |
7.53 |
|
Cash Profit Margin(%) |
|
5.49 |
8.25 |
|
Adjusted Net Profit Margin(%) |
|
2.69 |
4.97 |
|
Return On Capital Employed(%) |
|
9.82 |
11.18 |
|
Return On Net Worth(%) |
|
4.93 |
7.98 |
STOCK PRICES
|
Face
Value |
Rs.10/- |
|
High |
Rs.8.35/- |
|
Low |
Rs.8.35/- |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
During the year the company has achieved a turn over of Rs. 185.9
Millions against Rs. 152.8 Millions for the previous year and net profit for
the year is Rs. 5.000 Millions against Rs. 7.500 Millions for the previous Year
This year your company has been able to achieve a better capacity utilization
compared to previous years. During the year company's exports are Rs. 41.3
Millions compared to the previous year's exports of Rs. 21.5 Millions.
The net profits have marginally reduced because of the higher production
cost especially due to the petroleum-based raw materials prices.
DIVERSIFICATION
AND NEW PRODUCTS:
E.O.U.
Division :
The company
has completed the formalities for setting up of a 100% export oriented unit-as
a separate and independent Division/undertaking. The division is expected to be
commissioned during the year 2005-06 and it will manufacture high quality
finishing chemicals for the overseas leather industry.
TECHNOLOGY DEVELOPMENT :
The company has been successful in
developing the technology for Aquos aliphatic Polyurethane Dispersions. The
company has conducted pilot plant trials successfully. The company will test
and conduct application trials of the product in Abmur and other markets to
verify the suitability for different
markets.
The company has conducted some application trials and screening of allied
products to develop a process for automotive leather. Based on this result a
reaction concept will be finalized. The Department of Scientific and Industrial
Research, Government of India has approved company's research and development
project 'Technology Development and Demonstration of Polymeric Fatliquor for
Upholstery Leather' and they will part finance the project to the extent of Rs.
75. Lacs. The financial support has to be returned 1.3 times after commencement
of Commercial production in five installments and a royalty of 2.5% of the sale
till the final installment is paid.
Future Plan of Action :
a) Commercialization of Aquos Aliphatic
Polyurethane Dispersions.
b) To conduct pilot Plant trials of Polymeric
Fatliquors for Upholstery Leather
c) To review heating and cooling cycles
in Fatliquor and Syntan production.
d) To develop Fatliquor bases for in
house consumption to reduce import contents.
MANAGEMENT DISCUSSION AND ANALYSIS
- Industry Structure:
The government and the industry are
expected to spend huge money for the modernization of infrastructure and
building leather parks in different parts of the country.
Leather industry is primarily export
oriented and Government of India has identified leather export as a thrust area
with ambitious growth target. Accordingly leather chemicals industry, which is
supporting the growth of leather in India, is strategically placed to match
with the leather export targets.
Various multinational companies have
production set-up in India while many foreign suppliers are represented through
local traders. The domestic consumption of leather products is also
growing.
The leather industry has modernized
their technologies to meet with the quality and pollution norms, which, have
resulted into stable leather production with the projected growth of 10%.
- Opportunities & Threats :
Opportunities:
The Kolkata region has started showing some signals of improvement after
a long period of set back due to the closure and relocation of units because of
the pollution problem.
The opportunities for leather chemical
industry to expand and to become export oriented are enormous specially in
neighboring countries and China.
Due to high cattle population, easy availability
of raw leather, modern production techniques and effluent treatment
plants-there is a high growth potential for leather & leather chemical
industry.
The hardening of Euro makes leather
export more beneficial and imports of chemical will be less competitive.
Threats :
The rising petroleum prices and general
inflation in the country can have a serious impact on chemical industry.
The shortage of some key inputs can affect the growth of leather
chemical industry.
New regulations and European guidelines
in respect of banned substances can also affect the leather export. However,
all chemical companies are gearing-up to meet with the challenge and offering
products which are free from the banned substances.
- Segment-wise or product-wise performance :
As per the trend of the industry, the
company can expect higher sales revenue due to Syntans in the 'wet-working' and
polyurethane finishes in the 'finishing' section. The emphasis will shift to
high performance products and the segment comprising of general commodity
product will have price pressure. The company has already strategized its
product range in various segments according to the trend and level of
competition.
- Outlook :
The outlook of leather industry is good
and expected to fulfill the growth targets. The growth in the chemical industry
for leather will also be able to match the general trend in leather.
The company has been able to establish
its dealership net in many countries and the products are matching to their
expectations. The export of leather chemical will have a positive outlook due
to increased demand from Asian countries.
- Risks & concerns :
- The rising trend in petroleum prices will put
pressure on the profitability of chemical companies.
- Any heavy fluctuations in Dollar / Euro
relationship can affect leather exports & related chemical industry.
- Internal Control System and their adequacy :
The company has an internal control
system considering the size of the organization. The Management is periodically
reviewing the adequacy/ limitations of the internal control system. Various MIS
have been installed for better control of accounts, receivables and
inventory.
- Discussion on financial performance with respect to operational
performance :
During the year the company has sold
2549.42 MT compared with the previous year Qty 2108.98 MT. The input cost has
gone up due to the increasing raw material prices especially the
petroleum-based raw materials. During the year company has achieved a better
capacity utilization compared to previous year. The company has met the R&D
expenditure out of DSIR grant.
- Material developments in Human Resources/Industrial Relation front,
including number of people employed:
The company has been able to maintain
the existing human resources.
The industrial relations remained
cordial during the year.
The Number of people employed, as on
01.08.2005 was one hundred.
2.
Contingent liability for Letters of Credit opened in favour of the overseas
suppliers and local suppliers
-
Rs. 562,926 (Previous Year - Rs. 1,549,350).
-
3.
Contingent liability for counter guarantees issued to bankers in respect of
guarantees issued by them -
Rs.
159,306 (Previous Year - Rs. 129,850).
4.
Contingent liability for excise duty on finished goods lying in stock - Rs.
762,098 (Previous Year - Rs. 535,770).
5.
Estimated amount of contracts remaining to be executed on capital account and
not accounted for (net of advances) - Rs. Nil. (Previous year - Rs. Nil.)
6.
The working Capital Loans are secured by way of first charge on the whole of
the Company's stocks of rawmaterials, stock in process, finished goods,
consumables packing materials and other stores and spares, whether raw or in
process of manufacture, and all articles manufactured therefrom, and trade receivables,
and further secured by hypothecation of other movable assets of the company and
mortgage of immovable property at plot no. 72-77, HSIDC Industrial Estate,
Hansi Road, Jind and further secured by personal irrevocable and unconditional
guarantee of Shri Pankaj Jain, Managing Director and Shri N. K. Jain, Director
of the Company. The working Capital Loan sanction by SBI are to the tune of Rs.
19.0 Millions. However as on 31.03.2005 the Working Capital Loan availed is Rs.
Nil.
FIXED
ASSETS:
Land, Building, Plant
& Machinery Structure, Security deposit for Electricity connection,
Advances to suppliers of Plant & Machinery etc.
HISTORY:
The company was incorporated
on 22nd January 1985 at Jind in Haryana having Company Registration
No. 19905.
Its a joint venture company with ICAP SIRA – ITALY,
controlled by N.K. Jain and Family, in the field of leather and shoe chemical
manufacturing. A wide range of
products, Syntans, Fatliquors, Finishing Chemicals, Shoe Finishes and Shoe
Adhesives has enabled us a very wide customer base including leather tanneries
and footwear companies within India and many European and Far Eastern
countries. With a volume of 3000
tonnes / annum of various products, HLC has today emerged as leader in
Specially Chemicals having niche market requiring high performance products for
leather and shoe industry. The various
technical collaborations as with ICAP SIRA – Italy, HELMITIN – Germany and
VISMON – SPAIN have enabled the company acquire a state-of-technology as per
international trends and a range of products with highest safety standards in
respect of the banned substances in leather chemicals. An ISO – 9002 Quality System, sophisticated
Research and Development infrastructure, highly motivated team of professionals
and world wide network of distributors and Application Technologists,
demonstrates our strength and market dominance.
BUSINESS:
The
subject is engaged in manufacturing of leather acrylic emulsion, leather
lubricating preparation and leather finishing preparation.
The
commencing business on 22nd April 1985, N.K. Jian and the Haryana
State Industrial Development Corporation (HSIDC) promote it. The company came out with a public issue in
September 1988 to finance its Rs. 46.700 millions project, to manufacture a
wide range of leather chemicals and auxiliaries (Cap.:1510 tpa). It issued right shares in October 1992 to
finance the export-oriented expansion programme. Located in Jind, Haryana, it went on stream in April 1988.
Leather
chemicals are used for leather finishing.
The company’s products include fat liquors and finishing chemicals such
as binders, pigments, waxes, feel modifies, lacquers, etc. It has entered into technical
collaborations with two internationally reputed European companies – A Smit and
Zoon, Holland, for fat liquors, and ICAP Industria Chemica, Italy for finishing
chemicals. It has entered into a
collaboration with Forbo Helmitin, Germany, to manufacture speciality shoe
adhesives.
It
commenced commercial production of cross-linking acrylic binders in 1994-95,
mainly for export.
The
company decided to diversify into the field of high performance pressure
sensitive adhesive for packaging industry, for this a technology transfer
agreement has already been executed by the company with M/s. ICAP Sira
Chemicals & Polymers SpA, Italy.
The company has also started manufacturing Polyurethane Lacquer for
Synthetic Sole in Collaboration with SIVAM, Italy. During 1999-2000, the company has started the production of PSA
(Pressure Sensitive Adhesive) as per the agreement concluded with ICAP-SIRA due
to this additional product range the capacity utilisation of Acrylic plant will
be optimised. Technology transfer
agreement has been concluded with M/s. Vismon Barcelona, Spain to meet with the
demands of light weight and waterproof leather.
In
2000-2001 the company has undertaken a major expansion to add synthetic tanning
agent to its range of products in view of the emerging demand of the synthetic
tanning agents. The new range of the
Fatiliquor has been widely acvcepted.
The company plans to produce syntans and hope toi commence production by
December 2003.
During
the year the company has achieved a turn over of Rs. 133.700 millions against
Rs. 139.000 millions for the previous year and net profit of 5.600 0million
against Rs. 3.200 millions for the previous year. The performance of the company was better in the first half of
the year compared to the second half.
Though the turnover of the company during the year has marginally decreased,
the net profit of the year has improved compared to the previous year and the
earning per share has gone up from Rs. 0.66 to Rs. 1.14
The
company has made necessary application to established connectivity with
National Securities Depository (India) Limited (NSDL) and The Central
Depositories Services (India) Limited (CDSL).
The
shareholders of the company can keep their holdings in demat form or physical
form according to their convenience after the connectivity is established. The shareholders interested to
dematerialise their shares may contact the company’s share transfer agent.
The
company has maintained its endeavour to provide quality products and services
to the Leather Industry. The company
is following the quality objectives and quality policy as per ISO 9002. Company
manufacturing leather chemicals, footwear adhesives, pressure sensitive
adhesives and textile binders.
The
company has been accredited with "ISO 9002" Certification.
Un
ISO – 9002 certific los productos qumicos del cuero de la fabricacin de la
compaa, pegamentos del calzadeo, ejerce presin store los pegamen tos y las caeprnts sensibles del textil.
Un
ISO – 9002 a certifi des produits chimiques de cuir de fabrication de
compagine, des adhisfs de chaussures, des adhsifs sensibles la pression et des
cahiers de textile.
The
company has introduced many new products in fatliquors and finishes and stayed ahead of competitors and in line
with international fashion and trends.
The company’s plan to produce syntans are being followed as planned and
hope to commence production by December, 2003. The development of various shoe finished will further strengthen
the market position of company’s products in shoe industry.
The
company has already developed Crosslinkable – Aqous aliphatic polyurethane
dispersions (C-APUD) at our R&D lab.
The company is taking various steps for producing the product at the
pilot plant scale and this is expected to be completed by the end of the year
2002-2003 with the support of Department of Scientific &” Industrial
Research (DSIR). At present PUD is not
being manufactured in India and is imported.
This product has got very good demand in India and aboard. The company has also initiated inprocess
research to improve the yield of various products and minimise waste water.
The
company had embarked upon a major plan to upgrade the quality and range of
products in line with current fashion trends and future applications.
The
new range of Fatliquor (Phosphated and Waterproof) had been widely accepted. The company also achieved the distinction of
producing polyurethane dispersion, which has also been commercialised and is an
import substitute offering.
The
company has also undertaken a major expansion plan to add synthetic tanning
agent to its range of products in view of the emerging demand of synthetic
tanning agents.
It
imports its requirements of raw materials from Europe against L/C terms.
The
medical instrument business is in collaboration with LEICA-USA and the drug
intermediate facility is a joint venture with DSM-Holland.
The
company is in technical collaboration with the following :
v
ICAP - SIRA Chemicals
& Polymers SPA, Italy
Manufacturers of :
v
Acrylic Polymers (Water
and Solvent Based)
v
Polyurethane Resins
(Water and Solvent Based)
v
Pigment Dispersions
v
Formulated Auxiliaries
v
FORBO-HELMITIN GmbH,
Germany.
Manufacturers of Adhesives and other chemicals
Company
is a joint venture company with ICAP –SIRA chemicals and polymers S.P. A. of
Italy, is a name, which has become synonymous with the finest chemicals for
leather industry-internationally.
Company’s
strength in 'Polymerization ‘ and 'Particle Size Control’ technology from ICAP
–Italy, is the key behind the coast effective production and finest
products. As a further backup of technology
company has technical colaboration with Europian Industry leaders like Forbo Helmitin GmbH, Germany and Vismon
International s.l, Spain.
AS PER WEBSITE:
Haryana
Leather Chemicals Ltd. , a Joint Venture company with ICAP-SIRA Chemicals and
Polymers S. p.A of Italy, is a name, which has become synonymous with the
finest Chemicals for Leather industry - Internationally.
Our strength in 'Polymerization' and 'Particle Size Control' technology from
ICAP-Italy, is the key behind the coast effective production and finest quality
products. As a further backup of technology HLC has technical collaboration
with Europian industry leaders like Forbo Helmitin GmbH, Germany and Vismon
International sl., Spain.
'State of the art technology' and unstinted care at every stage of
production ensures top of the line products from HLC. Our commitment to quality
is further backed by ISO 9002 accreditation at our plant where we adhere to the
quality system specified by ISO 9000 standards. The strategic stock points all
over the country and well-trained technical staff is networked to maintain
timely delivery and services to the customer.
HARYANA LEATHER CHEMICALS
LIMITED (HLC), a joint venture
company with ICAP SIRA - ITALY, controlled by N. K. JAIN & FAMILY, is the
most reputed and respected company in India in the field of leather and shoe
chemical manufacturing. A wide range of products, Syntans, Fatliquors,
Finishing Chemicals, Shoe Finishes and Shoe Adhesives has enabled us a very
wide customer base including leather tanneries and footwear companies within
India and many European and Far Eastern countries. With a volume of 4000 tonnes
/ annum of various products, HLC has today emerged as a leader in Speciality
Chemicals having niche market requiring high performance products for leather
and shoe industry. The various technical collaborations as with ICAP SIRA -
ITALY, HELMITIN - GERMANY and VISMON - SPAIN have enabled the company acquire a
state-of-the-art technology as per international trends and a range of products
with highest safety standards in respect of the banned substances in leather
chemicals. An ISO-9002 Quality System, sophisticated Research and Development
infrastructure, highly motivated team of professionals and world wide network
of distributors and Application Technologists, demonstrates our strength and
market dominance.
Domestic Sales Offices:
Madras
:
No.2, 3rd Floor, Raheja
Complex,
834, Anna Salai, Madras-600 002
Tel/Fax: (044) 8523088
Calcutta :
10-C, Topsia
Road, 2nd Lane
Opp. Bani Tyres, Calcutta-700039
Tel : (033) 3438625
(033) 3438680
Agra:
CU-2, Rashmi
Palace,
Sultan Ganj Crossing, Kamla Nagar, Agra - 282 005
Tel : (0562) 385363
Fax : (0562) 351843
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.
2] Court
Declaration :
No exist to suggest that subject is or was the subject
of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.
8] Affiliation
with Government :
No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.
9] Compensation
Package :
Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on the subject.
CORPORATE
GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN
EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.88 |
|
UK
Pound |
1 |
Rs.83.46 |
|
Euro |
1 |
Rs.57.13 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
- |
|
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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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
|
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/normal. |
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 |