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Haryan Leather Chemicals
BSE: 524080|ISIN: INE681F01018|SECTOR: Chemicals
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Download Annual Report PDF Format 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '13    Mar 11
Dear Shareholders,
 
 The directors of Haryana Leather Chemicals Ltd. are pleased to present
 the 28th Annual Report and Audited
 
 Statement of the company''s accounts for the year ended on 31st March,
 2013,
 
 FINANCIAL RESULTS
 
 A summary of the financial results for the year 2012-2013 is given
 below:
 
                                        2012-13         2011-12 
                                       (Rs. in Lacs)   (Rs. in Lacs)
 
 Sales Turnover (Net of Excise)           3967.14        3219.97
 
 Gross Profit                              398.49         294.59 
 
 Deductions 
 
 Depreciation                               75.20          74.62
 
 Interest                                   20.42          17.21
 
 Profit before Tax                         302.87         202.76 
 
 Less: Provision for Income 
 Tax for the year                           92.00          47.15 
 
 Less: Provision for Fringe 
 Benefit Tax for the Year 
 
 Less: Provision for Taxation
 /FBT earlier year                          28.11           1.43 
 
 Add: Provision for Income 
 Tax written back -                         18.45 
 
 Less: Previous year Adjustment 
 
 Profit after Tax and available 
 for Appropriation                         178.36         169.92 
 
 Less: Provision for Dividend               29.45          29.45 
 
 Less: Provision for Dividend Tax            5.01           5.01
 
 Less: Transfer to General Reserve          21.58          20.32
 
 Profit carried to Balance Sheet           122.32         115.14
 
 
 OPERATIONS
 
 During the year the company has achieved a sales turnover of Rs. 3,967
 lacs against Rs. 3,220 lacs for the previous year. The net profit for
 the year is Rs. 178 lacs against Rs. 169.92 lacs for the previous year.
 The exports are at Rs. 1,673 lacs compared to the previous year''s
 exports of Rs. 1,092 lacs.  The company has recorded 53% growth in
 sales in export market as compared to last year.
 
 DIRECTORS
 
 Pursuant to the provisions of the Articles of Association of the
 Company, the directors - Mr. Pradeep Behl, Dot.  Massimo Medini, Lt.
 Gen. (Retd.) H.C. Dutta retire by rotation at the forthcoming Annual
 General Meeting to be held on 7th August, 2013 and being eligible they
 offer themselves for re-appointment.
 
 STATUTORY AUDITORS
 
 The statutory Auditors of the company M/s. S. C. DEWAN & Co., Chartered
 Accountants, Panchkula are retiring at the forth coming Annual General
 Meeting and they are eligible for re-appointment offers themselves for
 the same. Their appointment, if made, will be in accordance with
 section 224 (1-B) of the Companies Act, 1956 (hereinafter referred to
 the Act).  Auditor''s report does not need any comments from the
 directors.
 
 PARTICULARS OF EMPLOYEES u/s 217(2) (A)
 
 The company did not employ any person drawing a remuneration of Rs.
 5,00,000/- or above for one month or part of the month or Rs.
 60,00,000/- or above for one year, whose particulars are required to
 mention u/s 217(2)(A) of the Companies Act, 1956.
 
 SECRETARIAL COMPLIANCE CERTIFICATE
 
 As the paid up share capital of the company is more than Rs.
 10,00,000/- and below Rs. 5,00,00,000/- so a certificate from the
 Company Secretary in practice is attached with the report as per the
 requirements of section 383A of the Companies Act. 1956 who has
 conducted audit of the books and other documents of the company and
 given the certificate.
 
 TRANSFER OF FUNDS TO INVL  t, ,, 1.0. ION FUND;
 
 As the Company is distributing dividend to its shareholders since 2006
 on recommendation of the shareholders of the Company. The Board also
 authorised to take all the necessary steps to transfer the unpaid /
 unclaimed Dividend of Equity Shareholders for the year 2005-2006 to the
 Investor Education and Protection Fund (IEPF) of the Central Government
 established under sub-section (1) of section 205C of the Companies Act,
 1956 on the date as per the provisions of the relevant section of the
 Act.
 
 FIXED DEPOSIT
 
 The company has not accepted / renewed any fixed deposits during the
 period under review.
 
 CORPORATE GOVERNANCE
 
 A certificate on the compliance of conditions of corporate governance
 has been obtained from the Statutory Auditors of the company and the
 same has been given below as Annexure.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT AS PER SECTION 217(2AA) OF THE
 COMPANIES ACT, 1956.
 
 The Board of Directors of the company confirms that:
 
 i. during the preparing of the annual accounts, the applicable
 accounting standards have been followed and no material departure has
 taken place;
 
 ii. the selected accounting policies were applied consistently and the
 directors made judgments and estimates that are reasonable and prudent
 so as to give an accurate view of the state of affairs of the company
 as at 31st March, 2013 and of the profit of the company for the year
 ended on that date;
 
 iii. proper and sufficient care has been taken for the maintenance of
 adequate accounting records in accordance with the provisions of the
 Companies Act, 1956 for safeguarding the assets of the company and for
 preventing and detecting fraud and other irregularities;
 
 iv.  annual accounts have been prepared on an ongoing concern basis.
 
 QUALITY CONTROL
 
 The focus of company''s quality control has been to comply to REACH
 legislation (Registration, Evaluation and Authorization of Chemicals)
 of ECHA (European Chemical Agency) and to update changes in restricted
 substance list (RSL). Though most vendors have started certifying
 materials but regular validation from outside testing labs like SGS and
 INTERTEK has been carried out throughout the year. The company has also
 outlined an expansion plan of quality control lab to include more
 chromatography equipment to cover the expanding list of restricted
 substances.
 
 All the quality incidences reported by customers in domestic and export
 market were promptly attended and resolved to their full satisfaction.
 The company continues to comply with the quality policy and the quality
 objectives outlined in the ISO 9001-2000 and ISO 14001 internal system
 and ISO certification are under renewal.
 
 EXPORT OPERATIONS
 
 Company''s efforts to increase exports have yielded significant results
 in most of the areas. The overall increase of sales revenue can be
 attributed mainly to an export growth of nearly 53% with revival of
 some key markets. Introduction of some high value products to markets
 in Poland and China also resulted in increased exports. Company also
 invited important dealers from Indonesia and Ethiopia for training and
 orientation on company''s new line of products targeted for these
 markets.
 
 Company has also initiated alliances with competitors to initiate
 exports in those markets where the company could not find appropriate
 agents. Such alliances, especially in Latin America, can be extremely
 viable and beneficial for export growth. The company is also exploring
 possibility of setting up a representative office in the US to serve
 Latin American markets.
 
 TECHNOLOGY DEVELOPMENT
 
 The first phase of TDB funded project for commercialization of
 Polyurethane Dispersions has been successfully completed and the
 company has decided not to scale up to second phase in immediate
 future. Considering the revised phasing plan, the company has revised
 the financial outiay and has pre-paid the TDB loan of Rs. 125 lacs in
 monthly installment. As per the deed of settlement the monthly
 repayments covering the principle amount of TDB and the applicable
 interest started in Oct. 2012 and have concluded in June 2013. The
 scale up, if required in future, is proposed to be funded from internal
 accruals.
 
 Plant erection work for the new spray dryer required for technology
 development of new generation of Di-Sulphone syntans, Acrylic impact
 and flow modifiers for PVC is in full swing and final stages. Upto
 March 2013, most of the equipment was in place - except the heater unit
 The stress testing of structure, dry air run are planned between July -
 August 2013. The entire commissioning and testing is projected to be
 completed before Sept. 2013.
 
 DIVIDEND
 
 Considering the current growth and profitability, the directors are
 pleased to recommend continuation of dividend of 6%.
 
 PERSONNEL & INDUSTRIAL RELATION
 
 Industrial relation remained cordial across all segments of skilled and
 unskilled workforce.
 
 The company has been able to maintain cordial relations across all
 levels of workforce. The attrition rate of skilled workforce has been
 negligible. The feedback to employees through the annual appraisal
 system has instilled a sense of deeper responsibility amongst the
 mid-level managers and they are being further trained to take bigger
 operational responsibilities. The company has maintained the yearly
 increments and bonus system to ensure motivation at all levels.
 
 ENVIRONMENT & POLLUTION CONTROL MEASURES
 
 The company has been able to satisfactorily meet various statutory
 regulations of state pollution control board. The periodic sampling of
 air and water carried out by inspecting agency has validated that
 company has strictly adhered to the waste discharge norms. Inspite of
 increased production, the waste water discharge has not increased due
 to tighter control of wash cycles. The company continues to deliver all
 solid waste to Gujarat Enviro Protection & Infrastructure (Haryana)
 Pvt. Ltd. (GEIPL) common treatment facility for disposal.
 
 The company is also actively considering various new technologies for
 waste water recovery. Preliminary discussions with some German
 Companies have revealed that using vacuum distillation process the
 waste water can be recovered using minimum energy. A techno -
 commercial evaluation of this technology is currently under progress.
 
 ACKNOWLEDGEMENT
 
 The Directors would like to extend their deep regards and sincere
 thanks to company''s suppliers, domestic and international dealers,
 representatives, service providers, financial institutions and
 technical consultants for their continued support.
 
 The directors also acknowledge and appreciate the commitment of all the
 employees who are putting their best efforts towards company''s goals
 and objectives.
 
                         For and on behalf of the Board of Directors of
 
                         Haryana Leather Chemicals Limited
 
 Place : GURGAON         N.K. JAIN PANKAJ JAIN
 
 Date : 5th July, 2013   Chairman Managing Director-cum-Vice Chairman
Source : Dion Global Solutions Limited
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