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Sunday, May 27, 2012

Haryana Leather Chemicals Ltd:Buy/sell/growth prospects and recommendation,news and results,target and analysis,view and outlook,multibagger

Scripscan:Haryana Leather Chemicals Ltd

Investing-reflections:Haryana Leather Chemicals produces leather chemicals for tanners to manufacture leather products. It also has a small acrylic division.The company is reasonably well-entrenched in India and China, and caters to all segments of the leather industry. Indian tanneries are now competitive with European manufacturers on quality and compliance, and have relative low cost advantages, which bodes well for the company’s future prospects. The company is attempting to constantly expand its customer base to countries such as Indonesia, Vietnam, Ethiopia etc. The company reported consistent growth in revenues and operating profits over the last five years – reporting just under 3cr of operating profits on revenues of over 32cr in the last twelve months. It employed no net debt to finance its operations.The business is impacted by declining raw hide availability and exposed to increasing costs of raw materials such as basic organics, crude oil, etc. This leads to significant pressure on profit margins despite the order book size since the business has limited pricing and bargaining power relative to its customers (tanners). This is reflected in relatively low returns on capital.Exports constitutes an appreciable proportion of sales and to that extent, the business is exposed to a strengthening INR.Other relatively smaller risks include increased regulations on safety, environment, etc., and development of new and better products by competitors.The acrylic division is unprofitable as a result of significant increases in acrylic monomer prices (raw material), which customers were not willing to accept in sale prices. Therefore, this division has under-utilised capacity.

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