Harig Crankshafts Ltd Company Summary

Harig Crankshafts Ltd Summary

Harig Crankshafts (HCL) was promoted in the joint sector by Pradeshiya Industrial Corporation of Uttar Pradesh along with Haring India and Deshbir Singh in collaboration with Wilbelmus Import and Export Establishment, Germany. It was incorporated in Apr.83 and set up a project to manufacture automotive crankshafts at Noida, Uttar Pradesh (inst. cap. : 17,000 tpa of forgings). Its product range includes crankshafts for cars, light commercial vehicles, trucks and earth moving equipment. The project was implemented in a phased manner. The first phase consisted of a sophisticated crankshaft machining line which started commercial production in Jan.90, but capacity utilisation was low on account of non-availability of quality forgings and erratic supply of forgings and the company made losses since its inception. The company commissioned in Mar.95 a forging press and a machine line to manufacture additional crankshafts to increase the total capacity to 89,000 pa. HCL offered rights in May 95 (premium : Rs 12) to raise funds to pay the interest owed to various financial institutions and to meet additional working capital requirements. It came out of the red in 1994-95. With the accumulated losses exceeded the total net worth the company has been referred to BIFR and the Board has declared the company as Sick. As a part of diversification the company has entered into the field of Foring Valve Bodies and Flenges of all sizes,thus reducing its dependence on the Automotive Industry.