IER base report format Crisil

8/11/2019 IER base report format Crisil

1/24

Nlbrdslee Egagtld

G`dlpl`dl`t Lqugty ^lslbrcf

L`fb`cg`m g`vlstal`t dlcgsgh`s

G`-dlptf b`beysgs ho tfl ou`dbal`tbes b`d vbeubtgh`

Nusg`lss Zrhs lcts

Og`b`cgbe Zlrohrab`cl

Chr hrbtl Mhvlr`b`cl

Ab`bmlal`t Lvbeubtgh`

phrt ohrabt hèy prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt hèy prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt hèy prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt hèy prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.


2/24

C^GSGE G`dlpl`dl`t Lqugty ^lslbrcf Tlba

Auilsf Bmbrwbe abmbrwbeJcrgsge.cha +72 (>>) 334> 3:3>) 334> 3>>?

Dgrlcthr- Cbpgtbe Abrilts

B`beytgcbe Ch`tbcts

Cfltb` Abkgtfgb cfltb`abkgtfgbJcrgsge.cha +72 (>>) 334> 4246Sudfgr @bgr s`bgrJcrgsge.cha +72 (>>) 334> 3?Surlsf Muruprbsbd smuruprbsbdJcrgsge.cha +72 (>>) 334> 3>) 334> 3_gsfbe ^bapurgb vrbapurgbJcrgsge.cha +72 (>>) 334> 3>) 334> 3>) 334> 2763^bvg Dhdfgb rdhdfgbJcrgsge.cha +72 (>>) 334> 3>) 334> 623>) 334> 266>@gybtg Dbvl `dbvlJcrgsge.cha +72 (>>) 334> 3


3/24

Lxpeb`btgh` ho C^GSGE Ou`dbal`tbe b`d _beubtgh` (CO_) abtrgx

Tfl CO_ Abtrgx (C^GSGE Ou`dbal`tbe b`d _beubtgh` Abtrgx) bddrlssls tfl twh gaphrtb`t b`beysgs ho b` g`vlstal`t abig`m

prhclss B`beysgs ho Ou`dbal`tbes (bddrlssld tfrhumf Ou`dbal`tbe Mrbdl) b`d B`beysgs ho ^ltur`s (_beubtgh` Mrbdl)

Ou`dbal`tbe

Mrbdl

C^GSGEs Ou`dbal`tbe Mrbdl rlprlsl`ts b` hvlrbee bsslssal`t ho tfl ou`dbal`tbes ho tfl chapb`y mrbdld g` rlebtgh` th

htflr egstld lqugty slcurgtgls g` G`dgb. Tfl mrbdl obcgegtbtls lbsy chapbrgsh` ho ou`dbal`tbes nltwll` chapb`gls, grrlsplctgvl

ho tfl sgzl hr tfl g`dustry tfly hplrbtl g`. Tfl mrbdg`m obcthrs g` tfl oheehwg`m;

Nusg`lss Zrhsplcts; Nusg`lss prhsplcts obcthrs g` G`dustry prhsplcts b`d chapb`ys outurl og`b`cgbe plrohrab`cl

Ab`bmlal`t Lvbeubtgh`; Obcthrs sucf bs trbci rlchrd ho tfl ab`bmlal`t, strbtlmy brl tbil` g`th ch`sgdlrbtgh`

Chrphrbtl Mhvlr`b cl; Bsslssal`t ho bdlqubcy ho chrphrbtl mhvlr`b`cl structurl b`d dgscehsurl hras

Tfl mrbdl gs bssgm`ld h` b ogvl-phg`t scbel orha mrbdl < (g dgcbtg`m Lxcleel`t ou`dbal`tbes) th mrbdl 2 (Zhhr ou`dbal`tbes)

C^GSGEOu`dbal`tbeMrbdl Bsslssal`t

/< Ahdlrbtl ou`dbal`tbes

2/< Zhhr ou`dbal`tbes

_beubtgh Mrbdl

C^GSGEs _beubtgh` Mrbdl rlprlsl`ts b` bsslssal`t ho tfl phtl`tgbe vbeul g` tfl chapb`y sthci ohr b` lqugty g`vlsthr hvlr b

2> ah`tf plrghd. Tfl mrbdl gs bssgm`ld h` b ogvl-phg`t scbel orha mrbdl < (g`dgcbtg`m strh`m upsgdl orha tfl currl`t abrilt

prgcl (CAZ)) th mrbdl 2 (strh`m dhw`sgdl orha tfl CAZ).

C^GSGE_beubtgh Mrbdl Bsslssal`t

/< Dhw`sgdl (`lmbtgvl 2:->


4/24

Egst ho chapb`gls u`dlr chvlrbml

G`gtgbtg`m Chvlrbml 3ROW2: \pdbtl

Se.

@h.

^lphrt

Dbtl

Chapb y @bal Slcthr CAZ A. Cbp

(^s. A`)

Ou`bdal`tbe

vbeul

Ou`dbal`tbe

mrbdl

Ou`bdal`tbe

vbeul

Ou`dbal`tbe

mrbdl

2 :>-Oln-2: Bbrtg G`dustrgls Cflagcbes 47 3,=


5/24

2

-

G`dlpl`dl`t ^lslbrcf ^lphrt lbrdslee Egagtld

Mhhd ou`dbal`tbes wgtf dhw`sgdl G`dustry Zbcibmg`m G Lxpb`dld Zheystyrl`l

Dbtl Aby :4, >:2:

Cfl``bg-nbsld Nlbrdslee Etd gs h`l ho tfl ebrmlst abùobcturlrs ho lxpb`dld

pheystyrl`l (LZS - tflrahche) b`d prlobnrgcbtgh` pb`les. Gt gs besh g` tfl g`suebtgh`

ch`trbctg`m nusg`lss. ]l bssgm` Nlbrdslee b ou`dbal`tbe mrbdl ho 3//::7 b`d gs ru` ny b prhahtlr (obagey alanlr) ho tfl @bvb Nfbrbt

Olrrh Beehys mrhup. Tfl chapb`y `hw peb`s th bdd cbpbcgty b`d ebu`cf `lw prhducts,

wfgcf bumurs wlee ohr tfl outurl.

G`dustry pebmuld wgtf fgmf chapltgtgh` b`d egagtld nbrmbg`g`m phwlr

Tfl LZS g`dustry gs fgmfey orbmal`tld wgtf vlry ehw l`try nbrrglrs (ehw cbplx b`d ehw

tlcf`hehmy) rlsuetg`m g` g`tl`sl chapltgtgh` bah`m rlmgh`be pebylrs, wfgcf egagts tfl

nbrmbg`g`m phwlr wgtf custhalrs. Besh, tfl prgcls ho ily rbw abtlrgbes brl egìld th

mehnbe chaahdgty prgcls, wflrl tfl chapb`y fbs `h prgcg`m oelxgngegty. Bcchrdg`mey,

abùobcturlrs rley h` vheuals ohr mrhwtf b`d lbr` tfg` hplrbtg`m abrmg`s g` tfl rb`ml

ho .

^hL gs lxplctld th lxpb`d orha 2:.3% g` OW2: th 2>..

@h upsgdl orha currl`t elvles]l fbvl vbeuld Nlbrdslee nbsld h` tfl dgschu`tld cbsf oehw DCO bpprhbcf. Nbsld h`

tfl DCO vbeubtgh altfhd, wl brrgvl bt tfl Ou`dbal`tbe vbeul ho ^s /L

Hplrbtg`m g`chal 3 2: 26 >> >=

LZS-^s ?.: >.? 4.= 2.6

ZL (x) 2?.2 2>.= 23.< 22.2 7.2Z/N_ (x) >.3 :.= 2.3 2.> 2.2

^hCL(%) 2=.7 4.> 2>.3 2>.3 24.>

^hL(%) 2/


6/24

C^GSGE Lqugtgls

Nlbrdslee Egagtld

>

Nlbrdslee; Nusg`lss l`vgrhàl`t

Zbrbaltlr LZS Zrlobn pb`les G`suebtgh`/prlobn ch`trbcts

^lvlùl ch`trgnutgh

(OW:7)

3=.3% 3:.4.)

4:.2% 32.6% >4.=%

Suppegls LZS bcchrdg`m th splcgogc

custhalrs rlqugrlal`ts

G`suebtld sb`dwgcf pb`les th

tfl dgoolrl`t g`dustrgls

Nugedg`m b`d g`dustrgbe g`suebtgh`

ch`trbcts rlebtld th nhgelrs, cfga`lys,

u`dlr rhho g`suebtgh`

Zrhduct / Slrvgcl

hoolrg`m

Ch`trbcts rlebtld th lrlctgh` ho

prlobn pb`les bt tfl custhalr's

prlagsls

Mlhmrbpfgc prlsl`cl

(^lvlùl sfbrl)

Zb`-G`dgb Zb`-G`dgb Zb`-G`dgb

H`l ho tfl ebrmlst hrmb`gsld

abùobcturlr ho LZS g` G`dgb

H`l ho tfl olw pebylrs

prhvgdg`m LZS pb`les

Sabee pebylrAbrilt Zhsgtgh`

_heuals b`d abrilt sfbrl

dlceg`ld orha OW:2 th OW:< nlohrl

mrbdubeey gaprhvg`m g` OW:7

Sabee pebylr g` Zuoo pb`les

L`d abrilt Abgèy usld ohr pbcibmg`m g`

Zfbrab, lelctrgc b`d fhuslfhed

bppegb`cls b`d ogsf b`d orugt nhxls

Bppegcbtgh`s g` ched sthrbmls,

celb` rhhas, tlelcha sfletlrs b`d

prhklct sgtl hoogcls

_brgld g`dustrgls

Ily chapltgthrs II @bm, Ahdgohba, Tflrahegtl ltc.

Orbmal`tld g`dustry wgtf ab`y rlmgh`be

pebylrs

Altlc`h (G`dgb) Zvt Etd, Eehyds

G`suebtgh`s, ^g`bc G`dgb Etd, Neulstbr,

_hetbs ltc

Ab`y

Sbels mrhwtf (OW:?-

OW:7 - 3yr CBM^)

7.4% 32.=% ->.7%

Sbels Ohrlcbst (OW:7-

OW2> - 3yr CBM^)

(hrmb`gc mrhwtf)

2?.3% 2% 24.:%

Dlab`d drgvlr Fhuslfhed bppegb`cl g`dustry th

mrhw bt b % tgee

OW24. Mrhwtf g` ohhd prhclssg`m b`d

pfbrab slcthr egiley th g`crlbsl g` tfl

`lbr outurl

G`crlbsg`m dlab`d ohr ched

sthrbmls, celb`rhhas b`d prhklct

sgtl hoogcls

Ch`clpt ho tflrabe g`suebtgh` ho

nugedg`ms gs sehwey g`crlbsg`m. Dlab`d

ohr ched sthrbml b`d celb` rhhas h`

b` up ahvl

Orbmal`tld g`dustry chupeld wgtf

ehw l`try nbrrglrs elbds th g`tl`sl

chapltgtgh` gapbctg`m prgcg`m phwlrs.

Orbmal`tld g`dustry elbdg`m

th ehw abrmg`s

G`tl`sl chapltgtgh` rlsuetg`m g`

ehw abrmg`s

Dlpl`dl`t h` crudl hge prgcls Dlpl`dl`t h` crudl hge b`d

stlle prgcls

Abrmg` drgvlrs

Cbplx peb`s ohr bdvb`cld

abcfg`lrgls th rlducl hplrbtg`m chsts

mhg`m ohrwbrd

Dgvlrsgogcbtgh` g` rhciwhhe b`d

mebsswhhe pb`le th l`fb`cl abrmg`s

Shurcl; Chapb`y, C^GSGE Lqugtgls



7/24

C^GSGE Lqugtgls

Nlbrdslee Egagtld

3

Mrbdg`m ^btgh`bel

Mrhwtf g` uslr g`dustrgls th drgvl dlab`d ohr LZS

]l lxplct dlab`d ohr LZS (chaahèy i`hw` bs tflrahche) th mrhw ny 24-2::7 b`d

fbs rlmgstlrld b mrhwtf rbtl ho ahrl tfb` 2%.

Tfl fhuslfhed bppegb`cl g`dustry rlmgstlrld b ogvl-ylbr CBM^ ho 22.% orha OW:7 th OW24 abgèy

dul th rgsg`m fhuslfhed g`chal b`d pl`ltrbtgh` elvles g` bddgtgh` th rlpebclal`t

dlab`d. LZS g`dustry gs lxplctld th nl`logt orha tfl mrhwtf g` ch`sualr durbnels

g`dustry, bs gt gs tfl ahst chaahèy usld pbcig`m abtlrgbe.

Ogmurl 2; Sfbrl ho agd- b`d fgmf-g`chal fhuslfheds th

g`crlbsl

Ogmurl >; Mrhwtf g` tfl fhuslfhed bppegb`cl g`dustry

3=%

33%

3:%

>4%

3>%

44%

6?%

22%

4%

63%

23%

:%

4:%

?:%

6:%

2::%

?? =? 2::7 \rnb` >:24Z ûrbe >::7 ûrbe >:24Z

(Fhuslfheds g` a`)

5 s.2::::: ^s.2,::,:::- s.>,::,::: 0 s. >,::,:::

2::

2::

>


8/24

C^GSGE Lqugtgls

Nlbrdslee Egagtld

4

G` G`dgb, tfl tflrabe g`suebtgh` ho nugedg`ms gs bt b `bscl`t stbml b`d gs sehwey pgcig`m

up, wfgel SGZs brl `ht usld. Currl`tey, hèy :.>::7, ]lst Nl`mbe ^l`lwbnel L`lrmy Dlvlehpal`t Bml`cy

(]N^LDB) hpl`ld tfl ogrst ehw l`lrmy ch`suaptgh` chapelx phwlrld ny shebr l`lrmy

g` Iheibtb wgtf tfl usl ho LZS ohr tflrabe g`suebtgh`.

Tbnel 2; LZS fbs tfl nlst rbtg`ms ohr l`vgrhàl`tbe plrohrab`cl

]btlr lxtrbctgh` B+

Ag`lrbe rlshurcl dlpeltgh` B+

Strbthspflrgc hzh`l dlpeltgh` B+

Fuab` thxgcgty B+

Lchthxgcgty B+

@ucelbr wbstl B+

]bstl dgsphsbe B+

Ohssge oule dlpeltgh` B

Lutrhpfgcbtgh` B+

Bcgdgogcbtgh` B

@htl; B+ gs tfl nlst b`d L gs tfl ehwlst

Shurcl; www.nrl.ch.ui, C^GSGE Lqugtgls

Zb`le rlqugrlal`ts th g`crlbsl h` tfl nbci ho rgsg`m dlab`d ohr ched

sthrbmls b`d celb`rhhas

Bcchrdg`m th b IZAM b`d Bsshcfba rlphrt, ahrl tfb` 3:% ho prhducl orha ogleds gs

ehst dul th phhr phst-fbrvlstg`m obcgegtgls b`d ebci ho ched cfbg` gòrbstructurl. G`dgbs

lxgstg`m ohhd ched sthrbml obcgegtgls cb` bcchaahdbtl >2.= a` th`s ho prhducl

chapbrld wgtf b rlqugrlal`t ho ahrl tfb` 32 a` th`s. Tfgs sfhrtobee gs fhedg`m nbci

tfl `btgh`s ohhd g`dustry, g`ceudg`m tfl rbpgdey dlvlehpg`m ohhd prhclssg`m slcthr. G`

Abrcf >:2:, tfl ^lslrvl Nbì ho G`dgb (^NG) mrb`tld gòrbstructurl stbtus th ched

sthrbmls th l`churbml ahrl ohhd prhductgh` b`d prlvl`t wbstbmls.

Celb`rhha tlcf`hehmy gs crucgbe ohr tfl G`dgb` pfbrabclutgcbe b`d nghtlcf`hehmy

chapb`gls th nl succlssoue mehnbeey. Tfl dlsgrl th dlegvlr prhducts ho b ch`sgstl`tey

fgmf qubegty b`d crldgngegty fbs abdl qubegty ch`trhe b`d bssurb`cl b 'aust fbvl' ohr tfl

pfbrabclutgcbe b`d nghtlcf`hehmy chapb`gls.

Tfl g`suebtld sb`dwgcf pb`les brl wgdley prlolrrld g` ched sthrbmls b`d celb`rhhas

nlcbusl ho;

Fymgl`gc b`d `h`-ch`tbag`bnel abtlrgbe

Rugci ch`structgh` b`d dgsab`teg`m

Eh`mlvgty beh`m wgtf beahst zlrh abg`tl`b`cl Ch`sgdlrbnel tflrabe chaohrt b`d l`lrmy sbvg`ms

G`dgbs lxgstg`m ohhd ched sthrbml

obcgegtgls fbvl b sfhrtobee ho `lbrey

2: a` th`s

Tflrabe g`suebtgh` ho nugedg`ms gs b

b `bscl`t stbml g` G`dgb b`d gs

sehwey pgcig`m up

G` >::7, ]N^LDB hpl`ld tfl ogrs

ehw l`lrmy ch`suaptgh` chapelx g`

Iheibtb



9/24

C^GSGE Lqugtgls

Nlbrdslee Egagtld

Cbpbcgty lxpb`sgh` peb`s

Ehcbtgh` Cbplx (^s A`) G`crlal`tbe cbpbcgty

Cfl `bg (`lw obcthry) 4=.< 6::-7:: ATZB ho LZS

Dlefg 22 >,::: AT ho

rhciwhhe / mebsswhhe pb`les

Chganbthrl 27 , b CBM^ ho 23.::

OW:2 OW:> OW:3 OW:4 OW:< OW:? OW:= OW:6 OW:7

(AT)

LZS prhductgh`

Shurcl; Chapb`y, C^GSGE Lqugtgls

Cfb`ml g` thp ab`bmlal`t bumurs wlee

G` Aby >::7, Ar. Nfbrbt Bùaheu (alanlr ho tfl prhahtlr obagey) thhi hvlr bs tfl

ab`bmg`m dgrlcthr b`d Ar. @brbsgafb ^bh wbs bpphg`tld bs tfl lxlcutgvl dgrlcthr.Ar. Nfbrbt gs b mrbdubtl orha tfl G`dgb` G`stgtutl ho Tlcf`hehmy, Cfl``bg b`d fbs b

Abstlrs g` G`dustrgbe b`d Systlas L`mg`llrg`m, _grmg`gb Tlcf, \SB. Fl fbs lbreglr

whrild bs _Z - Gòhrabtgh` Tlcf`hehmy, bt Alrrgee Ey`cf Nbì, \S. Ar. @brbsgafb ^bh

Chapb`ys lbreglr ab`bmlal`t wbs

`ht prh-bctgvl th lxpehrl `l

hpphrtu`gtgls g` tfl g`dustry

Nlbrdslees thp ab`bmlal`

cfb`mld g` Bprge >::7



11/24

C^GSGE Lqugtgls

Nlbrdslee Egagtld

=

fbs whrild bs cfglo hplrbtg`m hoogclr bt ICZ Sumbr b`d besh fbs lxplrgl`cl g` tfl

pltrhcflagcbes g`dustry. Bs plr hur dgscussgh`s wgtf tfl chapb`y, tfl `lw

ab`bmlal`t gs prh-bctgvl b`d fbs sgm`gogcb`t peb`s th l`fb`cl tfl cbpbcgtgls b`d

hplrbtgh`s ho tfl chapb`y.

]l nleglvl b cfb`ml g` thp ab`bmlal`t wgee egiley prhple mrhwtf ho tfl chapb`y b`d

flep g` mbg`g`m abrilt sfbrl g` tfl LZS g`dustry. ]l lxplct thp-eg`l th mrhw ny 2=%

b`d >:% g` OW22 b`d OW2>, rlsplctgvley, chapbrld th `lmbtgvl mrhwtf g` OW:7 b`d

abrmg`be 4% g` OW2:.

Fgmf chapltgtgh` egagts abrmg`s b`d ^hL

Bs tfl g`dustry gs `ht tlcf`hehmy-hrgl`tld b`d rlqugrls vlry egttel cbplx th slt up b`

LZS peb`t (^s < a` th 2: a` ohr b sabee peb`t), gt gs fgmfey orbmal`tld b`d ab`y ho tfl

pebylrs brl rlmgh`be. Besh, bs tfl og`be prhduct fbs fgmf abss b`d ehw wlgmft,

trb`sphrtbtgh` gs cfbeel`mg`m typgcbeey LZS peb`ts brl sgtubtld `lbr l`d-uslr

ehcbtgh`s. Dul th fgmf chapltgtgh`, ab`uobcturlrs rley h` vheuals ohr mrhwtf b`d lbr`

tfg` hplrbtg`m abrmg`s g` tfl rb`ml ho


12/24

C^GSGE Lqugtgls

Nlbrdslee Egagtld

6

Og`b`cgbe Hutehhi

^lvlùls th mrhw bt tfrll-ylbr CBM^ ho 23.

Nlbrdslees rlvlùls dlceg`ld 2>.?% WhW th ^s :.3 a` g` OW:7 abgèy dul th ehwlr

lxlcutgh` ho g`suebtgh` ch`trbcts b`d dlceg`l g` vheuals ho prlobn pb`les. ^lvlùls

orha tfl ch`trbcts nusg`lss dlceg`ld >=.6% WhW th ^s 23>.7 a` g` OW:7 bs b rlsuet ho

tfl lch`hagc sehwdhw`. ]l lxplct rlvlùls orha tfl pb`le nusg`lss th mrhw orha ^s

2?46.= a` g` OW2>, bt b CBM^ ho 24.L

LZS

_heuals (AT) 2,2>> 2,2>= 2,4=> 2,6:3

^lbegsbtgh` plr AT 2?>,::? >:3 >26 >?2 327

WhW mrhwtf 2=.:.:% >>.4%

Zrlobn pb`les

_heuals (ÂT) ?2,274 7=,:3? 67,::4 7=,7:4 224 2,==2 2,6?4 2,62= 2,62= 2,62 2?? 2=6 >2: >6 264.2 23>.73 24?.> 2?6.> 27?.=

WhW mrhwtf 2=.6% 2:.:% 24% >?% >=% 32% 32% 3>% 3>%

2:% 6% 4% 4% 3%

:%

>:%

4:%

?:%

6:%

2::%

Lxpb dld Zheystyrl l G`suebtgh /prlobn ch`trbcts Zrlobn Zb`les Htflrs

::

3::

4::

L

(^sA`)

->:.:%

-2:.:%

:.:%

2:.:%

>:.:%

(%)

Thtbe Sbels WhW Mrhwtf

Shurcl; Chapb`y, C^GSGE Lqugtgls Lstgabtl Shurcl; Chapb`y, C^GSGE Lqugtgls Lstgabtl

^lvlùls egiley th rlmgstlr tfrll-

ylbr CBM^ ho 23.



13/24

C^GSGE Lqugtgls

Nlbrdslee Egagtld

7

LNGTDB abrmg`s lxplctld bt


14/24

C^GSGE Lqugtgls

Nlbrdslee Egagtld

2:

Ab`bmlal`t Hvlrvglw

C^GSGE's ou`dbal`tbe mrbdg`m altfhdhehmy g`ceudls b nrhbd bsslssal`t ho

ab`bmlal`t qubegty, bpbrt orha htflr ily obcthrs sucf bs g`dustry b`d nusg`lss

prhsplcts, b`d og`b`cgbe plrohrab`cl.

Eh`mstb`dg`m fgsthry b`d hrmb`gsld abùobcturlr ho LZS g` G`dgb

Nlbrdslee pgh`llrld tfl abùobcturg`m ho LZS g` 27?3. Ahvg`m beh`m wgtf tfl cfb`mg`m

trl`ds, tfl chapb`y ebu`cfld dgoolrl`t prhducts bcchrdg`m th custhalr splcgogcbtgh`s.

Tfl qubegty ho gts sfbpl-ahuedg`m prhducts wbs wlee rlchm`gsld b`d bwbrdld tfl G`dgb

Stbr ohr lxcleel`cl g` pbcibmg`m. Tfl chapb`y fbs b eh`m fgsthry - tfl chrl brlb ho

whri cl`trls brhu`d LZS b`d fheds tfl crldgt ho nlg`m h`l ho tfl ebrmlst hrmb`gsld

abùobcturlrs ho LZS g` G`dgb.

Ebci ho bmmrlssgh` g` tfl pbst eld th ehw vheual mrhwtf

Dlspgtl nlg`m tfl ebrmlst abùobcturlr ho LZS, vheuals rlmgstlrld abrmg`be CBM^ ho

2.::7. Ar. Nfbrbt, mrbdubtl orha GGT, Cfl``bg

b`d abstlrs g` g`dustrgbe b`d systlas l`mg`llrg`m, fbs 23 ylbrs ho lxplrgl`cl g`

g`vlstal`t nbìs egil Alrrgee Ey`cf, Dlutscfl Nbì b`d Crldgt Sugssl. Sg`cl Bprge

>::=, Ar. Nfbrbt gs h` tfl nhbrd ho tfl chapb`y b`d thhi hvlr bs ab`bmg`m dgrlcthr gÀby >::7. Ar. ^bh fbs lxplrgl`cl g` tfl sumbr b`d pltrhcflagcbe g`dustrgls. Zrghr th

fgs g`ductgh` g` tfl nhbrd ho tfl chapb`y, fl wbs CHH bt ICZ Sumbr. ]l lxplct tfl

`lw ab`bmlal`t th g`trhducl `lw strbtlmgls b`d drgvl tfl mrhwtf ho tfl chapb`y g`

tfl `lbr outurl.

Slch`d eg`l ho ab`bmlal`t

Nbsld h` hur g`tlrbctgh`s wgtf flbds ho vbrghus dlpbrtal`ts, wl nleglvl tflrl gs b

rlbsh`bney lxplrgl`cld slch`d eg`l ho ab`bmlal`t hplrbtgh`be flbds wfh rlphrt

th tfl lxlcutgvl b`d ab`bmg`m dgrlcthr g` pebcl. Ily ab`bmlrgbe plrsh``le fbvl 2:

th >: ylbrs ho lxplrgl`cl g` dgoolrl`t g`dustrgls b`d fbvl nll` bsshcgbtld wgtf tfl

chapb`y ohr b` bvlrbml ho ogvl th 2: ylbrs.

LZS vheuals g`crlbsld abrmg`beey

orha 67< AT g` OW:2 th 2,:2: AT g`

OW:7

G` 27?3, Nlbrdslee pgh`llrld tfl

abùobcturg`m ho LZS

@lw ab`bmlal`t gs lxplctld th

g`trhducl `lw strbtlmgls b`d drgvl

mrhwtf ho tfl chapb`y



15/24

C^GSGE Lqugtgls

Nlbrdslee Egagtld

22

Chrphrbtl Mhvlr`b`cl

C^GSGEs ou`dbal`tbe mrbdg`m altfhdhehmy g`ceudls b nrhbd bsslssal`t ho chrphrbtl

mhvlr`b`cl b`d ab`bmlal`t qubegty, bpbrt orha htflr ily obcthrs sucf bs g`dustry b`d

nusg`lss prhsplcts, b`d og`b`cgbe plrohrab`cl. G` tfgs ch`tlxt, C^GSGE ^lslbrcf

b`beysls sfbrlfhedg`m structurl, nhbrd chaphsgtgh`, typgcbe nhbrd prhclssls,

dgscehsurl stb`dbrds b`d rlebtld-pbrty trb`sbctgh`s. B`y qubegogcbtgh`s ny rlmuebthrs hr

budgthrs besh slrvl bs usloue g`puts wfgel bsslssg`m b chapb`ys chrphrbtl

mhvlr`b`cl.

Hvlrbee, chrphrbtl mhvlr`b`cl bt Nlbrdslee prlsl`ts mhhd prbctgcls supphrtld ny b

strh`m b`d obgrey g`dlpl`dl`t nhbrd. Betfhumf tfl currl`t nhbrd ebcis rlelvb`t LZS

g`dustry lxplrgl`cl, wl olle, mgvl` tflgr pbst lxplrgl`cl g` dgoolrl`t g`dustrgls, tfly

whued nl bnel th ch`structgvley ch`trgnutl th tfl nhbrd. ]l olle tfl chapb`y's

chrphrbtl mhvlr`b`cl prbctgcls brl bdlqubtl b`d allt tfl ag`gaua rlqugrld elvles.

Nhbrd chaphsgtgh`

Nlbrdslee's nhbrd chaprgsls ho slvl` alanlrs ho wfgcf ohur brl g`dlpl`dl`t, wfgcf

lxcllds tfl stgpuebtld SLNG egstg`m mugdleg`ls. Mgvl` tfl nbcimrhu`d ho dgrlcthrs, wl

nleglvl tfbt tfl nhbrd gs obgrey dgvlrsgogld. Ar. Nfbrbt Bùaheu, h`l ho tfl prhahtlrs,

b`d Ar. @brbsgafb ^bh brl tfl lxlcutgvl dgrlcthrs. Ar. Mhwrg Sfbìlr (g`dlpl`dl`t

dgrlcthr), fbs hvlr >< ylbrs ho lxplrgl`cl wgtf auetg`btgh`be chapb`gls egil BT&T,

Oldlx b`d Fhegdby G``. B`htflr g`dlpl`dl`t dgrlcthr, Ar. Tfgruabe ^bh, fbs 3: ylbrs

ho lxplrgl`cl g` chapb`y ebw, lxcgsl b`d custha b`d wbs b alanlr ho Lxplrt

Chaagttll ho Abdrbs Cfbanlr ho Chaalrcl b`d G`dustry.

Nhbrds prhclssls

Tfl nbeb`cl sfllt dgscehsurls brl suoogcgl`t th mbuml tfl g`vhevlal`t ho nhbrd

alanlrs g` alltg`ms. Tfl chapb`y fbs vbrghus chaagttlls g` pebcl th supphrt

chrphrbtl mhvlr`b`cl prbctgcls. Fhwlvlr, tfl chapb`y's dgscehsurls cb` nl ahrl

chaprlfl`sgvl th b`beysl vbrghus nusg`lss bsplcts ho tfl chapb`y. C^GSGE Lqugtgls

bsslssls orha gts g`tlrbctgh`s wgtf g`dlpl`dl`t dgrlcthrs ho tfl chapb`y tfbt tfl

qubegty ho bml`db pbplrs b`d tfl elvle ho dlnbtl ho dgscussgh`s bt tfl nhbrd alltg`ms

gs mhhd.

]l olle tfbt tfl g`dlpl`dl`t dgrlcthrs brl wlee bwbrl ho tfl nusg`lss b`d brl obgreyl`mbmld g` bee tfl abkhr dlcgsgh`s rloelctg`m mhhd chrphrbtl mhvlr`b`cl prbctgcls.

Ourtflr, wl bsslss tfbt tfl budgt chaagttll, gs cfbgrld ny b` g`dlpl`dl`t dgrlcthr

Ar. Z.C.@bangbr (ohralr Cfbgrab` ho Stbtl Nbì ho G`dgb), b`d gt allts bt tgaley b`d

rlmuebr g`tlrvbes.

G`dlpl`dl`t dgrlcthrs brl wlee

bwbrl ho tfl nusg`lss b`d brl

l`mbmld g` bee tfl abkhr dlcgsgh`s

Nhbrd chaprgsls slvl` alanlrs,

ho wfgcf twh brl lxlcutgvl b`d ohu

g`dlpl`dl`t dgrlcthrs



16/24

C^GSGE Lqugtgls

Nlbrdslee Egagtld

2>

_beubtgh` Mrbdl; >/::=, LZS l`khyld tfl sabee scbel g`dustrgls (SSG) nl`logts ho zlrh lxcgsl duty. Th

nl`logt orha tfgs, Nlbrdslee mbvl eb`d, peb`t b`d abcfg`lry h` elbsl th dgoolrl`t

rlmgh`be pbrtgls b`d shurcld LZS rlqugrlal`ts lxceusgvley orha tfla th allt tfl

rlmgh`be dlab`d. Ho tfl thtbe LZS prhductgh` g` tfl prlvghus ylbrs, tfl chapb`y fbs

prhcurld `lbrey 3


21/24

C^GSGE Lqugtgls

Nlbrdslee Egagtld

2=

B``lxurl; Og`b`cgbes

Tbnel ?; OG@B@CGBE STBTLAL@TS

G`chal Stbtlal`t(^s A`) OW:= OW:6 OW:7 OW2:L OW22L OW2>L

@lt sbels 7 7 = 6 2: 7

ZNT 3= 3= 23 >7 34 4:

ZBT >< >3 2: 26 >> >=

@h. ho sfbrls 3.6 3.6 3.6 3.6 3.6 3.6

Lbr`g`ms plr sfbrl (LZS) ?.? ?.: >.? 4.= L

Lqugty (G`ceudg m rlslrvls) 24? 2?> 2?7 26< >:< >>6

Dlnt >2 23 4 23 >: >:

Currl`t egbngegtgls b`d prhvgsgh s 2>> 236 24< 24= 2=3 >:=

Dlolrrld tbx egbngegty/(bsslt) ? 4 (=) 3 4 74 326 32: 346 4:2 4?:

@lt ogxld bsslts 37 4: ?3 ?= 73 2>=

Cbpgtbe ]GZ < 3 2: 2: 2: 2:

G`tb`mgnel bsslts - - - - - -

G`vlstal`ts 2 2 2 2 2 2

Ehb s b`d bdvb`cls


22/24

C^GSGE Lqugtgls

Nlbrdslee Egagtld

26

Tbnel =; OG@B@CGBE STBTLAL@TS

Cbsf Oehw

(^s A`) OW:= OW:6 OW:7 OW2:L OW22L OW2>L

Zrl-tbx prhogt 3= 3= 23 >7 34 4:

Thtbe tbx pbgd (22) (2?) (2)

Dlprlcgbtgh` ? ? ? ? 6 22

Cfb ml g` whrig m cbpgtbe (3:) 2= ) (6) (22)

Cbsf oehw orha hplrbtg`m bctgvgtgls > 44 ?> >3 >4 >6

Cbpgtbe lxpl`dgturl 2 (= >7

Cehsg`m cbsf >7 ?2

^btghs

OW:= OW:6 OW:7 OW2:L OW22L OW2>L

Mrhwtf rbtghs

Sbels mrhwtf (%) >.?) 3.7 2=.4 27.7

LNGTDB mrhwtf (%) (24.?) 2:=.6 (?3.=) 2>2.: 26.> >7.2

LZS mrhwtf (%) 6?.= (=.?) (6=.=) =.= >2.6 >2.6

Zrhogtbngegty ^btghs

LNGTDB abrmg` (%) 3.4 ?.2 >.< .3 2>.3 24.>

^ltur` h` lqugty (^hL) (%) 26.6 2 2.6 :.: :.< :.? :.=

Dgvgdl`d pbyhut rbtgh (%) 2=.? >6.? :.: 2:.: 2:.: 2:.:

Dgvgdl`d ygled (%) :.< 2.6 - :.= :.7 2.2

Lbr`g`ms plr sfbrl (^s) ?.? ?.: >.? 4.= .< 23.2

Currl`t rbtgh >.: >.: 2.? 2.6 2.= 2.?

_beubtgh` Auetgpels

Zrgcl-lbr`g`ms 34.=x 2?.2x 2>.=x 23..3x :.=x 2.3x 2.>x 2.2x

L_/LNGTDB 47.7x 7.2x 4.


23/24

C^GSGE Lqugtgls

Nlbrdslee Egagtld

27

Ohcus Cfbrts

Sthci ahvlal`t vs abrilt Sfbrlfhedg`m bs h` Abrcf >:2: (plrcl`t)

2.3

Htflrs

3:.2Zrhahtlrs

46.?

(plr cl`t)

Shurcl; @SL Shurcl; @SL

Mrhwtf g` tfl fhuslfhed bppegb`cl g`dustry Fgsthrgcbe LZS prhductgh` ho Nlbrdslee

2::

2::

>::

OW:2 OW:> OW:3 OW:4 OW:< OW:? OW:= OW:6 OW:7

(AT)

LZS prhductgh`

Shurcl; C^GSGE ^lslbrcf Shurcl; Chapb`y, C^GSGE Lqugtgls

Slmal`tbe ch`trgnutgh` th tfl thp-eg`l @lt prhogt abrmg` b`d ^hL

33% 3=% 36% 37% 4:%

>7% >4% >?% >=% 32% 32% 3>% 3>%

2:% 6% 4% 4% 3%

:%

>:%

4:%

?:%

6:%

2::%

Lxpb dld Zheystyrl l G`suebtgh /prlobn ch`trbcts Zrlobn Zb`les Htflrs

3.


24/24

Chapb`y @bal Egagtld

Ohr ourtflr dltbgeshr ahrl g`ohrabtgh`, pelbsl ch`tbct;

Cegl`t Slrvgcg`mC^GSGE lslbrcf

C^GSGE FhuslCl`trbe Bvl`ul

Fgrb`b`db`g Nusg`lss ZbriZhwbg, Auanbg - 4:: :=?, G`dgb.

Zfh`l +72 (>>) 334> 3Obx +72 (>>) 334> 3>) 334> 6:>?/>7/3>) 334> 6:66

@lw DlefgTfl AgrbM-2 (OO),2st Oehhr, Zeht @h. 2&>Gsfwbr @bmbr, @lbr Hifeb Crhssg`m@lw Dlefg -22: :?2Obx +72 (22) >?64 >>2>/ 23

Nb`mbeuru

]-2:2, Su`rgsl Cfbanlrs>>, \eshhr hbdNl`mbeuru - >Obx +72 (6:) >63 :6:66

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IER base report format Crisil