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Hindustan National: debentures downgraded

16 September 1998: The Credit Rating Information Services of India Ltd (CRISIL) said it had downgraded a 100 million rupee non-convertible debenture (NCD) programme of Hindustan National Glass and Ind…

16 September 1998: The Credit Rating Information Services of India Ltd (CRISIL) said it had downgraded a 100 million rupee non-convertible debenture (NCD) programme of Hindustan National Glass and Industries Ltd. to A-from A+. “The revised rating reflects the increasing competitive pressure in the container glass industry and its consequent impact on the company“s margins and cash flows,” it said. CRISIL said the delay in commissioning of the firm“s power projects, its weakening financial risk profile and the expected strain on its liquidity position on account of the relatively large fund requirements in the future was also taken into account. However, it said the rating is supported by the company“s sustained market leadership position in the industry, its diversified presence owing to multi-locational manufacturing units, improving operating efficiency and the expected improvement in its capital structure after its planned right issue. Hindustan National Glass is the flagship company of the C. K. Somany group.

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