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 h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.
8/11/2019 IER base report format Crisil
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
8/11/2019 IER base report format Crisil
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:->
8/11/2019 IER base report format Crisil
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,=
8/11/2019 IER base report format Crisil
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 ab`uobcturlrs 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 eg`ild th
mehnbe chaahdgty prgcls, wflrl tfl chapb`y fbs `h prgcg`m oelxgngegty. Bcchrdg`mey,
ab`uobcturlrs 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/
8/11/2019 IER base report format Crisil
6/24
C^GSGE Lqugtgls
Nlbrdslee Egagtld
>
Nlbrdslee; Nusg`lss l`vgrh`al`t
Zbrbaltlr LZS Zrlobn pb`les G`suebtgh`/prlobn ch`trbcts
^lvl`ul 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
(^lvl`ul sfbrl)
Zb`-G`dgb Zb`-G`dgb Zb`-G`dgb
H`l ho tfl ebrmlst hrmb`gsld
ab`uobcturlr 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 Abg`ey 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
phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.
8/11/2019 IER base report format Crisil
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 (chaah`ey 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 abg`ey
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 chaah`ey 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 ^urbe >::7 ^urbe >:24Z
(Fhuslfheds g` a`)
5 s.2::::: ^s.2,::,:::- s.>,::,::: 0 s. >,::,:::
2::
2::
>
8/11/2019 IER base report format Crisil
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, h`ey :.>::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`vgrh`al`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` g`orbstructurl. 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 Nb`i ho G`dgb (^NG) mrb`tld g`orbstructurl 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
phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.
8/11/2019 IER base report format Crisil
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 B`uaheu (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 - G`ohrabtgh` Tlcf`hehmy, bt Alrrgee Ey`cf Nb`i, \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
phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.
8/11/2019 IER base report format Crisil
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
8/11/2019 IER base report format Crisil
12/24
C^GSGE Lqugtgls
Nlbrdslee Egagtld
6
Og`b`cgbe Hutehhi
^lvl`uls th mrhw bt tfrll-ylbr CBM^ ho 23.
Nlbrdslees rlvl`uls dlceg`ld 2>.?% WhW th ^s :.3 a` g` OW:7 abg`ey dul th ehwlr
lxlcutgh` ho g`suebtgh` ch`trbcts b`d dlceg`l g` vheuals ho prlobn pb`les. ^lvl`uls
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 rlvl`uls 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 (^AT) ?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
^lvl`uls egiley th rlmgstlr tfrll-
ylbr CBM^ ho 23.
phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.
8/11/2019 IER base report format Crisil
13/24
C^GSGE Lqugtgls
Nlbrdslee Egagtld
7
LNGTDB abrmg`s lxplctld bt
8/11/2019 IER base report format Crisil
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 ab`uobcturlr ho LZS g` G`dgb
Nlbrdslee pgh`llrld tfl ab`uobcturg`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
ab`uobcturlrs ho LZS g` G`dgb.
Ebci ho bmmrlssgh` g` tfl pbst eld th ehw vheual mrhwtf
Dlspgtl nlg`m tfl ebrmlst ab`uobcturlr 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 nb`is egil Alrrgee Ey`cf, Dlutscfl Nb`i 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 g`Aby >::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
ab`uobcturg`m ho LZS
@lw ab`bmlal`t gs lxplctld th
g`trhducl `lw strbtlmgls b`d drgvl
mrhwtf ho tfl chapb`y
phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.
8/11/2019 IER base report format Crisil
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 B`uaheu, h`l ho tfl prhahtlrs,
b`d Ar. @brbsgafb ^bh brl tfl lxlcutgvl dgrlcthrs. Ar. Mhwrg Sfb`ilr (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 Nb`i 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
phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.phrt ohrabt h`ey prgvbtl vglwg`m chpy ,s`bppg`m prhfgngtld ny us.
8/11/2019 IER base report format Crisil
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
8/11/2019 IER base report format Crisil
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
8/11/2019 IER base report format Crisil
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.
8/11/2019 IER base report format Crisil
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.
8/11/2019 IER base report format Crisil
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