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(Plastemart) -- Haldia
Petrochemicals is working out an action plan to avoid falling into the BIFR
(Board for Industrial and Financial Reconstruction) fold, as per the Hindu.
Since a 50% erosion in peak net worth will push the company into BIFR, HPL is
striving hard to check the loss-making trend. HPL had a peak net worth of
Rs.2,844 crore in 2007-08 which got eroded to Rs.2,097 crore on March 31, 2010,
and could dip to Rs.1,422 crore, reflecting a 50 per cent erosion in the peak
net worth.
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The spectre of a mandatory reporting comes amid speculation surrounding
the issue of the sale of residual shares by the State Government, which holds
the key to the settlement of the ownership dispute between the Chatterjee Group
and the West Bengal Government. Lenders are now expressing concern about taking
further exposure as HPL's debt service ratio is now below 1, indicating that
margins are inadequate to service debts.
mrcplast.com
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