HLE Glascoat Ltd Management Discussions.

Forming part of the Board Report


Although global economic output is recovering from the collapse triggered by COVID-19, it will remain below pre-pandemic trends for a prolonged period. The pandemic has exacerbated the risks associated with a decade-long wave of global debt accumulation. It is also likely to steepen the long-expected slowdown in potential growth over the next decade. Amid exceptional uncertainty, the global economy is projected to grow 5.5% in 2020-21 and 4.2% in 2021-22. The 2021 forecast is revised up 0.3 percentage point relative to the previous forecast, reflecting expectations of a vaccine-powered strengthening of activity later in the year and additional policy support in a few large economies.

The projected growth recovery this year follows a severe collapse in 2019-20 that has had acute adverse impacts on women, youth, the poor, the informally employed, and those who work in contact-intensive sectors. The global growth contraction for 2019-20 was estimated at -3.5%, 0.9 percentage point higher than projected in the previous forecast (reflecting stronger- than-expected momentum in the second half of 2019-20). The strength of the recovery is projected to vary significantly across countries, depending on access to medical interventions, effectiveness of policy support, exposure to cross-country spillovers and structural characteristics entering the crisis.

The International Monetary Fund (IMF) raised its 2021-22 growth forecast for India to 12.5% from 11.5% estimated earlier in January, even as the country coped with the impact of a devastating second wave of COVID-19 infections. India experienced a stronger than expected December 2020 quarter, when GDP grew by 0.4% and it further grew by 1.6% in March 2021 quarter following a 7.5% contraction in the September 2020 quarter. The near-term prospects for Asias third-largest economy had turned more favourable, however, the second wave of COVID-19 infections have dampened the economic recovery.

Battered by the coronavirus pandemic, the Indian economy experienced its most severe contraction in more than four decades. However, most professional forecasters have projected double-digit growth for India in the next fiscal, considering mostly a statistical rebound rather than a V-shaped recovery.

The pace and depth of vaccinations hold the key to sustaining the domestic recovery. However, the various logistical constraints and the sheer scale of implementation could negatively impact the pace of inoculations in the months ahead and the eventual timing of achieving herd immunity.


COVID-19 is seen spreading rapidly around the world, resulting in the re-imposition of lockdown measures and a slowdown in the pace of the recovery. Although global trade in goods has largely rebounded, trade in services remains feeble. While global financial conditions are being supported by monetary policy accommodation, however, the financial systems in many countries are showing signs of underlying stress. Whereas most commodity prices, particularly those of metals, rebounded in the second half of the year as demand firmed, the recovery in oil prices has been more modest. To confront the adverse legacies of the pandemic, it will be critical to foster resilience by safeguarding health and education systems, prioritising investments in digital technologies and green infrastructure, improving governance and enhancing debt transparency.


Your Company is engaged in two main businesses viz. manufacturing of (i) specialised Filtration and Drying equipment and other chemical engineering equipment, and (ii) Glass-lined reactors and equipment. The Companys business operations in manufacturing of chemicals and intermediates is being discontinued. The Companys products in the Engineering business (Filtration and Drying equipment and Glass-lined equipment) are predominantly used by the manufacturers of Active Pharma Ingredient (API) and Chemical (agrochemical, specialty/ fine chemicals and dyes and pigment industries) companies.

Performance of the Engineering Sector

The engineering sector is the largest of the industrial sectors in India and can be broadly categorised into two parts, namely heavy engineering, and light engineering. Indias engineering industry accounts for 27% of the total factories in the industrial sector and represents 63% of the overall foreign collaborations. It has also emerged as the largest contributor to the countrys total merchandise exports. Capacity creation in sectors such as infrastructure, power, mining, oil and gas, refinery, chemicals, steel, and consumer durables are driving demand in the engineering sector. The sector has a comparative advantage in terms of manufacturing costs, market knowledge, technology and creativity. Rising competition is driving domestic players to focus on improving their capabilities, become more quality conscious and upgrade their technology base in line with global requirements. India has made significant strides towards the development of its engineering sector. The Department of Heavy Industry has also approved four Centers of Excellence in textile machinery, machine tools, welding technology and smart pumps. Engineering exports accounted for over 60% of the total exports in 2019-20 and stood at USD 76.3 billion. However, 2020-21 was a challenging year for the Indian economy, with the manufacturing sector contracting by 4.7%. The construction sector recorded a contraction of 8.6% in 202021, but grew at 14.5% in Q4 2020-21, with the construction of highways increasing to 37 km a day during the year from 28 km a day achieved in 2019-20. The impact of these challenges was accentuated with the onset of the pandemic which slowed down the economy. With the changing environment, project sites were also required to adapt to a new set of norms for continuation of work, which, in turn, hampered progress.

Performance of the Pharmaceutical Sector

The pharmaceutical industry, along with the healthcare sector globally, has been impacted in an unseen way due to the outbreak of the COVID-19 pandemic leading to material impact around consumer requirements and preferences accompanied by macroeconomic, structural and microeconomic changes in the end-to-end value chain. In the midst of the pandemic and a changed world, the pharmaceutical industry across the world has responded with agility, from the sequencing of the novel coronavirus in January 2020 to vaccines being administered to the first recipient in the United Kingdom by December 2020, with efficacy levels over 90%, exceeding all expectations of governments and markets across the world. This innovation has been possible owing to extraordinary global efforts: collaboration as never seen before, redeployment of resources and sharing of data on a real time basis. Healthcare is likely to be on top of the strategic agenda across geographies. The pharma industry will continue to be closely monitored by governments in all countries in the times to come.

It is imperative that India reevaluates its current role within the global pharmaceutical industry, explore possibilities to consolidate and strengthen its positioning in light of geopolitical and economic shifts, and attain self-sufficiency as a globally competitive pharmaceutical industry with innovation as a guiding principle for future growth. The Indian Pharma industry has grown at a compounded growth rate of (CAGR) of ~11% in the domestic market and ~16% in exports over the last two decades. While the domestic market has grown at a similar pace to the gross domestic product (GDP), the overall growth has been driven by the industrys leadership in supplying generic formulations to markets across the globe.

In the 2020-30 period, the Indian pharma industry is expected to grow at a compounded annual growth rate (CAGR) of ~12% to reach USD 130 billion by 2030 from USD 41.7 billion in 2020.

The pharmaceutical industry is of economic as well as strategic significance. In order to attain self-sufficiency and be the real pharmacy of the world, a sharp focus shall be required on the next set of avenues to feed the growth engine of this industry.

Performance of the Chemical Industry

The chemicals industry in India is highly diversified, covering more than 80,000 commercial products. It is broadly classified into Bulk chemicals, Specialty chemicals, Agrochemicals, Petrochemicals, Polymers, Dyes and Pigments and Fertilisers. Indias proximity to the Middle East, the worlds source of petrochemicals feedstock, allows for economies of scale. India is a strong global dye supplier, accounting for approximately 16% of the world production of dyestuffs and dye intermediates. The chemicals industry in India has been largely de-licensed, save for a few hazardous chemicals. Upcoming Petroleum, Chemicals and Petrochemicals Investment Regions (PCPIRs) and Plastic parks will provide state-of-the-art infrastructure for the chemicals and petrochemicals sector.

The domestic chemicals industry had a strong 2020-21, with rising domestic demand, a push for self-sufficiency and reduced reliance on imports boosting performance in the sector. Higher exports on account of global players looking to diversify their supply chain have played a role in the robust performance of the chemicals industry. The "China +1" approach adopted by several countries and corporates can be a key catalyst for growth in the domestic chemicals industry, as various manufacturers look to de-risk their supply chain. Globally, disruption in supplies on account of events such as the US cyclones, the Suez Canal blockage and rising crude prices led to a firming up of prices of chemicals.

As the industry moves into 2021-22, the changed economic, social, environmental and political expectations are expected to play an even greater role in shaping its future. To succeed in the shifting industry landscape of the chemical market, companies should consider implementing a series of targeted, strategic initiatives across major functional areas such as R&D and technology. Excessive focus on the short term, however, could mean that companies end up neglecting long-term opportunities, including investing in innovation, emerging applications, and adopting new business models that generate sustained growth. Chemical companies can use the COVID-19-driven economic crisis as an opportunity to build lasting business strength by making informed and deliberate strategic choices.

The market size of the Chemicals and Petrochemicals sector in India is around USD 178 billion and is expected to grow to USD 300 billion by 2025. India ranks 9th in exports and 6th in imports of chemicals (excluding pharmaceuticals products). Demand of chemical products is expected to grow at approximately 9% p.a. during 2020-25.

Company Overview

HLE Glascoat Limited (formerly Swiss Glascoat Equipments Limited) ("HGL") was formed 30 years ago with an objective to serve Indian customers who were exploited by the multinational companies for Glass-lined equipment. Post its acquisition by HLE Engineers Private Limited in 2016-17 and its successful integration (consequent to the Scheme of Arrangement) with the operating business of HLE Engineers Private Limited, the Company is the largest manufacturer of customised and sophisticated filtration and drying equipment and one of the leading manufacturers of standard and customised glass lined equipment in the country. HGL caters to the Indian and international markets. Your Company has embarked upon a technological drive to synthesize the best of engineering practices and technological advancements to come up with superior quality solutions in both filtration and drying equipment and glass-lined products and services and has emerged as a front-runner in the domestic market by catering to diverse industries and applications ranging from dyes to pigments; from pharmaceutical to food processing (requiring high GMP compliance and minimal human intervention); from chemicals to pesticides; from intermediates to resins and other conceivable corrosion-prone areas in the chemical processing industry. Today, HGL has demonstrated its capabilities to meet the stringent process requirements of its customers and is renowned in the market for its high-quality Agitated Nutsche Filter Dryers, Rotary Vacuum Paddle Dryers, Kilo- Lab Filter Dryers and Glass Lined Reactors, Vessels and other Specialised Equipment. The Company commands a good brand recall amongst its customers, which includes most of the large and medium-sized players in the pharmaceutical, specialty chemical and agrochemical industry.

HGL has a strong presence in the domestic market through its network of relationships and selling agents. HGL has an excellent track record of growth and profitability and has emerged as one of the leaders in the Indian marketplace for its sophisticated equipment. The Companys penetration into the export markets is also gradually improving, being constrained primarily by the large domestic order backlog. With the increase in its manufacturing capacity, your Company is hopeful of increasing the contribution of exports in its total turnover in the coming years.

By consolidating quality, performance, engineering design, service and much more, HGL has established itself as a comprehensive provider for sophisticated chemical engineering equipment of any type, size, output including a complete range of accessories for its user industries. Today, with the support of its customers, your Company is progressing faster than most competing companies in terms of technology, processes, customer orientation and people.

A. Financial performance vis-a-vis Operational performance • Financial Highlights (Standalone)

(Rs. in Lakhs)
Particulars 2020-21 2019-20*
Total Income 43,271.44 38,738.01
Profit Before Finance costs, Tax, Depreciation and Amortisation (after adjusting Other Comprehensive Income) 8,889.53 7,166.77
Profit Before Tax (after adjusting Other Comprehensive Income) 7,109.63 5,260.97
Profit After Tax (after adjusting Other Comprehensive Income) 5,195.19 3,785.68
Total Assets 38,663.13 32,217.58
Equity Share Capital 1,307.55 1,293.11
Other Equity 15,147.95 6,325.49
Total Equity 16,455.49 7,618.60
Bank Borrowings 7,356.27 6,705.36
Debt-Equity Ratio (including long-term and short-term borrowings) 0.56 1.29
Book Value per Share of Rs. 10 each - In Rs. 125.85 58.92
Earnings per Share - Basic and Diluted - In Rs. 40.35 29.53
Earnings per Share - From Continuing operations 38.63 29.53
Earnings per Share - From Discontinuing operations 1.72 -
Dividend Per Share - In Rs. 4.00 4.50 (including proposed dividend of 2.50)

* Previous years figures are restated, regrouped, rearranged and recast, wherever considered necessary.

Your Company continues to remain the undisputed market leader in the filtration and drying segment. In the glass lined equipment segment, your Company continues to consolidate its position with increasing market share and is a reputed name amongst the user industries.

In addition to your Companys commitment to quality and sustainability, there is an accentuated management effort towards strong growth. Your Company believes in the philosophy of continuous efforts to perform better operationally, which is expected to translate into better financial performance. Your Companys Balance Sheet continues to remain robust and relatively insulated from financial risks. By actively managing utilities and other operational costs, payment terms and working capital requirements, your management has influenced the financia I performance and achieved significant cost savings. Your Companys standalone revenue from operations for the year 2020-21 was Rs. 42,071.11 Lakhs compared to Rs. 38,738.01 Lakhs during the previous year. Your Company earned profit after tax during the year of Rs. 5,234.73 Lakhs compared to Rs. 3,818.63 Lakhs in the previous year. Standalone Operating Profit/ Earnings before Finance costs, Depreciation and Tax (and adjusting the comprehensive income) for the year stood at Rs. 8,889.53 Lakhs compared to Rs. 7,166.77 Lakhs.

• Segment-wise Performance

The Company has three main segment of operations

(i) Filtration, Drying and Other Equipment, (ii) Glass Lined Equipment, and

(iii) Chemical Products (being discontinued)

(Rs. in Lakhs)
Particulars 2020-21 2019-20
a) Filtration, Drying and Other Equipment 24,174.97 19,485.49
b) Glass Lined Equipment 20,021.24 15,690.65
c) Chemical Products 4,252.72 7,471.23
a) Filtration, Drying and Other Equipment 43.78 31.05
b) Glass Lined Equipment 41.93 18.93
c) Chemical Products 317.25 1,832.98

• Details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios, along with detailed explanations thereof

Key Financial Ratios 2020-21 2019-20 Detailed explanation for change of 25% or more, if any
Debtors Turnover (times) 6.61 9.01 The pandemic has led to some delays in recovery from customers. This being an exceptional situation, the management is hopeful of better realization performance in the coming periods.
Inventory Turnover (times) 1.45 1.34 This improvement is a result of increased sales in the year under review.
Interest Coverage Ratio (times) 8.58 5.47 Higher turnover and profits, reduction in debt and consequent finance costs during the year has improved interest coverage.
Current Ratio 1.41 1.13 Efficient overall working capital management has led to an improved current ratio. Increase in cash accruals as well as the equity infusion have contributed to this improvement.
Debt-Equity Ratio (considering long-term and short-term debt) 0.56 1.29 Equity funds raised during the year and plough back of profits in 2020-21 along with a reduction in total debt has led to a favourable change in the ratio.
Operating Profit Margin (%) 19.14 16.63 Notwithstanding the planned discontinuance of the chemicals business, the Company has improved performance, both by increase in top line and by improvement in cost efficiencies, leading to a considerable improvement in this ratio.
Net Profit Margin (%) 12.35 9.77 The Company has improved its operating performance despite the planned discontinuance of the chemicals business, which is also reflected in the improvement of this ratio.

• Details of any change in Return on Net Worth as compared to the immediately previous financial year along with a detailed explanation thereof

Return on 2020-21 Net Worth 2019-20 Detailed explanation for change of 25% or more, if any
Return on 31.57% Net Worth (PAT/ Net Worth) 49.69% While plough back of profits has increased in 2020-21, the Company also raised equity funds in the latter half of the year, resulting in a drop this ratio for the year (which is computed without annualising).

B. Opportunities and Threats

Your Companys philosophy to provide the best quality at a competitive price, continuously innovating its existing processes and introducing new technologies (automation and process improvement) will give lot of thrust and impetus to your Companys operations and order book. Further, your Company has invested in innovating and improvising the glass lining technologies, improving material sourcing, handling capability, strengthening distribution channels and reach and entering new market segments and geographies (both in the domestic and export markets).

The threats to your Company are mostly associated with the cyclical industry trend, rising inflation, non-availability of adequate skilled manpower, continuous increase in electricity/ fuel costs, cost of wages and salaries and finance cost. The output collapse in the first quarter of 2020-21 far exceeded that of previous crises. The recovery that followed lost momentum as COVID-19 cases surged during the second wave. Financial authorities have generally responded to COVID-19 by using the flexibility of regulatory standards, supporting affected borrowers, promoting balance sheet transparency and maintaining operational and business continuity of banks. These measures have helped maintain the flow of credit and mitigated financial sector stress.

Your Companys equipment has a high brand recall amongst its existing customers as well as in the industry. Your Company has further intensified its marketing efforts and service network to strengthen its domestic and global presence and is receiving an encouraging response from customers. Your management is quite confident that they will overcome the internal threats and ensure that your Company achieves improved performance in the current year.

C. Risks and Concerns

The pandemic may persist for longer than expected, perhaps because of setbacks in the production and rollout of vaccines, weighing further on the global economy. The COVID-19 pandemic has caused a surge in debt levels and exacerbated existing debt-related risks and vulnerabilities, leading to debt distress in some countries. Debt is likely to rise further as governments and financial systems finance the recovery by facilitating the move of capital, labour, skills and innovation to a post-pandemic economic environment. The sheer magnitude and speed of the debt buildup heightens the risk that not all of it will be used for productive purposes. For now, unprecedented monetary policy accommodation has calmed financial markets, reduced borrowing costs and supported credit extension. However, amid the economic disruption caused by the pandemic, historically low global interest rates may conceal solvency problems that will surface in the next episode of financial stress or capital outflows.

Business Risks:

Fluctuations in the prices of steel and other commodities used by the Company as inputs may impact the Companys operating margins.

The Company operates in a competitive industry, especially in terms of price. The industry is characterised by numerous and continuous advances in technology and innovation. It is therefore important for the Company to continue to innovate to be competitive in the industry.

Cyclical trends in the end user industries such as specialty chemicals, agro-chemicals may result in fluctuations in capital expenditure budgets for these industries, which may adversely impact the Companys business.

A substantial portion of your Companys revenue is from domestic customers. Adverse conditions in the Indian economy may impact your Company. However, we are continuously expanding our production capacities to cater to both domestic and export demand and to further diversify the customer base.

The country continues to face restrictions on account of the second wave of the COVID-19 pandemic. There is a risk that some of your Companys workmen may be forced to quarantine in the event of a local spread of cases, which may impact your Companys operations at its manufacturing locations. A surge in COVID-19 cases across the country may bring about additional restrictions in movement of men and material, adversely impacting the supply chain.

Risk Management

Your Company follows well-established and detailed risk assessment and minimisation procedures, which are periodically reviewed by the Board. Your Company recognises the importance of managing risk in the business to sustain growth. The Board of Directors, along with the senior management of your Company, has developed and approved the Risk Management Policy (Policy), wherein all material risks faced by your Company are identified and assessed. The Risk Management Policy adopted by your Company establishes a structured and disciplined approach to Risk Management in order to guide decisions on risk related issues and to mitigate various risks viz. operational risk, financial risk, regulatory risk, reputational risk, etc. Your Company has entrusted the Audit Committee with the responsibility of implementing and monitoring of the Risk Management Policy on a periodic basis.

The main objective of the Policy is to ensure sustainable business growth with stability and to promote a proactive approach in reporting, evaluating and resolving risks associated with the Companys business and processes.

Some of the risks that the Company is exposed to are given below:

• Financial risks:

This primarily includes the ability of the Company to get loans from the bank and financial institutions or other sources, which is dependent upon the balance sheets strength to leverage and Companys performance and credit history. Also, the Companys business may be impacted by monetary policy changes which might affect borrowing terms.


Your Company has adopted a suitable strategy to minimise the impact of interest rate fluctuations, including maintaining an optimal balance of different types (short term and long term) of loans and maturities for mitigating the interest rate risk. Also, the fresh equity issuance coupled with strong cash surplus and plough back has strengthened the Companys borrowing capacity.

• Regulatory risks:

Your Company is exposed to risks attached to various statutes, laws and regulations.


Your Company has implemented a compliance management system for effective tracking and managing regulatory and internal compliance requirements. Your Company is mitigating these risks through regular review of statutory compliances carried out through internal as well as external compliance audits.

• Human Resource risks:

Retaining the existing talent pool and attracting new talent are inherent business risks. In recent pandemic times, your Company has also observed inherent difficulties associated with migrant labour.


Your Company has an effective system in place related to recruitment and retention of the personnel. Your Company has started to find talent from close vicinities of the manufacturing facilities to minimise this risk.

• Strategic risks:

Increasing competition, capital expenditure for capacity expansion, etc., are normal strategic risks faced by the Company; and failure to supply quality products in time at a competitive price may result in loss of market share and reputation.


The Company has well-defined processes and procedures for obtaining Audit Committee and Boards approvals for investments in new businesses and capacity expansions. Also, your Companys manufacturing knowhow and manufacturing processes have been instrumental in delivering high quality products at most competitive price, offering a competitive edge in its product segments.

• Technology risks:

There is the risk that the technology may become outdated/ obsolete or some new novel product may get introduced resulting in the new entrant(s) gaining market share and resulting in competition for your Company.


Your Company is engaged in continuous innovation and is attempting to stay ahead of the curve. Today it is the market leader in the filtration and drying segment and is the second largest player in the Glass-lined equipment segment.

• Cyber risks:

There is the risk of catastrophic information system failure or other operational failure or malfunction. The Company does maintain a cyber security infrastructure.


The Company uses licensed software, standardised backup tools, antivirus and malware protection, stringent IT protocols and procedures to ensure that information and data are stored at two or more diverse locations and is backed up at regular intervals.

• Raw Material Price Fluctuation risks:

Fluctuations in the prices of key raw materials like steel and other metals may have an impact on the production costs and prices of products manufactured by your Company. Inability to effectively manage the fluctuations in the prices of raw materials may have a negative impact on the Companys margins and profitability.


The Company buys the metals (which constitute the major component of its material cost) as soon as it accepts the customer orders and to that extent it is insulated against the commodity price movement risks. The Company also maintains certain base inventory. Efficient production forecasting based on past and present trends and procuring raw materials based on its order booking ensures that the Company is protected against raw material price volatility to a large extent.

• Pandemic risk:

The pandemic has been one of the key risks in the past year, impacting the manufacturing operations to some extent at all the manufacturing locations of your Company. The second wave of the pandemic resulted in certain restrictions on movement of workmen, material, oxygen shortages, which had some impact on your Companys operations.


The Company responded quickly and implemented numerous safety measures such as temperature screening, sanitising and social distancing norms at all its manufacturing locations and offices. The Company organised several vaccination camps to ensure that all employees above the age of 45 are vaccinated. The Company continues to organise vaccination camps and hopes to achieve full vaccination in the workforce soon.

D. Internal Control Systems and their adequacy

Your Company is committed to ensuring an effective internal control environment that provides reasonable assurance regarding the effectiveness and efficiency of operations, adequacy of safeguarding of assets, reliability of financial controls and compliance with applicable laws and regulations. Towards this end, your Company has laid down standard operating procedures and policies to guide the various business operations. To further strengthen the internal control systems, an independent external professional agency has been appointed to conduct internal audit of the systems and processes of both its manufacturing locations (Maroli as well as Anand). The internal auditors ensure that internal controls are reviewed through the periodical internal audit process in consultation with the Audit Committee. Internal auditors cover every operational unit and all major corporate functions under the guidance of the Audit Committee of the Board.

The Boards Audit Committee oversees the adequacy of the internal control environment through periodic reviews of audit findings and monitoring implementations of internal audit recommendations through compliance reports. The statutory auditors have opined in their report that there are adequate internal controls over financial reporting at the Company. The Certification by the Managing Director and the Chief Financial Officer of the Company has been provided elsewhere in this Annual Report and discusses the adequacy of the internal control systems and procedures.

E. Human Resources

Your Company considers people as the most important and valuable asset and the backbone of its success. Over the years, your Company has strengthened its HR processes to ensure continual development and growth of its employees. HR processes are fine-tuned and upgraded to attract, recruit and retain talent in your Company. The management has been receiving active co-operation and support from the entire hierarchy of personnel, resulting in improvement in productivity and overall growth of your Company. Your Companys employees are highly efficient and committed to the growth of the business.

Your Company has well documented and updated policies in place to prevent any kind of discrimination and harassment, including sexual harassment. The Whistle Blower Policy plays an important role as a watchdog. The total employee strength of your Company as on 31st March, 2021 stands at 543. Your Company believes in focussing on development of its existing staff and workers and provides constant training to them to equip them to take on better and senior positions. The training is provided internally, and training programmes are also organised by inviting external faculty. Our continuous training programs lay emphasis not only on increasing productivity but also on imbibing qualities of commitment and integrity in the attitude and behavior of the employees.

Cautionary Statement

Statements in the Management Discussion and Analysis describing the Companys objectives, projections, estimates and expectations, if any, may be "forward-looking statements" within the meaning of applicable laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include among others, raw material pricing, climatic conditions, economic conditions affecting demand/ supply and price conditions in the domestic and overseas markets in which the Company operates, changes in the Government regulations, tax laws and other statutes and other incidental factors.

By Order of the Board of
HLE Glascoat Limited
(formerly Swiss Glascoat Equipments Limited)
Mr. Himanshu Patel
Chairperson and Managing Director
Date: 12th June, 2021 (DIN: 00202312)