G M Mittal Stainless Steels

from 5.18 times to 3.09 times. The increased debt was in the form of bank overdrafts.
The company has technical collaboration agreements to continue the assimilation of the latest technology from Owens- Corning Fibreglass Corporation, USA, with which continuous interaction is maintained. The company has a similar link-up with Pilkington, UK. The company imported continuous filament manufacturing product technology during 1989. The technology was partially absorbed during 1990-91 and the work is still in progress. The company spent Rs 12.87 lakh on R and D during the year by way of recurring expenditure: This represented 0.39 per cent of the company's total turnover.