Pak army outfit exports sugar
NEW DELHI, Nov 4 — A Pakistani army welfare outfit has now entered the fray to export surplus sugar to India to fund its requirements for the defence personnel.

IFC to invest in auto units
WASHINGTON, Nov 4 — For the first time since the USA imposed sanctions on India in May, the International Finance Corporation has announced that it will invest up to 15 per cent of the proposed $ 30 million India Auto Auxiliary Fund.

No soft-going for Microsoft THE MICROSOFT anti-trust trial may have slowed to a crawl thanks to delaying tactics from the software company’s legal team.

Rs 45 crore subsidy for industry
JALANDHAR, Nov 4 — Mr Sukhbir Singh Badal, Union Minister of State for Industry, said here today that Rs 45 crore subsidy will be given to the industrial sector.

Laissez-faire: this god has failed too
THE tide may be turning against the financial free-market system that has been dominating the financial operations of most countries.

Investors may not like to foot buyback bill
NEW DELHI, Nov 4 — The much-awaited Ordinance on buyback of shares having come through, the ability of a majority of companies to cash in on the facility remains a big question mark.

India in no hurry for full currency float, says Sinha
PARIS, Nov 4 — India is in no hurry to go for full float of the rupee, especially in view of the ongoing crisis in the South-East Asian economies which had introduced capital account convertibility to lure greater investments, Finance Minister Yashwant Sinha said here today.

Punjab CEO Badal invites industry
Tribune News Service

NEW DELHI, Nov 4 — “From farms to factories”. With agriculture reaching a saturation point, this is the new mantra of the Punjab Government.

Heading the campaign for rapid industrialisation of the state is the Punjab Chief Minister, Mr Parkash Singh Badal, who has donned a new role: From a farmer leader he is now the Chief Executive Officer (CEO) of the State Government.

Unveiling, what appears to be an aggressive campaign to lure investors in the State, Mr Badal today gave a glimpse of his new role.

“It is a matter of regret that Punjab, during the last 50 years’ period till 1997, had received less than 1 per cent of the total All India Central Government investment in public sector” he told mediapersons here today. The State Government would now go all out to get best investments in the State.

Aided by a slide show, presented by his Principal Secretary, Mr Ramesh Inder Singh, Mr Badal reeled off statistics to show why Punjab should be the most preferred destination for industrialists.

Easy availability of unskilled and skilled labour, high productivity, peaceful and disciplined labour and the least number of manhours lost due to lockouts, strikes and disputes are among the several reasons for investors to invest in Punjab.

In spite of a general slowdown in the economy, Punjab has registered a 10 per cent industrial growth for 1997-98 and 9.79 per cent for 1996-97. Punjab is ranked amongst the top six industrialised States in the country.

Speaking in fluent English, Mr Badal sounded businesslike and avoided all questions on politics.

The Chief Minister also boasted of a higher rate of materialisation of foreign direct investments in the State. Out of 80 the approvals granted by the Union Government till March 31 this year, 59 units involving an equity of over Rs 210 crore have either gone into production or are at an advanced stage of implementation.

Mr Badal spoke about the excellent infrastructure available in the State, including abundance of power at reasonable rates. Punjab ranks on the top of CMIE’s Index of Relative Development of Infrastructure at 191.4 which is far ahead than Haryana, which is rated second with 141.3 points. Punjab also has the highest number of banks, 15 per lakh population, excellent educational facilities, quality health services, and several cities like Chandigarh, Amritsar, Ludhiana, Patiala, Bathinda and Jalandhar with excellent housing facilities.

Punjab has also launched a single window clearance system to tackle red tapism. Entrepreneurs are now required to fill in only a single application form which is processed for the release of power connection, environmental clearance and location clearance within a fixed time schedule. An empowered committee under the Chief Secretary meets every month to monitor these clearances.

The State has also managed to lure major cement projects, including that of Gujarat Ambuja, Vikram Cements and ACC. The addition of companies like Workhardt, Rama Petrochemicals, ICI, and Grotz Beckert Asia also proves Mr Badal’s point that Punjab is emerging as a hot destination for industrialists.

Mr Ramesh Inder Singh explained that the Punjab Government wanted to do its homework first before going all out to lure investors. “Having built the necessary economic environment, we are now going in a big way to industrialise Punjab”, he told The Tribune.

Matiz priced at Rs 3.55 lakh

NEW DELHI, Nov 4 (PTI) — Korean auto major Daewoo Motors today entered the fiercely competitive small car market with the launch of its ‘Matiz’ priced at Rs 3.55 lakh.

Matiz, coming only in the deluxe version, will compete with small cars Hyundai Santro, Maruti Zen and Fiat Uno even as Tatas are scheduled to launch its Indica in December.

Launching the car here, Daewoo Motor India Ltd (DMIL) Managing Director S G Awasthi told reporters that the company would not launch its planned economy models of Matiz.

DMIL had earlier planned to introduce Matiz in three variants, but the idea was dropped after ascertaining market response through a study, Awasthi said.

Reiterating that DMIL was ‘not in a fix’ over the pricing of the car, he said the launch was delayed in order to conduct the study first and chalk out strategies.

Giving reasons for introducing the car in only one version, Awasthi said there would be no demand for the economy models in near future.

“In today’s competitive situation, no one can afford to go for a price which is not cost competitive. We do not believe in stripping down models in the name of economy as it compromises on value,” Awasthi said.

He said DMIL would export 50 per cent of the total production to meet the growing demand for Matiz in overseas markets, especially in Korea.

The company plans to manufacture about 40,000 to 50,000 cars in year 1999-2000, Awasthi said, adding that monthly sale target for the car was about 6,000 units.

DMIL had tied up with ICICI and countrywide auto financial services to set up ‘Daewoo Finance’ to facilitate the sale of Matiz, Awasthi said.

In addition to this arrangement, the company had also entered into tie-ups with American Express, Bank of America, Citibank, Kotak Mahindra, Standard Chartered Bank and Sundaram Finance.

Pak army outfit exports sugar

NEW DELHI, Nov 4 (UNI) — A Pakistani army welfare outfit has now entered the fray to export surplus sugar to India to fund its requirements for the defence personnel.

The Rawalpindi Cantonment unit of the Army Welfare Trust (AWT) has contracted to despatch about 60,000 tonnes of sugar valued at more than Rs 62 crore through an Amritsar-based recognised trader.

The consignment is spread over three shipments of 20,000 tonnes each which have already been registered agricultural and processed food products export development agency (APEDA). The contract was recorded with APEDA on October 23, 1998.

While the first two shipments would come through Kandla and Mumbai ports, the third consignment would reach here through Wagah border.

The last consignment will be costlier by about $ 50 a tonne than the earlier despatches.

APEDA has so far registered contracts for import of 16.37 lakh tonnes of sugar upto October 27 out of which about 9.77 lakh tonnes have landed till October 17, 1998.

Sources confirmed that AWT has contracted Kundan Rice Mill of Amritsar for facilitating its exports to India.

Pakistan produced about five lakh tonnes of surplus sugar in the current farming season. Of this, some two lakh tonnes have been sent to India and 1.50 lakh tonnes exported to other countries.

Indian producers have been demanding a substantial hike in import duty on sugar as the industry is fast losing ground both in the export as well as domestic markets.

The situation became worse with a number of countries, including Pakistan, heavily subsidising their exporters who made use of unrestricted export to India.

IFC to invest in auto units

WASHINGTON, Nov 4 (PTI) — For the first time since the USA imposed sanctions on India in May, the International Finance Corporation (IFC) has announced that it will invest up to 15 per cent of the proposed $ 30 million India Auto Auxiliary Fund.

Announcing the decision, the IFC’s Director for South and Southeast Asia Rashad Kaldany said the new business environment in India offered excellent investment opportunities for the fund and the fund was likely to invest in about 10 to 12 companies.

The fund would bring technological and engineering development especially for smaller companies involved in auto ancillary production, he said.

India’s auto ancillary sector had grown rapidly since the industry was liberalised in 1991 and was now undergoing major structural changes as international companies compete in the Indian market and new technologies are brought on stream.

“There is a process of consolidation underway among some 500 automotive ancillary firms and another 3,000 businesses that supply the auto industry in the informal sector,” he said.

Rs 45 crore subsidy for industry
Tribune News Service

JALANDHAR, Nov 4 — Mr Sukhbir Singh Badal, Union Minister of State for Industry, said here today that Rs 45 crore subsidy will be given to the industrial sector — 15 per cent higher than last year.

Addressing industrialists and traders here last night, Mr Badal said the Union Government has sanctioned Rs 35,000 crore for setting up new units in the country.

In the coming six months there will be no shortage of electricity since the long-delayed Thein Dam will be completed and the State will have 6000 MW of more power.

He said that Rs 1,200 crore will be spent on the repair of roads in the State.

BANKING
Banks classified for wage revision

MUMBAI (PTI): The Indian Banks Association (IBA) has proposed the classification of banks on the basis of profitability for the purpose of wage revision.

The IBA proposed that banks be classified into three categories — those with operating and net profits, with operating profits but no net profit and those with neither operating nor net profit and based on the wage bill of March 31, 1998. It offered an overall load of 9 per cent, 8 per cent and 7 per cent, respectively.

The unions, however, rejected the proposal while pointing out that the basic structure of wages would have to remain standardised as before with discretion to profitable banks to pay higher bonus, better fringe benefits and staff welfare measures.

The unions also pointed out that as per the IBA’s own calculations, overall increase in wage will in the sixth bipartite settlement was around 20 per cent and that this should be the benchmark with increase thereon subject to negotiations.

Depositors

MUMBAI (PTI): The Mumbai-based All-India Bank Depositors’ Association has asked the Indian Banks’ Association (IBA) to address issues concerning depositors while engaging in wage negotiations with the bank staff.

Asserting that wage negotiation between the IBA and bank staff was no longer a bilateral issue, Association Secretary M R Pai, in a letter to IBA Chairman A T Pannir Selvam, called for full-scale implementation of the Reserve Bank of India-appointed Goiporia Committee’s recommendations on customer service.

Even simple recommendations like employees wearing badges, counters opening 15 minutes ahead of scheduled time and provision of complaint books were yet to be implemented universally, Pai pointed out.

The number of holidays should be reduced to 15 as recommended by the committee.

Nayak report

MUMBAI (PTI): The CII has called for a speedy implementation of the Nayak Committee recommendations in a time-bound manner and a gradual shift towards cash flow-based lending instead of the outdated method of asset-based lending.

The present set of norms and procedures for appraisal and sanctioning of working capital limits as well as the collateral security, according to the Chamber, are ambiguous in nature, often leading to suicidal delays and more often non-disbursal of the working capital limits.

The CII, in a five-point agenda to the Indian Banks Association on specialised small scale industry (SSI) branches, suggested a single window system for the small entrepreneur for availing banking facilities.

The entrepreneur has to manage between various branches of either the same bank or sometimes even different banks for availing banking facilities such as cash credit limits, bank guarantees, depositing government dues and international trade.

To strengthen the internal control mechanism within these SSI branches and to give the bank staff a blanket of security, besides enhancing the processing speed of day-to-day transactions, the CII has suggested.

Nedungadi bank

NEW DELHI (PTI): Kerala-based private bank Nedungadi Bank Ltd (NBL) plans to come out with a public issue in the next fiscal, besides targeting a growth of 50 per cent in the next two years.

“We have worked out a detailed strategy for the 100th year of our operations by going national in the next two years and opening specialised branches” A R Moorthy, Chairman, NGL told newspersons.

The Calicut-based bank, which will be celebrating its centenary year in 1999-2000, plans to double its deposits to Rs 3,000 crore and advances to Rs 1,000 crore in the next two years.

NBL has set a target of Rs 2,000 crore deposits in the current fiscal and Rs 3,000 in 1999-2000, while it has set a target of Rs 1,000 crore for advances by year 2000.

HSBC

NEW DELHI (PTI): Interest rates, including the bank rate, are expected to remain stable in coming months as all the growth parametres seem satisfactory, Hongkong and Shanghai Banking Corporation (HSBC) chief has said.

“The growth parametres look satisfactory, and inflation has toned down. In the scenario I see very little room, for the central bank to change interest rates,” bank CEO of Indian operations John Dyfrig told newsmen after inaugurating a branch at Gurgaon.

No soft-going for Microsoft
From Mark Tran in New York

THE MICROSOFT anti-trust trial may have slowed to a crawl thanks to delaying tactics from the software company’s legal team. But outside the courtroom, Microsoft has not curbed its aggressive tactics one whit.

Its reaction to government legal action differs dramatically to that of IBM in its 12-year war of attrition with the Justice Department in the 1970s. While the government eventually withdrew its case, IBM won a Pyrrhic victory. Big Blue became over-cautious as lawyers scanned the company’s action for anti-trust implications and although the government eventually capitulated, its anti-trust suit allowed new software companies such as Microsoft to flourish as IBM became a cringing giant.

Because Microsoft still throws its weight around, it is an even greater

imperative for the government and the 20 states suing Microsoft to win their landmark case. If Microsoft does not change its behaviour voluntarily - and there are no signs of that - then outside compulsion is the only answer.

It is a tribute to Bill Gates’ dynamic leadership that Microsoft still

competes with the fervour of a start-up instead of a lumbering bureaucracy, although this is precisely why Microsoft is under such fire. Unlike IBM and Intel, the world’s largest chip maker, Microsoft has not adopted an industry code of conduct for avoiding anti-trust violations.

Microsoft’s sense of purpose is all the more remarkable as many Microsofties never have to do another day’s work. Several thousand of Microsoft’s 28,000 employees in Redmond are stock option millionaires and Mr Gates himself is worth $50 billion, give or take a million.

Instead of going soft, Microsoft is pushing hard into new areas such as

travel, electronic billing, property sales, hardware and consumer appliances, backed by an immense war chest. With a cash horde of $13.9 billion, the richest of any US company, Microsoft is not strapped for cash to buy ventures with promising ideas.

James Barksdale, the CEO of Netscape, an Internet software pioneer and the government’s star witness, was asked after five days of gruelling testimony what should be done about Microsoft. He suggested splitting Microsoft in two, one company making the operating system, the other concentrating on software applications, such as Microsoft Word and Microsoft Office.

Others have suggested splitting Microsoft into, say, three mini-Microsofts. That raises the intriguing possibility of Mr Gates competing against Steve Ballmer, his current No 2, and an equally fierce competitor. The point is to deprive Microsoft of its 90 per cent monopoly in operating systems, which it wields as a club against competitors in other markets as Netscape and America Online have already testified.

Microsoft’s spinmeisters appear before the microphones outside the US district court daily to declare how satisfied they are with proceedings. But glimmerings of unease lurk beneath the bravado. In one tell-tale sign, some of Microsoft’s PR people grumble about the media’s unfair coverage.

The body language of the legal protagonists is also revealing. David Boies, the government’s lead lawyer and the man who successfully defended IBM, is chipper and confident. By contrast, John Warden, Microsoft’s man, is irritable, grumpy and ready to explode at times.

This week, after Netscape and America Online, it is Apple’s turn to elaborate on its brushes with “the Beast from Redmond”, a phrase coined by Netscape co-founder Marc Andreessen. In the two weeks so far, the trial consists of stretches of tedium as Mr Warden plunges into computer minutiae, punctuated by the occasional bursts of temper, cheeky ripostes from government witnesses and pungent bits of e-mail and memos.

One such moment came with a handwritten note from Fred Anderson, Apple’s chief financial officer, as he explained why Apple chose Microsoft’s Internet Explorer over Netscape Navigator as its default - or primary - browser for the Macintosh operating system. It was, said Mr Anderson, because Microsoft threatened not to develop Microsoft Office for Mac. If carried out, the menace would mean “we were dead,” Mr Anderson wrote.

Microsoft’s strategy is to drag the case out as long as possible and initial estimates of the trial lasting six to eight weeks now appear too optimistic. By the time the case gets to the Supreme Court, the beast from Redmond could be even more powerful. — The Guardian

Investors may not like to foot buyback bill
Tribune News Service

NEW DELHI, Nov 4 — The much-awaited Ordinance on buyback of shares having come through, the ability of a majority of companies to cash in on the facility remains a big question mark.

For an industry going through a downturn, and liquidity under pressure the financing of the buyback exercise is not going to be easy, say industry analysts.

An important aspect that warrants clarification is about the sourcing of funds for the buyback exercise. Analysts have pointed out that the debentures may be the most preferred route in this regard.

The Ordinance states that the buyback can be done out of a company’s free reserves, securities premium account or proceeds of any earlier issue specifically made for buyback purposes.

Industry analysts said that while investors may not be forthcoming for funding buyback through an equity offering, a debenture by its very nature of assured returns could be more attractive for the investor.

Companies are expected to buyback shares in an attempt to enhance shareholder value.This would be particularly true of the companies whose shares are currently quoting at lower than the book value, enjoy high liquidity and with a relatively low promoters’ holding.

The Ordinance states that companies can buyback shares value upto 25 per cent of the networth of the company. In other words, the extent of buyback will be largely determined by the networth of the companies intending to buyback shares.

According to data compiled by the Centre for Monitoring Indian Economy (CMIE), as of March 1998, Reliance Industries was the highest networth company at Rs 11,975 crore.

The bookvalue of a share of the company stood at Rs 126.57 whereas the market price on October 31 was just Rs 110. Tata Steel had a networth of Rs 4,064 crore and a bookvalue of Rs 110 per share whereas its share price was Rs 83.

Others include Indian Rayon,Grasim Industries, Jindal Iron, IPCL, Essar Steel, Bajaj Auto,Tata Power Companies, ACC, Videocon, Escorts Limited , Bombay Dyeing and BPL among others.

Also, companies whose market price of shares is higher than the bookvalue can go in for buyback if they feel that their shares deserve higher valuations.

The pricing of shares for the buybcak exercise, however, requires further clarification as the Ordinance has not clearly specified the price band, analysts said. It is not clearly stated whether companies would be allowed to buyback shares at any price or whether there will be any ceiling. Moreover, it is not clear about the buyback of shares below par value.

Preferential share issue to promoters could also be another source of funding buyback. This will increase the reserves of the company to the extent paid by the promoters.

The promoter’s share in the capital automatically goes up once he issues preferential equity to himself and the stake of the public is reduced through the buyback route.

Disallowing buyback through public issue could also restrict the number of companies that can go in for share buyback. Experts said that there are many companies which may not have sufficient free reserves but have the capacity to raise debt to buyback shares.

Another issue that has warrants examination is that the fact that whether buyback should be in one large chunk or through a process of stages (creeping buyback).

Analysts said that the latter has the advantage of not increasing the price volatility and not cutting down the future investment potential of company by reducing liquidity.

Laissez-faire: this god has failed too
By Martin Khor

THE tide may be turning against the financial free-market system that has been dominating the financial operations of most countries.

In late August 1998, Malaysia had led the backlash movement through its ‘shocking measures’ that imposed wide-ranging controls over the foreign exchange and new rules in the stock market.

Although the Malaysian policies were the most radical and prominent, indicating a systemic change, some other countries have also recently introduced measures aimed at limiting the exposure of their markets to speculation and sudden shifts in capital flows.

They include Hong Kong and Taiwan (which both tightened regulations against manipulation) and Russia (which was forced to default on some of its debts and at one stage suspended all trade in its beleaguered rouble).

Interestingly, although the majority of market analysts and international commentators have condemned the market interventions, some serious and influential components of the economics profession and the Western media have looked more favourably upon the attempts to regulate the financial markets.

This represents the beginning of a shift of opinion, indeed a shift of paradigm, about the net benefits and costs of allowing financial markets to operate in a laissez-faire manner.

As expected, many brickbats were thrown at the Malaysian authorities for the clear break with financial orthodoxy.

The IMF expressed dismay, stating that in general it believes that ‘any restrictions imposed on the movement of capital are not conducive to building investor confidence’.

The IMF, which generally reflects the views of the financial establishment of the rich countries, is the main upholder of the prevailing strong orthodoxy that countries must allow the unrestricted inflow and outflow of capital.

It has been advising (and in cases where it provides loans, it has been insisting as a condition for the loans) countries to liberalise and open up their economies to the free flows of funds.

Some analysts, especially those related to investment funds that depend on free capital movements to make speculative or investment gains, have been vitriolic in their criticism. One London-based analyst said Malaysia was now suffering from an “IQ crisis” as the measures were the stupidest action possible.

However there were many bouquets as well. Business groups, consumer groups and trade unions in the country supported the measures and the local stock market went up. A few foreign investors in the country, including the financial giant AIG, also expressed support.

Controls on short-term capital would give crisis-hit countries great monetary flexibility, making banking reform easier, whilst lower interest rates would give a boost to growth. Without controls, the Asian countries had great difficulty restructuring their banks whilst maintaining tight monetary policies in order to keep their currencies stable.

Besides Malaysia, two other Asian countries known to be free-market champions also recently took measures to curb speculation.

The Hong Kong authorities reportedly spent over US$14 billion to buy shares in the local stock market to prop up the Hang Seng index in an attempt to defeat speculators that had placed heavy bets on a fall in the index.

In late August 1998 it introduced measures to curb the short-selling of Hong Kong shares. The new rules are aimed against speculators who have been short-selling shares whilst at the same time speculating that the currency will drop.

Firstly, the stock exchange reinstated a rule that shares in a company can be sold short only when they are rising.

Secondly, the exchange also announced it had temporarily banned short sales on the shares of three of Hong Kong’s biggest companies, HSBC Holdings, HK Telecommunications and China Telecom (Hong Kong).

Thirdly, the Hong Kong Securities Clearing Co. increased regulations on settlement of stock trades, giving brokers two days after a deal is executed to deliver the shares. Previously more time was allowed.

At the same time, the Taiwan authorities took measures to prevent illegal trading of funds managed by George Soros, which have been blamed for causing the local stock market to fall.

A recent press report said a task force was formed to investigate sales and trading by Soros-managed hedge funds via proxy accounts in Taiwanese markets.

Although local sales by Soros’ funds are banned, at least six local securities firms are selling those funds on proxy accounts, according to officials. The Securities and Futures Commission announced that securities firms would have their licences revoked and dealers could face two years’ jail for selling the unauthorised funds.

Meanwhile in Russia, the country’s experiment with the free market lies in tatters, with the government having to announce a default on government bonds, currency trade grinding to a halt for some days, an on-going devaluation, a run on the banks and thousands of firms facing bankruptcy.

‘Russia’s economic upheaval has profoundly shaken the confidence of Russians in the goals of a free-market economy and democracy that the West championed,’ said an International Herald Tribune article on August 31.

The tide that has made an orthodoxy of deregulation and absolute freedom to financial operators is now beginning to turn. Regulation of financial markets and capital and exchange controls have made an entry. With that, the battle between paradigms will be watched closely by the public, the market and policy-makers. — Third World Network Features

India in no hurry for full
currency float, says Sinha

PARIS, Nov 4 (PTI) — India is in no hurry to go for full float of the rupee, especially in view of the ongoing crisis in the South-East Asian economies which had introduced capital account convertibility to lure greater investments, Finance Minister Yashwant Sinha said here today.

“We will approach the full convertibility issue (on capital account) cautiously,’’ Sinha said in reply to a question from reporters.

Nobody talks of the need for India to go in for full convertibility these days after the world learnt its lessons from the recent financial crisis, Sinha said while briefing newsmen about the deliberations of the World Bank conference on private sector investment in Indian Infrastructure.

Sinha said it was prudent financial management by the Government more than the absence of full capital account convertibility which had insulated India from the financial crisis.

To a question, Sinha said confidence reposed in India by foreign investors could be gauged from the fact that investment totalling $ 9 billion continued to be in place in the country.

He, however, admitted that the Government’s role must be redefined so that it became a facilitator through appropriate policy formulations.

The Government is taking steps to bring the supplier and consumer in direct contact rather than having intermediaries.

“There should be no difficulty in this matter, this is the direction in which we are moving,” Sinha said.

In his closing remarks at the World Bank meeting, Sinha said many state governments were giving up “populist methods” and becoming business entities by taking policy decisions on merit, Sinha said.

Sinha told over 200 representatives from the Indian and foreign companies and banks that his government was in the process of changing policies and procedures.

“We are also aware of the difficult task of changing the mindset of people,” he said.

Encouraged by the response to the Paris meeting by foreign investors to be part of India’s liberalisation process, Sinha suggested that this could be made an annual feature.

Asked for India’s views on the planned multilateral agreement on investments, Sinha said New Delhi will wait for individual responses to the accord.

Kitply
CHANDIGARH, Nov 4 (TNS) — New hardware products including brass handles, knobs and hinges imported from Italy but gold-coated in India were launched here today by Kitply. Mr S.P. Goenka, Chairman of the Kitply Industries, said his company with a turnover of Rs 1500 crore guaranteed life-long quality of its products.

Shaw Wallace
NEW DELHI, Nov 4 (PTI) — The Pondicherry unit of Shaw Wallace and Company (SWC), Sica Breweries, has received ISO 9002 accreditation, the first brewery in the country to receive an ISO certification from Bureau Veritas Quality International (BVQI).