MANUFACTURERS <MHC> PUTS BRAZIL ON NON-ACCRUAL Manufacturers Hanover Corp said it placed 1.4 billion dlrs of medium- and long-term loans to Brazilian borrowers on non-accrual as of yesterday, meaning that income will be recorded only when actual cash payments are received. As a result, net income for the first quarter will be reduced by 18 mln dlrs. If Brazil, which suspended interest payments on its term debt on February 20, continues to defer interest payments for the rest of the year, net income for the whole of 1987 would be reduced by a total of 72 mln dlrs. U.S. bank accounting guidelines do not require loans to be placed on nonaccrual unless interest payments are past due 90 days or more. However, Manufacturers Hanover said that, in light of current circumstances, it was more appropriate to record income on its Brazilian loans only when cash payments were received. It added that it believes Brazil will reach agreement with its banks on a debt restructuring and that all interest payments will be received later in 1987. The company earned 102.1 mln dlrs in first-quarter 1986 and 410.7 mln dlrs for the whole of the year.