MIRA
INFORM REPORT
|
Report Date : |
09.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
SAINT GOBAIN
GLASS INDIA LIMITED |
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Registered Office : |
Plot No. A-1, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
02.04.1997 |
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Com. Reg. No.: |
18-37875 |
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CIN No.: [Company
Identification No.] |
U26109TN1997PLC037875 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES05530A |
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|
Legal Form : |
A Closely Held Public Limited Liability
Company. |
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Line of Business : |
Manufacturers,
Exporters and Importers of Glass and Glass Products such as Float Glass, Sheet
Glass, Laminated & Toughened Wire Glass, Heat Treated Glass, Glass Wares
and Mirrors. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 23000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established Company of the Saint Gobain group, engaged in manufacturing
and marketing of a wide range of float glass products. The Company had been
incurring losses continuously during the financial year 1999-2000 and 2000-2001,
but it performed better and generated some surplus during the financial year
2001-2002. In the year 2002-03, the company was successful in wiping off all
its previous accumulated losses. The Company’s trade relations are fair.
Payments are slightly delayed at present, but correct. The Company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
Plot No. A-1, |
|
Tel. No.: |
91-4111-262832 /
3 / 4 / 5 / 6 / 7 / 8 / 9 |
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Fax No.: |
91-4111-262841 /
262848 / 27162834 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate
Office : |
Plot No. A1, |
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Tel. No.: |
91-4111-32832/6/9 |
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Fax No.: |
91-4111-32841 |
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E-Mail : |
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Location : |
Owned |
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Plants : |
v
T-94-95
Bhosari Industrial Estate, Pune – 411 026,
Tel. 91-20-27120047/1441/0623
Fax. 91-20-27120777 v
Survey
No. 616/619, Pune –
Tel. 91-952135-252809/255937
Fax. 91-952135-252247
E-mail. http://www.saint-gobain-sekurit.com v
Plot
No. A1, Sipcot Industrial Part, Sriperumbudur – 602 160, Tel. No. : 91-4111-32832/6/9 Fax No. :
91-4111-32841 E-Mail : sggi@md4.vsnl.net.in |
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|
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Branches : |
v
102 A,
L Block, Anna Nagar, Chennai – 600040, Tel. No : 91-44-26630040 v
19
Avenue Road, Nungambakkam, Chennai – 600034, Tel. No : 91-44-28212069/28215246/28227450 v
AL
221, 14th Tel. No : 91-44-26286734 v
Plot
No. 2209/2 Anna Nagar, Chennai – 600040 Tel. No : 91-442-6222384 v
AK
44, 11th Tel. No : 91-44-26212206 v
3A
Wallace Garden, Tel. No : 91-44-28211366 v
Tel. No : 91-44-26433195 v
Tel. No : 91-44-28212021 |
DIRECTORS
|
Name : |
Mr. B. Santhanam |
|
Designation : |
Managing Director
|
|
Address : |
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Date of Birth/Age : |
02.03.1957 |
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Date of Appointment : |
21.01.2004 |
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Date of Ceasing : |
20.01.2008 |
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Name : |
Mr. Anand Mahajan
Yashwant |
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Designation : |
Director |
|
Address : |
Fiona, |
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Date of Birth/Age : |
03.01.1953 |
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Date of Appointment : |
30.06.2004 |
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|
Name : |
Mr. Jean Micheal Magot |
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Designation : |
Director |
|
Address : |
30 Rue, Vangelas, |
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Date of Birth/Age : |
17.10.1955 |
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Date of Appointment : |
30.06.2004 |
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|
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Name : |
Mr. Aschen Broich
Jalques |
|
Designation : |
Director |
|
Address : |
7 Rue Franklin, 78100 Saint Germainla Defense |
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Date of Birth/Age : |
03.06.1954 |
|
Date of Appointment : |
15.06.1998 |
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|
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|
Name : |
Mr. Biarnex
Daniel |
|
Designation : |
Director |
|
Address : |
Les Miroiors 18 Avene, |
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Date of Birth/Age : |
07.07.1963 |
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Date of Appointment : |
09.07.2002 |
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|
Name : |
Mr. Fernandez Javier |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
20.05.1965 |
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Date of Appointment : |
06.12.2004 |
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|
Name : |
Mr. Joseph Andrew
Jude Peripp |
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Designation : |
Director |
|
Address : |
8 Coral Reef, |
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Date of Birth/Age : |
24.01.1948 |
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Date of Appointment : |
08.03.2000 |
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|
|
|
Name : |
Mr. L.
Venkateswaran |
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Designation : |
Company Secretary
|
|
Address : |
Flat S8, Subiksha Apartments, No. 21, Puliyur 1st Lane,
Trustpuram, Kodambakkam – 600024, Tamilnadu, India |
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Date of Birth/Age : |
10.02.1958 |
|
Date of Appointment : |
29.09.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Saint Gobain
Glass |
|
37753813 |
|
Saint Gobain
Promotions Et Participation |
|
16715780 |
|
Grindwell Norton
India Limited |
|
2500000 |
|
Total |
|
56,969,593 |
|
|
|
|
|
Category |
|
Percentage of
Holding |
|
Foreign holdings
[Foreign institutional investors, Foreign Companies, Foreign Financial
Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
96.00 % |
|
Bodies corporate |
|
4.00 % |
|
Total |
|
100.00
% |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers,
Exporters and Importers of Glass and Glass Products such as Float Glass,
Sheet Glass, Laminated & Toughened Wire Glass, Heat Treated Glass, Glass
Wares and Mirrors. |
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Products : |
Generic Name of
the Principal Product of the company is :
Their products
can be classified into three categories : v
Glass v
Housing
Products – like Building materials, pipes, Building materials distribution v
High
Performance Materials – Abrasives, Ceramics and Plastics. |
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Agencies Held : |
Agencies held by
the concern are as under: v
Wholly
owned subsidiary of Saint Gobain Vitrase Les Miroirs 18 Avenue Ds La Defensecedex Tel. No: 33(1) 47 6230 00 |
PRODUCTION STATUS
|
Particulars |
|
|
Unit |
Installed
Capacity |
|
Glasses of
various types |
|
|
Tonnes |
650 tonnes of float glass everyday |
GENERAL INFORMATION
|
No. of Employees : |
About 1800 |
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|
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|
Bankers : |
Irungattukottai Branch, Chennai,
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
|
|
Name : |
N. Ramesh Rajan Chartered
Accountants |
|
Address : |
32, |
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Associates/Subsidiaries : |
v
Saint Gobain NorPro India Limited 208, B Wing, Floral Tel. No. 91-22-28239944 -
Acts as Manufacturers of Glass and Abrasives v
Grindwell Norton Limited Army and Tel. No. 91-22-28447477 Fax No. 91-22-22023711 -
Acts as Manufacturers of Glass and Abrasives v
Saint Gobain Sekurit India Limited Bhosari Industrial Estate, Pune – 411029, Tel. No. 91-20-7120047 Fax. 020-7120777 -
Acts as Manufacturers of Glass and Abrasives v
Saint Gobain Vetrotex India Limited Tel. 91-8548-256072 to 46 Fax. 91-8548-257713/26/257155 -
Acts as Manufacturers of Glass and Abrasives v
Saint Gobain Diamant Winter India Limited 4, Tel. No. 91-124-6331254 -
Acts as Manufacturers of Glass and Abrasives v
Saint Gobain Crystals and Detector India Private Limited 171/2, Maruthi Industrial Estate, Hoodi Rajapalaya, Tel. No. 91-80-8410387 -
Acts as Manufacturers of Glass and Abrasives v
SEPR Refractories India Limited Post Box No.1, Kanjikode West,
Fax. 91-491-2566174 Web : http://www.sefpro.saint-gobain.com
v
Saint-Gobain Promotions at participations v
Internationals v
Saint-Gobain Deutschland, v
Grindwell Norton Limited v
Saint-Gobain Seva , France v
Hankuk Glass Industries, Kerala v
Saint-Gobain Cristllaria v
Saint-Gobain Recherche, v
Saint-Gobain Glass, France v
Saint-Gobain Vetrotex India Limited v
Saint-Gobain Glass v
Saint-Gobain Icover v
Saint-Gobain Glass Limited v
Saint-Gobain Oberland, v
Saint-Gobain Exprover |
|
|
|
|
Holding Company : |
v
Compaigne-De-Saint-Gobain
Vintage Less Miroirs, 18 Tel. No. 33 (1) 476 230 00 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,70,00,000 |
Equity shares |
Rs. 10/- each |
Rs. 570.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,69,69,593 |
Equity shares |
Rs. 10/- each |
Rs. 569.695 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2005 |
31.12.2004 |
31.12.2003 |
|
SHAREHOLDERS
FUNDS |
|
|
|
|
1] Share Capital |
569.696 |
569.696 |
569.695 |
|
2] Reserves &
Surplus |
5385.526 |
5381.998 |
5275.088 |
|
3] Profit &
Loss Account |
0.000 |
0.000 |
0.000 |
NETWORTH
|
5955.222 |
5951.694 |
5844.783 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
5137.853 |
1166.457 |
323.338 |
|
2] Unsecured
Loans |
154.687 |
250.000 |
126.725 |
TOTAL BORROWING
|
5292.540 |
1416.457 |
450.063 |
|
DEFERRED TAX
LIABILITIES |
229.300 |
179.987 |
104.985 |
|
|
|
|
|
TOTAL
|
11477.062 |
7548.138 |
6399.831 |
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net
Block] |
9821.956 |
4287.063 |
4973.300 |
|
Capital work in
progress |
1295.745 |
2564.663 |
|
|
|
|
|
|
|
INVESTMENTS |
537.503 |
843.723 |
346.730 |
|
|
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
|
Inventories |
1280.005 |
924.788 |
853.849 |
|
Sundry Debtors |
559.881 |
470.489 |
478.018 |
|
Cash & Bank
Balances |
142.087 |
148.483 |
131.626 |
|
Other Current
Assets |
1.834 |
1.624 |
5.108 |
|
Loans &
Advances |
352.080 |
149.981 |
284.874 |
|
Total Current Assets |
2335.887 |
1695.365 |
1753.475 |
Less:
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
Current
Liabilities |
2397.298 |
1829.059 |
663.098 |
Provisions
|
116.731 |
13.617 |
10.576 |
Total Current Liabilities
|
2514.029 |
1842.676 |
673.674 |
|
Net
Current Assets |
[178.142] |
[147.311] |
1079.801 |
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
TOTAL
|
11477.062 |
7548.138 |
6399.831 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2005 |
31.12.2004 |
31.12.2003 |
|
|
Sales Turnover |
4333.056 |
4068.266 |
3422.039 |
|
|
Other Income |
127.296 |
61.076 |
67.475 |
|
|
Total Income |
4460.352 |
4129.342 |
3489.514 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
155.729 |
629.827 |
767.536 |
|
|
Provision for Taxation |
80.746 |
105.800 |
139.776 |
|
|
Profit/(Loss) After Tax |
74.983 |
524.027 |
627.760 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
NA |
339.844 |
425.898 |
|
Total Earnings |
NA |
339.844 |
425.898 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
NA |
430.448 |
308.494 |
|
|
Stores & Spares |
NA |
101.211 |
51.062 |
|
|
Packing Materials |
NA |
3.162 |
9.457 |
|
|
Capital Goods |
NA |
396.493 |
90.450 |
|
|
Others |
NA |
191.077 |
66.284 |
|
Total Imports |
NA
|
1122.391 |
525.747 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
744.277 |
598.822 |
545.839 |
|
|
Purchases made for re-sale |
656.106 |
191.077 |
41.993 |
|
|
Consumption of stores and spares parts |
156.310 |
123.316 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
[18.820] |
44.380 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
220.450 |
162.022 |
99.244 |
|
|
Managerial Remuneration |
8.071 |
6.687 |
5.350 |
|
|
Payment to Auditors |
1.108 |
1.119 |
0.705 |
|
|
Interest |
228.090 |
55.822 |
36.653 |
|
|
Insurance Expenses |
39.052 |
26.432 |
21.837 |
|
|
Power & Fuel |
634.459 |
478.440 |
484.343 |
|
|
Depreciation & Amortization |
579.647 |
548.769 |
1486.015 |
|
|
Other Expenditure |
1055.873 |
1262.629 |
0.000 |
|
Total Expenditure |
4304.623 |
3499.515 |
2721.979 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2005 |
31.12.2004 |
31.12.2003 |
|
PAT / Total Income |
(%) |
1.68
|
12.69 |
17.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.59
|
15.48 |
22.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.28
|
10.53 |
11.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.11 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.31
|
0.55 |
0.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93
|
0.92 |
2.60 |
LOCAL AGENCY FURTHER INFORMATION
Consolidated Financials of SAINT GOBAIN are
as follows:
Consolidated Statements of
Balance Sheet
(figures are in Euro Millions)
|
Assets |
2004 |
2003 |
2002 |
|
|
|
|
|
|
Goodwill |
5170 |
4902 |
5521 |
|
Other Intangible Assets, Net |
1883 |
1836 |
1914 |
|
Property, Plant and Equipment |
22083 |
21199 |
22069 |
|
Less: Accumulated Depreciation |
(13144) |
(12513) |
(12687) |
|
|
8939 |
8686 |
9382 |
|
Investment in Equity Investees |
61 |
75 |
114 |
|
Investment at cost |
83 |
139 |
144 |
|
Non- Current marketable securities |
4 |
78 |
175 |
|
Other non-current assets |
1375 |
1521 |
1590 |
|
|
1523 |
1813 |
2023 |
|
|
|
|
|
|
Non Current
Assets |
17515 |
17237 |
18840 |
|
Inventories |
4838 |
4509 |
4664 |
|
Trade Accounts receivable |
4467 |
4240 |
4264 |
|
Other Accounts receivable |
1099 |
1035 |
1010 |
|
Short terms loans |
69 |
160 |
162 |
|
Marketable Securities |
1412 |
1387 |
469 |
|
Cash and cash equivalents |
1487 |
1527 |
739 |
|
Current Assets
|
13372 |
12858 |
11308 |
|
|
|
|
|
|
TOTAL ASSETS |
30887 |
30095 |
30148 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities
and Shareholders Equity |
|
|
|
|
|
|
|
|
|
Capital Stock |
1364 |
1391 |
1364 |
|
Additional Paid in Capital and Legal Reserve |
2123 |
2381 |
2264 |
|
Retained Earnings and Net Income for the year |
10571 |
9869 |
9204 |
|
Cumulative translation adjustments |
(2350) |
(2241) |
(1438) |
|
Treasury stock |
(152) |
(313) |
(79) |
|
Shareholders
Equity |
11556 |
11087 |
11315 |
|
Minority interest |
250 |
223 |
227 |
|
Net Equity of
Consolidated Entities |
11806 |
11310 |
11542 |
|
Non-voting participating securities |
170 |
170 |
391 |
|
Pensions and other post-retirement benefits |
2249 |
2305 |
2353 |
|
Deferred Tax Liability |
548 |
599 |
696 |
|
Other liabilities |
954 |
1032 |
1084 |
|
Long- term Debt |
5396 |
6518 |
9238 |
|
Shareholders
Equity and Non Current Liabilities |
21123 |
21934 |
22304 |
|
Trade accounts payable |
3967 |
3592 |
3352 |
|
Other payables and accrued expenses |
2659 |
2356 |
2348 |
|
Current portion of long-term debt |
1335 |
550 |
487 |
|
Short – term debt and bank overdrafts |
1803 |
1663 |
1657 |
|
Current
Liabilities |
9764 |
8161 |
7844 |
|
|
|
|
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS EQUITY |
30887 |
30095 |
30148 |
|
|
|
|
|
Consolidated Statements of Income
(figures are in Euro Millions)
|
|
2004 |
2003 |
2002 |
|
|
|
|
|
|
Net Sales |
32025 |
29590 |
30274 |
|
Cost of Sales |
(23929) |
(22263) |
(22670) |
|
Gross Margin |
8096 |
7327 |
7604 |
|
Selling, General and Administrative Expenses, including research |
(5124) |
(4626) |
(4712) |
|
Other operating expenses and income |
(340) |
(259) |
(310) |
|
Operating
Income |
2632 |
2442 |
2582 |
|
Dividend Income |
3 |
12 |
22 |
|
Interest and other financial charges, net |
(441) |
(457) |
(504) |
|
Non- operating costs |
(280) |
(275) |
(252) |
|
Income Before Profit/
Loss on sales of non-current assets and taxes |
1914 |
1722 |
1848 |
|
Profit / Loss on sales of non-current assets, net |
(44) |
86 |
3 |
|
Provision for income taxes |
(603) |
(595) |
(612) |
|
Net Operating
Income from consolidated companies before amortization of goodwill |
1267 |
1213 |
1239 |
|
Amortization of goodwill |
(155) |
(154) |
(169) |
|
Net Operating
Income from consolidated companies |
1112 |
1059 |
1070 |
|
Share in net income of equity investees |
8 |
6 |
4 |
|
Net Income
before minority interest |
1120 |
1065 |
1074 |
|
Minority Interest of consolidated companies |
(37) |
(26) |
(34) |
|
|
|
|
|
|
NET INCOME |
1083 |
1039 |
1040 |
|
|
|
|
|
Consolidated Statements of Cash Flows
(figures are in Euro Millions)
|
|
2004 |
2003 |
2002 |
|
|
|
|
|
|
Net Income |
1083 |
1039 |
1040 |
|
Minority interest |
37 |
26 |
34 |
|
Excess of income of equity investees over dividends |
(6) |
1 |
(1) |
|
Depreciation and amortization |
1454 |
1491 |
1603 |
|
Profit / Loss on sales of non-current assets |
44 |
(86) |
(3) |
|
Cash flows
from operations |
2612 |
2471 |
2673 |
|
Increase / decrease in inventories |
(136) |
(4) |
97 |
|
Increase / decrease in trade accounts and other accounts receivables |
123 |
(24) |
329 |
|
Increase / decrease in trade accounts payable, other payables and
accrued expenses |
270 |
292 |
(63) |
|
Changes in income taxes payables and deferred taxes |
(33) |
47 |
(120) |
|
Other |
(123) |
(80) |
(50) |
|
Net changes in
working capital |
101 |
231 |
193 |
|
CASH FLOWS
FROM OPERATING ACTIVITIES |
2713 |
2702 |
2866 |
|
Purchases of property, plant and equipment |
(1537) |
(1351) |
(1431) |
|
Acquisitions of
businesses |
(551) |
(461) |
(575) |
|
Disposals of consolidated investments,net
of cash |
|
523 |
104 |
|
Disposals of investments at cost |
133 |
125 |
19 |
|
Acquisitions of investments at cost |
(34) |
(32) |
(31) |
|
Disposals of property, plant and equipment
and intangible assets |
162 |
162 |
201 |
|
(Increase) decrease in marketable
securities |
(23) |
(1156) |
(100) |
|
Other |
86 |
16 |
(236) |
|
CASH FLOWS FROM (USED IN) INVESTING
ACTIVITIES/DIVESTMENTS |
(1764) |
(2174) |
(2049) |
|
Issues of capital stock |
136 |
144 |
164 |
|
Minority interests' share in capital stock
increases of subsidiaries |
10 |
5 |
15 |
|
(Increase) decrease in treasury stock |
(241) |
(229) |
(159) |
|
Dividends paid |
(387) |
(379) |
(378) |
|
Dividends paid to minority shareholders of
consolidated subsidiaries |
(19) |
(24) |
(19) |
|
(Increase) decrease in short-term loans |
93 |
71 |
222 |
|
Increase (decrease) in long-term debt |
(577) |
648 |
777 |
|
Increase (decrease) in bank overdrafts and
other short-term debt |
(3) |
57 |
(1597) |
|
CASH FLOWS FROM (USED IN) FINANCING
ACTIVITIES |
(988) |
293 |
(975) |
|
Net effect of exchange rate changes on
cash and cash equivalents |
(1) |
(33) |
(61) |
|
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS |
(40) |
788 |
(219) |
|
Cash and cash equivalents at beginning of
year |
1527 |
739 |
958 |
|
Cash and cash equivalents at end of year |
1487 |
1527 |
739 |
HISTORY
Subject was
incorporated on at Chennai in Tamilnadu having
Company Registration Number.
Subject, as a part
of their global strategy, is expanding their presence in
The activities in
the subcontinent gained focus in 1996 with the formation of “the Indian
Delegation” and has now established its presence, in India, in two of the three
core sectors (Glass and High Performance Materials) of Saint-Gobain’s
operations encompassing four business areas (Abrasives, Ceramics, Glass and
Reinforcements) through seven business houses. The formation for “ General
delegation for
Subject is the
largest green field investment in
The company is a
subsidiary of Saint Gobain, manufacturing and marketing float glass and allied
products in
The company’s state
of the art float glass plant is located at Sri perambudur, 46 km from Chennai,
on the Chennai –
Its range of
products includes:
v
Clear
glass under the brand name SGG PLANILUX.
v
Tinted
glass under the brand name SGG PARSOL.
v
Pyrolitic
reflective glass SGG REFLECTASOL in light gold, green, bronze, dark grey.
v
Lead
free mirror, copper free mirror SGG MIRALITE EVOLUTION.
It exports glass
products.
It imports raw
materials and capital goods.
It is focussing on
Abrasives, Ceramics, Fibre, Reinforcements and Flat Glass. The formation for ‘General delegation for
The company’s
largest green field investment in
Today the Saint
Gobain Group in
v
Grind
Well Norton Limited
v
Vetortex
Industries Limited
v
Bicron
Products
v
Sekurit
Saint Gobain Limited
v
Orien
Cerwool
v
Winter
Misra
v
Norton
Chemical Processed Products Limited
The products
manufactured by Saint Gobain Glass
v
Architectural
Segment
v
Automotive
Segment
v
Mirroring
Segment
v
Miscellaneous
Areas (eg. Photoframing, solar panels, visi-coolers)
Subject is Saint-Gobain's largest
The plant produces a range of quality float glass for
the mirroring and architectural segments as well as miscellaneous areas such as
photo framing and solar panels.
Located at Sriperumbudur
near Chennai and spread over a sprawling 120 acres, the plant has a capacity to
produce 650 tonnes of international quality float glass everyday.
The company produces the widest range of
products, many of them being manufactured for the first time in
- Glass panes ranging in size from a small 4 sq ft
pane weighing a mere 1.5 kg to a gigantic 240 sq ft pane weighing in at
1000 kg.
- Glass with thickness ranging from 2 mm all the
way to 19 mm.
- A wide range of tinted glass - green, bronze,
gray and for the first time in
- Online, Pyrolitic coated reflective glass for
the first time in
Saint Gobain Glass
In the domestic
market the company’s clear float glass is valued for the following unique
charachteristics :
v
Exceptional
clarity which make it ideal for the Mirroring and Automotive Segment as well as
Architectural Applications where there should be no Optical Distortion.
v
Tight
tolerances in its thickness whereby for the same thickness of glass, the
consumer gets more glass from the company in comparison to others.
v
Superior
ease in cutting whereby the company lends itself to better processing.
The company is a
part of one of the largest industrial group in the world with :
v
An
annual turnover of 29 Billion Euros.
v
Ranked
165 in Fortune’s Global 500 list of the largest companies in the world
v
Comprises
of over 1000 consolidated companies
v
Spread
over 48 countries
v
Employing
165,000 people
Fixed Assets
Ř Land
Ř Building
Ř Plant and Machinery
Ř Data Processing Equipments
Ř Furniture, Fixture and office equipments
Ř Vehicles
Contingent Liabilities
Claims against the Company not acknowledged as
dents in respect of Sales-tax and Excise Duty : Rs. 24.002 Millions
As per website
Enriched by a long history beginning in
The Group today has over 1200 companies in 50 countries with sales of around 35
billion Euros and profits of 1.3 billion Euros in 2005. It ranks 106 in the
Global Fortune 500 (2005) list of companies.
Saint-Gobain has interests in five distinct Business Sectors:
1) Building Distribution
2) Construction Products
3) Flat Glass
4) High Performance Materials
5) Packaging In each of their businesses they are a global
market leader.
The Group focuses on profitable growth, powered by technological excellence and
innovation. They have a strong cash flow, a substantial growth potential in
emerging markets and a globally diverse team of over 2,00,000 employees.
In 1996, the Saint-Gobain Group acquired a majority holding in Grindwell
Norton, the Group's first company in
The Group today has nine companies in
The Saint-Gobain Glass product range in
- Saint Gobain Glass India Limited manufactures and markets float glass
from its plant at Sriperumbudur, near Chennai.
- Saint Gobain Sekurit India Limited offers a range of automotive glass
products.
The Saint-Gobain High
Performance Materials product range in
- Grindwell Norton Limited manufactures and markets abrasives and
ceramics and plastics from its 4 manufacturing locations.
- Saint Gobain Vetrotex India Limited manufactures and markets a range of
reinforcement products from its plant situated near
- Saint Gobain Crystals And Detectors India Limited offers
radiation detection and measurement products.
- SEPR India Limited offers electrofused refractories.
The Saint-Gobain Construction
Products range in
- Saint Gobain Weber India Limited manufactures & markets a range of
industrial mortars.
- Saint Gobain Seva Engineering India Limited manufactures
special purpose machinery & toolings.
- India Gypsum Limited manufactures & markets gypsum board, ceiling
panels, plaster & other accessories.
The Saint Gobain Group has got exciting plans for rapid
growth in
Managing
Human Resources is an area of utmost strategic importance to us. Attracting top
talent, building and enhancing people capability, creating an environment
conducive for leveraging human potential are the key thrust areas of their
human resource practices.
Globally,
Saint Gobain employs over 2,00,000 employees across 50 countries and spread
across various business areas. The workforce is predominantly split across
manufacturing, processing and retailing.
In
They
are committed to building people capability through their continuous efforts to
upgrade skill and enhance knowledge. Their training and development initiatives
range from organising Management Development Programmes to cross-functional
career development opportunities, from outbound training programmes to
individualised executive coaching.
Mobility
of employees between regions and functions is also one of the essential
building blocks that they offer to their employees. They believe that building
international teams and a multicultural outlook are an integral part of
fostering learning and a performance enabling culture.
While
striving for business growth and attaining process excellence, they derive
exemplary strength from the Principles of Conduct and Principles of Action
which are laid out for the entire Group.
Principles
of Conduct include:
- Professional
Commitment
- Respect for
Others
- Integrity
- Loyalty
(Fairness)
- Solidarity
(Team Work)
Principles
of Action include:
- Respect for
the law
- Caring for
the environment
- Worker health
and safety and
- Employee
rights
Current Profile
Saint-Gobain established its
presence in
Within these sectors, a variety of products are manufactured by
nine different companies:
FLAT GLASS
Saint-Gobain Glass India Limited (SGGI), which manufactures and markets float glass and mirrors from its plant near Chennai, and
Saint-Gobain
Sekurit India Limited (SGSI),
which offers a range of automotive glass products.
HIGH PERFORMANCE MATERIALS
Grindwell Norton Limited (GNO), which manufactures and markets abrasives, silicon carbide, high performance refractories and performance plastics from its four manufacturing locations.
Saint-Gobain
Vetrotex India Limited (SGVI),
which manufactures and markets a variety of glass fibre reinforcements products
from its plant situated near
Saint-Gobain Crystals & Detectors India Limited (SGCD), which
manufactures and markets radiation detection and measurement products, and
SEPR Refractories India Limited (SEPR), which manufactures
and markets electrofused refractories.
CONSTRUCTION PRODUCTS
Saint-Gobain Weber India Limited (SGWI), which offers facade and tiling solutions and technical mortars
Saint-Gobain
SEVA Engineering India Limited (SGSEIL),
which manufactures top rolls, tempering furnaces and toolings for the
automotive sector, moulds for containers and some building hardware products,
and
India Gypsum, which manufactures an
extensive range of Gypsum boards and plasters systems and solutions for
partitions, wall panels, ceilings and internal wall linings.
In order to further its business growth in the
Indian sub-continent, Saint-Gobain also established the General Delegation for
Saint-Gobain places great emphasis on developing
its businesses and strengthening its presence in the Indian market. This
combined with its investment in manufacturing activities to fuel growth, makes
it possible to bring in advanced technological competency in providing
state–of–the-art products to their customers.
Glass
Saint-Gobain is a dominant global player in the Glass sector. The flat
glass business provides a variety of solutions across architectural and
automotive segments. They have established two companies in
Saint-Gobain Glass India Limited (SGGI),
manufactures and markets flat glass at its plant near Chennai. In the short
span of six years, SGGI has become the largest player in the Indian glass
market. The Company has
Saint-Gobain Sekurit India Limited (SGSI),
offers a wide range of products addressing the requirements of all segments of
the automobile market – passenger cars, commercial vehicles, multi-utility
vehicles, three wheelers and coach/bus body builders.
Bankers Charges
Report as per Registry
|
Name of the company |
SAINT GOBAIN
GLASS INDIA LIMITED |
|
Presented By |
SAINT GOBAIN
GLASS INDIA LIMITED AND STANDARD CHARTERED BANK, NEW |
|
1) Date and description of instrument creating the change |
09.06.2005 Agreement of
hypothecation of machinery dated 09.06.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Japanese Yen One
Thousand Forty Million Only |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation by
way of exclusive first charge to
Standard Chartered Bank, Chennai in its capacity as th agent and
security trustee for the lender on identified plant and machinery as
specified in schedule to the agreement of hypothecation of machinery being
movable properties now stored at or being stored or which may hereafter be
brought into or stored at or at present installed at Plot A 1 SIPCOT
Industrial Park, Kancheepuram belonging to or which may at any time hereafter
belong to the borrower or be at its disposal or be in course of transit or
awaiting transit by any mode of transport or awaiting transit by way of
assets cover of 1.25 times. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Repayment as
bullet repayment on completion of 48 months after the loan disbursement. |
|
5) Name and Address and description of the person entitled to the charge. |
Standard
Chartered Bank, |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the charge to be modified |
90285660 |
|
Corporate
identity number of the company |
U26109TN1997PLC037875 |
|
Name of the
company |
SAINT GOBAIN
GLASS INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. A-1, |
|
Type of charge |
Movable property |
|
Particular of
charge holder |
Calyon Bank
[Formerly known as Credit 27the Floor, 88, Queensway, |
|
Nature of
description of the instrument creating or modifying the charge |
Charge and
Hypothecation agreement dated 23.02.2004 01.09.2006 –
Being the date of modification of charge Supplementary
hypothecation agreement dated 01.09.2006 Security trustee
agreement dated 01.09.2006 |
|
Date of
instrument Creating the charge |
01.09.2006 |
|
Amount secured by
the charge |
Rs. 663.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest Other term and conditions
relating to rate of interest, repayment schedule etc will be adhered to by
the borrower as stipulated by the bank Terms of
repayment Other term and
conditions relating to rate of interest, repayment schedule etc will be
adhered to by the borrower as stipulated by the bank Margin Other term and
conditions relating to rate of interest, repayment schedule etc will be
adhered to by the borrower as stipulated by the bank Extent and
operation of the charge Charge on all and
singular, present and future the movable fixed assets of the company i.e.
Furnace, annealing lehr, cutting line, float bath whether installed or not
and whether now lying loose or in cases or otherwise or being or upon or
about the premises and godowns at Plot A 1 SIPCOT Industrial Park,
Sriperumpudur – 602 105, District, Tamilnadu, India on Pari Passu basis to
operate as security till the complete closure of the loan aggregating to Rs.
663.500 Millions |
|
Short particulars
of the property charged |
all and singular,
present and future the movable fixed assets of the company i.e. Furnace,
annealing lehr, cutting line, float bath whether installed or not and whether
now lying loose or in cases or otherwise or being or upon or about the
premises and godowns at Plot A 1 SIPCOT Industrial Park, Sriperumpudur – 602
105, District, Tamilnadu, India being free of any other Lien, Pledge,
Mortgage or in any other security interest in favour of the third party on
Pari Passu basis. |
|
Particulars of
the present modification |
The present
enhanced overall credit limit of Rs. 663.500 Millions is secured by the all
and singular, present and future the movable fixed assets of the company i.e.
Furnace, annealing lehr, cutting line, float bath whether installed or not
and whether now lying loose or in cases or otherwise or being or upon or
about the premises and godowns at Plot A 1 SIPCOT Industrial Park,
Sriperumpudur – 602 105, District, Tamilnadu, India on Pari Passu |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.93 |
|
|
1 |
Rs.81.20 |
|
Euro |
1 |
Rs.55.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|